/raid1/www/Hosts/bankrupt/TCREUR_Public/101117.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
Wednesday, November 17, 2010, Vol. 11, No. 227
Headlines
A U S T R I A
A-TEC INDUSTRIES: AE&E Unit to Get Financing From Mass Financial
C R O A T I A
ZAGREBACKI HOLDING: S&P Lowers Corporate Credit Rating to 'BB'
F R A N C E
TTE EUROPE: Liquidator Sues TCL Multimedia in France
G E R M A N Y
LANTIQ BETEILIGUNGS-GMBH: S&P Downgrades Debt Rating to 'BB-'
SAARGUMMI DEUTSCHLAND: Schultze & Braun Appointed as Administrator
WESTLB AG: Has Until Feb. 15 to Draw Up New Restructuring Plan
H U N G A R Y
* HUNGARY: Construction Company Liquidations Up 10% in October
I R E L A N D
AQUARIUS + INVESTMENTS: S&P Assigns 'BB-' Rating to Floating Notes
EBS BUILDING: Potential Buyer Concerned About Debt Forgiveness
MCNAMARA CONSTRUCTION: Appoints Farrell Grant as Receiver
* IRELAND: Debt Default Predicted by Majority of Investors
I T A L Y
F-E BLUE: Fitch Corrects Ratings Release on Class A Notes
K A Z A K H S T A N
TEMIRBANK JSC: Fitch Upgrades LT Issuer Default Rating to 'B-'
L U X E M B O U R G
GSC EUROPEAN: S&P Cuts Ratings on Two Tranches to 'CCC- (sf)'
HELLAS TELECOMS: Files for Chapter 15 Bankruptcy in Delaware
N E T H E R L A N D S
POLISH TELEVISION: S&P Assigns 'B-' Corporate Credit Rating
R U S S I A
ALFA BANK: Moody's Gives Stable Outlook on 'Ba1' Ratings
BANK VOZROZHDENIE: Moody's Gives Stable Outlook on 'Ba3' Rating
S P A I N
CAMPOFRIO FOOD: S&P Raises Corporate Credit Rating to 'BB-'
GRUPO PRASA: In Talks with Lenders to Avert Bankruptcy
METROVACESA SA: Banks to Earmark EUR900 Million Loss
T U R K E Y
ANADOLUBANK AS: Fitch Upgrades LT Issuer Default Rating to 'BB'
SEKERBANK TAS: Fitch Upgrades LT Issuer Default Rating to 'B+'
TEKSTIL BANKASI: Fitch Upgrades LT Issuer Default Rating to 'BB'
U K R A I N E
UKRGAZPROMBANK OJSC: Moody's Withdraws 'B3' Deposit Ratings
U N I T E D K I N G D O M
MARINE SUBSEA: In Provisional Liquidation; 23 Jobs Affected
ROK PLC: Landlords Need to Keep Repairs Services Running
SHEFFIELD WEDNESDAY: Faces Either Administration or Wind-Up
*********
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A U S T R I A
=============
A-TEC INDUSTRIES: AE&E Unit to Get Financing From Mass Financial
----------------------------------------------------------------
Zoe Schneeweiss at Bloomberg News, citing Der Standard newspaper,
reports Mass Financial Corp. is bidding for insolvent A-Tec
Industries AG's AE&E unit. Other bidders, according to Der
Standard, include Andritz AG, Dongfang Electric Corporation
Limited and Doosan Heavy Industries and Construction Co., Ltd.
According to Bloomberg, Der Standard said Mass would give A-Tec's
AE&E unit a EUR15 million (US$20 million) bridge loan immediately
after taking it over. The Vienna-based newspaper also said the
unit will receive a EUR85 million loan and a EUR50 million capital
injection. Mass will pay a token EUR1 for the company.
Der Standard said the AE&E unit's banks terminated talks to extend
bridge financing earlier on Monday.
Bloomberg News' Ms. Schneeweiss and Boris Groendahl reported a
creditor association said A-Tec may sell its AE&E construction
unit after loan-reorganization talks failed.
A-Tec is negotiating with several parties on AE&E's disposal,
Bloomberg says, citing Hans-Georg Kantner, a member of the
Kreditschutzverband von 1870 creditor-protection group and a
delegate to A-Tec's creditor committee. Bloomberg relates
Mr. Kantner said the committee was scheduled to meet Monday
afternoon Vienna time to discuss strategy after the talks with
AE&E's lender banks collapsed.
According to Bloomberg, representatives from A-Tec were seeking
EUR97 million (US$132 million) in bridge financing for AE&E from
the unit's banks, including BNP Paribas, Commerzbank AG, Erste
Group Bank AG and Raiffeisen Bank International AG, following
their suspension of the division's EUR798 million credit line in
mid-October.
The committee, which includes holders of A-Tec's EUR302 million in
three outstanding bonds as well as creditors such as suppliers and
tax authorities, was awaiting the results of the AE&E bank talks
before proceeding with reorganizing the Vienna-based parent
company's debt, Bloomberg states.
Meanwhile, Masumi Suga at Bloomberg News report that Hideo Ikuno,
a spokesman for Tokyo-based Mitsubishi Heavy Industries Ltd., said
the company "isn't considering" buying A-Tec's AE&E unit.
As reported by the Troubled Company Reporter-Europe on Nov. 5,
2010, Bloomberg News said the AE&E unit, which builds power plants
for clients such as utilities or steel makers, is A-Tec's biggest
unit with 60% of the group's revenue and 83% of pretax profit in
2009. Bloomberg disclosed failure to keep it afloat would
diminish the funds for creditors.
On Oct. 22, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that A-Tec sought court clearance to
reorganize debt after losing access to its line of credit because
of an Australian power-station project's financial difficulties.
Bloomberg disclosed A-Tec said in a statement on Oct. 20 that the
company filed for self-administered reorganization proceedings at
the Vienna Commercial Court and appointed trustees for
bondholders. Bloomberg said A-Tec has 90 days under Austrian law
to seek an agreement with lenders, after which it can seek full
protection from creditors. The company has a EUR798 million
(US$1.11 billion) revolving credit facility and EUR302 million of
outstanding bonds, according to Bloomberg data.
A-Tec Industries AG is an engineering company based in Vienna,
Austria.
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C R O A T I A
=============
ZAGREBACKI HOLDING: S&P Lowers Corporate Credit Rating to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Croatian Zagrebacki holding d.o.o., a diversified
conglomerate providing all essential municipal services in the
City of Zagreb, to 'BB' from 'BBB-'. The outlook is negative.
"The downgrade is due to S&P's reassessment of the likelihood of
timely and sufficient extraordinary support to Zagrebacki holding
in the event of financial distress from Zagreb to "very high" from
"almost certain"," said Standard & Poor's credit analyst Felix
Ejgel.
The long-term rating on Zagrebacki holding is based on a
combination of its stand-alone credit profile, which S&P assess at
'b' and a "very high" likelihood that its owner would provide
timely and sufficient extraordinary support in the event of
financial distress.
In accordance with S&P's criteria for government-related entities,
its view of a "very high" likelihood of extraordinary government
support is based on S&P's assessment of Zagrebacki holding's "very
important" role in providing essential municipal services, its
role as the city's financial vehicle to raise borrowings for its
investment program, and its "very strong" link with Zagreb.
The negative outlook reflects that on Zagreb.
The negative outlook on the City of Zagreb (BBB-/Negative/--)
reflects S&P's uncertainty over the city's ability to maintain a
robust operating performance over the next two years and to
restore an adequate liquidity position, due to persistent spending
pressure during a period that S&P forecast will be economically
stagnant.
S&P already factor into its rating on Zagrebacki holding resumed
asset sales in 2011 and reduced personnel costs by at least 10%
already in 2010, as well as the company's successful extension of
short-term credit lines from a local bank.
"If, in the next six months, the company fails to implement this
plan and its access to lending deteriorates without adequate
additional support from the city's budget, it could pressure the
rating on the holding," said Mr. Ejgel. "A negative rating action
on Zagreb or a downward revision of the likelihood of the city's
timely and sufficient extraordinary support to the company in case
of financial distress could also lead to a negative rating action
on the holding."
S&P could revise the outlook to stable, either as a result of a
similar rating action on the city or an improvement of the
holding's stand-alone credit profile. The latter could result
from a hike in the tariffs for the company's services and
lengthening of its debt repayment schedule, both of which would
lead to better debt coverage and liquidity ratios.
===========
F R A N C E
===========
TTE EUROPE: Liquidator Sues TCL Multimedia in France
----------------------------------------------------
Joshua Fellman at Bloomberg News reports that TCL Multimedia
Technology Holdings Ltd. said the liquidator of insolvent TTE
Europe SAS is suing the company and subsidiary TTE Corp. in the
Commercial Court of Nanterre in France over transactions with the
former unit.
Bloomberg relates the company said in a filing to Hong Kong's
stock exchange on Monday it conducted the insolvency process of
TTE Europe in compliance with French law and will "rigorously
dispute" the claims.
