/raid1/www/Hosts/bankrupt/TCREUR_Public/110719.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 19, 2011, Vol. 12, No. 141
Headlines
G E R M A N Y
IKB DEUTSCHE: Moody's Withdraws 'Ba2' Debt & Deposit Ratings
TITAN EUROPE: S&P Affirms 'D' Ratings on Four Classes of Notes
G R E E C E
HELLENIC TELECOMS: Fitch Says Ratings Not Hurt by Greek Downgrade
NAT'L BANK OF GREECE: Fitch Downgrades Long-Term IDR to 'B-'
NAT'L BANK OF GREECE: Fitch Cuts Rating on Covered Bonds to 'BB-'
* GREECE: Fitch Maintains RWN on 'Bsf'-Rated Tranches
* GREECE: Talks with Private Creditors in Progress
I R E L A N D
ALLIED IRISH: DBRS Downgrades Subordinated Debt Ratings to 'D'
ANGLO IRISH: Four Equity Firms Lead Bidding Race for US Loan Book
DIRECTROUTE: Moody's Cuts EUR241MM Secured Loan due 2040 to 'Ba3'
EUROPROP SA: S&P Lowers Rating on Class F Notes to 'B'
HOUSING FINANCE: Moody's Cuts EUR6BB Commercial Paper to NP
IRISH LIFE: Rebel Shareholders Seek to Halt Recapitalization
IRISH LIFE: DBRS Cuts Dated Subordinated Debt Rating to 'D'
* Moody's Cuts Rating of Five Banks' Gov't-Guaranteed Debt to Ba1
* IRELAND: Winding-Up Orders Down 9%, Annual Court Report Shows
N E T H E R L A N D S
CANDIDE FINANCING: Moody's Assigns 'Ba1' Rating to EUR150MM Notes
CANDIDE FINANCING: Fitch Assigns 'BBsf' Rating on Class B Notes
FORNAX BV: S&P Downgrades Rating on Class F Notes to 'B'
HAMLET I: Moody's Confirms 'Ba2' Rating of EUR78MM Class B Notes
P O R T U G A L
HIPOTOTTA NO. 5: S&P Affirms Rating on Class F Notes at 'CCC-'
R U S S I A
AK OJSC: S&P Assesses Stand-alone Credit Profile at 'b+'
TENEX-SERVICE: S&P Gives 'BB+/B' Counterparty Credit Ratings
S P A I N
BANCO FINANCIERO: Fitch Downgrades Long-term IDR to 'BB'
CM BANCAJA: S&P Lowers Rating on Class C Notes to 'B+'
IM PASTOR: S&P Puts 'B' Rating on Class D Notes on Watch Negative
SANTANDER EMPRESAS: S&P Affirms Rating on Class F Notes at 'D'
U N I T E D K I N G D O M
ALL EUROPEAN: Goes Into Liquidation; Owes More Than GBP500,000
AMBAC FINANCIAL: Suit Against JPMorgan Reinstated on Appeal
CONSUMER UNSECURED: S&P Lowers Rating on Class E Notes to 'B'
DIVERSITY FUNDING: S&P Affirms BB- Ratings on Two Classes of Notes
FOCUS (DIY): Takeover Bid Failure Leaves Workers in Limbo
HOUSE OF FRASER: Moody's Rates GBP250MM Senior Notes at 'B3'
LARONGROVE LTD: OAP Savers Left Penniless After Firm Went Bust
LE SPA: Could Become Care Home After Appeal Victory
LLOYDS BANKING: Virgin, Co-operative Leading Bidders for Branches
ROYAL BANK: Risky Loan Wind-Down Losses Less Than Estimated
SOUTHERN CROSS: Faces Liquidation; NHP Seek New Owner for Homes
WHITE TOWER: S&P Lowers Rating on Class D Notes to 'B-'
YELL GROUP: Unveils Major Online Expansion Plan
* UK: Corporate Failures Could Rise in Some Sectors, PwC Warns
* UK: Number of Scottish Insolvencies Up 17% in Quarter Ended June
* SCOTLAND: High Streets Trading Difficulties Unlikely to Improve
X X X X X X X X
* EUROPE: Eight Banks Fail European Union Stress Tests
* Large Companies with Insolvent Balance Sheet
*********
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G E R M A N Y
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IKB DEUTSCHE: Moody's Withdraws 'Ba2' Debt & Deposit Ratings
------------------------------------------------------------
Moody's Investors Service has affirmed and withdrawn the Ba2/non-
prime debt and deposit ratings of IKB Deutsche Industriebank.
RATINGS RATIONALE
Moody's Investors Service has withdrawn the credit rating for its
own business reasons. Please refer to Moody's Investors Service's
Withdrawal Policy, which can be found at http://www.moodys.com/
The bank's E bank financial strength rating (BFSR), the Caa2
senior subordinated debt ratings and the Ca/C(hyb) ratings for
hybrid capital instruments were also affirmed and withdrawn.
Before the rating withdrawal, the outlook was stable on the E BFSR
and on the subordinated debt and hybrid ratings and the outlook on
the Ba2 long-term debt and deposit ratings was negative.
THESE RATINGS WERE WITHDRAWN AT THE CURRENT RATING LEVEL:
-- BFSR: E, stable
-- Long-Term Bank Deposits: Ba2, negative
-- Long-Term Senior Unsecured: Ba2, negative
-- Short-Term Bank Deposits/ Commercial Paper: non-prime
-- Senior Subordinated Debt: Caa2 stable
-- Junior Subordinated Debt, including those issued by ProPart
Funding Limited Partnership: C(hyb) stable
-- Preferred Stock issued by IKB Funding Trust I and II, and by
Capital Raising GmbH: Ca(hyb) stable
THESE RATINGS REMAINED UNAFFECTED:
-- Backed long-term senior unsecured debt guaranteed by the
German government: Aaa, stable.
WHAT COULD CHANGE THE RATING UP / DOWN
The rating agency notes that there is major (rating) transition
risk for bond holders at this point in time, given the bank's
fragile risk profile. This risk stems from (i) the bank's
dependence on liquidity support; (ii) weak underlying
profitability, as IKB continues to post losses (adjusted for
valuation gains on its own liabilities); and (iii) the persistent
high fragility and volatility in the credit markets.
Against this background, Moody's view on the outlook for IKB is
that for the next few quarters, a change in ownership would be the
main factor that could trigger a more favorable (rating)
assessment. Substantial comfort for investors could be provided
(i) if a strategic acquirer were to obtain majority or even full
ownership of the bank; and (ii) if the combination of financial
strength and the commitment of such a buyer towards IKB offers
credit enhancement.
In the absence of such a transaction, the risk for bondholders is
likely to rise in the course of 2012 and 2013. Notwithstanding the
progress made in restructuring and de-risking the bank, IKB's
ability to service its debt obligations could come under
increasing pressure from a combination of rising liquidity risks
and external factors, in particular the German government's
weakening preparedness to support systemically less relevant
banks.
TITAN EUROPE: S&P Affirms 'D' Ratings on Four Classes of Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2006-1 PLC's class A, X, B, C, and D notes, and
affirmed its ratings on the class E, F, G, and H notes. "At the
same time, we removed from CreditWatch negative our ratings on the
class A, X, B, C, and D notes," S&P related.
"The downgrades reflect our view of the deteriorating
creditworthiness of the class A, X, B, C, and D notes due to an
increased likelihood of losses associated primarily with the
Mangusta Portfolio and KQ Warehouse Portfolio loans, two specially
serviced loans, which comprise 57.9% of the remaining pool
balance," S&P added.
Mangusta Portfolio Loan
The Mangusta Portfolio loan is secured against a portfolio of 13
mixed-use, retail, industrial, and leisure properties in various
areas of Germany. Of these, the three largest are located in
Wuppertal, close to Dusseldorf. The current securitized balance is
EUR120.4 million (34.6% of the pool) and the B-note balance is
EUR17.1 million. The reported value for the properties as of
November 2009 was EUR86.5 million--a decrease of approximately
49.4% from the market value at issuance, after adjusting for the
sale of one property in 2009," S&P noted.
The loan has been with the special servicer, Hatfield Philips
International Ltd., since June 23, 2008 following a breach of the
financial information loan covenant. In February 2010, the court
appointed a preliminary insolvency administrator to the borrower.
In August 2010, at the creditor meeting, attendees approved the
sale of the properties on the open market. In November 2010, the
special servicer reported that the insolvency administrator had
signed an exclusivity agreement with one potential investor, and
that the special servicer had received a term sheet from the
investor's financing bank. These parties subsequently agreed a
sales and purchase agreement for the entire portfolio. Proceeds
from the sale of Wickuler Park (the Wuppertal properties) did not
materialize by the April 2011 interest payment date as previously
expected, because the purchaser was not able to procure financing
in time. The special servicer is now evaluating other options,
including remarketing the entire portfolio," S&P continued.
In the meantime, the loan continues to pay partial debt service
only, as there have been ongoing capital expenditures, including
renovations due to fire protection requirements, at the Wuppertal
properties, and defects in heating systems in various properties
in Heidelberg. The total unpaid interest amounts to EUR7.3
million. According to the Dec. 31, 2010 special servicing monthly
asset status report, the reported occupancy for the portfolio is
73%, down from 91% at issuance. Rental income for the first
quarter in 2011 was reported to be approximately EUR2.5 million
(EUR10.0 million annually), down from EUR11.1 million annually at
closing (after adjusting for the one property that was
sold in 2009). In light of these factors, we believe that the
likelihood of principal losses for this loan has increased since
our last review," S&P said.
KQ Warehouse Loan
The KQ Warehouse Portfolio loan is secured by two logistics
properties, one in Leipzig and one in Munich, and by a plot of
development land in Leipzig. The current securitized balance is
EUR81.2 million (23.3% of the pool) and the B-note balance is
EUR11.9 million.
The properties were leased to two tenants belonging to the
Arcandor group, which filed for insolvency in June 2009. The
tenant vacated the Leipzig property in February 2010. The Munich
property remained leased to a section of Karstadt, a subsidiary of
the Arcandor group, until a new tenant signed a lease in January
2011.
In February 2011, the special servicer, Hatfield Philips
International Ltd., and the borrowers agreed a one-year loan
standstill. The special servicer also split the loan such that the
borrower structure is no longer cross-collateralized. This allows
for the possibility that one borrower could enter insolvency while
the other does not. Hatfield Philips International has also
reallocated the debt amounts for the properties. The Leipzig
property and development land now account for 76% of the current
whole loan, compared with 90% at closing. "We have also received
reports that the special servicer is selling the Leipzig property
and development land as three parcels. Two parcels have already
been sold and the remaining parcel is reported to be in
negotiation for sale. Hatfield Philips International is also
marketing the Munich property," S&P related.
Total unpaid interest on the loan amounted to EUR4.5 million as of
the April 2011 interest payment date. "We believe that the value
of the properties has further declined and that there could be
significant principal losses on this loan," S&P said.
Other Loans
"The three other loans in the transaction are currently
performing. However, two of these are showing signs of stress in
our view: The Tiden Portfolio loan has a current securitized
balance of EUR72.8 million (21% of the pool) and a EUR15.3 million
B-note. It is scheduled to mature in 2013 but occupancy has
dropped to 88% as of the April 2011 interest payment date from 99%
at issuance. In addition, we estimate approximately 25% of the
current annual rent is set to expire by the end of 2011. In light
of these factors, we believe that the value of the properties has
declined since our last review," S&P related.
For the Steigenberger Hotel Portfolio loan, the servicer extended
the maturity date to October 2012 from October 2010. A January
2010 valuation reported the value of the underlying property to be
EUR50.6 million, which is equivalent to a 106% loan-to-value
ratio. We believe that the current financing environment may
affect the loan's ability to refinance in October 2012," S&P said.
"As a consequence of our assessment of the increase in likelihood
of principal losses associated with the Mangusta Portfolio and KQ
Warehouse Portfolio loans, and our view of the Tiden Portfolio and
Steigenberger Hotel Portfolio loans, we believe that the class D,
E, F, G, and H notes are exposed to principal losses. We have
therefore lowered our rating on the class D notes to 'B+ (sf)' and
affirmed our 'D (sf)' rating on the class E, F, G, and H notes.
Furthermore, should the class D, E, F, G, and H notes experience
principal losses, the subordination available to the class A, B,
and C notes will be adversely affected. Accordingly, we have also
lowered our ratings on the class A, B, and C notes," S&P stated.
"In light of these downgrades, we have also lowered our rating on
the class X notes to 'AA (sf)' in line with our 'Global
Methodology For Rating Interest-Only Securities,' published April
15, 2010. For interest-only securities that reference either the
entire asset pool of a transaction or an amortization schedule or
formula, we maintain their ratings until all principal -- and
interest-paying classes of notes rated 'AA-' or higher have
been retired or downgraded below that rating level, at which time
we will withdraw these interest-only ratings," S&P related.
"In December 2010, we placed our ratings on the class C and D
notes on CreditWatch negative as a result of indications that
ultimate recoveries on the Mangusta loan may fall below our
previous estimate. After our review, we have removed our ratings
from CreditWatch negative," S&P said.
"On Jan. 18, 2011, we placed on CreditWatch negative our ratings
on the class A, X, and B notes when our 2010 counterparty criteria
became effective. After our review, we have removed our ratings on
these notes from CreditWatch negative. Our analysis indicates,
based on the application of our 2010 counterparty criteria, that
the counterparties can support the current ratings," S&P said.
Titan Europe 2006-1 closed in March 2006 with notes totaling
EUR723.3 million. The notes have a legal final maturity in
January 2016. Of the 10 loans that originally backed the
transaction, five have repaid. The note balance has reduced to
EUR348.3 million.
Ratings List
Class Rating
To From
Titan Europe 2006-1 PLC
EUR723.303 Million Commercial Mortgage-Backed Floating-Rate and
Variable-Rate
Notes
Ratings Lowered and Removed From CreditWatch Negative
A AA (sf) AAA (sf)/Watch Neg
X AA (sf) AAA (sf)/Watch Neg
B BBB-(sf) AA (sf)/Watch Neg
C BB- (sf) A- (sf)/Watch Neg
D B+ (sf) BB- (sf)/Watch Neg
Ratings Affirmed
E D (sf)
F D (sf)
G D (sf)
H D (sf)
===========
G R E E C E
===========
HELLENIC TELECOMS: Fitch Says Ratings Not Hurt by Greek Downgrade
-----------------------------------------------------------------
Fitch Ratings says that Hellenic Telecommunications Organization
S.A.'s (OTE) ratings are unchanged following Fitch's downgrade of
the Greek sovereign rating to 'CCC' from 'B+'.
Fitch previously guided on the level of constraint a euro zone
sovereign rating exerts on domestic corporates, which led to a
downgrade of OTE's Issuer Default Rating (IDR)and OTE PLC's senior
unsecured rating to 'BB' from 'BBB-' on May 23, 2011.
More specifically, Fitch indicated that should the sovereign
rating deteriorate to 'B' and below, the 'BB' rating would
represent a 'floor' of the direct influence of a sovereign rating
upon the rating of domestic corporates.
As a result, OTE's current ratings remain unchanged, reflecting
the de-coupling of the direct sovereign rating influence and the
transition to a more 'standalone' approach of OTE's credit
profile. In this context, while the Greek issuer's standalone
profile deteriorated in Q111, it is still within the boundaries of
Fitch's rating case, which allows for a 13% service revenue
decline for FY11. The agency is therefore of the view that OTE
still maintains a reasonable amount of headroom above its 'BB' IDR
level. More particularly, using conservative assumptions of OTE's
capacity to reduce capex and maintain a low level of dividends
payments, Fitch estimated that OTE's EBITDA would need to decline
by 54% for its standalone profile to weaken to below its current
constrained IDR of 'BB', taking its FFO adjusted leverage to 4.5x
and interest cover to 4.0x.
Fitch guides that further negative rating action could be
triggered should evidence emerge of a disorderly debt
restructuring at the sovereign level with either (i) direct knock-
on effects on operational performance beyond those identified in
Fitch's standalone stress case described above, or (ii) indirect
effects on the ability more generally of Greek corporates to
maintain efficient treasury functions in relation to their
external creditors.
Conversely, material developments in OTE's relationship with 30%
shareholder Deutsche Telekom AG (DT, 'BBB+'/Stable), which lead
Fitch to assume greater levels of formal support for OTE, or,
separately, a material reversal of the trajectory of recent rating
actions for the sovereign could result in positive rating
implications.
NAT'L BANK OF GREECE: Fitch Downgrades Long-Term IDR to 'B-'
------------------------------------------------------------
Fitch Ratings has downgraded National Bank of Greece's (NBG), Efg
Eurobank Ergasias' (Eurobank) Alpha Bank's (Alpha), Piraeus Bank's
(Piraeus) and Agricultural Bank of Greece's (ATEbank) Long-term
Issuer Default Ratings (IDR) to 'B-' from 'B+' and maintained them
on Rating Watch Negative (RWN). At the same time, Fitch has
downgraded their Support Ratings to '5' from '4' and revised the
Support Rating Floors (SRF) to 'B-' from 'B+' and placed them on
RWN. The banks' 'B' Short-term IDRs have also been placed on RWN.
The rating actions follow the downgrade of Greece's sovereign
rating to 'CCC' from 'B+'. The agency has also maintained T Bank's
'B-' Long-term IDR on RWN, affirmed its Support Rating at '5' and
revised its SRF to 'B-' from 'No Floor' and placed it on RWN.
State-guaranteed issues have been also downgraded to 'B-' from
'B+' and maintained on RWN.
The six Greek banks' Long-term IDRs are on their SRF and reflect
Fitch's assumption that international support from the IMF/EU/ECB
in respect of Greek banks' recapitalization and re-financing
continues to be available for the time being. The RWN on their
IDRs and SRFs reflect the risk of a downgrade if there is any
further downgrade of Greece's sovereign rating and/or there are
changes to the assumptions underpinning Fitch's judgment on
support to Greece and Greek banks.
The downgrade of NBG, Eurobank, Alpha, Piraeus and ATEbank's
Individual Ratings to 'E' from 'D/E' indicates Greek banks'
deteriorating creditworthiness and the agency's view that pressure
on banks' capital, funding and liquidity and asset quality is
escalating due to serious concerns about the Greek sovereign and
the economy. Greek banks' funding and liquidity profiles are
currently supported by extraordinary liquidity provided by the ECB
and remain at risk, given banks' little margin of manoeuvre
against continued deposit outflows and limited scope to build
liquidity buffers. Fitch also notes banks' vulnerable capital
position to Greek sovereign shocks.
T Bank's Individual Rating of 'E' has been affirmed, highlighting
the above risks and its merger plans with the state-owned bank IT
Hellenic Postbank S.A.
