/raid1/www/Hosts/bankrupt/TCREUR_Public/120501.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, May 1, 2012, Vol. 13, No. 86
Headlines
B E L G I U M
DEXIA BANK: S&P Lifts Sub. Debt Rating to 'BB+'; Outlook Negative
B U L G A R I A
NATSIONALNA KOMPANIA: S&P Puts 'BB-' Issuer Rating on Watch Neg.
F R A N C E
EUROPCAR BOND: Moody's Rates Sr. Sub. Secured Notes '(P)Caa1'
VIVENDI SA: Tries to Calm Down Investors After Overhaul Talks
G E O R G I A
GEORGIAN OIL: Fitch Assigns 'BB-' Issuer Defaults Rating
G E R M A N Y
DTP ENTERTAINMENT: Financial Woes Prompt Insolvency Filing
ENTRY FUNDING: Fitch Affirms 'C' Ratings on Four Note Classes
I R E L A N D
BECBAY: NAMA Appoints Receiver to Irish Glass Bottle Site
MARKETSPREADS: Central Bank Lifts Trading Suspension
I T A L Y
DEXIA CREDIOP: Moody's Cuts Ratings on Three Note Classes to Ba2
FIAT SPA: S&P Lowers Corp. Credit Rating to 'BB-'; Outlook Stable
SESTANTE 2006: Moody's Cuts Rating on Class C1 Notes to 'C (sf)'
L U X E M B O U R G
INTELSAT SA: Amends Tender Offers, Posts Early Offer Results
INTELSAT SA: Unit Issues US$1.2 Billion of 7-1/4% Senior Notes
MONIER GROUP: Moody's Assigns 'B3' CFR; Outlook Stable
N E T H E R L A N D S
BELUGA MASTER: Moody's Assigns 'Ba1' Ratings to Two Note Classes
BELUGA MASTER: S&P Downgrades Ratings on Class D Notes to 'BB'
R U S S I A
CARGO JFC: Two Banks Seek to Recover US$121 Million
CREDIT BANK: Fitch Assigns 'B+' Rating to RUB4 Billion Bonds
MECHEL OAO: Gets OK on Waivers & Amendments to Credit Facilities
TERRITORIAL GENERATION: Fitch Puts 'CCC' IDRs on Watch Negative
TRANSCREDITBANK: Moody's Retains 'D-' BFSR; Outlook Stable
* RUSSIA: S&P Affirms 'B-/C' Counterparty Ratings on Four Banks
S P A I N
OBRASCON HUARTE: Moody's Reviews 'Ba2' CFR for Downgrade
* SPAIN: Mulls "Bad Bank Scheme" Amid Economic Crisis
U N I T E D K I N G D O M
CAVENDISH SQUARE: S&P Says 'CCC'-Rated Assets Increased
FOUR SEASONS: Terra Firm to Buy Business for GBP825 Million
PERSEUS PLC: Fitch Lowers Rating on GBP15.8-Mil. Notes to 'Csf'
PORT VALE: Keith Ryder Gets GBP100,00 Discount on Takeover Offer
RANGERS FOOTBALL: Manager Says Liquidation More Likely Prospect
ULTIMATE STEEL: Goes into Administration
U Z B E K I S T A N
* UZBEKISTAN: Moody's Cuts Currency Deposit Ratings on Four Banks
X X X X X X X X
* Fitch Says 2012 Will Remain Difficult for European Car Makers
* Large Companies with Insolvent Balance Sheets
*********
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B E L G I U M
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DEXIA BANK: S&P Lifts Sub. Debt Rating to 'BB+'; Outlook Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'A-/A-2' long-
and short-term counterparty credit ratings on Belgium-based Dexia
Bank S.A. "We removed the long-term rating from CreditWatch with
negative implications, where it was placed on Dec. 8, 2011.
At the same time, we raised our rating on Dexia Bank's
subordinated debt to 'BB+' from 'BB-'. The outlook is negative,"
S&P said.
Dexia Bank has renamed itself Belfius Banque & Assurances SA.
The name change will be legally effective on June 11, 2012.
"The affirmation of the long-term rating primarily reflects our
view that Dexia Bank has managed to decrease to zero its
unsecured credit exposure to Dexia S.A. (Dexia; not rated)
entities, mainly Dexia Credit Local (DCL; BBB/Watch Neg/A-2) in
the first quarter of 2012 without suffering losses. Consequently,
we have revised our risk position score on Dexia Bank to
'moderate' from 'weak,'" S&P said.
"We have also factored into the affirmation Dexia Bank's improved
liquidity, mainly owing to a drop in recourse to central bank
funding to about EUR30 billion, from a EUR42.5 billion peak at
year-end 2011. As a result, we have changed our assessment of
Dexia Bank's liquidity to 'moderate' from 'weak.' We also
consider that Dexia Bank will further reduce its collateralized
exposure to Dexia entities from the EUR28 billion reported at
end-March 2012," S&P said.
"We also take into account that Dexia Bank's capital will likely
remain weaker than we previously expected. The weakening stems
from pretax losses in 2011 in excess of our expectations, owing
to nonrecurring items, as well as the likelihood of lower future
profits than what we previously estimated because of the sharper
decline in long-term interest rates versus the bank's funding
rates. We now expect the Standard & Poor's projected risk-
adjusted capital (RAC) ratio to stay in the 6% to 7% range in the
coming 12-18 months. We have revised our assessment of Dexia
Bank's capital and earnings to 'moderate' from 'adequate,'" S&P
said.
"The raising of the subordinated debt ratings follows our revised
assessment of Dexia Bank's stand-alone credit profile (SACP) to
'bbb-' from 'bb+', owing to the bank's improved risk position and
liquidity," S&P said.
"The long-term rating on Dexia Bank is three notches higher than
the SACP. We apply one notch of uplift, which brings the SACP to
'bbb' from 'bbb-', to factor in our view of the Belgian
government's willingness to provide short-term extraordinary
liquidity to Dexia Bank if needed. We then add two further
notches of support because we consider that Dexia Bank has 'high'
systemic importance in Belgium and the government's 'supportive'
stance toward the domestic banking sector," S&P said.
"The negative outlook primarily reflects that on the Kingdom of
Belgium. The link with the sovereign rating reflects Standard &
Poor's view that, if we were to downgrade Belgium to 'AA-', its
ability to provide timely support to Dexia Bank would be
constrained. If this were to occur, with our assessment of the
SACP at the current level, we would lower the rating on Dexia
Bank, reflecting a one-notch reduction in the uplift for
extraordinary government support," S&P said.
"An outlook revision to stable would primarily be based on a
change in outlook on the Kingdom of Belgium. In addition, we
would revise the outlook to stable if we raised Dexia Bank's SACP
to 'bbb+' from 'bbb', factoring in short-term extraordinary
government support, following strong improvements in the bank's
capital and earnings or its risk position. We believe this is
unlikely over the next 12-18 months, however, given the negative
impact of the currently weak economy on earnings and potential
impairment charges on securities," S&P said.
"We could also lower the rating on Dexia Bank if we lowered our
BICRA industry risk score for Belgium and the anchor for
commercial banks operating in the country. A deterioration in the
operating environment for Belgian banks could result in a
lowering of the industry risk score and the anchor to 'bbb+' from
'a-'," S&P said.
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B U L G A R I A
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NATSIONALNA KOMPANIA: S&P Puts 'BB-' Issuer Rating on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
issuer credit rating on Bulgaria-based, 100% indirectly state-
owned electricity utility Natsionalna Elektricheska Kompania EAD
(NEK) on CreditWatch with negative implications.
"The CreditWatch placement reflects our view of the repeated
delays and uncertainties around NEK's extension of its EUR250
million loan maturing on May 21, 2012. We understand that the
company and its syndicating agent have so far secured EUR195
million of bank commitments to extend the loan, and have invited
more private lenders to join the syndicate to cover the remaining
EUR55 million," S&P said.
"Although we acknowledge the steps that NEK has taken to extend
its loan to date, we see the arrangement of financing close to
the maturity date as evidence of a very aggressive financial risk
policy. Furthermore, failure to secure the loan extension would
weigh significantly on liquidity and pose a risk to NEK's
creditworthiness," S&P said.
"We understand that NEK intends to agree and execute the loan
extension at least in the next couple of weeks. As a last resort,
we understand that NEK's parent -- 100% state-owned Bulgarian
Energy Holding (BEH) -- could cover the shortfall in commitments
in full and on time," S&P said.
"Our rating on NEK continues to reflect our assessment of NEK's
stand-alone credit profile (SACP) of 'b' and our opinion that
there is a 'moderately high' likelihood that the Republic of
Bulgaria (BBB/Stable/A-3) would provide the company with timely
and sufficient extraordinary support in the event of financial
distress," S&P said.
"In accordance with our criteria for government-related entities
(GREs), we base our opinion of the 'moderately high' likelihood
of government support on NEK's," S&P said:
* "Important" role for the energy sector in Bulgaria; and
* "Strong" link with the Bulgarian government, which is the
sole shareholder in NEK's direct parent BEH.
"We aim to resolve the CreditWatch placement within the next two
weeks. We could revise NEK's SACP downward by multiple notches if
the extension of the syndicated loan is not agreed and executed
within this timeframe. A failure in this regard would in our view
weigh significantly on liquidity and pose a risk to NEK's
creditworthiness in the near term," S&P said.
"In line with our rating methodology for GREs, a downward
revision of NEK's SACP by one notch or more would result in us
lowering the long-term corporate credit rating by the same
extent, assuming no change to our opinion of a 'moderately high'
likelihood of extraordinary support from the state," S&P said.
"We could, however, reassess our opinion on the likelihood of
extraordinary state support, should we see any indication that
NEK's direct parent BEH, and/or the state, are not willing to
provide, in a timely manner and in full, any potential shortfall
in commitments for the loan extension. Such a revision could
magnify the extent of a potential downgrade," S&P said.
"Rating stability depends on NEK finding a sustainable and long-
term solution to the refinancing of its syndicated loan," S&P
said.
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F R A N C E
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EUROPCAR BOND: Moody's Rates Sr. Sub. Secured Notes '(P)Caa1'
-------------------------------------------------------------
Moody's Investors Service has assigned a (P)Caa1 rating to the
new EUR335 million senior subordinated secured notes ("the
Notes") maturing in May 2017 to be issued by Europcar Bond
Funding Limited to redeem in full the Senior Subordinated Secured
Floating Rate Notes due 2013 (the "FRNs"). Upon redemption of the
FRNs, Europcar Groupe S.A. ("Europcar" or "the company") will
assume the Notes. Concurrently, Moody's has affirmed Europcar's
corporate family rating ("CFR") at B3. The outlook on the ratings
remains stable.
Ratings Rationale
"The issuance of the Notes facilitated by additional shareholder
funding to refinance the FRNs as well as the recent renewal of
the UK fleet financing facility and the Revolving Credit Facility
address Moody's recent concerns over the group's debt maturity
profile", says Sebastien Cieniewski, lead analyst for Europcar.
However Moody's considers that Europcar's rating remains
constrained by the company's high adjusted leverage -- despite
the additional sponsor funding -- as well as the weak EBIT to
Interest coverage. Moody's also maintains a cautious view on the
evolution of the car rental market in Europe over the next
quarters, in particular in Southern European countries including
Spain, Portugal and Italy where Europcar generated 26% of
revenues in fiscal year (FY) 2011.
The Notes alongside an additional EUR90 million capital injection
from Eurazeo, Europcar's shareholder, will refinance the FRNs.
The capital injection will initially take the form of a
subordinated shareholder loan. Moody's understands that this will
convert into common equity during 2012, and hence has considered
this capital as equity in its credit metrics.
In April 2012, Europcar renewed its EUR350 million Senior
Revolving Credit Facility maturing May 2013 with a new EUR300
million facility maturing 2015 and its GBP545 million UK fleet
financing facility with a new GBP375 million facility due 2015.
This refinancing exercise will improve Europcar's debt maturity
profile with the next large maturing debt being the EUR1.1
billion Senior Asset Revolving Facility ("SARF"), due in 2014.
We note that in FY2011 Europcar achieved relatively stable
revenues compared to the prior year at EUR1,969 million. This
performance was contrasted throughout the year with a weaker
second half as the macro-economic environment deteriorated. The
positive contribution from revenues per day ("RPD") of 0.3% was
offset by rental day volumes which declined by 0.7%. In 2011,
Europcar achieved a high utilization rate of 74% as the company
adopted a prudent approach in terms of fleet size. Europcar's
adjusted leverage ratio remained relatively stable in 2011 at a
high level of 4.8x compared to 4.9x in the prior year. Similarly,
the EBIT to Interest coverage remained weak at 0.8x in FY2011.
Moody's expects this ratio to improve in 2012 as Europcar
benefits from a new Swap agreement reducing its interest expense.
The (P)Caa1 rating of the Notes reflects their contractual
subordination to any drawn portions of the revolving credit
facility. The Notes rank senior in relation to the EUR400 million
senior subordinated unsecured notes due 2018 (rated Caa2), given
the benefit from subordinated guarantees by certain German and UK
subsidiaries of Europcar. The Notes also benefit from a second-
ranking share pledge over the share capital of Europcar
International (a subsidiary of Europcar Groupe S.A. and a direct
holding company of Europcar's operating companies).
The stable outlook reflects Moody's assumption that Europcar will
successfully complete the refinancing and that it maintains a
stable operating performance despite the difficult macro-economic
and competitive environment.
Negative pressure could develop if operating performance
deteriorates with adjusted leverage trending towards 5.25x; or if
EBIT/Interest coverage remains below 1.0x on a sustained basis.
Positive pressure could arise if the EBIT/Interest coverage
exceeds 1.0x and adjusted leverage trends to 4.5x on a sustained
basis with a solid liquidity profile; and the European car rental
market experiences recovery both in terms of volume and prices.
