/raid1/www/Hosts/bankrupt/TCREUR_Public/111206.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, December 6, 2011, Vol. 12, No. 241
Headlines
A Z E R B A I J A N
INT'L BANK OF AZERBAIJAN: Moody's Assigns 'E' Standalone BFSR
B E L G I U M
DEXIA BANK: Fitch Assigns 'bb' Viability Rating
FORTIS BANK: Fitch Affirms 'BB' Rating on CASHES Instruments
D E N M A R K
ROSKILDE BANK: Dexia Expressed Interest Prior to Collapse
G E R M A N Y
DRESDNER FUNDING: S&P Lowers Rating on $1-Bil. Cert. to 'CCC'
FRANZ HANIEL: S&P Lowers Corporate Credit Ratings to 'BB+/B'
MANROLAND AG: Administrator Seeks Buyers for Parts of Business
PROVIDE-VR 2003-1: S&P Affirms Rating on Class E Notes at 'D'
TALISMAN I: S&P Retains 'D' Rating on Class F Notes
I C E L A N D
KAUPTHING BANK: Successor Mulls First International Bond Sale
I R E L A N D
BANK OF IRELAND: Ireland Won't Impose Losses on Jr. Bondholders
FASTNET LINE: Needs EUR1.65MM to Emerge From Examinership
* IRELAND: Corporate Insolvency Figures Up 7% in November 2011
I T A L Y
BANCA DI BOLOGNA: S&P Affirms 'BB+/B' Counterparty Credit Ratings
SAFILO: Moody's Affirms 'B3' Corporate Family Rating
K A Z A K H S T A N
ALLIANCE BANK: Fitch Affirms Viability Rating at 'CC'
L I T H U A N I A
UKIO BANKAS: S&P Affirms Issuer Credit Rating at 'B'
N E T H E R L A N D S
GRESHAM CAPITAL: S&P Raises Rating on Class E Notes to 'B+'
MARCO POLO: Asks Bankruptcy Judge for More Restructuring Time
OPERA FINANCE: Fitch Junks Ratings on Four Note Classes
N O R W A Y
EKSPORTFINANS ASA: S&P Cuts Jr. Subordinated Debt Rating to 'BB+'
P O L A N D
CENTRAL EUROPEAN: S&P Cuts Corporate Credit Rating to 'B-'
P O R T U G A L
LUSITANO MORTGAGES NO. 1: S&P Cuts Rating on Class E Notes to 'B'
R O M A N I A
GARANTI BANK: Fitch Assigns 'BB+' Long-Term Issuer Default Rating
R U S S I A
SEVERSTAL OAO: Fitch Says Nord Separation Is Neutral to Ratings
* LENINGRAD OBLAST: S&P Raises Issuer Credit Rating to 'BB+'
* REPUBLIC OF UDMURTIA: Fitch Affirms 'BB+/B' Currency Ratings
S L O V E N I A
GRADIS LJUBLJANA: Files for Receivership in Ljubljana Court
S P A I N
BBVA RMBS 3: Fitch Affirms 'CCCsf' Rating on Class C Tranche
TDA 24: S&P Lowers Rating on Class C Notes to 'D'
S W E D E N
SAAB AUTOMOBILE: Bank of China to Become Part Owner
T U R K E Y
TURKIYE GARANTI: S&P Affirms Issuer Credit Rating at 'BB'
U N I T E D K I N G D O M
AQUILA PLC: S&P Lowers Rating on Class E Notes to 'D (sf)'
BLACKS LEISURE: Seeks Rescue Deal Amid Mounting Debt Problems
CASTLESTONE MANAGEMENT: Administrators Set to Sell Firm's Assets
DTZ HOLDINGS: In Administration; Sold to United Group Europe
IMCO LIMITED: Goes Into Liquidation After Work Safety Breaches
LCP PROUDREED: Fitch Affirms Rating on Class D Notes at 'BBsf'
PBF FINANCIAL: Insolvency Prompts FSA to Cancel Permit
ROYAL BANK: FSA Report on Collapse Won't Center on Two Directors
WARD BUILDING: Angus Council Weighs Effect of Firm's Liquidation
YELL GROUP: Lenders Group Opposes Restructuring Plan
YELL GROUP: S&P Affirms Corporate Credit Rating at 'CC'
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
===================
A Z E R B A I J A N
===================
INT'L BANK OF AZERBAIJAN: Moody's Assigns 'E' Standalone BFSR
-------------------------------------------------------------
Moody's Investors Service has assigned these global-scale ratings
to International Bank of Azerbaijan Moscow:
- B3 long-term and Not Prime short-term local-currency deposit
ratings
- B3 long-term and Not Prime short-term foreign-currency deposit
ratings
- E standalone bank financial strength rating (BFSR), mapping to
Caa1 on the long-term scale
International Bank of Azerbaijan Moscow's B3 long-term ratings
carry a negative outlook while E BFSR carries a stable outlook.
Moody's assessment is primarily based on the bank's IFRS
financial statements for 2010 (audited) and local GAAP financial
statements for H1 2011 (unaudited).
Ratings Rationale
According to Moody's, International Bank of Azerbaijan Moscow's
B3 local and foreign currency deposit ratings incorporate the
rating agency's assessment of a high probability of parental
support from International Bank of Azerbaijan (Ba1/Not Prime/E+).
Consequently, International Bank of Azerbaijan Moscow's ratings
receive a one-notch uplift from its Caa1 standalone credit
strength.
The negative outlook on International Bank of Azerbaijan Moscow's
B3 local and foreign currency deposit ratings reflects a negative
outlook of International Bank of Azerbaijan's standalone rating
Moody's notes that International Bank of Azerbaijan Moscow's E
BFSR is constrained by (i) the bank's small size and its limited
market franchise in Russia, (ii) high appetite for credit risk --
demonstrated by high concentration levels in its loan book,
including high exposure to construction and real estate
development sectors, (iii) its weak profitability, (iv) a high
dependence on the parent's related business projects and funding.
At the same time, Moody's notes that International Bank of
Azerbaijan Moscow's ratings reflect (i) the ongoing support from
its parent bank -- International Bank of Azerbaijan -- in terms
of business development, capital and funding, and (ii) its
currently adequate liquidity and stable funding base.
International Bank of Azerbaijan Moscow's appetite for credit
risk, demonstrated by high credit concentration, represents a key
risk challenge. As reported in International Bank of Azerbaijan
Moscow's audited IFRS statements, at YE2010 the bank's aggregate
exposure to the 23 largest customers exceeded 50% of total gross
loans and 500% of Tier 1capital. International Bank of Azerbaijan
Moscow's exposure to construction and real estate development
projects exceeded 300% of its Tier 1 capital. In Moody's opinion,
this renders the bank vulnerable to the financial performance of
a limited number of major customers. This risk, however, is
partly mitigated by parental guarantees covering 56% of the total
loan book which reduces pressure on the bank's capital and
liquidity.
According to Moody's, International Bank of Azerbaijan Moscow's
ratings have limited prospects for upgrade in the near to medium
term. In the longer term, the ratings could be upgraded if the
parent bank's standalone rating is upgraded or if the bank
expands its market franchise and reduces its credit
concentrations, while also maintaining adequate financial
fundamentals. Conversely, the bank's ratings could be adversely
affected by any material adverse changes in the bank's risk
profile, particularly a weakening liquidity position or if the
bank were to fail to maintain control over its asset quality.
Downgrade of the parent bank's standalone rating is also likely
to lead to a rating downgrade of the bank.
According to Moody's, International Bank of Azerbaijan Moscow --
with total assets of RUB18 billion -- is a small bank in Russia
ranked 145th by total assets as at September 30, 2011. The bank
was established in 2001 and was the first foreign subsidiary of
International Bank of Azerbaijan -- Azerbaijan's largest (and
that country's only state-controlled) bank.
The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.
Headquartered in Moscow, Russia, International Bank of Azerbaijan
Moscow is a 100% subsidiary of International Bank of Azerbaijan
(Ba1/Not Prime/E+, with a negative outlook on the long-term
rating and BFSR). International Bank of Azerbaijan Moscow
reported total audited IFRS assets of RUB18 billion, total
shareholders equity of RUB1.1billion and a net income of RUB54.7
million for year-end December 31, 2010.
=============
B E L G I U M
=============
DEXIA BANK: Fitch Assigns 'bb' Viability Rating
-----------------------------------------------
Fitch Ratings has assigned Dexia Bank Belgium (DBB) a Viability
Rating of 'bb'.
The assignment of a Viability Rating to DBB follows an analysis
of the intrinsic creditworthiness of the bank in its new profile
as an independent bank. DBB has been separated from the Dexia
group (Dexia) since October 20, 2011 when it was acquired by the
Belgian state. DBB's 'bb' Viability Rating reflects its tight
liquidity position caused by the large amount of funding provided
to Dexia, its previous shareholder, and strains on capital given
substantial holdings of sovereign debt. It also takes into
account the bank's solid retail and public finance franchise in
Belgium, acceptable earnings generation capability and
significant funding through customer deposits.
Given significant holdings of Greek sovereign debt, DBB booked a
large impairment and reported a net loss of EUR1.1 billion in
9M11, which has eroded capital. While regulatory capital ratios
should remain high (12.4% core Tier 1 ratio at end-September 2011
according to Fitch's calculation), the Fitch Core Capital ratio
is expected to be much lower as Fitch deducts negative
revaluation reserves and the net asset value of DBB's insurance
subsidiary from Fitch Core Capital. Negative revaluation
reserves have increased largely owing to credit spread widening
on substantial holdings of sovereign debt.
As is generally the case for Belgian banks, DBB benefits from
higher customer deposits than loans and the bank was a provider
of funding to Dexia. The funding provided to Dexia is expected
to be progressively reimbursed over the next few months but will
weigh on DBB's liquidity in the meantime.
DBB's Long- and Short Issuer Default Ratings (IDR), Support
Rating and Support Rating Floor continue to be driven by the
extremely high probability that the Belgian state would support
the bank if required given DBB is fully state-owned and
systemically important in Belgium. On October 17, 2011, The
European Commission (EC) temporarily approved state aid received
by DBB but a restructuring plan needs to be submitted by Belgium
to the EC. However, Fitch does not anticipate a material
negative impact on DBB's financial profile arising from a
restructuring plan imposed by the EC.
According to the exposure draft, 'Rating Bank Regulatory Capital
Securities' dated July 28, 2011, subordinated debt would be
notched down from the Viability Rating. If Fitch publishes new
criteria in line with those in the exposure draft, subordinated
debt issued by DBB and Dexia Funding Netherlands would be rated
below DBB's Viability Rating.
DBB is the third largest bank in Belgium. It enjoys a 15% market
share in retail banking and a very significant position in
banking with the local authorities.
The rating actions are as follows:
DBB:
-- Long-term IDR: 'A'; Outlook Stable unaffected
-- Short-term IDR: 'F1' unaffected
-- Senior debt: 'A' unaffected
-- Subordinated (upper Tier 2) debt XS0123018557: 'BBB-, RWN'
unaffected
-- Viability Rating: 'bb' assigned
-- Individual Rating: affirmed at 'D', RWN removed
-- Support Rating: '1' unaffected
-- Support Rating Floor: 'A' unaffected
Dexia Funding Netherlands:
-- Senior debt: 'A', unaffected
-- Market linked notes: 'Aemr', unaffected
-- Subordinated (lower Tier 2) debt XS0286515621: 'BBB-, RWN' ]
unaffected
Dexia Financial Products:
-- Commercial paper: 'F1', unaffected
Dexia Delaware LLC:
-- Commercial paper: 'F1', unaffected
FORTIS BANK: Fitch Affirms 'BB' Rating on CASHES Instruments
------------------------------------------------------------
Fitch Ratings has upgraded Fortis Bank's Viability Rating to
'bbb+' from 'bbb-'. The Long-term Issuer Default Rating (IDR) at
'A+' remains on Rating Watch Negative (RWN).
The upgrade of the Viability Rating reflects Fortis Bank's
decreased risk profile, improving capital and solid funding and
liquidity. The quality of the loan book remains satisfactory and
should continue to generate low loan impairment charges. The
asset-backed securities portfolio continues to decline and market
risks have come down to a low level. Capital ratios have
increased as weighted risks have decreased in line with the
bank's de-risking and the transfer of assets and businesses to
its 75% shareholder, the French bank BNP Paribas ('AA-'/ RWN).
Fortis Bank has a solid retail funding base, especially in
Belgium where it benefits from strong market shares. Customer
deposits represent the largest source of funding and fully fund
the loan book. In addition, the bank's large portfolio of
repoable securities provides a material liquidity buffer.
Nevertheless, operating profitability is weak and costs remain
stubbornly high. Operating profit for full year 2011 should be
lower than the previous year, owing to impairments on Greek
government bonds. Although Fortis Bank does not publish
quarterly results, according to Fitch's calculation, an
impairment of 60% (the discount applied by its parent in Q311) on
the bank's exposure would amount to EUR0.6bn. Pre-impairment
operating profit for full year 2011 should be higher than the
previous year owing to improved net interest income.
Fortis Bank's Long- and Short-Term IDRs and Support Rating
reflect potential support from BNP Paribas. Fitch considers there
to be an extremely high probability that BNP Paribas would
support Fortis Bank if required given it is well integrated with
and strategically important to its parent. The RWN on Fortis
Bank's Long-Term IDR reflects the RWN on BNP Paribas's Long-Term
IDR. Any downgrade in BNP Paribas's Long-term IDR would trigger
a downgrade in Fortis Bank's Long-Term IDR.
The ratings actions are as follows:
Fortis Bank
-- Long-term IDR 'A+'; remains on RWN
-- Short-term IDR 'F1+'; remains on RWN
-- Viability Rating upgraded to 'bbb+' from 'bbb-'
-- Individual rating upgraded to 'C' from 'C/D'
-- Support rating affirmed at '1',
-- Short-term debt 'F1+'; remains on RWN
-- Senior unsecured 'A+'; remains on RWN
-- Subordinated 'A'; remains on RWN
-- Hybrid capital (ISIN BE0117584202 and BE0119806116) 'A-';
remains on RWN
-- CASHES instruments (ISIN BE0933899800) affirmed at 'BB'
BNP Paribas Fortis Funding
-- Short-term debt 'F1+'; remains on RWN
-- Senior unsecured 'A+'; remains on RWN
-- Market linked 'A+emr'; remains on RWN
-- Subordinated debt 'A'; remains on RWN
-- Subordinated debt (upper Tier 2) 'A-'; remains on RWN
Fortis Funding LLC
Short-term debt 'F1+'; remains on RWN
=============
D E N M A R K
=============
ROSKILDE BANK: Dexia Expressed Interest Prior to Collapse
---------------------------------------------------------
According to Bloomberg News' Tasneem Brogger, Borsen reported
that Franco-Belgian lender Dexia SA had been looking into
purchasing a stake in Roskilde Bank A/S weeks before the Danish
lender collapsed in 2008.
Borsen cited the minutes of meetings held by the bank's
management and obtained by the Copenhagen-based newspaper.
Probe
As reported by the Troubled Company Reporter-Europe on March 7,
2011, Bloomberg News related that Danish Economy Minister Brian
Mikkelsen said he might start a probe into three officials at the
country's Financial Supervisory Authority. The Copenhagen-based
ministry said in an e-mail that an independent investigation
found "some flaws" in the authority's supervision of Roskilde
Bank, which failed in 2008 from mounting writedowns, Bloomberg
disclosed.
Roskilde Bank was a local Danish bank. It was based in Roskilde
with branches over much of Region Hovedstaden.
=============
G E R M A N Y
=============
DRESDNER FUNDING: S&P Lowers Rating on $1-Bil. Cert. to 'CCC'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issue rating to
'CCC' from 'BBB-' on the US$1 billion, 8.151% silent partnership
certificate hybrid capital instrument due June 30, 2031, issued
by Dresdner Funding Trust I.
"Due to an administrative error, the rating on these instruments
was raised to 'BBB-' on Nov. 29, 2011, whereas the rating should
have been affirmed at 'CCC', as indicated in the ratings list in
our rating action on Commerzbank AG on Nov. 29, 2011," S&P said.
FRANZ HANIEL: S&P Lowers Corporate Credit Ratings to 'BB+/B'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term corporate credit ratings on Germany-based holding company
Franz Haniel & Cie GmbH (FHC) to 'BB+/B' from 'BBB-/A-3'. The
ratings were removed from CreditWatch, where they were placed
with negative implications on Sept. 9, 2011. The outlook is
stable.
