/raid1/www/Hosts/bankrupt/TCREUR_Public/110712.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 12, 2011, Vol. 12, No. 136
Headlines
G E R M A N Y
JUNO ECLIPSE: Fitch Cuts Rating on Two Classes of Notes to 'Csf'
NEUMARKT SHOPPING CENTER: Signature Capital Inks Sale Deal
G R E E C E
* GREECE: IMF Approves EUR3.2-Bil. Payment Under Joint Bailout
I R E L A N D
BANK OF IRELAND: Investment Talks with Equity Firms Unsuccessful
* IRELAND: Corporate Insolvencies Up 3% in First Half 2011
I T A L Y
PARMALAT SPA: Standard & Poor's Accuses Ex-Management of Fraud
K A Z A K H S T A N
KAZEXPORTASTYK JSC: S&P Assigns 'B' Corporate Credit Rating
N E T H E R L A N D S
EUROPEAN PROPERTY: Fitch Cuts Rating on Class D Notes to 'CCC'
SOUND I: Fitch Downgrades Rating on Class E Notes to 'BBsf'
VIMPELCOM LTD: Moody's Assigns 'Ba3' Senior Unsecured Rating
N O R W A Y
SEVAN MARINE: Seeks Deferral of Debt Interest Payments
P O R T U G A L
CAIXA GERAL: Moody's Cuts Govt.-Guaranteed Debt Rating to 'Ba1'
COMBIOS DE PORTUGAL: Moody's Cuts Corp. Family Rating to 'B1'
* PORTUGAL: Moody's Downgrades Ratings on Four RLGs
R U S S I A
GAZPROMBANK MORTGAGE: S&P Raises Rating on Class C Notes to 'BB-'
S P A I N
EDT FTPYME: S&P Affirms Rating on Class C Notes at 'BB'
U K R A I N E
* UKRAINE: Approves Bill for Protection of Creditors' Rights
U N I T E D K I N G D O M
H-A INTERIORS: 80 Workers Lose Jobs as Parent Declares Insolvency
MINMAR (929): Harris Lipman Calls for Clarification Over Ruling
PLYMOUTH ARGYLE: PFA Hit Administrators Over Contract Termination
POLO SECURITIES: Moody's Cuts Ratings on Debt Instruments to 'B2'
PUNCH TAVERNS: Spin-Off of Managed Estate to Take Place Next Month
RINK CORP: Owes Creditors Nearly GBP800,000
ROPETACKLE TRUST: Seeks GBP15,000 Bail Out to Avoid Insolvency
SHAMROCK: Goes Into Administration, Runs Out of Cash
SOUTHERN CROSS: Mulls Break-Up & Closure; Shares Suspended
SOUTHERN WATER: Moody's Lowers Rating on Class A Notes to 'Ba1'
THESIS: Fitch Cuts Rating on Two Classes of Notes to 'CCCsf'
TRIPLE ALPHA: Placed Into Insolvency Amid Mounting Debts
VON ESSEN AVIATION: Bankers Appoint Deloitte to Firm
WALDORF HOTEL: Bhatia Lines Up Financing to Regain Control
* UK: British Retail Consortium Calls for High Street Rescue Plan
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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G E R M A N Y
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JUNO ECLIPSE: Fitch Cuts Rating on Two Classes of Notes to 'Csf'
----------------------------------------------------------------
Fitch Ratings has downgraded Juno (Eclipse 2007-2) Limited's class
C, D and E notes and affirmed the class A and B notes:
-- EUR579.6m Class A (XS0299976323): affirmed at 'Asf'; Outlook
revised to Stable from Negative
-- EUR68.3m Class B (XS0299976752): affirmed at 'BBsf'; Outlook
revised to Stable from Negative
-- EUR73.3m Class C (XS0299976836): downgraded to 'CCsf' from
'CCCsf'; Recovery Rating 'RR6'
-- EUR40.4m Class D (XS0299977057): downgraded to 'Csf' from
'CCsf'; Recovery Rating 'RR6'
-- EUR5.8m Class E (XS0299977131): downgraded to 'Csf' from
'CCsf'; Recovery Rating 'RR6'
The affirmation of the class A and B notes and the revision of the
Outlook to Stable reflect the sequential allocation of partial
recoveries on the SCI Clichy loan, which will be allocated on the
August interest payment date, as well as the expected upcoming
allocation of recoveries on the Neumarkt and Keops loans. The
downgrade of the junior notes reflects the expectation of a loss
allocation on the class D and E notes at the August IPD, as well
as an increased likelihood of a loss allocation on the class C
notes.
The asset securing the EUR112.7 million SCI Clichy loan was sold
in May 2011 for EUR88.7 million, which resulted in net proceeds of
EUR83.5 million after the deduction of costs and fees.
Consequently, there will be a principal loss of EUR29.2 million on
the loan, which will result in a full write-down of the class E
notes and a 58% write-down of the class D notes. The loan had been
in special servicing since July 2009 due to a projected ICR breach
owing to the departure of a major tenant.
The collateral for the EUR122.3 million Neumarkt loan is also
being marketed. The agency understands from press reports that the
asset has been sold. Although the special servicer has not yet
confirmed the sale of the asset or the net proceeds through a
special notice, Fitch expects a small loss on the securitized
portion of the loan after the deduction of relevant costs and
expenses. The loan had been transferred to special servicing in
July 2009 due to a projected ICR breach and was subsequently
placed into forced administration in February 2011.
The EUR218.4 million Keops loan will account for approximately 41%
of the pool balance following the allocation of sales proceeds
from the SCI Clichy and Neumarkt loans. This loan is also in
special servicing following an LTV covenant breach in November
2009. Enforcement proceedings commenced and a liquidator was
appointed in May 2011. The assets are set to be sold through a
public auction process, starting in October 2011. Based on a
May 2011 valuation, the loan-to-value ratio currently stands at
113% for the whole loan and 95% for the securitized senior loan
portion.
NEUMARKT SHOPPING CENTER: Signature Capital Inks Sale Deal
----------------------------------------------------------
Neil Callanan at Sunday Independent reports that Irish private
equity group Signature Capital has paid about EUR130 million for a
German shopping center that had been controlled by Quinlan Private
before the center collapsed into insolvency.
The Neumarkt shopping center in Cologne was bought by Quinlan
Private, since renamed Avestus, for EUR170 million in 2006 but it
went into administration last November after Avestus missed a
EUR9.6 million payment, Sunday Independent recounts.
An insolvency administrator was appointed in March, Sunday
Independent relates.
The center had formed part of a commercial mortgage-backed
security, a type of bond that is listed on the Irish Stock
Exchange, Sunday Independent notes.
According to Sunday Independent, the bondholders were informed
that a sale-and-purchase agreement has been signed between
Signature Capital and the insolvency administrator.
Sunday Independent relates that the statement said "Given there
are several documents necessary from the government, the Special
Servicer expects the closing to happen before September 30, 2011
and a payment to the bond holders" will be made in November.
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G R E E C E
===========
* GREECE: IMF Approves EUR3.2-Bil. Payment Under Joint Bailout
--------------------------------------------------------------
Sandrine Rastello at Bloomberg News reports that Greece won
approval from the International Monetary Fund for a EUR3.2 billion
(US$4.6 billion) payment under a joint loan with the European
Union, buying policy makers time to craft a second rescue package
and avert the first sovereign default in the euro region.
The decision follows the authorization by European finance
ministers to unblock EUR8.7 billion as talks continue on how to
include banks and insurers in a new package for Greece, which
can't return to international financial markets next year because
of surging borrowing costs, Bloomberg relates. The option of
involving the private sector has been criticized by the European
Central Bank because it could trigger a partial default, Bloomberg
notes.
"Greece's debt sustainability hinges critically on timely and
vigorous implementation of the adjustment program, with no margin
for slippage, and continued support from European partners and
private sector involvement," Bloomberg quotes IMF Managing
Director Christine Lagarde, as saying in a statement on Friday
from Washington.
The IMF, whose loan to Greece under the initial joint
EUR110-billion package is the second-highest in fund history,
hasn't publicly discussed its participation in a second bailout,
Bloomberg states.
According to Bloomberg, instead officials such as John Lipsky,
acting managing director until Ms. Lagarde took the helm last
week, focused on the measures needed for the disbursement approved
on Friday. That included sale of government assets and assurances
that the financing gap left by Greece's inability to return to
markets next year will be filled, Bloomberg discloses.
Greece secured a bailout package in May 2010, seven months after
the country raised its budget-deficit estimate to almost 13
percent of gross domestic product, three times higher than earlier
forecast and four times the EU ceiling, Bloomberg recounts.
Investor concern about Greece's ability to repay its debt has
roiled markets and caused contagion in other euro-area countries,
forcing Ireland and Portugal into seeking rescues as well,
Bloomberg relates.
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I R E L A N D
=============
BANK OF IRELAND: Investment Talks with Equity Firms Unsuccessful
----------------------------------------------------------------
John Murray Brown at The Financial Times reports that Bank of
Ireland, Ireland's only bank still in majority private hands, said
on Friday that it had been unable to agree terms with a number of
private equity firms on a possible investment as it seeks to meet
new capital targets set by the regulator.
According to the FT, the bank, which is 36% owned by the state,
said in a statement that it had had "extensive discussions" with
several buy-out firms about "material investments in the bank."
The FT notes that the bank said, "[t]hese proposals, which had
certain conditions, have not been brought to a successful
conclusion."
The bank separately announced the results of a debt buy-back
scheme with junior bondholders and plans for a rights issue, all
aimed at meeting the regulator's new capital targets, which
require the bank raises EUR4.2 billion in core tier one capital by
the end of July, the FT relates. The bond buy-back at 90 cents in
the euro raised EUR1.96 billion, over 90% of those excepting
taking an equity option rather cash, the FT discloses.
The bank, the FT says, expects to realize a further EUR510 million
by imposing losses on those bondholders who did not take up the
offer, using special legal powers that Michael Noonan, the finance
minister, has to change the terms of the original contract.
The 18 for 5 rights issue at 10 cents a share will raise EUR1.91
billion, according to the FT. Closing date for acceptances is
July 25, the FT relates. The issue is fully underwritten by the
Irish state, the FT says.
According to the FT, if existing shareholders take up their rights
in full, the state will end up with 29% of the bank. If there is
no take-up, the state will own 69.7% of the bank. Under both
scenarios the bondholders will hold 19% of the bank, the FT
states.
Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services. These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre. It has operations throughout Ireland,
the United Kingdom, Europe and the United States.
* * *
As reported by the Troubled Company Reporter-Europe on June 17,
2011, Standard & Poor's Ratings Services lowered its ratings on
the affected Tier 1 and Tier 2 hybrid debt instruments issued by
Bank of Ireland (BOI; BB+/Watch Neg/B) and subsidiaries to 'C'
from 'CC' and affected lower Tier 2 subordinated debt instruments
to 'D' from 'CCC'.
* IRELAND: Corporate Insolvencies Up 3% in First Half 2011
----------------------------------------------------------
New statistics released by InsolvencyJournal.ie reveal that the
number of insolvencies recorded in the first six months of 2011
have totaled 819, an increase of more than 3% when compared with
792 for the same period in 2010. The 2011 figures however, show a
32% increase when compared with the first six months of 2009 which
totaled 622.
"Based on the first 6 months of 2011, we are predicting the
current rate of corporate insolvencies to continue for the
remainder of 2011, which would point towards a total in the region
of 1,600 corporate insolvencies for the calendar year 2011. That
estimate is therefore in line with the actual total figure for
2010, which came in at over 1,500. If the economic climate was to
worsen, for example through further increases in interest rates,
the forecasted figure for 2011 might be viewed as being
conservative. Looking back on our position at this time in 2010,
our figures were indicating a 27% increase in corporate
insolvencies; this time around the increase is just over 3%, which
although it is not a decrease, would indicate a stabilization in
the incidence of corporate insolvencies," InsolvencyJournal.ie
quotes David Van Dessel, a partner with kavanaghfennell who
compile the data, as saying.
When comparing industry totals, the construction industry was the
worst affected in this period, accounting for 25% of the overall
insolvencies, InsolvencyJournal.ie notes. When comparing the
totals to the 2010 level, the construction sector has seen a
decrease of 14% from 236 in 2010 to 203 in 2011,
InsolvencyJournal.ie states.
The retail industry, which recorded 120 insolvencies from
January to June this year accounted for 15% of the total and saw a
significant rise of 25% from 96 in 2010, InsolvencyJournal.ie
discloses. Hospitality failures increased by approximately 4%
from 102 in 2010 to 106 in 2011, but the wholesale industry showed
the biggest increase, rising from 17 in the first six months of
2010 to 41 in 2011, an increase of 141%, according to
InsolvencyJournal.ie.
Receiverships for the first six months of 2011 totaled 124, a 5%
increase on receiverships in the same period for 2010 and the same
total for the full year of 2009, InsolvencyJournal.ie says.
There were 22 Nama appointed receivers from January to June this
year, InsolvencyJournal.ie notes.
The first half of 2011 saw eight applications for Court protection
granted by the High Court, however 5 of these have now entered
liquidation or receivership, InsolvencyJournal.ie states.
=========
I T A L Y
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PARMALAT SPA: Standard & Poor's Accuses Ex-Management of Fraud
--------------------------------------------------------------
Anthony Aarons at Bloomberg News reports that Standard & Poor's
said it was a victim of fraud by former management of Parmalat SpA
and disagreed with a Milan court ruling that it must return
EUR784,000 (US$1.1 million) of fees charged by the company for its
ratings services before the 2003 bankruptcy of Italy's biggest
dairy.
"We aren't in agreement with the conclusions and reiterate that
Parmalat had repeatedly supplied false and misleading information
during the period when S&P had issues its ratings," Bloomberg
quotes the company as saying in an e-mailed statement.
According to Bloomberg, S&P said that the court rejected Parmalat
request for EUR4 billion in damages.
About Parmalat S.p.A.
Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that can
be stored at room temperature for months. It also has about 40
brand product lines, which include yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.
Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003. Dr.
Enrico Bondi was appointed Extraordinary Commissioner in each of
the cases. The Parma Court declared the units insolvent.
