/raid1/www/Hosts/bankrupt/TCREUR_Public/120522.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 22, 2012, Vol. 13, No. 101
Headlines
B E L A R U S
BELARUSIAN REPUBLICAN: Fitch Affirms IFS Rating at 'B-'
* BELARUS: Moody's Says Banking System Outlook Remains Negative
B U L G A R I A
RAIFFEISENBANK: Moody's Reviews 'D+' BFSR for Downgrade
F R A N C E
PETROPLUS HOLDINGS: French Industry Minister Set to Meet Workers
* FRANCE: Moody's Says RMBS Performance Stable in March 2012
G E R M A N Y
* GERMANY: Solar Industry to Withstand Insolvencies, Analyst Says
G R E E C E
NATIONAL BANK: Fitch Cuts Long-Term Issuer Default Ratings to CCC
HELLENIC TELECOM: Fitch Cuts Senior Unsecured Ratings to 'B-'
I C E L A N D
KAUPTHING BANK: Tchenguiz Probe May Drag if Settlement Fails
I T A L Y
UNIPOL BANCA: Moody's Reviews 'D+' BFSR for Downgrade
L U X E M B O U R G
MONIER GROUP: Moody's Affirms CFR at 'B3'; Outlook Stable
N E T H E R L A N D S
ROMPETROL GROUP: Fitch Affirms LT Issuer Default Rating at 'B+'
R U S S I A
BAIKALSK PAPER: VEB May Acquire Some of Debts
IDGC HOLDING: Moody's Affirms 'Ba1' CFR/PDR; Outlook Developing
S P A I N
BANCO POPULAR: Fitch Cuts Rating on Preference Shares to 'B'
BBVA AUTOS: Fitch Upgrades Rating on Class C Notes From 'BBsf'
CONSUMO BANCAJA: Fitch Lowers Rating on Class D Notes to 'Csf'
* SPAIN: Moody's Takes Various Rating Actions on Multi-Cedulas
* SPAIN: Moody's Says SME ABS Performance Deteriorates Further
S W I T Z E R L A N D
UBS AG: Moody's Downgrades EUR1.83-Mil. FIX CLN to 'Ba1'
U K R A I N E
AGROTON PUBLIC: Fitch Says KPMG Appointment Positive Move
U N I T E D K I N G D O M
CLINTON CARDS: Administration Prompts Fear of Jobs Loss
FITNESS FIRST: More than 90% of Lenders Agree to Debt Deal Terms
GROUNDWORK SOUTH: Goes Into Administration With 150 Jobs Lost
LOLA GROUP: Sends Lola Cars & Lola Composites Into Administration
MILLENNIUM ADMP: Wilmington Group Buys Firm Out of Receivership
NEWNHAM AND ABEL: In Administration, Unit Continues Trading
PORTSMOUTH FOOTBALL: Balaram Chainrai Named Preferred Bidder
PREMIER FOODS: Fitch Affirms LT Issuer Default Rating at 'B+'
RANGERS FOOTBALL: Green Has Long-Term Plan, Ends Ticketus Deal
VICTORIA FUNDING: Fitch Lowers Rating on Class E Notes to 'Csf'
WORLDSPREADS: ETX Capital Takes Over Greek, Spanish & Danish Ops.
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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B E L A R U S
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BELARUSIAN REPUBLICAN: Fitch Affirms IFS Rating at 'B-'
-------------------------------------------------------
Fitch Ratings has revised the Outlook on Belarusian Republican
Unitary Insurance Company's (Belgosstrakh) and Export-Import
Insurance Company of the Republic of Belarus's (Eximgarant)
Insurer Financial Strength (IFS) ratings to Stable from Negative
and affirmed the ratings at 'B-'.
The revision of the Outlook to Stable reflects the signs of
stabilization demonstrated by the local economy in early 2012.
The ratings continue to reflect the 100% state-ownership of
Belgosstrakh and Eximgarant and the significant support provided
by the state to the insurers in the form of guarantees for the
majority of their insurance risks (Eximgarant: 57% and
Belgosstrakh: 73% per premiums written in 2011) as well as a
record of capital injections. Any change in Fitch's view of the
financial condition of the Republic of Belarus is likely to have
a direct impact on the insurers' ratings.
