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

                           E U R O P E

           Monday, October 25, 2010, Vol. 11, No. 210

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: Lost Two-Thirds of Market Value After Insolvency


F R A N C E

TECHNICOLOR SA: S&P Raises Corporate Credit Rating to 'CCC+'


G E R M A N Y

DEGI EUROPA: Faces Liquidation After Losing 23.7% of Value
KABEL DEUTSCHLAND: Moody's Upgrades Default Ratings to 'Ba2'
MVNO SNOOG: Files for Insolvency
SEMPER FINANCE: Fitch Affirms Rating on Class E Notes at 'BBsf'


G R E E C E

WIND HELLAS: Fitch Downgrades Issuer Default Rating to 'RD'


I R E L A N D

AER ARANN: Majority of Creditor Classes Back Scheme of Arrangement
ANGLO IRISH: Offers Bondholders 20 Cents on Euro to Raise Capital
BANK OF IRELAND: Sells Asset-Management Unit to State Street
QUINN INSURANCE: High Court Approves Administrator Fees


I T A L Y

ISLAND REFINANCING: Moody's Cuts Class X Notes' Rating to Ca (sf)


N E T H E R L A N D S

DECO 14: Fitch Affirms 'CCsf' Rating on Class F Notes
NXP BV: S&P Raises Long-Term Corporate Credit Rating to 'B-'


N O R W A Y

* NORWAY: Corporate Bankruptcies Down 15% to 702 in 3rd Qtr. 2010


P O L A N D

ELEKTRIM SA: Court Overturns "Contingent Payment" Appeal


P O R T U G A L

BANCO PORTUGUES: Moody's Downgrades Bank Strength Rating to 'E'


R U S S I A

CENTER-INVEST BANK: Moody's Assigns 'B1' Rating to Senior Debt
INTERNATIONAL INDUSTRIAL: Retail Lending Unit's License Revoked
LIPETSK OBLAST: S&P Assigns 'BB' Long-Term Issuer Credit Rating
RENAISSANCE FINANCIAL: Fitch Corrects Press Release on Ratings
* Fitch Assigns 'BB' Rating to Republic of Komi's Bonds


U K R A I N E

UKREXIMBANK JSC: Moody's Assigns 'B1' Rating to Senior Loan Notes


U N I T E D   K I N G D O M

CATTLES PLC: In Restructuring Talks; Creditors to Lose GBP1 Bln
NEMUS FUNDING: S&P Affirms 'BB (sf)' Ratings on Class E & F Notes
WEST COUNTRY: Enters Into CVA; Creditors to Get 28p on the Pound


X X X X X X X X

* BOND PRICING: For the Week October 18 to October 22, 2010




                         *********


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A U S T R I A
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A-TEC INDUSTRIES: Lost Two-Thirds of Market Value After Insolvency
------------------------------------------------------------------
Jonathan Tirone at Bloomberg News reports that A-Tec Industries AG
lost two-thirds of its market value in Vienna after the company
filed for insolvency protection.

Bloomberg relates A-Tec's stock fell EUR3.79, or 66%, and traded
at EUR1.96 at 9:10 a.m. on Friday, Oct. 22, in Vienna.  The
company's shares have lost 77% this year, giving the company a
EUR52.8 million market value, Bloomberg notes.

As reported by the Troubled Company Reporter-Europe on Oct. 22,
2010, Bloomberg News said A-Tec sought court clearance to
reorganize debt after losing access to its line of credit because
of an Australian power-station project's financial difficulties.
Bloomberg disclosed A-Tec said in a statement on Wednesday that
the company filed for self-administered reorganization proceedings
at the Vienna Commercial Court and has appointed trustees for
bondholders.  Bloomberg said A-Tec has 90 days under Austrian law
to seek an agreement with lenders, after which it can seek full
protection from creditors.  The company has a EUR798 million
(US$1.11 billion) revolving credit facility and EUR302 million of
outstanding bonds, according to Bloomberg data.

A-Tec Industries AG is an engineering company based in Vienna,
Austria.


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F R A N C E
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TECHNICOLOR SA: S&P Raises Corporate Credit Rating to 'CCC+'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
long-term corporate credit rating on French technology company
Technicolor S.A. (formerly Thomson S.A.) to 'CCC+' from 'CCC-'.
S&P has also affirmed its 'C' short-term corporate credit rating
on Technicolor and removed all ratings from CreditWatch positive,
where they had been placed on June 1, 2010.  The outlook is
positive, reflecting the possibility that S&P could raise the
rating to 'B-' over the next 12 months if the company's
performance and trading prospects improve and its liquidity
situation remains adequate.

At the same time, S&P has assigned a '4' recovery rating and a
'CCC+' debt rating to Technicolor's reinstated debt, composed of
credit facilities and notes, reflecting average (30%-50%) recovery
prospects in S&P's hypothetical scenario of default.

The rating action concludes S&P's review initiated when
Technicolor completed its balance sheet restructuring on May 26,
2010.

"The upgrade reflects the company's improved capital structure and
adequate liquidity, as well as its progress in a number of
initiatives to reduce costs and dispose of underperforming noncore
assets," said Standard & Poor's credit analyst Leandro de Torres
Zabala.  These factors mitigate the continuing erosion of
revenues, the company's negative free operating cash flow, and its
sizable leverage.

Technicolor's financial risk profile has significantly improved
since the completion of its debt restructuring, which explains to
a large extent the present upgrade.  In particular, gross reported
debt has decreased significantly, to EUR1.69 billion-equivalent on
June 30, 2010 (EUR1.92 billion-equivalent at nominal value).  At
the same time, the company's financial risk profile remains
"highly leveraged" according to S&P's criteria, reflecting sizable
financial leverage and continuing negative FOCF generation, and
this is constraining the ratings.

Technicolor's operating performance remained weak during first-
half 2010, and the company generated negative FOCF of EUR119
million during this period.  Technicolor expects to return to
year-on-year revenue growth in the second half of 2010 and S&P
also expect a stronger second half of the year compared with the
first half, as customary in the season.

"The positive outlook reflects the possibility of S&P's raising
Technicolor's corporate credit ratings over the next 12 months if
revenue growth resumes and S&P believes that higher revenues are
sustainable in the medium term," said Mr. de Torres Zabala.

Importantly, an upgrade would be predicated on positive FOCF
generation and what S&P would deem to be adequate liquidity and
covenant headroom.  In addition, S&P would see as positive for the
ratings the culmination of the asset disposal program and the
repayment of the liability related to the disposal proceeds notes,
unless the latter were to lead to any material deterioration of
cash balances.  Leverage that would gradually approach adjusted
debt to EBITDA of 5.0x and FFO to adjusted debt of above 12.0%
would also be positive for the ratings.

A continuation of weak trading conditions leading to a
deterioration of the company's cash position and/or covenant
headroom would deny the company any rating upside in the short to
medium term and would depress credit quality.


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G E R M A N Y
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DEGI EUROPA: Faces Liquidation After Losing 23.7% of Value
----------------------------------------------------------
London Evening Standard reports that Aberdeen Asset Management's
German real estate unit is to liquidate the EUR1.3 billion
(GBP1.15 billion) Degi Europa open fund it froze two years ago to
prevent a glut of asset sales.

London Evening Standard relates Aberdeen Immobilien on Friday
cited a "tense market situation" as a reason for its decision,
saying: "After detailed investigation, we cannot guarantee that
liquidity of over 30% needed to pay back investors can be
ensured."

October is the legal deadline for funds, including those run by
KanAm Group, Aberdeen Immobilien, and Morgan Stanley, to reopen or
liquidate after closing in 2008 at the peak of the global
financial crisis, London Evening Standard notes.

According to London Evening Standard, the Aberdeen fund lost 23.7%
of its value over the year to September 30 to stand at EUR1.3
billion.

As part of the wind-down, Aberdeen plans to repay investors in
half-year intervals, starting in January and lasting until
September 2013, London Evening Standard discloses.


KABEL DEUTSCHLAND: Moody's Upgrades Default Ratings to 'Ba2'
------------------------------------------------------------
Moody's Investors Service upgraded the corporate family and
probability-of-default ratings of Kabel Deutschland GmbH Group to
Ba2 from Ba3.  The ratings for the senior unsecured notes have
also been upgraded to B1 from B2.  The rating outlook is stable.

Moody's upgrade of KDG's CFR to Ba2 reflects the rating agency's
positive view of: (i) the robust operating performance of the
company and; (ii) its continued focus on de-leveraging.

                        Ratings Rationale

After registering year-on-year growth of around 10% in reported
revenues and over 15% in reported adjusted EBITDA (as calculated
by KDG) in FYE 31 March 2010, the company continued to maintain
strong operating momentum in Q1 2010/11.  Going forward, Moody's
expects KDG's positive operating performance to remain supported
by (i) the good growth potential for its internet and phone
services which is increasingly being helped by the gradual roll-
out of DOCSIS 3.0 technology; and (ii) by the timely launch of
planned new products (for instance - VoD), which should help
support the growth of the company's cable TV (including Premium
TV) revenues.

The strong operating performance of KDG has enabled it to de-lever
to a ratio of 4.4x Gross Debt/ EBITDA (as adjusted by Moody's) for
the last twelve months ending 30 June 2010.  Moody's adjustments
currently add approximately 0.8 turns of leverage; but exclude the
impact of the Payment-In-Kind loan (outside of the KDG restricted
group) at the listed parent, Kabel Deutschland Holding AG, with
EUR724 million outstanding at 30 June 2010, which would otherwise
add approximately 0.8 turns of leverage.  Moody's positively notes
the de-leveraging trajectory at KDG level, and would expect this
to continue over the medium term in line with KDH's financial
policy.