"At the same time, we lowered the issue rating on FHC's senior
unsecured notes to 'BB+' from 'BBB-'. The recovery rating is '3',
indicating our expectation of meaningful (50%-70%) recovery in
the event of a payment default. We also lowered the issue rating
on subsidiary Haniel Finance B.V.'s subordinated hybrid notes to
'BB-' from 'BB'. The recovery rating is '6', indicating our
expectation of negligible (0-10%) recovery in the event of a
payment default. All issue ratings were removed from CreditWatch,
where they were placed with negative implications on Sept. 9,
2011," S&P said.
"The downgrade reflects FHC's higher financial risk tolerance
than we had anticipated, and our consequent downward revision of
its financial risk profile to 'significant' from 'intermediate.'
We previously expected that the company's leverage (as measured
by its loan-to-value [LTV] ratio on a spot-price basis) would
only exceed 35% for limited, temporary periods of time and that
the company would be willing to actively manage its capital
structure within these expectations. However, following a
prolonged decline in the stock markets, FHC's LTV ratio has
fluctuated around and above our 35% ceiling for the past few
weeks -- peaking close to 45% -- without triggering any material
corporate actions to reduce net debt. We understand that
management does not intend to undertake meaningful divestments of
assets in the near term, in light of the currently low asset
valuations according to the company. That said, we note that some
initiatives are being implemented to reduce leverage, albeit at a
slower pace and scale than we would expect. Our 'satisfactory'
business risk profile assessment remains unchanged," S&P said.
"FHC's asset portfolio is highly concentrated on its two main
investments, Germany-based retailer Metro AG (BBB/Stable/A-2) and
Europe's largest drug distributor Celesio AG (not rated).
Together, these two companies represent approximately three-
quarters of the portfolio's value. Their share prices have
declined by about 35% and 40%, respectively, since Jan. 1, 2011.
On Dec. 1, 2011, we estimated that the market value of FHC's
portfolio had fallen to about EUR6.7 billion (with stable
unlisted asset values compared with Sept. 30, 2011). Assuming
current outstanding parent company net debt of about EUR2.5
billion (reported figure at end-September), the LTV ratio was
about 38%. This is above our maximum threshold for the rating. On
that date, it would have taken a 9% increase in portfolio asset
values, an 8% decline in net debt, or a mix of both, for FHC's
LTV ratio to be in line with our 35% threshold," S&P said.
"We believe that FHC may find it difficult to sustainably restore
its LTV ratio in the near term, as this would require meaningful
asset divestments at current valuations. Economic uncertainty in
the eurozone suggests that a marked rebound in the low equity
prices is unlikely. In addition, the bleak macroeconomic outlook
casts some doubts on the value FHC could raise through
divestment. FHC's willingness to sell large assets also remains
to be tested, as there have been no major changes in its
portfolio since the disposal of Xella in 2008," S&P said.
"The stable outlook reflects our opinion that FHC should maintain
a significant financial risk profile, with an LTV ratio of less
than 40%. Given the company's current limited flexibility with
regard to our threshold, our base-case scenario anticipates that
acquisitions will be pre-financed to a large extent by disposals.
We understand from the company that our expectation is consistent
with the 'Haniel 2020' plan's objectives for asset rotation.
Changes in portfolio characteristics or composition may trigger a
revision of the LTV threshold we deem acceptable for the
ratings," S&P said.
"We would consider a downgrade if FHC were unable or unwilling
(showing rising risk tolerance) to manage its LTV ratio within
our rating threshold for the current 'BB+' rating," S&P said.
"Conversely, evidence of FHC's LTV ratio sustainably falling well
below 35% -- leading us to revise our financial risk profile
assessment to 'intermediate' from 'significant' -- could prompt
an upgrade. A decrease in the LTV ratio could be caused by a
reduction of net debt supported by dividend inflows or
divestments. It could also result from potentially higher asset
valuations, especially if the operations of FHC's subsidiaries
continuously and sustainably improve, including for example
stronger margins and sales growth," S&P said.
MANROLAND AG: Administrator Seeks Buyers for Parts of Business
--------------------------------------------------------------
Sheenagh Matthews at Bloomberg News reports that Werner
Schneider, Manroland AG's insolvency administrator, said in an
interview with German newspaper Welt that he hopes to find buyers
for parts of the company.
According to Bloomberg, Mr. Schneider, as cited by the newspaper,
said that it will be difficult to find an investor for the
company in its current form.
The newspaper said that Mr. Schneider has invited merger and
acquisition advisers to give presentations, with the aim of
mandating one or two of them to find an investor, Bloomberg
relates.
Welt said that Mr. Schneider is already talking to potential
buyers, and interested parties include financial as well as
strategic investors, Bloomberg notes.
As reported by the Troubled Company Reporter-Europe on Nov. 28,
2011, Bloomberg News related Manroland filed to open insolvency
proceedings with the district court in Augsburg, Germany. "The
decision to file for insolvency was triggered by another dramatic
downturn in incoming orders which can be noticed since mid-July
and has recently accelerated," Bloomberg quotes Manroland as
saying in a statement. "Customers are finding it far more
difficult to obtain financing in the aftermath of the financial
crisis."
Manroland AG is a German printing-machine maker.
PROVIDE-VR 2003-1: S&P Affirms Rating on Class E Notes at 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
PROVIDE-VR 2003-1 PLC 's class C notes. "At the same time, we
affirmed our ratings on the class A+, A, B, D, and E notes," S&P
said.
"The rating actions follow our analysis of the performance of the
transaction, which has credit support in the form of
subordination," S&P said.
"Our analysis considered realized losses and delinquencies to
date and, taking historical recovery rates in this portfolio into
account, we have assessed the likelihood of future losses for
both the performing and nonperforming parts of the collateral
pool," S&P said.
"PROVIDE-VR 2003-1 has shown what we consider to be a poor
performance since closing, mainly caused by high amounts of
losses being applied to the transaction and by a low recovery
rate. However, since our latest full review of the PROVIDE-VR
2003-1 transaction (see 'Ratings Lowered On PROVIDE VR 2003-1's
Class C And D Notes, Class E Notes Are Downgraded To 'D','
published May 20, 2010), credit enhancement provided by
subordination has increased for the class A+, A, B, and C notes,
due to amortization. As the notes pay down sequentially, credit
enhancement increases relatively for the remaining notes,
although losses diminishing the subordinated tranches lessen this
effect," S&P said.
"We have observed delinquencies of more than 90 days, with
reported levels of between 0.41% and 0.66% since 2008, and they
are currently 0.59% of the pool balance. Credit events are
currently at EUR4.9 million, equaling 3.70% of the current pool
balance, after the 3.98% high in Q4 2009 -- and they have been
reported being greater than 3% since 2007," S&P said.
"As per the latest investor report as of June 20, 2011,
cumulative losses have increased to what we consider to be a high
amount of about EUR8.1 million. Since May 2010, credit
enhancement provided to the class D notes has further decreased
due to occurred losses diminishing the size of the first line of
defense, the class E tranche. Over the past year, losses have
diminished the class E tranche to EUR1,990,798, equaling 45% of
the tranche's original size of EUR4,400,000. However, losses per
interest payment date have diminished in absolute numbers since
then," S&P said.
"The transaction's recovery rate is about 35.5%, caused by the
relatively high portion of second-ranking mortgages, which
currently amount to about 80.6% of the pool, versus 84.5% at
closing. The performing balance has been relatively stable at
above 95% of the total pool balance in the past couple of years,"
S&P said.
"Following our review, we have raised our ratings on the class C
notes to 'BBB (sf)' because of the increased credit support
provided by the class D and E notes," S&P said.
"We have affirmed our 'AAA (sf)' ratings on the class A+ and A
notes, and our 'AA (sf)','CCC- (sf)', and 'D (sf)' ratings on the
class B, D, and E notes because we consider the current credit
enhancement to be commensurate with the ratings on these notes,"
S&P said.
"The remaining proportion of PROVIDE-VR 2003-1's original
principal is down to 29%. We will continue to monitor the
development of credit events and actual losses in the
transaction," S&P said.
PROVIDE-VR 2003-1 is a synthetic, partially funded, German
residential mortgage-backed securities (RMBS) transaction.
Ratings List
Rating
Class To From
PROVIDE-VR 2003-1
EUR75.75 Million Floating-Rate Credit-Linked Notes
Ratings Raised
C BBB (sf) BB (sf)
Ratings Affirmed
A+ AAA (sf)
A AAA (sf)
B AA (sf)
D CCC- (sf)
E D (sf)
TALISMAN I: S&P Retains 'D' Rating on Class F Notes
---------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'A+ (sf)' credit
ratings on Talisman 1 Finance PLC's commercial mortgage-backed
class D, E, and F notes, following the full redemption of these
notes. "Our rating on the class G notes is unaffected," S&P said.
The only loan left in Talisman 1 Finance's underlying asset pool
is the Alpha loan. This loan is secured on a shopping center in
Berlin and approximately 376 residential units in Munster.
This quarter, the borrower finalized the sale of the Berlin
property. The cash manager applied the net sale proceeds (EUR21.3
million) sequentially against the remaining notes on Oct. 24,
2011.
The issuer fully redeemed the class D, E, and F notes, and the
balance of the class G notes reduced to EUR1.1 million from
EUR5.3 million.
"We understand that the 376 residential units in Munster are in
the process of being sold for approximately EUR8.1 million. The
special servicer expects the sale to take place on or before the
January 2012 note interest payment date," S&P said.
The class G notes (rated 'D (sf)') in this transaction remain
unaffected by the rating action.
Talisman 1 Finance is a German commercial mortgage-backed
securities (CMBS) transaction, which closed in 2005 with notes
totaling EUR554.35 million. The notes have a legal final maturity
in January 2014.
Potential Effects of Proposed Criteria Changes
"Our ratings in this transaction are based on our criteria for
rating European CMBS. However, these criteria are under review
(see 'Advance Notice of Proposed Criteria Change: Methodology And
Assumptions For Rating European Commercial Mortgage-Backed
Securities,' published on Nov. 8, 2011)," S&P said.
"As highlighted in the Nov. 8 Advance Notice of Proposed Criteria
Change, we expect to publish a request for comment (RFC)
outlining our proposed criteria changes for rating European CMBS
transactions. Subsequently, we will consider market feedback
before publishing our updated criteria. Our review may result
in changes to the methodology and assumptions we use when rating
European CMBS, and consequently, it may affect both new and
outstanding ratings on European CMBS transactions," S&P related.
"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and surveil these transactions
using our existing criteria (see 'Related Criteria And
Research')," S&P said.
Ratings List
Class Rating
To From
Talisman 1 Finance PLC
EUR554.35 Million Commercial Mortgage-Backed Floating- and
Variable-Rate Notes
Ratings Withdrawn
D NR A+ (sf)
E NR A+ (sf)
F NR A+ (sf)
Rating Unaffected
G D (sf)
NR--Not rated.
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I C E L A N D
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KAUPTHING BANK: Successor Mulls First International Bond Sale
-------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Arion Bank
hf, the state-created successor of failed Kaupthing Bank hf, is
planning its first international bond sale just three years after
the island's biggest lenders defaulted on US$85 billion.
According to Bloomberg, Hoskuldur H. Olafsson, Arion's chief
executive officer, said that the bank, based in Reykjavik, wants
to fund itself via debt markets outside Iceland's borders within
the next 12 months.
Kaupthing, which was Iceland's biggest bank before it failed in
October 2008, is still trying to repay about US$25 billion in
creditor claims, Bloomberg notes. The government's decision
three years ago to take control of Iceland's domestic banking
system and leave international creditors in the lurch protected
the state from obligations that dwarfed the US$12 billion
economy, Bloomberg states.
About Kaupthing Bank
Headquartered in Reykjavik, Kaupthing Bank --
http://www.kaupthing.com/-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups. With operations
in more than a dozen countries, the bank offers a range of
services including retail banking, corporate finance, asset
management, brokerage, private banking, treasury, and private
wealth management. Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank. In October 2008, the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.
As reported by the Troubled Company Reporter-Europe, on Nov. 30,
2008, Olafur Gardasson, assistant for Kaupthing Bank hf, filed a
petition under Chapter 15 of title 11 of the United States Code
in the United States Bankruptcy Court for the Southern District
of New York commencing the Debtor's Chapter 15 case ancillary to
the Icelandic Proceeding and seeking recognition for the
Icelandic Proceeding as a "foreign main proceeding" under the
Bankruptcy Code and relief in aid of the Icelandic Proceeding.
=============
I R E L A N D
=============
BANK OF IRELAND: Ireland Won't Impose Losses on Jr. Bondholders
---------------------------------------------------------------
Jamie Smyth at The Financial Times reports that the Irish
government has withdrawn plans to impose losses of up to 100% on
junior bondholders holding EUR350 million of Bank of Ireland's
subordinated bonds.
The decision follows an announcement by BoI on Friday that it had
raised a further EUR350 million in capital by buying back bonds,
enabling it to meet its capital-raising targets for 2011, the FT
relates.
According to the FT, Ireland's department of finance said the
government was no longer considering the use of powers available
under emergency legislation to inflict losses on bondholders.
A group of US hedge funds, which included Appaloosa Management
LP, alleged the government's proposal to impose losses was
"politically motivated" and could result in increased borrowing
costs for BoI and the Irish state, the FT discloses.
The Irish government holds a 15% stake in BoI -- a result of its
rescue of the bank following the country's banking crisis that
led to a EUR67.5 billion bail-out by the European Union and
International Monetary Fund last year, the FT says.
Dublin's bank recapitalization strategy has cost Irish taxpayers
about EUR63 billion and has become a highly contentious political
issue in Ireland, the FT notes.
Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services. These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor,
trustee, life assurance and pension and investment fund
management, fund administration and custodial services and
financial advisory services, including mergers and acquisitions
and underwriting. The Company organizes its businesses into
Retail Republic of Ireland, Bank of Ireland Life, Capital
Markets, UK Financial Services and Group Centre. It has
operations throughout Ireland, the United Kingdom, Europe and the
United States.
FASTNET LINE: Needs EUR1.65MM to Emerge From Examinership
---------------------------------------------------------
South Wales Evening Post reports that The West Cork Tourism
Co-operative, which owns Fastnet Line, has claimed it urgently
needs to raise EUR1.65 million before Tuesday, December 20, if it
is to emerge from examinership.
The Co-operative has already secured EUR650,000, leaving a
further EUR1 million to be raised, South Wales Evening Post
discloses.
It might prove fatal if that can't be done, South Wales Evening
Post notes.
Co-op chairman Noel Murphy, as cited by South Wales Evening Post,
said: "This cruise ferry service delivers a vital link and we
will look at creating the correct incentives for new lenders such
as on-board advertising and discounted fares in addition to a
review of the existing share holder benefits."
As reported by the Troubled Company Reporter-Europe on Nov. 17,
2011, The Irish Times related that Mr. Justice Peter Kelly on
Nov. 15 approved examinership for Fastnet Line Ship Holdings Ltd.
and related companies where no opposition to court protection was
voiced by creditors. Michael McAteer --
michael.mcateer@ie.gt.com -- of Grant Thornton was appointed
examiner for the Fastnet Line companies, the Irish Times
disclosed. He has 100 days to finalize a survival scheme, the
Irish Times noted. Ross Gorman, for the companies, had outlined
that the Fastnet companies are insolvent with a deficit of some
EUR10.3 million on a going concern basis, rising to about EUR13.2
million in a winding-up scenario, the Irish Times said. The
companies said their difficulties were due to problems including
start-up cost overruns and the decision to operate an all-year
service in 2010 in line with recommendations of a firm of
independent consultants in a "flawed" report commissioned by the
Port of Cork, the Irish Times noted. The companies said it
became apparent during that first year the ferry was running at a
significant loss outside the high season, according to the Irish
Times.
Fastnet Line Ship Holdings Ltd., 100%-owned by the West Cork
Tourism Co-operative Society Ltd) and related companies, operate
the Cork-Swansea ferry service based at Ferry Terminal,
Ringaskiddy, Co Cork.
* IRELAND: Corporate Insolvency Figures Up 7% in November 2011
--------------------------------------------------------------
New statistics released by InsolvencyJournal.ie reveal that
corporate insolvency figures for the month of November totaled
165, recording the highest number of monthly insolvencies so far
this year.
According to InsolvencyJournal.ie, the construction industry
remained the worst affected accounting for 41 of the 165
insolvencies. The retail and hospitality sectors were also badly
hit, with a 47% and 53% increase respectively on figures from
October 2011, InsolvencyJournal.ie notes.
