---

        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, December 27, 2010, Vol. 11, No. 254

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: Creditors Demand Higher Debt Service Ratio
C Z E C H   R E P U B L I C
SAZKA AS: Penta Draws Up Buyout & Debt Restructuring Proposal


F R A N C E

ALLIANZ GLOBAL: U.S. Court Grants Recognition of UK Proceedings


G E R M A N Y

GENERAL MOTORS: Sets Process for Objecting to Bondholder Claims
PFLEIDERER AG: Fitch Junks Issuer Default Rating


G R E E C E

* Moody's Reviews Ratings on Various Greek Securities


H U N G A R Y

EMFESZ: Starts Liquidation Procedures to Collect Receivables


I C E L A N D

LANDSBANKI ISLANDS: Gov't. to Decide on Icesave Referendum by Feb.


I R E L A N D

ALLIED IRISH: To Get EUR9.8BB State Aid; Faces Nationalization
ANGLO IRISH: To Get State Aid; Must Submit Orderly Resolution Plan
ANGLO IRISH: Former IL&P Chief Not Interviewed in Deposit Inquiry
CAMBER 4: S&P Downgrades Rating on Class B Notes to 'D'
IRISH NATIONWIDE: To Get State Aid; Orderly Resolution Plan Needed


K A Z A K H S T A N

MANGISTAU ELECTRICITY: Fitch Affirms 'BB' LT Foreign Currency IDR


L A T V I A

* S&P Revises Outlook on Riga City to Stable; Affirms 'BB' Rating

L I T H U A N I A

ALT INVESTICIJOS: Files Bankruptcy Petition in Kaunas Court


N E T H E R L A N D S

PLAYLOGIC ENTERTAINMENT: To Relaunch Following Bankruptcy


R U S S I A

* Fitch Assigns 'B+' Rating to City of Kazan's Domestic Bond


S P A I N

HIPOCAT 8: Moody's Downgrades Rating on Class D Notes to Ba1 (sf)
HIPOCAT 17: Moody's Downgrades Rating on Class C Notes to B2 (sf)


T U R K E Y

ASYA KATILIM: Fitch Upgrades LT Foreign Currency IDR to 'B+'
KUVEYT TURK: Fitch Affirms Individual Rating at 'D'


U K R A I N E

CREDIT DNEPR: Moody's Revises Outlook on 'B3' Rating to Positive
EXPRESS BANK: Moody's Revises Outlook on 'E+' BFSR to Negative


U N I T E D   K I N G D O M

LEADBAY MEDIA: Starts Liquidation; In Talks With Buyers
PUNCH TAVERNS: Moody's Reviews Ba1 (sf) Rating on Class C1 Notes
PUNCH TAVERNS: Moody's Reviews Ba1 (sf) Rating on GBP215MM Notes
THORNFIELD VENTURES: Henderson Buys Winchester Site from Deloitte
VEDANTA RESOURCES: Moody's Reviews 'Ba1' Corporate Family Rating


X X X X X X X X

* EUROPE: Citigroup Sees More Bank Failures & Sovereign Defaults
* BOND PRICING: For the Week December 20 to December 24, 2010




                            *********


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


A-TEC INDUSTRIES: Creditors Demand Higher Debt Service Ratio
------------------------------------------------------------
Boris Groendahl at Bloomberg News, citing Austrian Press Agency,
reports that creditors of A-Tec Industries AG demand a substantial
improvement of the planned debt service ratio.

According to Bloomberg, Hans-Georg Kantner, representative of
credit protection association Kreditschutzverband von 1870 and the
spokesman of the A-Tec's creditor committee, as cited by APA, said
talks with major creditors, including holders of three outstanding
bonds, will continue until a creditor assembly on Dec. 29

Bloomberg relates that the APA said the company's restructuring
administrator has proposed creditors will be paid 31% to 57% of
their claims in return for approving a plan to keep A-Tec as a
going concern.

As reported by the Troubled Company Reporter-Europe on Dec. 22,
2010, Bloomberg News, citing Die Presse, said the company could
pay up to 75% of its liabilities if its assets are sold one-by-
one.

On Oct. 22, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that 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 Oct. 20 that the
company filed for self-administered reorganization proceedings at
the Vienna Commercial Court and 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.



===========================
C Z E C H   R E P U B L I C
===========================


SAZKA AS: Penta Draws Up Buyout & Debt Restructuring Proposal
-------------------------------------------------------------
Lenka Ponikelska at Bloomberg News reports that Penta Investments
Ltd, a Czech and Slovak private equity company, approached Sazka
AS's shareholders with a proposal to buy out the lottery maker and
restructure its debt.

Bloomberg relates that Penta's partner Marek Dospiva said at a
press conference in Prague on Dec. 22 that Sazka's liquidity
problems cannot be solved without a financial or strategic
investor that would "immediately strengthen" the company's
financial position.  Mr. Dospiva, as cited by Bloomberg, said
Penta would be interested in gaining only 100% of the company.

According to Bloomberg, Penta said in a press release handed out
at the conference that the new investor will have to provide about
CZK2 billion (US$103 billion) to CZK3 billion of financial means
to Sazka in 2011 to cover its needs and further guarantees to
creditors.

Penta said its plan to restructure the company would also include
asset sales, possibly including the O2 Arena in Prague, the
largest sport facility in the country, Bloomberg notes.

As reported by the Troubled Company Reporter-Europe on Dec. 22,
2010, Czech billionaire Radovan Vitek may file an insolvency case
against Sazka in January next year if the company doesn't pay its
debt.  Hospodarske Noviny said Mr. Vitek bought Sazka's debt,
worth almost CZK900 million (US$47 million), from Raiffeisen Bank
International AG and Komercni Banka AS and may offer to buy up
debt from other stockholders, notably Fortis Bank NV, according to
Bloomberg.  The newspaper said Mr. Vitek is interested in gaining
control over Sazka's real estate, Bloomberg noted.

On Dec. 20, 2010, Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Sazkastarted talks with bondholders
on debt restructuring.  Sazka said in a letter published on the
Czech National Bank Web site that the company is unable to meet
interest payments to bondholders in full, according to Bloomberg.
Hospodarske Noviny, as cited by Bloomberg, said that the company
will pay only EUR4 million (US$5.3 million) to creditors on Jan.
12 compared with the EUR13.2 million payment due.

Sazka AS is a provider of lotteries and sport betting games in the
Czech Republic.



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


ALLIANZ GLOBAL: U.S. Court Grants Recognition of UK Proceedings
---------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York has granted the petition of David McGuigan, in his
capacity as the duly appointed foreign representative of Allianz
Global Corporate & Specialty (France), Allianz IARD, Delvag
Luftfahrtversicherungs-AG and Nuernberger Allgemeine
Versicherungs-AG (collectively, the "Scheme Companies"), for
recognition under Chapter 15 of the Scheme Companies' jointly
administered adjustment of debt proceedings (the "English
Proceedings") in the High Court of Justice of England and Wales,
as "foreign non-main proceedings" pursuant to 11 U.S.C. Section
1502.

The Court further ordered that relief equivalent to that afforded
to a debtor in a foreign main proceeding pursuant to 11 U.S.C.
Section 1520 is granted as additional relief pursuant to 11 U.S.C.
Sections 1521(a) and (b) and is effective as to the Scheme
Companies.

Under Section 1521 of the Bankruptcy Code, a court is granted
discretion to grant other appropriate relief at the request of the
foreign representative, including in foreign non-main proceedings
which, unlike foreign main proceedings, do not invoke Section
1520's automatic stay.

A complete text of the Court's order granting formal recognition
of David McGuigan as a "foreign representative" of the Scheme
Companies and the English proceedings as "foreign nonmain
proceedings" is available at no charge at:

   http://bankrupt.com/misc/Allianz_formalrecognitionorder.pdf

As reported in the Troubled Company Reporter on October 4, 2010,
the aim of the schemes of arrangement between the Scheme Companies
is to finalize the run-off of the Scheme Companies' involvement in
the business underwritten for them by Camomile Underwriting
Agencies Limited.  The Scheme does not include any non-CUAL
business nor, for the avoidance of doubt, any business
underwritten for Sovereign Marine & General Insurance
Company Limited whether for the business they underwrote through
CUAL or otherwise.

The Scheme Manager can be contacted at:

     David McGuigan
     CUAL Scheme Manager
     PO Box 683, Redhill, RH1 9BY
     United Kingdom
     Fax: +44 (0)207 626 7937
     E-mail: dmcguigan@limbo.eu

The Chapter 15 petitioner's counsel can be contacted at:

     Lee S. Attanasio, Esq.
     Alex R. Rovira, Esq.
     Debra W. Minoff, Esq.
     SIDLEY AUSTIN LLP
     787 Seventh Avenue
     New York, NY 10019
     Tel: (212) 839-5300

David McGuigan, the foreign representative for Allianz Global
Corporate & Specialty (France), Allianz IARD, Delvag
Luftfahrversicherungs-AG and Nurnberger Allgemeine Versicherungs-
AG, filed Chapter 15 petitions (Bankr. S.D.N.Y. Case Nos. 10-14990
through 10-14993) on Sept. 22, 2010.


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


GENERAL MOTORS: Sets Process for Objecting to Bondholder Claims
---------------------------------------------------------------
More than 70,000 proofs of claim in the aggregate amount of
approximately US$274 billion have been filed against Motors
Liquidation Co., or Old GM, and its affiliates.  The Debtors have
filed with the U.S. Bankruptcy court for the Southern District of
New York 110 omnibus claim objection motions, and, while these
motions are being successfully prosecuted, the Debtors intend to
object to thousands of additional claims.

About 6,600 of those claims have been filed against the Debtors
based on certain foreign notes and bonds issued by the Debtors
under a Fiscal and Paying Agency Agreement.  Deutsche Bank is
scheduled as the fiscal and paying agent in the Debtors' Schedules
of Assets and Liabilities, to have a claim on behalf of all
holders of Eurobond Deutsche Debt Claims, in the approximate
amount of US$3.8 billion, which accounts for all principal plus
accrued and unpaid interest as of June 1, 2009, and that claim was
not scheduled as either contingent or disputed.  On October 13,
2009, Deutsche Bank notified the Individual Eurobondholders that
it did not intend to file a proof of claim on their behalf, and,
Deutsche Bank has not done so.

Nevertheless, the Debtors' Amended Joint Chapter 11 Plan of
Reorganization provides that a claim based on the Fiscal and
Paying Agency Agreement, along with certain other claims arising
from foreign debt instruments, will be allowed in an amount that
overrides and supersedes any individual claims filed by record
holders or beneficial owners of the affected debt securities.

As the proofs of claim filed by the Individual Eurobondholders are
duplicative of and already reflected in the claim scheduled for
Deutsche Bank and expected to be allowed in a fixed amount under
the Plan, the Debtors will seek to expunge the Eurobond Deutsche
Debt Claims filed by each Individual Eurobondholder as duplicative
of the claim scheduled to Deutsche Bank, Joseph H. Smolinsky,
Esq., at Weil, Gotshal & Manges LLP, in New York, asserts.

To avoid the financial burden of filing a daunting number of
omnibus objections and to reduce service costs, the Debtors seek
the Court's permission to establish supplemental rules and
authority for filing omnibus objections to certain debt claims.
Essentially, the Debtors intend to:

  (a) file a single objection to no more than 500 proofs of
      claim at once with respect to the Eurobond Deutsche Debt
      Claims; and

  (b) serve a personalized notice of the Omnibus Claim
      Objection, rather than the entire Omnibus Claim Objection,
      on each affected claimant.

Rule 3007(c) of the Federal Rules of Bankruptcy Procedure
prohibits the filing of a single objection to multiple claims
"[u]nless otherwise ordered by the court or permitted by
subdivision (d)."  Rule 3007(d) allows a debtor to file an
omnibus objection when the basis for the objection is that the
claims subject to objection:

  (1) duplicate other claims;

  (2) have been filed in the wrong case;

  (3) have been amended by subsequently filed proofs of claim;

  (4) were not timely filed;

  (5) have been satisfied or released during the case in
      accordance with the Bankruptcy Code, applicable rules, or
      a court order;

  (6) were presented in a form that does not comply with
      applicable rules, and the objection states that the
      objector is unable to determine the validity of the claim
      because of the noncompliance;

  (7) are interests, rather than claims; or

  (8) assert priority in an amount that exceeds the maximum
      amount under Section 507 of the Bankruptcy Code.

Moreover, Rule 3007(e) provides that a debtor may file an omnibus
objection on these grounds for up to 100 claims at a time.

However, the Debtors believe that being permitted to file a
single omnibus objection to no more than 500 proofs of claim,
rather than 100, will ease the administrative burden on the Court
and the administrative and financial burden on the Debtors'
estates during the claims reconciliation process, Mr. Smolinsky
explains.

Accordingly, the Debtors ask that they be permitted to file a
single objection to no more than 500 proofs of claim at once.

The proposed Claim Objection Notice would be personalized for
each claimant and would include an explanation of the claim
objection process, a description of the basis of the Omnibus
Claim Objection, and the treatment of Fixed Allowed Eurobond
Claims under the Plan, information regarding the response
deadline and hearing date, and identification of the claim that
is the subject of the Omnibus Claim Objection.  To ensure the
prompt revision of the Claim Objection Notice, the Debtors also
propose to affix a stamp on the transmittal envelope that reads:
"OFFICIAL COURT DOCUMENT."

The Claim Objection Notice will contain information on how the
claimant can obtain a copy of the full Omnibus Claim Objection
for free, including (i) on the Debtors' approved notice and
claims agent's website at http://www.motorsliquidationdocket.com/
by accessing a specialized link, or (ii) by calling a designated
toll-free telephone number to request a hard copy.

The proposed procedures are also consistent with Rule 3007 in all
other respects, including that each Omnibus Claim Objection will:

  (1) state in a conspicuous place that claimants receiving the
      objection should locate their names and claims in the
      objection;

  (2) list claimants alphabetically, provide a cross-reference
      to claim numbers, and, if appropriate, list claimants by
      category of claims;

  (3) state the grounds of the objection to each Claim and
      provide a cross-reference to the pages in the omnibus
      objection pertinent to the stated grounds;

  (4) state in the title the identity of the objector and the
      grounds for the objections; and

  (5) be numbered consecutively with other omnibus objections
      filed by the same objector.

The Court will consider the Debtors' request on December 22, 2010,
which is also the deadline to object to the Debtors' request.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 205,000 people in every major region of
the world and does business in some 157 countries.  GM and its
strategic partners produce cars and trucks in 31 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang,
Opel, Vauxhall and Wuling.  GM's largest national market is China,
followed by the United States, Brazil, Germany, the United
Kingdom, Canada, and Italy.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.

General Motors Co. is 60.8% owned by the U.S. Government.  It was
formed to acquire the operations of General Motors Corporation
through a sale under 11 U.S.C. Sec. 363 following Old GM's
bankruptcy filing.  The deal was closed on July 10, 2009, and Old
GM changed its name to Motors Liquidation Co.  Old GM remains
subject to a pending Chapter 11 reorganization case before the
U.S. Bankruptcy Court for the Southern District of New York.

