/raid1/www/Hosts/bankrupt/TCREUR_Public/110705.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, July 5, 2011, Vol. 12, No. 131
Headlines
A U S T R I A
A-TEC INDUSTRIES: Receives Five Binding Offers
B E L A R U S
BANK MOSCOW: Moody's Reviews 'B1' Deposit Rating for Downgrade
F R A N C E
BELVEDERE SA: Nimes Commercial Court Grants Creditor Protection
TYROL ACQUISITION: S&P Gives 'B' Long-term Corporate Credit Rating
G R E E C E
* GREECE: European Finance Ministers Authorize Loan Payout
I R E L A N D
COLLIGO FUNDING: Moody's Confirms 'Caa1 (sf)' Ratings on Notes
DURGMAN ENTERTAINMENT: High Court Appoints Provisional Liquidators
PIERSE CONSTRUCTION: ODCE Gets Liquidator's Report on Collapse
WHELAN GROUP: Liquidator Launches Legal Action v. Nama Over Fees
WILLOW NO. 2: Moody's Cuts Rating on US$50MM Repack Notes to 'Ba1'
K A Z A K H S T A N
SOUTH OIL LLP: Fitch Assigns 'B' Issuer Default Ratings
L U X E M B O U R G
TMD FRICTION: S&P Lifts Rating to 'B+' on Improved Performance
N E T H E R L A N D S
ABN AMRO: Fitch Lifts Rating on Tier 2 Subordinated Debt to 'BB-'
NORIT HOLDING: Moody's Affirms B1 CFR; Lowers First Lien Rating
NORIT HOLDINGS: S&P Keeps Preliminary 'B+' Corp. Credit Rating
* POLAND: Corporate Bankruptcies Down 14% to 307
R O M A N I A
RCS & RDS: S&P Affirms 'B' Long-term Corporate Credit Rating
R U S S I A
DALCOMBANK: Fitch Upgrades Individual Rating to 'D/E'
NIZHNEKAMSKNEFTEKHIM OJSC: Moody's Upgrades National Scale Rating
NIZHNEKAMSKNEFTEKHIM OJSC: Moody's Upgrades CFR to 'Ba3' From 'B1'
S P A I N
ABENGOA SA: S&P Affirms Long-Term Corporate Credit Rating at 'B+'
CAJASOL: Fitch Affirms 'BB' Rating on Preferred Stock
TDA 25: S&P Affirms Ratings on Three Classes of Notes at 'D'
VALENCIA HIPOTECARIO: Moody's Cuts Rating on C Certificate to Caa2
T U R K E Y
ALBARAKA TURK: S&P Affirms 'BB/B' Counterparty Credit Ratings
U K R A I N E
* REPUBLIC OF CRIMEA: S&P Affirms 'B-' Issuer Credit Rating
U N I T E D K I N G D O M
ASSETCO PLC: Nears GBP10MM Rescue Deal; In Takeover Talks
CAKE BAKE: Goes Into Administration Due to Financial Difficulties
COAKLEY BUS: Faces Suit Over Alleged Breach of Child Support Act
EUROPEAN MEDIATION: Court Orders Wind Up After Insolvency Probe
FOCUS (DIY): Landgard UK Chief Quits Following Administration
HALDANES STORES: Administrators Close Three Remaining Stores
HOMEFORM GROUP: Customers May Not Get Money Back in Administration
JANE NORMAN: Middle East Stores' Future in Limbo
L.D. RESTAURANTS: Court Appoints Interim Liquidators
LEHMAN BROTHERS: Europe Unit, Citi Settle Over US$2.5-Bil. Assets
MCWILLIAMS HOMES: Placed Into Receivership, Goes Bankrupt
PLYMOUTH ARGYLE: MP Takes Up Staff's Plight in Commons
PROBATE SOLUTIONS: Court Orders Wind Up After Insolvency Probe
ROYAL BANK: Fitch Affirms 'CC' Rating on Tier 1 Securities
SOUTHERN CROSS: Four Seasons to Take Over Care Homes
WEBMANIA: Falls Into Liquidation Due to Credit Card Fraud
X X X X X X X X
* S&P Takes Rating Actions on 23 European Synthetic CDO Tranches
* NBC Bookseller's Filing Raises S&P's 2011 Default Tally to 18
* Large Companies with Insolvent Balance Sheet
*********
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A U S T R I A
=============
A-TEC INDUSTRIES: Receives Five Binding Offers
----------------------------------------------
Zoe Schneeweiss at Bloomberg News, citing Format magazine, reports
that A-Tec Industries AG received five binding bids by the June 30
deadline.
According to Bloomberg, the Vienna-based magazine said that in
addition to central European private-equity company Penta
Investments Ltd., Essar Group of India, French private equity firm
Astorg Partners, an unidentified London-based financial investor
and a Chinese "industry giant," have made offers.
Bloomberg notes that the report said A-Tec's supervisory board
will examine the bids on July 5 and a buyer is likely to be voted
on at a shareholder meeting in mid-August. Format, as cited by
the Bloomberg, said that the sale will have to raise at least
EUR225 million (US$326 million) and must be paid by the end of
September.
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 an Oct. 20 statement that it had
filed for self-administered reorganization proceedings at the
Vienna Commercial Court and appointed trustees for bondholders.
The company has a EUR798 million (US$1.11 billion) revolving
credit facility and EUR302 million in outstanding bonds, according
to Bloomberg data.
A-TEC Industries AG engages in plant construction, drive
technology, machine tools, and minerals and metals businesses in
Europe and internationally. The company is based in Vienna,
Austria.
=============
B E L A R U S
=============
BANK MOSCOW: Moody's Reviews 'B1' Deposit Rating for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed the B1 long-term local
currency deposit rating of Bank Moscow-Minsk on review for
downgrade. This rating action has no effect on the bank's other
ratings.
RATINGS RATIONALE
The review for downgrade on BMM's B1 long-term local currency
deposit rating follows Moody's review for downgrade -- established
on June 28, 2011 -- of JSC Bank of Moscow's standalone D- BFSR.
The standalone D- BFSR of Bank of Moscow is currently used as an
anchor for parental support.
BMM's long-term local currency deposit rating factors in (i) its
B2 standalone credit strength (mapped from the BFSR), and (ii)
Moody's assessment of a moderate probability of support from its
parent, BOM in the event of a stress situation. Moody's assessment
of the support probability is based on BMM's 100% ownership by
BOM, its strategic fit to BOM's operations, as well as BOM's
business diversification and cross-selling opportunities as a
result of its parental affiliation. As a result, BMM's long-term
local currency deposit rating receives a one-notch uplift to B1
from the bank's B2 standalone credit strength, and therefore the
B1 long-term local currency deposit rating is likely to be
downgraded if the parent's BFSR is downgraded.
Moody's noted that BMM's E+ standalone BFSR continues to reflect
the considerable downside risks reflected in the potential
deterioration of the operating environment which would in turn
affect the Belarusian banking system. Moody's believes that the
system's financial fundamentals are likely to come under pressure
in the near to medium term, following the recent worsening of the
country's macroeconomic environment.
PREVIOUS RATING ACTIONS AND PRINCIPAL METHODOLOGIES
The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology, published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology, published in
March 2007.
Headquartered in Minsk, Belarus, BMM reported total assets of
US$633 million and equity of US$73 million, according to the
bank's audited IFRS financial report at year-end 2010.
===========
F R A N C E
===========
BELVEDERE SA: Nimes Commercial Court Grants Creditor Protection
---------------------------------------------------------------
David Whitehouse at Bloomberg News reports that Belvedere SA said
a commercial court in Nimes in southeastern France has granted the
company creditor protection.
According to Bloomberg, the company said in a statement that it
will enter talks with its creditors.
As reported by the Troubled Company Reporter-Europe on June 9,
2011, Bloomberg News said Belvedere filed for pre-insolvency
protection in 2008 after breaching the floating rate note covenant
by repurchasing more of its stock than terms allowed.
Belvedere SA -- http://www.belvedere.fr/-- is a France-based
company engaged in the production and distribution of beverages.
The Company's range of products includes vodka and spirits, wines,
and other beverages, under such brands as Sobieski, William Peel,
Marie Brizard, Danzka and others. Belvedere SA operates through
its subsidiaries, including Belvedere Czeska, Belvedere
Scandinavia, Belvedere Baltic, Belvedere Capital Management,
Sobieski SARL and Sobieski USA, among others. It is present in a
number of countries, such as Poland, Lithuania, Bulgaria, Denmark,
France, Spain, Russia, Ukraine, the United States and others. In
addition, the Company holds a minority stake in Abbaye de
Talloires, involved in the hotel and wellness center.
TYROL ACQUISITION: S&P Gives 'B' Long-term Corporate Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' preliminary
long-term corporate credit rating to Tyrol Acquisition 1 SAS, the
ultimate holding of France-based TDF group, a broadcasting and
telecom infrastructure company. The outlook is stable.
The preliminary rating is based on the assumption of an 85%
success rate of the ongoing amendment process through which the
group is seeking to extend existing bank debt maturities and on
the assumption of the successful issuance of two new term loan
tranches for a combined EUR250 million maturing in 2016.
"The rating reflects our assessment of a 'highly leveraged'
financial risk profile, based on the group's very aggressive
capital structure, our anticipation of modest free cash flow
generation over the next three years, still significant
requirements for scheduled amortization of the not-extended
debt, and a heavy maturity wall in 2016. These weaknesses are
mitigated by our assessment of a 'strong' business risk profile,
which balances the group's strong positions in the French and
German broadcast and telecom infrastructure businesses, our
favorable credit view of the industry in spite of a continued
decline in analogue TV revenues and ongoing restructuring costs to
adapt to shifting demand patterns," S&P related.
"The issue rating on the first lien bank debt facilities is 'B',
in line with the corporate credit rating. The recovery rating is
'3', indicating our expectation of meaningful (50%-70%) recovery
in the event of a payment default. In addition, we have assigned a
recovery rating of '6' to the second lien bank debt, indicating
our expectation of negligible (0%-10%) recovery prospects for
lenders, with an issue rating two notches below the corporate
rating on TA1 SAS at 'CCC+'. The recovery and issue ratings are
underpinned by our valuation of the group as a going concern," S&P
said.
"The stable outlook assumes that TDF will maintain adequate
liquidity under our criteria, which likely will require new
refinancing initiatives to be successfully implemented by the end
of calendar year 2011 in order to materially strengthen TDF's
liquidity position and remove risks of cash shortfall after
calendar 2012," S&P noted.
"The stable outlook also reflects our anticipation that TDF will
manage to partly offset the decline from its analogue TV profits
with growth in digital TV, telecom, and other businesses, report
unadjusted EBITDA before restructuring of close to EUR600 million
in the year ending March 31, 2012, and at least stabilize EBITDA
before restructuring thereafter, while restructuring costs reach a
peak in calendar 2012 and then sharply decline, paving the way
for significant free cash flow improvement," S&P stated.
"Failure to maintain adequate liquidity could lead to a downgrade,
as could a material increase in leverage compared with our base-
case rating assumptions. Given the group's strong business risk
profile, we could consider an upgrade over the medium term, but
this would likely require improving deleveraging and cash
generation prospects," S&P said.
===========
G R E E C E
===========
* GREECE: European Finance Ministers Authorize Loan Payout
----------------------------------------------------------
James G. Neuger and Jonathan Stearns at Bloomberg News report that
Europe pulled Greece back from the brink of default, gaining time
to hammer out a formula for ending the debt crisis.
Bloomberg relates that European finance ministers authorized an
EUR8.7 billion (US$12.6 billion) loan payout to Greece by mid-
July, basing a second three-year bailout package on talks to
corral banks into maintaining their Greek debt holdings.
According to Bloomberg, Standard & Poor's on Sunday said a
proposed debt rollover plan for Greece may still put the country
in "effective default".
Europe's agreement on July 2 to make the payout climaxed a pivotal
week for Greece and the euro, providing a respite from the
political tensions, clashes with central bankers and jousting with
investors that have dogged the crisis-fighting effort, Bloomberg
discloses. The finance chiefs gather this week to tackle Greece's
long-term lifeline, Bloomberg notes.
=============
I R E L A N D
=============
COLLIGO FUNDING: Moody's Confirms 'Caa1 (sf)' Ratings on Notes
--------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of these
classes of notes issued by Colligo Funding Limited (amounts
reflecting initial outstandings):
-- US$1,324.78M Class A1 Notes, Confirmed at Caa1 (sf);
previously on Mar 10, 2011 Downgraded to Caa1 (sf) and Remained On
Review for Possible Downgrade
-- US$1,324.78M Class A2 Notes, Confirmed at Caa1 (sf);
previously on Mar 10, 2011 Downgraded to Caa1 (sf) and Remained On
Review for Possible Downgrade
-- US$1,324.78M Class A3 Notes, Confirmed at Caa1 (sf);
previously on Mar 10, 2011 Downgraded to Caa1 (sf) and Remained On
Review for Possible Downgrade
Moody's has not assigned a rating to the Subordinated Commercial
Mortgage Backed Variable Rate Notes due 2027. The Class A1, Class
A2 and Class A3 Notes rank pari-passu to each other and amounts
are allocated on a pro-rata basis; the Notes have different
interest payment dates and pay semi-annually on a rolling basis,
i.e. every two months there is an interest payment date of the
transaction.
RATINGS RATIONALE
The rating action is a result of the rating actions taken by
Moody's on Anglo Irish Bank Corporation Limited. On June 24, 2011,
Moody's downgraded the long-term unguaranteed senior unsecured
debt rating of Anglo Irish to Caa2, from Caa1. The outlook is
negative. At the same time, the long-term bank deposit rating was
confirmed at Caa1 with a negative outlook. For further information
on the rating actions taken by Moody's Financial Institutions
Group on Anglo Irish please refer to " Moody's downgrades senior
debt ratings of Anglo Irish and Irish Nationwide one notch to Caa2
" published on June 24, 2011.
Moody's had previously on March 10, 2011, downgraded the Senior
Notes to Caa1 from Baa3 and kept the Notes on review for further
possible downgrade. The rating action concludes the review of the
Notes.
Colligo Funding Limited is a CMBS transaction backed by USD
denominated loans which originally closed in May 2008 and was
subject to a restructuring in February 2009. In this transaction,
Anglo Irish is involved as originator, servicer, borrower-level
interest rate swap counterparty, issuer-level interest rate swap
counterparty, liquidity facility provider, account bank and lender
of further advances.
The Senior Notes of the Issuer maintain credit-linkage to Anglo
Irish in respect of its involvement as various transaction
counterparty listed above and also as the Account Bank where the
cash collateral in relation to the issuer- and borrower-level
swaps as well as the liquidity stand-by draw of US$123 million is
currently deposited. The Senior Notes have been subject to a
substantial paydown whereby the total outstanding balance has
reduced from US$1.383 billion in January 2011 to US$669.9 million
as of the interest payment date (IPD) in May 2011. According to
the servicer, there is currently US$49.9 million deposited with
Anglo Irish which will be used to repay the Class A1 and Class A2
Notes over the next two IPDs.
Despite the significant deleveraging of the Notes, Moody's views
the credit risk of the Senior Notes as highly linked to Anglo
Irish due to its involvement as transaction counterparty, and more
specifically due to its plans to further deleverage the
transaction. Further deleveraging via loan repurchases is expected
to increase the level of cash collateral that would be deposited
with Anglo Irish over the coming IPDs. Moody's notes that the
ratings of the Senior Notes remain sensitive to further changes to
the ratings of Anglo Irish which are on negative outlook.
RATING METHODOLOGY
The principal methodology used in this rating was "Moody's
Approach to Real Estate Analysis for CMBS in EMEA: Portfolio
Analysis (MORE Portfolio)" published April 2006. Other methodology
and factors considered can be found in "Update on Moody's Real
Estate Analysis for CMBS Transactions in EMEA" published
June 2005.
Moody's prior rating action on the Colligo Funding Limited
transaction is summarized in a Press Release dated 10 March 2011
while Moody's full review of the transaction is summarized in a
Press Release dated November 22, 2010. The last Performance
Overview for this transaction was published on October 22, 2010.
Moody's Investors Service did not receive or take into account a
third-party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.