As a result of the above rating actions, the banks' debt issues
(including senior, subordinated and hybrid capital issues) have
been downgraded and placed on RWN. Recovery Ratings (RR) for the
banks' unsecured senior and subordinated debt issues have been
affirmed at 'RR4' and 'RR6', respectively.
The rating actions are:
National Bank of Greece S.A.
-- Long-term IDR downgraded to 'B-' from 'B+'; RWN maintained
-- Short-term IDR 'B'; placed on RWN
-- Individual Rating downgraded to 'E' from 'D/E'
-- Support Rating downgraded to '5' from '4'; RWN removed
-- Support Rating Floor revised to 'B-' from 'B+'; RWN
maintained
-- Senior notes downgraded to 'B-/RR4' from 'B+/RR4'; RWN
maintained
-- Hybrid capital downgraded to 'C' from 'CCC'; RWN removed
-- State-guaranteed issues downgraded to 'B-' from 'B+'; RWN
maintained
Efg Eurobank Ergasias S.A.
-- Long-term IDR downgraded to 'B-' from 'B+'; RWN maintained
-- Short-term IDR 'B'; placed on RWN
-- Individual Rating downgraded to 'E' from 'D/E'
-- Support Rating downgraded to '5' from '4'; RWN removed
-- Support Rating Floor revised to 'B-' from 'B+'; RWN
maintained
-- Senior notes downgraded to 'B-'/'RR4' from 'B+/RR4'; RWN
maintained
-- Market-Linked Senior notes downgraded to 'B-emr'/'RR4' from
'B+ emr/RR4'; RWN maintained
-- Commercial paper at 'B'; placed on RWN
-- Subordinated notes downgraded to 'C'/'RR6' from 'B-'/'RR6';
RWN removed
-- Hybrid capital downgraded to 'C' from 'CCC'; RWN removed
-- State-guaranteed issues downgraded to 'B-' from 'B+'; RWN
maintained
-- Short-term state-guaranteed issues at 'B', placed on RWN
Alpha Bank S.A.
-- Long-term IDR downgraded to 'B-' from 'B+'; RWN maintained
-- Short-term IDR 'B'; placed on RWN
-- Individual Rating downgraded to 'E' from 'D/E'
-- Support Rating downgraded to '5' from '4'; RWN removed
-- Support Rating Floor revised to 'B-' from 'B+'; RWN
maintained
-- Senior notes downgraded to 'B-/RR4' from 'B+'/'RR4'; RWN
maintained
-- Market-Linked Senior notes downgraded to 'B-emr'/'RR4' from
'B+ emr/RR4'; RWN maintained
-- Subordinated notes downgraded to 'C'/'RR6' from 'B-'/'RR6';
RWN removed
-- Junior subordinated notes downgraded to 'C' from 'CCC'; RWN
removed
-- Hybrid capital downgraded to 'C' from 'CCC'; RWN removed
-- State-guaranteed issues downgraded to 'B-' from 'B+'; RWN
maintained
-- Short-term state-guaranteed issues at 'B', placed on RWN
Piraeus Bank S.A.
-- Long-term IDR downgraded to 'B-' from 'B+'; RWN maintained
-- Short-term IDR 'B'; placed on RWN
-- Individual Rating downgraded to 'E' from 'D/E'
-- Support Rating downgraded to '5' from '4'; RWN removed
-- Support Rating Floor revised to 'B-' from 'B+'; RWN
maintained
-- Senior notes downgraded to 'B-'/'RR4' from 'B+'/'RR4'; RWN
maintained
-- Commercial paper at 'B'; placed on RWN
-- State-guaranteed issues downgraded to 'B-' from 'B+'; RWN
maintained
Agricultural Bank of Greece (ATEbank)
-- Long-term IDR downgraded to 'B-' from 'B+'; RWN maintained
-- Short-term IDR 'B'; placed on RWN
-- Individual Rating downgraded to 'E' from 'D/E', RWN removed
-- Support Rating downgraded to '5' from '4'; RWN removed
-- Support Rating Floor revised to 'B-' from 'B+'; RWN
maintained
-- State-guaranteed issues downgraded to 'B-' from 'B+'; RWN
maintained
T Bank
-- Long-term IDR 'B-'; RWN maintained
-- Short-term IDR 'B'; RWN maintained
-- Individual Rating affirmed 'E'
-- Support Rating affirmed at '5'
-- Support Rating Floor revised to 'B-' from 'No Floor'; placed
on RWN
-- Subordinated notes affirmed at 'C'
-- Hybrid capital affirmed at 'C'
In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual Ratings and the prospect of external support
is reflected in Fitch's Support Ratings. Collectively these
ratings drive Fitch's Long- and Short-term IDRs.
NAT'L BANK OF GREECE: Fitch Cuts Rating on Covered Bonds to 'BB-'
-----------------------------------------------------------------
Fitch Ratings has downgraded the mortgage covered bonds issued by
Alpha Bank, Eurobank EFG, National Bank of Greece (NBG) and
Piraeus Bank in Greece. The mortgage covered bonds issued by
Marfin Popular Bank (Marfin) in Cyprus remain unaffected. All
programmes are maintained on Rating Watch Negative (RWN):
-- Alpha Bank's covered bonds: downgraded to 'BBB-' from BBB';
maintained on RWN
-- Eurobank EFG's covered bonds: downgraded to 'BBB-' from
'BBB'; maintained on RWN
-- NBG's covered bonds (Programme I): downgraded to 'BB-' from
'BB+'; maintained on RWN
-- NBG's covered bonds (Programme II): downgraded to 'BBB-'
from 'BBB'; maintained on RWN
-- Piraeus Bank's covered bonds: downgraded to 'BBB-' from
'BBB'; maintained on RWN
-- Marfin's covered bonds: 'BBB/RWN' unaffected
On aggregate, the six programs represent EUR19 billion of rated
debt.
The rating actions follow the downgrade of Greece's sovereign
rating to 'CCC' from 'B+/RWN' on July 13, 2011, and subsequent
downgrades of Alpha's, Eurobank EFG's, NBG's and Piraeus' Long
Term Issuer Default Ratings (IDR) to 'B-/RWN' on July 14, 2011.
Alpha Bank's, Eurobank EFG's, NBG's Programme II and Piraeus's
covered bond programs are currently undergoing structural
amendments that will transform the existing liability profile from
soft-bullet (10-year extendible maturity) to partial pass-through
amortization. Under the soft-bullet redemption currently in place,
the programs are exposed to refinancing risk to the extent that,
in the event of an issuer default, a certain portion of the
mortgage cover pool will need to be liquidated after 10 years in
order to repay the covered bonds still outstanding at that time.
In contrast, a pass-through amortization will eliminate maturity
mismatches and effectively remove refinancing risk from the
associated covered bonds.
Pending these amendments to documentation, Fitch has downgraded
the four programs to 'BBB-' and maintained them on RWN. Fitch
expects the issuers to complete the amendments by July 29, 2011.
Covered bonds with adequate pass-through provisions by that date
will be maintained at their current rating, while programs that
have not implemented the planned amendments within this timeframe
will be downgraded to non-investment grade.
Unlike the four programs above, NBG's Programme I features a one-
year extendible maturity, which, in Fitch's view, critically
exposes the program to refinancing risk upon an issuer default. On
a probability of default (PD) basis, the covered bonds' rating is
therefore downgraded to 'B-' in line with NBG's IDR, while the
covered bonds benefit from an uplift to 'BB-' when factoring in
stressed recoveries from the cover pool given a default of the
bonds. The program's Discontinuity Factor (D-Factor) remains at
100%, while the maximum asset percentage (AP) committed by NBG for
its Programme I currently stands at 53%.
Marfin's covered bonds issued in Cyprus and secured by Greek
mortgage loans are unaffected at 'BBB'/RWN. The covered bonds'
rating on a PD basis is already at its floor, which is Marfin's
IDR at 'BBB-'. However, the bonds benefit from an uplift to 'BBB'
when factoring in stressed recoveries from the cover pool given a
default of the bonds. Similar to NBG's Programme I, Marfin's D-
Factor remains at 100%. The maximum AP committed by Marfin for its
covered bonds program currently stands at 95%.
In parallel, Fitch has applied its Covered Bonds Counterparty
Criteria, published 14 March 2011, on its rating universe of Greek
and Cypriot covered bond programs. All six programs benefit from a
commingling reserve, currently funded, which Fitch has found
sufficient to cover three months of interest payments on the
covered bonds. Additionally, NBG Programme I features an interest
rate swap with Deutsche Bank AG (rated 'AA-(RWN)'/'F1+'), whereby
interest collections on mortgage loans are exchanged against the
coupon payable on the bonds. Termination payments on this swap
rank pari passu with payments due on the covered bonds. However,
the potential strain this could put on liquidity bears no impact
on the program's D-Factor, which is already set at 100%. The
remaining five programs feature no swap arrangements, and
therefore, according to the criteria, no adjustment to their D-
Factor is warranted.
Overall, the RWN on all Greek and Cypriot covered bonds is a
reflection of the adverse economic conditions and heightened
uncertainty surrounding recent developments in Greece. The RWN on
the five programs issued out of Greece also mirrors the RWN
applied to the IDRs of the Greek banks. For Alpha Bank's, Eurobank
EFG's, NBG program II's and Piraeus Bank's covered bonds, and
until July 29, 2011, the RWN further addresses the ongoing
documentation amendments on the four programs.
* GREECE: Fitch Maintains RWN on 'Bsf'-Rated Tranches
-----------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative on all
tranches rated 'Bsf' and above, of 16 Greek structured finance
transactions (three ABS, 13 RMBS). In addition, Fitch has
downgraded two credit-linked ABS tranches.
The rating actions follow Fitch's downgrade of Greece's Long-term
foreign and local currency Issuer Default Ratings (IDRs) to 'CCC'.
Although the downgrade of the sovereign debt ratings implies that
a sovereign default is a real possibility, this does not have an
immediate impact on the ratings of structured finance ratings,
other than the two credit-linked ABS transactions. As previously
stated, a further downgrade, or even some form of sovereign
default, may not necessarily indicate an increase in the risk
associated with Greek structured finance transactions.
Additional negative rating action is more likely to be prompted by
performance deterioration. The maintained RWN on the notes that
have ratings 'Bsf' and above reflects the uncertainty over the
future performance of the underlying borrowers in the
transactions. In particular, Fitch believes that the
implementation of further austerity measures may negatively affect
the ability and willingness of borrowers to make their debt
payments. The agency notes that RMBS transactions are already
starting to show an increase in arrears and that reserve fund
draws have been reported on two Fitch-rated deals.
The RWN also reflects the transactions' increased exposure to
operational risks relating to their bank counterparties (including
technical insolvency and liquidity constraints), which may be
faced upon the default or further deterioration of the sovereign.
Finally, it addresses the potential for negative rating action on
RMBS transactions in light of Fitch's upcoming review of its
residential mortgage loss criteria assumptions for Greece.
Fitch will resolve the RWN once additional clarity is available
regarding the nature and conditions of the restructuring of
Greece's debt burden and its effect on the broader economy and,
specifically, the structured finance transactions under analysis.
* GREECE: Talks with Private Creditors in Progress
--------------------------------------------------
Matthew Saltmarsh at The New York Times reports that the group
representing Greece's private creditors said Sunday that progress
was being made in working out the involvement of international
banks in the next Greek bailout.
Charles H. Dallara, managing director of the Institute of
International Finance, an organization representing major global
financial companies, flew to Rome last week to attend meetings on
Thursday and Friday led by Vittorio Grilli, a senior official at
the Italian Treasury and the chairman of a European committee
working on the second Greek bailout, The New York Times relates.
According to The New York Times, Mr. Dallara, who is based in
Washington, said he would remain in Europe this week to coordinate
the effort, with conference calls and face-to-face meetings
planned among bankers and officials.
The New York Times says talks are to continue this week before a
meeting of European leaders in Brussels on Thursday, where they
are expected to reach agreement on a second bailout for Athens.
The amount could total around EUR90 billion, or US$127 billion,
and up to one-third of that is expected to be accounted for by
private creditors, mainly French and German banks, The New York
Times states. The remainder would come from the European Union
and the International Monetary Fund, according to The New York
Times.
Questions remain about the scale of debt buybacks and exchanges
that will be employed, the duration of the bond maturities that
would be covered, the assessment of the rate of return on debt
rollovers, the amount of collateral that would be required for
Greek banks to participate, and the risk-free interest rate that
investors would seek as part of a plan, The New York Times states.
The emphasis of the talks is on "transforming the debt structure
over 10 years," meaning extending the life span of shorter
maturity bonds to 10 years, and on deciding which bonds would be
eligible for buyback schemes, The New York Times says, citing one
person involved in the discussions.
He added that the amount of Greek debt accounted for by the
private sector was around EUR150 billion, based on figures from
the Institute of International Finance, the International Monetary
Fund and the Greek debt office, The New York Times notes.
=============
I R E L A N D
=============
ALLIED IRISH: DBRS Downgrades Subordinated Debt Ratings to 'D'
--------------------------------------------------------------
DBRS Inc. has downgraded the ratings of the GBP 368.253 million
Dated Subordinated Debt due 2019 issued by Allied Irish Banks
p.l.c. to "D" from "C". The downgrade follows the settlement of
the proceedings before the High Court of Ireland involving certain
holders of the Notes and the Minister for Finance.
In respect of the Notes, the High Court has declared that the
subordinated liabilities order issued by the High Court on 14
April 2011 under the Credit Institutions (Stabilisation) Act 2010
is effective as of April 22, 2011. The SLO amends the terms of
the subordinated debt, including interest due, so that it is
payable only at the option of AIB; and the maturity date of the
Notes has been extended to June 2035. Additionally, in accordance
with the amendments, AIB announced that no payment of interest
that would have been due to holders of the Notes on 25 June 2011
will be made by AIB.
The downgrade reflects the halting of interest payments on the
Notes by AIB and DBRS's expectation that the future interest
payments of these outstanding subordinated instruments will be
halted, as allowed by the High Court. Further, the downgrade
considers the aforementioned extension of the final maturity date.
Given that bondholders are unlikely to receive interest as agreed
upon and that the expected maturity has been extended, DBRS views
these actions as disadvantageous to bondholders, which is
considered a default under DBRS policy.
ANGLO IRISH: Four Equity Firms Lead Bidding Race for US Loan Book
-----------------------------------------------------------------
Laura Noonan at Irish Independent reports that four private equity
consortiums are leading the race for Anglo Irish Bank's US$10
billion (EUR7 billion) US loan portfolio, while a shortlist of
"about 10" bidders has been drawn up for the lender's EUR500
million wealth management business.
The update on Anglo's sales comes as the collapsed bank and Irish
Nationwide, soon to be collectively known as 'IBRC', embark on a
10-year plan to sell off assets loans and shut their businesses,
Irish Independent relates.
According to Irish Independent, reports in the US on Thursday
reveal that Anglo's US$10 billion US loan book is being courted by
some of the biggest names in finance, including American
International Group (AIG), BlackRock, Blackstone, Deutsche Bank
and TPG.
The finance giants are grouped together in four consortiums who
may lodge first-round bids by August 9, Irish Independent says,
citing reports on Bloomberg.
The Irish Independent understands that several other parties are
also looking at the loan book, which features 248 commercial loans
stretching from Manhattan to Florida.
Anglo, Irish Independent says, is hoping to close the sale of the
US book in the third quarter, well ahead of the December 31
deadline the bank is officially working towards.
As reported by the Troubled Company Reporter-Europe on July 1,
2011, BreakingNews.ie related that The European Commission cleared
a bailout plan for Anglo Irish Bank and the Irish Nationwide
Building Society. BreakingNews.ie disclosed that the proposal,
which was submitted for approval in January, provides for the
merger of the two troubled institutions and their winding down
over the next 10 years. Anglo Irish and Irish Nationwide jointly
received EUR34.7 billion in capital injections from the State to
cover losses on property loans, BreakingNews.ie noted.
Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking. The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions. The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions. In addition, at Sept. 30,
2008, its non-retail deposits included deposits from Irish
Life Assurance plc. The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.
DIRECTROUTE: Moody's Cuts EUR241MM Secured Loan due 2040 to 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Ba3 from Ba2 the
rating for the EUR143.5 million guaranteed secured loan due 2040
from Landale Asset Purchasing Company No 3 Limited (including a
EUR3 million standby loan), and the EUR97.6 million guaranteed
secured loan from the European Investment Bank both raised by
DirectRoute (Limerick) Finance Limited. The rating outlook
remains negative.
RATINGS RATIONALE
The rating action follows Moody's recent downgrade of the
Government of Ireland to Ba1 from Baa3. The underlying rating of
the Loans is underpinned by the credit strength of the National
Roads Authority, as payer under the Concession Agreement.
The Issuer is a financing conduit that on-lends the proceeds of
the Loans to DirectRoute (Limerick) Limited, which is responsible
for financing, procuring, operating and maintaining the Limerick
Tunnel PPP Scheme.
The NRA provides a minimum traffic guarantee under the Concession
Agreement, and the actual Average Daily Traffic has to date been
less than the minimum traffic guarantee level. As a result,
payments are made under the minimum traffic guarantee and Moody's
is applying a two-notch differential between the rating of the
Loans and that of the Irish Government. This differential is
consistent with Moody's approach for availability-based projects,
as outlined in Moody's methodology for Operating Risk in
Privately-Financed Public Infrastructure (PFI/PPP/P3) Projects,
published in December 2007.
The Project's negative outlook reflects the negative outlook of
Ireland's Government bond rating as Moody's expects the rating of
the Loans to move with the Government bond rating. Ireland's
rating would not necessarily have acted as an absolute cap on the
rating if toll revenues had been sufficient to make the minimum
revenue guarantee a contingent rather than essential support.
However the lower than expected actual revenues now make the
Project reliant on the minimum traffic guarantee payments (which
have already started to flow), and in this scenario it is more
appropriate to impose the usual two-notch gap between offtaker
rating and project rating as outlined by the Operating Risk in
Privately-Financed Public Infrastructure (PFI/PPP/P3) Projects
methodology.
The Loans benefit from an unconditional and irrevocable guarantee
of scheduled principal and interest under a financial guarantee
insurance policy issued by MBIA UK Insurance Limited (MBIA; rated
B3, negative outlook). However, as MBIA's rating is lower than the
underlying rating, the rating of the Loans is determined by the
underlying rating.
The Project involves a 10 km tolled dual carriageway bypass,
located to the southwest of the City of Limerick (situated in the
southwest of Ireland on the River Shannon). The Project consists
of a 675 meter immersed tube tunnel under the River Shannon and
other significant structures including bridges, underpasses and
culverts. The Project was opened to traffic on 27 July 2010.