On June 22, 2004, Dr. Bondi, on behalf of the Italian entities,
sought protection from U.S. creditors by filing a petition under
Sec. 304 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
04-14268).
Parmalat's U.S. operations filed for Chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer,
Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP,
represented the U.S. Debtors. When the U.S. Debtors filed for
bankruptcy protection, they reported more than US$200 million in
assets and debts. The U.S. Debtors emerged from bankruptcy on
April 13, 2005.
Three special-purpose vehicles established by Parmalat S.p.A. --
Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food
Holdings Ltd. -- commenced separate winding up proceedings before
the Grand Court of the Cayman Islands. Gordon I. MacRae and James
Cleaver of Kroll (Cayman) Ltd. were appointed liquidators in the
cases. On Jan. 20, 2004, the Liquidators filed a Sec. 304
petition (Bankr. S.D.N.Y. Case No. 04-10362). Gregory M. Petrick,
Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey,
Esq., at Janvey, Gordon, Herlands Randolph, represented the
Finance Companies in the Sec. 304 case.
The Honorable Robert D. Drain presided over the Parmalat Debtors'
U.S. cases and Sec. 304 cases. In 2007, Parmalat obtained a
permanent injunction in the Sec. 304 cases.
===================
K A Z A K H S T A N
===================
KAZEXPORTASTYK JSC: S&P Assigns 'B' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Kazakh grain and oilseed producer
Holding KazExportAstyk JSC. The outlook is stable.
The 'B' long-term rating is based on our assessment of
KazExportAstyk's business risk profile as "weak" and its financial
risk profile as "highly leveraged".
"We view KazExportAstyk's financial risk profile as constrained by
weak liquidity, relatively low interest coverage by EBITDA, and
reliance on short-term debt funding. Average adjusted debt to
EBITDA for the last three years equaled 3.8x. KazExportAstyk's
business risk profile is constrained, in our view, by the volatile
nature of the agribusiness industry. The industry is susceptible
to uncontrollable factors such as weather, crop health, global
supply, and regional trade policies. KazExportAstyk's quality of
earnings is also constrained by its revenue and earnings
concentration on the emerging market of Kazakhstan, although the
company is increasingly selling into the neighboring markets," S&P
related.
KazExportAstyk's credit quality is supported by the company's
position as the third-largest player -- and one of the most
efficient -- in the Kazakh farming industry. The company has a
history of profitable growth. In 2010, it improved its operating
margins to 44% from about 30% in 2008-2009, thanks to quality
equipment, advanced agricultural technologies, and low labor and
land-lease costs.
In 2010 the group reported sales of KZT45 billion (US$305 million)
and EBITDA of KZT20 billion (US$135 million). KazExportAstyk
cultivates and trades wheat, barley, rapeseed, and flaxseed,
primarily in Northern and Central Kazakhstan. The company controls
about 1 million hectares in cooperation with its partner firms and
almost 400,000 hectares directly through owned subsidiaries.
KazExportAstyk is a private company with 100% of shares controlled
by a single individual, Ruslan Moldabekov. Mr. Moldabekov heads
the board, which consists of existing or former employees,
although there are two independent directors (former Kazakh
government officials). Disclosure is adequate for a private
company, in our view. KAZEXPORTASTYK reports quarterly under
International Financial Reporting Standards and recent annual
financials have had unqualified audit opinions.
"The stable outlook reflects our view that KazExportAstyk's
refinancing risks are partly mitigated by the well-established
relationship between the company and its international banking
group, backed by the increasing profitability in the company's
core grain sales," S&P stated.
Ratings upside might develop if KazExportAstyk's debt maturity
structure and overall liquidity management improve meaningfully.
Ratings upside would only materialize in the context of stable
operating dynamics and a consistent financial policy.
Ratings downside might develop if deteriorating cash flow
generation makes the company more reliant on external liquidity
provision than currently. "We might lower the rating if debt
leverage exceeds 4.0x as measured by the adjusted debt-to-EBITDA
ratio," S&P added.
=====================
N E T H E R L A N D S
=====================
EUROPEAN PROPERTY: Fitch Cuts Rating on Class D Notes to 'CCC'
--------------------------------------------------------------
Fitch Ratings has downgraded European Property Capital 3 plc:
-- EUR110.8 class A (XS0236878525) downgraded to 'Asf' from
'AAsf'; Outlook Stable
-- EUR17.8m class B (XS0236879929) downgraded to 'BBsf' from
'Asf'; Outlook Stable
-- EUR17.9m class C (XS0236880851) downgraded to 'Bsf' from
'BBsf'; Outlook Negative
-- EUR17.5m class D (XS0236881313) downgraded to 'CCCsf' from
'Bsf'; RR3
The downgrades are driven by growing balloon risk for the
defaulted Ranstaadt loan. Ongoing financial difficulties facing
the Portuguese sovereign transmitted via the exposure to an
Algarve shopping centre has contributed to downward pressure on
the ratings of the senior notes.
The Ranstaadt loan, which accounts for two-thirds of the
outstanding A-note loan pool, failed to repay at maturity in
August 2010 and was thus transferred to special servicing in
October 2010. The collateral supporting this loan, a portfolio of
Dutch regional secondary/tertiary offices, was revalued in
November 2010 at EUR155 million. However, Fitch believes this does
not reflect the extent of the decline in investor sentiment for
properties of this type in much of Europe, including The
Netherlands. This is evidenced in high vacancy rates and the large
incentives required to secure tenants. Fitch calculates an A-note
loan-to-value ratio (LTV) of 101%, above the 89% estimated at the
time of the last rating action.
Fitch's concerns about the ability of the servicer to avoid
realizing a loss, including on the securitized portion of the
loan, is reflected in the distressed rating of the class D note.
Loss is not a foregone conclusion given the time in which to work
the loan out; moreover, the prospect of cash sweep is boosted by
the low interest rate environment, which has improved the reported
interest coverage ratio (ICR) to a supportive 2.91x.
The borrower of the only other remaining loan, Algarve Shopping,
has exercised its second, and last, right of extension, with
maturity put back until May 2012. The loan continues to perform
well with a strong ICR of 5.07 times and a modest reported LTV
ratio of 40.6%. Although the maturity of the loan is within 12
months, Fitch has no pressing concerns regarding refinancing.
However, a sovereign's Issuer Default Rating (IDR) provides an
indicator of the likelihood of the occurrence of extreme events
and macro-economic pressures. The shopping centre's location in
Portugal (rated 'BBB-' RWN) means that extreme economic scenarios
cannot be ruled out from Fitch's higher rating stresses, which
imposes an effective rating ceiling to Portuguese loans.
EPC 3 is a securitization originally comprising five commercial
mortgage-backed loans originated by JP Morgan Chase Bank, N.A, of
which two remain. Since the agency's last rating action in July
2010, the CPFM loan has repaid at maturity leaving the pool
comprising two loans, Randstaadt and Algarve Shopping with a
current balance of EUR163.9 million.
Fitch will continue to monitor the performance of the transaction.
SOUND I: Fitch Downgrades Rating on Class E Notes to 'BBsf'
-----------------------------------------------------------
Fitch Ratings has updated its criteria for rating RMBS
transactions backed by the Nationale Hypotheek Garantie.
As a result of the updated criteria, the agency has maintained all
50 outstanding notes of the 15 NHG-backed Dutch RMBS transactions
on Rating Watch Negative.
Issuers will have the opportunity to indicate whether they intend
to make any amendments to the transactions following the updated
criteria. Fitch will consider any proposed transaction amendment
before resolving the RWN currently applied to the transactions in
this sector.
The agency estimates that the application of the revised NHG
criteria could result in most of the currently 'AAAsf' rated notes
being downgraded to low investment grade categories, although some
tranches could be maintained at 'AAAsf' subject to information it
receives. In many cases, the large extent of these estimated
rating migrations reflect the thinness of the credit enhancement
currently supporting the notes, rather than any concern regarding
transaction performance or the credit quality of the mortgage
portfolio. The revised 'AAAsf' loss assumption ranges from 3.3% to
7.7% of the transaction's current balance, depending on the
transaction specifics. This compares to available credit
enhancement of often less than 1%. The agency calculated that
without the benefit of the NHG guarantee, 'AAAsf' stress losses
would be on average 4pp (percentage points) higher.
The revised NHG criteria reflect Fitch's application of a more
conservative approach to rating NHG-guaranteed mortgage
transactions. This is partly driven by key features of the NHG
guarantee and also reflects Fitch's other criteria. Most notably,
the guarantee amount may not fully cover the mortgage loan because
it amortizes, whereas most Dutch mortgages do not amortize, so
more back-loaded default timing scenarios result in greater
stress. Furthermore, claims under the NHG may be declined by
Stichting Waarborgfonds Eigen Woningen (WEW, the administrator of
the guarantee) if the mortgage loans are not in compliance with
explicit NHG underwriting guidelines. WEW data analysis reveals up
to 85% compliance on average. Lastly, the originator buyback
commitment will receive only limited credit in the agency's
analysis, depending on the originator's credit rating, so that
high investment grade ratings are not linked to the originator's
credit quality.
More positively, Fitch gives full credit to the NHG guarantee
based on the 'AAA' rating of the guaranteeing entity, the WEW. The
criteria also allow default probabilities to be reduced by 25% for
mortgages guaranteed by the NHG, due to the generally better
historical performance of these loans compared to the rest of the
Dutch mortgage market.
"While the updated criteria represents a fundamental change in
approach from the original criteria, it is broadly in line with
the points raised in the exposure draft and reflects feedback from
market participants which Fitch took on board including extensive
historical datasets," says Gregg Kohansky, Head of EMEA RMBS at
Fitch. "While Fitch maintains a stable outlook on asset
performance in this sector, the thin credit enhancement levels do
not provide much buffer for any performance deterioration over the
long life of these transactions. Therefore Fitch does not expect
to be able to maintain very high investment grade ratings for the
majority of the affected transactions without additional credit
protection being provided," he adds.
Fitch plans to start resolving the RWNs within several weeks. In
the interim, the agency expects to receive (i) an indication from
issuers by August 19, 2011 whether a restructuring proposal is
forthcoming; and (ii) data for each underlying transaction in
addition to amendments to capital structure and transaction
documentation by September 19, 2011 at the latest.
In addition, Fitch has amended the Dutch EMEA RMBS Criteria
Addendum to align the criteria assumptions between the criteria
reports.
These transactions remain on RWN:
Darts Finance B.V. (Amstelhuys 2005 NHG Pool)
-- Class A (ISIN XS0233338135): 'AAAsf'; RWN; Loss Severity
'LS-1'
Green Apple B.V.
-- Class A (ISIN XS0322161026): 'AAAsf'; RWN; Loss Severity
'LS-1'
-- Class B (ISIN XS0322161299): 'BBB+sf'; RWN; Loss Severity
'LS-1'
-- Class C (ISIN XS0322161372): 'BBB-sf'; RWN; Loss Severity
'LS-1'
Green Apple 2008-I NHG B.V.
-- Class A (ISIN XS0406581495): 'AAAsf'; RWN; Loss Severity
'LS-1'
-- Class B (ISIN XS0406581735):'BBB+sf'; RWN; Loss Severity
'LS-2'
-- Class C (ISIN XS0406582030): 'BBB-sf'; RWN; Loss Severity
'LS-3'
Goldfish Master Issuer B.V. Series 2007-1
-- Class A1 (ISIN XS0305089806): 'AAAsf'; RWN; Loss Severity
'LS-1'
-- Class A2 (ISIN XS0305090309): 'AAAsf'; RWN; Loss Severity
'LS-1'
-- Class B (ISIN XS0305090648): 'AA-sf'; RWN; Loss Severity
'LS-1'
Goldfish Master Issuer B.V. Series 0-2008-1
-- Class B (ISIN XS0342181459): 'AA-sf'; RWN; Loss Severity
'LS-1'
Goldfish Master Issuer B.V. Series 0-2008-2
-- Class A (ISIN XS0401511257): 'AAAsf'; RWN; Loss Severity
'LS-1'
-- Class B (ISIN XS0401511331): 'AA-sf'; RWN; Loss Severity
'LS-1'
Goldfish Master Issuer B.V. Series 2009-3
-- Class A (ISIN XS0447092957): 'AAAsf'; RWN; Loss Severity
'LS-1'
Goldfish Master Issuer B.V. Series 0-2009-4
-- Class A (ISIN XS0453530015): 'AAAsf'; RWN; Loss Severity
'LS-1'
Goldfish Master Issuer B.V. Series 2009-V
-- Class A1 (ISIN XS0470466292): 'AAAsf'; RWN; Loss Severity
'LS-1'
-- Class A2 (ISIN XS0469760028): 'AAAsf'; RWN; Loss Severity
'LS-1'
-- Class A3 (ISIN XS0470466458): 'AAAsf'; RWN; Loss Severity
'LS-1'
Goldfish Master Issuer B.V. Series 2010-I
-- Class A1 (ISIN XS0480093870): 'AAAsf'; RWN; Loss Severity
'LS-1'
-- Class A2 (ISIN XS0480094506): 'AAAsf'; RWN; Loss Severity
'LS-1'
-- Class A3 (ISIN XS0480095495): 'AAAsf'; RWN; Loss Severity
'LS-1'
-- Class B (ISIN XS0480096469): 'AA-sf'; RWN; Loss Severity
'LS-1'
-- Class C (ISIN XS0480096626): 'A+sf'; RWN; Loss Severity
'LS-1'
Holland Homes Oranje MBS B.V.
-- Class A (ISIN XS0238851827): 'AAAsf'; RWN; Loss Severity
'LS-1'
-- Class B (ISIN XS0238855141) 'Asf'; RWN; Loss Severity 'LS-4'
PEARL Mortgage Backed Securities 1 B.V.
-- Class A (ISIN XS0265250638): 'AAAsf'; RWN; Loss Severity
'LS-1'
-- Class B (ISIN XS0265252253): 'BBB-sf'; RWN; Loss Severity
'LS-1'
PEARL Mortgage Backed Securities 2 B.V.