DURGMAN ENTERTAINMENT: High Court Appoints Provisional Liquidators
------------------------------------------------------------------
Tim Healy and Allison Bray at Independent.ie report that the High
Court on July 1 appointed provisional liquidators to Durgman
Entertainment Ltd.
Independent.ie relates that Mr. Justice Roderick Murphy was told
that the company was insolvent and unable to pay a EUR1.2 million
debt to one of its creditors. He also heard that three directors
of the company threatened to transfer the assets to a new company
to avoid a court order requiring them to pay a EUR1.2 million
debt, Independent.ie says.
As a result, Independent.ie relates, Eamonn Galavan of Clonroche,
Enniscorthy, Co. Wexford, is to bring contempt proceedings in the
Commercial Court against directors Bernard Doyle, Evan Doyle, and
Eoin Doyle.
According to Independent.ie, the contempt application arises out
of the directors' alleged failure to abide by a court order
granted on March 3, 2010, that Durgman and two related companies
purchased EUR1.2 million worth of shares from a company owned by
Mr. Galavan.
Independent.ie relates that Mr. Galavan claimed in an affidavit
that an appeal was lodged against the order on March 16, 2010, but
no steps have since been taken to prosecute it.
The petition to appoint Hughes Blake accountants was made on an
ex-parte (one side only) basis by Gary McCarthy, for Mr. Galavan,
Independent.ie notes.
Durgman Entertainment Ltd. operates the four-star BrookLodge and
Wells Spa in Aughrim, Co Wicklow.
PIERSE CONSTRUCTION: ODCE Gets Liquidator's Report on Collapse
--------------------------------------------------------------
According to The Sunday Business Post Online's Gavin Daly, the
Director of Corporate Enforcement has received a liquidator's
report on the events that led to the collapse of the Pierse
Construction group last year with a deficit of more than EUR200
million.
The report was sent to the Office of the Director of Corporate
Enforcement (ODCE) by Simon Coyle of Mazars, who was appointed
liquidator to Pierse last November, the report relates.
Mr. Coyle was appointed after the firm abandoned attempts to enter
examinership. Receivers were later appointed by Bank of Ireland
and Bank of Scotland (Ireland), the news agency recounts.
Pierse was one of the largest building firms in the country, but
collapsed with a deficit of EUR212 million, including EUR50
million owed to sub-contractors, the report discloses.
The group, as cited by the news agency, said it was owed more than
EUR30 million and had encountered serious cashflow problems as a
result. However, Mr. Justice Peter Kelly said in the High Court
last year that a EUR200 million debt did not arise overnight and
allegations had been made by creditors of insolvent trading at
Pierse, the Post.ie relates.
He also referred to loans of more than EUR70 million between
companies in the Pierse group, and ordered Mr. Coyle to
investigate the company's activities for the 18 months leading up
to the liquidation, the Post.ie discloses.
As liquidator, Mr. Coyle is obliged to provide the ODCE with a
report on how Pierse became insolvent and whether the actions of
the firm's directors may have led to the insolvency, the Post.ie
notes.
On the basis of his report, the ODCE will decide whether or not
Mr. Coyle must apply to restrict the directors of the company, the
Post.ie states.
Pierse Construction is based in Ireland.
WHELAN GROUP: Liquidator Launches Legal Action v. Nama Over Fees
----------------------------------------------------------------
Gavin Daly at The Sunday Business Post Online reports that
Carl Dillon, the liquidator appointed to insolvent Whelan last
year, is suing the National Asset Management Agency for hundreds
of thousands of euro in fees he claims he is owed from the group's
liquidation.
Mr. Dillon, managing partner of accountancy firm Moore Stephens
Nathans, has launched a legal action against Nama in relation to
work he did at the Whelan quarry and building group, the report
relates.
Mr. Dillon was appointed liquidator to five companies in the group
in December last year after it abandoned an attempt at
examinership, the report recounts. However, Nama installed a
receiver at the group in a bid to recoup EUR50 million that it
owed to Anglo Irish Bank, the news agency discloses. Because Nama
has taken control of all the group's assets, Dillon had a limited
function as liquidator, the report notes. He is thought to be
seeking around EUR250,000 in fees, the report says.
Nama is understood to be contesting the claim, which was lodged
with the courts in recent days, the news agency states.
Whelan is a quarry and building group.
WILLOW NO. 2: Moody's Cuts Rating on US$50MM Repack Notes to 'Ba1'
------------------------------------------------------------------
Moody's Investors Service has downgraded the rating of notes
issued by Willow No.2 (Ireland) PLC. The notes affected by the
rating action are:
Issuer: Willow No. 2
-- Series 35 USD 50,000,000 Secured Limited Recourse Notes due
2011, Downgraded to Ba1 and Placed Under Review for Possible
Downgrade; previously on Jan 25, 2011 Downgraded to Baa2
RATINGS RATIONALE
This transaction represents a repackaging of a US$50 million loan
entered into between the JSCB Bank of Moscow and Barclays Bank.
The Issuer uses the proceeds from the Notes issuance to enter into
a novation agreement, receiving all rights due to the lender in
respect of US$50 million of its commitment under the loan. Any
interest and principal amount received under the loan by the
Issuer is then paid to noteholders.
The rating on the Notes is a pass-through of the rating of the
JSCB Bank of Moscow as borrower of the loan. Noteholders are
exposed to the credit risk of JSCB Bank of Moscow and therefore
the rating moves in lock-step. The rating action is a response to
the downgrade to Ba1 under review for possible downgrade from Baa2
of JSCB Bank of Moscow.
The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in April 2010.
Moody's Investors Service did not receive or take into account a
third-party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.
===================
K A Z A K H S T A N
===================
SOUTH OIL LLP: Fitch Assigns 'B' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has assigned Kazakhstan-based South Oil LLP
Long-term foreign currency and local currency Issuer Default
Ratings of 'B' and a National Long-term rating of 'BB(kaz)'. The
agency has simultaneously assigned South Oil's planned KZT1bn
local bonds issue an expected local currency senior unsecured
rating of 'B'(exp) and expected national senior unsecured rating
of 'BB(kaz)(exp)'. All the ratings have been placed on Rating
Watch Negative (RWN).
The RWN reflects the fact that based on 2010 IFRS financials,
South Oil is likely to have breached financial covenants
stipulated in the guarantee agreement in relation to the loan
provided to South Oil's related party and guaranteed by South Oil.
The company intends to obtain a waiver from the bank and to
renegotiate the level of the financial covenants. Fitch will
resolve the RWN once the company obtains a waiver from the bank
and anticipates a Stable Outlook.
South Oil's ratings incorporate the company's small scale of
operations and Fitch's expectations that the company will continue
to successfully implement its production expansion strategy. Fitch
believes that although the company's strategy is exposed to
execution risk, this is mitigated by its track record of output
growth and the fact that the second of its two main assets is
already at the production stage.
The ratings also take into account the fact that South Oil's
operational profile compares well with that of its similarly rated
peers. The company benefits from a relatively high reserve
replacement rate, solid reserves life and adequate cost structure.
In addition, the ratings consider South Oil's strong financial
metrics, demonstrated by its high profitability and coverage
ratios and relatively low leverage-related ratios. The company
compares well with its oil and gas counterparts rated in the 'B'
rating category based on its 2010 EBITDAR margin of 60.9%, FFO
adjusted leverage of 0.9x and CFO interest coverage of 9.9x.
Fitch expects South Oil to maintain solid cash flow generation
over 2011-2012 due to favorable oil market fundamentals and
anticipated production growth. The company's cash flow from
operations/capex ratio was above 1x during 2008-2010 and Fitch
anticipates that this trend will persist in 2011-2012. Although
Fitch forecasts the company's leverage-related ratios to increase
over the next three years given Fitch's conservative oil price
deck (US$75/bbl for 2011 and US$65/bbl for 2012) and the expected
impact of cost inflation on the company's profitability, these
ratios will still remain comparable to those of its similarly
rated peers.
At the same time, Fitch views South Oil's liquidity as weak given
the company's reliance on short-term, mostly secured debt to fund
its growth strategy, low cash position and Fitch's expectation
that the company will remain free cash flow (after capex and
dividends) negative over 2011-2012. Short-term debt accounted for
80% of total debt at end-2010, with 20% of the remaining debt
falling due within 1-2 years. The company's cash position of
KZT290.6 million at end-2010 was insufficient to cover its short-
term maturities of KZT9.4 billion. In addition, Fitch does not
view South Oil's dividend payments as conservative, which
contribute to the company's negative free cash flow.
Fitch also notes the evolving nature of South Oil's corporate
governance standards, which are weaker than those established by
some of its Kazakh competitors, which have either tapped
international capital markets or undergone an IPO. Fitch believes
that the company's plans to enter capital markets are likely to
become a driver of its corporate governance enhancement.
===================
L U X E M B O U R G
===================
TMD FRICTION: S&P Lifts Rating to 'B+' on Improved Performance
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Luxembourg-based automotive supplier TMD Friction
Group S.A. to 'B+' from 'B'. The outlook is stable.
"At the same time, we raised our issue-level ratings on the TMD's
senior secured notes to 'B+' from 'B'. The recovery ratings on the
debt remain unchanged at '4'," S&P said.
The upgrade primarily reflects TMD's continued improvement in
operating performance, leading to better EBITDA margins and cash
flow generation. "We expect this improvement to be sustained over
the coming quarters in a recovering market environment, as TMD
will keep benefitting from the operational restructuring efforts
that it has rolled out over the past few years," S&P related.
"We expect TMD to maintain an EBITDA margin of close to 10% in
2011 and reach an adjusted funds from operations (FFO)-to-debt
ratio of around 20%. We anticipate that free operating cash flow
(FOCF) will be at break even for 2011 despite improving
performance. This is because capital expenditures are to increase
in support of further production capacity expansion, and working
capital is likely to increase due to revenue growth and increased
raw material prices," S&P said.
"The 'B+' rating reflects our revised assessment of the group's
business risk profile as weak -- we previously viewed it as
vulnerable -- while we still view TMD's financial risk profile as
aggressive," S&P stated.
"The stable outlook reflects our belief that in 2011 TMD will
maintain a solid operating performance, leading to an adjusted
EBITDA margin of close to 10% and an FFO-to debt-ratio of above
20%, thanks to relatively favorable market demand and the positive
effects of the group's operational restructuring," S&P said.
"We could consider a downgrade if FFO to debt were to fall below
15% and if trading conditions were to deteriorate, whether due to
lower volumes, lower prices, or rising raw material costs. The
ratings could likewise come under pressure if the group's
liquidity position were to deteriorate significantly from current
levels, notably because TMD has no financial flexibility other
than its existing cash balance. The rating could also be affected
if cash were withdrawn by the equity sponsor, although this is
subject to limitations according to the secured notes
documentation," S&P said.
"While unlikely at this stage, we could raise the ratings if TMD
developed a stronger-than-anticipated performance over time, and a
longer track record of profitable operations, as well as a
moderate financial policy," S&P added.
=====================
N E T H E R L A N D S
=====================
ABN AMRO: Fitch Lifts Rating on Tier 2 Subordinated Debt to 'BB-'
-----------------------------------------------------------------
Fitch Ratings has upgraded ABN AMRO Bank N.V.'s Individual Rating
to 'C' from 'D'. Fitch has also affirmed ABN AMRO's Long-term
Issuer Default Rating at 'A+', Short-term IDR at 'F1+', Support
Rating at '1' and Support Rating Floor at 'A+'. At the same time,
the agency has upgraded ABN AMRO's XS0244754254 Upper Tier 2
perpetual subordinated notes to 'BB-' from 'B+' and the
XS0246487457 Tier 1 perpetual capital securities to 'BB-' from
'B'; and removed both securities from Rating Watch Negative.
The upgrade of ABN AMRO's Individual Rating is driven by the
material progress realized in the merger process between ABN AMRO
and Fortis Bank (Nederland), resulting in reduced operational
risk. It also reflects improvement in the bank's funding profile
and its increasing, albeit still moderate, operating
profitability.
The Individual Rating continues to incorporate ABN AMRO's strong
franchise in the Netherlands and its solid capitalization (core
Tier 1 capital ratio of 11.3% at end-March 2011). It also
considers the remaining challenges in completing the integration
process and rebuilding some of the businesses it had to give up
for competition reasons. The targeted cost/income ratio of 60%-65%
by 2012 (71.5% in 2010), which is rather high when compared to
better performing peers, could be challenged by lower-than-
anticipated revenue generation. In addition, ABN AMRO's Individual
Rating factors in some reliance on the capital markets for the
bank's funding needs, as demonstrated by a loan-to-deposit ratio
of 137% at end-2010.
As a consequence of the rating action, the notching between ABN
AMRO's Individual Rating, reflecting its unsupported
creditworthiness, and its Long-term IDR has reduced but the
standalone strength of the bank remains lower than that implied by
the expected support from the Dutch state in case of need. This is
reflected in the fact that the ABN AMRO's Long-term IDR is at its
Support Rating Floor of 'A+'. The very high probability that the
Dutch state ('AAA'/Stable) would provide support to the bank in
case of need derives from the bank's systemic importance to the
domestic economy, its ownership structure (100% of ABN AMRO's
ordinary shares are held by the state) and the Dutch authorities'
track record in rescuing the national troubled, systemically
important banks.
The upgrade of the XS0244754254 Upper Tier 2 perpetual
subordinated notes and XS0246487457 Tier 1 perpetual capital
securities reflects the bank's improving standalone strength.
These securities were placed on RWN pending the conclusion of the
European Commission (EC) state aid investigation. While the EC has
required the bank not to pay coupons on its Tier 1 and Tier 2
instruments, it also recently agreed on a dividend policy which
will enable the bank to pay ordinary share dividends. As both
instruments have a 'dividend pusher', it is Fitch's understanding
that payment of coupons on these securities will become
contractually mandatory if ABN AMRO pays ordinary dividends
exceeding EUR100 million and thus the RWN has been resolved.
ABN AMRO, the result of the merger on July 1, 2010 between the
state-owned ABN AMRO and FBN, is the third-largest Dutch bank by
total assets. It ranks third in the Netherlands in retail banking
and has leadership position in commercial banking, private banking
and in some global niche activities. The Dutch state has announced
that it is considering privatizing the bank, probably through an
IPO, although not earlier then 2014 when ABN AMRO would have
demonstrated a long enough track record of standalone operations.
The rating actions are:
ABN AMRO
-- Long-term IDR: affirmed at 'A+'; Outlook Stable
-- Short-term IDR: affirmed at 'F1+'
-- Support Rating: affirmed at '1'
-- Support Rating Floor: affirmed at 'A+'
-- Individual Rating: upgraded to 'C' from 'D'
-- Long-term senior unsecured notes: affirmed at 'A+'
-- Government guaranteed debt: affirmed at 'AAA'
-- Short-term senior unsecured notes: affirmed at 'F1+'
-- Subordinated debt: affirmed at 'A'
-- Commercial paper: affirmed at 'F1+'
-- Upper Tier 2 subordinated debt (XS0244754254): upgraded to
'BB-' from 'B+', off RWN
-- Non-innovative Tier 1 subordinated debt (XS0246487457):
upgraded to 'BB-' from 'B', off RWN
-- Covered bonds: unaffected at 'AAA'
ABN AMRO Funding USA LLC
-- Short-term senior unsecured notes: affirmed at 'F1+'
NORIT HOLDING: Moody's Affirms B1 CFR; Lowers First Lien Rating
---------------------------------------------------------------
Moody's Investors Service lowered the first lien senior secured
debt rating of Norit Holdings BV to B1 from Ba3, affirmed the
company's B1 corporate family and probability of default ratings
and withdrew the B3 rating on the second lien term loan of Norit's
subsidiary, Norit Americas Holdings Inc. The ratings outlook
remains stable.
RATINGS RATIONALE
The rating action is driven by a change in financial market
conditions, which has caused Norit to cancel the proposed US$110
million second lien debt offering by Norit Americas with a
concomitant reduction in the distribution to Norit's private
equity sponsors. While Norit's pro-forma adjusted leverage will
reduce by just over one turn, to about 4.1x (all metrics
incorporate Moody's standard accounting adjustments), the
corporate family rating has been affirmed as Moody's believes the
company may seek to increase its leverage again once market
conditions improve. Norit's planned first lien senior secured
revolver (US$50 million) and term loans (US$338 million of US and
Euro tranches) remain unchanged. As these instruments now comprise
the company's sole class of debt, the first lien instrument
ratings have been equalized with the corporate family rating.