TTE Europe SAS is a wholly owned subsidiary of TTE Corp., an
international company created under the joint venture between the
French Thomson SA group and Chinese TCL Multimedia International
Holdings Ltd., a consumer electronics and multimedia company in
China.
=============
G E R M A N Y
=============
LANTIQ BETEILIGUNGS-GMBH: S&P Downgrades Debt Rating to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
German semiconductor designer Lantiq Beteiligungs-GmbH & Co. KG to
negative from stable due to the revised terms of its proposed
$210 million senior secured facilities.
At the same time, S&P lowered the debt rating to 'BB-' from 'BB'
on the proposed US$20 million senior secured revolving credit
facility to be borrowed by Lantiq's fully owned subsidiary Lantiq
Deutschland GmbH. S&P revised the recovery rating on the debt to
'2' from '1', indicating S&P's expectations of substantial (70%-
90%) recovery for creditors in the event of a payment default.
In addition, S&P raised its issue rating to 'BB-' from 'B+' on the
proposed US$190 million senior secured term loan to be borrowed by
Lantiq Deutschland GmbH. S&P revised the recovery rating on this
debt to '2' from '4', indicating S&P's expectations of substantial
(70%-90%) recovery for creditors in the event of a payment
default.
The issue and recovery ratings on the proposed US$210 million
senior secured facilities are based on draft documentation, dated
Nov. 8, 2010. As such, these ratings are subject to S&P's
satisfactory review of the final documentation. In the event of
any changes to the amount or terms of the debt, the corporate
credit, recovery, and issue ratings might be subject to further
review. Importantly, it is S&P's understanding that the proposed
term loan and revolving credit facilities will benefit from a
fairly comprehensive security package and will rank pari passu in
case of enforcement.
"The outlook revision reflects the revised draft credit
agreement's significantly higher mandatory debt amortization
schedule, higher interest costs, and an overall tighter
maintenance covenant schedule than in the draft credit agreement
S&P received previously," said Standard & Poor's credit analyst
Matthias Raab. Lower-than-expected financial indebtedness only
partly offsets those changes. As a result, S&P views that Lantiq
has less headroom for operational underperformance or weaker-than-
expected free cash flow generation to maintain its currently
adequate liquidity profile.
"The revision of the recovery ratings reflects the changes in the
proposed credit agreement regarding the ranking of the revolver to
the proposed term loan and the reduction of the proposed term loan
to US$190 million from US$225 million," said Mr. Raab, "as well as
the steeper amortization profile of the term loan." Under the new
draft credit agreement, the proposed US$190 million term loan and
the proposed US$20 million revolver will be pari passu, while in
the previous draft documentation, the revolver had a super-
priority ranking to the term loan. In addition, the credit
agreement stipulates material amortizations for the term loan of
5% in year one, 12.5% in year two, and 10% annually thereafter
compared with an amortization of 1% per year before. As a result,
S&P assume that the hypothetical point of default is now in 2014,
one year earlier than in S&P's previous recovery analysis,
primarily due to the materially higher cash flow consumption from
the higher mandatory repayments. Due to the higher reduction in
Lantiq's indebtedness prior to S&P's hypothetical point of default
in 2014, S&P calculate higher recovery prospects for term loan
lenders as S&P left its stressed valuation of Lantiq unchanged at
about $150 million.
"At the same time, as a consequence of the change and lack of the
super-priority status at enforcement, numerical coverage for the
revolver is now diluted; hence S&P's downward revision of the
recovery rating to '2' from '1'," added Mr. Raab.
SAARGUMMI DEUTSCHLAND: Schultze & Braun Appointed as Administrator
------------------------------------------------------------------
Plasteurope.com reports that SaarGummi Deutschland, part of
SaarGummi group and principal production site, filed for
insolvency on November 5, 2010. The court in Saarbrucken has
appointed Udo Groner of law firm Heimes & Muller and Jean-Olivier
Boghossian of specialist insolvency lawyers Schultze & Braun to
act as provisional insolvency administrators. The holding
company, SaarGummi Technologies, and its other sites and
subsidiaries are not yet affected.
According to Plateurope.com, the management cited the failure of
its longstanding efforts to restructure the company as the reason
for the insolvency.
Plateurope.com relates the management and works council at the
Buschfeld site agreed on a basic restructuring plan back in March,
including relocation of some production lines to foreign sites
which would have meant 138 job losses. In addition, 40
administrative jobs were to be axed.
Rolf Zimmermann, CEO at the time, said that the site was making a
loss because sales had plunged 35% in 2009, Plateurope.com notes.
The subsequent restructuring plans included exploring the
possibility of selling non-automotive activities (shoe soles and
roofing). However, Plateurope.com says, only the railway
construction activities were divested to Vossloh in early 2010.
Interim CEO Zimmermann was subsequently replaced by Dr. Georg
Weyer who aims to use the insolvency phase to put the company back
on track.
Plateurope.com, citing The "Handelsblatt" newspaper, reports that
SaarGummi has given a consortium of banks headed by Landesbank
Baden-Wurttemberg assurances that it will meet a range of
financial covenants in 2010 and 2011. If it fails to do so,
Plateurope.com notes, 75% of its shares will pass to a trust
company which will immediately take steps to sell SaarGummi
Deutschland.
According to Plateurope.com, the management and representatives of
the workforce are currently negotiating about further possible
cut-backs, including 400 job cuts.
About SaarGummi Group
Germany-based SaarGummi Group produces EPDM and TPE sealing
profiles and mouldings for the automotive industry. The group has
3,300 employees, 850 of whom work at its largest site in
Buschfeld. Its principal customers are VW (25%), Daimler (21%)
and BMW (19%).
WESTLB AG: Has Until Feb. 15 to Draw Up New Restructuring Plan
--------------------------------------------------------------
Nikki Tait and James Wilson at The Financial Times report that
WestLB AG has been offered a three-month breathing space after
several hours of crisis talks between German finance minister
Wolfgang Schauble, and other senior officials, and Europe's
competition chief, Joaquin Almunia.
According to the FT, the bank would be given until February 15 to
prepare a new restructuring plan.
The FT relates Mr. Schauble said on Monday that the German
authorities would try to maximize the three-month window and
produce a solution.
This month, competition officials at the European Commission had
appeared to be losing patience over the long-running series of
bail-outs and state aid injections at WestLB, the FT notes.
The bank, owned by regional authorities and savings banks in its
home state of North Rhine-Westphalia, was already under orders
from Brussels to find new owners by the end of 2011, and
exploratory merger talks with BayernLB, another Landesbank, had
just collapsed, the FT discloses.
WestLB has already admitted it is unable to meet one of the key
conditions previously set by Brussels -- that it divest WestImmo,
a property finance arm, by the end of the year, the FT states.
State Aid Probe
As reported by the Troubled Company Reporter-Europe on Nov. 9,
2010, The Associated Press said that the European Union was
extending its probe of state aid for WestLB because the bank
received more money than it had foreseen. The Associated Press
disclosed the European Commission, the EU's competition authority,
also said it had growing doubts about the state-controlled bank's
future viability. The commission said Westdeutsche Landesbank
received EUR6.95 billion in state aid when it transferred more
than EUR77 billion in bad investments to a so-called bad bank,
because the bad bank overestimated the real economic value of
those investments, according to The Associated Press. That is
EUR3.4 billion more than the commission had foreseen when it first
opened a probe into the state aid almost a year ago, The
Associated Press noted.
About WestLB
Headquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory, lending,
structured finance, project finance, capital markets and private
equity products, asset management, transaction services and real
estate finance to institutions. In the United States, certain
securities, trading, brokerage and advisory services are provided
by WestLB AG's wholly owned subsidiary WestLB Securities Inc., a
registered broker-dealer and member of the NASD and SIPC.
WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by NRW
(64.7%) and two regional associations (35.3%).
* * *
As reported by the Troubled Company Reporter-Europe on May 6,
2010, Moody's Investors said WestLB AG's E+ bank financial
strength rating (BFSR, which maps directly to a B2 baseline credit
assessment, BCA), was affirmed and the outlook on this rating
changed to stable from developing. Moody's affirmation of the E+
BFSR and the change of its outlook to stable reflects that,
despite positive developments, the BFSR remains constrained by the
bank's weak franchise, which includes several core segments that
do not (or only insufficiently) contribute to group profits, thus
resulting in the bank's continued dependence on volatile,
wholesale-focused sources of income. Moody's did not rule out
that the bank could be split up and unwound if efforts to divest
the bank were to prove unsuccessful.
=============
H U N G A R Y
=============
* HUNGARY: Construction Company Liquidations Up 10% in October
--------------------------------------------------------------
MTI-Econews reports that Opten said creditors launched liquidation
procedures against 340 Hungarian construction industry companies
in October, up 10% from the same month a year earlier.
According to MTI, the number of construction sector companies that
went under mandatory liquidation in January-October climbed 14% to
3,280 from the same period a year earlier.
MTI says the owners of many Hungarian companies that undergo
mandatory or voluntary liquidation move as many assets as they can
into a newly established company and continue business as usual.
