/raid1/www/Hosts/bankrupt/TCREUR_Public/120424.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, April 24, 2012, Vol. 13, No. 81
Headlines
D E N M A R K
SPAREKASSEN OESTJYLLAND: Sparekassen Kronjylland to Take Over
F R A N C E
CMA CGM: France's Sovereign Investment Fund May Take Stake
G E R M A N Y
DEUTSCHE PFANDBRIEFBANK: Moody's Issues Summary Credit Opinion
G R E E C E
* GREECE: ABN Amro Won't Take Part in Debt Restructuring
I R E L A N D
DEPFA BANK: Moody's Issues Summary Credit Opinion
EIRCOM GROUP: Posts EUR.49BB Pre-Tax Loss in Year Ended June 2011
MR BINMAN: Dillon Waste Buys Firm Out of Receivership
* IRELAND: Restructuring Process Suggested for Credit Unions
I T A L Y
DEXIA CREDIOP: Moody's Cuts Sr. Debt & Deposit Ratings to 'B2'
L U X E M B O U R G
BERNARD L. MADOFF: Trustee Files US Suit to Halt Luxembourg Case
N E T H E R L A N D S
AEG POWER: S&P Affirms 'B-' Corp. Credit Rating; Outlook Stable
LEVERAGED FINANCE II: S&P Raises Rating on Class IV Notes to 'B-'
P O L A N D
HYDROBUDOWA POLSKA: Poznan Court Rejects Bankruptcy Motion
R U S S I A
AVIANOVA: Declared Bankrupt by Moscow Arbitration Tribunal
CARGO JFC: Sberbank Registers US$47.4 Million in Debt
RUSSIAN NIZHNIY: Fitch Raises Long-Term Currency Ratings to 'BB-'
S P A I N
* SPAIN: Banks May Need More Cushion Against Property Risk
T U R K E Y
TURK EKONOMI: Fitch Affirms Viability Rating at 'bb+'
U K R A I N E
BAZIS BANK: Goes Into Administration for Six Months
U N I T E D K I N G D O M
AQUASCUTUM: Cooper & Stollbrand May Bid for Firm
BARION FUNDING: S&P Lowers Ratings on 2 Debt Tranches to 'B+'
DUNFERMLINE PRESS: Bought Out of Receivership by Management
GEMGARTO 2012-1: S&P Assigns 'BB' Rating to Class B2 Notes
INEOS GROUP: Moody's Rates New Senior Secured Notes '(P)B1'
KILLBY & GAYFORD: In Administration, Gets Late Payment Complains
NEWGATE FUNDING: S&P Lowers Rating on Class Db Notes to 'B-'
X X X X X X X X
* S&P Global Default Tally at 28 as of April 19
* Large Companies with Insolvent Balance Sheets
*********
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D E N M A R K
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SPAREKASSEN OESTJYLLAND: Sparekassen Kronjylland to Take Over
-------------------------------------------------------------
Gelu Sulugiuc at Bloomberg News reports that Denmark's regional
banking crisis claimed another two lenders over the weekend,
adding to three failures last year, as local lenders stepped in
to buy up their insolvent peers.
According to Bloomberg, the government said on Sunday that
Sparekassen Kronjylland A/S will take over the healthy parts of
Sparekassen Oestjylland A/S. The merger will come under
Denmark's consolidation package, protecting creditors from
losses, Bloomberg says.
The Business and Growth Ministry said late on Sunday that
separately, Den Jyske Sparekasse will take over all of Spar
Salling Sparekasse, Bloomberg recounts. It said that while
depositors will be protected, subordinate guarantee capital and
the state's hybrid holdings will suffer losses, Bloomberg notes.
The Financial Stability Co. said on Sunday that Sparekassen
Kronjylland, based in the Danish city of Randers, will take over
deposits worth DKK3.9 billion (US$690 million) and loans worth
DKK3.4 billion, Bloomberg relates.
Denmark's state resolution agency, the Financial Stability Co.,
will absorb the unhealthy remnants of Sparekassen Oestjylland's
business, Bloomberg states.
Hammel, Denmark-based Sparekassen Oestjylland had state-backed
loans and guarantees of more than DKK1 billion, Bloomberg says,
citing Financial Stability Co.
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F R A N C E
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CMA CGM: France's Sovereign Investment Fund May Take Stake
----------------------------------------------------------
Mark Deen at Bloomberg News, citing Le Journal du Dimanche,
reports that France's sovereign investment fund, known as FSI,
may take a stake in CMA CGM SA.
According to Bloomberg, the newspaper said that CMA CGM is
seeking EUR150 million (US$198 million) in capital after
incurring a EUR23 million loss last year.
Bloomberg notes that the report said CMA CGM has about EUR4
billion in debt and EUR11 billion in annual sales.
As reported by the Troubled Company Reporter-Europe on March 9,
2012, The Financial Times related that CMA CGM planned asset
sales to raise cash and asked its banks to reschedule debt
payments for this year and next. Rodolphe Saade, the Marseilles-
based company's executive director, told the FT that the company
had outlined the request for a debt restructuring to its bankers
at a meeting on March 6 where it had given details of its 2011
performance.
France-based CMA CGM -- http://www.cma-cgm.com/-- ships freight
PDQ. The marine transportation company is one of the world's
leading container carriers. Through subsidiaries it operates a
fleet of about 370 vessels that serve more than 400 ports around
the globe, and it maintains a network of about 650 facilities in
about 150 countries. In addition to hauling containers by sea,
CMA CGM provides logistics services, arranging the transportation
of containerized freight by river, road, and rail. The company's
tourism division arranges cruises and other travel services.
Jacques Saade founded the company in 1978.
* * *
As reported by the Troubled Company Reporter-Europe on March 15,
2012, Moody's Investors Service downgraded CMA CGM's corporate
family rating (CFR) to B3 from B2, and the probability of default
rating (PDR) to Caa1 from B2. Concurrently, Moody's downgraded to
Caa2 from Caa1 CMA CGM S.A.'s EUR325 million and US$475 million
worth of senior unsecured notes maturing in 2019 and 2017,
respectively. All the company's ratings remain on review for
further downgrade.
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G E R M A N Y
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DEUTSCHE PFANDBRIEFBANK: Moody's Issues Summary Credit Opinion
--------------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Deutsche Pfandbriefbank AG and includes certain regulatory
disclosures regarding its ratings. The release does not
constitute any change in Moody's ratings or rating rationale for
Deutsche Pfandbriefbank AG.
Moody's current ratings on Deutsche Pfandbriefbank AG and its
affiliates are:
Senior Unsecured (domestic and foreign currency) ratings of A3
Senior Unsecured MTN Program (domestic currency) ratings of (P)A3
Long Term Bank Deposits (domestic and foreign currency) ratings
of A3
Bank Financial Strength ratings of E+
Subordinate (domestic currency) ratings of B2
Subordinate MTN Program(domestic currency) ratings of (P)B2
Commercial Paper (domestic currency) ratings of P-1
Short Term Bank Deposits (domestic and foreign currency) ratings
of P-1
Short Term Deposit Note/CD Program (domestic currency) ratings of
P-1
Other Short Term (domestic currency) ratings of (P)P-1
DEPFA Deutsche Pfandbriefbank AG -- merged into Hypo Real Estate
Bank AG in 2009 which was renamed to Deutsche Pfandbriefbank AG
in 2009
Senior Unsecured MTN Program (domestic currency) ratings of (P)A3
Subordinate MTN Program (domestic currency) ratings of (P)B2
BACKED Senior Unsecured (domestic and foreign currency) ratings
of A3
BACKED Senior Unsecured MTN Program (domestic currency) ratings
of (P)A3
BACKED Subordinate MTN Program (domestic currency) ratings of
(P)B2
DEPFA Finance N.V.
BACKED Senior Unsecured MTN Program (domestic currency) ratings
of (P)A3
Westfaelische Hypothekenbank AG -- merged into Hypo Real Estate
Bank AG in 2003 which was renamed to Deutsche Pfandbriefbank AG
in 2009
Senior Unsecured MTN Program (domestic currency) ratings of (P)A3
Subordinate (domestic currency) ratings of B2
Subordinate MTN Program (domestic currency) ratings of (P)B2
BACKED Senior Unsecured (domestic currency) ratings of A3
BACKED Subordinate (domestic currency) ratings of B2
Hypo Real Estate Bank International AG -- merged into Hypo Real
Estate Bank AG in 2008 which was renamed to Deutsche
Pfandbriefbank AG in 2009
Senior Unsecured MTN Program (domestic and foreign currency)
ratings of (P)A3
Subordinate MTN Program (domestic currency) ratings of (P)B2
BACKED Senior Unsecured (domestic currency) ratings of A3
BACKED Subordinate (domestic currency) ratings of B2
Rating Rationale
The low E+ BFSR assigned to pbb Deutsche Pfandbrief AG (pbb),
which maps to a baseline credit assessment (BCA) of b1, reflects
its intrinsic financial weaknesses in the absence of government
support. According to Moody's, pbb is likely to face challenges
in restoring its profitability and repairing its funding
franchise, especially in terms of access to the unsecured debt
markets. In contrast, the positive outlook on the BFSR reflects
Moody's recognition of the value of pbb's established commercial
real-estate finance business, the recovery of which should enable
pbb to deliver on its business plan.
The A3 senior unsecured debt and deposit ratings of pbb reflect
Moody's continued expectation of a very high probability of
systemic support. Moody's fully recognizes the strong systemic
support that has been evolving since the group first experienced
distress and needed financial assistance in late September 2008
and the role it has played in restoring pbb's capital and
liquidity position. The uplift that Moody's factors into the A3
debt and deposit ratings under Moody's joint default analysis
(JDA) methodology is seven notches above pbb's B1 standalone
credit strength. The subordinated debt rating of pbb is B2 and
the short-term rating is Prime-1. The outlook on all these
ratings is stable.
Rating Outlook
As Moody's considers that the A3 rating level for senior
unsecured debt and deposits accurately reflects the German
government's support towards pbb, the outlook is stable on the A3
senior unsecured debt and deposit ratings. The outlook on the
BFSR is positive, reflecting Moody's recognition of the value of
pbb's established commercial real-estate finance business. If
this business line continues to recover, it would enable pbb to
deliver on its business plan.
What Could Change the Rating - Up
Upward pressure on the E+ BFSR could materialize in the event of
(i) a recovery of pbb's business franchise as a specialized
lender for commercial real-estate and public investment finance;
(ii) evidence of sustainable profits; and (iii) the group's
ability to re-establish an independent funding franchise.
Upward pressure on the group's senior debt and deposit ratings is
unlikely, given that any upward migration of the BFSR is likely
to be gradual and would therefore narrow the currently
extraordinary level of support uplift incorporated into the
ratings.
What Could Change the Rating - Down
Downward pressure on the E+ BFSR could be triggered by (i) a
failure to restore pbb's business franchise; (ii) renewed
setbacks due to higher-than-anticipated credit losses in pbb's
core business areas; and (iii) difficulties in tapping the
unsecured debt markets.