Norit's B1 corporate family rating reflects its leading global
market position in a diverse set of end markets for its main
product, activated carbon, and its good geographic and customer
diversity, but with high expected adjusted leverage, small scale
(revenue of US$339 million) and a narrow product profile. The
company serves relatively stable end markets (such as water
treatment, gas and air purification and the food and beverage
sector). As well, Norit generates good recurring revenues from its
blue chip and well-established customer base (including large soft
drink manufacturers, coal-based electric utilities and auto
manufacturers). Activated carbon, is non-cyclical and its demand
is non-discretionary and growing. Demand growth is largely driven
by environmental regulation and Norit is positioned to capitalize
on this trend given its meaningful exposure to the North American
market where the majority of growth is occurring. Despite elevated
commodity costs, the company's strong profitability, evidenced by
an EBITDA margin in excess of 20%, should expand further in
Moody's opinion supported by high margin mercury removal activity
and modest price increases.
The stable outlook reflects Moody's expectation that Norit 's
leverage could eventually increase to finance additional
shareholder returns but that growing demand for activated carbon
should enable Norit to generate free cash flow and sustain its
adjusted Debt/ EBITDA at a level that remains supportive of its B1
CFR.
Upward rating action could be considered should Norit improve its
adjusted Debt/ EBITDA comfortably under 4x and sustain its
adjusted EBITDA/ Interest Expense above 3x while increasing its
scale towards US$500 million in annual revenues. Downward rating
pressure could arise if Norit's Debt/ EBITDA was sustained above
5.5x and free cash flow was likely to remain negative over an
extended period.
The principal methodology used in rating Norit Holdings BV was the
Global Chemical Industry Methodology, published December 2009.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA, published June 2009.
Headquartered in Amersfoort, The Netherlands, and with
administrative offices in Marshall, Texas, Norit Holdings BV is a
leading global producer of activated carbon products utilized in a
diverse range of end-markets. The company is majority-owned by
Doughty Hanson & Co., a private equity firm based in Europe.
Revenues for the last twelve months ended March 31, 2011 were
US$339 million.
NORIT HOLDINGS: S&P Keeps Preliminary 'B+' Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its preliminary
ratings on Norit Americas Holding Inc.'s proposed US$110 million
second-lien term loan. Standard & Poor's preliminary 'B+'
corporate credit rating on parent company Norit Holdings B.V.
remains unchanged, and the outlook remains stable. "At the same
time, our preliminary 'BB-' issue ratings and preliminary '2'
recovery ratings on Norit Holding B.V.'s proposed US$230 million
first-lien term loan and EUR75 million first-lien term loan also
remain unchanged," S&P stated.
The rating actions follow a change in the company's proposed
financing plan: Norit Americas Holding Inc. does not intend to go
ahead with its previously proposed second-lien offering of US$110
million. Consequently, Norit Holding B.V. is reducing its
distribution to its shareholders to US$304 million from the
previously planned US$412 million. The company will repurchase
pay-in-kind preference capital to facilitate the distribution.
"We believe the financing change does not meaningfully affect
leverage ratios, liquidity, or credit quality. We expect Norit's
ratio of funds from operations to total debt to remain in the 10%
to 12% range for 2011. We adjust debt to include the present value
of operating leases, asset retirement liabilities, and pay-in-kind
preference capital. Although we consider preference capital to
be debt-like in our calculations, we recognize the flexibility
that the absence of mandated cash interest payments and the lack
of near-dated maturities afford the company," S&P related.
The preliminary ratings on Norit reflect the company's fair
business risk profile, including Norit's leading positions in a
value-added global niche for activated carbon, offset by a highly
leveraged financial profile including very aggressive financial
policies. Norit's activated carbon products are generally critical
inputs into its customers' products and processes, with demand
driven by the high value proposition, existing and pending
legislation, and by a growing awareness of environmental issues.
Incorporated in The Netherlands and based in Marshall, Texas,
Norit is the largest global producer of activated carbon, a market
valued at about US$1.5 billion globally. The company generated
about half of its US$339 million revenues for the 12 months ended
March 31, 2011, in the U.S. The company sells its products across
the globe and caters to diversified end-user segments.
Applications for its products include the removal of pollutants
and impurities from water, air, and other liquids and gases.
Customers, including power generating plants, food and beverage
producers, and automobile producers, use Norit's products to meet
pollution regulations. Norit Americas and Norit Holding B.V., are
owned by private equity firm Doughty Hanson & Co. and by Euroland
Investments B.V.
Ratings List
Norit Holding B.V.
Corporate credit rating B+(prelim)/Stable/--
Senior secured BB-(prelim)
Recovery rating 2(prelim)
Ratings Withdrawn
To From
Norit Americas Holding Inc.
US$110 mil. second-lien term loan NR B-
(prelim)
Recovery rating NR
6(prelim)
* POLAND: Corporate Bankruptcies Down 14% to 307
------------------------------------------------
Poland AM, citing Dziennik Gazeta Prawna, reports that from the
beginning of the year, 307 Polish firms went bankrupt, a 14%
decrease from last year when 358 firms went bankrupt over the same
period.
The daily cited the latest report by economic intelligence agency
Dun & Bradstreet, Poland AM discloses. Another business
information provider, Coface, has this year's number at 333
bankruptcies so far, Poland AM notes. Both reports show a
downward trend in the number of firms going bust, Poland AM
states.
Poland AM relates that Tomasz Starzyk, analyst at Dun &
Bradstreet, said the crisis has eliminated the weakest competitors
from the market. According to Poland AM, Mr. Starzyk told DGP
that "We predict around 600-620 bankruptcies for the whole year.
In 2010 there were 669 bankruptcies and a year before the number
was 691."
Bankruptcies in the construction industry increased by 13% due to
liquidity troubles and uncertainty about investment, especially in
infrastructure, Poland AM discloses.
=============
R O M A N I A
=============
RCS & RDS: S&P Affirms 'B' Long-term Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Romania-headquartered quadruple-play
telecommunications and pay-TV services provider RCS & RDS S.A. S&P
subsequently withdrew the rating at the issuer's request.
At the time of the withdrawal, the outlook on RCS & RDS was stable
and the company had no rated debt outstanding.
===========
R U S S I A
===========
DALCOMBANK: Fitch Upgrades Individual Rating to 'D/E'
-----------------------------------------------------
Fitch Ratings has upgraded Dalcombank's Individual Rating to 'D/E'
from 'E'. All DCB's other ratings are unaffected.
The upgrade of DCB's Individual Rating largely reflects the bank's
improved capitalization after a significant RUB1 billion equity
injection (equal to 72% of pre-injection equity) received from
JSFC Sistema ('BB-'/Positive) in June 2011, as well as an
improvement in the operating environment that should ease asset
quality pressure and thus support DCB's profitability. However,
the Individual Rating is constrained by limited internal capital
generation due to significant credit costs and relatively low
operating efficiency.
Following the recent capital injection, regulatory total capital
adequacy ratio increased to 15.8% from a modest 10.3% at end-5M11.
The resulting loss absorption capacity of 14.4% exceeds both loans
overdue more than 90 days (9.5% of gross loans) and rolled-over
exposures (1.7%). However, credit costs remain high, with loan
impairment charges absorbing almost 91% of 2010 pre-impairment
operating profit under IFRS.
Liquidity could be vulnerable given DCB's significant reliance on
retail deposits (76% of total liabilities at end-Q111). Highly
liquid assets (defined as cash, securities repoable with Central
Bank of Russia and short-term interbank placements) were an
adequate 24% of total assets at end-Q111. Given the somewhat long-
term nature of the loan book, the bank will probably need to keep
a significant liquidity cushion, which will weigh on
profitability.
DCB is a small-sized bank operating primarily in the far eastern
regions of Russia. It focuses on lending to SMEs and retail
customers. JSFC Sistema owns almost 25% of DCB directly and is
also the majority shareholder of Moscow Bank for Reconstruction
and Development ('B+'/ Positive), which in turn owns 75% of DCB.
Dalcombank
-- Long-term foreign currency IDR: 'B+', Outlook Positive;
unaffected
-- Short-term IDR: 'B'; unaffected
-- Individual Rating: upgraded to 'D/E' from 'E'
-- Support Rating: '4'; unaffected
-- National Long-term rating: 'A-(rus)', Outlook Positive;
unaffected
NIZHNEKAMSKNEFTEKHIM OJSC: Moody's Upgrades National Scale Rating
-----------------------------------------------------------------
Moody's Interfax Rating Agency has upgraded to Aa3.ru from A2.ru
the national scale rating of Nizhnekamskneftekhim. This follows
Moody's upgrade of the company's baseline credit assessment to 14
from 15, which would map to a B1 rating on Moody's global ratings
scale. The BCA forms one of the four rating inputs in accordance
with Moody's methodology for government-related issuers. The other
rating inputs -- support, dependence and the rating of NKNK's
major shareholder, the Republic of Tatarstan (Russia), currently
rated Ba1, stable -- remain unchanged. The outlook on the ratings
is stable.
RATINGS RATIONALE
"[The] rating action was prompted by several positive
developments, including NKNK's improved standing in the
polypropylene, polystyrene and polyethylene markets following the
addition of new capacity in 2009, and a significant increase in
rubber sales volumes thanks to direct contracts with tyre
manufacturers," says Julia Pribytkova, Moody's lead analyst for
NKNK. In addition, the upgrade reflects (i) a reduction in the
proportion of the company's output made up of lower added-value
products (higher added-value plastics and specialty rubbers now
constitute up to 77% of revenue from main product groups); (ii)
significant savings on energy costs, achieved by NKNK deploying
its own power generation unit, which covers up to 25% of the
company's energy requirements; and (iii) an improved financial
profile, characterized by stronger profitability, coverage and
leverage metrics (adjusted debt/EBITDA of 1.0x as of end-2010),
and increased free cash flow generation over the past two years.
NKNK, majority owned and fully controlled by Tatarstan government-
related entities Svyazinvestneftekhim (SINEK, Ba1, stable) and
TAIF, provides a significant source of tax revenue for the
republic's budget. The government strategically prioritises the
petrochemical industry as key for the region's economic
development. NKNK is the major regional consumer of naphta, which
constitutes 38% of its feedstock and is sourced from TAIF --NK, a
sister company within the TAIF group.
"NKNK's strategy envisages investment over the next three years of
approximately EUR351 million into the elimination of bottlenecks
in the existing production process and increases in production
capacity of particular products," explains Ms. Pribytkova. "Given
NKNK's cash generation capacity and liquidity profile, as well its
strategy of organic growth, we do not expect any material increase
in leverage during this period."
The stable outlook reflects Moody's expectation for NKNK to
sustain its strong debt coverage profile supported by improved
profitability, moderating CAPEX commitments and proactive
liquidity management.
In view of NKNK's credit fundamentals and the positioning of its
Aa3.ru ratings following the recent upgrade, Moody's does not
anticipate any upward pressure to develop in the foreseeable
future. Further improvements in the operating and financial
profile would have to be assessed in the context of the company's
high geographic concentration and limitations imposed by the
single-site location of its operations. Furthermore, an upward
rating migration within the Ba category would also be constrained
by the credit profile of the region (Tatarstan rated Ba1/stable),
as NKNK enjoys strong regional economic linkages.
Sustained weakness in profitability, leading to lower-than-
expected cash flow generation and a deteriorating liquidity
profile including concerns over the company's ability to remain in
compliance with financial covenants would exert negative pressure
on NKNK's BCA. Negative developments at the level of the
Government of Tatarstan, and/or TAIF group would cause Moody's to
reassess its GRI assumptions, that currently provide a one notch
uplift to NKNK's corporate family rating.
The principal methodology used in rating OJSC Nizhnekamskneftekhim
was the Global Chemical Industry Methodology, published December
2009.
Based in Nizhnekamsk in the Russian Republic of Tatarstan (Ba1,
stable), NKNK is one of the country's key producers of rubbers,
plastics, monomers and other petrochemicals. The company has a
significant global market share in selected products, such as
isoprene rubber (31% of global consumption), which is used in tyre
manufacturing. NKNK's 10 core production units are located on one
site. In 2010, the company reported sales of RUB96.52 billion
(around EUR2.40 billion) and adjusted EBITDA of RUB16.79 billion
(EUR0.41 billion). Around half the company's revenue was derived
from export activities.
Moody's Interfax Rating Agency's National Scale Ratings are
intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".ru" for Russia. For further information
on Moody's approach to national scale ratings, please refer to
Moody's Rating Implementation Guidance published in August 2010
entitled "Mapping Moody's National Scale Ratings to Global Scale
Ratings."
ABOUT MOODY'S AND MOODY'S INTERFAX
Moody's Interfax Rating Agency specializes in credit risk analysis
in Russia. MIRA is a joint-venture between Moody's Investors
Service, a leading provider of credit ratings, research and
analysis covering debt instruments and securities in the global
capital markets, and the Interfax Information Services Group.
Moody's Investors Service is a subsidiary of Moody's Corporation.
NIZHNEKAMSKNEFTEKHIM OJSC: Moody's Upgrades CFR to 'Ba3' From 'B1'
-----------------------------------------------------------------
Moody's Investors Service has upgraded to Ba3 from B1 the
corporate family rating, probability of default rating and senior
unsecured rating of Nizhnekamskneftekhim. This follows Moody's
upgrade of the company's baseline credit assessment to 14 from 15,
which would map to a B1 rating on Moody's global ratings scale.
The BCA forms one of the four rating inputs in accordance with
Moody's methodology for government-related issuers. The other
rating inputs -- support, dependence and the rating of NKNK's
major shareholder, the Republic of Tatarstan (Russia), currently
rated Ba1, stable -- remain unchanged. The outlook on the ratings
is stable.
RATINGS RATIONALE
"[The] rating action was prompted by several positive
developments, including NKNK's improved standing in the
polypropylene, polystyrene and polyethylene markets following the
addition of new capacity in 2009, and a significant increase in
rubber sales volumes thanks to direct contracts with tyre
manufacturers," says Julia Pribytkova, Moody's lead analyst for
NKNK. In addition, the upgrade reflects (i) a reduction in the
proportion of the company's output made up of lower added-value
products (higher added-value plastics and specialty rubbers now
constitute up to 77% of revenue from main product groups); (ii)
significant savings on energy costs, achieved by NKNK deploying
its own power generation unit, which covers up to 25% of the
company's energy requirements; and (iii) an improved financial
profile, characterized by stronger profitability, coverage and
leverage metrics (adjusted debt/EBITDA of 1.0x as of end-2010),
and increased free cash flow generation over the past two years.
NKNK, majority owned and fully controlled by Tatarstan government-
related entities Svyazinvestneftekhim (Ba1, stable) and TAIF,
provides a significant source of tax revenue for the republic's
budget. The government strategically prioritises the petrochemical
industry as key for the region's economic development. NKNK is the
major regional consumer of naphta, which constitutes 38% of its
feedstock and is sourced from TAIF --NK, a sister company within
the TAIF group.
"NKNK's strategy envisages investment over the next three years of
approximately EUR351 million into the elimination of bottlenecks
in the existing production process and increases in production
capacity of particular products," explains Ms. Pribytkova. "Given
NKNK's cash generation capacity and liquidity profile, as well its
strategy of organic growth, we do not expect any material increase
in leverage during this period."
The stable outlook reflects Moody's expectation for NKNK to
sustain its strong debt coverage profile supported by improved
profitability, moderating CAPEX commitments and proactive
liquidity management.
In view of NKNK's credit fundamentals and the positioning of its
Ba3 ratings following the recent upgrade, Moody's does not
anticipate any upward pressure to develop in the foreseeable
future. Further improvements in the operating and financial
profile would have to be assessed in the context of the company's
high geographic concentration and limitations imposed by the
single-site location of its operations. Furthermore, an upward
rating migration within the Ba category would also be constrained
by the credit profile of the region (Tatarstan rated Ba1/stable),
as NKNK enjoys strong regional economic linkages.
Sustained weakness in profitability, leading to lower-than-
expected cash flow generation and a deteriorating liquidity
profile including concerns over the company's ability to remain in
compliance with financial covenants would exert negative pressure
on NKNK's BCA. Negative developments at the level of the
Government of Tatarstan, and/or TAIF group would cause Moody's to
reassess its GRI assumptions, that currently provide a one notch
uplift to NKNK's corporate family rating.
