/raid1/www/Hosts/bankrupt/TCREUR_Public/120327.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, March 27, 2012, Vol. 13, No. 62
Headlines
B E L G I U M
IDEAL STANDARD: Moody's Cuts Corporate Family Rating to 'Caa3'
B U L G A R I A
UNITED BULGARIAN: Fitch Affirms LT Issuer Default Rating at 'B'
F R A N C E
RENAULT SA: Moody's Issues Summary Credit Opinion
G E R M A N Y
ADAM OPEL: Board to Meet Tomorrow to Discuss Business Plan
BAYERISCHE LANDESBANK: TAG Agrees to Buy DKB Unit for EUR160-Mil.
S-CORE 2007-1: S&P Lowers Rating on Class D Notes to 'CCC-'
G R E E C E
NEW ECONOMY: Fitch Upgrades Rating on Notes to 'B-sf'
REVOLVER 2008-1: Fitch Affirms Rating on EUR1BB Notes at 'B-sf'
I C E L A N D
LANDSVIRKJUN: Moody's Affirms Senior Unsecured Ratings
I R E L A N D
DUNCANNON CRE: S&P Affirms 'B-' Ratings on Five Note Classes
UAE CMBS: Moody's Withdraws 'Caa3' Rating on Class D Notes
I T A L Y
FIAT INDUSTRIAL: S&P Affirms 'BB+/B' Corporate Credit Ratings
L A T V I A
PRIVATBANK AS: Moody's Corrects March 13 Ratings Release
N E T H E R L A N D S
DALRADIAN EUROPEAN: S&P Raises Rating on Class E Notes to 'CCC+'
REPSOL INT'L: Fitch Cuts Rating on Sub. Preference Shares to 'BB'
P O R T U G A L
REDES ENERGETICAS: Moody's Issues Summary Credit Opinion
R U S S I A
BANK OF KHANTY-MANSIYSK: Moody's Issues Summary Credit Opinion
CB RENAISSANCE: Fitch Affirms 'B' Long-Term Issuer Default Rating
OTP BANK: Fitch Assigns 'BB' Rating to RUB6-Bil. Sr. Unsec. Bonds
RENAISSANCE FINANCIAL: Fitch Affirms Issuer Default Rating at 'B'
U K R A I N E
FIRST UKRAINIAN: Moody's Issues Summary Credit Opinion
U N I T E D K I N G D O M
BRITISH MIDLAND: IAG Offers Limited Number of Extra Concessions
DARLINGTON FOOTBALL: May Exit Administration by Thursday
DONNS: Irwin Mitchell Buys Personal Injury Caseload
ERNEST NEWSON: In Administration, Cuts 6 Jobs
GAME GROUP: In Administration; 6,000 Jobs at Risk
GAME GROUP: Australian Unit Up for Sale Amid Administration
JAGUAR LAND: S&P Assigns 'B+' Rating to GBP500MM Sr. Unsec. Notes
MAGNOHARD LTD: In Administration With GBP24++ Million Debts
PEACOCKS: Boss Philip Day 'Working Hard' to Reopen Stores
ROCK FARM: In Administration, 88 Jobs at Risk
TRINITY MIRROR: To Reduce Pension Deficit Contributions
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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B E L G I U M
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IDEAL STANDARD: Moody's Cuts Corporate Family Rating to 'Caa3'
--------------------------------------------------------------
Moody's Investors Service downgraded corporate family rating
(CFR) and probability of default (PDR) of Ideal Standard
International to Caa3 from Caa1. Moody's also downgraded the
rating of Ideal Standard's EUR275 million senior secured notes
due 2018. The rating outlook is negative.
Ratings Rationale
The downgrade reflects Ideal Standard's weak performance during
the full year ended December 2011, with Ebitda and operating cash
flow generation below Moody's expectations and a weak liquidity
profile. It also incorporates Moody's view that the company's
near-term market outlook is uncertain and that unless conditions
improve this is likely to put further pressure on the company's
profitability and cash flow generation.
According to unaudited financial statements the company's sales
declined by 5% during full-year versus prior year primarily due
to a deterioration in market conditions in the UK and Italy,
Ideal Standard's two biggest markets. Positively, France and
Germany, the company's two second largest markets, continued
strong performance. The decline in sales, rising raw material
cost input, high fixed cost base of the company and adverse
country and product mix resulted into a substantial deterioration
in EBITDA. The company's adjusted EBITDA (before restructuring
charges) amounted to EUR27 million for full year of 2011, leading
to, in Moody's view, an unsustainable capital structure, with a
reported gross cash pay debt/EBITDA ratio of c. 11x.
Moody's expects the company's liquidity to be tight as it has
EUR46 million cash on balance sheet as of December 31, 2011
(compared to EUR75 million in the previous year) plus certain
overdraft and invoice factoring facilities. And Moody's believes
it will continue to have negative cash flows in 2012 due to high
restructuring payments relating to the 2011 restructuring actions
and interest costs.
The negative outlook reflects Moody's view that the leverage of
the company is unsustainable, together with concerns about
liquidity profile. It is unclear if the private equity owner will
render support to the company but in any case any significant
equity injection is likely to be accompanied by a material debt
restructuring.
Moody's sees no near-term upward pressure on the ratings. Further
negative rating actions could occur if a debt restructuring is
proposed.
The principal methodology used in rating Ideal Standard
International Holdings S.a.r.l. and Ideal Standard International
S.A. was Global Consumer Durables Industry Methodology, published
October 2010. Other methodologies used include Loss Given Default
for Speculative Grade Issuers in the US, Canada, and EMEA,
published June 2009.
Headquartered in Belgium, Ideal Standard is a manufacturer of
bathroom fixtures, fittings and furniture, including ceramic
fixtures (sinks, toilets), brass fittings (taps), acrylic
fixtures (spa and whirlpool tubs) and furniture (towel racks,
toilet seats).
===============
B U L G A R I A
===============
UNITED BULGARIAN: Fitch Affirms LT Issuer Default Rating at 'B'
---------------------------------------------------------------
Fitch Ratings has affirmed United Bulgarian Bank's (UBB) Long-
term Issuer Default Rating (IDR) at 'B' with a Negative Outlook
and removed it from Rating Watch Negative (RWN). The agency has
also downgraded Banca Romaneasca's (BROM) Long-term IDR to 'B'
from 'B+' with a Stable Outlook and removed it from RWN.
UBB and BROM are majority-owned by National Bank of Greece (NBG,
'B-'/Stable), domiciled in Bulgaria and Romania, respectively.
The removal of the RWN reflects the rating action on NBG's
ratings.
The banks' 'B' Long-term IDRs remain one notch above that of NBG
in light of the limited contagion which the subsidiaries have
suffered to date from problems at NBG. In particular, customer
deposit outflows at both banks have been manageable and liquidity
has remained adequate. However, BROM has been downgraded due to
its weak performance and greater reliance on NBG for foreign
currency funding. The Negative Outlook on UBB reflects pressure
on its credit profile from weak asset quality and capitalization.
Fitch believes that NBG's ability to provide financial support to
the two subsidiaries will remain limited in the medium term due
to its fragile risk profile. At present, Fitch does not expect
that NBG's pending recapitalization will result in it
contributing new equity to UBB or in a strengthened propensity of
support to BROM or UBB, if required.
UBB and BROM's IDRs do not incorporate potential financial
support from the Bulgarian and Romanian sovereigns. Fitch
acknowledges that the authorities would be likely to intervene to
manage any problems arising at Greek bank subsidiaries, given
their sizable aggregate market shares in both countries.
However, in Fitch's view, there is significant uncertainty as to
whether national authorities would inject capital into Greek bank
subsidiaries to the extent that the creditors of the subsidiaries
would be in a better position than those of parent banks.
UBB's loss absorption capacity is diminishing as a result of
large unreserved non-performing loans (NPLs, overdue by 90 days)
and declining pre-impairment profit and retained earnings, which
the bank's capitalization relies on. Fitch expects economic
growth for Bulgaria to slow in 2012, delaying asset quality
recoveries and giving rise to potential further deterioration.
UBB's Fitch core capital and regulatory total capital ratios at
end-2011 were 23.8% and 15.13%, respectively. Nevertheless, UBB's
NPLs net of reserves represented nearly 89% of the bank's equity
at end-2011 (76% at end-2010) while watch loans (30-90 days
overdue) accounted for a further 6.4% of gross loans at end-2011
(30.9% of equity).
Since 2009, UBB has benefited from solid retail deposit growth in
Bulgaria, and in combination with loan book contraction, has
managed to reduce its funding from NBG, reflected in the
evolution of UBB's loans/deposits ratio (end-2011: 125%; 2010:
142%; 2009:159%).
BROM's profitability has been continuously weak due to low
operating efficiency and declining interest margins in the
context of an uncertain economic environment. Net income was
negative in 2011 and 2010, and pre-impairment performance was
barely positive in 2011. BROM's dependence on the parent bank to
finance its operations or to hedge foreign currency risks adds to
the bank's vulnerability to potential unfavorable economic
developments. At end-2011, NBG's funding accounted for 43% of
BROM's total non-equity funding, up from 30% at end-H111.
However, Fitch notes BROM's better asset quality relative to UBB
in Bulgaria and to the banking sector in Romania, the bank's
sound liquidity, due to stringent regulatory requirements of the
National Bank of Romania, and capitalization. BROM's NPLs
represented 8.8% of gross loans at end-2011 (7.5% at end-2010)
compared to 14.1% for the Romanian banking sector at end-2011
(11.9% at end-2010). BROM's NPLs net of reserves were equal to a
moderate 8.4% of equity at end-2011. The bank's Fitch core and
regulatory total capital ratios were 22.5% and 24.9% at end-2011.
In Fitch's opinion, UBB and BROM remain sensitive to potential
negative developments at the parent bank. The banks could be
downgraded in case of loss of deposits or parent bank funding.
UBB could also be downgraded if further asset quality
deterioration results in heightened capitalization pressures.
The rating actions are as follows:
UBB
-- Long-term IDR: affirmed at 'B', RWN removed; Negative
Outlook
-- Short-term IDR: affirmed at 'B';
-- Viability Rating: affirmed at 'b', RWN removed
-- Support Rating: affirmed at '5'
BROM
-- Long-term IDR: downgraded to 'B' from 'B+', RWN removed,
Stable Outlook
-- Short-term IDR: affirmed at 'B';
-- Viability Rating: downgraded to 'b' from 'b+', RWN removed
-- Support Rating: affirmed at '5'
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F R A N C E
===========
RENAULT SA: Moody's Issues Summary Credit Opinion
-------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Renault S.A. and includes certain regulatory disclosures
regarding its ratings. The release does not constitute any
change in Moody's ratings or rating rationale for Renault S.A.
Moody's current ratings on Renault S.A. are:
Long-Term Corporate Family Ratings (foreign currency) of Ba1
Probability of Default ratings of Ba1
Senior Unsecured (domestic and foreign currency) ratings of Ba1
Senior Unsecured MTN program (domestic currency) ratings of
(P)Ba1
Subordinate MTN program (domestic currency) ratings of (P)Ba2
Commercial Paper (domestic currency) ratings of NP
Other Short Term (domestic currency) ratings of (P)NP
Ratings Rationale
On December 13, 2011, Moody's affirmed the Ba1 corporate family
rating of Renault S.A. and changed the outlook to stable from
positive. At the same time Moody's assigned a probability of
default rating of Ba1 and affirmed the Ba1 rating of the debt
issued by Renault S.A.
The outlook change to stable reflects increasing macroeconomic
headwinds which will adversely impact the European passenger car
demand in 2012 where Renault generates the majority of volumes
and Moody's expectation that the weakness of the European car
market cannot be fully compensated by volume growth in other
parts of the world. Concurrently, Moody's cautions an increasing
price competition in some parts of Europe which might put
pressure on volume producers. Renault's already weak standalone
operating margin (excluding income from associates) would in such
a scenario be impacted. Moody's acknowledges that, as all car
manufacturers, also Renault was adversely impacted by supply
disruptions resulting from the tsunami in Japan in the first half
2011. At the same time Renault still faces structural
overcapacities in Europe whilst the company is undertaking
significant investments in emerging countries in order to
leverage growth opportunities. Therefore, Moody's believes that
Renault's free cash flow generation will be limited over the
short to medium term. In the current environment, an upgrade to
investment grade has become more distant for Renault. A
significant improvement in profitability at Renault's automobile
division before the contribution from associates remains a pre-
condition for a return to the investment grade rating category.
Excluding income from associates Renault's profitability is very
weak as reflected in an operating margin of -0.1% for the last
twelve months ending in June 2011. This is partly attributable to
an adverse mix effect given Renault's inability to deliver
sufficient cars with diesel engines in the first half 2011. Even
though Moody's expects some improvement of Renault's
profitability by year-end Moody's sees certain headwinds from an
increasing pricing pressure in some parts of Europe and the high
volatility of foreign exchange movements. Furthermore, Moody's
expects Renault's European capacity utilization rate to remain at
low levels.
The Ba1 rating remains supported by the group's business profile
with solid market positions in various regions, the successful
introduction of its entry level range and the benefits from its
alliance with Nissan (Baa1/positive). The current rating also
considers the group's conservative financial policy with a
healthy liquidity and balanced debt maturity profile.
However, the rating is constrained by Renault's weak standalone
profitability and heavy reliance on Nissan. Moreover, the rating
incorporates Renault's historically uneven product portfolio with
a high dependency on a few successful models as well as the
group's limited geographical diversification with around 70% of
revenues being generated in Europe. This leaves Renault
vulnerable to declining passenger car demand in France and
Western Europe in 2012. Moody's also cautions possible margin
pressure from rising R&D needs, intense price competition in
Europe and adverse foreign exchange movements.
Structural considerations
Renault S.A. Ba1 debt rating recognizes that there exists some
bank debt as well as trade claims at the level of operating
subsidiaries which are in aggregate material in size and have
higher structural seniority in the debt structure of Renault S.A.
The debt has nonetheless not be notched as a reflection of (i)
the investment-grade debt structure of the group with significant
cash detained at the top level and (ii) the fact that the Nissan
holding -- which represents a very material part of the group's
consolidated value for creditors -- is located at Renault S.A.
Liquidity Profile
At June 30, 2011, Renault's principal liquidity sources consisted
of cash on balance sheet in the amount of EUR7.1 billion,
availability under undrawn committed credit lines of EUR4.0
billion, as well as potential cash flow generation from
operations over the next 12 months. These cash sources provide a
good coverage for the major liquidity requirements that could
arise during the next 12 months. These consist of short-term debt
maturities of approximately EUR3.3 billion, capital expenditures,
working capital funding, day-to-day needs as well as expected
dividend payments.
Rating Outlook
The stable outlook assumes that Renault will be able to at least
halt market share losses in Europe and burns no significant cash
through the cycle. Moreover, the rating incorporates the
expectation that the at-equity income from Nissan and other
associates will not deteriorate materially.
What Could Change the Rating - Down
The ratings could come under downward pressure in case of (i) an
erosion in Renault's competitive position in its key markets
reflected in market share losses, (ii) evidence that the market
environment would turn worse than anticipated with regards to
volumes or prices, (ii) the company's inability to turn around
the operating performance of its automobile division as well as
(iv) a sizeable negative free cash flow in 2012.