Downward pressure on the A3 ratings could result from (i) a
further downgrade of the E+ BFSR; (ii) substantial support
becoming less than Moody's currently expects, or any sooner-than-
warranted exit strategy of the German government; and/or (iii) a
gradual decrease of pbb's systemic importance.
The methodologies used in these ratings were: "Bank Financial
Strength Ratings: Global Methodology" published in February 2007,
and "Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology" published in March 2012.
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G R E E C E
===========
* GREECE: ABN Amro Won't Take Part in Debt Restructuring
--------------------------------------------------------
Maarten van Tartwijk and Archie van Riemsdijk at Dow Jones
Newswires report that the Netherlands' ABN Amro Bank NV said on
April 18 it won't participate in Greece's debt restructuring,
making it one of the few major creditors to back out of the deal.
According to Dow Jones, a spokesman said that ABN Amro won't
participate because it is still unclear why it was put on a list
of banks that had to take part in the debt restructuring. The
deadline to participate in the deal was April 18, Dow Jones
notes.
The bank, which holds EUR1.3 billion of corporate bonds that are
backed by the Greek government, has argued that the list was
inconsistent because peers that hold similar debt weren't put on
the list, Dow Jones relates.
Last year, ABN Amro, which was nationalized by the Dutch state
during the financial crisis in 2008, wrote down EUR880 million on
its Greek bonds, comprising loans to public transport and utility
companies, Dow Jones recounts.
The overall participation rate in Greece's debt restructuring was
put around 97%, which cleared the way for a new EUR130 billion
bailout package for the country, Dow Jones discloses. The deal
called for bondholders to give up 53.5% of the principal by
swapping old Greek bonds with new ones valued at less than half
of their value, carrying lower interest rates and longer
maturities, Dow Jones says.
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I R E L A N D
=============
DEPFA BANK: Moody's Issues Summary Credit Opinion
-------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
DEPFA Bank plc and includes certain regulatory disclosures
regarding its ratings. The release does not constitute any change
in Moody's ratings or rating rationale for DEPFA Bank plc and its
affiliates.
Moody's current ratings on DEPFA Bank plc and its affiliates are:
Senior Unsecured (domestic and foreign currency) ratings of Baa3
Senior Unsecured MTN Program (domestic currency) ratings of
(P)Baa3
Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa3
Bank Financial Strength ratings of E+
Subordinate (domestic currency) ratings of B3
Subordinate MTN Program (domestic currency) ratings of (P)B3
Short Term Bank Deposits (domestic and foreign currency) ratings
of P-3
Hypo Public Finance Bank
Senior Unsecured (domestic and foreign currency) ratings of Baa3
Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa3
Short Term Bank Deposits (domestic and foreign currency) ratings
of P-3
BACKED Senior Unsecured (foreign currency) ratings of Baa3
BACKED Long Term Bank Deposits (foreign currency) ratings of Baa3
BACKED Long Term Issuer rating of Baa3
DEPFA ACS Bank
Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa3
Bank Financial Strength ratings of E+
Short Term Bank Deposits (domestic and foreign currency) ratings
of P-3
DEPFA Bank Plc New York Branch
Long Term Bank Deposits (domestic and foreign currency) ratings
of Baa3
Long Term Deposit Note/CD Program (domestic currency) ratings of
Baa3
Short Term Bank Deposits (domestic and foreign currency) ratings
of P-3
DEPFA Funding II LP
BACKED Junior Subordinate (foreign currency) ratings of Ca, (hyb)
DEPFA Funding III LP
BACKED Preferred Stock Non-cumulative (foreign currency) ratings
of Ca, (hyb)
DEPFA FUNDING IV LP
BACKED Preferred Stock Non-cumulative (foreign currency) ratings
of Ca, (hyb)
RATINGS RATIONALE
The standalone bank financial strength rating (BFSR) of E+
assigned to both Depfa Bank Plc and Depfa ACS, mapping to a
baseline credit assessment (BCA) of b2, reflects the intrinsic
financial weaknesses of the banks without government support.
The ratings of these two banks are constrained by their impaired
funding franchise and uncertain future as going concerns and take
into account their largely matched funding profiles as well as
adequate capitalization. Neither of the banks are allowed to
pursue new business following the ruling of the EU Commission,
but Depfa Bank Plc remains the servicer of transferred assets on
behalf of FMS Wertmanagement (FMSW, Aaa/P-1, stable outlook),
while at the same time managing a smooth run-off of the remaining
asset base. Depfa ACS will maintain and manage the ACS cover pool
along with all existing covered bonds. As Depfa Bank Plc and its
subsidiary Depfa ACS will remain closely interconnected, their
BFSRs are aligned.
The Baa3 senior unsecured debt and long-term deposit ratings of
Depfa Bank Plc - as well as the Baa3 long-term ratings of Depfa
ACS Bank - reflect Moody's expectation of a very high probability
of systemic support. Moody's fully recognizes the strong systemic
support that has been evolving since the group first experienced
distress and needed financial assistance in late September 2008.
The uplift, which had been factored into the Baa3 debt and
deposit ratings under Moody's joint default analysis (JDA)
methodology, is five notches from the banks' BCA of b2.
In Moody's opinion, Depfa Bank Plc and Depfa ACS are adequately
positioned at the lower end of the investment-grade range. The
stable outlook reflects Moody's view that the banks will be
adequately equipped with capital and liquidity to sustain a
smooth run-down of their business.
Rating Outlook
The outlook on all ratings is stable. Moody's is of the opinion
that the Baa3 rating level for senior unsecured debt and long-
term deposits accurately reflects the German government's support
for Depfa Bank Plc and Depfa ACS Bank.
What Could Change the Rating - Up
For Depfa Bank Plc and Depfa ACS Bank, the restoration of the
franchises and the achievement of meaningful profitability on a
standalone basis is considered highly unlikely, offering limited
scope for upward rating pressure on the E+ BFSR. As a result,
there is no upward pressure on the long-term ratings.
What Could Change the Rating - Down
Downward pressure could be exerted on the banks' E+ BFSRs as a
result of any further underperformance and eroding capital,
albeit neither is currently expected. However, a degree of rating
transition risk remains for the Baa3 long-term ratings. Moody's
is not ruling out the possibility that an investor for the
remaining business could be found at a later stage. Depending on
the new owner's financial condition and commitment, Moody's notes
that such a development could result in rating changes in either
direction. A downgrade of senior unsecured and the long-term
deposit ratings of Depfa Bank Plc -- as well as the ratings of
Depfa ACS Bank -- could result from (i) a BFSR downgrade or (ii)
less support than currently expected by the German government.
Principal Methodologies
The methodologies used in these ratings were "Bank Financial
Strength Ratings: Global Methodology" published in February 2007,
and "Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology" published in March 2012.
EIRCOM GROUP: Posts EUR.49BB Pre-Tax Loss in Year Ended June 2011
-----------------------------------------------------------------
Ciara Hancock and Mary Carolan at The Irish Times reports that
Eircom Group made a pretax loss of EUR1.49 billion in the year to
the end of June 2011, while its revenue declined by 8% to
EUR1.68 billion.
The figures were revealed in a report to the High Court by
interim examiner Michael McAteer of Grant Thornton, who on
April 18 had his appointment confirmed by Mr. Justice Peter
Kelly, the Irish Times relates.
The company has yet to produce its statutory accounts for the
year to the end of June 2011 and this is the first time these
figures, which are unaudited, have been aired in public, the
Irish Times notes.
The sizeable fluctuation in profitability is attributed to non-
cash charges arising from goodwill impairments relating to the
previous acquisitions of the fixed and mobile business, the Irish
Times states.
The examiner's report shows that Eircom's revenue declined from
EUR1.82 billion in 2010, the Irish Times discloses. Its earnings
before interest, tax, depreciation and amortization were
unchanged last year at EUR649 million, the Irish Times says.
However, it moved from an operating profit in fiscal 2010 of
EUR292 million to a loss of EUR1.2 billion last year, the Irish
Times notes.
An after-tax profit of EUR47 million in 2010 became a loss of
EUR1.49 billion last year, the Irish Times says.
The report states Eircom's total borrowings were EUR4.116
billion, the Irish Times discloses.
The group breached its covenants with senior lenders on June 30
last year and its loans were called in on March 28, 2012, with
the company seeking the protection of the court via examinership,
the Irish Times recounts.
Meanwhile, Donal O'Donovan at Independent.ie reports that the
Commercial Court in Dublin was told on April 18 Mr. McAteer
rejected attempts from investors to cherry-pick the best parts of
the business after it filed for insolvency last month. The court
heard that Mr. McAteer rejected the offers because he believed a
break-up of Eircom would damage its long-term survival prospects,
Independent.ie discloses. Despite the scale of borrowings, the
examinership process looks set to complete in record time,
Independent.ie says. Mr. Justice Peter Kelly said on April 18
that a second hearing on May 18 could clear the way for final
confirmation of a plan to emerge from bankruptcy as early as
May 24, Independent.ie relates. A rapid examinership process is
likely because Eircom and its top lenders have already agreed a
scheme to write off EUR1.8 billion of debt and to hand ownership
of the business to the secured lenders, Independent.ie says.
Headquartered in Dublin, Ireland, Eircom Group --
http://www.eircom.ie/-- is an Irish telecommunications company,
and former state-owned incumbent. It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.
MR BINMAN: Dillon Waste Buys Firm Out of Receivership
-----------------------------------------------------
Limerick Leader reports that receivers of Mr Binman confirmed
that Dillon Waste and Recycling has acquired the firm out of
receivership.
The acquisition relates to Mr Binman only which has customers in
Limerick, Kerry, Clare, Cork and Galway and that it does not
relate to Clearpoint and O'Mearas (Mr Binman Clonmel), which
continue to trade as normal in receivership, Kieran Wallace and
Padraic Monaghan of KPMG said in a joint statement, according to
Limerick Leader.
Limerick Leader relates that the statement said: "The acquired
entity will continue to trade under the successful brand, Mr
Binman. Brian Dillon will take up the role as Managing Director
of the company." "The acquired entity will continue to trade
under the successful brand, Mr Binman. Brian Dillon will take up
the role as Managing Director of the company," the statement
added, the report notes.
Mr Binman, whose headquarters are at Luddenmore, Grange, was
placed in receivership last October.
* IRELAND: Restructuring Process Suggested for Credit Unions
------------------------------------------------------------
According to the Irish Times' Colm Keena, the Commission on
Credit Unions recommended in a report published on April 18 that
the credit union movement should be subjected to a four year
restructuring process.
The Irish Times relates that Commission chairman Prof Donal
McKillop told a press conference a new Restructuring Board should
be established to facilitate the process but it would not be the
board's function to "shepherd" individual credit unions that were
small or in difficulty, into "an arranged marriage" with other
credit unions.
According to the Irish Times, Mr. McKillop said that an
operational team working on the ground would act as a catalyst
for the restructuring of the credit union movement.
This team would identify strong credit unions that could act as
anchors to which other credit unions could become amalgamated,
and offer advice and funding on such matters as upgrading
processes and systems, the Irish Times discloses. He said that
the decision to engage in the process would be up to each credit
union, the Irish Times states.
Legislation incorporating the main recommendations of the
commission is to be published in late June, as agreed with the
EU-ECB-IMF troika, the Irish Times notes.