The principal methodology used in this rating was the Global
Chemical Industry Methodology, published December 2009.
Based in Nizhnekamsk in the Russian Republic of Tatarstan (Ba1,
stable), NKNK is one of the country's key producers of rubbers,
plastics, monomers and other petrochemicals. The company has a
significant global market share in selected products, such as
isoprene rubber (31% of global consumption), which is used in tyre
manufacturing. NKNK's 10 core production units are located on one
site. In 2010, the company reported sales of RUB96.52 billion
(around EUR2.40 billion) and adjusted EBITDA of RUB16.79 billion
(EUR0.41 billion). Around half the company's revenue was derived
from export activities.
=========
S P A I N
=========
ABENGOA SA: S&P Affirms Long-Term Corporate Credit Rating at 'B+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Spain-headquartered engineering and
construction, technology, and energy group Abengoa S.A. The
outlook is stable.
The affirmation follows Abengoa's announcement of the disposals of
its IT subsidiary Telvent Git and some transmission assets. These
disposals are consistent with the group's focused strategy on
environmentally sustainable industries and its business objective
of selling assets to recycle capital. Although the disposal
proceeds slightly improve the group's liquidity as they are to be
held as cash, the disposal of cash-generating assets with no
corresponding paydown of debt results in a slight worsening of the
group's financial profile in the short term.
"The affirmation reflects our unchanged assessment of Abengoa's
business risk profile as fair and its financial risk profile as
aggressive. Although the Telvent Git division generated free cash
flow, we do not believe that it enhanced Abengoa's overall
business risk profile due to its volatility and lack of synergies
with the rest of the group's operations. In addition, the proceeds
from the disposals provide incremental headroom for Abengoa to
finance the equity portion of its planned investments over the
next three years," S&P stated.
Reported ratios will benefit in 2011 from the contribution of the
disposed activities for part of the year. "Without this
contribution, we estimate that Standard & Poor's-adjusted debt
would rise above 11x EBITDA in 2011, on a consolidated basis. In
the year ended Dec. 31, 2010, we calculate that debt to
EBITDA improved to 9.6x from 10.1x in the prior year," S&P said.
"In our view, Abengoa will gradually improve its consolidated
leverage ratios from their post-disposal peak through growth in
revenues and profitability. This is despite the fact that, in our
opinion, the group will likely not generate positive free
operating cash flows before 2015 due to its significant capex
program and the immaturity of its project portfolio. At the
current rating level, we anticipate that the group will restore
adjusted debt to EBITDA to less than 10x in the short term," S&P
related.
"We could lower the rating on Abengoa if the improvement that we
anticipate in adjusted debt to EBITDA proved slow to materialize.
The rating could also come under pressure if the group's operating
profitability on its nonsolar businesses were to weaken further,"
S&P said.
Rating upside remains dependant on a strengthening cash flow
contribution from the main divisions, providing a clearer path to
overall free cash flow generation and debt reduction at the
consolidated group level.
CAJASOL: Fitch Affirms 'BB' Rating on Preferred Stock
-----------------------------------------------------
Fitch Ratings has affirmed Banca Civica Group's (BCG) and its
constituent entities' (Monte de Piedad y Caja de Ahorros San
Fernando de Guadalajara, Huelva, Jerez y Sevilla (Cajasol); Caja
de Ahorros y Monte de Piedad de Navarra (CAN); Caja General de
Canarias (Caja Canarias); Caja de Ahorros Municipal de Burgos
(Caja Burgos) and Banca Civica, S.A. (BC)) ratings.
At the same time, Fitch has withdrawn BCG's, Cajasol's, CAN's,
Caja Canarias' and Caja Burgos's ratings, following BCG's
reorganisation and the transfer of the cajas' assets and
liabilities into BC.
Cajasol, CAN, Caja Canarias and Caja Burgos' debt issues have been
transferred to BC and their ratings are now based on BC's IDRs,
and are also provided below. The impact, if any, from this rating
action, on CAN's covered bonds will be detailed in a separate
comment.
BC's ratings reflect the integration risks and the need to
materialize synergies. The bank will continue to have high
exposure to the construction/real estate sectors and equity
investments. Nonetheless, BC will also be well capitalized, given
the need to increase core capital regulatory ratios to 10% by
Q311, as required by Spain's government. It will also be
geographically diversified, with sound regional franchises,
fragmented loans, innovative management, ample loan impairment
reserves and adequate liquidity.
Although the Outlook on the Long-Term IDR is Stable, BC's ratings
could be downgraded if there is significant deterioration in asset
quality or if the integration is not managed successfully, with a
longer restructuring process than anticipated. Ultimately, these
factors will put further pressure on the already tight
profitability. A further rebalancing of its funding towards
customer deposits would support the group's credit profile.
BC received all of BCG's constituent entities assets and
liabilities except the on-balance sheet social welfare fund. BC
was the 10th-largest Spanish banking group by assets at end-2010,
with a market share of 3% of loans.
The rating actions are:
BC:
-- Long-term IDR: affirmed at 'BBB+', Outlook Stable
-- Short-term IDR: affirmed at 'F2'
-- Individual Rating: affirmed at 'C'
-- Support Rating: affirmed at '3'
-- Support Rating Floor: affirmed at 'BB+'
BCG:
-- Long-term IDR: affirmed at 'BBB+', Outlook Stable; rating
withdrawn
-- Short-term IDR: affirmed at 'F2'; rating withdrawn
-- Individual Rating: affirmed at 'C'; rating withdrawn
-- Support Rating: affirmed at '3'; rating withdrawn
-- Support Rating Floor: affirmed at 'BB+'; rating withdrawn
CAN:
-- Long-term IDR: affirmed at 'BBB+', Outlook Stable; rating
withdrawn
-- Short-term IDR: affirmed at 'F2'; rating withdrawn
-- State-guaranteed debt: affirmed at 'AA+' and transferred to
BC
-- Subordinated debt: affirmed at 'BBB' and transferred to BC
Caja Canarias:
-- Long-term IDR: affirmed at 'BBB+', Outlook Stable; rating
withdrawn
-- Short-term IDR: affirmed at 'F2'; rating withdrawn
-- Senior unsecured debt: affirmed at 'BBB+' and transferred to
BC
-- State-guaranteed debt: affirmed at 'AA+' and transferred to
BC
-- Subordinated debt: affirmed at 'BBB' and transferred to BC
Caja Burgos:
-- Long-term IDR: affirmed at 'BBB+', Outlook Stable; rating
withdrawn
-- Short-term IDR: affirmed at 'F2'; rating withdrawn
-- State-guaranteed debt: affirmed at 'AA+' and transferred to
BC
Cajasol:
-- Long-term IDR: affirmed at 'BBB+', Outlook Stable; rating
withdrawn
-- Short-term IDR: affirmed at 'F2'; rating withdrawn
-- State-guaranteed debt: affirmed at 'AA+' and transferred to
BC
-- Upper tier 2 subordinated debt: affirmed at 'BBB-' and
transferred to BC
-- Preferred stock: affirmed at 'BB' and transferred to BC
TDA 25: S&P Affirms Ratings on Three Classes of Notes at 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit rating on TDA 25, Fondo de Titulizacion de Activos'
class A notes. "At the same time, we affirmed our ratings on the
class B, C, and D notes," S&P said.
"The rating action on the class A notes reflects the transaction's
poor performance, including increased levels of arrears and
defaults, combined with what we believe to be an insufficient
level of recoveries. The rating actions on the class B, C, and D
notes reflect our view that they remain unlikely to pay interest
following the depletion of the reserve fund and breach of
interest-deferral triggers," S&P said.
As of the end of May 2011, the number of loans in arrears for 90
or more days, but not yet considered as defaulted (defined as 12
months in arrears in this transaction), had risen to 6.7%. The
level of defaulted loans has also increased in the past year to
14.27% from 10.92% on a cumulative basis over the original
portfolio balance. "We see this increase as an indication of the
weakening performance of the outstanding notes in this
transaction," S&P related.
"Due to the high level of defaults in the securitized pool, our
rating on the class A notes depends substantially on the amount of
recoveries. Our analysis indicates that the level of recoveries in
this transaction is low. We have requested further recoveries
information but we are still waiting for new information," S&P
stated.
"Pending receipt of this information, we have placed on
CreditWatch negative our rating on the class A notes. If we do not
receive satisfactory information, we may lower our rating on this
class of notes to a level commensurate with the current level of
defaults," S&P said.
Due to insufficient excess spread to cover defaults, in
September 2008, the issuer fully drew the reserve fund, which has
remained at zero since then. "Accordingly, on Oct. 24, 2008, we
lowered our ratings on the class B, C, and D notes to BBB, BB, and
B to reflect our view that the levels of credit enhancement were
insufficient to maintain the previous ratings," S&P related.
Furthermore, a common feature in Spanish residential mortgage-
backed securities (RMBS) transactions is that if the level of
cumulative defaulted loans (generally defined as the current level
of cumulative defaults over the original balance of the notes
issued) is equal to or greater than a certain percentage of the
issued amount, the priority of payments changes. This results in
the diversion of interest payments from the affected class of
notes to amortize the most senior class of notes. In this case,
triggers for the class B, C, and D notes were breached in 2009 and
all interest has been deferred to the class A notes since then.
Considering this, we lowered our ratings to 'D (sf)' on these
classes of notes in June, September, and December 2009," S&P
stated.
"We have affirmed our rating on class B, C, and D notes because
they are still not paying interest and we do not expect them to do
so in the future," S&P said.
TDA 25 securitizes a portfolio of prime Spanish residential
mortgages granted by Banco Gallego, S.A. and Union de Credito para
la Financiacion Mobiliaria e Inmobiliaria, Credifimo, E.F.C.,
S.A.U., which also service the loans. The transaction closed in
July 2006.
Ratings List
Class Rating
To From
TDA 25, Fondo de Titulizacion de Activos
EUR310.054 Million Residential Mortgage-Backed Floating-Rate Notes
Rating Placed on CreditWatch Negative
A A+ (sf)/Watch Neg A+ (sf)
Ratings Affirmed
B D (sf)
C D (sf)
D D (sf)
VALENCIA HIPOTECARIO: Moody's Cuts Rating on C Certificate to Caa2
------------------------------------------------------------------
Moody's Investors Service has downgraded all ratings of all the
notes issued by Valencia Hipotecario 5 FTA.
The ratings of the notes were placed on review for possible
downgrade in February 2011 due to the worse than expected
performance of the collateral.
RATINGS RATIONALE
The rating action concludes the review and takes into
consideration the worse-than-expected performance of the
collateral. It also reflects Moody's negative sector outlook for
Spanish RMBS and the weakening of the macro-economic environment
in Spain, including high unemployment rates.
The ratings of the notes take into account the credit quality of
the underlying mortgage loan pools, from which Moody's determined
the MILAN Aaa Credit Enhancement and the lifetime losses (expected
loss), as well as the transaction structure and any legal
considerations as assessed in Moody's cash flow analysis. The
expected loss and the Milan Aaa CE are the two key parameters used
by Moody's to calibrate its loss distribution curve, used in the
cash flow model to rate European RMBS transactions.
Portfolio Expected Loss:
Moody's has reassessed its lifetime loss expectation taking into
account the collateral performance to date, as well as the current
macroeconomic environment in Spain. In May 2011, cumulative write-
offs rose to 1.96% of the original pool balance. The share of 90+
day arrears stood at 2.20% of current pool balance. Moody's
expects the portfolio credit performance to be under stress, as
Spanish unemployment remains elevated. The rating agency believes
that the anticipated tightening of Spanish fiscal policies is
likely to weigh on the recovery in the Spanish labor market and
constrain future Spanish households finances. Moody's also has
concerns over the timing and degree of future recoveries in a
weaker Spanish housing market. On the basis of Moody's negative
sector outlook for Spanish RMBS, the rating agency has updated the
portfolio expected loss assumption to 4.45% of original pool
balance up from 2.75%.
MILAN Aaa CE:
Moody's has assessed the loan-by-loan information to determine the
MILAN Aaa CE. Moody's has increased its MILAN Aaa CE assumptions
for 17.0%, up from 8.60% at closing. The increase in the MILAN Aaa
CE reflects the exposure to broker origination, non Spanish
nationals (15%) and the concentration in coastal areas and second
homes (11%). In addition 7.35% of the portfolio corresponds to
commercial properties. Credit enhancement under the Class A
(including subordination and reserve fund) is 10.35%.
Operational Risk:
The rating of Banco de Valencia (Ba1/NP) is on review for possible
downgrade. Banco de Valencia is the servicer in this transaction.
Moody's notes that operational risk in this transactions is not
mitigated as there is no back-up servicer. The operational risk is
not a driver of the rating action on the notes. Moody's notes that
the reserve fund is not at target level and that no other sources
of liquidity are available in the transaction. A severe downgrade
of the servicer and additional draw-downs on the reserve fund will
impact further the ratings of the senior notes. The absence of
liquidity in the transactions could impair the ability of the
Issuer to make timely payment of interest on the notes,
particularly in case of a servicing transfer.
The rating addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and principal with
respect of the notes by the legal final maturity. Moody's ratings
only address the credit risk associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.
TRANSACTION FEATURES
Valencia Hipotecario 5 closed in December 2008. The transaction is
backed by a portfolio of first-ranking mortgage loans originated
by Bancaja secured on residential properties located in Spain, for
an overall balance at closing of EUR500 million. The securitized
mortgage portfolio benefits from a relatively low weighted average
LTV, currently about 65.92%. The pool is fairly exposed to the
Mediterranean coast. 7.35% of the portfolio corresponds to
commercial properties.
Reserve fund: The reserve fund is almost at its target level
(60%). It represents 2.61% of the current outstanding amount of
the A, B, C and D notes.
Commingling: All of the payments under the loans in this pool are
collected by the servicer under a direct debit scheme into the
collection accounts held at Banco de Valencia (Ba1/NP under review
for possible downgrade) and then are transferred to the treasury
account held at Banco Popular Espanol (A2 /P-1) every two days.
Then transfer to Banco Cooperativo (A1/P-1) every three months.
The commingling risk has been taken into account in the review of
the transaction.
Swap: According to the swap agreement entered into between the
Fondo and JP Morgan Chase (Aa3 / P-1), on each payment date:
* The swap counterparty will pay the index reference rate of the
notes.
* The Fondo will pay a weighted average of the 12-month Euribor
over the past months for each of the groups, whereby the weights
are fixed for each month on the closing date.
This payment is aimed at replicating the amount of interest
corresponding to the index reference rates that the Fondo receives
for each of the groups between payment dates. The notional will be
the outstanding amount of the loans included in each of the two
groups excluding all loans with arrears of more than 18 months.
RATING METHODOLOGIES
The principal methodology used in this transaction is Moody's
Approach to Rating RMBS in Europe, Middle East, and Africa
published in October 2009. Other methodologies used in rating this
action were Moody's Updated Methodology for Rating Spanish RMBS
published in July 2008, Cash Flow Analysis in EMEA RMBS: Testing
Structural Features with the MARCO Model (Moody's Analyser of
Residential Cash Flows) published in January 2006 and Revising
Default/Loss Assumptions Over the Life of an ABS/RMBS Transaction
published in December 2008.
Moody's also took into account its Rating Implementation Guidance
"Global Structured Finance Operational Risk Guidelines: Moody's
Approach to Analyzing Performance Disruption Risk" published in
April 2011.
Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.
LIST OF RATINGS ACTIONS
Issuer: VALENCIA HIPOTECARIO 5 FONDO DE TITULIZACION DE ACTIVOS
-- EUR468M A Certificate, Downgraded to A2 (sf); previously on
Feb 8, 2011 Aaa (sf) Placed Under Review for Possible
Downgrade
-- EUR5M B Certificate, Downgraded to Ba1 (sf); previously on
Feb 8, 2011 Aa1 (sf) Placed Under Review for Possible
Downgrade
-- EUR27M C Certificate, Downgraded to Caa2 (sf); previously on
Feb 8, 2011 Ba3 (sf) Placed Under Review for Possible
Downgrade
===========
T U R K E Y
===========
ALBARAKA TURK: S&P Affirms 'BB/B' Counterparty Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services revised to negative from stable
its outlook on Turkey-based bank Albaraka Turk Katilim Bankasi AS.