At September 30, 2010, GM had US$137.238 billion in total assets,
US$106.522 billion in total liabilities, US$6.998 billion in
preferred stock, $971 million in non-controlling interest, and
US$23.718 billion in total equity.

New GM has a 'BB-' corporate credit rating from Standard & Poor's
and a 'BB-' issuer default rating from Fitch.

                     About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company.  GM is
also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP is
providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims.  Lawyers at Kramer Levin Naftalis
& Frankel LLP serve as bankruptcy counsel to the Creditors
Committee.  Attorneys at Butzel Long serve as counsel regarding
supplier contract matters.  FTI Consulting, Inc., serves as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Committee.  Legal Analysis Systems, Inc., serves as asbestos
valuation analyst.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


PFLEIDERER AG: Fitch Junks Issuer Default Rating
------------------------------------------------
Fitch Ratings has downgraded Pfleiderer AG's Long-term Issuer
Default Rating to 'CC' from 'B-' and removed it from Rating Watch
Negative.  It has also downgraded the Short-term IDR to 'C' from
'B'.  The subordinated hybrid bond is affirmed at 'C' with a
Recovery Rating of 'RR6'.

The rating action follows Pfleiderer signaling during its analyst
conference on November 11, 2010 that there might be a potential
breach of a covenant at the end of Q410.

Fitch is concerned about a potential breach of covenant at a time
when Pfleiderer's liquidity situation is already weak.  Reported
cash had declined to EUR12 million at year-to-date September 2010
(9M10) from EUR59 million as at fiscal year-end 2009.  This was
despite Pfleiderer raising EUR34 million of equity capital during
this time, as well as selling EUR18 million of treasury stock and
EUR4.5m of hybrid bonds.  During these nine months, the share
price declined by more than 50%, which Fitch believes it may
impede further equity capital injections by its shareholders.
During Q310, Pfleiderer reduced its gross debt by EUR67 million,
EUR27.5 million of which was due to exchange rate effects.  In
9M10, the company's free cash flow was negative, and Fitch expects
this situation to continue during Q410 and Q111.  Costs incurred
as a result of restructuring measures being implemented are
expected to further aggravate the liquidity situation in the
coming quarters.  Pfleiderer's heavy interest burden of EUR47.9
million in 9M10 compared to its operating cash flow generation of
EUR56 million in 9M10 does not leave it with much flexibility to
invest in the restructuring of its business.

As a manufacturer of wooden panels and flooring, Pfleiderer is
dependent on the construction and home improvement markets, which
started deteriorating in 2008.  To counter the deteriorating sales
and profitability position, Pfleiderer implemented a number of
restructuring measures as early as summer 2009.  In January and
March 2010, a group of 30 banks refinanced a bulk of Pfleiderer's
euro and Polish zloty debt, extending the debt maturity to 2013,
at which time about EUR600 million of debt will mature.  Debt
maturities in 2011 and 2012 are expected to amount to around EUR50
million per annum.

The restructuring measures include, among others: the closing of
production facilities in Germany in order to reduce the severe
overcapacity situation.  This will allow the company to pass
through the rising cost of raw materials to its end customers, and
thereby provide an opportunity to adjust sales prices.  Other
measures include increasing the production capabilities in
Pfleiderer's growth markets in Eastern Europe, while cutting
overheads in North America.  In order to effect these changes,
Ernst Pelzer, formerly a senior consultant at Germany's leading
strategy consultancy, Roland Berger, joined the Pfleiderer
management team as Chief Restructuring Officer in early November
2010.

As a result of these measures, Pfleiderer expects to raise its
EBITDA margin to above 11% in all its product segments by 2013.
This would be in line with the 10-year industry average.
Fitch expects, in line with management's guidance, that the
measures taken will impact the company's bottom line in 2011 at
the earliest.  Fitch remains concerned about the recovery
prospects of the various markets in which Pfleiderer operates, the
ongoing negative free cash flow situation, the debt repayment
obligations in 2011 to 2013, and the relatively high operating
leverage


===========
G R E E C E
===========


* Moody's Reviews Ratings on Various Greek Securities
-----------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the senior ratings of seven Greek RMBS and six Greek
ABS.  As a result of the action all senior ratings on the nine
outstanding Greek RMBS, 15 outstanding Greek ABS and one Greek CDO
are now on review for possible downgrade.  Moody's has also placed
on review the ratings of three mezzanine and junior classes of one
Greek SME ABS Anaptyxi 2006-1 Plc.  A complete list of all 16
affected tranches placed on review for downgrade is at the end of
this press release.

The rating actions result from Moody's decision on December 16 to
review for possible downgrade the Ba1 ratings of Greece's
government bonds.  For some of the affected transactions, the
reviews also consider Moody's announcement that it had placed the
majority of Greek bank ratings on review for possible downgrade on
December 17.

The rating action addresses the ratings on the notes issued by
Ariadne S.A. and Titlos Plc, two ABS transactions sponsored by the
Greek government.  The credit quality of the Greek government
primarily determines the ratings of these notes.

In addition to the notes that Moody's placed on review, Moody's
has maintained the senior note ratings on two RMBS , nine ABS and
one CDO on review for possible downgrade since the previous rating
action on Greek structured finance transactions in July 2010.  At
that time Moody's left these notes on review for possible
downgrade pending the implementation of restructuring.  For these
12 transactions, Moody's rating review will also take into account
the conclusion of the sovereign rating review.

                 Sovereign and Operational Risks

The rating actions reflect Moody's concerns about the exposure of
Greek structured finance transactions to country risks as well as
operational risks in extreme scenarios.  The concerns which might
lead to a multi-notch downgrade of Greece's government debt rating
(as described in Moody's announcement published on December 16 --
"Moody's places Greece's Ba1 rating on review for possible
downgrade ") could imply significantly higher levels of stress for
the underlying obligors over the term of these transactions.
Moreover, the review for downgrade of six Greek banks poses
additional operational risks for the outstanding structured
finance transactions for which those banks perform servicing and
other operational functions.  The review of the banks' deposit and
debt ratings results primarily from a potential weakening of the
government's capacity to provide support to its banking system.

                      Key Review Parameters

Key factors in the review will be the assessment of country risk
and operational risk.  Moody's will examine the exposure of the
transactions to country risks, including economic resiliency,
systemic support and the uncertainty related to the performance of
securitized assets in scenarios of high sovereign stress.  Moody's
will also assess in detail the operational risks associated with
the Greek banks acting as transaction parties performing functions
such as servicing, cash management and hedging.

The decision to place the mezzanine and junior notes of Anaptyxi
2006-1 reflect Moody's concerns about the performance of the
securitized pool of revolving SME loans under stressful
refinancing conditions taking into account the available level of
credit enhancement.

           Timing of Structured Finance Rating Actions

Once Moody's has concluded its review of the Greek government
rating and the ratings of the Greek banks, it will finalize the
review of the structured finance ratings for the affected
transactions.

                    List of Affected Tranches

RMBS:

Issuer: Estia Mortgage Finance II PLC

  -- EUR1137.5M A Notes, Baa1 (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 15, 2010 Downgraded to
     Baa1 (sf)

Issuer: Grifonas Finance No. 1 Plc

  -- EUR897.7M A Certificate, Baa1 (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 15, 2010 Downgraded to
     Baa1 (sf)

Issuer: KATOIKIA I MORTGAGE FINANCE PLC

  -- EUR886.6M A Notes, A3 (sf) Placed Under Review for Possible
     Downgrade; previously on Jul 15, 2010 Confirmed at A3 (sf)

Issuer: Themeleion Mortgage Finance PLC

  -- EUR693.5M A Notes, Baa1 (sf) Placed Under Review for Possible
     Downgrade; previously on Jul 15, 2010 Downgraded to Baa1 (sf)

Issuer: Themeleion II Mortgage Finance Plc

  -- EUR690M A Certificate, Baa1 (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 15, 2010 Downgraded to
     Baa1 (sf)

Issuer: Themeleion III Mortgage Finance Plc S.r.I.

  -- EUR900M A Certificate, Baa1 (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 15, 2010 Downgraded to
     Baa1 (sf)

Issuer: Themeleion IV Mortgage Finance Plc

  -- EUR1352.9M A Certificate, Baa1 (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 15, 2010 Downgraded to
     Baa1 (sf)

ABS:

Issuer: ANAPTYXI 2006-1 PLC

  -- EUR1750M A Certificate, Baa2 (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 15, 2010 Downgraded to
     Baa2 (sf)

  -- EUR150M B Certificate, Ba1 (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 15, 2010 Downgraded to
     Ba1 (sf)

  -- EUR125M C Certificate, Ba2 (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 15, 2010 Downgraded to
     Ba2 (sf)

  -- EUR225M D Certificate, B1 (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 15, 2010 Downgraded to
     B1 (sf)

Issuer: Ariadne S.A. Secured Notes

  -- EUR650M A Notes, Ba1 (sf) Placed Under Review for Possible
     Downgrade; previously on Jun 22, 2010 Downgraded to Ba1 (sf)

Issuer: IRIDA PLC

  -- EUR261.1M A Certificate, A2 (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 15, 2010 Downgraded to
     A2 (sf)

Issuer: Misthosis Funding Plc

  -- EUR363.9M A Certificate, A2 (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 15, 2010 Confirmed at
     A2 (sf)

Issuer: Synergatis Plc

  -- EUR1414.5M A Certificate, A3 (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 15, 2010 Confirmed at
     A3 (sf)

Issuer: Titlos plc

  -- EUR5100M A Certificate, Ba2 (sf) Placed Under Review for
     Possible Downgrade; previously on Jun 22, 2010 Downgraded to
     Ba2 (sf)


=============
H U N G A R Y
=============


EMFESZ: Starts Liquidation Procedures to Collect Receivables
------------------------------------------------------------
MTI-Econews reports that EMFESZ on Wednesday said it is starting
liquidation procedures against companies owned by Csaba Pomazi to
collect about HUF3 billion in overdue receivables.

According to MTI, EMFESZ said it would use all of the civil and
legal tools at its disposal to see that it gets the money owed it
by Dunacent, ENERGOTT, Alfa-Nova and Szegedi Hoszolgaltato.

MTI relates that Daily Magyar Nemzet said EMFESZ suppliers will
suspend deliveries to the company if it does not settle several
billion forints of liabilities by noon on Dec. 22.  The paper said
if the suppliers stop deliveries, EMFESZ could lose its operating
license, MTI notes.

EMFESZ has been excluded from trade on the Daily Natural Gas and
Capacity Trading Market, a trading system established by FGSZ,
which operates the country's gas transmission system, MTI says,
citing Peter Csiszer, strategic director for KELER, the clearing
house for the market.  Mr. Csiszer said EMFESZ forfeited its bond
with KELER, but it was not enough to cover the company's
liabilities, thus money had to be taken out of a guarantee fund
into which market players contribute, MTI discloses.

EMFESZ told the Magyar Nemzet it blames its problems on a single
big domestic consumer, which owes it HUF2.8 billion, according to
MTI.  The paper, as cited by MTI, said EMFESZ started a
liquidation procedure against the company on Tuesday, MTI notes.

EMFESZ is a gas trading company.  It controls about one-fifth of
Hungary's gas market.


=============
I C E L A N D
=============



LANDSBANKI ISLANDS: Gov't. to Decide on Icesave Referendum by Feb.
------------------------------------------------------------------
Ayesha Daya and Omar R. Valdimarsson at Bloomberg News report that
Iceland's President Olafur R. Grimsson said he'll decide by
February whether the Icesave depositor claims settlement with the
U.K. and Netherlands should be put to a referendum.

"These questions will not become acute until some time in late
January, early February," once parliament has discussed the deal,
Mr. Grimsson said in an interview in Abu Dhabi on Dec. 20.  The
bill "has just been introduced into parliament, the committee
hasn't even started to deal with it."

Iceland this month agreed the terms to compensate the British and
Dutch for about US$5 billion in depositor claims stemming from the
failure of Landsbanki Islands hf in October 2008, Bloomberg
relates.  The accord, which replaces a deal blocked by
Mr. Grimsson in January, promises to normalize Iceland's relations
with the two European Union members and marks a final milestone in
settling government obligations to foreign creditors.  The new
bill must first be approved by parliament and then come before
Mr. Grimsson, Bloomberg notes.

The new accord will cost the Icelandic government ISK47 billion
(US$402 million), compared with the ISK162 billion in costs that
the state was facing under the previous deal, Bloomberg says,
citing the negotiating committee representing Iceland.  The rest
will be covered by the proceeds from divesting Landsbanki assets,
it estimates, Bloomberg states.

As reported by the Troubled Company Reporter-Europe on Dec. 14,
2010, BBC News said Iceland will pay an interest rate on its
outstanding debt of 3% to the Dutch and 3.3% to the UK from 2011.
Those terms are better than a previous deal, subsequently voted
down by Icelandic voters in a referendum, which included an
interest rate of 5.5%, BBC noted.

                     About Landsbanki Islands

Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank.  The bank offered online savings
accounts under the "Icesave" brand.  On October 7, 2008, the
Icelandic Financial Supervisory Authority took control of
Landsbanki and two other major banks.

Landsbanki filed for Chapter 15 protection on Dec. 9, 2008 (Bankr.
S.D. N.Y. Case No.: 08-14921).  Gary S. Lee, Esq., at Morrison &
Foerster LLP, represents the Debtor.  When it filed for protection
from its creditors, it listed assets and debts of more than
US$1 billion each.


=============
I R E L A N D
=============


ALLIED IRISH: To Get EUR9.8BB State Aid; Faces Nationalization
--------------------------------------------------------------
Chris V. Nicholson at The New York Times reports that Irish
President Mary McAleese signed a bill into law that will allow the
government to nationalize Allied Irish Banks plc, once the
country's largest bank, a measure that Finance Minister Brian
Lenihan may take in the few remaining days of the year.

The New York Times relates that the European Commission said
Tuesday that it had approved plans to administer state aid to
three Irish banks -- Anglo Irish, Irish Nationwide and Allied
Irish Banks -- under an emergency plan that includes a
recapitalization of EUR17.446 billion and a guarantee of off-
balance sheet liabilities.

"There is no doubt that the Irish banking sector is experiencing
profound difficulties at the moment," Joaquin Almunia, the
European Union's competition commissioner, said, adding that the
plans were contingent upon applying the union's rules governing
state aid, according to The New York Times.  "Both Anglo Irish
Bank and I.N.B.S. will have to submit a plan dealing with their
resolution in early 2011, while Allied Irish Bank will have to
submit a revised restructuring plan."

According to The New York Times, Allied Irish is set to receive up
to EUR9.8 billion to comply with new rules for bank capital ratios
set to take effect in February.

The commission said in its statement that the bank would have to
demonstrate its long-term viability without state aid, reduce its
activities to offset competition distortions, and force its share-
and bondholders to share the burden of restructuring, The New York
Times notes.

Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre.  The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division.  In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia.  In September
2008, the Group also acquired a 49.99% shareholding in BACB.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 22,
2010, Standard & Poor's Ratings Services said that lowered its
rating on Allied Irish Banks PLC's nondeferrable subordinated debt
(lower Tier 2) securities to 'CCC' from 'B'.  S&P said he 'BBB/A-
2' counterparty credit ratings on AIB remain on CreditWatch with
negative implications where they were placed on Nov. 26, 2010.
Issuance guaranteed by the Republic of Ireland (A/Watch Neg/A-1)
is not affected by the rating action.  "The downgrade reflects
S&P's opinion that the likelihood of a liability management
exercise by AIB in respect of its lower Tier 2 instruments has
increased.  If the bank announces an exchange offer, S&P would
expect to characterize it as a "distressed exchange," said
Standard & Poor's credit analyst Nigel Greenwood.


ANGLO IRISH: To Get State Aid; Must Submit Orderly Resolution Plan
------------------------------------------------------------------
Chris V. Nicholson at The New York Times that the European
Commission said Tuesday that it had approved plans to administer
state aid to three Irish banks -- Anglo Irish, Irish Nationwide
and Allied Irish Banks -- under an emergency plan that includes a
recapitalization of EUR17.446 billion and a guarantee of off-
balance sheet liabilities.

The injections for Anglo and Irish Nationwide -- two of the
institutions that were the most overextended during the boom --
are a prelude to their orderly resolution early next year, The New
York Times says.  Anglo is set to receive EUR4.946 billion, and
Irish Nationwide Building Society EUR2.7 billion, The New York
Times discloses.

"There is no doubt that the Irish banking sector is experiencing
profound difficulties at the moment" Joaquin Almunia, the European
Union's competition commissioner, said, adding that the plans were
contingent upon applying the union's rules governing state aid,
according to The New York Times.  "Both Anglo Irish Bank and
I.N.B.S. will have to submit a plan dealing with their resolution
in early 2011, while Allied Irish Bank will have to submit a
revised restructuring plan."

                      About Anglo Irish Bank

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 Dec. 1,
2010, DBRS downgraded the ratings of the Euro Dated Subordinated
Notes (specifically the EUR325.2 million Floating Rate
Subordinated Notes due 2014, EUR500 million Callable Subordinated
Floating Rate Notes due 2016 and the EUR750 million Dated
Subordinated Floating Rate Notes due 2017) (collectively referred
to as the 2017 Notes) issued by Anglo Irish Bank Corporation
Limited (Anglo Irish or the Bank) to 'D' from 'C'.  DBRS said the
downgrade follows the execution of the Bank's note exchange offer.
The default status for the exchanged and now-extinguished 2017
Notes reflects DBRS's view that bondholders were offered limited
options, which, as discussed in DBRS's press release dated
October 25, 2010, is considered a default per DBRS policy.

On Oct. 29, 2010, the Troubled Company Reporter-Europe reported
that Standard & Poor's Ratings Services lowered its rating on
Anglo Irish Bank Corp. Ltd.'s nondeferrable dated subordinated
debt (lower Tier 2) securities to 'D' from 'CCC'.  The downgrade
of the lower Tier 2 debt rating reflects S&P's opinion that the
bank's exchange offer is a "distressed exchange" and tantamount to
default in accordance with its criteria.


ANGLO IRISH: Former IL&P Chief Not Interviewed in Deposit Inquiry
-----------------------------------------------------------------
Simon Carswell at The Irish Times reports that former Irish Life &
Permanent Chief Executive Denis Casey was not interviewed in the
internal inquiry into the EUR7 billion transactions, which falsely
boosted Anglo Irish Bank's deposits despite initially being asked
to co-operate.

According to The Irish Times, a spokesman for IL&P said that the
company had initially intended to interview Mr. Casey and the two
other executives who resigned over the deposits in February 2009,
finance director Peter Fitzpatrick and head of treasury David
Gantly.  But it later decided not to proceed with these interviews
as the review was based on internal processes rather than the
specifics of the transactions, The Irish Times relates.

In February 2009, after the deposits became public, IL&P launched
its internal investigation into how and why the company
participated in the September 2008 transactions, which flattered
Anglo's books on an annual reporting date, The Irish Times
recounts.

According to The Irish Times, Mr. Casey told the Garda
investigation into the Anglo deposits that IL&P contacted him in
April 2009 to say that a special committee of the board was
established in February 2009 to investigate the transactions and
review processes arising from the deposits.  The company asked
Mr. Casey for his co-operation in the inquiry, The Irish Times
relates.  Mr. Casey told IL&P at the end of April that he was
willing to assist in the investigation and requested a list of
questions so he could prepare a written statement, The Irish Times
discloses.

Neither Mr. Casey nor any former or current IL&P executives are
suspects in the Garda investigation, The Irish Times notes.

The Garda inquiry is one of several investigations into the Anglo-
IL&P deposits, The Irish Times states.

                      About Anglo Irish Bank

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 Dec. 1,
2010, DBRS downgraded the ratings of the Euro Dated Subordinated
Notes (specifically the EUR325.2 million Floating Rate
Subordinated Notes due 2014, EUR500 million Callable Subordinated
Floating Rate Notes due 2016 and the EUR750 million Dated
Subordinated Floating Rate Notes due 2017) (collectively referred
to as the 2017 Notes) issued by Anglo Irish Bank Corporation
Limited (Anglo Irish or the Bank) to 'D' from 'C'.  DBRS said the
downgrade follows the execution of the Bank's note exchange offer.
The default status for the exchanged and now-extinguished 2017
Notes reflects DBRS's view that bondholders were offered limited
options, which, as discussed in DBRS's press release dated
October 25, 2010, is considered a default per DBRS policy.

On Oct. 29, 2010, the Troubled Company Reporter-Europe reported
that Standard & Poor's Ratings Services lowered its rating on
Anglo Irish Bank Corp. Ltd.'s nondeferrable dated subordinated
debt (lower Tier 2) securities to 'D' from 'CCC'.  The downgrade
of the lower Tier 2 debt rating reflects S&P's opinion that the
bank's exchange offer is a "distressed exchange" and tantamount to
default in accordance with its criteria.


CAMBER 4: S&P Downgrades Rating on Class B Notes to 'D'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CC
(sf)' its credit rating on CAMBER 4 PLC's class B notes.  At the
same time, S&P lowered its ratings on the class A1-A and A1-B
notes and affirmed its ratings on the class A2, A3, and C notes.

The rating actions follow S&P's observation of continuing losses
and further negative credit migration in the transaction's
underlying portfolio.

In addition, S&P notes that class B has been deferring interest
since May 2008.  Given that S&P's rating on this class addresses
timely payment of interest, S&P is lowering the rating to 'D (sf)'
from 'CC (sf)'.  Due to an administrative error, S&P had not
previously lowered the rating.

S&P's ratings on the classes of A notes (A1-A, A1-B, A2, and A3)
also address timely payment of interest.  Given the available cash
flows, which are distributed in accordance with the transaction's
priorities of payments, the issuer is currently able to pay
interest in full on the classes of A notes.

However, following its analysis of the most recently available
collateral administrator's report, S&P is of the view that
noteholders of all classes are ultimately likely to experience
principal losses.  S&P has therefore lowered its ratings on the
class A1-A and A1-B notes to 'CC (sf)' from 'CCC- (sf)' and
affirmed its 'CC (sf)' ratings on the class A2 and A3 notes.
S&P's 'CC' rating signifies that, in its view, the notes are
highly vulnerable to nonpayment.

As for the class B notes, interest has been deferred on the class
C notes since May 2008.  However, S&P's rating on the class C
notes addresses ultimate payment of interest.  As S&P does not
consider that the notes are currently in payment default, S&P has
affirmed its 'CC (sf)' rating on the notes.

                           Ratings List

                           CAMBER 4 PLC
       US$1.004 Billion Asset-Backed Floating-Rate Notes

                         Ratings Lowered

                                 Rating
                                 ------
              Class       To               From
              -----       --               ----
              A1-A        CC (sf)          CCC- (sf)
              A1-B        CC (sf)          CCC- (sf)
              B           D (sf)           CC (sf)

                        Ratings Affirmed

                       Class       Rating
                       -----       ------
                       A2          CC (sf)
                       A3          CC (sf)
                       C           CC (sf)


IRISH NATIONWIDE: To Get State Aid; Orderly Resolution Plan Needed
------------------------------------------------------------------
Chris V. Nicholson at The New York Times that the European
Commission said Tuesday that it had approved plans to administer
state aid to three Irish banks -- Anglo Irish, Irish Nationwide
and Allied Irish Banks -- under an emergency plan that includes a
recapitalization of EUR17.446 billion and a guarantee of off-
balance sheet liabilities.

The injections for Anglo and Irish Nationwide -- two of the
institutions that were the most overextended during the boom --
are a prelude to their orderly resolution early next year, The New
York Times says.  Anglo is set to receive EUR4.946 billion, and
Irish Nationwide Building Society EUR2.7 billion, The New York
Times discloses.

"There is no doubt that the Irish banking sector is experiencing
profound difficulties at the moment" Joaquin Almunia, the European
Union's competition commissioner, said, adding that the plans were
contingent upon applying the union's rules governing state aid,
according to The New York Times.  "Both Anglo Irish Bank and
I.N.B.S. will have to submit a plan dealing with their resolution
in early 2011, while Allied Irish Bank will have to submit a
revised restructuring plan."

                      About Irish Nationwide

Irish Nationwide Building Society, headquartered in Dublin, had
total assets of EUR14.4 billion at year-end 2008.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 6,
2010, Fitch Ratings upgraded the Individual rating of Irish
Nationwide Building Society to 'E' from 'F'.  Fitch said the
upgrade of INBS's Individual Rating to 'E' recognizes the
government's injection of EUR2.7 billion capital into the society,
but also acknowledges that the society is still likely to require
further external support.  The sale at a loss of loans to NAMA is
likely to lead the society to report losses in 2010 which Fitch
expects to be larger than the society's capital base.  Fitch thus
expects that the society will require additional capital to comply
with the Irish Financial Regulator's minimum capital requirements
of an 8% Tier 1 capital ratio by end-2010.


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


MANGISTAU ELECTRICITY: Fitch Affirms 'BB' LT Foreign Currency IDR
-----------------------------------------------------------------
Fitch Ratings has affirmed KazMunaiGaz National Company,
Kazakhstan Temir Zholy, Kazakhstan Electricity Grid Operating
Company and Mangistau Electricity Distribution Network Company's
Long-term foreign currency Issuer Default Ratings.  A full rating
breakdown is provided below.

The rating actions reflect the agency's affirmation of
Kazakhstan's Long-term foreign and local currency IDRs at 'BBB-'
and 'BBB', respectively, and Short-term foreign currency IDR at
'F3' on December 20, 2010.  The agency has revised the Outlooks on
Kazakhstan's Long-term foreign and local currency IDRs to Positive
from Stable.

The rating actions are.

KazMunaiGaz National Company

  -- Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
     Stable

  -- Long-term local currency IDR: affirmed at 'BBB'; Outlook
     Stable

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Senior unsecured rating: affirmed at 'BBB-'

Kazakhstan Temir Zholy

  -- Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
     Stable

  -- Senior unsecured rating: affirmed at 'BBB-'

While NC KMG and KTZ continue to benefit from strong links with
the government, full and timely financial support, which would
allow continued rating alignment, is not certain without a
significant portion of debt with explicit guarantees.
Consequently, NC KMG and KTZ's ratings are affirmed with a Stable
Outlook.

Kazakhstan Electricity Grid Operating Company

  -- Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
     revised to Positive from Stable

  -- Long-term local currency IDR: affirmed at 'BBB'; Outlook
     revised to Positive from Stable

  -- Short-term foreign currency IDR: affirmed at 'F3'

KEGOC's ratings continue to be aligned with the sovereign's given
the state guarantees for a large part of its debt (56%).  KEGOC is
100% state owned, and enjoys strong state support due to the
strategic nature of Kazakhstan's national electricity transmission
grid.  Fitch views KEGOC's stand-alone business and financial
profile as commensurate with a weak position within the 'BB'
rating category.

Mangistau Electricity Distribution Network Company

  -- Long-term foreign currency IDR: affirmed at 'BB'; Outlook
     Stable

  -- Foreign currency senior unsecured rating: affirmed at 'BB'

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Long-term local currency IDR: affirmed at 'BB+'; Outlook
     Stable

  -- Local currency senior unsecured rating: affirmed at 'BB+'

  -- National Long-term Rating: affirmed at 'AA-(kaz)'; Outlook
     Stable

MEDNC's ratings are linked to the sovereign's, but notched down to
reflect that little indication has been given by MEDNC's parent,
JSE Samruk-Energo (S-E: indirectly 100% state-owned) that it will
provide timely financial assistance in case of need.  Fitch
anticipates that MEDNC's links with the government may weaken
through its eventual sale, hence MEDNC's ratings are affirmed at
Stable Outlook.  Fitch views the standalone business and financial
profile of MEDNC as commensurate with a weak 'BB-' rating.


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


* S&P Revises Outlook on Riga City to Stable; Affirms 'BB' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on the Latvian capital of Riga to stable from negative,
while affirming the 'BB' long-term issuer credit rating.

"The outlook revision reflects the city's resilience in the face
of large revenue contractions resulting from the ongoing economic
downturn," said Standard & Poor's credit analyst Jean-Louis
Renaud.

"It also reflects S&P's view that the city has maintained good
liquidity, and that its budgetary performance is stabilizing,
which S&P expects to continue until 2013," Mr. Renaud added.

The ratings are constrained by the intense domestic economic
downturn, the resulting weakening of budgetary performance, low
revenue flexibility resulting from the Latvian institutional
framework for local and regional governments, and rapidly mounting
debt and debt service.

The ratings are supported by the city's role as Latvia's
administrative, commercial, and financial center, sustainable debt
service resulting from long average debt maturity, demonstrated
ability and willingness to cut expenditures, and good liquidity,
which S&P predict will remain good until its 2013 forecast
horizon.

As Latvia's capital, Riga plays a dominant economic, financial,
and political role within the country.  With less than 35% of the
population, it accounts for more than one-half of the country's
economic output.  Riga's per capita GDP exceeds the national
average by 40%.  The city's higher wealth has remained
proportionately constant throughout the downturn.

The stable outlook reflects S&P's view that the Latvian economy
will stabilize and that economic growth, albeit modest, will
resume in 2011 and strengthen over the next two years.


=================
L I T H U A N I A
=================


ALT INVESTICIJOS: Files Bankruptcy Petition in Kaunas Court
-----------------------------------------------------------
ALT investicijos AB's head, based on the provisions of legislative
acts, on Dec. 22 filed for bankruptcy of the Company by submitting
an application to that end to the District Court of Kaunas.

Pursuant to the provisions of the Law on Company Bankruptcy, at
least within one month of receipt of such application, the court
or the judge shall pass a ruling on suing for bankruptcy or
refusal to sue.  Due to important reasons the Court shall have the
right to extend the term for preparation to examine the bankruptcy
case in the court, but no longer than for one month.