The total number of insolvencies from January to November of this
year now stands at 1,495, a 7% increase on the same period last
year, InsolvencyJournal.ie discloses. The November monthly
total of 165 insolvencies is a 16% increase on the total of 142
for November 2010 and a 35% jump from 122 in October 2011,
InsolvencyJournal.ie states.
Ken Fennell of kavanaghfennell, the firm who compile the data, as
cited by InsolvencyJournal.ie, commented, "The month on month
increase in the figures for November unfortunately show few
positive signs of any immediate change in the difficult current
economic climate and our prediction of 1,600 corporate
insolvencies for the calendar year 2011 is now likely to be
exceeded. However the increase is an annual trend with the last
quarter of the year traditionally the most active in insolvency
activity."
Receivership appointments increased by 90% from 21 in October to
40 in November of this year, according to InsolvencyJournal.ie.
Examinership appointments for November were the highest so far
this year, InsolvencyJournal.ie states.
=========
I T A L Y
=========
BANCA DI BOLOGNA: S&P Affirms 'BB+/B' Counterparty Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Banca
di Bologna (BdB) to negative from stable. At the same time, it
affirmed its 'BB+/B' long- and short-term counterparty credit
ratings then withdrew the ratings at the issuer's request.
"Standard & Poor's bases its ratings on BdB on its 'bbb+' anchor
that we apply to commercial banks operating only in Italy, its
'weak' business position, 'strong' capital and earnings, 'weak'
risk position, 'average' funding, and 'adequate' liquidity. The
SACP is 'bb'," S&P said.
"Our bank criteria use our Banking Industry Country Risk
Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating (ICR). The 'bbb+' anchor draws on our view
of the economic and industry risk in Italy where BdB mostly
operates. We view Italy as a diversified and competitive economy
with moderate credit risk. But Italy's public debt is very high.
The imbalances in domestic asset prices and the buildup of
leverage are low. With regard to industry risk, systemwide
funding is a strength, we believe, because Italian banks
generally rely to a limited degree on long- and short-term
wholesale funding, be it domestic or cross-border. Regulatory
standards are in line with those of Western European peers," S&P
said.
"We view BdB's business position as 'weak'. Our view is mainly
driven by the bank's high geographic concentration and its lower-
than-peers' business stability resulting from the highly
competitive market in which it operates. In our view, BdB has a
limited, albeit stable, market share in Bologna (roughly 4% in
terms of total loans), a province that is characterized by the
presence of several highly competitive banks. BdB has a network
of about 31 branches; we do not expect this to increase in the
next two years. BdB also benefits from a relatively strong
management team and a relatively conservative strategy, in our
view," S&P said.
"We view BdB's capital and earnings as 'strong'. This reflects
our expectation of a projected capital ratio of about 10.5%-11%
in the next 18 months, measured by our risk-adjusted capital
(RAC) framework. In our opinion, BdB's earnings capacity will
remain adequate in the next two years, although profitability
could come under pressure given the increase in cost of funding
and the low-growth economic environment. According to our
calculations, BdB's three-year average earnings buffer is in the
range of 40-60 basis points," S&P said.
"We view BdB's risk position as 'weak'. In our view, BdB's credit
portfolio has high concentrations in the real estate sector, much
higher than the average for Italian banks. Partially mitigating
our concerns, however, BdB's asset quality metrics are better
than those of its peers; the bank had a net nonperforming asset
(NPA) ratio of 3.7% at year-end 2010. However, we observed a
significant increase in 'incagli' (doubtful loans) in the first
half of 2011, due in part to the deteriorating economic
environment. This resulted in a net NPA inflow of about 2%, which
is above the domestic average," S&P said.
"We view BdB's funding as 'average' and its liquidity as
'adequate'. The bank's funding and liquidity profiles are in line
with the industry average in our view and we note that it uses a
low level of interbank funding. The bank's retail branch network
provides a stable base of core deposits which the bank can draw
on to meet its funding needs. In addition, BdB benefits from
roughly EUR110 million (net of haircuts) of securities that are
eligible for European Central Bank financing, based on data at
the end of September 2011," S&P said.
"The long-term rating on BdB incorporates a one-notch uplift
above the bank's SACP. According to our group methodology, we
consider BdB to be 'moderately strategic' to the Banche di
Credito Cooperativo (BCC) network. This reflects the potential
for extraordinary support from the BCC network through its
participation in the 'Fondo di Garanzia dei Depositanti del
Credito Cooperativo,' a national guarantee fund that protects BCC
depositors and is in place to help prevent financial crises
within the BCC network," S&P said.
"At the time of the withdrawal, the negative outlook on BdB
reflected our view that we would have lowered the ratings if the
bank's asset quality or capital had deteriorated more than our
expectations," S&P said.
SAFILO: Moody's Affirms 'B3' Corporate Family Rating
----------------------------------------------------
Moody's Investors Service has affirmed Safilo's B3 corporate
family rating (CFR) and probability of default rating (PDR) and
changed the outlook to positive. The senior unsecured rating on
the EUR128 million of notes outstanding, due in 2013 and issued
by Safilo Capital International SA, remains unchanged at Caa2
(LGD5 - 87%).
Ratings Rationale
"Today's rating action recognizes the improvement in the group's
operating performance during the first nine months of fiscal year
2011, mainly thanks to strong performances in the group's house
brands and partial recovery in some of its markets," says Paolo
Leschiutta, a Moody's Vice President -- Senior Credit Officer and
lead analyst for Safilo. "The positive outlook, in particular,
reflects Moody's expectation that key credit metrics will remain
strong for the current rating category and that the company will
weather successfully the loss of the Armani license and the
refinancing needs over the next 12 to 18 months," explains Mr
Leschiutta.
Moody's expects the loss of the Armani license (effective from 1
January 2013) to bring a halt to the group's recent positive
growth path and to affect Safilo's profitability starting already
from 2012. Furthermore following this loss credit metrics are
expected to deteriorate marginally. However, longer term, Moody's
expects Safilo's credit profile to recover thanks to the group's
announced strategy of (i) expanding its own brand portfolio (in
line with the recently announced acquisition of the Polaroid
Eyewear which, if completed, will result in immediate
contribution to EBITDA) and (ii) by increasing diversification
across mature and emerging markets. Overall Moody's expects key
credit metrics to remain strong for the current rating category.
Safilo's success in compensating the impact of the loss of the
Armani license while maintaining a conservative financial policy
could result in positive pressure on the ratings. This would be
demonstrated by the group's capability to maintain over time (i)
an EBITA margin in the high single digits in percentage terms in
FY 2012 and 2013, (ii) a debt/EBITDA ratio below 4.5x; and (iii)
an RCF/net debt ratio above 10%. Any upgrade would also be
subject to satisfactory availability under the company's
committed credit line and adequate covenant headroom.
Safilo's leverage was 3.7x as at September 30, 2011 (as adjusted
by Moody's on a last-12-months basis). The reduction from 8.8x as
at FYE December 2009 was a result of improvements in
profitability, coupled with significant debt reduction in
connection with the group's 2010 capital restructuring. Safilo's
interest coverage (measured as EBITA/interest expense) and
retained cash flow (RCF)/net debt were strengthened accordingly,
standing at 2.4x and 17.1%, respectively, as at 30 September 2011
on a last-twelve-months basis.
Following the loss of Armani license, Moody's expects Safilo's
profitability to decline resulting in weaker credit metrics than
those reported in September. The degree of deterioration is, in
any case, expected to be limited at this stage and the company's
success in (i) contain this deterioration, compensating with
organic growth and new brands, and (ii) maintaining an adequate
liquidity profile, might result in positive pressure on the
rating.
Moody's recognizes that Safilo has strengthened its liquidity
profile since the 2009 crises. As at September 30, 2011, the
group had cash on the balance sheet of EUR104.5 million and
EUR150 million available under a EUR200 million revolving credit
facility expiring in June 2015 (EUR50 million already drawn to
partially repay the notes due in 2013). The revolving facility
contains covenants that won't be tested until June 2012 and
Moody's expects Safilo to maintain sufficient headroom,
notwithstanding the expected decline in the group's
profitability. In Moody's view, however, the rating is currently
constrained by the group's debt maturities over the next 12 to 18
months including the EUR75 million under the senior loan due in
June 2012 and EUR128 million worth of notes due in May 2013.
However, Moody's takes comfort from the fact that Dutch
investment company HAL Holding N.V. committed to refinance part
of the 2013 maturity via a loan that will postpone this maturity
until 2015.
Safilo's nine-month results ended 30 September 2011 revealed
revenues of EUR833.5 million, an increase of 1.9% compared with
the same period in 2010. This improvement was mainly driven by
the performance of the house brand Carrera and Safilo's growing
presence in emerging markets. The group's nine-month EBITDA also
increased, to EUR97.6 million, up 18.3% compared with the same
period last year. This was a result of a higher sales mix and
greater distribution efficiency. Safilo's EBITDA margin for this
period was 11.7% (10.1% in 2010).
The ratings could come under negative pressure if the group were
unable to compensate for the loss of the Armani licence in the
medium term and Safilo's EBITA margin had to drop below mid-
single digits in percentage terms or its debt/EBITDA ratio had to
increase above 6.0x. Moody's would also consider downgrading the
ratings if there was a deterioration in Safilo's liquidity
profile or a negative development in the company's competitive
position.
Principal Methodology
The principal methodology used in rating Safilo was the Global
Consumer Durables Industry Methodology published in October 2010.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
Headquartered in Padua, Italy, Safilo is the world leader in the
premium eyewear sector, offering a strong portfolio of both owned
and licensed brands. The group sells sunglasses, prescription
glasses and sport-specific eyewear in more than 130 countries.
For the first nine months ended 30 September 2011, Safilo had
revenues of EUR833.5 million and EBITDA of EUR97.6 million. These
figures represent respective increases of 1.9% and 18.3% from the
same period in 2010.
===================
K A Z A K H S T A N
===================
ALLIANCE BANK: Fitch Affirms Viability Rating at 'CC'
-----------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based Alliance Bank JSC's
Long-term Issuer Default Rating (IDRs) at 'B-' and Viability
Rating (VR) at 'cc'. The Outlooks on the Long-term IDRs are
Stable.
Alliance's IDRs reflect Fitch's assessment of the possibility of
support from the Kazakh authorities. This view is primarily
based on the bank's ultimate government ownership and the
reputational risk of the bank's repeated default. In addition,
the agency views positively the apparently greater willingness of
the bank's controlling shareholder, the national welfare fund
Samruk Kazyna (SK), to help improve the bank's financial
standing, compared with another recently restructured bank in
Kazakhstan, BTA Bank ('CCC'/'f'). Fitch also takes into account
the smaller potential cost of support for Alliance, relative to
BTA, as a result of the much smaller size of its balance sheet
(three times less than BTA at end-Q311), negative equity (14
times less) and external debt (four times less).
At the same time, Fitch also notes that assistance provided to
Alliance to date has so far been insufficient to restore the bank
to solvency. Furthermore, the Kazakh authorities have yet to
make any clear statements that they would support Alliance in all
circumstances, and the current review of restructuring and
recapitalization options at BTA suggests that support would not
be automatically extended to Alliance in case of a further
deterioration in its financial position.
The affirmation of Alliance's 'cc' VR reflects the bank's still
very weak stand-alone profile, given the negative equity and pre-
impairment losses reported in its unaudited end-Q311 accounts.
At the same time, the agency views positively the recent
improvements in the bank's solvency and performance. In contrast
to BTA, Fitch believes that it is possible, albeit still very
challenging, for the bank to restore its viability without
requiring further external support.
Alliance's reported negative equity fell to KZT23.5 billion at
end-Q311 from KZT103.6 billion at end-H111, primarily as a result
of SK's approval of a large reduction in dividend payments on the
bank's preference shares in August 2011, which reduced the
carrying value of the liability represented by the shares by
KZT62 billion. At the same time, the agency expresses concern
about the KZT14 billion gain (and consequent reduction in
negative equity) booked in Q311 as a result of a sale of retail
non-performing loans (NPLs) at above net book value. Given the
apparently non-market valuation of the sold portfolio, Fitch
believes that the buyer is likely to have recourse to resell the
portfolio back to Alliance (the agency's base case assumption).
In Fitch's view, the valuation of the bank's recovery notes on
the liabilities side of the balance sheet (KZT26 billion) is
consistent with the net book value of the loan recovery pool on
the asset side (KZT52 billion), and so does not require any
obvious adjustment to reported equity. At the same time, gains
or losses could still arise if ultimate recoveries on the loan
pool are above or below those currently reflected in the pool's
net book value.
Alliance reported a large KZT15bn pre-impairment loss in 9M11.
However, adjusted for a one-off revaluation loss on SK's bonds
booked in Q311, the loss would have been a more moderate KZT3
billion. In Q311 alone, net interest and fee income exceeded
operating expenses by KZT3 billion, reflecting a gradual margin
improvement due to new business generation. Accrued interest
accounted for a low proportion of total interest income.
Loans overdue by 90 days were still a very high 57% of gross
loans at end-Q311, albeit down from 61% at end-H111 following the
loan sale. Coverage of these loans was 87% at end-Q311, with the
net exposure of KZT48 billion equal to approximately double the
bank's reported negative equity.
Alliance's Long-term IDRs could be upgraded if the Kazakh
authorities recapitalize BTA and make a clear statement that
creditors of the restructured banks will not be forced to suffer
further losses. Conversely, Alliance's IDRs could come under
downward pressure if BTA restructures its debt in a way which
involves losses for creditors, and Alliance's financial position
fails to improve. Further significant improvements in Alliance's
capital position, and the continuation of recent positive
performance trends, could result in an upgrade of the bank's VR.
Alliance defaulted in 2009, mainly because of the very high level
of the bank's bad loans. Following restructuring, 67% of ordinary
shares are controlled by government-owned SK, with minority
stakes held by creditors affected by the restructuring.
The rating actions are as follows:
-- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
Stable
-- Long-term local currency IDR: affirmed at 'B-'; Outlook
Stable
-- Short-term foreign currency IDR: affirmed at 'B'
-- Viability Rating: affirmed at 'cc'
-- Individual Rating: affirmed at 'E'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'B-'
-- Senior unsecured debt: affirmed at 'B-'; Recovery Rating is
'RR4'
-- Subordinated debt: affirmed at 'CC'; Recovery Rating is
'RR6'
=================
L I T H U A N I A
=================
UKIO BANKAS: S&P Affirms Issuer Credit Rating at 'B'
----------------------------------------------------
Standard & Poor's Ratings Services reviewed its ratings on
Danish, Norwegian, Swedish, and Lithuanian banks by applying its
new ratings criteria for banks, which were published on Nov. 9,
2011. See the Ratings List for the ratings on these banks and
most of their core and highly strategically important
subsidiaries, including any rating changes that resulted from
applying our new criteria. "We will review all ratings that we
placed on CreditWatch within 90 days," S&P said.
"We will publish individual research updates on each bank,
including a list of ratings on affiliated entities, as well as
the ratings by debt type -- senior, subordinated, junior
subordinated, and preferred stock. The research updates will be
available at www.standardandpoors.com/AI4FI and on RatingsDirect
on the Global Credit Portal. Ratings on specific issues will be
available on RatingsDirect on the Global Credit Portal and
www.standardandpoors.com," S&P said.
"We already reviewed ratings on Eksportfinans ASA (BBB+/Watch
Neg/A-2) under our new criteria on Nov. 24, 2011, and on Nordea
Bank AB (AA-/Stable/A-1+) on Nov. 29, 2011," S&P said.
Ratings List
The ratings listed are issuer credit ratings.
