/raid1/www/Hosts/bankrupt/TCREUR_Public/100914.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, September 14, 2010, Vol. 11, No. 181
Headlines
F R A N C E
PEUGEOT SA: Fitch's 'BB' IDR Unaffected by Loan Reimbursement
RENAULT SA: Fitch's 'BB' IDR Unaffected by Loan Reimbursement
G E R M A N Y
HEIDELBERGCEMENT AG: S&P Revises Outlook from Positive to Stable
PROVIDE VR: S&P Lowers Rating on Class E Notes to 'D (sf)'
G R E E C E
* GREECE: Won't Restructure Debt, Debt Management Head Says
I R E L A N D
ALLIED IRISH: Santander to Acquire Zachodni Stake for EUR2.94BB
ANGLO IRISH: Has 50% Risk of Defaulting on Debt, CMA Says
ANGLO IRISH: Valuation of NAMA Bonds Lower Than Two Other Banks
INTEL IRELAND: Factory's Future Under Review; 500 Jobs at Risk
IRISH NATIONWIDE: Liquidation Won't Hit Ex-Chief's Pension Pot
SKRETTING IRELAND: High Production Costs Prompt Closure
N E T H E R L A N D S
CHEYNE CDO I: Fitch Affirms Rating on Class V Notes at 'Bsf'
R U S S I A
AK YAKUTSKENERGO: Fitch Affirms IDR at 'BB'
LEXGARANT INSURANCE: S&P Raises Counterparty Credit Rating to B+
MOBILE TELESYSTEMS: Fitch Affirms IDR at 'BB+'
SUKHOI CIVIL: Fitch Affirms IDR at 'BB'
TRANSCONTAINER OJSC: Fitch Affirms IDR at 'BB+'
S P A I N
IM GOYA: S&P Affirms Rating on Class D Notes at 'BB-'
TDA 27: Default Risks Cue Standard & Poor's Lowers Credit Ratings
TDA 29: Fitch Affirms Rating on Class D Notes at 'CCCsf'
U N I T E D K I N G D O M
CONNAUGHT PLC: Morgan Sindall to Buy Social Housing Contracts
CONNAUGHT PLC: Mears Buys Remaining Social Housing Contracts
CONNAUGHT PLC: Regulator Mulls Inquiry Into Conduct of Directors
EUROSAIL-UK 2007: S&P Affirms B- Ratings on Six Classes of Notes
FOUR SEASONS: Finalizes Debt Restructuring Deal With Bondholders
LLOYDS BANKING: Puts Heritor's Property Portfolio Up for Sale
LLOYDS BANKING: To Sell Interest in Crest Nicholson to Varde
MINSTER INSURANCE: Chapter 15 Recognition Order Entered
MOORGATE TAVERNS: Ten Pubs Put Up for Sale Following Collapse
POWERPROGOLF: Goes into Administration
SHIP LUXCO: S&P Assigns Preliminary 'B+' LT Corp. Credit Rating
* UK: 150,000 Small Businesses May Face Insolvency, R3 Says
* UK: Atradius Sees More Businesses Collapsing
X X X X X X X X
* EUROPE: Basel Committee to Double Capital Requirements for Banks
* Large Companies with Insolvent Balance Sheet
*********
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F R A N C E
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PEUGEOT SA: Fitch's 'BB' IDR Unaffected by Loan Reimbursement
-------------------------------------------------------------
Fitch Ratings says Renault SA's and Peugeot SA's ratings are
unaffected by each group's decision to make an advance
reimbursement of EUR1 billion. The reimbursements relate to the
companies' respective EUR3 billion loans granted to each of them
by the French government in March 2009.
Fitch presently rates Renault at Long-term Issuer Default Rating
(IDR) 'BB' with a Stable Outlook. PSA has a Long-term IDR of
'BB+' with a Stable Outlook, and a Short-term IDR of 'B'.
The companies' respective early reimbursements will have no major
effect on Renault's and PSA's ample liquidity. Renault reported
EUR7.4 billion in cash and cash equivalents at group level at end-
H110 (EUR6.3 billion for its industrial operations), while PSA
reported EUR10.2 billion at group level (EUR9.1 billion for its
industrial operations). Fitch also notes that refinancing
conditions have improved in 2010, with good access to financial
markets and lower rates for auto manufacturers overall.
Renault's and PSA's decision was chiefly triggered by the
increasing cost of the loans as their respective profitability
recovers. The five-year, EUR3 billion loans have a coupon that
includes a variable portion indexed against the groups' operating
margins. Renault's and PSA's earnings recovery since H209 has
been stronger and quicker than expected when the loans were
granted. Therefore, these loans are now more expensive for both
groups than capital markets funding.
Fitch affirmed Renault's and PSA's Long-term IDRs at 'BB' and
'BB+' respectively on July 19, 2010, and revised the Outlook on
both groups to Stable from Negative to reflect the faster-than-
anticipated rebound in global auto sales, and Fitch's revised
expectations for key credit metrics in the next couple of years.
RENAULT SA: Fitch's 'BB' IDR Unaffected by Loan Reimbursement
-------------------------------------------------------------
Fitch Ratings says Renault SA's and Peugeot SA's ratings are
unaffected by each group's decision to make an advance
reimbursement of EUR1 billion. The reimbursements relate to the
companies' respective EUR3 billion loans granted to each of them
by the French government in March 2009.
Fitch presently rates Renault at Long-term Issuer Default Rating
(IDR) 'BB' with a Stable Outlook. PSA has a Long-term IDR of
'BB+' with a Stable Outlook, and a Short-term IDR of 'B'.
The companies' respective early reimbursements will have no major
effect on Renault's and PSA's ample liquidity. Renault reported
EUR7.4 billion in cash and cash equivalents at group level at end-
H110 (EUR6.3 billion for its industrial operations), while PSA
reported EUR10.2 billion at group level (EUR9.1 billion for its
industrial operations). Fitch also notes that refinancing
conditions have improved in 2010, with good access to financial
markets and lower rates for auto manufacturers overall.
Renault's and PSA's decision was chiefly triggered by the
increasing cost of the loans as their respective profitability
recovers. The five-year, EUR3 billion loans have a coupon that
includes a variable portion indexed against the groups' operating
margins. Renault's and PSA's earnings recovery since H209 has
been stronger and quicker than expected when the loans were
granted. Therefore, these loans are now more expensive for both
groups than capital markets funding.
Fitch affirmed Renault's and PSA's Long-term IDRs at 'BB' and
'BB+' respectively on July 19, 2010, and revised the Outlook on
both groups to Stable from Negative to reflect the faster-than-
anticipated rebound in global auto sales, and Fitch's revised
expectations for key credit metrics in the next couple of years.
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G E R M A N Y
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HEIDELBERGCEMENT AG: S&P Revises Outlook from Positive to Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on German
building materials group HeidelbergCement AG to positive from
stable. At the same time, S&P affirmed the long-term corporate
credit rating of 'BB-' and the short-term corporate credit
rating of 'B'.
The rating actions reflect S&P's view that HeidelbergCement's
credit metrics will gradually improve toward levels commensurate
with a higher rating in 2011. Specifically, S&P anticipates that
funds from operations (FFO) to debt will improve to about the mid-
to-high teens, which is above the level S&P considers commensurate
with the current rating. S&P has not revised its opinion that
credit ratios will improve only moderately by the end of 2010,
with FFO to debt in the low-to-mid teens.
S&P anticipates that HeidelbergCement will reduce its debt through
asset disposals and free cash flow. S&P believes that cash
generation must be supported by a combination of cost savings,
stabilization in mature markets, and, for the remainder of 2010,
by the beneficial effects of the U.S. infrastructure stimulus
package.
"We foresee somewhat positive discretionary annual cash flows over
2010 and a possibly more pronounced recovery in 2011-2012," said
Standard & Poor's credit analyst Sabine Gromer. A pronounced
industry recovery in the near term could also help credit metrics
to improve, although we feel that this is less likely. We believe
that when a recovery does occur, it should raise discretionary
cash flows substantially. Until then, we believe that further
deleveraging will depend on material asset disposals.
"We could upgrade the ratings if market stabilization, recovery,
and asset disposals were to allow the group to improve its credit
metrics faster than we anticipate. In our view, credit metrics
commensurate with a 'BB' rating would include FFO to debt of about
20% with an unchanged business risk profile assessment.
"Conversely, the ratings could come under pressure if the group's
ultimate end-markets were to weaken sufficiently to compromise
free cash flow generation and prevent debt reduction. However, we
think that this latter scenario is less likely to occur."
PROVIDE VR: S&P Lowers Rating on Class E Notes to 'D (sf)'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
PROVIDE VR 2002-1's class E notes following loss allocations to
this class of notes, and on the class D notes due to reduced
credit enhancement and a relative deterioration in the
creditworthiness of these notes. At the same time, S&P affirmed
ratings on the class A+, A, B, and C notes because of sufficient
credit enhancement for these notes.
The rating actions follow the loss allocation to the unrated class
F notes, which have now been written down to ?1, and the
allocation of losses to the class E notes. In S&P's view, the
main cause of the increasing losses is the low recovery rates
(32.2%) on the mortgage loans collateralizing this transaction.
Total loss allocations in the transaction are ?12.8 million to
date, representing more than the total amount of the ?12.3 million
class F notes, which acted as the first-loss piece in this
transaction. Given S&P's analysis of realized losses to date in
this particular portfolio, the low recovery rate in S&P's opinion,
and the current default claims in the amount of ?10.1 million, S&P
assessed the likelihood of future losses for both the performing
and nonperforming parts of the collateral pool. The required
enhancement levels at the various ratings indicate that the class
D notes have insufficient support to maintain their current
ratings, in S&P's view, and as a result S&P downgraded these
notes.
At the same time, the credit enhancement for the class A, B, and C
notes is sufficient to maintain their current ratings, especially
due to the subordination provided by the class D notes of
?23 million.
PROVIDE VR 2002-1 is a partially funded synthetic German
residential mortgage-backed securities (RMBS) transaction. It is
a second-lien securitization almost entirely comprising loan parts
that are not eligible for covered bond issuance. Such
transactions are generally more prone to producing realized losses
than first-lien securitizations, in S&P's opinion.
Ratings list
Rating
Class To From
PROVIDE VR 2002-1
?115.45 Million Floating-Rate Credit-Linked Notes
Ratings Lowered
D CCC- (sf) CCC+ (sf)
E D (sf) CCC- (sf)
Ratings Affirmed
A AAA (sf)
A+ AAA (sf)
B AA (sf)
C A (sf)
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G R E E C E
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* GREECE: Won't Restructure Debt, Debt Management Head Says
-----------------------------------------------------------
Anchalee Worrachate and Andrea Catherwood at Bloomberg News report
that Petros Christodoulou, head of Greece's debt management
agency, said the country won't restructure its debt and will stick
to austerity measures it pledged as part of a EUR110 billion
(US$140 billion) bailout.
Investors remain reluctant to buy Greek debt after the country in
May turned to the European Union and International Monetary Fund
for a bailout, Bloomberg notes. The extra yield that investors
demand to hold Greek 10-year bonds compared with German bunds rose
as high as 957 basis points on Wednesday, Sept. 8, 16 points short
of the record touched on May 7, Bloomberg states. Mr.
Christodoulou, as cited by Bloomberg, said investors should not
look at bond yield spreads as an indication of what's going on in
Greece.
Bloomberg relates Greece's budget deficit reached 13.6% of
economic output last year, the second highest in the EU.
According to Bloomberg, the government has argued that the
austerity measures, which aim to cut the shortfall to within the
EU limit of 3% in 2014, are needed to prevent a default after
borrowing costs soared.
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I R E L A N D
=============
ALLIED IRISH: Santander to Acquire Zachodni Stake for EUR2.94BB
---------------------------------------------------------------
Joe Brennan and Charles Penty at Bloomberg News reports that Banco
Santander SA, Spain's biggest bank, agreed to buy Allied Irish
Banks Plc's stake in Bank Zachodni WBK SA for EUR2.94 billion
(US$3.7 billion) to expand in Poland as growth in Western Europe
stalls.
Bloomberg relates Santander said in a statement on Friday that the
Spanish bank will also buy the Irish lender's stake in BZ WBK
Asset Management for a further EUR150 million in cash.
As reported by the Troubled Company Reporter-Europe, Bloomberg
said Allied Irish is selling its stake in Zachodni as it seeks to
raise EUR7.4 billion (US$9.4 billion) to reach new capital
standards.
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 July 23,
2010, Moody's Investors Service affirmed AIB's long-term bank
deposit and debt ratings. These are A1 for long-term bank
deposits and senior debt, A2 for dated subordinated debt, Ba3 for
undated subordinated debt, B1 for cumulative tier 1 securities and
Caa1 for non-cumulative tier 1 securities. Moody's said the
outlook on these ratings is stable. AIB's bank financial strength
rating of D, which maps to Ba2 on the long term rating scale, with
a positive outlook was unaffected by the rating action.
ANGLO IRISH: Has 50% Risk of Defaulting on Debt, CMA Says
---------------------------------------------------------
Anglo Irish Bank has a 50% chance of defaulting on its debt over
the next five years, Shane Ross and Nick Webb at Independent.ie
reports, citing financial analysis firm CMA.