The shareholders of the Company may familiarize themselves with
the application regarding filing for bankruptcy of the Company and
the copies attached thereto in the registered office of the
Company during business days and upon an advance coordination of
the exact time with the head of the Company.

In a December 21, 2010 Notice on Material Event, the Company has
informed of its having no assets, income and any real prospects
for future activities.  It also informed of being insolvent and
announced having no possibilities to settle accounts with its
creditors or discharge its obligations to the creditors either
today or in the future.

ALT investicijos AB, formerly known as Alita AB, is a Lithuania-
based company involved in investment activities related to shares
held in foreign companies.  Until September 29, 2009, the Company
was involved in the production and sale of alcoholic beverages.
On September 29, 2009, former company Alita AB split into two
listed companies and restructured its activity, separating the
investment and the manufacturing activities into Imoniu grupe
Alita AB for manufacturing of alcoholic beverages and ALT
investicijos AB for investment activities.


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


PLAYLOGIC ENTERTAINMENT: To Relaunch Following Bankruptcy
---------------------------------------------------------
Kris Graft at Gamasutra reports that five months after it filed
for bankruptcy, PlayLogic said it would relaunch with "mainly a
focus on digital video game publishing" for consoles.

Gamasutra relates that PlayLogic said in a Dec. 21 announcement
that it would hire back an unspecified portion of former staff at
a new, similarly named company, and they be officially re-employed
January 1, 2011.  The newly-formed company's official name is
PlayLogic Entertainment N.V., Gamasutra discloses.

The company filed for the Dutch equivalent of bankruptcy this
summer, citing problems including overdue payments, loan defaults
and poor cash flow, Gamasutra recounts.  PlayLogic Entertainment
N.V. did not provide an update of the status of debts relating to
the original PlayLogic, Gamasutra notes.

PlayLogic's reboot doesn't include the U.S. division, PlayLogic
Entertainment Incorporated, but the company still plans on
publishing digital games on a worldwide basis on Sony, Microsoft
and Nintendo platforms, according to Gamasutra.

PlayLogic is an Amsterdam-based game publisher.


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


* Fitch Assigns 'B+' Rating to City of Kazan's Domestic Bond
------------------------------------------------------------
Fitch Ratings has assigned the City of Kazan's upcoming issue of a
RUB2bn domestic bond due December 2014 an expected Long-term local
currency rating of 'B+(EXP)' and expected National Long-term
rating of 'A(rus)(EXP)'.  The city is rated Long-term foreign and
local currency 'B+', Short-term foreign currency 'B', and National
Long-term 'A(rus)'.  The Outlooks on the Long-term ratings are
Negative.

The bond has a fixed 8.75% coupon.  The principal will be
amortized by 15% of the initial bond issue value on December 19,
2011, by 40% on 17 December 2012 and by another 15% on December
16, 2013.  The remaining 30% will be redeemed on December 15,
2014.  The proceeds from the bond issue will be used to refinance
the maturing debt of the city.

The final rating is contingent upon the receipt of final documents
conforming to information already received.

The City of Kazan is the capital of the Tatarstan Republic ('BBB-
'/Stable/'F3') and is located in the central area of European
Russia.  The population of the city totaled 1.12m in 2008.


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


HIPOCAT 8: Moody's Downgrades Rating on Class D Notes to Ba1 (sf)
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the class
D notes issued by Hipocat 8 and all notes issued by Hipocat 17.

The ratings of all notes in Hipocat 17 and most junior notes in
Hipocat 8 were placed on review for possible downgrade in August
2010 following defaults reporting errors.

                        Ratings Rationale

The rating action concludes the review and takes into
consideration the worse-than-expected performance of the
collateral.  It also reflects Moody's negative sector outlook for
Spanish RMBS and the weakening of the macro-economic environment
in Spain, including high unemployment rates projected for 2010.

In summer 2010, Moody's noted that the share of written-off loans
reported in the Hipocat series managed by Gestion de Activos
Titulizados had been understated.  For this review, Moody's has
received final restated amounts of defaulted loans as reported in
latest investor reports.

The ratings of the notes take into account the credit quality of
the underlying mortgage loan pools, from which Moody's determined
the MILAN Aaa Credit Enhancement and the lifetime losses (expected
loss), as well as the transaction structure and any legal
considerations as assessed in Moody's cash flow analysis.  The
expected loss and the Milan Aaa CE are the two key parameters used
by Moody's to calibrate its loss distribution curve, used in the
cash-flow model to rate European RMBS transactions.

Portfolio Expected Loss:

Moody's has reassessed its lifetime loss expectation for Hipocat 8
and 17 taking into account the collateral performance to date as
well as the current macroeconomic environment in Spain.

Hipocat 8 and 17 are performing worse than Moody's expectations as
of closing.  Cumulative write-offs rose to 1.46% and 1.52% of
original pool balance in Hipocat 8 and 17 in October 2010
respectively, up from 0.98% and 1.13% respectively a year earlier.
The share of 90d+ arrears is standing at 1.07% of current pool
balance in Hipocat 8 and 0.56% in Hipocat 17 at the end of October
2010.  The rapidly increasing levels of defaulted loans ultimately
resulted in draws to the reserve fund in Hipocat 8, currently at
82% of target.  The reserve fund in Hipocat 17 is currently at
target level.

Moody's expect the portfolio credit performance to continue to be
under stress, as Spanish unemployment remains elevated.  Moody's
believe that the anticipated tightening of Spanish fiscal policies
is likely to weigh on the recovery in the Spanish labor market and
constraint further Spanish households finances.  Moody's has also
concerns over the timing and degree of future recoveries in a
weaker Spanish housing market.  On the basis of the rapid increase
in defaults in the transactions and Moody's negative sector
outlook for Spanish RMBS, Moody's have updated the portfolio
expected loss assumption to 1.5% of original pool balance in
Hipocat 8 and 2.6% in Hipocat 17, up from 0.80% and 1.2%
respectively.

MILAN Aaa CE:

Moody's has assessed the loan-by-loan information for Hipocat 8
and Hipocat 17 to determine the MILAN Aaa CE.  Moody's has
increased its MILAN Aaa CE assumptions for Hipocat 8 to 15.5%, up
from 6.7% at closing.  Milan Aaa CE for Hipocat 17 was increased
to 9%, up from 3.75%.  The increase in the MILAN Aaa CE reflects
the high geographical concentration in Catalonia, the
concentration of loans originated to new residents, and, for
Hipocat 8, the high LTV features of the securitized loan pool.

The rating addresses the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and principal with
respect of the notes by the legal final maturity.  Moody's ratings
only address the credit risk associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

    High Write-Offs Associate D With Out-Of-Court Settlements

The rapid increase in loan write-offs is to a large extent
attributed to the acceleration of delinquent loans into write-off
category, most specifically when the servicer resorts to out-of-
court settlement.  Caixa Catalunya has been actively avoiding
formal, repossession procedures for the non-Spanish nationals and
unemployed in favour of one-to-one solutions.  Caixa Catalunya
resorted to "dacion en pago" or "compra-venta" to avoid delaying
inevitable possession and limit ultimate losses.  "Dacion en pago"
is a voluntary agreement whereby the borrower hands over the
possession of the property to the lender to clear the outstanding
mortgage debt.  "Compra-venta" is the sale of mortgage properties
to real estate companies.  Out-of --court settlement accounted to
between 54% of total write-offs in Hipocat 8 and 93% of total
write-offs in Hipocat as at September 17, 2010.

Recoveries achieved on out-of-court property repossessions have
been relatively high compared to recoveries achieved via legal
repossessions so-far.  Moody's understand that Caixa Catalunya has
facilitated the sale of the acquired properties gone through
"dacion en pago" to real estate companies (owned by the lender) or
external investors via "compra-venta" (a cash acquisition with
property sale proceeds flowing back to the fondos).  Recoveries on
the properties sold via "compra-venta" have reached an average
recovery rate of 91% in Hipocat 8 and 17 (calculated as the total
recoveries achieved via compra-venta divided by total write-offs
associated with out-of-court settlement).  Recoveries on legal
repossessions in Hipocat 8 currently represent about 50% of total
amount going through legal proceedings (calculated as the
recoveries achieved though legal repossessions divided by write-
offs amount associated with legal repossession).

                      Transaction Features

Hipocat 8 and Hipocat 17 closed in May 2005 and December 2008
respectively.  The transactions are backed by portfolios of first-
ranking mortgage loans originated by Caixa Catalunya, now part of
Caixa d'Estalvis de Catalunya, Manresa I Tarragona (A3/P-2) and
secured on residential properties located in Spain, for an overall
balance at closing of EUR1.5 billion and EUR1.1 billion,
respectively.  The new entity, Caixa d'Estalvis de Catalunya,
Manresa I Tarragona, is operative since July 1, 2010.  Moody's was
informed that the servicing of Caixa Catalunya's mortgage
portfolio will remain on Caixa Catalunya's servicing platform.

Hipocat 8 consists of the securitization of the first drawdown of
Caixa Catalunya's flexible mortgage loan.  The product, named
"Credito Total" offers the possibility of withdrawing additional
funds up to the minimum of the original loan-to-value or 80% LTV
and enjoying grace periods of interest and principal.  Hipocat 8
includes a large share of loans with LTV over 80% (based on the
maximum drawable amount under the flexible loans), currently
representing 30% of current pool balance.  Hipocat 17 securitize
non-flexible mortgages.  The weighted average current LTV in
Hipocat 17 is 58%, with no loan over 80% LTV.  The pool
concentration in Catalonia represented 60% and 82% of current pool
balance in Hipocat 8 and Hipocat 17 respectively.  Currently,
10.5% of the portfolio balance in Hipocat 17 and 12% in Hipocat 8
corresponds to loans granted to non-Spanish nationals.  About 4%
of securitized loans has been originated via broker in Hipocat 17
compared to none in Hipocat 8.

Some features in the deals have changed since closing:

Hedging agreement: Hipocat 8 benefits from an interest rate swap
provided by CECA (Confederacion Espanola de Cajas de Ahorros,
Aa3/P-1).  Following its downgrade, Caixa Catalunya has been
replaced as swap counterparty by CECA, which is in line with the
requirements described in Moody's report titled "the Framework for
De-linking Hedge Counterparty Risks from Global Structured Finance
Cashflow Transactions." JPMorgan Chase Bank (Aa1/P1) acts as swap
counterparty in Hipocat 17 since closing.

Treasury Bank Accounts: For both transactions, collections are
paid to Caixa d'Estalvis de Catalunya, Tarragona i Manresa (A3/P-
2) and then transferred every 24 to 48 hours to the treasury
account.  Caixa Catalunya has been replaced as the treasury
account bank by Banco Santander S.A (Aa2/P-1) in Hipocat 8 and by
Banco Espanol de Credito S.A. (Aa3/P1 ) in Hipocat 17.

Paying Agents: Caixa d'Estalvis de Catalunya, Tarragona i Manresa
(A3/P2) in Hipocat 8.  Caixa Catalunya was downgraded on June 15,
2009 from A2/P-1 to A3/P-2.  Given Caixa Catalunya has been acting
as paying agent in the transaction since closing, it is
contemplated in the transaction documents that the gestora will
need to find a P-1 rated replacement or guarantor upon the
downgrade below P-1 of the paying agent within 30 days.  Moody's
understands that Caixa Catalunya has identified eligible
counterparty to act as paying agent but no remedial action has yet
been taken in that respect.  Caixa Catalunya has been replaced as
paying agent by Banco Espanol de Credito S.A. (Aa3/P-1) in Hipocat
17.

Reserve fund: The rapidly increasing levels of defaulted loans
ultimately resulted in draws to the reserve fund in Hipocat 8 to
82% of target.  The amortization of the mezzanine and junior notes
in Hipocat 8 is likely to remain sequential as a consequence of
this breach of pro-rata amortization trigger.  The reserve fund in
Hipocat 17 is currently at target level.

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 six months.

                     List of Ratings Actions

Issuer: Hipocat 17 Fondo de Titulizacion de Activos

  -- EUR1070.8M A Certificate, Downgraded to A1 (sf); previously
     on Aug 11, 2010 Aaa (sf) Placed Under Review for Possible
     Downgrade

  -- EUR4.4M B Certificate, Downgraded to Baa2 (sf); previously on
     Aug 11, 2010 Aa3 (sf) Placed Under Review for Possible
     Downgrade

  -- EUR24.8M C Certificate, Downgraded to B2 (sf); previously on
     Aug 11, 2010 Baa3 (sf) Placed Under Review for Possible
     Downgrade

Issuer:

HIPOCAT 8 Fondo de Titulizacion de Activos

  -- EUR32.7M D Certificate, Downgraded to Ba1 (sf); previously on
     Aug 11, 2010 Baa2 (sf) Placed Under Review for Possible
     Downgrade

Moody's Investors Service may have provided Ancillary or Other
Permissible Service(s) to the rated entity or its related third
parties within the three years preceding the Credit Rating Action.

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.


HIPOCAT 17: Moody's Downgrades Rating on Class C Notes to B2 (sf)
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the class
D notes issued by Hipocat 8 and all notes issued by Hipocat 17.

The ratings of all notes in Hipocat 17 and most junior notes in
Hipocat 8 were placed on review for possible downgrade in August
2010 following defaults reporting errors.

                        Ratings Rationale

The rating action concludes the review and takes into
consideration the worse-than-expected performance of the
collateral.  It also reflects Moody's negative sector outlook for
Spanish RMBS and the weakening of the macro-economic environment
in Spain, including high unemployment rates projected for 2010.

In summer 2010, Moody's noted that the share of written-off loans
reported in the Hipocat series managed by Gestion de Activos
Titulizados had been understated.  For this review, Moody's has
received final restated amounts of defaulted loans as reported in
latest investor reports.

The ratings of the notes take into account the credit quality of
the underlying mortgage loan pools, from which Moody's determined
the MILAN Aaa Credit Enhancement and the lifetime losses (expected
loss), as well as the transaction structure and any legal
considerations as assessed in Moody's cash flow analysis.  The
expected loss and the Milan Aaa CE are the two key parameters used
by Moody's to calibrate its loss distribution curve, used in the
cash-flow model to rate European RMBS transactions.

Portfolio Expected Loss:

Moody's has reassessed its lifetime loss expectation for Hipocat 8
and 17 taking into account the collateral performance to date as
well as the current macroeconomic environment in Spain.

Hipocat 8 and 17 are performing worse than Moody's expectations as
of closing.  Cumulative write-offs rose to 1.46% and 1.52% of
original pool balance in Hipocat 8 and 17 in October 2010
respectively, up from 0.98% and 1.13% respectively a year earlier.
The share of 90d+ arrears is standing at 1.07% of current pool
balance in Hipocat 8 and 0.56% in Hipocat 17 at the end of October
2010.  The rapidly increasing levels of defaulted loans ultimately
resulted in draws to the reserve fund in Hipocat 8, currently at
82% of target.  The reserve fund in Hipocat 17 is currently at
target level.