What Could Change the Rating - Up
An upgrade to Baa3 could be envisaged longer term in case Renault
would demonstrate improving market share performance in its key
markets as well as a significant recovery in its operating
performance (excluding the contribution from Nissan, AVTOVAZ and
its remaining stake in AB Volvo) with operating margins of above
2% on a sustainable basis. This should also be reflected in
Debt/EBITDA ratios in the 2.5x-3.5x range. In addition, Moody's
would expect the company to generate a positive Free Cash Flow
through the cycle of around EUR300-EUR750 million per annum.
The principal methodology used in rating Renault S.A. was the
Global Automobile Manufacture Industry Methodology published in
June 2011. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.
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G E R M A N Y
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ADAM OPEL: Board to Meet Tomorrow to Discuss Business Plan
----------------------------------------------------------
John Reed at The Financial Times reports that Opel's supervisory
board will meet tomorrow to discuss a new five-year plan aimed at
restoring General Motors' loss-making European business to
profitability under worsening industry-wide market conditions.
The FT relates that two people familiar with the US carmaker's
plans said the blueprint will address GM's need to reduce its
excess production capacity in Europe, but Opel has not yet
finalized plans for specific vehicles or potential future
closures of one or more plants.
One of the people described the business plan as "a work in
progress" and said that GM would probably complete it by late
spring, the FT notes.
According to the FT, Opel's employees were rattled by a report in
Germany's Handelsblatt that GM's factories in Bochum, Germany,
and Ellesmere Port, England, were "especially at risk in any
restructuring".
GM's European works council on Friday pressed the company for
"immediate constructive internal talks in order to prevent
further damage to Opel/ Vauxhall", the FT discloses.
GM has said it will honor agreements with its workforce under a
previous restructuring plan not to close any plants or undertake
voluntary redundancies before 2014, the FT relates.
However, the company, which lost US$747 million in Europe last
year, is not ruling out cuts to its capacity or headcount later,
the FT notes.
"Discussions are going on our profitability plan, and nothing has
been decided," the FT quotes GM as saying.
GM, which lost market share in Europe during Opel's previous,
politically contentious restructuring, is in a delicate spot as
it deliberates over plans for the lossmaking unit under growing
public pressure from unions, who are represented on the German
unit's board, the FT states.
Opel, which closed a plant in Antwerp and cut about 8,300 staff
as part of that previous overhaul, has less excess capacity than
some of its competitors in Europe, according to the FT. However,
with European car sales sliding, GM insiders expect that Opel
will eventually close at least the Bochum plant, the FT notes.
Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary. Opel started making cars
in 1899. Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano).
Its high-performance VXR range includes souped-up versions of
Opel models like the Meriva minivan, the Corsa hatchback, and the
Astra sports compact. Opel is GM's largest subsidiary outside
North America.
BAYERISCHE LANDESBANK: TAG Agrees to Buy DKB Unit for EUR160-Mil.
-----------------------------------------------------------------
Oliver Suess and Aaron Kirchfeld at Bloomberg News report that
TAG Immobilien AG agreed to buy DKB Immobilien AG, a real-estate
unit of Bayerische Landesbank, for EUR160 million (US$212
million) in cash to increase its number of residential properties
by more than 80%.
According to Bloomberg, spokeswoman Dominique Mann said earlier
on Monday that TAG will also assume about EUR800 million of debt
by purchasing DKB.
Munich-based BayernLB, Germany's second biggest state-owned
lender, has to sell some units to gain approval from the European
Commission in Brussels for its bailout during the financial
crisis, Bloomberg notes. The lender needed EUR10 billion in
fresh capital and a EUR4.8 billion risk shield for a portfolio of
asset-backed securities from its home state of Bavaria, which now
owns 94%, Bloomberg discloses.
TAG said in the statement that the acquisition will probably be
completed in the next few days, Bloomberg relates.
As reported by the Troubled Company Reporter-Europe on March 26,
2012, Bloomberg News related that German savings banks pulled out
of a deal on restructuring Bayerische Landesbank, which may
endanger European Union approval of the lender's state bail-out.
Bloomberg disclosed that a person familiar with the talks said
the banks backtracked on an agreement on their level of
contributions toward a restructuring plan that would have
included the sale of its LBS Bayern mortgage lending unit.
About BayernLB
Bayerische Landesbank a.k.a BayernLB -- http://www.bayernlb.de/
-- acts as the principal bank to the state of Bavaria and as the
central clearing house for the 75 Bavarian sparkassen (savings
banks). Also serving corporations, national and local
governments, financial institutions, and real estate firms, the
bank offers a variety of services, including financing, security
underwriting and trading, and risk management. It provides
retail and private banking services for individuals through its
Internet bank, Deutsche Kreditbank, and through banking
subsidiaries in central and southeastern Europe. BayernLB's
Landesbank Saar subsidiary (75% owned) provides financing to
small and midsized businesses in the German state of Saarland and
in France.
S-CORE 2007-1: S&P Lowers Rating on Class D Notes to 'CCC-'
-----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on the notes in S-CORE 2007-1 GmbH and S-CORE 2008-1
GmbH.
Specifically, S&P has:
* Lowered its ratings on S-CORE 2007-1's class A2, B, C, and D
notes;
* Affirmed its rating on S-CORE 2007-1's class A1 notes;
* Lowered its ratings on S-CORE 2008-1's class B, C, D, and E
notes; and
* Affirmed its ratings on S-CORE 2008-1's class A1 and A2 notes.
"The rating actions follow our performance review of these
transactions, using the latest available servicer reports for S-
CORE 2007-1 (January 2012) and S-CORE 2008-1 (December 2011), and
loan-level data received from the servicer," S&P said.
S-CORE 2007-1 and 2008-1 were arranged by Deutsche Bank AG. The
collateral comprises senior unsecured payment claims of the
issuer against German small and midsize enterprises (SMEs) under
certain corporate promissory notes with either three-, five-, or
seven-year bullet maturities (Schuldscheindarlehen).
"We considered a number of factors in our analysis, including
amortization of the notes, the shortening maturity profile of the
underlying portfolio, and credit deterioration in the underlying
portfolio. The impact of these factors varies between the
different classes of notes," S&P said.
S-CORE 2007-1
"Since closing, S-CORE 2007-1 has registered 15 defaulted loans
for a cumulative amount of EUR43.2 million (equivalent to 8.5% of
the initial portfolio balance). This represents an increase by
EUR10 million (three additional defaults) since our last rating
action. Available excess spread has not been sufficient to
entirely cover these defaults, resulting in a further rise in
uncured principal deficiencies. The current balance of the
principal deficiency ledger (PDL) is EUR28.42 million, an
increase of EUR7.27 million since our last review. At this level,
the principal deficiency sub-ledger for the class E notes remains
at its maximum balance, and the one for the class D notes has
increased to EUR8.72 million, from EUR1.45 million when we last
took rating action," S&P said.
"According to the latest available report, 57.45% of the
portfolio was due to repay this month. We believe that this will
cause a reduction of the excess spread available in monetary
terms to cure the PDLs," S&P said.
"We have also observed a EUR1.85 million rise in the amount of
assets rated 'iCC+' to 'iC-' on Deutsche Bank's internal rating
scale since our last review, bringing the total to EUR13.35
million. These assets have not triggered a principal deficiency
event (PDE) yet, but in our view are at risk of doing so. Under
the mapping approach we have taken, assets rated 'iCC+' and below
on Deutsche Bank's internal scale are considered as defaulted
under Standard & Poor's rating scale," S&P said.
"A further contributing factor to 's rating action on S-CORE
2007-1 has been our assessment of the idiosyncratic risk
resulting from the concentration of obligors in the portfolio.
The largest 10 obligors currently account for 23% of the current
portfolio. One of the largest obligors (2.37% of the current
portfolio) is rated 'iCCC+' on Deutsche Bank's internal rating
scale. This, together with the rise in PDEs and the rise in the
amount of assets that we consider as defaulted, has in our view
increased the event risk presented by the potential default of
one or more of these assets," S&P said.
"In our view, the credit enhancement available to the class A2
and B notes is no longer sufficient to sustain their current
ratings, and we have therefore lowered our ratings on these notes
to 'B+ (sf)' and 'B- (sf)'," S&P said.
"In our opinion, the repayment of the class C notes now requires
support from assets that are rated 'iCC+' to 'iC-' on Deutsche
Bank's internal scale. This class, in our view, is also
vulnerable to principal deficiency allocations, given that the
PDL of the lower-ranking class D notes is at 70.32% of its
maximum balance. We have therefore lowered our rating on the
class C notes to 'CCC (sf)'," S&P said.
"The class D PDL now stands at 70.32% of its maximum balance. The
PDL mechanism requires the diversion of revenues toward the cure
of the PDLs in order of seniority, prior to paying interest on
the lower-ranking class. As a result of this mechanism, only a
small amount of principal deficiencies could lead to missed
interest payments on the class D notes. In light of the amount of
assets that we consider as defaulted, the likelihood of
additional PDEs is high. We have therefore lowered our rating on
the class D notes to 'CCC-' to reflect our view that this class
is vulnerable to nonpayment," S&P said.
"The class A1 notes have repaid by an additional 4.8% since our
last review. Repayment was effected largely through repayments of
the underlying assets, and to a limited extent using excess
spread. This has resulted in an increase in the credit
enhancement available to this class. According to the latest
available report, an additional EUR242.55 million of assets
mature this month. Of those, EUR10 million carry a Deutsche Bank
internal rating of 'iCC+' and below. Under the mapping approach
we have taken, we have assumed these assets as defaulted in our
analysis," S&P said.
"Nonetheless, the class A1 notes, in our view, have to date
remained resilient toward the concentration risk inherent in the
portfolio. As such, our view on the degree of event risk that
this class is exposed to has remained unchanged since our last
review. In our opinion, this class of notes maintains a level of
credit enhancement commensurate with its current rating. We have
therefore affirmed our rating on these notes," S&P said.
S-CORE 2008-1
S-CORE 2008-1's portfolio exhibits a lower degree of portfolio
concentration than S-CORE 2007-1. The 10 largest exposures in S-
CORE 2008-1's underlying portfolio (all have equal principal
balances) currently comprise 17% of the current portfolio. The
ratings assigned to these obligors by Deutsche Bank range between
'iA-' (two obligors) and 'iBB-' (two obligors).
"Since our last rating action, about 30% of the underlying assets
have repaid, resulting in a corresponding repayment in the class
A1 notes. This in itself has contributed to an increase in
available credit enhancement across the capital structure," S&P
said.
"At the same time, cumulative defaults have risen and now amount
to EUR19.2 million (equivalent to 4.2% of the initial portfolio
balance). This compares with EUR13.2 million of cumulative
defaults when we last took rating action. Compared with its peer
transaction (S-CORE 2007-1), S-CORE 2008-1 was able to cure these
defaults using excess spread, so that the balance of the PDL
largely remains unchanged since our last review, at about EUR3.4
million. S-CORE 2008-1 has fully depleted its available reserve
fund since October 2009. Following the portfolio amortization,
available excess spread has reduced markedly since our last
review," S&P said.
"Moreover, we have observed a reduction in the portfolio's credit
quality since our last review. When measured by Deutsche Bank's
internal rating, the portfolio weighted-average rating dropped by
two notches to 'iB+' from 'iBB'. A contributing factor was the
increase in the amount of assets rated between 'iCC+' and 'iC-'
on Deutsche Bank's internal rating scale. The balance of these
assets now stands at EUR5 million, compared with EUR1 million
when we last took rating action. These assets have not caused a
PDE to date, but in our view are at risk of doing so," S&P said.
"In our view, the additional defaults and the observed downward
rating migration have contributed to a rise in the idiosyncratic
risk for the junior classes B, C, D and E. In our opinion, the
repayment of the class E notes now requires support from assets
that we consider defaulted in our analysis (although these assets
have not triggered a PDE yet)," S&P said.
"As a result of these developments, in our view the credit
enhancement available to the class B, C, D, and E notes is no
longer sufficient to support the current ratings on these notes,
and we have therefore lowered our ratings on them," S&P said.
"We have affirmed our ratings on the class A1 and A2 notes, as
our analysis indicates that the credit enhancement available to
these notes remains commensurate with the current ratings
assigned to them," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
S-CORE 2007-1 GmbH
EUR509.65 Million Asset-Backed Floating-Rate Notes and Class F
Floating-Rate Notes
Ratings Lowered
A2 B+ (sf) BB+ (sf)
B B- (sf) BB- (sf)
C CCC (sf) B (sf)
D CCC- (sf) CCC (sf)
Rating Affirmed
A1 AA (sf)
Ratings Unaffected
E D
F D
S-CORE 2008-1 GmbH
EUR460 Million Asset-Backed Floating-Rate Notes and Floating-Rate
Notes
Ratings Affirmed
A1 AA (sf)
A2 A (sf)
Ratings Lowered
B BBB- (sf) BBB (sf)
C BB (sf) BB+ (sf)
D B (sf) BB- (sf)
E CCC (sf) B- (sf)
===========
G R E E C E
===========
NEW ECONOMY: Fitch Upgrades Rating on Notes to 'B-sf'
-----------------------------------------------------
Fitch Ratings has upgraded the New Economy Development Fund
S.A.'s (Taneo) and Aeolos S.A.'s notes from 'CCsf' to 'B-sf'.
Both transactions benefit from a direct, unconditional and
irrevocable guarantee from the Hellenic Republic in respect of
the interest and principal due and Fitch's rating approach has
always focused on this guarantee. The upgrades reflect the
recent upgrade of the Hellenic Republic from 'RD' to 'B-
'following the distressed debt exchange of Greek-law government
bonds and its subsequent confirmation.
As anticipated in Fitch's previous commentary, the distressed
debt exchange has caused an event of default under both
transactions' terms. Consequently, the trustees may at any time
at its discretion -- and if requested by at least 25% of the
noteholders -- serve a default notice, and thereby declare the
notes due and payable. The currently available funds for both
transactions are insufficient and the resulting shortfalls would
require a draw on the government guarantee. Given the current
rating of the Hellenic Republic, Fitch's assessment of the timely
payment of interest and principal under the notes is best
reflected in the guarantor's rating of 'B-'.
Taneo's notes were issued in 2003 and are due in June 2013.
Taneo is a fund of funds, whose purpose is to make investments in
funds that, in turn, will invest in small- to medium-sized firms,
which are located in Greece and specialize in new technologies.
As of December 2011, the principal note balance stood at EUR105
million and the amounts realised from the fund investments that
are available for distribution under the notes amounted to EUR5.7
million. The expected shortfall upon an event of default
triggered under the notes' terms and conditions or at maturity
will then be payable by the guarantor.
Fitch has not considered the value of Taneo's assets, or any
other form of Taneo's corporate creditworthiness, in the initial
and any subsequent analysis of this transaction. The assigned
rating was and remains solely based on Fitch's assessment of the
credit-link to the Greek sovereign.
Aeolos's notes were issued in 2002 and are due in 2019. The
notes are backed by receivables due from route charges levied on
airlines for the use of the Greek airspace. The performance of
the receivable flows has been stable and they have comfortably
covered payments according to the scheduled amortization with
total debt service coverage ratios of over 4x over the past two
years. As of September 2011, the outstanding note balance was
EUR204.1 million and is expected to amortize to EUR182.8 million
at the end of this month. The assigned rating was and remains
largely based on Fitch's assessment of the credit-link to the
Greek sovereign.