The insurers maintained their strong market positions, which are
supported by the preferential treatment provided by the
legislation for state-owned insurers. Fitch has some concerns
about Eximgarant's imbalanced premium growth through the domestic
financial risks line, which is not covered by government
guarantees. However, Fitch does not expect the government to
withdraw its guarantees from the company's export insurance
activity. Belgosstrakh continues to hold leading market
positions in all compulsory lines and in a number of voluntary
lines. Nonetheless, the recent more dynamic growth of voluntary
lines at the sector level have pressured the insurer's market
share to slowly decrease to 49% of the sector's premiums in 2011
from 52% in 2010 and 54% in 2009.
Hyperinflation in 2011 only moderately pressured Belgosstrakh's
and Eximgarant's underwriting profit and both insurers reported
positive operating performance for the year, supported by the
investment result and foreign currency gains recorded at the
major devaluation of the local currency. Fitch has concerns
about the potential prolonged effect of hyperinflation on reserve
development and consequently the insurers' underwriting result
after 2011. These are mitigated to some extent by the
predominantly short-tail nature of the insurers' business and
presence of the government guarantees for all compulsory lines,
which include the most exposed long-tail workers' compensation
line, exclusively written by Belgosstrakh.
Based on Fitch's risk-adjusted assessment, the insurers
maintained their capital positions at a level adequate for their
ratings despite rapid premium growth fuelled by hyperinflation in
2011. At the same time, Fitch continues to acknowledge exposure
of the insurers' capital to the weak quality of investment
assets, which are significantly concentrated with local state-
owned banks.
Belgosstrakh was founded in 1921 and is Belarus's largest insurer
with BYR1,167 billion in gross written premiums in 2011 and
BYR1,889 billion in total assets at end-2011. Belgosstrakh has
seven branches and 120 representative offices covering all
Belarusian regional centres, including Minsk.
Eximgarant was founded in 2001 and is the local exclusive
provider of export insurance and also holds strong market
position in regular non-life lines. Eximgarant was the fifth-
largest insurer in Belarus by premium volume in 2011, with BYR127
billion in gross written premiums and BYR727 billion in total
assets. Eximgarant is a member of the Prague club of the
International Union of Credit and Investment Insurers, which
includes the largest export credit and investments insurers from
developed and developing countries.
* BELARUS: Moody's Says Banking System Outlook Remains Negative
---------------------------------------------------------------
The outlook on Belarus's banking system remains negative,
principally reflecting continued stress in the country's
macroeconomic conditions, says Moody's Investors Service in a new
Banking System Outlook published on May 18. The rating agency
says that the key drivers of the negative outlook are (i) the
government's diminished ability to extend support to banks and to
the overall economy; (ii) Moody's expectation that asset quality
and capital adequacy will deteriorate further; and (iii) the
vulnerability of banks' foreign-currency liquidity.
The new report, entitled "Banking System Outlook: Belarus", is
now available on www.moodys.com. Moody's subscribers can access
this report via the link provided at the end of this press
release.
Belarus (B3, negative outlook) remains exposed to significant
macroeconomic risks. Continued government support is the
determining factor of the health of the economy and Moody's
believes the government's capacity to fund public spending is
eroding. The rating agency says that GDP growth within Belarus
will likely slowdown to 0.5% in 2012 from an estimated 5.3% in
2011. Inflation will remain excessively high, at 30% in 2012
after an estimated 108.7% in 2011.
Moody's says that the key risks to growth have the potential to
destabilize the economy with adverse consequences for the banks'
credit profiles. Firstly, external support available to the
government is limited, as deterioration of relations with the US
and the EU makes Belarus increasingly dependent on Russia for
international funding. In addition, if the euro area crisis
deepens, the effects could further dampen demand for Belarus'
exports with adverse effects on the government's financial
standing (exports are a major source of tax income).
Moody's expects the banks' asset quality to weaken over the
outlook period because of (i) a 64% local-currency devaluation in
2011, which increased the debt-service burden of unhedged
foreign-currency borrowers; (ii) fewer government subsidies to
borrowers because of the government's financing constraints;
(iii) increased costs of credit following several interest-rate
hikes by the central bank; and (iv) softening in external demand
that will likely translate into weaker economic activity. In
Moody's central scenario, system-wide non-performing loans (NPLs)
will likely reach 10%-15% of total loans over the next 12-18
months. This compares with the rating agency's estimate of 5%-7%
at year-end 2011. Under Moody's adverse scenario -- the
government fails to obtain extra external funding and external
demand declines significantly -- problem loans would accumulate
more rapidly and exceed 20% of total loans. This would require
significant capital injections, since the CAR would fall below
the regulatory minimum.