Moody's expect the portfolio credit performance to continue to be
under stress, as Spanish unemployment remains elevated.  Moody's
believe that the anticipated tightening of Spanish fiscal policies
is likely to weigh on the recovery in the Spanish labor market and
constraint further Spanish households finances.  Moody's has also
concerns over the timing and degree of future recoveries in a
weaker Spanish housing market.  On the basis of the rapid increase
in defaults in the transactions and Moody's negative sector
outlook for Spanish RMBS, Moody's have updated the portfolio
expected loss assumption to 1.5% of original pool balance in
Hipocat 8 and 2.6% in Hipocat 17, up from 0.80% and 1.2%
respectively.

MILAN Aaa CE:

Moody's has assessed the loan-by-loan information for Hipocat 8
and Hipocat 17 to determine the MILAN Aaa CE.  Moody's has
increased its MILAN Aaa CE assumptions for Hipocat 8 to 15.5%, up
from 6.7% at closing.  Milan Aaa CE for Hipocat 17 was increased
to 9%, up from 3.75%.  The increase in the MILAN Aaa CE reflects
the high geographical concentration in Catalonia, the
concentration of loans originated to new residents, and, for
Hipocat 8, the high LTV features of the securitized loan pool.

The rating addresses the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and principal with
respect of the notes by the legal final maturity.  Moody's ratings
only address the credit risk associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

    High Write-Offs Associate D With Out-Of-Court Settlements

The rapid increase in loan write-offs is to a large extent
attributed to the acceleration of delinquent loans into write-off
category, most specifically when the servicer resorts to out-of-
court settlement.  Caixa Catalunya has been actively avoiding
formal, repossession procedures for the non-Spanish nationals and
unemployed in favour of one-to-one solutions.  Caixa Catalunya
resorted to "dacion en pago" or "compra-venta" to avoid delaying
inevitable possession and limit ultimate losses.  "Dacion en pago"
is a voluntary agreement whereby the borrower hands over the
possession of the property to the lender to clear the outstanding
mortgage debt.  "Compra-venta" is the sale of mortgage properties
to real estate companies.  Out-of --court settlement accounted to
between 54% of total write-offs in Hipocat 8 and 93% of total
write-offs in Hipocat as at September 17, 2010.

Recoveries achieved on out-of-court property repossessions have
been relatively high compared to recoveries achieved via legal
repossessions so-far.  Moody's understand that Caixa Catalunya has
facilitated the sale of the acquired properties gone through
"dacion en pago" to real estate companies (owned by the lender) or
external investors via "compra-venta" (a cash acquisition with
property sale proceeds flowing back to the fondos).  Recoveries on
the properties sold via "compra-venta" have reached an average
recovery rate of 91% in Hipocat 8 and 17 (calculated as the total
recoveries achieved via compra-venta divided by total write-offs
associated with out-of-court settlement).  Recoveries on legal
repossessions in Hipocat 8 currently represent about 50% of total
amount going through legal proceedings (calculated as the
recoveries achieved though legal repossessions divided by write-
offs amount associated with legal repossession).

                      Transaction Features

Hipocat 8 and Hipocat 17 closed in May 2005 and December 2008
respectively.  The transactions are backed by portfolios of first-
ranking mortgage loans originated by Caixa Catalunya, now part of
Caixa d'Estalvis de Catalunya, Manresa I Tarragona (A3/P-2) and
secured on residential properties located in Spain, for an overall
balance at closing of EUR1.5 billion and EUR1.1 billion,
respectively.  The new entity, Caixa d'Estalvis de Catalunya,
Manresa I Tarragona, is operative since July 1, 2010.  Moody's was
informed that the servicing of Caixa Catalunya's mortgage
portfolio will remain on Caixa Catalunya's servicing platform.

Hipocat 8 consists of the securitization of the first drawdown of
Caixa Catalunya's flexible mortgage loan.  The product, named
"Credito Total" offers the possibility of withdrawing additional
funds up to the minimum of the original loan-to-value or 80% LTV
and enjoying grace periods of interest and principal.  Hipocat 8
includes a large share of loans with LTV over 80% (based on the
maximum drawable amount under the flexible loans), currently
representing 30% of current pool balance.  Hipocat 17 securitize
non-flexible mortgages.  The weighted average current LTV in
Hipocat 17 is 58%, with no loan over 80% LTV.  The pool
concentration in Catalonia represented 60% and 82% of current pool
balance in Hipocat 8 and Hipocat 17 respectively.  Currently,
10.5% of the portfolio balance in Hipocat 17 and 12% in Hipocat 8
corresponds to loans granted to non-Spanish nationals.  About 4%
of securitized loans has been originated via broker in Hipocat 17
compared to none in Hipocat 8.

Some features in the deals have changed since closing:

Hedging agreement: Hipocat 8 benefits from an interest rate swap
provided by CECA (Confederacion Espanola de Cajas de Ahorros,
Aa3/P-1).  Following its downgrade, Caixa Catalunya has been
replaced as swap counterparty by CECA, which is in line with the
requirements described in Moody's report titled "the Framework for
De-linking Hedge Counterparty Risks from Global Structured Finance
Cashflow Transactions." JPMorgan Chase Bank (Aa1/P1) acts as swap
counterparty in Hipocat 17 since closing.

Treasury Bank Accounts: For both transactions, collections are
paid to Caixa d'Estalvis de Catalunya, Tarragona i Manresa (A3/P-
2) and then transferred every 24 to 48 hours to the treasury
account.  Caixa Catalunya has been replaced as the treasury
account bank by Banco Santander S.A (Aa2/P-1) in Hipocat 8 and by
Banco Espanol de Credito S.A. (Aa3/P1) in Hipocat 17.

Paying Agents: Caixa d'Estalvis de Catalunya, Tarragona i Manresa
(A3/P2) in Hipocat 8.  Caixa Catalunya was downgraded on June 15,
2009 from A2/P-1 to A3/P-2.  Given Caixa Catalunya has been acting
as paying agent in the transaction since closing, it is
contemplated in the transaction documents that the gestora will
need to find a P-1 rated replacement or guarantor upon the
downgrade below P-1 of the paying agent within 30 days.  Moody's
understands that Caixa Catalunya has identified eligible
counterparty to act as paying agent but no remedial action has yet
been taken in that respect.  Caixa Catalunya has been replaced as
paying agent by Banco Espa¤ol de Credito S.A. (Aa3/P-1) in Hipocat
17.

Reserve fund: The rapidly increasing levels of defaulted loans
ultimately resulted in draws to the reserve fund in Hipocat 8 to
82% of target.  The amortization of the mezzanine and junior notes
in Hipocat 8 is likely to remain sequential as a consequence of
this breach of pro-rata amortization trigger.  The reserve fund in
Hipocat 17 is currently at target level.

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 six months.

                     List of Ratings Actions

Issuer: Hipocat 17 Fondo de Titulizacion de Activos

  -- EUR1070.8M A Certificate, Downgraded to A1 (sf); previously
     on Aug 11, 2010 Aaa (sf) Placed Under Review for Possible
     Downgrade

  -- EUR4.4M B Certificate, Downgraded to Baa2 (sf); previously on
     Aug 11, 2010 Aa3 (sf) Placed Under Review for Possible
     Downgrade

  -- EUR24.8M C Certificate, Downgraded to B2 (sf); previously on
     Aug 11, 2010 Baa3 (sf) Placed Under Review for Possible
     Downgrade

Issuer:

HIPOCAT 8 Fondo de Titulizacion de Activos

  -- EUR32.7M D Certificate, Downgraded to Ba1 (sf); previously on
     Aug 11, 2010 Baa2 (sf) Placed Under Review for Possible
     Downgrade

Moody's Investors Service may have provided Ancillary or Other
Permissible Service(s) to the rated entity or its related third
parties within the three years preceding the Credit Rating Action.

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.


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


ASYA KATILIM: Fitch Upgrades LT Foreign Currency IDR to 'B+'
------------------------------------------------------------
Fitch Ratings has upgraded Turkey-based Asya Katilim Bankasi
A.S.'s Long-term Foreign Currency and Local Currency Issuer
Default Ratings to 'B+' from 'B' and Kuveyt Turk Katilim Bankasi
A.S's Long-term Local Currency IDR to 'BBB' from 'BBB-'.  A full
list of rating actions is provided at the end of this commentary.

Bank Asya's IDRs are driven by its stand-alone financial strength.
The upgrade reflects Bank Asya's reasonable performance in an
improving operating environment.  The ratings are also supported
by the bank's diversified deposit base and low exposure to market
risk.  However, the ratings also reflect the loan portfolio's
concentration in the construction sector and large borrowers and
potential asset quality risks due to rapid loan growth.

Bank Asya was incorporated in 1996 as a financial institution
providing interest-free banking services.  A large part of its
shares (47.5%) are held by 254 different shareholders, although
Fitch understands that a limited number of large shareholders may
have control of the bank.  The remaining 52.5% shares are on the
free-float in the Istanbul Stock Exchange.  It provides banking
services in its main business lines -- corporate, commercial, SME
and retail banking -- with a focus on larger SMEs and trade
finance.  Bank Asya represented 1.4% of total Turkish banking
system assets (ranking 13th among 49 banks) and 1.7% of total
deposits (ranking the 10th) at end-Q310.

Kuveyt Turk's IDRs are based on potential support from its
majority shareholder, Kuwait Finance House (rated 'A+').  The
upgrade of the LT local currency IDR reflects Fitch's view that
support would be likely to flow to KFH's Turkish subsidiary, if
required.  Kuveyt Turk's LT foreign currency IDR is constrained by
the Turkish Country Ceiling of 'BBB-'.  The Positive Outlooks on
the IDRs reflects that on the sovereign.

Kuveyt Turk is 62.2%-owned by KFH, which is, in turn, 48% owned by
the Kuwaiti government via several public institutions.  Kuveyt
Turk engages in interest-free banking, primarily comprising
corporate, commercial (mid-sized corporate) and SME lending.  The
bank was the 18th largest by unconsolidated assets among the 49
banks in Turkey with a 0.9% market share as of end-9M10.

Rating actions:

Bank Asya

  -- LT FC IDR: upgraded to 'B+' from 'B'; Outlook Stable

  -- LT LC IDR: upgraded to 'B+' from 'B'; Outlook Stable

  -- ST FC IDR: affirmed at 'B'

  -- ST LC IDR: affirmed at 'B'

  -- National Long-term rating: upgraded to 'A-(tur)' from
     'BBB+(tur)'; Outlook Stable

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'NF' (No Floor)

Kuveyt Turk

  -- LT FC IDR: affirmed at 'BBB-'; Outlook changed to Positive
     from Stable

  -- LT LC IDR: upgraded to 'BBB' from 'BBB-'; Outlook changed to
     Positive from Stable

  -- ST FC IDR: affirmed at 'F3'

  -- ST LC IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(tur)'; Stable
     Outlook

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '2'

  -- Senior unsecured notes (Sukuk issue): affirmed at 'BBB-'


KUVEYT TURK: Fitch Affirms Individual Rating at 'D'
---------------------------------------------------
Fitch Ratings has upgraded Turkey-based Asya Katilim Bankasi
A.S.'s Long-term Foreign Currency and Local Currency Issuer
Default Ratings to 'B+' from 'B' and Kuveyt Turk Katilim Bankasi
A.S's Long-term Local Currency IDR to 'BBB' from 'BBB-'.  A full
list of rating actions is provided at the end of this commentary.

Bank Asya's IDRs are driven by its stand-alone financial strength.
The upgrade reflects Bank Asya's reasonable performance in an
improving operating environment.  The ratings are also supported
by the bank's diversified deposit base and low exposure to market
risk.  However, the ratings also reflect the loan portfolio's
concentration in the construction sector and large borrowers and
potential asset quality risks due to rapid loan growth.

Bank Asya was incorporated in 1996 as a financial institution
providing interest-free banking services.  A large part of its
shares (47.5%) are held by 254 different shareholders, although
Fitch understands that a limited number of large shareholders may
have control of the bank.  The remaining 52.5% shares are on the
free-float in the Istanbul Stock Exchange.  It provides banking
services in its main business lines -- corporate, commercial, SME
and retail banking -- with a focus on larger SMEs and trade
finance.  Bank Asya represented 1.4% of total Turkish banking
system assets (ranking 13th among 49 banks) and 1.7% of total
deposits (ranking the 10th) at end-Q310.

Kuveyt Turk's IDRs are based on potential support from its
majority shareholder, Kuwait Finance House (rated 'A+').  The
upgrade of the LT local currency IDR reflects Fitch's view that
support would be likely to flow to KFH's Turkish subsidiary, if
required.  Kuveyt Turk's LT foreign currency IDR is constrained by
the Turkish Country Ceiling of 'BBB-'.  The Positive Outlooks on
the IDRs reflects that on the sovereign.

Kuveyt Turk is 62.2%-owned by KFH, which is, in turn, 48% owned by
the Kuwaiti government via several public institutions.  Kuveyt
Turk engages in interest-free banking, primarily comprising
corporate, commercial (mid-sized corporate) and SME lending.  The
bank was the 18th largest by unconsolidated assets among the 49
banks in Turkey with a 0.9% market share as of end-9M10.

Rating actions:

Bank Asya

  -- LT FC IDR: upgraded to 'B+' from 'B'; Outlook Stable

  -- LT LC IDR: upgraded to 'B+' from 'B'; Outlook Stable

  -- ST FC IDR: affirmed at 'B'

  -- ST LC IDR: affirmed at 'B'

  -- National Long-term rating: upgraded to 'A-(tur)' from
     'BBB+(tur)'; Outlook Stable

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'NF' (No Floor)

Kuveyt Turk

  -- LT FC IDR: affirmed at 'BBB-'; Outlook changed to Positive
     from Stable

  -- LT LC IDR: upgraded to 'BBB' from 'BBB-'; Outlook changed to
     Positive from Stable

  -- ST FC IDR: affirmed at 'F3'

  -- ST LC IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(tur)'; Stable
     Outlook

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '2'

  -- Senior unsecured notes (Sukuk issue): affirmed at 'BBB-'


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


CREDIT DNEPR: Moody's Revises Outlook on 'B3' Rating to Positive
----------------------------------------------------------------
Moody's Investors Service has changed to positive from negative
the outlook on Credit Dnepr Bank's B3 long-term local-currency
deposit rating.

Concurrently, Moody's changed to stable from negative the outlook
on CDB's E+ bank financial strength rating and B3 long-term
foreign-currency deposit rating and upgraded CDB's National-Scale
Rating to Baa1.ua from Baa3.ua.  CDB's Not-Prime short-term local-
and foreign-currency deposit ratings were affirmed.

                        Ratings Rationale

Moody's says that the outlook change is driven by CDB's success in
withstanding negative pressure on its business franchise during
the global crisis.  The rating actions also reflect (i)
stabilization of CDB's financial fundamentals; and (ii) Moody's
expectation that CDB's asset quality and profitability will
gradually improve.  Moody's believes that CDB's capitalization and
liquidity will remain satisfactory in the medium term.

"Since year-end 2009, CDB has grown its balance sheet, ranking
among the top 33 banks in Ukraine in terms of total assets, as at
September 30, 2010," says Lev Dorf, an analyst in Moody's
Financial Institutions Group.  "As a result of CDB's regional
expansion in 2010, its loan portfolio increased by 13% to UAH3.4
billion (US$428 million) as at Q3 2010, and Moody's believes that
CDB is likely to improve its geographical diversification and
increase its distribution capacities," adds Mr. Dorf.

According to Moody's, CDB's asset quality, which has been a
concern since late 2008, is showing signs of stabilization and was
better than Moody's expected under its base-case scenario.  NPLs
(loans overdue more that 90 days) rose to 5.3% of the portfolio at
end-September 2010, from 4.6% at year-end 2009.  However, the
level of NPLs remained better than the system average; Moody's
expects CDB's asset quality to gradually improve in the medium
term.

"Moody's also observes that CDB's liquidity position is adequate,
supported by high level of liquid assets and growing deposits.
According to CDB's financials, its customer accounts grew by 14%
in the first nine months of 2010 and accounted for 65% of total
liabilities as of Q3 2010.  The bank's capitalization has been
also adequate, with its Total Capital Ratio exceeding 20% and
largely sufficient to absorb expected medium-term credit losses,"
says Mr. Dorf.

Moody's says that CDB demonstrated reasonable financial
performance in 2009-2010 as the bank was able to generate a stable
flow of interest and commission income -- sufficient to cover
operating expenses -- and an increased level of provisioning,
which is likely to stabilize by year-end 2010.

Any possible upgrade of CDB's B3 long-term local currency deposit
rating will be contingent on its ability to (i) further
consolidate its market shares; (ii) strengthen its franchise; and
(iii) maintain satisfactory financial fundamentals commensurate
with those of higher-rated banks.  CDB's B3 foreign currency
deposit rating is constrained by the country ceiling for this
rating.

Moody's previous rating action on CDB was implemented on
December 30, 2008, when the rating agency changed to negative from
positive the outlook on the bank's B3 long-term deposit ratings
and the E+ BFSR.  The rating action coincided with the downgrade
of CDB's long-term NSR to Baa3.ua from Baa1.ua.  At that time, the
rating agency expressed concerns regarding the substantial
increase in credit and liquidity risk for the Ukrainian banks,
arising from the steep depreciation of the Ukrainian hryvna in Q4
2008.

Headquartered in Dnepropetrovsk, Ukraine, CDB reported total
assets of UAH4,933.5 million, shareholders' equity of UAH700.0
million and net income of UAH8.0 million, according to its audited
IFRS financial statements at year-end 2009.


EXPRESS BANK: Moody's Revises Outlook on 'E+' BFSR to Negative
--------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on the E+ bank financial strength rating; and B3 long-term
foreign and local-currency bank deposit ratings of Express Bank.
At the same time, the National Scale Rating of Baa3.ua was
affirmed.  The NSR carries no specific outlook.

                        Ratings Rationale

The stable outlook primarily reflects Moody's opinion that the
negative pressure on EB's financial fundamentals has substantially
eased, although in the medium term the performance may not return
to levels achieved prior to the global financial crisis.

The rating action reflects: (i) EB's sufficient capitalization,
with a total capital adequacy ratio of 20.6% as of Q3 2010
according to local accounting standards, that appears to be
adequate to offset expected credit losses under Moody's base case
stress-test; (ii) Moody's expectations that EB's asset quality
will not materially deteriorate in 2011, as the existing problem
loans have already materialized, and the rating agency does not
expect more loans to migrate into the problem loan category.  EB's
level of impaired loans was reported at 7.5% as at year-end 2009
according to IFRS, and loans under the category 'doubtful' and
'loss' were reported at 9.2% according to National Bank of Ukraine
classification as at Q3 2010.  Problem loans were adequately
covered by provisions; and (iii) the bank's ability to generate
recurring pre-provision income over the last three quarters, which
enables the bank withstand its asset quality problems.

Moody's notes that the key rating constraint on EB's E+ BFSR is a
very high dependence on a single government-owned client --
Ukrainian Railways -- which renders the bank's franchise value and
performance vulnerable in the event of departure of any major
client.

Moody's previous rating action on EB was on December 30, 2008,
when Moody's changed the outlook on all the ratings to negative.

Headquartered in Kiev, Ukraine, EB reported -- at October 30, 2010
-- total unaudited assets of UAH3.9 billion (US$489 million)
according to Ukrainian Accounting Standards.


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


LEADBAY MEDIA: Starts Liquidation; In Talks With Buyers
-------------------------------------------------------
Introducer Today reports that the directors of Leadbay Media Group
Ltd. are taking steps to place the group into liquidation and are
currently in discussion with a number of buyers to conclude a sale
of the business.

The 21 members of the staff within the group were informed of the
position earlier last week and were made redundant with immediate
effect, Introducer Today says.

Grant Stevens, Leadbay managing director, was quoted by the
Introducer as saying that "It is very sad for everybody involved
but we have a responsibility to all creditors and that means we
need to take this course of action at this time."

Fixed price lead sales and poor market conditions contributed to
the firm's demise, according to ifaonline.co.uk.

Based in United Kingdom, Leadbay Media Group Ltd. provides
financial services lead generation.  Leadbay's parent company, Add
Momentum Holdings in May 2010 joined forces with the All About
Group.


PUNCH TAVERNS: Moody's Reviews Ba1 (sf) Rating on Class C1 Notes
----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade these classes of Notes issued by Punch Taverns Finance B
Limited (amounts reflecting initial outstanding):

  -- GBP201M A3 Notes, A2 (sf) Placed Under Review for Possible
     Downgrade; previously on Dec 16, 2009 Confirmed at A2 (sf)

  -- GBP220M A6 Notes, A2 (sf) Placed Under Review for Possible
     Downgrade; previously on Dec 16, 2009 Confirmed at A2 (sf)

  -- GBP250M A7 Notes, A2 (sf) Placed Under Review for Possible
     Downgrade; previously on Dec 16, 2009 Confirmed at A2 (sf)

  -- GBP250M A8 Notes, A2 (sf) Placed Under Review for Possible
     Downgrade; previously on Dec 16, 2009 Confirmed at A2 (sf)

  -- GBP77.5M B1 Notes, Baa2 (sf) Placed Under Review for Possible
     Downgrade; previously on Dec 16, 2009 Confirmed at Baa2 (sf)

  -- GBP125M B2 Notes, Baa2 (sf) Placed Under Review for Possible
     Downgrade; previously on Dec 16, 2009 Confirmed at Baa2 (sf)

  -- GBP125M C1 Notes, Ba1 (sf) Placed Under Review for Possible
     Downgrade; previously on Dec 16, 2009 Downgraded to Ba1 (sf)

All the ratings of the Issuer are (sf) ratings.

The ratings on the Class A7 and Class A8 Notes are based on the
underlying rating of the Notes and is no longer based on the
financial guarantee insurance policy issued by MBIA UK Insurance
Limited (B3).

Punch Taverns Finance B Limited represents a whole-business
securitization of a portfolio of 2,178 (as of Q4 2010) leased pubs
located throughout the UK.  The transaction closed in November
2002 and was restructured in August 2005.

                         Rating Rationale

The rating action has been prompted by Moody's anticipation that
the cash flows generated by the Borrower's pub portfolio will
continue to exhibit the negative trend witnessed over the last two
years and decline below Moody's expectations from its last review
in December 2009.  Consequently, debt to free cash flow multiples
are expected to rise above sustainable levels for each of the
rating categories outstanding in the transaction.

In FY 2010, the EBITDA per pub, adjusted to a 364 day period
("normalized") and excluding support from the parent company
(Punch Taverns plc) declined by 8.4% to GBP48.8k from GBP53.2k one
year ago.  During the first three quarters of 2010, the parent
company provided a total of GBP20.9 million EBITDA support to the
securitization.  While the exact areas of support are not
disclosed by the parent company, Moody's understands that the
support has been in three main forms: (i) offer of beer at
discounted prices by the parent company to the securitization
resulting in increased beer margins; (ii) reduction of overhead
expenses (e.g. management fees), and (iii) purchase of notes by
the parent company from the secondary market to be sold to the
Borrower at discounts, to be in turn cancelled by the Issuer.

There has been a considerable amount of pub disposals from the
portfolio whereby 13% of the portfolio (331 pubs) was sold since
end-FY2009 until end-FY 2010.  The debt outstanding decreased as
well, by GBP199 million to GBP1,005 million; however, at a slower
pace than that of the total portfolio EBITDA decline during FY
2010.

As of end-FY 2010, the debt service coverage ratio for the rolling
two quarters was 1.48x and for the rolling four quarters was
1.52x.  Both ratios are above the default covenant of 1.25x.  As
of end-FY 2010, the transaction is not in cash trapping as the one
quarter DSCR of 1.54x and rolling four quarter DSCR of 1.52x are
above the restricted payment covenant of 1.50x.  Moody's
understands that the support provided to the securitization by the
parent company targets to keep the DSCR above the default covenant
(1.25x) and the appointment of an independent consultant to the
Borrower (1.35x).  According to the parent company, the total cost
of supporting the subject securitization and a similar
securitization, Punch Taverns Finance plc, should be approximately
GBP45 million per annum.

While the decline in portfolio cash flows has been in line with
Moody's expectations for FY 2010, Moody's is cautious with respect
to the future performance of the UK pub sector and the level of
cash flows to be generated from the securitized portfolio in the
medium term.  In more detail, Moody's expects cash flows to
further decline in FY 2011 due to depressed sales, declining
rental income from tenants and cost pressures in the industry.  In
its analysis, Moody's disregards the support provided by the
parent company and looks to the true cash flow generation ability
of the pub portfolio.  Moody's notes that in the absence of EBITDA
support from the parent, it is probable that the DSCR covenant of
1.25x will be breached during the course of 2011.

During its review, Moody's will revise its expectation of future
cash flows from the portfolio by factoring into its analysis
industry wide stresses, be it in the form of changing beer
consumption habits, increasing operating costs or potentially
weaker consumer confidence in the UK.  Additionally Moody's will
take into consideration (i) the performance of the portfolio since
end-FY 2010, (ii) the level and use of cash that may be trapped in
the securitization, and (iii) the reduction of the debt through
scheduled amortization as well as repayments following future pub
disposals.

Moody's will also assess and incorporate into its analysis (i) the
outcome of the strategic review currently being conducted at the
parent company (expected to be disclosed during the first quarter
of 2011) which should provide clarity on the parent company's
commitment to supporting the securitization and (ii) the impact of
further pub disposals in the next two to four years which is
expected to be in the range of 500 pubs (23% of current portfolio)
that the parent company has identified to be a part of its non-
core, non-value adding assets over the long-term.

Moody's initially analyzed and monitors this transaction using its
rating approach for whole business transactions.  In this
approach, a sustainable annual free cash flow is derived over the
medium to long term horizon of the transaction, and then
multipliers are applied to such cash flows in order to reach the
debt which could be issued at the targeted long-term rating level
for the Notes.

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities transactions.


PUNCH TAVERNS: Moody's Reviews Ba1 (sf) Rating on GBP215MM Notes
----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade these classes of Notes issued by Punch Taverns Finance
plc (amounts reflecting initial outstanding):

  -- GBP270M A1(R), Aa3 (sf) Placed Under Review for Possible
     Downgrade; previously on Jun 14, 2007 Upgraded to Aa3 (sf)

  -- GBP300M A2(R), Aa3 (sf) Placed Under Review for Possible
     Downgrade; previously on Jun 19, 2008 Downgraded to Aa3 (sf)

  -- GBP200M M1, A2 (sf) Placed Under Review for Possible
     Downgrade; previously on Mar 11, 2010 Downgraded to A2 (sf)

  -- GBP400M M2(N), A2 (sf) Placed Under Review for Possible
     Downgrade; previously on Mar 11, 2010 Downgraded to A2 (sf)

  -- GBP140M B1, Baa2 (sf) Placed Under Review for Possible
     Downgrade; previously on Mar 11, 2010 Downgraded to Baa2 (sf)

  -- GBP150M B2, Baa2 (sf) Placed Under Review for Possible
     Downgrade; previously on Mar 11, 2010 Downgraded to Baa2 (sf)

  -- GBP175M B3, Baa2 (sf) Placed Under Review for Possible
     Downgrade; previously on Mar 11, 2010 Downgraded to Baa2 (sf)

  -- GBP215M C(R) Certificate, Ba1 (sf) Placed Under Review for
     Possible Downgrade; previously on Mar 11, 2010 Downgraded to
     Ba1 (sf)

Moody's does not rate the Class D1 Notes issued by Punch Taverns
Finance plc.  The rating of the Class A3(N) Notes was withdrawn on
17 March 2010 due to full redemption of the notes.  All the
ratings of the Issuer are (sf) ratings.

The ratings of the Class A2(R) Notes, Class A3(N) Notes, Class
M2(N) Notes and Class B3 Notes are based on the underlying rating
of the Notes and are no longer based on the financial guarantee
policy provided by AMBAC Assurance UK Limited (Caa2).

Punch Taverns Finance plc represents a whole-business
securitization of a portfolio of 3,147 (as of Q4 2010) leased pubs
located across the UK.  The transaction closed in March 1998 and
has been subject to tap issuances in October 2000, November 2003
and July 2007.

                         Rating Rationale

The rating action has been prompted by Moody's anticipation that
the cash flows generated by the Borrower's pub portfolio will
continue to exhibit the negative trend witnessed over the last two
years and decline below Moody's expectations from its last review
in March 2010.  Consequently, debt to free cash flow multiples are
expected to rise above sustainable levels for each of the rating
categories outstanding in the transaction.

In FY 2010, the EBITDA per pub, adjusted to a 364 day period
("normalized") and excluding support from the parent company
(Punch Taverns plc) declined by 9.3% to GBP53.9k from GBP59.5k one
year ago.  During the first three quarters of 2010, the parent
company provided a total of GBP9.4 million EBITDA support to the
securitization.  While the exact areas of support are not
disclosed by the parent company, Moody's understands that the
support has been in three main forms: (i) offer of beer at
discounted prices by the parent company to the securitization
resulting in increased beer margins; (ii) reduction of overhead
expenses (e.g. management fees), and (iii) purchase of notes by
the parent company from the secondary market to be sold to the
Borrower at discounts, to be in turn cancelled by the Issuer.

There has been a considerable amount of pub disposals from the
portfolio whereby 14% of the portfolio (512 pubs) was sold since
end-FY2009 until end-FY 2010.  The debt outstanding decreased as
well, by GBP260.5 million to GBP1,689 million; however, at a
slower pace than that of the total portfolio EBITDA decline during
FY 2010.

As of end-FY 2010, the debt service coverage ratio (DSCR) for the
quarter was 1.45x and for the rolling four quarters was 1.42x.
Both ratios are above the default covenant of 1.25x, but below the
restricted payment covenant of 1.50x; hence the transaction is
currently in cash trapping mode.  Moody's understands that the
support provided to the securitization by the parent company
targets to keep the DSCR above the default covenant (1.25x) and
the appointment of an independent consultant to the Borrower
(1.35x).  According to the parent company, the total cost of
supporting the subject securitization and a similar
securitization, Punch Taverns Finance B Limited, should be
approximately GBP45 million per annum.

While the decline in portfolio cash flows has been in line with
Moody's expectations for FY 2010, Moody's is cautious with respect
to the future performance of the UK pub sector and the level of
cash flows to be generated from the securitized portfolio in the
medium term.  In more detail, Moody's expects cash flows to
further decline in FY 2011 due to depressed sales, declining
rental income from tenants and cost pressures in the industry.  In
its analysis, Moody's disregards the support provided by the
parent company and looks to the true cash flow generation ability
of the pub portfolio.  Moody's notes that in the absence of EBITDA
support from the parent, it is probable that the DSCR covenant of
1.25x will be breached during the course of 2011.

During its review, Moody's will revise its expectation of future
cash flows from the portfolio by factoring into its analysis
industry wide stresses, be it in the form of changing beer
consumption habits, increasing operating costs or potentially
weaker consumer confidence in the UK.  Additionally Moody's will
take into consideration (i) the performance of the portfolio since
end-FY 2010, (ii) the level and use of cash trapped in the
securitization, and (iii) the reduction of the debt through
scheduled amortization as well as repayments following future pub
disposals.

Moody's will also assess and incorporate into its analysis (i) the
outcome of the strategic review currently being conducted at the
parent company (expected to be disclosed during the first quarter
of 2011) which should provide clarity on the parent company's
commitment to supporting the securitization and (ii) the impact of
further pub disposals in the next two to four years which is
expected to be in the range of 700 pubs (22% of current portfolio)
that the parent company has identified to be a part of its non-
core, non-value adding assets over the long-term.

Moody's initially analyzed and monitors this transaction using its
rating approach for whole business transactions.  In this
approach, a sustainable annual free cash flow is derived over the
medium to long term horizon of the transaction, and then
multipliers are applied to such cash flows in order to reach the
debt which could be issued at the targeted long-term rating level
for the Notes.

The rating action is a result of Moody's on-going surveillance of
commercial mortgage backed securities transactions.


THORNFIELD VENTURES: Henderson Buys Winchester Site from Deloitte
-----------------------------------------------------------------
Daryl Loo at Reuters reports that Henderson Global Investors said
it had acquired a major development site in the southeast English
city of Winchester for shops and over 300 homes, from the
administrators of Thornfield.

Reuters relates that Henderson said on Wednesday that the 600,000-
square-foot Silver Hill project was put on hold after Thornfield
entered into administration last January.

According to Reuters, Henderson said it got the development
through the acquisition of two Thornfield entities from
administrators Deloitte for an undisclosed sum.

AS reported by the Troubled Company Reporter-Europe on Jan. 11,
2010, Property Week said that Thornfield Ventures Ltd., a holding
company of HBOS-backed developer Thornfield Properties, was placed
into administration.  Phil Bowers and Angus Martin of Deloitte
were on Thursday appointed joint administrators to the non-trading
holding company within the Thornfield Capital Ltd. group of
companies, according to Property Week.


VEDANTA RESOURCES: Moody's Reviews 'Ba1' Corporate Family Rating
----------------------------------------------------------------
Moody's placed the Ba1 corporate family rating and Ba2 senior
unsecured rating of Vedanta Resources plc on review for possible
downgrade on 17th August 2010, after it had announced the proposed
acquisition of a controlling stake (of up to 60%) in Cairn India
Ltd. for US$9.6 billion or less.  At this stage, the review
process has not reached a conclusion as further regulatory
approvals and agreements, which could have a material impact on
the final shape of the transaction, are still outstanding.

The key approvals outstanding should be cleared by the end of
January, 2011.  These pertain to Government consent in respect of
the production sharing contracts of Cairn India's blocks, and
clearance from the Securities and Exchange Board of India in
respect of Sesa Goa's open offer for Cairn India shares.  Vedanta
is seeking to use its listed subsidiary, Sesa Goa Ltd. (55.7%-
owned), as a funding vehicle to acquire a 20% stake in Cairn
India, by drawing on its cash on hand and raising short-term INR
borrowings.

Good progress has been made in the area of financing the purchase
of the remainder (of up to US$6.8 billion), with some US$6 billion
of debt facilities organized at the Vedanta Resources level.

Moody's notes the proposed addition of debt at the Parent company
level and the implications this has for subordination within the
Group, and the standalone rating of the relatively thinly
capitalized Parent, already set at one notch below the corporate
family rating.

A "senior secured term loan facility" of up to US$3.5 billion
comprises a Tranche A of US$1.85 billion, with a tenor of 12
months plus a 6 months rollover (at Vedanta's option) and a
Tranche B of US$1.65 billion with a three year term.  The security
includes the shares in the offshore borrowing SPV, owned and
guaranteed by Vedanta, which may or may not be able to pledge the
shares of Cairn India.

A further, up to US$1.5 billion, "bridge to bond" facility shares
the security package, but this falls away when the take-out notes
are issued, or conversion into a rollover loan occurs, leaving the
US$1.5 billion ranking pari passu with Vedanta's existing senior
unsecured bonds.  Vedanta is required to go-to-market and the new
notes can be issued after thirty days from drawdown.  There are
then coupon step ups, but in any event, the bridge converts to 5
year, roll-over loans after three months, which can in turn be
exchanged for notes.

A "bridge to equity" segment of US$1 billion also shares the
security package.  Notionally with a tenor of 18 months, Vedanta
is hoping that the listing of Konkola Copper Mine (KCM) deferred
from 2010, will take place in early 2011, in order to reduce the
amount borrowed.  An interesting aspect of this segment is that,
as a last resort, Vedanta could be required to issue shares to
repay this loan.

The remaining US$800 million, if required, will be sourced from a
4 to 5 year term loan.  There are no further details on this
element.

Moody's notes that the marginal interest rate to be charged on
some US$3.1 billion of the loan facilities is dependent on the
rating level assigned to Vedanta.

Trading performance at Vedanta and Cairn India, continues to meet
Moody's expectations.  Given the continued strength of commodity
prices, the period of elevated financial risk at Vedanta, post
completion of the acquisition, is likely to be commensurately
shorter than initially envisaged by Moody's.  Such trends will be
reflected in the ratings when the review is closed.

The last rating action was taken on August 17, 2010, when Moody's
placed Vedanta's Ba1 corporate family and Ba2 long-term senior
unsecured ratings on review for possible downgrade following the
company's announcement of an offer to acquire a majority 51%-60%
interest in Cairn India Ltd at an estimated cost of over US$8.5
billion.

Headquartered in London, UK, Vedanta Resources plc is a metals and
mining company focusing on integrated zinc, aluminum, copper, iron
ore mining and commercial power generation.  Its operations are
predominantly located in India.  It is listed on the London Stock
Exchange and is 59.67% owned by Volcan Investments Ltd.


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


* EUROPE: Citigroup Sees More Bank Failures & Sovereign Defaults
----------------------------------------------------------------
Ambrose Evans-Pritchard at The Telegraph reports that Citigroup
has warned of a fresh wave of bank failures and a string of
sovereign defaults in Europe unless EU leaders come up with a
credible response to the crisis.

The Telegraph relates that Professor Willem Buiter, the bank's
chief economist and a former UK rate-setter, said the eurozone is
paralyzed by a "game of chicken" between the European Central Bank
and EMU governments in charge of fiscal policy.

Both sides are trying to shift responsibility onto the other for
shoring up Southern Europe and Ireland, raising the risk of
widening contagion, The Telegraph says.

"The market is not going to wait until March for the EU
authorities to get their act together.  We could have several
sovereign states and banks going under. They are being far too
casual." The Telegraph quoted Mr. Buiter as saying.
"This is a combined sovereign and banking crisis and that is a
poisonous cocktail.  The policy response has been woefully
inadequate. There is a very small pot of money for a very big
crisis."

According to The Telegraph, Mr. Buiter described the EU's rescue
fund as an "insolvency machine" because it charges punitive rates
of 6pc, preventing high-debt countries from clawing their way out
of their trap.

Mr. Buiter said the ECB has an "intangible asset" of EUR2 trillion
to EUR4 trillion from its powers to create money and could
intervene on much a larger scale if it wished, but this would blur
the lines of monetary and fiscal policy, The Telegraph notes.


* BOND PRICING: For the Week December 20 to December 24, 2010
-------------------------------------------------------------

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

AUSTRIA
-------
BAWAG                  7.5480    2/18/2035       EUR     69.68
HYPO TIROL BANK        3.0000     6/1/2020       EUR     72.93

FINLAND
-------
MUNI FINANCE PLC       0.5000    3/17/2025       CAD     54.25
MUNI FINANCE PLC       0.2500    6/28/2040       CAD     24.03
MUNI FINANCE PLC       1.0000    2/27/2018       AUD     64.34
MUNI FINANCE PLC       0.5000    9/24/2020       CAD     69.13
MUNI FINANCE PLC       1.0000    6/30/2017       ZAR     59.90

FRANCE
------
AIR FRANCE-KLM         4.9700     4/1/2015       EUR     16.61
ALCATEL SA             4.7500     1/1/2011       EUR     16.82
ALCATEL-LUCENT         5.0000     1/1/2015       EUR      3.31
ALTRAN TECHNOLOG       6.7200     1/1/2015       EUR      4.94
ATOS ORIGIN SA         2.5000     1/1/2016       EUR     55.61
CALYON                 6.0000    6/18/2047       EUR     36.67
CAP GEMINI SOGET       3.5000     1/1/2014       EUR     43.30
CAP GEMINI SOGET       1.0000     1/1/2012       EUR     43.61
CLUB MEDITERRANE       5.0000     6/8/2012       EUR     16.11
CLUB MEDITERRANE       6.1100    11/1/2015       EUR     18.51
EURAZEO                6.2500    6/10/2014       EUR     59.49
FAURECIA               4.5000     1/1/2015       EUR     25.09
MAUREL ET PROM         7.1250    7/31/2014       EUR     16.42
MAUREL ET PROM         7.1250    7/31/2015       EUR     13.65
NEXANS SA              4.0000     1/1/2016       EUR     67.32
ORPEA                  3.8750     1/1/2016       EUR     45.89
PEUGEOT SA             4.4500     1/1/2016       EUR     34.95
PUBLICIS GROUPE        3.1250    7/30/2014       EUR     40.49
PUBLICIS GROUPE        1.0000    1/18/2018       EUR     49.16
RHODIA SA              0.5000     1/1/2014       EUR     48.97
SOC AIR FRANCE         2.7500     4/1/2020       EUR     21.99
SOITEC                 6.2500     9/9/2014       EUR     10.08
TEM                    4.2500     1/1/2015       EUR     57.56
THEOLIA                2.7000     1/1/2041       EUR     11.16
VALEO                  2.3750     1/1/2011       EUR     47.47
ZLOMREX INT FIN        8.5000     2/1/2014       EUR     70.88
ZLOMREX INT FIN        8.5000     2/1/2014       EUR     70.88

GERMANY
-------
DEUTSCHE BK LOND       3.0000    5/18/2012       CHF     65.76
DEUTSCHE BK LOND       0.5000    8/25/2017       BRL     53.54
DT PFANDBRIEFBAN       3.6800    7/10/2017       EUR     82.09
ESCADA AG              7.5000     4/1/2012       EUR     17.75
HSH NORDBANK AG        4.3750    2/14/2017       EUR     50.98
HYPOREAL INTL AG       4.6750    9/13/2021       EUR     80.23
HYPOREAL INTL AG       4.5600    3/28/2021       EUR     80.05
L-BANK FOERDERBK       0.5000    5/10/2027       CAD     49.64
LB BADEN-WUERTT        2.5000    1/30/2034       EUR     73.66
QIMONDA FINANCE        6.7500    3/22/2013       USD      4.00
RENTENBANK             1.0000    3/29/2017       NZD     74.34
SOLON AG SOLAR         1.3750    12/6/2012       EUR     28.08

GREECE
------
ATHENS URBAN TRN       4.8510    9/19/2016       EUR     70.55
ATHENS URBAN TRN       5.0080    7/18/2017       EUR     66.17
HELLENIC RAILWAY       4.5000    12/6/2016       JPY     59.30
HELLENIC REP I/L       2.3000    7/25/2030       EUR     48.97
HELLENIC REP I/L       2.9000    7/25/2025       EUR     48.77
HELLENIC REPUB         6.1400    4/14/2028       EUR     64.33
HELLENIC REPUB         5.2000    7/17/2034       EUR     58.57
HELLENIC REPUB         5.0000    3/11/2019       EUR     64.61
HELLENIC REPUB         5.0000    8/22/2016       JPY     64.29
HELLENIC REPUB         4.5900     4/8/2016       EUR     71.11
HELLENIC REPUB         5.2500     2/1/2016       JPY     69.77
HELLENIC REPUBLI       3.7000    7/20/2015       EUR     68.87
HELLENIC REPUBLI       4.5000    5/20/2014       EUR     75.90
HELLENIC REPUBLI       4.7000    3/20/2024       EUR     59.54
HELLENIC REPUBLI       5.3000    3/20/2026       EUR     60.77
HELLENIC REPUBLI       4.5000    9/20/2037       EUR     54.42
HELLENIC REPUBLI       4.6000    9/20/2040       EUR     54.50
HELLENIC REPUBLI       6.0000    7/19/2019       EUR     67.20
HELLENIC REPUBLI       4.6000    7/20/2018       EUR     62.48
HELLENIC REPUBLI       4.3000    7/20/2017       EUR     63.07
HELLENIC REPUBLI       5.9000    4/20/2017       EUR     69.13
HELLENIC REPUBLI       6.2500    6/19/2020       EUR     68.22
HELLENIC REPUBLI       3.6000    7/20/2016       EUR     64.60
NATIONAL BK GREE       3.8750    10/7/2016       EUR     75.29
YIOULA GLASSWORK       9.0000    12/1/2015       EUR     74.13
YIOULA GLASSWORK       9.0000    12/1/2015       EUR     74.13