The rating actions are as follows:
Aeolos S.A.:
-- EUR204.1m notes: upgraded to 'B-sf', Outlook Stable from
'CCsf'
Taneo (New Economy Development Fund S.A.)
-- EUR105m notes: upgraded to 'B-sf', Outlook Stable from
'CCsf'
REVOLVER 2008-1: Fitch Affirms Rating on EUR1BB Notes at 'B-sf'
---------------------------------------------------------------
Fitch Ratings has affirmed Revolver 2008-1 PLC's EUR1 billion
Class A notes at 'B-sf' and removed them from Rating Watch
Negative. The Outlook is Stable.
The transaction is backed by a pool of Greek consumer loan and
credit card receivables originated by National Bank of Greece
(NBG;'B-'/Stable/'F3'). The rating action reflects the
affirmation of NBG.
Fitch believes that the credit quality of Revolver 2008-1's notes
is constrained by NBG's rating. Both the commingling reserve
account and the cash collateral account were moved on August 24,
2011 to NBG from Citibank N.A. ('A'/Stable/'F1').
If NBG were to default, the notes issued by Revolver 2008-1 would
likely lose the significant credit enhancement provided by the
cash collateral account. The transaction could also be exposed
to liquidity and payment interruption risk (in the event of an
NBG insolvency), as the structure does not feature any further
liquidity maintenance.
Delinquency and defaults rates continue to be reported at
elevated levels. In the February 2012 collection period, the
securitized credit card pool reported over 30-day delinquencies
at 10.3%, whilst the open loan pool represented 21.6% of the
pool. On an annualized basis, defaults were reported at 10.4%
and 22.8% respectively. This resulted in a small reserve fund
drawing of EUR1.4 million reducing the cash collateral account to
EUR337.6 million.
=============
I C E L A N D
=============
LANDSVIRKJUN: Moody's Affirms Senior Unsecured Ratings
------------------------------------------------------
Moody's Investors Service has affirmed the Baa3 senior unsecured
ratings of Landsvirkjun. Concurrently, Moody's has affirmed the
company's provisional (P)Baa3 senior unsecured euro medium-term
note (EMTN) program rating and (P)Prime-3 (P-3) short-term
rating. The outlook on the ratings remains negative.
Ratings Rationale
Given Landsvirkjun's 100% direct and indirect ownership by the
state, Moody's considers the company to be a government-related
issuer. Therefore, its rating is determined by an assessment of
its standalone credit quality (expressed as a baseline credit
assessment, or "BCA"), and factors pertaining to the likelihood
of extraordinary support being provided by the Government of
Iceland (Baa3, negative outlook).
The Baa3 rating of Landsvirkjun attributes very high support to
the company from the Icelandic government given its guarantee of
collection. Moody's assessment of very high support is reinforced
by the strategic importance of Landsvirkjun to Iceland, given the
company's position as the country's dominant electric utility.
This assessment also reflects the significant role played in the
economy by the aluminium smelting industry in Iceland, which
relies in large part on the electricity provided by Landsvirkjun.
Accordingly, the current ratings of Landsvirkjun are on a par
with the local and foreign currency bond ratings of the sovereign
debt of the Governemnt of the Republic of Iceland.
Moody's notes a number of amendments to the Act on Landsvirkjun
with regard to the guarantee of collection enacted in 2011. The
revised law states that Landsvirkjun must now apply for a
guarantee from its owners on a case by case basis and that only
financial obligations can benefit from such guarantees.
Previously the guarantee of collection benefitted all creditors
and no specific applications were required. However, the state's
guarantees of the company's financial liabilities and long-term
power contracts entered into before the amendment are unaffected.
The terms of the US$2.5 billion EMTN program allow for issuance
of notes only with the benefit of a guarantee of collection
provided by the Republic of Iceland and Eignarhlutir ehf. Despite
the fact that a guarantee of collection is not a timely payment
guarantee, Moody's believes that there are strong incentives for
the owners to provide timely support to Landsvirkjun. However, if
the terms of the programme were to be changed such that the
company were able to issue notes without such guarantees, such
notes may not benefit from the same rating.
As part of this rating action, Moody's has raised Landsvirkjun's
BCA to 14 (equivalent to B1) from 15 (equivalent to B2). This
reflects the company's strengthened financial profile following
its completion of a major investment program and strong cash flow
generation in conjunction with an improved liquidity profile.
Landsvirkjun remains exposed to aluminium prices through its
contracts with power-intensive industries, and its average cost
of debt is likely to rise as debt raised some years ago matures
and is refinanced. However, the company is now better positioned
to withstand the volatility in the commodity markets given its
reduced capital spending and relatively well-spread debt maturity
profile.
More specifically, the B1 BCA of Landsvirkjun factors in its
dominant position in the Icelandic energy market, supported by
the company's low-cost renewable generation asset base, albeit in
a small and isolated market. However, the rating is constrained
by (i) Landsvirkjun's still high financial leverage; (ii)
exposure to aluminium prices in a weak commodity market; (iii)
concentrated exposure to a comparatively small number of
counterparties in the aluminium industry; (iv) currency risk; and
(v) vulnerability to increases in funding costs in the event of
higher interest rates.
The negative outlook on the ratings of Landsvirkjun reflects the
negative outlook on the Icelandic government's ratings.
WHAT COULD CHANGE THE RATING UP/DOWN
Given the current negative outlook, Moody's does not expect
upward rating pressure in the intermediate term. The outlook
could return to stable if the outlook on the sovereign rating was
changed to stable and there were no changes to the rating
agency's view of support assumptions incorporated in the current
assessment of Landsvirkjun.
Moody's would expect to downgrade the rating (i) following a
downgrade of the sovereign rating; (ii) if it were to perceive
that there were a reduced likelihood of the government providing
timely support to Landsvirkjun.
PRINCIPAL METHODOLOGIES
The methodologies used in this rating were Unregulated Utilities
and Power, published in August 2009, and Government-Related
Issuers: Methodology Update, published in July 2010.
Headquartered in Reykjavik, Landsvirkjun is Iceland's largest
electric utility. It owns the majority of the transmission grid
and is responsible for about 75% of Iceland's total electricity
production of 17 terawatt hours (TWh). It provides energy for
domestic users via sales of electricity to public utilities,
although the bulk of sales are to power-intensive industries for
aluminium smelting. This forms an important source of Iceland's
foreign currency earnings. In 2011, Landsvirkjun's revenues
amounted to US$436 million.
=============
I R E L A N D
=============
DUNCANNON CRE: S&P Affirms 'B-' Ratings on Five Note Classes
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit rating on
Duncannon CRE CDO I PLC's revolving credit facility (RCF), and
affirmed its credit ratings on the remaining classes of notes in
the transaction.
"The rating actions follow Duncannon's issuance of EUR93.51
million class A refinancing notes. The class A refinancing notes
are consolidated and form a single series with the existing class
A notes. The issuer used the proceeds of the class A refinancing
notes to repay the RCF, which has been amended to explicitly
permit the repayment of the RCF from the proceeds of the class A
refinancing notes. Following the issuer's repayment and
cancellation of the RCF, we have withdrawn our rating on the
RCF," S&P said.
"Duncannon CRE CDO I is a commercial real estate collateralized
debt obligation (CDO) transaction that closed in 2007. The issuer
owns a series of subordinated commercial real estate debt assets,
commercial mortgage-backed securities (CMBS), and corporate
securitization securities, for which we provide either ratings or
credit estimates," S&P said.
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,"
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," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Duncannon CRE CDO I PLC
EUR810 Million Senior and Mezzanine Deferrable-Interest Floating-
Rate Notes
Class Rating
To From
Ratings Affirmed
X BB (sf)
A BB (sf)
B BB- (sf)
C1 Def B (sf)
C2 Def B (sf)
D1 Def B- (sf)
D2 Def B- (sf)
D3 Def B- (sf)
E1 Def B- (sf)
E2 Def B- (sf)
Rating Withdrawn
RCF NR BB (sf)
NR - Not rated.
UAE CMBS: Moody's Withdraws 'Caa3' Rating on Class D Notes
----------------------------------------------------------
Moody's Investors Service has withdrawn the rating of the Notes
issued by UAE CMBS Vehicle No. 1 Limited (amounts reflecting
initial outstanding) as follows:
Issuer: UAE CMBS Vehicle No. 1 Limited
US$28.1M Class A Notes, Withdrawn (sf); previously on Sep 12,
2011 Downgraded to Baa3 (sf)
US$12.9M Class B Notes, Withdrawn (sf); previously on Sep 12,
2011 Downgraded to B1 (sf)
US$9.5M Class C Notes, Withdrawn (sf); previously on Sep 12,
2011 Downgraded to Caa1 (sf)
US$9.5M Class D Notes, Withdrawn (sf); previously on Sep 12,
2011 Downgraded to Caa3 (sf)
Ratings Rationale
Moody's has withdrawn the rating for its own business reasons.
=========
I T A L Y
=========
FIAT INDUSTRIAL: S&P Affirms 'BB+/B' Corporate Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Italian
conglomerate Fiat Industrial SpA to stable from negative. "At the
same time, we affirmed our 'BB+/B' long- and short-term corporate
credit ratings on the group," S&P said.
"The outlook revision reflects 2011 results that were slightly
better than we had anticipated, and our view that Fiat
Industrial's diversification should offset our expectations of
weaker truck sales in the important Southern European market over
the next few quarters," S&P said.
"Fiat Industrial comprises the nonautomotive activities demerged
in January 2011 from Italian auto manufacturer Fiat SpA (BB/Watch
Neg/B): agricultural and construction equipment manufacturer CNH
Global N.V. (BB+/Negative/--), truck maker Iveco SpA., and FPT
Industrial," S&P said.
"We believe that falling demand and margins in the group's truck
division will be counterbalanced by the positive trend in global
agricultural and construction equipment demand that will support
CNH's sales and operating results," S&P said.
"Under our base-case scenario we assume that CNH's agricultural
equipment division should benefit from low single digit global
demand growth. We expect this division's operating margin to
continue to strengthen from 2011. CNH's construction equipment
business will also gain from the positive trend in global demand,
probably more than the agricultural equipment division. But the
effect of this positive momentum may be lessened if the division
does not tackle its historical profitability problems," S&P said.
"We expect Iveco's profitability to suffer in 2012 because of
lower unit sales caused by weak Southern European demand and
falling Brazilian demand after the introduction of new emission
regulations that will impact all truck makers. Iveco's
profitability is already faltering because of European
overcapacity," S&P said.
"In light of these expectations, under our base-case scenario we
are assuming that Fiat Industrial's revenues might increase about
5% in 2012 and that the reported trading margin could be
marginally stronger than the 6.9% reported in 2011," S&P said.
"The stable outlook reflects our belief that Fiat Industrial's
2012 credit metrics should be in line with the low end of our
20%-25% FFO-to-debt and our 3.5x-4x debt-to-EBITDA targets, and
our expectation that they will slowly strengthen in coming
years," S&P said.
"Under our base-case scenario we assume that, owing to weakness
in South European markets, 2012 financial metrics will show
little improvement apart from a marginal increase in the group's
profitability. We don't assume stable debt, as cash generation
will likely be lower than it was in 2011. However, we expect
positive trends in profitability and debt reduction to restart as
soon as macroeconomic conditions in Southern Europe improve," S&P
said.
"A worsening or continuation of the weak economic environment in
Southern Europe might lead us to consider revising the outlook on
Fiat Industrial to negative or lowering the rating. We might also
consider revising the outlook to negative or lowering the rating
if CNH's activities failed to balance our expectation of weak
performance at Iveco in 2012, or if the sluggish economy in
Southern Europe had a prolonged or more severe negative impact,"
S&P said.
"These factors could erode the group's profitability and push its
cash generation into negative territory, increasing debt and
pushing the FFO-to-debt ratio well below 20%," S&P said.
"At this stage we do not see an upgrade as a likely scenario,"
S&P said.
===========
L A T V I A
===========
PRIVATBANK AS: Moody's Corrects March 13 Ratings Release
--------------------------------------------------------
Moody's Investors Service has downgraded PrivatBank AS's
standalone bank financial strength rating (BFSR) to E from E+
with a stable outlook, mapping to Caa1 on the long term scale
(previously B3). The long term deposit rating was downgraded to
B3 from B2 and placed on review for downgrade. The Not Prime
short term rating was unaffected.
Rating Rationale
The rating action concludes the review for downgrade initiated on
October 25, 2011 based on concerns related to (i) the failure of
a planned LVL66 million capital raising in 2011; (ii) capital
depletion following further losses in H1 2011; and (iii)
deteriorating asset quality with problem loans increasing to 52%
of gross loans at H1 2011 (YE 2010: 40%). It also opens a new
review, solely applicable to the supported long term rating,
whereby Moody's will reassess the level of support from the
bank's Ukrainian parent.
The downgrade of PrivatBank's ratings reflects the bank's
weakened loan quality profile, earning power and capitalisation
levels. Moody's understand that further losses and impairments
since end-June 2011 have further depleted capital levels with
little indication of a reversal of this trend in the near future.
With problem loans currently at around 50% of gross loans and
provision cover under 50% of problem loans, combined with
extremely low or negative net interest income, there is the
potential for further capital depletion from the end-June Tier I
figure of 9.4%
Moody's believes that whist the Latvian economy benefitted from a
significant austerity plan and house price correction
comparatively early compared to its European peers and has been
experiencing a recovery, it is still an export-oriented economy
and therefore vulnerable to the impact of the current European
sovereign crisis. This, combined with stubbornly high structural
unemployment and high indebtedness levels, will make it hard for
PrivatBank to improve its profitability and increase capital
levels without a further capital injection.
The decision to place the long term ratings on review is related
to Moody's intention to further analyse the potential for support
from the bank's Ukrainian parent, Privatbank Commercial Bank CJSC
(B3/NP/D-). This follows the failure of the capital raising in
2011 when the regulator decided that approval would only be
granted along with additional regulatory requirements, due to
some concerns about large shareholdings by individuals in banks.
It also reflects Moody's understanding that the Latvian regulator
is increasingly uncomfortable with high levels of non-domestic
business by Latvian banks, a key part of PrivatBank's strategy
and of importance to the Ukrainian parent as a conduit into
Europe.
PrivatBank's long-term deposit rating of B3 is based on the
standalone rating of Caa1 and includes a one-notch uplift due to
Moody's assessment of a moderate probability of parental support
from Ukraine's Privatbank Commercial Bank CJSC (B3/NP/D-), which
owns 75% of the bank's capital, but has around 98% of voting
rights. However, Moody's does not factor in any systemic support
in accordance with Moody's low system-support guidelines for
Latvia.
WHAT COULD BRING THE RATING - UP
An upgrade of the current BFSR would likely be predicated on: (i)
decline in problem loan levels; (ii) sustained improvement in
profitability; (iv) an increase in capital levels; and/or (iii) a
more diversified ownership structure.
Given the review for downgrade on the long term deposit rating,
an upgrade is unlikely at this time.