"At the same time, we affirmed our 'BB/B' long- and short-term
counterparty credit ratings on the bank," S&P said.
"The outlook revision follows Albaraka Turk's pursuit of what we
consider as an ambitious growth strategy since 2007. The bank's
efforts to grow lending have led its loan book to more than double
in absolute terms in the past three years. The new lending,
especially in 2010, resulted mostly from loans in the construction
sector, including to residential project developers, a segment we
view to be high risk. At the end of 2010, the construction sector
accounted for about 27% of Albaraka Turk's funded customer loans,
and a high 32% of on- and off-balance-sheet credit risk. In
addition, this fast growth has surpassed the bank's capital
generation over the same period and led to weakening in the
regulatory capital ratio and in our the risk-adjusted capital
(RAC) ratio, our measure of banks' capital. At year-end 2010,
Albaraka Turk's regulatory capital ratio stood at 14.1%, compared
to 21.7% at year-end 2007, far below ratios for Turkish banks. At
5.5% before diversification adjustments, our estimated RAC ratio
at year-end 2010 versus 6.2% at year end-2009 also illustrates the
bank's deteriorating capital, which continues to lag behind
levels at domestic peers," S&P related.
"The bank's current asset quality metrics are adequate, in our
view. They compare well with peers, based on its ratio of
nonperforming loans (NPL) to gross loans at 2.9% on March 31,
2011. NPL continued to rise in 2010, however, increasing by 12% in
absolute terms. We believe that Albaraka Turk's rapid growth could
push up the number of problematic loans as new loans season,
especially if the Turkish economy's current brisk growth
slackens," S&P stated.
"The negative outlook reflects the possibility that we could
downgrade Albaraka Turk during the coming year, because of our
negative view of its lending strategy and the subsequent pressure
on its capital and future asset quality," S&P noted.
"Although we understand that the bank aims to keep loan growth in
2011 below 15%, we are concerned about the current composition of
its loan book and the high share of unseasoned loans that will
drive future asset quality. We expect the bank's core operational
performance to continue to provide support for ratings over the
medium term," S&P said.
"We could lower the ratings on Albaraka Turk if it continues what
we view as its negative lending strategy and fails to shore up its
balance sheet and capitalization. An upgrade would hinge on the
bank's RAC ratio exceeding 7%, diversification of its loan book by
industry, accompanied by decreasing exposure to riskier segments,
and less ambitious balance sheet growth," S&P added.
=============
U K R A I N E
=============
* REPUBLIC OF CRIMEA: S&P Affirms 'B-' Issuer Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Autonomous Republic of Crimea, in southern Ukraine (foreign
currency B+/Stable/B; local currency BB-/Stable/B; Ukraine
national scale 'uaAA-') to positive from stable. "At the same
time, we affirmed the 'B-' long-term issuer credit rating and
raised the Ukraine national scale rating to 'uaBBB' from
'uaBBB-'," S&P said.
"The outlook revision reflects our view that Crimea will
experience revenue growth and maintain a modest debt burden," S&P
related.
The ratings reflect Crimea's lack of revenue predictability and
generally low financial flexibility on the revenue and expenditure
sides, in the volatile and underfunded Ukrainian system of
interbudgetary relations; its low wealth levels; and high
expenditure needs. Concentration of important excise payments
on one taxpayer put further pressure on the ratings.
"These weaknesses are mitigated by our expectations that Crimea's
debt and debt service will remain modest over the next few years.
Other supporting factors are Crimea's favorable location on the
Black Sea coast, which we expect to support economic development
in the region in the longer term. The positive outlook reflects
our expectation that Crimea will enjoy economic and budget revenue
growth, supported by its favorable location, and will borrow only
medium term in 2011-2013, resulting in debt service of less than
3%-4% of operating revenues," S&P said.
"Should the republic report stronger-than-expected revenues and
financial performance, higher cash levels, and lower debt and debt
service than we expect under our base-case scenario, it could lead
us to take positive rating actions," S&P related.
However, setbacks in tax-revenue collection and subsidies that
lead to worsening finances and weaker-than-expected financial
performance and liquidity could result in a revision of the
outlook back to stable, especially if Crimea displays a more
aggressive borrowing policy in the medium term or accumulates
short-term debt resulting in debt service exceeding 5%-6% in
2011-2013.
===========================
U N I T E D K I N G D O M
===========================
ASSETCO PLC: Nears GBP10MM Rescue Deal; In Takeover Talks
---------------------------------------------------------
The Telegraph reports that AssetCo plc is closing in on a GBP10
million rescue deal.
According to the Telegraph, AssetCo is facing winding-up petitions
from creditors but is now understood to be in advanced discussions
with Bahraini investment group Arcapita about a 4 pence-per-share
takeover.
The company said last month that winding-up hearings should be
postponed so it could press ahead with a potential rescue deal,
the Telegraph recounts. American company Seacor Holdings is also
believed to have held takeover talks with AssetCo, the Telegraph
notes.
Assetco PLC -- http://www.assetco.com/-- is a United Kingdom-
based holding company. The Company is engaged in the provision of
management services to the emergency services market. It is also
engaged in automotive engineering, the provision of asset
management services and the supply of specialist equipment to the
emergency services market. The Company operates in one segment,
the Fire and Rescue Services. The Fire and Rescue Services
segment provides management services to the fire and rescue
market. Its subsidiaries include AssetCo Emergency Limited,
AssetCo Managed Services (ROI) Limited, AssetCo Bermuda Limited,
AssetCo Resource Limited, Simentra Limited, Supply 999 Limited,
AssetCo Municipal Limited and AssetCo Managed Services Limited.
In January 2010, the vehicle assembly business of UV Modular
Limited (UVM) was discontinued. In September 2009, the Company
disposed its subsidiary, Auto Electrical Services (Manchester)
Limited.
CAKE BAKE: Goes Into Administration Due to Financial Difficulties
-----------------------------------------------------------------
Ben Bouckley at FoodManufacture.co.uk reports that the Cake Bake
Company has entered administration after it encountered severe
financial difficulties.
Insolvency practitioner SFP said it was appointed as administrator
on June 21, and said that cash flow difficulties and a "recent
technical issue" (that remains undefined) had led to the temporary
stoppage of production, according to FoodManufacture.co.uk.
"The margins are tighter than ever in the food industry, so a
business' survival can be severely impacted by unforeseen
financial problems, as was the case for The Cake Bake Company,"
the report quoted SFP Group Partner Simon Plant as saying. "We
have been speaking to various interested parties and so far, the
response has been encouraging. As a result, we anticipate that we
will source a buyer in the near future," he added.
Headquartered in Kent, Cake Bake Company, is a nationwide
manufacturer and supplier of baked goods. It also supplies
supermarkets and independents across the UK.
COAKLEY BUS: Faces Suit Over Alleged Breach of Child Support Act
----------------------------------------------------------------
Chris Clements at Hamilton Advertiser reports that Coakley Bus and
Coach Ltd has been accused of breaching the Child Support Act by
failing to comply with a deductions of earnings order.
In a case called at Hamilton Sheriff Court last week, Hamilton
Advertiser relates, it is alleged the company committed the
offence, relating to a former employee Edward Rae last year.
Although no representatives of the company were in court last
Wednesday, defence solicitors lodged a not guilty plea to the
charge, the report says.
According to Hamilton Advertiser, the firm denied failing to
comply with a deductions of earnings order, in relation to
Mr. Rae, between Aug. 19 and Oct. 19, 2010.
Hamilton Advertiser notes that the charge alleges Coakley Bus and
Coach were required to deduct GBP62.39 a week from Mr. Rae's
earnings in respect of child maintenance. It is also alleged that
the order was issued to the company, formerly based at Newhut Road
in Braidhurst Industrial Estate, on June 26, 2010.
Sheriff Thomas Millar granted an unopposed Crown motion to
continue a notional diet until July 20, the report adds.
The extra time, says Hamilton Advertiser, would allow prosecutors
to seek clarification over the liquidation of the firm.
Coakley Bus and Coach Ltd is a bus company based in Lanarkshire.
The company went into liquidation in June 2011 with the loss of
55 jobs.
EUROPEAN MEDIATION: Court Orders Wind Up After Insolvency Probe
---------------------------------------------------------------
European Mediation Services Limited, based in Kidderminster, and
Probate Solutions Worldwide Wills and Trusts Limited, which traded
from premises in Lincoln, were both wound up in the High Court
last month following an investigation by The Insolvency Service.
Both companies were in common ownership.
European was a claims management business created to pursue claims
under the Consumer Credit Act 1974 on behalf of individuals who
had been mis-sold timeshares or property in Spain; although its
business subsequently expanded to include other forms of recovery
under the Act. In return, 'European' received either a fixed
advance fee or a success-based commission.
Even though the company director of European's failed to co-
operate fully with the Company Investigations team or deliver up
all of its trading records, it was established that European had:
-- failed to account for monies recovered on behalf of its
clients;
-- failed to keep adequate trading records, making it
impossible to fully account for the receipt and payment
of almost GBP500,000; and
-- failed to declare insolvency.
Furthermore, during the course of the investigation, the director
caused European to cease trading without taking any steps to
regulate its affairs.
Probate Solutions Worldwide Wills and Trusts Limited, known as
Probate was the second company wound up. Probate was marketed a
franchise-style opportunity inviting individuals to learn how to
take legal instructions from members of the public for the
preparation of a range of legal products including wills and power
of attorney.
The investigation found that 'Probate's' business model was very
similar to that of other companies previously investigated and
wound up in the public interest in 2007 and 2008. Also that
'Probate' had adopted many of the practices the court had
previously found objectionable. In particular, that misleading and
inaccurate statements were made to prospective franchisees during
the recruitment process, particularly in relation to potential
earnings.
The Insolvency Service investigation found that 'Probate' failed:
-- to keep accurate accounting records and as a result cash
receipts and payments could not be accounted for;
-- failed to prepare accounts as required to by law; and
-- that it was abandoned by the director during the course
of the investigation.
European Mediation Services Limited was incorporated on March 28,
2007 and its registered office is at 2a Exchequergate, Lincoln.
Probate Solutions Worldwide Wills and Trusts Limited was
incorporated on Feb. 11, 2008, and its registered office is at
Dairy Cottage, Main Road, Milford, Staffordshire.
The wind up petitions were presented under s.124A of the
Insolvency Act 1986 on March 15, 2011, and the Winding-up Orders
were made on June 15, 2011.
FOCUS (DIY): Landgard UK Chief Quits Following Administration
-------------------------------------------------------------
Matthew Appleby at HorticultureWeek reports that Landgard United
Kingdom Managing Director Richard Egerton resigns after Focus
(DIY) debt exposure revelations as suppliers find creditors are
unlikely to recover losses.
Mr. Egerton has become a high-profile victim of the collapse of
DIY/garden centre chain Focus after he left the plant supplier,
which is owed more than GBP2.5 million by Focus, according to
HorticultureWeek. The reports relates that non-executive chairman
Jim Floor confirmed Mr. Egerton was in the process of resigning
after the German owners realized the size of the Focus debt --
some GBP2.5 million.
Mr. Floor, who is stepping in as commercial director to run
Landgard UK day to day, added: "The shareholders and chief
executive have pledged 100% support for the UK business.
Unfortunately, Mr. Egerton has resigned," HorticultureWeek
discloses.
A new report from administrators at Ernst & Young shows hundreds
of trade creditors across the UK are expected to be GBP60 million
out of pocket, while Her Majesty Revenue & Customs will take a
GBP7 million hit, HorticultureWeek notes.
The report by Simon Allport, Tom Jack and Alan Hudson shows that
when Focus collapsed in May its private equity owner Cerberus was
owed GBP214.7 million, HorticultureWeek says. Ernst & Young said
the creditors were unlikely to recover any of their losses,
HorticultureWeek relates.
HorticultureWeek notes that the Focus owed these gardening
suppliers:
-- Bayer Garden owed GBP170,000
-- De Ree UK owed GBP213,000
-- Deroma UK owed GBP257,000
-- Doff Portland owed GBP37,000
-- Draper Tools owed GBP217,000
-- Einhell owed GBP465,000
-- Fiskars UK owed GBP476,000
-- Fiskars Brands UK owed GBP421,000
-- Forest Garden owed GBP599,000
-- Garden Centre Plants owed GBP134,000
-- Gardman owed GBP299,000
-- Haemmerlin owed GBP44,000
-- Highland Heathers owed GBP44,000
-- Hozelock owed GBP1 million
-- Husqvarna owed GBP2 million
-- Landgard (Trading Account) owed GBP223,000
-- Landgard UK owed GBP1.5 million
-- Li-Lo Leisure owed GBP405,000
-- Meredith Nurseries owed GBP1.5 million
-- Mr. Fothergill's owed GBP146,000
-- Plant Sarus owed GBP281,000
-- Plant Sarus (Trading Account) owed GBP126,000
-- Proteam owed GBP2.7 million
-- Scotts Company UK owed GBP5.9 million
-- Sinclair owed GBP46,000
Focus (DIY) was founded by Bill Archer in 1987, with six stores in
the Midlands and the north of England. The company now has 178
stores in England, Scotland and Wales, and employs more than 3,900
staff.
HALDANES STORES: Administrators Close Three Remaining Stores
------------------------------------------------------------
Petah Marian at just-food.com reports that the administrators of
insolvent UK grocery operator Haldanes Stores on June 30 announced
the closure of its three remaining stores.
According to just-food.com, joint administrators Brendan Guilfoyle
and Chris White of The P&A Partnership said that all 26 stores in
Scotland and England have now ceased trading and all employees of
the remaining three stores in Tattershall, Wigton and Crieff have
been made redundant.
Haldanes Stores entered administration on June 22, just-food.com
recounts. The company's CEO blamed The Co-operative Group for its
financial problems, attributing its issues to the larger rival's
apparent unwillingness to renegotiate contracts on the stores,
which Haldanes acquired in 2009, just-food.com discloses.
Haldanes Stores is a UK grocery operator.
HOMEFORM GROUP: Customers May Not Get Money Back in Administration
------------------------------------------------------------------
Tara Evans at thisismoney.co.uk reports that customers of Moben
Kitchens and its sister brands are still waiting to find out if
they will lose thousands of pounds after parent group HomeForm
Group said it may have to go into administration.
As reported in the Troubled Company Reporter-Europe on June 29,
2011, Men Media said a Tameside business is among three suppliers
which have stepped in to offer their services to customers of
HomeForm Group, which said it is about to go into administration.
HomeForm, the Old Trafford-based parent company of Moben Kitchens,
Dolphin Bathrooms, Sharps Bathrooms and KitchensDirect, has filed
a notice of intention to appoint an administrator, according to
Men Media. The report noted that directors said they were close
to securing a deal safeguarding the future of the Sharps and
KitchensDirect businesses, potentially through a pre-pack
administration, and have instructed advisers to find a buyer for
Moben and Dolphin.
Until it is officially confirmed that a company cannot fulfill its
orders, customers are unlikely to be able to successfully approach
their credit or debit card companies for help under consumer
protection schemes -- those who paid by cash or cheque have no
protection, according to thisismoney.co.uk.
JANE NORMAN: Middle East Stores' Future in Limbo
------------------------------------------------
Elizabeth Broomhall at arabianbusiness.com reports that Jane
Norman has not confirmed whether its Middle East stores will close
or not after the company went into administration.
In the Gulf the global firm employs more than 50 people across
seven stores in partnership with Majid Al Futtaim Fashions, which
is currently awaiting further instruction, according to
arabianbusiness.com.
"Majid Al Futtaim is seeking clarity on the Jane Norman situation
in the UK," said a spokesperson for Majid Al Futtaim in a
statement, adding that "at present" its stores remained open for
business, arabianbusiness.com notes.
As reported in the Troubled Company Reporter-Europe on June 28,
2011, Express & Star said reports that Jane Norman has fallen into
administration putting up to 1,600 jobs at risk. Accountancy firm
Zolfo Cooper hopes to find a buyer for the stricken retailer,
which closed its 90 stores, according to Express & Star.
arabianbusiness.com discloses that a third of its 94 UK stores
have already been sold to Scottish retailer The Edinburgh Woollen
Mill, which has the option to buy a further 28 stores. The
remaining shops in the UK will be closed, the report relates.
arabianbusiness.com says that in the Middle East the firm's stores
include one in Bahrain, three in Saudi Arabia and three in
Dubai -- the future of which remains uncertain.