Moody's issues provisional ratings in advance of the final sale
of securities and these reflect Moody's credit opinion regarding
the transaction only. Upon closing of the transaction and a
conclusive review of the final documentation, Moody's will
endeavour to assign definitive ratings to Europcar's Notes. A
definitive rating may differ from a provisional rating.
The principal methodology used in rating Europcar Groupe S.A was
the Global Equipment and Automobile Rental Industry Methodology
published in December 2010. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.
Headquartered in Paris, France, Europcar is a leading European
provider of short- to medium-term rentals of passenger vehicles
and light trucks to corporate, leisure and replacement clients.
Europcar is owned by Eurazeo, one of the largest European
investment companies.
VIVENDI SA: Tries to Calm Down Investors After Overhaul Talks
-------------------------------------------------------------
Adam Jones and Robin Wigglesworth at The Financial Times report
that Vivendi has sought to reassure nervous bondholders that it
will avoid putting its credit rating in jeopardy following talk
of a strategic overhaul at the company.
Frustrated by its underperforming share price, the owner of
Universal Music and France's SFR mobile phone network in April
told investors it was not irrevocably wedded to its conglomerate
structure, the FT relates.
According to the FT, in a letter to shareholders, Vivendi's
chairman Jean-Rene Fourtou and chief executive Jean-Bernard Levy
said that the question of whether it should sell businesses or
even split into two or three units was "not taboo".
Bloomberg went a step further on Wednesday evening by reporting
that the group was actively considering a break-up into separate
media and telecoms businesses, or a spin-off of Canal Plus, its
pay-TV arm, the FT recounts.
Vivendi denied the story, saying it was "astonished" by the
claims, the FT notes.
Covenant Review, a fixed income research house, said investors in
a US$2 billion bond issue earlier this month were worried that
their position might be undermined by any restructuring, the FT
relates.
"Regardless of this denial, a situation like this could attract
more activist investors to push for strategic change, and Vivendi
is not broadly rejecting any future break-up," the FT quotes
Covenant Review as saying.
The nervousness prompted Vivendi to issue a second statement on
Thursday to address fears that the holding company might be
hollowed out, saying it remained committed to preserving its
long-term debt ratings, according to the FT.
About Vivendi
Vivendi SA -- http://www.vivendi.com/-- is a France-based
company principally engaged in telecommunications services and
media entertainment. The Company operates five core
subsidiaries: Activision Blizzard, a 54% subsidiary, is a
worldwide pure-play online and console game publisher; Universal
Music Group, a 100% subsidiary, is a recorded music company; SFR,
a telecommunications operator in France is a 56% subsidiary of
Vivendi (the new SFR, created via a merger with Neuf Cegetel, is
a mobile and fixed-line operator in Europe); Maroc Telecom, a 53%
subsidiary, is a mobile and fixed-line and internet access
operator in Morocco; Groupe Canal+, a 100% subsidiary, offers
premium and theme channel distribution and programming in France.
Vivendi holds 20% of NBC Universal. Vivendi Mobile Entertainment
was founded as a 100% subsidiary of Vivendi in 2007, its
innovative subscription service, branded zaOza, was launched in
France in 2008.
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G E O R G I A
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GEORGIAN OIL: Fitch Assigns 'BB-' Issuer Defaults Rating
--------------------------------------------------------
Fitch Ratings has assigned Georgian Oil and Gas Corporation JSC
(GOGC) a Long-term foreign and local currency Issuer Default
Rating (IDR) of 'BB-'. The Rating Outlook is Stable.
The ratings are based upon the linkage of GOGC to Georgia's
sovereign rating. GOGC's role as national energy company will
remain critical to the Georgian economy given the country's
position at a crossroads of supply between the landlocked Caspian
basin and western markets. Management links to the government
are extremely strong and, despite plans for a minority stake sale
in future, majority state ownership is consistent with Georgia's
ongoing reform program. Tangible financial assistance has been
advanced by the Georgian state over recent years, and the
Georgian government has underlined its commitment to continue
supporting the financial health of GOGC in its discussions with
Fitch.
Positive features in the company's standalone profile, which
Fitch assesses at the 'B+' level, are led by GOGC's dominance of
the Georgian gas midstream, and favourable margin structure
following contract restructurings. Stable fee income from gas
and oil transit operations also provides a floor of predictable
and high-margin revenues.
GOGC has a large single-counterparty exposure to a subsidiary of
SOCAR ('BBB-'/Stable), as the single-purchaser intermediary of
gas supplies to the Georgian downstream gas market. The single-
purchaser model does reduce GOGC's leverage in negotiations with
SOCAR compared to a more open market structure. However, in
addition to providing GOGC with a largely fixed midstream spread
of c.US$40/mcm, the current structure also gives SOCAR dominant
access to Georgia's gas downstream and its own c.US$30/mcm spread
on regulated sales. As such, the concentration of risks on the
relationship with SOCAR should be viewed against the background
of broader energy policy interdependencies between Azerbaijan and
Georgia.
Material concerns on the standalone profile are two-fold: size
and planned expansion into hydro-electric power. GOGC has been
mandated by the government to expand into the power sector, with
a hydro power project (two plants in the Namakhvani power plant
(NHPP) cascade) which will dominate capex over the next three
years. Expansion into power generation is a departure from
current operations. The state's rationale for giving this
project mandate to GOGC is, however, plausible and presents fewer
risks for GOGC than a number of alternative investment
opportunities (e.g. overseas upstream expansion).
The investment for this project, while small in global terms
(approximately US$265 million) will double GOGC's (largely
depreciated) balance sheet. Positively, construction and
operational risks are lower than average. Negatively, despite
the government's generally transparent and constructive approach
to the state-owned sector, asset churn is inherent to the role of
a national energy company, and there is potential for NHPP to be
separated out from the GOGC grouping at some point post-
construction. The Ministry of Finance in Georgia has indicated
to Fitch their current view that any transfer of NHPP after
completion would reflect the importance to Georgia of maintaining
the bankability and financial stability of GOGC.
The main constraint on the standalone profile, however, is size.
GOGC is small for the rating category (EBITDA of GEL109m/USD67m
in 2011). Size is marginally offset by a lowly levered balance
sheet, following a government debt writedown, in turn related to
a 2010 restructuring of the midstream market and associated
delinquent receivables. Capex on existing assets is minimal,
further reduced by obligations upon other pipeline operators/sub-
operators to fund routine maintenance expenditure on GOGC-owned
pipes.
This profile will nonetheless lever up, under Fitch's forecasts,
into the 2.5x-3.0x range on a net debt/EBITDA basis following the
expansion into hydro power, peaking in 2014. Delevering can
occur relatively rapidly thereafter once hydro power revenues
with low marginal costs materialize, although leverage is not
currently a major constraint upon either the ratings or the
standalone profile.
GOGC's rating alignment to the ratings of the sovereign would be
expected to track any upward movement in the sovereign, currently
'BB-'/Stable, within the 'BB' category, though, similar to
Georgian Railways LLC ('BB-'/Stable), linkage may weaken if
Georgia's sovereign ratings were eventually to move into
investment grade in future.
GOGC's ratings would also track any downgrade of the sovereign.
With regard to the standalone profile, the current assessment of
'B+' incorporates headroom for leverage of up to 3.5x-4.0x with
the proposed business mix. Leverage in excess of this level
would trigger a lower standalone assessment, though no impact on
GOGC's ratings, unless Fitch judged the deterioration to be
linked to or simultaneous with weakening of sovereign support.
The rating actions are as follows:
-- Long-term foreign and local currency IDR: assigned at 'BB-',
Outlook Stable
-- Short-term foreign and local currency IDR: assigned at 'B'
-- Senior unsecured debt: assigned at 'BB-'
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G E R M A N Y
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DTP ENTERTAINMENT: Financial Woes Prompt Insolvency Filing
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Craig Chapple at Develop reports that Dtp Entertainment has filed
for insolvency.
The financial woes of the company could mean that developer
Ronimo's upcoming XBLA and PSN online shooter Awesomenauts may
not be released, despite being just days away from launch,
Develop notes.
According to Develop, Ronimo game designer Jasper Koning told IGN
that the studio was "was working hard to try and resolve the
situation" despite the problems.
Germany-based Dtp Entertainment has previously published titles
such as Drakensang, Divinity II and Cursed Crusade.
ENTRY FUNDING: Fitch Affirms 'C' Ratings on Four Note Classes
-------------------------------------------------------------
Fitch Ratings has affirmed Entry Funding No. 1 PLC's notes, as
follows:
Class A notes (ISIN: XS0277614532): PIF
-- EUR1.9m class B notes (ISIN: XS0277614706): affirmed at
'CCsf', assigned 'RE40%'
-- EUR8m class C notes (ISIN: XS0277614888): affirmed at 'Csf',
assigned 'RE0%'
-- EUR10m class D notes (ISIN: XS0277614961): affirmed at
'Csf', assigned 'RE0%'
-- EUR11m class E notes (ISIN: XS0277615000): affirmed at
'Csf', assigned 'RE0%'
-- EUR5m class F notes (ISIN: XS0277615265): affirmed at 'Csf',
assigned 'RE0%'
The transaction's scheduled maturity was in September 2011, while
legal final maturity will be in September 2013. The class A
notes were paid in full in December 2011. At present, only one
asset in the portfolio is outstanding. As a result of this asset
being restructured, its maturity was extended until 15 December
2012.
The transaction features a principal deficiency ledger (PDL).
The total number of PDL events is 54, corresponding to EUR65.3
million. Of the 54 assets, in 20 cases the workout process has
been completed, with accumulated recoveries equal to EUR20.2
million, yielding a recovery rate of 30.9%. This is an increase
of 13.1% compared to the cumulative recovery rate at the time of
the last review in June 2011, which was 17.8%. For the remaining
loans (34), the recovery process is still ongoing.
The currently outstanding PDL balance is EUR35.8 million, while
the currently outstanding note balance (B to F) is EUR35.9
million. Now that only one asset is outstanding, the only way
that the PDL can be reduced is through recoveries.
Recoveries are highly uncertain, especially given the short
remaining term until legal final maturity. If the workout can
not be completed by the legal final, investors may be exposed to
larger losses as a result of lower recoveries. Furthermore,
interest payments on the class C to F notes rank prior to
repayment of the class B note principal, which could further
reduce the principal recovery rate for the class B notes. The
current ratings of the notes reflect this situation and have thus
been affirmed.
The transaction is a cash securitization of certificates of
indebtedness (Schuldscheindarlehen) of German SMEs originated and
serviced by Landesbank Baden-Wuerttemberg (LBBW, rated
'A+'/Stable/'F1+', the arranger). The Schuldschein program was
conducted by LBBW in cooperation with Baden-Wuerttembergische
Bank, Landesbank Rheinland-Pfalz, and several German savings
banks.
Fitch assigns Recovery Estimates (REs) to all notes rated 'CCCsf'
or below. REs are forward-looking recovery estimates, taking
into account Fitch's expectations for principal repayments on a
distressed structured finance security.
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BECBAY: NAMA Appoints Receiver to Irish Glass Bottle Site
---------------------------------------------------------
RTE News reports that the National Asset Management Agency has
appointed a receiver to the former Irish Glass Bottle Site in
Ringsend in Dublin.
The site had been bought during the boom for EUR412 million by
the State-owned Dublin Docklands Development Authority and
developers Bernard McNamara and Derek Quinlan, RTE recounts.
The site is named on the latest list of properties subject to
enforcement action published by the agency, RTE notes.
The debts of Becbay, a consortium which bought the site, were
transferred to NAMA, RTE discloses.
Becbay was an investment vehicle for the Dublin Docklands
Development Authority, Derek Quinlan and Bernard McNamara, RTE
notes.
MARKETSPREADS: Central Bank Lifts Trading Suspension
----------------------------------------------------
RTE News reports that 20 jobs have been saved after MarketSpreads
has had a suspension on its trading lifted by the Central Bank.
On April 5, the bank directed the company to stop trading
following concerns about its 2009 accounts and the level of
capital the firm holds on its books, RTE relates.
According to RTE, the Central Bank said in a statement the bank
"is satisfied with the steps which the firm has taken to address
its legacy financial issues."
The company has provided a new set of accounts for 2010 which
have been approved by auditors, RTE discloses. It has also
improved its level of capital, RTE notes.
A payment of EUR1.4 million due as part of take over of
MarketSpreads in 2009 will not proceed, RTE says.
MarketSpreads marketing director John McGlade confirmed the
company would now begin trading again after the direction by the
Central Bank was lifted, RTE discloses.
MarketSpreads is a Dublin-based spreadbetting company.
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DEXIA CREDIOP: Moody's Cuts Ratings on Three Note Classes to Ba2
----------------------------------------------------------------
Moody's Investors Service has downgraded to Ba2(sf) from Baa3(sf)
the ratings of the notes issued by DCC - Dexia Crediop per la
Cartolarizzazione S.r.l. (DCC), following the downgrade of Dexia
Crediop S.p.A (Dexia Crediop) on April 20, 2012 from Ba3 to B2
and taking into account the current credit quality of the
securitised pool backing the notes. This rating action concludes
the rating review initiated by Moody's on December 6, 2011.
Issuer: DCC - DEXIA CREDIOP PER LA CARTOLARIZZAZIONE S.r.l.
EUR1128.851M Serie 2004-1 Classe A 1,128,851,000 Titoli a
tasso variabile scadenza 2039 Notes, Downgraded to Ba2 (sf);
previously on Dec 6, 2011 Downgraded to Baa3 (sf) and Remained On
Review for Possible Downgrade
EUR1005.965M Serie 2005-1 Classe A 1,005,965,000 Titoli Asset
Backed Notes, Downgraded to Ba2 (sf); previously on Dec 6, 2011
Downgraded to Baa3 (sf) and Remained On Review for Possible
Downgrade
EUR2300M Serie 2008-1 Classe A 2,300,000,000 Titoli Asset
Backed Notes, Downgraded to Ba2 (sf); previously on Dec 6, 2011
Downgraded to Baa3 (sf) and Remained On Review for Possible
Downgrade
Ratings Rationale
The rating action reflects (i) the transaction's high linkage to
Dexia Crediop (B2), which acts as originator, servicer,
guarantor, swap counterparty and reserve account holder; and (ii)
the quality of the assets backing the notes.