The report relates the cost of insuring Anglo Irish Bank's debt
soared, with credit default swaps -- a barometer of risk --
hitting 799 points at one point on Wednesday, Sept. 8. This
indicates the likelihood of default by 2015 is as high as 50%, the
report says.
The report notes Anglo's riskier borrowings -- known as
subordinated debt -- are an even shakier proposition, with swaps
trading indicating that the chance of a default could be as high
as 72% over five years.
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 September
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 July 23,
2010, the A3/P-1 bank deposit and senior debt ratings as well as
the Ba1 dated subordinated debt rating and the Caa2 undated
subordinated debt rating of Anglo Irish Bank have been maintained
under review for possible downgrade as the key rating driver in
Moody's Investors Service's view remains the bank's restructuring
plan that is currently waiting EU approval. Moody's said the
outlook on the bank's E BFSR, mapping to a Caa1 on the long-term
scale, is stable.
On April 7, 2010, the Troubled Company Reporter-Europe reported
that Fitch Ratings affirmed Anglo Irish Bank Corporation's lower
Tier 2 subordinated debt downgraded to 'CCC' from 'BBB+'. Fitch
affirmed the rating on the bank's Upper Tier 2 subordinated notes
at 'CC'. It also affirmed the rating on the bank's Tier 1 notes
at 'C'.
ANGLO IRISH: Valuation of NAMA Bonds Lower Than Two Other Banks
---------------------------------------------------------------
Anglo Irish Bank applied a lower value to the first state-backed
bonds received from the Irish government's National Asset
Management Agency than Allied Irish Banks and Bank of Ireland on
the first loan transfers, Simon Carswell at The Irish Times
reports, citing the banks' half-year accounts.
According to the report, the decision by Anglo to value the
government-backed bonds or IOUs from Nama at a lower value than
AIB and Bank of Ireland may cost the state an estimated EUR1.4
billion, depending on the final value assigned to them in its
accounts.
Nama is buying loans of about EUR80 billion at a discount from
five lenders, paying them in the form of government-guaranteed
bonds, the report discloses. The bonds can be exchanged for cash
at the European Central Bank with a 1.5% discount, the report
says. The report notes that while AIB and Bank of Ireland applied
this discount, Anglo used an estimate of how the market would
value the bonds, assigning a discount of almost 9%.
The bank set the valuation based on the interest rate paid by Nama
on the bonds, the rate on the equivalent Irish sovereign debt, the
"extendible feature" of the notes and the repayment dates outlined
in Nama's business plan, the report states.
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 September
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 July 23,
2010, the A3/P-1 bank deposit and senior debt ratings as well as
the Ba1 dated subordinated debt rating and the Caa2 undated
subordinated debt rating of Anglo Irish Bank have been maintained
under review for possible downgrade as the key rating driver in
Moody's Investors Service's view remains the bank's restructuring
plan that is currently waiting EU approval. Moody's said the
outlook on the bank's E BFSR, mapping to a Caa1 on the long-term
scale, is stable.
On April 7, 2010, the Troubled Company Reporter-Europe reported
that Fitch Ratings affirmed Anglo Irish Bank Corporation's lower
Tier 2 subordinated debt downgraded to 'CCC' from 'BBB+'. Fitch
affirmed the rating on the bank's Upper Tier 2 subordinated notes
at 'CC'. It also affirmed the rating on the bank's Tier 1 notes
at 'C'.
INTEL IRELAND: Factory's Future Under Review; 500 Jobs at Risk
--------------------------------------------------------------
InsolvencyJournal.ie, citing The Sunday Business Post, reports
that the future of an Intel Ireland factory at Leixlip in Co.
Kildare is under review with up to 500 jobs at risk.
According to the report, The Sunday Business Post's "informed
sources" said Fab 10 is one of the oldest parts of Intel's Irish
operation, and unless new orders can be attracted in the near the
future the plant will be closed early next year.
Intel Ireland is a unit of Intel Corp.
IRISH NATIONWIDE: Liquidation Won't Hit Ex-Chief's Pension Pot
--------------------------------------------------------------
Irish Independent reports that Michael Fingleton, the former chief
executive of Irish Nationwide, stands to lose nothing from the
building society's shutdown.
According to the report, Mr. Fingleton left Nationwide with a
pension pot of more than EUR26 million, which is understood to
have taken a "significant" hit at the hands of the imploding
property market.
The report says the liquidation of the building society would not
inflict any further pain, since Mr. Fingleton's pension is in a
special, "self-administered" fund that's entirely ringfenced from
Nationwide.
A liquidation would also do nothing to compel the banker to return
the EUR1 million bonus he infamously promised to return and then
hung on to, the report notes. The report relates sources on
Sunday night confirmed the bonus had still not been paid back.
As reported by the Troubled Company Reporter-Europe on Aug. 20,
2010, The Irish Times, citing Patrick Honohan, governor of
Ireland's Central Bank, disclosed the bailout of Irish Nationwide
Building Society is likely to exceed the original estimated cost
of EUR2.7 billion by up to one-fifth.
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'. 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.
SKRETTING IRELAND: High Production Costs Prompt Closure
-------------------------------------------------------
InsolvencyJournal.ie reports that 22 jobs are to go after the
announcement last week of the closure of Skretting Ireland Ltd.
The report relates workers at were called into a meeting on
Sept. 7 and told the plant was to be closed.
According to the report, high production costs at the Westport
site were blamed for the closure.
"Trading conditions have been difficult for the last three years,"
the report quoted managing director Anthony Murphy as saying.
According to the report, Mr. Murphy also noted a "significant fall
in demand for salmon feed year on year". He said low sales had
led to reduced competitiveness, the report notes.
Production will end at the end of November and the company will be
wound down over the course of December, the report discloses.
Skretting Ireland Ltd. is a fish processing plant in Westport, Co
Mayo. It is part of Nutreco, an animal nutrition and fish feed
group listed on the Euronext stock exchange in Amsterdam.
=====================
N E T H E R L A N D S
=====================
CHEYNE CDO I: Fitch Affirms Rating on Class V Notes at 'Bsf'
------------------------------------------------------------
Fitch Ratings has affirmed all six tranches of Cheyne Credit
Opportunity CDO I B.V.'s (Cheyne CDO I) rated notes. Fitch has
additionally revised the Outlooks to Stable from Negative for the
three junior rated tranches, and revised the Loss Severity rating
for class IB notes.
The transaction has performed in line with the agency's
expectations since the last review in September 2009. There have
been further defaults, but the agency believes this has been
largely offset by the de-leveraging of the deal and improvement in
credit quality of the performing portfolio. The Outlooks on the
three most junior rated tranches have been revised to Stable from
Negative to reflect the deleveraging of the transaction and the
improvement in the credit quality of the portfolio, which the
agency believes partially mitigates the refinancing risk of the
underlying leveraged loans.
EUR515.08m class IA F (XS0246347016): affirmed at 'AAAsf'; Outlook
Stable; 'LS-2'
EUR138m class IB (XS0243224911): affirmed at 'AAAsf'; Outlook
Stable; LS rating revised to 'LS-3' from 'LS-4'
EUR40m class II (XS0243225215): affirmed at 'AAsf'; Outlook
Stable; 'LS-5'
EUR40m class III (XS0243225488): affirmed at 'Asf'; Outlook
revised to Stable from Negative; 'LS-5'
EUR60m class IV (XS0243225728): affirmed at 'BBsf'; Outlook
revised to Stable from Negative; 'LS-5'
EUR32.01m class V (XS0243226296): affirmed at 'Bsf' Outlook
revised to Stable from Negative; 'LS-5'
Fitch believes that although refinancing risk is not imminent for
many issuers, it is still considered high for obligors rated 'B-'
or below which represents 35% of the portfolio. Nevertheless, the
credit quality of the performing portfolio has improved with a
portfolio weighted average rating (WAR) of 'B'/'B-' compared to
'B-' at the last review, which is due to a reduction in the 'CCC'
or lower rated obligors to 15% from 21% at the last review. The
transaction has had four further defaults, totaling 8.2% of the
transaction's target par amount. The cumulative default rate is
21.3% of the target par amount of the transaction.
The de-leveraging of the transaction has improved the credit
enhancement (CE) levels of all the notes since the last review.
The class IA F has been paid down from excess spread due to OC
tests breaches, and its current balance is 93% of its original
balance. In addition, deferred interest on classes III and IV was
paid on the August 2010 payment date. Class V is currently the
only class to have deferred interest.
All over-collateralization tests, except for the class V OC test,
are back in compliance after the August 2010 payment date
distributions. Fitch notes that the transaction accounts for
defaulted assets at zero instead of at market value or recovery
estimates for the purpose of calculating OC tests. Fitch views
this as beneficial to the senior notes as it makes the coverage
tests more effective compared to other European CLOs in diverting
proceeds to redeem the senior notes.
The transaction's initial loss expectations and CE were higher
relative to other European CLOs due to the portfolio covenant
limits that allow up to 45% of second liens and mezzanine loans in
aggregate. However, the current portfolio contains 2% of
mezzanine loans and 13% of second lien loans which is noticeably
lower than the allowed limits. Fitch views this as beneficial to
the rated notes because the recovery expectations from the
predominantly senior secured portfolio are currently higher than
originally expected.
In Fitch's analysis, the recovery rate tiering has an additional
step to that described in the agency's global corporate CDO
criteria. This is to avoid double-stressing the transaction's
recovery rates assumptions as the agency has already lowered the
recovery rate expectations of the portfolio. First, the recovery
rate tiering was performed in line with the agency's criteria.
Next, the relative decrease in the portfolio weighted average
recovery rate (WARR) since 2008, when the corporate CDO criteria
was previously published, was calculated. The Portfolio Credit
Model (PCM) Rating Recovery Rate (RRR) results for the 'AAA', 'AA'
and 'A' rating stresses were then increased by this relative
percentage. This results in a marginal improvement for the senior
notes breakeven default rates but no difference in terms of model
implied ratings.
Fitch has assigned an Issuer Report Grade (IRG) of 'Three Stars'
to the issuer to reflect its satisfactory investor reporting.
Fitch notes that the investor reports provide consistent reporting
with line-by-line priority of payments and hedge transactions
details including hedge counterparty information. However, the
reports lack other information such as a breakdown of coverage
tests haircuts or performance commentary.
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R U S S I A
===========
AK YAKUTSKENERGO: Fitch Affirms IDR at 'BB'
-------------------------------------------
Fitch Ratings has revised the foreign and local currency Outlooks
on three Russian companies and affirmed the ratings of five
companies. The rating actions follow Fitch's revision of the
Russian Federation's ratings Outlook to Positive from Stable, and
the affirmation of Russia's Long-term foreign and local currency
Issuer Default Ratings at 'BBB'.
The corporate rating actions are:
-- Sukhoi Civil Aircraft JSC (SCAC)
Long-term foreign currency IDR: affirmed at 'BB'; Outlook revised
to Positive from Stable
Long-term local currency IDR: affirmed at 'BB'; Outlook revised to
Positive from Stable
Short-term foreign currency IDR: affirmed at 'B'
Short-term local currency IDR: affirmed at 'B'
Senior unsecured rating: affirmed at 'BB'
National Long-term rating: affirmed at 'AA-(rus)'; Outlook revised
to Positive from Stable
National Short-term rating: affirmed at 'F1+(rus)'
The ratings of Sukhoi Civil Aircraft JSC (SCAC) are driven by the
strong links to its ultimate majority (75% minus one share)
shareholder, the Russian Federation, and the strategic nature of
its flagship product, the Super Jet 100 (SSJ100), to the state.
The ratings of SCAC are notched down from those of the sovereign
as a result of purely verbal representations from state officials
regarding the support SCAC can rely on from the Russian government
for additional equity injections over and above what has already
been contributed.
-- JSC RusHydro
Long-term foreign currency IDR: affirmed at 'BB+'; Outlook revised
to Positive from Stable
National Long-term rating: affirmed at 'AA(rus)'; Outlook revised
to Positive from Stable
RusHydro's ratings are notched down by two levels from the
sovereign's due to its state ownership, the strategic importance
of the company to the state, and its reliance on investment
funding from the state.
-- OAO AK Yakutskenergo (YE)
Long-term foreign currency IDR: affirmed at 'BB'; Outlook revised
to Positive from Stable
Long-term local currency IDR: affirmed at 'BB'; Outlook revised to
Positive from Stable
National Long-term rating: affirmed at 'AA-(rus) '; Outlook
revised to Positive from Stable
YE's ratings are notched down by three levels from the Russian
Federation's ratings due to state ownership, the strategic
importance of the company to the state, direct federal subsidies,
and its reliance on state-controlled banks for the majority of
debt funding and liquidity.
-- JSC Russian Railways (RZD)
Long-term foreign currency IDR: affirmed at 'BBB'; Stable Outlook
Long-term local currency IDR: affirmed at 'BBB'; Stable Outlook
Short-term foreign currency IDR: affirmed at 'F3'
Short-term local currency IDR: affirmed at 'F3'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
National senior unsecured rating: affirmed at 'AAA(rus)'
Foreign currency senior unsecured rating: affirmed at 'BBB'
Local currency senior unsecured rating: affirmed at 'BBB'
While RZD continues to benefit from strong links with the
government full and timely financial support, which would allow
continued rating alignment, is not certain without explicit
guarantees.