Moody's notes that KDH aims to de-lever to a ratio of net debt/
EBITDA of below 4.0x (as calculated by KDH) by the end of FYE
2010/11 (including the PIK debt).  This ratio stood at 4.2x (based
on LTM EBITDA -- as calculated by KDH) as of 30 June 2010.  While
KDH's current guidance is a medium term leverage between 3.5x-4.0x
net debt/ EBITDA (as calculated by KDH), Moody's positively takes
note of the company's recent statement that it is currently
considering re-adjusting its medium term leverage target range to
3.0x-3.5x.

Moody's believes that KDH remains interested in participating in
further consolidation in the German market.  However, Moody's
current ratings, do not factor in the likely impact from any
material debt-funded acquisitions.

The rating agency regards KDG's current liquidity position as
solid.  Based on KDH's reported EBITDA and capex guidance for the
financial year 2010/11, EUR715 - EUR725 million and EUR350 -
EUR360 million respectively, Moody's believes that KDG will be
able to increase its free cash flow generation.  As of 30 June
2010, the company had EUR299 million in cash & cash equivalents.
It also had access to a EUR325 million revolving credit facility,
which currently remains fully undrawn.  Moody's notes that since
30 June 2010, KDG has used its cash to buy-back EUR37 million of
KDH PIK loan.  The company has further repaid EUR25 million under
its Senior Credit Facility A/ A1, and has used the EUR25 million
basket created under the bank facility for the buyback of high-
yield bonds at KDG level at a nominal value of EUR24 million.
Following amendments to its senior credit facilities in February
2010, KDG currently has about EUR197 million of bank debt
maturities in March 2012, EUR38 million in March 2013 and EUR1.43
billion in March 2014.

Moody's notes that the PIK loan at KDH currently restricts KDH
from paying any dividends.  KDH currently intends to begin paying
dividends in 2012 and Moody's expects the group to accordingly
take the necessary timely re-financing steps.  The PIK loan became
callable in May 2009 at par.

                What Could Change the Rating -- Up

Continued strong operating momentum at KDG and capital structure
decisions in the near term, that support the maintenance of
adjusted debt to EBITDA (as defined by Moody's) of solidly below
4.0x at KDG level with the company being on a clear path to
further de-leveraging together with continued good free cash flow
generation (as defined by Moody's -- post capex and dividends),
could put upward pressure on the ratings.

               What Could Change the Rating -- Down

Ratings could come under downward pressure if the company
experienced an increase in leverage towards 5.0x Debt to EBITDA
(as defined by Moody's) on a sustained basis at KDG.  This could
be due to: (i) material under-performance; or (ii) sizeable debt-
financed acquisitions together with any changes in KDH's financial
policy.

KDG is the largest Level 3 cable TV operator in Germany.  The
consolidated company is the operating subsidiary of KDH AG.  For
FYE 31 March 2010, KDG reported revenues of EUR1.5 billion and
adjusted EBITDA (as calculated by KDG) of EUR658 million.

                      Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service's information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of maintaining a credit rating.

The rating has been disclosed to the rated entity or its
designated agents and issued with no amendment resulting from that
disclosure.

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


MVNO SNOOG: Files for Insolvency
--------------------------------
MVNO Snoog Mobile has filed for insolvency, Telecompaper reports,
citing the company's managing director Anton Zur.

Telecompaper relates Mr. Zur, as cited by teltarif.de, said the
firm was unable to find enough companies to advertise due to the
limited target group.

Headquartered in Germany, MVNO was launched in February of this
year, offering free mobile chat services in exchange for receiving
advertising via SMS/MMS.


SEMPER FINANCE: Fitch Affirms Rating on Class E Notes at 'BBsf'
---------------------------------------------------------------
Fitch Ratings has upgraded Semper Finance 2006-1 Ltd. class B and
C notes and affirmed the remaining note classes.  Semper 2006-1 is
a synthetic securitization of commercial mortgage loans originated
by Eurohypo AG (rated 'A'/'F1'/RWN).

  -- EUR262,765,872 Senior Swap, due 2084, affirmed at 'AAAsf';
     Outlook Stable

  -- EUR96,605 Class A+ (ISIN: XS0274873941), due 2084, affirmed
     at 'AAAsf'; Outlook Stable EUR138,000,000 Class A (ISIN:
     XS0274874246), due 2084, affirmed at 'AAAsf'; Outlook Stable
     EUR111,500,000 Class B (ISIN: XS0274874592) , due 2084,
     upgraded to 'AAAsf' from 'AAsf'; Outlook Stable

  -- EUR92,500,000 Class C (ISIN: XS0274874832), due 2084,
     upgraded to 'A+sf' from 'Asf'; Outlook Stable

  -- EUR83,000,000 Class D (ISIN: XS0274875052), due 2084,
     affirmed at 'BBBsf'; Outlook Stable

  -- EUR32,700,000 Class E (ISIN: XS0274875565), due 2084,
     affirmed at 'BBsf'; Outlook Stable

The upgrade reflects the transaction's strong performance, its
continuous amortization and the resulting increased credit
enhancement levels to date, even though borrower concentrations
have consequently increased with the top 10 borrowers accounting
for about 50% of the transaction volume.  Since the transaction
closed in December 2006, it has not seen any losses or loan
defaults.  The total pool amount has reduced to EUR753 million
from EUR1.85 billion at closing, mainly due to prepayments (EUR867
million) and removals of loans not meeting the eligibility
criteria (EUR26 million) but also due to scheduled amortization
(EUR203 million).  Almost all loans are subject to scheduled
amortizing features.

Although the weighted average vacancy rate increased to 7.7% (from
7.2% at closing), the WA interest coverage ratio improved to 3.3x
from 2.7x.  The reported WA loan-to-value improved to 50.1% as of
the September 2010 payment date from 64.7%.

Eurohypo bought credit protection on the reference portfolio by
entering into a senior guarantee with a senior counterparty and an
issuer guarantee with Semper Finance 2006-1.  The issuer, in turn,
has transferred its assumed risk to the capital markets by issuing
class A+ to F credit-linked notes.  In the case of a credit event
on the reference portfolio (bankruptcy of the relevant borrower;
or failure to pay), losses will first be allocated against the
outstanding threshold amount of EUR25.07 million.  Any further
losses will be allocated to the CLNs in reverse order of
seniority.  Amortization is fully sequential and the transaction
does not contain replenishment features.

The notes are collateralized by German commercial real estate
loans granted to operating housing associations.  The full
recourse loans are secured by either senior- or subordinate-
ranking mortgages on residential multi-family assets located in
Eastern Germany and Berlin.  The current WA seasoning of the
portfolio is 10.9 years, ie the loans were not granted at the peak
of the latest property cycle and, in most cases, performed well
for several years before securitization.


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G R E E C E
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WIND HELLAS: Fitch Downgrades Issuer Default Rating to 'RD'
-----------------------------------------------------------
Fitch Ratings has downgraded Greek mobile operator WIND Hellas
Telecommunications S.A.'s Long term Issuer Default rating to 'RD'
from 'C'.  The downgrade follows the company's announcement of the
selection of a preferred bidder in the restructuring of the
company's capital base following the Standstill Agreement entered
into with its lenders on June 30, 2010.

The announcement effectively crystallizes the losses that are
expected to be incurred by existing debt holders across the
capital structure, with a resultant affect on instrument /
recovery ratings, subject to the scheme of arrangement and
restructuring going ahead as outlined in the announcement of
October 18, 2010:

  -- Long-term Issuer Default Rating: downgraded to 'RD'
     from 'C'

  -- Short-term IDR: downgraded to 'RD' from 'C'

  -- Hellas Telecommunications (Luxembourg) V senior revolving
     credit facility: Instrument rating upgraded to 'B' from 'CC'
     and Recovery Rating upgraded to 'RR1' from 'RR3'

  -- Hellas Telecommunications (Luxembourg) V senior secured
     floating-rate notes due 2012: instrument rating unchanged at
     'C' and Recovery Rating downgraded to 'RR6' from 'RR4'

  -- Hellas Telecommunications (Luxembourg) III senior notes due
     2013: instrument rating of 'C' and Recovery Rating 'RR6'
     remain unchanged

According to the company's announcement, the Hellas
Telecommunications (Luxembourg) V senior revolving credit facility
is expected to be repaid in full from new monies being injected as
a condition to the restructuring, with the remaining instruments
outlined above expected to receive zero recoveries.

The scheme of arrangement under which the restructuring will be
effected, involves ownership of the company being transferred to
the holders of the Hellas Telecommunications (Luxembourg) V senior
secured floating-rate notes.


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I R E L A N D
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AER ARANN: Majority of Creditor Classes Back Scheme of Arrangement
------------------------------------------------------------------
Ciaran Hancock at The Irish Times reports that majority of Aer
Arann's creditor classes agreed to a proposed scheme of
arrangement to settle their debts.

The Irish Times relates a majority of the 16 creditor classes
approved the scheme of arrangement on Friday at a series of
meetings held with the airline's examiner, Michael McAteer of
Grant Thornton.

The scheme still requires the approval of the High Court and
creditors can oppose the terms of the scheme of arrangement when
the case is heard, The Irish Times notes.

Justice Mary Finlay Geogeghan set next Tuesday as the date for the
next hearing in the Aer Arann's examinership, The Irish Times
discloses.  The Irish Times says Mr. McAteer is expected to
present a Section 18 report on that day.  This will detail the
proposals put to members and the outcome of each of the creditors
meetings, according to The Irish Times.  Mr. McAteer is also
expected to seek a confirmation hearing for next Friday, at which
the judge could set an effective date for the airline to exit
examinership, The Irish Times notes.