WHAT COULD BRING THE RATING - DOWN
PrivatBank's BFSR could be negatively affected following: (i)
further weakening in the bank's core earnings; (ii) a further
deterioration in the bank's asset quality or borrower
concentration; and/or (iii) further falls in capitalisation
levels.
A downgrade of the bank's long term deposit rating could occur
if: (i) PrivatBank's BCA were to be downgraded; (ii) parental
support from the Ukrainian parent bank was to be assessed as less
forthcoming; and/or (iii) the parent's ratings were downgraded.
PRINCIPAL METHODOLOGIES
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 Riga, Latvia, PrivatBank reported total
consolidated assets of around LVL268 million (EUR377 million) at
end-September 2011.
=====================
N E T H E R L A N D S
=====================
DALRADIAN EUROPEAN: S&P Raises Rating on Class E Notes to 'CCC+'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
all classes of notes in cash flow collateralized loan obligation
(CLO) transaction Dalradian European CLO III B.V.
"The rating actions follow our assessment of the transaction's
performance and the application of our relevant criteria for
transactions of this type," S&P said.
"We have also taken into account recent developments in the
transaction," S&P said.
"For our review of the transaction's performance, we used data
from the trustee report dated Dec. 30, 2011, in addition to our
cash flow analysis. We have taken into account recent
developments in the transaction and have applied our 2010
counterparty criteria, as well as our cash flow criteria," S&P
said.
"From our analysis, we have observed that the credit quality of
the portfolio has improved since we last reviewed the
transaction. We have also observed a decrease in the proportion
of defaulted assets (those rated 'CC', 'SD' [selective default],
and 'D') and in the proportion of assets that we consider to be
rated in the 'CCC' category ('CCC+', 'CCC', and 'CCC-') to 6.78%
from 9.4%," S&P said.
"Our analysis indicates that credit enhancement for all classes
of notes has improved since we last reviewed the transaction. The
weighted-average spread earned on the collateral pool has
increased and our analysis also indicates that the weighted-
average maturity of the portfolio since our last transaction
update has decreased. This has led to a reduction in our scenario
default rates (SDR) for all rating categories. We have also
observed from the trustee report that the par value test results
for all classes have improved. We believe this supports higher
ratings on all classes of notes in the transaction," S&P said.
"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated tranche. In
our analysis, we have used the reported portfolio balance,
weighted-average spread, and weighted-average recovery rates that
we consider to be appropriate. We have incorporated various cash
flow stress scenarios, using alternative default patterns,
levels, and timings for each liability rating category (i.e.,
'AAA', 'AA', and 'BBB' ratings), in conjunction with different
interest rate stress scenarios," S&P said.
At closing, Dalradian European CLO III entered into derivative
obligations to mitigate currency risks in the transaction.
"We consider that the documentation for these derivative
obligations does not fully reflect our 2010 counterparty
criteria. We therefore conducted our cash flow analysis assuming
that the transaction does not benefit from the derivative
obligations. We have concluded that the ratings on the variable
funding notes and the class A1 and A2 notes are commensurate with
higher rating levels. We have therefore raised our ratings on
these classes of notes," S&P said.
"The class B, C, and E notes support higher rating levels,
because in our analysis, the breakeven default rate at the new
rating levels is higher than our SDR for each class of notes. We
have therefore raised our ratings on the class B, C, D, and E
notes," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Dalradian European CLO III B.V.
EUR450 Million Floating-Rate Notes
Ratings Raised
Variable Funding Notes AA+ (sf) AA- (sf)
A1 AA+ (sf) AA- (sf)
A2 AA (sf) A- (sf)
B A+ (sf) BBB (sf)
C BBB+ (sf) BB+ (sf)
D B+ (sf) B- (sf)
E CCC+ (sf) CCC- (sf)
REPSOL INT'L: Fitch Cuts Rating on Sub. Preference Shares to 'BB'
-----------------------------------------------------------------
Fitch Ratings has downgraded Repsol YPF's Long-term Issuer
Default Rating (IDR) and senior unsecured rating to 'BBB' from
'BBB+' and Short-term IDR to 'F3' from 'F2'. The senior
unsecured debt and short-term commercial paper issued by Repsol's
wholly-owned subsidiary, Repsol International Finance, BV, which
is fully and unconditionally guaranteed by Repsol has also been
downgraded to 'BBB' from 'BBB+' and to 'F3' from 'F2',
respectively. Fitch has also downgraded the subordinated
preference shares issued by Repsol International Capital Ltd. to
'BB' from 'BB+'. The Outlook for the Long-term IDR is Stable.
The downgrades follow the announcement on March 21 of 57%-owned
YPF S.A.'s ('B+'/Stable) Board of Directors that it would
capitalize dividends in relation to accumulated results for FY11.
Fitch anticipated that a significant reduction of dividends from
YPF could put pressure on Repsol's IDR. Given the recent events
in Argentina and government pressure upon YPF to re-invest cash
flows in domestic operations over the medium term, Fitch has
decided to deconsolidate YPF from Repsol's consolidated cash flow
statement and debt, adding back any dividend flow. This approach
to YPF is the same that Fitch has historically adopted with
Repsol's stake in Gas Natural SDG, S.A. ('A-'/Stable).
In 2011, YPF constituted around 35% of Repsol's consolidated
EBITDA. In FY11, its cash dividend to Repsol was around EUR600m
(FY10: around EUR1bn).
The deconsolidation of YPF by Fitch has a negative impact on
Repsol's business and financial profile. Proved developed
reserves of crude oil, natural gas and liquefied natural gas in
Argentina were around 736 million barrels of oil equivalent
(mmboe) in December 2010, which represented more than 50% of
Repsol's total reserves. YPF's production totalled 0.495million
barrels of oil equivalent per day (mmboepd) while Repsol's
remaining upstream production was 0.299mmboepd in FY11. The
deconsolidation of YPF therefore increases the weight of
downstream activities in Repsol's cash flow profile (an estimated
45% of EBITDA versus around 30% previously). While it remains an
integrated company, the increased bias towards downstream
represents increased business risk despite the Iberian market's
favourable refining fundamentals versus many other markets.
From a financial perspective, Repsol's funds from operations
(FFO) lease-adjusted net leverage will increase by around 0.6x
compared to Fitch's previous assumptions reaching around 2.1x in
FY12. This is partially due to the higher leverage of the
Spanish operations compared with the now de-consolidated
Argentine entity. The adjusted leverage -- replacing YPF's
apportioned FFO with cash dividends received -- is not
commensurate with a 'BBB+' rating for a company with Respol's
business profile.
The Outlook on the Long-term IDR is Stable. However, ratings may
come under further pressure if a new proposed scrip dividend at
the Repsol level (as yet to be agreed by its shareholders) does
not save at least 50% of its cash outflow to its shareholders
after the announced 10% increase in the pay-out dividend. Fitch
believes that this is a reasonable assumption (used for the FFO
lease-adjusted leverage above) given scrip dividend take-up rates
in place for Spanish entities such as Iberdrola S.A. ('A-
'/Stable) and Gas Natural. Additionally, Repsol still holds 5%
of its own shares which Fitch expects will be sold before the end
of the year. An inability to realise cash from these shares
would be negative for the rating. Rating upside potential is
limited at this stage but may be supported by the successful
putting into operation of upstream acreage.
Repsol's liquidity (ex- YPF and Gas Natural) is adequate, with
EUR4.7bn of short- and long-term committed and undrawn credit
lines plus EUR1.5 billion cash of December 2011. This compared
with short-term debt of EUR2.5 billion (ex- Gas Natural and YPF)
and expected negative free cash flow. The recent 5% divestment
its own shares (EUR1.36 billion) plus three bond issues totalling
EUR1.85 billion and average coupon of 4.6% increased liquidity
after the EUR2.5 billion share buyback in December 2011 and
demonstrated Repsol's good capital market access.
===============
P O R T U G A L
===============
REDES ENERGETICAS: Moody's Issues Summary Credit Opinion
--------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Redes Energeticas Nacionais, SGPS, S.A. (REN) and includes
certain regulatory disclosures regarding its ratings. The
release does not constitute any change in Moody's ratings or
rating rationale for REN.
Moody's current ratings on REN are:
Senior Unsecured MTN (domestic currency) rating of (P)Ba1
Senior Unsecured (domestic currency) rating of Ba1
Senior Unsecured (foreign currency) rating of Ba1
Long Term Issuer rating of Ba1
Ratings Rationale
REN's rating reflects the company's low business risk profile
associated with its electricity and gas transmission activities,
which generate virtually all earnings, under the relatively well
established and transparent Portuguese regulatory framework. The
rating also incorporates the expectation that the company's
investment program will continue to weigh on its financial
profile and that the deterioration in the financial environment
will likely result in an increase in funding costs, thus limiting
financial flexibility. REN's rating also reflects the constraint
on its credit quality as a result of the country risks
(macroeconomic and financial) associated with being based in
Portugal.
REN's Ba1 rating is on review for downgrade, pending Moody's
final decision as to whether the entity should have a rating
either one or two notches above that of the Portuguese government
(rated Ba3 negative). More specifically, the rating review will
seek to clarify whether the potential provision of additional
liquidity as part of REN's privatization, as discussed below, and
the involvement of new non-domestic strategic shareholders could
enable REN to achieve a higher degree of de-linkage from the
sovereign's country risk and mitigate refinancing and liquidity
risks, in the context of the company's sizeable medium-term debt
maturities. The rating review will focus on the final terms and
conditions of the credit line(s) under discussion and the
specific allocation to capital expenditure (capex) and
refinancing requirements, in the context of the new shareholders'
strategy and REN's medium-term investment objectives and needs.
Moody's expects any downgrade of REN's rating to be limited to
one notch.
REN's Ba1 rating is constrained by that of the Portuguese
government. Moody's had previously indicated that it did not
expect REN's rating to be more than one notch higher than the
sovereign, given the company's exposure to economic stresses in
the country and its inability to disconnect itself from local
economic and market circumstances. However, the level of notching
could be affected by recent announcements related to the
Portuguese government's disposal of a 40% stake in REN to the
Chinese electricity transmission operator State Grid (25%) and
the investment company Oman Oil (15%). As part of the
transaction, State Grid has committed to the provision of a EUR1
billion credit facility to REN through the China Development
Bank. REN has also received letters of interest from three
additional banks, which have pledged to provide further liquidity
support.
The principal methodology used in this rating was Regulated
Electric and Gas Networks published in August 2009.
===========
R U S S I A
===========
BANK OF KHANTY-MANSIYSK: Moody's Issues Summary Credit Opinion
--------------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on Bank
of Khanty-Mansiysk, JSC and includes certain regulatory
disclosures regarding its ratings. The release does not
constitute any change in Moody's ratings or rating rationale for
Bank of Khanty-Mansiysk, JSC.
Moody's current ratings on Bank of Khanty-Mansiysk, JSC:
Senior Unsecured (domestic currency) ratings of Ba3
Long Term Bank Deposits (domestic and foreign currency) ratings
of Ba3
Bank Financial Strength ratings of E+
Short Term Bank Deposits (domestic and foreign currency) ratings
of NP
Rating Rationale
Moody's assigns a bank financial strength rating (BFSR) of E+ to
Bank of Khanty-Mansiysk (BKhM), which translates into a baseline
credit assessment (BCA) of B1. The rating is constrained by a
large number of customer concentrations in the loan book, high
volumes of related-party exposures that undermine economic
capital as well as the risks associated with still challenging
credit conditions in Russia. The rating is partially offset by
the bank's strongly positioned franchise in its home region of
Khanty-Mansiysk (KMAO; Baa3, stable), its sound regional
expertise, healthy financial fundamentals and a strategy to
diversify its business outside of its core region.
The bank's Ba3 local and foreign currency deposit ratings benefit
from one-notch uplift from the bank's BCA of B1, incorporating a
high probability of parental support from Nomos bank (owns 52%
stake and rated Ba3/NP) given close strategic fit and importance
of BKhM's performance to consolidated financial position.
At the same time, the bank's social and economic importance in
its core region of KMAO, which owns a 44.2% stake in the bank,
makes us believe that the region could exert willingness to
support BKhM in case on distress, however, Moody's assesses such
probability as low as the region has limited operational control
over the bank and thus Moody's assessment of regional support
does not result in any uplift to deposit ratings of the bank
Rating Outlook
BKhM's ratings carry a stable outlook.
What Could Change the Rating - Up
For BKhM's BFSR to enjoy upward pressure, which Moody's does not
expect in the near term, the bank would need to display
materially lower levels of concentration in loan book t
(including related parties) and maintain good core profitability,
asset quality and - more importantly - an adequate level of
capital relative to risks taken.
What Could Change the Rating - Down
The BFSR (and thus the deposit ratings) could face downward
pressure in the event of a deterioration in asset quality, a
material decline in profitability and weakening capitalization.
The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.
CB RENAISSANCE: Fitch Affirms 'B' Long-Term Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Russia-based CB Renaissance Capital
(OOO)'s (CBRC) Long-term Issuer Default Rating (IDR) at 'B' with
a Stable Outlook.
The affirmation reflects CBRC healthy earnings generation,
comfortable short-term liquidity position and manageable
refinancing schedule. The ratings also take into account CBRC's
relatively high credit risks associated with rapid loan book
growth in the mass-market consumer finance segment, fairly
concentrated retail funding and relatively tight equity under
Russian accounting standards. The risk of equity and liquidity
withdrawals by Renaissance group entities in the future has also
been considered.
CBRC has grown its retail loan book (mainly general purpose cash
loans) by 63% in 2011 and plans about 40% growth on 2012. The
quality of newly issued exposures is reasonable but untested.
The ratio of non-performing loans (NPLs) originated to average
performing loans improved to 6.0% in 2011 from a rather high
15.6% in 2010. The end-2011 NPLs-to-gross loans ratio was 4.7%,
with reserves covering NPLs by 71%.
Profitability is sound, with ROAE and ROAA of 21.4% and 5.2%,
respectively, in 2011. However, revenue is enhanced by
significant agent insurance fees (27% of total), which may come
under regulatory scrutiny and sustainability is therefore of
concern for Fitch.
At end-2011, retail depositors accounted for a high 62% of CBRC's
non-equity funding. This could significantly limit recoveries
for CBRC's other senior creditors in a theoretical default
scenario, as under Russian law the claims of retail depositors
rank above those of other senior unsecured creditors. In Fitch's
view, while this risk is not presently sufficient to warrant a
Recovery Rating of below 'RR4' for CBRC's senior unsecured debt,
any significant further increase in the proportion of retail
funding in CBRC's liabilities could lead to a revision of the
Recovery Rating and, according to Fitch's methodology, a notching
of the Long-term rating of the notes from the IDR.
Equity is strong under Basel with a total capital ratio of 23.1%
at end-2011, although under Russian accounting standards it is
much tighter, at 12.9% due to higher reserves. This should be
considered from the angle of potential growth constraints,
because loss absorption capacity under RAS and IFRS is relatively
similar, at around 20% which translates to 19% and 14% under RAS
and IFRS accordingly if accounting for covenants in place.