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I T A L Y
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DEXIA CREDIOP: Moody's Cuts Sr. Debt & Deposit Ratings to 'B2'
--------------------------------------------------------------
Moody's Investors Service has downgraded Dexia Crediop S.p.A.'s
long-term senior debt and deposit ratings by two notches to B2
from Ba3. The downgrade to B2 directly follows Moody's concurrent
downgrade of Dexia Crediop's standalone bank financial strength
rating (BFSR) to E (mapping to caa1 on the long-term scale) from
E+/b2. Both rating actions follow Moody's downgrade of Dexia
Credit Local (DCL) to Baa2/E, as the controlling owner of Dexia
Crediop.
Furthermore, the rating for the senior subordinated MTN program
was downgraded to (P)B3 from (P)B1 and Crediop Overseas Bank
Limited's backed senior unsecured debt was downgraded to B2 from
Ba3. The outlook is stable on all of Dexia Crediop's ratings.
The rating actions conclude the review for downgrade of Dexia
Crediop's BFSR and long and short-term senior and subordinated
ratings -- and its fully backed subsidiary Crediop Overseas Bank
Limited -- initiated on November 10, 2011.
RATINGS RATIONALE
-- DOWNGRADE OF DEXIA CREDIOP'S BFSR
The downgrade of Dexia Crediop's standalone BFSR mainly reflects
(i) the significant challenges to the viability of Dexia
Crediop's business model as a public-sector lender and potential
limited ability to pursue business opportunities in light of
funding constraints; (ii) the funding challenges for Dexia
Crediop in the Italian market, which results in a significant
dependence of the entity on group funding provided by DCL as well
as central bank funding; and (iii) the concentration risks in its
loan and securities portfolio to the Italian public sector,
combined with a very high leverage of total assets-to-equity. The
ongoing restructuring of DCL whose current and future viability
as a run-off structure strongly relies on external support is
likely to continue to severely constrain the ability of Dexia
Crediop to leverage its business franchise in the Italian market.
-- DOWNGRADE OF DEXIA CREDIOP'S SENIOR DEBT AND DEPOSIT RATINGS
The downgrade of the long-term deposit and debt ratings was
primarily driven by the downgrade of Dexia Crediop's standalone
BFSR. The B2 ratings continue to incorporate Moody's assessment
of a moderate probability of parental support in case of need,
which results in a two-notch uplift from Dexia Crediop's caa1
standalone credit strength.
Moody's says that likelihood of parental support for Dexia
Crediop stems from its strong interlinks with its parent, DCL,
through its operational and funding support. The parent's
capacity to continue providing support to its subsidiary on a
standalone basis is limited, as DCL's standalone rating is at the
same level of its subsidiary. However, Moody's believes that
systemic support incorporated into the parent's Baa2 debt and
deposit ratings should also be factored in the ratings of the
group's foreign subsidiaries, including Dexia Crediop, as long as
DCL is allowed to downstream some of that government support to
other group entities such as Dexia Crediop.
-- DOWNGRADE OF DEXIA CREDIOP'S SUBORDINATED MTN
The ratings for Dexia Crediop's plain vanilla subordinated MTN
debt is equal to the bank's standalone credit strength, adjusted
for parental support, minus one notch, and therefore it was
downgraded to (P)B3 from (P)B1 previously. Subsequently, Moody's
has withdrawn this rating for its own business reasons.
WHAT WOULD MOVE THE RATINGS UP/DOWN
An upgrade of Dexia Crediop's standalone rating is currently
unlikely given the ongoing significant pressures. An improvement
of the bank's standalone BFSR could be driven by (i) a
sustainable improvement of the bank's liquidity imbalances; (ii)
a return to normalized access to wholesale funding and broader
diversification of its funding sources; and (iii) a significant
reduction in its borrower credit-risk concentrations.
Downward pressure would be exerted on Dexia Crediop's caa1
standalone credit strength because of (i) further deterioration
of its liquidity position; (ii) greater-than-expected
deterioration in asset quality, especially impairments on one of
its large exposures; or (iii) greater or faster deterioration of
its franchise, particularly in light of the actual group's
restructuring process.
The bank's debt and deposit ratings are linked to the standalone
credit strength of caa1; any lower standalone rating within the
caa category would likely affect these ratings. Additionally,
signs of a lower probability of support from its parent bank
could also lead to a downgrade of Dexia Crediop's deposit and
debt ratings.
Principal Methodologies
The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.
===================
L U X E M B O U R G
===================
BERNARD L. MADOFF: Trustee Files US Suit to Halt Luxembourg Case
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the trustee for Bernard L. Madoff Investment
Securities Inc. filed a lawsuit April 19 in a New York bankruptcy
court to prevent an investor in a Madoff feeder fund from suing
him in a court in Luxembourg.
According to the report, the dispute involves the liquidators for
Access Management Luxembourg SA, who were sued in the District
Court of Luxembourg by the liquidators of Luxalpha SICA V. The
Luxalpha liquidators contend their investors weren't aware that
investments with Access were turned over to Madoff. The Access
liquidators filed what's known as a third-party complaint against
Madoff to recover what could be billions in damages owing to
Luxalpha, according to papers filed in bankruptcy court by Irving
Picard, the Madoff trustee.
The report relates Mr. Picard wants the bankruptcy judge in New
York to enjoin the Access liquidators by compelling them to stop
the suit in Luxembourg against the Madoff firm. Mr. Picard says
the so-called automatic stay in U.S. bankruptcy law extends to
actions taken anywhere in the world.
Mr. Rochelle recounts that Mr. Picard sued Access in November
2010 along with other defendants. The suit was removed to the
district court, with some claims dismissed against some of the
defendants.
The new lawsuit is Picard v. Access Management Luxembourg SA (In
re Bernard L. Madoff Investment Securities LLC), 12-01563, U.S.
Bankruptcy Court, Southern District of New York (Manhattan).
About Bernard L. Madoff
Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion. On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of
New York granted the application of the Securities Investor
Protection Corporation for a decree adjudicating that the
customers of BLMIS are in need of the protection afforded by the
Securities Investor Protection Act of 1970. The District Court's
Protective Order (i) appointed Irving H. Picard, Esq., as trustee
for the liquidation of BLMIS, (ii) appointed Baker & Hostetler
LLP as his counsel, and (iii) removed the SIPA Liquidation
proceeding to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No.
08-01789) (Lifland, J.). Mr. Picard has retained AlixPartners
LLP as claims agent.
On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893). The case is before Hon. Burton Lifland. The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
US$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.
On April 14, 2009, Grant Thornton UK LLP as receiver placed
Madoff Securities International Limited in London under
bankruptcy protection pursuant to Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. 09-16751).
The Chapter 15 case was later transferred to Manhattan. In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.
Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.)
As of Feb. 17, 2012 and in the 38 months since his appointment,
the SIPA Trustee has recovered or entered into agreements to
recover more than $9 billion, representing roughly 52% of the
roughly US$17.3 billion in principal estimated to have been lost
in the Ponzi scheme by BLMIS customers who filed claims. The
recoveries exceed prior restitution efforts related to Ponzi
schemes both in terms of dollar value and percentage of stolen
funds recovered. Pro rata distributions from the Customer Fund
to BLMIS customers whose claims have been allowed by the SIPA
Trustee totaled US$325.7 million.
Mr. Picard has filed 1,000 lawsuits seeking US$100 billion from
banks such as HSBC Holdings Plc and JPMorgan Chase & Co. The
trustee has seen more than US$28 billion of his claims tossed by
district judges.
=====================
N E T H E R L A N D S
=====================
AEG POWER: S&P Affirms 'B-' Corp. Credit Rating; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Netherlands-based AEG Power Solutions B.V. to stable from
developing. "At the same time, we affirmed our 'B-' long-term
corporate credit rating on AEG Power Solutions," S&P said.
"The outlook revision follows the termination by 3W Power S.A.'s
board of the transaction agreement related to the public takeover
bid by Luxembourg-registered Andrem Power S.C.A., the acquisition
vehicle of private equity investor Nordic Capital Fund VII. 3W
Power is the ultimate parent of AEG Power Solutions. The
termination followed the decision by the German Federal
Supervisory Authority (BaFin) to prohibit the public tender offer
by Andrem, dated April 5, 2012," S&P said.
"BaFin stated in its order that it found that Andrem's offer
document was not in compliance with certain provisions of German
law. One of the issues specified by BaFin related to the impact
of AEG Power Solutions' significant downward revision of its
forecasts for 2012 on the structuring of the material adverse
change (MAC) provision of the takeover offer," S&P said.
"3W Power issued the trading update on March 13, 2012, stating
the guidance for 2012 revenues in the range of EUR430 million to
EUR460 million with an EBITDA margin in the range of 9%-11%. We
estimate that this guidance results in revenues of up to EUR70
million lower than those targeted by the Agenda 2012 strategic
project, alongside reduced profitability," S&P said.
"On the basis of the revised forecasts, we assess that AEG Power
Solutions' credit metrics under our base-case credit scenario in
the next 12 months will be lower than we had previously
anticipated, but will remain commensurate with the rating. Under
our base-case scenario, we believe that regulatory pressures
relating to renewable energy in developed markets such as
Germany, combined with pricing pressure in emerging markets such
as India, are restricting the opportunity for AEG Power Solutions
to improve its profitability and cash generation in the near
term," S&P said.
"The stable outlook reflects our view that AEG Power Solutions'
credit ratios will remain within the range commensurate with the
'B-' rating, despite weakening due to renewable energy-related
regulations and pricing pressure in AEG Power Solutions' main
markets in the next 12 months," S&P said.
"We could consider raising the rating if AEG Power Solutions'
business position strengthened over the medium term. Such
strengthening would be evident from a material increase in the
company's contract base, stable revenues, and higher operating
profitability. An upgrade would likely depend on FFO to debt
being comfortably in the teens and sustained positive FOCF," S&P
said.
"Alternatively, we could lower the rating if economic conditions
weaken and/or if debt-financed activities adversely affect
earnings, liquidity and, subsequently, credit measures, resulting
in significantly negative FOCF and FFO to debt of materially less
than 10% for a prolonged time," S&P said.
LEVERAGED FINANCE II: S&P Raises Rating on Class IV Notes to 'B-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
all classes of notes in Leveraged Finance Europe Capital II B.V.
"The rating actions follow our credit and cash flow analysis of
the transaction using data from the latest available trustee
report, dated Feb. 24, 2012. We have taken into account recent
developments in the transaction and reviewed the transaction
under our applicable corporate collateralized debt obligation
(CDO) and counterparty criteria," S&P said.
"The trustee report shows that the class III and IV par value
tests are currently not passing. It also shows, however, that the
reported weighted-average spread earned on the collateral pool
has increased to 3.4% from 3.1% since our last transaction
update, and that the aggregate collateral balance increased to
EUR176 million from EUR166 million. This, together with the
partial redemption of the class I-A and I-B notes, has resulted
in higher credit enhancement available to all classes of notes,"
S&P said.
"In our analysis, we note that the portfolio's weighted-average
maturity has reduced by approximately 0.2 years. This has
resulted in a reduction in scenario default rates across all
rating levels calculated by our CDO Evaluator model, compared
with our previous transaction review," S&P said.