-- OJSC Transcontainer (Transcontainer)
Long-term foreign currency IDR: affirmed at 'BB+'; Stable Outlook
Long-term local currency IDR: affirmed at 'BB+'; Stable Outlook
Short-term foreign currency IDR: affirmed at 'B'
Short-term local currency IDR: affirmed at 'B'
Senior unsecured rating: affirmed at 'BB+'
National Long-term rating: affirmed at 'AA(rus)'; Stable Outlook
Transcontainer's ratings reflect the strong strategic and
operational ties between the company and its parent RZD. In line
with Fitch's Parent-Subsidiary Rating Linkage methodology,
Transcontainer's Long-term IDRs have been notched down two levels
from those of RZD.
LEXGARANT INSURANCE: S&P Raises Counterparty Credit Rating to B+
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit and financial strength ratings on Russian
insurer LEXGARANT Insurance Co. Ltd. to 'B+' from 'B'. The
outlook is stable. At the same time, the Russia national scale
rating was raised to 'ruA' from 'ruA-'.
"The upgrade reflects a general improvement in the company's
financial profile, including what we view as improved prospects
for operating performance, liquidity, capitalization, financial
flexibility, and, to some extent, investments," said Standard &
Poor's credit analyst Victor Nikolskiy.
The ratings reflect, in S&P's opinion, LEXGARANT's improved,
albeit still marginal, liquidity and capitalization.
Capitalization is supported by good reinsurance protection;
retained earnings; durable appreciation of the newly-completed
central Moscow office development; and generally improved,
although still marginal, financial flexibility.
These relatively positive factors are in part offset by the
Company's small size and limited, very specialized franchise in
the high-risk sector of Russian and, increasingly, European
aviation. Although LEXGARANT enjoys considerable experience and
expertise in this area, its ability to offer sufficient
underwriting capacity depends to a large extent on the
availability of sufficient, appropriately priced reinsurance
protection. Additionally, the investment portfolio reflects a
considerable degree of concentration risk, with large amounts of
cash held at just three banks--and that cash is heavily commitment
to the company's own use and rental property development. These
banks are Russian subsidiaries of international banking groups.
The stable outlook reflects S&P's expectation that LEXGARANT will
continue to maintain its niche competitive position in its chosen
markets, supported by good reinsurance protection, while
successfully managing its financial profile.
"Positive rating actions are unlikely in the medium term," said
Mr. Nikolskiy. "We could consider positive rating actions if
LEXGARANT significantly improves its competitive position and the
quality of its investments."
Conversely, S&P could revise the outlook to negative if
LEXGARANT's competitive position, earnings, capitalization, or
investment-portfolio quality deteriorates.
MOBILE TELESYSTEMS: Fitch Affirms IDR at 'BB+'
----------------------------------------------
Fitch Ratings has affirmed Russia-based OJSC Mobile TeleSystems'
Long-term foreign currency Issuer Default Rating at 'BB+' with a
Stable Outlook. Fitch has additionally affirmed MTS's Short-term
foreign currency IDR at 'B' and senior unsecured foreign currency
rating at 'BB+', while affirming the National Long-term rating at
'AA(rus)' with a Stable Outlook. The agency has additionally
assigned MTS a Long-term local currency IDR of 'BB+' with a Stable
Outlook, a senior unsecured local currency rating of 'BB+' and a
Short-term local currency IDR of 'B'.
The affirmation of MTS's ratings reflects the company's strong and
stable market shares in all its key mobile markets including, most
importantly, Russia. Although competition in Russia is likely to
intensify as Tele2 and the to-be-enlarged Rostelecom have
ambitions to grow their market shares, Fitch believes that MTS
will be able to defend its positions and at least maintain parity
in terms of coverage, technology solutions, frequency portfolio,
marketing and capex spend. Control over MGTS will continue to
ensure MTS's undisputed leadership in the mass fixed-line market
in Moscow.
Fitch expects MTS to continue its strong free cash flow (FCF)
generation and financial performance. With all key markets
reasonably mature and therefore not requiring excessive capex and
profitability strong, Fitch views MTS's positive FCF generation as
sustainable. The company's EBITDA margin in the core segment of
mobile services remains high at close to 50%, although overall it
has been diluted by the company's entry into the low-profit
handset retail business and the fixed-line segment with its
intrinsically lower marigns than mobile. However, capex as a
percentage of revenues has been high at well above 20% and is
unlikely to abruptly decline. As a result, Fitch expects that
MTS's pre-dividend FCF margin is likely to remain in the range of
10% in future.
MTS's leverage and credit metrics are strong for the rating level.
A planned merger with Comstar and a related buy-out of minority
shareholders in addition to a potential acquisition of Sistema's
stake in MGTS, which Fitch views as likely in the near term,
should not significantly increase leverage. MTS's announced deal
to divest a 25% stake in Svyazinvest for RUB26 billion will help
to keep debt in check. Fitch's estimates that funds from
operations (FFO) adjusted net leverage should not exceed 2x, and
net debt/EBITDA is unlikely to rise above 1.5x.
The regulatory environment remains benign for large mobile
operators in Russia and other key markets. The key regulatory
uncertainty with respect to Russia relates to the allocation of 4G
frequencies. However, it is an industry-wide risk and 4G
deployment is unlikely to turn into a key operating and financial
driver in the medium term.
MTS's ratings continue to be constrained by Sistema's influence.
MTS is exposed to Sistema group-wide risks while the holding
company retains a flexibility to change MTS's capital structure.
Fitch notes a high event risk of within-the-group acquisitions
that may potentially push MTS's FFO leverage above 3x which could
in turn have a negative impact on its ratings. MTS is engaged in
related party transactions with Sistema group companies. At end-
2009, MTS held US$964 million of cash, or 38% of the total at this
time, with MBRD ('B+'/Stable), Sistema's bank subsidiary.
SUKHOI CIVIL: Fitch Affirms IDR at 'BB'
---------------------------------------
Fitch Ratings on September 10 revised JSC Rushydro's Outlook to
Positive from Stable and affirmed the company's Long-term foreign
currency Issuer Default Rating at 'BB+', following a change in the
outlook of the Russian Federation's Long-term IDR to Positive from
Stable. Fitch has additionally affirmed the Long-term National
rating at 'AA(rus)' and revised the Outlook to Positive from
Stable. The agency has simultaneously assigned Rushydro a Long-
term local currency IDR of 'BB+' with a Positive Outlook.
Fitch currently rates Rushydro on the basis of the agency's Parent
and Subsidiary Rating Linkage methodology. According to this
methodology, Fitch assesses the credit strength of Rushydro at two
notches below that of the Russian Federation due to a range of
factors including mandatory government ownership, direct equity
investment, significant government investment in supporting
infrastructure, a rigorous government-wide approval process for
Rushydro's capex and strategic importance of the company to the
state. At the same time, the agency recognizes that Rushydro's
business and financial profile is strong for the assigned rating
and our expectations are for improvement. However, the company
and the market in which it operates continue to exhibit non-
investment grade characteristics, and Fitch would consequently
look for certain milestones to be passed before considering any
positive rating actions independent of a sovereign upgrade.
While the regulatory and market framework in which Rushydro
operates is changing, Fitch views these changes as positive.
First, a capacity market to provide volume-neutral capex funding
to Russian power utilities has been designed to benefit Rushydro,
effectively guaranteeing that 100% of the company's capacity will
be accepted at annual capacity auctions. Capacity income
currently makes up almost half of Rushydro's annual revenue.
Second, generator sales to the non-residential sector have been
gradually liberalized, with all tariff-based sales coming to an
end by FYE10. This process of liberalization has brought with it
significantly higher operating margins for Rushydro (45% in 2009
compared to 31% in 2008). Volatility in power pricing has
increased, but even in the depths of Russia's recent recession
(7.9% decline in GDP in 2009) wholesale market prices remained
above the level of regulated tariffs. Fitch consequently views
liberalization as a positive credit development. Furthermore,
Russia's political commitment to the liberalization process has
been tested in the recession, when major power users argued
unsuccessfully for the liberalization timetable to be stopped or
scaled back.
Rushydro has a strong financial profile for the current rating
level. Fitch's forecast for Rushydro's medium term funds from
operations (FFO) adjusted leverage is below 2.0x, which is well
below an indicative mid-point of 3.5x for 'A' range western
European utilities. Similarly, Fitch's forecast for FFO interest
cover is over 8.0x for the medium term, compared to 5.0x as an
indicative midpoint for 'A' range utilities. Notably, this
forecast financial profile already reflects a large capex program,
part of which (dealing with asset refurbishment) has been
accelerated following the accident at the Sayano-Shushenskaya
plant on August 17, 2009. The company also has a strong liquidity
position, with high cash balances (RUB48 billion at the end of
2009) and a RUB13 billion undrawn credit facility with
Gazprombank, compared to less than RUB10 billion in debt maturing
before the end of 2011.
Rushydro is nevertheless a company in transition, with an entire
new management team put in place following the August 2009
accident. Before considering any positive rating action
independent of a sovereign upgrade, Fitch would expect to see the
company pass certain milestones, including: successful completion
of the first phase of refurbishment of the Sayano-Shushenskaya
plant, indicating smooth progress to full operation on the
forecast capex budget, and the successful implementation of a
portion of the company's accelerated maintenance capex plans on
time and on budget. Further milestones include the establishment
of a management track record, measured through the performance of
Rushydro in line with current expectations (e.g., including the
two capex issues described above), forbearance from acquisitions
which negatively impact the company's credit quality, and the
successful integration of recently acquired retail supply
businesses into the Rushydro value chain. Fitch would further
expect to see a material diminution of the company's currency risk
stemming from unhedged US dollar debt exposure, a continued
improvement in operating margins through 2010 as market
liberalization continues, and a track record of the capacity
market providing Rushydro with adequate capex funding under new
rules implemented in April 2010.
Fitch Ratings has revised the foreign and local currency Outlooks
on three Russian companies and affirmed the ratings of five
companies. The rating actions follow Fitch's revision of the
Russian Federation's ratings Outlook to Positive from Stable, and
the affirmation of Russia's Long-term foreign and local currency
Issuer Default Ratings at 'BBB'.
The corporate rating actions are:
-- Sukhoi Civil Aircraft JSC (SCAC)
Long-term foreign currency IDR: affirmed at 'BB'; Outlook revised
to Positive from Stable
Long-term local currency IDR: affirmed at 'BB'; Outlook revised to
Positive from Stable
Short-term foreign currency IDR: affirmed at 'B'
Short-term local currency IDR: affirmed at 'B'
Senior unsecured rating: affirmed at 'BB'
National Long-term rating: affirmed at 'AA-(rus)'; Outlook revised
to Positive from Stable
National Short-term rating: affirmed at 'F1+(rus)'
The ratings of Sukhoi Civil Aircraft JSC (SCAC) are driven by the
strong links to its ultimate majority (75% minus one share)
shareholder, the Russian Federation, and the strategic nature of
its flagship product, the Super Jet 100 (SSJ100), to the state.
The ratings of SCAC are notched down from those of the sovereign
as a result of purely verbal representations from state officials
regarding the support SCAC can rely on from the Russian government
for additional equity injections over and above what has already
been contributed.
-- JSC RusHydro
Long-term foreign currency IDR: affirmed at 'BB+'; Outlook revised
to Positive from Stable
National Long-term rating: affirmed at 'AA(rus)'; Outlook revised
to Positive from Stable
RusHydro's ratings are notched down by two levels from the
sovereign's due to its state ownership, the strategic importance
of the company to the state, and its reliance on investment
funding from the state.
-- OAO AK Yakutskenergo (YE)
Long-term foreign currency IDR: affirmed at 'BB'; Outlook revised
to Positive from Stable
Long-term local currency IDR: affirmed at 'BB'; Outlook revised to
Positive from Stable
National Long-term rating: affirmed at 'AA-(rus) '; Outlook
revised to Positive from Stable
YE's ratings are notched down by three levels from the Russian
Federation's ratings due to state ownership, the strategic
importance of the company to the state, direct federal subsidies,
and its reliance on state-controlled banks for the majority of
debt funding and liquidity.
-- JSC Russian Railways (RZD)
Long-term foreign currency IDR: affirmed at 'BBB'; Stable Outlook
Long-term local currency IDR: affirmed at 'BBB'; Stable Outlook
Short-term foreign currency IDR: affirmed at 'F3'
Short-term local currency IDR: affirmed at 'F3'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
National senior unsecured rating: affirmed at 'AAA(rus)'
Foreign currency senior unsecured rating: affirmed at 'BBB'
Local currency senior unsecured rating: affirmed at 'BBB'
While RZD continues to benefit from strong links with the
government full and timely financial support, which would allow
continued rating alignment, is not certain without explicit
guarantees.
-- OJSC Transcontainer (Transcontainer)
Long-term foreign currency IDR: affirmed at 'BB+'; Stable Outlook
Long-term local currency IDR: affirmed at 'BB+'; Stable Outlook
Short-term foreign currency IDR: affirmed at 'B'
Short-term local currency IDR: affirmed at 'B'
Senior unsecured rating: affirmed at 'BB+'
National Long-term rating: affirmed at 'AA(rus)'; Stable Outlook
Transcontainer's ratings reflect the strong strategic and
operational ties between the company and its parent RZD. In line
with Fitch's Parent-Subsidiary Rating Linkage methodology,
Transcontainer's Long-term IDRs have been notched down two levels
from those of RZD.