Jane Norman specializes in selling to women between the ages of 16
and 25.
L.D. RESTAURANTS: Court Appoints Interim Liquidators
----------------------------------------------------
The Courier reports that L.D. Restaurants (Number Two) Ltd,
operator of The Glass Pavilion restaurant, was placed in interim
liquidation after a petition to Dundee Sheriff Court by HMRC
seeking to wind up the company. The company failed to respond to
the winding-up notice last month and the petition was granted by a
sheriff, the report says.
Accountant Graeme Cameron Smith of Henderson Loggie in Panmure
Street has been appointed interim liquidator.
It is understood, however, that the firm transferred the operation
of the restaurant to another company at the beginning of the year,
the report notes.
"It is quite an unusual situation in that the restaurant is still
operating but the company to which I have been appointed is
apparently no longer operating the restaurant," The Courier quotes
Mr. Smith as saying. "I haven't been able to contact the
directors yet but it appears the operation of the restaurant was
transferred in January. At the moment, all I can say is that we
are investigating and are hoping to meet with the directors soon."
The Courier relates that Mr. Smith added that until he met with
the company's directors, he was unable to say what the extent of
the debt to HMRC was or who the new owners were.
L.D. Restaurants (Number Two) Ltd operates The Glass Pavilion
restaurant in Broughty Ferry, Dundee, Scotland.
LEHMAN BROTHERS: Europe Unit, Citi Settle Over US$2.5-Bil. Assets
-----------------------------------------------------------------
Citigroup has struck a deal with the European arm of Lehman
Brothers Inc. to release more than US$2.5 billion worth of assets
held in its custody business, Reuters reported on June 29.
The settlement, negotiated with the administrators of Lehman's
European estate PriceWaterhouseCoopers, means these assets can be
added to the pool of what will eventually make its way back to
creditors and returned to clients, the report related.
Citi will immediately begin to transfer Lehman Brothers
International or LBIE's custody assets, PWC said, according to
the report.
The deal also means Citi and LBIE will release each other from
all claims and liabilities, PWC added, Reuters quoted.
"This is by far the largest single deal we have undertaken and
easily the most complex to negotiate and then structure, given
the sheer scale of the legacy relationship between Citigroup and
LBIE," said Paul Copley, a restructuring partner at PWC.
Citi has held onto LBIE's custody assets since Lehman Brothers
filed for bankruptcy in September 2008, while it assessed its
exposure to the Europe part of the business and other entities
globally, the two parties said.
Before Lehman's collapse, the firm had entered into a whole
series of stock lending, trading and derivatives transactions
with Citi, which also acted as an agent for third parties and was
a custodian for LBIE in various countries, the report related.
Under the settlement Citi will be paid custodian fees, "to
reflect the complexity of the Lehman estate and the custody
positions," PWC said.
"We have worked closely with the administrators of LBIE and their
team for many months to ensure that the arrangements between
Citigroup and LBIE were resolved amicably and in a manner which
fairly reflected the interests of both parties," Citi said in a
statement.
"This is a landmark deal," The Wall Street Journal quoted Paul
Copley, a PwC restructuring partner who led the settlement for
LBIE, as saying. "This is by far the largest single deal we have
undertaken and easily the most complex to negotiate and then
structure, given the sheer scale of the legacy relationship
between Citigroup and LBIE," Mr. Copley said.
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.
On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant to
the provisions of the Securities Investor Protection Act (Case No.
08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.
The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on Sept. 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
MCWILLIAMS HOMES: Placed Into Receivership, Goes Bankrupt
---------------------------------------------------------
BBC News reports that McWilliams Homes, which was placed into
receivership by Anglo Irish Bank, has been declared bankrupt with
debts of almost GBP25 million.
BBC News notes that Anglo Irish Bank lent hundreds of millions of
pounds to NI developers who were unable to repay their loans.
McWilliams Homes' last set of accounts were for 2008 when the
company reported a pre-tax loss of over GBP6 million, according to
BBC News. The report relates that the value of its land bank had
collapsed by GBP10 million in the same year.
In 2005, BBC News recalls, McWilliams Homes secured approval for a
GBP90 million residential development of over 550 houses close to
the centre of Letterkenny in Ballymacool.
BBC News discloses that a significant number of builders and
developers from County Derry paid huge sums for sites in Donegal
during the Irish property bubble. The report relates that the
value of those sites has typically fallen by 80%.
PLYMOUTH ARGYLE: MP Takes Up Staff's Plight in Commons
------------------------------------------------------
thisisplymouth.co.uk reports that a city Member of Parliament is
to lobby the Football League in Westminster in a battle for
Plymouth Argyle's unpaid workers.
Staff at Home Park have barely been paid this year after the debt-
crippled Pilgrims plunged into administration, according to
thisisplymouth.co.uk.
thisisplymouth.co.uk notes that a takeover deal is scheduled to be
completed by August 6, but the prospective owners are yet to
commit to paying backdated or current wages in full.
But now Plymouth Moor View MP Alison Seabeck is taking their
struggle to Parliament, thisisplymouth.co.uk says. Ms. Seabeck
has secured an adjournment debate in Westminster, promising to
call for change in the way football is governed.
thisisplymouth.co.uk notes that Argyle's players have had loans
from their union, the Professional Footballers' Association (PFA),
but non-playing staff have had to rely on donations from fans.
Meanwhile, thisisplymouth.co.uk says that a deal to sell off Home
Park and other club-owned land assets to preferred bidder Bishop
International Limited was expected to be confirmed on July 1. But
lead administrator Brendan Guilfoyle said legal issues had delayed
conditional contracts being signed until July 4, the report
relates.
thisisplymouth.co.uk discloses that the Football League, who have
the final say on the deal, and The Football Conference League are
both probing the proposed ownership structure. It would see
acting Argyle chairman Peter Ridsdale assume ownership of the
football club itself and Bishop International become landlords and
developers, the report adds.
About Plymouth Argyle
Plymouth Argyle Football Club, commonly known as Argyle, or by
their nickname, The Pilgrims, is an English professional football
club based in Central Park, Plymouth. It plays in Football League
One, the third division of the English football league system.
PROBATE SOLUTIONS: Court Orders Wind Up After Insolvency Probe
--------------------------------------------------------------
European Mediation Services Limited, based in Kidderminster, and
Probate Solutions Worldwide Wills and Trusts Limited, which traded
from premises in Lincoln, were both wound up in the High Court
last month following an investigation by The Insolvency Service.
Both companies were in common ownership.
European was a claims management business created to pursue claims
under the Consumer Credit Act 1974 on behalf of individuals who
had been mis-sold timeshares or property in Spain; although its
business subsequently expanded to include other forms of recovery
under the Act. In return, European received either a fixed advance
fee or a success-based commission.
Even though the company director of European's failed to co-
operate fully with the Company Investigations team or deliver up
all of its trading records, it was established that European had:
-- failed to account for monies recovered on behalf of its
clients;
-- failed to keep adequate trading records, making it
impossible to fully account for the receipt and payment
of almost GBP500,000; and
-- failed to declare insolvency.
Furthermore, during the course of the investigation, the director
caused 'European' to cease trading without taking any steps to
regulate its affairs.
Probate Solutions Worldwide Wills and Trusts Limited, known as
'Probate' was the second company wound up. 'Probate' was marketed
a franchise-style opportunity inviting individuals to learn how to
take legal instructions from members of the public for the
preparation of a range of legal products including wills and power
of attorney.
The investigation found that 'Probate's' business model was very
similar to that of other companies previously investigated and
wound up in the public interest in 2007 and 2008. Also that
'Probate' had adopted many of the practices the court had
previously found objectionable. In particular, that misleading and
inaccurate statements were made to prospective franchisees during
the recruitment process, particularly in relation to potential
earnings.
The Insolvency Service investigation found that 'Probate' failed:
-- to keep accurate accounting records and as a result cash
receipts and payments could not be accounted for;
-- failed to prepare accounts as required to by law; and
-- that it was abandoned by the director during the course
of the investigation.
European Mediation Services Limited was incorporated on March 28,
2007 and its registered office is at 2a Exchequergate, Lincoln.
Probate Solutions Worldwide Wills and Trusts Limited was
incorporated on Feb. 11, 2008, and its registered office is at
Dairy Cottage, Main Road, Milford, Staffordshire.
The wind up petitions were presented under s.124A of the
Insolvency Act 1986 on March 15, 2011, and the Winding-up Orders
were made on June 15, 2011.
ROYAL BANK: Fitch Affirms 'CC' Rating on Tier 1 Securities
----------------------------------------------------------
Fitch Ratings has upgraded The Royal Bank of Scotland Group's and
The Royal Bank of Scotland Plc's Individual Ratings to 'C' from
'C/D'. Their other ratings have been affirmed at Long-term Issuer
Default 'AA-', Short-term IDR 'F1+', Support '1' and Support
Rating Floor AA-'. The Outlooks on the Long-term IDRs are Stable.
The agency has also affirmed the ratings of the subordinated debt
and hybrid securities.
The upgrade of the Individual Ratings reflects RBSG's significant
progress in implementing its strategic plan, significant
improvements in its funding and liquidity profile and stabilizing
asset quality. However, the Individual Ratings continue to reflect
the risks associated with its much reduced but still sizable non-
core assets, negative profitability, downside risks to asset
quality and strategic constraints arising from being 83% owned by
the UK government.
Fitch believes that RBSG is well positioned to pursue its
strategic plan. Notable progress has already been made in
reshaping the balance sheet, embracing a stronger risk culture and
improving risk management tools. RBSG's non-core assets more than
halved to GBP125 billion (excluding derivatives) between end-2008
and end-Q111 and Fitch believes that the group is on track to
reduce its non-core assets to less than GBP100 billion by end-
2011. However, execution risk, while reduced, is still material
given the scale of the task, macro-uncertainties, regulatory
challenges, and potential government interference.
Asset quality problems appear to have peaked but significant
downside risks still exist given the uncertain operating
environment and continuing problems in the Irish portfolio.
Single-name and sector concentrations built up through legacy
weaker risk management, particularly commercial real estate,
remain a concern.
Reliance on wholesale funding has been significantly reduced
through de-leveraging and increase in customer deposits.
Maturities were extended, while short-term refinancing risks
reduced through successful term issuances in 2010. In the first
four months of 2011, RBSG issued GBP14 billion of securities out
of a full year target of GBP20 billion. RBSG had GBP151 billion of
available liquidity at end-Q111 (in line with its GBP150 billion
long-term target) which fully covered its short-term wholesale
funding (excluding derivative collateral) of GBP145 billion.
Although reducing the remaining non-core portfolio is still
pivotal to RBSG's strategic plan, Fitch notes that the improvement
in RBSG's funding profile has eased the time pressure for further
de-leveraging, thus allowing for a greater degree of operational
flexibility in the work out of the non-core book.
Capital ratios are strong and Fitch believes the group is
relatively well positioned to absorb additional regulatory
requirements assuming a return to sustainable profitability. RBSG
reported a significantly improved operating result in Q111 as its
Global Banking and Markets division had a strong start to the
year. However, Fitch expects payment protection insurance charges
(GBP850 to be taken in Q211) to delay a return to profitability
until 2012.
The affirmation of the Long- and Short-term IDRs, Support Rating
Floors and Support Ratings reflects the extraordinary level of
tangible support for the group from the UK government. The Stable
Outlook on RBSG's Long-term IDR reflects that on the UK sovereign
ratings. While Fitch believes government support remains very high
for systemically important UK banks, there is growing political
will in the UK and internationally to explore ways to reduce the
implicit state support of systemically important banks. This
represents a potential threat to Support Rating Floors of
systemically important UK banks as well as the IDRs and debt
ratings that are support dependent. RBSG's IDRs are at the Support
Rating Floors and therefore could be affected by this development.
The ratings of hybrid capital securities reflect the European
Commission's required two-year coupon deferral or the existence of
"must pay" features. The securities, which are currently deferring
coupons, are rated 'CC', while hybrid securities where Fitch
believes payments cannot be prevented have been affirmed at 'BB-'.
The ratings actions are:
The Royal Bank of Scotland Group plc (RBSG)
-- Long-term IDR: affirmed at 'AA-'; Outlook Stable
-- Senior unsecured debt: affirmed at 'AA-'
-- Senior unsecured market linked securities affirmed at
'AA-emr'
-- Short-term IDR: affirmed at 'F1+'
-- Commercial paper: affirmed at 'F1+'
-- Individual Rating: upgraded to 'C' from 'C/D'
-- Support Rating: affirmed at '1'
-- Support Rating Floor: affirmed at 'AA-'
-- Dated subordinated bonds: affirmed at 'A'
-- Preference shares (US7800978790, US780097AE13, XS0121856859)
affirmed at 'BB-'
-- Innovative Tier 1 (US780097AH44): affirmed at 'BB-'
-- All other rated preference shares and Tier 1 securities
affirmed at 'CC'
The Royal Bank of Scotland plc (RBS)
-- Long-term IDR: affirmed at 'AA-'; Outlook Stable
-- Senior unsecured debt: affirmed at 'AA-'
-- Senior unsecured market linked securities affirmed at
'AA-emr'
-- Short-term IDR: affirmed at 'F1+'
-- Commercial paper: affirmed at 'F1+';
-- Individual Rating: upgraded to 'C' from 'C/D'
-- Support Rating: affirmed at '1'
-- Support Rating Floor: affirmed at 'AA-'
-- Guaranteed senior long-term debt affirmed at 'AAA'
-- Guaranteed senior short-term debt affirmed at 'F1+'
-- Mortgage covered bonds are unaffected by the action
-- Dated subordinated bonds (XS0201065496): affirmed at 'A'
-- All other dated (lower Tier 2) subordinated bonds affirmed
at 'A+'
-- Upper Tier 2 securities: affirmed at 'BB-'
National Westminster Bank plc (NatWest)
-- Long-term IDR: affirmed at 'AA-'; Outlook Stable
-- Senior unsecured debt: affirmed at 'AA-'
-- Short-term IDR: affirmed at 'F1+'
-- Support Rating: affirmed at '1'
-- Support Rating Floor: affirmed at 'AA-'
-- Dated subordinated bonds: affirmed at 'A+
-- Upper Tier 2 securities: affirmed at 'BB-'
Royal Bank of Scotland International Limited
-- Long-term IDR: affirmed at 'AA-'; Outlook Stable
-- Short-term IDR: affirmed at 'F1+'
Royal Bank of Scotland NV
-- Long-term IDR: affirmed at 'AA-'; Outlook Stable
-- Senior unsecured debt: affirmed at 'AA-'
-- Senior unsecured market linked securities affirmed at
'AA-emr'
-- Short-term IDR: affirmed at 'F1+'
-- Commercial paper and short-term debt: affirmed at 'F1+'
-- Support Rating: affirmed at '1'
-- Guaranteed senior short-term debt affirmed at 'F1+'
-- Dated subordinated bonds: affirmed at 'A+'
RBS Holdings USA Inc
-- Commercial paper: affirmed at 'F1+'
Citizens Financial Group, Inc
-- Long-term IDR: affirmed at 'A+'; Outlook Stable
-- Short-term IDR: affirmed at 'F1'
-- Support Rating: affirmed at '1'
-- Individual Rating 'B/C' is unaffected by the action
RBS Citizens, NA
-- Long-term IDR: affirmed at 'A+'; Outlook Stable
-- Short-term IDR: affirmed at 'F1'
-- Long-term deposits: affirmed at 'AA-'
-- Short-term deposits: affirmed at 'F1+'
-- Senior unsecured debt: affirmed at 'A+'
-- Subordinated debt: affirmed at 'A'
-- Support Rating: affirmed at '1'
-- Individual Rating 'B/C' is unaffected by the action
Citizens Bank of Pennsylvania:
-- Long-term IDR: affirmed at 'A+'; Outlook Stable
-- Short-term IDR: affirmed at 'F1'
-- Long-term deposits: affirmed at 'AA-'
-- Short-term deposits: affirmed at 'F1+'
-- Support Rating: affirmed at '1'
-- Individual Rating 'B/C' is unaffected by the action
Ulster Bank Ltd:
-- Long-term IDR: affirmed at 'A+'; Outlook Stable
-- Short-term IDR: affirmed at 'F1+'
-- Individual Rating: affirmed at 'E'
-- Support Rating: affirmed at '1'
Ulster Bank Ireland Limited:
-- Long-term IDR: affirmed at 'A+'; Outlook Stable
-- Short-term IDR: affirmed at 'F1+'
-- Individual Rating: affirmed at 'E'
-- Support Rating: affirmed at '1'
-- Senior unsecured long term notes: affirmed at 'A+'
-- Senior unsecured short term notes: affirmed at 'F1+'
-- Commercial paper: affirmed at 'F1+'
-- Subordinated debt: affirmed at 'A'
Ulster Bank Finance plc:
-- Commercial paper: affirmed at 'F1+'
SOUTHERN CROSS: Four Seasons to Take Over Care Homes
----------------------------------------------------
Simon Mundy at The Financial Times reports that Pete Calveley, the
chief executive of rival operator Four Seasons, said
underperforming care homes slated for closure by Southern Cross
will be kept open under new management.