Despite a large capital injection into state-owned banks last
year, which increased the system-wide capital adequacy ratio
(CAR) to 25% at year-end 2011, the banks' capitalization will
likely weaken to 12% under Moody's central scenario. The
anticipated increase in NPLs as well as nominal credit growth of
around 40% (10% in real terms) will be the main drivers of the
decline in the CAR, which will increase the banks' risk-weighted
assets.
Banks' liquidity positions remain vulnerable. The banking system
avoided a liquidity squeeze in 2011, firstly because the
government obtained external funding and secondly due to growth
in retail and corporate deposits. In Moody's central scenario,
the deposit base would remain stable in real terms over the
outlook period. However, if the rating agency's adverse scenario
materializes and the government fails to obtain additional
foreign funding to finance the current account deficit, banks
will face significant deposit outflow risks.
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B U L G A R I A
===============
RAIFFEISENBANK: Moody's Reviews 'D+' BFSR for Downgrade
-------------------------------------------------------
Moody's Investors Service has placed on review for downgrade
Raiffeisenbank (Bulgaria)'s standalone bank financial strength
rating (BFSR) of D+, mapping to a ba1 standalone credit
assessment. This expands the scope of the review for downgrade on
Raiffeisenbank's Baa3/Prime-3 long and short-term local and
foreign-currency deposit ratings that was originally initiated on
February 21, 2012. That rating action had followed the review for
downgrade of the ratings of parent group, Raiffeisen Bank
International (RBI) in order to assess the capacity and
willingness of the parent group to provide support to its
Bulgarian subsidiary.
The extension of the scope of the review reflects the recent
acceleration of asset-quality deterioration and Moody's
expectation that Bulgaria's fragile economic recovery may further
weigh on the bank's asset quality and profitability.
Ratings Rationale
The rating announcement is driven by Moody's concerns over:
(i) The acceleration of asset-quality deterioration in Q4 2011
and risks posed by the bank's concentrated exposure to the
construction and real-estate sector;
(ii) The risk of further downward pressure on profitability, as
the bank aims to build-up its provisioning coverage and credit
growth remains subdued;
(iii) The weak operating environment, as the deepening euro area
economic slowdown will affect Bulgaria's already fragile
recovery.
Factors to be Considered in the Review
Moody's review of Raiffeisenbank's standalone ratings will focus
on three areas:
1. The recent performance and likely direction of
Raiffeisenbank's asset-quality metrics. Reported impaired loans
have grown rapidly to 15% of gross loans in December 2011, from
approximately 9% in December 2010, owing to delinquencies in a
small number of large construction and real-estate loans. The
performance of this lending segment, which accounted for
approximately 15% of the bank's gross loans in December 2011, is
under pressure as real estate prices remain depressed and foreign
direct investment remains well below pre-crisis levels.
2. The risk that subdued credit growth and potentially higher
provisioning requirements may exert downward pressure on
profitability. Moody's will specifically monitor loan-loss
provisioning requirements, particularly given that the coverage
of reported impaired loans by loan-loss reserves declined to 50%
in December 2011, from 73% in December 2010.
3. The review will also assess the loss-absorption capacity of
the bank's current capital position, with a Tier 1 ratio of 16%
in December 2011, and the benefits derived from the bank's
growing deposit franchise in Bulgaria, as the fourth-largest
deposit-taking institution.
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 Sofia, Bulgaria, Raiffeisenbank reported total
consolidated assets of BGN6.45 billion (EUR3.3 billion), as of
end-December 2011.
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F R A N C E
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PETROPLUS HOLDINGS: French Industry Minister Set to Meet Workers
----------------------------------------------------------------
Heather Smith at Bloomberg News, citing Le Journal du Dimanche,
reports that French Industry Minister Arnaud Montebourg will meet
with workers from Petroplus Holdings AG and Fralib Sourcing Unit
SA this week.