The principal methodologies used in this rating were Operational
Toll Roads published in December 2006, and Operating Risk in
Privately-Financed Public Infrastructure (PFI/PPP/P3) Projects
published in December 2007.
DirectRoute (Limerick) Limited is ultimately owned by Strabag
(20%), John Sisk & Sons (10%), Lagan Holdings Limited (10%),
Roadbridge Limited (10%), Allied Irish Banks PLC (25%) and
Meridiam Infrastructure Finance S.a.r.l (25%).
EUROPROP SA: S&P Lowers Rating on Class F Notes to 'B'
------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
EuroProp (EMC VI) S.A.'s class A, B, C, D, and F notes. "At the
same time, we removed from CreditWatch negative our ratings on the
class A and B notes, and affirmed the rating on the class E
notes," S&P said.
"The downgrades reflect our view of expected losses for this
transaction," S&P said.
There are 18 loans in this transaction, 17 of which are secured
against 122 commercial and residential properties of secondary
quality, located in Germany. The eighteenth loan is secured by a
single office property in Paris.
Since 2010, three loans have suffered material declines in income
due to vacancies: The Sunrise II loan, the Signac loan, and the
Henderson 3 (Staple) loan. This led to our negative rating actions
on July 20, 2010 (see 'Ratings Lowered On EuroProp (EMC VI)'s
Class D, E, And F Notes Due To Deteriorating Credit Performance').
The current status of the Sunrise II loan, the Signac loan, and
the Henderson 3 (Staple) loan, is:
Sunrise loan (23.6% of the pool): This loan matures this
month. "We understand that the borrower has asked the servicer
(Citibank International PLC) for an extension of the loan and
provided a detailed business plan and budget proposal. We also
understand that the servicer is in the process of reviewing
the proposal. Given the time to note maturity in 2017, we
believe it is likely that the request will be granted. Under
our stressed scenarios, we do not expect losses for this
loan," S&P said.
Signac loan (10.51% of the pool): This loan also matures this
month, but according to its terms it may be extended twice by
one year if there is no loan-default event. The loan is backed
by a high quality multi-tenanted asset in a secondary
location. "The weighted-average lease term (to first break) is
2.3 years. We anticipate that this loan may be extended;
however, we believe there is a risk of losses on this loan
given its lease maturity profile and the existence of an
ongoing dispute with the principal tenant," S&P said.
Henderson 3 (Staple) loan (8.8% of the pool): This loan
matures in 2013. "We continue to believe that there is
heightened term risk for this loan, given material arrears
following vacancies and the latest reported information that
shows both the interest coverage ratio (ICR) and the debt
service coverage ratio (DSCR) at 0.41%. We understand that
none of the assets have been revalued since closing. Most of
the properties are single-tenanted and the property cash flow
has deteriorated since closing. Under our stressed scenarios,
we anticipate losses for this loan," S&P related.
"Since our rating action in July 2010, two loans (EPIC Horse and
EPIC Rhino) went into special servicing following a default of
amortization payment obligations and accrued interest obligations.
The special servicer for these loans is Capita Asset Services (UK)
Ltd.," S&P said
Epic Rhino Loan (7.10% Of The Pool)
The loan has been in default since July 2010, for breach of
amortization payment obligations that are due to portfolio
vacancies and non-recoverable expenses. The loan matures in 2013.
The loan is secured on eight residential properties in Western
Germany, which were built in the 1960s and 1970s. "We understand
that there has been limited borrower reporting on this loan, but
we understand that the borrowers' difficulties resulted from new
vacancies," S&P related.
A February 2011 valuation gave a EUR34.6 million value for the
properties (against a reported value of EUR47.2 million at
closing). "We have not had sight of this valuation. It resulted in
the calculation of an appraisal reduction amount of EUR1.316
million for this loan. We understand that the loan suffered
an interest shortfall on the April interest payment date of
EUR184,452. Despite this and the loan's default, we do not
consider that the rated notes are currently at risk of an interest
shortfall or a principal loss," S&P said.
Epic Horse Loan (5.7% Of The Pool)
The loan has also been in default since July 2010, for breach of
amortization payment obligations. The loan matures in 2014.
The loan is secured on three residential portfolios (accounting
for 50% of the income) and two commercial properties (30% office,
17% retail, and 6% industrial) in Germany.
"We understand that a key tenant (Carus, 27% of the income) is
experiencing financial difficulties, and rent payments have
declined as a result. We understand that the servicer is in
discussion with the borrower and that conditions to a standstill
agreement are being considered, including: (a) That the borrower
provides full reporting; and (b) the borrower replaces the asset
management team and transfers the property management to a company
known to the servicer. We understand that the borrower is
preparing a business plan for submission to the servicer," S&P
said.
A February 2011 valuation gave a EUR26.9 million value for the
property (against a reported value of EUR34.3 million at closing).
An appraisal reduction amount of EUR2,142,978 has been calculated
as a result. "Despite this and the loan's default, we do not
consider that the rated notes are currently at risk of an
interest shortfall or a principal loss," S&P said.
"Performance of the remaining loans is stable, in our view.
Although there are a further six years to note maturity, given the
issues outlined above in relation to the loans, a degree of delay
in reporting, and the secondary quality of the portfolio, we have
made conservative assumptions and under our stressed scenarios we
anticipate losses for the three loans mentioned. We have taken the
rating actions in this context," S&P said.
Counterparty Analysis
"On Jan. 18, 2011, we placed our ratings on the class A and B
notes on CreditWatch negative when our 2010 counterparty criteria
became effective. After our review, we have removed our ratings on
these notes from CreditWatch negative," S&P related.
EuroProp (EMC VI), is a 2007-vintage commercial mortgage-backed
securities transaction. It is secured by commercial real estate
assets located in Germany and France. None of the eighteen loans
have fully repaid. The final maturity date of the notes is January
2017.
Ratings List
Class Rating
To From
EuroProp (EMC VI) S.A.
EUR489.775 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
A AA (sf) AAA (sf)/Watch Neg
B A (sf) AA (sf)/Watch Neg
Ratings Lowered
C BBB- (sf) A (sf)
D BB- (sf) BB+ (sf)
F B (sf) B+ (sf)
Rating Affirmed
E BB- (sf)
HOUSING FINANCE: Moody's Cuts EUR6BB Commercial Paper to NP
-----------------------------------------------------------
Moody's Investors Service downgraded the short-term debt rating of
Housing Finance Agency, p.l.c.'s EUR6.0 billion commercial paper
program to NP from P-3.
The rating announcement reflects Moody's downgrade on 12 July 2011
of the Republic of Ireland's, the guarantor of the commercial
paper program, government bond ratings to Ba1, negative outlook,
and short-term debt rating to NP.
RATINGS RATIONALE
HFA's commercial paper program is irrevocably and unconditionally
guaranteed by the Republic of Ireland. As a consequence, the
short-term debt rating on the CP program reflects the guarantor's
short-term rating.
While a rating upgrade is regarded as unlikely in the near term,
an upgrade of the guarantor's short-term rating would put upward
pressure on HFA's CP rating.
The principal methodology used in this rating was Government-
Related Issuers: Methodology Update published in July 2010.
IRISH LIFE: Rebel Shareholders Seek to Halt Recapitalization
------------------------------------------------------------
Simon Carswell at The Irish Times reports that the leader of a
group of rebel shareholders in Irish Life and Permanent has said
they will challenge the Minister for Finance if he seeks a High
Court order to proceed with the company's recapitalization and
takeover by the state.
The Irish Times relates that an offer from lawyers for eight
shareholders within the group to secure a settlement of 90% a
share from the government expired at a deadline set by the
shareholder group on Friday.
According to The Irish Times, the group, led by Malta-based
investment fund Scotchstone Capital, is seeking to halt the
EUR3.8 billion government recapitalization which will leave the
state with a 99% stake in the company, wiping out shareholder
interests.
The Irish Times says the shareholders have enough support to table
four resolutions at an extraordinary general meeting next
Wednesday to approve the recapitalization. Piotr Skoczylas,
Scotchstone managing director, told The Irish Times the
shareholder group would "do what is in their power to oppose this
totally unjust and illegal expropriation by [the] back door".
Law firm Brown Rudnick, representing eight shareholders, wrote to
the Government on Thursday, seeking 90 cent for each share and
threatening legal action if no settlement was reached, The Irish
Times recounts.
Mr. Skoczylas, as cited by The Irish Times, said the offer was not
accepted by the deadline.
He stressed the offer from the law firm would be for the benefit
of a group of about 150 shareholders who were supporting him, The
Irish Times notes.
Headquartered in Dublin, Irish Life & Permanent plc --
http://www.irishlifepermanent.ie/-- is a provider of personal
financial services to the Irish market. Its business segments
include banking, which provides retail banking services; insurance
and investment, which includes individual and group life assurance
and investment contracts, pensions and annuity business written in
Irish Life Assurance plc and Irish Life International, and the
investment management business written in Irish Life Investment
Managers Limited; general insurance, which includes property and
casualty insurance carried out through its associate, Allianz-
Irish Life Holdings plc, and other, which includes a number of
small business units. On June 30, 2008, it acquired the rest of
the 50% interest in Joint Mortgage Holdings No. 1 Limited (the
parent of Springboard Mortgages Limited), resulting in Springboard
Mortgages becoming a wholly owned subsidiary. On December 23,
2008, it acquired an additional 23% of Cornmarket Group Financial
Services Ltd, bringing its interest to 98%.
IRISH LIFE: DBRS Cuts Dated Subordinated Debt Rating to 'D'
-----------------------------------------------------------
DBRS Inc. has downgraded the Dated Subordinated Debt rating of
Irish Life & Permanent plc to "D" from "C". The downgrade follows
the execution of the Group's note tender offer.
The default status for the purchased and now-extinguished notes
reflects DBRS's view that bondholders were offered limited options
and that a distressed exchange has now occurred, which is
considered a default under DBRS policy, as discussed in DBRS's
press release dated June 8, 2011.
This rating action affects the following securities issued by IL&P
and rated by DBRS; Variable Rate Notes due March 2023 (ISIN
XS0165027664), Callable Subordinated Floating Rate Notes due 2015
(ISIN XS0226352713), Step-Up Floating Rate Notes due 10 August
2015 (ISIN XS0226430022), Floating Rate Notes due 2016 (ISIN
XS0274209583), Subordinated Callable Floating Rate Notes due 2017
(ISIN XS0295772189), Fixed/Floating Rate Step-Up Callable
Subordinated Notes due 2017 (ISIN XS0299987288), Floored CMS
Linked Notes due June 2018 (ISIN XS0369699623) and Subordinated
Callable Fixed Rate Notes due 2018 (ISIN XS0371760363).
* Moody's Cuts Rating of Five Banks' Gov't-Guaranteed Debt to Ba1
-----------------------------------------------------------------
Moody's Investors Service downgraded to Ba1 with a negative
outlook from Baa3 the government-guaranteed debt of five Irish
banks. This action follows Moody's downgrade of Ireland's
government's bond ratings to Ba1 with a negative outlook from
Baa3.
The government-guaranteed debt of these banks has been downgraded:
- Allied Irish Banks (AIB)
- Anglo Irish Bank (Anglo Irish)
- Bank of Ireland (BoI)
- EBS Ltd (EBS)
- Irish Life & Permanent (IL&P)
There is no impact on other ratings of banks in Ireland.
RATINGS RATIONALE
In line with the downgrade of the Irish government bond rating to
Ba1 (with a negative outlook), Moody's has downgraded to Ba1 (with
a negative outlook)/Not-Prime, from Baa3/Prime-3, the government-
backed senior debt of AIB, Anglo Irish, BoI, EBS and IL&P.
These five banks have all issued public debt under the Eligible
Liabilities Guarantee scheme. The assigned government-backed
Ba1/Not-Prime ratings are based on the unconditional and
irrevocable guarantee from the Irish government (see "Moody's to
assign backed-Aa1/Prime-1 ratings to debt securities covered by
the Irish government's new guarantee", 7 January 2010).
NO IMPACT ON BANK DEPOSIT RATINGS, SENIOR UNSECURED DEBT RATINGS
OR STAND-ALONE BFSRs
The other ratings of the five banks -- including the bank deposit
ratings, the senior unsecured debt ratings and the standalone bank
financial strength ratings (BFSRs) -- are unaffected by this
rating action. The downgrade of the government bond rating has not
affected the unguaranteed long-term senior unsecured debt ratings,
as Moody's does not incorporate any government support into these
ratings.
BoI's BFSR is D (mapping to Ba2 on the long-term scale), its
unguaranteed long-term senior unsecured debt rating is Ba2 and its
long-term bank deposit rating is Ba1, all with a negative outlook.
AIB, EBS and IL&P have BFSRs of D- (mapping to Ba3 on the long-
term scale), their unguaranteed long-term senior unsecured debt
ratings are Ba3 and their long-term bank deposit ratings are Ba2,
all with a negative outlook. Anglo Irish has a BFSR of E (mapping
to Caa1 on the long-term scale), its unguaranteed long-term senior
unsecured debt rating is Caa2 and its long-term bank deposit
rating is Caa1. The outlook on the debt and deposit ratings is
negative and the outlook on the E BFSR is stable.
Moody's continues to incorporate one notch of rating uplift into
the bank deposit ratings of AIB (including EBS), BoI (including
its subsidiary ICS Building Society) and IL&P, from the banks'
standalone ratings, reflecting the explicit support received by
the institutions and Moody's expectation that further support for
deposit holders would likely be forthcoming in the event of need.
This is based on the supportive attitude of the Irish government
towards depositors as illustrated recently by the transfer orders
to sell the deposits of Anglo Irish and Irish Nationwide Building
Society to Allied Irish and IL&P, respectively. As a result of the
high level of uncertainty around whether the Irish government
would extend further support to the banking sector if required
(beyond the EUR35 billion that has been committed to as part of
the EU/IMF support package) Moody's no longer incorporates
systemic support into the senior unsecured debt ratings and these
are placed at the same level as the standalone ratings of the
banks.
If the credit risk for unguaranteed senior unsecured debt was to
increase -- either because of further economic decline or because
of policy changes implying a greater willingness to impose losses
on bondholders -- then the banks' unguaranteed senior unsecured
debt ratings would likely face further downgrades. Moody's will
therefore continue to monitor the approach of the Irish government
to this debt class. Moody's sees little likelihood of upward
rating pressure emerging on the ratings due to the still very
challenging economic conditions in Ireland. Improvements in the
banks' funding profiles, permitting a substantial reduction in the
reliance on central bank funding, would be a prior condition for
any potential upgrade.
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.
* IRELAND: Winding-Up Orders Down 9%, Annual Court Report Shows
---------------------------------------------------------------
Carol Coulter at The Irish Times reports that the annual report of
the Courts Service shows an increase in bankruptcies, orders for
possession, judgments for recovery of debt and judgment mortgages.
However, according to The Irish Times, there has been a decline in
cases involving companies, with a 9% decrease in orders to wind up
companies, a 6% fall in applications to restrict directors and a
21% drop in new cases admitted to the Commercial Court list in the
High Court.
The Irish Times relates that Minister for Justice Alan Shatter
said it was clear the economy continued to have an impact on the
number of cases of a commercial nature coming before the courts.
Mr. Shatter accepted the report from the chairman of the board of
the Courts Service, the Chief Justice Mr. Justice John Murray, The
Irish Times notes.
=====================
N E T H E R L A N D S
=====================
CANDIDE FINANCING: Moody's Assigns 'Ba1' Rating to EUR150MM Notes
-----------------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
these classes of Notes issued by Candide Financing 2011-1 B.V.:
-- EUR1050M Senior Class A Mortgage-Backed Floating Rate Notes
due 2051, Assigned Aaa (sf)
-- EUR150M Mezzanine Class B Mortgage-Backed Floating Rate
Notes due 2051, Assigned Ba1 (sf)
Moody's has not rated the EUR 34,000,000 Subordinated Class C
Mortgage-Backed Floating Rate Notes due 2051
RATINGS RATIONALE
The notes are backed by a pool of Dutch prime residential mortgage
loans originated by Bank of Scotland (Aa3 under review for
possible downgrade / P-1) acting through its Amsterdam Branch
("BOS NL"). This represents the sixth RMBS of BOS NL mortgage
loans in the Candide series.
The ratings of the notes take into account the credit quality of
the underlying mortgage loan pool, from which Moody's determined
the portfolio expected loss of 1 per cent and MILAN Aaa Credit
Enhancement (CE) of 10.5% per cent, as well as the transaction
structure and any legal considerations as assessed in Moody's cash
flow analysis.
Portfolio expected loss of 1 per cent: This is higher than the
sector average of 0.56 per cent and is based on Moody's assessment
of the lifetime loss expectation for the pool taking into account
(i) the collateral performance of BOS NL originated loans to date,
as provided by the originator and observed in previous Candide
transactions. Moody's loss expectations for Candide 2006 were
recently revised upwards due to worse than expected collateral
performance resulting in a downgrade to the most junior rated note
on the structure. (ii) the current macroeconomic environment in
the Netherlands and (iii) the potential drift in asset quality
since up to approximately 20% of the closing pool can be
substituted with new mortgage loans within the first 3 years of
the transaction.
MILAN Aaa CE of 10.5 per cent: This is higher than the sector
average of 6.9 per cent and follows Moody's assessment of the
loan-by-loan information taking into account these key drivers (i)
the collateral performance of BOS NL originated loans to date as
described above (ii) the weighted average loan-to-foreclosure
value of 99.9 per which is higher than that typically seen in the
sector (ii) weighted average seasoning of 3.6 years (iv) although
no loans are in arrears at the pool cut-off date, approximately 20
per cent of loans have been in arrears since origination and (v)
potential drift in asset quality through substitutions as
described above.
The transaction benefits from a non-amortizing reserve fund sized
at 1.2% of the Class A and B notes at closing and is replenished
before interest payments on the unrated class C notes. The reserve
fund is available to cover any shortfalls in senior fees, interest
payments on the Class A and B notes and makes up for any principal
losses on the loans recognized via the principal deficiency ledger
(PDL). The transaction also benefits from a non-amortizing
liquidity reserve fund sized at 1.5% of the Class A and B notes at
closing and is available to cover any shortfalls in senior fees
and interest payments on the Class A and B notes. For class B the
liquidity reserve will be only available if there is no PDL
outstanding.
The ratings addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and principal with
respect of the Class A and B notes by the legal final maturity.
Moody's ratings only address the credit risk associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.
V-Score: The V-Score for this transaction is Low/Medium, in line
with the Dutch prime RMBS sector. V-Scores are a relative
assessment of the quality of available credit information and of
the degree of dependence on various assumptions used in
determining the rating. High variability in key assumptions could
expose a rating to more likelihood of rating changes. The V-Score
has been assigned according to the report "V-Scores and Parameter
Sensitivities in the Major EMEA RMBS Sectors" published in
April 2009.