The FT relates that the Southern Cross had mooted the possible
closure of "a significant number" of the 45 homes that it leased
from Four Seasons, labeling them commercially unviable.
However, Four Seasons now wants to take over the operations, the
FT says, citing Mr. Calveley. "We've been around all 45 and have
no intention of closing any of them," Mr. Calveley, as cited by
the FT, said.
According to the FT, Southern Cross said that 132 homes had been
"identified for possible closure because they all needed
considerable investment to meet the standards required of a
modern-day care home".
After an agreement last month, the company's restructuring is
being overseen by a committee chaired by the landlords' advisers,
AlixPartners, and consisting of two Southern Cross representatives
and four of the landlords, the FT recounts. Mr. Calveley, a
member of the committee, said that it was likely to reach a long-
term agreement by the end of this month, the FT notes.
The FT says the committee will need to placate smaller landlords;
given that Southern Cross is no longer paying its rent in full,
any of these could apply to have the company wound up.
One landlord, represented by Vector Property Group, was persuaded
by other landlords to withdraw a winding-up petition, the FT
discloses.
However, Mr. Calveley, as cited by the FT, said that further
petitions were unlikely: "Everything that's happening . . . is
very constructive."
Southern Cross Healthcare provides residential and nursing care to
more than 31,000 residents cared for by 45,000 staff in 750
locations. It also operates homes that specialize in treating
people with dementia, mental health problems and learning
disabilities.
WEBMANIA: Falls Into Liquidation Due to Credit Card Fraud
----------------------------------------------------------
York Press reports that WebMania, a York-based web design
business, has gone into liquidation after credit card fraud left
it hundreds of thousands of pounds in debt. Andy Clay, director
at Begbies Traynor's York office, has been appointed liquidator.
York Press says WebMania was left with GBP250,000 of debt when it
went into liquidation, including owing GBP44,133 in redundancy
claims, GBP21,672 to business creditors and GBP119,453 to HM
Revenue and Customs.
"WebMania saw sales falling and tried to reduce costs. Sales began
to improve and the director thought the business was recovering,
but in fact it had become a victim of third party fraudulent
credit card transactions which were subsequently reclaimed by the
merchant providers, severely damaging cash flow," York Press
quotes Mr. Clay as saying.
===============
X X X X X X X X
===============
* S&P Takes Rating Actions on 23 European Synthetic CDO Tranches
----------------------------------------------------------------
Standard & Poor's Ratings Services took credit rating actions on
23 European synthetic collateralized debt obligation tranches.
Specifically, S&P:
* Raised and removed from CreditWatch positive its ratings on
16 tranches;
* Lowered and removed from CreditWatch negative its ratings on
six tranches; and
* Removed its rating on one tranche from CreditWatch negative.
"The rating actions are part of our regular monthly review of
synthetic CDOs. The actions incorporate, among other things, the
effect of recent rating migration within reference portfolios and
recent credit events on several corporate entities," S&P said.
"Where losses in a portfolio have already exceeded the available
credit enhancement or where, in our opinion, it is highly likely
that this will occur once final valuations are known, we have
lowered our ratings to 'CC' because we consider the likelihood
that the noteholders will not receive their full principal to be
high, but has not yet happened," S&P said.
"For those transactions where our September 2009 criteria (see
'Update To Global Methodologies And Assumptions For Corporate Cash
Flow And Synthetic CDOs,' published on Sept. 17, 2009) are not
applicable, we have run our analysis on the appropriate Evaluator
models (versions 2.7 and 4.1). For the transactions where the
September 2009 criteria are applicable, our analysis has been run
on Evaluator version 5.1," S&P stated.
The rating actions and the CreditWatch updates follow two reviews.
The first review was of the CreditWatch placements made on
June 19, 2011.
"For the second review, we run SROC (synthetic rated
overcollateralization) for scenarios that project the current
portfolio 90 days into the future, assuming no asset rating
migration," S&P said.
"For the transactions run on version 5.1, we have also run the top
obligor and industry test SROCs at the current rating level. The
'largest obligor default test' assesses whether a CDO tranche has
sufficient credit enhancement to withstand specified combinations
of underlying asset defaults based on the ratings on the assets.
The 'largest industry default test' assesses whether the CDO
tranche rated 'AAA' to 'AA-' has sufficient credit enhancement to
withstand the default of all obligors in the transaction's largest
industry," S&P related.
"In addition to the supplemental tests, and the Monte Carlo
default simulation results, we may consider certain factors such
as credit stability and rating sensitivity to modeling parameters
when assigning ratings to CDO tranches. We assess these factors
case-by-case and may adjust the ratings to a rating level that is
different to that indicated by the quantitative results alone,"
S&P said.
"For any tranches which the updated counterparty criteria is
applicable to, where our ratings pass SROC and all the applicable
supplemental tests but are higher than one rating level above the
ICR of the lowest-rated counterparty to which they are exposed, we
have kept them on CreditWatch Negative," S&P noted.
What is SROC?
"One of the main steps in our rating analysis is the review of the
credit quality of the securitized assets. SROC is one of the tools
we use for this purpose when rating and surveilling ratings
assigned to most synthetic CDO tranches. SROC is a measure of the
degree by which the credit enhancement (or attachment point) of a
tranche exceeds the stressed loss rate assumed for a given rating
scenario. It is comparable across different tranches of the same
rating," S&P said.
Changes in SROC capture any developments in the major influences
on a tranche's creditworthiness: The credit quality of a reference
portfolio, improvement or deterioration of ratings in the
reference portfolio, credit events, and time decay. "When SROC is
100%, we believe there is exactly sufficient credit enhancement to
maintain the rating on a tranche," S&P said.
"When SROC is less than 100%, it indicates that the current credit
enhancement may not be sufficient to maintain the current tranche
rating, in our opinion. If the SROC is less than 100%, but the 90
day projection indicates that the SROC would return to a level
above 100% at that time, we usually maintain the rating at its
current level and it remains on CreditWatch negative. However,
where there is a difference of several notches in the rating level
at which the SROC is passing and the level at which SROC passes in
90 days, rather than maintaining its current rating and keeping
the CreditWatch negative placement, we may decide to lower the
rating and keep it on CreditWatch negative. If, on the other hand,
the projection indicates that the SROC would remain below 100%, we
may lower the rating subject to our criteria (see 'Related
Criteria And Research')," S&P said.
"If the current SROC of a tranche would be greater than 100% at a
higher rating level than the current rating, we may upgrade
subject to our criteria (see 'Related Criteria And Research'),"
S&P added.
A full list of rating actions is accessible for free at:
http://www.standardandpoors.com/prot/ratings/articles/en/us/?asset
ID=1245309910480
* NBC Bookseller's Filing Raises S&P's 2011 Default Tally to 18
---------------------------------------------------------------
U.S.-based bookseller NBC Acquisition Corp. filed a voluntary
petition under Chapter 11 of the U.S. Bankruptcy Code last week to
implement its restructuring plan. This raises the 2011 global
corporate default tally to 18, said an article published Friday by
Standard & Poor's Global Fixed Income Research, titled "Global
Corporate Default Update (June 24 - 29, 2011) (Premium)."
Of the total, 11 issuers were based in the U.S., two each were
based in Canada and New Zealand, and one each was based in the
Czech Republic, France, and Russia. By comparison, 45 global
corporate issuers had defaulted by this time in 2010. Of these
defaulters, 32 were U.S.-based issuers, two were European issuers,
four were from the emerging markets, and seven were in the
other developed region (Australia, Canada, Japan, and New
Zealand).
Seven of this year's defaults were due to missed interest or
principal payments and six were due to distressed exchanges--both
among the top reasons for default in 2010. Of the remaining five,
three issuers defaulted after they filed for bankruptcy, another
had its banking license revoked by its country's central bank, and
the fourth was forced into liquidation as a result of regulatory
action. Of the defaults in 2010, 28 defaults resulted from missed
interest or principal payments, 25 resulted from Chapter 11 and
foreign bankruptcy filings, 23 from distressed exchanges, three
from receiverships, one from regulatory directives, and one from
administration.
Standard & Poor's baseline projection for the U.S. corporate
trailing 12-month speculative-grade default rate for March 2012 is
1.6%. A total of 24 issuers would need to default from April 2011
to March 2012 to reach the forecast. The projection of 1.6% is
another 0.86-percentage-point (or another 35%) decline from the
2.46% default rate in March 2011. "This rate of decline would be
sharp, but slower than the decline over the past 16 months.
Improved lending conditions and a lower cost of capital are
keeping our default expectations relatively upbeat in the next 12
months. We are seeing stronger credit quality, as reflected in
fewer downgrades and lower negative bias," S&P said.
"In addition to our baseline projection, we forecast the default
rate in our optimistic and pessimistic scenarios. In our
optimistic default rate forecast scenario, the economy and the
financial markets improve more than expected. As a result, we
would expect the default rate to be 1.2% (18 defaults in the next
12 months)."
"On the other hand, if the economic recovery stalls and the
financial markets deteriorate -- which is our pessimistic scenario
-- we expect the default rate to be 3.3% (50 defaults) by March
2012. We base our forecasts on quantitative and qualitative
factors that we consider, including, but not limited to, Standard
& Poor's proprietary default model for the U.S. corporate
speculative-grade bond market. We update our outlook for the U.S.
issuer-based corporate speculative-grade default rate each quarter
after analyzing the latest economic data and expectations."
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
KA FINANZ AG 3730Z AV -359597349.9 30679270533
BELGIUM
-------
ANTWERP GATEWAY 496769Z BB -32782691.86 277992457.9
BALTA SARL 3679528Z BB -213655263.9 956320938.3
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CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
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CZECH REPUBLIC
--------------
CKD PRAHA HLDG CDP EX -89435858.16 192305153
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DENMARK
-------
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FRANCE
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GEORGIA
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GERMANY
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MAERKLIN 730904Z GR -8321071.921 115821977.5
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GREECE
------
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ASPIS PRONIA GE ASASK EO -189908329.1 896537349.7
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HELLAS ONLINE SA BRAIN EU -4430063.774 511329902.7
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HUNGARY
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ICELAND
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IRELAND
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LUXEMBOURG
----------
ARCELORMITTAL FL 3912244Z LX -1024313669 3328008487
INTELSAT ILMA GR -697038976 17592367104
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ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
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NORWAY
------
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PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
SECURITAS DIRECT 4394201Z NO -531628.2745 124746344.1
SKRETTING AS 4473771Z NO -3730844.426 499611269.4
STOREBRAND EIEND 4443409Z NO -69476764.19 1408585975
STOREBRAND EIEND 4288341Z NO -236066034.1 4427606061
TDC AS 4287413Z NO -95917885.43 128911202.9
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -30849484.35 107503145.6
UTKILEN SHIPPING 4446161Z NO -2435448.778 205148159.9
VNG NORGE AS 4513147Z NO -44725176.15 280935536.1
POLAND
------
TOORA TOR PW -288818.3897 147004954.2
TOORA 2916661Q EO -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
--------
AGUAS DO ZEZERE 3646223Z PL -9497007.861 387261027.5
ALBERTO MARTINS 4488947Z PL -26137998.21 126979395.5
CENTRO HOSPITALA 3778196Z PL -45060064.62 149709016.7
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
COFINA COFI PL -13400332.44 274876811
COFINA COFSI IX -13400332.44 274876811
COFINA CFASF US -13400332.44 274876811
COFINA SGPS SA COFI EO -13400332.44 274876811
COFINA SGPS SA COFI TQ -13400332.44 274876811
COFINA SGPS SA COFI QM -13400332.44 274876811
COFINA SGPS SA CFNX PX -13400332.44 274876811
COFINA SGPS SA CFN PL -13400332.44 274876811
COFINA SGPS SA COFI EB -13400332.44 274876811
COFINA SGPS SA CFN1 PZ -13400332.44 274876811
COFINA SGPS SA COFI EU -13400332.44 274876811
CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
EMPRESA PUBLICA 3646447Z PL -18489638.67 302885151.7
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FERREIRAS & MAGA 4281437Z PL -14115717.84 103226790.2
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HOSPITAL GARCIA 3773160Z PL -27714243.05 131330191
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
LYCATELCOM LDA 4281821Z PL -8577510.562 109410577.8
METRO DO PORTO 4473963Z PL -227787277.2 3216337049
PARQUE DA PAMPIL 4770625Z PL -1932626.439 135631078.1
PARQUE EOLICO DE 4772521Z PL -1450277.362 131706562.9
PORTUGALIA 1008Z PL -4086512.545 263103585.3
RADIO E TELEVISA 1227Z PL -874020727.2 739530129.4
REFER-REDE FERRO 1250Z PL -1817222591 941624235.3
SERVICO DE SAUDE 3790200Z PL -171447869.9 656234458.2
SOCIEDADE DE REN 3776676Z PL -16609193.89 127876798.7
SOCIEDADE DE TRA 1253Z PL -382109051.3 119848180.8