-- Class A (ISIN XS0304854598): 'AAAsf'; RWN; Loss Severity
'LS-1'
-- Class B (ISIN XS0304857690): 'BBB-sf'; RWN; Loss Severity
'LS-1'
PEARL Mortgage Backed Securities 3 B.V.
-- Class A (ISIN XS0343673611): 'AAAsf'; RWN; Loss Severity
'LS-1'
-- Class B (ISIN XS0343676044): 'BBB-sf'; RWN; Loss Severity
'LS-1'
Saecure 6 NHG B.V.
-- Class A (ISIN XS0266744761): 'AAAsf'; RWN; Loss Severity
'LS-1'
-- Class B (ISIN XS0266745735): 'Asf'; RWN; Loss Severity
'LS-1'
-- Class C (ISIN XS0268063566): 'BBB-sf'; RWN; Loss Severity
'LS-1'
Securitized Guaranteed Mortgage Loans I B.V.
-- Class A (ISIN XS0277021399): 'AAAsf'; RWN; Loss Severity
'LS-1'
Securitised Guaranteed Mortgage Loans II B.V.
-- Class A (ISIN NL0006477739 ): 'AAAsf'; RWN; Loss Severity
'LS-1'
Sound I B.V.
-- Class A (ISIN XS0221342131): 'AAAsf'; RWN; Loss Severity
'LS-1'
-- Class B (ISIN XS0228909130): 'AAsf'; RWN; Loss Severity
'LS-4'
-- Class C (ISIN XS0228909304): 'Asf'; RWN; Loss Severity
'LS-5'
-- Class D (ISIN XS0228909643): 'BBBsf'; RWN; Loss Severity
'LS-5'
-- Class E (ISIN XS0228910146): 'BBsf'; RWN; Loss Severity
'LS-5'
Sound II B.V.
-- Class A (ISIN XS0322223586): 'AAAsf'; RWN; Loss Severity
'LS-1'
-- Class B (ISIN XS0322223826): 'AAsf'; RWN; Loss Severity
'LS-1'
Stichting Eleven Cities No.4
-- Class A-NHG (ISIN XS0401138606): 'AAAsf'; RWN; Loss Severity
'LS-1'
-- Class A (ISIN XS0401142202): 'AAAsf'; RWN; Loss Severity
'LS-1'
-- Class B (ISIN XS0401145999): 'AAsf'; RWN; Loss Severity
'LS-2'
-- Class C (ISIN XS0401148829): 'A-sf'; RWN; Loss Severity
'LS-2'
-- Class D (ISIN XS0401150726): 'BBB+sf'; RWN; Loss Severity
'LS-2'
-- Class E (ISIN XS0401153746): 'BBB+sf'; RWN; Loss Severity
'LS-2'
Stichting Holland Homes Oranje II
-- Class A (ISIN XS0311660392): 'AAAsf'; RWN; Loss Severity
'LS-1'
VIMPELCOM LTD: Moody's Assigns 'Ba3' Senior Unsecured Rating
------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba3 senior
unsecured rating with a loss given default assessment of 4 (50%)
to the new bond issued by VimpelCom Holdings B.V, an entity fully
owned by VimpelCom Ltd. via VimpelCom Amsterdam BV. The proceeds
of the issuance will be primarily used to repay the currently
outstanding US$2.2 billion drawn under the US$2.5 bridge facility
raised by the issuer's parent, VimpelCom Amsterdam B.V., for Wind
transaction financing purposes.
RATINGS RATIONALE
Moody's definitive rating on this debt obligation is in line with
the provisional rating assigned on June 22, 2011. Moody's rating
rationale was set out in a press release issued on that date.
The issuance consists of three tranches as follows: (i) US$200
million worth of 3 months' Libor+4.0% notes maturing in 2014; (ii)
US$500 million worth of 6.2546% notes maturing in 2017; and (iii)
US$1.5 billion worth of 7.5043% notes maturing in 2022. Final
terms and conditions of all three tranches are consistent with the
terms and conditions reviewed at the provisional rating
assignment.
PRINCIPAL METHODOLOGY
The principal methodology used in rating VimpelCom Holdings B.V
was the Global Telecommunications Industry Methodology published
in December 2010. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the U.S.,
Canada and EMEA published in June 2009.
Domiciled in the Netherlands, VimpelCom Ltd. is a holding company
for OJSC Vimpel Communications, Kyivstar, Wind Telecomunicazioni
S.p.A., and Orascom Telecom Holding S.A.E., with leading positions
in Russia, Ukraine, Kazakhstan, Italy, Algeria, Pakistan and
operations in CIS countries, South-East Asia and North America. In
2010, VimpelCom Ltd. (then comprising VimpelCom OJSC and Kyivstar)
generated approximately US$10.5 billion in revenues and USD4.9
billion in reported EBITDA. The company's pro-forma 2010 revenue
post-combination with Wind Telecom (completed on April 15, 2011)
is estimated at US$21 billion.
===========
N O R W A Y
===========
SEVAN MARINE: Seeks Deferral of Debt Interest Payments
------------------------------------------------------
Stephen Treloar at Bloomberg News reports that Sevan Marine ASA
has proposed to defer debt interest payments to stave off
bankruptcy.
According to Bloomberg, Sevan Marine on Monday said in a statement
that the company plans to defer interest payments on secured debt
until at least September and convert unsecured bonds to equity.
"The company continues to be under serious short-term liquidity
pressure," Bloomberg quotes the company as saying.
Sevan Marine, as cited by Bloomberg, on Monday that the company
will seek to raise at least US$200 million in a share sale aimed
at bondholders and a rights offer for existing shareholders.
Bloomberg relates that the company said "No assurance can be given
that a viable global solution can be found in a timely manner,
failing which the board will be required to file for bankruptcy."
Arendal, Norway-based Sevan Marine ASA is a maker of floating oil-
production and storage vessels.
===============
P O R T U G A L
===============
CAIXA GERAL: Moody's Cuts Govt.-Guaranteed Debt Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has downgraded the government-guaranteed
debt of four Portuguese banks -- Caixa Geral de Depositos, Banco
Espirito Santo, Banco Comercial Portugues and Banco Internacional
do Funchal -- following the downgrade of the Portuguese government
to Ba2 (negative outlook).
These rating actions have been taken:
(i) The government-guaranteed debt of CGD and BES has been
downgraded by three notches to Ba1 from Baa1 and remains on
review for further downgrade
(ii) The government-guaranteed debt of BCP and Banif has been
downgraded by four notches to Ba2 from Baa1, with a negative
outlook
RATINGS RATIONALE
The rating actions follow the downgrade of the Portuguese
government bond ratings to Ba2 (negative outlook), implemented on
July 5, 2011.
Moody's rates Portuguese government-guaranteed debt at either the
sovereign rating or a bank's standalone rating (mapped from the
Bank Financial Strength Rating -- BFSR), depending on which is
higher. The government-backed debt of CGD and BES -- banks whose
standalone rating assessments of Ba1 are now above the sovereign
rating -- have been maintained on review for downgrade. This is in
line with the existing review for downgrade of their standalone
ratings.
The ratings for the government-backed debt of BCP and Banif --
banks whose standalone ratings are equal or below the rating of
the sovereign -- have been aligned with the Portuguese
government's ratings and outlook.
REVIEW OF THE BANKS' RATINGS CONTINUES
Following the multi-notch downgrade of the Portuguese government
bond ratings, the existing review of banks' ratings of CGD, BES,
BCP, Santander Totta, Banif, Caixa Montepio, and Banco BPI
(initiated on 9 June 2011) will primarily focus on (i) any degree
of support that the Portuguese banks may still be receiving,
either from the Portuguese government or from other European or
supranational institutions, and (ii) the extent to which the
banks' standalone credit profile is affected by the causes and
consequences of the pressures on the sovereign. The Portuguese
banks' creditworthiness is likely to be increasingly closely
correlated with that of the sovereign.
The degree of credit linkage between the two depends on (i) the
magnitude of banks' direct exposure to government debt; (ii) their
exposure to risk factors that are interrelated with the
sovereign's credit risk, such as market confidence and access to
market funding; and (iii) the high degree of correlation between
the macroeconomic factors that affect financial institutions'
asset quality and the sovereign's financial health, which can be
partly mitigated by geographical diversification. As a result,
Portuguese banks' stand-alone ratings are likely to be strongly
influenced by changes in the Sovereign rating, and, and at most
could be two notches above the Portuguese sovereign rating of Ba2.
Moody's expects to conclude this review of the Portuguese banks'
standalone and debt and deposit ratings in the following weeks.
CURRENT BANK RATINGS FOR THE FOUR BANKS AFFECTED BY THE RATING
ACTION: CGD, BES, BCP, Banif
- CGD: BFSR at D+ (mapping to Ba1 on long-term scale), senior debt
and deposit ratings Baa1, all under review for downgrade.
- BES: D+/Ba1, Baa2, all under review for downgrade.
- BCP: D/Ba2, Baa3, all under review for downgrade.
- Banif - Banco Internacional do Funchal: D-/Ba3, Ba2, all under
review for downgrade
PREVIOUS RATING ACTION & METHODOLOGIES USED
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 Lisbon, Portugal, CGD reported total unaudited
consolidated assets of EUR123.5 billion as of March 31, 2011.
Headquartered in Oporto, Portugal, BCP reported total unaudited
consolidated assets of EUR96.6 billion as of March 31, 2011.
Headquartered in Lisbon, Portugal, BES reported total unaudited
consolidated assets of EUR80.7 billion as of March 31, 2011.
Headquartered in Funchal, Portugal, Banif reported total audited
consolidated assets of EUR12.4 billion as of December 31, 2010.
COMBIOS DE PORTUGAL: Moody's Cuts Corp. Family Rating to 'B1'
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of a number
of Portuguese government-related issuers following the recent
downgrade of the ratings of the government of the Republic of
Portugal to Ba2 with a negative outlook from Baa1 (on review for
downgrade). The outlook on all ratings is negative.
The rating downgrades are:
- The rating of Comboios de Portugal to B1 from Ba2 (corporate
family rating (CFR) and probability of default rating (PDR).
- Parpublica-Participacoes Publicas (SGPS), SA to B1 from Ba1
(CFR and PDR).
- Rede Ferroviaria Nacional REFER, EPE to B1 from Ba2 (CFR, PDR
and senior unsecured bonds).
- REFER's bonds that are guaranteed by the government of RoP to
Ba2 from Baa1.
- Radio e Televisao de Portugal S.A. to B1 from Ba2 (CFR and PDR).
Moody's has also raised to 17 (Caa1 equivalent) from 18
(Caa2 equivalent) the Baseline Credit Assessment of RTP. The BCA
is a measure of the company's standalone financial strength
(without the assumed benefit of government support).
All of the above companies are GRIs, which have a very strong
element of government support incorporated within their ratings in
accordance with Moody's rating methodology for such entities.
RATINGS RATIONALE
The rating actions follow Moody's earlier downgrade of the rating
of the government of RoP to Ba2 with a negative outlook from Baa1,
on review for downgrade. The following drivers prompted Moody's
decision to downgrade and assign a negative outlook to the
government of RoP:
1. The growing risk that Portugal will require a second round of
official financing before it can return to the private market,
and the increasing possibility that private sector creditor
participation will be required as a pre-condition.
2. Heightened concerns that Portugal will not be able to fully
achieve the deficit reduction and debt stabilization targets
set out in its loan agreement with the European Union and
International Monetary Fund, due to the formidable
challenges the country is facing in reducing spending,
increasing tax compliance, achieving economic growth and
supporting the banking system.
The downgrades of the unguaranteed debt ratings of the Portuguese
GRIs largely reflects the four-notch downgrade in the rating of
the government of RoP. Nevertheless, the differential between the
ratings of the government of RoP and the Portuguese GRIs has
narrowed to two notches. This reflects the fact that the rating of
the government of the RoP is now at a level where downwards
movements have a smaller negative impact on the final rating of
the Portuguese GRIs because the final rating gets closer to the
standalone credit profile of each Portuguese GRI. However, Moody's
has not changed its support assessment for the Portuguese GRIs,
which remains "High" for REFER, CP and RTP.
Furthermore, the equalization of the ratings of all of the
Portuguese GRIs at B1 reflects Moody's view that there is now a
similar likelihood of tangible financial support being provided to
each GRI if required.
Since Moody's last rating action on the Portuguese GRIs, the
government of RoP has provided direct financial assistance to CP
and REFER to enable them to meet financial obligations, and the
provision of further direct financial assistance is assumed within
their ratings. Furthermore, the government of RoP has indicated
that it would strengthen the support for a large part of RTP's
debt. This supportive behavior together with Portugal's agreement
to a Memorandum of Understanding with the IMF as a condition to
financial support provided by the IMF, EU and the European
Financial Stability Fund has confirmed our view that the
government of RoP would be highly likely to step in to provide
financial support on a regular basis to avoid a payment default by
the Portuguese GRIs if required. This assumption is already
factored into the ratings of all of the Portuguese GRIs.
The outlook on the ratings is negative, reflecting the negative
outlook on the government of RoP's rating. A downgrade of the
rating of the government of RoP would likely result in a downgrade
of the rating of the Portuguese GRIs. Furthermore, any evidence
that the provision of financial support from the government of RoP
would not be forthcoming to one or more of the Portuguese GRIs if
required would result in a downgrade of the rating of the
Portuguese GRIs. Conversely, while Moody's does not consider it
likely in the near term, a significant upgrade in the rating of
the government of RoP could result in an upgrade of the Portuguese
GRIs' ratings.
CP's B1 rating reflects the following combination of inputs: (i) a
BCA of 19 (Caa3 equivalent); (ii) the Ba2 local currency rating,
with a negative outlook, of the government of RoP; (iii) very high
dependence, and (iv) high support. However, CP's standalone
financial profile is constrained not only by a substantial debt
burden, but also by a limited generation of operating cash flow.
As a consequence, Moody's expects that CP will be unable to cover
its future financing needs on a standalone basis. Nonetheless,
despite this weak financial profile, the B1 rating reflects the
company's close links to the government, and Moody's expectation
that it would step in with timely extraordinary financial support
if required, despite the lack of an explicit guarantee.