Moody's Parameter Sensitivities: If the Milan Aaa CE assumption
was increased to 12.6 per cent, the model output for Class A notes
would have reduced to a rating of Aa1 assuming all other factors
remained unchanged. Moody's Parameter Sensitivities provide a
quantitative/model-indicated calculation of the number of rating
notches that a Moody's structured finance security may vary if
certain input parameters used in the initial rating process
differed. The analysis assumes that the deal has not aged and is
not intended to measure how the rating of the security might
migrate over time, but rather how the initial rating of the
security might have differed if key rating input parameters were
varied. Parameter Sensitivities for the typical EMEA RMBS
transaction are calculated by stressing key variable inputs in
Moody's primary rating model.
The principal methodology used in this rating was 'Moody's
Approach to Rating RMBS in Europe, Middle East, and Africa'
published in October 2009. The secondary methodologies used were
'Moody's Updated MILAN Methodology for Rating Dutch RMBS'
published in September 2009,' Cash Flow Analysis in EMEA RMBS:
Testing Structural Features with the MARCO Model (Moody's Analyser
of Residential Cash Flows)' published in January 2006 and 'Moody's
Updated Methodology for Set-Off in Dutch RMBS' published in
November 2009.
CANDIDE FINANCING: Fitch Assigns 'BBsf' Rating on Class B Notes
---------------------------------------------------------------
Fitch Ratings has assigned final ratings to Candide Financing
2011-1 B.V.'s EUR1.2bn mortgage-backed notes, due 2051:
-- EUR1,050,000,000 floating-rate Class A mortgage-backed
notes: 'AAAsf'; Outlook Stable; Loss Severity Rating 'LS-1'
-- EUR150,000,000 floating-rate Class B mortgage-backed notes:
'BBsf'; Outlook Stable; Loss Severity Rating 'LS-3'
The notes are backed by mortgage loans originated in the
Netherlands and owned by Bank of Scotland, Amsterdam Branch (BOS
NL) which is a 100%-owned subsidiary of Lloyds Banking Group plc,
rated 'AA-'/Stable/'F1+'. The final ratings are based on the
agency's assessment of the underlying collateral, available credit
enhancement (CE), the origination and underwriting procedures used
by the originators, the servicing capabilities of BOS NL, the loan
substitution conditions and the transaction's financial and legal
structure.
At closing, CE for the class A notes was 13.7%, provided by the
subordination of the class B notes (12.5%) and the reserve account
(1.2%). The transaction benefits from a fully funded non-
amortizing reserve account equating to 1.2% of the initial note
balance and a non-amortizing liquidity reserve equal to 1.5% of
the initial note balance. Under the interest rate swap agreement,
the issuer will pay the weighted average interest rate scheduled
on the mortgage loans. The swap counterparty will pay three-month
Euribor plus 100bps on the non-deficient note balance.
To analyze the CE levels, Fitch evaluated the collateral using its
default model. The agency assessed the transaction cash flows
using default and loss severity assumptions indicated by the
default model under various structural stresses including
prepayment speeds and interest rate scenarios. The cash flow tests
showed that each class of notes could withstand loan losses at a
level corresponding to the related stress scenario without
incurring any principal loss or interest shortfall and can retire
principal by the legal final maturity.
BOS NL provided Fitch with a loan-by-loan data template which was
of good quality. The collateral review of the mortgage portfolio
involves reviewing vintage performance data which Fitch uses to
validate the frequency of foreclosure assumptions used within its
analysis. BOS NL provided cumulative default data by vintage for
both NHG and non-NHG loans and three-month plus arrears data split
by product type, origination year and NHG vs non NHG. This data
was found to be in line with Fitch's performance assumptions for
the Dutch market and consequently no additional adjustments to the
standard assumptions were made.
FORNAX BV: S&P Downgrades Rating on Class F Notes to 'B'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
FORNAX (ECLIPSE 2006-2) B.V.'s notes. "We have also removed our
ratings on the class A, B, C and X notes from CreditWatch negative
and corrected an error in the rating on the class X notes," S&P
said.
"The actions follow a transaction review and reflect our view that
losses are likely to affect the class C, D, E, F, and G notes and
that counterparty risk constrains the ratings to 'AA+ (sf)' after
applying the counterparty criteria," S&P related.
Credit Analysis
This transaction was initially backed by 19 loans securing
EUR545,134,000 of note issuance. Eight loans remain in the pool,
secured on properties in Belgium, Germany, France, Austria, and
Italy and the current note balance is EUR238,239,000. The loan
maturity profile is shown in the table below and the legal final
maturity date of the notes is in 2019.
In this transaction, loan performance is currently stable.
However:
Two of the eight loans are on the servicer's watch list (the
Cassina Plaza and Bielefield/Berlin Portfolio loans);
Four loans are exposed to single tenant risk; and
Some of the assets (the ATU assets and Burger King assets in
the Kingbu loan) are highly specialized.
"To account for these factors we have made conservative
assumptions in our credit analysis. Our analysis indicates that
four of the loans may experience losses: The Cassina Plaza loan
(which represents 20.48% of the pool balance), the
Bielefield/Berlin loan (which represents 13% of the pool balance),
and the ATU Germany and ATU Austria loans (together representing
24.91% of the pool balance)," S&P related.
"Our analysis took into account the generous time to maturity,
with the notes maturing only in 2019," S&P said.
"In view of our loss expectations, we have lowered the ratings by
one notch on the classes C to F notes and affirmed the rating on
the class G notes," S&P said.
Loan Country Sector Current Current Scheduled
name loan whole securitized
maturity loan loan
date balance maturity
(A and B) balance
Century Belgium Shopping 10-Feb-13 42,644,000 40,845,000
Center Centre
Cassina Italy Office 10-Nov-13 39,888,550 39,888,550
Plaza
ATU Germany Car 25-Jan-13 29,893,968 28,875,010
Germany service
workshops
Biele- Germany Mixed use 25-Jan-16 25,321,000 23,386,000
field/Berlin
portfolio
Netto Germany Super- 25-Jul-12 20,362,500 19,500,000
portfolio markets
Kingbu Germany Mixed use 25-Oct-12 18,713,775 17,265,775
portfolio
ATU Austria Car 25-Jan-13 13,715,552 13,250,000
Austria service
workshops
Toulouse France Retail 10-Feb-12 4,200,000 4,200,000
2
Error Correction
The class X notes rank junior to the class C notes in this
transaction. "Accordingly, when we last lowered the ratings in
this transaction in November 2009, we should have lowered the
rating on the class X notes to 'AA+ (sf)' from 'AAA (sf)' (see
'S&P's Ratings List For European CMBS Transactions -
Nov. 27, 2009 Review')," S&P said.
"On discovery of this error, we have corrected the rating. As a
result, the rating action on the class X moves the rating to 'AA
(sf)' from 'AA+ (sf)' rather than from 'AAA (sf)'," S&P said.
Counterparty Analysis
"On Jan. 18, 2011, we placed our ratings on the class A, B, C, and
X notes on CreditWatch negative in line with our 2010 counterparty
criteria," S&P related.
"Our review indicated that the standby replacement language does
not fully comply with our criteria. As a result, we have lowered
our ratings on the class A and B notes to 'AA+ (sf)' to reflect
our view that the highest rating the liquidity provider can
support is 'AA+'. The downgrades to the class C and X notes for
credit reasons take the ratings on these classes to below this
cap," S&P said.
"Having applied the counterparty criteria, we have removed our
ratings on the class A, B, C, and X notes from CreditWatch
negative," S&P noted.
Ratings List
Class Rating
To From
FORNAX (ECLIPSE 2006-2) PLC
EUR545.134 Million Commercial Mortgage-Backed Variable- And
Floating-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
A AA+ (sf) AAA (sf)/Watch Neg
B AA+ (sf) AAA (sf)/Watch Neg
C AA (sf) AA+ (sf)/Watch Neg
X(1) AA (sf) AA+ (sf)/Watch Neg
Ratings Lowered
D A (sf) A+ (sf)
E BB- (sf) BB (sf)
F B (sf) B+ (sf)
Rating Affirmed
G B- (sf)
(1)The existing rating on the class X notes is incorrectly stated
on RatingsDirect and other information products as 'AAA (sf)/Watch
Neg' rather than 'AA+ (sf)/Watch Neg'.
HAMLET I: Moody's Confirms 'Ba2' Rating of EUR78MM Class B Notes
----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on the
notes issued by Hamlet I Leveraged Loan Fund B.V.
Issuer: Hamlet I Leveraged Loan Fund B.V.
-- EUR222M Class A Senior Secured Floating Rate Notes due 2020,
Upgraded to Aaa (sf); previously on Jun 22, 2011 Aa1 (sf)
Placed Under Review for Possible Upgrade
-- EUR78M (initial amount, with current rated balance of
EUR68M) Class B Subordinated Notes due 2020, Confirmed at
Ba2 (sf); previously on Jun 22, 2011 Ba2 (sf) Placed Under
Review for Possible Upgrade
The Class B notes is exposed to the first losses in the portfolio
and benefits from the excess spread available in the CLO
structure. The rating of the notes addresses the ultimate
repayment of the Rated Balance in respect of Class B notes on or
before the legal maturity (in 2020), where the "Rated Balance" is
equal, at any time, to the principal amount of such notes on the
issue date (EUR 78m) minus the aggregate of all payments made from
the issue date to such date, either through interest or principal
payments. The rating on class B notes is not an opinion about the
ability of the issuer to pay interest.
RATINGS RATIONALE
Hamlet I Leveraged Loan Fund B.V., issued in March 2005, is a
single currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield European senior secured loans with
a small amount of bonds (7.11%). The portfolio is managed by
Alcentra Limited. The reinvestment period ended on 15 May 2010 and
all accumulated excess spread is now paying down the Class B notes
until the principal amount outstanding of Class B notes is reduced
to EUR 1000.
According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011. The actions also reflect
consideration of an increase in the transaction's
overcollateralization ratios due to deleveraging of the notes
since the rating action in February 2011.
The actions reflect key changes to the modelling assumptions,
which incorporate (1) a removal of the temporary 30% default
probability macro stress implemented in February 2009, (2)
increased BET liability stress factors as well as (3) change to a
fixed recovery rate modelling framework. Additional changes to the
modelling assumptions include (1) standardizing the modelling of
collateral amortization profile, (2) changing certain credit
estimate stresses aimed at addressing time lags in receiving
information required for credit estimate updates, and (3)
adjustments to the equity cash-flows haircuts applicable to the
equity rated balance tranche.
Moody's notes that the Class A and Class B notes have been paid
down by approximately 19% or EUR 42.5million, 4.2% or EUR
3.3million, respectively, since the rating action in February
2011. As a result of the deleveraging, the overcollateralization
ratios have increased since the rating action. As of the latest
trustee report dated June 6, 2011, the Class A
overcollateralization ratio is reported at 153.15%, versus
February 2011 (with reporting date January 2011) level of 141.12%.
However, Moody's also took into consideration that a significant
portion of the portfolio is made up of Caa1 or below rated assets,
which represent approximately 13.7% of the pool.
Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR 259 million,
a weighted average default probability of 24.92% (consistent with
a WARF of 3375), a weighted average recovery rate upon default of
49.29%, and a diversity score of 29, and no defaulted par
(currently no defaults in the pool).
The default probability is derived from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The average recovery rate to be realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating, Moody's
assumed that 92.89% of the portfolio exposed to senior secured
corporate loans would recover 50% upon default, while the
remainder senior secured corporate bond assets would recover 40%.
In each case, historical and market performance trends and
collateral manager latitude for trading the collateral are also
relevant factors. These default and recovery properties of the
collateral pool are incorporated in cash flow model analysis where
they are subject to stresses as a function of the target rating of
each CLO liability being reviewed.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2014 which may create challenges for issuers to refinance. CDO
notes' performance may also be impacted by 1) the manager's
investment strategy and behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.
Sources of additional performance uncertainties are:
1) Delevering: The main source of uncertainty in this
transaction is whether deleveraging from unscheduled
principal proceeds will continue and at what pace.
Deleveraging may accelerate due to high prepayment levels in
the loan market and/or collateral sales by the manager,
which may have significant impact on the notes' ratings.
2) Weighted Average Spread: Moody's analyzed the impact of
assuming weighted average spread levels consistent with the
midpoint between reported and covenanted values. As part of
the base case, Moody's considered spread and coupon levels
higher than the covenant levels due to the large difference
between the reported and covenant levels.
The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.
Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011. The cash flow model used for
this transaction, whose description can be found in the
methodology listed above, is Moody's EMEA Cash-Flow model.
In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio. All information
available to rating committees, including macroeconomic forecasts,
input from other Moody's analytical groups, market factors, and
judgments regarding the nature and severity of credit stress on
the transactions, may influence the final rating decision.
Moody's also notes that around 47.27% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. Large single exposures
to obligors bearing a credit estimate have been subject to a
stress applicable to concentrated pools as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009.
===============
P O R T U G A L
===============
HIPOTOTTA NO. 5: S&P Affirms Rating on Class F Notes at 'CCC-'
--------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in six of Banco Santander Totta S.A.'s Portuguese
residential mortgage-backed securities (RMBS) transactions:
HipoTotta No. 1 PLC, HipoTotta No. 4 PLC, HipoTotta No. 5 PLC,
HipoTotta No. 7 Ltd., and TAGUS - Sociedade de Titularizacao de
Creditos, S.A.'s HipoTotta No.11 and HipoTotta No.12 transactions.
Specifically, S&P has
Affirmed and removed from CreditWatch negative its ratings on
HipoTotta 1's class A, B, and C notes for credit reasons and
also on the class A and B notes for counterparty reasons.
Lowered its rating on HipoTotta 4's class A notes for
counterparty reasons and also removed the rating from
CreditWatch negative for credit and counterparty reasons.
Affirmed and removed from CreditWatch negative its ratings on
HipoTotta 5's class A2, B, C, D, E, and F notes for credit
reasons and also on the class A and B notes for counterparty
reasons.
"Affirmed and removed from CreditWatch negative our ratings on
HipoTotta 7's class A2, B, C, D, E, and F notes for credit
reasons and also on the class A2 notes for counterparty\
reasons," S&P said.
"Affirmed and removed from CreditWatch negative our ratings on
HipoTotta 11's class A and B notes for credit reasons and also
on the class A notes for counterparty reasons," S&P said.
"Affirmed and removed from CreditWatch negative our rating on
HipoTotta 12's class A notes for credit reasons," S&P added.
"The rating actions follow an analysis of the most recent loan
data that we have received, the application of our 2010
counterparty criteria, and the rating floor as a result of our
revised assessment of Portuguese country risk. Following our
analysis, we consider the ratings to be appropriate on all classes
of notes except HipoTotta 4's class A notes, which we have
downgraded for counterparty reasons," S&P related.
Credit Analysis
"In our review of credit risk we analyzed the most recent loan
data that we have received. In March 2011, we placed on
CreditWatch negative our ratings in these six HipoTotta
transactions as our analysis indicated that some of the
transactions had liens outside of a pool that rank in a higher or
lower priority to those in the pool. Banco Santander Totta, the
originator, has since repurchased the lower ranking liens.
Consequently, there are no longer any liens outside of a pool
that rank in a higher or lower priority to those in the pool," S&P
related.
"We have therefore affirmed and removed from CreditWatch negative
all classes of notes in these transactions for credit reasons,
except HipoTotta 4's class A notes, which we have downgraded for
counterparty reasons and removed from CreditWatch negative for
both credit and counterparty reasons," S&P noted.
Application of Counterparty Criteria
"On Jan. 18, 2011, we placed our ratings on the senior notes in
these transactions on CreditWatch negative when our 2010
counterparty criteria became effective," S&P related.
"We consider that the swap transaction documents for HipoTotta 1,
4, 5, and 7 reflect replacement language in line with our prior
counterparty criteria. Therefore, as per our updated criteria, the
highest potential rating on the notes in these transactions is one
notch above the issuer credit rating on the swap counterparty,"
S&P said.
The swap counterparty for HipoTotta 1, 4, 5, and 7 is Banco
Santander S.A. (AA/Negative/A-1+). "Therefore, as per our updated
criteria, the highest potential rating on the notes for these
transactions is 'AA+ (sf)'," S&P related.
"For HipoTotta 11 and 12, we consider the swap documents to be in
line with our 2010 counterparty criteria," S&P added.
"For HipoTotta 1, 5, 7, 11, and 12, we consider the transaction
documents relating to the bank account to be in line with our 2010
counterparty criteria. Therefore, as per our updated criteria, the
ratings on these senior notes can be maintained and we have
therefore affirmed and removed from CreditWatch negative our
ratings on these notes," S&P noted.
"In HipoTotta 4, we do not consider the transaction documents
relating to the bank account to be in line with our 2010
counterparty criteria. In addition, the documents do not reflect
replacement language in line with prior counterparty criteria.
Therefore, as per our updated criteria, we have lowered and
removed from CreditWatch negative the rating on the class A notes
to a ratings floor that is equal to the issuer credit rating on
the account bank, Deutsche Bank AG (A+/Stable/A-1)," S&P stated.
Portuguese Country Risk
"Our ratings also reflect Portuguese country risk. On March 24,
2011, we lowered the long-term sovereign credit rating on Portugal
to 'BBB' and then on March 29 we lowered the rating further to
'BBB-'. We subsequently revised our assessment of Portuguese
country risk and how it might affect the notes in securitizations
backed by Portuguese assets that we rate," S&P stated.
"We concluded that ratings on securitization notes backed by
Portuguese assets should be no higher than 'AA-'. Consequently, on
April 1, 2011 we lowered to 'AA-' our ratings on all Portuguese
asset-backed securities (ABS) and RMBS notes rated 'AA', 'AA+', or
'AAA', with the exception of notes that are guaranteed by the
European Investment Fund (AAA/Stable/A-1+)," S&P related.
Therefore, the highest potential rating on all of the notes is
'AA-'.
These six Portuguese RMBS transactions securitize loans originated
by Banco Santander Totta. HipoTotta 1, 4, 5, 7, 11, and 12 closed
in July 2003, September 2005, March 2007, March 2008, July 2010,
and February 2011.