SPORTING CLUBE D SCP1 PZ -65884328.13 251276323.4
SPORTING CLUBE D SCDF EO -65884328.13 251276323.4
SPORTING CLUBE D SCG GR -65884328.13 251276323.4
SPORTING CLUBE D SCP PL -65884328.13 251276323.4
SPORTING CLUBE D SCPX PX -65884328.13 251276323.4
SPORTING CLUBE D SCDF EU -65884328.13 251276323.4
SPORTING-SOC DES SCPL IX -65884328.13 251276323.4
SPORTING-SOC DES SCDF PL -65884328.13 251276323.4
SPORTING-SOC-RTS SCPVS PL -65884328.13 251276323.4
SPORTING-SOC-RTS SCPDS PL -65884328.13 251276323.4
TAP SGPS TAP PL -293253615.6 2901200999
VALE DO LOBO - R 4764257Z PL -19458755.77 553819869.1
VISTA ALEGRE ATL 4281717Z PL -11415079.06 119980938.8
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -89344240.83 511515508.8
OLTCHIM SA RM VA OLT PZ -89344240.83 511515508.8
OLTCHIM SA RM VA OLT RO -89344240.83 511515508.8
OLTCHIM SA RM VA OLT EO -89344240.83 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344240.83 511515508.8
OLTCHIM SA RM VA OLT EU -89344240.83 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344240.83 511515508.8
RAFO SA RAF RO -457922310.7 356796459.3
ROMPETROL RAFINA RRC RO -4103436 1885975424
ROMPETROL RAFINA RRC EO -4103436 1885975424
ROMPETROL RAFINA RRC EU -4103436 1885975424
ROMPETROL RAFINA RRCEUR EO -4103436 1885975424
ROMPETROL RAFINA RRCEUR EU -4103436 1885975424
ROMPETROL RAFINA RRC PZ -4103436 1885975424
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -79749277.74 135830690.8
ALLIANCE RUSSIAN ALRT RU -13189410.9 138268688.3
AMO ZIL ZILL RM -115900565.7 368611137
AMO ZIL-CLS ZILL* RU -115900565.7 368611137
AMO ZIL-CLS ZILLG RU -115900565.7 368611137
AMO ZIL-CLS ZILL RU -115900565.7 368611137
BUMMASH OJSC-BRD BUMM* RU -8393701.106 181897611.9
BUMMASH OJSC-BRD BUMM RU -8393701.106 181897611.9
DAGESTAN ENERGY DASB RU -41669399.94 184251142.2
DAGESTAN ENERGY DASB RM -41669399.94 184251142.2
DAGESTAN ENERGY DASBG RU -41669399.94 184251142.2
DAGESTAN ENERGY DASB* RU -41669399.94 184251142.2
EAST-SIBERIA-BRD VSNK RU -27891692.64 256817419.9
EAST-SIBERIA-BRD VSNK* RU -27891692.64 256817419.9
EAST-SIBERIAN-BD VSNK$ RU -27891692.64 256817419.9
FINANCIAL LEASIN 137282Z RU -97179352.98 323537045.5
FINANCIAL LEASIN FLKO RM -97179352.98 323537045.5
FINANCIAL LE-BRD FLKO RU -97179352.98 323537045.5
FINANCIAL LE-BRD FLKO* RU -97179352.98 323537045.5
GAZ-FINANS GAZF RU -56134.51262 232319905.4
IZHAVTO OAO IZAV RU -19693756.7 474754687.9
KAMSKAYA GORNAYA 2806239Z RU -527803788.8 1311868884
KOMPANIYA GL-BRD GMST* RU -12705935.35 1168280317
KOMPANIYA GL-BRD GMST RU -12705935.35 1168280317
M-INDUSTRIYA SOMI RU -1091260.252 261721440.8
MZ ARSENAL-$BRD ARSE* RU -17937177.88 215191909
MZ ARSENAL-$BRD ARSE RU -17937177.88 215191909
MZ ARSENAL-BRD ARSE$ RU -17937177.88 215191909
OAO SIBNEFTEGAZ SIGA RU -8733178.141 757597617.2
PENOPLEX-FINANS PNPF RU -754086.9373 140176163.3
PIK GROUP PIKK RM -65334860.95 4000687446
PIK GROUP PIKK* RU -65334860.95 4000687446
PIK GROUP PIKKG RU -65334860.95 4000687446
PIK GROUP PIKK RU -65334860.95 4000687446
PIK GROUP-GDR PIK IX -65334860.95 4000687446
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PIK GROUP-GDR PIK EB -65334860.95 4000687446
PIK GROUP-GDR PIK LI -65334860.95 4000687446
PIK GROUP-GDR PIK1 QM -65334860.95 4000687446
PIK GROUP-GDR PKGPL US -65334860.95 4000687446
PIK GROUP-GDR PIK EU -65334860.95 4000687446
PIK GROUP-GDR PIK TQ -65334860.95 4000687446
PROMTRACTOR-FINA PTRF RU -22844527.96 271197988.2
RUSSIAN TEXT-CLS ALRTG RU -13189410.9 138268688.3
RUSSIAN TEXT-CLS ALRT* RU -13189410.9 138268688.3
RYBINSKKABEL RBKZD RU -8532245.618 108539181.3
SEVKABEL-FINANS SVKF RU -83036.46173 102680373.6
SISTEMA HALS HALS RU -568359936 1210651008
SISTEMA HALS HALS* RU -568359936 1210651008
SISTEMA HALS HALS RM -568359936 1210651008
SISTEMA HALS HALSM RU -568359936 1210651008
SISTEMA HALS HALSG RU -568359936 1210651008
SISTEMA HALS-GDR HALS IX -568359936 1210651008
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SISTEMA HALS-GDR HALS TQ -568359936 1210651008
SISTEMA-GDR 144A SEMAL US -568359936 1210651008
SISTEMA-GDR 144A 86PN LI -568359936 1210651008
URGALUGOL-BRD YRGL RU -20765964.53 115490879.4
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URGALUGOL-BRD-PF YRGLP RU -20765964.53 115490879.4
VACO-BRD VASO* RU -27108676.04 934073954.9
VACO-BRD VASO RU -27108676.04 934073954.9
VACO-PFD VASOP RU -27108676.04 934073954.9
VACO-PFD VASOP* RU -27108676.04 934073954.9
VASO 1001Q RU -27108676.04 934073954.9
VASO-$ 1002Q RU -27108676.04 934073954.9
VASO-$PFD BRD VASOP$ RU -27108676.04 934073954.9
VASO-Q LIST VASO$ RU -27108676.04 934073954.9
VIMPEL SHIP-BRD SOVP RU -79749277.74 135830690.8
VIMPEL SHIP-BRD SOVP* RU -79749277.74 135830690.8
VOLGOGRAD KHIM VHIM* RU -36728501.72 145195344.9
VOLGOGRAD KHIM VHIM RU -36728501.72 145195344.9
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ZAPSIBGASP-Q PFD ZSGPP$ RU -72947.51526 122459176.2
ZAPSIBGASPRO-BRD ZSGP RU -72947.51526 122459176.2
ZAPSIBGASPRO-BRD ZSGP* RU -72947.51526 122459176.2
ZAPSIBGASPROM-B ZSGP$ RU -72947.51526 122459176.2
ZAPSIBGASPRO-PFD ZSGPP* RU -72947.51526 122459176.2
ZAPSIBGASPRO-PFD ZSGPP RU -72947.51526 122459176.2
ZIL AUTO PLANT ZILL$ RU -115900565.7 368611137
ZIL AUTO PLANT-P ZILLP* RU -115900565.7 368611137
ZIL AUTO PLANT-P ZILLP RM -115900565.7 368611137
ZIL AUTO PLANT-P ZILLP RU -115900565.7 368611137
SERBIA
-------
DUVANSKA DIVR SG -32792314.86 122255596.4
SLOVENIA
--------
ISTRABENZ ITBG EO -3710053.919 1192276746
ISTRABENZ ITBG SV -3710053.919 1192276746
ISTRABENZ ITBG PZ -3710053.919 1192276746
ISTRABENZ ITBG EU -3710053.919 1192276746
SPAIN
-----
AMCI HABITAT SA AMC3 EO -24580874.45 194758143.4
AMCI HABITAT SA AMC SM -24580874.45 194758143.4
AMCI HABITAT SA AMC1 EU -24580874.45 194758143.4
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
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BAXI CALEFACCION 4029741Z SM -16038399.69 313088537.4
BOSCH SISTEMAS D 4505475Z SM -295419977.8 205556877.2
BOUYGUES INMOBIL 3636247Z SM -13608696.28 203210905.9
CAIXARENTING SA 4500211Z SM -13655312.55 1651010629
CAJA DE AHORROS 929362Z SM -361326816.2 37311046644
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CONFORAMA ESPANA 3771496Z SM -7499882.185 125121785.8
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DTZ IBERICA ASES 1658Z SM -130770583.4 611187363
ELECTRODOMESTICO 1035184Z SM -89882980.98 104386627.5
ERICSSON NETWORK 4367417Z SM -30313203.28 358279281.1
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FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FIAT GROUP AUTOM 4511067Z SM -30064519.13 367730368.2
FMC FORET SA 3642299Z SM -28605523.78 225458069.6
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GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -24493084.81 140668008
HIDROCANTABRICO 4456745Z SM -213762090.5 376644969.1
INITEC ENERGIA S 3637759Z SM -1230006.429 256846609.3
ISOFOTON SA 1039291Z SM -401482382 218392769.3
JAZZ TELECOM SA 3646927Z SM -639496600.9 784724811
LA SIRENA ALIMEN 4375737Z SM -45848483.56 200881094.4
LEVANTINA Y ASOC 993382Z SM -47134829.4 798577836.1
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MARTINSA FADESA 4PU GR -3316202978 7060944147
MARTINSA FADESA MTF EO -3316202978 7060944147
MARTINSA FADESA MTF1 LI -3316202978 7060944147
MARTINSA FADESA MTF EU -3316202978 7060944147
MARTINSA FADESA MTF SM -3316202978 7060944147
MARTINSA-FADESA MTF NR -3316202978 7060944147
NYESA VALORES CO NYE EU -99766729.91 812943907.9
NYESA VALORES CO BES EO -99766729.91 812943907.9
NYESA VALORES CO NYE EO -99766729.91 812943907.9
NYESA VALORES CO NYE SM -99766729.91 812943907.9
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PANRICO SL 1087Z SM -132677120.8 1306407522
PULLMANTUR SA 301590Z SM -77746125.07 127835603
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REYAL URBIS SA REY1 EO -425677105.6 5777458693
REYAL URBIS SA REY SM -425677105.6 5777458693
REYAL URBIS SA REYU PZ -425677105.6 5777458693
SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
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SOGECABLE MEDIA 3638359Z SM -3018000.191 182987292.3
SPANAIR 1174Z SM -592075778.7 449250970.6
SUPERMERCADOS CH 3635999Z SM -49108101.19 430829438.2
SUPERMERCADOS CO 4285781Z SM -6271873.083 110251382.6
TELEVISION AUTON 3772924Z SM -148813632.8 119454851.8
TIP TRAILERS ESP 3804444Z SM -11109283.92 130713925.8
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TYCO ELECTRONICS 2335265Z SM -120345346 343202188.9
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
UNIVERSAL MUSIC 3748312Z SM -113641266.3 100627411.6
VIA OPERADOR PET 4510507Z SM -22002322.05 129961207.4
SWEDEN
------
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
PHADIA AB 842347Z SS -140406774.4 2127579095
STENA RECYCLING 4011316Z SS -10675550.11 346046832.8
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TURKEY
------
BESIKTAS FUTBOL BJKAS TI -94748145.95 140991569.3
BESIKTAS FUTBOL BWX GR -94748145.95 140991569.3
BESIKTAS FUTBOL BJKASY TI -94748145.95 140991569.3
BESIKTAS FUTBOL BJKASM TI -94748145.95 140991569.3
BESIKTAS FUTBOL BKTFF US -94748145.95 140991569.3
EGS EGE GIYIM VE EGDIS TI -7732135.103 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.103 147075077.7
GALATASARAY SPOR GSY GR -4380459.912 184132637.7
GALATASARAY SPOR GATSF US -4380459.912 184132637.7
GALATASARAY SPOR GALA IX -4380459.912 184132637.7
GALATASARAY SPOR GSRAY TI -4380459.912 184132637.7
GALATASARAY-NEW GSRAYY TI -4380459.912 184132637.7
IKTISAT FINAN-RT IKTFNR TI -46900666.64 108228233.6
IKTISAT FINANSAL IKTFN TI -46900666.64 108228233.6
KEREVITAS GIDA KVTGF US -4054982.47 114054263.4
KEREVITAS GIDA KERVT TI -4054982.47 114054263.4
MUDURNU TAVUKC-N MDRNUN TI -64935052.1 160420187.4
MUDURNU TAVUKCUL MDRNU TI -64935052.1 160420187.4
SIFAS SIFAS TI -15439194.7 130608104
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -42249438.53 336677635.6
DONETSKOBLENERGO DOON UZ -214112885.3 396954757.6
LUGANSKGAS LYGZ UZ -25247035.77 123851487
LUGANSKOBLENERGO LOEN UZ -28261772.82 197883850.6
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MARIUP-GDR REG S MZVM IX -11661586.28 260791838.5
MARIUPOL HEAVY M MZVM UZ -11661586.28 260791838.5
NAFTOKHIMIK PRIC NAFP UZ -22522408.4 344629436.5
NAFTOKHIMIK-GDR N3ZA GR -22522408.4 344629436.5
ODESSA OIL REFIN ONPZ UZ -111365037.3 482408330.5
ZALK - PFTS ZALK UZ -43917605.26 146530718.8
UNITED KINGDOM
--------------
3I PLC 2346795Z LN -40072013.14 518266360.4
600 UK LTD 1282018Z LN -731250.5356 123671540.8
A & L CF DECEMBE 1449258Z LN -1168298.788 717098206
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ACIS GROUP LTD 4159557Z LN -29529317.19 122639068.7
ACORN CARE AND E 1238567Z LN -70886168.8 120665053.6
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RENTOKIL INITIAL RTO NR -195196189.7 2808673659
RENTOKIL INITIAL RTOKF US -195196189.7 2808673659
RENTOKIL INITIAL RTOG IX -195196189.7 2808673659
RENTOKIL INITIAL RTO EU -195196189.7 2808673659
RENTOKIL INITIAL RTOUSD EO -195196189.7 2808673659
RENTOKIL INITIAL RTO1 GR -195196189.7 2808673659
RENTOKIL INITIAL RTO EO -195196189.7 2808673659
RENTOKIL INITIAL RTO TQ -195196189.7 2808673659
RENTOKIL INITIAL RTOEUR EO -195196189.7 2808673659
RENTOKIL INITIAL RKLIF US -195196189.7 2808673659
RENTOKIL-SP ADR AP76 LI -195196189.7 2808673659
RENTOKIL-SP ADR RTOKY US -195196189.7 2808673659
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TOPPS TILES PLC TPT EU -37156577.81 134888367.5
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TRAVELEX HOLDING 2917958Z LN -1298945101 2546701094
TRAVELODGE LTD 3471462Z LN -391596042.3 1326034289
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TRINITY MIRROR M 1871370Z LN -140843056.8 448783505.1
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TRINITY MIRROR S 1512242Z LN -3205761.051 531281737.1
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TUI UK LTD 1653824Z LN -371582799.9 4848194651
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UK POWER NETWORK 1195095Z LN -7426844.716 332722643.3
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VODAFONE UK CONT 1909662Z LN -52004914.2 193624994
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WARNER ESTATE WNER VX -8021407.27 430482190.2
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WARNER MUSIC UK 1075906Z LN -32488758.53 106000497.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WEETABIX LTD-A WEEBF US -397652099.9 909970808.9
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WESCOT TOPCO LTD 4007020Z LN -18742009.49 116071906.1
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WESTBURY HOTEL L 1214607Z LN -4252380.749 239855108.5
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WHITE YOUNG GREE WHY LN -32392901.23 196106689.5
WHITE YOUNG GREE WHY VX -32392901.23 196106689.5
WHITE YOUNG GREE WHY EU -32392901.23 196106689.5
WHITE YOUNG GREE WHYGBP EO -32392901.23 196106689.5
WHITE YOUNG GREE WHYEUR EO -32392901.23 196106689.5
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WHITE YOUNG-NEW WHYN LN -32392901.23 196106689.5
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WINCANTON PL-ADR WNCNY US -162158252.9 1389119000
WINCANTON PLC WIN1 EU -162158252.9 1389119000
WINCANTON PLC WIN PO -162158252.9 1389119000
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WINCANTON PLC WIN1 TQ -162158252.9 1389119000
WINCANTON PLC WIN VX -162158252.9 1389119000
WINCANTON PLC WNCNF US -162158252.9 1389119000
WINCANTON PLC WIN1 NQ -162158252.9 1389119000
WINCANTON PLC WIN1 BQ -162158252.9 1389119000
WINCANTON PLC WIN1 S1 -162158252.9 1389119000
WINCANTON PLC WIN PZ -162158252.9 1389119000
WINCANTON PLC WIN1GBP EO -162158252.9 1389119000
WINCANTON PLC WIN1USD EU -162158252.9 1389119000
WINCANTON PLC WIN1EUR EO -162158252.9 1389119000
WINCANTON PLC WIN1 QM -162158252.9 1389119000
WINCANTON PLC WIN1EUR EU -162158252.9 1389119000
WINCANTON PLC WIN1USD EO -162158252.9 1389119000
WINCANTON PLC WIN LN -162158252.9 1389119000
WINCANTON PLC WIN IX -162158252.9 1389119000
WINCANTON PLC WIN1 EB -162158252.9 1389119000
WINDSOR TELEVISI 1475394Z LN -232297665.7 340517582.8
WYG PLC WHY IX -32392901.23 196106689.5
WYG PLC WYGEUR EO -32392901.23 196106689.5
WYG PLC WYG EU -32392901.23 196106689.5
WYG PLC WYGGBP EO -32392901.23 196106689.5
WYG PLC WYG PZ -32392901.23 196106689.5
WYG PLC WYG EO -32392901.23 196106689.5
WYG PLC WYGEUR EU -32392901.23 196106689.5
WYG PLC WYG LN -32392901.23 196106689.5
XAFINITY HOLDING 4168309Z LN -18683833 243588520.5
XCHANGING UK LTD 1814130Z LN -27188853.3 285255216.3
XSTRATA SERVICES 1975918Z LN -88056666.54 169405671
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -46554226.38 279057376.4
ZURICH EMPLOYMEN 1292298Z LN -128495966.5 133351472.5
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Psyche A. Castillon, Julie Anne G. Lopez,
Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman,
Editors.
Copyright 2011. 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 * * *