Parpublica's B1 rating reflects the fact that it is the industrial
holding arm of the government's strategic companies and therefore
serves the government's political objectives. The B1 rating is
notched down from the sovereign bond rating, reflecting Moody's
view that the company's ownership structure (100% state-owned),
together with the very significant financial, strategic and
management control exerted by the government, justifies the
determination of the rating through credit substitution as opposed
to a more granular analysis. The rating also factors in that
Parpublica does not rely on direct funding from the government, as
well as the value of its equity holdings versus its debt. Moody's
expects some of the equity holdings to be sold as part of the
government's need to raise cash. These will most likely be
replaced with other government-owned assets.
REFER's B1 rating reflects the following combination of inputs:
(i) a BCA of 19 (Caa3 equivalent); (ii) the Ba2 local currency
rating of the government of RoP; (iii) very high dependence; and
(iv) high support. The liquidity position of REFER remains very
poor and the company needs to obtain cash from external sources to
meet maturing debt obligations and fund ongoing operational and
debt service costs. Debt markets have been very challenging for
REFER and Moody's does not expect it to be able to raise
sufficient new debt to meet all its maturing debt obligations.
Consequently, Moody's expects REFER to continue to require cash
injections from the government of RoP, and anticipates that this
will be forthcoming. Moody's notes that such support will likely
be needed by late July/early August 2011 to meet large debt
maturities then due.
RTP's B1 rating reflects the following combination of inputs: (i)
a BCA of 17 (Caa1 equivalent); (ii) the Ba2 local currency rating
of RoP; (iii) very high dependence; and (iv) high support. Moody's
has raised RTP's BCA to 17 (Caa1 equivalent) from 18 (Caa2
equivalent), reflecting its improved liquidity position following
the renegotiation of some of the terms of its senior unsecured
bank facility, including the waiver of a covenant linked to the
rating of the RoP. Nevertheless, Moody's notes that RTP's
financial profile remains weak and its interest coverage metrics
will weaken somewhat as a result of the increased interest expense
resulting from the renegotiation of the terms of the loan. Moody's
will continue to monitor additional expressions of support from
the government in the form of explicit guarantees for part of
RTP's debt. Moody's will also monitor any potential privatisation
of the company, which if implemented, will likely translate into
RTP losing its GRI status and a removal of its rating uplift due
to government support.
PRINCIPAL METHODOLOGIES
The principal methodology used in rating Comboios de Portugal was
the Global Passenger Railway Companies Industry Methodology
published in December 2008. Other methodologies used include the
Government-Related Issuers methodology published in July 2010.
The principal methodology used in rating Parpublica-Participacoes
Publicas (SGPS), SA was Government-Related Issuers: Methodology
Update published in July 2010.
The principal methodology used in rating Rede Ferroviaria Nacional
REFER, E.P.E. was the Government Owned Rail Network Operators
Methodology published in April 2009. Other methodologies used
include the Government-Related Issuers methodology published in
July 2010.
The principal methodology used in rating Radio e Televisao de
Portugal S.A. was the Global Broadcast Industry Methodology
published in June 2008. Other methodologies used include the
Government-Related Issuers methodology published in July 2010.
CP is the main railway operator in Portugal, controlling 90% of
the passenger market. The company is 100% owned by the Portuguese
government though the Ministry of Finance and in FY2010 reported
revenues of EUR239 million.
Parpublica is a state-owned industrial holding company domiciled
in Lisbon, Portugal. Parpublica's main role is the management of
equity stakes held by the Portuguese state in Portuguese companies
of public or strategic interest in terms of the restructuring of
the corresponding sector. The Minister of Finance acts on behalf
of the state, in its capacity as sole shareholder of Parpublica.
As of March 2011, Parpublica's direct equity holdings portfolio
had a book value of approximately EUR5.6 billion. The largest
holdings are in Energias de Portugal, S.A. (EDP), GALP Energia,
REN -- Redes Energeticas Nacionais, TAP airline and ANA.
Rede Ferroviaria Nacional REFER, E.P.E. is a special status
corporation set up by Portuguese Decree Law to upgrade, operate
and maintain substantially all of Portugal's heavy rail
infrastructure. REFER is 100% owned by the Republic of Portugal
and has a special legal status (Entidade Publica Empresarial, or
"EPE") that defines its role as a company undertaking activities
of public interest.
RTP is a corporation, duly incorporated under domestic law, and
therefore subject to standard Portuguese commercial law. RTP is
100% owned by the Portuguese state through the General Directorate
of Treasury and Finance, and has operated Portugal's public
service broadcasting channels under a concession from the
government since 1996.
* PORTUGAL: Moody's Downgrades Ratings on Four RLGs
---------------------------------------------------
Moody's Investors Service has implemented these rating actions on
four Portuguese regional and local governments (RLGs):
- City of Lisbon: downgraded by four notches to Ba2 from Baa1,
outlook negative
- City of Sintra: downgraded by four notches to Ba2 from Baa1,
outlook negative
- Autonomous Region of the Azores: downgraded by four notches to
Ba3 from Baa2, outlook under review for further downgrade
- Autonomous Region of Madeira: downgraded by four notches to B1
from Baa3, outlook under review for further downgrade
RATINGS RATIONALE
RATIONALE FOR DOWNGRADES
The downgrades were prompted by Moody's four-notch downgrade of
the Government of Portugal's rating to Ba2 from Baa1 on July 5,
2011, with negative outlook.
The downgrade of Portugal's government bond ratings has
implications for the ratings of RLGs within the country given
their close operational and financial linkages with the central
government. Although Portuguese RLGs maintain some autonomy over
their financial management, they remain dependent on transfers to
fund their operations. Moreover, the central government also
maintains a high degree of oversight on the sector via
legislation, imposing strict limits on tax rates and debt levels.
Thereby, Moody's believes that Portuguese RLGs are unlikely to
have sufficient fiscal capacity to permit their credit quality to
be stronger than that of the Sovereign itself.
The downgrades of the Autonomous Regions of the Azores and Madeira
continue to reflect the significant increase in their direct and
indirect debt levels in recent years, a trend that Moody's
believes is unlikely to reverse in the foreseeable future. The
risks for the Autonomous Region of Madeira are heightened by its
substantially higher debt metrics than those of the Azores.
RATIONALE FOR THE NEGATIVE OUTLOOK ON SINTRA AND LISBON
The outlook for the municipalities of Sintra and Lisbon is
negative and reflects: (i) the weak growth prospects for the
Portuguese economy for the next two to three years, which will
limit an increase in tax revenues going forward, while growth in
operating expenditure will remain difficult to contain; (ii) the
impact of increased political, budgetary and economic constraints
for the central government and RLGs; and (iii) the uncertainty as
to the extent and timing of fiscal consolidation measures that
could apply to the RLG sector going forward.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Given the strong link to the sovereign rating described above,
further downward revisions to the sovereign rating would result in
downward adjustments for the ratings on these cities. Furthermore,
significant consolidation efforts by the sovereign that would
impact negatively on the cities' fiscal positions could apply
downward pressure on the rating.
Stabilization of the outlooks or an upgrade to the ratings would
require stabilization or upgrade of the sovereign rating.
RATIONALE FOR THE REVIEW FOR DOWNGRADE ON THE AZORES AND MADEIRA
Moody's decision to maintain the ratings of the Portuguese regions
under review for further downgrade reflects the rating agency's
view that regional governments and their related companies will
face increasing difficulties in financing themselves going
forward. The review for downgrade -- as opposed to the negative
outlook assigned to the Sovereign's ratings -- aims to conclude in
the next few weeks, during which time Moody's will re-examine
documentation related to loans, bonds and derivative exposures, as
well as credit facilities, to assess the regions' abilities to
meet financing requirements. During the review, the rating agency
will also assess the financial position of Azores's and Madeira's
regional companies to make sure that any indirect or guaranteed
debt called upon could be met by regional short term facilities
and/or other means (e.g. budget savings released from expenditure
cuts or extraordinary revenues).
WHAT COULD CHANGE THE RATING UP/DOWN
Following the review described above, Moody's could downgrade the
ratings of these entities if our analysis indicates heightened
financing challenges for these regions.
Stabilization of the outlooks or an upgrade to the ratings would
require stabilization or upgrade of the sovereign rating in
addition to an easing of financing pressures.
PRINCIPAL METHODOLOGIES
The principal methodologies used in these ratings were Regional
and Local Governments Outside the US published in May 2008, and
The Application of Joint-Default Analysis to Regional and Local
Governments published in December 2008.
===========
R U S S I A
===========
GAZPROMBANK MORTGAGE: S&P Raises Rating on Class C Notes to 'BB-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Gazprombank Mortgage Funding 2 S.A.'s class A1 and A2 notes, and
raised its ratings on the class B and C notes.
"The credit enhancement available to the rated classes of notes is
provided by subordination and a non-amortizing cash reserve.
Compared with January 2010, when the transaction was restructured,
the total credit enhancement for each rated class has increased by
a factor of 1.3. In addition, the ratio of credit enhancement to
credit cover is higher, after our analysis stressed the arrears
above their historical levels and the property value below its
original level," S&P stated.
"These factors enabled us to upgrade the class B and C notes. We
affirmed the ratings on the class A1 and A2 notes at their current
level, as we believe that timely payment of interest and full
repayment of principal might not be met in case of a sovereign
default that would be inherent in a rating scenario above the
'BBB' rating level. (The foreign currency rating on the Russian
Federation is BBB/Stable/A-3.)," S&P noted
The principal on the notes is repaid sequentially, and since the
restructuring, the class A1 and A2 notes have amortized by 30%.
The principal waterfall may switch to pro rata after the step-up
date (June 2012) subject to certain performance conditions.
The transaction has recorded relatively low levels of arrears
compared with its Russian peers. The arrears jumped in 2009 and
through to mid-2010, when the Russian economy was in a down cycle,
and have stabilized since then. As of June 2011, the 30+ day
arrears ratio was 5.9%, and the 90+ day arrears ratio was 3.2%.
The transaction has trapped excess spread to cure accumulated
defaults. At present, the transaction has no uncovered principal
deficiency.
Since the transaction was restructured in January 2011, none of
the rated classes of notes is exposed to interest rate or foreign
currency risk.
The ratings on the notes are weak-linked to the rating on The Bank
of New York Mellon (AA/Stable/A-1+), acting as bank account
provider for the issuer. "It is sufficiently rated to support the
current ratings on the notes, in accordance with our 2010
counterparty criteria (see 'Counterparty And Supporting
Obligations Methodology And Assumptions,' published on Dec. 6,
2010). At the same time, in our cash flow model we have sized for
commingling risk related to GPB-Mortgage (not rated) as collection
account bank," S&P added.
Ratings List
Class Rating
To From
Gazprombank Mortgage Funding 2 S.A.
RUB7.189 Billion Mortgage-Backed Fixed-Rate Notes (Gazprombank
Mortgage-Backed
Securities Series 2007-1)
Ratings Affirmed
A1 BBB (sf) BBB (sf)
A2 BBB (sf) BBB (sf)
Ratings Raised
B BB+ (sf) BB (sf)
C BB- (sf) B (sf)
=========
S P A I N
=========
EDT FTPYME: S&P Affirms Rating on Class C Notes at 'BB'
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
EDT FTPYME PASTOR 3, Fondo de Titulizacion de Activos's class A1,
A2(G), B, and C notes. "At the same time, we removed our ratings
on classes A1, A2(G), and B from CreditWatch negative," S&P
related.
"We have performed a review of the transaction's collateral
performance and structural features. We have taken the rating
actions in light of the current performance of the underlying
collateral backing this transaction, and a strengthening of the
credit enhancement available to the rated notes," S&P said.
"Since our last review (June 2009 -- see 'Related Criteria And
Research'), we have observed that the level of short-term
delinquencies has been decreasing as of the latest interest
payment dates, and we associate this with a rollover of long-term
delinquencies into defaults. In our view, this indicates that
there are insufficient proceeds available to the issuer to cure
such long-term delinquencies," S&P stated.
The transaction documents define defaulted assets in EDT FTPYME
PASTOR 3 as assets that have been in arrears for more than 18
months. While the level of defaults has increased, the recoveries
associated with these defaulted assets are low, averaging 18%. "We
have consequently lowered our recovery assumptions, taking into
account the recovery data reported by the trustee, as well as the
level of recoveries we have observed in similar Spanish
transactions backed by the same type of loans with the same
vintage and the same servicer of the loans (Banco Pastor S.A.),"
S&P said.
Due to the seasoning of the transaction, and because the
underlying collateral is now highly amortized (the pool factor as
of the last interest payment date was 13.70%), the transaction is
exposed to an increased level of concentration risk in terms of
obligors. The top 20 obligors in this deal represent 39% of the
current portfolio amount, and delinquencies have been accruing
among these top 20 obligors. The top obligor represents 4.95% of
the current portfolio, while the top five and top 10 obligors
represent 18.15% and 27.79% of the current portfolio.
As of the most recent payment date in April 2011, the reported
ratio of cumulative defaults represented 2.43% of the original
portfolio balance securitized at closing, and 17.72% of the
current portfolio balance. In terms of industry concentration, the
biggest sectors represented in the current portfolio are the real
estate and construction industry (25.39, combined), and the retail
sector (19.40%). In terms of geographic concentration, the two
most represented regions in this transaction are Galicia and
Madrid, which is in line with the geographic breakdown of the
closing portfolio.
This increase in defaults is associated with a lack of recoveries
and the high level of obligor concentration. Also, the transaction
is becoming highly sensitive to variations in the level of
performing collateral that is available to the transaction to
service the amounts due under the notes.
At the same time, the increase in the level of cumulative
defaults, calculated as a percentage of the closing portfolio, is
2.43%, versus 17.72% of the current portfolio balance. This is
well below the trigger for the interest-deferral mechanism on
classes B and C. If the level of cumulative defaults were to reach
5.61% and 7.70% of the closing portfolio balance for classes C and
B, then interest payments due under these notes would be diverted
toward the payment of amounts due on the most senior classes.