IRELAND
-------
AIB MORTGAGE BNK       5.0000     3/1/2030       EUR     57.44
AIB MORTGAGE BNK       5.0000    2/12/2030       EUR     57.48
AIB MORTGAGE BNK       5.5800    4/28/2028       EUR     63.76
ALLIED IRISH BKS      10.7500    3/29/2017       EUR     24.63
ALLIED IRISH BKS      10.7500    3/29/2017       USD     27.95
ALLIED IRISH BKS      12.5000    6/25/2019       EUR     25.50
ALLIED IRISH BKS      12.5000    6/25/2019       GBP     26.41
ALLIED IRISH BKS      11.5000    3/29/2022       GBP     25.91
ALLIED IRISH BKS       5.2500    3/10/2025       GBP     24.34
ANGLO IRISH BANK       4.0000    4/23/2018       EUR     52.42
BANK OF IRELAND       10.0000    2/12/2020       GBP     56.55
BANK OF IRELAND       10.7500    6/22/2018       GBP     55.11
BANK OF IRELAND        4.8750    1/22/2018       GBP     50.53
BANK OF IRELAND       10.0000    2/12/2020       EUR     55.58
BANK OF IRELAND        5.6000    9/18/2023       EUR     42.10
BANK OF IRELAND        9.2500     9/7/2020       GBP     51.54
BK IRELAND MTGE        3.2500    6/22/2015       EUR     77.26
BK IRELAND MTGE        5.4500     3/1/2030       EUR     59.54
BK IRELAND MTGE        5.4000    11/6/2029       EUR     59.85
BK IRELAND MTGE        5.7600     9/7/2029       EUR     62.71
DEPFA ACS BANK         0.5000     3/3/2025       CAD     37.10
DEPFA ACS BANK         5.1250    3/16/2037       USD     66.33
DEPFA ACS BANK         5.1250    3/16/2037       USD     65.08
DEPFA ACS BANK         3.2500    7/31/2031       CHF     73.37
DEPFA ACS BANK         4.9000    8/24/2035       CAD     64.86
DEPFA BANK PLC         3.1500     4/3/2018       EUR     75.89
EBS BLDG SOCIETY       4.9920    3/19/2015       EUR     73.56
IRISH GOVT             5.4000    3/13/2025       EUR     72.51
IRISH GOVT             4.5000    4/18/2020       EUR     73.28
IRISH GOVT             4.4000    6/18/2019       EUR     74.93
IRISH LIFE PERM        4.2500     4/9/2015       EUR     74.22
IRISH NATIONWIDE       5.5000    1/10/2018       GBP     27.47
IRISH NATIONWIDE      13.0000    8/12/2016       GBP     22.44
UT2 FUNDING PLC        5.3210    6/30/2016       EUR     73.61

ITALY
-----
ABRUZZO REGION         4.4500     3/1/2037       EUR     73.71
CITY OF TURIN          5.2700    6/26/2038       EUR     66.60
CO BACOLI              3.6710    3/31/2026       EUR     70.51
CO BRAONE              4.5670    6/30/2037       EUR     73.93
CO BRAONE              4.6200    6/30/2036       EUR     73.42
CO CASTELMASSA         3.9600    3/31/2026       EUR     73.40
CO CAZZAGO SAN M       4.4620    6/30/2037       EUR     71.39
CO CISON VALMARI       4.4950    6/30/2031       EUR     74.24
CO GAVARDO             4.7670    6/30/2037       EUR     74.83
CO PROVAGLIO DI        4.6870    6/30/2036       EUR     74.19
CO PROVAGLIO DI        4.5720    6/30/2037       EUR     72.58
CO SPOLETO             3.7110    3/31/2026       EUR     70.90
CO VOBARNO             4.5720    6/30/2037       EUR     72.58
COMU MONT LEOGRA       4.3620    1/13/2037       EUR     70.40
COMU MONT LEOGRA       3.6850    1/15/2026       EUR     70.93
PRALBOINO              4.5670    6/30/2037       EUR     72.54
PROV DI VARESE         4.8710    7/31/2047       EUR     74.51
PRVASCOLI PICENO       4.0770    3/15/2026       EUR     73.95

LUXEMBOURG
----------
ARCELORMITTAL          7.2500     4/1/2014       EUR     32.82
BREEZE FINANCE         6.7080    4/19/2027       EUR     64.50
DEXIA BQ INT LUX       2.3900    12/7/2021       EUR     72.77
LIGHTHOUSE INTL        8.0000    4/30/2014       EUR     37.44
LIGHTHOUSE INTL        8.0000    4/30/2014       EUR     36.38

NETHERLANDS
-----------
APP INTL FINANCE      11.7500    10/1/2005       USD      0.01
BK NED GEMEENTEN       0.5000    2/24/2025       CAD     53.48
BRIT INSURANCE         6.6250    12/9/2030       GBP     66.36
DGS INTL FIN BV       10.0000     6/1/2007       USD      0.01
ELEC DE CAR FIN        8.5000    4/10/2018       USD     55.65
INDAH KIAT INTL       12.5000    6/15/2006       USD      0.01
IVG FINANCE BV         1.7500    3/29/2017       EUR     73.88
NATL INVESTER BK      25.9827     5/7/2029       EUR     23.85
NED WATERSCHAPBK       0.5000    3/11/2025       CAD     54.34
Q-CELLS INTERNAT       5.7500    5/26/2014       EUR     67.22
RABOBANK               6.9000     6/6/2017       RUB     91.80
RABOBANK               2.8050    8/28/2020       AUD     73.49
RBS NV EX-ABN NV       6.3160    6/29/2035       EUR     69.38
SIDETUR FINANCE       10.0000    4/20/2016       USD     74.88
TJIWI KIMIA FIN       13.2500     8/1/2001       USD      0.02

NORWAY
------
EKSPORTFINANS          0.5000     5/9/2030       CAD     36.53
KOMMUNALBANKEN         0.5000    9/24/2014       BRL     71.60
REP OF POLAND          2.6475    3/29/2034       JPY     66.34

PORTUGAL
--------
CAIXA GERAL DEPO       4.2500    1/27/2020       EUR     77.90
CAIXA GERAL DEPO       5.3200     8/5/2021       EUR     72.84
CAIXA GERAL DEPO       4.4000    10/8/2019       EUR     71.28
CAIXA GERAL DEPO       5.3800    10/1/2038       EUR     67.03
PORTUGUESE OT'S        4.1000    4/15/2037       EUR     69.94

RUSSIA
------
APK ARKADA            17.5000    5/23/2012       RUB      0.38
ARKTEL-INVEST         12.0000     4/9/2012       RUB      0.05
BARENTSEV FINANS      20.0000     7/4/2011       RUB      1.10
DVTG-FINANS           17.0000    8/29/2013       RUB      7.00
EUROKOMMERZ           16.0000    3/15/2011       RUB      0.01
IART                  12.0000     8/4/2013       RUB      1.00
IZHAVTO               18.0000     6/9/2011       RUB     11.31
M-INDUSTRIYA          12.2500    8/16/2011       RUB     27.23
MACROMIR-FINANS        7.7500     7/3/2012       RUB      0.50
MIG-FINANS             0.1000     9/6/2011       RUB      1.00
MIRAX                 17.0000    9/17/2012       RUB     22.01
MIRAX                 14.9900    5/17/2011       RUB     31.00
MOSMART FINANS         0.0100    4/12/2012       RUB      2.31
MOSOBLGAZ             12.0000    5/17/2011       RUB     72.50
MOSOBLTRUSTINVES      20.0000    3/26/2011       RUB      6.99
NOK                   10.0000    9/22/2011       RUB      6.51
NOK                   12.5000    8/26/2014       RUB      0.40
NOVYE TORGOVYE S      15.0000    4/26/2011       RUB     62.01
RUSSIAN STANDARD       7.7500    4/13/2012       RUB     75.00
RYBINSKKABEL           0.0100    2/28/2012       RUB      0.10
SAHO                  10.0000    5/21/2012       RUB      0.03
SATURN                 8.5000     6/6/2014       RUB      1.00
SEVKABEL-FINANS       10.5000    3/27/2012       RUB      3.40
SVOBODNY SOKOL         0.1000    5/24/2011       RUB     30.00
TECHNOSILA-INVES       7.0000    5/26/2011       RUB     10.01
TERNA-FINANS           1.0000    11/4/2011       RUB      4.01
TRANSFIN-M            10.7500    8/10/2012       RUB     75.00
VESTER-FINANS         15.2500    8/11/2011       RUB      5.01
VKM-LEASING FINA       1.0000    5/18/2011       RUB      0.10

SPAIN
-----
AYT CEDULAS CAJA       4.7500    5/25/2027       EUR     71.83
AYT CEDULAS CAJA       3.7500    6/30/2025       EUR     63.40
BANCAJA                1.5000    5/22/2018       EUR     62.85
BANCAJA EMI SA         2.7550    5/11/2037       JPY     68.15
BANCO GUIPUZCOAN       1.5000    4/18/2022       EUR     57.52
CAJA CASTIL-MAN        1.5000    6/23/2021       EUR     55.39
CAJA MADRID            5.7550    2/26/2028       EUR     72.39
CAJA MADRID            4.1250    3/24/2036       EUR     70.63
CAJA MADRID            4.0000     2/3/2025       EUR     77.68
CEDULAS TDA 6          3.8750    5/23/2025       EUR     64.72
CEDULAS TDA A-5        4.2500    3/28/2027       EUR     66.06
CEDULAS TDA A-6        4.2500    4/10/2031       EUR     59.86
GEN DE CATALUNYA       4.2200    4/26/2035       EUR     67.54
GENERAL DE ALQUI       2.7500    8/20/2012       EUR     71.84
IM CEDULAS 5           3.5000    6/15/2020       EUR     74.38
IM CEDULAS 7           4.0000    3/31/2021       EUR     76.54
JUNTA LA MANCHA        3.8750    1/31/2036       EUR     58.12
SPANISH GOV'T          4.2000    1/31/2037       EUR     75.27

SWEDEN
------
SWEDISH EXP CRED       0.5000    9/29/2015       BRL     66.06
SWEDISH EXP CRED       8.0000    11/4/2011       USD      8.73
SWEDISH EXP CRED       9.0000    8/28/2011       USD     10.15
SWEDISH EXP CRED       9.0000    8/12/2011       USD     10.15

SWITZERLAND
-----------
UBS AG                13.7000    5/23/2012       USD     14.15
UBS AG                13.3000    5/23/2012       USD      4.03
UBS AG                10.5800    6/29/2011       USD     39.57
UBS AG JERSEY         10.2800    8/19/2011       USD     35.67
UBS AG JERSEY         13.9000    1/31/2011       USD     33.88
UBS AG JERSEY         14.6400    1/31/2011       USD     35.68
UBS AG JERSEY         16.1700    1/31/2011       USD     12.57
UBS AG JERSEY         10.0000    2/11/2011       USD     58.25
UBS AG JERSEY         15.2500    2/11/2011       USD     11.23
UBS AG JERSEY         11.0000    2/28/2011       USD     70.05
UBS AG JERSEY         12.8000    2/28/2011       USD     33.33
UBS AG JERSEY         11.4000    3/18/2011       USD     25.01
UBS AG JERSEY         10.9900    3/31/2011       USD     31.36
UBS AG JERSEY         16.1600    3/31/2011       USD     42.07
UBS AG JERSEY         10.8200    4/21/2011       USD     21.09
UBS AG JERSEY         10.6500    4/29/2011       USD     15.50
UBS AG JERSEY         10.7600    7/29/2011       USD     10.43
UBS AG JERSEY         12.1600    7/29/2011       USD     25.10
UBS AG JERSEY         12.6400    7/29/2011       USD     34.30
UBS AG JERSEY         10.3600    8/19/2011       USD     53.49
UBS AG JERSEY         11.1500    8/31/2011       USD     39.91
UBS AG JERSEY          9.3500    9/21/2011       USD     69.83
UBS AG JERSEY          9.4500    9/21/2011       USD     50.48
UBS AG JERSEY          3.2200    7/31/2012       EUR     47.94

UNITED KINGDOM
--------------
BANK OF SCOTLAND       6.9840     2/7/2035       EUR     73.93
BARCLAYS BK PLC        7.5000    9/22/2011       USD     16.88
BARCLAYS BK PLC        9.0000    6/30/2011       USD     43.97
BARCLAYS BK PLC        7.6100    6/30/2011       USD     52.25
BARCLAYS BK PLC       10.5100    5/31/2011       USD     13.15
BARCLAYS BK PLC       13.0000    5/23/2011       USD     23.10
BARCLAYS BK PLC        9.5000    8/31/2012       USD     29.99
BARCLAYS BK PLC        9.2500    8/31/2012       USD     35.27
BARCLAYS BK PLC       10.8000    7/31/2012       USD     27.67
BARCLAYS BK PLC        9.4000    7/31/2012       USD     11.46
BARCLAYS BK PLC       13.0500    4/27/2012       USD     27.15
BARCLAYS BK PLC       12.9500    4/20/2012       USD     23.97
BARCLAYS BK PLC       10.3500    1/23/2012       USD     21.00
BARCLAYS BK PLC        8.5500    1/23/2012       USD     11.57
BARCLAYS BK PLC        8.8000    9/22/2011       USD     16.37
BARCLAYS BK PLC        8.7500    9/22/2011       USD     72.21
BARCLAYS BK PLC       10.9500    5/23/2011       USD     65.68
BRADFORD&BIN BLD       4.9100     2/1/2047       EUR     68.76
BRADFORD&BIN BLD       5.5000    1/15/2018       GBP     45.57
BRADFORD&BIN PLC       6.6250    6/16/2023       GBP     43.42
BRADFORD&BIN PLC       7.6250    2/16/2049       GBP     47.94
CO-OPERATIVE BNK       5.8750    3/28/2033       GBP     70.75
DISCOVERY EDUCAT       1.9480    3/31/2037       GBP     66.33
EFG HELLAS PLC         6.0100     1/9/2036       EUR     21.63
EFG HELLAS PLC         5.4000    11/2/2047       EUR     46.63
ENTERPRISE INNS        6.3750    9/26/2031       GBP     70.91
HBOS PLC               4.5000    3/18/2030       EUR     74.76
HBOS PLC               6.0000    11/1/2033       USD     68.93
HBOS PLC               6.0000    11/1/2033       USD     68.93
HEALTHCARE SUPP        2.0670    2/19/2043       GBP     69.45
NORTHERN ROCK          5.7500    2/28/2017       GBP     71.50
NORTHERN ROCK          4.5742    1/13/2015       GBP     76.67
PUNCH TAVERNS          6.4680    4/15/2033       GBP     40.17
PUNCH TAVERNS          8.3740    7/15/2029       GBP     51.12
PUNCH TAVERNS          7.5670    4/15/2026       GBP     49.07
ROYAL BK SCOTLND       6.3160    6/29/2030       EUR     68.25
RSL COMM PLC          10.1250     3/1/2008       USD      1.31
RSL COMM PLC           9.1250     3/1/2008       USD      1.31
SKIPTON BUILDING       6.7500    5/30/2022       GBP     64.81
TXU EASTERN FNDG       6.7500    5/15/2009       USD      2.88
TXU EASTERN FNDG       6.4500    5/15/2005       USD      2.88
UNIQUE PUB FIN         6.4640    3/30/2032       GBP     63.16
UNIQUE PUB FIN         7.3950    3/28/2024       GBP     73.86
WESSEX WATER FIN       1.3690    7/31/2057       GBP     32.58

                            *********

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, Psyche A. Castillon, 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.


                 * * * End of Transmission * * *