"However, at the same time, our analysis shows that the
percentage of assets that we consider as defaulted (i.e., debt
obligations of obligors rated 'CC', 'SD' [selective default], or
'D') has increased since our previous review. Defaulted assets
currently amount to EUR4.5 million (or 2.5% of the total
portfolio amount). This compares with EUR3.0 million of defaulted
assets when we last took rating action. In line with our
corporate CDO criteria, we have included these assets in our cash
flow analysis at the lower of their reported market value and our
recovery assumptions," S&P said.
"We have subjected the transaction's capital structure to a cash
flow analysis to determine the break-even default rate for each
rated class at each rating level. In our analysis, we used the
EUR171.3 million portfolio balance that we consider to be
performing (i.e., of assets rated 'CCC-' or above), the reported
weighted-average spread of 3.4%, and the weighted-average
recovery rates that we considered to be appropriate. We
incorporated various cash flow stress scenarios using our
standard default patterns, levels, and timings for each rating
category assumed for each class of notes, in conjunction with
different interest rate scenarios," S&P said.
"Based on the analysis, we now consider that the credit
enhancement available to all classes of notes is commensurate
with higher ratings than previously assigned, and we have raised
our ratings accordingly," S&P said.
"Approximately 3.6% of the assets in the transaction's portfolio
are non-euro-denominated. To mitigate the risk of foreign-
exchange-related losses, the issuer has entered into swap
agreements for 2.9% of the assets, and the remaining portion of
non-euro assets is currently unhedged," S&P said.
"Under our 2010 counterparty criteria, our analysis of the
swap counterparties and the associated documentation indicates
that they cannot support a rating higher than 'AA- (sf)'. To
assess the potential impact on our ratings, we have assumed that
the transaction does not benefit from the swaps and that all the
non-euro assets are exposed to foreign-exchange-related losses,"
S&P said.
"We concluded that, in this scenario, the class I-A and class I-B
notes would still be able to achieve ratings higher than those
currently assigned. Thus, we have raised our ratings on these
classes of notes. Under our 2010 counterparty criteria, the
ratings on the other classes of notes are supported by the
ratings on the swap counterparties, and except for the stress
applied to the unhedged assets, we have not applied any further
foreign-exchange-related losses to these notes," S&P said.
Leveraged Finance Europe Capital II is a cash flow collateralized
loan obligation (CLO) transaction that securitizes loans to
speculative-grade corporate firms. The transaction closed in
September 2003 and is managed by BNP Paribas.
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 Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com/1111528.pdf
RATING LIST
Class Rating Rating
To From
Leveraged Finance Europe Capital II B.V.
EUR187.2 Million Fixed- and Floating-Rate Secured Notes
Ratings Raised
I-A AA+ (sf) AA (sf)
I-B AA+ (sf) AA (sf)
II BBB+ (sf) BB+ (sf)
III B+ (sf) CCC+ (sf)
IV B- (sf) CCC- (sf)
===========
P O L A N D
===========
HYDROBUDOWA POLSKA: Poznan Court Rejects Bankruptcy Motion
----------------------------------------------------------
According to Bloomberg News' Piotr Bujnicki, Judge Joanna
Ciesielska-Borowiec said by phone on Monday that a court in
Poznan, western Poland, rejected a motion to declare Hydrobudowa
Polska SA bankrupt because the creditor who filed it didn't pay
full court fees.
Judge Ciesielska-Borowiec declined to name the creditor,
Bloomberg notes.
Hydrobudowa is a unit of Polish building group PBG SA.
===========
R U S S I A
===========
AVIANOVA: Declared Bankrupt by Moscow Arbitration Tribunal
----------------------------------------------------------
RIA Novosti, citing RAPSI news agency, reports that a Moscow
Arbitration Tribunal declared Avianova airline bankrupt and
launched six-month bankruptcy proceedings to settle creditors'
claims.
According to RIA Novosti, a representative of the indebted
airline earlier told the court that Avianova had total debts of
RUR586 million (US$20 million), assets of RUR701,000 on its
accounts, equipment worth RUR3.35 million and receivables of
RUR16.1 million rubles.
Avianova flights were suspended in October 10 and Russia's
aviation watchdog annulled its flight operating certificate in
January 2012, RIA Novosti recounts.
Avianova's problems arose from a conflict between two major
shareholders, Alfa Group's Russian investment company A1 and U.S.
Indigo Partners investment fund, RIA Novosti discloses.
Avianova was a low cost airline based in Moscow, Russia
CARGO JFC: Sberbank Registers US$47.4 Million in Debt
-----------------------------------------------------
Fresh Plaza reports that the St. Petersburg and Leningrad Region
Commercial Court has registered Sberbank's lawsuit against Cargo
JFC -- part of the JFC group -- to recover US$47.4 million of
debt.
The trial date has yet to be set, Fresh Plaza notes. JFC, the
head company of the group, has been brought into the case as
third party, Fresh Plaza states. It went into administration in
March, Fresh Plaza recounts.
According to JFC, Cargo JFC, like Bonanza International, whose
bankruptcy case is scheduled for hearing next month, acted as
borrowers under a syndicated loan facility of up to US$88 million
and RUR1.5 billion (US$51 million), Fresh Plaza discloses.
The loan agreement was approved by an extraordinary meeting of
JFC shareholders on March 9, 2011, Fresh Plaza recounts. The
loan arrangers included Raiffeisenbank, Sberbank, Amsterdam Trade
Bank, UniCredit Bank and Banque Societe Generale Vostok, Fresh
Plaza says.
According to Fresh Plaza, Raiffeisenbank and Sberbank have
requested a commercial court to have their claims entered into
the JFC schedule of creditors. The court records have not yet
specified the debt amount that these creditors want to be
included in the registry, Fresh Plaza notes.
The St. Petersburg and Leningrad Regional Commercial Court will
handle on May 15 Bonanza International's, application for own
bankruptcy, Fresh Plaza discloses. Bonanza International is a
member of JFC.
The applicant has been ordered to provide its latest accounting
balance sheet and an appraisal report on its assets' value should
one be available, Fresh Plaza states.
RUSSIAN NIZHNIY: Fitch Raises Long-Term Currency Ratings to 'BB-'
-----------------------------------------------------------------
Fitch Ratings has upgraded the Russian Nizhniy Novgorod Region's
Long-term foreign and local currency ratings to 'BB-' from 'B+'
and affirmed the region's Short-term rating at 'B'. The agency
has also upgraded the region's National Long-term rating to
'A+(rus)' from 'A(rus)'. The Outlooks on the Long-term ratings
are Stable. The rating action also affects Nizhniy Novgorod's
four outstanding domestic bonds of RUB14.953 billion.
The upgrade reflects the rebound of Nizhniy Novgorod's operating
performance after a temporary sharp deterioration in 2009, as
well as Fitch's expectation of a stable and sound operating
performance of the region in 2012-2013. However, the ratings
also factor in expected direct risk increase and still high
short-term debt refinancing needs.
Fitch notes that further positive rating action would be subject
to sustained sound operating performance with margins above 10%
and stabilization of direct risk below 40% of current revenue,
coupled with a reduction in refinancing pressure due to the
lengthening of the region's debt maturity profile. Increased
refinancing risk due to increasing proportion of short-term bank
loans accompanied by weak debt coverage metrics (direct risk to
current balance) would lead to downward rating pressure.
In 2011 the region's budgetary performance continued its
recovery. Operating balance reached 13% of operating revenue
(11% in 2010) and deficit before debt variation declined to 5.6%
of total revenue compared to 9.7% a year earlier. Fitch expects
the operating performance to stabilize in 2012-2013, with an
operating margin in the range of 11%-12%. The region plans high
capital spending in 2012, which will cause the budget deficit to
increase to 9% of total revenue.
The region's debt remains moderate by international standards. At
end-2011 the region's direct risk reached RUB37 billion, up from
RUB26 billion a year earlier. In relative terms, direct risk
increased to 41% of current revenue. However, a high proportion
of short-term bank loans mean refinancing needs are high. The
region has to refinance RUB18.8 billion (or 51% of total direct
risk), including RUB12.9 billion of short-term bank loans in
2012.
Fitch expects net direct risk (direct risk net of outstanding
cash) to increase by about 20% yoy in 2012. The direct risk will
stay moderate at about 42% of current revenue. The region plans
to issue a RUB8 billion domestic bond in 2012 to cover maturing
bonds and the budget deficit. The new bond issue will have a
five-year maturity, which will lengthen the region's average debt
maturity profile.
Nizhniy Novgorod is located in the central part of the Russian
Federation. The region has a strong and diversified economy.
Its gross regional product (GRP) is among the top-15 in Russia.
=========
S P A I N
=========
* SPAIN: Banks May Need More Cushion Against Property Risk
----------------------------------------------------------
According to Reuters' Robert Hetz, a report by Spanish property
consultancy RR de Acuna said that Spanish banks may need to set
aside more money to cover exposure to a bust property market
because they still have to recognize billions of euros in loans
to non-viable companies
Spain has ordered its battered banking sector to reinforce
balance sheets as a correction in the housing market continues
and the central bank forecasts lenders will need some
EUR53.8 billion (US$70.7 billion) to cushion against bad debt,
Reuters relates.
But Thursday's report said that may not be enough, Reuters notes.
"Banks are not recognizing all of their risk. Many of their
debtors are property companies with negative equity who can't
even pay the interest on their debt," Fernando R. Rodriguez de
Acuna, chairman of the consultancy, told Reuters by telephone.
There are at least 21,000 "zombie companies" in Spain that owe
banks EUR126 billion, Mr. Rodriguez, as cited by Reuters, said,
basing his estimates on recent data from Spanish mercantile
records.
He said the banks were covered for only 67.5% of that risk,
leaving EUR40 billion of exposure if all the companies filed for
bankruptcy, Reuters relates.
Spanish banks are carrying their biggest burden of bad loans
since 1994, according to data on April 18 that fuelled doubts as
to whether the country's ailing lenders can survive without
outside help, Reuters notes.
RR de Acuna's study includes loans for property assets to
businesses that are not registered as real estate companies,
Reuters discloses.
Many Spanish banks have refinanced property sector debt in
exchange for assets, but many of the assets are now worth less
than the money owed on them, Reuters says.
===========
T U R K E Y
===========
TURK EKONOMI: Fitch Affirms Viability Rating at 'bb+'
-----------------------------------------------------
Fitch Ratings has affirmed Turkey's Finansbank A.S., Denizbank
T.A.S. and Turk Ekonomi Bankasi A.S.'s (TEB) Long-term (LT)
foreign currency Issuer Default Ratings (IDR) at 'BBB-'.
Russia's CJSC Dexia Bank's (a subsidiary of Denizbank) LT IDR has
also been affirmed at 'BBB-'. The ratings have a Stable Outlook.
The three Turkish banks are second-tier institutions, majority
owned by foreign shareholders. Finansbank and Denizbank's LT
foreign currency IDRs are underpinned by their intrinsic
financial strength, as reflected by their 'bbb-' Viability
Ratings (VRs). TEB's IDRs are driven by potential support from
its majority shareholder, BNP Paribas (BNPP; 'A+'/Stable), given
TEB's slightly lower VR ('bb+').