CBRC is a relatively small private specialist consumer finance
bank, operating under the brand name Renaissance Credit. The
bank is part of the broader Renaissance Group, which also
includes investment banking business consolidated under
Renaissance Financial Holdings Limited (rated 'B'/Negative), the
merchant banking entity Renaissance Partners and asset manager
Renaissance Investment Management. In Q112, as a part of the
reorganization of the broader Renaissance Group, 65% of CBRC was
transferred to Renaissance Capital Investments Limited which is
co-owned by Onexim (50%-1/2 share) and Renaissance Capital
Holding Limited (50%+1/2 share). Considering the weak
performance of the sister investment bank and significant
leverage at the holding companies level, Fitch believes there is
a risk that CBRC may be used to support the other group entities.
The rating actions are as follows:
-- Long-term foreign and local currency IDRs: affirmed at 'B'';
Outlook Stable
-- Short-term IDR: affirmed at 'B'
-- Viability Rating: affirmed at 'b'
-- Support Rating: affirmed at '5'
-- National Long-term Rating: affirmed at 'BBB(rus)', Outlook
Stable
-- Senior unsecured debt: affirmed at 'B'; Recovery Rating
affirmed at 'RR4', National Long-term rating affirmed at
'BBB(rus)'
-- Senior unsecured upcoming RUB-denominated bonds: affirmed at
'B(exp)', Recovery Rating at 'RR4', and National Long-term
rating affirmed at 'BBB(rus)(exp)'
OTP BANK: Fitch Assigns 'BB' Rating to RUB6-Bil. Sr. Unsec. Bonds
-----------------------------------------------------------------
Fitch Ratings has assigned OJSC OTP Bank's (OBR) RUB6 billion
senior unsecured fixed-rate exchange bonds (BO-02 series) a Long-
term rating of 'BB' and a National Long-term rating of 'AA-
(rus)'.
The bonds bear a 10.5% coupon rate. The issue is due in March
2015 and bondholders have a put option exercisable in March 2014.
OBR's obligations under the bonds rank equally with the claims of
other senior unsecured creditors except claims of retail
depositors, which under Russian law rank above those of other
senior unsecured creditors. Retail deposits accounted for 47% of
the bank's total liabilities at end-2011, according to statutory
accounts.
OBR has a Long-term foreign currency Issuer Default Rating (IDR)
of 'BB'/Negative, Short-term IDR of 'B', Viability Rating of
'b+', Support Rating of '3' and National Rating of 'AA-
(rus)'/Negative.
OBR is a mid-sized Moscow-based retail bank, ranked 37th by total
assets and 30th by retail deposits at end-2011. The bank was the
second-largest point-of-sale lender with market share of 21.1% of
receivables at end-2011. The bank is 97.75% owned by OTP Bank
Plc. (Hungary).
RENAISSANCE FINANCIAL: Fitch Affirms Issuer Default Rating at 'B'
-----------------------------------------------------------------
Fitch Ratings has affirmed Renaissance Financial Holdings
Limited's (RFHL) -- the holding company of the Russia-
headquartered investment banking group known as Renaissance
Capital (Rencap) -- Long-term Issuer Default Rating (IDR) at 'B'
and revised the Outlook to Negative from Stable. The agency has
also affirmed RFHL's majority owner Renaissance Capital Holdings
Limited's (RCHL) IDR at 'B-', revised the Outlook to Negative
from Stable and simultaneously withdrawn its ratings because RCHL
has chosen to stop participating in the rating process.
The revision of RFHL's Outlook to Negative from Stable reflects
the company's continued and significant performance deterioration
(US$73 million loss in H111, which Fitch understands will be
higher for the full year) and increasing competitive challenges
posed by stronger Russian state-owned peers which, in Fitch's
view, will make achieving a turnaround difficult. Legacy
illiquid investments partly received as a result of recent
reorganization (estimated at US$420 million or 48% of equity post
reorganization) and significant related party lending (estimated
at US$560 million or 65% of equity post reorganization) will
continue to weight on profitability and undermine capital
quality. RFHL aims to sell some of the non-core assets in the
medium term, which, if successful, would be positive for its
credit profile.
Fitch deems RFHL's liquidity position as potentially vulnerable
to confidence erosion. Specifically, Fitch is concerned about
the significant usage of brokerage customers' assets, especially
considering the concentrated client base, for raising repo
funding (about US$1.3 billion at end-H11 or 70% of RFHL's total
repo funding). Although repo obligations are nominally fully
covered by cash, reverse repo and margin loans on the asset side,
Fitch understands that the books may not always be perfectly
matched in terms of maturity and underlying collateral, giving
rise to potential liquidity shortfalls. Some comfort is gained
from the track record of significant deleveraging in the past.
Repayments of wholesale debt (excluding repo) in 2012 are
moderate (about US$57 million), but more concentrated afterwards
(about US$132 million in Q313) and US$320 million (in Q214;
according to a put option).
Credit risk, which is mainly in margin lending and broker
receivables (about US$500 million and US$1.3 billion at end-H11),
seems limited, although exposure is very concentrated by
customer. Large value-at-risk (VAR) fluctuations up until H111
and certain large investments indicate occasional high appetite
for market risk, although VAR decreased materially in H211 due to
much less active proprietary trading. The company uses delta
hedging and macro hedges as main instruments of control, although
Fitch understands they may not always be efficient. Leverage is
reasonable (about 2.9x), but equity needs to be considered
together with significant illiquid investments and related party
lending.
In Q411, the group underwent a significant reorganization, which
was mainly aimed at significantly eliminating intercompany loans
from Rencap to other Renaissance group entities, where Onexim has
no interest, by swapping loan receivables for the companies'
assets. Of these, a 64.5% stake in Russian consumer finance bank
Renaissance Credit (Rencredit; 'B'/Stable) and 9.7% in Ukrainian
agricultural holding Agland were transferred to a newly-
established holding company Renaissance Capital Investments
Limited (RCIL), which became co-owned by Onexim (50%-1/2 share)
and RCHL (50%+1/2 share) and a 100% owner of RFHL. RCIL also
assumed former intercompany debt estimated at about US$680
million, of which the major part is indebtedness to RFHL. RFHL
itself received some US$250 million worth of assets, including a
further 49% in Agland and 18% in Beacon Hill Resources Plc (BHR,
a Mozambique-based coal-mining start-up) in exchange for a
similar reduction in intercompany loans.
Fitch regards the reorganization as moderately positive for RFHL,
because the direct recourse to assets, even if illiquid, is
better than a claim on the same assets at the end of the chain of
holding companies. The residual related party exposure, although
large, is of somewhat better quality, because RCIL would have
access to a significant portion of potential dividends of
earnings-generative Rencredit. Also, the interests of the
shareholders should now be better aligned, although Fitch
continues to believe that Onexim is a portfolio investor and
therefore does not consider potential support in the ratings.
RFHL's ratings would be downgraded if it is unable show positive
profitability dynamics and continue to lose equity. An inability
to manage liquidity or further increase in exposure to related
parties and illiquid assets would also result in a downgrade.
However, if the company is successful in returning to
profitability, manages to sell some of the illiquid investments
and improve liquidity the ratings may be affirmed and the Outlook
revised to Stable.
The Negative Outlook on RCHL's ratings reflects significant
refinancing risk related to about US$400 million of its short-
term debt, channelled to other group entities for funding of
illiquid investments (other than those transferred to RCIL and
RFHL) and somewhat less apparent repayment strategy after the
group's reorganization. This is because the remaining illiquid
investments (mainly land/residential development projects in
Kenya) do not generate cash-flow and conversely their realization
may require additional financing. RCHL does not have its own
means for servicing the debt and without proceeds from the sale
of the illiquid assets, it will rely on regular debt
prolongations. The prospect of receiving dividends from
subsidiaries is uncertain, because of Rencap's weak performance
and the fact that Rencredit has moved under RCIL, which would
therefore have a first claim on its dividends. As a last resort,
RCHL's ultimate owners may consider selling an additional stake
in RCIL and/or Rencredit, although this is currently not
considered.
Fitch has withdrawn the ratings as RCHL has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, the agency will no longer provide ratings or
analytical coverage for the entity.
The full list of rating actions is as follows:
Renaissance Financial Holdings Limited:
-- Long-term IDR affirmed at 'B'; Outlook revised to Negative
from Stable
-- Short-term IDR: affirmed at 'B'
Renaissance Capital Holdings Limited:
-- Long-term IDR affirmed at 'B-'; Outlook revised to Negative
from Stable; withdrawn
-- Short-term IDR: affirmed at 'B'; withdrawn
=============
U K R A I N E
=============
FIRST UKRAINIAN: Moody's Issues Summary Credit Opinion
------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
First Ukrainian International Bank, PJSC and includes certain
regulatory disclosures regarding its ratings. The release does
not constitute any change in Moody's ratings or rating rationale
for First Ukrainian International Bank, PJSC.
Moody's current ratings on First Ukrainian International Bank,
PJSC and its affiliates:
Long Term Bank Deposits (domestic currency) ratings of B2
Long Term Bank Deposits (foreign currency) ratings of B3
Bank Financial Strength ratings of E+
Short Term Bank Deposits (domestic and foreign currency) ratings
of NP
BACKED Senior Unsecured (foreign currency) ratings of B2
Rating Rationale
Moody's assigns a standalone bank financial strength rating
(BFSR) of E+ to First Ukrainian International Bank (FUIB), which
maps to the long-term scale of B2. The BFSR is constrained by (i)
its substantial reliance on market funding, while refinancing
risks were deferred until 2014 -- i.e. after the conclusion of
scheduled restructuring, (ii) weakening financial fundamentals,
especially in terms of asset quality, as a result of challenging
credit conditions in which the bank operates; and (iii) its
single-name concentrations in the loan book. At the same time,
the BFSR is underpinned by the bank's visibility in both
corporate and retail segments within Ukraine, adequate capital
adequacy -- to date -- as well as its relatively diversified
funding.
FUIB's global local currency (GLC) deposit rating of B2 does not
incorporate any probability of external support as the bank's
majority shareholder SCM Group is not rated by Moody's.
Rating Outlook
The outlook on the bank's BFSR is stable (reflecting the fact
that even if the BCA were to be lowered by one-notch the BFSR
would remain the same). The outlook on local currency deposit and
foreign currency debt ratings is stable while the outlook on
foreign currency deposit rating is negative driven by the
negative outlook on the foreign currency deposit ceiling for
Ukraine.
What Could Change the Rating - Up
A combination of the following factors could have positive impact
of the bank's debt and deposit ratings: (i) sustainable
development of the bank's franchise; (ii) maintaining a
sufficient level of capital to absorb potential credit losses;
and (iii) a reduction in its borrower concentration.
In addition, FUIB's B2 debt and deposit ratings have upside
potential in the near term, given the bank's intention to merge
business activities with its sister bank Dongorbank (rated B2,
with a negative outlook). Moody's views the consolidation of
these two players as a good opportunity to build more a visible
and diversified franchise in Ukraine; however, the rating agency
notes that consolidation is subject to the regulator's approval
and execution risk.
What Could Change the Rating - Down
Weakening of the bank's liquidity profile as well as further
asset quality deterioration could exert downward pressure on the
bank's BFSR and deposit ratings.
The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007, and
Mapping Moody's National Scale Ratings to Global Scale Ratings
published in March 2011.
===========================
U N I T E D K I N G D O M
===========================
BRITISH MIDLAND: IAG Offers Limited Number of Extra Concessions
---------------------------------------------------------------
Andrew Parker and Alex Barker at The Financial Times report that
International Airlines Group has offered a limited number of
extra concessions to try to secure regulatory approval for its
acquisition of BMI British Midland, Lufthansa's lossmaking UK
subsidiary.
According to the FT, IAG, parent of British Airways and Iberia,
has sweetened its offer to the European Commission by increasing
the number of valuable take-off and landing slots at London's
Heathrow airport that it would relinquish under the proposed deal
from 10 to 14.
In a high-stakes move, Lufthansa and IAG are increasing the
pressure on the Commission to grant a quick approval of the deal
by warning that BMI could face closure if Brussels proceeds with
an in-depth investigation of the transaction that could last
months, the FT discloses.
Joaquin Almunia, EU competition commissioner, must decide by
March 30 whether to approve IAG's purchase under Brussels' phase
one inquiry process, the FT notes.
Lufthansa wants to offload BMI rapidly because it is heavily
lossmaking, the FT states. BMI reported an operating loss of
EUR199 million in the year to December 31, up from EUR145 million
in 2010, the FT recounts. It blamed its UK subsidiary for
pushing the German flag carrier to a EUR13 million net loss in
2011, according to the FT.
IAG is keen to buy BMI because it would give the Anglo-Spanish
group the chance to expand at capacity constrained Heathrow, the
FT says.
According to the FT, one person familiar with the group said that
relinquishing any more than the 14 pairs of slots IAG is now
proposing risked undermining the case for buying BMI, given that
it was lossmaking.
As reported by the Troubled Company Reporter-Europe on Jan. 12,
2012, the Financial Times related that auditors to BMI raised
doubts about its ability to continue as a going concern.
PricewaterhouseCoopers, as cited by the FT, said several
uncertainties surrounding BMI, including plans to sell the
airline to International Airlines Group, "may cast significant
doubt over the ability of the company to continue as a going
concern".
British Midland Airways, which does business as bmi, --
http://www.iflybritishmidland.com/-- carries passengers to some
30 countries, mainly in the UK but also in continental Europe,
the Middle East, Asia, and Africa. It operates a fleet of about
50 jets, including Airbus and Embraer models. Low-fare
subsidiary bmi baby serves about 30 destinations in Europe with a
fleet of about 20 Boeing 737s. bmi is a member of the Star
Alliance global marketing group, which includes UAL's United
Airlines, Air Canada, and Singapore Airlines. In mid-2009,
fellow Star Alliance member and global airline giant Lufthansa
acquired majority ownership of bmi.
DARLINGTON FOOTBALL: May Exit Administration by Thursday
--------------------------------------------------------
David Roberts at The Northern Echo reports that Darlington
Football Club could be out of administration by Thursday after a
mystery investor stepped forward to save the club.
According to the Northern Echo, former chairman Raj Singh must
agree to write off GBP2 million he is owed by the club, and fans
who have invested in a "crowd funding" Web site must allow
changes to their investment model if the mystery benefactor is to
inject GBP390,000 into the Quakers.
The deadline for Darlington 1883, the organization set up to buy
the football club for the community, to decide whether to proceed
with a Company Voluntary Arrangement (CVA) to bring the Quakers
out of administration was March 26, the Northern Echo notes.
As reported in the Troubled Company Reporter-Europe on Jan. 6,
2012, Business Sale said Darlington Football Club was placed into
administration after a consortium of local businessmen was unable
to reach a buyout deal with the owner. The Blue Square Bet
Premier side had been the subject of a bid by a group calling
themselves the Darlington Football Club Rescue Group (DFCRG),
according to Business Sale. The report related that current
owner and chairman, Raj Singh, said he had been unable to settle
on a sustainable deal with the group and had called in
administrators.
Darlington Football Club -- http://www.darlington-fc.net/-- is
an English football team.
DONNS: Irwin Mitchell Buys Personal Injury Caseload
---------------------------------------------------
Rose Orlik at Legal Week News reports that Irwin Mitchell has
acquired the personal injury caseload of Manchester firm Donns,
which has been placed into administration with
PricewaterhouseCoopers.