To From
AB Ukio Bankas B/Stable/B B/Stable/B
BRFkredit A/S A-/Stable/A-2 A-/Stable/A-2
Danske Bank A/S A/Negative/A-1 A/Negative/A-1
Danica Pension
Livsforsikringsaktieselskab A/Negative/-- A/Negative/--
Sampo Bank PLC A/Negative/A-1 A/Negative/A-1
DnB Bank ASA A+/Stable/A-1 A+/Stable/A-1
Jyske Bank A/S A-/Stable/A-2 A/Negative/A-1
Landshypotek AB A/Stable/A-1 A-/Stable/A-2
General Mortgage Bank of Sweden
(Sveriges Allmanna Hypoteksbank)
A/Stable/-- A-/Stable/--
Lansforsakringar Bank A/Stable/A-1 A/Stable/A-1
Nykredit Realkredit A/S A+/Stable/A-1 A+/Stable/A-1
Nykredit Bank A/S A+/Stable/A-1 A+/Stable/A-1
SBAB Bank AB A+/Stable/A-1 A+/Stable/A-1
Skandinaviska Enskilda Banken AB (publ)
A+/Stable/A-1 A/Stable/A-1
Sparbanken 1826 BBB+/Stable/A-2 BBB/Stable/A-2
Storebrand Bank ASA BBB+/Stable/A-2 BBB+/Stable/A-2
Svenska Handelsbanken AA-/Stable/A-1+ AA-/Stable/A-1+
Stadshypotek AB AA-/Stable/A-1+ AA-/Stable/A-1+
Swedish Export Credit Corp. AA+/Stable/A-1+ AA+/Stable/A-1+
Swedbank AB A+/Stable/A-1 A/Stable/A-1
Swedbank Mortgage AB A+/Stable/A-1 A/Stable/A-1
=====================
N E T H E R L A N D S
=====================
GRESHAM CAPITAL: S&P Raises Rating on Class E Notes to 'B+'
-----------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
Gresham Capital CLO IV B.V.'s rated notes.
Specifically, S&P has:
Raised its ratings on the class B, C, D, and E notes, and
Affirmed its ratings on the class A1A, A1B, and A2 notes.
"The rating actions follow our assessment of the transaction's
performance using data from the latest available trustee report,
dated Oct. 20, 2011, in addition to a cash flow analysis. We have
taken into account recent developments in the transaction and
reviewed the transaction under our 2010 counterparty criteria
(see 'Counterparty And Supporting Obligations Methodology And
Assumptions,' published on Dec. 6, 2010)," S&P said.
"From our analysis, we have observed from the October 2011
trustee report that the overcollateralization test results for
all classes of notes have improved. Currently, only the Class D
and E overcollateralization tests are failing. At the same time,
the weighted-average spread earned on the collateral pool has
also increased since our last review," S&P said.
"In addition, our analysis indicates that the weighted-average
maturity of the portfolio since our last review in April 2010 has
decreased, which has led to a reduction in our scenario default
rates (SDRs) for all rating categories," S&P said.
"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class, which
would then be compared against its SDR to determine the rating
level for each class of notes. In our analysis, we used the
reported portfolio balance that we consider to be performing, the
weighted-average spread, and the weighted-average recovery rates
that we considered appropriate. We incorporated various cash flow
stress scenarios using our standard default patterns, levels, and
timings for each rating category assumed for the class A notes,
in conjunction with different interest stress scenarios," S&P
said.
"In our opinion, the transaction's performance since our last
review has meant that the class A1 notes are able to maintain
their current ratings. We have therefore affirmed our 'AAA (sf)'
ratings on the class A1A and A1B notes," S&P said.
"The current credit enhancement available to the class A2 notes,
together with the improvements we have seen in the transaction's
performance since our last review, remain commensurate with our
current rating on these notes. We have therefore also affirmed
our rating on the class A2 notes," S&P said.
"In our opinion, the improvements we have seen in the
transaction's performance since our last review have benefited
the class B to E notes. We believe the credit enhancement
available to these classes is now commensurate with higher rating
levels. We have therefore raised our ratings on these classes of
notes," S&P said.
"The ratings on the class E notes were constrained by the
application of the largest obligor default test, a supplemental
stress test we introduced in our 2009 criteria update for
corporate collateralized debt obligations (CDOs) (see 'Update to
Global Methodologies And Assumptions For Corporate Cash Flow And
Synthetic CDOs,' published on Sept. 17, 2009)," S&P said.
Gresham Capital CLO IV is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in July
2007 and is managed by Investec Principal Finance.
Ratings List
Class Rating
To From
Gresham Capital CLO IV B.V.
EUR310.43 Million Secured and Deferrable Floating-Rate Notes and
Variable-Funding Notes
Ratings Raised
B AA- (sf) A+ (sf)
C BBB+ (sf) BBB- (sf)
D BB+ (sf) BB- (sf)
E B+ (sf) CCC+ (sf)
Ratings Affirmed
A1A AAA (sf)
A1B AAA (sf)
A2 AA+ (sf)
MARCO POLO: Asks Bankruptcy Judge for More Restructuring Time
-------------------------------------------------------------
Dow Jones' DBR Small Cap reports that after narrowly winning
court permission to continue restructuring under Chapter 11
bankruptcy protection, Marco Polo Seatrade BV executives asked a
judge for more time to negotiate deals with their biggest
lenders, owed about US$207.4 million.
About Marco Polo
Marco Polo Seatrade B.V. operates an international commercial
vessel management company that specializes in providing
commercial and technical vessel management services to third
parties. Founded in 2005, the Company mainly operates under the
name of Seaarland Shipping Management and maintains corporate
Headquarters in Amsterdam, the Netherlands. The primary assets
consist of six tankers that are regularly employed in
international trade, and call upon ports worldwide.
Marco Polo and three affiliated entities filed for Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 11-13634) on July 29,
2011. The other affiliates are Seaarland Shipping Management
B.V.; Magellano Marine C.V.; and Cargoship Maritime B.V.
Marco Polo is the sole owner of Seaarland, which in turn is the
sole owner of Cargoship, and also holds a 5% stake in Magellano.
The remaining 95% stake in Magellano is owned by Amsterdam-based
Poule B.V., while another Amsterdam company, Falm International
Holding B.V. is the sole owner of Marco Polo. Falm and Poule
didn't file bankruptcy petitions.
The filings were prompted after lender Credit Agricole Corporate
& Investment Bank seized one ship on July 21, 2011, and was on
the cusp of seizing two more on July 29. The arrest of the
vessel was authorized by the U.K. Admiralty Court. Credit
Agricole also attached a bank account with almost $1.8 million
on July 29. The Chapter 11 filing precluded the seizure of the
two other vessels.
Evan D. Flaschen, Esq., Robert G. Burns, Esq., and Andrew J.
Schoulder, Esq., at Bracewell & Giuliani LLP, serve as bankruptcy
counsel. The cases are before Judge James M. Peck.
The petition said assets and debt are both more than
US$100 million and less than US$500 million.
OPERA FINANCE: Fitch Junks Ratings on Four Note Classes
-------------------------------------------------------
Fitch Ratings has downgraded all classes of Opera Finance (Uni-
Invest) B.V.'s outstanding tranches as follows:
-- EUR360.0m class A (XS0218487436) downgraded to 'Csf' from
'CCCsf'; Recovery Estimate (RE) 0%
-- EUR89.8m class B (XS0218489135) downgraded to 'Csf' from
'CCsf'; RE0%
-- EUR94.6m class C (XS0218490653) downgraded to 'Csf' from
'CCsf'; RE0%
-- EUR59.2m class D (XS0218492279) downgraded to 'Csf' from
'CCsf'; RE0%
The notice to noteholders on November 30, 2011 stated that the
auction process for the acquisition of Uni-Invest Holding B.V. as
a going concern had been suspended as a result of the absence of
bids that were acceptable to the special servicer. Fitch's
rating actions reflect the agency's expectation that a workout
will not be completed by the notes' legal maturity on February
15, 2012.
While the special servicer continues in its efforts to finalize
the workout prior to legal note maturity, Fitch does not believe
that sufficient time remains to complete either a court
enforcement process or reach agreement for a consensual sale. In
the event that the loan has not been repaid by the final legal
maturity date of the notes, it is likely that Fitch's ratings of
any outstanding notes would be downgraded to 'Dsf'.
Fitch's recovery estimates are based on the agency's expectations
of the amount of principal cash flows that will be received by
the notes' legal final maturity, and therefore, excludes any
principal recoveries that may be received thereafter. The agency
expects approximately EUR3 million of excess rental payments to
be allocated to the class A notes on the final payment date.
Before the auction process was suspended the asset portfolio had
attracted a number of bidders and although any enforcement
process is only likely to be concluded after the legal final
maturity, Fitch expects that the class A noteholders will receive
significant recoveries, net of sales/workout costs, at some point
in the future. However, it remains difficult to accurately
assess the likely recovery amounts for the various debt holders,
given the ability of any prospective purchaser to use the
distressed position of the company to negotiate a lower
transaction price.
===========
N O R W A Y
===========
EKSPORTFINANS ASA: S&P Cuts Jr. Subordinated Debt Rating to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on the
junior subordinated debt of Norway-based Eksportfinans ASA by
lowering such rating to 'BB+' from 'BBB-'.
"In our rating action on Eksportfinans (BBB+/Watch Neg/A-2) on
Nov. 25, 2011, we lowered the junior subordinated debt rating
only to 'BBB-' due to an administrative error. According to our
revised bank hybrid capital methodology ('Bank Hybrid Capital
Methodology And Assumptions,' published Nov. 1, 2011), the junior
subordinated debt rating should be 'BB+' or at least two rating
notches below the bank's stand-alone credit profile (SACP) of
'bbb'. However, we published the rating at two notches below the
issuer credit rating (ICR) of 'BBB+' but only one notch below the
bank's SACP. A notching from the ICR would only apply for a
government-related entity such as Eksportfinans if we were to
assess the likelihood of extraordinary government support as
'almost certain', 'extremely high', or 'very high'. However, for
Eksportfinans we assess the likelihood of extraordinary
government support only as 'moderate' (for further details see
'Rating Government-related Entities: Methodology And
Assumptions,' published Dec 9, 2010)," S&P said.
===========
P O L A N D
===========
CENTRAL EUROPEAN: S&P Cuts Corporate Credit Rating to 'B-'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.S.-based Central European
Distribution Corp. (CEDC), the parent company of Poland-based
vodka manufacturer CEDC International sp. z o.o., to 'B-' from
'B'. The outlook is negative.
"At the same time, we lowered our issue rating on CEDC's $380
million and EUR430 million senior secured notes due 2016 to 'B-'
from 'B', and lowered our issue rating on CEDC's $310 million
senior unsecured convertible bonds due 2013 to 'CCC' from
'CCC+'," S&P said.
"The downgrade takes into account our view of CEDC's weak
performance so far this year and the deterioration in its credit
ratios. It also reflects our opinion that negative vodka market
dynamics in CEDC's two main markets, Poland and Russia, will
prevent any material improvement in 2012. These two factors,
coupled with uncertainties about CEDC's corporate governance,
could accentuate the squeeze on CEDC's liquidity ahead of the
March 2013 maturity of its convertible bonds," S&P said.
"CEDC delivered lackluster performances in the past few quarters
in an increasingly competitive market in Poland and amid market
disruption in Russia owing to the relicensing process underway.
Pressure on profitability -- stemming from higher spirits costs
in both markets and from an unfavorable product mix -- translated
into a Standard & Poor's adjusted EBITDA margin of 16% at
end-September 2011, down from 24% at year-end 2010. Consequently,
CEDC's debt ratios have substantially weakened, with adjusted
leverage in excess of 10x at end-September 2011, up from 7.8x at
year-end 2010," S&P said.
"We believe that 2012 will not be easy for CEDC, since its two
main markets are suffering from a structural decline in vodka
consumption, now running in the mid single digits annually.
Alcohol consumption in general is declining, and local vodka
sales have fallen as consumers switch to international spirits,"
S&P said.
"The negative outlook reflects our view that we will likely
qualify CEDC's liquidity as 'weak' if the 2013 refinancing were
not addressed in the next couple of months, and if free cash flow
continued to be negative. The outlook also factors in our
negative view on worsening conditions in the Polish and Russian
vodka markets, leaving limited upside potential for CEDC's
performance in 2012," S&P said.
"We could revise the outlook to stable, if CEDC were able to
successfully address its 2013 maturity, while resuming positive
free cash flow generation and improving its adjusted EBITDA-to-
interest ratio to the 1.5x-2.0x range, from the 1.3x we
anticipate at year-end 2011," S&P said.
===============
P O R T U G A L
===============
LUSITANO MORTGAGES NO. 1: S&P Cuts Rating on Class E Notes to 'B'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
several classes of notes in Lusitano Mortgages No. 1 PLC and
Lusitano Mortgages No. 2 PLC.
Specifically, S&P had:
In Lusitano Mortgages No. 1, lowered its ratings on the class
A, D, and E notes, and affirmed its ratings on the class B
and C notes; and
In Lusitano Mortgages No. 2, lowered its ratings on the class
B, C, D, and E notes, and affirmed its rating on the class A
notes.
The rating actions follow:
The application of S&P's updated subsidy stresses relating to
the proportion of loans in each pool that carries a
government subsidy, under which the government pays a portion
of the interest due on loans (only if the borrower meets its
obligations); and S&P's credit and cash flow analysis.
Lusitano 1 and 2 are Portuguese residential mortgage-backed
securities (RMBS) transactions that securitize loans originated
by Banco Internacional de Credito, S.A.
Counterparty Criteria
"When we apply our 2010 counterparty criteria to Lusitano 1 and
2, we do not consider the liquidity facility documentation for
these transactions to be in line with the criteria (see
'Counterparty And Supporting Obligations Methodology And
Assumptions,' published on Dec. 6, 2010)," S&P said.
"Therefore, under our criteria, the highest potential rating on
the notes in these transactions is the issuer credit rating on
the liquidity facility provider. In light of this, on June 16,
2011, we lowered our rating on the class B notes in Lusitano 1 to
'A+ (sf)', to reflect our rating on Deutsche Bank AG
(A+/Negative/A-1); and we lowered our ratings on the class A and
B notes in Lusitano 2 to 'A+ (sf)', to reflect our rating on
Credit Agricole Corporate and Investment Bank (A+/Stable/A-1)
(see 'Various Rating Actions Taken In Portuguese RMBS
Transactions Lusitano Mortgages 1, 2, 3, 4, 5, And 7,' published
on June 16, 2011). We did not lower our rating on the class A
notes in Lusitano 1, as our analysis at that time indicated that
the rating on the class A notes could be maintained without the
liquidity facility," S&P said.
Updated Subsidy Stresses
"As a result of the current country risk facing Portugal, there
is an increased risk that the Portuguese government will not be
able to meet all subsidy payments, in our opinion. Therefore, we
have updated our assumptions regarding the amount of subsidized
interest that will be lost on these loans," S&P said.
"After applying our updated subsidy stresses, we have conducted a
credit and cash flow analysis for both transactions, which
considered a number of scenarios to test the issuers' ability to
meet timely payment of interest and ultimate repayment of
principal," S&P related.
Credit Analysis
"Our credit analysis incorporates our standard Portuguese
criteria (see 'Methodology And Assumptions: Update To The
Criteria For Rating Portuguese Residential Mortgage-Backed
Securities,' published on Jan. 6, 2009)," S&P said.
"In addition, we incorporate credit stability as an important
factor in our rating opinion. We consider whether we believe that
an issuer or security has a high likelihood of experiencing
unusually large adverse changes in credit quality under
conditions of moderate stress (see 'Methodology: Credit Stability
Criteria,' published on May 3, 2010)," S&P said.
"For this additional run, for Portuguese RMBS transactions, we
adjust our weighted-average foreclosure frequency (WAFF) by
projecting arrears based on historical performance over the
previous year. We have projected an additional 0.92% arrears for
Lusitano 1 and an additional 0.20% for Lusitano 2," S&P said.
Lusitano Mortgages No. 1
"The entire pool comprises government-subsidized loans. The class
A and B notes can maintain their current ratings if full credit
is given to the liquidity facility. There are, however, numerous
fails in our cash flow scenarios if no credit is given to the
liquidity facility. This is due to our applying higher losses on
subsidized interest payments under our updated subsidy stresses,
which results in the liquidity facility being fully used to cover
interest shortfalls. Therefore, we have lowered our rating on the
class A notes to 'A+ (sf)' and affirmed our 'A+ (sf)' rating on
the class B notes, to reflect our rating on Deutsche Bank, the
liquidity facility provider," S&P said.
"Under our cash flow scenarios, the current levels of credit
enhancement are not sufficient to maintain the current ratings on
the class D and E notes, due to the high draw fees payable on the
liquidity facility. This becomes more stressful as the
transaction becomes more seasoned, due to the fact that the
liquidity facility is non-amortizing, and we model the liquidity
facility as drawn to cash on Day 1. We have therefore lowered our
ratings on these classes of notes," S&P said.
"The available credit enhancement for the class C notes is
sufficient to provide the required credit coverage at their
current rating level. We have therefore affirmed our rating on
this class of notes," S&P said.