Finansbank and Denizbank's VRs are supported by their solid
credit metrics, reflected in adequate capital levels, sound risk
management and credit underwriting capabilities, solid
profitability, expanded franchises and stable deposit funding.
TEB's lower VR reflects its lower profitability relative to
peers, some pressure on cost efficiency ratios and a slightly
weaker franchise.
Fitch expects GDP growth in Turkey to slow considerably in 2012,
and this is likely to exert moderate negative pressure on banks'
asset quality and performance as loan books season across the
sector. Furthermore, the banks face competitive challenges in
defending and gaining market shares from the handful of larger
banks which dominate the sector.
Finansbank is a larger second-tier bank in Turkey, with a 4.4%
deposit market share (Denizbank and TEB each have 3.1% according
to unconsolidated Q311 sector figures). Finansbank and TEB are
pursuing an expansion-driven strategy, targeting, in particular,
the high margin consumer and SME segments, where credit demand
remains strong. Denizbank currently also plans to continue its
expansion in 2012, mainly in the retail segments, although growth
will be mainly aimed at protecting market share, and strategy is
likely to be reviewed after the bank's expected sale.
The three banks continued to perform soundly in 2011, although in
common with the rest of the sector, performance has been
negatively affected by margin compression, driven by historically
low interest rates and high reserve requirements. Performance
indicators at Finansbank, Denizbank and TEB vary somewhat,
reflecting differences in business mix, funding structure and
asset quality indicators. Profitability is highest at Denizbank,
where the operating ROAE reached 22% in 2011, but Finansbank
follows closely with 21%. At TEB, this indicator lagged behind,
at 12%.
Impaired loan ratios at Denizbank (2.8% at end-2011) and TEB
(2.7%) are in line with the sector average of 2.7%. The ratio is
higher at Finansbank (5.5%), reflecting its retail focus. For
each of the banks, impaired loan reserve coverage is reasonable,
averaging 78%. Capital adequacy ratios are sound, with Fitch
core capital/weighted risks ratios at end-2011 of 13%
(Finansbank), 11.4% (Denizbank) and 11.6% (TEB).
The three banks' loans/deposits ratios stood at around 120% at
end-2011, above the sector average of 101%. However, retail
deposits provide the bulk of funding for the three banks and
parent funding is minimal, as the banks have been able to access
other sources of wholesale funding.
Finansbank's LT IDRs are six notches above those of its owner,
the National Bank of Greece ('NBG', 'B-'/Stable), which holds a
95% stake. This large differential reflects Fitch's view that
there is limited contagion risk for Finansbank from NBG.
Finansbank has no material asset exposure to NBG, or to Greece
generally; its borrowings from NBG are limited to subordinated
debt issues; and NBG has not sought to withdraw capital or
liquidity from its subsidiary. Finansbank's domestic franchise
has not been materially affected by NBG's problems, deposit
growth was well above the sector average in 2011 and wholesale
funding access has been maintained.
In Fitch's view, Dexia ('A+'/Negative/VR 'f'), which holds a
99.8% stake in Denizbank, is likely to remain supportive of its
subsidiary prior to sale, notwithstanding its own weak financial
position. Denizbank's LT local currency IDR and Support Rating
continue to reflect this potential support, although the Rating
Watch Negative on these ratings reflects the potential for them
to be downgraded should the bank be sold to a more lowly-rated
owner.
TEB almost doubled in size in February 2011 when it merged with
Fortis Bank A.S., a move driven by BNPP's decision to consolidate
its banking assets in Turkey. Both BNPP and TEB's local Turkish
partner, the Colakoglu Group, are supportive of growth and would
be likely to provide further capital if required. TEB is viewed
as a strategic investment for both of its core shareholders.
BNPP and Colakoglu jointly control TEB Holding, which holds a 55%
stake in TEB, and BNPP separately holds an additional 40% stake
in the bank.
Upside potential for Finansbank and Denizbank's ratings is
limited in the near term, given that these banks' VRs are already
above those of the Turkish sovereign's LT IDRs ('BB+'/Stable),
and the banks' LT IDRs are at the Turkish Country Ceiling ('BBB-
'). The banks' VRs could be downgraded if asset quality
deteriorates markedly as loan books season and GDP growth slows,
although this is currently not Fitch's base case expectation.
TEB's LT IDRs are constrained by Turkish country risks, and could
only be upgraded if Turkey's sovereign ratings and Country
Ceiling go up. TEB's VR could be upgraded to the level of
Finansbank and Denizbank if management is able to demonstrate
that integration of the merged banks is delivering the expected
synergies and improvement in franchise, resulting in better
efficiency and greater self sufficiency in funding.
CJSC Dexia Bank's LT foreign currency IDR is aligned with that of
Denizbank given the high level of integration between the two
banks, and CJSC Dexia Bank's small size relative to its parent.
However, CJSC Dexia Bank could suffer a multi-notch downgrade,
once Denizbank's owners change, should these decide to sell the
Russian subsidiary.
The rating actions are as follows:
Finansbank:
-- Long-term foreign and local currency IDRs: affirmed at 'BBB'
with Stable Outlook
-- Short-term foreign and local currency IDRs: affirmed at 'F3'
-- Viability Rating: affirmed at 'bbb-'
-- Support Rating: affirmed at '3'
-- National Rating: affirmed at 'AAA(tur)' with Stable Outlook
-- Support Rating Floor: affirmed at 'BB-'
-- Senior unsecured long-term debt: affirmed at 'BBB-'
Denizbank:
-- Long-term foreign currency IDR: affirmed at 'BBB-' with
Stable Outlook
-- Long-term local currency IDR: 'BBB', maintained on Rating
Watch Negative
-- Short-term foreign and local currency IDRs: affirmed at 'F3'
-- Viability Rating: affirmed at 'bbb-'
-- Support Rating: '2' maintained on Rating Watch Negative
-- National Rating: affirmed at 'AAA(tur)' with Stable Outlook
Turk Ekonomi Bankasi:
-- Long-term foreign currency IDR: affirmed at 'BBB-' with
Stable Outlook
-- Long-term local currency IDR: affirmed at 'BBB' with Stable
Outlook
-- Short-term foreign and local currency IDRs: affirmed at 'F3'
-- National Long-term rating: affirmed at 'AAA(tur)' with
Stable Outlook
-- Viability Rating: affirmed at 'bb+'
-- Support Rating: affirmed at '2'
-- Subordinated loan participation notes: affirmed at 'BBB-'
CJSC Dexia Bank:
-- Long-term foreign and local currency IDR: affirmed at 'BBB-'
with Stable Outlook
-- Short-term foreign and local currency IDR: affirmed at 'F3'
-- National Long-term rating: affirmed at 'AA+(rus)' with
Stable Outlook
-- Support Rating: affirmed at '2'
=============
U K R A I N E
=============
BAZIS BANK: Goes Into Administration for Six Months
---------------------------------------------------
Ukrainian News reports that the National Bank of Ukraine has
taken the Bazis bank, a small bank based in Kharkiv, into
administration.
"The National Bank of Ukraine's resolution No. 168 of 20.04.2012
installed a temporary administration at the Bazis public joint-
stock bank," said a statement obtained by the news agency.
The National Bank of Ukraine took the bank into administration
for six months (from April 23 to October 23, 2012), according to
Ukrainian News.
The report notes that Anna Hontar, an employee of the National
Bank of Ukraine, has been appointed as the temporary
administrator of the bank. The report relays that in the absence
of Hontar, Svitlana Krasylnykova will act as the interim
administrator of the bank.
The report discloses that the National Bank of Ukraine also
imposed a moratorium on meeting claims from the Bazis bank's
creditors for 3 months (from April 23 to July 23, 2012).
As Ukrainian News earlier reported, the Bazis bank is controlled
by Arsen Avakov, who is the head of the Kharkiv regional chapter
of the Batkivschyna All-Ukrainian Association party and a former
governor of the Kharkiv region.
The Kharkiv regional prosecutor's office filed a criminal case
against Avakov on January 26 on suspicion of involvement in
illegal alienation of 55 hectares of land in 2009 by officials of
the Kharkiv regional administration and the regional division of
the State Committee on Land Resources, Ukrainian News recalls.
Ukrainian News says that the assets of the Bazis bank were valued
at UAH 123.9 million as of Jan. 1, 2012, when its loans to
clients and its clients' loan debts amounted to UAH 822.1 million
and its equity capital amounted to UAH 107.9 million.
The bank finished 2011 with a loss of UAH 55.919 million.
The Investor Fund company (Kharkiv) owns a 73.18% stake in the
Bazis bank, Ukrainian News adds.
===========================
U N I T E D K I N G D O M
===========================
AQUASCUTUM: Cooper & Stollbrand May Bid for Firm
------------------------------------------------
Men Media Business reports that James Eden, the entrepreneur who
runs clothing manufacturer Cooper & Stollbrand is showing his
faith in British-made goods by preparing a bid for Aquascutum.
Mr. Eden said he believes his track record shows he can sustain a
successful UK-based manufacturing operation, according to Men
Media Business. The report relates that Mr. Eden expects to
table an offer within days.
The report notes that Mr. Eden is reportedly facing competition
Aquascutum is a British clothing label known for its trench
coats.
* * *
As reported in the Troubled Company Reporter-Europe on April 19,
2012, Bloomberg News said that Aquascutum was placed into
administration by owner Harold Tillman a day after he
sold fashion chain Jaeger Group Ltd. According to Bloomberg, an
e-mailed statement by administrators FRP Advisory LLP said that
Aquascutum was making "significant losses."
BARION FUNDING: S&P Lowers Ratings on 2 Debt Tranches to 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
all of Barion Funding Ltd.'s super senior and junior senior
notes. "At the same time, we affirmed our credit ratings on the
fast pay and slow pay income notes," S&P said.
"The rating actions follow the application of our updated
criteria for CDOs of pooled structured finance assets, as well as
our assessment of credit deterioration in the transaction
portfolio. We have assessed the transaction's performance using
data from the latest available trustee report and our cash flow
analysis, and taking into account recent transaction
developments," S&P said.
"The Barion portfolio comprises approximately 68% structured
finance securities, of which nearly 30% of the performing balance
comprises European and U.S. residential mortgage-backed
securities (RMBS). The remaining portion of the structured
finance pool mainly comprises tranches that were initially rated
'AAA (sf)' on their respective issue dates. The remainder of the
portfolio is mainly exposed to subordinated debt issued by
financial institutions," S&P said.
"Our analysis indicates that there has been an overall
deterioration in the general credit quality of the underlying
assets in the portfolio since our previous review. For example,
approximately 26% of the assets in the portfolio were rated 'AAA'
at our previous review in September 2010, verses 10% under the
current portfolio according to our analysis. In addition, assets
rated in the 'CCC' category (i.e., 'CCC+', 'CCC', or 'CCC-') have
increased since our previous review. Currently, 16% of the
underlying assets are rated in the 'CCC' category according to
our analysis, verses 10% at our previous review. Overall, the
current weighted-average rating on the assets in the portfolio is
in the 'A' category, down from 'AA' at our previous review," S&P
said.