Irwin Mitchell declined to comment on what it is paying for the
portfolio, which consists of several hundred cases, according to
Legal Week News.
The report notes that Irwin Mitchell, which has around 50 PI
partners, has no intention of acquiring any staff or lawyers from
Donns, which has one office in Manchester.
"[We have] agreed an arrangement with PwC as administrators
appointed in respect of Donns LLP for the transfer of the firm's
personal injury files to Irwin Mitchell, subject to clients`
consent. . . . This is welcome news for those clients of Donns
who would otherwise have been left without a solicitor to act for
them in their case ... those clients who decide to appoint us
will do so safe in the knowledge that Irwin Mitchell has vast
experience in acting in personal injury cases, as well as in
taking on many cases where clients have come to us after having
previously instructed another firm and where we have been able to
achieve a very successful outcome for them," Legal Week News
quoted Irwin Mitchell personal legal services chief executive
Andrew Tucker as saying.
The report notes that the company's 2009-10 accounts filed with
Companies House revealed that Donns at that time had three
partners, 29 fee earners and 40 members of support staff. Legal
Week News relates that auditors PKF issued a going concern
warning noting that net losses after members' remuneration
charged as an expense stood at almost GBP2.8 million, with
liabilities exceeding assets by more than GBP5.5 million.
Irwin Mitchell is well known for its PI work and the firm is
currently representing more than 20 survivors of the Costa
Concordia cruise ship disaster.
Donns, established in 1969, advises on financial mis-selling and
personal injury litigation, including road traffic and pedestrian
accident claims as well as head and spinal injury claims.
ERNEST NEWSON: In Administration, Cuts 6 Jobs
---------------------------------------------
This is Kent reports that Ernest Newson was forced into
administration due to the economic downturn cutting six jobs in
its Dover location.
The receivers moved in on to clear the stock, according to This
is Kent.
The report notes that administrators FRP Advisory explained that
despite posting a turnover of GBP1.6million in 2011, the loss of
two major contracts, a decline in public spending and high
competition from large supermarket chains had hit hard.
"The retailer was placed into administration following financial
difficulties caused by difficult market conditions, resulting in
the firm being unable to continue trading. . . . . We are now
seeking a buyer for the company, whilst also working to recover
as much value as possible for creditors by selling the company's
remaining assets," the report quoted Martin Weller, of FRP
Advisory, as saying.
A store in Ramsgate also run by the firm had already closed in
January, This is Kent discloses.
Ernest Newson was an independent and family run business that had
stores throughout Kent and Essex, including one in Market Square.
It provided a printing and embroidery service alongside the
retail of clothing.
GAME GROUP: In Administration; 6,000 Jobs at Risk
-------------------------------------------------
The Telegraph reports that Game Group has gone into
administration putting 6,000 jobs at risk after talks with its
lenders failed.
PwC has been appointed administrator to the UK operations of Game
Group, which has 609 stores under the names Game and Gamestation,
the Telegraph relates.
According to the Telegraph, "The group has faced serious cashflow
and profit issues over the recent past."
"It also has suffered from high fixed costs, an ambitious
international roll-out and fluctuating working capital
requirements.
"Despite these challenges, we believe that there is room for a
specialist game retailer in the territories in which it operates,
including its biggest one - the UK. As a result we are hopeful
that a going-concern sale of the business is achievable."
As reported by the Troubled Company Reporter-Europe on March 23,
2012, The Financial Times related that after requesting a
suspension of trading in its shares before the London Stock
Exchange opened on March 21, Game Group later said it had filed a
notice of intention to appoint an administrator.
Game Group is a video games retailer.
GAME GROUP: Australian Unit Up for Sale Amid Administration
-----------------------------------------------------------
Gemma Battenbough at CVG AU reports that GAME Australia Managing
Director Paul Yardley said that it could be up for sale in light
of parent company GAME Group plc's suspension of trading.
"We communicate with the UK very closely, and it will impact upon
us structurally. . . . However, it's not as if we go into
administration straight away if they do," Mr. Yardley told CVG in
an interview.
CVG AU notes Mr. Yardley said that there were three viable
business options for Australian operations if The GAME Group does
go into administration:
-- sell the business outright,
-- source an investor, and
-- keep the GAME brand.
The report notes that alternatively, they could find a solution
that combined the two.
"The model we'll follow depends on who decides to fund us and
when. We've been in discussion with a number of parties and
those are ongoing," Mr. Yardley said, the report relates.
CVG AU discloses that the Australian arm of the games retailer
might have enjoyed more settled economics than, say, the UK and
Spain, but it's still on shaky ground. The report relates that
the company's latest interim report recorded a turnover of
GBP26.2 million, or AU$39.9 million, for the six months ending
July 2011. That's nearly a fifth less than the same period in
2010, which turned over GBP32.9 million (AU$50.1 million), CVG AU
adds.
GAME Australia has 95 stores nationally and employs 600 staff.
It is a wholly-owned subsidiary of The GAME Group plc.
Game Group is a video games retailer.
JAGUAR LAND: S&P Assigns 'B+' Rating to GBP500MM Sr. Unsec. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue rating
to the proposed GBP500 million senior unsecured notes to be
issued by U.K.-based automobile manufacturer Jaguar Land Rover
PLC (JLR; B+/Positive/--). The issue rating is in line with the
corporate credit rating on JLR. "At the same time, we assigned
our recovery rating of '4' to the proposed notes, indicating our
expectation of average (30%-50%) recovery prospects in the event
of a payment default," S&P said.
"The issue and recovery ratings on the proposed notes are subject
to our satisfactory review of the final documentation. We
understand that JLR will use the proceeds of the issuance for
general corporate purposes," S&P said.
"In addition, we affirmed our 'B+' issue rating on JLR's existing
GBP1 billion-equivalent senior unsecured notes due 2018 and 2021.
The recovery rating on these notes remains unchanged at '4',
indicating our expectation of average (30%-50%) recovery
prospects for noteholders in the event of a payment default," S&P
said.
"Our recovery expectations for the proposed and existing
unsecured notes are underpinned by JLR's asset valuation, which
we base, among other factors, on its iconic brand names. Our
recovery expectations are also supported by JLR's insolvency
jurisdiction of the U.K., which we consider to be relatively
favorable for creditors. At the same time, our recovery
expectations are constrained by our opinion of JLR's 'weak'
business risk profile and by the unsecured nature of the notes,
which rank behind secured claims, including pension claims. The
unsecured notes are guaranteed by subsidiaries representing about
92% of JLR's assets, 53% of its revenues, and 82% of its EBITDA,"
S&P said.
"We understand that the documentation for the proposed notes will
be substantially similar to that for the existing notes. However,
we note that the documentation for the proposed notes includes
significant increases to the covenants permitting JLR to raise
debt of up to GBP200 million at nonguarantor subsidiaries, and up
to GBP400 million for permitted investments," S&P said.
RECOVERY ANALYSIS
"To determine recovery expectations, we simulate a hypothetical
default scenario. We project a hypothetical default in 2015,
triggered by deterioration in JLR's operating performance amid an
economic and financial downturn. This would lead to a steady
decline in revenue, deteriorating profitability, and negative
free cash flow over the next three years. Given JLR's significant
market positions, we value the company as a going concern at the
point of default, using a combination of market multiple and
discrete asset valuation methodologies. We estimate that JLR's
stressed enterprise value would be about GBP2.1 billion at
default in 2015," S&P said.
"We deduct from the stressed enterprise value priority
liabilities of about GBP590 million, comprising the pension
deficit, capital leases, and enforcement costs. The resulting net
enterprise value is about GBP1.52 billion," S&P said. From this,
S&P deducts approximately GBP642 million of secured debt,
comprising:
* An existing GBP116 million borrowing-base facility).
* GBP159 million of other secured debt allowed under the
documentation for a GBP710 million revolving credit facility
(RCF).
* "GBP318 million of factoring facilities, which we assume to be
drawn by the year of default," S&P said.
* Six months of prepetition interest.
"The remaining value would, in our view, enable the unsecured
lenders (of the GBP1 billion-equivalent notes, the proposed
GBP500 million notes, and the GBP551 million of debt under the
RCF) to achieve recovery of 30%-50%, equating to a recovery
rating of '4'," S&P said.
RATINGS LIST
New Rating
Jaguar Land Rover PLC
Senior Unsecured
GBP500 mil. nts (proposed) B+
Recovery Rating 4
Ratings Affirmed
Jaguar Land Rover PLC
Senior Unsecured
US$410 mil. 8.125% nts due 05/15/2021 B+
Recovery Rating 4
US$410 mil. 7.75% nts due 05/15/2018 B+
Recovery Rating 4
GBP500 mil. 8.125% nts due 11/15/2018 B+
Recovery Rating 4
MAGNOHARD LTD: In Administration With GBP24++ Million Debts
-----------------------------------------------------------
John O'Groat Journal reports that Magnohard Ltd has gone into
administration with more than GBP24 million in debts.
Magnohard Ltd was involved in a long-running court action over
radioactive contamination of Sandside Estate, owned by Caithness
estate owner Geoffrey Minter, according to John O'Groat Journal.
The report notes that Mr. Minter has voluntarily appointed
administrator James Stephen to the company.
"Magnohard has been involved in a long-running court action
regarding radioactive contamination of Sandside Estate by
Dounreay and the use of its land; a recent decision regarding the
matter was unacceptable to the company. Due to the potential
obligations and costs associated with challenging this decision
the director, Geoffrey Minter, felt the interests of the company
were best served by the protection of administration," Mr.
Stephen said in a statement obtained by the news agency.
John O'Groat Journal notes that the estate is continuing to trade
as normal. All nine employees are being retained while the
options are reviewed, the report relates.
Magnohard Ltd is run by Caithness estate owner Geoffrey Minter.
Mr. Minter was a director of 24 companies although 16 of them
have been dissolved.
PEACOCKS: Boss Philip Day 'Working Hard' to Reopen Stores
---------------------------------------------------------
BBC News reports that Peacocks is to reopen its flagship store in
the center of Cardiff at the weekend.
It is the first shop to be reopened by new owners Edinburgh
Woollen Mill (EWM) since the Cardiff-based chain went into
administration, according to BBC News.
The report notes that Philip Day, chairman and chief executive of
EWM, spoke to Oliver Hides of BBC Radio Wales in his first
broadcast media interview since the takeover. In his additional
role as chief executive Peacocks, he said he was working hard to
ensure more of the closed stores reopened, and said the company
had a "wealth of talent" among staff, the report relates.
As reported in the Troubled Company Reporter-Europe on Feb. 28,
2012, The Scotsman said that Edinburgh Woollen Mill is running
the rule over a further 75 Peacocks clothing stores that it could
re-open under plans to restore the chain to its former glory.
Philip Day -- the EWM owner who has also bought other retailers
including Jane Norman, Ponden Mill and Roseby's -- bought 338
Peacocks stores out of administration, saving 6,000 jobs, The
Scotsman related. As many as 75 sites could be re-opened if
Mr. Day can strike the right deal with landlords over the rents,
according to The Scotsman.
Peacocks has over 70 franchise stores overseas, including in
Russia and Romania. It also owns the Bonmarche discount chain.
Goldman Sachs and a group of six hedge funds bought the chain for
about GBP400 million, according to the FT.
ROCK FARM: In Administration, 88 Jobs at Risk
---------------------------------------------
Tom Rowley at The Journal reports that Rock Farm Dairy, which
went into administration weeks ago, looked like the latest
casualty of a squeeze on all North East dairies.
John and Keith Gregory, the great-grandsons of the site's
original farmer Ruth Mary, assembled their 88 staff in the yard
to hear the worst news, according to The Journal.
The report notes that a toxic combination of rising costs and
customers falling behind on payments turned profits to losses.
TRINITY MIRROR: To Reduce Pension Deficit Contributions
-------------------------------------------------------
John Ralfe at The Financial Times reports that Trinity Mirror,
the ailing newspaper publisher, has just announced an agreement
with its pension scheme trustees to reduce deficit contributions
over the next three years from the GBP100 million agreed in its
recovery plans, to just GBP30 million.
This reduction in pension contributions, plus new bank facilities
to replace those maturing in 2013, will allow the company to
repay GBP168 million of US$ private placements from 2013 to 2015
-- which puts the unsecured bond holders ahead of the pension
schemes, the FT says.
According to the FT, it appears Trinity Mirror chose not to seek
clearance from The Pensions Regulator to approve the reduced
deficit contributions; in response to the announcement the
Regulator issued an unusually tough statement: "We will
scrutinize any reduction in contributions or other actions that
increase risks to the scheme, and are prepared to take strong
action where necessary."
With GBP1.7 billion of IAS19 (the international accounting rule
for employee benefits) liabilities at January 2012, Trinity
Mirror's several pension schemes, including the scheme raided by
Robert Maxwell 20 years ago, dwarf the company, which has a
market cap of less than GBP100 million, the FT notes. The GBP300
million IAS19 deficit for those schemes in deficit is three times
the market cap, the FT states.