Credit enhancement for the notes is provided by:
* The subordination of junior notes;
* The level of excess spread generated by the performing balance
of collateral;
* Excess spread received by the fund under the swap, which
guarantees 95 basis points of excess spread to the deal; and
* The reserve fund, which will be used to cure defaults arising
in the transaction.
The level of the reserve fund has been decreasing since the
April 2009 payment date, and no replenishments have taken place
since that date. Currently, the reserve fund is not at its
required level, therefore lowering the recourse of the class C
notes against an increase in defaults in the underlying pool.
"In our view, the increase in defaults associated with the
decrease of the reserve fund and the increase of the obligor
concentration risk are concerning factors. However, we believe
such risks are offset by the increase in the credit enhancement
from the junior classes due to the significant amortization
of classes A1 and A2(G), and to a lesser extent, due to the
amortization of the class B notes (these three classes are now
being repaid on a pro rata basis, while the repayment of class C
is still sequential to the repayment of most senior classes)," S&P
stated.
The amortization of the senior notes means that the cost of the
liabilities is significantly lower than the weighted-average
spread generated by the underlying performing portfolio --
therefore generating a significant amount of positive carry in
this transaction (i.e., where the fund receives more from the
underlying portfolio than it currently has to service under the
notes). The portfolio mainly comprises floating-rate loans that
reset mostly on an annual basis, and the rated notes are on the
other hand indexed to the three-month EURIBOR index. "In our view,
this exposes the transaction to a significant level of reset and
basis risk, but this is mitigated by the swap features in place in
this transaction," S&P said.
"In order to resolve the CreditWatch negative placements on
classes A1, A2(G), and B following the implementation of our 2010
counterparty criteria (which became effective on Jan. 18, 2011),
we have analyzed the transaction without giving credit to the swap
provided by Confederacion Espanola de Cajas de Ahorros (CECA;
A/Negative/A-1). The ratings on these classes are not affected
by the swap removal, due to the seasoning of the transaction and
the level of excess spread generated by the underlying performing
collateral," S&P continued.
Based on the review of our credit analysis assumptions in terms of
default and recoveries, and taking into account the current level
of support available to the rated notes in the capital structure,
the class A1 and A2(G) notes achieve a 'AAA (sf)' rating in our
cash flow review, while the class C notes achieve a 'BB (sf)'
rating based on our cash flow analysis. We have consequently
affirmed and removed from CreditWatch negative our ratings on the
class A1 and A2(G) notes, and affirmed our rating on the class C
notes. The class A2(G) notes feature a guarantee provided by the
Kingdom of Spain. As the guarantee features do not comply with our
guarantee criteria, we do not give any credit to this guarantee in
our analysis (see 'European Legal Criteria For Structured
Finance Transactions,' published Aug. 28, 2008)," S&P related.
The class B rating reflects the guarantee features available to
this class of notes, with the rating on the European Investment
Fund (AAA/Stable/A-1+) providing this guarantee. "Following our
review of the guarantee features, and on the basis that the rating
on class B is fully weak-linked to the rating on the guarantor, we
have consequently affirmed and removed from CreditWatch negative
our rating on the class B notes, as our rating on these notes is
equal to the rating on the guarantee provider," S&P added.
Ratings List
Class Rating
To From
EDT FTPYME PASTOR 3, Fondo de Titulizacion de Activos
EUR520 Million Floating-Rate Notes
Ratings Affirmed and Removed From CreditWatch Negative
A1 AAA (sf) AAA (sf)/Watch Neg
A2(G) AAA (sf) AAA (sf)/Watch Neg
B AAA (sf) AAA (sf)/Watch Neg
Rating Affirmed
C BB (sf)
=============
U K R A I N E
=============
* UKRAINE: Approves Bill for Protection of Creditors' Rights
------------------------------------------------------------
Dragon Capital reports that the Verkhovna Rada on Friday approved
amendments to a number of laws intended to strengthen protection
of creditors' rights.
According to Dragon Capital, the bill concerns corporate
bankruptcy procedures, execution of collateral foreclosures and
sales of bad debts among other things.
===========================
U N I T E D K I N G D O M
===========================
H-A INTERIORS: 80 Workers Lose Jobs as Parent Declares Insolvency
-----------------------------------------------------------------
BBC News reports that workers at H-A Interiors Ltd have been told
their jobs have been axed as administrators were appointed to the
UK firm.
According to the report, none of the 80 staff at H-A Interiors,
many of whom had worked for the company for decades, had been paid
for seven weeks.
The news came two weeks after its German parent company, Alkor-
Venilia GmbH, was declared insolvent, BBC News says.
"We were scheduled to be appointed next week but given the dire
circumstances of the employees, we managed to get the decision
fast-tracked," BBC News quotes Chris Laughton, of administrators
Mercer & Hole, as saying.
"Our first order of business is to assist everyone to apply to the
Redundancy Payments Service as soon as possible, starting today.
Many employees have worked for the company for decades and we are
determined to do the best we can for them."
Based in Cramlington, Northumberland, H-A Interiors Ltd produces
wallpaper borders and self-adhesive stickers.
MINMAR (929): Harris Lipman Calls for Clarification Over Ruling
---------------------------------------------------------------
A partner at London-based chartered accountants and insolvency
practitioners Harris Lipman has called for further clarification
of insolvency legislation after a High Court judge ruled that the
firm's appointment as administrators in a recent case was invalid.
Harris Lipman partners Martin Atkins and Freddy Khalastchi were
originally appointed as administrators to property investment firm
Minmar (929) Limited on the strength of a majority vote by the
company's directors.
However, one of Minmar's directors, who was not present at a board
meeting where the decision was made, applied to the court to set
aside Martin and Freddy's appointment on the basis that a valid
board meeting had not been held and because the notice of
intention to appoint had not been served on the company at its
registered office.
Despite the procedure followed by Harris Lipman having been common
practice since the implementation of the Enterprise Act 2002, the
Chancellor of the High Court, Sir Andrew Morritt, ruled that the
firm's appointment was invalid.
Martin Atkins, a licensed insolvency practitioner, said the case
had highlighted the need for further clarification on the matter,
as the ruling was in stark contrast to what many administrators
understood to be correct procedure -- a view supported by Sealy
and Milman's 'Annotated Guide to the Insolvency Legislation',
which is widely considered to be the industry's 'bible'.
Mr. Atkins said: "It has been widely accepted by insolvency
practitioners for many years now that a majority decision from the
board is enough, which is what happened in our case.
"This ruling comes as a surprise, not only to us, but to other
insolvency practitioners who have followed the same procedures for
decades, based on the guidance set out by Sealy and Milman.
"Although the ruling has provided some clarity, I believe further
clarification is needed because of the implications for future
insolvency cases. Certainly, this is the first time we have ever
seen this issue raised."
Minmar (929) Limited is a property investment firm.
PLYMOUTH ARGYLE: PFA Hit Administrators Over Contract Termination
-----------------------------------------------------------------
Mail Online reports that the Professional Footballers' Association
have expressed their disappointment at the way in which Plymouth's
administrators have attempted to terminate players' contracts.
Plymouth Argyle went into administration in March with debts of
GBP17 million and then suffered relegation, to npower League Two,
two months later.
Mail Online says the Argyle playing staff have not been paid in
full since December, and midfielder Kari Arnason was last month
sacked for failing to sign a deed of deferral over his wages for
June.
According to the report, the PFA have hit out at club
administrators and vowed to continue supporting Mr. Arnason and
any other player who finds himself in a similar position.
"The PFA are disappointed at the unjustified actions of the
administrators on behalf of Plymouth Argyle FC in their attempts
to terminate players' contracts without just cause, " the report
quotes PFA chief executive Gordon Taylor as saying in a statement.
"The players at the club have shown great support and have
continued to play and train without regular wages since November
2010 and it is clearly disappointing that the administrators
should now attempt such an action which is a clear breach of
Football League regulations and also the Football League
insolvency policy."
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.
POLO SECURITIES: Moody's Cuts Ratings on Debt Instruments to 'B2'
-----------------------------------------------------------------
Moody's Investors Service has downgraded by three notches to B2
from Ba2, with a loss given default (LGD) assessment of 4 (68.6%),
the following instruments of Polo Securities II Ltd. and Polo III
-- CP Finance Ltd.:(i) an outstanding amount of EUR 187.5 million
worth of senior secured notes due in June 2014 issued by Polo II;
and (ii) EUR100 million worth of senior secured notes due in June
2013 and EUR300 million worth of senior secured notes due in 2015
issued by Polo III. The outlook on the ratings assigned to the
notes issued by Polo II and Polo III is negative.
This action follows a similar action on the ratings of Comboios de
Portugal, downgraded from Ba2 to B1, which in turn follows Moody's
earlier downgrade of the rating of the government of the Republic
of Portugal to Ba2 with a negative outlook from Baa1. RoP is CP's
sole shareholder. The action also took into account the relative
position of the instrument within CP's capital structure.
All the notes are insured by the US monoline insurer MBIA
Assurance S.A., which has an insurance financial strength rating
of B3.
RATINGS RATIONALE
"Today's rating action reflects that the credit profile of the
Issuers and CP are correlated because the proceeds of the notes
were on-lent by the Issuers to CP, pursuant to three different
loan agreements," says Marco Vetulli, a Moody's Vice President-
Senior Credit Officer and lead analyst for Polo II and Polo III.
"Therefore, the obligations of the Issuers are secured by an
assignment of rights under those loan agreements to the trustee,
which represents the interests of all the stakeholders of the
transactions (such as noteholders, coupon holders and the
financial guarantor)," adds Mr. Vetulli.
Given the downgrade of CP to non-investment grade, Moody's has
applied its "Loss Given Default for Speculative-Grade Non-
Financial Companies in the US, Canada and EMEA", published June
2009, to assess the ratings on the notes issued by Polo II and
Polo III.
"The rating on the notes is one notch lower than CP's rating in
light of the substantial amount of secured debt that will rank
ahead the notes, given that approximately 30% of CP's debt is
secured," explains Mr. Vetulli.
"We expect that the ratings of the Issuers will continue to move
in line with that of CP, but with a one-notch differential given
the senior unsecured nature of the notes," continues Mr. Vetulli.
"However, the notes are insured by MBIA and our current practice
for wrapped ratings is to assign the higher of (i) the guarantor's
financial strength rating or (ii) any published underlying
rating," explains Mr. Vetulli. "Therefore, should we upgrade the
insurer's financial strength rating to a level higher than B2 from
the current B3, we would also reinstate the Issuers' insured
ratings," concludes Mr. Vetulli.
RATING METHODOLOGY
The principal methodology used in rating Polo III - CP Finance
Limited was the Global Passenger Railway Companies Industry
Methodology published in December 2008. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009 and
the Government-Related Issuers methodology published in July 2010.
Polo Securities II Limited and Polo III -- CP Finance Limited,
incorporated in Jersey, are two finance conduits that raise
finance and on-lend the proceeds to CP, pursuant to loan
agreements. Headquartered in Lisbon, Portugal, CP is 100% owned by
the Portuguese government through the Ministry of Finance and is
the national railway incumbent. In fiscal year 2010, CP reported
revenues of EUR239 million.
PUNCH TAVERNS: Spin-Off of Managed Estate to Take Place Next Month
------------------------------------------------------------------
Mark Wembridge at The Financial Times reports that Punch Taverns
has confirmed that the spin-off of its managed estate from its
highly indebted tenanted pubs business will take place at the
beginning of next month, creating two separately listed companies.
The heavily indebted pub group in March announced its intention to
split the managed pub business, known as Spirit, and the tenanted
division, which retains the Punch name, and on Thursday confirmed
that the two businesses would formally start trading from
August 1, the FT relates.
Spirit, which includes the Fayre & Square chain and Chef & Brewer,
will comprise 803 managed pubs and 549 of the old Punch Taverns'
better-performing leased pubs, the FT discloses. Spirit hopes to
switch 100 of these leased pubs to managed outlets in the next few
years, at a cost of GBP400,000 per pub, the FT notes.
In its most recent trading update in May, Punch said like-for-like
sales at the managed business rose by more than 7% in the three
months to the end of May, with food sales outstripping drink sales
in line with a growing industry trend, the FT discloses.
Punch, the proposed tenanted division, however, will shrink its
operations from 5,080 mostly wet-led pubs to 3,000 over a
five-year period, the FT states.
The division, which earlier this year was at the center of
speculation that it would default on its borrowings, will have a
debt burden of more than GBP2.3 billion, while Spirit will owe
roughly GBP740 million, according to the FT.
The two groups will have a cash pile of GBP235 million (US$375
million), which analysts at Panmure called "slightly
disappointing" and expected to rise to GBP255 million by the end
of next month, the FT says. Spirit will start trading with GBP113
million cash and Punch will have GBP92 million, the FT discloses.
The FT recounts that Punch began the separation process in
September when it commissioned a strategic review to uncover what
Mr. Dyson called "a sustainable future for the group".
Before the demerger can be completed, it must be approved by
shareholders at an emergency general meeting on July 26, the FT
notes.
Punch Taverns plc is a United Kingdom-based pub company. The
Company is engaged in the operation of public houses under either
the leased model or as directly managed by the Company. The
Company operates in two business segments: punch partnerships, a
leased estate and punch pub company, a managed estate. Punch
Partnerships is the Company's leased division, comprising 5,967
pubs nationwide. Punch Pub Company is its managed division,
comprising 803 pubs nationwide. The leased model involves the
granting of leases to tenants who operate the pub as their own
business, paying rent to the Company, purchasing beer and other
drinks from it and entering into profit sharing arrangements for
income from leisure machines. Pubs that are directly managed
involve the employment of a manager to operate each managed pub
and the Company receives all revenues generated by the pub and is
responsible for costs. On Feb. 10, 2010, the Company disposed of
Safe Jumper Limited.
RINK CORP: Owes Creditors Nearly GBP800,000
-------------------------------------------
Simon Gaskell at South Wales Echo reports that Rink Corp Ltd, the
liquidated parent company of Cardiff Devils, owes creditors nearly
GBP800,000 and as of March this year had made a trading loss of
GBP500,000.
South Wales Echo says the revelation came during a meeting of the
creditors of Rink Corp, the company taken into voluntary
liquidation by Devils owner Paul Ragan last month.
According to the report, Mr. Ragan issued a statement at the
meeting, at Cardiff's Future Inn hotel on July 7, explaining how
the company had arrived in its current financial state.
South Wales Echo discloses that served documents showed Rink Corp
owes creditors GBP783,831.84 but has assets of just GBP35,400 with
which to compensate them.
Among those owed include HM Revenue and Customs (GBP258,961.61),
ex-Devils owner Bob Phillips' wife Maraini (GBP34,210.67) and her
company RM Sports Entertainment (GBP42,286.26). Mr. Ragan himself
is owed GBP347,100.
"When I first purchased the franchise rights to trade, it was my
first involvement in sport let alone ice hockey. The business was
in an extremely poor state, so much so that due diligence was
impossible," Mr. Ragan said in a statement, according to South
Wales Echo.
South Wales Echo relates that Mr. Ragan said he tried to establish
a repayment plan for all creditors with his accountants but
concluded it was not sustainable and voluntary liquidation was the
best plan.
Two separate companies have now been set up to keep the Devils and
Sheffield Steelers -- also controlled by Rink Corp -- trading,
South Wales Echo adds.
As reported in the Troubled Company Reporter-Europe on June 28,
2011, BBC News said Rink Corp Limited, the company which owns
leading ice hockey teams Cardiff Devils and Sheffield Steelers,
was to go into voluntary liquidation. The company's 16 workers
are being made redundant after the business was declared "no
longer financially viable." BBC News noted the company had,
however, granted two business licenses to trade, which will enable
matches to continue next season and ensure season tickets are
honoured.
Rink Corp Limited owns leading ice hockey teams Cardiff Devils and
Sheffield Steelers.
ROPETACKLE TRUST: Seeks GBP15,000 Bail Out to Avoid Insolvency
--------------------------------------------------------------
The Shoreham Herald reports that Adur District council is being
asked to give thousands of pounds to the Ropetackle Trust to help
stop it becoming insolvent.
David Simmons, cabinet member for health, safety and well-being,
has been asked to approve a GBP15,000 bail-out, which would stop
the trust declaring a loss at the end of its financial year, the
report says.
According to The Shoreham Herald, Chief executive Peter Latham
said in a report that it would be "perilous for all parties
concerned" if the trust was declared insolvent, making its
"trading position untenable".
The Shoreham Herald relates that Mr. Latham said there was a
"strong degree of confidence" that a revised business model would
see the trust at least break even and, hopefully, move into
surplus in the coming years.
"Against this background, and also the council's wish to promote
the growth of voluntary organizations, which play a key role in
achieving the council's strategic aims, it is recommended reserves
of œ15,000 are released to the trust."
The proposal is for a one-off grant to the trust, the report
notes.
"This will be for this year only and this will be made clear to
the trust," The Shoreham Herald quotes Mr. Latham as saying.
The Ropetackle Trust was established in 2003 to run the Ropetackle
Arts Centre, in Little High Street, Shoreham, as a community arts
facility.
SHAMROCK: Goes Into Administration, Runs Out of Cash
----------------------------------------------------
BBC News reports that Shamrock has gone into administration
leaving five schools temporarily left without any transport.
The routes and services of Shamrock are to be taken over by other
firms, but the reasons behind its demise could also prove a
problem for many other small, commercially-run transport
businesses, according to BBC News.
"It couldn't compete against national companies. It can't also
just carry on not being able to raise prices with increased fuel
charges," BBC News quoted Insolvency specialist Mark Liddle, who
closed the company down, as saying. "It just ran out of cash," he
added
Meanwhile, BBC News notes that Dorset transport campaigner Martin
Hill said demand for rural bus services in Dorset was actually
"fairly steady". But, with unprofitable, poorly used services
cut, he said many rural villages had no buses at all, the report
notes.
SOUTHERN CROSS: Mulls Break-Up & Closure; Shares Suspended
----------------------------------------------------------
Gordon Smith at The Financial Times reports that Southern Cross
plans to break itself up and close its operations with the total
loss of value to shareholders.
According to the FT, shares in the stricken company were suspended
on Monday as the company finalized the details of its
restructuring, which will see the ownership of its 752 homes pass
to their landlords.
The biggest landlords, including Four Seasons, NHP and London &
Regional, have been in crisis talks with Southern Cross for the
last month to try to thrash out an agreement to avoid pushing the
care home operator into insolvency, the FT relates. A total of
eight landlords control 75% of the homes owned by Southern Cross,
the FT discloses.
The company, as cited by the FT, said it had reached agreement
with the owners of 250 homes to transfer them to new owners and
talks were ongoing to resolve the ownership of the remaining 500.
The FT notes that one person close to the company said these talks
were expected to be concluded in the next three to four months.
Southern Cross stressed on Monday that all creditors, including
caterers suppliers and staff, would continue to be paid and none
of the residents in homes owned by the company were at risk from
the ongoing talks or from the change of ownership.
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.
SOUTHERN WATER: Moody's Lowers Rating on Class A Notes to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has downgraded to Baa2 from Baa1 the
corporate family rating of Southern Water Services Limited, one of
the ten UK regulated water and sewerage companies. Concurrently,
Moody's has also downgraded to Baa1 from A3 the rating on the
Class A notes and to Ba1 from Baa3 the rating on the Class B notes
issued by Southern Water Services (Finance) Limited, the funding
vehicle for Southern Water. The outlook assigned to the ratings is
negative.
This concludes the review initiated on April 7, 2011.
The rating downgrade does not apply to the Aa3 rating on Southern
Water's GBP300 million 4.5% bond due in 2056, which benefits from
an unconditional and irrevocable guarantee by Assured Guaranty
(Europe) Ltd. (previously Financial Security Assurance (UK)
Limited), and whose rating is unchanged.
RATINGS RATIONALE
The downgrade was prompted by (i) the weakness of Southern Water's
cash flow generation, as evidenced in Moody's adjusted interest
cover ratio, which the rating agency estimates to be around 1.0x
in the year ended 31 March 2011 based on the preliminary results,
and (ii) the additional risks embedded within the company as a
result of its hedging activity.
Moody's has considered Southern Water's cash flow generation in
the context of the operating and capital expenditure efficiency
targets set by Ofwat, the UK water industry's regulator, and the
revenue shortfall experienced by the company in the current
regulatory period (April 2010 -- March 2015, or "AMP5"). The
revenue shortfall as estimated by the company was GBP24 million
for the year ending March 31, 2011. Moody's notes that the
regulatory framework provides for a recovery of such a shortfall
under the revenue correction mechanism, although this would be
applied in the next regulatory period starting in April 2015.
However, Moody's believes that the company's adjusted interest
cover ratio is likely to remain weak even if the impact of the
currently experienced shortfall is excluded from the calculations.
Whilst the company may be able to comply with its financial
covenants, this will be because of its extensive use of index-
linked swaps. Moody's recognizes that the existing "pay as you go"
index-linked swaps benefit Southern Water's interest cover ratio
as calculated in accordance with the covenants set out in the
company's highly leveraged financing structure. However, they do
not in Moody's view, provide genuine long-term cash flow benefit
and so are not given credit in the definition of Moody's adjusted
interest cover ratio.
Moody's understands that Southern Water's GBP1.3 billion of
existing swap arrangements provide for a pay down of the ongoing
accretion for inflation changes at five-yearly intervals. Whilst
these long-dated swaps are not subject to break clauses and give
inflation protection to the company, they only achieve a temporary
improvement to the company's financial profile as the accretion is
paid down during the life of the swap. As the indexation element
is excluded in the calculation of the interest cover ratio for
covenant purposes, these hedging contracts enhance the company's
ratios, allowing it to maintain headroom under its financial
covenants and thus continue distributions to shareholders. The
rating agency considers that these instruments reduce the value of
the financial covenants, thus undermining the robustness of
Southern Water's financing structure, which was a key factor in
justifying the previous ratings. Furthermore they create
additional financing pressures on the company compared to
traditional index-linked debt through the periodic accretion pay
down requirements from the next AMP period.
The negative outlook reflects the risks faced by Southern Water in
achieving the planned recovery in its financial metrics so that
they become commensurate with the current ratings in light of the
challenging regulatory settlement in AMP5 combined with pressures
in the water industry as a whole (e.g. adoption of private
sewers).
The outlook on the ratings could be stabilized if Moody's adjusted
interest cover ratio were to reach 1.2x on a sustainable basis.
This ratio guidance is higher than that for comparable highly
leveraged water companies. Moody's believes that Southern Water
would need to exhibit stronger ratios to offset the negative
effect that the extensive use of derivatives by the company has on
the robustness of its financing structure. For a stabilization of
the outlook, Moody's will take into account whether the recently
appointed management team is proving effective in tackling the
challenges the company is facing in the current regulatory period.
Finally, Moody's will consider the evolution of the company's
financial policies and its continuing use of derivative
instruments.
Southern Water's ratings could come under downward pressure if it
appears likely that the company's adjusted interest cover ratio as
calculated by Moody's will fail to reach 1.2x on a sustainable
basis in the medium term. Downward pressure could also arise as a
result of (i) increased use of derivatives and risks associated
with these arrangements; (ii) leverage, expressed by net
debt/regulatory capital value (RCV), in excess of 85%; or (iii) a
materially unfavorable change in the regulatory framework for the
UK water sector, leading to a significant increase in Southern
Water's business risk.
The principal methodology used in rating Southern Water was
Moody's rating methodology for Regulated Water Utilities,
published December 2009.
Southern Water Services Limited is the seventh-largest of ten
water and sewerage companies in England and Wales by RCV. The
company provides water and sewerage services to a population of
2.3 and 4.4 million, respectively, in the south-east of England,
including the counties of Kent, East and West Sussex, Hampshire
and the Isle of Wight. Since October 2007, Southern Water's
ultimate parent company has been Greensands Holdings Limited,
which is in turn owned by a consortium of specialist funds,
including IIF International SW UK Investments Limited (advised by
JP Morgan) and UBS Global Asset Management (UK) Ltd.
THESIS: Fitch Cuts Rating on Two Classes of Notes to 'CCCsf'
------------------------------------------------------------
Fitch Ratings has downgraded The Higher Education Securitised
Investment No.1 plc (Thesis) -- a transaction backed by student
loans -- and assigned Recovery Ratings:
-- GBP29.4m Class A3 notes downgraded to 'CCCsf' from 'BBsf';
'RR-3'
-- GBP7.9m Class A4 notes downgraded to 'CCCsf' from 'BBsf';
'RR-3'
The mezzanine A3 and A4 notes -- which pay pro-rata in the
principal waterfall -- are subordinate to the GBP141.7 million
accrual note, which funded the interest that accrued on loans in
deferment. As of May 2011, the credit enhancement available to the
mezzanine notes was 9.9%, provided by the two junior B1 and B2
notes, less the principal deficiency ledger (PDL) balance.
The downgrades reflect Fitch's concerns over the ability of the
transaction's future cash flows to cover repayments due under
these notes. The continued increase in the value of the PDL in the
past year, to GBP45.5 million in May 2011 from GBP43.3 million in
April 2010, has resulted in a reduction in the nominal enhancement
available to the mezzanine notes (GBP19.7 million in May 2011 from
GBP21.5 million in April 2010). The transaction is currently
paying down an average of GBP1 million per month. The concern is
that if the payment trend remains low and the PDL continues to
grow at the current rate, the transaction's ability to repay the
rated loans is weak, given the thickness of the senior accrual
tranche. As of May 2011, a total GBP25.3 million of receivables
were classified as being in arrears, of which GBP21 million were
in repayment.
In Fitch's opinion, the full repayment of these notes is heavily
dependent on:
(i) The rate at which receivables move from repaying status to
arrears and losses (a loss is declared when a loan is 24 months
delinquent). A high loss rate will have a negative impact on the
transaction, further reducing the enhancement available to the
notes via subordination. Although there is the possibility of
recoveries being received from write-offs, there is a risk that
the servicing agreement provides little incentive for the servicer
to actively pursue such account holders;
(ii) The rate at which receivables move from deferred status to
repaying status. In Fitch's opinion, an increase in this rate
would be viewed as a credit negative, as by moving to repaying,
such accounts would then be exposed to the risk of losses. This is
because receivables that remain in deferred status with no arrears
are covered by a government repayment after 25 years.
(iii) The amount of receivables classified as deferred with
arrears. These loans do not benefit from the government payment
after 25 years unless the arrears are cleared in advance of such
date.
Thesis is a securitization of floating-rate student loan
receivables, originated in the UK by the government-owned Student
Loan Company Limited, with a final legal maturity date on
April 30, 2028.
TRIPLE ALPHA: Placed Into Insolvency Amid Mounting Debts
--------------------------------------------------------
Flightglobal.com reports that business aviation services provider
Ocean Sky has placed its German charter and management subsidiary
Triple Alpha into insolvency due to "deeply entrenched operational
and financial problems at the business."
The Dusseldorf-based company has been placed under the control of
a court-appointed administrator, the report says.
"These hefty debts predate Ocean Sky's involvement,"
Flightglobal.com quotes Ocean Sky chief executive Steve Grimes as
saying. "All other Ocean Sky operations continue to perform well
and are unaffected by these developments."
The UK headquartered company acquired a 60% stake in Triple Alpha
in August 2009, Flightglobal.com discloses.
According to Flightglobal.com, Mr. Grimes -- who was appointed to
the Ocean Sky' helm in October 2009, adds: "Resolving the
inherited problems at Triple Alpha has been one of my principal
concerns since taking over as chief executive.
"Our initial investment in Triple Alpha was undertaken by the
previous management team at Ocean Sky without any due diligence.
That management team left the business a few months after the
Triple Alpha acquisition was completed.
"In 2010, we gave Triple Alpha significant financial support but
the challenges were far more acute than Ocean Sky had been led to
believe, and it was only when we were finally able to take
management control of the business in 2011 that we understood how
serious the situation was.