The number of companies that ask for bankruptcy protection is
minimal, MTI notes.
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I R E L A N D
=============
AQUARIUS + INVESTMENTS: S&P Assigns 'BB-' Rating to Floating Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB- (sf)' credit
rating to Aquarius + Investments PLC's issuance of EUR50 million
secured floating-rates notes due December 2015 series 2010-3.
The notes are credit-linked to a new portfolio of 135 corporate
and sovereign reference entities (10 sovereigns and 125
corporates). Aquarius + Investments sold protection and is
exposed to any losses above 4.27% that the portfolio experiences
via a credit default swap. This exposure has an upper limit of
6.27%.
At closing, Aquarius + Investments used the issuance proceeds to
enter into a repo agreement with BNP Paribas (AA/Negative/A-1+).
Under this agreement, BNP Paribas transferred eligible collateral
securities to Aquarius + Investments. The collateral securities
can comprise corporate bonds, covered bonds, and government bonds,
all rated at least 'B-' and with a remaining maturity of less than
20 years.
These tables show the portfolio stratification,
Percentage of
Rating portfolio (%)
------ -------------
AAA 0.00
AA+ 1.48
AA 6.67
AA- 6.67
A+ 9.63
A 14.81
A- 7.41
BBB+ 4.44
BBB 18.52
BBB- 13.33
BB+ 5.93
BB 0.74
BB- 2.22
B+ 0.00
B 0.74
B- 0.00
CCC+ 0.00
CCC 0.00
CCC- 0.00
Percentage of
Industry portfolio (%)
-------- -------------
Financial intermediaries 17.78
Oil & gas 9.63
Diversified insurance 7.41
Sovereign 7.41
Utilities 5.93
Business equipment & services 3.70
Conglomerates 3.70
Retailers (except food & drug) 3.70
Telecommunications 3.70
Property & casualty insurance 2.96
Life Insurance 2.96
Air transport 2.96
Aerospace & defense 2.96
Drugs 2.22
Forest products 2.22
Steel 2.22
Building & development 2.22
Nonferrous metals/minerals 2.22
Chemicals & plastics 1.48
Farming/agriculture 1.48
Leisure goods/activities/movies 1.48
Lodging & casinos 1.48
Automotive 0.74
Beverage & tobacco 0.74
Cosmetics/toiletries 0.74
Equipment leasing 0.74
Equity REITs and REOCs 0.74
Health care 0.74
Home furnishings 0.74
Industrial equipment 0.74
Publishing 0.74
Surface transport 0.74
Food products 0.74
S&P's rating on series 2010-3 is capped at the rating on BNP
Paribas as repo counterparty, since BNP Paribas pays both
principal and interest on the notes under the repo agreement.
EBS BUILDING: Potential Buyer Concerned About Debt Forgiveness
--------------------------------------------------------------
Simon Carswell at The Irish Times reports that an investor in the
private equity consortium bidding for EBS building society -- one
of two final bidders for the lender -- says that debt forgiveness
for its borrowers would only be considered in limited cases or not
at all.
According to The Irish Times, billionaire investor Wilbur Ross,
who is part of the consortium led by Dublin-based Cardinal Capital
Group, said he was still optimistic about EBS and Ireland, despite
fears of a further wave of mortgage losses and the debt crisis.
The Cardinal consortium, which is vying with Irish Life and
Permanent for EBS in the final round of bids, is carrying out
further due diligence on the lender to ascertain the scale of the
potential losses, The Irish Times relates.
Mr. Ross declined to say what scale of losses the consortium had
considered in its bid, The Irish Times notes.
It is understood that Cardinal estimated losses of up to 7% of the
lender's mortgages under a worst-case scenario in its last bid,
The Irish Times states.
Mr. Ross, as cited by The Irish Times, said his company, New York-
based WL Ross & Co., has examined debt forgiveness and forbearance
measures for mortgage borrowers at banks it has acquired in
Florida and Michigan and that this was also a tricky issue at EBS.
EBS Building Society is Ireland's largest building society.
Servicing more than 400,000 members, it distributes its products
through a branch and franchised agency network as well as handling
direct business both over the telephone and via the Internet.
EBS Building Society provides mortgage lending, savings,
investments, and insurance products in Ireland.
* * *
As reported by the Troubled Company Reporter-Europe on June 7,
2010, Moody's Investors Service downgraded the non-cumulative
Tier 1 instruments of EBS Building Society to Ca from Caa1 (issued
through EBS Capital No1 S.A.), and the dated subordinated debt one
notch to Baa1 from A3. These rating actions follow the issuance
of a "Special Investment Share" to the Irish government that is
similar in scope to a nationalization, and the forthcoming
issuance of a Promissory Note to the government that would provide
capital to the society. The other ratings of the society
including the D BFSR, the A2 long-term bank deposit and senior
debt rating and the Aa1-rated government guaranteed debt were all
unaffected.
MCNAMARA CONSTRUCTION: Appoints Farrell Grant as Receiver
---------------------------------------------------------
Farrell Grant Sparks was appointed as receiver for Michael
McNamara Construction.
RTE News reports that sources close to the company have vigorously
disputed National Asset Management Agency's claim that the
appointment of a receiver was agreed between the company and NAMA.
The report relates the sources said that if given three days'
grace, they were optimistic that they would have been in a
position to raise extra money.
According to the report, the sources said that as the receivers
arrived, the building firm had received confirmation of a contract
in the UK that would have been worth EUR45 million.
Meanwhile, the report notes that sources close to NAMA confirmed
that the appointment of a statutory receiver to Michael McNamara
Construction is the first use of NAMA's statutory enforcement
powers. NAMA had organized a tendering process for enforcement
proceedings, and had negotiated a very competitive fee for the
receivership with FGS in line with competitive rates emerging in
the tender process, they added.
The report adds that NAMA had recently rejected a business plan
put forward by the company.
Michael McNamara Construction, established in 1948, has over 60
years' experience in the construction industry as a national and
international contractor. The company has worked in various
sectors of the industry for Public Agencies, Government
Departments and Private Clients.
* IRELAND: Debt Default Predicted by Majority of Investors
----------------------------------------------------------
A majority of global investors predict Ireland will default on its
sovereign debt, showing that weeks of efforts by the government of
the onetime "Celtic Tiger" haven't allayed concerns about its
creditworthiness.
As the Irish government puts the finishing touches on a plan
to find EUR15 billion (US$20.5 billion) in savings, 51% of
respondents in the latest Bloomberg Global Poll say they regard a
default as likely, compared with 42% who say it is unlikely. The
ranks of those anticipating an Irish default have tripled since a
poll in June.
Ireland ranks behind only Greece -- with 71% of those polled --
and ahead of Portugal -- with 38% -- among nations seen as most
likely to default, according to the quarterly poll of 1,030
Bloomberg customers who are investors, analysts or traders,
conducted Nov. 8.
Investors haven't become more optimistic about the prospects for
Greece and Portugal, two other European nations hamstrung by
budget deficits. In the latest poll, 71% say a Greek default is
likely, compared with 67% who said so in a Bloomberg poll in
September. Those anticipating that Portugal will default rose to
38% from 36%.
Investors remain optimistic about the low risk of a default by
Spain, the eurozone's fourth-largest economy. Of those polled,
71% called a Spanish default "unlikely," up six percentage points
from the September poll.
By a 2-to-1 margin, U.S. investors agreed a Spanish default was
unlikely, though Americans were almost twice as likely as European
investors to anticipate a default by Spain or Italy.
The Bloomberg poll showed little variation in investor sentiment
toward Ireland. Majorities in the United States and Europe expect
Ireland to default, while a 48% plurality of Asian investors
agreed.
Investors showed little concern over prospects for four other
countries included in the poll. Only 21% of respondents said it
was likely that Argentina would default; Italy was chosen by 16%;
the U.S. by 7% and the U.K. by 5%.
The poll was conducted by Selzer & Co., of Des Moines, Iowa, and
has a margin of error of plus or minus 3.1 percentage points.
=========
I T A L Y
=========
F-E BLUE: Fitch Corrects Ratings Release on Class A Notes
---------------------------------------------------------
This announcement corrects the version published on November 9,
2010, to clarify that the F-E Blue class A notes were redeemed on
November 2, 2010, not October 14, 2010 as previously stated.
Fitch Ratings has the taken various rating actions and also
assigned Loss Severity ratings on four Italian mixed-lease
receivables-backed transactions:
F-E Blue S.r.l.
-- EUR73.1m class B notes affirmed at 'AA-sf'; Outlook revised
to Negative from Stable; assigned 'LS-1'
-- EUR35.1m class C notes affirmed at 'BBB+sf'; Outlook revised
to Negative from Stable; assigned 'LS-2'
The F-E Blue class A notes redeemed on 02 November 2010.
F-E Green S.r.l.
-- EUR94.7m class A notes affirmed at 'AAAsf'; Outlook Stable;
assigned 'LS-2'
-- EUR108.5m class B notes affirmed at 'AAAsf'; Outlook Stable;
assigned 'LS-1'
F-E Gold S.r.l.