Trinity Mirror plc -- http://www.trinitymirror.com/-- is engaged
in the publication and printing of newspapers and a portfolio of
Web sites, primarily in the United Kingdom.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT EO -5754285.05 165995618.1
CHRIST WATER TEC CWT EU -5754285.05 165995618.1
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CHRIST WATER TEC CWT AV -5754285.05 165995618.1
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CHRIST WATER-ADR CRSWY US -5754285.05 165995618.1
KA FINANZ AG 3730Z AV -9072224.93 22043329918
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S&T SYSTEM INTEG SNT EU -38841439.5 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.5 182832494.8
SKYEUROPE SKYP PW -89480492.6 159076577.5
SKYEUROPE SKY PW -89480492.6 159076577.5
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SKYEUROPE HOL-RT SK1 AV -89480492.6 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.96 225769572.9
ANTWERP GATEWAY 496769Z BB -51947070.5 266390692.5
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CHIQUITA FRESH B 3727690Z BB -13035568.1 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.5 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.7 777656536.7
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.2 113270540
JULIE LH BVBA 3739923Z BB -32842124.6 159062205.9
KBC LEASE BELGIU 3723398Z BB -23567202.8 2856170076
KIA MOTORS BELGI 3729658Z BB -40305545.6 136441397.8
LAND VAN HOP NV 3727898Z BB -141334.296 138885001.8
SABENA SA SABA BB -85494497.7 2215341060
SAPPI EUROPE SA 3732894Z BB -119299290 158958659.1
SOCIETE NATIONAL 3726762Z BB -39045394.2 506987115.6
TELENET GRP HLDG T4I GR -346984203 4652950529
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TELENET GRP HLDG TLGHF US -346984203 4652950529
TELENET GRP HLDG TNETGBP EO -346984203 4652950529
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TELENET GRP HLDG TNET EU -346984203 4652950529
TELENET GRP HLDG TNETUSD EU -346984203 4652950529
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TELENET GRP HLDG TNET BB -346984203 4652950529
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TELENET-STRP TNETS BB -346984203 4652950529
TELENET-UNS ADR TLGHY US -346984203 4652950529
CROATIA
-------
BADEL 1862 DD BD62RA CZ -18974967.3 134189914.2
BRODOGRADE INDUS 3MAJRA CZ -5021629.8 841433084.3
MAGMA DD MGMARA CZ -14866765.1 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -83651540.4 109270884.7
OT-OPTIMA TELEKO OPTERA CZ -83651540.4 109270884.7
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -39648682.4 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.4 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.4 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.4 209021322.6
LIBRA HOLIDAYS G LHGCYP EO -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG EU -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG CY -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG EO -39648682.4 209021322.6
LIBRA HOLIDAYS G LHGCYP EU -39648682.4 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.4 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.4 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDH US -89435858.2 192305153
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CKD PRAHA HLDG CKDH CP -89435858.2 192305153
SETUZA AS 2994767Q EO -61453764.2 138582273.6
SETUZA AS SZA GR -61453764.2 138582273.6
SETUZA AS SETU IX -61453764.2 138582273.6
SETUZA AS SETUZA PZ -61453764.2 138582273.6
SETUZA AS 2994755Q EU -61453764.2 138582273.6
SETUZA AS 2994759Q EO -61453764.2 138582273.6
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SETUZA AS 2994763Q EU -61453764.2 138582273.6
SETUZA AS SZA EX -61453764.2 138582273.6
DENMARK
-------
AB-B NEW ABBN DC -101428499 298588010.2
AKADEMISK BOLDK ABB DC -101428499 298588010.2
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBE EU -5227729.37 192575897.9
CIMBER STERLING CIMBER BY -5227729.37 192575897.9
CIMBER STERLING CIMBER DC -5227729.37 192575897.9
CIMBER STERLING CIMBE EO -5227729.37 192575897.9
ELITE SHIPPING ELSP DC -27715991.7 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.54 110737536.3
GREEN WIND ENERG GW BY -11320362.7 176234029.6
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GREEN WIND ENERG GW EU -11320362.7 176234029.6
GREEN WIND ENERG GW DC -11320362.7 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.7 176234029.6
GREEN WIND ENERG GW PZ -11320362.7 176234029.6
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HOLDINGSELSKABET BOHC IX -11320362.7 176234029.6
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ISS GLOBAL A/S 241863Z DC -9544026.55 7765217403
JEUDAN III A/S 3986972Z DC -58410839.7 261303346.9
NESTLE DANMARK A 3896690Z DC -31272771.8 160779148
OBTEC OBTEC DC -14819232 148553764.3
OBTEC OBT DC -14819232 148553764.3
OBTEC-NEW SHARES OBTECN DC -14819232 148553764.3
OBTEC-OLD OBTN DC -14819232 148553764.3
OSTERFALLEDPARKE 3985676Z DC -26063679.2 302533679.4
ROSKILDE BANK ROSK EO -532868841 7876687324
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ROSKILDE BANK ROSBF US -532868841 7876687324
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ROSKILDE BANK ROSK DC -532868841 7876687324
ROSKILDE BANK-RT 916603Q DC -532868841 7876687324
ROSKILDE BAN-NEW ROSKN DC -532868841 7876687324
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SCANDINAVIAN BRA SBSD PZ -14819232 148553764.3
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SCANDINAVIAN BRA SBS1EUR EO -14819232 148553764.3
SCANDINAVIAN BRA SBS1 BY -14819232 148553764.3
SCANDINAVIAN BRA SBS1 EU -14819232 148553764.3
SCANDINAVIAN BRA SBS1 EO -14819232 148553764.3
SCANDINAVIAN BRA SBS1EUR EU -14819232 148553764.3
SCANDINAVIAN BRA SBSC IX -14819232 148553764.3
SCHAUMANN PROP SCHAUP PZ -101428499 298588010.2
SCHAUMANN PROP SCHAUP EU -101428499 298588010.2
SCHAUMANN PROP SCHAU BY -101428499 298588010.2
SCHAUMANN PROP SCHAUEUR EO -101428499 298588010.2
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SUZLON WIND ENER 3985532Z DC -50030922.8 151671948.3
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.3 330011633.6
AIR COMMAND SYST 4470055Z FP -24012413.9 236706831.5
AKERYS SERVICES 4685937Z FP -8561729.53 141611798.1
ALCATEL-LUCENT E 3642975Z FP -33252970.3 441703998.1
ALCATEL-LUCENT F 3647063Z FP -794569718 4984960531
AL-KHATTIYA LEAS 4783713Z FP -13423803.2 109623566.3
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BELVEDERE SA BVD FP -254721371 1019397736
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BELVEDERE SA BVD EU -254721371 1019397736
BELVEDERE SA BVD EO -254721371 1019397736
BELVEDERE SA-NEW 8198283Q FP -254721371 1019397736
BELVEDERE SA-NEW 946529Q FP -254721371 1019397736
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CARCOOP FRANCE 4690569Z FP -531951.734 185621693.8
CARI SAS 4509915Z FP -10848329.9 182415382.5
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CARRERE GROUP CARF PZ -9829531.94 279906700
CARRERE GROUP CAR FP -9829531.94 279906700
CARRERE GROUP XRR GR -9829531.94 279906700
CARRERE GROUP CAR2 EO -9829531.94 279906700
CARRERE GROUP CAR2 EU -9829531.94 279906700
CARRERE GROUP CARG FP -9829531.94 279906700
CARRERE GROUP CRRHF US -9829531.94 279906700
CARRERE GROUP CRGP IX -9829531.94 279906700
CDISCOUNT 4690913Z FP -92485.8114 331210839.3
CMA CGM AGENCES 4746849Z FP -8208944.55 191538369.1
CO PETROCHIMIQUE 4682369Z FP -111509362 364674090.9
CSF 3635887Z FP -60315179.7 3042333890
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EDENRED QSV TH -1395452285 5596512266
EDENRED EDEN TQ -1395452285 5596512266
EDENRED EDEN S1 -1395452285 5596512266
EDENRED EDENUSD EO -1395452285 5596512266
EDENRED EDEN QM -1395452285 5596512266
EDENRED EDEN FP -1395452285 5596512266
EDENRED EDEN EU -1395452285 5596512266
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EDENRED EDENUSD EU -1395452285 5596512266
EDENRED EDEN BQ -1395452285 5596512266
EDENRED EDEN IX -1395452285 5596512266
EDENRED-NEW EDENV FP -1395452285 5596512266
EDF EN OUTRE MER 4679713Z FP -2598508.84 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.4 175501799.4
FACONNABLE SA 226782Z FP -19616231 136513429.3
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GREECE
------
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T BANK ASPT PZ -46224213.4 3486115450
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T BANK TBANK EU -46224213.4 3486115450
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T BANK ASPT EU -46224213.4 3486115450
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THEMELIODOMI-AUC THEMEE GA -55751173.8 232036822.6
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UNITED TEXTILES UTEX EU -163114842 286539436.9
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HUNGARY
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HUNGARIAN TELEPH HUC EX -73723992 827192000
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ICELAND
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EIMSKIPAFELAG HF AVION IR -223780368 2277882368
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IRELAND
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ITALY
-----
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AS ROMA SPA ASR EB -63822544.7 148818665.4
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MERIDIANA SPA 1163Z IM -4645217.83 187285866.9
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SNIA SPA-NEW SN00 IM -141933895 150445252.4
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SNIA SPA-RIGHTS SNAW IM -141933895 150445252.4
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TISCALI SPA- RTS 3391621Q GR -157400373 432673140.9
VIA CAVOUR SRL 3997892Z IM -2002622.44 173628397.1
JERSEY
------
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
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OXEA SARL 3682535Z LX -78371220.1 1013737294
NETHERLANDS
-----------
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SWEDEN
------
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SWEDISH AUTOMOBI L9I TH -575434603 1479005959
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NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
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MAN LAST OG BUSS 4521719Z NO -5830520.28 123349772.5
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POLAND
------
ANIMEX SA ANX PW -556805.858 108090511.9
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TOORA TOR PZ -288818.39 147004954.2
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PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.4 123491252.1
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CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
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PORTUGALIA 1008Z PL -6844075.93 199376769
RADIO E TELEVISA 1227Z PL -740710265 506160206.4
REFER-REDE FERRO 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.03 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999 625059071.4
SOCIEDADE DE REN 3776676Z PL -16169671 124492842.5
SOCIEDADE DE TRA 1253Z PL -368574770 153373893.3
SPORTING CLUBE D SCDF EU -65884328.1 251276323.4
SPORTING CLUBE D SCG GR -65884328.1 251276323.4
SPORTING CLUBE D SCPX PX -65884328.1 251276323.4
SPORTING CLUBE D SCP1 PZ -65884328.1 251276323.4
SPORTING CLUBE D SCDF EO -65884328.1 251276323.4
SPORTING CLUBE D SCP PL -65884328.1 251276323.4
SPORTING-SOC DES SCPL IX -65884328.1 251276323.4
SPORTING-SOC DES SCDF PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPDS PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPVS PL -65884328.1 251276323.4
TAP SGPS TAP PL -353957017 2789331398
TRANSGAS SA 3794668Z PL -2181404.7 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.2 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.9 178667412.9
OLTCHIM RM VALCE OLTCF US -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLT PZ -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT RO -89344240.8 511515508.8
RAFO SA RAF RO -457922311 356796459.3
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -85016164.6 320054212.6
ALLIANCE RUSSIAN ALRT RU -15214295.8 144582050.8
AMO ZIL ZILL RM -204894835 401284636
AMO ZIL-CLS ZILL RU -204894835 401284636
AMO ZIL-CLS ZILLG RU -204894835 401284636
AMO ZIL-CLS ZILL* RU -204894835 401284636
AMTEL-POVOLZ-BRD KIRT RU -936614.549 142093264.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.549 142093264.3
BALTIYSKY-$BRD BALZ RU -880437.562 345435790.7
BALTIYSKY-$BRD BALZ* RU -880437.562 345435790.7
BALTIYSKY-BRD BALZ$ RU -880437.562 345435790.7
CRYOGENMASH-BRD KRGM* RU -22826264 214573431.2
CRYOGENMASH-BRD KRGM RU -22826264 214573431.2
CRYOGENMASH-PFD KRGMP* RU -22826264 214573431.2
CRYOGENMASH-PFD KRGMP RU -22826264 214573431.2
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.5 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.5 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.5 299864149.8
FINANCIAL LEASIN 137282Z RU -166377934 282903505.9
FINANCIAL LEASIN FLKO RU -166377934 282903505.9
FINANCIAL LEASIN FLKO RM -166377934 282903505.9
FINANCIAL LEASIN FLKO* RU -166377934 282903505.9
GAZ GAZA$ RU -584751226 1478925024
GAZ GZAPF US -584751226 1478925024
GAZ-CLS GAZA* RU -584751226 1478925024
GAZ-CLS GAZA RM -584751226 1478925024
GAZ-CLS GAZA RU -584751226 1478925024
GAZ-CLS GAZAG RU -584751226 1478925024
GAZ-FINANS GAZF RU -56134.5126 232319905.4
GAZ-PFD GAZAP* RU -584751226 1478925024
GAZ-PFD GAZAP RU -584751226 1478925024
GAZ-PFD GAZAP RM -584751226 1478925024
GAZ-PFD GAZAPG$ RU -584751226 1478925024
GAZ-PFD GAZAPG RU -584751226 1478925024
GAZ-PREF GAZAP$ RU -584751226 1478925024
GAZ-US$ GTS GAZAG$ RU -584751226 1478925024
GRAZHDANSKIE SAM GSSU RU -47604998.4 1353823920
GUKOVUGOL GUUG RU -57835249.9 143665227.2
GUKOVUGOL GUUG* RU -57835249.9 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.9 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.9 143665227.2
HALS-DEVEL- GDR 86PN LI -588515965 1446111954
HALS-DEVELOPMENT HALS RM -588515965 1446111954
HALS-DEVELOPMENT HALS TQ -588515965 1446111954
HALS-DEVELOPMENT HALS* RU -588515965 1446111954
HALS-DEVELOPMENT HALSG RU -588515965 1446111954