Lusitano Mortgages No. 2
"Of the pool, 67.84% comprises government-subsidized loans. We
have affirmed our rating on the class A notes because our
analysis indicates that, after applying our updated subsidy
stresses, there is still sufficient credit enhancement to
maintain the current rating on the notes. The class A notes
cannot maintain their current rating without full credit given to
the liquidity facility. Therefore, our rating on the class A
notes is capped at 'A+ (sf)' to reflect our rating on Credit
Agricole Corporate and Investment Bank, the liquidity facility
provider," S&P said.
"Our cash flow analysis indicates that, after applying our
updated subsidy stresses the class B notes are unable to maintain
their current ratings. Therefore we have lowered our ratings on
the class B notes," S&P said.
"However, the class C, D, and E notes fail all rising interest
rate scenarios in our analysis. This is due to fact that once
cumulative delinquencies reach 15.4%, the liquidity facility
cannot be used to cover interest shortfalls on the junior notes,
and in our cash flow analysis, rising interest rate scenarios are
the most stressful. Therefore, we have lowered our ratings on
the class C, D, and E notes," S&P said.
Ratings List
Class Rating
To From
Lusitano Mortgages No. 1 PLC
EUR1 Billion Residential Mortgage-Backed Floating-Rate Notes
Ratings Lowered
A A+ (sf) AA- (sf)
D BBB (sf) BBB+ (sf)
E B (sf) BB+ (sf)
Ratings Affirmed
B A+ (sf)
C A (sf)
Lusitano Mortgages No. 2 PLC
EUR1 Billion Residential Mortgage-Backed Floating-Rate Notes
Ratings Lowered
B A (sf) A+ (sf)
C BBB- (sf) BBB+ (sf)
D BB- (sf) BB+ (sf)
E B (sf) BB- (sf)
Rating Affirmed
A A+ (sf)
=============
R O M A N I A
=============
GARANTI BANK: Fitch Assigns 'BB+' Long-Term Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has assigned Romania-based Garanti Bank SA a Long-
term Issuer Default Rating (IDR) of 'BB+' and a Viability Rating
of 'b'.
Garanti's ratings reflect the support that it can expect to
receive from its ultimate 100% shareholder, Turkey-based Turkiye
Garanti Bankasi A.S. (TGB; 'BBB-'/Stable). In assessing the
probability of support, Fitch takes into account the significant
financial and managament commitment demonstrated by TGB to its
Romanian subsidiary to date, in addition to TGB's sole ownership
of Garanti. At the same time, Fitch also considers the cross-
border nature of the parent-subsidiary relationship, the
expectation that Garanti will operate with significant
operational independence from its parent and the so far limited
importance of Garanti for the parent bank's consolidated balance
sheet and performance.
The Viability Rating reflects Garanti's small size, its limited
performance track record, funding reliance on its parent and
significant concentrations in its corporate portfolio. Prudent
approach to risk management, satisfactory asset quality and
currently comfortable capital and liquidity positions are rating
positives.
The Long-Term IDR has a Stable Outlook, mirroring the one on TGB.
Any marked change in Fitch's view on potential support from TGB -
- for example in case of a revision of TGB's IDRs or a
significant change in Garanti's integration into, or importance
to, the group -- could trigger a rating action. The Viability
Rating may benefit should Garanti demonstrate sustainable
profitability and improve funding diversification, while
maintaining adequate capitalization and stable asset quality.
Garanti has been operating in Romania since 1998 under the status
of a foreign bank branch. It was converted into a bank in May
2010 and subsequent to that started producing separate accounts.
The branch network and franchise is relatively young, as heavy
investments and organic expansion began only after 2007.
Garanti's asset quality is significantly better than the sector
average, as the bank was less active in building up lending in
the pre-crisis period, and reserve coverage is solid. Fitch has
a favorable view of risk management at Garanti, although the bank
will inevitably be exposed to a relatively high-risk emerging
market with uncertain near-term growth prospects.
Garanti relies on its parent for funding, with this comprising
47% of liabilities at end-H111. Customer deposits contributed
33% of non-equity funds, but concentrations remain high in
deposits. The liquidity position is comfortable. Capitalization
has been strengthened through capital injections in 2010 and
remains adequate in Fitch's view.
The rating actions are as follows:
-- Long-term foreign currency IDR: assigned 'BB+'; Outlook
Stable
-- Short-term foreign currency IDR: assigned 'B'
-- Support Rating: assigned '3'
-- Viability Rating: assigned 'b'
===========
R U S S I A
===========
SEVERSTAL OAO: Fitch Says Nord Separation Is Neutral to Ratings
---------------------------------------------------------------
Fitch Ratings said OAO Severstal's decision to separate Nord Gold
N.V. is neutral to its ratings.
On November 30, 2011, Severstal announced the proposed separation
of Nord Gold through the exchange of shares and GDRs. The
separation is expected to be completed by late January 2012.
Fitch notes the marginally negative effect of Nord Gold's
separation on the company's operational profile. In H111 Nord
Gold, with a 6.7% share in Severstal's total revenue, generated
13.1% of Severstal's total EBITDA, according to company reports.
The gold segment allowed Severstal to reduce margin volatility
through the cycle, as gold has counter-cyclical price dynamics in
contrast with pro-cyclical prices of steel, iron ore and coking
coal.
Fitch expects that the separation of Nord Gold will result in
a decrease of Severstal's EBITDAR margin in 2012 to 20% vs.
previously expected 22%, and an increase of net EBITDAR leverage
by end-2012 to 1.5x-1.6x vs. previously expected 1.4x. These
credit metrics are in line with Fitch's guidelines for 'BB'
category rated steel companies.
Severstal's ratings are as follows:
-- Long-term Issuer Default Rating: 'BB-', Stable Outlook
-- Short-term Issuer Default Rating: 'B'
-- Long-term local currency Issuer Default Rating: 'BB-',
Stable Outlook
-- National Long-term Rating: 'A+(rus)', Stable Outlook
-- Senior Unsecured Rating: 'BB-'
* LENINGRAD OBLAST: S&P Raises Issuer Credit Rating to 'BB+'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on Russia's Leningrad Oblast to 'BB+' and its
Russia national scale rating on the oblast to 'ruAA+'. The '3'
recovery rating on the oblast's unsecured debt remains unchanged.
The outlook is stable.
"The upgrade reflects our view of Leningrad Oblast's economic and
revenue growth, which we think will likely result in sound
budgetary performance, a consistently strong liquidity position,
and low debt," S&P said.
"The ratings on Leningrad Oblast, located in the northwest of the
Russian Federation (foreign currency BBB/Stable/A-3; local
currency BBB+/Stable/A-2; Russia national scale 'ruAAA'), reflect
our view of the oblast's low budgetary flexibility and
predictability under Russia's developing and unbalanced
institutional framework, as well as its relatively low wealth
levels in an international context. Some economic concentration
and continuous pressure on expenditure further constrain the
ratings. Good economic growth prospects, a very low debt burden,
and a consistently positive liquidity position support the
ratings," S&P said.
"In our view, the oblast's favorable location on transit routes
to the EU; proximity to St. Petersburg; and continued inflow of
investment into energy generation, manufacturing, transport, and
communication will continue to underpin its gross regional
product (GRP) growth rates at about 5% annually in 2012-2014.
Over the longer term, it will likely result in a more diversified
tax base and contribute to improving wealth levels," S&P said.
"The stable outlook reflects our view that in 2012-2014,
Leningrad Oblast's continued economic revival will counterbalance
rising operating expenditures and result in sound budgetary
performance, a low debt burden, and a positive liquidity
position, despite the lack of reliable medium-term planning,
potential volatility of the local economy, and the unpredictable
nature of the institutional framework," S&P said.
"We could take a negative rating action within the next 12 months
if the oblast's operating performance weakens significantly in
line with out downside-case scenario, and the resulting depletion
of cash reserves or rapid short-term debt accumulation would lead
to a weaker liquidity position," S&P said.
"We could take a positive rating action if we observed continuity
or institutionalization of the oblast's currently prudent
financial management practices. However, ratings upside is
unlikely for the next 12 months, in our view," S&P said.
* REPUBLIC OF UDMURTIA: Fitch Affirms 'BB+/B' Currency Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed Russia's Republic of Udmurtia Long-
term foreign and local currency ratings at 'BB+', Short-term
foreign currency rating at 'B', and National Long-term rating at
'AA(rus)'. The Outlooks for the Long-term ratings are Stable.
The rating action also affects Udmurtia's outstanding domestic
bonds.
The ratings reflect the Republic of Udmurtia's track record of
sound operating performance, which has revived after temporary
deterioration in 2010 following -- moderate by international
standards albeit increasing -- direct risk and strong liquidity.
The ratings also factor in Udmurtia's high tax concentration in
the primary sector and widening deficit before debt variation.
Fitch notes that maintenance of strong budgetary performance with
operating margins above 15%, close to balanced budget and
containment of direct risk at manageable levels would be positive
for the ratings. Conversely, loose fiscal management resulting
in continuation of significant deficits leading to growth of
direct risk to levels above 50% of current revenue and
deterioration of debt coverage ratio significantly beyond the
debt maturity profile would be negative for the ratings.
The republic has a strong industrial sector which is dominated by
oil extraction, metallurgy and machine building. The regional
economy demonstrated swift recovery after the 2009 crisis. Fitch
expects the full-year operating balance to recover in 2011 and
reach 10% of operating revenue, up from 5.2% a year earlier. In
2010 budgetary performance was affected by negative change of tax
allocation between federal and regional budgets and additional
expenditure responsibilities assigned to the regions.
Fitch expects the deficit to decrease to 8% of total revenue in
2011 and to shrink further to 2% - 3% in 2012 - 2013.
Maintaining high capital expenditure in an environment of
negative revenue trends caused a deficit before debt variation at
16.6% of total revenue in 2010, which was covered by a new debt.
The republic's direct risk significantly increased in 2010 and
2011 and Fitch expects it to reach RUB15 billion by end-2011
(end-2009: RUB6 billion). However, in relative terms, direct
risk will remain moderate at below 40% of current revenue at end-
2011. The region's strong liquidity position (RUB4.3 billion as
of October 1, 2011) mitigates short-term refinancing risks.
Udmurtia has low exposure to contingent risk stemming from the
extensive broad public sector.
Udmurtia is located in the east of the European part of Russia.
Republic accounted for 0.7% of national GDP in 2009 and for 1.1%
of the population.
===============
S L O V E N I A
===============
GRADIS LJUBLJANA: Files for Receivership in Ljubljana Court
-----------------------------------------------------------
SeeNews, citing Slovenian news agency, reports that Gradis
Ljubljana, part of troubled construction group Primorje, has
filed for receivership at the Ljubljana District Court.
According to SeeNews, STA, quoting a Primorje press release,
reported that some of the company's 80 workers would be employed
within the group, while others would have to be laid off.
Gradis Ljubljana is a Slovenian builder.
=========
S P A I N
=========
BBVA RMBS 3: Fitch Affirms 'CCCsf' Rating on Class C Tranche
------------------------------------------------------------
Fitch Ratings has placed 11 tranches of three BBVA RMBS
transactions on Rating Watch Negative (RWN). The agency has also
affirmed the 'CCCsf' rating on the three deals' junior tranches.
A full list of rating actions is at the end of the commentary.
The RWN reflects Fitch's concern over the high volume of losses
realized on foreclosed properties over the past two years. In
its attempt to decrease the volume of properties currently on the
balance sheet of the special purpose vehicle, Europea de
Titulizacion (EdT) has achieved the sale of properties, at
sometimes reduced market prices due to current low demand. Fitch
understands that the properties are being sold to third parties,
unlike a few other originators who have been buying the
properties and placing them on their own balance sheets. In a
declining house price environment, the timely sale of properties
is typically viewed as a positive, as it reduces the cost to the
securitizations of carrying defaulted loans. The limited
mortgage availability and demand for properties has led to assets
being sold at reduced prices compared to their original
valuations, limiting the amount of recoveries.
At present, two of the three deals have technical principal
deficiency balances outstanding, equivalent to 0.3% and 5.2% of
the outstanding note amount of BBVA RMBS 2 and 3 respectively.
Meanwhile the reserve fund of BBVA RMBS 1 stands at 6.8% of its
target amount.
The pools comprise high loan-to-value ratio loans and include
some mortgages granted to foreign borrowers and those employed on
temporary contracts. Fitch recognizes there is a divergence
between the performances of the three pools. BBVA RMBS 1 and 2
mainly comprise loans originated before 2006, which have
performed better than the 2006 vintage loans that dominate the
BBVA RMBS 3 pool. This is also reflected in the level of
cumulative defaults across the three deals, which as of September
2011 stood at 2.4% and 2.9% of initial pool balance in BBVA RMBS
1 and 2, respectively, compared to 6.8% (August 2011) in BBVA
RMBS 3.
The agency will aim to resolve the RWN by January 2012. It will
request further information from the management company (gestora
Europea de Titulizacion) to determine whether the past
performance of these transactions is indicative of the future
performance of the remaining loans in the portfolios.
The rating actions are as follows:
BBVA RMBS 1, Fondo de Titulizacion de Activos:
-- Class A2 (ISIN ES0314147010) 'AA-sf'; on RWN;
-- Class A3 (ISIN ES0314147028) 'AA-sf'; on RWN;
-- Class B (ISIN ES0314147036) 'BBBsf'; on RWN;
-- Class C (ISIN ES0314147044) affirmed at 'CCCsf'; Recovery
Estimate 0%
BBVA RMBS 2, Fondo de Titulizacion de Activos:
-- Class A2 (ISIN ES0314148018) 'AAsf'; on RWN;
-- Class A3 (ISIN ES0314148026) 'AAsf'; on RWN;
-- Class A4 (ISIN ES0314148034) 'AAsf'; on RWN'
-- Class B (ISIN ES0314148042) 'BBBsf'; on RWN;
-- Class C (ISIN ES0314148059) affirmed at 'CCCsf'; Recovery
Estimate 0%
BBVA RMBS 3, Fondo de Titulizaction de Activos
-- Class A1 (ISIN ES0314149008) 'Asf'; on RWN;
-- Class A2 (ISIN ES0314149016) 'Asf'; on RWN;
-- Class A3 (ISIN ES0314149024) 'Asf'; on RWN;
-- Class B (ISIN ES0314149032) 'Bsf'; on RWN;
-- Class C (ISIN ES0314149040) affirmed at 'CCCsf'; Recovery
Estimate 0%
TDA 24: S&P Lowers Rating on Class C Notes to 'D'
-------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CCC
(sf)' its credit rating on TDA 24, Fondo de Titulizacion de
Activos' class C notes. The ratings on all other classes of
notes in this transaction are unaffected.
The rating action follows an interest payment default on the
September 2011 payment date.
In September 2009, TDA 24 completely depleted its cash reserve as
a result of the rapid growth of defaulted loans (defined in this
transaction as loans in arrears for more than 12 months).
"The class B, C, and D notes' interest-deferral trigger levels
are 6.10%, 4.70%, and 3.50%. As of September 2011, the ratio of
cumulative defaults over the original balance was 4.95% (compared
with 3.36% a year earlier). As a result, the class C notes missed
their interest payment on this latest payment date. We have
therefore lowered our rating on the class C notes to 'D (sf)',"
S&P said.
TDA 24 is a residential mortgage-backed securities transaction
that closed in December 2005. It securitizes a portfolio of
residential mortgage loans secured over properties in Spain.
Ratings List
TDA 24, Fondo de Titulizacion de Activos
EUR490.156 Million Mortgage-Backed Floating-Rate Notes
Class Rating
To From
Rating Lowered
C D (sf) CCC (sf)
Ratings Unaffected
A1 AA (sf)
A2 AA (sf)
B BB (sf)
D D (sf)
===========
S W E D E N
===========
SAAB AUTOMOBILE: Bank of China to Become Part Owner
---------------------------------------------------
Reuters reports that Saab Automobile's Dutch owner and China's
Zhejiang Youngman Lotus Automobile have agreed that the Bank of
China, the nation's fourth-largest bank by market value, will
come in as part owner of the ailing carmaker.
According to Reuters, under the new deal, the Bank of China will
replace Chinese investor Pang Da Automobile Trade Co. Youngman
and the Bank of China will own just under 50% of the company.
The move could help pave the way for an approval by General
Motors, which still has preferential shares in Saab and rejected
an earlier rescue plan, Reuters says.
As reported by the Troubled Company Reporter-Europe on Nov. 17,
2011, Agence France Presse related that Saab's former owner GM
said it would block the transfer of technology licenses to the
two Chinese firms if they buy all of Saab.
Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.