Because of the linkage to Dexia Crediop, Moody's rating approach
has considered (i) a similar probability of default for the bank
and for the notes in this transaction; and (ii) expected
recoveries from the pool of assets. The ratings of the notes
issued by DCC were downgraded to three notches above Dexia
Crediop's rating, reflecting a lower expected loss on the DCC
notes, which resulted from the benefit given to the credit
quality of the pool of assets.
-- NOTES BACKED BY LOCAL GOVERNMENT LOANS
The notes issued by DCC, an Italian special purpose entity
incorporated under Law 130/99 and fully owned by Dexia Crediop,
are backed by a pool of loans to Italian central, regional and
local governments granted and serviced by Dexia Crediop.
In addition, the notes benefit from an irrevocable, first-demand
guarantee from Dexia Crediop, covering interest and principal
payments on the notes.
The pool includes approximately 320 Italian public debtors,
mainly regions (54%), municipalities (28%) and provinces (18%).
The biggest debtors in the pool are the Italian regions of
Sardegna, Liguria, Piemonte, Umbria and Lazio, which together
represent approximately 43% of the current pool balance. These
biggest debtors are all rated by Moody's. Moody's assessed the
creditworthiness of the remaining borrowers using Q scores, which
were updated in November 2011. Moody's adjusted the highest Q
scores following the downgrade of the Italian sovereign rating in
February 2012.
-- UNDERLYING ASSET POOL'S CREDIT QUALITY IN LINE WITH Ba RATING
As Q scores do not carry credit indicators, such as ratings
reviews and outlooks, Moody's performed several stress tests. On
the back of these tests, the credit quality of the portfolio has
moved to the high end of the Ba range.
Key modeling assumptions, sensitivities, cash-flow analysis and
stress scenarios have otherwise not been updated as the rating
action has been primarily driven by increased operational risk.
Uncertainty mainly stems from the availability of a replacement
party. Should a replacement party not be found, the rating would
be negatively affected.
The main source of uncertainty in the analysis relates to the
evolution of (i) the credit quality of Dexia Crediop; and (ii)
the future general economic situation in Italy and the subsequent
credit quality of Italian public entities, which constitute the
borrowers in the underlying pool of assets of this transaction.
If Dexia Crediop were to be further downgraded or if the economic
situation were to deteriorate further in Italy and public
entities were to be downgraded, the rating of the notes would be
negatively affected.
As explained above, Moody's rating approach considers a linkage
to the rating of Dexia Crediop and gives some benefit to the
credit quality of the underlying pool of assets.
In addition to the rating considerations described earlier, the
principal methodology used in this rating was "Moody's Approach
to Rating Collateralized Loan Obligations," published in June
2011.
In performing the rating review of this transaction, Moody's used
CDOROM to model the cash flows and determine the loss for tranche
A. The Moody's CDOROM(TM) is a Monte Carlo simulation which takes
the Moody's default probabilities as input. Each corporate
reference entity is modelled individually with a standard multi-
factor model incorporating intra- and inter-industry correlation.
The correlation structure is based on a Gaussian copula. In each
Monte Carlo scenario, defaults are simulated. Losses on the
portfolio are then derived, and allocated to the notes in reverse
order of priority to derive the loss on the notes issued by the
Issuer. By repeating this process and averaging over the number
of simulations, an estimate of the expected loss borne by the
notes is derived. As such, Moody's analysis encompasses the
assessment of stressed scenarios.
As the euro area crisis continues, the rating of the structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could negatively
impact the ratings of the notes.
FIAT SPA: S&P Lowers Corp. Credit Rating to 'BB-'; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Fiat SpA to 'BB-' from 'BB'. "We
removed the ratings from CreditWatch, where we had placed them
with negative implications on Feb. 6, 2012. This action didn't
affect the 'B' short-term rating. The outlook is stable," S&P
said.
"At the same time, Standard & Poor's lowered the issue ratings on
the group's debt instruments by one notch to reflect the lower
corporate credit rating. The recovery ratings are unchanged at
'4', reflecting our expectation for average (30% to 50%) recovery
in the event of a default," S&P said.
"The downgrade primarily reflects the weak performance of Fiat in
Europe and the resulting harm to profitability and cash flow,"
explained Standard & Poor's credit analyst Rob Richards. "This
has caused us to characterize the financial risk profile as
'aggressive', which is weaker than our previous view of the risk
as 'significant', as per our criteria'," S&P said.
"We believe Fiat will continue to suffer from industry
overcapacity and underutilization of its production sites in
Europe over the next few years," S&P said.
"We expect substantial overcapacity among European mass market
automakers and weak consumer demand -- both especially in Fiat's
home market of Italy -- and strong competition to weaken
profitability and cash flow in 2012 and pose challenges beyond
this year. Following a 2011 full-year decline of 11% in new
European (EU+EFTA) registrations, in the first quarter of 2012
Fiat Group experienced a decline of 20% in European new
registrations versus a 7.7% decline for the industry," S&P said.
"We expect investments in new products and production capacity in
Brazil and North America, as well as periodic Chrysler share
repurchases, to increase net debt in 2012 by EUR1 billion to EUR2
billion from year-end 2011 consolidated net debt of EUR25.6
billion. Management's decision to limit investments in
potentially unprofitable new models will bolster liquidity and
limit the rise in debt in the next year, but it could undermine
the company's competitive position when the Italian and broader
European markets recover. The overall credit quality will depend
on the sustained success in Brazil and continued improvement at
its Chrysler unit. We believe that Fiat's performance in Brazil
will continue to underpin group profitability, based on popular
models, high capacity utilization, and supportive moves by the
Brazilian government to limit import competition for indigenous
producers like Fiat," S&P said.
"In reviewing Fiat's credit profile, we consider both Fiat's core
operations and Chrysler to determine Fiat's business risk
profile, which we continue to assess as 'fair'. Fiat benefits
from the diversity that Chrysler's North American market position
provides, as well as joint purchasing and shared investments. We
analyze Fiat and Chrysler on a consolidated basis because of
Chrysler's strategic importance to Fiat, our expectation that its
ownership percentage will continue to rise, and the less
comprehensive information on Fiat group that excludes Chrysler.
However, constraints on the movement of cash between the parent
company and Chrysler cause us to assess the liquidity positions
and cash generation capacity of the two entities independently.
The recent consolidation of Chrysler caused adjusted debt to rise
significantly to EUR25.6 billion in December 2011, including
unfunded pension liabilities (largely at Chrysler), netting of
cash outside Chrysler, certain receivables sold and other
adjustments to reported debt. Fiat's 2011 results consolidate
Chrysler for only seven months of the year, which distorts or
makes it difficult to compute many full-year credit ratios for
2011 and comparisons between 2011 and future years," S&P said.
"Our base case assumes that Fiat will suffer a negative EBIT
margin in 2012 in the EMEA region on the back of a continuing
very weak car market in Italy. However, we believe strongly
profitable Brazil will continue to perform well, with expected
market growth of 1% to about 3.46 million light vehicles. We
expect Chrysler to benefit as the U.S. light vehicle market
rebounds to about 14.2 million units. Nevertheless, the
consolidated EBITDA margin--adjusted for unusual items and
capitalized development and other costs--is projected to remain
flat, at about 7%. Due to relatively high research and
development (R&D) expenses, other capital expenditure in North
and South America, and a likely exercise of the first of five
options over 3.32% stakes of Chrysler shares held by the VEBA
Trust, we expect consolidated free cash flow potentially in the
range of EUR1 billion to EUR2 billion. The aggressive financial
risk assessment anticipates net debt to EBITDA of about 4.5x to
5x for 2012 and beyond," S&P said.
SESTANTE 2006: Moody's Cuts Rating on Class C1 Notes to 'C (sf)'
----------------------------------------------------------------
Moody's Investors Service downgraded 12 notes out of 4
transactions issued by Sestante Finance S.r.l.: Sestante Finance
S.r.l ("Sestante 2003"), Sestante Finance S.r.l. Series 2004
("Sestante 2004"), Sestante Finance S.r.l. Series 2005 ("Sestante
2005"), and Sestante Finance S.r.l. Series 2006 ("Sestante
2006"). All affected ratings are listed at the end of this press
release.
The ratings of classes B and C1 notes in Sestante 2004 and of
class C1 notes in Sestante 2005 were placed on review for
downgrade in May 2011 due to weak performance. The rating of
class B notes in Sestante 2005 were placed on review for
downgrade in October 2011 due to insufficient credit enhancement.
Ratings Rationale
The downgrade takes into account the revision of collateral
performance assumptions and the amount of available credit
enhancement supporting the notes.
-- Key collateral assumptions revised
Sestante Finance transactions are performing worse than expected
since the latest reviews in December 2009 for Sestante 2004, 2005
and 2006 and in March 2011 for Sestante 2003.
The proportion of loans more than 90 days delinquent is high
compared to Italian RMBS index and it has increased further in
the latest three quarters. As of February 2012 loans more than 90
days delinquent comprised 6.03% of the current pool balance in
Sestante 2003, 5.38% in Sestante 2004, 6.68% in Sestante 2005 and
8.12% in Sestante 2006 compared to 1.66% in Italian RMBS 90+
index.
Cumulative defaults as a percentage of the original pool balance
reached 5.65% in Sestante 2003, 5.38% in Sestante 2004, 6.56% in
Sestante 2005 and 9.20% in Sestante 2006. Recovery flows as a
percentage of cumulative defaults have been very limited in all
four transactions, at 15.86% in Sestante 2003, 13.53% in Sestante
2004, 8.95% in Sestante 2005 and 4.75% in Sestante 2006 as of the
latest data point available. Moody's notes that the recovery
amounts increased in the last two quarters.
After considering the current amounts of cumulative defaults and
completing a roll rate and recovery rate analysis for the
portfolio Moody's has increased its lifetime expected loss
assumption as percentage of the original pool balance from 3.5%
to 4.3% in Sestante 2003, from 3.7% to 5.0% in Sestante 2004,
from 3.9% to 5.2% in Sestante 2005 and from 6.4% to 9.2% in
Sestante 2006.
During the review Moody's has re-assessed updated loan-by-loan
information and increased its MILAN CE assumption to 20% in
Sestante 2003, 2004 and 2005, and to 30% in Sestante 2006. This
is within the top range of Italian RMBS transactions due to pool
performance and composition, in particular (i) high share of
broker originated mortgages, (ii) high share of foreign
nationals, and (iii) high loan to value ratios.
-- Decreasing levels of credit enhancement
Increased defaults and limited recoveries flows led to decreased
levels of credit enhancement available in Sestante Finance
transactions.
In Sestante 2003 class A2 notes are not backed by mortgages and
are repaid according to a fixed amortization profile with excess
spread trapped in the interest waterfall in priority to interest
payments on classes B and C notes. Since December 2010 excess
spread was insufficient to pay balance in the principal
deficiency ledger ("PDL") and the reserve fund was utilized on
each interest payment date to cover the shortfalls. The reserve
fund is drawn to 59% of the target level as of February 2012.
In Sestante 2004, 2005 and 2006 class C2 notes are not backed by
mortgages and are repaid by excess spread after payment of PDL
balances but before reserve fund replenishment. The unpaid PDL
balance as a percentage of outstanding principal of the classes
A, B and C1 is 1.61% in Sestante 2004, 2.82% in Sestante 2005 and
7.10% in Sestante 2006. Class C2 notes have defaulted on the
scheduled principal payments in 2009 and since were unable to pay
the scheduled principal in full.
-- Counterparty Risk
Moody's notes that in May 2011 Meliorbanca S.p.A. (NR) has
transferred servicing function for the Sestante transactions to
Italfondiario S.p.A. (NR). Italfondiario is one of the largest
specialist servicers in Italy. It is 88.75% owned by entities of
the Fortress group and 11.25% by Intesa Sanpaolo. Banca Popolare
dell'Emilia Romagna (NR) acts as a back-up servicer and The Bank
of New York Mellon (Aa1/P-1) acts as a cash manager in all four
deals. Moody's considers this level of counterparty risk as
commensurate for a Aa2(sf) rating in Sestante transactions.
Factors and Sensitivity Analysis
Expected loss assumptions remain subject to uncertainty with
regard to general economic activity, interest rates and house
prices. Lower than assumed realised recovery rates or higher than
assumed default rates would negatively affect the ratings in
these transactions.
As the euro area crisis continues, the ratings of the notes
remain exposed to the uncertainties of credit conditions in the
general economy. The deteriorating creditworthiness of euro area
sovereigns as well as the weakening credit profile of the global
banking sector could negatively impact the ratings of the notes.
Following the downgrade of Italy's long-term government bond
rating to A3, Moody's lowered the maximum achievable ratings in
Italy from Aaa(sf) to Aa2(sf). Furthermore, as discussed in
Moody's special report "Rating Euro Area Governments Through
Extraordinary Times -- An Updated Summary," published in October
2011, Moody's is considering reintroducing individual country
ceilings for some or all euro area members, which could affect
further the maximum structured finance rating achievable in those
countries. Moody's is also continuing to consider the impact of
the deterioration of sovereigns' financial condition and the
resultant asset portfolio deterioration on mezzanine and junior
tranches of structured finance transactions.
The principal methodology used in these ratings was Moody's
Approach to Rating RMBS in Europe, Middle East, and Africa
published in October 2009.