HALS-DEVELOPMENT HALSM RU -588515965 1446111954
HALS-DEVELOPMENT HALS LI -588515965 1446111954
HALS-DEVELOPMENT SYR GR -588515965 1446111954
HALS-DEVELOPMENT HALS RU -588515965 1446111954
IZHAVTO OAO IZAV RU -94100834 443610329.4
KHANTY MANSIYSK HMSR RU -7454032.63 143409366.2
KIROV TIRE PLANT KIRT$ RU -936614.549 142093264.3
KOMPANIYA GL-BRD GMST RU -1933849.29 1120076905
KOMPANIYA GL-BRD GMST* RU -1933849.29 1120076905
KUZNETSOV-BRD MTST RU -15938417.5 331074749.5
KUZNETSOV-BRD MTSTP* RU -15938417.5 331074749.5
KUZNETSOV-BRD MTSTP RU -15938417.5 331074749.5
KUZNETSOV-BRD MTST* RU -15938417.5 331074749.5
M-INDUSTRIYA SOMI RU -1304109.98 267288804.8
MURMANSKAY MUGS RM -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP RU -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP RM -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP* RU -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSPG RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGS* RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGSG RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGS RU -22867336.6 135442629.9
NIZHMASHZAVO-BRD NMSZ RU -24657843.6 316480680.1
NIZHMASHZAVO-BRD NMSZ* RU -24657843.6 316480680.1
NIZHMASHZAVOD-BD NMSZ$ RU -24657843.6 316480680.1
NIZHMASHZAVO-PFD NMSZP RU -24657843.6 316480680.1
NIZHMASHZAVO-PFD NMSZP* RU -24657843.6 316480680.1
PENOPLEX-FINANS PNPF RU -839659.372 147052027.7
PIK GROUP PIKK RM -65334861 4000687446
PIK GROUP PIKK* RU -65334861 4000687446
PIK GROUP PIKKG RU -65334861 4000687446
PIK GROUP PIKK RU -65334861 4000687446
PIK GROUP-GDR PIK1 QM -65334861 4000687446
PIK GROUP-GDR PIQ2 GR -65334861 4000687446
PIK GROUP-GDR PKGPL US -65334861 4000687446
PIK GROUP-GDR PIK TQ -65334861 4000687446
PIK GROUP-GDR PIK LI -65334861 4000687446
PIK GROUP-GDR PIK IX -65334861 4000687446
PIK GROUP-GDR PIK EB -65334861 4000687446
PIK GROUP-GDR PIK EU -65334861 4000687446
PIK GROUP-GDR PIK1 EO -65334861 4000687446
PROMTRACTOR-FINA PTRF RU -27519567.1 259128529.5
RUSSIAN TEXT-CLS ALRTG RU -15214295.8 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.8 144582050.8
SEVERNAYA KAZNA SVKB* RU -65841686.2 279147750
SEVERNAYA KAZNA SVKB RU -65841686.2 279147750
SEVKABEL-FINANS SVKF RU -83036.4617 102680373.6
SISTEMA HALS-GDR HALS IX -588515965 1446111954
SISTEMA-GDR 144A SEMAL US -588515965 1446111954
URAL PLANT OF PR UZPOA RU -53649612.1 191579960.2
URALMASHPLAN-BRD URAM* RU -18423442.8 687183030.3
URALMASHPLAN-BRD URAM RU -18423442.8 687183030.3
URALMASHPLAN-PFD URAMP* RU -18423442.8 687183030.3
URALMASHPLAN-PFD URAMP RU -18423442.8 687183030.3
URALSKIJ ZAVOD T URAM$ RU -18423442.8 687183030.3
URGALUGOL-BRD YRGL* RU -21554314.6 139319389.8
URGALUGOL-BRD YRGL RU -21554314.6 139319389.8
URGALUGOL-BRD-PF YRGLP RU -21554314.6 139319389.8
VIMPEL SHIP-BRD SOVP* RU -85016164.6 320054212.6
VIMPEL SHIP-BRD SOVP RU -85016164.6 320054212.6
VOLGOGRAD KHIM VHIM RU -55617131.4 157514787.8
VOLGOGRAD KHIM VHIM* RU -55617131.4 157514787.8
WILD ORCHID ZAO DOAAN RU -11716087.5 106082784.6
ZERNOVAYA KOMPAN ONAST RU -9609529.9 673952471.2
ZIL AUTO PLANT ZILL$ RU -204894835 401284636
ZIL AUTO PLANT-P ZILLP RM -204894835 401284636
ZIL AUTO PLANT-P ZILLP RU -204894835 401284636
ZIL AUTO PLANT-P ZILLP* RU -204894835 401284636
SERBIA
------
DUVANSKA DIVR SG -46938765.4 107525048.4
SLOVENIA
--------
ISTRABENZ ITBG EU -3710053.92 1192276746
ISTRABENZ ITBG EO -3710053.92 1192276746
ISTRABENZ ITBG SV -3710053.92 1192276746
ISTRABENZ ITBG PZ -3710053.92 1192276746
SLOVENSKE ENERGE 1SES01A PZ -9037077.3 220365107.8
SLOVENSKE ENERGE SES02 SK -9037077.3 220365107.8
SLOVENSKE ENERGE SES EO -9037077.3 220365107.8
SLOVENSKE ENERGE SES02 EO -9037077.3 220365107.8
SLOVENSKE ENERGE SES02 EU -9037077.3 220365107.8
SLOVENSKE ENERGE SES SK -9037077.3 220365107.8
SLOVENSKE ENERGE SES EU -9037077.3 220365107.8
ZVON ENA HOLDING ZVHR PZ -304042299 774906694.2
ZVON ENA HOLDING ZVHR EO -304042299 774906694.2
ZVON ENA HOLDING ZVHR SV -304042299 774906694.2
ZVON ENA HOLDING ZVHR EU -304042299 774906694.2
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
AIRBUS MILITARY 4456697Z SM -25409217.8 2875949470
AMCI HABITAT SA AMC1 EU -17516668.8 159378294.6
AMCI HABITAT SA AMC SM -17516668.8 159378294.6
AMCI HABITAT SA AMC3 EO -17516668.8 159378294.6
ATLANTIC COPPER 4512291Z SM -83118965.8 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.51 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BIMBO SA 3632779Z SM -6894386.12 162399487.1
BOSCH SISTEMAS D 4505475Z SM -295419978 205556877.2
BOUYGUES INMOBIL 3636247Z SM -13608696.3 203210905.9
CAIXARENTING SA 4500211Z SM -7390433 1722091946
CELAYA EMPARANZA 3642467Z SM -19428468.9 176340504.9
COPERFIL GROUP 704457Z SM -3700858.98 403826723
DINOSOL SUPERMER 397409Z SM -46517749.4 1134013519
ELECTRODOMESTICO 1035184Z SM -120690331 100540325.2
FABRICAS AGRUPAD 3638319Z SM -28683705 205880655
FACTORIA NAVAL D 3748456Z SM -91596638.8 155617881.8
FBEX PROMO INMOB 3745024Z SM -820001.031 1142937522
FERGO AISA -RTS AISA/D SM -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
FERGO AISA SA AISA PZ -57871829.5 772519224.5
FMC FORET SA 3642299Z SM -135792007 150683418.5
GALERIAS PRIMERO 3281527Z SM -2731015.07 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.5 973735754.8
GE REAL ESTATE I 2814684Z SM -47072259.9 609515984.5
GENERAL MOTORS E 4286805Z SM -323089754 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.1 238237965.8
HIDROCANTABRICO 4456745Z SM -245397524 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.1 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.9 417379212.5
LA SIRENA ALIMEN 4375737Z SM -60779557.1 206592562.2
MARTINSA FADESA MFAD PZ -3783069373 5985477633
MARTINSA FADESA 4PU GR -3783069373 5985477633
MARTINSA FADESA MTF1 LI -3783069373 5985477633
MARTINSA FADESA MTF EU -3783069373 5985477633
MARTINSA FADESA MTF EO -3783069373 5985477633
MARTINSA FADESA MTF SM -3783069373 5985477633
MARTINSA-FADESA MTF NR -3783069373 5985477633
NYESA VALORES CO BES EU -208568794 658498551.2
NYESA VALORES CO BESS PZ -208568794 658498551.2
NYESA VALORES CO NYE TQ -208568794 658498551.2
NYESA VALORES CO BES TQ -208568794 658498551.2
NYESA VALORES CO NYE EO -208568794 658498551.2
NYESA VALORES CO 7NY GR -208568794 658498551.2
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NYESA VALORES CO BES SM -208568794 658498551.2
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PANRICO SL 1087Z SM -372238070 1219319614
PLANES E INVERSI 3795524Z SM -72863651.9 220131915.6
PULLMANTUR SA 301590Z SM -74071248.9 168349823.1
RANDSTAD EMPLEO 4285885Z SM -58273106.5 432173483.1
REAL ZARAGOZA SA 4285533Z SM -26642893.2 155342765.2
RENTA CORP REN1GBP EO -55365883.4 289916358.5
RENTA CORP REN1 TQ -55365883.4 289916358.5
RENTA CORP REN1GBX EU -55365883.4 289916358.5
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RENTA CORP RTACF US -55365883.4 289916358.5
RENTA CORP REN SM -55365883.4 289916358.5
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RENTA CORP REN1 EU -55365883.4 289916358.5
RENTA CORP RENS PZ -55365883.4 289916358.5
RENTA CORP REN1USD EU -55365883.4 289916358.5
RENTA CORP REN1GBX EO -55365883.4 289916358.5
RENTA CORP REAL REN/D SM -55365883.4 289916358.5
RESIDENCIAL MARL 4498347Z SM -8851230.87 106007591.2
REYAL URBIS SA REY1 EU -623464702 5520924982
REYAL URBIS SA REYU PZ -623464702 5520924982
REYAL URBIS SA REY SM -623464702 5520924982
REYAL URBIS SA REY1 EO -623464702 5520924982
SA DE SUPERMERCA 4373489Z SM -24370843.9 162576231.9
SOGECABLE MEDIA 3638359Z SM -2904934.27 176131882.6
SPANAIR 1174Z SM -224915086 350111493.1
SUPERMERCADOS CH 3635999Z SM -49108101.2 430829438.2
SUPERMERCADOS CO 4285781Z SM -6271873.08 110251382.6
TELEVISION AUTON 3772924Z SM -114641100 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.5 131213302.5
VIA OPERADOR PET 4510507Z SM -19240934.5 114265353.9
SWITZERLAND
-----------
ATTENDO AB 4452873Z SS -58148252.6 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.128 122777361.3
SWEDISH MA-RE RT SWMASR SS -271007468 2011731785
SWEDISH MAT-ADR 3053566Q US -271007468 2011731785
SWEDISH MAT-ADR SWMA GR -271007468 2011731785
SWEDISH MATCH SWD LI -271007468 2011731785
SWEDISH MATCH AB SWMA NQ -271007468 2011731785
SWEDISH MATCH AB SWMDF US -271007468 2011731785
SWEDISH MATCH AB SWMAEUR EO -271007468 2011731785
SWEDISH MATCH AB SWMA IX -271007468 2011731785
SWEDISH MATCH AB SWMAUSD EO -271007468 2011731785
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SWEDISH MATCH AB SWMA EU -271007468 2011731785
SWEDISH MATCH AB SWM GR -271007468 2011731785
SWEDISH MATCH AB SWMA EO -271007468 2011731785
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SWEDISH MATCH AB SWMAGBX EO -271007468 2011731785
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SWEDISH MATCH AB SWMA GK -271007468 2011731785
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SWEDISH MATCH AB SWM TH -271007468 2011731785
SWEDISH MATCH AB SWMAGBP EO -271007468 2011731785
SWEDISH MATCH AB SWMA TQ -271007468 2011731785
SWEDISH MATCH AB SWMA SS -271007468 2011731785
SWEDISH MATCH AB SWMA NR -271007468 2011731785
SWEDISH MATCH AB SWMAUSD EU -271007468 2011731785
SWEDISH MATCH AB SWMA PZ -271007468 2011731785
SWEDISH MATCH- B SWMWF US -271007468 2011731785
SWEDISH MATCH-B 3033P US -271007468 2011731785
SWEDISH MAT-RTS SWMYR US -271007468 2011731785
SWEDISH M-UN ADR SWMAY US -271007468 2011731785
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.1 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.1 147075077.7
IKTISAT FINAN-RT IKTFNR TI -46900666.6 108228233.6
IKTISAT FINANSAL IKTFN TI -46900666.6 108228233.6
KEREVITAS GIDA KERVT TI -4733324.13 126789352
KEREVITAS GIDA KVTGF US -4733324.13 126789352
MUDURNU TAVUKC-N MDRNUN TI -64935052.1 160420187.4
MUDURNU TAVUKCUL MDRNU TI -64935052.1 160420187.4
SIFAS SIFAS TI -15439194.7 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
ZORLU ENERJI ELE ZORENM TI -34869788.4 1701390881
ZORLU ENERJI ELE ZOREN TI -34869788.4 1701390881
ZORLU ENERJI ELE ZRLUF US -34869788.4 1701390881
ZORLU ENERJI-ADR ZRLUY US -34869788.4 1701390881
ZORLU ENERJI-RTS ZORENR TI -34869788.4 1701390881
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -75129759.8 474776539.2
CHERNIGIVS MAN-M CHIM UZ -8728378.49 105244397.8
CHERNIGIVS M-GDR CKU GR -8728378.49 105244397.8
DONETSKOBLENERGO DOON UZ -213294468 341124537.1
LUGANSKGAS LYGZ UZ -25247035.8 123851487
LUGANSKOBLENERGO LOEN UZ -28469656.8 196711929.2
MARIUP-GDR REG S MZVM IX -11661586.3 260791838.5
MARIUP-GDR REG S M9X GR -11661586.3 260791838.5
MARIUPOL HEAVY M MZVM UZ -11661586.3 260791838.5
NAFTOKHIMIK PRIC NAFP UZ -13086749.7 365512618.1
NAFTOKHIMIK-GDR N3ZA GR -13086749.7 365512618.1
ODESSA OIL REFIN ONPZ UZ -178447037 314744675.5
RIVNEAZOT RAZT UZ -27233614.6 417932243
ZALK - PFTS ZALK UZ -78409529.9 130383564.8
UNITED KINGDOM
--------------
3I PLC 2346795Z LN -40072013.1 518266360.4
600 UK LTD 1282018Z LN -731250.536 123671540.8
ABBOTT MEAD VICK 648824Q LN -1685854.55 168258996.3
ABF GRAIN PRODUC 1276922Z LN -80622502.2 405377719.8
ACE INA SERVICES 1442282Z LN -32838796.7 148703014.2
ACIS GROUP LTD 4159557Z LN -29529317.2 122639068.7
ACORN CARE AND E 1238567Z LN -70886168.8 120665053.6
ADVANCE DISPLAY ADTP PZ -2983757364 2562677211
AEA TECHNOLO-FPR AATF PZ -178235285 194979073.8
AEA TECHNOLO-FPR AATF LN -178235285 194979073.8
AEA TECHNOLOGY AAT IX -178235285 194979073.8
AEA TECHNOLOGY AAT VX -178235285 194979073.8
AEA TECHNOLOGY EAETF US -178235285 194979073.8
AEA TECHNOLOGY AAT PO -178235285 194979073.8
AEA TECHNOLOGY G AAT EU -178235285 194979073.8
AEA TECHNOLOGY G 89A GR -178235285 194979073.8
AEA TECHNOLOGY G AAT EO -178235285 194979073.8
AEA TECHNOLOGY G AEATF US -178235285 194979073.8
AEA TECHNOLOGY G AAT PZ -178235285 194979073.8
AEA TECHNOLOGY G AATGBP EO -178235285 194979073.8
AEA TECHNOLOGY G AAT LN -178235285 194979073.8
AEA TECHNOLO-NPR AATN LN -178235285 194979073.8
AEA TECHNOLO-NPR AATN PZ -178235285 194979073.8
AFFINITI INTEGRA 1651064Z LN -743208855 241654750
AGORA SHOPPING C 214766Z LN -44716668.3 244995279.1
AIRBUS OPERATION 4435153Z LN -311815000 3454910195
AIRTOURS PLC ATORF US -379721781 1817512774
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WINCANTON PL-ADR WNCNY US -290434319 1037176004
WINCANTON PLC WIN11 EO -290434319 1037176004
WINCANTON PLC WIN4 EO -290434319 1037176004
WINCANTON PLC WIN1GBP EO -290434319 1037176004
WINCANTON PLC WIN LN -290434319 1037176004
WINCANTON PLC WIN1 TQ -290434319 1037176004
WINCANTON PLC WIN13 EO -290434319 1037176004
WINCANTON PLC WIN1 EU -290434319 1037176004
WINCANTON PLC WIN1USD EO -290434319 1037176004
WINCANTON PLC WIN1EUR EO -290434319 1037176004
WINCANTON PLC WIN IX -290434319 1037176004
WINCANTON PLC WIN1 QM -290434319 1037176004
WINCANTON PLC WIN1 S1 -290434319 1037176004
WINCANTON PLC WNCNF US -290434319 1037176004
WINCANTON PLC WIN PZ -290434319 1037176004
WINCANTON PLC WIN1EUR EU -290434319 1037176004
WINCANTON PLC WIN12 EO -290434319 1037176004
WINCANTON PLC WIN6 EO -290434319 1037176004
WINCANTON PLC WIN1 BQ -290434319 1037176004
WINCANTON PLC WIN VX -290434319 1037176004
WINCANTON PLC WIN1USD EU -290434319 1037176004
WINCANTON PLC WIN1 EO -290434319 1037176004
WINCANTON PLC WIN10 EO -290434319 1037176004
WINCANTON PLC WIN PO -290434319 1037176004
WINCANTON PLC WIN1 NQ -290434319 1037176004
WINCANTON PLC WIN5 EO -290434319 1037176004
WINCANTON PLC WIN8 EO -290434319 1037176004
WINCANTON PLC WIN9 EO -290434319 1037176004
WINCANTON PLC WIN1 EB -290434319 1037176004
WINCANTON PLC WIN7 EO -290434319 1037176004
WINDSOR TELEVISI 1475394Z LN -249144874 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.5 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.2 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.2 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.9 276648958.8
YOUNG'S BLUECRES 1841386Z LN -46554226.4 279057376.4
ZURICH EMPLOYMEN 1292298Z LN -122911832 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, Ivy B. Magdadaro, Frauline S.
Abangan and Peter A. Chapman, Editors.
Copyright 2012. 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 Peter Chapman at 240/629-3300.
* * * End of Transmission * * *