TRANSCONTAINER OJSC: Fitch Affirms IDR at 'BB+'
-----------------------------------------------
Fitch Ratings has revised the foreign and local currency Outlooks
on three Russian companies and affirmed the ratings of five
companies. The rating actions follow Fitch's revision of the
Russian Federation's ratings Outlook to Positive from Stable, and
the affirmation of Russia's Long-term foreign and local currency
Issuer Default Ratings at 'BBB'.
The corporate rating actions are:
-- Sukhoi Civil Aircraft JSC (SCAC)
Long-term foreign currency IDR: affirmed at 'BB'; Outlook revised
to Positive from Stable
Long-term local currency IDR: affirmed at 'BB'; Outlook revised to
Positive from Stable
Short-term foreign currency IDR: affirmed at 'B'
Short-term local currency IDR: affirmed at 'B'
Senior unsecured rating: affirmed at 'BB'
National Long-term rating: affirmed at 'AA-(rus)'; Outlook revised
to Positive from Stable
National Short-term rating: affirmed at 'F1+(rus)'
The ratings of Sukhoi Civil Aircraft JSC (SCAC) are driven by the
strong links to its ultimate majority (75% minus one share)
shareholder, the Russian Federation, and the strategic nature of
its flagship product, the Super Jet 100 (SSJ100), to the state.
The ratings of SCAC are notched down from those of the sovereign
as a result of purely verbal representations from state officials
regarding the support SCAC can rely on from the Russian government
for additional equity injections over and above what has already
been contributed.
-- JSC RusHydro
Long-term foreign currency IDR: affirmed at 'BB+'; Outlook revised
to Positive from Stable
National Long-term rating: affirmed at 'AA(rus)'; Outlook revised
to Positive from Stable
RusHydro's ratings are notched down by two levels from the
sovereign's due to its state ownership, the strategic importance
of the company to the state, and its reliance on investment
funding from the state.
-- OAO AK Yakutskenergo (YE)
Long-term foreign currency IDR: affirmed at 'BB'; Outlook revised
to Positive from Stable
Long-term local currency IDR: affirmed at 'BB'; Outlook revised to
Positive from Stable
National Long-term rating: affirmed at 'AA-(rus) '; Outlook
revised to Positive from Stable
YE's ratings are notched down by three levels from the Russian
Federation's ratings due to state ownership, the strategic
importance of the company to the state, direct federal subsidies,
and its reliance on state-controlled banks for the majority of
debt funding and liquidity.
-- JSC Russian Railways (RZD)
Long-term foreign currency IDR: affirmed at 'BBB'; Stable Outlook
Long-term local currency IDR: affirmed at 'BBB'; Stable Outlook
Short-term foreign currency IDR: affirmed at 'F3'
Short-term local currency IDR: affirmed at 'F3'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
National senior unsecured rating: affirmed at 'AAA(rus)'
Foreign currency senior unsecured rating: affirmed at 'BBB'
Local currency senior unsecured rating: affirmed at 'BBB'
While RZD continues to benefit from strong links with the
government full and timely financial support, which would allow
continued rating alignment, is not certain without explicit
guarantees.
-- OJSC Transcontainer (Transcontainer)
Long-term foreign currency IDR: affirmed at 'BB+'; Stable Outlook
Long-term local currency IDR: affirmed at 'BB+'; Stable Outlook
Short-term foreign currency IDR: affirmed at 'B'
Short-term local currency IDR: affirmed at 'B'
Senior unsecured rating: affirmed at 'BB+'
National Long-term rating: affirmed at 'AA(rus)'; Stable Outlook
Transcontainer's ratings reflect the strong strategic and
operational ties between the company and its parent RZD. In line
with Fitch's Parent-Subsidiary Rating Linkage methodology,
Transcontainer's Long-term IDRs have been notched down two levels
from those of RZD.
=========
S P A I N
=========
IM GOYA: S&P Affirms Rating on Class D Notes at 'BB-'
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all outstanding classes of notes in IM GOYA HIPOTECARIO I, Fondo
de Titulizacion de Activos and AyT Goya Hipotecario II, Fondo de
Titulizacion de Activos. S&P also withdrew its rating on IM
GOYA HIPOTECARIO I's class A1 notes, which S&P did not do when
this class amortized in January 2010 due to an administrative
error.
The rating actions reflect the strong performance of both
transactions with 90+ days delinquencies at only 1.63% for IM GOYA
HIPOTECARIO I and 1.95% for AyT Goya Hipotecario II as of July
2010. This is despite the existence of loans in the underlying
collateral pools that have loan-to-value (LTV) ratios above 80%.
S&P's analysis indicates that despite previous reserve fund draws,
credit enhancement levels are robust enough to cover potential
future additional defaults in the structures. As of July 2010,
S&P understands that IM GOYA HIPOTECARIO I's reserve fund was at
91.85% of its required level due to several draws that were
subsequently partially replenished. AyT Goya Hipotecario II's
reserve fund is at 85% of its required level due to several
draws on the last three payment dates.
A common feature in Spanish RMBS transactions is that if the level
of cumulative defaulted loans reaches certain levels over the
original balance of mortgage-backed notes issued, the priority of
payments changes, resulting in the diversion of interest payments
from the related classes of notes to amortize the most senior
class of notes.
IM GOYA HIPOTECARIO I's trigger levels are 7.00%, 4.50%, and 4.00%
for the class B, C, and D notes, respectively. AyT Goya
Hipotecario II's triggers levels are 7.89%, 5.26%, and 3.95% for
the class B, C, and D notes, respectively. As of July 2010, the
ratio of cumulative defaults to the original mortgage-backed
notes' balance was 0.65% and 0.82% for IM GOYA HIPOTECARIO I and
AyT Goya Hipotecario II, respectively.
These figures are both well below the first trigger level, in our
view, which demonstrates the strength of the transactions'
performance and the creditworthiness of the subordinated classes
of notes.
At closing, the transactions securitized mortgages granted to
individuals to buy residential and nonresidential properties with
a maximum LTV ratio of 100%. Barclays Bank S.A. originated the
mortgages.
Ratings list
Class Rating
To From
IM GOYA HIPOTECARIO I, Fondo de Titulizaci?n de Activos
?1.9 Billion Mortgage-Backed Floating-Rate
Rating Withdrawn:
A1 NR AAA
Ratings Affirmed:
A2 AAA (sf)
B A (sf)
C BBB+ (sf)
D BB- (sf)
AyT Goya Hipotecario II, Fondo de Titulizaci?n de Activos
?1.3 Billion Mortgage-Backed Floating-Rate
Ratings Affirmed:
A AAA (sf)
B A (sf)
C BBB (sf)
D BB (sf)
TDA 27: Default Risks Cue Standard & Poor's Lowers Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
TDA 27, Fondo de Titulizacion de Activos' classes D and E notes
due to increased default risk. At the same time, S&P has put on
CreditWatch negative its ratings on the class A2, A3, B, and C
notes to account for increased portfolio credit risk.
Finally, S&P has affirmed its rating on the class A1 notes as S&P
expects the full amortization of these notes at the next payment
date (only two million euros are left outstanding).
Cumulative defaults -- as a percentage of the original mortgage-
backed notes balance--have increased to 4.38% as of July 2010 from
3.87% in March 2010 and 3.15% in December 2009. In September
2009, TDA 27 completely depleted its cash reserve as a result of
the rapid growth of defaults and a structural mechanism that
requires a full provisioning for defaulted loans (defined as loans
in arrears for more than 12 months).
The rising level of cumulative defaults increases the risk that
interest deferral triggers could be breached. These triggers
state that if the cumulative level of defaulted loans in this
securitization reaches certain levels over the original balance of
the mortgage-backed notes, the priority of payments changes so as
to divert the interest payments from the related class of notes
toward amortizing the most senior class of notes.
The trigger levels for the class B, C, D, and E notes are at
11.40%, 8.60%, 5.50%, and 4.20%, respectively. As of July 2010,
the ratio of cumulative defaults over original balance of the
mortgage-backed notes was at 4.38%. Because of this, we expect
the class E notes to breach their trigger levels, which will
result in nonpayment of interest on these notes at the September
2010 payment date.
In addition, S&P expects that interest on the class D notes could
be deferred and therefore default in the near future if the
increase in defaults continues at its current pace.
S&P believes that the current high level of arrears and defaults
and pace at which they are rising could have a negative effect on
the class A2, A3, B, and C notes, which is why S&P has placed
these on CreditWatch negative. S&P will now perform a further
credit and cash flow analysis with the aim to resolve these
CreditWatch placements in due course.
TDA 27 is a residential mortgage-backed securities (RMBS)
transaction that closed in December 2006. It securitizes a
portfolio of residential mortgage loans secured over properties in
Spain. Caixa Terrassa, Caja Granada, Caja Vital, and Credifimo
originated and service the loans.
Ratings list
Class Rating
To From
TDA 27, Fondo de Titulizaci?n de Activos
?930.0 Million Mortgage-Backed Floating-Rate Notes And ?0.6
Million
Floating-Rate Notes
Ratings Lowered
D CCC (sf) BB- (sf)
E CCC- (sf) B- (sf)
Ratings Placed On CreditWatch Negative
A2 AAA (sf)/Watch Neg AAA (sf)
A3 AAA (sf)/Watch Neg AAA (sf)
B A (sf)/Watch Neg A (sf)
C BBB- (sf)/Watch Neg BBB- (sf)
Rating Affirmed
A1 AAA (sf)
Rating Unaffected
F D (sf)
TDA 29: Fitch Affirms Rating on Class D Notes at 'CCCsf'
--------------------------------------------------------
Fitch Ratings has affirmed TDA 29, Fondo de Titulizacion de
Activos, a RMBS Spanish transaction, and revised the class B
notes' Outlook to Stable from Negative. The Outlook on the class
C notes remains Negative. A full rating breakdown is provided
below:
TDA 29, Fondo de Titulizacion de Activos:
Class A1 (ISIN ES0377931003): affirmed at 'AAAsf'; Outlook Stable;
assigned a Loss Severity (LS) Rating of 'LS-1'
Class A2 (ISIN ES0377931011): affirmed at 'AAAsf'; Outlook Stable;
assigned a LS Rating of 'LS-1'
Class B (ISIN ES0377931029): affirmed at 'Asf'; Outlook revised to
Stable from Negative; assigned a LS Rating of 'LS-3'
Class C (ISIN ES0377931037): affirmed at 'BBBsf'; Outlook
Negative; assigned a LS Rating of 'LS-3'
Class D (ISIN ES0377931045): affirmed at 'CCCsf'; assigned a
Recovery Rating of 'RR3'
The transaction has been affirmed due to an improvement in the
performance of the underlying pool and adequate credit support,
which is also reflected in the revised Outlook of the class B
notes to Stable.
A relatively low weighted average original loan-to-value (WA OLTV)
of 69.3% at closing has contributed, in Fitch's view, to a better
performance of the underlying asset and reduced loss expectations.
The WAOLTV has improved since closing, due to prepayments and
defaults written off from the pool, and is now 60.57%
Since the November 2008 collection period loans in arrears by more
than 90 days have seen a constant downward trend, declining from a
peak level of 1.86% of the current outstanding balance of the pool
(excluding defaults) to the current 0.9% level. Defaults are
defined as loans in arrears by more than 12 months and are
provisioned for by using available excess revenue to write them
off, in order to avoid the cost of carry of non-performing loans.
The volume of loans in the pipeline up to three months in arrears
has followed the same trend. Since the March 2010 collection
period, arrears greater than 90 days have stabilized to an average
of 0.9%. This is the same level seen during mid 2008.
As of the August 2010 interest payment date (IPD) cumulative net
defaults have been reported as EUR3.16 million, equal to 0.39% of
the initial pool balance. In Fitch's view the decrease of loans
in arrears means that the pipeline for further defaults has been
reduced. This is reflected in the revision of the class B Outlook
to Stable from Negative.
The volatility reflected in Spain's unemployment levels and the
country's housing markets could result in a rapid change in the
volume of loans potentially rolling through into default over the
next 12 to 18 months. Fitch has concerns that this might result
in temporary shortfalls of the cash flow and in potential reserve
fund draws, which would impact the most junior tranche. For this
reason the Outlook on the class C notes remains Negative.
The transaction benefits from a fully funded non-amortizing
reserve fund in the amount of EUR4.9 million, which is providing
additional credit support to the notes. Furthermore, a sequential
principal repayment is contributing to the credit enhancement (CE)
improvement. As of the latest IPD, the class A1 and A2 notes CE
stood at 5.54% (3.9% at issuance), the class B and class C notes
CE was calculated at 2.49% (1.75%) and 0.86% (0.6%) respectively.
Due to the triggers in place, Fitch does not expect the notes to
switch to pro-rata amortization in the near future.
===========================
U N I T E D K I N G D O M
===========================
CONNAUGHT PLC: Morgan Sindall to Buy Social Housing Contracts
-------------------------------------------------------------
David Altaner and Louisa Fahy at Bloomberg News report that Morgan
Sindall Group Plc agreed to buy most of the ongoing contracts and
related assets of the social housing unit of Connaught Plc for
GBP28 million (US$43.1 million).
Bloomberg relates Morgan Sindall said in a Regulatory News Service
statement on Friday the transaction should generate about GBP200
million in extra annual revenue for Lovell Partnerships, Morgan
Sindall's affordable housing unit. According to Bloomberg, about
2,500 workers connected with the contracts will transfer to the
company as part of the agreement.
As reported by the Troubled Company Reporter-Europe on Sept. 9,
2010, Bloomberg News said Connaught appointed partners from KPMG
as administrators after the business as a whole failed to secure
"sufficient support" to trade as a going concern. Bloomberg
disclosed the company said in a statement on Sept. 8 that
KPMG's Richard Heis, Richard Hill and Richard Fleming were
appointed administrators to Exeter, England-based Connaught Plc,
and Heis, Mark Firmin, Brian Green and David Costley-Wood are
appointed joint administrators to Connaught Partnerships Ltd.
Connaught Environmental Ltd. and their subsidiaries were not put
into administration, Bloomberg noted.
Connaught plc -- http://www.connaught.plc.uk/-- is a United
Kingdom-based company engaged in the provision of integrated asset
services to the public and private sectors. The Company operates
in two business segments: social housing and compliance. Social
Housing segment provide social housing landlords throughout the
United Kingdom with a range of planned and response maintenance
services, as well as compliance and estate management. The
Compliance segment provides safety, health and risk management
solutions. It has information, advisory, training and servicing
capabilities to provide integrated compliance solution throughout
the United Kingdom. On July 22, 2009, the Company completed the
acquisition of UK Fire (International) Limited and Igrox Limited.
On September 15, 2008, the Company completed the acquisition of
Lowe Group Holdings Ltd. On November 26, 2008, the Company
completed the acquisition of certain assets of Predator Pest
Control Plc.
CONNAUGHT PLC: Mears Buys Remaining Social Housing Contracts
------------------------------------------------------------
Alistair Gray at The Financial Times reports that Mears has
acquired the bulk of Connaught's remaining social housing
maintenance operations in a move that will help secure the future
of up to 1,000 workers.
Bob Holt, executive chairman of the listed property services
group, told the FT that he was "very pleased" to have sealed a
deal to have picked up about eight of the former FTSE 250
company's contracts.
The FT relates the agreement late on Friday came just a day after
Morgan Sindall, the construction group, acquired the bulk of
Connaught's social housing maintenance contracts for GBP28 million
(US$43 million) in cash.
Mr. Holt, as cited by the FT, said the contracts that Mears was
taking on did not include work for Norwich City Council.
As reported by the Troubled Company Reporter-Europe on Sept. 9,
2010, Bloomberg News said Connaught appointed partners from KPMG
as administrators after the business as a whole failed to secure
"sufficient support" to trade as a going concern. Bloomberg
disclosed the company said in a statement on Sept. 8 that
KPMG's Richard Heis, Richard Hill and Richard Fleming were
appointed administrators to Exeter, England-based Connaught Plc,
and Heis, Mark Firmin, Brian Green and David Costley-Wood are
appointed joint administrators to Connaught Partnerships Ltd.
Connaught Environmental Ltd. and their subsidiaries were not put
into administration, Bloomberg noted.
Connaught plc -- http://www.connaught.plc.uk/-- is a United
Kingdom-based company engaged in the provision of integrated asset
services to the public and private sectors. The Company operates
in two business segments: social housing and compliance. Social
Housing segment provide social housing landlords throughout the
United Kingdom with a range of planned and response maintenance
services, as well as compliance and estate management. The
Compliance segment provides safety, health and risk management
solutions. It has information, advisory, training and servicing
capabilities to provide integrated compliance solution throughout
the United Kingdom. On July 22, 2009, the Company completed the
acquisition of UK Fire (International) Limited and Igrox Limited.
On September 15, 2008, the Company completed the acquisition of
Lowe Group Holdings Ltd. On November 26, 2008, the Company
completed the acquisition of certain assets of Predator Pest
Control Plc.
CONNAUGHT PLC: Regulator Mulls Inquiry Into Conduct of Directors
----------------------------------------------------------------
James Quinn and Graham Ruddick at The Sunday Telegraph report that
the Department of Business is exploring the setting up of an
inquiry into the conduct of the company's directors ahead of its
collapse.
In addition, it is understood that the Financial Reporting Review
Panel -- part of the Financial Reporting Council -- has stepped up
its monitoring of the situation in recent days, the report notes.
The report says administrators KPMG will also shortly begin an
investigation of the conduct of the directors at the two
subsidiary companies also placed into administration.
The Financial Services Authority is already looking into share
sales made by certain directors ahead of earlier profits warnings,
the report notes.
As reported by the Troubled Company Reporter-Europe on Sept. 9,
2010, Bloomberg News said Connaught appointed partners from KPMG
as administrators after the business as a whole failed to secure
"sufficient support" to trade as a going concern. Bloomberg
disclosed the company said in a statement on Sept. 8 that
KPMG's Richard Heis, Richard Hill and Richard Fleming were
appointed administrators to Exeter, England-based Connaught Plc,
and Heis, Mark Firmin, Brian Green and David Costley-Wood are
appointed joint administrators to Connaught Partnerships Ltd.
Connaught Environmental Ltd. and their subsidiaries were not put
into administration, Bloomberg noted.
Connaught plc -- http://www.connaught.plc.uk/-- is a United
Kingdom-based company engaged in the provision of integrated asset
services to the public and private sectors. The Company operates
in two business segments: social housing and compliance. Social
Housing segment provide social housing landlords throughout the
United Kingdom with a range of planned and response maintenance
services, as well as compliance and estate management. The
Compliance segment provides safety, health and risk management
solutions. It has information, advisory, training and servicing
capabilities to provide integrated compliance solution throughout
the United Kingdom. On July 22, 2009, the Company completed the
acquisition of UK Fire (International) Limited and Igrox Limited.
On September 15, 2008, the Company completed the acquisition of
Lowe Group Holdings Ltd. On November 26, 2008, the Company
completed the acquisition of certain assets of Predator Pest
Control Plc.
EUROSAIL-UK 2007: S&P Affirms B- Ratings on Six Classes of Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all classes of Eurosail-UK 2007-5NP PLC and Eurosail-UK 2007-6NC
PLC's notes.
The performance of both transactions is stable, with total
delinquencies averaging 19.41% in Eurosail-U.K 2007-5NP and 43.68%
in Eurosail-U.K 2007-6NC in the past three quarters. The reserve
funds are at their required amounts for both transactions.
Eurosail-UK 2007-5NP has lower 90+ day arrears than the average
for 2007 vintage U.K. nonconforming transactions. Eurosail-UK
2007-6NC, on the other hand, has considerably higher 90+ day
arrears than the average, but these have stabilized in recent
quarters, in S&P's opinion.
Both transactions no longer have the benefit of a euro/British
pound sterling currency swap. Due to the devaluation of the
pound, the euro spot rate for the June 2010 payment date
(?1.21:?1) remains below the swap rate at closing (Eurosail-UK
2007-5NP PLC (?1.43:?1) and Eurosail-UK 2007-6NC (?1.3967:?1)).
As part of S&P's cash flow analysis, S&P stressed these mismatches
from the current spot rate. This was the main reason for S&P's
initial downgrades in September and December 2008.
For the purposes of S&P's credit analysis, S&P considers the
implications from the unhedged currency risk, which could result
in a potential principal loss due to exchanging principal at the
relevant period spot rate compared with the swap rate at closing.
The analysis led us to affirm the ratings on of all classes of
notes in both transactions.
Eurosail-UK 2007-5NP and Eurosail-UK 2007-6NC both closed in
November 2007 and securitize mortgages originated by Southern
Pacific Mortgage Ltd., Preferred Mortgages Ltd., Matlock London
Ltd., Langersal No. 2 Ltd., Alliance & Leicester PLC, London
Mortgage Co., and Southern Pacific Personal Loans Ltd.
Ratings list
Class Rating
Ratings Affirmed
Eurosail 2007-5NP PLC
?626.3 Million, ?135.95 Million Mortgage-Backed Floating-Rate
Notes
A1a B (sf)
A1c B (sf)
B1c B- (sf)
C1c B- (sf)
D1c B- (sf)
Eurosail 2007-6NC PLC
?509.81 Million Mortgage-Backed Floating-Rate Notes
A1a B+ (sf)
A2a B (sf)
A3a B (sf)
B1a B- (sf)
C1a B- (sf)
D1a B- (sf)
FOUR SEASONS: Finalizes Debt Restructuring Deal With Bondholders
----------------------------------------------------------------
Anousha Sakoui at The Financial Times reports that Four Seasons
Health Care has finalized an agreement with bondholders over a
restructuring of GBP600 million (U$$921 million) of its debt, a
move that would give it two years to put in place a longer-term
debt structure.
The FT says the approval means that Four Seasons will avoid the
threat of an imminent sale in order to repay its debts, and the
company could set a precedent for future restructurings on complex
property-backed financings.
The FT relates at a meeting in London on Friday, holders of over
90% of each of the company's two classes of bonds voted for
changes to the loan that backs their claims, extending its
duration by two years. The loan had been due for repayment on
Sept. 3, the FT notes.
The restructuring includes an unusual feature in which Deutsche
Bank will find buyers for the bonds held by dissenting investors,
if they agree to vote for the deal, the FT discloses.
Four Seasons Health Care -- http://www.fshc.co.uk/-- is one of
the largest care home (nursing home) operators in the UK. The
company runs some 300 nursing homes, and its Huntercombe division
operates about eight specialized health care centers (which
provide mental health and rehabilitation services) in England,
Scotland, North Ireland, and the Isle of Man. Allianz Capital
Partners, the private equity arm of Allianz Group, acquired the
company from Alchemy Partners for GBP775 million in 2004.
LLOYDS BANKING: Puts Heritor's Property Portfolio Up for Sale
-------------------------------------------------------------
Nathalie Thomas at The Scotsman reports that up to GBP100 million
worth of luxury rental properties bought by HBOS-backed
development firm Heritor's during the boom years have been put up
for sale as Lloyds Banking Group accelerates its disposal of
property assets inherited from Bank of Scotland.
The high-profile portfolio contains 300 properties in some of
Scotland's most sought-after addresses including Edinburgh's
prestigious India Street, the report discloses.
The report says the properties have been in the hands of
administrators at PricewaterhouseCoopers since Heritor's fell into
administration early last year. It is one of the many Scottish
property firms supported by Bank of Scotland before its takeover
by Lloyds, the report notes.
About Lloyds Banking Group PLC
Lloyds Banking Group PLC, formerly Lloyds TSB Group plc,
(LON:LLOY) -- http://www.lloydsbankinggroup.com/-- is a United
Kingdom-based financial services group providing a range of
banking and financial services, primarily in the United Kingdom,
to personal and corporate customers. The Company operates in
three divisions: UK Retail Banking, Insurance and Investments, and
Wholesale and International Banking. Its main business activities
are retail, commercial and corporate banking, general insurance,
and life, pensions and investment provision. The Company also
operates an international banking business with a global footprint
in 40 countries. Services are offered through a number of brands,
including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows,
Clerical Medical and Cheltenham & Gloucester. On January 16,
2009, Lloyds Banking Group plc acquired HBOS plc.
* * *
As reported by the Troubled Company Reporter-Europe on March 17,
2010, Standard & Poor's Ratings Services said that it lowered its
rating on a GBP56.472 million 6.475% preference share issue by
Lloyds Banking Group (A/Stable/A-1) to 'C' from 'CC' following the
first missed coupon payment. The rating action was the
first of S&P's forthcoming rating actions on over 40 hybrid
instruments issued by Lloyds and related entities with
discretionary coupon payments. According to S&P, each security
would be lowered to 'C' from 'CC' on the date of the first coupon
payment to be missed.
LLOYDS BANKING: To Sell Interest in Crest Nicholson to Varde
------------------------------------------------------------
Ed Hammond, Anousha Sakoui and Sharlene Goff at The Financial
Times report that Lloyds Banking Group is to sell its interest in
bank-owned housebuilder Crest Nicholson, marking a significant
step in its move to reduce exposure to the distressed real estate
sector.
According to the FT, the lender's interest -- consisting of a
quarter of Crest's debt and 30% of its equity, which would have a
combined nominal value of about GBP150 million (US$232 million) --
is set to be bought by Varde, the US investment fund. Varde also
recently acquired a small stake in Crest, one of the UK's biggest
housebuilders, from Royal Bank of Scotland, the FT discloses.
The FT notes that while Lloyds refused to confirm the sale price,
the bank did say it was planning to make a writeback on its
previous valuation of the stake.
The disposal of the stake in Crest Nicholson moves Lloyds a step
further in the large-scale restructuring of the tattered portfolio
of loans it inherited when it bought HBOS at the height of the
financial crisis, the FT states.
About Lloyds Banking Group PLC
Lloyds Banking Group PLC, formerly Lloyds TSB Group plc,
(LON:LLOY) -- http://www.lloydsbankinggroup.com/-- is a United
Kingdom-based financial services group providing a range of
banking and financial services, primarily in the United Kingdom,
to personal and corporate customers. The Company operates in
three divisions: UK Retail Banking, Insurance and Investments, and
Wholesale and International Banking. Its main business activities
are retail, commercial and corporate banking, general insurance,
and life, pensions and investment provision. The Company also
operates an international banking business with a global footprint
in 40 countries. Services are offered through a number of brands,
including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows,
Clerical Medical and Cheltenham & Gloucester. On January 16,
2009, Lloyds Banking Group plc acquired HBOS plc.