In reviewing these transactions, Moody's used ABSROM to model the
cash flows and determine the loss for each tranche. The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default scenario,
the corresponding loss for each class of notes is calculated
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss for each tranche is the sum product of (i) the
probability of occurrence of each default scenario; and (ii) the
loss derived from the cash flow model in each default scenario
for each tranche.
As such, Moody's analysis encompasses the assessment of stressed
scenarios.
The list of affected ratings:
Issuer: SESTANTE FINANCE S.r.l.
EUR13.36M C Notes, Downgraded to Ba2 (sf); previously on
Mar 21, 2011 Downgraded to Baa2 (sf)
Issuer: Sestante Finance Srl Series 2004
EUR575.3M A Notes, Downgraded to Aa3 (sf); previously on
Feb 21, 2012 Downgraded to Aa2 (sf)
EUR34.4M B Notes, Downgraded to Ba2 (sf); previously on
May 20, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade
EUR15.6M C1 Notes, Downgraded to Caa2 (sf); previously on
May 20, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade
EUR21.9M C2 Notes, Downgraded to Ca (sf); previously on
May 20, 2011 Ba3 (sf) Placed Under Review for Possible Downgrade
Issuer: Sestante Finance Srl - Series 2005
EUR791.9M A Notes, Downgraded to A3 (sf); previously on
Feb 21, 2012 Downgraded to Aa2 (sf)
EUR47.35M B Notes, Downgraded to B3 (sf); previously on
Oct 20, 2011 A2 (sf) Placed Under Review for Possible Downgrade
EUR21.5M C1 Notes, Downgraded to Ca (sf); previously on
May 20, 2011 Ba3 (sf) Placed Under Review for Possible Downgrade
Issuer: Sestante Finance S.r.L. Series 2006
EUR342.25M A1 Notes, Downgraded to Ba1 (sf); previously on
Dec 18, 2009 Downgraded to Aa2 (sf)
EUR228.17M A2 Notes, Downgraded to Ba1 (sf); previously on
Dec 18, 2009 Downgraded to Aa2 (sf)
EUR34.1M B Notes, Downgraded to Ca (sf); previously on
Dec 18, 2009 Downgraded to Baa3 (sf)
EUR15.5M C1 Notes, Downgraded to C (sf); previously on
Dec 18, 2009 Downgraded to Caa1 (sf)
===================
L U X E M B O U R G
===================
INTELSAT SA: Amends Tender Offers, Posts Early Offer Results
------------------------------------------------------------
Intelsat S.A. announced that, in connection with the Tender
Offers, Intelsat Jackson has been advised by Global Bondholder
Services Corporation, as the depositary for the Tender Offers,
that as of 5:00 p.m. New York City time on Wednesday, April 25,
2012, Intelsat Jackson had received tenders of US$48,042,000
aggregate principal amount of the 9 1/2% Notes and tenders of
US$10,059,000 aggregate principal amount of the 11 1/4% Notes
pursuant to the Tender Offers.
On April 25, 2012, Intelsat S.A. also announced that Intelsat
Jackson amended the terms of the Tender Offer for the 9 1/2%
Notes and the Tender Offer for the 11 1/4% Notes and is now
offering to pay the total consideration, including the early
tender payment, to Holders who validly tender their Notes prior
to the expiration of the applicable Tender Offer.
Including accrued and unpaid interest, Intelsat Jackson has paid
US$51,584,590 in total consideration with respect to the 9 1/2%
Notes tendered prior to the Early Tender Time and US$10,928,474
in total consideration with respect to the 11 1/4% Notes tendered
prior to the Early Tender Time.
Each of the Tender Offers is scheduled to expire at 12:00
midnight, New York City time, on Wednesday, May 9, 2012, unless
extended or earlier terminated by Intelsat Jackson.
Subject to the terms and conditions set forth in the Offer to
Purchase, Intelsat Jackson will accept for purchase all 9 1/2%
Notes tendered and not withdrawn prior to the Early Tender Time.
Subject to the terms and conditions set forth in the Offer to
Purchase, Intelsat Jackson intends to accept for purchase all 9
1/2% Notes tendered after the Early Tender Time and prior to the
Expiration Time.
Subject to the terms and conditions set forth in the Offer to
Purchase, Intelsat Jackson will accept for purchase all 11 1/4%
Notes tendered and not withdrawn prior to the Early Tender Time.
As the principal amount of 11 1/4% Notes validly tendered and not
withdrawn in the 11 1/4% Offer prior to the Early Tender Time is
less than the Tender Cap, subject to the terms and conditions set
forth in the Offer to Purchase, Intelsat Jackson intends to
accept for purchase 11 1/4% Notes tendered after the Early Tender
Time and prior to the Expiration Time, subject to the Tender Cap
and any required proration, as described in the Offer to
Purchase.
The withdrawal deadline relating to each of the Tender Offers
occurred at 5:00 p.m., New York City time, on Wednesday, April
25, 2012. Notes previously tendered and Notes that are tendered
after the withdrawal deadline may not be withdrawn, except as
required by law. Each of the Tender Offers is scheduled to
expire at 12:00 midnight, New York City time, on Wednesday, May
9, 2012, unless extended or earlier terminated.
Intelsat Jackson has retained Goldman, Sachs & Co. to act as the
dealer manager for each of the Tender Offers. Global Bondholder
Services Corporation is acting as the Information Agent and the
Depositary for each of the Tender Offers. Questions regarding
either of the Tender Offers should be directed to Goldman, Sachs
& Co. at (800) 828-3182 (toll-free) or (212) 357-0345 (collect).
Requests for documentation should be directed to Global
Bondholder Services Corporation at (866) 470-3900 (toll-free) or
(212) 430-3774 (collect).
About Intelsat
Intelsat S.A., formerly Intelsat, Ltd., provides fixed-satellite
communications services worldwide through a global communications
network of 54 satellites in orbit as of Dec. 31, 2009, and ground
facilities related to the satellite operations and control, and
teleport services. It had US$2.5 billion in revenue in 2009.
Washington D.C.-based Intelsat Corporation, formerly known as
PanAmSat Corporation, is a fully integrated subsidiary of
Intelsat S.A., its indirect parent. Intelsat Corp. had US$7.70
billion in assets against US$4.86 billion in debts as of Dec. 31,
2010.
The Company reported a net loss of US$433.99 million in 2011, a
net loss of US$507.77 million in 2010, and a net loss of $782.06
million in 2009.
The Company's balance sheet at Dec. 31, 2011, showed $17.36
billion in total assets, US$18.45 billion in total liabilities,
US$1.14 billion total Intelsat S.A. shareholder's deficit, and
US$50.92 million noncontrolling interest.
* * *
Luxembourg-based Intelsat S.A. carries 'B' issuer credit ratings
from Standard & Poor's. It has 'Caa1' corporate family and
probability of default ratings from Moody's Investors Service.
INTELSAT SA: Unit Issues US$1.2 Billion of 7-1/4% Senior Notes
--------------------------------------------------------------
Intelsat Jackson Holdings S.A. issued US$1,200,000,000 aggregate
principal amount of its 7 1/4% Senior Notes due 2020. The New
Notes were issued pursuant to an indenture, dated as of Sept. 30,
2010, among Intelsat Jackson, the guarantors party thereto and
Wells Fargo Bank, National Association, as trustee. Intelsat
Jackson previously issued US$1,000,000,000 aggregate principal
amount of its 7 1/4% Senior Notes due 2020 on Sept. 30, 2010.
The net proceeds from the New Notes will be used by Intelsat
Jackson to purchase any and all of its US$701,913,000 outstanding
9 1/2% Senior Notes due 2016 and up to US$470,000,000 aggregate
principal amount of its outstanding US$1,048,220,000 aggregate
principal amount of 11 1/4% Notes that are validly tendered in
connection with Intelsat Jackson's tender offers announced on
April 12, 2012. Proceeds from the sale of the New Notes may also
be used to redeem or repurchase notes not purchased in the
applicable Tender Offer, to pay related fees and expenses and for
general corporate purposes.
The Indenture contains covenants which include, among other
things:
-- a limitation on Intelsat Jackson's and some of its
subsidiaries' ability to incur or guarantee additional debt
or issue disqualified or preferred stock;
-- a limitation on Intelsat Jackson's and some of its
subsidiaries' ability to pay dividends, make other equity
distributions or repurchase or redeem capital stock;
-- a limitation on Intelsat Jackson's and some of its
subsidiaries' ability to make certain investments;
-- a limitation on Intelsat Jackson's and some of its
subsidiaries' ability to enter into transactions with
affiliates;
-- a limitation on merger, consolidation, amalgamation and
sale of assets applicable to Intelsat Jackson and some of
its subsidiaries; and
-- a limitation on Intelsat Jackson's and some of its
subsidiaries' ability to incur liens on any of Intelsat
Jackson's assets securing other indebtedness.
The New Notes are redeemable on the dates, at the redemption
prices and in the manner specified in the Indenture.
Pursuant to a registration rights agreement, Intelsat Jackson and
the guarantors of the New Notes agreed with Goldman, Sachs & Co.,
as representative of the initial purchasers in the offering of
the New Notes, in the circumstances described therein to make an
offer to exchange the New Notes for registered, publicly tradable
notes that have substantially identical terms to the New Notes.
About Intelsat
Intelsat S.A., formerly Intelsat, Ltd., provides fixed-satellite
communications services worldwide through a global communications
network of 54 satellites in orbit as of Dec. 31, 2009, and ground
facilities related to the satellite operations and control, and
teleport services. It had US$2.5 billion in revenue in 2009.
Washington D.C.-based Intelsat Corporation, formerly known as
PanAmSat Corporation, is a fully integrated subsidiary of
Intelsat S.A., its indirect parent. Intelsat Corp. had US$7.70
billion in assets against US$4.86 billion in debts as of Dec. 31,
2010.
The Company reported a net loss of US$433.99 million in 2011, a
net loss of US$507.77 million in 2010, and a net loss of
US$782.06 million in 2009.
The Company's balance sheet at Dec. 31, 2011, showed US$17.36
billion in total assets, US$18.45 billion in total liabilities,
US$1.14 billion total Intelsat S.A. shareholder's deficit, and
US$50.92 million noncontrolling interest.
* * *
Luxembourg-based Intelsat S.A. carries 'B' issuer credit ratings
from Standard & Poor's. It has 'Caa1' corporate family and
probability of default ratings from Moody's Investors Service.
MONIER GROUP: Moody's Assigns 'B3' CFR; Outlook Stable
------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family
rating (CFR) and probability of default rating (PDR) to Monier
Group Sarl, a Luxemburg based roof tiles and roof components
producer. At the same time, it has assigned a provisional (P)B2
rating to EUR250 million of senior secured guaranteed notes, a
(P)B2 rating to EUR432 million of senior secured bank debt and a
(P) Ba3 rating to EUR150 million of super senior revolver. The
outlook on all ratings is stable. This is the first time that
Moody's has rated Monier Group Sarl.
Ratings Rationale
The assignment of a definitive rating to the new EUR250 million
Senior Secured Notes, EUR432 million Senior Secured Bank debt and
EUR150 million Super Senior Revolver is subject to a review of
the associated final documentation.
Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's
preliminary opinion. Upon a conclusive review of the transaction
and associated final documentation, Moody's will endeavor to
assign definitive ratings to the securities. A definitive rating
may differ from a provisional rating.
Monier's ratings are weakly positioned given the group's
leveraged capital structure even after the debt restructuring of
late 2009 with very high leverage, as indicated by year-end 2011
adjusted Debt / EBITDA of 10.5x and RCF / Net debt of 6.8%. Pro-
forma of the proposed refinancing the cash interest charge of the
group will double which is expected to lead to a EUR20 million
decline in Funds from operations in 2012. High and increased cash
interest payments coupled with ongoing capex needs will most
likely lead to moderately negative free cash flow generation in
2012 and therefore deleveraging would have to be driven by a
sustainable improvement in Monier's profitability going forward.
The rating incorporates Moody's expectation that Monier will
improve its credit metrics over time to maintain the current
rating with little headroom for underperformance.
However, the high leverage is to some extent offset by the
group's (i) leading market positions in concrete and clay roof
tiles across many markets, (ii) good level of geographical
diversification with limited dependency on European "peripheral"
countries, but a focus on Western, Central and Eastern Europe,
(iii) exposure to consolidated roof tile markets with strong
barriers to entry (high capital intensity, need to establish
production network due to high transportation costs, limited
availability of quarries, long term customer relationships), (iv)
exposure to the more stable renovation markets, which partly
mitigates the group's reliance on residential markets, and (v)
the recovery in operating performance of Monier in 2011, driven
by positive market development but also by the successful
implementation of restructuring measures in the past, leading to
an improvement of the debt/EBITDA ratio from 12.3x in 2010 to
around 10.5x per year-end 2011.
In considering the group's credit metrics and based on the review
of the terms and conditions of the EUR332 million PIK loan and
the EUR594 million MCPECs which make up part of the company's
capital structure Moody's has included the PIK loan in the
calculation of its debt metrics as 100% debt. The PIK loans are
governed by the restricted payments in the Senior Facilities
Agreement until the senior secured bank debt outstanding matures
in 2017 and then by the restricted payment covenant in the
Description of Notes until the new senior notes mature in 2019.
Monier would be able to pay unrestricted dividends after 2017 if
consolidated leverage would fall below 2.0x and the dividend
payment would not lead to an increase in consolidated leverage
above this level, which is a distinct possibility over the life
of the notes hence Moody's debt treatment of the instrument. The
MCPECs have not been included on Moody's adjusted debt
calculation. This treatment is supported by the fact that no
dividends can be declared under this instrument as long as Monier
will have negative retained earnings. Monier had negative
retained earnings of more than EUR1.8 billion at 31st December
2011 and is unlikely to generate substantial net income over the
life of the senior secured notes and bank debt.