Bloomberg relates that Mr. Montebourg said in an interview with
Le Journal du Dimanche that the French government "will be
alongside those whom the economy knocks down or abandons".
According to Bloomberg, the industry minister, as cited by Le
Journal du Dimanche, said "We will certainly register failures,
but we have to try everything".
Petroplus closed its French refinery this year and employees of a
Fralib plant in France have occupied it to block plans by parent
company Unilever Plc to close the facility, Bloomberg relates.
Based in Zug, Switzerland, Petroplus Holdings AG is Europe's
largest independent oil refiner.
* FRANCE: Moody's Says RMBS Performance Stable in March 2012
------------------------------------------------------------
The performance of the French prime residential mortgage-backed
securities (RMBS) market has been stable during the three-month
period to March 2012, according to the latest indices published
by Moody's Investors Service.
From September 2011 to March 2012, the 90+ day delinquency trend
stabilised around 1.0% of the outstanding portfolio balance. The
level of CIF ASSETS 2001-1 delinquencies has decreased by half
since March 2012 due to the fact that loans that benefit from
payment holidays are now reported as having deferred installments
as opposed to being in arrears. Cumulative defaults recorded 0.8%
in March 2012 but were stable overall during the preceding six-
month period. Cumulative net defaults averaged 0.4% of the
original portfolio balance. Moody's annualized total redemption
rate (TRR) trend was 9.6% in March 2012, down from 18.42% in
March 2011.
Since October 2011, Moody's has not rated any new transaction in
the French prime RMBS market.
As of March 2012, the eight Moody's-rated French prime RMBS
transactions had an outstanding pool balance of EUR28.5 billion.
This constitutes a year-on-year increase of 1.1% compared with
EUR28.2 billion for the same period in the previous year.
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G E R M A N Y
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* GERMANY: Solar Industry to Withstand Insolvencies, Analyst Says
-----------------------------------------------------------------
According to Bloomberg News' Karin Matussek, Claudia Kemfert,
senior energy analyst at the DIW economic institute in Berlin,
said in an interview with Deutsche Presseagentur that German
solar industry will last regardless of the recent insolvency
filings of some members.
Bloomberg relates that Mr. Kemfert, as cited by DPA, said the
solar is an industry for the future and employs 120,000 workers
in Germany. Ms. Kempert said that the recent market
consolidations were to be expected, Bloomberg notes, citing the
newswire.
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G R E E C E
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NATIONAL BANK: Fitch Cuts Long-Term Issuer Default Ratings to CCC
-----------------------------------------------------------------
Fitch Ratings has downgraded National Bank of Greece's, Efg
Eurobank Ergasias', Alpha Bank's, Piraeus Bank's and Agricultural
Bank of Greece's Long-term Issuer Default Ratings (IDR) and
Support Rating Floors (SRF) to 'CCC' from 'B-' and Short-term
IDRs to 'C' from 'B'. The Viability Rating (VR) of the five
banks has been affirmed at 'f'.
The rating actions follow the downgrade of Greece's sovereign
rating to 'CCC' from 'B-'. State-guaranteed issues have been
also downgraded to 'CCC' from 'B-'.
The five Greek banks' Long-term IDRs remain on their SRF which
has been downgraded to 'CCC' to reflect the heightened risk that
Greece may not be able to sustain its membership of Economic and
Monetary Union (EMU).
In the event that the new general elections scheduled for June 17
fail to produce a government with a mandate to continue with the
EU-IMF program of fiscal austerity and structural reform, an exit
of Greece from EMU would be probable and/or this could be
followed by a withdrawal of international support to Greek banks.
A Greek exit would likely result in widespread default on private
sector as well as sovereign euro-denominated obligations.
Following Greek banks' large losses in 2011, after impairing
their Greek government debt exposure from the Private Sector
Involvement (PSI) Plus, EUR18bn capital support through the
Hellenic Financial Stability Fund (HFSF) as part of the IMF/EU
support programs has been committed to raise the four major Greek
banks' total capital adequacy ratio to the required minimum 8%.
However, such support has not yet been transferred to the banks
and further capital injections will be needed to reach the
minimum 9% core capital ratio required by the Bank of Greece by
September 2012.