* * *
As reported by the Troubled Company Reporter-Europe on March 17,
2010, Standard & Poor's Ratings Services said that it lowered its
rating on a GBP56.472 million 6.475% preference share issue by
Lloyds Banking Group (A/Stable/A-1) to 'C' from 'CC' following the
first missed coupon payment. The rating action was the
first of S&P's forthcoming rating actions on over 40 hybrid
instruments issued by Lloyds and related entities with
discretionary coupon payments. According to S&P, each security
would be lowered to 'C' from 'CC' on the date of the first coupon
payment to be missed.
MINSTER INSURANCE: Chapter 15 Recognition Order Entered
-------------------------------------------------------
The Honorable Allan L. Gropper entered and order on Sept. 1, 2010,
recognizing proceedings currently pending before the High Court of
Justice of England and Wales since 2009 concerning Minster
Insurance Company Limited and Malvern Insurance Company Limited as
the foreign main proceeding. Entry of this order means that
creditors' claims will be classified and treated as described in
the companies' scheme of arrangement approved by the U.K. court.
Minster Insurance Co. and Malvern Insurance Company Limited sought
protection under Chapter 15 of the U.S. Bankruptcy Code (Bankr.
S.D.N.Y. Case Nos. 10-13899 and 10-13900 on July 19, 2010. The
Petitioner estimated the insurers' assets at more than
$100 million at the time of the filing. The Petitioner's U.S.
Counsel is:
Gary S. Lee, Esq.
Kathleen E. Schaaf, Esq.
MORRISON & FOERSTER LLP
1290 Avenue of the Americas
New York, NY 10104
Telephone: (212) 469-7900
E-mail: glee@mofo.com
kschaaf@mofo.com
According to Bloomberg News, Minster and Malvern are insurance and
reinsurance companies that no longer write new business. Both
companies are based in London and their assets are primarily
located in England.
"The ultimate goal of each of the companies is to satisfy the
claims" of creditors and "conclude the business of the companies
sooner" than would be the case outside of bankruptcy, James Lee
Saitch, the foreign representative for Minster and Malvern, said
in court papers, according to Bloomberg.
MOORGATE TAVERNS: Ten Pubs Put Up for Sale Following Collapse
-------------------------------------------------------------
Caroline Clayfield at Business Sale Report reports that the
Moorgate Taverns estate, which comprises ten pubs, has been placed
onto the market following the administration of holding company
Pubs 'n' Bars in December 2009.
The report relates Moorgate Taverns was purchased in 2007 by Pubs
'n' Bars for GBP9.27 million. According to the report, the book
value of Moorgate's pubs, as of December 31, 2008, was GBP8.03
million and the debt was GBP7.08 million. The company was put
into administration by its owner in September of last year after
trading at a loss and breaching its banking covenants, the report
recounts.
The freehold pubs, some of which are tenanted and others vacant,
are up for sale, the report notes. They are situated in various
locations across central and southern England, with the majority
based in Hertfordshire, the report states.
Anthony Jenkins, associate director at Christie & Co., is handling
the deal on behalf of administrator Moorfields Corporate Recovery
LLP, the report discloses.
Moorgate Taverns was a wholly owned subsidiary of Pubs 'n' Bars.
POWERPROGOLF: Goes into Administration
--------------------------------------
PowerProGolf has gone into administration, Martyn Pye at
howtoswingagolf.com reports.
According to the report, although initially successful, the
quality of the products led to large support costs and falling
margins.
PowerProGolf is the trading name for Cool Trading, a company that
started in 2005 initially in airconditioning, later importing golf
trolleys from the Far East.
SHIP LUXCO: S&P Assigns Preliminary 'B+' LT Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B+'
long-term corporate credit rating to U.K.-based Ship Luxco 3
S.A.R.L. (WorldPay), the U.K.'s leading provider of card payment
processing services. The outlook is stable.
At the same time, S&P assigned its preliminary 'BB' issue rating
to the following proposed senior secured loans:
* ?235 million amortizing term loan A due in 2016;
* ?335 million term loan B1 maturing in 2017,;
* ?250 million term loan B2 maturing in 2017;
* ?75 million revolving credit facility (RCF) maturing in
2016; and
* ?75 million capital expenditures, acquisition, and
restructuring (CAR) facility maturing in 2016.
In addition, S&P assigned these senior debt issues a preliminary
recovery rating of '1', indicating our expectation of very high
(90%-100%) recovery in the event of a payment default.
S&P will assign final ratings once S&P received and reviewed the
final versions of the loan documentations and the transaction has
closed.
"The preliminary long-term corporate credit rating on WorldPay is
mainly constrained by its view that the potential execution risks
linked to the group's upcoming complex carve out from current full
owner RBS could be significant over the next 12 to 18 months, and
by the group's financial risk profile, which S&P considers as
highly leveraged," said Standard & Poor's credit analyst Melvyn
Cooke.
Further rating weaknesses are the high competition in the market
for card payment processing services worldwide, especially in the
U.S.; some long-term strain on margins from merchants and card
schemes; a degree of technology risk linked to evolving payment
methods and services and to fraud sophistication; and WorldPay's
relatively high operational leverage, which S&P thinks could
result in profitability weakening proportionally faster than
revenues, if the latter were to decline.
These constraints are partially mitigated by WorldPay's business
risk profile, which S&P considers satisfactory, and therefore
investment grade, given support from its well-established business
position as the largest provider of merchant acquiring services in
the U.K. and its number seven ranking in the sector in the U.S.
Also underpinning the business profile are the group's full
service offering along the merchant acquiring/processing value
chain; a significant presence in Europe in the fast growing online
acquiring/processing market; relative revenue stability thanks to
good customer retention and diversity and a long-term shift to
card payments versus other payment methods; sound credit and fraud
risk management; solid distribution capabilities thanks to long-
term referral agreements with RBS; and expected strong
profitability as a stand-alone entity. S&P also anticipates that
WorldPay will have an adequate liquidity profile following the
close of the transaction.
On Aug. 6, 2010, Advent International and Bain Capital, both
private equity investment houses, signed an agreement to acquire
an 80% stake in WorldPay from RBS for ?1.975 billion, under which
RBS will retain a 20% interest in the group. Following the
transaction's close, expected in the fourth quarter of 2010, S&P
understand WorldPay's proposed capital structure will comprise
about ?1.12 billion of drawn bank and mezzanine financing and
about ?820 million in equity. The equity component of the
financing includes ?520 million of plain equity and ?300 million
of preferred equity certificates (PECs), of which ?200 million do
not accrue.
"The stable outlook reflects our view that WorldPay's gross
adjusted leverage is unlikely to meaningfully diminish over the
next 12 to 18 months," said Mr. Cooke,
Importantly, the outlook also assumes that the carve-out process
will include the successful and timely transfer of all necessary
infrastructure, systems and key personnel from RBS to WorldPay, as
well as the successful acquisition of its own licenses from card
schemes, and that the recurring EBITDA margin will not be
significantly lower than 45% when the group reports for the first
time audited financial statements on a stand-alone basis. The
outlook incorporates S&P's expectations that WorldPay will
maintain its leading business position in the U.K. and that
covenant headroom will likely remain adequate over the next few
years. WorldPay's maintenance of Standard & Poor's adjusted
gross leverage of about 5x, or about 6x including the PECs, and
adjusted funds from operations to gross debt of about 10% over the
next few years would be consistent with the current 'B+'
preliminary rating.
S&P could lower the ratings if it perceives deterioration in the
group's liquidity, particularly in the event of significant
tightening of covenant headroom to below 15%. Equally, S&P might
downgrade WorldPay if the ownership change results in
significantly lower-than-expected operating performance and
credit metrics or S&P observes that the group envisages a full
recapitalization involving redeeming the PECs.
* UK: 150,000 Small Businesses May Face Insolvency, R3 Says
-----------------------------------------------------------
According to research by insolvency trade body R3, almost 10% (or
148,000) of small businesses fear they could be pushed into
insolvency if they lose their public sector contracts. This is
reflective of an overall trend, with one third of small businesses
describing themselves as "reliant on contracts from the public
sector". This "worst case" scenario would have a dramatic effect
on the current levels of corporate insolvency. To provide some
context, business failures ran to 26,000 for the whole of 2009.
R3's President Steven Law commented: "It is of course highly
unlikely that all public sector contracts will be withdrawn and
the figure of 150,000 business failures would represent a worst
case scenario. Yet with the prevalence of small businesses in the
UK and an increasing reliance on public sector contracts dating
back to 1990s, these cuts are likely to be felt extremely keenly.
Businesses need to be aware of this risk and seek professional
advice before this reliance on public sector work threatens their
survival. We have just seen the recent case of the Connaught
collapse, blamed on local authorities deferring spending on
contracts after cuts."
The research finds that of all small businesses:
* 24% (or 377,000 businesses) would see their profit reduced if
their public sector contracts were pulled
* 16% (or 253,000 businesses) would be unable to fund expansion
* 14% (or 216,000 businesses) would consider job losses
* 11% (or 173,000 businesses) would be in serious financial
trouble
Mr. Law added: "Worryingly these results suggest that a
significant proportion of small businesses, which rely on
Government contracts are going to struggle to fund expansion and
modernize. They have already drawn heavily on their reserves to
survive the recession and they will be unable to compete in the
market as the economy grows.
"This comes against a backdrop of corporate insolvency figures
being kept down by HMRC's Time to pay agreements and historically
low interest rates," concluded Mr. Law.
* UK: Atradius Sees More Businesses Collapsing
----------------------------------------------
Trade credit insurer Atradius warns businesses not to be
complacent in the wake of another high profile insolvency hitting
the UK.
Construction giant Connaught, valued just months ago at GBP500
million, last week entered administration leaving thousands of
creditors out of pocket and wondering if and how they are going to
be paid for goods and services they have already provided.
Marc Henstridge, Head of Risk, Atradius UK and Ireland said:
"After an economically tough couple of years, it's tempting for
businesses to look at the improving insolvency statistics and
presume that we are out of the woods -- but the demise of
Connaught is a classic cautionary tale. But this could be the tip
of the iceberg -- public spending cuts and other austerity
measures mean businesses must continue to be meticulous in their
management of trade credit risks, either in-house or by
outsourcing their credit management to a trade credit insurer.
There are still many potential surprises -- and not all of them
will be pleasant ones."
In a recent study by Atradius, 57% of British businesses surveyed
said that they were experiencing unarranged delays to payment by
companies they were supplying and 59% had been asked for extended
payment terms in the past six months.
===============
X X X X X X X X
===============
* EUROPE: Basel Committee to Double Capital Requirements for Banks
------------------------------------------------------------------
Yalman Onaran at Bloomberg News reports that the Basel Committee
on Banking Supervision will require lenders to have common equity
equal to at least 4.5% of assets, weighted according to their
risk.
According to Bloomberg, the committee said in a statement on
Sunday that regulators will introduce an additional capital buffer
of 2.5% to withstand future stress. Bloomberg says banks that
fail to meet that second buffer would be stopped from paying
dividends, though not forced to raise cash.
The new rules and ratios, the strictest since nations began
regulating the global banking system together in 1974, will force
many lenders to sell new shares, while others will be restricted
on how much cash they can return to their shareholders for years
to come, Bloomberg states.
Bloomberg notes the committee on Sunday said lenders will also be
required to maintain a Tier 1 capital ratio of at least 6%. Under
current Basel rules, the Tier 1 requirement is 4%, Bloomberg
discloses.