The 1-notch differential between the (P)B2 ratings on the EUR432
million Senior Secured Bank debt and on the EUR250 million Senior
Secured Notes Senior Debt and the B3 CFR reflects the cushion
provided by the more junior EUR332 million PIK notes and certain
non-financial liabilities. The 3-notch differential between the
(P)Ba3 rating on the EUR150 million Super Senior Revolver and the
B3 CFR reflects the cushion provided by the more junior EUR432
million Senior Secured Bank Debt, the EUR250 million Senior
Secured Notes, the EUR332 million PIK notes and certain non-
financial liabilities.
Given the weak rating positioning a rating upgrade is currently
unlikely. Moody's would consider upgrading Monier Group Sarl if
Debt / EBITDA would fall sustainably below 6.5x and RCF/Net debt
would increase to the high single digits. In addition Moody's
would require EBIT/Interest to be above 1.0x.
Moody's would consider downgrading Monier Group Sarl if the
operating performance would deteriorate from current levels
leading to negative free cash flow generation and RCF/Net debt
falling sustainably below 5%.
Monier's short term liquidity position is solid supported by a
high cash balance of EUR233 million and the full availability of
the EUR150 million super senior revolving credit facility. The
proposed refinancing would improve the maturity profile of Monier
with only EUR63 million of senior secured bank debt maturing in
2015. The amended and extended EUR369 million of senior bank debt
will mature in 2017 and the new proposed EUR250 million senior
secured notes in 2019. Monier will have to comply with a standard
high yield package with a headroom of approximately 25% at
inception and step downs throughout the life of the senior
secured bank facilities.
The principal methodology used in rating Monier Group Sarl. was
the Global Building Materials Industry Methodology published in
July 2009. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.
Monier is one of Europe's largest roof tiles and roof products
producer with a strong focus on concrete tiles. Monier mainly
competes with Wienerberger (Ba2, Stable), Etex, Imerys (Baa2,
Stable) and Terreal. The group reported consolidated revenues of
EUR1.392 billion and an operating EBITDA of EUR168 million.
=====================
N E T H E R L A N D S
=====================
BELUGA MASTER: Moody's Assigns 'Ba1' Ratings to Two Note Classes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive credit ratings
to the following classes of notes issued by Beluga Master Issuer
B.V.:
Issuer: Beluga Master Issuer B.V. Series 2012-1
EUR2110M Class A Series 2012-1 Notes due 2099, Assigned Aaa(sf)
EUR158M Class B Series 2012-1 Notes due 2099, Assigned Aa3 (sf)
EUR144M Class C Series 2012-1 Notes due 2099, Assigned A3 (sf)
EUR88M Class D Series 2012-1 Notes due 2099, Assigned Ba1 (sf)
In addition Moody's assigned credit ratings to the following
existing notes that were previously not rated by Moody's:
Issuer: Beluga Master Issuer B.V. Series 2007-1
EUR31.6M Class B Notes due 2099, Assigned Aa3 (sf);
previously on Aug 28, 2007 Assigned NR (sf)
EUR28.8M Class C Notes due 2099, Assigned A3 (sf); previously
on Aug 28, 2007 Assigned NR (sf)
EUR17.6M Class D Notes due 2099, Assigned Ba1 (sf);
previously on Aug 28, 2007 Assigned NR (sf)
Moody's also affirms the existing ratings of notes issued by
Beluga Master Issuer B.V.
The Beluga Master Issuer program was established in 2006. The
Beluga Master Issuer Series 2012-1 is a refinancing of a portion
of the notes from the Series 2006-1 issuance. All notes are
backed by a pool of prime Dutch residential mortgage loans. The
mortgage loans have been originated by ABN AMRO Bank N.V. (former
Fortis Bank (Nederland) N.V.; "ABN AMRO", Aa3, possible
downgrade/P-1). The total portfolio size for this master issuer
is approximately EUR3.9 billion.
In this master issuer structure, an asset purchasing company has
been established. The seller/originator sells mortgage loans to
this asset purchasing company. The asset purchaser receives an
inter-company loan from the Beluga Master Issuer to finance the
acquisition of the residential mortgage loans. The master issuer
in turn issues notes. This structure is a two-tier SPV structure,
whereby tranching (note specific features) are structured at
issuer SPV level and the excess spread (including interest rate
swap) are at asset purchaser SPV level.
Ratings Rationale
The ratings of the notes take into account the credit quality of
the underlying mortgage loan pool, from which Moody's determined
the MILAN Aaa Credit Enhancement and the portfolio expected loss.
The expected portfolio loss of 1.0% of current balance of the
portfolio at closing and the MILAN Aaa required Credit
Enhancement of 12.5% served as input parameters for Moody's cash
flow model, which is based on a probabilistic lognormal
distribution as described in the report "The Lognormal Method
Applied to ABS Analysis", published in July 2000.
The MILAN Aaa Credit Enhancement is higher than for other
recently closed prime Dutch RMBS transactions. The key drivers
for the MILAN Aaa Credit Enhancement include the loose
substitution criteria during the revolving period, whereby the
portfolio characteristics could change, amongst others, in terms
of weighted-average loan-to-foreclosure value, loan-to-value
distribution and the portion of interest-only loans without an
additional repayment vehicle. The weighted-average loan-to-
foreclosure value of the pool is capped at 96.5%.
The key drivers for the portfolio expected loss are (i) the
performance of the sellers' precedent transactions, (ii)
benchmarking with comparable RMBS transactions in the Dutch
market and (iii) the current economic conditions in the
Netherlands.
The substitution criteria allow for an increase of mortgage loans
in the pool that are linked to life insurance policies (life
mortgage loans) up to 5% of the pool, which are exposed to the
risk of set-off if an insurance company should go bankrupt. The
servicer has not provided loan-by-loan insurance company
counterparty data. In any case, the total amount of life mortgage
loan exposure as well as the distribution of insurance
counterparties might change over time because of the revolving
nature of the transaction. Moody's has addressed this in the cash
flow analysis by assuming a stressed proportion of life mortgage
loans and a stressed distribution of life insurance companies.
A non amortizing reserve account fully funded at 1.1% of all
outstanding notes is in place as of April 2012. Credit
enhancement is also provided through excess spread at the asset
purchaser level and subordination of junior notes at the issuer
level. Excess spread of 50 bps at the asset purchaser level is
available through the interest rate swap. The subordination of
the Class A notes is 12%.
Liquidity is provided by the interest rate swap at the asset
purchaser level. Under the swap agreement the asset purchaser
pays interest received by the asset purchaser (minus expenses and
the excess margin) and receives the interest payable on the
intercompany loan from the issuer, which is equal to the interest
payable on the notes. Should the asset purchaser receive no
interest at all, the swap would still pay the interest due on the
notes. Although Moody's views this as a strong feature, the
rating agency is also of the opinion that this swap is less
standard than a swap typically seen in Dutch RMBS transactions,
which makes it more difficult to transfer it to a third party
swap counterparty if needed. Although the swap documentation is
in compliance with Moody's published hedge de-linkage criteria,
in Moody's view this non-standard swap and potential difficulty
to transfer introduces some linkage to the swap counterparty.
ABN AMRO's Aa3 rating was placed under review in February 15,
2012. A downgrade beyond current expectations of ABN AMRO as swap
provider and parent company of the pool servicer, may lead to a
rating review due to operational risk.
Moody's Parameter Sensitivities: If the MILAN Aaa CE was
increased from 12.5% to 20.0% and the portfolio expected loss was
increased from 1.0% to 3.0%, the model output indicates that the
class A note would no longer achieve Aaa but Aa3, assuming that
all other factors remain equal.
Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged and is not intended
to measure how the rating of the security might migrate over
time, but rather how the initial rating of the security might
have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.
The V-Score for this transaction is Medium, which is higher than
the Low/Medium V-Score assigned for the Dutch prime RMBS sector.
A source of uncertainty surrounding Moody's assumptions is
regarding the quality of the underlying loan-by-loan data.
Another source of uncertainty is due to the complexity of the
transaction resulting from the master issuer nature, which is
more complex than the average Dutch stand alone transactions. The
revolving nature of the transaction and the loose substitution
criteria, combined with the pro-rata amortization feature of the
structure lead to higher analytic complexity and further add to
uncertainty.
V-Scores are a relative assessment of the quality of available
credit information and of the degree of dependence on various
assumptions used in determining the rating. High variability in
key assumptions could expose a rating to more likelihood of
rating changes. The V-Score has been assigned accordingly to the
report "V-Scores and Parameter Sensitivities in the Major EMEA
RMBS Sectors" published in April 2009.
The methodologies used in these ratings were Moody's Approach to
Rating RMBS in Europe, Middle East, and Africa published in
October 2009, Moody's Updated MILAN Methodology for Rating Dutch
RMBS published in October 2009, Cash Flow Analysis in EMEA RMBS:
Testing Structural Features with the MARCO Model (Moody's
Analyser of Residential Cash Flows) published in January 2006 and
Moody's Updated Methodology for Set-Off in Dutch RMBS published
in November 2009.
Other Factors used in these ratings are described in The
Lognormal Method Applied to ABS Analysis published in July 2000,
and Global Structured Finance Operational Risk Guidelines:
Moody's Approach to Analyzing Performance Disruption Risk
published in June 2011.
In rating this transaction, Moody's used ABSROM to model the cash
flows and determine the loss for each tranche. The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default scenario,
the corresponding loss for each class of notes is calculated
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario; and (ii)
the loss derived from the cash flow model in each default
scenario for each tranche.
As such, Moody's analysis encompasses the assessment of stressed
scenarios.
The rating addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the notes by the legal final
maturity. Moody's ratings only address the credit risk associated
with the transaction. Other noncredit risks have not been
addressed, but may have a significant effect on yield to
investors.
Moody's will monitor these transactions on an ongoing basis.
As the Euro area crisis continues, the rating of the structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could negatively
impact the ratings of the notes.
BELUGA MASTER: S&P Downgrades Ratings on Class D Notes to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class D notes in Beluga Master Issuer B.V.'s series 2006-1
and 0-2007-01. "At the same time, we have affirmed our ratings on
all other outstanding notes in this program--series 2006-1,
series 0-2007-01, and series 2007-II," S&P said.
"The rating actions follow our credit and cash flow analysis of
the most recent transaction information that we have received
(February 2012)," S&P said.
"Beluga Master Issuer was established in 2006 as the first Dutch
residential mortgage-backed securities (RMBS) delinked issuance
platform. Beluga securitizes mortgage loans, originated by Fortis
ASR Praktijkvoorziening N.V. to self-employed (mostly medical)
professionals and high wage earners. Fortis ASR
Praktijkvoorziening merged into Direktbank N.V. in 2010.
Direktbank holds a legal title to the mortgage loans and is the
seller in the program," S&P said.
"Since Beluga was established in 2006, it has only issued three
series of notes, the last one in October 2007. Series 2006-1's
notes, other than the class A3 notes, have their optional call
date on April 27, 2012, and we expect that the issuer will fully
redeem these notes on that date," S&P said.
The performance of Beluga's collateral pool has been stable over
the past two years. Both the reserve fund and liquidity facility
are at their required levels.
"Our credit analysis incorporated the results of a recent audit
of the collateral pool, including loans eligible for, or already
in, the Beluga program," S&P said.
"The results of our updated cash flow analysis indicate that, due
to a condition allowing redemption of mezzanine and junior notes
at par less the principal deficiency ledger (PDL), the series
2006-1 and 0-2007-01 class D notes are unable to maintain their
current ratings. Therefore, we have lowered our ratings on the
class D notes of series 2006-1 and 0-2007-01," S&P said.
"Our credit and cash flow analysis shows that if the mortgage
pool continues to revolve, then based on the substitution
conditions, its credit quality may deteriorate to the extent that
series 2006-1 and 0-2007-01's class B and C notes are unable to
maintain their current ratings. However, the seller has
undertaken not to sell any new loans to the program for as long
as any series 0-2007-01 notes remain outstanding. If the pool
remains static, the credit enhancement for series 2007-1's class
B and C is sufficient to support their current ratings. We expect
that all the subordinated notes of series 2006-1 will be redeemed
on April 27, 2012, and that series 0-2007-01's class B and C
notes will be the only subordinated notes that we will continue
to rate after the redemption. We have therefore affirmed our
ratings on series 2006-1 and 0-2007-01's class B and C notes,"
S&P said.
"According to our credit and cash flow analysis, the credit
enhancement available to all class A notes in series 2006-1,
2007-1 and 2007-II is sufficient to support the current ratings
on these classes, even if the pool continues to revolve.
Therefore, we have affirmed our ratings on all of the class A
notes in all outstanding series," 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 Reports
included in this credit rating report are available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Beluga Master Issuer B.V.
EUR4.036 Billion Mortgage-Backed Floating-Rate Notes Series 2006-
01
Ratings Affirmed
A2 AAA (sf)
A3 AAA (sf)
B AA (sf)
C A (sf)
Rating Lowered
D BB (sf) BBB (sf)
Beluga Master Issuer B.V.
EUR807.2 Million Mortgage-Backed Floating-Rate Notes
Series 0-2007-01
Ratings Affirmed
A AAA (sf)
B AA (sf)
C A (sf)
Rating Lowered
D BB (sf) BBB (sf)
Beluga Master Issuer B.V.
EUR106.5 Million Class A Mortgage-Backed Floating-Rate Notes
Series 2007-II
Rating Affirmed
A AAA (sf)
===========
R U S S I A
===========
CARGO JFC: Two Banks Seek to Recover US$121 Million
---------------------------------------------------
Rapsinews.com reports that the Moscow Commercial Court has
registered three lawsuits, for total costs of US$121 million,
against Cargo JFC, part of major Russian fruit importer, JFC.
The cases have been filed by two different banks, Rapsinews.com
notes.
Sberbank is seeking to recover US$105.2 million from the company,
Raiffeisen is looking for US$10.7 million from one suit and
US$5 million from another, Rapsinews.com discloses.
Additionally the St. Petersburg Commercial Court will hear
another case, brought by Sberbank, against the company for an
attempted recovery of US$47.7 million, Rapsinews.com says.
Cargo JFC's parent company JFC has been named a third party in
the case, Rapsinews.com notes. It is currently undergoing
bankruptcy proceedings, Rapsinews.com discloses. A credit watch
was placed on the company in March, Rapsinews.com recounts.
Court documentation reveals that the company acknowledges debts
of over US$509 million, Rapsinews.com states.
CREDIT BANK: Fitch Assigns 'B+' Rating to RUB4 Billion Bonds
------------------------------------------------------------
Fitch Ratings has assigned Credit Bank of Moscow's (CBOM) RUB4
billion issue of Series BO-3 senior unsecured exchange bonds with
final maturity in April 2015, a final Long-term local currency
rating of 'B+' and National Long-term rating of 'A-(rus)'. The
Recovery Rating for the bonds is 'RR4'.
CBOM's has a Long-term foreign currency Issuer Default Rating
(IDR) of 'B+'/Stable, Long-term local currency IDR of
'B+'/Stable, Short-term foreign currency IDR of 'B', Viability
Rating of 'b+', Support Rating of '5' and Support Rating Floor of
'No Floor'.
CBM is a medium-sized Moscow-based bank, which is among the 25
largest in Russia by assets at end-2011, owned by Roman Avdeev.
MECHEL OAO: Gets OK on Waivers & Amendments to Credit Facilities
----------------------------------------------------------------
Mechel OAO disclosed completion of talks with lenders resulting
in waivers and amendments to certain major credit facilities.
On March 29, 2012, Mechel entered talks with over 25 leading
international and Russian banks regarding some financial
covenants the company expected to breach due to uncertain market
conditions and a period of decline in market prices for its
products.
These talks were successfully completed on April 26, 2012, as
lenders confirmed their agreement to waivers on a number of
credit facilities and including a significant structural change
to financial covenants. These changes to the financial
parameters will increase the company's financial and operational
flexibility, even in the event that price volatility on key
markets increases.
"Gaining approval from more than 25 leading international and
Russian banks within such a limited time frame is proof of their
trust in Mechel as a quality and reliable borrower as well as
their confidence in our company's strategic choices. The new
levels of covenants will enable us to continue our operational
and investment activity regardless of volatility on the global
financial and commodity markets. At the same time, one of our
main priorities is systematic deleveraging as a whole and
reduction of short-term debt in particular," Mechel OAO's Chief
Financial Officer Stanislav Ploschenko noted.
Mechel is one of the leading Russian companies. Its business
includes four segments: mining, steel, ferroalloy and power.
Mechel unites producers of coal, iron ore concentrate, nickel,
ferrochrome, ferrosilicon, steel, rolled products, hardware, heat
and electric power. Mechel products are marketed domestically and
internationally.
About Mechel OAO
Mechel OAO is a Russia-based integrated mining and steel company.
The Company focuses on the production of mining products, such as
coal, iron ore, nickel, and steel products. Its operations are
divided into two segments: Mining and Steel. The Mining segment
focuses on the production and sales of coking coal concentrate,
iron ore concentrate and coke with assets in Russia and the
United States. The Steel segment comprises production and sale
of semi-finished steel products, carbon and specialty long
products, stainless flat products, and value-added downstream
metal products, including hardware and stampings. The Company has
production facilities in 13 of Russia's regions, as well as the
United States, Kazakhstan, Romania, Lithuania and Bulgaria.
Additionally, Mechel OAO owns two trade ports and a railway
company. In 2011, the Company completed the acquisition of a 100%
stake in Rostvoskiy elektrometallurgicheskiy zavod (REMZ).
TERRITORIAL GENERATION: Fitch Puts 'CCC' IDRs on Watch Negative
---------------------------------------------------------------
Fitch Ratings has placed Russia's OJSC Territorial Generation
Company No.2's (TGK-2) Long-term foreign and local currency
Issuer Default Ratings (IDR) of 'CCC' and National Long-term
rating of 'B-(rus)' on Rating Watch Negative (RWN). The foreign
and local currency senior unsecured ratings of TGK-2's rouble-
denominated bonds maturing in 2013 rated 'CCC'/'RR4' and the
National senior unsecured rating of 'B-(rus)' have also been
placed on RWN.
The RWN reflects TGK-2's poor cash generation and liquidity, and
significant short debt maturities peaking at RUB5.5 billion in
Q312. Although audited IFRS accounts for 2011 are not yet
available, Fitch expects that the company's financial performance
further deteriorated in 2011 compared to 2010.
The RWN is pending completion of a periodic review by Fitch which
the agency expects to conclude over the coming weeks.
TRANSCREDITBANK: Moody's Retains 'D-' BFSR; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has upgraded the following ratings of
TransCreditBank: long-term local and foreign currency debt and
deposit ratings to Baa3 from Ba1, and the local and foreign
currency subordinated debt ratings to (P)Ba1 from (P)Ba2. The
bank's Not-Prime local and foreign currency debt and deposit
ratings and its D- standalone bank financial strength rating
(BFSR; mapping to ba3 on the long-term scale) remain unchanged.
All ratings carry a stable outlook.
Moody's assessment is primarily based on (i) the official press
releases of TransCreditBank and its majority shareholder Bank
VTB, (ii) TransCreditBank's audited financial statements for 2011
prepared under IFRS, and (iii) the information the rating agency
received from senior management of VTB and TransCreditBank.
Ratings Rationale
According to Moody's, the ratings upgrade reflects
TransCreditBank's closer integration into VTB group, and greater
evidence of VTB's increased commitment to support its new
subsidiary.
Moody's notes that TransCreditBank now operates under VTB group's
standards, including for risk management. TransCreditBank's
business focus will be gradually moving away from corporate
banking towards the retail and SME segment, in preparation for
the planned merger with VTB24 in 2014 (VTB24 is VTB's retail and
SME subsidiary).
VTB's commitment to support TransCreditBank was demonstrated
through new capital and funding. In February 2012,
TransCreditBank received RUB7.6 billion of Tier 1 capital from
VTB, which increased the majority shareholder's stake to 78%
(year-end 2011: 74%). In the course of 2011, VTB provided RUB8.5
billion of subordinated capital to TransCreditBank, thereby
improving its total capital ratio to 15% at year-end 2011, from
11% at year-end 2010. VTB has also provided funding to
TransCreditBank in order to refinance its wholesale borrowings;
parental funding accounted for 10% of non-equity funding at year-
end 2011. In H2-2012, VTB expects to repurchase an additional
stake from the state railroad monopoly Russian Railways (a former
parent of TransCreditBank) and accumulate a 100% shareholding in
TransCreditBank.
According to Moody's, the planned transfer of corporate business
(if fulfilled according to current VTB plans) is unlikely to have
negative rating implications for TransCreditBank's standalone
credit profile. While the planned transfer of the majority of the
corporate loans (which formed 74% of gross loans at YE2011) to
VTB during 2013 will be negative for TransCreditBank's franchise
value, Moody's expects that this will be balanced by a larger
share of retail and SME clients. As a result, Moody's expects
that the bank's revenue streams will become more granular, and,
together with the remaining treasury business, will be sufficient
to generate satisfactory earnings in order to ensure adequate
performance.
TransCreditBank's Baa3 Global Local Currency (GLC) deposit rating
incorporates the following elements: (i) the bank's ba3
standalone credit assessment, and (ii) Moody's assessment of a
very high probability of support from VTB in the event of need
given the majority shareholder's 78% stake in TransCreditBank.
Moody's also notes that TransCreditBank's strategic and
operational management functions are becoming integrated with
those of VTB, and operational management has almost reached an
integration level consistent with other VTB subsidiaries.
The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.
Headquartered in Moscow, Russia, TransCreditBank had total assets
of approximately RUB506 billion (approximately US$16 billion) and
equity of RUB36 billion (approximately USD1 billion), according
to the bank's audited IFRS financial report at year-end 2011.
TransCreditBank's main focus is on servicing the needs of Russian
Railways and its subsidiaries, and the location of the bank's
branch network enables it to better provide services to its
former parent's regional entities and their employees.
* RUSSIA: S&P Affirms 'B-/C' Counterparty Ratings on Four Banks
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlooks on JSC
Savings Bank Belarusbank, OJSC Belvnesheconombank, BPS-Sberbank,
and Belagroprombank JSC to stable from negative. The 'B-' long-
and 'C' short-term counterparty credit ratings on all four banks
were affirmed.
"The rating actions follow a similar action on the Republic of
Belarus," S&P said.
"The outlook revision on the four banks reflects our view that
short-term financing constraints for the sovereign's finances
have eased considerably on the back of new sources of funding and
capital inflows, primarily from Russia. We view the Belarusian
economy as showing signs of stabilization due to the
liberalization of the exchange rate, decline in inflation, and
return of deposits to the banking system. Nevertheless, the
severe economic imbalances in Belarus have weakened bank asset
quality and liquidity. Belarusian banks will remain vulnerable to
further erosion in these areas in 2012 and 2013, in our opinion,"
S&P said.
Belarusbank, Belvnesheconombank, BPS-Sberbank, and
Belagroprombank account for about 75% of the system's assets and
retail deposits. The ratings on the banks do not include any
uplift for potential extraordinary government or parental
support, because we already assess their stand-alone credit
profiles at 'b-', the same level as the long-term sovereign
rating. We regard Belarusbank, Belagroprombank, and BPS-Sberbank
as having 'high' systemic importance, under our criteria," S&P
said.
"The stable outlook on Belarusbank, Belvnesheconombank, BPS-
Sberbank, and Belagroprombank mirrors that on Belarus and
reflects the materialization of external funding and the easing
of liquidity conditions in the near term," S&P said.
"Further rating actions on the four banks could result from
changes to the foreign currency sovereign credit ratings on
Belarus or to our transfer and convertibility assessment of
Belarus," S&P said.
"A further downgrade of Belarus and a downward revision of our
T&C assessment would likely trigger similar rating actions on the
four banks. Moreover, if we saw a decreased likelihood of timely
and sufficient extraordinary government support for
Belagroprombank and Belarusbank, or of parental support in the
case of BPS-Sberbank and Belvnesheconombank, we might consider
lowering the ratings if the stand-alone credit profiles of the
individual banks had not improved," S&P said.
"Ratings upside in the near term is unlikely and would be
possible only if the stand-alone credit profiles and probability
of extraordinary support for the four banks remained unchanged
and if we raised the foreign currency sovereign ratings and
revised the T&C assessment on Belarus upward, which is unlikely
in the short term," S&P said.
=========
S P A I N
=========
OBRASCON HUARTE: Moody's Reviews 'Ba2' CFR for Downgrade
--------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
Ba2 corporate family rating (CFR) and probability of default
rating (PDR) of Obrascon Huarte Lain S.A. (OHL). In addition,
Moody's has placed on review for downgrade the ratings on the
group's senior unsecured debt instruments.
This action follows the announcement that OHL has signed a letter
of intent with Spanish toll-road concessionaire Abertis
Infraestructuras S.A. (Abertis), in which they agree that Abertis
will integrate OHL's Brazilian unit, OHL Brasil, while OHL will
become one of Abertis's core shareholders, with a 10% stake. As
part of the deal, Abertis will take on debt from OHL Brasil worth
an estimated EUR530 million, and it has also agreed to buy in
cash OHL's toll-road concessions in Chile for around EUR200
million. As a separate transaction, OHL has entered into an
equity swap to acquire an additional 4.7% stake in Abertis for
around EUR400 million, part of which will be funded with debt.
OHL's final stake in Abertis after the completion of all
transactions will be 14.7%. This transaction remains subject to
the approvals of the respective Board of Directors.
Ratings Rationale
Moody's review for downgrade reflects its concerns regarding (i)
the impact of the combined transactions on the consolidated and
recourse debt levels of OHL, and the extent to which the ratios
post-transactions will remain within Moody's guidance for the
current Ba2 rating level; and (ii) the future strategy of OHL and
the role that the group may play as one of the strategic
shareholders of Abertis. These two areas will be the main focus
of Moody's review.
While OHL is selling some of its more mature and profitable
concessions and is now realising the substantial value creation
embedded in its 60% stake in OHL Brasil, Moody's notes that this
asset swap represents a material change in the group's strategy.
Previously, the group's strategy had focused on the development
of greenfield concessions, primarily in Latin America and with a
special focus on Brazil and Mexico.
In Moody's opinion, this is a complex and material transaction
for OHL, as it will lead to the deconsolidation from OHL's
consolidated accounts of OHL Brasil and the three Chilean
concessions, the combination of which generated 24% of the
group's revenues and 37% of its EBITDA in FY 2011.
Prior to this action, Moody's had indicated that OHL's Ba2 CFR
takes into account its (i) portfolio of businesses, through which
it balances cyclical construction activities with more
predictable concession-generated revenues; and (ii) gradually
decreasing exposure to the Spanish economy, given the company's
involvement in international construction projects and a growing
portfolio of Latin American infrastructure assets. At the same
time, the rating factors in (i) the potential for volatility in
the cyclical construction industry, mitigated by the revenue
visibility provided by OHL's strong international order backlog;
and (ii) the challenges that OHL faces in controlling its
expanding international activities. The rating also incorporates
OHL's relatively high leverage, particularly in its recourse
business, and the company's weak liquidity profile, due to its
reliance on short-term bilateral facilities.
WHAT COULD CHANGE THE RATING UP/DOWN
Moody's notes that the Ba2 rating could come under pressure if
OHL's credit metrics weaken further post-transaction such that
(i) net consolidated debt/EBITDA (as adjusted by Moody's)
increases above 5.0x; (ii) gross recourse debt/recourse EBITDA
(as reported by OHL) rises above 4.0x; and (iii) net recourse
debt/recourse EBITDA remains above 3.0x on a sustained basis.