-- EUR360.5m class A2 notes affirmed at 'AAAsf'; Outlook revised
to Negative from Stable; assigned 'LS-1'
-- EUR56m class B notes downgraded to 'BBBsf' from 'A+sf';
Outlook Negative; assigned 'LS-3'
-- EUR10.2m class C notes downgraded to 'BBsf' from 'BBBsf';
Outlook Negative; assigned 'LS-4'
F-E Red S.r.l.
-- EUR1321.4m class A notes affirmed at 'AAAsf'; Outlook Stable;
assigned 'LS-1'
As at end October 2010, the Fitch Cumulative Gross Default Rate
was 4.2% for F-E Blue, 4.3% for F-E Green, 6.2% for F-E Gold and
3.1% for F-E Red. The Fitch Delinquency Rate was 5.7% for F-E
Blue, 2.3% for F-E Green, 4.7% for F-E Gold and 4.3% for F-E Red.
With the exception of F-E Red, all the transactions have CGDR
values which are now above Fitch's base case default assumptions.
The F-E Gold transaction, in particular, continues to exhibit
sharp increases in gross defaults resulting in an appreciable
divergence between observed CGDR and Fitch base case expectations.
Cumulative net default rates, which take into account recoveries,
have been performing more favorably in comparison to the Fitch
base case default projections. As at October 2010, CNDR is 2.3%
for F-E Blue, 2.6% for F-E Green, 4.3% for F-E Gold and 2.5% for
F-E Red. Only the F-E Gold CNDR is higher than the Fitch base
case; both F-E Blue and F-E Red have CNDR values which are lower
than the Fitch base case and the CNDR for F-E Green is in line
with the base case assumptions.
The transactions benefit from interest on the residual value of
the lease contracts which have not been securitized. These
proceeds count towards excess spread.
All four transactions have a sizeable proportion of the collateral
pool on the principal payment holiday program which was introduced
in Italy in October 2009. As at October 2010, F-E Blue had 25.8%
of the outstanding balance of receivables, excluding defaults, on
the PPH program; F-E Green had 15.4%, F-E Gold had 18.8% and F-E
Red had 15.5%. The scheme was due to expire in June 2010 but has
been extended till January 2011. Fitch is concerned about the
risk of increased charge-offs resulting from the deterioration of
accounts on the PPH program once the scheme expires.
The cash reserve fund for F-E Gold underwent an instant
amortization in April 2010 after the outstanding balance of class
A notes fell below 50% of the balance at closing, as per the
transaction documents. Reserve funds have been kept in line with
required levels for all other transactions.
The F-E Green class B notes' principal and interest payments are
guaranteed by the European Investment Fund (AAA/Stable/F1+).
The amortizing collateral pools for the first three F-E
transactions (Blue, Green and Gold) have become dominated by real
estate leases as auto leases and equipment leases tend to have
shorter maturities. As at October 2010, real estate leases make
up these percentages of the respective transaction pools: 99% (F-E
Blue), 98% (F-E Green), 92%(F-E Gold) and 67% (F-E Red).
Obligor concentration remains a concern to Fitch for some of the
older F-E transactions with the top 10 lessees in the pool
accounting for 12.3% and 5.6% of the total outstanding collateral
balance for F-E Blue and F-E Green respectively. Any future
deterioration should be mitigated by the availability of credit
enhancement as well as the cash reserve funds, however, the
evolution of obligor concentration in the transaction pools will
continue to be closely monitored.
===================
K A Z A K H S T A N
===================
TEMIRBANK JSC: Fitch Upgrades LT Issuer Default Rating to 'B-'
--------------------------------------------------------------
Fitch Ratings has upgraded Kazakhstan-based Temirbank's Long-term
foreign currency Issuer Default Rating to 'B-' from 'RD'
('Restricted Default'), and assigned a Stable Outlook. The rating
action follows the completion of the restructuring of Temir's
liabilities. A full list of rating actions is provided at the end
of this commentary.
Temir's ratings reflect the bank's still weak asset quality, its
challenges in establishing a viable business model and sustainable
franchise, and the lack of track record following the
restructuring. However, the ratings also take account of the
long-term nature of much of the bank's funding, government control
of the bank and the possibility of further state funding support,
in case of need.
Asset quality is exceptionally weak with NPLs (loans overdue by
more than 90 days) equal to roughly 58.5% of the portfolio at end-
H110. Loan impairment reserves provided 61.7% coverage of NPLs
under IFRS. Fitch notes that exposure to former related parties
in Temir's corporate book is rather limited, and that the retail
portfolio comprises primarily secured lending. These two factors
should help to support loan recoveries, although the extent and
impact of these recoveries on the bank's capital position are a
source of significant uncertainty.
The bank wrote-off US$0.7bn of foreign debt as a result of the
restructuring, and maturities of wholesale obligations were
significantly extended. The funding structure is now heavily
reliant on government-related funds provided by BTA Bank (Temir's
former shareholder) and Samruk-Kazyna (the National Welfare Fund
of Kazakhstan), which together constituted 42% of non-equity
funding at end-H110. Funding maturing after 2019, including the
BTA deposit and bonds issued or extended as a result of the
restructuring, comprised a large 60% of liabilities at end-H110,
although this will probably reduce as the bank seeks to diversify
its funding base.
Post-restructuring, the bank reported solid looking Basel I
capital ratios of 33.2% total and 23.1% tier 1, based on H110 IFRS
accounts. However, the regulatory ratios were a more moderate
16.3% and 8.6% at the same date, due to different loan impairment
provisioning rules (reserves covered NPLs by 88.1% in local
accounts). Fitch also notes the poor quality of the bank's
capital, as accrued interest in local accounts (against which no
extra provisions are held) constituted a high 94% of common equity
at end-Q310. Uncertainty about NPL recoveries also make it
difficult to forecast the future development of the bank's capital
position.
Temir's ratings could be upgraded if loan recoveries help to
strengthen the capital position and the bank demonstrates its
ability to develop its franchise, strengthen risk management and
generate robust core earnings. Further unreserved losses in the
loan book could exert downward pressure on the ratings.
At end-Q310, Temir was the 13th largest bank in Kazakhstan, with a
1.6% share of assets. Following the restructuring, the bank is
79.9%-owned by Samruk-Kazyna, with the rest held primarily by
international former creditors of the bank. Fitch notes that the
authorities do not regard Temir as a strategic investment and are
considering sale of the bank in the medium term.
-- Long-term foreign currency IDR: upgraded to 'B-' from 'RD';
Outlook Stable
-- Long-term local currency IDR: assigned at 'B-'; Outlook
Stable
-- Short-term foreign currency IDR: upgraded to 'B' from 'RD'
-- Short-term local currency IDR: assigned at 'B'
-- Individual Rating: upgraded to 'D/E' from 'F'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- Senior unsecured debt: upgraded to 'B-' from 'C'; Recovery
Rating is 'RR4'
===================
L U X E M B O U R G
===================
GSC EUROPEAN: S&P Cuts Ratings on Two Tranches to 'CCC- (sf)'
-------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
GSC European CDO II S.A. Specifically, S&P raised its credit
ratings on five tranches, lowered its ratings on two tranches, and
affirmed its ratings on four tranches.
These rating actions follow S&P's observations of several factors
in the transaction. There has been a reduction in the outstanding
principal amount of the class A1, A1-D, A2, and T-Combo tranches,
which has led to a decrease in credit enhancement. In S&P's
opinion, there has been a reduction in the gross level of defaults
expected on the portfolio over the life of the transaction as the
weighted-average life of the transaction has reduced since S&P's
last review. The weighted-average spread of the transaction has
also increased slightly, while S&P note that the amount of
defaulted assets has increased slightly.
GSC European CDO II is a cash flow collateralized loan obligation
transaction that securitizes loans to primarily speculative-grade
corporate firms.
Ratings List
GSC European CDO II S.A.
?400 Million Floating- And Fixed-Rate Notes
Ratings Raised
Rating
------
Class To From
----- -- ----
A1 A+ (sf) A (sf)
A1-D A+ (sf) A (sf)
A2 A+ (sf) A (sf)
B BBB (sf) BBB- (sf)
T-Combo A+ (sf) A (sf)
Ratings Lowered
Rating
------
Class To From
----- -- ----
D1 CCC- (sf) B- (sf)
D2 CCC- (sf) B- (sf)
Ratings Affirmed
Class Rating
----- ------
C1 BB+ (sf)
C2 BB+ (sf)
E1 CCC- (sf)
E2 CCC- (sf)
HELLAS TELECOMS: Files for Chapter 15 Bankruptcy in Delaware
------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Hellas Telecommunications (Luxembourg) V filed a
petition for Chapter 15 relief (Bankr. D. Del. Case No. 10-13651)
on Nov. 12 in the U.S. Bankruptcy Court in Delaware.
The petition says assets are less than US$1 billion while debt
exceeds US$1 billion, Bloomberg notes.
According to Bloomberg, the Chapter 15 case is designed to
complement arrangement proceedings begun Nov. 4 in the High Court
of Justice of England and Wales.