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT AV -5754287.761 165995618.1
CHRIST WATER TEC C7W GR -5754287.761 165995618.1
CHRIST WATER TEC CWT PZ -5754287.761 165995618.1
CHRIST WATER TEC CWT EU -5754287.761 165995618.1
CHRIST WATER TEC CRSWF US -5754287.761 165995618.1
CHRIST WATER TEC CWT EO -5754287.761 165995618.1
CHRIST WATER TEC CWTE IX -5754287.761 165995618.1
CHRIST WATER-ADR CRSWY US -5754287.761 165995618.1
KA FINANZ AG 3730Z AV -359597327 30679270533
LIBRO AG LBROF US -109013328 171684389.1
LIBRO AG LB6 GR -109013328 171684389.1
LIBRO AG LIB AV -109013328 171684389.1
LIBRO AG LIBR AV -109013328 171684389.1
SKYEUROPE SKYP PW -89480486.93 159076577.5
SKYEUROPE SKY PW -89480486.93 159076577.5
SKYEUROPE HLDG SKY LI -89480486.93 159076577.5
SKYEUROPE HLDG SKY EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5
SKYEUROPE HLDG SKY EU -89480486.93 159076577.5
SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
SKYEUROPE HLDG S8E GR -89480486.93 159076577.5
SKYEUROPE HLDG SKURF US -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480486.93 159076577.5
STYROL HOLDING 1 3321155Z AV -69327699.53 1925984640
BELGIUM
-------
SABENA SA SABA BB -84766501.61 2196477161
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -464934142.4 272013070.7
IPK OSIJEK DD OS IPKORA CZ -32978857.72 151587609.9
MAGMA DD MGMARA CZ -764475.9867 141322122.7
OT OPTIMA TELEKO 2299892Z CZ -69895909.13 116266542.5
OT-OPTIMA TELEKO OPTERA CZ -69895909.13 116266542.5
VUPIK DD VPIKRA CZ -8861479.441 112509976.8
CYPRUS
------
LIBRA HOLIDA-RTS LGWR CY -27821889.5 240947718
LIBRA HOLIDA-RTS LBR CY -27821889.5 240947718
LIBRA HOLIDAY-RT 3167808Z CY -27821889.5 240947718
LIBRA HOLIDAYS LHGCYP EU -27821889.5 240947718
LIBRA HOLIDAYS LHGR CY -27821889.5 240947718
LIBRA HOLIDAYS LHGCYP EO -27821889.5 240947718
LIBRA HOLIDAYS G LHG EO -27821889.5 240947718
LIBRA HOLIDAYS G LHG PZ -27821889.5 240947718
LIBRA HOLIDAYS G LHG EU -27821889.5 240947718
LIBRA HOLIDAYS G LHG CY -27821889.5 240947718
LIBRA HOLIDAYS-P LBHG CY -27821889.5 240947718
LIBRA HOLIDAYS-P LBHG PZ -27821889.5 240947718
URALS ENERGY PUB UREYF US -107167000 889168000
URALS ENERGY PUB UEN EO -107167000 889168000
URALS ENERGY PUB UEN IX -107167000 889168000
URALS ENERGY PUB U5S TH -107167000 889168000
URALS ENERGY PUB UENEUR EO -107167000 889168000
URALS ENERGY PUB UEN PZ -107167000 889168000
URALS ENERGY PUB UEN EU -107167000 889168000
URALS ENERGY PUB UEN PG -107167000 889168000
URALS ENERGY PUB U5S GR -107167000 889168000
URALS ENERGY PUB UEN LN -107167000 889168000
URALS ENERGY PUB UENGBP EO -107167000 889168000
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
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SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
ISS GLOBAL A/S 241863Z DC -2811647.728 7972333363
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SCANDINAVIAN BRA SBS1 EU -18360748.78 147485890.1
SCANDINAVIAN BRA SBSC IX -18360748.78 147485890.1
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SCANDINAVIAN BRA SBS1EUR EU -18360748.78 147485890.1
SCANDINAVIAN BRA SBS1 EO -18360748.78 147485890.1
FRANCE
------
BELVEDERE - RTS 702036Q FP -240506200.5 1000204586
BELVEDERE - RTS 554451Q FP -240506200.5 1000204586
BELVEDERE SA BELV NM -240506200.5 1000204586
BELVEDERE SA BED GR -240506200.5 1000204586
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BELVEDERE SA BVD EU -240506200.5 1000204586
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BELVEDERE SA-NEW 946529Q FP -240506200.5 1000204586
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OROSDI OROS FP -35006822.54 151870593.9
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RHODIA SA RHA QM -883734308.8 6075165782
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RHODIA SA - NEW 2335921Q FP -883734308.8 6075165782
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SDR CENTREST 117241Q FP -132420119.6 252176017.2
SOBIESKI BVD PW -240506200.5 1000204586
TROUVAY CAUVIN ETEC FP -396977.9956 133986439.7
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GEORGIA
-------
DEVELICA DEUTSCH D4B GR -107879893.8 1235370057
DEVELICA DEUTSCH DDE PZ -107879893.8 1235370057
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O TWELVE ESTATES OTE IX -7152968.898 297722697.4
O TWELVE ESTATES OTE EU -7152968.898 297722697.4
O TWELVE ESTATES O2T GR -7152968.898 297722697.4
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O TWELVE ESTATES OTEEUR EO -7152968.898 297722697.4
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GERMANY
-------
AGOR AG DOO GR -482446.6262 144432986.2
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SPAR HANDELS-AG 773844Q GR -442426199.5 1433020961
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SPRINGER SCIENCE 648808Z GR -610692611.7 3462165070
STROER OUT-OF-HO SAX EO -62153916.21 1072778885
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TA TRIUMPH-ACQ TWNA GR -124667889.5 375247226.8
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TA TRIUMPH-ADLER TWNG IX -124667889.5 375247226.8
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TA TRIUMPH-A-RTS 1018916Z GR -124667889.5 375247226.8
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VIVANCO GRUPPE VVA1 GR -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EO -22198683.12 111990951.4
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VIVANCO GRUPPE VVAG IX -22198683.12 111990951.4
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GREECE
------
AG PETZETAKIS SA PETZK PZ -53415175.25 227965558
AG PETZETAKIS SA PETZK GA -53415175.25 227965558
AG PETZETAKIS SA PZETF US -53415175.25 227965558
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AG PETZETAKIS SA PETZK EO -53415175.25 227965558
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ASPIS PRONIA GE ASASK PZ -189908329.1 896537349.7
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UNITED TEXTILES UTEX EU -163114853.6 286539436.9
UNITED TEXTILES UTEX GA -163114853.6 286539436.9
UNITED TEXTILES NAOSF US -163114853.6 286539436.9
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HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73724000 827192000
HUNGARIAN TELEPH HUC GR -73724000 827192000
HUNGARIAN TELEPH HUC EX -73724000 827192000
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INVITEL HOLDINGS 3212873Z HB -73724000 827192000
MALEV LTD MALEV HB -75737819.4 251668964.4
IRELAND
-------
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IBERBOND 2004 PL 3485334Z ID -774220.0848 539890478.9
JAMES HARDIE IND HAH AU -117900000 2178800128
JAMES HARDIE IND HAH NZ -117900000 2178800128
JAMES HARDIE IND 600241Q GR -117900000 2178800128
JAMES HARDIE IND 726824Z NA -117900000 2178800128
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PAYZONE PLC PAYZ EU -138030903.2 510010035.3
PAYZONE PLC PAYZ PG -138030903.2 510010035.3
PAYZONE PLC PAYZ LN -138030903.2 510010035.3
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ICELAND
-------
AVION GROUP B1Q GR -223780352 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780352 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780352 2277882368
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EIMSKIPAFELAG HF AVION IR -223780352 2277882368
ITALY
-----
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AEDES SPA-SVGS R AEDRAA IM -24405906.61 1350851664
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BINDA SPA BND IM -11146475.29 128859802.9
BIOERA BIE1 PZ -6731364.698 131141946.1
BIOERA BIE EU -6731364.698 131141946.1
BIOERA BIE1 IX -6731364.698 131141946.1
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COIN SPA 965089Q GR -154057608.3 800526929.5
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TISCALI SPA TISN VX -91679652.81 569172229.5
TISCALI SPA TISN IM -91679652.81 569172229.5
TISCALI SPA TIS TQ -91679652.81 569172229.5
TISCALI SPA TSCXF US -91679652.81 569172229.5
TISCALI SPA TISN NA -91679652.81 569172229.5
TISCALI SPA TIQ1 GR -91679652.81 569172229.5
TISCALI SPA TISGBX EU -91679652.81 569172229.5
TISCALI SPA TIS NR -91679652.81 569172229.5
TISCALI SPA TIS EO -91679652.81 569172229.5
TISCALI SPA TIS EB -91679652.81 569172229.5
TISCALI SPA TIS NA -91679652.81 569172229.5
TISCALI SPA TIS FP -91679652.81 569172229.5
TISCALI SPA TISN IX -91679652.81 569172229.5
TISCALI SPA TIS EU -91679652.81 569172229.5
TISCALI SPA TISGBP EO -91679652.81 569172229.5
TISCALI SPA TIS PZ -91679652.81 569172229.5
TISCALI SPA TIS VX -91679652.81 569172229.5
TISCALI SPA TIQG IX -91679652.81 569172229.5
TISCALI SPA TISN FP -91679652.81 569172229.5
TISCALI SPA TIS IX -91679652.81 569172229.5
TISCALI SPA TIQ GR -91679652.81 569172229.5
TISCALI SPA- RTS TISAXA IM -91679652.81 569172229.5
TISCALI SPA- RTS 3391621Q GR -91679652.81 569172229.5
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
INTELSAT ILMA GR -325921984 17266143232
INTELSAT SA 2237Z US -325921984 17266143232
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN IX -7854741.409 609871188.9
BAAN COMPANY NV BAAN EO -7854741.409 609871188.9
BAAN COMPANY NV BAAN PZ -7854741.409 609871188.9
BAAN COMPANY NV BAAVF US -7854741.409 609871188.9
BAAN COMPANY NV BNCG IX -7854741.409 609871188.9
BAAN COMPANY NV BAAN NA -7854741.409 609871188.9
BAAN COMPANY NV BAAN EU -7854741.409 609871188.9
BAAN COMPANY NV BAAN GR -7854741.409 609871188.9
BAAN COMPANY-NY BAANF US -7854741.409 609871188.9
CEVA GROUP PLC 976811Z NA -310987042.7 5613530996
LIBERTY GL EU-A UPC NA -5505478850 5112616630
UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUROP UPE GR -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
NORWAY
------
INTEROIL EXPLORA IOXEUR EO -48022000 186064000
INTEROIL EXPLORA INOX NO -48022000 186064000
INTEROIL EXPLORA IOXUSD EO -48022000 186064000
INTEROIL EXPLORA IROIF US -48022000 186064000
INTEROIL EXPLORA IOX NO -48022000 186064000
INTEROIL EXPLORA IOX PZ -48022000 186064000
INTEROIL EXPLORA IOXUSD EU -48022000 186064000
INTEROIL EXPLORA IOX BY -48022000 186064000
INTEROIL EXPLORA IOX IX -48022000 186064000
INTEROIL EXPLORA IOX EU -48022000 186064000
INTEROIL EXPLORA IOX EO -48022000 186064000
INTEROIL EXPLORA IOXEUR EU -48022000 186064000
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
RESERVOIR EXPL RXTEUR EU -34076000 185510000
RESERVOIR EXPL RXT EU -34076000 185510000
RESERVOIR EXPL RXTB NO -34076000 185510000
RESERVOIR EXPL RXAEF US -34076000 185510000
RESERVOIR EXPL RXTEUR EO -34076000 185510000
RESERVOIR EXPL 5RS GR -34076000 185510000
RESERVOIR EXPL RXT BY -34076000 185510000
RESERVOIR EXPL RXT NO -34076000 185510000
RESERVOIR EXPL RXT PZ -34076000 185510000
RESERVOIR EXPL RXT IX -34076000 185510000
RESERVOIR EXPL RXT EO -34076000 185510000
RESERVOIR EXPL-A RXTA NO -34076000 185510000
RESERVOIR-RTS RXTUR NO -34076000 185510000
RESERVOIR-RTS RXTS NO -34076000 185510000
POLAND
------
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
CARRIS FERRO DE 3482366Z PL -854280773.4 252500907.6
COFINA COFI PL -4067307.986 329785890.1
COFINA CFASF US -4067307.986 329785890.1
COFINA COFSI IX -4067307.986 329785890.1
COFINA SGPS SA CFN1 PZ -4067307.986 329785890.1