Prior to this action, Moody's had also indicated that downward
pressure could arise if OHL's credit metrics weakened further to
these levels because of deteriorating operating performance,
including (i) a further decline in domestic construction
activity; (ii) the contribution to group revenues of
international construction growing below expectations; (iii)
adverse working capital movements; or (iv) other unexpected cash
calls draining recourse cash flows.
Upward pressure on the rating could develop if (i) net
consolidated debt/EBITDA (as adjusted by Moody's) falls well
below 4.5x; (ii) gross recourse debt/recourse EBITDA (as reported
by OHL) moves to below 3.5x; and (iii) net recourse debt/EBITDA
(as reported by OHL) improves to below 2.5x on a sustained basis.
Upward pressure on the rating would also require an improvement
in the group's liquidity profile and an expectation of positive
free cash flow generation at a consolidated level on a
sustainable basis.
Principal Methodology
The principal methodology used in rating Obrascon Huarte Lain
S.A. was the Global Construction Industry Methodology, published
in November 2010. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA, published in June 2009.
Headquartered in Madrid, OHL is one of Spain's leading
construction companies and the world's eighth-largest concessions
operator, with a large concession business in Brazil and Mexico.
In 2011, OHL reported sales of EUR4.9 billion and EBITDA of
EUR1.2 billion.
* SPAIN: Mulls "Bad Bank Scheme" Amid Economic Crisis
-----------------------------------------------------
Victor Mallet at The Financial Times reports that the Spanish
government on Monday held talks to segregate problematic property
loans into one or more asset management companies to relieve the
burden on struggling lenders, according to officials and bankers.
The "bad bank" scheme is the latest attempt by the center-right
government of Mariano Rajoy, prime minister, to avoid an
international rescue program of the sort required by Greece,
Ireland and Portugal, the FT says.
Mr. Rajoy's Popular party government has deepened fiscal
austerity, reformed Spain's labor market and ordered banks to set
aside an extra EUR54 billion of bad loan provisions and capital
buffers this year, the FT relates.
Ministers had decided they had no need of an Irish-style bad
bank, the FT notes. But economists say the crisis is so dire
that weak banks will need further recapitalization of about
EUR100 billion, according to the FT.
One option for the government seeking to tackle the worsening
economic crisis is for a state bailout financed by EU rescue
funds, but Spain wants to avoid a blow to its credibility and the
strict conditions such aid would entail, the FT discloses.
According to the FT, in a speech to his party on Sunday,
Mr. Rajoy reiterated the PP's commitment to painful economic
reforms.
===========================
U N I T E D K I N G D O M
===========================
CAVENDISH SQUARE: S&P Says 'CCC'-Rated Assets Increased
-------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Cavendish Square
Funding 2 Ltd.'s class RCF, A1-N, A2, B, and C notes. "At the
same time, we have withdrawn our rating on the class A1-D notes,"
S&P said.
Cavendish Square Funding 2 is a cash arbitrage collateralized
debt obligation (CDO) of a portfolio that comprises predominantly
European structured finance securities, most of which are
residential or commercial mortgage-backed securities.
"The rating actions follow our assessment of the transaction's
performance. We used data from the trustee report (dated Feb. 29,
2012), performed our credit and cash flow analysis, and took into
account recent transaction developments. We applied our 2010
counterparty criteria and our cash flow criteria," S&P said.
"From our analysis, we have observed an increase in the
proportion of assets that we consider to be rated in the 'CCC'
category ('CCC+', 'CCC', and 'CCC-') and defaulted assets (rated
'CC', 'C', 'SD' [selected default], or 'D') in the collateral
pool, since we previously reviewed this transaction. None of the
deferrable notes is currently deferring interest, and all par
coverage tests are in compliance with their respective target
levels. However, the par coverage tests are slightly lower than
at our previous review," S&P said.
"We subjected the capital structure to our cash flow analysis,
based on the updated methodology and assumptions as outlined by
our criteria analysis, to determine the break-even default rate
(BDR). We used the reported portfolio balance that we considered
to be performing, the principal cash balance, the current
weighted-average spread, and the weighted-average recovery rates
that we considered to be appropriate. We incorporated various
cash flow stress scenarios using various default patterns,
levels, and timings for each liability rating category, in
conjunction with different interest rate stress scenarios," S&P
said.
"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 with its
respective BDR," S&P said.
"Taking into account our credit and cash flow analyses, we
consider the credit enhancement available to the class RCF, A1-N,
A2, B, and C notes in this transaction to be commensurate with
lower ratings than we previously assigned. As a result of these
developments, we have lowered and removed from CreditWatch
negative our ratings on these notes," S&P said.
"We have withdrawn our rating on the class A1-D notes, following
the consolidation of this class of notes into the class A1-N
notes, which now represents an amount equal to the aggregate
principal amount outstanding of the class A1-N and A1-D notes. At
the time of our withdrawal, the rating on the class A1-D notes
was on CreditWatch negative," S&P said.
"We analyzed the derivative counterparties' exposure to the
transaction and concluded that the derivative exposure is
currently sufficiently limited, so as not to affect the ratings
we have assigned," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Cavendish Square Funding 2 Ltd.
EUR402. 45 Million Secured Floating-Rate Notes, Revolving Credit
Facility, and Fixed-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
RCF A (sf) AAA (sf)/Watch Neg
A1-N A (sf) AAA (sf)/Watch Neg
A2 BBB+ (sf) AAA (sf)/Watch Neg
B BBB+ (sf) AA+ (sf)/Watch Neg
C BBB (sf) AA- (sf)/Watch Neg
Rating Withdrawn
A1-D NR AAA (sf)/Watch Neg
NR-Not rated.
FOUR SEASONS: Terra Firm to Buy Business for GBP825 Million
-----------------------------------------------------------
Jennifer Thompson at The Financial Times reports that Terra
Firma, the private equity group chaired by Guy Hands, confirmed
it was buying Four Seasons Health Care in a deal that would value
the group's debt and equity at up to GBP825 million.
According to the FT, Terra Firma said on Monday that the deal
will be financed through a mixture of equity and new debt, with
the debt being arranged by Goldman Sachs and Barclays.
Four Seasons had been seeking to refinance its debt before a
September deadline, the FT notes.
Terra Firma Capital Partners would provide about GBP300 million
of equity to Four Seasons, which became the UK's market leader
after the collapse of Southern Cross last year, the FT discloses.
The FT relates that someone with knowledge of the situation said
on Sunday Four Seasons, which is looking to refinance GBP780
million in net debt, is now likely to raise about GBP525 million
of new debt.
Four Seasons confirmed earlier this month that it was in
discussions with investors as it looked to refinance its debt,
after lenders including Royal Bank of Scotland took control of
the business in 2009, the FT recounts.
In 2009, the heavily indebted group came close to a forced sale
before striking an agreement with its lenders about a debt-for-
equity swap.
The group said in February it was "considering alternative
capital structures" to bridge any funding gap when the reduced
amount falls due in September, amid weakened debt markets, the FT
relates.
Four Seasons, which is being advised by Rothschild and Gleacher
Shacklock, aims to have an agreement with investors and creditors
in place during May and concluded by July, the FT notes.
Four Seasons is the largest independent provider in a GBP15
billion market in the UK. It operates 445 care homes, with
22,364 beds, and 61 specialist care centers, with 1,601 beds.
PERSEUS PLC: Fitch Lowers Rating on GBP15.8-Mil. Notes to 'Csf'
---------------------------------------------------------------
Fitch Ratings has downgraded Perseus (European Loan Conduit No.
22) plc's Class C and D notes and affirmed the class A2, A3 and B
notes, as follows:
-- GBP2.1m Class A2 (XS0238677883) affirmed at 'AAAsf'; Outlook
Stable
-- GBP43.9m Class A3 (XS0238678428) affirmed at 'AAAsf';
Outlook Stable
-- GBP44.1m Class B (XS0235326039) affirmed at 'BBBsf'; Outlook
Negative
-- GBP15.8m Class C (XS0235326203) downgraded to 'Csf' from
'CCCsf'; Recovery Estimate RE80%
-- GBP0m Class D (XS0235326542) downgraded to 'Dsf' from 'Csf';
RE0%
The downgrades reflect the non-accruing interest (NAI) amount
allocation to the two junior tranches. The affirmations reflect
the unchanged performance of the two remaining loans since the
last rating action on April 3, 2012.
The NAI allocations are the result of the workout completion for
the Major Belle loan, which resulted in a principal loss. The
net sales proceeds of GBP18.8 million were utilized to redeem the
GBP21.9 million securitized loan and a pari passu ranking GBP2.1
million capex facility in part. The unpaid securitized loan
balance, matching the cumulative NAI amount on classes C and D,
equals GBP4.9 million.
The Major Belle receivers stated that late recoveries may be
received although the amount and timing have yet to be confirmed.
These late recoveries would result in a revised NAI amount for
Class C. However, unless the current NAI amount of GBP0.25
million allocated to the tranche is cleared, Class C will also be
downgraded to 'Dsf' once all Major Belle related recoveries have
been received.
PORT VALE: Keith Ryder Gets GBP100,00 Discount on Takeover Offer
----------------------------------------------------------------
Thisisstaffordshire.co.uk reports that Port Vale's potential
owner, Keith Ryder, has received a GBP100,000 "discount" on his
offer for the Valiants.
According to thisisstaffordshire.co.uk, administrator Gerald
Krasner says the Lancashire businessman's revised GBP1.3 million
bid is still the best offer for the club.
Mr. Ryder, below, was named as Vale's preferred bidder after
initially tabling a GBP1.4 million bid for the club,
thisisstaffordshire.co.uk relates.
But Stoke-on-Trent City Council rejected his offer to pay them
GBP800,000, partly in installments, so they have instead settled
for GBP700,000 to be paid up front, thisisstaffordshire.co.uk
recounts.
Mr. Ryder's total GBP1.3 million deal was approved by the club's
creditors on Thursday, thisisstaffordshire.co.uk discloses. That
clears the way for him to take the club out of administration,
providing he wins the approval of the Football League in June,
thisisstaffordshire.co.uk notes.
On top of their GBP700,000 return, the council can expect a
further GBP30,000 from money distributed to creditors,
thisisstaffordshire.co.uk notes.
That means the authority will have to write off around GBP1.4
million from the combined GBP2.1 million they will be owed by the
club from a 2006 loan and funding to allow the club to go into
administration, rather than be closed down,
thisisstaffordshire.co.uk states.
The administrators' costs are expected to be GBP250,000,
thisisstaffordshire.co.uk says.
Mr. Ryder's deal won the required 75% support of creditors at
Thursday's Company Voluntary Arrangement,
thisisstaffordshire.co.uk relates. That means the club won't
suffer a points penalty from the Football League when they come
out of administration, thisisstaffordshire.co.uk notes.
Port Vale F.C. is a football club based in Burslem,
Staffordshire.
RANGERS FOOTBALL: Manager Says Liquidation More Likely Prospect
---------------------------------------------------------------
BBC News reports that Rangers manager Ally McCoist admits the
liquidation of the Glasgow club is an ever more likely prospect.
The club's administrator has yet to name a preferred bidder, with
working capital only in place to keep the club going until the
end of the season, BBC notes.
"I would have to say that looks more of a possibility now than it
ever has," Mr. McCoist, as cited by BBC, after a 3-0 loss to
Celtic about the chances of liquidation. "I don't know where
we'll be in 24 hours, where we'll be in 48 hours."
The Blue Knights consortium, which includes former Ibrox director
Paul Murray and Sale Sharks owner Brian Kennedy, are up against
American tycoon Bill Miller in the pursuit of taking control of
Rangers, BBC discloses.
But neither party has yet submitted the unconditional bid that
administrator Duff & Phelps think would be commercially
acceptable to Rangers' creditors, BBC notes. With the season
soon coming to an end, the prospect of either bidder achieving a
company voluntary arrangement and keeping the club's history
intact appears to be diminishing, making liquidation and an asset
transfer to a new company a more likely outcome, BBC states.
About Rangers Football Club
Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club. The Company has launched its own
Internet television station, RANGERSTV.tv. The station combines
the use of Internet television programming alongside traditional
Web-based services. Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary. The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action. Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.
ULTIMATE STEEL: Goes into Administration
----------------------------------------
Aaron Morby at Construction Enquirer reports that Ultimate Steel
(Fabrications) has gone into administration.
In February, it agreed a new GBP200,000 invoice finance facility,
which made available up to 80% of the value of all invoices as
soon as they are issued, Construction Enquirer relates.
According to Construction Enquirer, at the time of the deal,
owner and director Joe Patrick said: "Cashflow is critically
important in the stockholding and fabricating trade.
"We have to pay our suppliers for raw materials but have to wait
for our customers to pay us in order for cash to become
available."
Ultimate Steel (Fabrications) is a Caerphilly-based steel
fabricators and stockholders. It stocks a wide-range of steel
for use by local manufacturers and also fabricated components for
the building trade across south Wales.
===================
U Z B E K I S T A N
===================
* UZBEKISTAN: Moody's Cuts Currency Deposit Ratings on Four Banks
-----------------------------------------------------------------
Moody's Investors Service has downgraded the local currency
deposit ratings of four Uzbek banks, and confirms the rating of a
fifth bank following a reassessment of systemic support.
The following banks' ratings were downgraded:
- National Bank of Uzbekistan -- long-term local currency
deposit rating downgraded to B1 from Ba3
- Asaka Bank -- long-term local currency deposit rating
downgraded to B1 from Ba3
- Ipoteka Bank -- long-term local currency deposit rating
downgraded to B2 from B1
- Qishloq Qurilish Bank -- long-term local currency deposit
rating downgraded to B2 (with positive outlook) from B1
The rating agency also confirmed the B1 long-term local currency
deposit rating of Alokabank with stable outlook.
These rating actions followed the review of the affected banks'
ratings -- initiated on February 1, 2012 -- which was prompted by
Moody's view on the need to re-assess the level of government
support provided to systemically important banks in Uzbekistan
(for more information see Moody's press release, published 1
February 2012, on moodys.com).
The Not Prime short-term local and foreign currency deposit
ratings of the above-named Uzbek banks, and their B2 long-term
foreign currency deposit ratings were not subject to Moody's
review, and are unaffected by the announcement.
Moody's notes that Agrobank (B3 stable; E/caa1 stable), another
Uzbek bank which receives ratings uplift due to the inclusion of
systemic support into its ratings, was not subject to the above-
mentioned rating review and hence its ratings remain unchanged.
For more information on Moody's recent rating actions on Agrobank
and the relevant rating rationale see moodys.com.
Ratings Rationale
Moody's downgrade of four Uzbek banks' ratings reflects the
rating agency's opinion that, although the government's support
to state-owned and systemically important institutions is
generally forthcoming in the event of need, such support may be
not always sufficient and/or timely. These concerns especially
relate to capital support, which was not always provided in a
timely and orderly manner. "The government's policy response
towards supporting state-owned banks has been at times
unpredictable, and in some cases lacked transparency," explained
Olga Ulyanova, a Moody's Vice President -- Senior Analyst and
lead analyst for a number of Uzbek banks. "These issues surfaced
recently following developments at two large state-controlled
institutions -- the National Bank of Uzbekistan and Agrobank. The
government did not provide timely capital injections into the
capital of these banks (i) to match the rapid growth in both
banks' loan books in 2010-2011 and (ii) to replenish losses
incurred by Agrobank as a result of the recent fraud case.
Instead, the government opted to use regulatory forbearance
measures in both instances," added Ms. Ulyanova.
POSITIVE OUTLOOK ON QISHLOQ QURILISH BANK's B2 LONG-TERM LOCAL
CURRENCY DEPOSIT RATING
The assignment of positive outlook on Qishloq Qurilish Bank's B2
long-term local currency deposit rating reflects Moody's
expectations that the recently adopted 15-year strategy for
development of mortgage business in cooperation with the Ministry
of Finance of Uzbekistan and Asian Development Bank is likely to
boost Qishloq Qurilish Bank's currently low visibility on the
market, improve financial performance predictability and reduce
the bank's exposure to non-core construction assets -- the key
constraining factors for Qishloq Qurilish Bank's standalone
credit assessment of b3.
CONFIRMATION OF ALOKABANK's B1 LONG-TERM LOCAL CURRENCY DEPOSIT
RATING
Confirmation of Alokabank's B1 long-term local currency deposit
rating reflects low sensitivity of this rating to the lowering of
Moody's systemic support assumptions for Uzbek banks. Although
the implied level of systemic support to Alokabank, which may be
rendered in case of need, had been revised to moderate (from high
previously), this did not result in any change of the bank's B1
long-term local currency deposit rating as it continues to
benefit from a one-notch uplift from Alokabank's b2 long-term
scale mapped from its E+ standalone Bank Financial Strength
Rating ("BFSR").
THE RATINGS OF THE FIVE UZBEK BANKS BENEFITTING FROM SYSTEMIC
SUPPORT AND WHICH WERE SUBJECT TO THE COMPLETED RATINGS REVIEW
ARE AS FOLLOWS:
National Bank of Uzbekistan:
- Long-term local currency deposit rating of B1, stable outlook
- Long-term foreign currency deposit rating of B2, stable
outlook
- Not Prime short-term local and foreign currency deposit
ratings
- Standalone BFSR of E+ (mapping to b2 on the long-term rating
scale), stable outlook
Asaka Bank:
- Long-term local currency deposit rating of B1, stable outlook
- Long-term foreign currency deposit rating of B2, stable
outlook
- Not Prime short-term local and foreign currency deposit
ratings
- Standalone BFSR of E+ (mapping to b2 on the long-term rating
scale), stable outlook
Ipoteka Bank:
- Long-term local currency deposit rating of B2, stable outlook
- Long-term foreign currency deposit rating of B2, stable
outlook
- Not Prime short-term local and foreign currency deposit
ratings
- Standalone BFSR of E+ (mapping to b2 on the long-term rating
scale), stable outlook
Qishloq Qurilish Bank:
- Long-term local currency deposit rating of B2, positive
outlook
- Long-term foreign currency deposit rating of B2, stable
outlook
- Not Prime short-term local and foreign currency deposit
ratings
- Standalone BFSR of E+ (mapping to b3 on the long-term rating
scale), stable outlook
Alokabank:
- Long-term local currency deposit rating of B1, stable outlook
- Long-term foreign currency deposit rating of B2, stable
outlook
- Not Prime short-term local and foreign currency deposit
ratings
- Standalone BFSR of E+ (mapping to b2 on the long-term rating
scale), stable outlook
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.
Headquartered in Tashkent, Uzbekistan, National Bank of
Uzbekistan reported total assets of US$4.5 billion, total
shareholders' equity of US$470 million and net income of US$18
million as at December 31, 2011 -- under Uzbek local accounting
standards (unaudited).
Headquartered in Tashkent, Uzbekistan, Asaka Bank reported total
assets of US$1.937 billion, total equity of US$234 million and
net income of US$22.3 million as at December 31, 2011 -- under
audited IFRS.
Headquartered in Tashkent, Uzbekistan, Ipoteka Bank reported
total assets of US$838 million and total shareholders' equity of
US$77 million as at December 31, 2011 -- under audited IFRS.
Headquartered in Tashkent, Uzbekistan, Qishloq Qurilish Bank
reported total assets of US$675 million and total shareholders'
equity of USD$16 million as at December 31, 2011 -- under Uzbek
local accounting standards (unaudited).
Headquartered in Tashkent, Uzbekistan, Alokabank reported total
assets of US$265 million, total equity of US$41.8 million and net
income of US$5.1 million -- under audited IFRS.
===============
X X X X X X X X
===============
* Fitch Says 2012 Will Remain Difficult for European Car Makers
---------------------------------------------------------------
Fitch Ratings says that the rest of 2012 will remain difficult
for European mass-market -- or volume -- car manufacturers,
including Fiat Spa ('BB'/Negative), Peugeot SA (PSA,
'BB+'/Stable), Renault SA ('BB+'/Stable) and Volkswagen Group
('A-'/Stable).
"The overall message from European manufacturers from their Q112
results remains extremely prudent for this year, in line with
Fitch's assumptions," says Emmanuel Bulle, Senior Director in
Fitch's European Corporates team. "The industry's structural
issues are compounded by the poor environment, notably anaemic
demand and fierce pricing in Europe putting significant pressure
on profitability and cash generation."
Q112 results reiterated the continuous and intense pricing
pressure in Europe coming on top of falling unit sales. Volume
and pricing had an 18.1pp and 0.9p negative impact on PSA's
revenue (total new car revenue was down 16.9%). Renault's total
revenue was down 9.6%, including 8.9pp from lower volume --
partly due to destocking -- while pricing had a slightly positive
effect (0.6pp). Fiat's revenue excluding Chrysler decreased by
5.7%, reflecting weaker volume (-3.6pp) and adverse pricing (-
0.5pp) in Europe. Unit sales in Europe declined 20% at PSA and
Renault and 19% at Fiat, as underlying weak demand for the
latter's products was aggravated by a protracted car hauler
strike in its domestic market of Italy.
Similar to previous quarters, Volkswagen bucked the trend in the
European sector and posted solid results, with higher revenue
(+26.3% YoY, boosted by a change of perimeter following the
consolidation of Porsche Holding Salzburg and MAN SE, but still
+15.9% on a like-for-like basis) and stronger operating margins
than its European peers (6.8% in Q112). However, the group
underlined the challenges ahead from stiff competition in Europe
and slower global growth.
New car sales were substantially down in Europe in Q112 (-7.7%),
although they should recover through the year as the comparison
base becomes more favorable. Fitch's central case assumes a
reduction in new car sales of more than 5% in Europe in 2012,
including -2% in Germany, -8% in France and Italy and -3% in
Spain and the UK. These assumptions are based on the ongoing weak
-- or even recessionary -- economic environment in several
countries. Heavy competition and fight for market shares will
further trigger price wars and pressure on new car prices.
Pricing pressure was mitigated by improving product mixes for
most manufacturers. In addition, performance in other regions or
from non-automotive operations fared better, but this could be
insufficient to fully offset poor profitability made in Europe in
2012. The agency's base case assumes increased sales by a high-
single digit in China and mid-single digit in Latin America and
Russia.
Fitch will continue to closely monitor sales and earnings through
the year, as well as the mitigating impact of cost savings;
alternative cash inflows to protect key credit ratios, including
asset sales; and growth outside of Europe, including North
America, especially positive for Fiat thanks to Chrysler.
Headroom in current ratings is particularly low for Fiat and PSA,
which have little flexibility in cutting R&D investments and
capex because of their need to catch-up on recent years' under
investment, and will rely heavily on cost restructuring, asset
sales and the success of a few new models. Volkswagen retains
high headroom in its current ratings, but M&A remains a
significant uncertainty constraining the ratings at this point.
Once further potential moves on Porsche and in the truck sector
(Scania and MAN) are clarified, the agency will re-assess its
opinion on the group and this could lead to positive rating
pressure.
* 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
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SKYEUROPE HLDG SKY AV -89480492.6 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.6 159076577.5
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SKYEUROPE HOL-RT SK1 AV -89480492.6 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.96 225769572.9
ANTWERP GATEWAY 496769Z BB -51947070.5 266390692.5
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
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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
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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
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TELENET GRP HLDG TNETUSD EU -346984203 4652950529
TELENET GRP HLDG TNET EB -346984203 4652950529
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TELENET GRP HLDG 3218105Q IX -346984203 4652950529
TELENET GRP HLDG TNET BB -346984203 4652950529
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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
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SETUZA AS 2994755Q EU -61453764.2 138582273.6
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SETUZA AS SZA EX -61453764.2 138582273.6
DENMARK
-------
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AKADEMISK BOLDK ABB DC -101428499 298588010.2
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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
------
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GREECE
------
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T BANK ASPT PZ -46224213.4 3486115450
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T BANK ASPT EU -46224213.4 3486115450
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HUNGARY
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HUNGARIAN TELEPH HUC EX -73723992 827192000
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ICELAND
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AVION GROUP B1Q GR -223780368 2277882368
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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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JERSEY
------
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO ID -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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MAN LAST OG BUSS 4521719Z NO -5830520.28 123349772.5
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PETROMENA AS PMENA NO -47299000 317747008
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TRICO SHIPPING A 3651167Z NO -132576808 504945402.2
TTS SENSE AS 4393841Z NO -8795315.49 159296793.9
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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
KROSNO KRS1EUR EO -2241615.44 111838141.2
KROSNO SA KRS PZ -2241615.44 111838141.2
KROSNO SA KRNFF US -2241615.44 111838141.2
KROSNO SA KRS1 EO -2241615.44 111838141.2
KROSNO SA KRS1 EU -2241615.44 111838141.2
KROSNO SA KROSNO PW -2241615.44 111838141.2
KROSNO SA-RTS KRSP PW -2241615.44 111838141.2
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
TOORA 2916665Q EU -288818.39 147004954.2
TOORA-ALLOT CERT TORA PW -288818.39 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.4 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.3 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.2 654534402.7
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CO DAS ENERGIAS 3794880Z PL -2540034.47 115717930.4
CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
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HOSPITAL DE FARO 3789880Z PL -18565498.2 440770232
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HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
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PORTUGALIA 1008Z PL -6844075.93 199376769
RADIO E TELEVISA 1227Z PL -740710265 506160206.4
REFER-REDE FERRO 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.03 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999 625059071.4
SOCIEDADE DE REN 3776676Z PL -16169671 124492842.5
SOCIEDADE DE TRA 1253Z PL -368574770 153373893.3
SPORTING CLUBE D SCDF EU -65884328.1 251276323.4
SPORTING CLUBE D SCG GR -65884328.1 251276323.4
SPORTING CLUBE D SCPX PX -65884328.1 251276323.4
SPORTING CLUBE D SCP1 PZ -65884328.1 251276323.4
SPORTING CLUBE D SCDF EO -65884328.1 251276323.4
SPORTING CLUBE D SCP PL -65884328.1 251276323.4
SPORTING-SOC DES SCPL IX -65884328.1 251276323.4
SPORTING-SOC DES SCDF PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPDS PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPVS PL -65884328.1 251276323.4
TAP SGPS TAP PL -353957017 2789331398
TRANSGAS SA 3794668Z PL -2181404.7 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.2 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.9 178667412.9
OLTCHIM RM VALCE OLTCF US -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLT PZ -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT RO -89344240.8 511515508.8
RAFO SA RAF RO -457922311 356796459.3
RUSSIA
------
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AMO ZIL ZILL RM -204894835 401284636
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MURMANSKAY-CLS MUGS RU -22867336.6 135442629.9
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PENOPLEX-FINANS PNPF RU -839659.372 147052027.7
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PIK GROUP PIKK* RU -65334861 4000687446
PIK GROUP PIKKG RU -65334861 4000687446
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
SEVERNAYA KAZNA SVKB* RU -65841686.2 279147750
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SISTEMA HALS-GDR HALS IX -588515965 1446111954
SISTEMA-GDR 144A SEMAL US -588515965 1446111954
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URALSKIJ ZAVOD T URAM$ RU -18423442.8 687183030.3
URGALUGOL-BRD YRGL* RU -21554314.6 139319389.8
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VIMPEL SHIP-BRD SOVP* RU -85016164.6 320054212.6
VIMPEL SHIP-BRD SOVP RU -85016164.6 320054212.6
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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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*********
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 * * *