===========
T U R K E Y
===========
TURKIYE GARANTI: S&P Affirms Issuer Credit Rating at 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services reviewed its ratings on six
Turkish financial institutions by applying its new ratings
criteria for banks and updated group methodology, which were
published on Nov. 9, 2011. See the ratings list for the ratings
on these entities and their relevant subsidiaries, including any
rating changes that resulted from applying our new criteria.
"We will publish individual research updates on each entity
(apart from Garanti Finansal Kiralama A.S.), including a list of
ratings on affiliated entities. The research updates will be
available at http://www.standardandpoors.com/AI4FIand on
RatingsDirect on the Global Credit Portal. Ratings on specific
issues will be available on RatingsDirect on the Global Credit
Portal and www.standardandpoors.com," S&P said.
Ratings List
The ratings listed are issuer credit ratings unless otherwise
stated.
To From
Turkiye Garanti Bankasi AS BB/Positive/-- BB/Positive/--
Garanti Finansal Kiralama A.S. BB/Positive/B BB/Positive/B
HSBC Bank A.S. BB/Positive/B BB+/Positive/B
Turkey national scale ratings trAA/trA-1 trAA+/trA-1
Turkiye Is Bankasi AS BB/Positive/B BB/Positive/B
Turkey national scale ratings trAA/trA-1 trAA/trA-1
Turkiye Vakiflar Bankasi TAO BB/Positive/B BB/Positive/B
Turkey national scale ratings trAA/trA-1 trAA/trA-1
Yapi ve Kredi Bankasi A.S. BB/Positive/B BB/Positive/B
Turkey national scale ratings trAA/trA-1 trAA/trA-1
===========================
U N I T E D K I N G D O M
===========================
AQUILA PLC: S&P Lowers Rating on Class E Notes to 'D (sf)'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'B
(sf)' its credit rating on AQUILA (ECLIPSE 2005-1) PLC's class E
notes following another quarter of interest shortfalls on this
class of notes. All other ratings in this transaction remain
unaffected.
The transaction has paid down by 86% since closing. Due to loan
prepayments, the interest collected from the two remaining loans
is now not sufficient to cover the full interest on the notes
after the payment of transaction expenses.
The class E notes first incurred an interest shortfall of GBP1703
(0.1% of the class E note balance) on the July 2011 interest
payment date (IPD). The adjusted available issuer income
collected in the second quarter was insufficient to pay the full
interest on the notes after payment of transaction expenses.
On the October 2011 IPD, the class E notes suffered another
interest shortfall totaling GBP15,294, which together with last
quarter's shortfall, amounts to 1% of the class E note balance.
"We understand that the issuer could not draw on the liquidity
facility in these instances as there were sufficient funds
available to pay transaction expenses. However, there were
insufficient funds to pay interest in full on all classes of
notes after the issuer paid these expenses," S&P said.
"In addition, Bank of New York Mellon, the cash manager, has
categorized both the July and October 2011 interest shortfalls
as deferred interest (payable next quarter), rather than interest
that falls under the available funds cap mechanism (thereby not
payable until the maturity date or earlier redemption date)," S&P
said.
"We believe AQUILA (ECLIPSE 2005-1) is unlikely to repay this
deferred interest in the near term and further interest
shortfalls are likely. As our ratings address the likelihood that
noteholders will receive full and timely payments of interest, we
have lowered our rating to 'D (sf)' on the Class E notes," S&P
said.
AQUILA (ECLIPSE 2005-1) closed in March 2005 and is backed by two
loans (from 10 at closing) secured against U.K. properties. The
legal final maturity date of the notes, totaling GBP61.8 million,
is October 2016.
Potential Effects of Proposed Criteria Changes
"We have taken the rating action based on our criteria for rating
European commercial mortgage-backed securities (CMBS). However,
these criteria are under review (see 'Advance Notice of Proposed
Criteria Change: Methodology And Assumptions For Rating European
Commercial Mortgage-Backed Securities,' published on Nov. 8,
2011)," S&P said.
"As highlighted in the Nov. 8 advance notice of proposed criteria
change, we expect to publish a request for comment (RFC)
outlining our proposed criteria changes for rating European CMBS
transactions. Subsequently, we will consider market feedback
before publishing our updated criteria. Our review may result
in changes to the methodology and assumptions we use when rating
European CMBS, and consequently, it may affect both new and
outstanding ratings on European CMBS transactions," S&P said.
"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and surveil these transactions
using our existing criteria (see 'Related Criteria And
Research')," S&P said.
Ratings List
Class Rating
To From
AQUILA (ECLIPSE 2005-1) PLC
GBP440.65 Million Commercial Mortgage-Backed Floating-Rate Notes
Rating Lowered
E D (sf) B (sf)
Ratings Unaffected
A AA+ (sf)
B AA+ (sf)
C AA (sf)
D BBB- (sf)
BLACKS LEISURE: Seeks Rescue Deal Amid Mounting Debt Problems
-------------------------------------------------------------
The Scotsman reports that Blacks Leisure is believed to be
seeking a rescue deal to stave off its mounting debt problems.
According to the Scotsman, accountancy firm KPMG is understood to
have been brought on board to help the firm consider its options,
which could include it being sold to a new investor. A GBP40
million loan from Lloyds Banking Group is due in February, the
Scotsman discloses.
Blacks Leisure is an outdoor clothing and equipment retailer.
The company operates about 300 shops under the Blacks and Millets
brands.
CASTLESTONE MANAGEMENT: Administrators Set to Sell Firm's Assets
----------------------------------------------------------------
Investment Week reports that the administrator of liquidated fund
group Castlestone Management said it is "very unlikely" it can
rescue the company in its current form based on its assets and
liabilities.
Antony Batty & Co is instead to sell off the company's assets in
a more orderly way than via a liquidation, or to realize property
in order to pay off creditors, according to Investment Week.
The report says CML's directors had hoped the company could
remain solvent following administration as they thought its
assets would exceed its liabilities. However, based on the
financial information Antony Batty & Co has since received, it
said it "considers this to be very unlikely," says Investment
Week.
Investment Week relates that based on current information, Antony
Batty expects there will be sufficient funds to make
distributions to creditors.
Last month, former CEO Angus Murray told Investment Week none of
the costs of wind-up of the firm would be borne by investors, who
would see their capital returned based on the final NAV of the
funds as of Aug. 11, 2011.
As reported in the Troubled Company Reporter-Europe on Sept. 27,
2011, citywire.co.uk reports that Castlestone Management has gone
into administration and all staff has been made redundant. Chief
Executive Officer Jerry Devlin said that the parent firm,
Castlestone Management Incorporated, will retain between 20-25
staff worldwide. The firm has been the subject of investigation
by the Financial Services Authority, which led the watchdog to
raid Castlestone Management's London and Chichester offices in
July, citywire.co.uk noted.
On September 30, with no alternative sources of business and the
FSA continuing its investigation, the firm's directors decided to
cease trading and call in the administrators.
Investment Week notes that the administrator said it must submit
a report to the Department for Business, Innovation and Skills
concerning the conduct of Castlestone's directors for the three
years prior to the wind-up of the business.
Antony Batty & Co will also "investigate the affairs of the
company in general to consider whether any civil proceedings
should be taken on its behalf," Investment Week adds.
The administrator can be reached at:
Antony Batty & Co
3, Field Court, Gray's Inn
London, WC1R 5EF
Tel: (020) 7831-1234
E-mail: office@antonybatty.com
Castlestone Management is a United Kingdom asset management firm.
DTZ HOLDINGS: In Administration; Sold to United Group Europe
------------------------------------------------------------
On December 4, 2011, Alan Michael Hudson and Benjamin Thom
Cairns, of Ernst & Young LLP, were appointed as Joint
Administrators of DTZ Holdings Plc, and a request was made
immediately to the UKLA to suspend trading in DTZ's shares with
immediate effect and cancel the listing.
The Joint Administrators upon appointment, subsequently sold all
the Company's interests in the underlying group to United Group
Europe Limited, a subsidiary of UGL Limited. As a result, the
business will continue to operate as a going concern,
safeguarding approximately 4,700 jobs. No subsidiaries are in
administration.
Alan Michael Hudson is licensed in the United Kingdom to act as
an insolvency practitioner by The Association of Chartered
Certified Accountants and Benjamin Thom Cairns is licensed in the
United Kingdom to act as an insolvency practitioner by The
Institute of Chartered Accountants in England and Wales.
The affairs, business and property of the Company are being
managed by the Joint Administrators, Alan Michael Hudson and Ben
Thom Cairns who act as agents of the Company only and without
personal liability.
DTZ Holdings plc, together with its subsidiaries, provides
property advisory and consultancy services to investors,
developers, corporate and public sector occupiers, and financial
intermediaries.
IMCO LIMITED: Goes Into Liquidation After Work Safety Breaches
--------------------------------------------------------------
WalesOnline.co.uk reports that IMCO Limited, trading as Moulded
Paper Ltd, went into liquidation after an investigation into the
death of a worker found it guilty of failing to ensure the
"health, safety and welfare" of it employees, a court has heard.
WalesOnline.co.uk relates that the company was fined GBP5,000
after an employee was crushed under heavy machinery at its site
in Newbridge Road Industrial Estate, Blackwood.
WalesOnline.co.uk recalls that Gareth Young, a 60-year-old
grandfather from Beaufort, Ebbw Vale, was working for Moulded
Paper Ltd when he was killed on Aug. 4, 2009.
According to the report, Cardiff Crown Court heard that an
unsecured electrical control cabinet weighing more than half a
tonne fell on him, which prompted an investigation carried out by
the Health and Safety Executive (HSE).
The report relates that the HSE found that IMCO Limited had
failed to ensure, so far as is reasonably practicable, the
health, safety and welfare of its employees, including Gareth
Young.
In its absence, the report says, the firm was found guilty of
breaching Section 2(1) of the Health and Safety at Work etc Act
1974.
IMCO Limited has now gone into liquidation.
LCP PROUDREED: Fitch Affirms Rating on Class D Notes at 'BBsf'
--------------------------------------------------------------
Fitch Ratings has affirmed LCP Proudreed Plc's commercial
mortgage-backed floating rate notes, due 2016, as follows:
-- GBP239.3m class A (XS0233008936) affirmed at 'AAAsf';
Outlook Stable
-- GBP32.2m class B (XS0233010163) affirmed at 'AAsf'; Outlook
Stable
-- GBP36.8m class C (XS0233010676) affirmed at 'BBBsf'; Outlook
Stable
-- GBP9.2m class D (XS0233011054) affirmed at 'BBsf'; Outlook
Stable
The affirmation reflects the collateral's continued stable
performance since the last rating action in December 2010. Both
loans are secured by predominantly retail assets in UK regional
areas, which have the propensity to feel the effects of market
downturns given current market conditions. This risk is somewhat
mitigated however by the diverse tenant profile and long dated
income of the assets securing both loans.
The LCP loan is secured by 112 properties which were re-valued in
March 2011 at GBP402.6 million. This reflects a 1.7% increase
from a year earlier, resulting in a current reported loan-to-
value (LTV) ratio of 68.2%. The Proudreed loan is secured by
eight properties, all of which are located in South East England.
The portfolio has not been revalued since closing however, due to
various property disposals, the LTV has decreased slightly since
the last rating action to 69.2%. While Fitch's estimate of
leverage is markedly higher in both cases, the agency does not
expect losses on either loan.
Both the LCP loan and the Proudreed loan are hedged via a
combination of caps (for 70% of each loan balance) and swaps
(30%). Both loans have benefited from the low interest rate
environment, with interest coverage ratios (ICR) of 4.15x and
3.83x respectively. In the event that interest rates were to
increase, the strike rate of the interest rate cap, given current
net operating income, provides sufficient headroom to allow all
debt obligations to continue to be met.
PBF FINANCIAL: Insolvency Prompts FSA to Cancel Permit
------------------------------------------------------
Donia O'Loughlin at FT Adviser reports that the Financial
Services Authority has cancelled the permissions of PBF Financial
Limited, an Essex-based financial intermediary that is currently
in liquidation, to carry on regulated activities.
FT Adviser relates that a final notice published on the
regulator's Web site said that the firm had "failed to satisfy"
threshold conditions set out in Schedule 6 to the Financial
Services and Markets Act 2000, which relate to a firm's ability
to meet its liabilities.
According to FT Adviser, the notice said PBF's resources are not
adequate in relation to the regulated activities it has had
permission to carry on and that the firm has been "unable to meet
its liabilities as they have fallen due."
The notice, says FT Adviser, follows on from a warning notice
that was issued in September of this year and a subsequent
warning notice issued in October. PBF did not refer the decision
notice to the Upper Tribunal, the report notes.
ROYAL BANK: FSA Report on Collapse Won't Center on Two Directors
----------------------------------------------------------------
According to The Sunday Telegraph's James Quinn and Harry Wilson,
the Financial Services Authority's report into the collapse of
Royal Bank of Scotland will not examine in any detail the role
played by Sir Fred Goodwin and Sir Tom McKillop, its two most
senior directors.
The Sunday Telegraph says that the report, due to be published on
December 12, will not center on the work of the two men -- chief
executive and chairman respectively at the time of the bank's
downfall in October 2008 -- nor decisions made by them in
connection with the EUR71 billion (GBP61 billion) acquisition of
ABN Amro.
Instead, one source with knowledge of the report indicated it
will focus on the part played by Johnny Cameron, the head of
RBS's investment banking arm at the time, the Sunday Telegraph
notes.
Mr. Cameron is the only member of RBS's senior management team to
have been censured as a result of the bank's collapse -- a
collapse that triggered a GBP45 billion government rescue which
saw taxpayers end up with an 83% stake in the lender, the Sunday
Telegraph discloses.
In terms of assessing why the bank failed, the report is expected
in large part to blame the global financial crisis and the risks
created by buying ABN at a time of greatly-reduced market
liquidity, the Sunday Telegraph states.
It will also look at the part played by the FSA as regulator and
supervisor of the bank, according to the Sunday Telegraph.
The report is being published a year after the FSA closed its
original investigation into the bank's collapse, the Sunday
Telegraph relates.
As reported by the Troubled Company Reporter-Europe on Oct. 18,
2011, Irish Independent related that analysts at Credit Suisse
said RBS is the "most vulnerable" bank in Europe and could be
forced to raise GBP17 billion in new money to shore up its
capital ratios, more than any other major European lender. The
UK state-backed bank would likely face full nationalization under
the scenario set out by Credit Suisse, which estimates RBS might
face a capital shortfall of GBP16.9 billion in a new round of
Europe-wide industry stress tests, Irish Independent said.
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.
WARD BUILDING: Angus Council Weighs Effect of Firm's Liquidation
----------------------------------------------------------------
The Courier.co.uk reports that Angus Council members will hear
about the impact major contractor Ward Building Services'
liquidation has had on its repair works.
The report says Ward Building Services went into liquidation on
July 15. The firm, according to the report, had been a
contractor for building and joinery work in Forfar, Monifieth and
Montrose over the last four years and had a year left on the
urgent repairs and jobbing contract.
According to the report, members of the corporate services
committee will hear about the effect the liquidation has had on
its services, and those companies that will stand to gain.
The Courier.co.uk says Corporate services director Colin
McMahon's report before Thursday's committee states there is no
anticipated increase in costs to the council as a result of the
liquidation. Those costs will be met by money set aside for
payment to Ward's but withheld.
The Courier.co.uk relates that Charlie Ward said the demise of
Ward Building Services, which he set up with brother Stephen 28
years ago, had been a terrible experience.
Mr. Ward said the business had "unraveled" due to a combination
of factors, the report adds.
YELL GROUP: Lenders Group Opposes Restructuring Plan
----------------------------------------------------
Anousha Sakoui and Salamander Davoudi at The Financial Times
report that a vote to approve a financial restructuring at Yell
Group to give it breathing space on its GBP2.6 billion of net
debt risks being blocked after a group of lenders registered
their opposition.
A letter sent to the publisher of the Yellow Pages by the
advisory boutique Moelis said lenders holding more than one-third
of the group's debts wanted it to reconsider the terms proposed,
the FT relates. Moelis has been coordinator for institutional
lenders seeking talks on a revised proposal, the FT discloses.
According to the FT, people close the group said that those
lenders are estimated to represent about 38% of the debts. No
clear result in voting had emerged on Friday but a source said he
believed the vast majority of investors who said they would vote
against had done so, the FT recounts. Yell needs two-thirds of
debt holders to support the plan, the FT notes.