"We subjected the capital structure to a cash flow analysis based
on the updated methodology and assumptions as outlined by our
criteria, to determine the break-even default rate (BDR) for each
rated class of notes. At the same time, we conducted an updated
credit analysis based on our updated assumptions, to determine
the scenario default rate (SDR) at each rating level, which we
then compared against its respective BDR. In our analysis, we
used the reported portfolio balance that we considered to be
performing, the weighted-average spread, and the weighted-average
recovery rates that we considered to be appropriate. We
incorporated various cash flow stress scenarios using our
standard default patterns, levels, and timings for each rating
category assumed for all classes of notes, in conjunction with
different interest rate stress scenarios," S&P said.
"In our view, the impact of our updated assumptions for pools of
structured finance assets has also been a factor in 's rating
actions. Based on these assumptions, our analysis shows that all
tranches now face higher assumed losses and liquidity
constraints, which has led to a fall in the BDR for each tranche
in the transaction. Moreover, our updated methodology has led to
a significant increase in the probabilities of default that the
transaction can expect at each rating level, resulting in higher
SDR levels than at our previous review. For example, our analysis
indicates that the SDR at the 'AA+' rating level increases to
28.3% from 14.06% at our previous review," S&P said.
"Part of our analysis also included a 'look-through' analysis of
the underlying U.S. RMBS securities currently held in the Barion
portfolio, to assess the current and expected future losses in
the transaction. We then used this information to determine the
default and recovery assumptions in our analysis of the Barion
liabilities," S&P said.
"In our view, the credit deterioration witnessed in the
underlying portfolio, combined with our updated assumptions, has
meant that that the notes issued by Barion Funding are unable to
maintain their current rating levels. Therefore, we have lowered
our ratings on the super senior and junior senior notes to levels
that we consider commensurate with current credit enhancement
levels," S&P said.
"We have affirmed our 'CCC- (sf)' ratings on the fast pay and
slow pay income notes because our analysis indicates that these
tranches are unable to withstand our credit and cash flow
stresses at any higher than their current rating levels," S&P
said.
"None of the ratings on the notes was constrained by either the
largest obligor or industry default test--two supplemental stress
tests we introduced as part of our updated 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
Class Rating Rating
To From
Barion Funding Ltd.
RATINGS LOWERED
EUR802,950,000 Super Senior
AA+ (sf) AAA (sf)
GBP303,571,551.84 Super Senior
AA+ (sf) AAA (sf)
US$2,523,559,979.55 Super Senior
AA+ (sf) AAA (sf)
US $191.06 Million Junior Senior
Series 2010-1 Tranche 1 Tier 4
AA+ (sf) AAA (sf)
US $165 Million Junior Senior
Series 2010-2 Tranche 1 Tier 6
AA- (sf) AAA (sf)
US $165 Million Junior Senior
Series 2010-3 Tranche 1 Tier 8
A+ (sf) AA+ (sf)
US$110 Million Junior Senior
Series 2010-4 Tranche 1 Tier 10
BBB+ (sf) AA (sf)
US$110 Million Junior Senior
Series 2010-5 Tranche 1 Tier 12
BBB+ (sf) A+ (sf)
EUR15 Million Junior Senior
Senior 2010-6 Tranche 1 Tier 14
BBB (sf) A+ (sf)
US$70 Million Junior Senior
Senior 2010-7 Tranche 1 Tier 16
BB+ (sf) BBB+ (sf)
US$50 Million Junior Senior
Senior 2010-8 Tranche 1 Tier 18
BB+ (sf) BBB+ (sf)
US$50 Million Junior Senior
Senior 2010-9 Tranche 1 Tier 20
BB+ (sf) BBB- (sf)
US$50 Million Junior Senior
Senior 2010-10 Tranche 1 Tier 22
BB- (sf) BB+ (sf)
US$50 Million Junior Senior
Senior 2010-11 Tranche 1 Tier 24
B+ (sf) BB+ (sf)
US$35 Million Junior Senior
Senior 2010-12 Tranche 1 Tier 26
B+ (sf) BB+ (sf)
RATINGS AFFIRMED
EUR28.291 Million Tier 1
Fast Pay Income Notes
CCC- (sf)
GBP5.783 Million Tier 1
Fast Pay Income Notes
CCC- (sf)
US$33.233 Million Tier 1
Fast Pay Income Notes
CCC- (sf)
US$3.808 Million Tier 1
Fast Pay Income Notes
CCC- (sf)
EUR19.875 Million Tier 1
Slow Pay Income Notes
CCC- (sf)
GBP16.509 Million Tier 1
Slow Pay Income Notes
CCC- (sf)
JPY1.191 Billion Tier 1
Slow Pay Income Notes
CCC- (sf)
US$216.44 Million Tier 1
Slow Pay Income Notes
CCC- (sf)
US$3.88 Million Tier 1
Slow Pay Income Notes
CCC- (sf)
US$5.394 Million Tier 1
Slow Pay Income Notes
CCC- (sf)
US$5.394 Million Tier 1
Slow Pay Income Notes
CCC- (sf)
DUNFERMLINE PRESS: Bought Out of Receivership by Management
-----------------------------------------------------------
BBC News reports that The Dunfermline Press newspaper group has
been bought over by its management after being placed in
receivership.
The company has had its finances and its GBP25 million debt
restructured, with the titles split off from the estate of its
late owner, Deirdre Romanes.
A statement by the owners said no trade suppliers or staff
contracts are affected.
The new owners, called Romanes Media Group, followed the
appointment of receivers Bruce Cartwright and Matthew Hammond of
PricewaterhouseCoopers to the media group's holding company.
Fife-based Dunfermline Press has 20 titles, including the
Greenock Telegraph and Helensburgh Advertiser. It also owns
local papers in England and a small radio station in
Dunbartonshire.
GEMGARTO 2012-1: S&P Assigns 'BB' Rating to Class B2 Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings to
Gemgarto 2012-1 PLC's class A1, M1, M2, B1, and B2 notes.
Gemgarto 2012-1 is the first transaction to securitize collateral
originated under Kensington Mortgage Company Ltd.'s (a wholly-
owned subsidiary of Investec Bank PLC) revised underwriting
framework.
"The collateral pool consists of first-lien U.K. nonconforming
residential (80.16%) and buy-to-let (19.84%) mortgage loans
originated in or after 2010. Of the collateral, 96.20% initially
pay interest at a fixed rate and 3.80% have their interest rate
capped. There are no self-certified loans in the pool and the
weighted-average indexed current loan-to-value ratio is 74.35%,"
S&P said.
"On the closing date, Gemgarto 2012-1 issued mortgage-backed
class A1, M1, M2, B1, and B2 notes. At the same time, it issued
unrated class R1, R2, R3 notes. We understand that the issuer
used the proceeds from the class R1, R2, R3 notes, among other
things, to fund the reserve fund to 2.5% of the collateralized
note balance at closing, and will redeem them using residual
interest income," S&P said.
"The structure benefits from a partially-funded reserve fund and
yield reserve fund, which is fully funded at closing. The issuer
may use principal to pay revenue shortfalls or trap into a
liquidity reserve fund to cover future shortfalls subject to
certain conditions which are outlined in the transaction
documents," S&P said.
"At closing, Gemgarto 2012-1 entered into a fixed-for-floating
interest rate swap agreement. Under this agreement, it pays a
fixed rate in exchange for receiving three-month sterling LIBOR.
Furthermore, two interest rate caps are in place with differing
notionals, maturities, and strike rates. The issuer may use
proceeds from these caps to pay revenue shortfalls or otherwise
trap in a cap reserve fund to cover future revenue shortfalls,"
S&P said.
S&P's analysis indicates these key risks:
* "Our analysis assumes a recessionary period, during which we
assume a proportion of the pool defaults. It is probable in
our view that loans with higher yields, reflecting a greater
risk profile are more likely to default first. Our analysis
accounts for this spread compression by assuming that, for
each rating level, the highest yielding proportion of the
pool, equal to the WAFF of each rating level defaults, leaving
a residual pool with a lower yield in place," S&P said.
* "There remains some uncertainty about the outlook for the U.K.
economy, and the future movements in economic growth and
unemployment rates. As we observe that unemployment rates
correlate with delinquencies and defaults, first-time buyers
and less seasoned loans are particularly vulnerable. These
risks are incorporated into our credit analysis and reflected
in the weighted-average foreclosure frequency and weighted-
average loss severity," 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 Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com/1111528.pdf
RATINGS LIST
Gemgarto 2012-1 PLC
GBP240 Million Mortgage-Backed Floating-Rate Notes And GBP6.5
Million
Non-Mortgage Backed Notes
Class Rating Amount
(mil. GBP)
A1 AAA (sf) 201.6
M1 A+ (sf) 3.6
M2 A (sf) 6.0
B1 BBB (sf) 13.2
B2 BB (sf) 15.6
R1 NR 3.6
R2 NR 2.4
R3 NR 0.5
NR-Not rated.
INEOS GROUP: Moody's Rates New Senior Secured Notes '(P)B1'
-----------------------------------------------------------
Moody's Investors Service has changed the outlook on all of
Ineos's ratings to positive from stable. Concurrently, the rating
agency has assigned a provisional B1 rating to the new senior
secured notes maturing in 2020 and to the new cov-lite Term Loan
B.
These provisional ratings on the new debt instruments reflect
Moody's preliminary credit opinion regarding the transaction
only. Upon a conclusive review of the final documentation,
Moody's will endeavor to assign definitive ratings to the new
notes and Term Loan B. A definitive rating may differ from a
provisional rating.
In addition, subject to completion of the announced refinancing,
Moody's would take the following actions on the existing debt:
(a) The ratings on the existing senior secured notes would be
downgraded to B1 from Ba3. This is to reflect their weaker
recovery rate due to the increased amount of total senior secured
debt, while the security/collateral package has remained
substantially unchanged and the amount of junior debt has reduced
following the refinancing of the second lien debt;
(b) The ratings on the bank facilities refinanced in full would
be withdrawn;
(c) The existing senior unsecured notes would keep their current
Caa1 rating, as it already takes into account their structurally
and contractually subordinated position in the capital structure.
Rating Rationale -- POSITIVE OUTLOOK
Moody's decision to change Ineos's B2 corporate family rating
outlook to positive reflects the expected improvement in the
company's financial profile upon completion of the announced
refinancing. Specifically, the refinancing addresses some of
Moody's main concerns regarding the high vulnerability of Ineos's
current capital structure in case of a downturn, especially given
the tight financial covenants attached to all the outstanding
bank facilities and the several other restrictive covenants that
lenders imposed on Ineos during the recent severe recession.
Moody's expects that the refinancing will allow Ineos to (1)
achieve a much higher degree of financial flexibility and (2)
further improve its debt maturity profile:
1.) Enhanced financial flexibility would result from (a) the
removal of maintenance financial covenants, which, if not met
every quarter -- and in the absence of a lender's approved waiver
-- could trigger an event of default and immediate repayment of
all debt outstanding (including the notes, given the cross-
default clauses); and (b) the removal of the current margin
ratchet feature of Ineos's bank debt, which would lead to
escalating funding costs in case of higher leverage ratios.