Bloomberg says if the Chapter 15 petition is granted, the U.S.
court will assist the U.K. proceedings and in substance require
creditors to fight out any disputes in the court abroad.
Hellas Telecommunications (Luxembourg) V is a finance affiliate of
Wind Hellas Telecommunications SA.
=====================
N E T H E R L A N D S
=====================
POLISH TELEVISION: S&P Assigns 'B-' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B-'
long-term corporate credit rating to Netherlands-based finance
holding company Polish Television Holding B.V. The outlook is
stable.
At the same time, S&P assigned its 'B-' issue rating to the EUR260
million senior secured notes, due 2017, to be issued by PTH. S&P
understand the notes will be used to refinance the company's
existing EUR240 million senior secured facility and cover EUR10
million of transaction costs.
"The rating on Polish Television Holding mainly reflects S&P's
view of its credit exposure to its 51.7% owned subsidiary TVN
S.A., the leading TV broadcaster in Poland and a company S&P
considers to be highly leveraged," said Standard & poor's credit
analyst Patrizia D'Amico. "In S&P's view, PTH's credit quality
suffers from a lack of asset diversification and the absence of
its own operations."
The rating also takes into account the expected volatility of
dividends from TVN, which represent PTH's main source of income to
service its debt, as well as its limited capacity, in S&P's
opinion, to source additional debt or equity funding if needed.
S&P believes PTH's adequate liquidity profile and TVN's improving
operations should support the ratings over the next few years.
S&P expects the evolution of liquidity and financial flexibility
at TVN and PTH to be the main rating driver.
In S&P's view, PTH's liquidity will remain adequate over the next
two years. S&P anticipate that the company's subsidiary TVN will
remain cash-generative and continue to upstream dividends. S&P
expects TVN's dividend pay-outs to remain at the low end of the
30%-50% range in 2011, given n's funding needs, and increase
thereafter. The outlook also takes into account the likely use of
the escrowed cash and the TVN notes collateral in the first few
years after the EUR260 million notes are issued.
A deterioration of TVN's operating performance and cash flow
generation, resulting in a reduction in dividends to PTH, would
likely trigger a negative rating action on PTH. Generally, S&P
would expect a negative rating action on TVN to have direct
negative consequences for S&P's ratings on PTH.
S&P considers a positive rating action unlikely over the next 12
months, given its view of PTH's limited financial flexibility.
===========
R U S S I A
===========
ALFA BANK: Moody's Gives Stable Outlook on 'Ba1' Ratings
--------------------------------------------------------
Moody's Investors Service has changed the outlooks to stable from
negative on Alfa Bank's Ba1 long-term foreign currency deposit and
senior debt ratings, the Ba2 subordinated debt ratings, and D Bank
Financial Strength Rating. The bank's NP short-term remains
unchanged.
Moody's assessment is mostly based on Alfa's audited financial
statements for 2009 prepared under IFRS. At the same time,
Moody's caution that Moody's assessment, in part, incorporates
information from Alfa's non-audited (reviewed) interim
consolidated statements for H1 2010 under IFRS.
Rating Rationale
"According to Moody's, the rating actions on Alfa-Bank reflect the
stable trends in the financial fundamentals of the bank. Asset
quality is showing signs of improvement; in addition, provisions
and capital buffers appear adequate to offset expected credit
losses under Moody's base case stress-test," says Eugene
Tarzimanov, a Moody's Vice-President -- Senior Analyst.
Alfa's liquidity appears to be adequate, with cash, cash
equivalents and relatively liquid securities accounting for around
22% of total assets at H1 2010 (unaudited data). Moody's sees
remote near-term refinancing risks for Alfa. The bank has been
successful in attracting new wholesale funding, notably through a
US$1 billion Eurobond in September 2010.
The level of problem loans is decreasing, and Moody's believes
that most large problem exposures are already identified by the
bank. Corporate loans overdue by more than 90+ days stood at 7.4%
of gross corporate loans at Q3 2010 (management data), compared to
15% at the beginning of the year. On top of that, restructured
loans decreased to 12.4% of gross loans at Q3 2010, compared to
13.3% at YE2009. Moody's base case expectation is that Alfa's
asset quality should continue to improve in 2011, supported by
positive economic developments and problem loan workouts. Problem
loans were adequately covered by provisions, with a
provisions/gross loans ratio of 9.5% at H1 2010. In addition, the
bank's total CAR of 22.2% at H1 2010 indicates that Alfa has an
adequate buffer against potential credit losses.
Negative BFSR drivers for Alfa include a (i) weak loan portfolio
quality with expected further improvement; (ii) high single-name
concentrations on both sides of the balance sheet and high
related-party exposures; (iii) a high share of loans denominated
in foreign currencies.
Alfa's Ba1 debt/deposit ratings continue to enjoy low support from
the Russian government, resulting in a one notch uplift above the
bank's baseline credit assessment of Ba2. In Moody's opinion,
this is due to Alfa's status as the largest private sector bank in
Russia with a moderate market share in retail deposits.
Moody's previous ratings actions on Alfa were on 19 February 2009,
when the bank's BFSR was downgraded to D from D+. At the same
date, Moody's affirmed the bank's Ba1 senior and Ba2 subordinated
debt ratings.
Headquartered in Moscow, Russia, Alfa reported IFRS assets of
US$22.6 billion and total equity of US$2.9 billion at June 30,
2010. The bank's net IFRS profit for the six months ended
June 30, 2010 was US$296 million.
BANK VOZROZHDENIE: Moody's Gives Stable Outlook on 'Ba3' Rating
---------------------------------------------------------------
Moody's Investors Service has changed the outlooks to stable from
negative on Bank Vozrozhdenie's Ba3 long-term local and foreign
currency deposit ratings, and D- Bank Financial Strength Rating.
The bank's Not Prime short-term local and foreign currency deposit
ratings remain unchanged.
Moody's assessment is mostly based on V-Bank's audited financial
statements for 2009 prepared under IFRS. At the same time,
Moody's caution that Moody's assessment, in part, incorporates
information from the bank's non-audited (reviewed) interim
consolidated statements for H1 2010 under IFRS.
Rating Rationale
"According to Moody's, the rating action on Bank Vozrozhdenie
reflects the stable trends in the financial fundamentals of the
bank. Asset quality, which was a concern since late 2008 when the
crisis hit Russia, has been relatively stable throughout 2010.
The bank's provisioning and capitalization levels are adequate for
the level of problem loans. Moody's base case stress-test on V-
Bank shows a very low decrease in capitalization level in the next
12 months," says Eugene Tarzimanov, a Moody's Vice-President --
Senior Analyst.
V-Bank's liquidity appears to be adequate, with cash, cash
equivalents and liquid securities accounting for around 32% of
total assets at H1 2010 (unaudited data). Historically, V-Bank
has been a deposit-funded institution, with no wholesale
borrowings. Retail deposits, representing 59% of liabilities at
H1 2010, have grown by 16% since the beginning of the year,
strengthening the bank's liquidity profile.
Loans overdue by more than 90+ stood at 7.7% of gross loans at Q3
2010 (management data), a level similar to the beginning of the
year (7%). Restructured loans made up around 4% of gross loans at
Q3 2010, a materially lower level compared to peers'. Moody's
expectation is that V-Bank's asset quality should improve in 2011,
supported by positive economic developments and problem loan
workouts. Problem loans were fully covered by provisions, with a
provisions/gross loans ratio at around 10% at H1 2010. In
addition, the bank's total CAR of 17% at H1 2010 indicates that V-
Bank has an adequate buffer against potential credit losses.
Negative BFSR drivers for V-Bank include some asset quality
weaknesses, relatively high single-name and industry exposures in
loans, and weak bottom-line profitability.
V-Bank's debt/deposit ratings reflect the bank's intrinsic credit
strength, without incorporating any external support from
shareholders and the government.
Moody's previous ratings actions on V-Bank was implemented on
March 23, 2009, when the outlook on the bank's ratings was changed
to negative from stable.
Headquartered in Moscow, Russia, V-Bank reported IFRS assets of
RUB147 billion and total equity of RUB16.5 billion at June 30,
2010. The bank's net IFRS profit for H1 2010 was RUB218 million.
=========
S P A I N
=========
CAMPOFRIO FOOD: S&P Raises Corporate Credit Rating to 'BB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
long-term corporate credit and debt ratings on Spain-based
European meat processor Campofrio Food Group S.A. to 'BB-' from
'B+'. The outlook is stable.
The recovery rating of '4' on CFG's EUR500 million unsecured bond
and EUR55 million unsecured revolving credit facility remains
unchanged and reflects Standard & Poor's expectations of average
(30%-50%) recovery for debtholders in the event of a payment
default.
"The upgrade reflects what S&P views as CFG's resilient
operations, which have demonstrated improved profitability and
solid free cash flow generation over the past four quarters,
despite a difficult economic environment," said Standard & Poor's
credit analyst Florence Devevey.