To allow the management of Yell to focus on a new strategy to
turn the business round, it moved to renegotiate its banking
covenants in an effort to give it an additional 20% headroom, the
FT discloses. As part of the plan, it is considering buying back
GBP100 million of debt to capitalize on the roughly 70% discount
to face value at which the debts trade in the market, the FT
states.
It also wants to reduce a GBP173 million undrawn credit facility
to GBP30 million, the FT notes.
One of the investors said that the group of institutional lenders
are opposed to such a big reduction in the revolving credit
facility providers' commitment at par, when they would have to
take a 70% loss to reduce their claims, the FT relates.
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 Nov. 24,
2011, Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K.-based classified directories
publisher Yell Group PLC (Yell) to 'CC' from 'CCC+'. S&P said
the outlook remains negative.
YELL GROUP: S&P Affirms Corporate Credit Rating at 'CC'
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its long-term
corporate credit rating on U.K.-based classified directories
publisher Yell Group PLC at 'CC'. The outlook remains
negative.
"The rating affirmation follows our review of new information
supplied by Yell regarding its capital structure. This
information highlights that the group's old (2006) facilities
rank senior to the 2009 facilities and are not part of its 2009
amended and restated credit agreement," S&P said.
"Our 'CC' long-term corporate credit rating on Yell reflects our
view that Yell's publicly announced plan for repurchasing its
term debt suggests a high probability of a subpar buyback. This
transaction is currently allowed by Yell's 2009 amended and
restated credit agreement. The term loans (particularly the 2009
facilities) are trading at a significant discount to their par
value at present, which in our view provides Yell with an
economic incentive to pursue a subpar buyback. Under our
criteria, we consider a subpar buyback as tantamount to a
default. (For more information, see 'Rating Implications Of
Exchange Offers And Similar Restructurings, Update,' published
May 12, 2009)," S&P said.
"As a result of our review of the latest information on Yell's
capital structure, we would likely lower the rating on Yell to
'SD' (Selective Default) on commencement of the subpar purchase
of the 2009 facilities term debt. This updates our previous
indication that we would likely lower the rating on Yell to 'D'
(Default) if the group were to pursue a subpar debt buyback (see
article titled 'U.K.-Based Directories Publisher Yell Group
Lowered To 'CC' On Plan For Below-Par Debt Buyback; Outlook
Negative,' published Nov. 21, 2011)," S&P said.
"Based on the new information from Yell, we understand that the
existing facilities (the 2006 facilities, of which about œ68
million are still outstanding) rank senior to the 2009 facilities
and are not part of the group's amended and restatement credit
agreement. According to management information, Yell subpar
repurchases will affect only the 2009 facilities," S&P said.
"Yell's failure to pay all of its obligations as they come due
would likely cause us to lower the rating to 'D'. We will
reassess the corporate credit rating on Yell based our view of
the group's business and financial risk profiles after the
execution of the transaction, in line with our criteria," S&P
said.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
KA FINANZ AG 3730Z AV -9072224.934 22043329918
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
LIBRO AG LBROF US -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -31284693.65 200208144.5
S&T SYSTEM INTEG SYA GR -31284693.65 200208144.5
S&T SYSTEM INTEG SNTS ES -31284693.65 200208144.5
S&T SYSTEM INTEG STSQF US -31284693.65 200208144.5
S&T SYSTEM INTEG SYA EX -31284693.65 200208144.5
S&T SYSTEM INTEG SNT EU -31284693.65 200208144.5
S&T SYSTEM INTEG SYAG IX -31284693.65 200208144.5
S&T SYSTEM INTEG SLSYF US -31284693.65 200208144.5
S&T SYSTEM INTEG SNTS IX -31284693.65 200208144.5
S&T SYSTEM INTEG SNTA PZ -31284693.65 200208144.5
S&T SYSTEM INTEG SNT EO -31284693.65 200208144.5
S&T SYSTEM INTEG SNT AV -31284693.65 200208144.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG S8E GR -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
ANTWERP GATEWAY 496769Z BB -51947070.5 266390692.5
BALTA SARL 3679528Z BB -213655263.9 956320938.3
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
COMPAGIMMOBDU BR 3727538Z BB -5867835.156 164809982.4
EON BELGIUM NV 3730258Z BB -8101077.851 251156828.9
EXPLORER NV 4289181Z BB -11594573.86 281605390.1
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -25317190.48 175772641.2
KIA MOTORS BELGI 3729658Z BB -40305545.64 136441397.8
KOREAN MOTOR CO 4161341Z BB -6368236.209 149093852.6
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -119299289.7 158958659.1
SCARLET BELGIUM 4171157Z BB -28951978.94 137456538.4
SCARLETT BUSINES 3724850Z BB -71847152.77 130053838
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
UNIVERSAL MUSIC 3738307Z BB -12191533.66 143700285.8
CROATIA
-------
BADEL 1862 DD BD62RA CZ -14314922.98 136681894.4
MAGMA DD MGMARA CZ -6945891.192 118172308.3
OT OPTIMA TELEKO 2299892Z CZ -83005841.81 114547056.6
OT-OPTIMA TELEKO OPTERA CZ -83005841.81 114547056.6
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGCYP EO -39648682.41 209021322.6
LIBRA HOLIDAYS LHGCYP EU -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EO -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EU -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
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DENMARK
-------
AB-B NEW ABBN DC -101428498.9 298588010.2
AKADEMISK BOLDK ABB DC -101428498.9 298588010.2
BRIGHTPOINT EURO 4506883Z DC -18616347.98 189113937.7
CARLSBERG IT A/S 4503891Z DC -47250912.74 105417004.1
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FRANCE
------
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-------
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GERMANY
-------
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KABEL DEUTSCHLAN KD8 BQ -2357298804 2892306039
KABEL DEUTSCHLAN KD8 QM -2357298804 2892306039
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KABEL DEUTSCHLAN KD8 PZ -2357298804 2892306039
KABEL DEUTSCHLAN KD8USD EU -2357298804 2892306039
KABEL DEUTSCHLAN KD8 EU -2357298804 2892306039
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KABEL DEUTSCHLAN KBDHF US -2357298804 2892306039
KABEL DEUTSCHLAN KD8 S1 -2357298804 2892306039
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KABEL DEUTS-CW10 DB7KWG GR -2357298804 2892306039
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KAUFRING AG KAUG IX -19296489.56 150995473.8
MAERKLIN 730904Z GR -8321071.921 115821977.5
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MANIA TECHNOLOGI MNI PZ -35060809.35 107465713.6
MANIA TECHNOLOGI MNI NM -35060809.35 107465713.6
MANIA TECHNOLOGI 2260970Z GR -35060809.35 107465713.6
MANIA TECHNOLOGI MNI TH -35060809.35 107465713.6
MANIA TECHNOLOGI MNI1 EO -35060809.35 107465713.6
MANIA TECHNOLOGI MNI1 EU -35060809.35 107465713.6
MANIA TECHNOLOGI MNI S1 -35060809.35 107465713.6
MATERNUS KLINI-N MAK1 GR -14418459.3 182876466.8
MATERNUS-KLINIKE MNUKF US -14418459.3 182876466.8
MATERNUS-KLINIKE MAK EU -14418459.3 182876466.8
MATERNUS-KLINIKE MAK S1 -14418459.3 182876466.8
MATERNUS-KLINIKE MAK EO -14418459.3 182876466.8
MATERNUS-KLINIKE MAK PZ -14418459.3 182876466.8
MATERNUS-KLINIKE MAK TH -14418459.3 182876466.8
MATERNUS-KLINIKE MAK GR -14418459.3 182876466.8
MATERNUS-KLINIKE MAKG IX -14418459.3 182876466.8
NORDAG AG DOO1 GR -482449.8788 144432986.2
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PRIMACOM AG-ADR+ PCAG ES -18656751.16 610380925.7
RAG ABWICKL-REG RSTHF US -1744124.2 217776125.8
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RAG ABWICKL-REG ROSG PZ -1744124.2 217776125.8
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RINOL AG RNLAF US -1.171602 168095049.1
RINOL AG RIL GR -1.171602 168095049.1
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ROSENTHAL AG 2644179Q GR -1744124.2 217776125.8
ROSENTHAL AG-ACC ROS4 GR -1744124.2 217776125.8
ROSENTHAL AG-ADR RSTHY US -1744124.2 217776125.8
ROSENTHAL AG-REG ROSG IX -1744124.2 217776125.8
SANDER (JIL) AG SAD GR -6153256.267 127546738.8
SANDER (JIL) AG JLSDF US -6153256.267 127546738.8
SANDER (JIL)-PRF 2916157Q EU -6153256.267 127546738.8
SANDER (JIL)-PRF SAD3 PZ -6153256.267 127546738.8
SANDER (JIL)-PRF SAD3 GR -6153256.267 127546738.8
SANDER (JIL)-PRF 2916161Q EO -6153256.267 127546738.8
SINNLEFFERS AG WHG GR -4491635.615 453887060.1
SPAR HANDELS-AG SPHFF US -442426239.7 1433020961
SPAR HANDELS-AG 773844Q GR -442426239.7 1433020961
SPAR HAND-PFD NV SPA3 GR -442426239.7 1433020961
TA TRIUMPH-ACQ TWNA GR -124531131.9 313411495.3
TA TRIUMPH-ACQ TWNA EU -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN EO -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN PZ -124531131.9 313411495.3
TA TRIUMPH-ADLER TTZAF US -124531131.9 313411495.3
TA TRIUMPH-ADLER TWNG IX -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN EU -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN GR -124531131.9 313411495.3
TA TRIUMPH-A-RTS 1018916Z GR -124531131.9 313411495.3
TA TRIUMPH-NEW TWN1 GR -124531131.9 313411495.3
TA TRIUMPH-RT TWN8 GR -124531131.9 313411495.3
TA TRIUMPH-RTS 3158577Q GR -124531131.9 313411495.3
UNITYMEDIA GMBH 560459Z GR -290585562 5747686306
UNITYMEDIA HESSE 2808647Z GR -290585562 5747686306
GREECE
------
AG PETZETAKIS SA PTZ GR -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EU -110812812.5 206429374.1
AG PETZETAKIS SA PETZK GA -110812812.5 206429374.1
AG PETZETAKIS SA PTZ1 GR -110812812.5 206429374.1
AG PETZETAKIS SA PETZK PZ -110812812.5 206429374.1
AG PETZETAKIS SA PZETF US -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EO -110812812.5 206429374.1
ASPIS PRONIA GE ASASK PZ -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EO -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EU -189908329.1 896537349.7
ASPIS PRONIA GE ASASK GA -189908329.1 896537349.7
ASPIS PRONIA GE AISQF US -189908329.1 896537349.7
ASPIS PRONIA -PF ASAPR GA -189908329.1 896537349.7
ASPIS PRONIA-PF APGV GR -189908329.1 896537349.7
ASPIS PRONIA-PF ASASP GA -189908329.1 896537349.7
ASPIS PRONIA-RT ASASKR GA -189908329.1 896537349.7
ASPIS PRONOIA GE APGG IX -189908329.1 896537349.7
ASPIS PRONOIA GE APG GR -189908329.1 896537349.7
ASPIS PRON-PF RT ASASPR GA -189908329.1 896537349.7
ATLANTIC SUPERMA ATLA GA -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA PZ -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA1 EU -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA1 EO -76261648.16 315891294.2
EMPEDOS SA EMPED GA -33637669.62 174742646.9
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
HELLAS ONLINE SA HOLR GA -15570102.08 531120397.7
HELLAS ONLINE SA BRAIN PZ -15570102.08 531120397.7
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HELLAS ONLINE SA UN5 GR -15570102.08 531120397.7
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HELLAS ONLINE SA BRAIN GA -15570102.08 531120397.7
HELLAS ONLINE SA HOL GA -15570102.08 531120397.7
KATSELIS SON-P R KATPD GA -25687516.15 172013976.2
KATSELIS SONS-PF KATSP GA -25687516.15 172013976.2
KATSELIS SONS-RT KATKD GA -25687516.15 172013976.2
MAILLIS MLISF US -46071971.98 484719898.6
MAILLIS -RTS MAIKR GA -46071971.98 484719898.6
MAILLIS-SPON ADR MJMSY US -46071971.98 484719898.6
MJ MAILLIS S.A. MAIK EU -46071971.98 484719898.6
MJ MAILLIS S.A. MAIK GA -46071971.98 484719898.6
MJ MAILLIS S.A. MAIK PZ -46071971.98 484719898.6
MJ MAILLIS S.A. MJL GR -46071971.98 484719898.6
MJ MAILLIS S.A. MAIK EO -46071971.98 484719898.6
NAOUSSA SPIN -RT NAOYD GA -163114842.1 286539436.9
NAOUSSA SPIN-AUC NAOYKE GA -163114842.1 286539436.9
NAOUSSA SPINNING NML GR -163114842.1 286539436.9
NAOUSSA SPIN-RTS NAOYKR GA -163114842.1 286539436.9
NUTRIART S.A. KTSEF US -25687516.15 172013976.2
NUTRIART S.A. KATSK GA -25687516.15 172013976.2
NUTRIART SA KATSK PZ -25687516.15 172013976.2
NUTRIART SA NUTRIART GA -25687516.15 172013976.2
NUTRIART SA KATSK EO -25687516.15 172013976.2
NUTRIART SA KATSK EU -25687516.15 172013976.2
NUTRIART-RTS 3411089Q GA -25687516.15 172013976.2
PETZET - PFD-RTS PETZPD GA -110812812.5 206429374.1
PETZETAKIS - RTS PETZKD GA -110812812.5 206429374.1
PETZETAKIS-AUC PETZKE GA -110812812.5 206429374.1
PETZETAKIS-PFD PTZ3 GR -110812812.5 206429374.1
PETZETAKIS-PFD PETZP GA -110812812.5 206429374.1
RADIO KORASSIDIS RKC GR -100972173.9 244951680.3
RADIO KORASSIDIS RAKOF US -100972173.9 244951680.3
RADIO KORASSIDIS KORA GA -100972173.9 244951680.3
RADIO KORASSI-RT KORAD GA -100972173.9 244951680.3
RADIO KORASS-RTS KORAR GA -100972173.9 244951680.3
THEMELIODOMI THEME GA -55751173.78 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMER GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMED GA -55751173.78 232036822.6
UNITED TEXTILES NAOYK GA -163114842.1 286539436.9
UNITED TEXTILES NAOSF US -163114842.1 286539436.9
UNITED TEXTILES UTEX GA -163114842.1 286539436.9
UNITED TEXTILES UTEX EU -163114842.1 286539436.9
UNITED TEXTILES UTEX PZ -163114842.1 286539436.9
UNITED TEXTILES UTEX EO -163114842.1 286539436.9
UNITED TEXTILES NML1 GR -163114842.1 286539436.9
HUNGARY
-------
HUNGARIAN TELEPH HUC EX -73723992 827192000
HUNGARIAN TELEPH HUGC IX -73723992 827192000
INVITEL HOLD-ADR INVHY US -73723992 827192000
INVITEL HOLD-ADR IHO US -73723992 827192000
INVITEL HOLD-ADR 0IN GR -73723992 827192000
INVITEL HOLDINGS 3212873Z HB -73723992 827192000
ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780368 2277882368
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EIMSKIPAFELAG HF HFEIM EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
IRELAND
-------
ACS AIRCRAFT FIN 4491555Z ID -23037147.35 130480079.7
AEGON GLOBAL INS 646937Z ID -154161392 4095368960
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BALLYMORE PROPER 162707Z ID -243143095.2 972399152.8
BIRCHFORD INVEST 3802508Z ID -17025540.7 218278444.2
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CELTIC ROADS GRO 4527583Z ID -5475772.455 178943648.9
COMMUNICORP GROU 1027859Z ID -28828642.17 309423497.3