As reported by the Troubled Company Reporter-Europe on Oct. 21,
2010, The Irish Times said Aer Arann, which was placed into
examinership in August, are set to receive EUR2.2 million from the
airline's new investors in settlement for their debts.  This is
part of the scheme of arrangement that has been put together by
Aer Arann's examiner, according to The Irish Times.  The Irish
Times noted some creditors -- notably the Dublin Airport Authority
-- are set to receive all of the money they are owed under the
terms of the scheme, but others will get back just 2%.  In all,
there are 18 classes of creditor at the airline who are owed some
EUR29.5 million between them, The Irish Times disclosed.
Mr. McAteer has agreed an investment deal of EUR3.5 million with a
group comprising UK transport company Stobart and Galway
businessman Padraig O'Ceidigh, who owns the airline, The Irish
Times said.  The investors will purchase Aer Arann for EUR1, The
Irish Times disclosed.

Aer Arann operates 13 aircraft.  It employs 320 people at its
bases in Dublin and Galway, as well as in Shannon, Cork, Waterford
and the Isle of Man.


ANGLO IRISH: Offers Bondholders 20 Cents on Euro to Raise Capital
-----------------------------------------------------------------
John Glover at Bloomberg News reports that Anglo Irish Bank Corp.
offered to exchange EUR1.6 billion (US$2.2 billion) of
subordinated debt for new bonds at a rate of 20 cents on the euro
as the nationalized lender seeks to generate capital.

Bloomberg relates the Dublin-based lender said in a statement on
Thursday Anglo Irish will offer bondholders that don't take up the
exchange 1 cent per 1,000-euro face amount to redeem their
floating-rate lower Tier 2 notes due 2014, 2016 and 2017.
According to Bloomberg, the new securities will be due 2011 and
guaranteed by the government.

Bloomberg says Ireland faces a bill of more than EUR50 billion,
about 22% of 2009 gross domestic product, to prop up lenders and
wants to ensure the burden is shared with subordinated
bondholders.

The Irish government pledged as much as EUR11.4 billion to support
Anglo Irish on Sept. 30, on top of the EUR22.9 billion it has
already pumped in since seizing the lender in January 2009,
Bloomberg notes.  Its base-case calculation of the cost of the
rescue, which involves keeping part of the lender alive while
putting the remainder into runoff, is EUR29 billion, according to
Bloomberg.

The Anglo Irish rescue package will cost every man, woman and
child in Ireland as much as EUR7,500, Bloomberg discloses.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at Sept. 30,
2008, its non-retail deposits included deposits from Irish Life
Assurance plc.  The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 17,
2010, Fitch Ratings affirmed Anglo Irish Bank Corporation Ltd.'s
Individual Rating at 'E'.  It also affirmed its ratings on the
bank's Lower Tier 2 Subordinated Notes at 'CCC' and Tier 1 Notes
at 'C'.

As reported by the Troubled Company Reporter-Europe on Sept. 15,
2010, Moody's Investors Service said it is maintaining its review
for possible downgrade on the A3/P-1 deposit and senior debt
ratings, and on the Ba1 subordinated debt rating of Anglo Irish
Bank Corporation.  The junior subordinated debt is downgraded to C
from Caa2.  The backed-Aa2 rating (stable outlook) on the
government guaranteed debt, the C rating on the bank's tier 1
securities and the E bank financial strength rating -- mapping to
Caa1 on the long-term scale -- are unaffected by this rating
action.


BANK OF IRELAND: Sells Asset-Management Unit to State Street
------------------------------------------------------------
BreakingNews.ie reports that Bank of Ireland has sold its asset-
management arm to State Street Global Advisors for EUR57 million.

According to BreakingNews.ie, the sale of Bank of Ireland Asset
Management is conditional on the receipt of certain regulatory
clearances including approval of the European Commission, and is
expected to close in the coming months.

The transaction was completed as part of Bank of Ireland's
restructuring plan, BreakingNews.ie notes.

Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services.  These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre.  It has operations throughout Ireland,
the United Kingdom, Europe and the United States.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 15,
2010, Moody's Investors Service upgraded the bank financial
strength rating of Bank of Ireland to D+ from D.  The D+ maps to
Baa3 on the long-term scale and the D mapped to Ba2.  The outlook
on the BFSR is stable.  The other ratings of the bank, including
the A1 (stable)/Prime-1 bank deposit and senior debt ratings, are
affirmed.  The BFSR of ICS Building Society was also upgraded to
D+ (mapping to Baa3 on the long-term scale) from D/Ba2, in line
with that of its parent.  The outlook on the A2 long-term bank
deposit rating of the society was changed to negative.

Moody's said in addition to the ongoing burden stemming from the
impairment of the non-NAMA assets, the D+ BFSR also incorporates
other challenges facing the bank such as (i) the wind-down of the
large portfolio of non-core assets of which the largest part is
the UK intermediary distributed mortgage book (EUR30 billion at
end-June 2010) and, along with that, a reduction in the bank's
relatively high utilization of wholesale funding; (ii) the sale of
businesses due to European Commission requirements in return for
approval of the state aid; and (iii) the risk of a further
downturn in the economies of Ireland and the UK.


QUINN INSURANCE: High Court Approves Administrator Fees
-------------------------------------------------------
Mary Carolan at The Irish Times reports that the High Court has
approved further fees for the joint administrators of Quinn
Insurance and their firm, Grant Thornton, for the four months from
October to the end of January next.

According to The Irish Times, the fees, likely to be at least
EUR1.5 million, plus legal fees, will be paid from the assets of
the company.

The Irish Times relates the administrators, Michael McAteer and
Paul McCann, and Grant Thornton received EUR1.5 million in fees
for July, August and September, and had applied to the court to be
paid fees calculated on a similar basis for October, November,
December 2010 and January 2011.  They also sought that fees for
their lawyers, McCann Fitzgerald, for the four months to January
2011 should be calculated on a similar basis to fees already paid
to the firm over the past months, The Irish Times notes.

The president of the High Court, Mr. Justice Nicholas Kearns,
earlier directed the joint administrators, who were appointed last
March, to provide affidavits to the court to explain why their
fees had not decreased significantly at this stage of the
administration as he believed there was less work involved now,
The Irish Times discloses.

Having read the affidavits and heard from counsel, Mr. Justice
Kearns said he would approve calculation of the fees as sought and
also noted the fees had been subject to peer review, according to
The Irish Times.

As reported by the Troubled Company Reporter-Europe, The Irish
Times said the Financial Regulator put Quinn Insurance into
administration in March 2010 after his office discovered
guarantees had been provided by the insurer's subsidiaries as far
back as 2005 on Quinn Group debts of more than EUR1.2 billion.
The regulator said the guarantees reduced the amount the firm had
in reserve to protect policyholders against possible claims,
putting 1.3 million customers at risk, according to The Irish
Times.

Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family.  The company has more than 20% of the motor and health
insurance market in Ireland.  Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004.


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


ISLAND REFINANCING: Moody's Cuts Class X Notes' Rating to Ca (sf)
-----------------------------------------------------------------
Moody's Investors Service has downgraded these Notes issued by
Island Refinancing S.r.l. (amounts reflect initial outstandings):

  -- EUR62 million Class B - 2007 Asset-Backed Floating Rate
     Notes due 2025, downgraded to Baa3 (sf); previously on 4
     March 2010 Baa1 (sf) placed under review for possible
     downgrade

  -- EUR60 million Class C - 2007 Asset-Backed Floating Rate
     Notes due 2025, downgraded to B1 (sf); previously on 4 March
     2010 Ba2 (sf) placed under review for possible downgrade

  -- EUR32 million Class D - 2007 Asset-Backed Floating Rate
     Notes due 2025, downgraded to B3 (sf); previously on 4 March
     2010 B1 (sf) placed under review for possible downgrade

  -- EUR46 million Class X - 2007 Asset-Backed Floating Rate
     Notes due 2025, downgraded to Ca (sf); previously on 4 March
     2010 Caa2 (sf) placed under review for possible downgrade

The Class A Note ratings were not affected by the rating action
and Moody's has not assigned ratings to the Class E Notes or Class
F Notes.  All the ratings of the Issuer are (sf) ratings.

                        Ratings Rationale

The rating review action has been prompted by the slower than
expected collection rate observed in the securitized portfolio
backing the Notes.  The timing of collections versus the Initial
Business Plan (please see the previous press release dated 4 March
2010 for more information on this and describing the transaction)
determines when the Notes' interest deferral mechanism is
triggered.

Interest payments can be deferred for any class of Notes provided
it is not the most senior class of Notes then outstanding.  The
test to defer Class B Notes interest is met when on two
consecutive payment dates the cumulative net collections received
are less than 60.0% of the cumulative expected collections under
the Initial Business Plan (the "Collection Threshold").  The
Collection Threshold for the Class C Notes is 75.0%, for the Class
D Notes 83.0% and for the Class X Notes it is 95%.

Interest deferral is currently occurring on all Notes except the
Class A Notes.  Moody's believes that there is a high probability
of continuing interest deferral on the subordinated Notes for the
foreseeable future.  As per the structure, Noteholders which do
not receive their coupon on time, will not receive interest on the
missed interest.  Therefore, Noteholders directly bear carry costs
which contribute to increased   * Expected Losses on the affected
Classes of Notes.  At the same time, the amounts which are not
being disbursed to Class B, C, D and X Noteholders as interest,
are instead being used to turbo amortise Class A principal which
is beneficial for Class A Noteholders.

Moody's base case scenario assumes that net collections throughout
the entire life of the transaction will be approximately 5% lower
than the Initial Business Plan.  The rationale for this is that
the net collection scenario Moody's uses does not give any value
to unsecured claims, and also it makes an allowance for
potentially higher costs than anticipated by the Initial Business
Plan.  The reported performance over the past 5 interest periods
has shown profitability of 106% on average per claim.