"Having only a 60% stake in Triple Alpha meant that the company's
two founders -- who each retained a 20% shareholding -- retained
responsibility for day-to-day management. In November 2010, Ocean
Sky succeeded in increasing its holding in Triple Alpha to 80% by
buying out one of the co-founders and appointed a new managing
director to lead the attempted rescue of the business.
Flightglobal.com quotes Mr. Grimes as saying that, "We are deeply
saddened at Triple Alpha's insolvency and the effect this will
have on employees, customers and suppliers. We have done
everything possible to improve the company's performance, from
introducing proper management practices to providing repeated
financial support. Ultimately, however, the legacy indebtedness of
the company and the financial and contractual matters the company
faced proved too great."
Triple Alpha has 60 employees, comprising flight crews and ground-
based staff, and sixteen light to mid-size business aircraft under
management.
VON ESSEN AVIATION: Bankers Appoint Deloitte to Firm
----------------------------------------------------
Jonathan Russell at The Telegraph reports that accountant Deloitte
has been appointed by bankers to Von Essen Aviation to begin a
review of the business. Von Essen Aviation, which owns Battersea
Heliport, is one of Andre Davis's last significant assets.
Mr. Davis lost his portfolio of country house hotels after banks
called in a GBP250 million loan, according to the report.
As reported in the Troubled Company Reporter-Europe on April 25,
2011, BBC News said that the holding company of the von Essen
hotel chain has appointed accountants Ernst & Young as
administrators. The firm owns 28 luxury hotels in the UK and
France, BBC disclosed.
The Telegraph says that it is not certain how much debt Von Essen
Aviation is carrying.
According to its last set of accounts, for the year ending
December 2009, its net debt was GBP32.5 million, The Telegraph
relates. But Mr. Davis's total debts could be considerably higher
than this, the report notes.
The Telegraph adds that it is not known whether the debts are held
in the heliport business or elsewhere.
WALDORF HOTEL: Bhatia Lines Up Financing to Regain Control
----------------------------------------------------------
Rachel Graham at Bloomberg News, citing the Sunday Times, reports
that Gulshan Bhatia may seek to regain control of London's Waldorf
hotel, which the U.K. businesswoman first purchased in 2007.
According to Bloomberg, the Sunday Times said that the hotel was
put into administration two months ago.
Bloomberg notes that the newspaper said Bhatia has lined up
financing to repay Barclays Plc, Allied Irish Banks Plc and Credit
Agricole SA, the banks that financed the original purchase.
As reported by the Troubled Company Reporter-Europe on June 29,
2011, Big Hospital disclosed that the Waldorf hotel, owned by
Ms. Bhatia and her son Asif, was handed over to administrators
after the holding firms failed to make loan repayments. The
banks, Barclays, Allied Irish and Credit Agricole, were owed over
GBP100 million, Big Hospital said. They appointed KPMG as
administrators for the property, Big Hospital related.
* UK: British Retail Consortium Calls for High Street Rescue Plan
-----------------------------------------------------------------
myfinances.co.uk reports that after a troubled month for High
Street retailers in June the British Retail Consortium (BRC) has
called for urgent action to protect United Kingdom retailers.
Figures released by PriceWaterhouseCoopers and the Local Data
Company reveal that lack of consumer confidence and reduced
disposable incomes are making it very difficult for many High
street retailers to stay in business, according to
myfinances.co.uk. PriceWaterhouseCoopers report shows that the
rate of closure of High street shops has increased greatly in many
regions throughout the UK. Non-food retailers are particularly
affected, myfinances.co.uk relates.
PriceWaterhouseCoopers report follows the closure of Habitat, TJ
Hughes, clothing retailer, Jane Norman and the announcement that
Thornton's is looking to shut many of its branches, ,
myfinances.co.uk notes.
myfinances.co.uk says that like-for-like non-food retail sales
fell by two per cent in the three months between March and May
2011 compared with the same period in 2010, according to the
latest BRC-KPMG retail sales monitor. The next BRC sales monitor
report will be released today, July 12th.
The week ahead sees a raft of important financial announcements
from clothing retailers and these will be eagerly anticipated to
assess whether the weakness of high street sales is continuing, ,
myfinances.co.uk notes.
Companies such as Burberry, Primark (owned by Associated British
Foods) and Marks & Spencer are all providing updated results.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
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
BNP PARIBAS PERS 3746820Z BB -772235.6749 1849392464
CARGILL OIL PACK 3726474Z BB -7488366.268 169328054
COMPAGIMMOBDU BR 3727538Z BB -5867835.156 164809982.4
EON BELGIUM NV 3730258Z BB -8101077.851 251156828.9
ESKO-GRAPHICS NV 4787937Z BB -6715619.333 185307390
EXPLORER NV 4289181Z BB -11594573.86 281605390.1
FINANCIETOREN NV 3729210Z BB -51909129.52 888377024.7
IRUS ZWEIBRUCKEN 3738979Z BB -17020632.96 106188034.9
KIA MOTORS BELGI 3729658Z BB -84207043.53 162372182.7
KOREAN MOTOR CO 4161341Z BB -6368236.209 149093852.6
LE FOYER BRUXELL 3729226Z BB -2010007.275 146190935.1
PETROPLUS REFINI 3431339Z BB -4108700.351 123751460.5
SAPPI EUROPE SA 3732894Z BB -134605597.7 160456915
SCARLET BELGIUM 4171157Z BB -28951978.94 137456538.4
SCARLETT BUSINES 3724850Z BB -71847152.77 130053838
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
ST GOBAIN SEKURI 3737571Z BB -5584181.048 111065610.4
TI GROUP AUTOMOT 3903298Z BB -42078648.86 140322030.3
UNIVERSAL MUSIC 3738307Z BB -12191533.66 143700285.8
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
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGCYP EO -39648682.41 209021322.6
LIBRA HOLIDAYS LHGCYP EU -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EU -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EO -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CDP EX -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CSA AS 1000Z CP -127978073.4 432492914
DENMARK
-------
AB-B NEW ABBN DC -101428498.9 298588010.2
AKADEMISK BOLDK ABB DC -101428498.9 298588010.2
BRIGHTPOINT EURO 4506883Z DC -18616347.98 189113937.7
CARLSBERG IT A/S 4503891Z DC -47250912.74 105417004.1
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG G7W GR -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
ISS GLOBAL A/S 241863Z DC -9544026.554 7765217403
LAURITZEN TANKER 3979732Z DC -4428758.299 209128194.8
NATURGAS FYN DIS 3984844Z DC -2862743.662 194651527
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
OBTEC OBT DC -17033505.31 153701216.6
OBTEC OBTEC DC -17033505.31 153701216.6
OBTEC-NEW SHARES OBTECN DC -17033505.31 153701216.6
OBTEC-OLD OBTN DC -17033505.31 153701216.6
ORESUNDSBRO KONS 1015Z SS -583944155.3 3614975702
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
OW SUPPLY & TRAD 3986892Z DC -4299263.6 165798948.6
REITAN SERVICEHA 3984284Z DC -1371178.576 127192706
ROSKILDE BANK ROSK EU -532868840.9 7876687324
ROSKILDE BANK ROSK EO -532868840.9 7876687324
ROSKILDE BANK ROSK DC -532868840.9 7876687324
ROSKILDE BANK ROSKF US -532868840.9 7876687324
ROSKILDE BANK ROSBF US -532868840.9 7876687324
ROSKILDE BANK RKI GR -532868840.9 7876687324
ROSKILDE BANK RSKC IX -532868840.9 7876687324
ROSKILDE BANK ROSK PZ -532868840.9 7876687324
ROSKILDE BANK-RT 916603Q DC -532868840.9 7876687324
ROSKILDE BAN-NEW ROSKN DC -532868840.9 7876687324
ROSKILDE BAN-RTS ROSKT DC -532868840.9 7876687324
SCANDINAVIAN BRA SBS1 EU -17033505.31 153701216.6
SCANDINAVIAN BRA SBS1 BY -17033505.31 153701216.6
SCANDINAVIAN BRA SBSD PZ -17033505.31 153701216.6
SCANDINAVIAN BRA SBS1EUR EU -17033505.31 153701216.6
SCANDINAVIAN BRA SBS1EUR EO -17033505.31 153701216.6
SCANDINAVIAN BRA SBS DC -17033505.31 153701216.6
SCANDINAVIAN BRA SBSC IX -17033505.31 153701216.6
SCANDINAVIAN BRA SBS1 EO -17033505.31 153701216.6
SCHAUMANN PROP SCHAU EO -101428498.9 298588010.2
SCHAUMANN PROP SCHAUEUR EU -101428498.9 298588010.2
SCHAUMANN PROP SCHAUP EU -101428498.9 298588010.2
SCHAUMANN PROP SCHAUEUR EO -101428498.9 298588010.2
SCHAUMANN PROP SCHAU BY -101428498.9 298588010.2
SCHAUMANN PROP SCHAUP DC -101428498.9 298588010.2
SCHAUMANN PROP SCHAU EU -101428498.9 298588010.2
SCHAUMANN PROP SCHAUP PZ -101428498.9 298588010.2
THOMAS COOK AIRL 3898802Z DC -7865159.883 245287857.5
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -151969329.6 262408720
ACERINOX FRANCE 4748633Z FP -4970414.587 106673210.6
AIR COMMAND SYST 4470055Z FP -6291815.312 178932425.9
AIRCELLE 61830Q FP -482411082.6 1055907987
AKERYS SERVICES 4685937Z FP -8561729.525 141611798.1
ALCATEL-LUCENT E 3642975Z FP -46648079.19 510672247.2
ALCATEL-LUCENT F 3647063Z FP -566942548.5 4810123614
AL-KHATTIYA LEAS 4783713Z FP -8522159.06 132815959.7
ALUMINIUM PECHIN 3650903Z FP -555865265.6 1121216347
ARIANESPACE 211530Z FP -51743991.45 3354710780
ARVINMERITOR CVS 4783681Z FP -37407842.42 114987020.9
ATARI IFOE PZ -10078799.92 116178599
ATARI EUROPE SAS 4503835Z FP -98950211.55 135876466.5
ATARI SA ATANV FP -10078799.92 116178599
ATARI SA ATA EB -10078799.92 116178599
ATARI SA ATA TQ -10078799.92 116178599
ATARI SA IFGA TH -10078799.92 116178599
ATARI SA ATA QM -10078799.92 116178599
ATARI SA ATA EO -10078799.92 116178599
ATARI SA ATA EU -10078799.92 116178599
ATARI SA ATA FP -10078799.92 116178599
ATARI SA ATA S1 -10078799.92 116178599
ATARI SA ATA PZ -10078799.92 116178599
ATARI SA IFGA GR -10078799.92 116178599
ATARI SA ATA BQ -10078799.92 116178599
ATARI-NEW 3715502Q FP -10078799.92 116178599
AUTOMOBILES CITR 3648863Z FP -298695778.9 1879542934
BELVEDERE - RTS 554451Q FP -242409144.5 831869150.8
BELVEDERE - RTS 702036Q FP -242409144.5 831869150.8
BELVEDERE SA BED GR -242409144.5 831869150.8
BELVEDERE SA BVDRF US -242409144.5 831869150.8
BELVEDERE SA BVD EU -242409144.5 831869150.8
BELVEDERE SA BELV NM -242409144.5 831869150.8
BELVEDERE SA BELV FP -242409144.5 831869150.8
BELVEDERE SA BVD PZ -242409144.5 831869150.8
BELVEDERE SA BVD S1 -242409144.5 831869150.8
BELVEDERE SA BEVD IX -242409144.5 831869150.8
BELVEDERE SA BVD FP -242409144.5 831869150.8
BELVEDERE SA BED TH -242409144.5 831869150.8
BELVEDERE SA BVD EO -242409144.5 831869150.8
BELVEDERE SA-NEW BVDNV FP -242409144.5 831869150.8
BELVEDERE SA-NEW 946529Q FP -242409144.5 831869150.8
BELVEDERE SA-NEW 8198283Q FP -242409144.5 831869150.8
BELVEDERE SA-RTS BVDDS FP -242409144.5 831869150.8
BLUESTAR SILICON 4684089Z FP -44931214.32 388699826.4
CADES 211430Z FP -1.32E+11 9983888303
CARREFOUR HYPERM 3897338Z FP -419813693 4772178623
CARREFOUR IMPORT 4519455Z FP -41015523.06 355888577.4
CARRERE GROUP CARF PZ -9829531.944 279906700
CARRERE GROUP CAR FP -9829531.944 279906700
CARRERE GROUP CAR2 EO -9829531.944 279906700
CARRERE GROUP XRR GR -9829531.944 279906700
CARRERE GROUP CRRHF US -9829531.944 279906700
CARRERE GROUP CARG FP -9829531.944 279906700
CARRERE GROUP CRGP IX -9829531.944 279906700
CARRERE GROUP CAR2 EU -9829531.944 279906700
CDISCOUNT 4690913Z FP -92485.81144 331210839.3
CELINE SA 3636031Z FP -6546413.145 108306445
CMA CGM AGENCES 4746849Z FP -7380117.985 187789703.7
CO PETROCHIMIQUE 4682369Z FP -79561628.19 444321642.5
COMPAGNIE IMMOBI CIMB S1 -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB EU -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB EO -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB FP -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB PZ -18851260.64 237751743.8
CONSTRUCTIONS ME 4513671Z FP -52488041.58 342215596.8
CSF 3635887Z FP -66127486.72 3311857250
EADS SECA 4706441Z FP -38679556.91 142045208.8
EDENRED EDNMF US -1395452285 5596512266
EDENRED EDEN S1 -1395452285 5596512266
EDENRED EDEN IX -1395452285 5596512266
EDENRED EDEN EO -1395452285 5596512266
EDENRED EDEN QM -1395452285 5596512266
EDENRED QSV TH -1395452285 5596512266
EDENRED EDEN TQ -1395452285 5596512266
EDENRED EDEN EU -1395452285 5596512266
EDENRED EDEN BQ -1395452285 5596512266
EDENRED EDENUSD EU -1395452285 5596512266
EDENRED EDENUSD EO -1395452285 5596512266
EDENRED QSV GR -1395452285 5596512266
EDENRED EDEN PZ -1395452285 5596512266
EDENRED EDEN EB -1395452285 5596512266
EDENRED EDEN FP -1395452285 5596512266
EDF EN FRANCE 4686529Z FP -4085423.459 508820792.6
EMPAIN GRAHAM DV EMGD FP -18851260.64 237751743.8