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DEPFA IRELAND HO 4458641Z ID -7759253.483 392619649.6
DUOMO FUNDING PL 4462513Z ID -805845.5444 1772244292
ELAN PHARMA INTE 4515071Z ID -217568725.6 1820901782
ELLERSTON GEMS O 4781417Z ID -4056787.085 195869209.7
EQUANT NETWORK S 4462057Z ID -146075974 304925852.2
EURCO FINANCE 3799980Z ID -48643223.1 679126971.7
FOL INTERNATIONA 4513251Z ID -43457938.48 343547754.8
FORTIS PROPRIETA 4781289Z ID -1335113419 6891744243
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FRUIT OF THE LOO 4459361Z ID -96376389.16 391436785
GENERAL FINANCE 3807584Z ID -3451729.765 140460867
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ITALY
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LUXEMBOURG
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NETHERLANDS
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LIBERTY GL EU-A UPC NA -5505478850 5112616630
LINO MANAGEMENT 3774416Z NA -302140891 797339200.3
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MITSUBISHI MOTOR 3893974Z NA -377506741.2 526604236.4
MSREF ELBA BV 4043045Z NA -89889.60183 584994172.5
MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
NORFOLK HOLDINGS 779151Z NA -199512.5928 813430683.8
RHEIN PAPIER HOL 4040349Z NA -2301763.247 1089890804
RIVA NV 3797916Z NA -852952.1165 111411542.1
SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
SITA NEDERLAND B 874216Z NA -312079.8969 2324948031
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SPYKER CARS NV SPYKR NA -154336469.5 1337361332
SPYKER CARS NV SPYKR BQ -154336469.5 1337361332
SPYKER CARS NV SPYK IX -154336469.5 1337361332
SPYKER CARS NV SPYKR QM -154336469.5 1337361332
SPYKER CARS NV SPYKR EO -154336469.5 1337361332
SPYKER CARS NV SPYKR EU -154336469.5 1337361332
SPYKER CARS NV SPYKR TQ -154336469.5 1337361332
STICHTING PENSIO 4498027Z NA -19254451.13 566611058.3
STICHTING PENSIO 4489595Z NA -7065546415 43409019837
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SWEDISH AUTOMOBI SWAN BQ -154336469.5 1337361332
SWEDISH AUTOMOBI SWAN TQ -154336469.5 1337361332
SWEDISH AUTOMOBI SWAN EO -154336469.5 1337361332
SWEDISH AUTOMOBI SWAN EB -154336469.5 1337361332
SWEDISH AUTOMOBI SPYKR PZ -154336469.5 1337361332
SWEDISH AUTOMOBI SWAN NA -154336469.5 1337361332
SWEDISH AUTOMOBI SWAN QM -154336469.5 1337361332
SWEDISH AUTOMOBI SPYKF US -154336469.5 1337361332
SWEDISH AUTOMOBI L9I TH -154336469.5 1337361332
SWEDISH AUTOMOBI L9I GR -154336469.5 1337361332
TATE & LYLE NETH 3634775Z NA -2595894.422 104534416.9
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UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
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UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -12164702941 13901661309
VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.7768 799874848.4
W2005 W2007 CARN 3824100Z NA -107841645.8 362615031
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
WILMAR EDIBLE OI 3817520Z NA -3976944.095 218912594.8
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -238595008 399271008
AKER BIOMARINE A 4508947Z NO -91258656.74 103294723.7
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP EO -7700000 816200000
AKER FLOATING PR AKFP BY -7700000 816200000
AKER FLOATING PR AKNO IX -7700000 816200000
AKER FLOATING PR AKFP NO -7700000 816200000
AKER FLOATING PR AKFP EU -7700000 816200000
AKER FLOATING PR AKFPEUR EU -7700000 816200000
AKER FLOATING PR AKFPEUR EO -7700000 816200000
AKER FLOATING PR AKFP PZ -7700000 816200000
AKER STORD A/S 4498875Z NO -150475117.7 783619889.1
BKK VARME AS 4445833Z NO -8164053.946 143462133.6
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GJENSIDIGE PENSJ 4447089Z NO -706038.7351 834496819.2
HEEGH AUTOLINERS 4389209Z NO -11654362.38 277390994.9
INTEROIL EXPLORA IOX BY -71383000 195320000
INTEROIL EXPLORA IOX NO -71383000 195320000
INTEROIL EXPLORA IROIF US -71383000 195320000
INTEROIL EXPLORA IOX EU -71383000 195320000
INTEROIL EXPLORA IOX PZ -71383000 195320000
INTEROIL EXPLORA IOXEUR EU -71383000 195320000
INTEROIL EXPLORA IOXUSD EO -71383000 195320000
INTEROIL EXPLORA IOX IX -71383000 195320000
INTEROIL EXPLORA IOXEUR EO -71383000 195320000
INTEROIL EXPLORA INOX NO -71383000 195320000
INTEROIL EXPLORA IOX EO -71383000 195320000
INTEROIL EXPLORA IOXUSD EU -71383000 195320000
LIVA BIL LIV NO -4061326.597 116023629.9
MAN LAST OG BUSS 4521719Z NO -7914946.127 134925818.8
MARINE SUBSEA AS MSAS NO -238595008 399271008
MASTER & COMMAND 4443393Z NO -3848.57586 105559612
NCC CONSTRUCTION 4389745Z NO -17444019.96 371204059.2
NCC ROADS AS 4401305Z NO -7603911.224 151509155.9
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PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
SECURITAS DIRECT 4394201Z NO -531628.2745 124746344.1
SKRETTING AS 4473771Z NO -3730844.426 499611269.4
STOREBRAND EIEND 4443409Z NO -69476764.19 1408585975
STOREBRAND EIEND 4288341Z NO -236066034.1 4427606061
TDC AS 4287413Z NO -95917885.43 128911202.9
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -30849484.35 107503145.6
UTKILEN SHIPPING 4446161Z NO -2435448.778 205148159.9
VNG NORGE AS 4513147Z NO -44725176.15 280935536.1
POLAND
------
KROSNO KROS IX -2241615.44 111838141.2
KROSNO KRS PW -2241615.44 111838141.2
KROSNO KRS1EUR EU -2241615.44 111838141.2
KROSNO KRS1EUR EO -2241615.44 111838141.2
KROSNO KRS LI -2241615.44 111838141.2
KROSNO SA KRS PZ -2241615.44 111838141.2
KROSNO SA KROSNO PW -2241615.44 111838141.2
KROSNO SA KRS1 EU -2241615.44 111838141.2
KROSNO SA KRNFF US -2241615.44 111838141.2
KROSNO SA KRS1 EO -2241615.44 111838141.2
KROSNO SA-RTS KRSP PW -2241615.44 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241615.44 111838141.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA TOR PW -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 -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
ESTALEIROS NAVAI 4507307Z PL -23829401.88 315386385.8
FERREIRAS & MAGA 4281437Z PL -14115717.84 103226790.2
GALERIA PARQUE N 4772673Z PL -6221557.01 176869350.5
HOSPITAL DE FARO 3789880Z PL -59945072.08 249069905.8
HOSPITAL DO DIVI 3789932Z PL -38574192.3 217870602.5
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
LYCATELCOM LDA 4281821Z PL -8577510.562 109410577.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PARQUE DA PAMPIL 4770625Z PL -1932626.439 135631078.1
PARQUE EOLICO DE 4772521Z PL -1450277.362 131706562.9
PORTUGALIA 1008Z PL -4086512.545 263103585.3
RADIO E TELEVISA 1227Z PL -874020727.2 739530129.4
REFER-REDE FERRO 1250Z PL -1817222591 941624235.3
SERVICO DE SAUDE 3790200Z PL -171447869.9 656234458.2
SOCIEDADE DE REN 3776676Z PL -16609193.89 127876798.7
SOCIEDADE DE TRA 1253Z PL -366661049.9 152577542.7
SPORTING CLUBE D SCDF EU -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 SCP1 PZ -65884328.13 251276323.4
SPORTING CLUBE D SCPX PX -65884328.13 251276323.4
SPORTING CLUBE D SCDF EO -65884328.13 251276323.4
SPORTING-SOC DES SCDF PL -65884328.13 251276323.4
SPORTING-SOC DES SCPL IX -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 RO -89344240.83 511515508.8
OLTCHIM SA RM VA OLT PZ -89344240.83 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344240.83 511515508.8
OLTCHIM SA RM VA OLT EU -89344240.83 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344240.83 511515508.8
OLTCHIM SA RM VA OLT EO -89344240.83 511515508.8
RAFO SA RAF RO -457922310.7 356796459.3
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -72210975.94 456200360.2
ALLIANCE RUSSIAN ALRT RU -13189410.9 138268688.3
AMO ZIL ZILL RM -204894835.3 401284636
AMO ZIL-CLS ZILL RU -204894835.3 401284636
AMO ZIL-CLS ZILL* RU -204894835.3 401284636
AMO ZIL-CLS ZILLG RU -204894835.3 401284636
CRYOGENMASH-BRD KRGM* RU -22826263.97 214573431.2
CRYOGENMASH-BRD KRGM RU -22826263.97 214573431.2
CRYOGENMASH-PFD KRGMP* RU -22826263.97 214573431.2
CRYOGENMASH-PFD KRGMP RU -22826263.97 214573431.2
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN 137282Z RU -127155421.5 341759794.6
FINANCIAL LEASIN FLKO RU -127155421.5 341759794.6
FINANCIAL LEASIN FLKO* RU -127155421.5 341759794.6
FINANCIAL LEASIN FLKO RM -127155421.5 341759794.6
GAZ-FINANS GAZF RU -56134.51262 232319905.4
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
HALS-DEVEL- GDR 86PN LI -588515968 1446112000
HALS-DEVELOPMENT HALS TQ -588515968 1446112000
HALS-DEVELOPMENT SYR GR -588515968 1446112000
HALS-DEVELOPMENT HALS* RU -588515968 1446112000
HALS-DEVELOPMENT HALS LI -588515968 1446112000
HALS-DEVELOPMENT HALS RU -588515968 1446112000
HALS-DEVELOPMENT HALS RM -588515968 1446112000
HALS-DEVELOPMENT HALSM RU -588515968 1446112000
HALS-DEVELOPMENT HALSG RU -588515968 1446112000
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KAMSKAYA GORNAYA 2806239Z RU -527803788.8 1311868884
KOMPANIYA GL-BRD GMST RU -2412499.797 1202818434
KOMPANIYA GL-BRD GMST* RU -2412499.797 1202818434
KUZNETSOV-BRD MTSTP RU -11247039.53 390269032.2
KUZNETSOV-BRD MTSTP* RU -11247039.53 390269032.2
KUZNETSOV-BRD MTST* RU -11247039.53 390269032.2
KUZNETSOV-BRD MTST RU -11247039.53 390269032.2
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MURMANSKAYA-PFD MUGSP RU -26491726.33 140103923.5
MURMANSKAYA-PFD MUGSPG RU -26491726.33 140103923.5
MURMANSKAYA-PFD MUGSP* RU -26491726.33 140103923.5
MURMANSKAY-CLS MUGS* RU -26491726.33 140103923.5
MURMANSKAY-CLS MUGSG RU -26491726.33 140103923.5
MURMANSKAY-CLS MUGS RU -26491726.33 140103923.5
NIZHEGORODSK-BRD NASO RU -24264468.23 426748912.4
NIZHEGORODSK-BRD NASO* RU -24264468.23 426748912.4
NIZHEGORODSKI-B NASO$ RU -24264468.23 426748912.4
NIZHEGORODS-P B$ NASOP$ RU -24264468.23 426748912.4
NIZHEGORODS-PFD NASOP RU -24264468.23 426748912.4
NIZHEGORODS-PFD NASOP* RU -24264468.23 426748912.4
NIZHMASHZAVO-BRD NMSZ* RU -11553901.84 372915429.4
NIZHMASHZAVO-BRD NMSZ RU -11553901.84 372915429.4
NIZHMASHZAVOD-BD NMSZ$ RU -11553901.84 372915429.4
NIZHMASHZAVO-PFD NMSZP* RU -11553901.84 372915429.4
NIZHMASHZAVO-PFD NMSZP RU -11553901.84 372915429.4
OAO SIBNEFTEGAZ SIGA RU -8733178.141 757597617.2
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK RU -65334860.95 4000687446
PIK GROUP PIKK* RU -65334860.95 4000687446
PIK GROUP PIKKG RU -65334860.95 4000687446
PIK GROUP PIKK RM -65334860.95 4000687446
PIK GROUP-GDR PIQ2 GR -65334860.95 4000687446
PIK GROUP-GDR PIK EU -65334860.95 4000687446
PIK GROUP-GDR PIK1 QM -65334860.95 4000687446
PIK GROUP-GDR PIK1 EO -65334860.95 4000687446
PIK GROUP-GDR PIK LI -65334860.95 4000687446
PIK GROUP-GDR PIK EB -65334860.95 4000687446
PIK GROUP-GDR PIK TQ -65334860.95 4000687446
PIK GROUP-GDR PKGPL US -65334860.95 4000687446
PIK GROUP-GDR PIK IX -65334860.95 4000687446
PROMTRACTOR-FINA PTRF RU -27519567.06 259128529.5
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
SEVERNAYA KAZNA SVKB RU -53030865.11 292154903.1
SEVERNAYA KAZNA SVKB* RU -53030865.11 292154903.1
SEVKABEL-FINANS SVKF RU -83036.46173 102680373.6
SISTEMA HALS-GDR HALS IX -588515968 1446112000
SISTEMA-GDR 144A SEMAL US -588515968 1446112000
URGALUGOL-BRD YRGL* RU -10942680.75 149416034.2
URGALUGOL-BRD YRGL RU -10942680.75 149416034.2
URGALUGOL-BRD-PF YRGLP RU -10942680.75 149416034.2
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 -72210975.94 456200360.2
VIMPEL SHIP-BRD SOVP* RU -72210975.94 456200360.2
VOLGOGRAD KHIM VHIM* RU -46674128.45 156690406.4
VOLGOGRAD KHIM VHIM RU -46674128.45 156690406.4
WILD ORCHID ZAO DOAAN RU -11716087.47 106082784.6
ZIL AUTO PLANT ZILL$ RU -204894835.3 401284636
ZIL AUTO PLANT-P ZILLP RU -204894835.3 401284636
ZIL AUTO PLANT-P ZILLP RM -204894835.3 401284636
ZIL AUTO PLANT-P ZILLP* RU -204894835.3 401284636
SERBIA
------
DUVANSKA DIVR SG -46938765.41 107525048.4
SLOVENIA
--------
ISTRABENZ ITBG PZ -3710053.919 1192276746
ISTRABENZ ITBG SV -3710053.919 1192276746
ISTRABENZ ITBG EO -3710053.919 1192276746
ISTRABENZ ITBG EU -3710053.919 1192276746
SPAIN
-----
ACTUACIONES ACTI AGR SM -57871829.5 772519224.5
ADT ESPANA SERVI 3632899Z SM -26498520.4 149454497.1
AGRUPACIO - RT AGR/D SM -57871829.5 772519224.5
AMCI HABITAT SA AMC3 EO -24580874.45 194758143.4
AMCI HABITAT SA AMC SM -24580874.45 194758143.4
AMCI HABITAT SA AMC1 EU -24580874.45 194758143.4
ATLANTIC COPPER 4512291Z SM -15995873.26 1016941910
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -175550365.3 296395765.4
BIMBO SA 3632779Z SM -6894386.116 162399487.1
BOSCH SISTEMAS D 4505475Z SM -295419977.8 205556877.2
BOUYGUES INMOBIL 3636247Z SM -13608696.28 203210905.9
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CAJA DE AHORROS 929362Z SM -361326816.2 37311046644
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DTZ IBERICA ASES 1658Z SM -130770583.4 611187363
ELECTRODOMESTICO 1035184Z SM -89882980.98 104386627.5
EXPO-AN SA 569882Z SM -14692346.37 324154549.3
FABRICAS AGRUPAD 3638319Z SM -28683704.97 205880655
FACTORIA NAVAL D 3748456Z SM -91596638.83 155617881.8
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -57871829.5 772519224.5
FERGO AISA SA AISA PZ -57871829.5 772519224.5
FERGO AISA SA AISA EU -57871829.5 772519224.5
FERGO AISA SA AISA SM -57871829.5 772519224.5
FERGO AISA SA AISA EO -57871829.5 772519224.5
FIAT GROUP AUTOM 4511067Z SM -30064519.13 367730368.2
FMC FORET SA 3642299Z SM -28605523.78 225458069.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -47072259.92 609515984.5
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -24493084.81 140668008
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
ISOFOTON SA 1039291Z SM -401482382 218392769.3
JAZZ TELECOM SA 3646927Z SM -739593798.9 803977667
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WYG PLC WYGGBP EO -32392901.23 196106689.5
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WYG PLC WHY IX -32392901.23 196106689.5
WYG PLC WYG PZ -32392901.23 196106689.5
WYG PLC WYG EO -32392901.23 196106689.5
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WYG PLC WYG LN -32392901.23 196106689.5
WYG PLC WYGEUR EO -32392901.23 196106689.5
XAARJET LTD 2697648Z LN -3938911.173 102239864.3
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -88056666.54 169405671
YANG MING UK LTD 1756777Z LN -39140424.52 296076088.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
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ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
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, 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 * * *