Ratings List
Class Rating
To From
HipoTotta No. 1 PLC
EUR1.1 Billion Mortgage-Backed Floating-Rate Notes
Ratings Affirmed And Removed From CreditWatch Negative
A AA- (sf) AA- (sf)/Watch Neg
B AA- (sf) AA- (sf)/Watch Neg
C A (sf) A (sf)/Watch Neg
HipoTotta No. 4 PLC
EUR2.491 Billion Mortgage-Backed Floating-Rate Notes
Rating Lowered and Removed From CreditWatch Negative
A A+ (sf) AA- (sf)/Watch Neg
HipoTotta No. 5 PLC
EUR2.01 Billion Mortgage-Backed Floating-Rate Notes
Ratings Affirmed And Removed From CreditWatch Negative
A2 AA- (sf) AA- (sf)/Watch Neg
B AA- (sf) AA- (sf)/Watch Neg
C A (sf) A (sf)/Watch Neg
D BBB(sf) BBB (sf)/Watch Neg
E BB (sf) BB (sf)/Watch Neg
F CCC- (sf) CCC- (sf)/Watch Neg
HipoTotta No. 7 PLC
EUR2.02 Billion Mortgage-Backed Floating-Rate Notes
Ratings Affirmed and Removed From CreditWatch Negative
A2 AA- (sf) AA- (sf)/Watch Neg
B A (sf) A (sf)/Watch Neg
C BBB (sf) BBB (sf)/Watch Neg
D BB(sf) BB (sf)/Watch Neg
E B (sf) B (sf)/Watch Neg
F CCC- (sf) CCC- (sf)/Watch Neg
TAGUS - Sociedade de Titularizacao de Creditos, S.A.
EUR2.04 Billion Mortgage-Backed Floating-Rate Notes (HipoTotta No.
11)
Rating Affirmed and Removed From CreditWatch Negative
A AA- (sf) AA- (sf)/Watch Neg
B BBB+(sf) BBB+(sf)/Watch Neg
TAGUS - Sociedade de Titularizacao de Creditos, S.A.
EUR1.34 Billion Mortgage-Backed Floating-Rate Notes (HipoTotta No.
12)
Rating Affirmed and Removed From CreditWatch Negative
A AA- (sf) AA- (sf)/Watch Neg
===========
R U S S I A
===========
AK OJSC: S&P Assesses Stand-alone Credit Profile at 'b+'
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB-' long-term
corporate credit rating and 'ruAAA' Russia national scale rating
on Russian refined oil product pipeline operator OJSC AK
Transnefteproduct. "We subsequently withdrew the ratings at
the company's request. At the time of the withdrawal, the outlook
was stable," S&P related.
"The ratings reflected our view of the increasing integration of
Transnefteproduct's finances and operations into those of its 100%
parent OAO AK Transneft (BBB/Stable/--) and that all of the
group's debt is currently at the parent company level. Our
assessment of Transnefteproduct's stand-alone credit profile at
'b+' reflected our view that the company faced key risks, such as
competition with alternative transportation routes, high and
increasing maintenance capital expenditures, and potential swings
in capacity utilization. The key supports to our assessment at
that time were robust profitability and healthy credit metrics,"
S&P related.
TENEX-SERVICE: S&P Gives 'BB+/B' Counterparty Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+/B' long- and
short-term counterparty credit ratings and 'ruAA+' Russia national
scale rating to Russia-based leasing company TENEX-Service. The
outlook is stable.
The ratings reflect the risky operating environment in Russia,
TENEX-Service's limited business franchise, owing to a very high
concentration of business with its parent and group companies, as
well as low profitability and capitalization. "These negative
factors are somewhat mitigated by our view of the company as a
strategically important subsidiary of state-owned Atomic Energy
Power Corporation (AtomEnergoProm; BBB-/Stable/A-3) and our
expectation of a high likelihood of extraordinary support from
AtomEnergoProm, if required. In addition, the ratings take into
account TENEX-Service's protected market position, good asset
quality derived almost entirely from the AtomEnergoProm group, and
predictable and adequate liquidity," S&P said.
TENEX-Service is a fully owned subsidiary of AtomEnergoProm and
the only leasing company in Russia that has a legal right to
possess nuclear equipment (according to the President's Act No.
556). Its assets totaled RUB6.8 billion (about US$226 million) as
of Dec. 31, 2010, and 53% of its portfolio is dedicated to this
protected equipment segment. The company mainly provides leasing
services to subsidiaries of AtomEnergoProm, which together
represent the bulk of Russia's nuclear sector.
Standard & Poor's classifies TENEX-Service as a "strategically
important" subsidiary of AtomEnergoProm, given its very close
strategic and operational integration with its parent, as well as
the parent's commitment to the company. "We also view TENEX-
Service as a government-related entity, but with a 'limited' link
to and role for the government. We think that external support
for TENEX-Service is likely to come from the parent, rather than
the government. Nevertheless, because the parent AtomEnergoProm is
a state-owned entity, we think that the government would likely
support TENEX-Service through AtomEnergoProm. We assess TENEX-
Service's stand-alone credit profile (SACP) at 'b+', which is one
notch below that of AtomEnergoProm, and add three notches of
support for its strategically important status," S&P said.
"TENEX-Service's leasing portfolio is performing well and shows no
overdue lease payments, but lease agreements with various group
companies pose very high concentration risks, in our view. These
risks are mitigated by TENEX-Service's good knowledge of the
lessees and its ability to influence their payment decisions
through the parent AtomEnergoProm," S&P related.
"In our view, liquidity risks are limited because TENEX-Service
typically matches all of its liabilities with assets," S&P said.
"TENEX-Service's capitalization is low, in our view, although we
note that in June 2011, AtomEnergoProm injected RUB900 million
(about US$30 million) of additional capital into TENEX-Service. We
understand that the parent is committed to TENEX-Service
maintaining an equity-to-assets ratio of no less than 5% over the
medium term," S&P said.
"The outlook is stable because we expect TENEX-Service to remain
strategically important to its parent AtomEnergoProm, without
significant negative changes to its business focus or the quality
of its lease portfolio," S&P noted.
"We might lower the ratings if we saw that the company's ties to
its parent or to the government were weakening or if the credit
risk in the portfolio were to rise significantly through
diversification outside the nuclear sector, without the necessary
risk management controls and processes in place. A negative rating
action could also follow if the structure of TENEX-Service's
liabilities were to show a higher reliance on wholesale market
funding that does not match the asset base," S&P related.
"We might consider a positive rating action if AtomEnergoProm's
creditworthiness were to improve, leading to an improvement of
TENEX-Service's SACP. This is owing to the high reliance of TENEX-
Service's asset quality and funding on the parent and its group of
subsidiary companies. A positive rating action could also follow
if TENEX-Service were able to diversify its leasing portfolio to
include high-quality Russian companies, which should lead to
higher profitability and consequently enhance internally generated
capitalization," S&P added.
=========
S P A I N
=========
BANCO FINANCIERO: Fitch Downgrades Long-term IDR to 'BB'
--------------------------------------------------------
Fitch Ratings has assigned Bankia S.A.U. (Bankia) a Long-term
Issuer Default Rating (IDR) of 'A-'. At the same time the agency
has downgraded Banco Financiero de Ahorros S.A.'s (BFA) Long-term
IDR to 'BB' from 'A-'.
Bankia's rating is driven by potential support from the Spanish
state ('AA+'/Negative). BFA has become a holding company and the
downgrade of its IDR is a direct result of the change in Fitch's
view of future government support likely to be available to BFA.
Both Bankia's and BFA's Long-term IDRs are at their Support Rating
Floors. Fitch believes that there is an extremely high probability
that the Spanish authorities would support Bankia given its
systemic importance. There is only a moderate chance that the
Spanish authorities would support BFA to prevent contagion and
reputational risk from spreading to Bankia. Bankia has a
nationwide presence in Spain and controls a 12% deposit market
share.
Bankia and BFA's Individual Ratings are 'D'. Bankia's Individual
Rating takes into account its high risk concentration to Spain's
troubled property sector, weak asset quality and the correlation
of Bankia's activities with Spain's weak economy, which will
continue to affect profitability. It also considers that Bankia is
highly reliant on the wholesale funding markets, faces sizeable
refinancing needs in the medium term and access to the capital
markets remains extremely difficult for Spanish banks.
BFA's Individual Rating reflects exposure to land (either
foreclosed or in the form of non- performing and substandard
loans) and Fitch's uncertainties regarding the income and cash
flow generation at BFA level, given that it is reliant on
dividends being upstreamed from Bankia.
The agency has also withdrawn the ratings of BFA Group and of
several cajas forming part of the BFA Group following the
completion of the transferral of the cajas' assets and liabilities
to BFA at end-May 2011. All Fitch-rated debt issues have been
transferred either to Bankia or BFA.
BFA currently controls 100% of Bankia, but plans to reduce this to
around 50%. Bankia is attempting to increase its capital via an
IPO in order to comply with stricter regulatory core capital
standards imposed by the Spanish regulator. Between 49.97% and
47.59% of its shares will be listed. Despite the listing, BFA will
maintain majority control of Bankia. Bankia's and BFA's regulatory
core capital ratios were 7.8% and 7.3%, respectively, at end-Q111.
If successful, the IPO will reinforce both BFA's and Bankia's
regulatory core capital levels to nearly 10%.
Fitch's base case is that the IPO will successfully attract the
minimum required amount of private sector investors. BFA's Support
Rating is based on this assumption. Should this not be the case,
and the Spanish state, via the FROB, be forced to recapitalise the
group, Fitch understands that the capital injection would be made
at the BFA level. In this event, BFA's Support Rating may be
reviewed. This may also have implications for BFA's Support Rating
Floor, IDRs and debt ratings.
BFA will continue to be supervised by the Bank of Spain on a
consolidated basis and regulatory capital levels are only required
at the group level. On a consolidated basis, BFA will be Spain's
third-largest financial institution, with about EUR328bn of
assets.
The rating actions are:
BFA Group:
-- Long-term IDR affirmed at 'A-', Stable Outlook, rating
withdrawn
-- Short-term IDR affirmed at 'F2', rating withdrawn
-- Individual Rating affirmed at 'D', rating withdrawn
-- Support Rating affirmed at '1', rating withdrawn
-- Support Rating Floor affirmed at 'A-', rating withdrawn
BFA:
-- Long-term IDR downgraded to 'BB' from 'A-' removed from RWN,
Outlook Stable
-- Short-term IDR downgraded to 'B ' from 'F2', removed from
RWN
-- Individual Rating assigned at 'D'
-- Support Rating downgraded to '3' from '1', removed from RWN
-- Support Rating Floor revised to 'BB' from 'A-' removed
from RWN
Bankia S.A.U.:
-- Long-term IDR assigned at 'A-', Stable Outlook
-- Short-term IDR assigned at 'F2',
-- Individual Rating assigned at 'D'
-- Support Rating assigned at '1'
-- Support Rating Floor assigned at 'A-'
Caja Madrid:
-- Long-term IDR affirmed at 'A-', Stable Outlook, rating
withdrawn
-- Short-term IDR affirmed at 'F2', rating withdrawn
-- Short-term debt and commercial paper affirmed at 'F2',
rating withdrawn
-- Senior unsecured debt affirmed at 'A-', transferred to
Bankia
-- Market linked securities affirmed at 'A-emr', transferred to
Bankia
-- Subordinated debt downgraded to 'BB-' from 'BBB+' removed
from RWN; transferred to BFA
-- Preference shares of 'B-' removed from RWN and affirmed;
transferred to BFA
-- Government-guaranteed debt affirmed at 'AA+', transferred to
Bankia or BFA
Bancaja:
-- Long-term IDR affirmed at 'A-', Stable Outlook, rating
withdrawn
-- Short-term IDR affirmed at 'F2', rating withdrawn
-- Senior unsecured debt of 'A-' affirmed, transferred to
Bankia
-- Subordinated debt downgraded to 'BB-' from 'BBB+' removed
from RWN; transferred to BFA
-- Upper Tier 2 of 'B' removed from RWN and affirmed;
transferred to BFA
-- Preference shares of 'B-' removed from RWN and affirmed;
transferred to BFA
-- Government-guaranteed debt affirmed at 'AA+', transferred to
Bankia or BFA
Caixa Laietana:
-- Long-term IDR affirmed at 'A-', Stable Outlook, rating
withdrawn
-- Short-term IDR affirmed at 'F2', rating withdrawn
-- Preference shares of 'B-' removed from RWN and affirmed,
transferred to BFA
-- Government-guaranteed debt affirmed at 'AA+', transferred to
Bankia or BFA
Caja de Ahorros y Monte de Piedad de Avila and Caja de Ahorros y
Monte de Piedad de Segovia:
-- Government-guaranteed debt affirmed at 'AA+', transferred to
Bankia or BFA
CM BANCAJA: S&P Lowers Rating on Class C Notes to 'B+'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on CM Bancaja 1, Fondo de
Titulizacion de Activos's class B and C notes. "We also affirmed
and removed from CreditWatch negative our ratings on the class A
and D notes," S&P related.
"These downgrades reflect our assessment of issues related to
borrower concentration risk," S&P said.
As of the last investor report, the transaction is backed by 62
loans granted to Spanish corporate entities. The largest loan
accounts for 12.07% of the current balance, and the top 10 loans
represent 47.07% of the pool. This compares with 4.89% and 32.27%
at closing. Three quarters of the pool is concentrated in the 30
largest loans.
The current outstanding balance of the pool backing the deal is
19% of the original balance, equal to EUR103 million. The cash
reserve has been used for a small amount and is today 99.5% of its
required level, providing 12.62% of credit support to the whole
capital structure. In our view, the transaction reports very good
performance, with only two loans currently in arrears for more
than 90 days, equal to a delinquency rate of 0.75%. Only four
loans have defaulted since closing, and the transaction recovered
almost half of the defaulted amount. Cumulative defaults net of
recoveries are 0.64% of the original balance.
"Although CM Bancaja 1 shows a relatively better performance than
the average performance of Spanish small and midsize enterprise
(SME) transactions, in our opinion, the current credit support
provided to the class B and C notes is no longer commensurate with
the current rating levels, due to the borrower concentration. We
have therefore lowered and removed from CreditWatch negative
our ratings on the class B and C notes. The lowest-rated tranche
(class D) already has a rating in line with the actual estimated
risk. As a result, we have affirmed our rating on class D," S&P
said.
On June 2, 2011, Banco Santander (AA/Negative/A-1+) replaced Banco
Popular (A-/Negative/A-2) as bank account provider and swap
counterparty. "Our revised counterparty analysis confirmed that
the support provided by Banco Santander is sufficient to maintain
the new ratings, in line with our 2010 counterparty criteria. As a
result, we have affirmed our rating on class A," S&P related.
CM Bancaja 1 is backed by a pool of 62 loans granted to Spanish
corporate entities and originated by Caja de Ahorro de Valencia,
Castellon y Alicante.
Ratings List
Class Rating
To From
CM Bancaja 1, Fondo de Titulizacion de Activos
EUR556.2 Million Floating-Rate Notes
Ratings Lowered and Removed From Creditwatch Negative
B BB (sf) BBB- (sf)/Watch Neg
C B+ (sf) BB- (sf)/Watch Neg
Ratings Affirmed And Removed From Creditwatch Negative
A AA+ (sf) AA+ (sf)/Watch Neg
D B- (sf) B- (sf)/Watch Neg
IM PASTOR: S&P Puts 'B' Rating on Class D Notes on Watch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in two Spanish residential mortgage-backed securities
(RMBS) transactions: IM PASTOR 3, Fondo de Titulizacion
Hipotecaria and IM PASTOR 4, Fondo de Titulizacion de Activos.
Specifically, S&P has:
-- Lowered its rating on IM PASTOR 4's class A notes for
counterparty reasons;
-- Affirmed its rating on IM PASTOR 3's class A notes for
counterparty reasons;
-- Kept the ratings on both classes of A notes on CreditWatch
negative; they are no longer on CreditWatch negative for
counterparty reasons but are now on for credit reasons; and
-- Placed on CreditWatch negative its ratings on the class B, C,
and D notes in both transactions for credit reasons.
"The rating actions reflect the application of our 2010
counterparty criteria for structured finance transactions (see
'Counterparty And Supporting Obligations Methodology And
Assumptions,' published on Dec. 6, 2010) and recent credit
developments that we have observed following our credit
analysis of both transactions," S&P related.
Application of Counterparty Criteria
"On Jan. 18, 2011, we placed on CreditWatch negative our rating on
IM PASTOR 4's class A notes when our 2010 counterparty criteria
became effective," S&P related.
"Then, in March 2011, we placed on CreditWatch negative our rating
on IM PASTOR 3's class A notes following the downgrade of
Confederacion Espanola de Cajas de Ahorros -- the swap
counterparty in the transaction," S&P related.
"We have lowered our rating on IM PASTOR 4's class A notes because
the transaction documents do not fully reflect our 2010
counterparty criteria, but reflect our prior counterparty
criteria. Therefore, as per our updated criteria, we have lowered
the rating to the issuer credit rating (ICR) on the lowest-rated
supporting counterparty," S&P stated.
"We have affirmed our rating on IM PASTOR 3's class A notes
because the transaction documents reflect our 2008 counterparty
criteria," S&P added.
Performance Analysis
"We have also conducted a performance analysis of IM PASTOR 3 and
4, where we have observed rising cumulative default rates during
the last year. In addition, the reserve funds are completely
depleted because available excess spread has not fully covered
defaults," S&P related.
Both transactions require full provisioning for defaulted loans
(defined as loans in arrears for more than 12 months) and
available excess spread has not fully covered these defaults,
depleting the reserve funds. Consequently, the balance of the
performing assets is lower than the outstanding balance of the
mortgage-backed notes. This difference could be reduced by
recoveries from the defaulted assets or by nonperforming assets
becoming current again.
"Taking all of the factors into account, we have therefore placed
on CreditWatch negative our ratings on IM PASTOR 3 and 4's class
B, C, and D notes due to deteriorating collateral performance,"
S&P said.
"We have kept on CreditWatch negative our ratings on the class A
notes in both transactions for credit reasons. The notes are
therefore no longer on CreditWatch negative for counterparty
reasons," S&P noted.
IM PASTOR 3 and IM PASTOR 4 were issued in June 2005 and June
2006. Both transactions securitize portfolios of Spanish RMBS
originated by Banco Pastor. The portfolios comprise mortgages
granted to individuals to purchase residential properties.
Ratings List
Class Rating
To From
IM PASTOR 3, Fondo de Titulizacion Hipotecaria
EUR1,000 Million Mortgage-Backed Floating-Rate Notes
Rating Affirmed and Remaining on CreditWatch Negative
A AA (sf)/Watch Neg AA (sf)/Watch Neg
Ratings Placed on CreditWatch Negative
B BBB-(sf)/Watch Neg BBB- (sf)
C BB(sf)/Watch Neg BB (sf)
D BB-(sf)/Watch Neg BB-(sf)
IM PASTOR 4, Fondo de Titulizacion de Activos
EUR920 Million Mortgage-Backed Floating-Rate Notes
Rating Lowered and Remaining on CreditWatch Negative
A A-(sf)/Watch Neg AA (sf)/Watch Neg
Ratings Placed on CreditWatch Negative
B BBB (sf)/Watch Neg BBB (sf)
C BB- (sf)/Watch Neg BB- (sf)
D B (sf)/Watch Neg B (sf)
SANTANDER EMPRESAS: S&P Affirms Rating on Class F Notes at 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on three Santander transactions: Santander Empresas 1
Fondo de Titulizacion de Activos; Fondo de Titulizacion de Activos
Santander Empresas 2; and Fondo de Titulizacion de Activos FTPYME
Santander 2.