FAURECIA SIEGES 4516727Z FP -107383922 418368440.6
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GCE CAR LEASE 4702065Z FP -15076730.52 127403745.1
GROUPE PROGRES S 4734137Z FP -165060841.9 123458910.5
HP ENTREPRISE SE 4698081Z FP -97546439.37 116383810.4
HUREL-DUBOIS HDUN FP -482411082.6 1055907987
I BASE 757542Z FP -11937366.64 400192956.6
INFOGRAMES - REG IFG EU -10078799.92 116178599
INFOGRAMES - REG IFG FP -10078799.92 116178599
INFOGRAMES - REG IFG TQ -10078799.92 116178599
INFOGRAMES - REG IFG EO -10078799.92 116178599
INFOGRAMES - REG IFOE IX -10078799.92 116178599
INFOGRAMES E-NEW IFGN FP -10078799.92 116178599
INFOGRAMES ENT IFGNR FP -10078799.92 116178599
INFOGRAMES ENT 2986980Q EU -10078799.92 116178599
INFOGRAMES ENT IFG GR -10078799.92 116178599
INFOGRAMES ENT 2986984Q EO -10078799.92 116178599
INFOGRAMES ENT IFGEF US -10078799.92 116178599
INFOGRAMES ENT IFG PZ -10078799.92 116178599
INFOGRAMES ENT IFOY IX -10078799.92 116178599
INFOGRAMES ENTMT IFGRF US -10078799.92 116178599
INFOGRAMES ENTMT IFG VX -10078799.92 116178599
INFOGRAMES- RTS IFGDS FP -10078799.92 116178599
INFOGRAMES-NEW IFGNV FP -10078799.92 116178599
INFOGRAMES-RTS 3133246Q FP -10078799.92 116178599
ING LEASE FRANCE 4699881Z FP -37113844.73 449284947.7
ISOCHEM SA 3540732Z FP -9354435.203 103629611.4
ITM REGION PARIS 4681817Z FP -55189016.54 164350503.2
JACQUOT ET CO 4721473Z FP -25605144.44 101591294.6
JTEKT AUTOMOTIVE 4504595Z FP -3346144.849 163732017.6
JTEKT AUTOMOTIVE 4505819Z FP -14610384.74 211911630
JUNGHEINRICH FIN 4635025Z FP -25640222.02 213268780.2
KEOLIS LYON 4745585Z FP -38514248.01 123798829.1
LABORDE GESTION 4518583Z FP -29334260.26 113954857.8
LENOVO FRANCE SA 4710049Z FP -1944677.438 137134536.2
MECACORP 3248019Z FP -11233087.25 215393216
MILLIMAGES 8131905Q FP -1006050.249 113454378.9
MILLIMAGES MG6 GR -1006050.249 113454378.9
MILLIMAGES MIL FP -1006050.249 113454378.9
MILLIMAGES MIL S1 -1006050.249 113454378.9
MILLIMAGES MIL1 PZ -1006050.249 113454378.9
MILLIMAGES MILI FP -1006050.249 113454378.9
MILLIMAGES MIL1 EU -1006050.249 113454378.9
MILLIMAGES MLIGF US -1006050.249 113454378.9
MILLIMAGES MLMG IX -1006050.249 113454378.9
MILLIMAGES MIL1 EO -1006050.249 113454378.9
MILLIMAGES MILF PZ -1006050.249 113454378.9
MILLIMAGES - RTS MILDS FP -1006050.249 113454378.9
MILLIMAGES-RTS 760037Q FP -1006050.249 113454378.9
MVCI HOLIDAYS FR 4524959Z FP -112193151.3 233381369.4
NESTLE WATERS SU 3634887Z FP -100198554 212766860.3
NESTLE WATERS SU 3634879Z FP -166540192.4 357871830.8
NEXANS COPPER FR 4744809Z FP -17792261.14 230912236.6
NORDEX FRANCE SA 4521679Z FP -6460150.538 206115454.1
NOVELIS FOIL FRA 4678593Z FP -7951381.035 121719315.4
NOVEXEL SA 504169Z FP -362303.7226 107272250.4
NRJ 12 4681713Z FP -26021206.57 110030743.5
OROSDI OROS FP -35006822.54 151870593.9
OROSDI OROS S1 -35006822.54 151870593.9
OROSDI OROS EU -35006822.54 151870593.9
OROSDI OROS PZ -35006822.54 151870593.9
OROSDI OROS EO -35006822.54 151870593.9
OROSDI-BACK BACK IX -35006822.54 151870593.9
OROSDI-BACK ORBA FP -35006822.54 151870593.9
PAGESJAUNES GRP PAJ TQ -2879375517 1159140984
PAGESJAUNES GRP PAJ LI -2879375517 1159140984
PAGESJAUNES GRP QS3 TH -2879375517 1159140984
PAGESJAUNES GRP PAJ IX -2879375517 1159140984
PAGESJAUNES GRP PAJ NQ -2879375517 1159140984
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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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RINOL AG RILB EO -1.171602 168095049.1
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TA TRIUMPH-ACQ TWNA EU -124531131.9 313411495.3
TA TRIUMPH-ACQ TWNA GR -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN PZ -124531131.9 313411495.3
TA TRIUMPH-ADLER TWNG IX -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN EO -124531131.9 313411495.3
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TA TRIUMPH-ADLER TTZAF US -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN GR -124531131.9 313411495.3
TA TRIUMPH-A-RTS 1018916Z GR -124531131.9 313411495.3
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TA TRIUMPH-RTS 3158577Q GR -124531131.9 313411495.3
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GREECE
------
AG PETZETAKIS SA PETZK GA -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EU -110812812.5 206429374.1
AG PETZETAKIS SA PTZ1 GR -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EO -110812812.5 206429374.1
AG PETZETAKIS SA PZETF US -110812812.5 206429374.1
AG PETZETAKIS SA PTZ GR -110812812.5 206429374.1
AG PETZETAKIS SA PETZK PZ -110812812.5 206429374.1
ASPIS PRONIA GE ASASK EO -189908329.1 896537349.7
ASPIS PRONIA GE ASASK GA -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EU -189908329.1 896537349.7
ASPIS PRONIA GE AISQF US -189908329.1 896537349.7
ASPIS PRONIA GE ASASK PZ -189908329.1 896537349.7
ASPIS PRONIA -PF ASAPR GA -189908329.1 896537349.7
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ASPIS PRONIA-PF APGV GR -189908329.1 896537349.7
ASPIS PRONIA-RT ASASKR GA -189908329.1 896537349.7
ASPIS PRONOIA GE APGG IX -189908329.1 896537349.7
ASPIS PRONOIA GE APG GR -189908329.1 896537349.7
ASPIS PRON-PF RT ASASPR GA -189908329.1 896537349.7
ATLANTIC SUPERMA ATLA1 EU -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA1 EO -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA PZ -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA GA -76261648.16 315891294.2
HELLAS ONLINE SA BRAIN EU -4430063.774 511329902.7
HELLAS ONLINE SA UN5 GR -4430063.774 511329902.7
HELLAS ONLINE SA BRAIN PZ -4430063.774 511329902.7
HELLAS ONLINE SA HOLR GA -4430063.774 511329902.7
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KATSELIS SON-P R KATPD GA -25687516.15 172013976.2
KATSELIS SONS-PF KATSP GA -25687516.15 172013976.2
KATSELIS SONS-RT KATKD GA -25687516.15 172013976.2
KOUMBAS INSUR-RT KOUMD GA -75721751.36 117427553
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KOUMBAS SYNERGY KOUMF US -75721751.36 117427553
KOUMBAS SYNERGY KOUM GA -75721751.36 117427553
KOUMBAS SYNERGY KOUM EO -75721751.36 117427553
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PETZETAKIS - RTS PETZKD GA -110812812.5 206429374.1
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PETZETAKIS-PFD PTZ3 GR -110812812.5 206429374.1
PETZETAKIS-PFD PETZP GA -110812812.5 206429374.1
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UNITED TEXTILES UTEX GA -163114842.1 286539436.9
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UNITED TEXTILES NML1 GR -163114842.1 286539436.9
UNITED TEXTILES UTEX EO -163114842.1 286539436.9
HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
INVITEL HOLD-ADR INVHY US -73723992 827192000
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INVITEL HOLDINGS 3212873Z HB -73723992 827192000
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ITALY
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LUXEMBOURG
----------
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NETHERLANDS
-----------
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ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
ING REIM DEVELOP 3811140Z NA -231041485.9 383323356.5
KONINKLIJKE HASK 4037221Z NA -69259.20141 230145390.9
KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
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MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
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NORFOLK HOLDINGS 779151Z NA -199512.5928 813430683.8
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SPYKER CARS NV SPYK IX -154336469.5 1337361332
SPYKER CARS NV SPYKR QM -154336469.5 1337361332
SPYKER CARS NV SPYKR TQ -154336469.5 1337361332
SPYKER CARS NV SPYKR EU -154336469.5 1337361332
SPYKER CARS NV SPYKR BQ -154336469.5 1337361332
SPYKER CARS NV SPYKR EB -154336469.5 1337361332
SPYKER CARS NV SPYKR EO -154336469.5 1337361332
SPYKER CARS NV SPYKR NA -154336469.5 1337361332
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SPYKER CARS NV SPYKF US -154336469.5 1337361332
STICHTING PENSIO 4498027Z NA -19254451.13 566611058.3
STICHTING PENSIO 4489595Z NA -7065546415 43409019837
UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
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UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -12164702941 13901661309
VAN WEELDE BEHEE 4038885Z NA -119995.7037 173030811.6
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS VERKEER-EN I 4777577Z NA -47438.50279 719093765.2
W2005 W2007 CARN 3824100Z NA -107841645.8 362615031
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
WILMAR EDIBLE OI 3817520Z NA -3976944.095 218912594.8
WIM BOSMAN HOLDI 3782032Z NA -45372.13742 224136098.5
WONINGSTICHTING 4039389Z NA -430291.2087 1714985995
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AKER BIOMARINE A 4508947Z NO -91258656.74 103294723.7
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER STORD A/S 4498875Z NO -150475117.7 783619889.1
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GJENSIDIGE PENSJ 4447089Z NO -706038.7351 834496819.2
HEEGH AUTOLINERS 4389209Z NO -11654362.38 277390994.9
INTEROIL EXPLORA IOXEUR EU -71383000 195320000
INTEROIL EXPLORA IOX NO -71383000 195320000
INTEROIL EXPLORA IOX PZ -71383000 195320000
INTEROIL EXPLORA IOXUSD EO -71383000 195320000
INTEROIL EXPLORA IROIF US -71383000 195320000
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INTEROIL EXPLORA IOX IX -71383000 195320000
INTEROIL EXPLORA INOX NO -71383000 195320000
INTEROIL EXPLORA IOX BY -71383000 195320000
INTEROIL EXPLORA IOX EO -71383000 195320000
INTEROIL EXPLORA IOXUSD EU -71383000 195320000
LIVA BIL LIV NO -4061326.597 116023629.9
MAN LAST OG BUSS 4521719Z NO -7914946.127 134925818.8
MASTER & COMMAND 4443393Z NO -3848.57586 105559612
NCC CONSTRUCTION 4389745Z NO -17444019.96 371204059.2
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PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
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
ESTALEIROS NAVAI 4507307Z PL -23829401.88 315386385.8
FERREIRAS & MAGA 4281437Z PL -14115717.84 103226790.2
GALERIA PARQUE N 4772673Z PL -6221557.01 176869350.5
HOSPITAL DE FARO 3789880Z PL -59945072.08 249069905.8
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
PIK GROUP-GDR PIQ2 GR -65334860.95 4000687446
PIK GROUP-GDR PIK1 EO -65334860.95 4000687446
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
SISTEMA HALS-GDR HALS LI -568359936 1210651008
SISTEMA HALS-GDR SYR GR -568359936 1210651008
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
URGALUGOL-BRD YRGL* RU -20765964.53 115490879.4
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
WILD ORCHID ZAO DOAAN RU -11716087.47 106082784.6
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
BASF CONSTRUCTIO 4511259Z SM -175550365.3 296395765.4
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
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
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
FABRICAS AGRUPAD 3638319Z SM -32596694.58 286240670.7
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
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
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
MAGNETI MARELLI 3643903Z SM -6218714.533 169480205.1
MARTINSA FADESA MFAD PZ -3316202978 7060944147
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
NYESA VALORES CO BES EU -99766729.91 812943907.9
NYESA VALORES CO BESS PZ -99766729.91 812943907.9
NYESA VALORES CO BES TQ -99766729.91 812943907.9
NYESA VALORES CO NYE TQ -99766729.91 812943907.9
NYESA VALORES CO 7NY GR -99766729.91 812943907.9
NYESA VALORES CO BES SM -99766729.91 812943907.9
ORANGE CATALUNYA 4365565Z SM -25422547.72 113962331.9
PANRICO SL 1087Z SM -132677120.8 1306407522
PULLMANTUR SA 301590Z SM -77746125.07 127835603
RANDSTAD EMPLEO 4285885Z SM -58878158.21 370434699.9
REAL ZARAGOZA SA 4285533Z SM -26642893.2 155342765.2
REYAL URBIS SA REY1 EU -425677105.6 5777458693
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
SIDERURGICA SEVI 3755616Z SM -6175305.125 255962721.9
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
TROPICAL TURISTI 3639071Z SM -25374266.69 535701945
TWINS ALIMENTACI 4381793Z SM -49677879.17 298164942.5
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
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WHITE YOUNG GREE WHYEUR EO -32392901.23 196106689.5
WHITE YOUNG GREE WHY EO -32392901.23 196106689.5
WHITE YOUNG GREE WHY PO -32392901.23 196106689.5
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
WINCANTON PLC WIN1 EO -162158252.9 1389119000
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 * * *