In terms of timing of collections, Moody's assumed in the base
case that the net collection rate over the next eighteen months
will remain at or around current collection levels.  Thereafter,
and until the final legal maturity of the Notes, Moody's has
assumed that remaining aggregate net collections will be received
on a roughly constant basis.  Moody's modelling approach allows
for variance around these levels on a probability weighted basis,
and the analysis also included a review of the effects of varying
the timings as well as level of overall collection levels through
the remaining life of the transaction.

In the base case scenario, Classes B, C, D and X Notes will suffer
increased losses when compared with modelling the Initial Business
Plan or any updated business plan due to the interest deferral
dynamics referred to above.  Those Classes are expected to recover
varying proportions of the principal invested in addition to
recovering the interest deferred.  Moody's believes that the Class
X Notes may potentially experience significant losses.  On the
other hand, the Class A Notes are currently benefiting from faster
than anticipated redemption, and as such the interest deferral is
credit positive for those Notes.

Moody's base case in future, will be amended in light of
significant changes in 1) recovery timings, 2) recovery
profitability and 3) movements in Euribor.  The ratings assigned
currently permit some variance around Moody's base case, and as
such minor changes will not in and of themselves necessarily
result in a revision of the base case.

The last Performance Overview for this transaction was published
on 28 September 2010.  Moody's Investors Service did not receive
or take into account a third party due diligence report on the
underlying assets or financial instruments related to the
monitoring of this transaction in the past 6 months.  Moody's was
unable to form a refined view of the collections performance to
date since a claim by claim analysis of the Initial Business Plan
versus actual experience was not available.  As a result Moody's
analysis has relied on aggregate profitability to date, and has
made assumptions about the estimated timing of expected
collections going forwards.

                     Regulatory Disclosures

The rating has been disclosed to the rated entity or its
designated agents and issued with no amendment resulting from that
disclosure.

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information and
confidential and proprietary Moody's Investors Service
information.  Moody's considers the quality of information
satisfactory in assigning the current ratings.

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


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


DECO 14: Fitch Affirms 'CCsf' Rating on Class F Notes
-----------------------------------------------------
Fitch Ratings has affirmed DECO 14 - Pan Europe 5 B.V., a
commercial mortgage-backed securitization.  The rating actions
are;

  -- EUR903.8m class A-1 (XS0291363272) affirmed at 'AAAsf';
     Outlook Negative

  -- EUR159.1m class A-2 (XS0292121802) affirmed at 'AAsf';
     Outlook Negative

  -- EUR64.6m class A-3 (XS0292122289) affirmed at 'AA-sf';
     Outlook Negative

  -- EUR99.4m class B (XS0291365137) affirmed at 'Asf'; Outlook
     Negative

  -- EUR64.6m class C (XS0291365566) affirmed at 'BBsf'; Outlook
     Negative

  -- EUR100.8m class D (XS0291367182) affirmed at 'CCCsf';
     assigned Recovery Rating 'RR3'

  -- EUR25.8m class E (XS0291367422) affirmed at 'CCCsf'; assigned
     Recovery Rating 'RR6'

  -- EUR11.9m class F (XS0291368156) affirmed at 'CCsf'; assigned
     Recovery Rating 'RR6'

The affirmation reflects the relatively stable collateral
performance since August 2009.  The Negative Outlook reflects
ongoing balloon risk, particularly associated with the largest
loan (EUR1.6 billion, of which EUR577.6 million is securitized in
the present transaction).

Four of the loans, accounting for 62% of the portfolio, are
secured by multi-family housing portfolios.  The largest of those
is the WOBA MF loan (40% of the portfolio).  This is scheduled to
mature in May 2013.  The legal final maturity of the DECO 14 bonds
is in October 2020; the other portion of the WOBA MF syndicated
loan is securitized in Windermere IX CMBS (Multifamily) SA, which
has a legal final maturity in August 2016.

The WOBA loan has seen improvements in rental income, driven by a
combination of increased average rents and decreased vacancy
rates.  Coupled with stable cost levels, this has maintained
strong coverage on the loan.  The interest coverage ratio stands
at 2.16x, compared with 1.95x in the previous year, well above its
1.5x covenant.  The other three multi-family loans have
experienced fairly stable performance within the last year.

From the end of 2008 through to the first quarter of 2010,
interest and principal payments on the Arcadia loan (7.5% of the
portfolio) were topped up by the sponsor and subordinate lender.
However, a shortfall remained at the January 2010 interest payment
date and the loan was transferred to special servicing in March
2010.  Despite the good tenant base and lease profile, high non-
recoverable costs were cited as causing the shortfalls in debt
service payments.  The special servicer has agreed with the
borrower to market the assets for sale.

The smallest loan in the portfolio, DD Karstadt Hilden (0.4% of
the portfolio) is secured by a single department store that was
previously wholly occupied by the now-insolvent German retailer,
Hertie.  Debt service payments were not made at the July 2010 IPD;
the loan is currently in default and short of a remedy to the
default, is scheduled to be transferred to the special servicer.


NXP BV: S&P Raises Long-Term Corporate Credit Rating to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services said it raised to 'B-' from
'CCC+' its long-term corporate credit rating on Dutch
semiconductor manufacturer NXP B.V.  The outlook is stable.  S&P
also removed all ratings on NXP B.V. and its subsidiary NXP
Funding LLC from CreditWatch, where they were placed with positive
implications on Aug. 10, 2010.

In addition, S&P assigned a 'B+' issue rating to the ?458 million
forward start facility maturing in September 2015 and recently
signed by NXP B.V. and NXP Funding LLC.  S&P understand that this
facility could be available at maturity of the revolving credit
facility in 2012.  The recovery rating on this debt instrument is
'1', indicating S&P's expectation of very high (90%-100%) recovery
in the event of a payment default.

"The upgrade reflects NXP's improving capital structure following
the recent refinancing of part of its debt and completion of an
IPO," said Standard & Poor's credit analyst Patrice Cochelin.

In addition, S&P believes that NXP's operating performance has
significantly strengthened recently, on the combination of better
industry conditions and benefits from the company's restructuring.

In August 2010, NXP raised US$447 million net proceeds from its
IPO, which S&P expects the company to use to buy back some of its
debt due between 2013 and 2015.  This followed its refinancing of
2013-2014 maturities from a US$1.0 billion senior secured notes
issue due 2018, which NXP completed in July 2010.  As a result of
these recent transactions, S&P believes that NXP's debt maturity
profile has improved materially, without significantly impairing
the company's liquidity.

In second-quarter 2010, NXP reported revenue growth of 33% (or
about 50%, excluding the recently divested "home" businesses),
while adjusted EBITDA, according to the company's calculations,
tripled compared with the same quarter a year ago.  This revenue
and EBITDA growth reflected, in S&P's opinion, the strong recovery
in the semiconductor sector and NXP's significantly restructured
cost base.  NXP reported a factory utilization rate of about 93%
in second-quarter 2010, a steep rise on 53% in second-quarter
2009.  The company has indicated it expects revenues in third-
quarter 2010 to be broadly flat compared with second-quarter
figures, which would likely result in still robust double-digit
year-on-year growth according to S&P's calculations.  NXP has
recently increased the scope of its restructuring program, which
could now cost US$750 million by year-end 2011, including US$537
million already spent, by its calculations, between third-quarter
2008 and second-quarter 2010.  NXP estimates that it had reduced
its annualized cost base by about US$680 million on June 30, 2010.

"The stable outlook reflects Standard & Poor's belief that NXP's
earnings will not deteriorate materially from current levels, and
that the company will be able to sustain neutral or positive free
cash flow generation over the next two years," said Mr. Cochelin.

Also factored into the outlook is S&P's anticipation that NXP will
not pay material dividends, except to SSMC's minority shareholder,
and that the company will maintain adequate liquidity in the form
of parent-available cash balances and its undrawn revolver.
Finally, S&P also expects that NXP would continue to address the
refinancing of upcoming 2013-2015 debt maturities.

A positive rating action in the near term appears unlikely, given
the company's high leverage, significant 2013-2015 debt
maturities, and very aggressive financial policy track record
under its majority shareholders.

Downside ratings risk could occur if NXP's free cash flow after
minority dividends returns to negative, or if the liquidity
position of the restricted group declines materially compared with
the current level.  From September 2011, S&P's assumptions on the
potential availability, in September 2012, of the ?458 million FSF
will form an important component of its one-year liquidity
assessment for NXP.  S&P currently anticipate that at least part
of the facility will be available.  However, any indication of the
possible unavailability of the FSF, in S&P's view, would weigh
negatively on the ratings.


===========
N O R W A Y
===========


* NORWAY: Corporate Bankruptcies Down 15% to 702 in 3rd Qtr. 2010
-----------------------------------------------------------------
Statistics Norway reports that in the third quarter of 2010, the
number of bankruptcies in Norway was 949, down 8% compared with
the same period last year.

According to Statistics Norway, so far this year, the number of
bankruptcies is 3,400, a drop of 11% compared with the same period
of 2009.

Three out of four bankruptcies, a total of 702, were related to
enterprises (except sole proprietorships), Statistic Norway
discloses.  A total of 200 of them, almost one out of three, were
in the wholesale and retail trade, Statistic Norway discloses.
Compared with the third quarter last year, this figure fell by
15%, Statistic Norway states.

Statistic Norway says a total of 247 bankruptcies were related to
sole proprietorships and personal bankruptcies.  One out of three
sole proprietorships that went bankrupt in the second quarter were
in construction, according to Statistic Norway.