Specifically:
"In Santander Empresas 1, we have affirmed and removed from
CreditWatch negative our rating on the class A2 notes and
affirmed our ratings on the class B and C notes. We have also
lowered our rating on the class D notes," S&P related.
"In Santander Empresas 2, we have affirmed and removed from
CreditWatch negative our rating on the class A2 notes and
affirmed our ratings on the class B, C, D, E, and F notes,"
S&P noted.
"In FTPYME Santander 2, we have affirmed and removed from
CreditWatch negative our ratings on the class A and B(G)
notes, and affirmed our ratings on the class C, D, and E
notes," S&P related.
"In our analysis, we applied our 2010 counterparty criteria, which
became effective on Jan. 18, 2011. Following our review of the
counterparty ratings and the terms of the counterparty agreements
for these three transactions, we have affirmed certain ratings, in
line with our criteria. We have also taken into account
developments regarding the credit quality of the assets backing
these transactions and the structural features for each
transaction. These include the significant seasoning of the
underlying portfolios, the trends in delinquency rates and the
cumulative default rates, the lack of recovery data reported by
the trustee, and the obligor and sector concentration affecting
each transaction," S&P stated.
Santander Empresas 1
In Santander Empresas 1, which closed in October 2005, loans are
now mainly secured by mortgages: 74% of the pool is now secured
loans, versus 30% at closing.
The portfolio shows some obligor concentration, with the top
obligor accounting for 4.18% of the current portfolio and the top
10 and top 20 obligors being 19% and 25% of the outstanding
portfolio. The underlying portfolio is highly seasoned and has a
low pool factor of 16%, compared with the portfolio balance at
closing. S&P's analysis took into account, among other things:
Class A2 is now the most senior outstanding class since the
amortization of class A1 in 2008.
As of the most recent payment date in May 2011, the reported
ratios of delinquencies of more than 90 days and of defaults
over the outstanding balance of the assets were increasing,
and are above the level of defaults and delinquencies
experienced by the transaction in 2010. The reserve fund was
at 100% of its required level.
The level of defaults, including the properties repossessed by
the fund, is 1.32% of the outstanding portfolio balance.
"Although the current credit enhancement levels in this
transaction have increased since closing and the level of
delinquencies and defaults are within our surveillance
assumptions, the level of recoveries in the transaction is
below our initial expectations," S&P related.
The credit enhancement levels for all the outstanding classes
have increased since closing, due to the amortization features
of the transaction. "However, given the high level of obligor
concentration that will likely increase as the portfolio
amortizes, we have lowered to 'B (sf)' from 'BBB (sf)' our
rating on the class D notes, in light of the current credit
enhancement available to this class and the current levels of
obligor concentration," S&P related.
"Applying our 2010 counterparty criteria and taking into
account the amendments made to the transaction documents to
reflect those criteria, we consider that as a result of these
amendments the class A2 notes should remain at their current
rating. We have therefore affirmed and removed from
CreditWatch negative the 'AAA (sf)' rating on this class of
notes," S&P said.
"Taking into account the above points, we have also affirmed
our ratings on the class B and C notes," S&P said.
Santander Empresas 2
In Santander Empresas 2, which closed in December 2006, the pool
composition is a mix of secured and unsecured loans. Loans secured
by mortgages represent 48% of the current portfolio, and the
average loan-to-value (LTV) ratio associated with the secured part
of the portfolio is 65%. At closing, secured loans were 19% of the
portfolio.
As in Santander Empresas 1, the underlying portfolio of Santander
Empresas 2 shows some obligor concentration, with the top obligor
accounting for 6.11% of the current portfolio and the top 10 and
top 20 obligors being 26.71% and 35.00% of the outstanding
portfolio. The underlying portfolio is highly seasoned and has a
low pool factor of 17%, compared with the portfolio balance at
closing. S&P's analysis took into account, among other things:
Class A2 is now the most senior outstanding class since the
amortization of class A1 in 2008.
As of the most recent payment date in May 2011, the reported
ratios of delinquencies of more than 90 days and of defaults
over the outstanding balance of the assets were stabilizing,
after having increased sharply in 2010. The reserve fund was
at 80% of its required level.
The level of cumulative defaults, including the properties
repossessed by the fund, is 4.78% of the outstanding portfolio
balance.
"Although the current credit enhancement levels in this
transaction have increased since closing and the levels of
delinquencies and defaults are within our surveillance
assumptions, the level of recoveries in the transaction is\
below our initial expectations," S&P said.
"The credit enhancement levels for all the outstanding classes
have increased since closing, due to the amortization features of
the transaction, and in our view they currently mitigate the
obligor concentration in Santander Empresas 2. As the pool
continues to amortize, these obligor concentration levels will
likely increase -- but in our view the ratings on the notes are
currently commensurate with this increase in concentration risk.
We have therefore affirmed our ratings on the class B, C, D, and E
notes. In December 2006, we lowered our rating to 'D (sf)' on the
class F notes, following an interest payment failure by the fund
in respect of the interest due on the class F notes. We have
affirmed the 'D (sf)' rating on the class F notes. We rated this
class 'CCC- (sf)' at closing, and it was used to fund the reserve
feature to provide credit enhancement to the structure and
to cure defaults in the deal," S&P stated.
"Applying our 2010 counterparty criteria and taking into account
the amendments made to the transaction documents to reflect those
criteria, we consider that as a result of these amendments the
class A2 notes should remain at their current rating, and we have
therefore affirmed and removed from CreditWatch negative the 'AAA
(sf)' rating on this class of notes," S&P added.
Ftpyme Santander 2
In FTPYME Santander 2, which closed in October 2004, the pool
factor is 24.9% as of the April 2011 payment date. The pool
comprises 98% of assets secured by mortgages with an average LTV
ratio lower than 40% (versus 53% at closing). Loans are
distributed among all the Spanish regions, and the main industry
represented in the portfolio is the real estate and construction
sector. "In our view, there are no concerns in terms of obligor
concentration for FTPYME Santander 2," S&P said. S&P's analysis
took into account, among other things:
Classes A and B(G) have partially amortized and today
represent 43% and 13% of the outstanding balance of the notes.
"Applying our 2010 counterparty criteria and taking into
account the amendments made to the transaction documents to
reflect those criteria, we consider that as a result of these
amendments the class A and B(G) notes should remain at their
current ratings. We have therefore affirmed and removed from
CreditWatch negative the 'AAA (sf)' ratings on these notes,"
S&P related.
"The class B(G) notes benefit from a guarantee by the Kingdom
of Spain, but we do not give credit to the guarantee in our
analysis, as it does not meet our criteria," S&P said.
As of the most recent payment date in April 2011, the combined
level of 90+ day delinquencies and contentious loans in the
portfolio was reported as 0.89% of the outstanding portfolio.
The level of cumulative defaults (defined in this transaction
as assets being delinquent for more than 12 months) is 0.79%
of the closing portfolio. "In the defaults calculation, we
also take into account repossessions of properties by the
fund, with the current level of repossessions being 0.85% of
the current portfolio. In addition, the reserve fund was at
100% of its required level," S&P said.
"We have affirmed our ratings on the class C, D, and E notes.
Although the current credit enhancement levels for these
classes have increased since closing and the level of
delinquencies and defaults are within our surveillance
assumptions, the level of recoveries in the transaction is
below our initial expectations. We also note that
concentration issues often arise in Spanish small and midsize
enterprise (SME) transactions as the portfolios amortize. For
these reasons, we did not upgrade the ratings on these notes
at this stage," S&P related.
The portfolios, which Santander originated, comprise secured and
unsecured loans granted to SMEs in their normal course of
business, mainly concentrated in the regions of Madrid, Andalucia,
and Catalonia.
For FTPYME Santander 2, the loans were originated from 2002 to
2004, with a weighted-average seasoning of 13 months when the
transaction closed in October 2004.
For Santander Empresas 1, the loans were originated between 1993
and 2005, with a weighted-average seasoning of 19.5 months when
the transaction closed in October 2005.
Santander Empresas 2 closed the most recently. The underlying
collateral comprises loans originated between 1994 and 2006, and
the weighted-average seasoning was 18 months in December 2006,
when the transaction closed.
Ratings List
Class Rating
To From
Santander Empresas 1, Fondo de Titulizacion de Activos
EUR3.1 Billion Floating-Rate Notes
Rating Affirmed and Removed From CreditWatch Negative
A2 AAA (sf) AAA (sf)/Watch Neg
Ratings Affirmed
B AA (sf)
C A- (sf)
Rating Lowered
D B (sf) BBB (sf)
Santander Empresas 2, Fondo de Titulizacion de Activos
EUR2.954 Billion Floating-Rate Notes
Rating Affirmed and Removed From CreditWatch Negative
A2 AAA (sf) AAA (sf)/Watch Neg
Ratings Affirmed
B AA (sf)
C A (sf)
D BBB (sf)
E BB- (sf)
F D (sf)
Fondo de Titulizacion de Activos, FTPYME Santander 2
EUR1.8 Billion Floating-Rate Notes
Rating Affirmed and Removed From CreditWatch Negative
A AAA (sf) AAA (sf)/Watch Neg
B(G) AAA (sf) AAA (sf)/Watch Neg
Ratings Affirmed
C AA (sf)
D A (sf)
E BBB- (sf)
===========================
U N I T E D K I N G D O M
===========================
ALL EUROPEAN: Goes Into Liquidation; Owes More Than GBP500,000
--------------------------------------------------------------
Meetpie.com reports that inbound UK tour operator All European
Travel Ltd (AET) has gone into liquidation owing more than
GBP500,000.
Meetpie.com says just GBP34,000 was recovered from the company's
assets and nothing was paid to unsecured creditors, owed a total
of GBP530,000.
The last accounts filed at Companies House show two years of
losses, with a loss before tax of GBP49,000 in 2006 and GBP65,000
in 2007, Meetpie.com discloses.
The liquidation was carried out by Pearl Assurance after creditors
applied for the company to by wound up in 2009. The final
creditors meeting took place on June 13, the report notes.
North London-based All European Travel Ltd offered a corporate
venue and hotel booking service, incentive tours and event
management for conferences and events.
AMBAC FINANCIAL: Suit Against JPMorgan Reinstated on Appeal
-----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that a US$1 billion lawsuit against JPMorgan Chase
Investment Management Inc. was reinstated July 14 by a New York
State appellate court in Manhattan.
The plaintiff, Ambac Assurance UK Ltd., alleged in its complaint
that JPMorgan, serving as investment adviser, continued investing
in subprime mortgages when the bank's senior management had said
publicly that it was "mostly exiting the business of securitizing
subprime mortgages." Ambac insured bonds backed by mortgages
selected by JPMorgan. The agreement called for the bank to pick
investments "to obtain reasonable income while providing a high
level of safety and quality." Ambac alleged that the
$1.65 billion of investments selected by JPMorgan lost $1 billion
in value in "just 30 months."
The appellate court said it was an error for the trial court to
dismiss the suit last year. Dismissal was based on Ambac's
admission that New York-based JPMorgan didn't invest in any class
of assets beyond what was permitted under the investment advisory
agreement. The five judges on the Appellate Division, First
Department, said that JPMorgan "continued to invest in securities
which it knew were entirely incompatible with plaintiff's
investment objective and stated goal." Consequently, the
complaint sufficiently alleged that the bank's conduct amounted to
"gross negligence or willful misconduct."
The case is Ambac Assurance UK Ltd. v. JPMorgan Chase Investment
Management Inc., 2011-05942, New York State Supreme Court,
Appellate Division First Department (Manhattan).
About Ambac Financial
Ambac Financial Group, Inc., headquartered in New York City, is a
holding company whose affiliates provided financial guarantees and
financial services to clients in both the public and private
sectors around the world.
Ambac Financial filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
10-15973) in Manhattan on Nov. 8, 2010. Ambac said it will
continue to operate in the ordinary course of business as "debtor-
in-possession" under the jurisdiction of the Bankruptcy Court and
in accordance with the applicable provisions of the Bankruptcy
Code and the orders of the Bankruptcy Court.
Ambac's bond insurance unit, Ambac Assurance Corp., did not file
for bankruptcy. AAC is being restructured by state regulators in
Wisconsin. AAC is domiciled in Wisconsin and regulated by the
Office of the Commissioner of Insurance of the State of Wisconsin.
The parent company is not regulated by the OCI.
Ambac's consolidated balance sheet -- which includes non-debtor
Ambac Assurance Corp -- showed US$30.05 billion in total assets,
US$31.47 billion in total liabilities, and a US$1.42 billion
stockholders' deficit, at June 30, 2010.
On an unconsolidated basis, Ambac said in a court filing that
it has assets of (US$394.5 million) and total liabilities of
US$1.6826 billion as of June 30, 2010.
Bank of New York Mellon Corp., as trustee to seven different types
of notes, is listed as the largest unsecured creditor, with claims
totaling about US$1.62 billion.
Peter A. Ivanick, Esq., Allison H. Weiss, Esq., and Todd L.
Padnos, Esq., at Dewey & LeBoeuf LLP, serve as the Debtor's
bankruptcy counsel. The Blackstone Group LP is the Debtor's
financial advisor. Kurtzman Carson Consultants LLC is the claims
and notice agent. KPMG LLP is tax consultant to the Debtor.
Anthony Princi, Esq., Gary S. Lee, Esq., and Brett H. Miller,
Esq., at Morrison & Foerster LLP, in New York, serve as counsel
to the Official Committee of Unsecured Creditors. Lazard Freres
& Co. LLC is the Committee's financial advisor.
CONSUMER UNSECURED: S&P Lowers Rating on Class E Notes to 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Consumer Unsecured Reperforming Loans (CURL) PLC's class D and E
notes.
The transaction was the first securitization of reperforming
assets in the U.K. (i.e., the borrowers have either approached
Lloyds TSB Bank to request refinancing, or the borrowers had
already been in arrears and have agreed to a refinancing scheme).
Before being refinanced, the loans backing this transaction were
overdrafts, credit card receivables, and personal unsecured
loans.
The total issue amount at closing was GBP147 million, whereas the
underlying portfolio amount totaled GBP225.4 million. The total
balance of the rated notes currently outstanding is GBP45,728,850,
and is backed by collateral of GBP70,935,465--representing
overcollateralization of 36%.
"The upgrades reflect our view of the improved performance of the
underlying collateral and deleveraging of the transaction," S&P
said.
Total delinquencies have reduced to 10.6% as of June 2011, from a
peak of 19.52% in September 2009.
"Cumulative gross losses have reached 26.43%. As a result, we have
revised our base case assumption to 21.55% for the remaining life
of the transaction," S&P related.
"Given the asset type -- unsecured reperforming loans -- we
acknowledge that the credit quality of the borrowers in the pool
is low as a result the transaction remains sensitive to increases
in unemployment rates and the potential of rising interest rates.
We also considered this in our analysis," S&P said.
Ratings List
Class Rating
To From
Consumer Unsecured Reperforming Loans (CURL) PLC
GBP147.36 Million, Asset-Backed Floating Rate Notes
Ratings Raised
D BB+ (sf) B+ (sf)
E B (sf) B- (sf)
DIVERSITY FUNDING: S&P Affirms BB- Ratings on Two Classes of Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed and removed from
CreditWatch negative its credit ratings on Diversity Funding No. 1
Ltd.'s notes, following S&P's receipt of information on the
transfer of legal title in the security interests that back this
transaction.
Diversity Funding No. 1 is a true sale transaction secured by a
portfolio of small commercial real estate loans originated by
Northern Rock, which in turn are secured on commercial properties
located throughout the U.K.
"After we undertook a full transaction review in March, we lowered
the ratings on all classes to reflect our view that the
creditworthiness of the portfolio had deteriorated. At the same
time, we also kept the ratings on CreditWatch negative pending the
resolution of the security matter," S&P related.
At closing, the mortgages trustee (Diversity Mortgages Trustee No.
1 Ltd.) held the beneficial interest in the portfolio's security,
and the legal title in the security remained with the seller
(Lehman Commercial Mortgage Conduit Ltd.). The seller granted the
mortgages trustee power of attorney to enable it to transfer legal
title in the security to itself (from the seller) if the seller
became insolvent. A reserve fund was put in place to cover, among
other things, senior expenses such as fees associated with the
transfers.
Following the insolvency of Lehman entities in 2008, the
transaction parties implemented arrangements to effect the
transfers. The transfers were carried out by a number of different
entities and the process has recently been transferred to the
servicer (Crown Mortgage Management Ltd.), which envisages the
task being completed in 2011. "We understand that the task that
lies ahead is an administrative one, and accordingly we have
removed from CreditWatch negative our ratings on these notes," S&P
said.
Ratings List
Class Rating
To From
Diversity Funding No. 1 Ltd.
GBP1.145 Billion Variable Reference Rate Notes
Ratings Affirmed and Removed From Creditwatch Negative
A AA- (sf) AA- (sf)/Watch Neg
B BBB+ (sf) BBB+ (sf)/Watch Neg
C BB (sf) BB (sf)/Watch Neg
D B (sf) B (sf)/Watch Neg
E B- (sf) B- (sf)/Watch Neg
F B- (sf) B- (sf)/Watch Neg
FOCUS (DIY): Takeover Bid Failure Leaves Workers in Limbo
---------------------------------------------------------
Harry Hogger at DorsetECHO reports that the future of fifteen
staff at Dorchester's Focus DIY store remains uncertain after it
missed out on a takeover by another national chain.
As reported in the Troubled Company Reporter-Europe on May 10,
2011, H&V News related that Focus DIY fell into administration.
Ernst & Young, who were appointed as administrator, said that they
are looking for a buyer for the company's stores, which continue
to trade as normal, according to H&V News.
The Dorchester branch is due to cease trading on July 17.
However, it was one of 31 Focus stores subject to a bid from
Kingfisher plc -- the parent company of B&Q, according to
DorsetECHO.
The report says that following an investigation by the Office for
Fair Trading, Kingfisher is proceeding with the acquisition of 30
of the stores but has pulled out of the purchase of the Dorchester
branch, a move which would have safeguarded the future of its 15
staff members, according to DorsetECHO.
The OFT said Kingfisher withdrew from the Dorchester store after
evidence in its preliminary review suggested there could be a
rival national DIY purchaser interested in the outlet, the report
notes.