S&P's rating action also results from the company's deleveraging,
which has been faster than S&P anticipated. CFG's debt-to-EBITDA
ratio, adjusted by Standard & Poor's, declined to 4.6x for the 12
months ended Sept. 30, 2010, from 5.0x for full-year 2009, and S&P
believes it will likely dip below 4.5x by year-end 2010.
"The stable outlook reflects S&P's belief that CFG will continue
to perform resiliently, generate solid free cash flows, and
gradually reduce its leverage to an adjusted ratio of debt to
EBITDA of below 4.0x by year-end 2011," said Ms. Devevey.
S&P could lower the rating if CFG were unable to generate positive
free cash flow (especially owing to a long-lasting and sharp spike
in raw material costs) or maintain what S&P views as "adequate"
liquidity at all times. Also, a more aggressive financial policy,
which could result from unexpected and credit-dilutive
acquisitions, could put pressure on the rating.
Conversely, a positive rating action could result from a
sustainable deleveraging to an adjusted debt-to-EBITDA ratio of
below 3.5x, which, at this stage, seems rather unlikely in S&P's
view given the bullet maturity in 2016 of CFG's EUR500 million
bond.
GRUPO PRASA: In Talks with Lenders to Avert Bankruptcy
------------------------------------------------------
Sharon Smyth at Bloomberg News, citing Cinco Dias, reports that
Grupo Prasa is in talks with its lenders to avert the need to file
for protection from creditors.
According to Bloomberg, the newspaper said the company has around
EUR2 billion (US$2.74 billion) worth of debt. The newspaper did
not name the company's main creditors, Bloomberg notes.
Grupo Prasa is a privately held Spanish real-estate company. The
company belongs to the Romero Gonzalez family. It is based in
Cordoba.
METROVACESA SA: Banks to Earmark EUR900 Million Loss
----------------------------------------------------
Sharon Smyth at Bloomberg News, citing El Confidencial, reports
that the banks, which took over Metrovacesa SA in a debt-for-
equity swap last year, will have to provision a loss of EUR900
million (US$1.23 billion) this year to account for the drop in
value of their stakes in the company.
According to Bloomberg, El Confidencial said Banco Santander SA,
Banco Bilbao Vizcaya Argentaria SA, Banco Espanol de Credito SA,
Banco Popular SA, Banco Sabadell SA, Caja Madrid, La Caixa and
Barclays Plc currently value the shares at EUR34.91 a piece but
will have to change the valuation to EUR22 by year end to match
the gross asset value of the shares.
Metrovacesa SA -- http://www.metrovacesa.com/-- is a Spain-based
company active in the real estate sector. Its activities include
the acquisition, purchase, promotion and management of properties
primarily for rental purposes. Its portfolio is structured in six
divisions: Offices, comprising more than 500,000 square meters of
leasable surface area; Shopping Centers, including five operating
centers and two in development; Hotels, comprising 14 operating
hotels and three in construction; Homes, providing residential
property construction and development services; Car Parks,
operating 13 parking lots located in Madrid, Valencia, Soria and
Santa Cruz de Tenerife, and Land, which portfolio consists of more
than three million square meters of land. The Company is a parent
of Grupo Metrovacesa, a group which comprises a number of entities
with operations established in the United Kingdom, Germany and
France.
===========
T U R K E Y
===========
ANADOLUBANK AS: Fitch Upgrades LT Issuer Default Rating to 'BB'
---------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings
of three mid-sized Turkish banks: Anadolubank A.S. to 'BB' from
'BB-', Tekstil Bankasi A.S. and Sekerbank TAS to 'B+' from 'B'.
The Outlooks for all the ratings are Stable. A full list of
rating actions is provided at the end of this commentary.
The three banks display different characteristics, operate in
different niches and follow different strategies. However, in
Fitch's opinion, all three have performed adequately over the past
two years and are benefiting from the improvement in the Turkish
operating environment and the country's strong near-term growth
prospects. The rating upgrades were driven by these factors. At
the same time, each of the banks faces significant near-term and
longer-term challenges in maintaining their margins and
profitability and developing their franchises in an increasingly
competitive environment dominated by larger institutions.
Anadolubank has demonstrated a steady strategy and the bank has
delivered good profitability and maintained sound asset quality
through various economic cycles. Anadolubank is chiefly a
commercial lender, while retail loans, mainly housing loans, stood
at 19% of total loans at end-H110. Although impaired loans have
increased sharply (from a low base due to the contracting economy
in 2009), the bank has maintained sound asset quality with its
non-performing loans ratio at a low 2.6% of total gross loans at
end-H110, comparing favorably with both its peers and larger non-
peers.
Profitability and asset quality are underpinned by Anadolubank's
focus on its core business. Its relatively small size and limited
network have helped it remain responsive to difficult market
conditions during 2009 but could bring challenges in an
environment of further depressed margins where revenue generation
increasingly depends on higher volumes. The bank plans to resume
branch openings in 2011, bringing its branch network to over 100
by the year-end. This could help strengthen its deposit
franchise, which is underpinned by customer deposits, which made
up 68% of non-equity liabilities as of end-H110. Capitalization
is healthy and in the past has been supported by shareholders via
cash equity injections when needed. The Fitch eligible capital
ratio was at a good 17.6% at end-H110.
Anadolubank's Support rating reflects the high propensity of
support from its majority shareholder, Habas Sinai ve Tibbi Gazlar
Istihsal Endustri A.S. However, Habas's ability to provide
support would be limited, given its Long-term foreign currency IDR
of 'B+'.
Anadolubank is 69.98%-owned by Habas and 27.32% by Mehmet RUS$u
Basaran, the main shareholder of Habas. The balance is owned by
Basaran family members and other companies owned by the Basaran
family.
Tekstilbank is a small player in Turkey's financial system focused
on corporate, commercial (middle market) and SME clients. It is
75.5%-owned by GSD Holding AS. Management has been reducing risk
since 2009 and focusing on liquidity and capital preservation.
Branches and staff have been rationalized and Tekstilbank has
emerged as a boutique bank, serving its traditional wholesale
customers. The bank's tier 1 regulatory capital ratio, at 21.7%,
is amongst the strongest in the sector.
Performance indicators have suffered as a result of deleveraging
but the bank remains profitable and trends in 2010 have been
positive. Overheads have already been reduced and the rise in
impaired loans seen in 2009 has stabilized. Efforts to focus on
collections have paid off and loan recoveries were considerable in
H110. Deposits tend to be concentrated but more stable savings
deposits constitute the bulk of customer funding, borrowings were
repaid and sizeable holdings of unencumbered securities can be
used to access immediate liquidity.
Sekerbank's ratings are supported by encouraging prospects for the
bank given its ability to carve out a niche for itself, focusing
on SMEs and micro-companies. Sekerbank is the only bank of its
size to have established a meaningful nationwide presence.
Performance indicators are below the peer average but it
maintained profitability even during the economic contraction.
The bank's links to rural communities provide opportunities for
growth. Loan expansion is high (up 25% in H110) but asset quality
within its core SME and micro loan books (which represented 47% of
loans at H110) is sound, with impaired loans in these portfolios
reaching just 2.2%. The bank's stable core retail deposit base is
also a positive rating driver.
However, the bank still faces some challenges, notably a high cost
base and capital ratios which Fitch views as only just adequate
given its risk profile and rapid growth. Margins are being
squeezed in Turkey, reflecting the lower inflation/historically
low interest rate environment and mounting competition.
Nevertheless, the bank achieved an operating return on average
equity of 10.4% in H110. As Sekerbank further automates credit
approval procedures and branches mature, operating profitability
should improve. Exposure to the construction sector, once the
bank's major focus, has been reduced but still represents 23% of
total exposures at H110.
Like many banks in Turkey, Sekerbank's balance sheet is mis-
matched, with short-term deposits funding longer-term loans.
However, the short-term nature of lending (55% maturing within one
year), plus frequent repricing of assets helps mitigate potential
liquidity and interest rate risks. The bank's sizeable government
securities portfolio (24% of H110 assets) can provide immediate
liquidity if required and longer-term funding is obtained from
international agencies and banks where relationships are well
established.
Sekerbank's pension fund and Samruk-Kazyna each hold 33.98% of its
shares; the International Finance Corporation agreed to acquire up
to a 5% stake in June 2010. The remaining shares are publicly
quoted.
In Fitch's opinion, sovereign support for Tekstilbank and
Sekerbank, although possible, cannot be relied upon, given their
relatively small size.