2.) The debt maturity profile would be extended further to
Ineos's repayment in full of the bank revolver facility due in
2013, the term loan due in 2014 and the second-lien tranche due
in 2015. Moody's says that these repayments would remove Ineos's
refinancing risk in 2013 and 2014, and reduce it substantially in
2015, when the first senior secured notes become due. Moody's
notes that these positive developments, while removing or
materially reducing previous concerns, will allow Ineos's
management to better focus on the further development of the core
business strategy, which has in the past been partially
constrained by several restrictive covenants of the senior
facility agreement.
However, Moody's explains that the rating remains constrained by
the high amount of Ineos's financial debt, both in absolute terms
and relative to Ineos's EBITDA, and in spite of some material
debt reduction already achieved in 2011 with the use of the cash
proceeds resulting from the sale of 50% of the refining division
to Petrochina to form a new joint venture. In particular, Moody's
notes that financial debt will increase further as a result of
the announced refinancing in view of Ineos's plans to replace the
revolver facility with a cash overfund in excess of EUR600
million, to be created by issuing more debt than the amount that
is strictly needed to refinance the outstanding bank facilities
and cover transaction costs. The rating agency is concerned that
this additional debt would result in much higher financial
charges, thereby reducing the positive deleveraging impact of the
Petrochina deal closed last year.
Nevertheless, the risks associated with Ineos's higher debt
level, its higher associated costs and the removal of the
revolver facility as a committed external source of liquidity,
are more than adequately offset by the materially reduced
refinancing risks over the coming years, as well as by the cash
overfund mechanism, which would allow Ineos's liquidity to remain
excellent even without the revolver facility. In particular,
Moody's expects that the cash overfund created with the
refinancing will have the same purpose as the revolver, i.e. to
mainly fund working-capital-related swings and cash
collateralization of letters of credit and guarantees. At the
same time, the advantage of the cash overfund over the revolver
would be greater and more direct control over liquidity when
urgently needed in a downturn, as opposed to the previous
situation when Ineos had to pass strict financial covenants tests
in order to be able to continuously use its revolver facility.
Moody's believes that the size of the cash overfund, together
with the continuous availability of the EUR1.2 billion under the
outstanding securitization facility (which will only expire in
December 2014), will be more than adequate to address liquidity
needs associated with working capital over the coming several
quarters. At the same time, Ineos's ability to continue to
generate robust operating cash flows will provide sufficient
headroom to accommodate a more ambitious capital expenditures
plan than in the past, especially considering several organic
growth projects that Ineos intends to execute in 2012 and 2013.
However, despite a possible material increase in capex over the
coming quarters, Moody's believes that Ineos will continue to
generate positive free cash flow and would retain sufficient
flexibility to reduce or postpone capex, if this were needed to
address an unforeseen deterioration in the operating environment
leading to bottom-of-cycle profitability.
Moody's sees limited potential for the incremental improvement in
the operating performance in the near term, given the better-
than-anticipated results achieved in Q1 2012 after the difficult
final quarter of 2011, and considering that the North American
O&P division, which has been key to driving Ineos's profitability
in the previous quarters, is already running at high utilization
rates and enjoying top-of-cycle margins.
WHAT COULD MOVE THE RATING UP/DOWN
Moody's would consider upgrading Ineos's rating in the event of a
material reduction in the gross amount of debt, leading to an
improved leverage, with a Net debt/EBITDA ratio below 4x. This
would also imply the maintenance of a strong liquidity profile,
with no or limited erosion in the cash buffer created via the
refinancing. An upgrade of the rating would also require Ineos to
display an Interest coverage ratio comfortably above 2.75x, and
to display an RCF/Debt ratio above 10% on a sustained basis.
Negative rating pressure, although unlikely at this stage, could
emerge in the event of the group suffering a material
deterioration in operating performance, leading to (i) a
sustained weakness in cash flow generation with RCF/Debt reduced
to the low single digits; (ii) weaker debt coverage metrics with
Net Debt/Leverage ratio above 5x. Moreover, the ratings could
also come under negative pressure in the event of sustained
negative free cash flow generation weakening the liquidity
profile.
Methodology Used
The methodologies used in these ratings were Global Chemical
Industry published in December 2009, and Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
Ineos Group Holdings S.A. was established in 1998 via a
management buy-out of the former BP petrochemicals asset in
Antwerp, which was led by Mr. Ratcliffe, Chairman of Ineos Group
Holdings SA. The group has subsequently grown through a series of
acquisitions and at the end of 2005 acquired Innovene Inc., a
100% subsidiary of BP, in a US$9 billion buy-out, transforming
Ineos into one of the world's largest chemical companies
(measured by turnover). In 2011, Ineos reported a turnover of
EUR17.6 billion and an EBITDA (excluding the discontinued
refining division) of EUR1.71 billion.
KILLBY & GAYFORD: In Administration, Gets Late Payment Complains
----------------------------------------------------------------
Luke Cross at H&V news reports that Killby & Gayford went into
administration, with business services firm BDO appointed as its
administrator.
It is understood to have employed 300 staff, according to H&V
news. The report relates that recent accounts showed the company
had a GBP77.5 million turnover in 2010, with pre-tax profit of
GBP1.9 million.
H&V news notes that the company was subject to a management buy-
out in 2007 with a team led by then managing director Chris
Chivers.
H&V news relays that Emma Bridges, from credit firm Top Service,
said her company had been monitoring Killby & Gayford for months,
with complaints about late payment from 28 different customers.
The report relates that Ms. Bridges said Top Service has had
about 80 different reports of slow payments over the last 12
months.
"We could see these payment terms getting longer and longer,
which led to monitoring the company really closely, which in turn
led to contacting the courts and being able to pick up that they
filed for administration this morning and have since confirmed
that BDO has been appointed," the report quoted Ms. Bridge as
saying.
The report adds that Ms. Bridge said there had also been nearly
GBP107,000 of county court judgments, from February to April,
which included one over GBP25,000 on April 12.
Killby & Gayford is a historic contractor. It specialized in
high quality jobs, predominantly in the restoration and
refurbishment market. Its projects have included 10 Downing
Street. Along with its head office in Clapham Common, K&G has a
regional office and joinery works in Billericay, Essex.
NEWGATE FUNDING: S&P Lowers Rating on Class Db Notes to 'B-'
------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Newgate Funding PLC's series 2007-1 following the
application of its updated U.K. residential mortgage-backed
securities (RMBS) criteria and its 2010 counterparty criteria.
Specifically, S&P:
- lowered and removed from CreditWatch negative its ratings on
the class Ba, Bb, Cb, and Db notes;
- affirmed and removed from CreditWatch negative its ratings on
the class A2, A3, Ma, and Mb notes; and
- affirmed its ratings on the class E and F notes, as well as
the class Q excess spread deferrable notes.
"Newgate 2007-1 is a U.K. nonconforming RMBS transaction with
collateral consisting of a pool of first-ranking mortgages over
freehold and leasehold owner-occupied properties. Based on loan-
level data provided for February 2012, the collateral pool
consists of 22.6% first-time buyer loans and 55.7% self-certified
loans," S&P said.
"In our opinion, the collateral pool has exhibited relatively
stable performance in recent periods, with total delinquencies
falling moderately to 34.99% from 37.72%, and 90+ day arrears
declining to 26.13% from 27.02% since our last review in July
2010. Cumulative losses currently stand at 3.30%," S&P said.
"However, the build-up of credit enhancement has been limited due
to the high percentage of interest-only loans (78.08%) and the
low prepayment rate (currently 4.39%). This has led to slower
deleveraging of the Newgate 2007-1 collateral pool and
consequently a limited build-up of credit enhancement--
particularly for the junior classes of notes as the transaction
is currently amortizing sequentially. Although the transaction is
able to amortize pro-rata, the current 90+ day delinquency level
of 26.74% is greater than the pro-rata trigger of 20%. We have
considered the likelihood of the transaction amortizing pro-rata
at some point in the future in our cash analysis," S&P said.
"Our credit and cash flow analysis of the transaction
incorporates the application of our U.K. RMBS criteria. In this
transaction, our updated credit adjustments result in a lower
weighted-average foreclosure frequency (WAFF), but a higher
weighted-average loss severity (WALS). This has led to an overall
increase in the required credit coverage for this transaction,"
S&P said.
"In our view, the increased credit enhancement available for the
class A2, A3, Ma, and Mb notes is sufficient to offset the
increase in required credit coverage. After applying our updated
cash flow stresses, cash flow results for these notes were
commensurate with their current rating levels. We have therefore
affirmed and removed from CreditWatch negative our ratings on
these notes, where we placed them on Dec. 12, 2011," S&P said.
"However, the increase in credit enhancement for the class Ba,
Bb, Cb, and Db notes has not risen sufficiently enough to
mitigate the increase in required credit coverage. Consequently,
upon application of our updated cash flow stresses, these notes
were unable to achieve ratings commensurate with their current
respective rating levels. We have therefore lowered and removed
from CreditWatch negative our ratings on these classes of notes,
where we placed them on Dec. 12, 2011 following our U.K. RMBS
criteria update," S&P said.
"We have affirmed our ratings on the class E, F, and Q notes
based on the results of our credit and cash flow analyses, and
our view that these classes of notes are unlikely to default
within the next 12 months. The Q note is an excess spread
deferrable note, which is rated to ultimate interest and
principal," S&P said.
"The liquidity facility agreement is not in line with our 2010
counterparty criteria. As such, the highest potential rating on
the notes is capped at the issuer credit rating on the liquidity
facility provider - in this case, Barclays Bank PLC (A+/Stable/A-
1)," S&P said.
"We also consider credit stability in our analysis, to determine
whether or not an issuer, or security, has a high likelihood of
experiencing adverse changes in the credit quality of its pool
when we apply moderate stresses," S&P said.
"However, the scenarios that we considered under moderate stress
conditions did not result in the ratings deteriorating below the
maximum projected deterioration that we would associate with each
relevant rating level, as outlined in our credit stability
criteria," S&P said.
Newgate Funding 2007-1 is a U.K. non-conforming RMBS transaction
that securitizes self-certified and first-time buyer mortgages
originated by Mortgages 1 Ltd.
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 Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com/1111528.pdf
RATINGS LIST
Class Rating
To From
Newgate Funding PLC
EUR162.8 Million, GBP406.95 Million, US$132 Million Mortgage-
Backed and Excess Spread Floating-Rate Notes Series 2007-1
Ratings Lowered and Removed From CreditWatch Negative
Ba BB (sf) A- (sf)/Watch Neg
Bb BB (sf) A- (sf)/Watch Neg
Cb B (sf) BBB- (sf)/Watch Neg
Db B- (sf) B+ (sf)/Watch Neg
Ratings Affirmed and Removed From CreditWatch Negative
A2 A+ (sf) A+ (sf)/Watch Neg
A3 A+ (sf) A+ (sf)/Watch Neg
Ma A+ (sf) A+ (sf)/Watch Neg
Mb A+ (sf) A+ (sf)/Watch Neg
Ratings Affirmed
E B- (sf)
F B- (sf)
Q CCC (sf)
===============
X X X X X X X X
===============
* S&P Global Default Tally at 28 as of April 19
-----------------------------------------------
Two rating actions pushed Standard & Poor's 2012 global corporate
default tally to 28 issuers, said an article published April 19
by Standard & Poor's Global Fixed Income Research, titled "Global
Corporate Default Update (April 12 - 18, 2012)."