DorsetECHO says that the Dorchester store will now be released
back to administrators Ernst and Young so it can be marketed to
other interested parties.
Project Director for the Dorchester BID (Business Improvement
District) Phil Gordon said he hoped the suggestion that another
buyer was in the frame was proved to be correct, DorsetECHO adds.
Focus (DIY) was founded by Bill Archer in 1987, with six stores in
the Midlands and the north of England. The company now has 178
stores in England, Scotland, and Wales, and employs more than
3,900 staff.
HOUSE OF FRASER: Moody's Rates GBP250MM Senior Notes at 'B3'
------------------------------------------------------------
Moody's Investors Service has assigned a definitive B3 rating and
Loss Given Default assessment of LGD4 to the GBP250 million 8.875%
senior secured notes due 2018 issued at House of Fraser (Funding)
PLC, a wholly-owned subsidiary of Highland Group Holdings Ltd.,
which has a B2 corporate family rating and probability of default
rating, and which guarantees the notes on a senior secured basis
together with subsidiaries accounting for the majority of group
assets and EBITDA.
RATINGS RATIONALE
Moody's definitive rating assignments on these debt obligations
are in line with the provisional ratings assigned on 19 May 2011.
Moody's rating rationale was set out in a press release issued on
that date. The final terms of the notes are in line with the
drafts reviewed for the provisional ratings assignments.
The notes proceeds have been used mainly to refinance the
company's previously-existing GBP215 million drawn senior and
mezzanine debt, as well as to increase the cash balance for
general corporate purposes. The transaction was completed on 31
May 2011.
The company's liquidity post refinancing is expected to remain
solid, based on the pro forma cash balance of c.GBP78 million as
of FYE2011 and reflecting the notes issuance, and availability
under the RCF. The notes contain covenants for debt incurrence,
while the RCF contains maintenance covenants for leverage and a
fixed charge coverage ratio. Moody's stable outlook assumes that
strong headroom will be maintained under these covenants at all
times.
House of Fraser's ratings are supported by the group's excellent
name recognition in its markets and unique business model under
which a significant portion of its sales are generated through
concession contracts with over 350 suppliers of premium brand
names. Moody's believes that this model mitigates the volatility
in earnings from one year to the next. The company has reported
continued earnings growth in recent years, which has contributed
to deleveraging in those years. At the same time, the ratings
factor in the company's relatively small scale - with turnover
(excluding revenues retained by concession partners) of GBP669.2
million in FY2011 (to January), and with 61 stores in the UK and
Ireland. Moody's further believes that the premium segment in
general is highly exposed to discretionary spending, which has
been reflected in House of Fraser's own comparable sales in recent
years. Finally, the ratings are constrained by the company's high
adjusted leverage, which reflects in particular Moody's adjustment
for long-term leases, as its store portfolio is entirely leased.
The CFR is assigned at Highland Group Holdings Ltd., which is the
reporting entity and the ultimate parent holding company of the
group. The notes are issued at House of Fraser (Funding) plc, a
finance subsidiary of Highland Acquisitions Limited, which is also
the owner of the operating subsidiaries, while the RCF will be
borrowed at the level of the operating subsidiaries. The RCF and
notes are secured on substantially all assets of the issuer and
the guarantors, which must at all times represent at least 85% of
group assets and EBITDA. Under the terms of an intercreditor
agreement, in case of an enforcement of the collateral, this
security will be applied first to the full repayment of the RCF
and then to the notes. On the basis of the structural
subordination to the RCF and to other non-debt liabilities within
the capital structure, the notes are rated B3 (LGD4), one notch
below the CFR.
The stable outlook reflects Moody's view that in spite of the
group's exposure to discretionary spending in a difficult trading
environment, its earnings have proven resilient in recent years
and have benefited from its concession model, which Moody's
believes will continue to shelter it somewhat from volatility in
market demand. For the current rating and stable outlook, Moody's
would expect the EBITA/interest cover to be maintained over time
at least at 1.2x, with continued free cash flow generation and a
strong liquidity profile. In this regard, Moody's believes that
the company will have limited flexibility in the B2 category. A
deviation from operating performance expectations, resulting in a
lower interest cover metric, negative free cash flow or a weakened
liquidity profile could lead to downward pressure on the rating.
Conversely upward pressure on the rating could result from a
strengthening in interest cover to a level approaching 1.75x,
coupled with operating performance exceeding expectations on a
sustainable basis.
The principal methodology used in rating House Of Fraser (Funding)
plc was the Global Retail Industry Methodology, published in June
2011. Other methodologies used include Loss Given Default for
Speculative Grade Issuers in the US, Canada, and EMEA, published
June 2009.
House of Fraser is a UK-based department store chain focusing on
premium range products and catering to the more affluent client
base. In FY2011 (to January) it reported gross transaction value
(ie including revenues from concession sales) and net turnover
(excluding revenues retained by concession partners) of GBP1.1
billion and GBP669 million, respectively, and adjusted EBITDA of
GBP69.7 million.
LARONGROVE LTD: OAP Savers Left Penniless After Firm Went Bust
--------------------------------------------------------------
Greig Box-Turnbull at Daily Mirror reports that vulnerable
pensioners have seen GBP55,000 of their savings vanish after their
care home went bust.
The money was paid into a business account by bosses instead of a
separate savings account, according Daily Mirror.
Daily Mirror notes when the company went into administration in
2009 the cash was lost and savers left penniless.
Now relatives are fighting to get the cash back from Larongrove
Ltd, which ran Abbey Grange care home in Sheffield, the report
discloses.
But fraud officers said there is no law stating savings must be
kept in separate accounts, Daily Mirror adds.
LE SPA: Could Become Care Home After Appeal Victory
---------------------------------------------------
Gloucestershire Echo reports that new life could be breathed back
into the site of a health club in the Cotswolds forced to close
over money problems.
Cirencester's Le Spa shut its doors last week after it went into
administration, according to Gloucestershire Echo.
However, Gloucestershire Echo notes, Director Linda Lloyd, who
argued the club was financially struggling due to falling
membership, has now won her appeal to convert it into a 60-bed
care home at Stratton Place.
Ms. Lloyd had challenged Cotswold District Council's refusal to
grant planning permission, Gloucestershire Echo notes.
However, the report says, in a split decision, appeal planning
inspector Neil Pope, has rejected the second half of the scheme
for 23 new houses which would help pay for the old people's
facility.
The proposed homes sparked huge opposition from residents who said
the development would ruin the grounds, Gloucestershire Echo adds.
LLOYDS BANKING: Virgin, Co-operative Leading Bidders for Branches
-----------------------------------------------------------------
Patrick Jenkins and Paul Davies at The Financial Times report that
Virgin Money and Co-operative Bank are shaping up for a head-to-
head tussle to buy the portfolio of 632 branches being sold by
Lloyds Banking Group.
According to the FT, along with NBNK, the bidding shell headed by
outgoing Lloyd's of London chairman Lord Levene, Virgin and the
Co-op were the only bidders who submitted concrete offers for the
branches within the deadline -- all believed to be towards the
lower end of a GBP2 billion-GBP3 billion range.
A further three approaches came in from other parties, but were
vaguer, the FT notes.
These comprised NAB, the Australian bank that owns Yorkshire and
Clydesdale in the UK, an unidentified private equity firm, and
Clive Cowdery, the insurance entrepreneur, the FT discloses.
Lloyds, the FT says, is expected to whittle down the bids by the
end of July. It remains to be seen whether the bank can finalize
a sale before the middle of September, when Sir John Vickers, head
of the government-appointed Independent Commission on Banking is
set to publish his full report on the structure of the UK market,
the FT notes.
An interim report from the Vickers Commission in April recommended
that Lloyds should be made to substantially "enhance" the scope of
the branch sale, ordered by European Union state aid authorities
as a penalty for the bank's bail-out by the UK government, the FT
discloses.
The shape of bidding could diminish the value that Lloyds extracts
from the sale, the FT states.
About Lloyds Banking Group PLC
Lloyds Banking Group plc -- http://www.lloydsbankinggroup.com/--
is a financial services group providing a range of banking and
financial services, primarily in the United Kingdom, to personal
and corporate customers. The Company operates in four segments:
Retail, Wholesale, Wealth and International, and Insurance. Its
main business activities are retail, commercial and corporate
banking, general insurance, and life, pensions and investment
provision. It also operates an international banking business
with a global footprint in over 30 countries. Services are
offered through a number of brand, including Lloyds TSB, Halifax,
Bank of Scotland, Scottish Widows, Clerical Medical and Cheltenham
& Gloucester, and a range of distribution channels. In March
2010, Capita Group Plc acquired Ramesys (Holdings) Ltd from Lloyds
Banking Group plc's Lloyds Bank. In April 2011, Lloyds Banking
Group plc's LDC bought gas and chemicals business, A-Gas, and a
stake in UK2 Group, a Web hosting company.
ROYAL BANK: Risky Loan Wind-Down Losses Less Than Estimated
-----------------------------------------------------------
Patrick Jenkins at The Financial Times reports that losses
incurred in the wind-down of Royal Bank of Scotland's most risky
loans covered by the government-run Asset Protection Scheme,
should peak at GBP45 billion -- 20% less than estimated a year ago
-- the administrators of the APS have concluded.
According to the FT, the number, down from the GBP57 billion
forecast in 2010, is comfortably below the GBP60 billion first-
loss threshold above which the insurance cover would pay out.
Even in a "stressed scenario" -- involving severe macro-economic
trouble in Ireland and Spain, to which RBS has substantial
exposure -- the expected losses would still come under GBP60
billion, the FT notes.
The bank's diminishing reliance on the APS should help pave the
way for the process of reprivatizing RBS to begin, the FT says.
The bank remains 83%-owned by the government after a GBP45 billion
bail-out, the FT states.
With the APS now highly unlikely to pay out, despite a minimum
insurance premium to be paid by the second half of next year
totaling GBP2.5 billion, some analysts have questioned its worth,
the FT says.
Talks have taken place over a period of several months over how
the APS might be wound down early, or replaced with a commercial
bad bank, the FT relates.
But according to Treasury officials briefed on the APA report,
some quantifiable financial benefit has come from the scheme, too,
despite the expected lack of any pay-out, the FT notes.
According to the FT, an estimated GBP400 million of cash benefits
have resulted from the APA's involvement in managing the sale of
about GBP2 billion of loan portfolios,
The pool of APS assets has fallen to GBP182 billion, as at the end
of March, compared with an initial GBP286 billion, the FT
discloses.
About RBS
The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks. The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing. On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO). In July 2008, the company disposed of its entire
interest in Global Voice Group Ltd.
SOUTHERN CROSS: Faces Liquidation; NHP Seek New Owner for Homes
---------------------------------------------------------------
Simon Mundy at The Financial Times reports that Southern Cross is
set to be wound up after announcing Monday last week that all 80
of its landlords wanted to transfer their homes to other
operators.
The company had spent months trying to stay afloat, after
revealing in March that it was set to breach its banking
covenants, the FT relates. Its revenues had been hit by cuts to
local authority care fees, while it was locked into annual rent
increases of 2.5%, the FT notes.
According to the FT, the company conceded defeat when NHP, owner
of a third of its homes, said it wanted to find new management for
them. It had been hoping that NHP would be the "anchor" landlord
for a revamped Southern Cross, operating about 400 homes, the FT
states.
Southern Cross, the FT says, will cease to operate care homes by
the end of this year. The FT relates that people close to the
situation said it will almost certainly cease to exist as a public
company although it is possible that some of its back office
services will be used by other operators.
The future of the homes is not yet clear, the FT notes. Eighty-
five homes owned by Four Seasons and Bondcare, two rival
operators, will be taken over by those companies, the FT
discloses.
According to the FT, industry figures said tat NHP is likely to
establish an operating division or help to set up a separate
operating company to run its homes. The company and its landlords
have guaranteed that no homes would close between now and October,
although some may shut after that, the FT states.
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.
WHITE TOWER: S&P Lowers Rating on Class D Notes to 'B-'
-------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on White Tower Europe 2007-1 PLC, following loan
prepayments.
Specifically, S&P has:
-- Raised its rating on the class A notes;
-- Lowered its ratings on the class C and D notes; and
-- Affirmed its ratings on the class B and E notes.
"On Dec. 22, 2009, we lowered our ratings on the class A, B, C, D,
and E notes due to market value declines of properties securing
the then-remaining loans backing this transaction, and due to
increased risk in principal losses due to the Heron City loan.
Since then, the borrower has fully repaid the Castor
& Pollux loan, the Sebastopol loan, and the Crown loan (in
aggregate, about 55% of the pre-amortization note principal
balance). Also, on June 30, 2011, we received notice that the
Heron City loan was going to be specially serviced by Societe
Generale (the originator of this transaction). We do not expect
any losses for the remaining two loans (DB Hannover and DB
Nuremberg)," S&P stated.
"The rating actions follow our analysis of the implications of
these events and a review of the three loans that will remain in
this transaction following the repayments: The DB Hannover loan
(12.6% of principal balance), the DB Nuremberg loan (14.4% of
principal balance), and the Heron City loan (72.8% of principal
balance). Furthermore, in addition to our credit analysis, we
analyzed the ratings in this transaction taking into account our
revised criteria for counterparty and supporting obligations (see
'Counterparty And Supporting Obligations Methodology And
Assumptions,' published on Dec. 6, 2010)," S&P said.
Credit Analysis
"In view of our assessment of the recoverable proceeds of the
remaining loans and of improved credit characteristics of the
notes at the top of the capital structure following loan
repayments, we have raised our rating on the class A notes and
affirmed our rating on the class B notes," S&P said.
The allocation to the notes of the Crown, Sebastopol, and Castor &
Pollux loan repayments, in aggregate, increased the credit
enhancement to the class A to D notes. However, the remaining pool
is now highly concentrated with three loans. The DB Nuremberg and
DB Hannover loans are both secured by properties entirely or
principally let to entities that are part of Deutsche Bahn AG
(AA/Stable/A-1+). They have experienced stable reported annual
rental income since closing. "We do not expect either loan to
experience a payment default during the loan term. The weighted-
average lease length (about six years) and tenant quality of the
assets backing the DB Nuremberg loan and the DB Hannover loan
further mitigate the risk of principal losses arising from these
loans by note maturity, in our view," S&P said.
In contrast, the Heron City loan, accounting for almost three
quarters of the total portfolio balance, is currently in special
servicing for breach of its loan-to-value ratio covenant
(currently reported at 128%). It matures in December 2011 and is
secured by a leisure and retail property close to Barcelona.
"Although rent arrears have reduced to about 2% of income from
almost 20% since December 2009, we believe that pressures on the
leisure sector in Spain may increase the risk of a term default in
the loan. We also believe that this loan will not fully repay at
maturity in December 2011. Although there is a potential four-year
work-out period before the legal final maturity of the notes, we
believe that the property's performance and its value could
deteriorate further given indications that Spanish leisure
operating businesses are weakening due to the general
macroeconomic environment in Spain. As a result, our loss
estimates for this specially serviced loan have risen," S&P said.
"We have affirmed our rating on the class E notes, and lowered our
ratings on the class C and D notes, to reflect our view that these
are increasingly likely to suffer from principal losses from the
Heron City loan," S&P noted.
Counterparty Analysis
"Our review of the counterparty documents (account bank, liquidity
facility, and swap documents) indicates that, apart from the
account bank agreement, they do not fully comply with our 2010
criteria for counterparty and supporting obligations. The maximum
rating achievable in the transaction is constrained by the lowest
long-term rating on a counterparty in this transaction, namely the
liquidity provider Lloyds TSB Bank PLC ('A+')," S&P said.
At closing, White Tower Europe 2007-1 acquired six loans secured
by 15 commercial properties in Germany, France, and Spain. Since
closing, three of these loans have repaid in full and the
outstanding note balance is EUR147.2 million as of the April 2011
interest payment date.
Ratings List
Class Rating
To From
White Tower Europe 2007-1 PLC
EUR349.55 Million Commercial Mortgage-Backed Variable- And
Floating-Rate Notes
Rating Raised
A A+ (sf) A (sf)
Ratings Lowered
C B (sf) BB (sf)
D B- (sf) B (sf)
Ratings Affirmed
B BBB (sf)
E B- (sf)
YELL GROUP: Unveils Major Online Expansion Plan
-----------------------------------------------
Tommy Stubbington at The Wall Street Journal reports that shares
in Yell Group PLC tumbled Thursday after the company announced a
major online expansion, as investors learned they will have to
wait until 2015 for a return to revenue and profit growth.
According to the Journal, the U.K.-based directories group said it
plans to expand beyond classified advertising to provide marketing
and e-commerce services, as part of a new strategy to become a
predominantly online business.
Still, investors were unimpressed by the strategy, sending Yell's
shares down 18% at 9.02 pence in London on Thursday, the Journal
relates.
Yell, as cited by the Journal, said it will likely return to
growth in revenue, earnings and cash flow by 2015.
The heavily indebted company, which narrowly dodged insolvency in
2009, last week announced a series of tie-ups to overhaul its
digital strategy as it aims to reduce its reliance on the
declining market for print directories, the Journal recounts.
About Yell Group
Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US. Yell
also owns 100% of TPI (renamed "Yell Publicidad"), the largest
publisher of yellow and white pages in Spain, with operations in
certain countries in Latin America. Yell's revenue for the twelve
months ended March 31, 2008, was GBP2,219 million and its
Adjusted EBITDA was GBP738.9 million.
* * *
As reported by the Troubled Company Reporter-Europe on May 25,
2011, Moody's Investors Service downgraded Yell Group Plc's
corporate family rating (CFR) to Caa1 from B3 and its probability-
of-default rating (PDR) to Caa2 from Caa1. Moody's said the
outlook on the ratings is negative.
* UK: Corporate Failures Could Rise in Some Sectors, PwC Warns
--------------------------------------------------------------
Robin Wigglesworth at The Financial Times reports that the number
of UK company insolvencies fell in the second quarter of the year
but PwC, the accounting firm, warned that corporate failures could
rise in some sectors as consumer spending remains weak and public
spending cuts begin to bite.
In total, 3,531 UK companies became insolvent in the second
quarter, a 16 per cent decline from the 4,216 failures in the
first three months of the year, the FT says, citing an analysis by
PwC.
According to the FT, PwC noted that low interest rates, leniency
from the tax collecting authorities, and lenders anxious to avoid
realizing losses have helped many struggling companies to stay
solvent.
Yet the number of corporate insolvencies edged up 2% from the same
period last year, and Mike Jervis, a partner in PwC's business
recovery services practice, cautioned that the UK economy -- and
companies -- are "by no means out of the woods yet", the FT notes.
"There is a high risk of increased insolvencies in the retail,
hospitality and leisure sectors over the next 12 months," the FT
quotes Mr. Jervis as saying.