Statistic Norway notes 9% of all bankruptcies in the third quarter
this year were Norwegian-registered foreign companies.  The number
of bankruptcies with this legal form went down by 16.5% compared
with the same period last year, Statistic Norway says.


===========
P O L A N D
===========


ELEKTRIM SA: Court Overturns "Contingent Payment" Appeal
--------------------------------------------------------
The English Court of Appeal on Friday overturned Elektrim's appeal
against EUR185 million in damages and interest awarded to the
bondholders of Elektrim S.A. by the English High Court in July
2009.  The award compensates bondholders for Elektrim's failure to
pay a "Contingent Payment," negotiated as part of Elektrim's
financial restructuring in 2002.

Elektrim unsuccessfully challenged the validity of the Contingent
Payment, as well as the amount.  Bingham McCutchen's London office
represented the ad hoc committee of bondholders of Elektrim S.A.
and appeared for the representative bondholder in the litigation.

Friday's judgment comes after several years of extensive multi-
jurisdictional litigation and enforcement action in England,
Poland, the Netherlands, the United States and Germany.  Bingham
has to date secured more than 10 successful judgments, including
before the English Supreme Court (previously the House of Lords)
and the Court of Appeal, such as the House of Lords in Law
Debenture Trust v. Elektrim Finance B.V. and others [2005] UKHL
27.

"The ruling [Fri]day by the Court of Appeal marks a significant
milestone for the bondholders of Elektrim," said Bingham
litigation partner Natasha Harrison, who led the Bingham legal
team in London.  "The Contingent Payment litigation has been
extremely complex and we are delighted that such an important
judgment for the bondholders has been upheld."

The bonds were restructured in 2002 and then accelerated in
January 2005, following a number of events of default.  Summary
judgment was obtained against Elektrim in September 2005 in the
English High Court.  The ad hoc committee initiated a series of
proceedings in Poland and England and undertook other measures to
protect the interests of bondholders and recover the amount due
under the bonds.  Elektrim made a payment of EUR525 million in
October 2006, but the payment was insufficient to redeem the bonds
in full.

Elektrim entered composition bankruptcy proceedings in August 2007
and negotiations restarted with Elektrim's bankruptcy receiver to
secure payment of the shortfall required to redeem the bonds.
Associate Daniel Cohen assisted Harrison on the Bingham legal team
representing the bondholders.

With approximately 1,000 lawyers in 13 offices spanning the United
States, United Kingdom and Asia, Bingham focuses on serving
clients in cross-border restructurings and insolvencies; complex
securities and financial regulatory matters; high-stakes
litigation; environmental issues; government affairs; and
sophisticated corporate, financing and technology transactions.

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- is a holding company with subsidiaries
engaged in energy and telecommunication services.


===============
P O R T U G A L
===============


BANCO PORTUGUES: Moody's Downgrades Bank Strength Rating to 'E'
---------------------------------------------------------------
Moody's Investors Service has downgraded the bank financial
strength rating of Banco Portugues de Negocios SA to E from E+.
At the same time, Moody's confirmed BPN's Baa3 long-term deposit
rating and P-3 short-term rating.  The outlook on the long-term
deposit rating is developing and the outlook on the BFSR has been
changed to developing from negative.

These actions conclude the review for downgrade of the long-term
deposit rating initially commenced on 5 May 2010 and renewed on 14
July 2010.

                         Rating Rationale

The downgrade of BPN's BFSR to E -- mapping into a baseline credit
assessment of Caa1 -- reflects Moody's concerns regarding BPN's
viability given its distressed financial position, with negative
shareholders equity of -EUR2 billion (as of FY 2009) and recurrent
net losses (EUR216.6 million as of FY 2009) since 2008.

Moody's expects this situation to improve once the re-
privatization process announced by the Portuguese government in
January 2010 concludes.  The rating agency believes that the sale
process will most likely be accompanied by a public
recapitalization that will enable BPN to restore its capital
ratios to comply with Bank of Portugal's minimum regulatory levels
(Tier 1 of 8%).

On 2 November 2008, the Portuguese government announced the
nationalisation of BPN, which was later approved on 11 November
2008 by Law 62-A/2008.  This Law stated that BPN was nationalized
because of the absence of other less costly alternatives given (i)
the volume of losses it had amassed; (ii) the absence of adequate
liquidity; and (iii) the imminent default on its payments, which
would threaten both the interests of depositors and financial
system stability.  The State -- through the Treasury Department
(Direc‡ao Geral do Tesouro e Financas) -- retains 100% ownership,
and state-owned Caixa Geral de Depositos (CGD, 100% state owned)
manages the bank.

On 5 January 2010, the Portuguese government announced the re-
privatisation of BPN through a public tender.  In August, the
government passed the resolution (57-B/2010), in accordance to the
decree law, number 2/2010 of 5th January 2010, detailing the terms
and conditions of the privatization.  The state intends to sell
72.2 million of BPN's shares with a nominal value of EUR5.  The
amount accounts for 95% of the share capital of the bank.  The
sale targets credit institutions and insurance companies and
holding companies that control or are 100% controlled by such
entities.  The government will sell the other 5% in BPN, or 3.8
million shares, to the bank's employees.  The law fixes the
minimum price for the sale at EUR2.37 per each BPN shares.

The financial institutions interested in acquiring BPN were
supposed to present their proposals by end-September 2010, but the
government has extended this period until November 30, 2010.  That
means that the closing of the transaction is most likely going to
be postponed until early 2011.

The confirmation of the Baa3/P-3 ratings long- and short-term
deposit ratings reflects the current status of BPN as nationalized
bank and the support provided by its administrator (CGD) in the
form of a treasury liquidity assistance of EUR4.6 billion.  The
Baa3 rating thus incorporates a very high probability of systemic
support, given the 100% government ownership.

The developing outlook on all ratings reflects the high degree of
uncertainty regarding BPN's future creditworthiness, as it is
subject to (i) the conclusion of the public tender initiated by
the Portuguese government, which will result in the sale of 95% of
BPN's shares to a third-party; (ii) the credit profile of the
buyer; (iii) the recapitalization of the bank via a capital
injection by the Portuguese government before re-privatization;
and/or (iv) delays in the sale process not accompanied by
effective government support, as the viability of BPN is seriously
compromised due to its lack of capital and recurrent losses.

           Potential Triggers for an Upgrade/Downgrade

Positive rating pressure could stem from a combination of these
factors:

  -- Sale of BPN to a bank with a strong credit profile, with the
     acquisition being a strategically important investment for
     the acquiring bank, and would therefore result in a very high
     likelihood of parental support.

  -- Restoration of BPN's capital base, via a third-party capital
     injection, enabling the continuation of the bank's
     operations.

  -- Restoration of BPN's impaired franchise and reversal of very
     weak financial performance.

Downward rating pressure could most likely result from:

  -- A decision by the Portuguese government to sell BPN to an
     institution with a weak credit profile.

  -- Persistent delays on its re-privatisation, with no
     materialisation of government support principally in the form
     of capital injection.

  -- Indications from the Portuguese Government of a reduced
     commitment to support BPN in case of need, as currently a
     very high degree of systemic support is embedded in ratings
     due to BPN's 100% state ownership.

Headquartered in Lisbon, Portugal, Banco Portugues de Negocios SA
had total assets of EUR7.5 billion as at December 31, 2009.


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


CENTER-INVEST BANK: Moody's Assigns 'B1' Rating to Senior Debt
--------------------------------------------------------------
Moody's assigns a B1 long-term global local currency debt rating
to Center-Invest Bank's senior unsecured debt.  The rating carries
a stable outlook.  Any subsequent senior debt issuance by CIB will
be rated at the same rating level subject to there being no
material change in the bank's overall credit rating.

The rating of B1 was assigned to this debt:

  -- Ru.Ruble3,000M Senior Unsecured Regular Bond due 06/24/2014

                        Ratings Rationale

The assigned rating is in line with CIB's global local currency
deposit rating, which is in turn based on the bank's E+ BFSR
(mapping to a baseline credit assessment of B1).

The BFSR of E+ is constrained by (i) the high single-name
concentration of CIB's loan book, and the high geographic
concentration in the Rostov-on-Don region; (ii) the tight credit
environment that exerts negative pressure on CIB's net-interest
margin and operating efficiency; and (iii) the inflated credit
costs that continue eroding the bank's pre-provision income.
However, the rating reflects CIB's strong home-market franchise,
particularly in the Rostov-on-Don region, a sizeable small-and-
midsized enterprise and retail client base supported by region-
wide coverage, the international profile of its shareholder
structure, and its financial fundamentals that is commensurate
with the bank's current BFSR.

Headquartered in Rostov-on-Don, Russia, Center-Invest Bank
reported total assets of RUB43 billion and net income of RUB67
million according to IFRS at YE 2009.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service's information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning a credit rating.

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


INTERNATIONAL INDUSTRIAL: Retail Lending Unit's License Revoked
---------------------------------------------------------------
Ekaterina Shatalova and Anastasia Ustinova at Bloomberg News
report that Russia's central bank revoked the license of OOO
Mejprombank Plus, the retail lending unit of lawmaker Sergei
Pugachyov's ZAO International Industrial Bank, after it ran out of
funds.

"Over a lengthy period of time OOO Mejprombank Plus provided loans
to the bank's sole holder and affiliates, which has left it
entirely without capital," Bloomberg quoted Bank Rossii as saying
in an e-mailed statement on Thursday.

According to Bloomberg, RIA Novosti on Thursday said the retail
unit, which participates in Russia's deposit insurance system, had
about RUR2 billion (US$65 million) in deposits.  The Deposit
Insurance Agency will guarantee as much as RUR700,000 each per
customer, Bloomberg says, citing a statement posted on the bank's
website on Thursday.

Headquartered in Moscow, International Industrial Bank lends to
commercial and industrial projects run by United Industrial
Corporation, which is affiliated with Sergey Pugachyov, a
businessman and member of the Federation Council of Russia, the
upper chamber of the parliament of the Russian Federation.
Mr. Pugachyov and his family own 81% of IIB.  The bank's senior
managers own the rest.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Oct. 15,
2010 Fitch Ratings revised Russia-based International Industrial
Bank's Long-term foreign and local currency Issuer Default Ratings
to 'D' from 'RD'.  Simultaneously, Fitch downgraded the
Recovery Rating assigned to IIB's senior unsecured debt to 'RR5'
from 'RR4'.  Fitch said the revision of the Long-term IDRs
reflects the full cessation of the bank's business activity
following the revocation of its banking license and entry into
external administration.


LIPETSK OBLAST: S&P Assigns 'BB' Long-Term Issuer Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' long-term issuer credit rating and 'ruAA' Russia national
scale rating to Lipetsk Oblast, an industrial region in the
central European part of Russia.  The outlook is stable.

"The ratings are constrained by the oblast's high dependence on a
single taxpayer, metallurgy company OJSC Novolipetsk Steel, and
the consequent volatility of its revenue and budget balances,"
said Standard & Poor's credit analyst Boris Kopeykin.  "A further
constraint is the low financial flexibility in the developing and
unbalanced Russian system of interbudgetary relations."

The ratings are supported by Lipetsk's strong liquidity and
prudent financial and debt management.  The oblast follows prudent
liquidity and debt policies and S&P expects this practice to
continue.  In tandem with expenditure controls, these policies
enabled the oblast to face a 15% revenue slump in 2009 without any
increase in direct debt.

The stable outlook reflects S&P's opinion that Lipetsk Oblast will
continue to follow its current prudent financial, liquidity, and
debt policies.  It also reflects S&P's expectation that the
oblast's revenues will grow by more than 10% in 2010 and
demonstrate modest growth of 7%-8% in 2011-2012, resulting in
stronger financial performances than that reported in 2009.

S&P could consider raising the ratings if Lipetsk Oblast were to
structurally improve its financial performance beyond its current
expectations and institutionalize its reserve policy by
accumulating sufficient cash to offset potential revenue
volatility over the medium term.

"S&P could lower the ratings if the oblast were to increase its
short-term debt and thereby increase its debt service by more than
S&P currently expect, while allowing its liquidity position and
financial performance to weaken," said Mr. Kopeykin.


RENAISSANCE FINANCIAL: Fitch Corrects Press Release on Ratings
--------------------------------------------------------------
Fitch Ratings has assigned Renaissance Financial Holdings
Limited's upcoming fixed-rate RUB3bn bond issue an expected rating
of Long-term 'B' and Recovery Rating of 'RR4'.  The final rating
is contingent upon the receipt of final documents conforming to
information already received.

The bond is to be issued by Renaissance Capital Kaznachey Limited.
It benefits from surety provided by RFHL.  RFHL's obligations
under the surety rank equally with the claims of other senior
unsecured creditors.  The bond is to be issued for five years,
with a put option in two years.

RFHL is the holding company of the Russia-headquartered investment
bank, known as Renaissance Capital, and ultimately owns all of the
bank's subsidiaries.  Onexim, a private investment fund controlled
by Russian businessman Mikhail Prokhorov, owns 50% minus half of
one share of RFHL.


* Fitch Assigns 'BB' Rating to Republic of Komi's Bonds
-------------------------------------------------------
Fitch Ratings has assigned the Republic of Komi's RUB2.1 billion
domestic bond (ISIN RU000A0JR3B1), due 18 October 2014, a Long-
term local currency rating 'BB' and National Long-term rating of
'AA-(rus)'.

The Republic has Long-term local and foreign currency ratings of
'BB', respectively, and a National Long-term rating of 'AA-(rus)'.
The Long-term ratings have Stable Outlooks.  The republic's Short-
term foreign currency rating is 'B'.

The bond has a fixed step-down coupon.  The coupons for the first
two coupon periods are fixed at 7.75%.  The principal will be
amortised by 50% of the initial bond issue value on 18 October
2013.  The remaining 50% will be redeemed on 18 October 2014.  The
proceeds from the bond issue will be used to finance the
republic's budget deficit.

Komi is located in north-east European Russia.  It contributed
0.9% of Russia's GDP in 2008 and accounted for 0.7% of the
country's population.


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


UKREXIMBANK JSC: Moody's Assigns 'B1' Rating to Senior Loan Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a rating of B1 to the
senior unsecured loan participation notes of Ukreximbank.  The
size of the issue is US$250 million and the maturity date is
April 27, 2015.  The notes are issued on a limited-recourse basis
by Biz Finance PLC, a UK-based special purpose vehicle, for the
sole purpose of funding loans to Ukreximbank.  The notes will be
consolidated and form a single series with the US$500 million
8.375% 5-year notes issued by Biz Finance PLC on April 27, 2010.
The outlook for the rating is stable.

Moody's says that the B1 rating assigned to the notes is based on
the fundamental credit quality of the underlying obligor,
Ukreximbank, rated Ba3/Not Prime/D- (negative (m)).  Although
Moody's assessment of probability of systemic support is implied
in the bank's ratings, this does not result in a notching uplift
as the bank's stand-alone rating (D- Bank Financial Strength
Rating mapping to a Ba3 Baseline Credit Assessment) is higher than
the Ukrainian government's B2 debt rating.  The B1 senior
unsecured rating on Ukreximbank's notes is constrained by the
foreign currency debt ceiling for Ukraine.

According to the terms and conditions of the loan agreement,
Ukreximbank must comply with the total capital adequacy
requirements of the central bank (National Bank of Ukraine).
Moody's cautions that, if the financial condition of the bank were
to deteriorate, such that this covenant comes close to being
breached, the ratings of the bank and the notes would come under
downward pressure.  Other features of the notes include negative
pledge covenants, limitations on mergers and disposals, and
transactions with affiliates.

Moody's previous rating action on Ukreximbank was on 12 October
2010, when Moody's changed the outlook on Ukreximbank's B3 foreign
currency deposit and B1 foreign currency debt ratings to stable
from negative, following the outlooks changes on the respective
sovereign ceilings for Ukraine.

Headquartered in Kiev, Ukraine, Ukreximbank reported total assets,
equity and net income of US$8.23 billion, US$2.13 billion and
US$2.6 million, respectively, at end-1H 2010, according to the
bank's consolidated financial statements under IFRS.


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


CATTLES PLC: In Restructuring Talks; Creditors to Lose GBP1 Bln
---------------------------------------------------------------
Jon Menon at Bloomberg News reports that Cattles Plc said
creditors will lose GBP1 billion (US$1.6 billion) as it continues
talks to restructure the company.

"Cattles continues to believe that its financial creditors are
likely to suffer an aggregate loss of around 1 billion pounds,"
the company said in a statement on Friday, according to Bloomberg.
"Consequently, as previously stated on a number of occasions,
Cattles continues to believe that the shares have little or no
value."

Bloomberg relates trading in the stock was suspended in April last
year after the company failed to provision sufficiently for bad
debts and breached covenants with its banks.

Cattles, as cited by Bloomberg, said the lender will announce a
significant loss when it announces 2009 audited results in the
"near future".

Cattles plc -- http://www.cattles.co.uk/-- is a financial
services company engaged in providing consumer credit to non-
standard customers in the United Kingdom and the provision of debt
recovery services to external clients and the Company's consumer
credit business.  Cattles also provides working capital finance
for small and medium size businesses.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on Aug. 9,
2010, Fitch Ratings revised Cattles Plc's senior unsecured bonds'
Recovery Rating to 'RR6' from 'RR5'.  At the same time, Fitch
affirmed Cattles' Long-term Issuer Default rating at 'C', Short-
term IDR at 'C' and senior unsecured bonds (ISIN XS0181857847 and
XS0308397149) at Long-term 'C'.

Fitch said the revision reflects the UK Supreme Court decision on
28 July 2010 that effectively determines, finally, that senior
unsecured bondholders' "claims are subordinated to the claims of
certain bank creditors".  According to Fitch, this decision means
that recoveries available to bondholders are poor and more
consistent with a 'RR6' rating.


NEMUS FUNDING: S&P Affirms 'BB (sf)' Ratings on Class E & F Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed and removed from
CreditWatch negative its credit ratings on NEMUS Funding No. 1
PLC's class A, B, C, D, E, and F notes.

In June 2009, S&P placed the ratings on this transaction on
CreditWatch negative as part of its review of the European
commercial mortgage-backed securities transactions, to reflect
S&P's view of the economic conditions at that time.  Since then,
six loans have repaid, improving the credit characteristics of the
pool of loans, in S&P's view.  However, S&P's rating analysis
takes into account other factors, such as real estate market value
declines, refinancing risk, and concentration risk.

In July 2010, HSBC reported a weighted-average loan-to-value ratio
of 51.64%, against 56.43% at closing.  S&P believes that the
current market values of the properties backing the loans are
lower than the values reported by HSBC (most of which were not
updated since closing), in light of the recent market value
declines experienced in the U.K. commercial property sector.

The 12 loans that remain in the pool mature within the next three
years, at a time when raising debt may prove difficult to achieve
if current credit conditions persist--especially for large loans
(of which there are at least three in the pool), loans secured
against single-tenant properties (of which there are four in the
pool), and loans with long-dated swaps (of which there are two).
This risk is compounded in the case of three of the loans by the
lender profile: Because these are syndicated loans, HSBC Bank will
likely not be the sole decision-maker at refinance; in certain
scenarios, such as a work-out scenario, S&P consider that
decision-making, and therefore loan resolution, could be more
protracted as a result.

In addition, S&P believes that diversification factors have
reduced as a result of the lower number of loans in the pool, and
the similarity of properties and locations backing the pool of
loans.

On the July 2010 note interest payment date, NEMUS Funding No. 1
was referenced by a pool of 15 loans, against 23 loans at closing.
The note balance has reduced to ?129.23 million, from ?178.65
million at closing.  However, S&P understands the note balance
will be further reduced on the next note interest payment date by
approximately 4%, following the reimbursement of three loans after
the July 2010 note interest payment date.

NEMUS Funding No. 1 is a synthetic transaction whereby the issuer
provides HSBC credit protection against a referenced pool of
loans, themselves secured against commercial properties spread
across the U.K.  The remaining portion of the loans held by HSBC
was created through two senior swaps, which rank ahead of the
securitization.  The notes represent the first debt loss piece.
The final maturity date of the notes is in October 2014.

                           Ratings List

                     NEMUS Funding No. 1 PLC
GBP178.647 Million Commercial Mortgage-Backed Floating-Rate Notes

      Ratings Affirmed and Removed From CreditWatch Negative

                            Rating
                            ------
         Class      To                  From
         -----      --                  ----
         A          AAA (sf)            AAA (sf)/Watch Neg
         B          AA (sf)             AA (sf)/Watch Neg
         C          A (sf)              A (sf)/Watch Neg
         D          BBB (sf)            BBB (sf)/Watch Neg
         E          BB (sf)             BB (sf)/Watch Neg
         F          BB (sf)             BB (sf)/Watch Neg


WEST COUNTRY: Enters Into CVA; Creditors to Get 28p on the Pound
----------------------------------------------------------------
Adam Hooker at PrintWeek reports that West Country Binders has
entered into a Company Voluntary Arrangement, with creditors to be
paid 28p on the pound.

PrintWeek relates the company entered into the CVA at a meeting of
creditors on October 14, when the motion was overwhelmingly
accepted by 389,577 votes to 2,903.

Citing a letter from BDO's Simon Girling, who will oversee the
CVA, sent prior to the meeting of creditors, PrintWeek says a
five-year proposal was put in place.

According to PrintWeek, Mr. Girling said that the company has
experienced losses in two of the last three financial years which,
coupled with consolidation and rationalization of the industry,
culminated in "significant cash flow problems".

Turnover dropped from GBP1.8 million to June 2008, to GBP1.4
million to June 2010, while an operating profit of GBP26,000 fell
to a GBP117,000 loss, PrintWeek discloses.

The company had a GBP485,917 shortfall to its unsecured creditors,
with a further GBP705,497 owed to secured creditors, PrintWeek
notes.

West Country Binders is a finishing house based in Somerset.


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


* BOND PRICING: For the Week October 18 to October 22, 2010
-----------------------------------------------------------

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

AUSTRIA
-------
RAIFF ZENTRALBK         4.500    9/28/2035        EUR      68.42

BELGIUM
-------
FORTIS BANK             8.750    12/7/2010        EUR      20.25

FINLAND
-------
MUNI FINANCE PLC        0.250    6/28/2040        CAD      23.99
MUNI FINANCE PLC        0.500    3/17/2025        CAD      56.13
MUNI FINANCE PLC        0.500    9/24/2020        CAD      71.58
MUNI FINANCE PLC        1.000    2/27/2018        AUD      67.24
MUNI FINANCE PLC        1.000    6/30/2017        ZAR      65.35

FRANCE
------
AIR FRANCE-KLM          4.970     4/1/2015        EUR      16.05
ALCATEL SA              4.750     1/1/2011        EUR      16.67
ALCATEL-LUCENT          5.000     1/1/2015        EUR       3.58
ALTRAN TECHNOLOG        6.720     1/1/2015        EUR       4.87
ATOS ORIGIN SA          2.500     1/1/2016        EUR      52.86
BNP PARIBAS            10.050    7/24/2012        USD      64.27
CALYON                  6.000    6/18/2047        EUR      51.09
CAP GEMINI SOGET        3.500     1/1/2014        EUR      44.50
CAP GEMINI SOGET        1.000     1/1/2012        EUR      44.41
CLUB MEDITERRANE        6.110    11/1/2015        EUR      17.23
CLUB MEDITERRANE        4.375    11/1/2010        EUR      49.93
EURAZEO                 6.250    6/10/2014        EUR      58.66
FAURECIA                4.500     1/1/2015        EUR      23.32
GROUPE VIAL             2.500     1/1/2014        EUR      20.72
MAUREL ET PROM          7.125    7/31/2014        EUR      16.29
MAUREL ET PROM          7.125    7/31/2015        EUR      13.64
NEXANS SA               4.000     1/1/2016        EUR      63.90
PEUGEOT SA              4.450     1/1/2016        EUR      34.66
PUBLICIS GROUPE         3.125    7/30/2014        EUR      39.72
PUBLICIS GROUPE         1.000    1/18/2018        EUR      48.80
RHODIA SA               0.500     1/1/2014        EUR      48.33
SOC AIR FRANCE          2.750     4/1/2020        EUR      21.31
SOITEC                  6.250     9/9/2014        EUR       9.47
TEM                     4.250     1/1/2015        EUR      56.06
THEOLIA                 2.700     1/1/2041        EUR      12.18
VALEO                   2.375     1/1/2011        EUR      47.09
ZLOMREX INT FIN         8.500     2/1/2014        EUR      60.75
ZLOMREX INT FIN         8.500     2/1/2014        EUR      60.75

GERMANY
-------
DEUTSCHE BK LOND        3.000    5/18/2012        CHF      64.31
DEUTSCHE BK LOND        0.500    8/25/2017        BRL      54.30
ESCADA AG               7.500     4/1/2012        EUR      17.99
L-BANK FOERDERBK        0.500    5/10/2027        CAD      50.94
SOLON AG SOLAR          1.375    12/6/2012        EUR      37.53

GREECE
------
HELLENIC REP I/L        2.300    7/25/2030        EUR      51.63
HELLENIC REP I/L        2.900    7/25/2025        EUR      55.23
HELLENIC REPUB          5.250     2/1/2016        JPY      71.27
HELLENIC REPUB          5.000    8/22/2016        JPY      67.44
HELLENIC REPUB          5.200    7/17/2034        EUR      67.49
HELLENIC REPUBLI        5.300    3/20/2026        EUR      68.03
HELLENIC REPUBLI        4.600    7/20/2018        EUR      72.55
HELLENIC REPUBLI        4.700    3/20/2024        EUR      66.43
HELLENIC REPUBLI        3.600    7/20/2016        EUR      74.11
HELLENIC REPUBLI        4.300    7/20/2017        EUR      73.35
HELLENIC REPUBLI        4.600    9/20/2040        EUR      59.32
HELLENIC REPUBLI        4.500    9/20/2037        EUR      59.37
NATIONAL BK GREE        3.875    10/7/2016        EUR      76.70

IRELAND
-------
AIB MORTGAGE BNK        5.000    2/12/2030        EUR      74.09
AIB MORTGAGE BNK        5.000     3/1/2030        EUR      74.06
ALLIED IRISH BKS        5.250    3/10/2025        GBP      61.04
ALLIED IRISH BKS        7.875     7/5/2023        GBP      76.30
BANK OF IRELAND         4.625    2/27/2019        EUR      76.07
DEPFA ACS BANK          3.250    7/31/2031        CHF      75.83
DEPFA ACS BANK          1.920     5/9/2020        JPY      74.34
DEPFA ACS BANK          0.500     3/3/2025        CAD      34.24
DEPFA ACS BANK          4.900    8/24/2035        CAD      66.14
DEPFA ACS BANK          5.125    3/16/2037        USD      74.88
DEPFA ACS BANK          5.125    3/16/2037        USD      77.43
IRISH NATIONWIDE        5.500    1/10/2018        GBP      42.41
IRISH NATIONWIDE       13.000    8/12/2016        GBP      42.39

ITALY
-----
CITY OF TURIN           5.270    6/26/2038        EUR      73.15
COMUNE DI MILANO        4.019    6/29/2035        EUR      74.29

LUXEMBOURG
----------
ARCELORMITTAL           7.250     4/1/2014        EUR      29.27
CRC BREEZE              5.290     5/8/2026        EUR      63.50
GLOBAL YATIRIM H        9.250    7/31/2012        USD      72.88
IIB LUXEMBOURG         11.000    2/19/2013        USD      60.00
INTL INDUST BANK        9.000     7/6/2011        EUR      16.63
LIGHTHOUSE INTL         8.000    4/30/2014        EUR      55.38
LIGHTHOUSE INTL         8.000    4/30/2014        EUR      55.50

NETHERLANDS
-----------
APP INTL FINANCE       11.750    10/1/2005        USD       0.01
ARPENI PR INVEST        8.750     5/3/2013        USD      44.00
ARPENI PR INVEST        8.750     5/3/2013        USD      44.00
ASTANA FINANCE          7.875     6/8/2010        EUR      12.97
BK NED GEMEENTEN        0.500    2/24/2025        CAD      55.27
BRIT INSURANCE          6.625    12/9/2030        GBP      68.36
ELEC DE CAR FIN         8.500    4/10/2018        USD      55.46
INDAH KIAT INTL        12.500    6/15/2006        USD       0.01
IVG FINANCE BV          1.750    3/29/2017        EUR      74.19
NATL INVESTER BK       25.983     5/7/2029        EUR      32.01
NED WATERSCHAPBK        0.500    3/11/2025        CAD      55.65
RBS NV EX-ABN NV        6.316    6/29/2035        EUR      69.67
SIDETUR FINANCE        10.000    4/20/2016        USD      69.50
TJIWI KIMIA FIN        13.250     8/1/2001        USD       0.01

NORWAY
------
EKSPORTFINANS           0.500     5/9/2030        CAD      44.05
KOMMUNALBANKEN          0.500    9/24/2014        BRL      71.51

POLAND
------
REP OF POLAND           2.648    3/29/2034        JPY      65.45
REP OF POLAND           3.300    6/16/2038        JPY      69.85
REP OF POLAND           3.220     8/4/2034        JPY      71.67

PORTUGAL
--------
METRO DE LISBOA         4.061    12/4/2026        EUR      74.42
PORTUGUESE OT'S         4.100    4/15/2037        EUR      73.03

RUSSIA
------
ACBK-INVEST             8.000    4/14/2011        RUB      70.00
APK ARKADA             17.500    5/23/2012        RUB       0.38
ARKTEL-INVEST          12.000     4/9/2012        RUB       1.00
BANK OF MOSCOW          7.500     2/1/2013        RUB      75.00
BANK OF MOSCOW          6.450    7/29/2011        RUB      75.00
BARENTSEV FINANS       20.000     7/4/2011        RUB       1.10
CB STROYCREDIT          9.500     8/1/2011        RUB      75.00
DIPOS                   8.000    6/19/2012        RUB      75.00
DVTG-FINANS            17.000    8/29/2013        RUB       9.01
EESK                    8.740     4/5/2012        RUB      75.00
EMALIANS-FINANS        10.970     7/8/2011        RUB      75.00
EUROKOMMERZ            16.000    3/15/2011        RUB       0.01
GLAVSTROY-FINANS        1.000    3/17/2011        RUB      75.00
IART                   12.000     8/4/2013        RUB       5.10
IAZS                   11.000    12/8/2010        RUB       2.00
INPROM                  9.500    5/18/2011        RUB      50.75
IZHAVTO                18.000     6/9/2011        RUB      11.31
KOMOS GROUP            13.500    7/21/2011        RUB      75.00
KOSMOS-FINANS          10.200    6/16/2011        RUB      75.00
LLC VICTORIA FIN        8.000    2/12/2013        RUB      75.00
LSR-INVEST              9.250    7/14/2011        RUB      75.00
M-INDUSTRIYA           12.250    8/16/2011        RUB      30.12
M-INDUSTRIYA           14.250    7/10/2013        RUB       2.01
MACROMIR-FINANS         7.750     7/3/2012        RUB       1.00
MAIN ROAD OJSC         10.200     6/3/2011        RUB       3.00
MIG-FINANS              0.100     9/6/2011        RUB       1.02
MIRAX                  14.990    5/17/2011        RUB      25.01
MIRAX                  17.000    9/17/2012        RUB      21.51
MOSKOMMERTSBANK         1.000    6/12/2013        RUB      75.00
MOSMART FINANS          0.010    4/12/2012        RUB       2.00
MOSOBLGAZ              12.000    5/17/2011        RUB      72.50
MOSOBLTRUSTINVES       20.000    3/26/2011        RUB       6.99
MOSSELPROM FINAN       14.000    4/10/2014        RUB      75.00
NIZHNEKAMSKNEFTE       10.000    3/26/2012        RUB      75.00
NOK                    12.500    8/26/2014        RUB       3.00
NOK                    10.000    9/22/2011        RUB      20.00
NOVOROSSIYSK           13.000    12/9/2011        RUB       3.00
NUTRINVESTHOLDIN       11.000    6/30/2014        RUB      25.00
PEB LEASING            14.000    9/12/2014        RUB     100.00
PENSION FUND REA        5.000     5/7/2019        RUB      23.00
PROTEK-FINANS          12.000    11/2/2011        RUB      75.00
RUSSIAN STANDARD        7.750    4/13/2012        RUB      99.81
RVK-FINANS              9.500    7/21/2011        RUB      75.00
RYBINSKKABEL            0.010    2/28/2012        RUB       0.51
SAHO                   15.000    5/21/2012        RUB      60.00
SATURN                 10.000     6/6/2014        RUB       1.00
SENATOR                14.000    5/18/2012        RUB      75.00
SEVENTH CONTINE         9.250    6/14/2012        RUB       1.50
SEVKABEL-FINANS        10.500    3/27/2012        RUB       3.40
SINERGIA               10.000    8/18/2014        RUB     100.50
SVOBODNY SOKOL         18.000    5/24/2011        RUB      40.01
TECHNONICOL-FINA       13.500    9/11/2013        RUB      24.02
TECHNOSILA-INVES        7.000    5/26/2011        RUB       0.01
TERNA-FINANS            1.000    11/4/2011        RUB       1.00
UNITED HEAVY MAC       13.000    8/30/2011        RUB      75.00
VESTER-FINANS          15.250    8/11/2011        RUB       2.01
VKM-LEASING FINA        1.000    5/18/2011        RUB       1.10

SPAIN
-----
AYT CEDULAS CAJA        3.750    6/30/2025        EUR      71.65
BANCAJA                 1.500    5/22/2018        EUR      64.73
BANCAJA EMI SA          2.755    5/11/2037        JPY      46.79
BANCO GUIPUZCOAN        1.500    4/18/2022        EUR      63.73
CAJA CASTIL-MAN         1.500    6/23/2021        EUR      57.02
CEDULAS TDA 6           3.875    5/23/2025        EUR      73.78
CEDULAS TDA A-5         4.250    3/28/2027        EUR      75.64
CEDULAS TDA A-6         4.250    4/10/2031        EUR      70.86
GENERAL DE ALQUI        2.750    8/20/2012        EUR      73.67
JUNTA LA MANCHA         3.875    1/31/2036        EUR      75.06

SWEDEN
------
SWEDISH EXP CRED        9.000    8/28/2011        USD       9.56
SWEDISH EXP CRED        0.500    9/29/2015        BRL      64.88
SWEDISH EXP CRED        9.000    8/12/2011        USD      10.15

SWITZERLAND
-----------
UBS AG                 10.580    6/29/2011        USD      38.41
UBS AG                 14.000    5/23/2012        USD       8.83
UBS AG                 13.300    5/23/2012        USD       4.06
UBS AG JERSEY          11.150    8/31/2011        USD      38.18
UBS AG JERSEY           3.220    7/31/2012        EUR      55.49
UBS AG JERSEY          10.000    2/11/2011        USD      59.90
UBS AG JERSEY           9.350    9/21/2011        USD      64.71
UBS AG JERSEY          12.800    2/28/2011        USD      34.09
UBS AG JERSEY          10.650    4/29/2011        USD      15.65
UBS AG JERSEY          11.030    4/21/2011        USD      20.51
UBS AG JERSEY          10.280    8/19/2011        USD      35.67
UBS AG JERSEY          10.360    8/19/2011        USD      53.17
UBS AG JERSEY          13.900    1/31/2011        USD      34.74
UBS AG JERSEY          14.640    1/31/2011        USD      36.44
UBS AG JERSEY          16.170    1/31/2011        USD      12.83
UBS AG JERSEY          15.250    2/11/2011        USD      11.63
UBS AG JERSEY          11.000    2/28/2011        USD      68.49
UBS AG JERSEY          10.820    4/21/2011        USD      21.35
UBS AG JERSEY           9.450    9/21/2011        USD      50.04

UNITED KINGDOM
--------------
BANK OF SCOTLAND        6.984     2/7/2035        EUR      72.39
BARCLAYS BK PLC        13.800    5/27/2011        USD      52.08
BARCLAYS BK PLC         7.610    6/30/2011        USD      52.50
BARCLAYS BK PLC         8.550    1/23/2012        USD      11.54
BARCLAYS BK PLC        10.800    7/31/2012        USD      28.33
BARCLAYS BK PLC        10.650    1/31/2012        USD      41.50
BARCLAYS BK PLC        10.350    1/23/2012        USD      20.10
BARCLAYS BK PLC         9.400    7/31/2012        USD      11.07
BARCLAYS BK PLC        12.950    4/20/2012        USD      22.60
BRADFORD&BIN BLD        5.500    1/15/2018        GBP      44.97
BRADFORD&BIN PLC        6.625    6/16/2023        GBP      45.81
BRADFORD&BIN PLC        7.625    2/16/2049        GBP      48.25
EFG HELLAS PLC          5.400    11/2/2047        EUR      66.50
EFG HELLAS PLC          6.010     1/9/2036        EUR      35.75
ENTERPRISE INNS         6.375    9/26/2031        GBP      72.73
HBOS PLC                6.000    11/1/2033        USD      67.33
HBOS PLC                6.000    11/1/2033        USD      67.33
MAX PETROLEUM           6.750     9/8/2012        USD      64.54
NORTHERN ROCK           5.750    2/28/2017        GBP      75.46
PRINCIPALITY BLD        5.375     7/8/2016        GBP      69.95
ROYAL BK SCOTLND        6.316    6/29/2030        EUR      69.53
SKIPTON BUILDING        5.625    1/18/2018        GBP      73.56
SKIPTON BUILDING        6.750    5/30/2022        GBP      68.85
TXU EASTERN FNDG        6.750    5/15/2009        USD       2.48
TXU EASTERN FNDG        6.450    5/15/2005        USD       2.38
UNIQUE PUB FIN          6.464    3/30/2032        GBP      64.85
WESSEX WATER FIN        1.369    7/31/2057        GBP      33.26


                            *********

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

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

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

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

                            *********


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

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

Copyright 2010.  All rights reserved.  ISSN 1529-2754.

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

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

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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