Ratings:
Anadolubank AS:
-- Long-term Foreign Currency & Local Currency IDR: upgraded to
'BB' from 'BB-'; Outlook Stable
-- Short-term FC and LC IDR: affirmed at 'B'
-- National LT Rating: upgraded to 'AA-(tur)' from 'A+(tur)';
Outlook Stable
-- Individual Rating: affirmed at 'C/D'
-- Support rating: affirmed at '4'
Tekstil Bankasi AS:
-- LT FC & LC IDR: upgraded to 'B+' from 'B'; Outlook Stable
-- ST FC and LC IDR: affirmed at 'B'
-- National LT Rating: upgraded to 'A-(tur)' from 'BBB+(tur)';
Outlook Stable
-- Individual Rating: affirmed at 'D'
-- Support rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'NF'
Sekerbank TAS:
-- LT FC & LC IDR: upgraded to 'B+' from 'B'; Outlook Stable
-- ST FC and LC IDR: affirmed at 'B'
-- National LT Rating: upgraded to 'A(tur)' from 'BBB+(tur)';
Outlook Stable
-- Individual Rating: affirmed at 'D'
-- Support rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'NF'
SEKERBANK TAS: Fitch Upgrades LT Issuer Default Rating to 'B+'
--------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings of
three mid-sized Turkish banks: Anadolubank A.S. to 'BB' from 'BB-
', Tekstil Bankasi A.S. and Sekerbank TAS to 'B+' from 'B'. The
Outlooks for all the ratings are Stable. A full list of rating
actions is provided at the end of this commentary.
The three banks display different characteristics, operate in
different niches and follow different strategies. However, in
Fitch's opinion, all three have performed adequately over the past
two years and are benefiting from the improvement in the Turkish
operating environment and the country's strong near-term growth
prospects. The rating upgrades were driven by these factors. At
the same time, each of the banks faces significant near-term and
longer-term challenges in maintaining their margins and
profitability and developing their franchises in an increasingly
competitive environment dominated by larger institutions.
Anadolubank has demonstrated a steady strategy and the bank has
delivered good profitability and maintained sound asset quality
through various economic cycles. Anadolubank is chiefly a
commercial lender, while retail loans, mainly housing loans, stood
at 19% of total loans at end-H110. Although impaired loans have
increased sharply (from a low base due to the contracting economy
in 2009), the bank has maintained sound asset quality with its
non-performing loans ratio at a low 2.6% of total gross loans at
end-H110, comparing favorably with both its peers and larger non-
peers.
Profitability and asset quality are underpinned by Anadolubank's
focus on its core business. Its relatively small size and limited
network have helped it remain responsive to difficult market
conditions during 2009 but could bring challenges in an
environment of further depressed margins where revenue generation
increasingly depends on higher volumes. The bank plans to resume
branch openings in 2011, bringing its branch network to over 100
by the year-end. This could help strengthen its deposit
franchise, which is underpinned by customer deposits, which made
up 68% of non-equity liabilities as of end-H110. Capitalization
is healthy and in the past has been supported by shareholders via
cash equity injections when needed. The Fitch eligible capital
ratio was at a good 17.6% at end-H110.
Anadolubank's Support rating reflects the high propensity of
support from its majority shareholder, Habas Sinai ve Tibbi Gazlar
Istihsal Endustri A.S. However, Habas's ability to provide
support would be limited, given its Long-term foreign currency IDR
of 'B+'.
Anadolubank is 69.98%-owned by Habas and 27.32% by Mehmet RUS$u
Basaran, the main shareholder of Habas. The balance is owned by
Basaran family members and other companies owned by the Basaran
family.
Tekstilbank is a small player in Turkey's financial system focused
on corporate, commercial (middle market) and SME clients. It is
75.5%-owned by GSD Holding AS. Management has been reducing risk
since 2009 and focusing on liquidity and capital preservation.
Branches and staff have been rationalized and Tekstilbank has
emerged as a boutique bank, serving its traditional wholesale
customers. The bank's tier 1 regulatory capital ratio, at 21.7%,
is amongst the strongest in the sector.
Performance indicators have suffered as a result of deleveraging
but the bank remains profitable and trends in 2010 have been
positive. Overheads have already been reduced and the rise in
impaired loans seen in 2009 has stabilized. Efforts to focus on
collections have paid off and loan recoveries were considerable in
H110. Deposits tend to be concentrated but more stable savings
deposits constitute the bulk of customer funding, borrowings were
repaid and sizeable holdings of unencumbered securities can be
used to access immediate liquidity.
Sekerbank's ratings are supported by encouraging prospects for the
bank given its ability to carve out a niche for itself, focusing
on SMEs and micro-companies. Sekerbank is the only bank of its
size to have established a meaningful nationwide presence.
Performance indicators are below the peer average but it
maintained profitability even during the economic contraction.
The bank's links to rural communities provide opportunities for
growth. Loan expansion is high (up 25% in H110) but asset quality
within its core SME and micro loan books (which represented 47% of
loans at H110) is sound, with impaired loans in these portfolios
reaching just 2.2%. The bank's stable core retail deposit base is
also a positive rating driver.
However, the bank still faces some challenges, notably a high cost
base and capital ratios which Fitch views as only just adequate
given its risk profile and rapid growth. Margins are being
squeezed in Turkey, reflecting the lower inflation/historically
low interest rate environment and mounting competition.
Nevertheless, the bank achieved an operating return on average
equity of 10.4% in H110. As Sekerbank further automates credit
approval procedures and branches mature, operating profitability
should improve. Exposure to the construction sector, once the
bank's major focus, has been reduced but still represents 23% of
total exposures at H110.
Like many banks in Turkey, Sekerbank's balance sheet is mis-
matched, with short-term deposits funding longer-term loans.
However, the short-term nature of lending (55% maturing within one
year), plus frequent repricing of assets helps mitigate potential
liquidity and interest rate risks. The bank's sizeable government
securities portfolio (24% of H110 assets) can provide immediate
liquidity if required and longer-term funding is obtained from
international agencies and banks where relationships are well
established.
Sekerbank's pension fund and Samruk-Kazyna each hold 33.98% of its
shares; the International Finance Corporation agreed to acquire up
to a 5% stake in June 2010. The remaining shares are publicly
quoted.
In Fitch's opinion, sovereign support for Tekstilbank and
Sekerbank, although possible, cannot be relied upon, given their
relatively small size.
Ratings:
Anadolubank AS:
-- Long-term Foreign Currency & Local Currency IDR: upgraded to
'BB' from 'BB-'; Outlook Stable
-- Short-term FC and LC IDR: affirmed at 'B'
-- National LT Rating: upgraded to 'AA-(tur)' from 'A+(tur)';
Outlook Stable
-- Individual Rating: affirmed at 'C/D'
-- Support rating: affirmed at '4'
Tekstil Bankasi AS:
-- LT FC & LC IDR: upgraded to 'B+' from 'B'; Outlook Stable
-- ST FC and LC IDR: affirmed at 'B'
-- National LT Rating: upgraded to 'A-(tur)' from 'BBB+(tur)';
Outlook Stable
-- Individual Rating: affirmed at 'D'
-- Support rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'NF'
Sekerbank TAS:
-- LT FC & LC IDR: upgraded to 'B+' from 'B'; Outlook Stable
-- ST FC and LC IDR: affirmed at 'B'
-- National LT Rating: upgraded to 'A(tur)' from 'BBB+(tur)';
Outlook Stable
-- Individual Rating: affirmed at 'D'
-- Support rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'NF'
TEKSTIL BANKASI: Fitch Upgrades LT Issuer Default Rating to 'BB'
---------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings of
three mid-sized Turkish banks: Anadolubank A.S. to 'BB' from 'BB-
', Tekstil Bankasi A.S. and Sekerbank TAS to 'B+' from 'B'. The
Outlooks for all the ratings are Stable. A full list of rating
actions is provided at the end of this commentary.
The three banks display different characteristics, operate in
different niches and follow different strategies. However, in
Fitch's opinion, all three have performed adequately over the past
two years and are benefiting from the improvement in the Turkish
operating environment and the country's strong near-term growth
prospects. The rating upgrades were driven by these factors. At
the same time, each of the banks faces significant near-term and
longer-term challenges in maintaining their margins and
profitability and developing their franchises in an increasingly
competitive environment dominated by larger institutions.
Anadolubank has demonstrated a steady strategy and the bank has
delivered good profitability and maintained sound asset quality
through various economic cycles. Anadolubank is chiefly a
commercial lender, while retail loans, mainly housing loans, stood
at 19% of total loans at end-H110. Although impaired loans have
increased sharply (from a low base due to the contracting economy
in 2009), the bank has maintained sound asset quality with its
non-performing loans ratio at a low 2.6% of total gross loans at
end-H110, comparing favorably with both its peers and larger non-
peers.
Profitability and asset quality are underpinned by Anadolubank's
focus on its core business. Its relatively small size and limited
network have helped it remain responsive to difficult market
conditions during 2009 but could bring challenges in an
environment of further depressed margins where revenue generation
increasingly depends on higher volumes. The bank plans to resume
branch openings in 2011, bringing its branch network to over 100
by the year-end. This could help strengthen its deposit
franchise, which is underpinned by customer deposits, which made
up 68% of non-equity liabilities as of end-H110. Capitalization
is healthy and in the past has been supported by shareholders via
cash equity injections when needed. The Fitch eligible capital
ratio was at a good 17.6% at end-H110.
Anadolubank's Support rating reflects the high propensity of
support from its majority shareholder, Habas Sinai ve Tibbi Gazlar
Istihsal Endustri A.S. However, Habas's ability to provide
support would be limited, given its Long-term foreign currency IDR
of 'B+'.
Anadolubank is 69.98%-owned by Habas and 27.32% by Mehmet RUS$u
Basaran, the main shareholder of Habas. The balance is owned by
Basaran family members and other companies owned by the Basaran
family.
Tekstilbank is a small player in Turkey's financial system focused
on corporate, commercial (middle market) and SME clients. It is
75.5%-owned by GSD Holding AS. Management has been reducing risk
since 2009 and focusing on liquidity and capital preservation.
Branches and staff have been rationalized and Tekstilbank has
emerged as a boutique bank, serving its traditional wholesale
customers. The bank's tier 1 regulatory capital ratio, at 21.7%,
is amongst the strongest in the sector.
Performance indicators have suffered as a result of deleveraging
but the bank remains profitable and trends in 2010 have been
positive. Overheads have already been reduced and the rise in
impaired loans seen in 2009 has stabilized. Efforts to focus on
collections have paid off and loan recoveries were considerable in
H110. Deposits tend to be concentrated but more stable savings
deposits constitute the bulk of customer funding, borrowings were
repaid and sizeable holdings of unencumbered securities can be
used to access immediate liquidity.
Sekerbank's ratings are supported by encouraging prospects for the
bank given its ability to carve out a niche for itself, focusing
on SMEs and micro-companies. Sekerbank is the only bank of its
size to have established a meaningful nationwide presence.
Performance indicators are below the peer average but it
maintained profitability even during the economic contraction.
The bank's links to rural communities provide opportunities for
growth. Loan expansion is high (up 25% in H110) but asset quality
within its core SME and micro loan books (which represented 47% of
loans at H110) is sound, with impaired loans in these portfolios
reaching just 2.2%. The bank's stable core retail deposit base is
also a positive rating driver.
However, the bank still faces some challenges, notably a high cost
base and capital ratios which Fitch views as only just adequate
given its risk profile and rapid growth. Margins are being
squeezed in Turkey, reflecting the lower inflation/historically
low interest rate environment and mounting competition.
Nevertheless, the bank achieved an operating return on average
equity of 10.4% in H110. As Sekerbank further automates credit
approval procedures and branches mature, operating profitability
should improve. Exposure to the construction sector, once the
bank's major focus, has been reduced but still represents 23% of
total exposures at H110.
Like many banks in Turkey, Sekerbank's balance sheet is mis-
matched, with short-term deposits funding longer-term loans.
However, the short-term nature of lending (55% maturing within one
year), plus frequent repricing of assets helps mitigate potential
liquidity and interest rate risks. The bank's sizeable government
securities portfolio (24% of H110 assets) can provide immediate
liquidity if required and longer-term funding is obtained from
international agencies and banks where relationships are well
established.
Sekerbank's pension fund and Samruk-Kazyna each hold 33.98% of its
shares; the International Finance Corporation agreed to acquire up
to a 5% stake in June 2010. The remaining shares are publicly
quoted.
In Fitch's opinion, sovereign support for Tekstilbank and
Sekerbank, although possible, cannot be relied upon, given their
relatively small size.
Ratings:
Anadolubank AS:
-- Long-term Foreign Currency & Local Currency IDR: upgraded to
'BB' from 'BB-'; Outlook Stable
-- Short-term FC and LC IDR: affirmed at 'B'
-- National LT Rating: upgraded to 'AA-(tur)' from 'A+(tur)';
Outlook Stable
-- Individual Rating: affirmed at 'C/D'
-- Support rating: affirmed at '4'
Tekstil Bankasi AS:
-- LT FC & LC IDR: upgraded to 'B+' from 'B'; Outlook Stable
-- ST FC and LC IDR: affirmed at 'B'
-- National LT Rating: upgraded to 'A-(tur)' from 'BBB+(tur)';
Outlook Stable
-- Individual Rating: affirmed at 'D'
-- Support rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'NF'
Sekerbank TAS:
-- LT FC & LC IDR: upgraded to 'B+' from 'B'; Outlook Stable
-- ST FC and LC IDR: affirmed at 'B'
-- National LT Rating: upgraded to 'A(tur)' from 'BBB+(tur)';
Outlook Stable
-- Individual Rating: affirmed at 'D'
-- Support rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'NF'
=============
U K R A I N E
=============
UKRGAZPROMBANK OJSC: Moody's Withdraws 'B3' Deposit Ratings
-----------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of
Ukrgazprombank: B3 long-term and Not Prime short-term local- and
foreign-currency deposit ratings, E+ Bank Financial Strength
Rating and the long-term national scale rating of Baa3.ua. Before
this withdrawal, UGPB's BFSR and long-term deposit ratings carried
a negative outlook. The NSR carries no specific outlook.
Ratings Rationale
Moody's Investors Service has withdrawn the credit rating for its
own business reasons.
The rating withdrawal does not reflect a change in the companies'
creditworthiness. UGPB had no outstanding debt rated by Moody's
at the time of the withdrawal.
Moody's most recent rating action on UGPB was on December 30,
2008, when Moody's changed the outlook on all the ratings to
negative.
Headquartered in Kiev, UGPB reported total assets of US$84 million
at YE 2009 according to the bank's audited IFRS financial report.
===========================
U N I T E D K I N G D O M
===========================
MARINE SUBSEA: In Provisional Liquidation; 23 Jobs Affected
-----------------------------------------------------------
Peter Ranscombe at The Scotsman reports that Marine Subsea (UK)
has been placed in provisional liquidation.
The Scotsman relates accountancy firm KPMG revealed the company
sought insolvency protection from its creditors on Friday, with 23
of its 26 staff being laid off.
The Scotsman says the remaining three workers will help the
provisional liquidators -- Blair Nimmo and Neil Armour -- to sell
the firm's assets.
According to The Scotsman, Mr. Armour said: "Despite having a
strong reputation in its market place, Marine Subsea (UK), like
many businesses, has suffered from the economic conditions of
recent years. The management buyout has unfortunately seen the
firm lack the financial support of its parent company and, due to
a shortage of contracts, it has fallen into liquidation."
Marine Subsea (UK) is an Aberdeen-based marine engineering
company.
ROK PLC: Landlords Need to Keep Repairs Services Running
--------------------------------------------------------
Carl Brown at Inside Housing reports that several landlords are
facing a second battle in as many months to keep repairs services
running, after Rok PLC went into administration.
According to the report, a number of landlords, which appointed
Rok after Connaught called in administrators in September, are
having to consider how to provide services while keeping costs and
delays to a minimum.
The report notes Yorkshire Housing, which had a GBP28 million
repairs contract with Connaught, appointed Rok, along with four
other contractors, to cover the work until a long-term solution
for providing repairs could be found. But the collapse of Rok
means YH will now have to turn to other contractors, the report
says.
Inside Housing notes that David Bolton, property services director
at the 15,000-home association, said it had been in regular
contact with Rok PLC and 'following the announcement we have put
our contingency plans into action'.
The report discloses that Kent-based association Town and Country
Housing appointed Rok PLC, along with Osborne and local contractor
DMS, following the termination of its GBP30 million Connaught
contract.
Meanwhile, the report relates, administrator Pricewaterhouse
Coopers said it is urgently seeking a buyer for Rok and that it
has had more than 100 expressions of interest so far.
ROK PLC -- http://www.rokgroup.com/-- is a holding company of a
group of companies providing response maintenance, planned repairs
and refurbishment and new build services in the United Kingdom.
The Company operates in three segments: response maintenance;
planned repairs and refurbishment, and new build. Rok Plc
provides a range of plumbing, heating and electrical (PHE)
services. The Company's wholly owned subsidiaries include Rok
Building Limited, Rok Development Limited, Richardson Projects
Limited, LAS Plant Limited, Rok Civil Engineering Limited and
Tulloch Transport Limited.
SHEFFIELD WEDNESDAY: Faces Either Administration or Wind-Up
-----------------------------------------------------------
Sheffield Wednesday Football Club may enter administration as
their High Court appearance looms, football trade directory
reports.
According to the report, the Npower League One side will face a
winding up petition over an unpaid GBP600,000 PAYE tax bill. But
reports suggest their main creditor, the Co-operative Bank, may
put the club into administration to protect the GBP23 million owed
to it.
Sheffield Wednesday has been linked with numerous takeovers
parties including Leicester chairman Milan Mandaric, who denied he
was in talks with the club as well as Certified Oil Rentals, with
the deal suffering a major setback when the key financer Kevin
Mundie withdrew his interest, the report notes.
The report adds that the club now faces a race against time to
complete a deal and pay off its debts or will ultimately enter
administration and face a 10 point penalty from the Football
League.
About Sheffield Wednesday
Sheffield Wednesday Football Club is a football club based in
Sheffield, South Yorkshire, England, who will compete in the
Football League One in the 2010/11 season, in England. Sheffield
Wednesday is one of the oldest professional clubs in the world and
the third oldest in the English league.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Frauline S. Abangan and Peter A. Chapman,
Editors.
Copyright 2010. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
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