According to the FT, PWC noted that the quarterly rent check due
on June 24 may have tripped up several companies in the retail
sector. There were 41 retailers with assets of more than GBP1
million entering insolvency in the quarter, more than three times
the amount in the first three months of 2011 and nearly seven
times more than in the same quarter last year, the FT discloses.
The rate of defaults in the manufacturing sector dipped markedly
both quarter-on-quarter and against the same period last year, but
construction and related niches such as home improvement companies
continue to struggle, the FT states.
* UK: Number of Scottish Insolvencies Up 17% in Quarter Ended June
------------------------------------------------------------------
Herald Scotland reports that the number of firms going bust in
Scotland surged by 17% between April and the end of June, compared
with the first quarter of the year, the latest research shows --
with smaller companies really suffering.
Herald Scotland, citing figures released by accounting firm KPMG,
discloses that there were 329 Scottish corporate insolvencies
during the second quarter of 2011, compared with 282 in the
earlier three-month period of the year.
The statistics also show that the number of administrations and
receivership appointments, which usually affect larger businesses,
fell by 19% between April and June, compared with the previous
quarter, according to Herald Scotland.
* SCOTLAND: High Streets Trading Difficulties Unlikely to Improve
-----------------------------------------------------------------
The Herald reports that Scotland's high streets are battling a
"perfect storm" of trading difficulties, with experts warning
conditions are not likely to improve for at least another year.
A string of big brands has either folded or taken steps to shrink
operations in recent weeks to meet the challenging economic
climate, according to The Herald.
The Herald notes that former high-street stalwarts such as
furniture retailer Habitat, discount store TJ Hughes and fashion
chain Jane Norman have collapsed into administration, while others
including Thorntons, HMV and Mothercare have announced plans to
close down significant numbers of stores.
Last week all of the iconic delicatessen shops of Scottish brand
Peckham's were put up for sale, the report relates.
===============
X X X X X X X X
===============
* EUROPE: Eight Banks Fail European Union Stress Tests
------------------------------------------------------
Ben Moshinsky and Gavin Finch at Bloomberg News report that eight
banks failed the European Union stress tests after regulators on
Friday said they had a combined capital shortfall of EUR2.5
billion (US$3.5 billion), less than predicted by analysts and
investors.
According to Bloomberg, Greece's EFG Eurobank Ergasias SA and
Agricultural Bank of Greece SA, Austria's Oesterreichische
Volksbanken AG and Spain's Banco Pastor SA, Caja de Ahorros del
Mediterraneo, Banco Grupo Caja3, CatalunyaCaixa and Unnim failed.
Bloomberg relates that the European Banking Authority said as many
as 16 more lenders will need to bolster capital after scraping
through. All banks examined in Italy, Germany, France, the U.K.
and Ireland passed, Bloomberg discloses.
The EBA's attempt to bolster confidence in the industry has been
criticized by analysts for excluding a Greek default, Bloomberg
notes.
EBA, as cited by Bloomberg, said the failures were found to have
insufficient reserves to maintain a core Tier 1 capital ratio of
5% in the event of an economic slowdown.
A further 16 banks, including seven in Spain, barely passed with a
core Tier capital 1 ratio of between 5% and 6%, Bloomberg states.
Those lenders included Banco Comercial Portugues SA, Espirito
Santo Financial Group SA, Germany's HSH Nordbank AG and
Norddeutsche Landesbank, Bloomberg discloses.
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
KA FINANZ AG 3730Z AV -359597349.9 30679270533
BELGIUM
-------
ANTWERP GATEWAY 496769Z BB -32782691.86 277992457.9
BALTA SARL 3679528Z BB -213655263.9 956320938.3
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
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CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
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CZECH REPUBLIC
--------------
CKD PRAHA HLDG CDP EX -89435858.16 192305153
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DENMARK
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FRANCE
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GEORGIA
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PEARL HOLDING 3622Z LN -133833007.2 968234065.8
GERMANY
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KABEL DEUTSCHLAN KD8USD EU -2162144517 2994909053
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MAERKLIN 730904Z GR -8321071.921 115821977.5
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GREECE
------
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ASPIS PRONIA GE ASASK EO -189908329.1 896537349.7
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HUNGARY
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ICELAND
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IRELAND
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----------
ARCELORMITTAL FL 3912244Z LX -1024313669 3328008487
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NETHERLANDS
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NORWAY
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TDC AS 4287413Z NO -95917885.43 128911202.9
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TTS SENSE AS 4393841Z NO -30849484.35 107503145.6
UTKILEN SHIPPING 4446161Z NO -2435448.778 205148159.9
VNG NORGE AS 4513147Z NO -44725176.15 280935536.1
POLAND
------
TOORA TOR PW -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
AGUAS DO ZEZERE 3646223Z PL -9497007.861 387261027.5
ALBERTO MARTINS 4488947Z PL -26137998.21 126979395.5
CENTRO HOSPITALA 3778196Z PL -45060064.62 149709016.7
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
COFINA COFI PL -13400332.44 274876811
COFINA COFSI IX -13400332.44 274876811
COFINA CFASF US -13400332.44 274876811
COFINA SGPS SA COFI EO -13400332.44 274876811
COFINA SGPS SA COFI TQ -13400332.44 274876811
COFINA SGPS SA COFI QM -13400332.44 274876811
COFINA SGPS SA CFNX PX -13400332.44 274876811
COFINA SGPS SA CFN PL -13400332.44 274876811
COFINA SGPS SA COFI EB -13400332.44 274876811
COFINA SGPS SA CFN1 PZ -13400332.44 274876811
COFINA SGPS SA COFI EU -13400332.44 274876811
CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
EMPRESA PUBLICA 3646447Z PL -18489638.67 302885151.7
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FERREIRAS & MAGA 4281437Z PL -14115717.84 103226790.2
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HOSPITAL GARCIA 3773160Z PL -27714243.05 131330191
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
LYCATELCOM LDA 4281821Z PL -8577510.562 109410577.8
METRO DO PORTO 4473963Z PL -227787277.2 3216337049
PARQUE DA PAMPIL 4770625Z PL -1932626.439 135631078.1
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PORTUGALIA 1008Z PL -4086512.545 263103585.3
RADIO E TELEVISA 1227Z PL -874020727.2 739530129.4
REFER-REDE FERRO 1250Z PL -1817222591 941624235.3
SERVICO DE SAUDE 3790200Z PL -171447869.9 656234458.2
SOCIEDADE DE REN 3776676Z PL -16609193.89 127876798.7
SOCIEDADE DE TRA 1253Z PL -382109051.3 119848180.8
SPORTING CLUBE D SCP1 PZ -65884328.13 251276323.4
SPORTING CLUBE D SCDF EO -65884328.13 251276323.4
SPORTING CLUBE D SCG GR -65884328.13 251276323.4
SPORTING CLUBE D SCP PL -65884328.13 251276323.4
SPORTING CLUBE D SCPX PX -65884328.13 251276323.4
SPORTING CLUBE D SCDF EU -65884328.13 251276323.4
SPORTING-SOC DES SCPL IX -65884328.13 251276323.4
SPORTING-SOC DES SCDF PL -65884328.13 251276323.4
SPORTING-SOC-RTS SCPVS PL -65884328.13 251276323.4
SPORTING-SOC-RTS SCPDS PL -65884328.13 251276323.4
TAP SGPS TAP PL -293253615.6 2901200999
VALE DO LOBO - R 4764257Z PL -19458755.77 553819869.1
VISTA ALEGRE ATL 4281717Z PL -11415079.06 119980938.8
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -89344240.83 511515508.8
OLTCHIM SA RM VA OLT PZ -89344240.83 511515508.8
OLTCHIM SA RM VA OLT RO -89344240.83 511515508.8
OLTCHIM SA RM VA OLT EO -89344240.83 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344240.83 511515508.8
OLTCHIM SA RM VA OLT EU -89344240.83 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344240.83 511515508.8
RAFO SA RAF RO -457922310.7 356796459.3
ROMPETROL RAFINA RRC RO -4103436 1885975424
ROMPETROL RAFINA RRC EO -4103436 1885975424
ROMPETROL RAFINA RRC EU -4103436 1885975424
ROMPETROL RAFINA RRCEUR EO -4103436 1885975424
ROMPETROL RAFINA RRCEUR EU -4103436 1885975424
ROMPETROL RAFINA RRC PZ -4103436 1885975424
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -79749277.74 135830690.8
ALLIANCE RUSSIAN ALRT RU -13189410.9 138268688.3
AMO ZIL ZILL RM -115900565.7 368611137
AMO ZIL-CLS ZILL* RU -115900565.7 368611137
AMO ZIL-CLS ZILLG RU -115900565.7 368611137
AMO ZIL-CLS ZILL RU -115900565.7 368611137
BUMMASH OJSC-BRD BUMM* RU -8393701.106 181897611.9
BUMMASH OJSC-BRD BUMM RU -8393701.106 181897611.9
DAGESTAN ENERGY DASB RU -41669399.94 184251142.2
DAGESTAN ENERGY DASB RM -41669399.94 184251142.2
DAGESTAN ENERGY DASBG RU -41669399.94 184251142.2
DAGESTAN ENERGY DASB* RU -41669399.94 184251142.2
EAST-SIBERIA-BRD VSNK RU -27891692.64 256817419.9
EAST-SIBERIA-BRD VSNK* RU -27891692.64 256817419.9
EAST-SIBERIAN-BD VSNK$ RU -27891692.64 256817419.9
FINANCIAL LEASIN 137282Z RU -97179352.98 323537045.5
FINANCIAL LEASIN FLKO RM -97179352.98 323537045.5
FINANCIAL LE-BRD FLKO RU -97179352.98 323537045.5
FINANCIAL LE-BRD FLKO* RU -97179352.98 323537045.5
GAZ-FINANS GAZF RU -56134.51262 232319905.4
IZHAVTO OAO IZAV RU -19693756.7 474754687.9
KAMSKAYA GORNAYA 2806239Z RU -527803788.8 1311868884
KOMPANIYA GL-BRD GMST* RU -12705935.35 1168280317
KOMPANIYA GL-BRD GMST RU -12705935.35 1168280317
M-INDUSTRIYA SOMI RU -1091260.252 261721440.8
MZ ARSENAL-$BRD ARSE* RU -17937177.88 215191909
MZ ARSENAL-$BRD ARSE RU -17937177.88 215191909
MZ ARSENAL-BRD ARSE$ RU -17937177.88 215191909
OAO SIBNEFTEGAZ SIGA RU -8733178.141 757597617.2
PENOPLEX-FINANS PNPF RU -754086.9373 140176163.3
PIK GROUP PIKK RM -65334860.95 4000687446
PIK GROUP PIKK* RU -65334860.95 4000687446
PIK GROUP PIKKG RU -65334860.95 4000687446
PIK GROUP PIKK RU -65334860.95 4000687446
PIK GROUP-GDR PIK IX -65334860.95 4000687446
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PIK GROUP-GDR PIK LI -65334860.95 4000687446
PIK GROUP-GDR PIK1 QM -65334860.95 4000687446
PIK GROUP-GDR PKGPL US -65334860.95 4000687446
PIK GROUP-GDR PIK EU -65334860.95 4000687446
PIK GROUP-GDR PIK TQ -65334860.95 4000687446
PROMTRACTOR-FINA PTRF RU -22844527.96 271197988.2
RUSSIAN TEXT-CLS ALRTG RU -13189410.9 138268688.3
RUSSIAN TEXT-CLS ALRT* RU -13189410.9 138268688.3
RYBINSKKABEL RBKZD RU -8532245.618 108539181.3
SEVKABEL-FINANS SVKF RU -83036.46173 102680373.6
SISTEMA HALS HALS RU -568359936 1210651008
SISTEMA HALS HALS* RU -568359936 1210651008
SISTEMA HALS HALS RM -568359936 1210651008
SISTEMA HALS HALSM RU -568359936 1210651008
SISTEMA HALS HALSG RU -568359936 1210651008
SISTEMA HALS-GDR HALS IX -568359936 1210651008
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SISTEMA-GDR 144A 86PN LI -568359936 1210651008
URGALUGOL-BRD YRGL RU -20765964.53 115490879.4
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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
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ZAPSIBGASPRO-BRD ZSGP RU -72947.51526 122459176.2
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ZAPSIBGASPROM-B ZSGP$ RU -72947.51526 122459176.2
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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
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CAIXARENTING SA 4500211Z SM -13655312.55 1651010629
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FIAT GROUP AUTOM 4511067Z SM -30064519.13 367730368.2
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GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
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HIDROCANTABRICO 4456745Z SM -213762090.5 376644969.1
INITEC ENERGIA S 3637759Z SM -1230006.429 256846609.3
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LA SIRENA ALIMEN 4375737Z SM -45848483.56 200881094.4
LEVANTINA Y ASOC 993382Z SM -47134829.4 798577836.1
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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
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SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
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SUPERMERCADOS CO 4285781Z SM -6271873.083 110251382.6
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UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
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VIA OPERADOR PET 4510507Z SM -22002322.05 129961207.4
SWEDEN
------
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
PHADIA AB 842347Z SS -140406774.4 2127579095
STENA RECYCLING 4011316Z SS -10675550.11 346046832.8
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TURKEY
------
BESIKTAS FUTBOL BJKAS TI -94748145.95 140991569.3
BESIKTAS FUTBOL BWX GR -94748145.95 140991569.3
BESIKTAS FUTBOL BJKASY TI -94748145.95 140991569.3
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EGS EGE GIYIM VE EGDIS TI -7732135.103 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.103 147075077.7
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GALATASARAY SPOR GATSF US -4380459.912 184132637.7
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GALATASARAY SPOR GSRAY TI -4380459.912 184132637.7
GALATASARAY-NEW GSRAYY TI -4380459.912 184132637.7
IKTISAT FINAN-RT IKTFNR TI -46900666.64 108228233.6
IKTISAT FINANSAL IKTFN TI -46900666.64 108228233.6
KEREVITAS GIDA KVTGF US -4054982.47 114054263.4
KEREVITAS GIDA KERVT TI -4054982.47 114054263.4
MUDURNU TAVUKC-N MDRNUN TI -64935052.1 160420187.4
MUDURNU TAVUKCUL MDRNU TI -64935052.1 160420187.4
SIFAS SIFAS TI -15439194.7 130608104
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -42249438.53 336677635.6
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ODESSA OIL REFIN ONPZ UZ -111365037.3 482408330.5
ZALK - PFTS ZALK UZ -43917605.26 146530718.8
UNITED KINGDOM
--------------
3I PLC 2346795Z LN -40072013.14 518266360.4
600 UK LTD 1282018Z LN -731250.5356 123671540.8
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RENTOKIL INITIAL RTO1 GR -195196189.7 2808673659
RENTOKIL INITIAL RTO EO -195196189.7 2808673659
RENTOKIL INITIAL RTO TQ -195196189.7 2808673659
RENTOKIL INITIAL RTOEUR EO -195196189.7 2808673659
RENTOKIL INITIAL RKLIF US -195196189.7 2808673659
RENTOKIL-SP ADR AP76 LI -195196189.7 2808673659
RENTOKIL-SP ADR RTOKY US -195196189.7 2808673659
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TRAVELEX HOLDING 2917958Z LN -1298945101 2546701094
TRAVELODGE LTD 3471462Z LN -391596042.3 1326034289
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TRINITY MIRROR M 1871370Z LN -140843056.8 448783505.1
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TRINITY MIRROR S 1512242Z LN -3205761.051 531281737.1
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TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -371582799.9 4848194651
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VANCO UK LTD 2784982Z LN -19948188.55 101300528.2
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VODAFONE UK CONT 1909662Z LN -52004914.2 193624994
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WARNER ESTATE WNER VX -8021407.27 430482190.2
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WARNER MUSIC UK 1075906Z LN -32488758.53 106000497.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WEETABIX LTD-A WEEBF US -397652099.9 909970808.9
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WESCOT TOPCO LTD 4007020Z LN -18742009.49 116071906.1
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WESTBURY HOTEL L 1214607Z LN -4252380.749 239855108.5
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WHITE YOUNG GREE WHY LN -32392901.23 196106689.5
WHITE YOUNG GREE WHY VX -32392901.23 196106689.5
WHITE YOUNG GREE WHY EU -32392901.23 196106689.5
WHITE YOUNG GREE WHYGBP EO -32392901.23 196106689.5
WHITE YOUNG GREE WHYEUR EO -32392901.23 196106689.5
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WHITE YOUNG-NEW WHYN LN -32392901.23 196106689.5
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
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WINCANTON PLC WIN1 EU -162158252.9 1389119000
WINCANTON PLC WIN PO -162158252.9 1389119000
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WINCANTON PLC WIN1 TQ -162158252.9 1389119000
WINCANTON PLC WIN VX -162158252.9 1389119000
WINCANTON PLC WNCNF US -162158252.9 1389119000
WINCANTON PLC WIN1 NQ -162158252.9 1389119000
WINCANTON PLC WIN1 BQ -162158252.9 1389119000
WINCANTON PLC WIN1 S1 -162158252.9 1389119000
WINCANTON PLC WIN PZ -162158252.9 1389119000
WINCANTON PLC WIN1GBP EO -162158252.9 1389119000
WINCANTON PLC WIN1USD EU -162158252.9 1389119000
WINCANTON PLC WIN1EUR EO -162158252.9 1389119000
WINCANTON PLC WIN1 QM -162158252.9 1389119000
WINCANTON PLC WIN1EUR EU -162158252.9 1389119000
WINCANTON PLC WIN1USD EO -162158252.9 1389119000
WINCANTON PLC WIN LN -162158252.9 1389119000
WINCANTON PLC WIN IX -162158252.9 1389119000
WINCANTON PLC WIN1 EB -162158252.9 1389119000
WINDSOR TELEVISI 1475394Z LN -232297665.7 340517582.8
WYG PLC WHY IX -32392901.23 196106689.5
WYG PLC WYGEUR EO -32392901.23 196106689.5
WYG PLC WYG EU -32392901.23 196106689.5
WYG PLC WYGGBP EO -32392901.23 196106689.5
WYG PLC WYG PZ -32392901.23 196106689.5
WYG PLC WYG EO -32392901.23 196106689.5
WYG PLC WYGEUR EU -32392901.23 196106689.5
WYG PLC WYG LN -32392901.23 196106689.5
XAFINITY HOLDING 4168309Z LN -18683833 243588520.5
XCHANGING UK LTD 1814130Z LN -27188853.3 285255216.3
XSTRATA SERVICES 1975918Z LN -88056666.54 169405671
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -46554226.38 279057376.4
ZURICH EMPLOYMEN 1292298Z LN -128495966.5 133351472.5
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Psyche A. Castillon, Julie Anne G. Lopez,
Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman,
Editors.
Copyright 2011. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *