---

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

                           E U R O P E

            Wednesday, March 25, 2009, Vol. 10, No. 59

                            Headlines

A U S T R I A

DIGITREND LLC: Claims Registration Period Ends April 2
GA LLC: Claims Registration Period Ends April 7
MA CLEAN: Claims Registration Period Ends April 6
R.A.D. PASHMI: Claims Registration Period Ends April 3
SPEEDYS TRANSPORTSERVICE: Claims Registration Ends April 6

THX LLC: Claims Registration Period Ends April 3
TTN LLC: Claims Registration Period Ends April 6

* AUSTRIA: European Commission Authorizes Temporary Aid Scheme


D E N M A R K

MARE BALTIC: Moody's Junks Rating on Class B Notes
MARE BALTIC: Moody's Lowers Rating on Class A Notes to 'B2'
SCANDINOTES FIVE: Moody's Cuts Rating on Class C Notes to 'B3'


F R A N C E

CMA CGM: Moody's Reviews 'Ba1' Corp. Family Rating for Downgrade


G E R M A N Y

BODENSEE TRANSPORT: Claims Registration Period Ends April 17
HYPO REAL: Bank Nationalization Won't Affect Moody's 'E+' BFSR
MAX CAR: Claims Registration Period Ends April 28
PAINT CONZEPT: Claims Registration Period Ends May 15
PLATINUM ALTMARKT: Claims Registration Period Ends May 7

SOLARPATENT E.S. GMBH: Claims Registration Period Ends April 27


I T A L Y

PMI 2: Moody's Withdraws 'Ba3' Rating on Class D Notes


K A Z A K H S T A N

BLESK LLP: Creditors Must File Claims by April 17
BRIK LLP: Creditors Must File Claims by April 17
BRIS STROY: Creditors Must File Claims by April 17
ELIKOM-ELECTRONICS LLP: Creditors Must File Claims by April 17
FOOD AKMOLA: Creditors Must File Claims by April 17

JASAU-ID LLP: Creditors Must File Claims by April 17
O-SERVICE LLP: Creditors Must File Claims by April 17
OIL CENTER LLP: Creditors Must File Claims by April 17
RIP OIL: Creditors Must File Claims by April 17
TRANS STROY PLUS: Creditors Must File Claims by April 17


K Y R G Y Z S T A N

ZAPAD ELECTRO: Creditors Must File Claims by April 3


R U S S I A

ALKOR LLC: Creditors Must File Claims by May 6
BAM-STROY LLC: Creditors Must File Claims by April 5
BANK URALSIB: Moody's Gives Negative Outlook; Affirms 'D-' BFSR
BANK VOZROZHDENIE: Moody's Gives Neg. Outlook; Keeps 'D-' Rating
BILIBINO AVIA: Under External Management Bankruptcy Procedure

FIORD LLC: Creditors Must File Claims by May 6
GRAD-STROY-SERVIS LLC: Court Names Insolvency Manager
GOLLI-VUD LLC: Creditors Must File Claims by May 6
MARYEVSKIY LLC: Voronezhskaya Bankruptcy Hearing Set June 18
MSTERSKAYA FURNITURE: Court Names B. Gusev as Insolvency Manager

PRIKASPIY BUR: Creditors Must File Claims by April 5
VORONEZH MACHINE: Creditors Must File Claims by April 5


S L O V E N I A

PROBANKA DD: Fitch Assigns 'D' Individual Rating


S P A I N

IM GRUPO: S&P Downgrades Rating on Class D Notes to 'B'


S W E D E N

SWEDEN YACHTS: Goes Bankrupt; 60 Jobs at Risk


S W I T Z E R L A N D

AC BONITA: Creditors Must File Proofs of Claim by April 26
CANEREX JSC: Deadline to File Proofs of Claim Set April 6
EMO TRADING: Creditors Have Until April 11 to File Claims
EVA HIRSIG: Proof of Claim Filing Deadline is May 15
GALERIE NEFER: Creditors' Proofs of Claim Due by June 11

OFBU-DRUCK JSC: May 15 Set as Deadline to File Claims
OTTO ILLI: Creditors Must File Proofs of Claim by March 31
SIMPLE-TOUCH LLC: Deadline to File Proofs of Claim Set March 29
SOMETHING LLC: Creditors Have Until April 9 to File Claims


U K R A I N E

ALLIANCE-INSURANCE CJSC: Creditors Must File Claims by March 29
AVIASAT LLC: Creditors Must File Claims by March 29
DEMEKS LLC: Creditors Must File Claims by March 29
FORTIS-INFORM LLC: Creditors Must File Claims by March 29
GRIL LLC: Creditors Must File Claims by April 2

HTZ LLC: Creditors Must File Claims by March 29
STANI LTD: Creditors Must File Claims by March 29
TRANS-OIL LLC: Creditors Must File Claims by March 29
UKRGASBANK: Fitch Affirms, Withdraws 'E' Individual Rating
VASHAR LLC: Creditors Must File Claims by March 29


U N I T E D   K I N G D O M

AEOLUS CDO: S&P Withdraws 'BB-' Rating on Class E Notes
BAA LTD: At Risk of Going Bankrupt if Airports Sold Below Value
CEVA GROUP: S&P Cuts Long-Term Corporate Credit Rating to 'B-'
EUROSAIL 2006-3NC: S&P Junks Ratings on Two Classes of Notes
EUROSAIL-UK 2007-4BL: S&P Junks Ratings on Four Classes of Notes

EUROSAIL UK: S&P Cuts Ratings on Three Classes of Notes to 'B'
HUNDAL CORP: Taps Joint Administrators from PKF
ID DATA: Bought Out of Administration by Card Data Management
ITV PLC: BSkyB Gets Permission to Appeal CAT's Decision on Stake
ITV PLC: In Talks to Outsource Back-Office Functions

JOHNSTON MANAGEMENT: Appoints Joint Administrators from Deloitte
LDV: Mahindra & Mahindra Identified as Potential Buyer
MACQUARIE MOTORWAYS: S&P Lowers Long-Term Debt Ratings to 'BB'
MCINERNEY HOLDINGS: May Breach Banking Covenants
MECOM GROUP: Plans to Launch Rights Issue to Raise Cash

RUSHMORE ESTATES: Taps Joint Administrators from of BDO Stoy
SPEYSIDE GLENLIVET: Rescued By Highland Spring; 13 Jobs
STAMPBIRCH LTD: Appoints Administrators from of Tenon Recovery
UNIQUE PUB: Deteriorating Environment Cues Fitch's Neg. Actions
VISIOCORP PLC: Brings in Joint Administrators from Deloitte

WINEWORLD: Bought Out of Administration by PBN

* UK: Company Liquidations to Reach Highest Peak in Sixteen Years

* EUROPE: Insolvent Banks Should Not Be Kept Afloat, Paramo Says
* EUROPE: Moody's Reviews Ratings of Notes in 38 ABS Transactions
* EUROPE: Moody's Cuts Ratings of Various CDO Transactions
* Fitch Says Illiquidity Threatens Funding Options for EMEA Firms


                         *********


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


DIGITREND LLC: Claims Registration Period Ends April 2
------------------------------------------------------
Creditors owed money by LLC Digitrend (FN 231132a) have until
April 2, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Thomas Engelhart
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on April 16, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 5, 2009, (Bankr. Case No. 5 S 15/09d).


GA LLC: Claims Registration Period Ends April 7
-----------------------------------------------
Creditors owed money by LLC GA (FN 119032y) have until April 7,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Martin Koroschetz
         Hauptstrasse 8
         2540 Bad Voeslau
         Austria
         Tel: 02252/251 251
         Fax: 02252/251251-5
         E-mail: dr.koroschetz@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:00 p.m. on April 21, 2009, for the
examination of claims at:

         Land Court of Wiener Neustadt (239)
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Bad Voeslau, Austria, the Debtor declared
bankruptcy on Feb. 4, 2009, (Bankr. Case No. 11 S 14/09h).


MA CLEAN: Claims Registration Period Ends April 6
-------------------------------------------------
Creditors owed money by LLC MA Clean and More (FN 282013a) have
until April 6, 2009, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Annemarie Kosesnik-Wehrle
         OElzeltgasse 4/6
         1030 Vienna
         Austria
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on April 20, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 10, 2009, (Bankr. Case No. 3 S 16/09m).


R.A.D. PASHMI: Claims Registration Period Ends April 3
------------------------------------------------------
Creditors owed money by KEG R.A.D. Pashmi Trading (FN 157783i)
have until April 3, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Bernhard Humer
         Lastenstrasse 36
         City Tower II
         4020 Linz
         Austria
         Tel: 77 46 74
         Fax: 77 46 74 33
         E-mail: office@whtp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on April 17, 2009, for the
examination of claims at:

         Land Court of Linz (458)
         Room 522
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy on
Feb. 5, 2009, (Bankr. Case No. 12 S 12/09s).


SPEEDYS TRANSPORTSERVICE: Claims Registration Ends April 6
----------------------------------------------------------
Creditors owed money by LLC Speedys Transportservice (FN 278345g)
have until April 6, 2009, to file written proofs of claim to the
court-appointed estate administrator:

         Christian Ebmer
         Schillerstrasse 12
         4020 Linz
         Austria
         Tel: 0732/65 69 69
         Fax: 0732/65 69 69-60
         E-mail: office@hep.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 20, 2009, for the
examination of claims at:

         Land Court of Linz (458)
         Room 522
         Linz
         Switzerland

Headquartered in Pasching, Austria, the Debtor declared bankruptcy
on Feb. 9, 2009, (Bankr. Case No. 12 S 14/09k).


THX LLC: Claims Registration Period Ends April 3
------------------------------------------------
Creditors owed money by LLC THX (FN 304046b) have until April 3,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Wolfgang Winkler
         Reisnerstrasse 32/12
         1030 Vienna
         Austria
         Tel: 7155045
         Fax: 715 50 474
         E-mail: office@anwalt-vienna.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on April 17, 2009, for the
examination of claims at:

         Trade Court of Vienna (007)
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 6, 2009, (Bankr. Case No. 28 S 10/09p).


TTN LLC: Claims Registration Period Ends April 6
------------------------------------------------
Creditors owed money by LLC TTN (FN 291265g) have until April 6,
2009, to file written proofs of claim to the court-appointed
estate administrator:

         Martin Beck
         Franz Liszt-Gasse 1
         7000 Eisenstadt
         Austria
         Tel: 02682/62 4 68
         Fax: 02682/66214
         E-mail: office@wirhabenrecht.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:25 a.m. on April 20, 2009, for the
examination of claims at:

         Land Court of Eisenstadt (309)
         Hall F
         Eisenstadt
         Austria

Headquartered in Sigless, Austria, the Debtor declared bankruptcy
on Feb. 5, 2009, (Bankr. Case No. is 26 S 7/09w).


* AUSTRIA: European Commission Authorizes Temporary Aid Scheme
--------------------------------------------------------------
The European Commission has authorized, under EC Treaty state aid
rules, an Austrian measure to help businesses to deal with the
current economic crisis.  Aid of up to EUR500,000 per firm may be
granted in 2009 and 2010 to businesses facing funding problems
because of the current credit squeeze.  The scheme meets the
conditions of the Commission's Temporary Framework for state aid
measures, which gives Member States additional scope to facilitate
access to financing in the present economic and financial crisis.
It is therefore compatible with Article 87(3)(b) of the EC Treaty,
which permits aid 'to remedy a serious disturbance in the economy
of a Member State'.

Competition Commissioner Neelie Kroes said "The scheme will help
alleviate the difficulties faced by Austrian businesses affected
by the current credit crunch without giving rise to any undue
distortions of competition".

The scheme is based on the provisions of the Temporary Framework
that deal with compatible aid of a limited amount.  In particular,
the maximum amount of aid does not exceed EUR500,000 per company
and the scheme applies only to businesses which were not in
difficulty on July 1, 2008.  The aid will be granted in the form
of direct grants, interest rate subsidies, subsidised public loans
and public guarantees.  Under the scheme, limited amounts of
compatible aid can be granted until December 31, 2010.

The scheme forms part of an overall federal package of measures
("Rahmenregelung fuer Beihilfenmassnahmen zur Bekampfung der
aktuellen Finanz- und Wirtschaftskrise") with an overall budget of
EUR300 million aimed at remedying a serious disturbance in the
Austrian economy.


=============
D E N M A R K
=============


MARE BALTIC: Moody's Junks Rating on Class B Notes
--------------------------------------------------
Moody's Investors Service has downgraded and placed under review
for further possible downgrade two classes of notes issued by Mare
Baltic PCC Limited Series 2006-1.

The transaction is a static cash CLO referencing 21 subordinated
loans of Danish and commercial savings banks.

The rating actions are the result of (i) credit deterioration in
the underlying portfolio, which includes but is not limited to
exposure to Roskilde Bank, EBH Bank and Fionia Bank, whose
subordinated debts are expected to experience a substantial loss
following the decision not to transfer subordinated liabilities to
the new bank under the government scheme and (ii) the application
of revised and updated key modeling parameter assumptions that
Moody's uses to rate and monitor ratings of collateralized loan
obligations.  Moody's announced that changes to these assumptions
in a press release published on February 4, 2009.  The revisions
affect default probability and correlation, which are key
parameters underlying this rating.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for cash flow CLOs as described in Moody's Special Report below:

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (December 2008)

The rating action is:

Mare Baltic PCC Limited:

   (1) EUR170,011,000 Class A Floating Rate Limited Recourse
       Secured Asset Backed Notes due 2014

       -- Current Rating: Aa1, on review for downgrade
       -- Prior Rating: Aaa
       -- Prior Rating Date: 2 November 2006, assigned Aaa

   (2) DKK878,012,000 Class B Floating Rate Limited Recourse
       Secured Asset Backed Notes due 2014

       -- Current Rating: Caa2, on review for possible downgrade

       -- Prior Rating: Baa2, on review for possible downgrade

       -- Prior Rating Date: 17 September 2008, Baa2 placed on
          review for downgrade


MARE BALTIC: Moody's Lowers Rating on Class A Notes to 'B2'
-----------------------------------------------------------
Moody's Investors Service has downgraded and left on review for
further possible downgrade one class of notes issued by Mare
Baltic PCC Limited, ScandiNotes II.

The transaction is a static cash CLO referencing 11 subordinated
loans of Danish commercial savings banks.

The rating actions are the result of (i) credit deterioration in
the underlying portfolio, which includes but is not limited to
exposure to EBH Bank and Fionia Bank, whose subordinated debts are
expected to experience a substantial loss following the decision
not to transfer subordinated liabilities to the new bank under the
government scheme and (ii) the application of revised and updated
key modeling parameter assumptions that Moody's uses to rate and
monitor ratings of collateralized loan obligations.  Moody's
announced that changes to these assumptions in a press release
published on February 4, 2009.  The revisions affect default
probability and correlation, which are key parameters underlying
this rating.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for cash flow CLOs as described in Moody's Special Report below:

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (December 2008)

The rating action is:

Mare Baltic PCC Limited:

   (1) DKK728,375,000 Class A 3% Limited Recourse Senior Secured
       Notes due 2012

      -- Current Rating: B2, on review for possible downgrade

      -- Prior Rating: Baa2, on review for possible downgrade

     -- Prior Rating Date: 1 December 2008, downgraded to Baa2
        from A2, on review for possible downgrade


SCANDINOTES FIVE: Moody's Cuts Rating on Class C Notes to 'B3'
--------------------------------------------------------------
Moody's Investors Service has downgraded and left on review for
further possible downgrade its ratings of two classes of notes
issued by ScandiNotes Five p.l.c.  Moody's also downgraded and
left on review for further possible downgrade its underlying
ratings of the Classes B and C notes which are guaranteed by the
European Investment Fund.

The transaction is a static CLO backed by 15 subordinated loans
made to Danish commercial and savings banks.

The rating actions are the result of (i) credit deterioration in
the underlying portfolio, which includes but is not limited to
exposure to Roskilde Bank whose subordinated debt is expected to
experience a substantial loss following the decision not to
transfer subordinated liabilities to the new bank under the
government scheme and (ii) the application of revised and updated
key modeling parameter assumptions that Moody's uses to rate and
monitor ratings of collateralized loan obligations.  Moody's
announced that changes to these assumptions in a press release
published on February 4, 2009.  The revisions affect default
probability and correlation, which are key parameters underlying
this rating.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for cash flow CLOs as described in Moody's Special Reports and
press releases below:

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (December 2008)

  -- Moody's modifies approach to rating structured finance
     securities wrapped by financial guarantors (October 2008)

The rating actions are:

ScandiNotes Five p.l.c.:

   (1) DKK218,100,000 Class A Floating Rate Limited Recourse
       Secured Senior Notes due 2015

       -- Current Rating: Aa2, on review for possible downgrade
       -- Prior Rating: Aaa
       -- Prior Rating Date: 3 December 2007, assigned Aaa

   (2) DKK255,000,000 Class D 4% Limited Recourse Secured Junior
       Notes due 2015

       -- Current Rating: Ca

       -- Prior Rating: Ba3, on review for possible downgrade

       -- Prior Rating Date: 10 September 2008, Ba3 placed under
          review for possible downgrade

Underlying Ratings:

   (1) DKK672,000,000 Class B Floating Rate Guaranteed Limited
       Recourse Secured Senior Notes due 2015


       -- Current Underlying Rating: Baa3, on review for possible
          downgrade

       -- Prior Underlying Rating: Aaa

       -- Prior Rating Date: 26 March 2008, assigned Aaa

   (2) DKK417,900,000 Class C 4% Guaranteed Limited Recourse
       Secured Mezzanine Notes due 2015

       -- Current Underlying Rating: B3, on review for possible
         downgrade

       -- Prior Underlying Rating: A2

       -- Prior Rating Date: 26 March 2008, assigned A2


===========
F R A N C E
===========


CMA CGM: Moody's Reviews 'Ba1' Corp. Family Rating for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed the Ba1 corporate family
rating and probability of default rating of CMA CGM under review
for possible downgrade.  At the same time, Moody's has placed the
A3 rating of the US$253.7 million 5.562% Class A Corporate Asset-
Backed Secured Notes due 2021 issued by Vega ContainerVessel 2006-
1 Public Limited Company, under review for possible downgrade; the
transaction was designed to finance a fleet of container vessels
for CMA CGM.

The rating action was prompted by the severe deterioration in the
operating environment of the container shipping industry in the
past few months in light of the economic downturn spreading to
Asia, and the possible negative impact on the company's financial
profile.  "The rating action reflects Moody's expectations that
the container shipping industry may endure a period of weak demand
and pricing pressure that could lead to a deterioration of company
credit metrics that are already weak for the current rating
category," said Marco Vetulli, a Vice President in Moody's
Corporate Finance Group.

Moody's recognizes that CMA CGM is currently implementing measures
to counter the current difficult market conditions, such as (i)
reducing the chartered-in fleet and (ii) postponing some capital
investment plan installments that are currently due in 2009 to
2010.  Such measures, together with a decrease of both bunker
costs and chartering costs, should reduce the negative pressure on
CMA CGM's operating margins.  However, Moody's remains concerned
about the execution risk associated with the company's plan and
its ability to offset the negative impact on its credit metrics.

Moody's notes that CMA CGM's Ba1 CFR takes into account the
company's strong business profile due to its leading position in
the markets gained from the successful commercial and operational
strategies implemented by its management and the increasing
geographical diversification of its revenues.  The rating also
reflects the company's adequate liquidity profile.

Moody's review will focus on: (i) the measures taken by CMA CGM to
offset the current market conditions; (ii) extent to which such
actions could mitigate a risk of potential breach of financial
covenants; and (iii) CMA CGM's overall liquidity position in the
context of its facilities structure.  The rating review process is
likely to conclude within three months.  However, any rapid
further deterioration of market conditions may trigger a shorter
review period.

The rating of the Class A notes principally reflects Moody's view
of (i) CMA CGM's credit quality, and (ii) the additional degree of
protection provided by the legal and financial arrangements of the
transaction to the Class A noteholders in the event of default by
CMA CGM.  The degree of protection is based on an estimate of the
probability and severity of a shortfall for the Class A notes in
the event of a sale of the collateral and liquidation of the
transaction, following such default.  A future downgrade of CMA
CGM's CFR by one notch to Ba2 would likely trigger a one-notch
downgrade of the rating of the notes.

The last rating action was implemented on December 16, 2008, when
Moody's changed the outlook to negative from stable on both CMA
CGM's Ba1 CFR and on Vega ContainerVessel A3 Class A notes.  The
Class A notes were rated Aaa at the time of issuance in February
2006 based solely upon the guarantee of principal on the final
legal maturity of the notes and interest provided by XL Capital
Assurance (U.K.) Limited.  Due to the downgrade of XLUK's rating,
the rating of the Notes was downgraded to A3 in February 2008 and
is now based on their underlying credit quality absent any
guarantee.

Headquartered in Marseille, France, CMA CGM is the third-largest
container shipping company in the world (measured in Twenty-foot
Equivalent Units, TEU).  The company generated revenues of around
US$11.8 billion for the year ended December 31, 2007.

Vega ContainerVessel 2006-1 Public Limited Company is an Irish
orphan special purpose vehicle, which has issued debt instruments
for the purpose of ship financings for CMA CGM S.A.


=============
G E R M A N Y
=============


BODENSEE TRANSPORT: Claims Registration Period Ends April 17
------------------------------------------------------------
Creditors of Bodensee Transport + Logistik GmbH have until
April 17, 2009, to register their claims with court-appointed
insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 8.45 a.m. on April 29, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Ravensburg
         Room 126
         Herrenstr. 42
         88212 Ravensburg
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Michael Winterhoff
         Ehlersstr. 11
         88045
         Friedrichshafen
         Germany

The court opened bankruptcy proceedings against the company on
March 23, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         Bodensee Transport + Logistik GmbH
         Attn: Juergen Schrandt, Manager
         Muellerstr. 12b
         88045 Friedrichshafen
         Germany


HYPO REAL: Bank Nationalization Won't Affect Moody's 'E+' BFSR
--------------------------------------------------------------
Moody's Investors Service said that the ratings of Hypo Real
Estate Bank (rated E+/A3, negative outlook) are unlikely to be
affected in the event that the German government decides to
nationalize the bank further to the German parliament's approval
on March 20 of the "Finanzmarktstabilisierungserganzungsgesetz"
bill.   Moody's maintains a bank financial strength rating of E+
for HRE, which translates into a baseline credit assessment of B3
and which reflects the bank's intrinsic financial weaknesses
without taking into account government support.  The A3 debt and
deposit rating fully recognizes the strong systemic support that
has been forthcoming since HRE first experienced distress and
needed financial assistance as well as the government's more
recent efforts to take control of the bank to provide more
sustainable, longer-term support.

    The German Government's Bill To Nationalize Ailing Banks

Moody's notes that the FMStErgG bill allows the German government
to expropriate shareholders of systemically important banks in
distress and take a more active role in restructuring such
entities.  The government has adopted this strategy after it was
unsuccessful in securing full control of HRE, and now believes
that its nationalization is necessary to rescue the bank and
support the financial stability of the markets.

The FMStErgG applies only to institutions that require support
under the original rescue package for the banking sector, the
"Finanzmarktstabilisierungsgesetz" act.  While the FMStG restricts
government shareholdings to 50%, the new law will allow the
government to take full ownership of banks where required.

The FMStErgG empowers the government to take such action for only
a very limited time period: nationalization proceedings must be
initiated by June 30, 2009 at the latest.  Furthermore, Moody's
understands that the new law provides for nationalization only as
a last resort and only after alternative methods to acquire shares
or increase share capital have failed.  The range of likely
candidates among banks is therefore limited, with HRE at present
being the prime focus for the government and no other institution
currently being discussed.

The government has not yet secured effective control over stock
market-quoted HRE, whose private equity shareholders (JC Flowers
and hedge funds) currently own around 24% of the bank.  As one of
the largest issuers in the covered bond market and an important
derivatives counterparty of many financial institutions globally,
HRE is regarded as systemically highly important by the German
government.  To date, the bank has received considerable state
support (some EUR102 billion) in the form of liquidity facilities
and other commitments since its liquidity problems first became
apparent in September 2008.  In Moody's view, HRE requires further
recapitalization in excess of EUR5 billion in order to absorb the
losses that are expected to materialize over the next couple of
years.

               Moody's Rationale For HRE's Ratings

The A3 debt and deposit rating, which receives a nine-notch uplift
from the BCA, fully captures Moody's assessment of the proven and
anticipated very high probability of systemic support for HRE.
The rating reflects Moody's assessment of a bank that remains
systemically important despite its weak stand-alone financial
strength.  However, HRE may undergo a transformation and diminish
in relevance once normal financial conditions are restored.

The outlook on all of HRE's ratings is negative.  Downward
pressure on the A3 ratings could result from: (i) a further
downgrade of the E+ BFSR; (ii) a reduction in Moody's assessment
of the probability of systemic support or the German government's
quicker-than-expected exit from pursuing ownership of the bank;
and/or (iii) a decrease in HRE's systemic importance, which could
happen if the group were to be split up and its major parts
unwound, resulting in a smaller rated group (or single entities).

The last rating action on HRE was implemented on February 2, 2009
when Moody's downgraded its senior unsecured debt and deposit
ratings to A3 from A2.

Headquartered in Munich, Germany, HRE reported total assets of
EUR392 billion) at the end of September 2008.


MAX CAR: Claims Registration Period Ends April 28
-------------------------------------------------
Creditors of Max Car GmbH have until April 28, 2009, to register
their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on May 28, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall 13
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Lucas F. Floether
         Halberstadter St. 55
         39112 Magdeburg
         Germany
         Tel: 0391/5556840
         Fax: 0391/5556849
         E-Mail: magdeburg@floetherwissing.de

The court opened bankruptcy proceedings against the company on
March 19, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         Max Car GmbH
         Hasselfelder St. 13
         38889 Blankenburg
         Germany

         Attn: Mario Ziesenhenne, Manager
         Lindestr. 2
         38889 Blankenburg
         Germany


PAINT CONZEPT: Claims Registration Period Ends May 15
-----------------------------------------------------
Creditors of Paint Conzept GmbH have until May 15, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 16, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Lucas F. Floether
         Specks Hof Eingang C
         Nikolaistrasse 3-5
         04109 Leipzig
         Germany
         Tel: 0341/652200
         Fax: O341/65220111
         E-mail: leipzig@floether-wissing.de

The court opened bankruptcy proceedings against the company on
March 20, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         Paint Conzept GmbH
         Attn: Thomas Kaseberg and
               Steve Pechmann, Managers
         Markt 7
         04821 Brandis
         Germany


PLATINUM ALTMARKT: Claims Registration Period Ends May 7
--------------------------------------------------------
Creditors of Platinum Altmarkt GmbH have until May 7, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 8, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Ralf Hage
         Obergraben 10
         01097 Dresden
         Germany
         E-mail: www.voigtsalus.de

The court opened bankruptcy proceedings against the company on
March 20, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         Platinum Altmarkt GmbH
         Wilsdruffer Strasse 19-21
         01067 Dresden
         Germany

         Attn: Frank Alfred Rohr, Manager
         JVA Hagen
         Gerichtsstrasse 5
         58097 Hagen
         Germany


SOLARPATENT E.S. GMBH: Claims Registration Period Ends April 27
---------------------------------------------------------------
Creditors of Solarpatent e.s. GmbH have until April 27, 2009, to
register their claims with court-appointed insolvency manager.

Creditors and other interested parties are encouraged to attend
the meeting at 9: 10 a.m. on June 18, 2009, at which time the
insolvency manager will present his first report.

The meeting of creditors will be held at:

         The District Court of Crailsheim
         Room 117
         Schillerstrasse 1
         74564 Crailsheim
         Germany

Claims set out in the insolvency manager's report will be verified
by the court during this meeting.  Creditors may also constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Helmut Eisner
         Josef-Schmitt-Str. 10
         97922 Lauda-Koenigshofen
         Germany
         Tel. 09343/2065
         Fax 09343/3833)

The court opened bankruptcy proceedings against the company on
March 23, 2009.  Consequently, all pending proceedings against the
company have been automatically stayed.

The debtor can be reached at:

         Solarpatent e.s. GmbH
         Attn: Friedrich Udo Mueller
         Industriestr. 8
         74589 Satteldorf
         Germany


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


PMI 2: Moody's Withdraws 'Ba3' Rating on Class D Notes
------------------------------------------------------
Moody's withdrew the ratings of four classes of notes issued by
PMI 2 Finance S.r.l.  These notes were fully redeemed pursuant to
portfolio amortization in January 2009.

The rating actions are:

PMI 2 Finance S.r.l.:

(1) Class A

  -- Current Rating: WR
  -- Prior Rating: Aaa

(2) Class B

  -- Current Rating: WR
  -- Prior Rating: Aa2

(3) Class C

  -- Current Rating: WR
  -- Prior Rating: Baa2

(4) Class D

  -- Current Rating: WR
  -- Prior Rating: Ba3


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


BLESK LLP: Creditors Must File Claims by April 17
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Blesk insolvent.

Creditors have until April 17, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional Economic Court of Pavlodar
         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan


BRIK LLP: Creditors Must File Claims by April 17
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Brik insolvent.

Creditors have until April 17, 2009, to submit written proofs of
claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tauelsyzdyk Str. 53
         Taldykorgan
         Almaty
         Kazakhstan


BRIS STROY: Creditors Must File Claims by April 17
--------------------------------------------------
LLP Construction Company Bris Stroy has declared insolvency.
Creditors have until April 17, 2009, to submit written proofs of
claim to:

         Komsomolskaya Str. 39/1-34
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


ELIKOM-ELECTRONICS LLP: Creditors Must File Claims by April 17
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Elikom-Electronics insolvent.

Creditors have until April 17, 2009, to submit written proofs of
claim to:

         Gogol Str. 177a
         Kostanai
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


FOOD AKMOLA: Creditors Must File Claims by April 17
---------------------------------------------------
LLP International Food Akmola has declared insolvency.  Creditors
have until April 17, 2009, to submit written proofs of claim to:

         Ugolnaya Str. 20
         Almaty
         Astana
         Kazakhstan


JASAU-ID LLP: Creditors Must File Claims by April 17
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Jasau-ID insolvent.

Creditors have until April 17, 2009, to submit written proofs of
claim to:

         Gogol Str. 177a
         Kostanai
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Kostanai
         Kazakhstan


O-SERVICE LLP: Creditors Must File Claims by April 17
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP O-Service insolvent.

Creditors have until April 17, 2009, to submit written proofs of
claim to:

         Auelbekov Str. 139a-228
         Kokshetau
         Akmola
         Kazakhstan

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Gorky Str. 37
         Kokshetau
         Akmola
         Kazakhstan


OIL CENTER LLP: Creditors Must File Claims by April 17
------------------------------------------------------
LLP Oil Center has declared insolvency.  Creditors have until
April 17, 2009, to submit written proofs of claim to:

         Pirogov Str. 7
         Karaganda
         Kazakhstan


RIP OIL: Creditors Must File Claims by April 17
-----------------------------------------------
LLP Rip Oil has declared insolvency.  Creditors have until April
17, 2009, to submit written proofs of claim to:

         Dusenov Str. 8-57
         Pavlodar
         Kazakhstan


TRANS STROY PLUS: Creditors Must File Claims by April 17
--------------------------------------------------------
LLP Construction Company Trans Stroy Plus has declared insolvency.
Creditors have until April 17, 2009, to submit written proofs of
claim to:

         Valihanov Str. 41-37
         Almaty
         Astana
         Kazakhstan


===================
K Y R G Y Z S T A N
===================


ZAPAD ELECTRO: Creditors Must File Claims by April 3
----------------------------------------------------
Creditors of LLC Zapad Electro (INN 02206200710292) have until
April 3, 2009, to submit proofs of claim.

The company can be reached at:

         LLC Zapad Electro
         Tel: (+996 312) 41-01-44


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


ALKOR LLC: Creditors Must File Claims by May 6
----------------------------------------------
Creditors of LLC Alkor (TIN 6503007211) (Construction Equipment
Production) have until May 6, 2009, to submit proofs of claims to:

         A. Balabayev
         Insolvency Manager
         2-ya Krasnoselskaya St. 18/37
         Yuzhno-Sakhalinsk
         693022 Sakhalinskaya
         Russia

The Arbitration Court of Sakhalinskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A59–3026/2008.

The Debtor can be reached at:

         LLC Alkor
         Bumazhnaya St.5
         Dolinsk
         694050 Sakhalinskaya
         Russia


BAM-STROY LLC: Creditors Must File Claims by April 5
----------------------------------------------------
Creditors of LLC Bam-Stroy (TIN 5259070283) (Construction) have
until April 5, 2009, to submit proofs of claims to:

         V. Samsonov
         Insolvency Manager
         Kominterna St. 39b
         603157 Nizhny-Novgorod
         Russia
         Tel: 224–72–60

The Arbitration Court of Nizhegorodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43–33498/2008 36–297.

The Debtor can be reached at:

         LLC Bam-Stroy
         Prospect Geroyev 11a
         Nizhny Novgorod
         Russia


BANK URALSIB: Moody's Gives Negative Outlook; Affirms 'D-' BFSR
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on Bank
Uralsib's ratings to negative from stable.  Moody's affirmed the
bank's D- bank financial strength rating, the Ba3/Not Prime local
currency and foreign currency deposit ratings.

Moody's rating action is driven by a combination of the worsening
macroeconomic environment in Russia leading to significant asset
quality deterioration; and the industry-specific and single-name
exposures taken on by the bank, including the exposures to related
parties.  These factors are expected to translate into a further
deterioration of financial fundamentals of Uralsib over the course
of 2009.  "Moody's believes that the credit losses expected to
materialize over the next year will materially weaken Uralsib's
capital position, although this weakening will be partially
mitigated by an additional RUB6 billion subordinated debt recently
raised by the bank, as well as a RUB6.2 billion of the new share
issue which is expected to be completed by the end of the second
quarter," said Yaroslav Sovgyra, a Moscow-based Moody's Vice
President - Senior Credit Officer.

Moody's also notes that Uralsib's significant exposure to the
construction sector, which accounted for ca. 13% of the bank's
loan portfolio and over 72% of the bank's equity at year-end 2008
and foreign currency exposures on both sides of the bank's balance
sheet (approximately 21% of Uralsib's loans and nearly 15% of its
liabilities are denominated in foreign currencies, mainly in US
dollars).

According to the rating agency, if macroeconomic situation in
Russia were to worsen further, the bank's exposure to the
construction sector as well as foreign currency exposures are
likely to further contribute to asset quality deterioration by the
bank.  Furthermore, Moody's notes that Uralsib has significant
credit exposures to related parties, which jointly account for
ca.60% of the bank's capital, thus reducing the level of free
economic capital held by the bank.

Moody's previous rating action on the bank was on September 23,
2008 when the outlook on Uralsib's D- bank financial strength
rating and Ba3 long-term local and foreign currency deposit
ratings were changed to stable from positive.

Headquartered in Moscow, Russia, Bank Uralsib is one of Russia's
largest privately owned banking groups in terms of assets, loans
and deposits with one of the largest branch networks in the
country.  The bank reported total unaudited IFRS assets of RUB422
billion (approx. US$18 billion) and a net income RUB2.7 billion
(US$115 million) as at June 30, 2008.


BANK VOZROZHDENIE: Moody's Gives Neg. Outlook; Keeps 'D-' Rating
----------------------------------------------------------------
Moody's Investors Service has changed the outlook on Bank
Vozrozhdenie's ratings to negative from stable.  Moody's affirmed
the bank's D- bank financial strength rating, the Ba3/Not Prime
local currency and foreign currency deposit ratings and the Aa3.ru
national scale rating.

Moody's rating action is driven by a combination of the worsening
macroeconomic environment in Russia leading to significant asset
quality deterioration; the relatively low provisioning levels to
date; and the industry-specific and single-name exposures taken on
by the bank.  These factors are expected to translate into a
deterioration of financial fundamentals of V-Bank over the course
of 2009.  "Moody's believes that the credit losses expected to
materialized over the next year will weaken V-Bank's capital
position.  "The expected weakening is, however, partially
mitigated by the bank's currently high capitalization level (the
bank's statutory CAR stood at 15.7% at YE 2008) and solid earnings
generation capacity," said Yaroslav Sovgyra, a Moscow-based
Moody's Vice President - Senior Credit Officer.

Moody's also notes that V-Bank's significant exposure to the
construction sector, which accounted for ca. 16% of the bank's
corporate loan portfolio and over 66% of the bank's equity at
year-end 2008 and are likely to further contribute to asset
quality deterioration by the bank.  Furthermore, V-Bank has
significant credit exposures to entities associated with Moscow
Oblast' of Russia (rated B3, on review for possible downgrade),
which currently jointly account for ca.13% of the bank's capital,
exposing the bank to the performance of a limited number of names,
thus materially increasing its risk profile.

In addition, Moody's highlights V-Bank's vulnerability to a
depositor sentiment - approximately 40% of the bank's liabilities
are funded by customer deposits, which may be subject to
withdrawals prior to their contractual maturity if depositor
confidence in the bank were to weaken, thus putting a strain on
the bank's currently sound liquidity profile.

Moody's previous rating action on V-Bank was on May 4, 2007 when
the ratings of Russian banks were revised as part of the
application of the joint default analysis and updated bank
financial strength rating methodologies.  V-Bank's BFSR was
upgraded to D- from E+.  The local currency deposit rating was
assigned at Ba3/NP.  The foreign currency deposit rating was
upgraded to Ba3/NP from B1/NP.  The long term National Scale
Rating was upgraded to Aa3.ru from A1.ru.  The outlook on all of
the bank's ratings was stable.

Headquartered in Moscow, Russia, V-Bank is one of Russia's largest
privately owned banks.  The bank reported total unaudited IFRS
assets of US$5.4 billion, total shareholders' equity of
US$0.6billion and a net income of US$100 million as at September
30, 2008.


BILIBINO AVIA: Under External Management Bankruptcy Procedure
-------------------------------------------------------------
The Arbitration Court of Chukotskiy will convene on Aug. 18, 2010,
to hear external management bankruptcy procedure on CJSC Bilibino
Avia (TIN 8703005590, PSRN 1028700569600).  The case is docketed
under No. A 80–207/2008.

The External Insolvency Manager is:

         S .Kozlova
         Post User Box 167
         689000 Anadyr’
         Russia

The Debtor can be reached at:

         CJSC Bilibino-Avia
         Oktyabrskaya St.1/21
         Bilibino
         Chukotskiy
         Russia


FIORD LLC: Creditors Must File Claims by May 6
----------------------------------------------
Creditors of LLC Fiord (TIN 6505008108) (Fishery) have until
May 6, 2009, to submit proofs of claims to:

         D. Gumirov
         Insolvency Manager
         Office 412
         Pereulok Sv.Innokentiya 1
         Blagoveshchensk
         675000 Amurskaya
         Russia

The Arbitration Court of Sakhalinskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A59–560/08.

The Debtor can be reached at:

         LLC Fiord
         Lenina St. 52
         Nevel’sk
         Sakhalinskaya
         Russia


GRAD-STROY-SERVIS LLC: Court Names Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Volgogradskaya appointed V. Sizonenko as
Insolvency Manager for LLC Grad-Stroy-Servis (TIN 3447019649, PSRN
1023404292240) (Construction).  The case is docketed under
Case No. A12–14156/2008.  He can be reached at:

         Akademicheskaya St. 7
         400074 Volgograd
         Russia

The Debtor can be reached at:

         LLC Grad-Stroy-Servis
         Pisemskogo St.1a
         400057 Volgograd
         Russia


GOLLI-VUD LLC: Creditors Must File Claims by May 6
--------------------------------------------------
Creditors of LLC Golli-Vud (TIN 470403978, PSRN 1034700884415)
have until May 6, 2009, to submit proofs of claims to:

         YA. Merkulov
         Insolvency Manager
         Post User Box 20
         394038 Voronezh
         Russia

The Arbitration Court of Saint-Petersburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A56–5694/2008.

The Debtor can be reached at:

         LLC Golli-Vud
         Apt. 105
         Krasnoarneyskaya St. 2
         Svetogorsk
         Vyborgskiy
         Leningradskaya
         Russia


MARYEVSKIY LLC: Voronezhskaya Bankruptcy Hearing Set June 18
------------------------------------------------------------
The Arbitration Court of Voronezhskaya will convene at 10:30 a.m.
on June 18, 2009, to hear bankruptcy supervision procedure on LLC
Maryevskiy (Butter-Making Plant).  The case is docketed under Case
No. A14–588–2009,/3/19B.

The Temporary Insolvency Manager is:

         A. Ponomarev
         Kropotkina St. 10
         394030 Voronezh
         Russia

The Court is located at:

         The Arbitration Court of Voronezhskaya
         Office 306
         Srednemoskovskaya St. 77
         Voronezh
         Russia

The Debtor can be reached at:

         LLC Maryevskiy
         Mikheyeva St. 122
         Maryevka
         Ol'khovatskiy
         396682 Voronezhskaya
         Russia


MSTERSKAYA FURNITURE: Court Names B. Gusev as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Vladimirskaya appointed B. Gusev as
Insolvency Manager for OJSC Msterskaya Furniture Factory.  The
case is docketed under Case No. A11–5100/2002-A1–243B.  He can be
reached at:

         Partizanskaya St. 1
         Kovrov
         601914 Vladimirskaya
         Russia
         Tel: (49232) 3-73-11

The Debtor can be reached at:

         OJSC Msterskaya Furniture Factory
         Mstera
         Vyaznikovskiy
         Vladimirskaya
         Russia


PRIKASPIY BUR: Creditors Must File Claims by April 5
----------------------------------------------------
Creditors of LLC Prikaspiy Bur Neft' Irkutsk (TIN 3808050953)
(Drilling Works) have until April 5, 2009, to submit proofs of
claims to:

         S. Starzhevskiy
         Temporary Insolvency Manager
         Kuznetskaya St. 71a/98
         400120 Volgograd
         Russia

The Arbitration Court of Volgogradskaya will convene at
10:00 a.m. on July 30, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A12 – 732/2009,.

The Debtor can be reached at:

         LLC Prikaspiy Bur Neft’ Irkutsk
         Prospect Neftyanikov 14
         Volgograd
         Russia


VORONEZH MACHINE: Creditors Must File Claims by April 5
-------------------------------------------------------
Creditors of OJSC Voronezh Machine-Building Plant have until
April 5, 2009, to submit proofs of claims to:

         G. Chirkova
         Insolvency Manager
         1 Maya St. 26
         Pavlovsk
         396422 Voronezhskaya
         Russia
         Tel: 8/47362/24701

The Arbitration Court of Voronezhskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A14–13092-2008 48/27B.

The Court is located at:

         The Arbitration Court of Voronezhskaya
         Srednemoskovskaya St. 77
         394030 Voronezh
         Russia

The Debtor can be reached at:

         OJSC Voronezh Machine-Building Plant
         Prospect Truda 48
         Voronezh
         Russia


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


PROBANKA DD: Fitch Assigns 'D' Individual Rating
------------------------------------------------
Fitch Ratings has assigned Slovenia-based Probanka, d.d. a Long-
term Issuer Default rating of 'BB' with Stable Outlook, Short-term
IDR of 'B', Individual rating of 'D', Support rating of '5' and a
Support Rating Floor of 'No Floor'.

The ratings reflect the absolute size of the bank's equity, market
risk associated with the still high equity exposure, single-name
concentrations, deteriorating asset quality and volatile revenues
from investment banking activities.  This is balanced by the
bank's developing regional franchise and a sound operating
environment to date.

Recent performance has been affected by high loan impairment
charges, valuation losses from the securities portfolio as well as
moderate foreign exchange loss.  As a result, profit after tax
fell to EUR3.8 million in 2008 from EUR8.8 million in 2007.  Net
interest margins are below peers as competition in corporate
lending remains high.  Probanka also faces strong competition from
other banks for retail deposits.

Probanka's equity exposure was high at 87% of its equity at end-
2008.  Fitch understands that the bank plans to reduce the size of
the equity portfolio although progress may be hampered by the
sharp price correction on the local stock exchange.  Fitch expects
asset quality to deteriorate as the operating environment weakens
with the Slovenian economy.  The country's GDP contracted 0.8% in
the last quarter of 2008.

Probanka is mostly funded with deposits from corporate clients as
well interbank funding.  In 2008 the bank issued a EUR30 million
bond.  Probanka has access to liquidity through a portfolio of
eligible bonds that can be used for repo transactions with
commercial banks or the European Central Bank.

Probanka's total capital ratio stood at 10.07% at end-2008 while
tier 1 ratio was 7.51% (unconsolidated), which Fitch considers as
only adequate given the risk profile of the bank.

Probanka is based in Maribor and was founded in 1991.  Total
assets amounted to EUR1.2 billion, and regulatory capital stood at
EUR132 million (parent bank only).  At end-2008, it employed
around 250 staff.  The bank also operates several leasing
subsidiaries in Slovenia and Croatia.


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


IM GRUPO: S&P Downgrades Rating on Class D Notes to 'B'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B and D notes and lowered and removed from CreditWatch
negative the class C notes issued by IM Grupo Banco Popular FTPYME
II, Fondo de Titulizacion de Activos.  At the same time, S&P
affirmed the other class A and E of notes.

The rating actions follow a full credit and cash flow analysis of
the transaction and are largely due to the continued and expected
further deterioration in the collateral performance.  S&P's
analysis focused on several risks embedded in the pool backing the
notes, such as exposure to the real estate and construction
sectors and risks posed by loans with bullet maturities.

On Dec. 16, 2008, S&P lowered the rating on the class D notes and
placed the rating on the class C notes on CreditWatch negative.

IM GBP FTPYME II closed in June 2007.  The assets backing this
transaction were originated by several banks belonging to Grupo
Banco Popular Espanol.  According to the loan-level data S&P
received in December 2008, the pool represents 61.42% of the
original collateral with 33.00% of loans concentrated in the real
estate and construction industry.  Almost 8.8% of the collateral
comprises loans with bullet repayment profiles and a large portion
of those loans are scheduled to be fully repaid by the end of
2009.  Given the worsening forecast for the Spanish economy, in
particular the real estate sector, and the general contraction in
availability of credit, the characteristics of the collateral pose
increasing risks for this transaction.

In January 2009, loans in arrears for more than 90 days had risen
to 3.53% of the outstanding balance, from 2.01% in October 2008.
Cumulative defaults doubled, albeit from a small base, to 0.21% of
the initial balance over the same period.  S&P believes there is a
significant risk that delinquent loans will roll into default and
a large number of the bullet loans coming due in 2009 will be
increasingly difficult to refinance, potentially causing further
spikes in delinquencies.  The notes amortize for any installment
due and unpaid, so nonpayment may cause further cash reserve fund
draws.  S&P notes in this transaction that the cash reserve, the
first-loss piece was drawn at the last three payment dates.

Given S&P's expectations for the collateral performance and the
current capital structure, S&P's credit and cash flow analysis
showed that the class B, C, and D notes could no longer maintain
their current ratings leading to the downgrade.

                          Ratings List

IM Grupo Banco Popular FTPYME II, Fondo de Titulizacion de Activos
                  EUR2.039 Billion Floating-Rate Notes

                         Ratings Lowered

             Class             To               From
             -----             --               ----
             B                 A-               AA
             D                 B                BB

       Rating Lowered and Removed from CreditWatch Negative

         Class             To               From
         -----             --               ----
         C                 BBB+             A/Watch Neg

                        Ratings Affirmed

                      A1                AAA
                      A2                AAA
                      A3(G)             AAA
                      E                 CCC-


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


SWEDEN YACHTS: Goes Bankrupt; 60 Jobs at Risk
---------------------------------------------
Stenungsund-based sailboard producer Sweden Yachts has gone
bankrupt, putting some 60 jobs at risk, IBI Magazine's Lars-Ake
Redeen reports citing Bohuslaningen newspaper.

The report recalls the company, founded by Sven Enoch in 1976,
underwent a reorganization in the autumn of 2008.

According to the report, the company, which focuses on high-
performance custom yachts from 12m-24m (40ft-80ft), has faced
financial problems several times over the years.


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


AC BONITA: Creditors Must File Proofs of Claim by April 26
----------------------------------------------------------
Creditors owed money by JSC AC Bonita Bay are requested to file
their proofs of claim by April 26, 2009, to:

         Daniela M. Muller-Oesch
         Bahnhofstrrasse 32
         6301 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 22, 2009.


CANEREX JSC: Deadline to File Proofs of Claim Set April 6
---------------------------------------------------------
Creditors owed money by JSC Canerex are requested to file their
proofs of claim by April 6, 2009, to:

         Andreas Schmid
         Hauptstrasse 49
         8572 Berg TG
         Switzerland

The company is currently undergoing liquidation in Weinfelden.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 28, 2009.


EMO TRADING: Creditors Have Until April 11 to File Claims
---------------------------------------------------------
Creditors owed money by LLC EMO Trading are requested to file
their proofs of claim by April 11, 2009, to:

         Eichenstrasse 11
         8808 Pfaffikon
         Switzerland

The company is currently undergoing liquidation in Freienbach.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 10, 2008.


EVA HIRSIG: Proof of Claim Filing Deadline is May 15
----------------------------------------------------
Creditors owed money by LLC Eva Hirsig are requested to file their
proofs of claim by May 15, 2009, to:

         Flurstrasse 1
         4512 Bellach
         Switzerland

The company is currently undergoing liquidation in Bellach SO.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 9, 2006.


GALERIE NEFER: Creditors' Proofs of Claim Due by June 11
--------------------------------------------------------
Creditors owed money by JSC Galerie Nefer are requested to file
their proofs of claim by June 11, 2009, to:

         LLC Fidec Elio Camisa
         Gilomen EDV Beratung
         Gewerbestrasse 5
         6330 Cham
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 4, 2008.


OFBU-DRUCK JSC: May 15 Set as Deadline to File Claims
-----------------------------------------------------
Creditors owed money by JSC OFBU-Druck are requested to file their
proofs of claim by May 15, 2009, to:

         Lattichstrasse 8B
         6340 Baar
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 6, 2009.


OTTO ILLI: Creditors Must File Proofs of Claim by March 31
----------------------------------------------------------
Creditors owed money by LLC Otto Illi are requested to file their
proofs of claim by March 31, 2009, to:

         Rotzbergstrasse 25
         6362 Stansstad
         Switzerland

The company is currently undergoing liquidation in Stansstad.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 9, 2008.


SIMPLE-TOUCH LLC: Deadline to File Proofs of Claim Set March 29
---------------------------------------------------------------
Creditors owed money by LLC Simple-Touch are requested to file
their proofs of claim by March 29, 2009, to:

         Guido von Sturler
         Blumenaustrasse 14
         8360 Eschlikon
         Switzerland

The company is currently undergoing liquidation in Wetzikon.  The
decision about liquidation was accepted at an extraordinary
shareholders'  meeting held on Jan. 19, 2009.


SOMETHING LLC: Creditors Have Until April 9 to File Claims
----------------------------------------------------------
Creditors owed money by LLC Something are requested to file their
proofs of claim by April 9, 2009, to:

         Markus Schob
         Schneckenmannstrasse 28
         8044 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Jan. 9, 2006.


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


ALLIANCE-INSURANCE CJSC: Creditors Must File Claims by March 29
---------------------------------------------------------------
Creditors of CJSC Insurance Company Alliance-Insurance (EDRPOU
35633355) have until March 29, 2009, to submit proofs of claim to:

         Post Office Box 72
         03115 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Street 44-b
         01030, Kiev
         Ukraine

The Debtor can be reached at:

         CJSC Insurance Company Alliance-Insurance
         Ac. Bogomolets St. 6
         01024 Kiev
         Ukraine


AVIASAT LLC: Creditors Must File Claims by March 29
---------------------------------------------------
Creditors of LLC Aviasat (EDRPOU 35649999) have until March 29,
2009, to submit proofs of claim to:

         LLC Lestran
         Insolvency Manager
         Office 43
         M. Grushevsky St. 28/2
         01021 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 23/9-b.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Street 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Aviasat
         V. Vasilevska St. 18
         04116 Kiev
         Ukraine


DEMEKS LLC: Creditors Must File Claims by March 29
--------------------------------------------------
Creditors of LLC Demeks (EDRPOU 35649632) have until March 29,
2009, to submit proofs of claim to:

         Private Enterprise Trayana
         Insolvency Manager
         Kikvidze St. 11
         01103 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 23/7-b.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Street 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Demeks
         V. Vasilevska St. 18
         04116 Kiev
         Ukraine


FORTIS-INFORM LLC: Creditors Must File Claims by March 29
---------------------------------------------------------
Creditors of LLC Fortis-Inform (EDRPOU 35507831) have until
March 29, 2009, to submit proofs of claim to:

         Private Enterprise Sheborn
         Insolvency Manager
         Kikvidze St. 18
         01103 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 23/8-b.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Street 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Fortis-Inform
         Sosneny Family St. 3
         03148 Kiev
         Ukraine


GRIL LLC: Creditors Must File Claims by April 2
-----------------------------------------------
Creditors of LLC Gril (EDRPOU 21818710) have until April 2, 2009,
to submit proofs of claim to:

         T. Petrenko
         Insolvency Manager
         Ogorodnaya St. 32
         Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 12/96?.

The Court is located at:

         The Economic Court of Lugansk
         Great Patriotic War Square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         LLC Gril
         Oboronnaya St. 112-A
         91011 Lugansk
         Ukraine


HTZ LLC: Creditors Must File Claims by March 29
-----------------------------------------------
Creditors of LLC Trading House HTZ (EDRPOU 32563935) have until
March 29, 2009, to submit proofs of claim to:

         V. Vakulenko
         Insolvency Manager
         Office 5-A
         Shakespeare St. 12-A
         61045 Kharko
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No B-39/133-08.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Trading House HTZ
         Moscow avenue 275
         Kharkov
         Ukraine


STANI LTD: Creditors Must File Claims by March 29
-------------------------------------------------
Creditors of LLC Stani Ltd. (EDRPOU 35633093) have until March 29,
2009, to submit proofs of claim to:

         Post Office Box 72
         03115 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.
The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Street 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Stani Ltd
         L. Ukrainka Boulevard 15
         01024 Kiev
         Ukraine


TRANS-OIL LLC: Creditors Must File Claims by March 29
-----------------------------------------------------
Creditors of LLC Production and Commerce Firm Trans-Oil (EDRPOU
34510691) have until March 29, 2009, to submit proofs of claim to:

         L. Timofeyeva
         Insolvency Manager
         Post Office Box 179
         54017 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 5/61/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Street 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Production And Commerce Firm Trans-Oil
         Spasskaya St. 1
         Nikolayev
         Ukraine


UKRGASBANK: Fitch Affirms, Withdraws 'E' Individual Rating
----------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based Ukrgasbank's ratings and
simultaneously withdrawn them.  Fitch will no longer provide
ratings or analytical coverage on this issuer.

Rating actions:

  -- Long-term IDR: affirmed at 'CCC', Outlook Negative and
     withdrawn

  -- Short-term IDR: affirmed at 'C' and withdrawn

  -- Individual rating: affirmed at 'E' and withdrawn

  -- Support rating: affirmed at '5' and withdrawn

  -- Support Rating Floor: affirmed at 'No Floor' and withdrawn

  -- National Long-term rating: affirmed at 'BB(ukr)', Outlook
     Negative and withdrawn


VASHAR LLC: Creditors Must File Claims by March 29
--------------------------------------------------
Creditors of LLC Vashar (EDRPOU 35254598) have until March 29,
2009, to submit proofs of claim to:

         LLC Special Technical Master
         Insolvency Manager
         Bulgakov St. 16
         03134 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No 23/10-b.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Street 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Vashar
         Office 1
         Vladimirskaya St. 7
         01025 Kiev
         Ukraine


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


AEOLUS CDO: S&P Withdraws 'BB-' Rating on Class E Notes
-------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
the class A to E notes in Aeolus CDO Ltd. (Colonnade IV).

The rating withdrawals follow an early redemption of the notes.

                          Ratings List

                         Aeolus CDO Ltd.
    GBP120.8 Million Secured Credit-Linked Floating-Rate Notes
                         (Colonnade IV)

                 Class     To               From
                 -----     --               ----
                 A         NR               AAA
                 B         NR               AA
                 C         NR               A
                 D         NR               BBB-
                 E         NR               BB-

                         NR — Not rated.


BAA LTD: At Risk of Going Bankrupt if Airports Sold Below Value
---------------------------------------------------------------
Sharecast.com reports that according to The Times, BAA Ltd could
face the prospect of bankruptcy or renationalization if its
Gatwick and Stansted airports are sold for less than 85% of their
value.

Sharecast.com relates in a March 23 report The Times stated that
selling the airports below their regulated value could breach the
company's banking covenants and allow its lenders to call in their
debts.

Sharecast.com recalls the Competition Commission ordered BAA last
week to sell three of its seven UK airports within two years.

Citing the Telegraph, Sharecast.com discloses Gatwick airport
could be worth as little as GBP1.33 billion, far below the GBP2
billion-plus BAA initially wanted.

                          About BAA Ltd.

Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.


CEVA GROUP: S&P Cuts Long-Term Corporate Credit Rating to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'B-'
from 'B' its long-term corporate credit rating on CEVA Group PLC,
the holding company for The Netherlands-based contract logistics
group Ceva Ltd.  This follows sharply deteriorating trading
prospects.  The outlook is stable.

At the same time, the senior secured debt rating on CEVA's
US$1.5 billion bank facilities on CEVA was lowered to 'B' from
'BB-', one notch above the corporate credit rating.  The recovery
rating is revised to '2' from '1, indicating our expectation of
substantial (70%-90%) recovery in the event of a payment default.
In line with S&P's rating criteria, a recovery rating of '2'
results in a one notch differential between the senior secured
debt facilities and the corporate credit rating.

In addition, the issue ratings on the group's senior secured
US$400 million second priority notes, senior unsecured
EUR505 million notes, and subordinated EUR225 million notes were
lowered to 'CCC+' from 'B-' as a result of the downgrade of CEVA.
The recovery ratings on the aforementioned debt issues are
unchanged at '5', '5', and '6', respectively, indicating S&P's
expectations for modest (10%-30%) recovery at level '5', and
negligible (0-10%) recovery at level '6', in the event of a
payment default.

"The downgrade reflects our concerns that the group's weakening
operating performance, high leverage, and deteriorating market
conditions will place additional pressure on its financial risk
profile," said Standard & Poor's credit analyst Leigh Bailey.  "We
believe that there is substantial downside risk to trading
performance this year, which, in our view, could weaken liquidity
appreciably over the next 12 months if not adequately offset by
other measures.  Although S&P expects CEVA to meet its obligations
in 2009, the group's liquidity position could be vulnerable next
year in the face of a protracted economic downturn."

The group's trading performance was hit hard in the final quarter
of 2008, primarily as the result of a sharp reduction in auto
production rates and reduced transport volumes.  As a consequence,
group EBITDA fell 42% to EUR58 million and the EBITDA margin
decreased to 3.7% from 5.9%.  At the same time, liquidity weakened
in the quarter to EUR220 million, from EUR302 million at the end
of September 2008.

CEVA recently provided guidance for performance in the quarter
ended March 31, 2009, reflecting further material trading
deterioration.  CEVA expects EBITDA to be within a EUR27 million-
EUR37 million range in the first quarter of 2009, compared with
EBITDA of EUR72 million in the same period in 2008.  S&P is
particularly concerned by the group's exposure to the sharply
declining auto sector, at around 32% of revenues in 2008, and the
overall reduction in volumes of air freight activity.  S&P
anticipates that market conditions are unlikely to improve
markedly in these segments in 2009.

In light of the rate of decline in profits, and the adverse effect
on cash flow generation of weaker performance, CEVA has launched a
number of cost-reduction programs aimed at delivering more than
EUR100 million in savings in 2009.  The group also expects cash
generation to benefit from a reduced level of "one-off" costs –-
around EUR40 million-EUR50 million compared with EUR110 million in
2008 -– as well as a cutback in capital expenditure to about
EUR60 million in 2009 from EUR99 million in 2008.

CEVA's cost-saving programs and focus on reducing cash outflows
this year are material and could mitigate the weakening financial
situation to some degree.

In S&P's view, CEVA's liquidity buffer provides some scope for the
group's leveraged financial profile to weather the weakening
trading environment.  However, S&P has concerns that a prolonged
market downturn could threaten CEVA's liquidity position next
year.  The group's credit measures are also extremely weak and, in
our view, unlikely to improve to levels in line with the 'B'
rating category, namely debt to EBITDA of 6x to 7x, over the next
12 months.

The ratings will come under further pressure if trading conditions
worsen to such an extent that CEVA continues to record sufficient
free cash outflows to weaken the available liquidity position.
Equally, the ratings could be further pressured if, in S&P's view,
the group were to become at risk of failing to comply with its
financial covenants.


EUROSAIL 2006-3NC: S&P Junks Ratings on Two Classes of Notes
------------------------------------------------------------
Standard & Poor's Ratings Services has taken various rating
actions on the notes issued by Eurosail 2006-3NC PLC and Eurosail-
UK 2007-1NC PLC.

Specifically, across the two deals, S&P has:

  -- lowered the ratings on six tranches and kept them on
     CreditWatch negative;

  -- lowered and removed from CreditWatch negative the ratings on
     eight tranches;

  -- lowered and placed on CreditWatch negative the rating on one
     tranche;

  -- kept on CreditWatch negative the rating on one tranche; and

  -- removed from CreditWatch negative the ratings on three
     tranches.

The rating actions are due to deteriorating collateral
performance, especially sharp increases in losses in recent
quarters from sold repossessions as house prices continue to
decline.

On Dec. 9, 2008, S&P took various rating actions on Eurosail-UK
2007-1NC.  The CreditWatch placements at that time were due to the
absence of the fixed/floating and Bank of England base rate/LIBOR
swap counterparty (following Lehman Brothers Special Financing's
insolvency).  S&P has factored the interest rate mismatches into
our rating analysis.  However, the effect is not currently
material to our ratings and the ratings actions are a result of
the deteriorating collateral performance.

Eurosail 2006-3NC continues to breach a trigger, meaning that the
liquidity facility cannot be used to pay interest on the
subordinate notes.  No draw can be made under the liquidity
facility to pay interest for the class B1a, C, D1, and E1c notes
if the balance of all loans that are 90+ days in arrears
(including repossessions) is greater than 15% of the initial
collateral-backed note balance.  As of the December 2008 interest
payment date, this balance was 18.6%.  The 90+ days arrears level
for Eurosail-UK 2007-1NC is 17.7%, but the trigger level is 22.5%.

The reserve funds in both transactions are fully depleted.  The
uncleared amount on the class E1c principal deficiency ledger for
Eurosail 2006-3NC is GBP1,733,895, (42.5% of the class E1c
outstanding balance) and for Eurosail-UK 2007-1NC the uncleared
amount is GBP835,347 (14.9%).  While the liquidity facility
trigger is breached, there continues to be a significant
probability of nonpayment of timely interest for the most
subordinate classes of notes in Eurosail 2006-3NC.

Cumulative losses have increased sharply in both transactions.  In
Eurosail 2006-3NC, losses increased to 0.97% in March 2009 from
0.37% in September 2008.  In Eurosail-UK 2007-1NC, losses
increased to 1.08% in March 2009 from 0.32% in September 2008.
S&P expects average loss severities to rise throughout 2009 as
repossessed properties are sold in an environment of depreciating
house values.

The Eurosail-UK 2007-1NC class A1a and A1c notes have paid down.

                           Ratings List

                      Eurosail 2006-3NC PLC
     EUR227.85 Million, GBP269.913 Million, and US$205 Million
     Mortgage-Backed Floating-Rate Notes, an Overissuance Of
     GBP18.360 Million Mortgage-Backed Floating-Rate Notes,
  and GBP1.173 Million Mortgage-Backed Deferrable-Interest Notes

        Rating Lowered and Placed on CreditWatch Negative

                                  Rating
                                  ------
          Class      To                            From
          -----      --                            ----
          B1a        BBB/Watch Neg                 A

      Ratings Lowered and Remaining on CreditWatch Negative

                              Rating
                              ------
      Class      To                            From
      -----      --                            ----
      C1a        BB/Watch Neg                  BBB/Watch Neg
      C1c        BB/Watch Neg                  BBB/Watch Neg
      D1a        CCC-/Watch Neg                B/Watch Neg
      D1c        CCC-/Watch Neg                B/Watch Neg
      E1c        CCC-/Watch Neg                CCC/Watch Neg
      ETc        CCC-/Watch Neg                CCC/Watch Neg

                Rating Kept on CreditWatch Negative

                     Class      Rating
                     -----      ------
                     FTc        CCC-/Watch Neg

                    Eurosail-UK 2007-1NC PLC
       GBP328.6 Million, EUR552.15 Million Mortgage-Backed
            Floating-Rate Notes Plus an Overissuance of
     GBP28.7 Million Excess-Spread-Backed Floating-Rate Notes

       Ratings Lowered and Removed from CreditWatch Negative

                              Rating
                              ------
      Class      To                            From
      -----      --                            ----
      A3a        AA                            AAA/Watch Neg
      A3c        AA                            AAA/Watch Neg
      B1a        BBB                           A/Watch Neg
      B1c        BBB                           A/Watch Neg
      C1a        BB                            BBB-/Watch Neg
      D1a        B                             BB/Watch Neg
      D1c        B                             BB/Watch Neg
      DTc        B                             BB/Watch Neg

      Ratings Removed from CreditWatch Negative and Affirmed
         
                              Rating
                              ------
      Class      To                            From
      -----      --                            ----
      A2a        AAA                           AAA/Watch Neg
      A2c        AAA                           AAA/Watch Neg
      A3c DAC    AAA                           AAA/Watch Neg


EUROSAIL-UK 2007-4BL: S&P Junks Ratings on Four Classes of Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its credit ratings
on all classes of rated notes issued by Eurosail-UK 2007-4BL PLC.
S&P also removed five of these classes from CreditWatch negative.

These rating actions are due to the absence of the cross-currency
swap coupled with our expectation of losses on the loans that
ultimately default as house prices continue to decline.  In S&P's
view, present cash flows will be impaired if there is a
depreciation in the currency in which the asset cash flows are
denominated.

On Dec. 19, 2008, S&P took rating actions in seven European
residential mortgage-backed securities transactions due to
unhedged currency risks.  S&P's ratings in Eurosail 2007-4BL
remained on CreditWatch negative due to the unhedged fixed loans
still to revert to a floating rate, and the unhedged BBR-linked
loans.  This is not currently material to S&P's ratings, as the
currency risks and the expectation of losses due to house price
declines are the driving factors.

The ratings in Eurosail 2007-4BL (and the other RMBS transactions
exposed to currency risks) could be more volatile because they are
presently exposed to foreign-exchange rate movements.

Cumulative losses have increased to 0.42% in March 2009 from 0.07%
in September 2008, and repossessions (as a percentage of the
current balance) increased to 2.95% in December 2008 from 1.67% in
September 2008.

                           Ratings List

                    Eurosail-UK 2007-4BL PLC
       EUR696 Million and GBP251.11 Million Mortgage-Backed
                       Floating-Rate  Notes

                         Ratings Lowered

                                  Rating
                                  ------
             Class      To                        From
             -----      --                        ----
             B1a        CCC                       B-
             C1a        CCC                       B-
             D1a        CCC                       B-
             E1c        CCC                       B-

      Ratings Lowered and Removed from CreditWatch Negative

                             Rating
                             ------
       Class      To                        From
       -----      --                        ----
       A1a        AA                        AAA/Watch Neg
       A1c        AA                        AAA/Watch Neg
       A2a        BBB                       A/Watch Neg
       A3a        B                         BB/Watch Neg
       A3c        B                         BB/Watch Neg


EUROSAIL UK: S&P Cuts Ratings on Three Classes of Notes to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services has taken various rating
actions on the notes issued by Eurosail 2006-3NC PLC and Eurosail-
UK 2007-1NC PLC.

Specifically, across the two deals, S&P has:

  -- lowered the ratings on six tranches and kept them on
     CreditWatch negative;

  -- lowered and removed from CreditWatch negative the ratings on
     eight tranches;

  -- lowered and placed on CreditWatch negative the rating on one
     tranche;

  -- kept on CreditWatch negative the rating on one tranche; and

  -- removed from CreditWatch negative the ratings on three
     tranches.

The rating actions are due to deteriorating collateral
performance, especially sharp increases in losses in recent
quarters from sold repossessions as house prices continue to
decline.

On Dec. 9, 2008, S&P took various rating actions on Eurosail-UK
2007-1NC.  The CreditWatch placements at that time were due to the
absence of the fixed/floating and Bank of England base rate/LIBOR
swap counterparty (following Lehman Brothers Special Financing's
insolvency).  S&P has factored the interest rate mismatches into
our rating analysis.  However, the effect is not currently
material to our ratings and the ratings actions are a result of
the deteriorating collateral performance.

Eurosail 2006-3NC continues to breach a trigger, meaning that the
liquidity facility cannot be used to pay interest on the
subordinate notes.  No draw can be made under the liquidity
facility to pay interest for the class B1a, C, D1, and E1c notes
if the balance of all loans that are 90+ days in arrears
(including repossessions) is greater than 15% of the initial
collateral-backed note balance.  As of the December 2008 interest
payment date, this balance was 18.6%.  The 90+ days arrears level
for Eurosail-UK 2007-1NC is 17.7%, but the trigger level is 22.5%.

The reserve funds in both transactions are fully depleted.  The
uncleared amount on the class E1c principal deficiency ledger for
Eurosail 2006-3NC is GBP1,733,895, (42.5% of the class E1c
outstanding balance) and for Eurosail-UK 2007-1NC the uncleared
amount is GBP835,347 (14.9%).  While the liquidity facility
trigger is breached, there continues to be a significant
probability of nonpayment of timely interest for the most
subordinate classes of notes in Eurosail 2006-3NC.

Cumulative losses have increased sharply in both transactions.  In
Eurosail 2006-3NC, losses increased to 0.97% in March 2009 from
0.37% in September 2008.  In Eurosail-UK 2007-1NC, losses
increased to 1.08% in March 2009 from 0.32% in September 2008.
S&P expects average loss severities to rise throughout 2009 as
repossessed properties are sold in an environment of depreciating
house values.

The Eurosail-UK 2007-1NC class A1a and A1c notes have paid down.

                           Ratings List

                      Eurosail 2006-3NC PLC
     EUR227.85 Million, GBP269.913 Million, and US$205 Million
     Mortgage-Backed Floating-Rate Notes, an Overissuance Of
     GBP18.360 Million Mortgage-Backed Floating-Rate Notes,
  and GBP1.173 Million Mortgage-Backed Deferrable-Interest Notes

        Rating Lowered and Placed on CreditWatch Negative

                                  Rating
                                  ------
          Class      To                            From
          -----      --                            ----
          B1a        BBB/Watch Neg                 A

      Ratings Lowered and Remaining on CreditWatch Negative

                              Rating
                              ------
      Class      To                            From
      -----      --                            ----
      C1a        BB/Watch Neg                  BBB/Watch Neg
      C1c        BB/Watch Neg                  BBB/Watch Neg
      D1a        CCC-/Watch Neg                B/Watch Neg
      D1c        CCC-/Watch Neg                B/Watch Neg
      E1c        CCC-/Watch Neg                CCC/Watch Neg
      ETc        CCC-/Watch Neg                CCC/Watch Neg

                Rating Kept on CreditWatch Negative

                     Class      Rating
                     -----      ------
                     FTc        CCC-/Watch Neg

                    Eurosail-UK 2007-1NC PLC
       GBP328.6 Million, EUR552.15 Million Mortgage-Backed
            Floating-Rate Notes Plus an Overissuance of
     GBP28.7 Million Excess-Spread-Backed Floating-Rate Notes

       Ratings Lowered and Removed from CreditWatch Negative

                              Rating
                              ------
      Class      To                            From
      -----      --                            ----
      A3a        AA                            AAA/Watch Neg
      A3c        AA                            AAA/Watch Neg
      B1a        BBB                           A/Watch Neg
      B1c        BBB                           A/Watch Neg
      C1a        BB                            BBB-/Watch Neg
      D1a        B                             BB/Watch Neg
      D1c        B                             BB/Watch Neg
      DTc        B                             BB/Watch Neg

      Ratings Removed from CreditWatch Negative and Affirmed
         
                              Rating
                              ------
      Class      To                            From
      -----      --                            ----
      A2a        AAA                           AAA/Watch Neg
      A2c        AAA                           AAA/Watch Neg
      A3c DAC    AAA                           AAA/Watch Neg


HUNDAL CORP: Taps Joint Administrators from PKF
-----------------------------------------------
Christopher J. Latos and Brian James Hamblin of PKF (UK) LLP were
appointed joint administrators of Hundal Corp. Ltd. on March 10,
2009.

The company can be reached at:

         Hundal Corp. Ltd.
         Westbury House
         23-25 Bridge Street
         Pinner
         Middlesex
         HA5 3HR
         England


ID DATA: Bought Out of Administration by Card Data Management
-------------------------------------------------------------
ID Data has been bought out of administration by Card Data
Management (CDML), an investment vehicle headed by its founder
Peter Cox, Tom Hall at PrintWeek reports.

According to the report, the deal has been funded by investment
banker Carl Pauwels, Mr. Cox, who was chief executive of the
business when it went into administration, and a Singapore-based
investment fund.

CDML, as cited by the report, said it has made management changes
and "retained all the key people needed" to take the business
forward.  The main business will now trade as ID Data (2009), the
report notes.

The report recalls ID Data went into administration on Oct. 29
last year.  HM Revenue & Customs allegedly refused to allow the
company to postpone repayment of its cash debts shortly before it
collapsed, the report relates.  Malcolm Shierson and John
Whitfield of Grant Thornton were appointed administrators of the
company, which has offices in Hampshire and Northamptonshire, the
report discloses.


ITV PLC: BSkyB Gets Permission to Appeal CAT's Decision on Stake
----------------------------------------------------------------
The Court of Appeal's Rt Hon Lord Justice Carnwath has granted
permission for a hearing on British Sky Broadcasting Group plc's
17.9% stake in ITV plc, Amanda Andrews at Telegraph.co.uk reports.

The report recalls in September, BSkyB was ordered by the
Competition Appeal Tribunal (CAT) to reduce its stake to a maximum
of 7.5pc after losing an appeal to retain the shareholding.  The
CAT had said the group's complaint had no substance, the report
notes.

However, Justice Carnwath, as cited by the report, said: "The
issues raised by the proposed appeal are arguable and of some
general importance."

A hearing will be scheduled by the Court of Appeal shortly, the
report states.

BSkyB acquired its ITV stake in 2006 for GBP940 million or 135p
per share, blocking cable group NTL, now Virgin Media following
the merger of Telewest and Virgin Mobile, from buying the
commercial broadcaster, the report recounts.

                          About ITV plc

ITV plc -- http://www.itvplc.com/-- is a United Kingdom-based
advertising funded broadcaster.  The Company also operates as an
advertising funded media owner in the United Kingdom across all
media, including television, radio, press, cinema, outdoor and the
Internet.  As a producer, ITV makes hours of network television.
Its digital channels include ITV2, ITV3, ITV4 and Citv.  ITV also
makes programs for the BBC, Channel 4, five, Sky and other
broadcasters.  ITV produces programs watched on screens from San
Francisco to Sydney.  In addition, it produces a range of products
related to ITV programs, such as digital video disks (DVDs) and
computer games.  Its online properties include itv.com,
itvlocal.com and Friends Reunited

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 9,
2009, Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured debt ratings on U.K. private
TV broadcaster ITV PLC to 'BB-' from 'BB+'.  The outlook is
stable.

Simultaneously, the ratings were removed from CreditWatch where
they had been placed with negative implications on Jan. 27, 2009.

At the same time, S&P affirmed its 'B' short-term corporate credit
rating on ITV.  The '4' recovery rating on all of ITV's
outstanding bonds is unchanged.  The '4' recovery rating indicates
S&P's expectation of average (30%-50%) recovery for unsecured
creditors in the event of a payment default.

On March 9, 2009, the TCR-Europe reported that Moody's Investors
Service downgraded ITV plc's senior unsecured ratings, Corporate
Family Rating and Probability of Default rating, to Ba2 (from
Ba1).  The rating outlook for ITV is negative.


ITV PLC: In Talks to Outsource Back-Office Functions
----------------------------------------------------
ITV plc is in talks with consultants including Accenture to
outsource back-office functions as part of its cost-cutting
measures, Amanda Andrews at Telegraph.co.uk reports.

Citing an industry analyst, the report discloses a large-scale
back-office outsourcing deal would save ITV at least 10pc of its
variable cost base.

The report relates according to sources close to the company,
potential outsourcing deals outside of back-office functions were
also being identified.

"We are currently conducting a cross-company outsourcing review.
Our technology division is at an advanced stage in this project
and we will be announcing the results in the near future," the
report quoted an ITV spokesman as saying.

                          About ITV plc

ITV plc -- http://www.itvplc.com/-- is a United Kingdom-based
advertising funded broadcaster.  The Company also operates as an
advertising funded media owner in the United Kingdom across all
media, including television, radio, press, cinema, outdoor and the
Internet.  As a producer, ITV makes hours of network television.
Its digital channels include ITV2, ITV3, ITV4 and Citv.  ITV also
makes programs for the BBC, Channel 4, five, Sky and other
broadcasters.  ITV produces programs watched on screens from San
Francisco to Sydney.  In addition, it produces a range of products
related to ITV programs, such as digital video disks (DVDs) and
computer games.  Its online properties include itv.com,
itvlocal.com and Friends Reunited

                          *     *     *

As reported in the Troubled Company Reporter-Europe on March 9,
2009, Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured debt ratings on U.K. private
TV broadcaster ITV PLC to 'BB-' from 'BB+'.  The outlook is
stable.

Simultaneously, the ratings were removed from CreditWatch where
they had been placed with negative implications on Jan. 27, 2009.

At the same time, S&P affirmed its 'B' short-term corporate credit
rating on ITV.  The '4' recovery rating on all of ITV's
outstanding bonds is unchanged.  The '4' recovery rating indicates
S&P's expectation of average (30%-50%) recovery for unsecured
creditors in the event of a payment default.

On March 9, 2009, the TCR-Europe reported that Moody's Investors
Service downgraded ITV plc's senior unsecured ratings, Corporate
Family Rating and Probability of Default rating, to Ba2 (from
Ba1).  The rating outlook for ITV is negative.


JOHNSTON MANAGEMENT: Appoints Joint Administrators from Deloitte
----------------------------------------------------------------
Nicholas James Dargan and Matthew James Cowlishaw of Deloitte LLP
were appointed joint administrators of Johnston Management
Holdings Ltd. on March 9, 2009.

The company can be reached at:

        Johnston Management Holdings Ltd.
         Breedon Hall
         Breedon on the Hill
         Derby
         DE73 8AN
         England


LDV: Mahindra & Mahindra Identified as Potential Buyer
------------------------------------------------------
The Times' Christine Buckley reports there are two companies vying
to acquire LDV, the Birmingham-based vanmaker owned by Russian
billionaire Oleg Deripaska.

According to the report, one of the two potential investors is
Indian automotive group Mahindra & Mahindra.

The British government, the report relates, established contact
with Mahindra & Mahindra and another Asian-based company over the
weekend to try to determine their commitment to LDV.  The
Department for Business on Sunday said that further talks were
expected this week, the report states.

The report discloses it has also emerged that a third bid is being
assembled by a former executive of one of the big American
carmakers.  However, the report notes the bid is at an early stage
as the former automotive executive establishes partners for a
deal.

                          Bridging Loan

On Feb. 26, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported the government turned down a request
from Russian oligarch Oleg Derispaksa's Gaz group for a GBP30
million bridging loan to secure a management buy-out of LDV.

The FT related Erik Eberhardson, chairman of Gaz and leader of the
proposed buy-out, warned the factory, which employs 850 people,
would close "in days rather than weeks" without public support.

The Times reports Mr. Eberhardson, who has committed GBP1 million
from his own pocket to invest in LDV, said the company needs GBP30
million to restart manufacturing and give the business a positive
cash flow.

LDV, which has been loss-making for four years, halted production
in December, the FT recalled.  The company, The Daily Telegraph
noted, racked up losses of GBP25 million last year.  The FT added
sales of the company fell 42% compared with the previous year.

However, Gordon Brown's spokesman insisted it was the
responsibility of Mr. Derispaka to rescue LDV.

"In the first instance, it must look to its parent company to put
up the funding," the FT quoted the spokesman as saying.  "The
British taxpayer cannot be expected to pay for the company's
losses."

In a separate report the FT disclosed Business Secretary Lord
Mandelson said a GBP24 million government loan to LDV remained
unpaid, yet the taxpayer was being asked to "step up to the plate"
in part to meet trading losses.

However, the Daily Telegraph's Roland Gribben notes officials from
Lord Mandelson's Business Department have been told GAZ is no
longer in a position to help.


MACQUARIE MOTORWAYS: S&P Lowers Long-Term Debt Ratings to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'BB'
from 'BBB-' its long-term debt ratings on the GBP1 billion senior
secured term loan facility A, the GBP30 million senior secured
capital expenditure term loan facility B, both due 2015, and the
30-year accreting swap overlay due 2036 issued by Macquarie
Motorways Group Ltd.  The outlook is negative.

"The downgrade reflects our view of the increased refinancing risk
of the term loans resulting from the project's lower revenue
generating ability due to the 12% decline in actual traffic in
2008," said Standard & Poor's credit analyst Beata Sperling-Tyler.
"The action also reflects the increasing price elasticity of
demand observed in 2008, and the consequent weakening of the
project's financial profile compared with original expectations."

In S&P's view, the project is unlikely to achieve the same revenue
levels at the point of refinancing in 2015 as originally
anticipated.  Moreover, the lower projected revenue will, S&P
believes, lead to weakening of the credit protection offered by
the project's structural features, such as the cash sweep
operating from financial year 2012, which now is unlikely to fully
amortize S&P's originally forecast amount, thus further increasing
the refinancing amount, and consequently, risk.

"In addition to the operational performance, S&P believes the
project's attractiveness to future lenders will depend on the
prevailing economic conditions before and during 2015, in
particular the availability of the debt within the terms assumed,"
added Ms. Sperling-Tyler.

Given the traffic underperformance to date, Standard & Poor's does
not consider that the forecast future rate of traffic and revenue
growth until 2015 is realistic.  The actual traffic use of the M6
toll road has been consistently lower than forecast by the
lenders' traffic adviser in its low-case traffic scenario since
the assignment of the ratings in 2006.

In S&P's opinion, the project's traffic revenue performance will
likely deteriorate further in the current U.K. economic climate,
which will further weaken the project's financial profile at the
point of refinancing in 2015.

Absent other factors, S&P could lower the ratings if traffic
numbers continue to decline and lead to lower revenues than
currently expected.  Negative pressure on the ratings could also
result if, among other factors, the sponsors were to decide no
longer to support the project.

S&P could revise the outlook to stable if the project demonstrates
a sustained revenue performance in line with forecasts assuming
the presence of no other negative factors.


MCINERNEY HOLDINGS: May Breach Banking Covenants
------------------------------------------------
McInerney Holdings plc has warned it could breach its banking
covenants if the UK and Irish building markets continue to
deteriorate, Yvette Essen at Telegraph.co.uk reports.

Ned Sullivan, McInerney's chairman, said the company's initial
entry and expansion in the UK was planned to create a new revenue
stream and to counter balance an anticipated national decline in
Irish housing output as indicated by demographic forecasts.
However, the unprecedented global financial downturn from early
2008 caused UK housing demand to go into an unpredicted decline,
contrary to fundamental market economic indicators.

McInerney, the report discloses, has bank loans of EUR246 million
from its Irish and UK lenders, with maturity dates starting from
March 31, 2010.

The report relates the company said directors are in "constructive
discussions" with lenders, although it warned that a breach of
covenant would lead to lenders being able to request early
repayment of all outstanding borrowings.

In its preliminary announcement of financial results for the year
ended December 31, 2008, McInerney said market conditions in the
UK and Ireland deteriorated progressively during 2008.  According
to the company, the current economic environment is the most
challenging ever experienced by the industry.  The influence of
the global downturn resulted in restrictive access to mortgage
funds, diminished consumer confidence and a significant slowdown
in home buying activities as the year progressed, the company
said.

                         Operating Loss

As a consequence of the worsening trading conditions throughout
the year, McInerney recorded an operating loss before tax of EUR47
million in 2008, as compared to an operating profit of EUR58
million in 2007.

In addition to the operating loss, the company has undertaken a
further review of the carrying value of its assets.  An impairment
charge of EUR27.6 million was taken with the first half results at
end August 2008.

                          No Dividend

The company said in these challenging operating conditions, the
directors' focus is on decreasing the cost base, reducing debt and
maximizing its cash flow.  A significant reduction in debt was
achieved in the second half of EUR47.5 million, partly
attributable to the weakness of sterling.

In view of the company's focus on cash generation, no dividend is
being proposed for 2008.

                   About McInerney Holdings plc

McInerney Holdings plc -- http://www.mcinerneyholdings.eu/--  is
a home builder and regional home builder in the North and Midlands
of England.  It also undertakes commercial and leisure projects in
Ireland, United Kingdom and Spain.  It operates in Ireland, the
United Kingdom and Spain.  The main trading activities of the
Company includes construction of private houses, trading in
developed sites and land, development of residential land for
third parties and in joint ventures, and contracting for third
parties.  Its Irish commercial property development division,
Hillview Developments Ltd, has development sites in the Greater
Dublin area.  In addition, it develops industrial units in the
outer London region.  Its Spanish division, Alanda Group, is
developing freehold apartment schemes.


MECOM GROUP: Plans to Launch Rights Issue to Raise Cash
-------------------------------------------------------
Mecom Group plc is considering launching a rights issue to raise
cash as it continues talks with its lenders, Rowena Mason at
Telegraph.co.uk reports.

Mecom, as cited by the report, said an equity-fund raising "adds
value to the negotiations with banking and finance partners".

The report relates the company's shareholders approved the sale of
its German and Norwegian newspapers for EUR210 million (GBP197
million) on Monday, to help pay down its debt.

The report recalls two weeks ago the company, which has twice
deferred covenant tests, warned that there could be a breach at
the end of this month.

On Jan. 15, 2009, the Troubled Company Reporter-Europe, citing The
Financial Times, reported that Mecom, which has a net debt of
about EUR650 million, is still at risk of breaching its covenants
at the end of June.   In a Dec. 22 report, Telegraph.co.uk
disclosed Mecom's debt pile -- GBP571 million in November --
dwarfs its market capitalization of GBP17.3 million.

                      About Mecom Group plc

Headquartered in London, Mecom Group plc -- http://www.mecom.co.uk
-- is engaged in the acquisition and operation of newspaper
publishing and content businesses in Europe.  The company owns
over 300 titles in its five divisions, with operations in the
Netherlands, Denmark, Norway, Germany and Poland, together
publishing approximately 30 million copies a week.


RUSHMORE ESTATES: Taps Joint Administrators from of BDO Stoy
------------------------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed joint administrators of Rushmore Estates (Chislehurst)
Ltd. on March 6, 2009.

The company can be reached through BDO Stoy Hayward LLP at:

         55 Baker Street
         London
         W1U 7EU
         England


SPEYSIDE GLENLIVET: Rescued By Highland Spring; 13 Jobs
-------------------------------------------------------
SavedPertshire-based Highland Spring has bought Speyside Glenlivet
Water out of administration, saving 13 jobs, BBC News reports.

Colin Murdoch, director of joint administrator Invocas Business
Recovery and Insolvency, as cited by the report, said: "This is an
excellent outcome for Speyside Glenlivet, which is an established
quality Scottish brand and it includes the transfer of the full
workforce."

Speyside Glenlivet, the report recalls, was put into
administration about two weeks ago.

Speyside Glenlivet supplies still and sparkling mineral water to
restaurants and hotels.  It operates from Ballindalloch in Moray,
the report discloses.


STAMPBIRCH LTD: Appoints Administrators from of Tenon Recovery
--------------------------------------------------------------
Nicholas Charles Simmonds and Timothy John Edward Dolder of Tenon
Recovery were appointed joint administrators of Stampbirch Ltd. on
March 5, 2009.

The company can be reached through Tenon Recovery at:

         54 Clarendon Road
         Watford
         WD17 1DU
         England


UNIQUE PUB: Deteriorating Environment Cues Fitch's Neg. Actions
---------------------------------------------------------------
Fitch Ratings said that the negative rating actions on Unique Pub
Finance Plc rated bonds on March 18, 2009 reflect the recent
reported transaction performance and the agency's expectations of
further deterioration in performance over the medium-term amid the
prevailing economic downturn.  Unique is a securitization of 3,511
leased and tenanted pubs.

Information on performance received to date shows that quarterly
rental income as of December 2008 in the Unique transaction has
decreased 4.9% year on year, which translates into a 3.7% decline
on a rent-per pub basis.  Beer income declined 9.2% year on year,
or 8% on a per pub basis, which is considered by Fitch to be in
line with the general on-trade but severe for a good quality
estate.  However, Fitch would like to point out that Unique does
not benefit from the full pricing benefit of beer supply contracts
but receives instead a fixed fee from Enterprise Inns, meaning
that any changes in barrelage volumes will have a more pronounced
effect on beer income compared to peers.  Other income (which
includes game machines and interest receivables) dropped by over
61% both on the whole estate and on a per pub basis which, though
severe, broadly reflects market trends.  This revenue line usually
carries a much higher margin.

Overall, revenues were 10% lower on the December 2008 quarter
versus the previous year.  Annual net cash flow before repairs and
maintenance for December 2008 showed a 7.7% drop versus the
previous year and 6.5% on a per pub basis.  This is a steeper
decline compared with some of Unique's leased and tenanted peers.
This is partly attributed to lower beer volume, increased beer
discounts and rental concessions granted to lessees and this trend
is expected to accelerate.  Management has observed an increase in
bad debt and a reduction in payments by direct debit from lessees.

In assessing the current and future transaction performance, Fitch
considered the deteriorating environment for tenanted and leased
pubs and the transaction's scheduled debt service.  The Class A2N
notes are due to start amortizing in June 2010, which will
increase the debt service by almost 60% by end-2011.  This step-up
in debt service and the current deteriorating environment mean
that the debt service coverage ratio for all notes is likely to
drop substantially.  In addition, the current transaction
structure which allows, among others, manipulation of the
restricted payments conditions, a lower level of maintenance capex
on existing pubs and the ability to repay debt by using disposal
proceeds, is considered weak by Fitch.

The Class N notes have been downgraded by two notches to reflect
the expected decline in its DSCR (even after assuming stable cash
flow on 2008, which is already an optimistic assumption) upon
amortization to below 1.30x, a level that Fitch considers
insufficient to support an investment-grade rating for this
estate.

The notes' rating actions taken on March 18, 2009 are:

   -- GBP201 million class A2N floating rate note due 2013:
      downgraded to 'A-' (A minus) from 'A', Outlook Negative

   -- GBP435 million class A3 fixed rate note due 2021: downgraded
      to 'A-' (A minus) from 'A', Outlook Negative

   -- GBP535 million class A4 fixed rate note due 2027: downgraded
      to 'A-' (A minus) from 'A', Outlook Negative

   -- GBP225 million class M fixed rate note due 2024: downgraded
      to 'BBB' from 'BBB+', Outlook Negative

   -- GBP190 million class N fixed rate note due 2032: downgraded
      to 'BB+' from 'BBB', Outlook Negative


VISIOCORP PLC: Brings in Joint Administrators from Deloitte
-----------------------------------------------------------
Nicholas James Dargan, Neville Barry Kahn and Philip Stephen
Bowers of Deloitte LLP were appointed joint administrators of
Visiocorp Plc on March 6, 2009.

The company can be reached at:

         Visiocorp Plc
         Castle Trading Estate
         East Street
         Portchester
         Hampshire
         PO16 9SD
         England


WINEWORLD: Bought Out of Administration by PBN
----------------------------------------------
PBN has acquired Northern Ireland off-licence and pub group
Wineworld out of administration, saving more than 50 jobs, Lindsay
Fergus at Belfast Telegraph reports.

The report relates PBN, a local property and trading group, has
teamed up with former United Wine Merchants managing director Jim
O'Neill to purchase and re-launch Wineworld as PBN Wineworld.

According to the report, the deal includes seven off sales in
North Down, Belfast and Lisburn and five bars including Sandpiper
Inn in Ballywalter, Tavern Inn in Carrowdore, The Lighthouse Bar
in Ardglass, The Stove Bar in Dromara and The Auction House in
Rathfriland.  The report recalls the 12 licensed premises,
formerly owned by four companies under the Jewell Group umbrella,
went into administration in December.

PBN Wineworld officially took ownership of the business on
March 2, the report notes.


* UK: Company Liquidations to Reach Highest Peak in Sixteen Years
-----------------------------------------------------------------
The number of companies ceasing to trade is forecast to reach its
highest peak in sixteen years, according to data obtained by Top
25 accountancy firm Wilkins Kennedy.

The number of companies closing their doors in the year to March
31 2009 will have reached 23,713, according to Wilkins Kennedy who
analysed data obtained from Companies House.  This is the highest
number since 1992-93, when the UK economy began to emerge from
recession and liquidations reached 28,700.

The forecast for 2008-09 shows a 17% jump in liquidations from the
previous year when company liquidations reached 20,195.

The data also shows that there were nearly five times as many
company liquidations as company insolvencies; 4,820 companies
became insolvent in the last year.

Keith Stevens, Insolvency Partner at Wilkins Kennedy, commented:
"The number of liquidations is running at nearly five times the
rate of company insolvencies, which shows that far more companies
are closing down than the official insolvency figures reveal."

"We are seeing an increasing number of companies choosing to throw
in the towel and cease trading early rather than hanging on until
the bitter end and waiting until they are insolvent.  Other
business owners are voluntarily closing less profitable
subsidiaries in order to streamline and free up capital to support
their core operations."

Wilkins Kennedy said that some of the liquidations will also be a
result of lenders refusing to extend credit to businesses which
are otherwise trading profitably.

Keith Stevens added: "Falling demand and the reluctance of lenders
to extend credit are having a major impact on the ability of
companies to continue trading."

"Liquidations tend to peak as the economy emerges from a
recession, so we could see even more companies shutting up shop as
those weakened during the downturn finally succumb."

Wilkins Kennedy said that the flood of company liquidations has
now burst its banks, going far beyond the previous high water mark
set after the collapse of the dot-com bubble in 2002.

In a seperate study, Wilkins Kennedy found that construction and
property service companies accounted for over a third (34%) of all
UK corporate insolvencies at the end of last year.

Keith Stevens said: "A plunge in the value of both commercial and
residential property prices means that projects all over the
country are being scrapped.  Many property services companies may
have expanded too far during the prospects boom of the past decade
and can no longer see a path back to profitability."


* EUROPE: Insolvent Banks Should Not Be Kept Afloat, Paramo Says
----------------------------------------------------------------
Reuters' Paul Day reports that European Central Bank board member
Jose Manuel Gonzalez Paramo said in an interview in Spanish
newspaper La Voz de Galicia on Sunday that insolvent European
banks should not be artificially kept afloat, while solvent banks
should be guaranteed unlimited access to liquidity by ECB so
credit lines to families and businesses would not be cut off.

Mr. Paramo, as cited by the report, said "The responsibility to
decide which banks are solvent and which are not is down to the
supervisor."

The report recalls the ECB decided at a March 5 meeting to extend
its promise of unlimited liquidity for banks at fixed rates until
next year.

The report relates Mr. Paramo has warned factors, including the
sharp economic deceleration, a need to raise provisions and the
drop in value of their investments in structured products, will
continue to weigh on banking activity in the future.

"Because of this it's very important banks take advantage of
public help to strengthen their capital and restructure their
business on more solid bases," the report quoted Mr. Paramo as
saying.

The report meanwhile adds Mr. Paramo would not rule out possible
readjustments in Spain's financial system after years of strong
growth during the country's decade-long economic boom.


* EUROPE: Moody's Reviews Ratings of Notes in 38 ABS Transactions
-----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the ratings of 163 classes of notes in 38 asset-backed
securities transactions backed by granular portfolios of loans to
small and mid-sized enterprises in Europe.

The rating actions reflect Moody's revised anticipations for the
performance of the European SME sector in the current down cycle.
Specifically, Moody's has increased its probability of default
assumption on SME pools across Europe to incorporate expectations
that European SME default rates are likely to greatly exceed the
levels observed in historical performance data.  Moody's currently
has a negative outlook for the European SME loan sector, which has
increasingly shown signs of weakness in terms of credit
performance.  The sector is further stressed by the anticipated
limited refinancing opportunities for EMEA non-financial corporate
issuers rated Baa and below over the next six to 12 months.

On March 17, 2009, Moody's published a new Rating Methodology
report, this is a refined approach in which Moody's first
determines a country-specific base PD assumption for a pool of
SMEs and then adjusts it for the securitized portfolio quality
(e.g. originator's underwriting quality/data, borrower
size/industry, loan characteristics, etc.) and macro-economic
factors (cycle adjustments).  Moody's started to introduce this
top down approach towards the end of 2007, to complement any pool-
specific information (such as past performance data and internal
scoring systems) used to derive the pool PD assumption of SME ABS
pools.  This approach has further been refined over time and has
led to an increase in PD assumptions in SME loan transactions
rated since end-2007.

Until then, the two main sources of information available to
Moody's to determine the PD assumption on SME pools had been
historical data and internal scoring systems/transition matrices,
especially in the two major SME securitization markets: Spain and
Germany.  However, the available historical data (including
transition matrices) usually only covers a short period (less than
six years) and thus does not allow an accurate assessment of the
average creditworthiness of the SME portfolio across a business
cycle that includes a very severe recession.  At the same time,
limited information is sometimes provided on internal rating
systems and large differences can be observed in PD estimates for
similar portfolios in the same country.

To reflect its revised approach and increased PD expectations,
Moody's has considered all 79 outstanding SME ABS transactions
initially rated before 2008 (and, in very limited instances,
transactions rated in 2008 while the approach was being further
refined).

Moody's has placed on review for possible downgrade the notes in
all 38 transactions exposed to assets in countries or industrial
sectors for which Moody's has increased its PD assumptions and
that have not yet built material additional credit enhancement or
that do not benefit from other off-setting factors (such as a
government guarantee).  Moody's applied the same approach when it
put the notes in two UK transactions on review for possible
downgrade on February 17, 2009.

While Moody's expects transactions affected by the rating actions
to see their performance deteriorate over time as reflected in its
revised PD assumptions, to date these transactions have typically
performed in line with Moody's initial expectations.  In contrast,
Moody's previously placed the ratings on most of the Notes in 18
Spanish SME ABS deals under review for possible downgrade, the
performance of which had already started to deteriorate
significantly.  Moody's will incorporate its revised approach on
PD assumptions in the review process of these Spanish deals.

Moody's expects that the SME ABS transactions affected by the
rating action could experience a one to two notch rating migration
on some Aaa-rated notes, and larger rating migrations through the
rest of the capital structure.  The outcome of the review process
for these transactions will be based on a detailed analysis of
each transaction's specific collateral and structural features, a
review of the asset correlation and recovery assumptions, taking
into account any information provided by the servicers in addition
to their regular investor reports (e.g. loan-by-loan information).

In a separate rating action, on March 13, Moody's also placed on
review for possible downgrade the ratings of notes in 20 European
collateralized debt obligation transactions backed by generally
non-granular portfolios of SMEs.  These rating actions reflected
the revision of certain key assumptions that the rating agency
uses to rate and monitor SME CDO transactions.  These revised
assumptions are described in greater detail in the press release
titled "Moody's updates key assumptions for rating corporate
synthetic CDOs" published on January 15, 2009.

In some instances, Moody's revised assumptions for SME CDO
transactions may also apply to SME ABS transactions.  In
particular, when assessing credit risk for the less granular SME
ABS transactions, or those with significant debtor or industrial
sector concentrations, the rating agency's new correlation
assumptions may be considered, which could lead to additional
rating actions or affect the migration for ratings currently on
review.

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

The detailed rating actions are:

Ascot Black CLO A CDS,

  -- Sr CDS, Aaa and Placed Under Review for Possible Downgrade;
     previously on 19 October 2006 Assigned Aaa

  -- A CDS, Aaa and Placed Under Review for Possible Downgrade;
     previously on 19 October 2006 Assigned Aaa

  -- B CDS, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 19 October 2006 Assigned Aa2

  -- C CDS, A2 and Placed Under Review for Possible Downgrade;
     previously on 19 October 2006 Assigned A2

  -- D CDS, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 19 October 2006 Assigned Baa2

  -- E CDS, Ba2 and Placed Under Review for Possible Downgrade;
     previously on 19 October 2006 Assigned Ba2

AyT CAIXA GALICIA EMPRESAS I, FTA

  -- B, Aa3 and Placed Under Review for Possible Downgrade;
     previously on 26 November 2007 Assigned Aa3

  -- C, A3 and Placed Under Review for Possible Downgrade;
     previously on 26 November 2007 Assigned A3

  -- D, Ba3 and Placed Under Review for Possible Downgrade;
     previously on 26 November 2007 Assigned Ba3

AyT FTPYME II, FTA

  -- F3, Baa3 and Placed Under Review for Possible Downgrade;
     previously on 27 December 2004 Assigned Baa3

BANKINTER 2 PYME, FTA

  -- A2, Aaa and Placed Under Review for Possible Downgrade;
     previously on 27 June 2006 Assigned Aaa

  -- B, Aa3 and Placed Under Review for Possible Downgrade;
     previously on 27 June 2006 Assigned Aa3

  -- C, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 27 June 2006 Assigned Baa2

  -- D, Ba3 and Placed Under Review for Possible Downgrade;
     previously on 27 June 2006 Assigned Ba3

BBVA 3 FTPYME, FTA

  -- B, A2 and Placed Under Review for Possible Downgrade;
     previously on 30 November 2004 Assigned A2

  -- C, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 30 November 2004 Assigned Baa2

BBVA 4 PYME, FTA

  -- A2, Aaa and Placed Under Review for Possible Downgrade;
     previously on 27 September 2005 Assigned Aaa

  -- B, A2 and Placed Under Review for Possible Downgrade;
     previously on 27 September 2005 Assigned A2

  -- C, Baa3 and Placed Under Review for Possible Downgrade;
     previously on 27 September 2005 Assigned Baa3

BBVA EMPRESAS 1, FTA

  -- A1, Aaa and Placed Under Review for Possible Downgrade;
     previously on 06 November 2007 Assigned Aaa

  -- A2, Aaa and Placed Under Review for Possible Downgrade;
     previously on 06 November 2007 Assigned Aaa

  -- A3, Aaa and Placed Under Review for Possible Downgrade;
     previously on 06 November 2007 Assigned Aaa

  -- B, A2 and Placed Under Review for Possible Downgrade;
     previously on 06 November 2007 Assigned A2

  -- C, Baa3 and Placed Under Review for Possible Downgrade;
     previously on 06 November 2007 Assigned Baa3

BBVA HIPOTECARIO 3, FTA

  -- A2, Aaa and Placed Under Review for Possible Downgrade;
     previously on 02 June 2005 Assigned Aaa

  -- B, A2 and Placed Under Review for Possible Downgrade;
     previously on 02 June 2005 Assigned A2

  -- C, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 02 June 2005 Assigned Baa2

BEL SME 2006 - I

  -- A, Aaa and Placed Under Review for Possible Downgrade;
     previously on 21 December 2006 Assigned Aaa

  -- B, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 21 December 2006 Assigned Aa2

  -- C, A1 and Placed Under Review for Possible Downgrade;
     previously on 21 December 2006 Assigned A1

  -- D, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 21 December 2006 Assigned Baa2

Chaves SME CLO No. 1

  -- A, Aaa and Placed Under Review for Possible Downgrade;
     previously on 20 December 2006 Assigned Aaa

  -- B, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 20 December 2006 Assigned Aa2

  -- C, A1 and Placed Under Review for Possible Downgrade;
     previously on 20 December 2006 Assigned A1

  -- D, A3 and Placed Under Review for Possible Downgrade;
     previously on 20 December 2006 Assigned A3

  -- E, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 20 December 2006 Assigned Baa2

Clock Finance No.1 B.V.

  -- A, Aaa and Placed Under Review for Possible Downgrade;
     previously on 06 March 2007 Assigned Aaa

  -- B1, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 06 March 2007 Assigned Aa2

  -- B2, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 06 March 2007 Assigned Aa2

  -- C1, A2 and Placed Under Review for Possible Downgrade;
     previously on 06 March 2007 Assigned A2

  -- C2, A2 and Placed Under Review for Possible Downgrade;
     previously on 06 March 2007 Assigned A2

  -- D, Baa3 and Placed Under Review for Possible Downgrade;
     previously on 06 March 2007 Assigned Baa3

  -- E, Ba3 and Placed Under Review for Possible Downgrade;
     previously on 06 March 2007 Assigned Ba3

  -- F1, B3 and Placed Under Review for Possible Downgrade;
     previously on 06 March 2007 Assigned B3

  -- F2, B3 and Placed Under Review for Possible Downgrade;
     previously on 06 March 2007 Assigned B3

CoSMO Finance 2007-1 Limited

  -- A1+, Aaa and Placed Under Review for Possible Downgrade;
     previously on 30 July 2007 Assigned Aaa

  -- A2+, Aaa and Placed Under Review for Possible Downgrade;
     previously on 30 July 2007 Assigned Aaa

  -- B, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 30 July 2007 Assigned Aa2

  -- C, A2 and Placed Under Review for Possible Downgrade;
     previously on 30 July 2007 Assigned A2

  -- D, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 30 July 2007 Assigned Baa2

  -- E, Ba2 and Placed Under Review for Possible Downgrade;
     previously on 30 July 2007 Assigned Ba2

  -- F, B2 and Placed Under Review for Possible Downgrade;
     previously on 30 July 2007 Assigned B2

CoSMO Finance 2008-1 Limited

  -- A1+, Aaa and Placed Under Review for Possible Downgrade;
     previously on 06 October 2008 Assigned Aaa

  -- A2+, Aaa and Placed Under Review for Possible Downgrade;
     previously on 06 October 2008 Assigned Aaa

  -- B, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 06 October 2008 Assigned Aa2

  -- C, A2 and Placed Under Review for Possible Downgrade;
     previously on 06 October 2008 Assigned A2

  -- D, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 06 October 2008 Assigned Baa2

  -- E, Ba2 and Placed Under Review for Possible Downgrade;
     previously on 06 October 2008 Assigned Ba2

  -- F, B2 and Placed Under Review for Possible Downgrade;
     previously on 06 October 2008 Assigned B2

FONCAIXA FTGENCAT 3, FTA

  -- A(G), Aaa and Placed Under Review for Possible Downgrade;
     previously on 16 November 2005 Assigned Aaa

  -- B, A1 and Placed Under Review for Possible Downgrade;
     previously on 16 November 2005 Assigned A1

  -- C, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 16 November 2005 Assigned Baa2

  -- D, Ba2 and Placed Under Review for Possible Downgrade;
     previously on 16 November 2005 Assigned Ba2

FONCAIXA FTGENCAT 4, FTA

  -- A (G), Aaa and Placed Under Review for Possible Downgrade;
     previously on 17 July 2006 Assigned Aaa

  -- B, A2 and Placed Under Review for Possible Downgrade;
     previously on 17 July 2006 Assigned A2

  -- C, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 17 July 2006 Assigned Baa2

  -- D, Ba1 and Placed Under Review for Possible Downgrade;
     previously on 17 July 2006 Assigned Ba1

FONCAIXA FTGENCAT 5, FTA

  -- A (G), Aaa and Placed Under Review for Possible Downgrade;
     previously on 27 November 2007 Assigned Aaa

  -- A (S), Aaa and Placed Under Review for Possible Downgrade;
     previously on 27 November 2007 Assigned Aaa

  -- B, Aa3 and Placed Under Review for Possible Downgrade;
     previously on 27 November 2007 Assigned Aa3

  -- C, Baa3 and Placed Under Review for Possible Downgrade;
     previously on 27 November 2007 Assigned Baa3

FONCAIXA FTPYME 1, FTA

  -- B, A2 and Placed Under Review for Possible Downgrade;
     previously on 01 December 2003 Assigned A2

  -- C, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 01 December 2003 Assigned Baa2

FTPYME BANCAJA 2, FTA

  -- B, A2 and Placed Under Review for Possible Downgrade;
     previously on 22 September 2003 Assigned A2

  -- C, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 22 September 2003 Assigned Baa2

FTPYME SANTANDER 1, FTA

  -- D, Baa1 and Placed Under Review for Possible Downgrade;
     previously on 29 September 2003 Assigned Baa1

FTPYME TDA 7, FTA

  -- A1, Aaa and Placed Under Review for Possible Downgrade;
     previously on 21 December 2007 Assigned Aaa

  -- B, A2 and Placed Under Review for Possible Downgrade;
     previously on 21 December 2007 Assigned A2

  -- C, Ba1 and Placed Under Review for Possible Downgrade;
     previously on 21 December 2007 Assigned Ba1

FTPYME TDA BANCA MARCH, FTA

  -- 3SA, Baa3 and Placed Under Review for Possible Downgrade;
     previously on 29 October 2004 Assigned Baa3

FTPYME TDA CAM 2, FTA

  -- Series 2SA, A2 and Placed Under Review for Possible
     Downgrade; previously on 19 November 2004 Assigned A2

  -- Series 3SA, Baa2 and Placed Under Review for Possible
     Downgrade; previously on 19 November 2004 Assigned Baa2

GAT FTGENCAT 2005, FTA

  -- A2(G), Aaa and Placed Under Review for Possible Downgrade;
     previously on 13 December 2005 Assigned Aaa

  -- B, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 13 December 2005 Assigned Aa2

  -- C, A2 and Placed Under Review for Possible Downgrade;
     previously on 13 December 2005 Assigned A2

  -- D, Baa3 and Placed Under Review for Possible Downgrade;
     previously on 13 December 2005 Assigned Baa3

GC FTPYME SABADELL 4, FTA

  -- A(S), Aaa and Placed Under Review for Possible Downgrade;
     previously on 25 October 2005 Assigned Aaa

  -- B, A2 and Placed Under Review for Possible Downgrade;
     previously on 25 October 2005 Assigned A2

  -- C, Baa3 and Placed Under Review for Possible Downgrade;
     previously on 25 October 2005 Assigned Baa3

GELDILUX-TS-2005 S.A.

  -- Series 3 A, Aaa and Placed Under Review for Possible
     Downgrade; previously on 17 June 2005 Assigned Aaa

  -- Series 3 B, A1 and Placed Under Review for Possible
     Downgrade; previously on 17 June 2005 Assigned A1

  -- Series 3 C, Baa2 and Placed Under Review for Possible
     Downgrade; previously on 17 June 2005 Assigned Baa2

  -- Series 3 D, Ba2 and Placed Under Review for Possible
     Downgrade; previously on 17 June 2005 Assigned Ba2

  -- Series 3 E, B2 and Placed Under Review for Possible
     Downgrade; previously on 17 June 2005 Assigned B2

GELDILUX-TS-2007 S.A.

  -- A, Aaa and Placed Under Review for Possible Downgrade;
     previously on 03 May 2007 Assigned Aaa

  -- B, A2 and Placed Under Review for Possible Downgrade;
     previously on 03 May 2007 Assigned A2

  -- C, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 03 May 2007 Assigned Baa2

  -- D, Ba2 and Placed Under Review for Possible Downgrade;
     previously on 03 May 2007 Assigned Ba2

  -- E, B2 and Placed Under Review for Possible Downgrade;
     previously on 03 May 2007 Assigned B2

  -- Liquidity Notes, Aaa and Placed Under Review for Possible
     Downgrade; previously on 03 May 2007 Assigned Aaa

GELDILUX-TS-2008 S.A.

  -- A1, Aaa and Placed Under Review for Possible Downgrade;
     previously on 07 August 2008 Assigned Aaa

  -- A2, Aaa and Placed Under Review for Possible Downgrade;
     previously on 07 August 2008 Assigned Aaa

  -- A SS, Aaa and Placed Under Review for Possible Downgrade;
     previously on 07 August 2008 Assigned Aaa

  -- B, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 07 August 2008 Assigned Aa2

  -- C, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 07 August 2008 Assigned Baa2

  -- D, Ba2 and Placed Under Review for Possible Downgrade;
     previously on 07 August 2008 Assigned Ba2

  -- D SS, Ba2 and Placed Under Review for Possible Downgrade;
     previously on 07 August 2008 Assigned Ba2

  -- Liquidity Note, Aaa and Placed Under Review for Possible
     Downgrade; previously on 07 August 2008 Assigned Aaa

Goodwood Gold Limited

  -- A1, Aaa and Placed Under Review for Possible Downgrade;
     previously on 28 November 2007 Assigned Aaa

  -- A2, Aaa and Placed Under Review for Possible Downgrade;
     previously on 28 November 2007 Assigned Aaa

  -- B CDS, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 28 November 2007 Assigned Aa2

  -- B1, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 28 November 2007 Assigned Aa2

  -- B2, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 28 November 2007 Assigned Aa2

  -- C CDS, A2 and Placed Under Review for Possible Downgrade;
     previously on 28 November 2007 Assigned A2

  -- C1, A2 and Placed Under Review for Possible Downgrade;
     previously on 28 November 2007 Assigned A2

  -- C2, A2 and Placed Under Review for Possible Downgrade;
     previously on 28 November 2007 Assigned A2

  -- D CDS, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 28 November 2007 Assigned Baa2

  -- D1, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 28 November 2007 Assigned Baa2

  -- D2, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 28 November 2007 Assigned Baa2

  -- E CDS, Ba1 and Placed Under Review for Possible Downgrade;
     previously on 28 November 2007 Assigned Ba1

  -- E1, Ba1 and Placed Under Review for Possible Downgrade;
     previously on 28 November 2007 Assigned Ba1

  -- E2, Ba1 and Placed Under Review for Possible Downgrade;
     previously on 28 November 2007 Assigned Ba1

IM BANCO POPULAR FTPYME 1, FTA

  -- B, Aa3 and Placed Under Review for Possible Downgrade;
     previously on 22 December 2004 Assigned Aa3

  -- C, Ba1 and Placed Under Review for Possible Downgrade;
     previously on 22 December 2004 Assigned Ba1

IM FTPYME SABADELL 3, FTA

  -- Series 2, A2 and Placed Under Review for Possible Downgrade;
     previously on 23 November 2004 Assigned A2

  -- Series 3, Baa3 and Placed Under Review for Possible
     Downgrade; previously on 23 November 2004 Assigned Baa3

IM GRUPO BANCO POPULAR EMPRESAS 1, FTA

  -- A2, Aaa and Placed Under Review for Possible Downgrade;
     previously on 19 September 2006 Assigned Aaa

  -- B, Aa3 and Placed Under Review for Possible Downgrade;
     previously on 19 September 2006 Assigned Aa3

  -- C, A3 and Placed Under Review for Possible Downgrade;
     previously on 19 September 2006 Assigned A3

  -- D, Baa3 and Placed Under Review for Possible Downgrade;
     previously on 19 September 2006 Assigned Baa3

RCL Securitization GmbH / Silver Tower 125 Inc.

  -- Tranche 1 Loan, A1 and Placed Under Review for Possible
     Downgrade; previously on 21 December 2005 Assigned A1

  -- Tranche 2 Loan, Baa1 and Placed Under Review for Possible
     Downgrade; previously on 21 December 2005 Assigned Baa1

  -- Tranche 3 Loan, Ba2 and Placed Under Review for Possible
     Downgrade; previously on 21 December 2005 Assigned Ba2

ROOF CEE 2006-1

  -- Sr CDS, Aaa and Placed Under Review for Possible Downgrade;
     previously on 23 March 2006 Assigned Aaa

  -- A, Aaa and Placed Under Review for Possible Downgrade;
     previously on 23 March 2006 Assigned Aaa

  -- B, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 23 March 2006 Assigned Aa2

  -- C, A2 and Placed Under Review for Possible Downgrade;
     previously on 23 March 2006 Assigned A2

  -- D, Ba2 and Placed Under Review for Possible Downgrade;
     previously on 23 March 2006 Assigned Ba2

SANTANDER EMPRESAS 2, FTA

  -- B, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 14 December 2006 Assigned Aa2

  -- C, A2 and Placed Under Review for Possible Downgrade;
     previously on 14 December 2006 Assigned A2

  -- D, Baa3 and Placed Under Review for Possible Downgrade;
     previously on 14 December 2006 Assigned Baa3

  -- E, Ba1 and Placed Under Review for Possible Downgrade;
     previously on 14 December 2006 Assigned Ba1

  -- F, Ca and Placed Under Review for Possible Downgrade;
     previously on 14 December 2006 Assigned Ca

SMART SME CLO 2006-1, LTD.

  -- A, Aaa and Placed Under Review for Possible Downgrade;
     previously on 21 December 2006 Assigned Aaa

  -- B, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 21 December 2006 Assigned Aa2

  -- C, A2 and Placed Under Review for Possible Downgrade;
     previously on 21 December 2006 Assigned A2

  -- D, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 21 December 2006 Assigned Baa2

  -- E, Ba2 and Placed Under Review for Possible Downgrade;
     previously on 21 December 2006 Assigned Ba2

SMILE 2005 Synthetic B.V.

  -- A1, Aaa and Placed Under Review for Possible Downgrade;
     previously on 20 December 2005 Assigned Aaa

  -- A2, Aaa and Placed Under Review for Possible Downgrade;
     previously on 20 December 2005 Assigned Aaa

  -- B, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 20 December 2005 Assigned Aa2

  -- C, A2 and Placed Under Review for Possible Downgrade;
     previously on 20 December 2005 Assigned A2

  -- D, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 20 December 2005 Assigned Baa2

  -- E, Ba3 and Placed Under Review for Possible Downgrade;
     previously on 20 December 2005 Assigned Ba3

Smile Securitization Company 2007 B.V.

  -- A, Aaa and Placed Under Review for Possible Downgrade;
     previously on 26 February 2007 Assigned Aaa

  -- B, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 26 February 2007 Assigned Aa2

  -- C, A1 and Placed Under Review for Possible Downgrade;
     previously on 26 February 2007 Assigned A1

  -- D, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 26 February 2007 Assigned Baa2

  -- E, Ba3 and Placed Under Review for Possible Downgrade;
     previously on 26 February 2007 Assigned Ba3

Stichting Mars 2006

  -- A, Aaa and Placed Under Review for Possible Downgrade;
     previously on 19 January 2007 Assigned Aaa

  -- B, Aa1 and Placed Under Review for Possible Downgrade;
     previously on 19 January 2007 Assigned Aa1

  -- C, Aa2 and Placed Under Review for Possible Downgrade;
     previously on 19 January 2007 Assigned Aa2

  -- D, Baa2 and Placed Under Review for Possible Downgrade;
     previously on 19 January 2007 Assigned Baa2

  -- E, Ba3 and Placed Under Review for Possible Downgrade;
     previously on 19 January 2007 Assigned Ba3


* EUROPE: Moody's Cuts Ratings of Various CDO Transactions
----------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
ratings of 15 notes issued by certain collateralized debt
obligation transactions referencing a portfolio of corporate
entities.

Moody's explained that the rating actions taken are the result of
(i) the application of revised and updated key modeling parameter
assumptions that Moody's uses to rate and monitor ratings of
Corporate Synthetic CDOs and (ii) the deterioration in the credit
quality of the transaction's reference portfolio.  The revisions
affect key parameters in Moody's model for rating Corporate
Synthetic CDOs: default probability, asset correlation, and other
credit indicators such as ratings reviews and outlooks. Moody's
announced the changes to these assumptions in a press release
published on January 15, 2009.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology for Corporate
Synthetic CDOs as described in Moody's Special Report below:

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (March 2009)

The rating actions are:

Claris Limited:

  -- Series 100/2007 Tranche 1 - EUR150,000,000 - Floating Rate
     Credit Linked Notes due 2017, downgraded to A1, previously
     on 24 May 2007 assigned Aaa.

Corsair (Jersey) No.4 Limited:

  -- Series 7 US$40,000,000 Floating Rate Secured First to
     Default Credit-Linked Notes due 2018, downgraded to Ba2,
     previously on 18 December 2006 assigned A2.

  -- Series 9 US$30,000,000 Floating Rate Secured First to
     Default Credit-Linked Notes due 2018, downgraded to A3,
     previously on 18 December 2006 assigned A2.

IXIS Corporate and Investment Bank:

  -- Tranche 1 EUR35,000,000 Pelican Credit Default Swap due
     September 2010, downgraded to Caa2, previously on 25 July
     2005 assigned Aa2.

  -- Tranche 2 EUR15,000,000 Pelican Credit Default Swap due
     September 2010, downgraded to Caa3, previously on 25 July
     2005 assigned A2.

Lunar Funding I Limited:

  -- Lansdowne CDO I Series 10 Secured Floating Rate Notes due
     2012, downgraded to Caa2, previously on 19 February 2008
     downgraded to Aa1.

  -- Lansdowne CDO I Series 11 Secured Floating Rate Notes due
     2012, downgraded to Ca, previously on 19 February 2008
     downgraded to A1.

  -- Lansdowne CDO I Series 12 Secured Floating Rate Notes due
     2012, downgraded to Ca, previously on 19 February 2008
     downgraded to A2.

  -- Lansdowne CDO I Series 14 Secured Floating Rate Notes due
     2012, downgraded to B3, previously on 19 February 2008
     downgraded to Aa1.

  -- Lansdowne CDO I Series 15 Secured Floating Rate Notes due
     2012, downgraded to Ca, previously on 19 February 2008
     downgraded to Baa3.

  -- Raphael CDO Class A-1 Series 7 GBP50,000,000 Secured Asset-
     Backed Credit-Linked Notes due 2012, downgraded to Ba3,
     previously on 17 May 2005 assigned Aaa.

Midgard CDO Plc:

  -- Series 2005-4 US$50,000,000 AAA Class III(1) Secured
     Floating Rate Credit Linked Notes due 2010, downgraded to
     Baa2, previously on 11 July 2005 assigned Aaa.

  -- Series 2005-5 EUR5,000,000 AAA Class III(2) Secured Floating
     Rate Credit Linked Notes due 2010, downgraded to Baa2,
     previously on 11 July 2005 assigned Aaa.

Trees S.A:

  -- Series 86 US$60,000,000 Secured Notes due 2012, downgraded
     to Ca, previously on 24 November 2008 downgraded to B1.

Viso Limited:

  -- Series 2006-1 EUR25,000,000 Class A Floating Rate Notes due
     2014, downgraded to Ba2, previously on 3 April 2006 assigned
     Aaa.


* Fitch Says Illiquidity Threatens Funding Options for EMEA Firms
-----------------------------------------------------------------
Illiquidity continues to threaten traditionally viable funding
alternatives for some corporates to raise external cash and
mitigate refinance risk.  In a report published covering 275 EMEA
rated entities, representing US$2,200 billion of debt, Fitch
Ratings notes that this is significantly more prevalent in
emerging markets.  Whereas a range of refinancing risk concerns
continue to overhang sentiment in developed markets as well, pro-
active 'first movers' in accessing liquidity have often been
successful.

In developed market countries, rated corporates typically have
conserved cash, have long-debt maturity profiles (below 40% of
total debt due by December 2010), less dependence on bank funding
(32% of total debt for Fitch's specific portfolio); and, to date,
banks are generally refinancing those lines albeit at higher
pricing and reduced overall commitment levels.

At one extreme, certain corporates in the emerging markets of
Kazakhstan, Russia and Ukraine have seen current economic
conditions exacerbate their short-term debt maturity profiles (60%
debt sourced from banks and near-50% of total debt due by December
2010) and vulnerable banking systems.  Where these two factors
have coincided, there is greater uncertainty as to refinancing,
notwithstanding political considerations.  Consequently, these
corporates' ratings are typically in the low 'B', if not already
'CCC'-and-below, rating categories

"The refinance risk of debt has become a significant component of
potential default risk for corporates in the economic conditions,
and a dominant contributor to multi-category downgrades," said
John Hatton, Credit Officer for International Corporates, Fitch
Ratings "Uncertainties continue to grow as to banks' willingness
and/or capacity to provide or renew credit lines.  Despite recent
successes, in current market conditions neither bond nor equity
market access can be relied upon to provide capital for all but
the highest-rated issuers," he added.  The report also questions
if there will be a fundamental shift by corporates away from
predominantly bank to bond funding,

While few Fitch-rated corporate issuers in the EMEA region have
had 2009 debt maturity problems, refinance-risk related multi-
notch downgrades have already taken place during 2009,
particularly for those companies that procured acquisition
financing during 2007 - which had short-term tranches of debt that
has not been repaid from planned operational cash flow, intended
asset disposals, and/or pencilled-in equity issuance.  This
includes companies such as HeidelbergCement ('B' RWN) - resulting
from its bank debt-weighted M&A financing of 2007, continuing high
leverage, and likely covenant breach - which has cast doubt on
existing funding arrangements and the refinance risk of near-term
lump-sum maturities.  Equally, Rio Tinto ('BBB+' / RWN) could
experience multi-notch downgrades if planned equity injections are
not successful and a large M&A-funding maturity due October 2009
remains unaddressed.  Furthermore, Taylor Wimpey's profitability,
doubts over its funding arrangements and refinance risk are
reflected in its ('CCC' / RWN) rating.

Conversely, other examples of recent M&A financings, such as those
of Imperial Tobacco and Reed Elsevier have resolved near-term
refinance risk by an expensive cocktail of elongating bank
facilities (forward starts), equity and bond issuance and a
corporate's inherent ability to generate cash.  Timing can be key:
Brixton plc ('BB' / RWN) has, unlike its UK commercial property
peers who have successfully issued equity, suffered a multi-notch
downgrade due to lack of clear guidance from management in
resolving potential financial covenant and refinance issues.
Credit ratings aim to reflect such factors, with a dynamic rather
than static assessment of market access and creditor behavior.

As highlighted in Fitch's 'Liquidity Report' (August 18, 2008)
many EMEA companies did not face an immediate refinance risk in
2009.  Now, in assessing a company's 2010 refinance risk, after
updating internal cash generation capacity forecasts and
management plans, Fitch includes in its assessment of refinance
risk a range of factors.  These include evidence of actual or
likely bank support for a particular company (encompassing factors
highlighted in Fitch's 'European Corporates' Demands upon Banks'
Capital', November 12, 2008) and its sector; likelihood of bond
issuance given recent activity in favored sectors and rating
categories; the feasibility of equity issuance, and creditor
behavior to date.

                            *********

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

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

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

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

                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
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