On April 12, 2012, Standard & Poor's Ratings Services lowered its
ratings on Dallas-based Reddy Ice Holdings Inc. to 'D', after the
company announced that it has voluntarily filed for relief under
Chapter 11 of the U.S. Bankruptcy Code and has secured
commitments for $70 million in debtor-in-possession financing
from Macquarie Bank Ltd.
On April 18, 2012, Standard & Poor's lowered its long- and short-
term issuer credit ratings on Residential Capital LLC (ResCap) to
'SD' (selective default). ResCap, the troubled mortgage
subsidiary of Ally Financial Inc., failed to make a scheduled
interest payment on its senior unsecured notes, which will mature
in April 2013, opting instead to use the 30-day grace period that
the debt's indenture allows.
Of the total defaulters this year, 18 were based in the U.S.,
five in the emerging markets, three in Europe, and two in the
other developed region (Australia, Canada, Japan, and New
Zealand). In comparison, last year, only 11 issuers - six based
in the U.S., two in New Zealand, one in Europe, one in Canada,
and one in the emerging markets - defaulted during the same
period (through April 18).
"So far this year, missed payments accounted for 11 defaults,
bankruptcy filings accounted for six, distressed exchanges were
responsible for four, and four defaulters were confidential,"
said Diane Vazza, head of Standard & Poor's Global Fixed Income
Research. "Of the remaining defaults, one was the result of a
notice of acceleration by the issuer's lender, one was due to the
company's placement under regulatory supervision, and the last
was due to a judicial organization filing."
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT EO -5754285.05 165995618.1
CHRIST WATER TEC CWT EU -5754285.05 165995618.1
CHRIST WATER TEC CWTE IX -5754285.05 165995618.1
CHRIST WATER TEC CRSWF US -5754285.05 165995618.1
CHRIST WATER TEC CWT PZ -5754285.05 165995618.1
CHRIST WATER TEC CWT AV -5754285.05 165995618.1
CHRIST WATER TEC 8131204Q GR -5754285.05 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.05 165995618.1
KA FINANZ AG 3730Z AV -9072224.93 22043329918
LIBRO AG LIBR AV -110486314 174004185
LIBRO AG LIB AV -110486314 174004185
LIBRO AG LBROF US -110486314 174004185
LIBRO AG LB6 GR -110486314 174004185
S&T SYSTEM I-ADR STSQY US -38841439.5 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.5 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.5 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.5 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.5 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.5 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.5 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.5 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.5 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.5 182832494.8
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
SKYEUROPE HLDG SKYPLN EO -89480492.6 159076577.5
SKYEUROPE HLDG SKY EO -89480492.6 159076577.5
SKYEUROPE HLDG SKURF US -89480492.6 159076577.5
SKYEUROPE HLDG SKY EU -89480492.6 159076577.5
SKYEUROPE HLDG SKY AV -89480492.6 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.6 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.6 159076577.5
SKYEUROPE HLDG SKY LI -89480492.6 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.6 159076577.5
SKYEUROPE HLDG S8E GR -89480492.6 159076577.5
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
BIO ANALYTICAL R 3723198Z BB -41974594.7 193574592.4
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
TELENET GRP HLDG TNET NQ -346984203 4652950529
TELENET GRP HLDG TNET BQ -346984203 4652950529
TELENET GRP HLDG TLGHF US -346984203 4652950529
TELENET GRP HLDG TNETGBP EO -346984203 4652950529
TELENET GRP HLDG TNETGBX EU -346984203 4652950529
TELENET GRP HLDG TNET S1 -346984203 4652950529
TELENET GRP HLDG TNET MT -346984203 4652950529
TELENET GRP HLDG TNET EO -346984203 4652950529
TELENET GRP HLDG TNETUSD EO -346984203 4652950529
TELENET GRP HLDG TNET IX -346984203 4652950529
TELENET GRP HLDG TNET TQ -346984203 4652950529
TELENET GRP HLDG TNETGBX EO -346984203 4652950529
TELENET GRP HLDG TNET GK -346984203 4652950529
TELENET GRP HLDG TNET PZ -346984203 4652950529
TELENET GRP HLDG TNET EU -346984203 4652950529
TELENET GRP HLDG TNETUSD EU -346984203 4652950529
TELENET GRP HLDG TNET EB -346984203 4652950529
TELENET GRP HLDG TNET LI -346984203 4652950529
TELENET GRP HLDG 3218105Q IX -346984203 4652950529
TELENET GRP HLDG TNET BB -346984203 4652950529
TELENET GRP HLDG TNET QM -346984203 4652950529
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
CKD PRAHA HLDG 297687Q GR -89435858.2 192305153
CKD PRAHA HLDG CKDPF US -89435858.2 192305153
CKD PRAHA HLDG CDP EX -89435858.2 192305153
CKD PRAHA HLDG CKDH CP -89435858.2 192305153
SETUZA AS 2994767Q EO -61453764.2 138582273.6
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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
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CIMBER STERLING CIMBER DC -5227729.37 192575897.9
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OBTEC OBT DC -14819232 148553764.3
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ROSKILDE BANK-RT 916603Q DC -532868841 7876687324
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SCANDINAVIAN BRA SBSD PZ -14819232 148553764.3
SCANDINAVIAN BRA SBS DC -14819232 148553764.3
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
SCHAUMANN PROP SCHAU EO -101428499 298588010.2
SCHAUMANN PROP SCHAUP DC -101428499 298588010.2
SCHAUMANN PROP SCHAU EU -101428499 298588010.2
SCHAUMANN PROP SCHAUEUR EU -101428499 298588010.2
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
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BELVEDERE SA BEVD IX -254721371 1019397736
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BELVEDERE SA BVD EO -254721371 1019397736
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BENP LILLEBONNE 4507291Z FP -14494480.2 341710346.6
CARCOOP FRANCE 4690569Z FP -531951.734 185621693.8
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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
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EDENRED EDEN QM -1395452285 5596512266
EDENRED EDEN FP -1395452285 5596512266
EDENRED EDEN EU -1395452285 5596512266
EDENRED EDEN EO -1395452285 5596512266
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EDENRED EDENUSD EU -1395452285 5596512266
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ETAM PRET A PORT 4682193Z FP -18364165.4 175501799.4
FACONNABLE SA 226782Z FP -19616231 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.1 1638852912
GEC 4 SAS 4518255Z FP -91410337 541462091
GPN SA 4509659Z FP -35080424.7 568887551
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GRANDE PAROISSE GDPA FP -927267927 629287290
GRANDE PAROISSE GAPA FP -927267927 629287290
GROUPE MONITEUR 317840Z FP -116707395 610106709.3
GROUPE PROGRES S 4734137Z FP -106637566 154665494
HITACHI EUROPE S 4681417Z FP -9927515.77 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.4 116383810.4
I BASE 757542Z FP -6019481.25 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.5 363058830.9
ISOCHEM SA 3540732Z FP -9029087.45 100025367.9
ITM REGION PARIS 4681817Z FP -49662079.8 124321085.9
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LAB DOLISOS DOLI FP -27752176.2 110485462.4
LENOVO FRANCE SA 4710049Z FP -1944677.44 137134536.2
MATUSSIERE & FOR MTUSF US -77896689.1 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.1 293868350.8
M-REAL ALIZAY SA 4670721Z FP -19839749.3 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863950 221936730.6
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OROSDI OROS FP -51389802.7 181267113.2
OROSDI OROS EO -51389802.7 181267113.2
OROSDI OROS S1 -51389802.7 181267113.2
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OROSDI OROS PZ -51389802.7 181267113.2
OROSDI-BACK ORBA FP -51389802.7 181267113.2
OROSDI-BACK BACK IX -51389802.7 181267113.2
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PAGESJAUNES GRP QS3 TH -3184867284 1167307980
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PAGESJAUNES GRP PAJ PZ -3184867284 1167307980
PEUGEOT CITROEN 3637183Z FP -292685178 366568398.7
PITNEY BOWES 4634633Z FP -11785422.8 184422748.8
REGIE PUBLICITAI 4691033Z FP -5262294.53 112402724.7
REGIONAL COMPAGN 3635823Z FP -37389129.6 595811276.3
RESEAU FERRE FRA 224063Z FP -1594878991 71610625888
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RHODIA SA RHAGBP EO -72552001.5 7951699362
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RHODIA SA 2324011Q EU -72552001.5 7951699362
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RHODIA SA RHADF US -72552001.5 7951699362
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RHODIA SA 3218857Q IX -72552001.5 7951699362
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SHEET ANCHOR FRA 4745417Z FP -14101146.9 168600747.8
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GREECE
------
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ICELAND
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IRELAND
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ITALY
-----
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INDUSTRIE FINCUO 4270053Z IM -15676157.1 111118283.9
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TECNODIFF ITALIA TDI IM -89894162.8 152045757.5
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JERSEY
------
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
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REAL ESTATE OP-O REO EO -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
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OXEA SARL 3682535Z GR -78371220.1 1013737294
OXEA SARL 3682535Z LX -78371220.1 1013737294
NETHERLANDS
-----------
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SWEDEN
------
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NORWAY
------
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POLAND
------
ANIMEX SA ANX PW -556805.858 108090511.9
KROSNO KROS IX -2241615.44 111838141.2
KROSNO KRS LI -2241615.44 111838141.2
KROSNO KRS PW -2241615.44 111838141.2
KROSNO KRS1EUR EU -2241615.44 111838141.2
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KROSNO-PDA-ALLT KRSA PW -2241615.44 111838141.2
TOORA TOR PZ -288818.39 147004954.2
TOORA TOR PW -288818.39 147004954.2
TOORA 2916661Q EO -288818.39 147004954.2
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PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.4 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.3 177189066.9
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CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
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PORTUGALIA 1008Z PL -6844075.93 199376769
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REFER-REDE FERRO 1250Z PL -1883502408 1735947433
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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
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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
------
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PENOPLEX-FINANS PNPF RU -839659.372 147052027.7
PIK GROUP PIKK RM -65334861 4000687446
PIK GROUP PIKK* RU -65334861 4000687446
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PIK GROUP PIKK RU -65334861 4000687446
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RUSSIAN TEXT-CLS ALRTG RU -15214295.8 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.8 144582050.8
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SERBIA
------
DUVANSKA DIVR SG -46938765.4 107525048.4
SLOVENIA
--------
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SPAIN
-----
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SWITZERLAND
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TURKEY
------
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UKRAINE
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UNITED KINGDOM
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WINCANTON PLC WIN1USD EO -290434319 1037176004
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WINCANTON PLC WIN1 QM -290434319 1037176004
WINCANTON PLC WIN1 S1 -290434319 1037176004
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WINCANTON PLC WIN PZ -290434319 1037176004
WINCANTON PLC WIN1EUR EU -290434319 1037176004
WINCANTON PLC WIN12 EO -290434319 1037176004
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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
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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 * * *