COFINA SGPS SA CFNX PX -4067307.986 329785890.1
COFINA SGPS SA COFI EO -4067307.986 329785890.1
COFINA SGPS SA COFI TQ -4067307.986 329785890.1
COFINA SGPS SA CFN PL -4067307.986 329785890.1
COFINA SGPS SA COFI EU -4067307.986 329785890.1
CP - COMBOIOS DE 1005Z PL -2809601115 1890209624
PARQUE EXPO 98 S 3482350Z PL -135582031.5 432824747.2
PORCELANA VISTA PVAL PL -64841467.39 140647736.3
REFER-REDE FERRO 1250Z PL -1611845937 2225160725
SOCIEDADE DE TRA 1253Z PL -382109074.2 119848180.8
SPORTING-SOC DES SCDF EO -22452984.49 177676573.7
SPORTING-SOC DES SCPL IX -22452984.49 177676573.7
SPORTING-SOC DES SCG GR -22452984.49 177676573.7
SPORTING-SOC DES SCDF EU -22452984.49 177676573.7
SPORTING-SOC DES SCDF PL -22452984.49 177676573.7
SPORTING-SOC DES SCP PL -22452984.49 177676573.7
SPORTING-SOC DES SCP1 PZ -22452984.49 177676573.7
SPORTING-SOC DES SCPX PX -22452984.49 177676573.7
TAP SGPS TAP PL -239565845.5 3126533533
VAA VISTA ALEGRE VAF PL -64841467.39 140647736.3
VAA VISTA ALEGRE VAF EO -64841467.39 140647736.3
VAA VISTA ALEGRE VAF EU -64841467.39 140647736.3
VAA VISTA ALEGRE VAFX PX -64841467.39 140647736.3
VAA VISTA ALEGRE VAF PZ -64841467.39 140647736.3
VAA VISTA AL-RTS VAAS PL -64841467.39 140647736.3
VAA VISTA AL-RTS VAA9S PL -64841467.39 140647736.3
VAA VISTA ALTAN VAFKX PX -64841467.39 140647736.3
VAA VISTA ALTAN VAFK EU -64841467.39 140647736.3
VAA VISTA ALTAN VAFK PL -64841467.39 140647736.3
VAA VISTA ALTAN VAFK PZ -64841467.39 140647736.3
VAA VISTA ALTAN VAFK EO -64841467.39 140647736.3
ROMANIA
-------
OLTCHIM RM VALCE OLTEUR EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLTCF US -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLT RO -89344235.29 511515508.8
OLTCHIM RM VALCE OLTEUR EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLT PZ -89344235.29 511515508.8
RAFO SA RAF RO -457922636.3 356796459.3
UZINELE SODICE G UZIM RO -62313938.86 107275526.8
RUSSIA
------
ALLIANCE RUSSIAN ALRT RU -13189413.03 138268688.3
AMO ZIL ZILL RM -94581153.47 400666384.3
AMO ZIL-CLS ZILL RU -94581153.47 400666384.3
AMO ZIL-CLS ZILL* RU -94581153.47 400666384.3
AMUR SHIP-BRD AMZS* RU -137530791.8 945775662.6
AMUR SHIP-BRD AMZS RU -137530791.8 945775662.6
DAGESTAN ENERGY DASB* RU -23504511.21 181781762
DAGESTAN ENERGY DASB RU -23504511.21 181781762
DAGESTAN ENERGY DASB RM -23504511.21 181781762
EAST-SIBERIA-BRD VSNK RU -12441674.89 197590852.8
EAST-SIBERIA-BRD VSNK* RU -12441674.89 197590852.8
EAST-SIBERIAN-BD VSNK$ RU -12441674.89 197590852.8
FINANCIAL LEASIN FLKO RM -45555537.68 466377160.5
FINANCIAL LEASIN 137282Z RU -45555537.68 466377160.5
FINANCIAL LE-BRD FLKO RU -45555537.68 466377160.5
FINANCIAL LE-BRD FLKO* RU -45555537.68 466377160.5
GAZ-FINANS GAZF RU -56134.51262 232319905.4
GLOBEX-FINANS OSOLC RU -2727106.54 130285030.8
KOMPANIYA GL-BRD GMST* RU -24995189.6 1208685689
KOMPANIYA GL-BRD GMST RU -24995189.6 1208685689
KORPORACIJA -BRD FZTR RU -43512907.03 252572142
KORPORACIJA FAZO FZTR$ RU -43512907.03 252572142
KORPORACIJA-BRD FZTR* RU -43512907.03 252572142
MIAN-DEVELOPMENT MAEQY RU -695445.1747 424399991
MZ ARSENAL-$BRD ARSE RU -10888450.88 200936505.4
MZ ARSENAL-BRD ARSE$ RU -10888450.88 200936505.4
MZ ARSENAL-BRD ARSE* RU -10888450.88 200936505.4
PARNAS-M PRSM RU -138592.4742 127637318.8
RK-GAZSETSERVIS RKGS RU -54665229.61 153223493.4
RUSSIAN TEXT-CLS ALRTG RU -13189413.03 138268688.3
RUSSIAN TEXT-CLS ALRT* RU -13189413.03 138268688.3
SEVKABEL-FINANS SVKF RU -83036.46173 102680373.6
SISTEMA HALS HALS RM -343701984 1217284096
SISTEMA HALS-BRD HALS RU -343701984 1217284096
SISTEMA HALS-BRD HALS* RU -343701984 1217284096
SISTEMA HALS-GDR HALS TQ -343701984 1217284096
SISTEMA HALS-GDR HALS IX -343701984 1217284096
SISTEMA HALS-GDR SYR GR -343701984 1217284096
SISTEMA HALS-GDR HALS LI -343701984 1217284096
SISTEMA HALS-MSE HALSM RU -343701984 1217284096
SISTEMA HALS-T+0 HALSG RU -343701984 1217284096
SISTEMA-GDR 144A SEMAL US -343701984 1217284096
SISTEMA-GDR 144A 86PN LI -343701984 1217284096
TERNEYLES-BRD TERL RU -11828435.57 197558375.8
TERNEYLES-BRD TERL* RU -11828435.57 197558375.8
TRANSAERO AIRLIN TRNS* RU -21542426.88 1094294837
TRANSAERO AIRLIN TRNS RU -21542426.88 1094294837
URGALUGOL-BRD YRGL* RU -20412374.13 110116321.9
URGALUGOL-BRD YRGL RU -20412374.13 110116321.9
URGALUGOL-BRD-PF YRGLP RU -20412374.13 110116321.9
VOLGOGRAD KHIM VHIM* RU -22920234.24 142367839.8
VOLGOGRAD KHIM VHIM RU -22920234.24 142367839.8
WILD ORCHID ZAO DOAAN RU -12242338.85 164182102.7
ZAPSIBGASP-Q PFD ZSGPP$ RU -1248066.61 125676622.6
ZAPSIBGASPRO-BRD ZSGP RU -1248066.61 125676622.6
ZAPSIBGASPRO-BRD ZSGP* RU -1248066.61 125676622.6
ZAPSIBGASPROM-B ZSGP$ RU -1248066.61 125676622.6
ZAPSIBGASPRO-PFD ZSGPP* RU -1248066.61 125676622.6
ZAPSIBGASPRO-PFD ZSGPP RU -1248066.61 125676622.6
ZIL AUTO PLANT ZILL$ RU -94581153.47 400666384.3
ZIL AUTO PLANT-P ZILLP RM -94581153.47 400666384.3
ZIL AUTO PLANT-P ZILLP RU -94581153.47 400666384.3
ZIL AUTO PLANT-P ZILLP* RU -94581153.47 400666384.3
SERBIA
------
DUVANSKA DIVR SG -32792314.86 122255596.4
IMK 14 OKTOBAR A IMKO SG -5175836.416 110102264.2
PINKI AD PNKI SG -36537862.34 120707518
ZASTAVA AUTOMOBI ZAKG SG -396504649.1 174692011.1
SPAIN
-----
ACTUACIONES ACTI AGR SM -231062375.2 529525187.2
AGRUPACIO - RT AGR/D SM -231062375.2 529525187.2
AMADEUS IT HOLDI AI3A GR -397888596.9 7970850431
AMADEUS IT HOLDI AMS SM -397888596.9 7970850431
AMADEUS IT HOLDI AI3A TH -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EO -397888596.9 7970850431
AMADEUS IT HOLDI AMS IX -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EB -397888596.9 7970850431
AMCI HABITAT SA AMC1 EU -24580874.45 194758143.4
AMCI HABITAT SA AMC SM -24580874.45 194758143.4
AMCI HABITAT SA AMC3 EO -24580874.45 194758143.4
CAJA DE AHORROS 929362Z SM -361326816.2 37311046644
FERGO AISA -RTS AISA/D SM -231062375.2 529525187.2
FERGO AISA SA AISA EO -231062375.2 529525187.2
FERGO AISA SA AISA EU -231062375.2 529525187.2
FERGO AISA SA AISA PZ -231062375.2 529525187.2
FERGO AISA SA AISA SM -231062375.2 529525187.2
MARTINSA FADESA MTF1 LI -1929870022 7764140388
MARTINSA FADESA MTF EU -1929870022 7764140388
MARTINSA FADESA 4PU GR -1929870022 7764140388
MARTINSA FADESA MFAD PZ -1929870022 7764140388
MARTINSA FADESA MTF EO -1929870022 7764140388
MARTINSA FADESA MTF SM -1929870022 7764140388
MARTINSA-FADESA MTF NR -1929870022 7764140388
SWEDEN
------
ALLOKTON AB ALOKB SS -81949466.05 495641682.4
NOBINA 1099Z SS -13023225.28 483974246.5
PHADIA AB 842347Z SS -140406774.4 2127579095
TURKEY
------
BESIKTAS FUTBOL BKTFF US -12825040.91 182756610.7
BESIKTAS FUTBOL BWX GR -12825040.91 182756610.7
BESIKTAS FUTBOL BJKAS TI -12825040.91 182756610.7
BESIKTAS FUTBOL BJKASY TI -12825040.91 182756610.7
BESIKTAS FUTBOL BJKASM TI -12825040.91 182756610.7
EGS EGE GIYIM VE EGDIS TI -7732138.551 147075066.7
EGS EGE GIYIM-RT EGDISR TI -7732138.551 147075066.7
IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.6
IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.6
MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
SIFAS SIFAS TI -15439198.6 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -16212049.02 277693905.5
BANK FORUM -GDR BFJG IX -5331676.798 2243068982
BANK FORUM -GDR FRMB038 RU -5331676.798 2243068982
BANK FORUM -GDR B5F GR -5331676.798 2243068982
BANK FORUM -GDR 639540Z LX -5331676.798 2243068982
BANK FORUM JSC FORM UZ -5331676.798 2243068982
DNEPROPETROVSK DMZP UZ -15926384.43 424303604.8
DONETSKOBLENERGO DOON UZ -215090745.2 394460346.2
LUGANSKGAS LYGZ UZ -16910611.07 109918477.6
LUGANSKOBLENERGO LOEN UZ -28172021.03 200011380.2
NAFTOKHIMIK PRIC NAFP UZ -23616113.15 520766522.6
NAFTOKHIMIK-GDR N3ZA GR -23616113.15 520766522.6
ODESSA OIL REFIN ONPZ UZ -111365037.3 482408362.5
ZALK - PFTS ZALK UZ -43917601.26 146530718.8
UNITED KINGDOM
--------------
4LESS GROUP FL/ LN -3088436.068 106650689.4
4LESS GROUP LI4 GR -3088436.068 106650689.4
4LESS GROUP BHL PO -3088436.068 106650689.4
4LESS GROUP BYH PO -3088436.068 106650689.4
4LESS GROUP FL/ PO -3088436.068 106650689.4
4LESS GROUP LI4 TH -3088436.068 106650689.4
ADVANCE DISPLAY ADTP PZ -3015578835 2590007904
AEA TECHNOLO-FPR AATF LN -197788769.2 123048312.7
AEA TECHNOLO-FPR AATF PZ -197788769.2 123048312.7
AEA TECHNOLOGY AEY GR -197788769.2 123048312.7
AEA TECHNOLOGY AAT PO -197788769.2 123048312.7
AEA TECHNOLOGY EAETF US -197788769.2 123048312.7
AEA TECHNOLOGY AAT EO -197788769.2 123048312.7
AEA TECHNOLOGY AAT EU -197788769.2 123048312.7
AEA TECHNOLOGY AAT IX -197788769.2 123048312.7
AEA TECHNOLOGY AATGBP EO -197788769.2 123048312.7
AEA TECHNOLOGY AAT PZ -197788769.2 123048312.7
AEA TECHNOLOGY AAT LN -197788769.2 123048312.7
AEA TECHNOLOGY AAT VX -197788769.2 123048312.7
AEA TECHNOLO-NPR AATN LN -197788769.2 123048312.7
AEA TECHNOLO-NPR AATN PZ -197788769.2 123048312.7
AIRTOURS PLC AIR VX -379721841.6 1817512774
AIRTOURS PLC ATORF US -379721841.6 1817512774
AIRTOURS PLC AIR LN -379721841.6 1817512774
ALLDAYS PLC 317056Q LN -120493900 252232072.9
ALLDAYS PLC ALDYF US -120493900 252232072.9
AMER BUS SYS ARB LN -497127008 121439000
AMEY PLC AMY VX -48862569.33 931527720.5
AMEY PLC AMEYF US -48862569.33 931527720.5
AMEY PLC AMY LN -48862569.33 931527720.5
AMEY PLC-ASSENT AMYA LN -48862569.33 931527720.5
AMEY PLC-NEW AMYN LN -48862569.33 931527720.5
ANKER PLC DW14 GR -21861359.81 115463159
ANKER PLC ANK PO -21861359.81 115463159
ANKER PLC ANK LN -21861359.81 115463159
ANKER PLC - ASSD ANKB LN -21861359.81 115463159
ANKER PLC - ASSD ANKC LN -21861359.81 115463159
ANKER PLC-ASSD ANKA LN -21861359.81 115463159
ATKINS (WS) PLC ATK BQ -128972861.1 1328162171
ATKINS (WS) PLC ATKEUR EO -128972861.1 1328162171
ATKINS (WS) PLC ATK VX -128972861.1 1328162171
ATKINS (WS) PLC ATK NQ -128972861.1 1328162171
ATKINS (WS) PLC ATK QM -128972861.1 1328162171
ATKINS (WS) PLC ATK IX -128972861.1 1328162171
ATKINS (WS) PLC ATK LN -128972861.1 1328162171
ATKINS (WS) PLC ATK PO -128972861.1 1328162171
ATKINS (WS) PLC ATK EO -128972861.1 1328162171
ATKINS (WS) PLC ATKEUR EU -128972861.1 1328162171
ATKINS (WS) PLC ATKGBP EO -128972861.1 1328162171
ATKINS (WS) PLC ATK NR -128972861.1 1328162171
ATKINS (WS) PLC WATKF US -128972861.1 1328162171
ATKINS (WS) PLC ATK EB -128972861.1 1328162171
ATKINS (WS) PLC ATK PZ -128972861.1 1328162171
ATKINS (WS) PLC 6W2 GR -128972861.1 1328162171
ATKINS (WS) PLC ATK EU -128972861.1 1328162171
ATKINS (WS) PLC WATKY US -128972861.1 1328162171
ATKINS (WS) PLC ATK TQ -128972861.1 1328162171
BAYDONHILL PLC BHL PZ -3088436.068 106650689.4
BAYDONHILL PLC FLG OF -3088436.068 106650689.4
BAYDONHILL PLC BHL LN -3088436.068 106650689.4
BAYDONHILL PLC BYH LN -3088436.068 106650689.4
BAYDONHILL PLC BHL PG -3088436.068 106650689.4
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WINCANTON PL-ADR WNCNY US -151911497.1 1420828184
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WYG PLC WYG EU -35008863.49 305242409.9
*********
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. Joy A. Agravante, Valerie U. Pascual, Marites O.
Claro, Rousel Elaine T. Fernandez, 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 * * *