The Bank of Greece and the ECB have continued to provide
emergency liquidity assistance which has absorbed deposit
outflows from the banking system to date.
Greek banks' VR of 'f' reflects the banks' failure if they had
not received external support. At the moment, they effectively
receive all capital needed, and if the situation in the country
stabilizes and liquidity is restored, Fitch will upgrade the
banks' VR to a rating level commensurate with its post-supported
financial strength. However, Fitch anticipates that the VR of
Greek banks will, at best, remain at a deeply sub-investment
grade rating level to reflect the numerous challenges they are
faced with and their substantial weak credit fundamentals.
As a result of the above rating actions and increased encumbrance
assets, banks' senior unsecured debt ratings have been downgraded
to 'CC'/'RR5' from 'B-'/'RR4' in line with Fitch's criteria. The
'RR5' reflects the increased levels of assets pledged as
collateral by banks, reducing the recovery rate to below average
(11%-30%) for senior unsecured creditors. Banks' subordinated
and hybrid capital issues have been affirmed at 'C'/'RR6' and
'C', respectively.
HELLENIC TELECOM: Fitch Cuts Senior Unsecured Ratings to 'B-'
-------------------------------------------------------------
Fitch Ratings has downgraded Hellenic Telecommunications
Organization S.A.'s (OTE) Long-term foreign currency Issuer
Default Rating (IDR) and OTE PLC's senior unsecured ratings to
'B-' from 'BB'. The ratings remain on Rating Watch Negative
(RWN).
The downgrade of OTE's rating follows Fitch's downgrade of the
Greek sovereign rating to 'CCC' from 'B-' and the assignment of a
revised country ceiling of 'B-' for Greece. The downgrade of
Greece's sovereign ratings reflects the heightened risk that
Greece may not be able to sustain its membership of Economic and
Monetary Union (EMU). The revised country ceiling captures the
risk of exchange controls being imposed that would prevent or
materially impede the private sector's ability to convert local
currency into foreign currency and transfer the proceeds to non-
resident creditors.
In the case of Greece and OTE, the country ceiling rating action
reflects the heightened risk of a Greek exit from the eurozone
which could be accompanied by currency redenomination -- which in
turn could affect OTE's existing euro-denominated debt. The
country ceiling effectively imposes a cap on the ratings of all
issuers and transactions domiciled in Greece.
In Fitch's view, under such a scenario, there is much uncertainty
around the scope and effectiveness of capital controls and their
application to private sector companies, and if the legal
interpretation of OTE's existing euro-denominated debt's
documentation will enforce on-going payments in euros. OTE's 'B-
' rating reflects such uncertainties given a likely significant
devaluation and some form of capital controls to transfer a new
currency into euros.
If redenomination take place there would be either a dislocation
within OTE's balance sheet between primarily domestic assets and
profits in a devalued currency compared with euro-denominated
debt resulting in an unsustainable capital structure, or domestic
asset and liabilities both redenominated into a new currency
because euro-denominated debt holders would suffer the economic
loss of a debt restructuring or forced redenomination.
The previous rating of 'BB' balanced the potential support from
40% shareholder Deutsche Telekom AG (DT, 'BBB+'/Stable) and OTE's
weaker stand-alone profile as adversely affected by its near-term
refinance risks whereas its operational performance was
relatively solid. Given the likelihood of events implied by the
low Country Ceiling, Fitch believes that refinancing support
requirements from DT have changed from progressive injections of
support as un-refinanced scheduled debt matured over time, to a
lump sum requirement should external events cause an event of
default and OTE's debt becomes due and payable. OTE's debt
totals EUR4.9 billion and existing cash resources invested
overseas, some in other government bonds, is EUR707 million in
short-dated highly rated government securities and EUR849 million
cash as at Q112.
Fitch has previously noted the near-term refinance risk and
existing liquidity. Depending on the timing of events, this
overseas cash could be used to meet near-term debt repayments and
the refinance of bank facilities may aid this debt maturity
profile further. However, Fitch's ratings do not address such
temporal subordination of near-term debt having a better prospect
of payment compared with debt thereafter due to such timing
issues.
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I C E L A N D
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KAUPTHING BANK: Tchenguiz Probe May Drag if Settlement Fails
------------------------------------------------------------
Jonathan Russell at The Telegraph reports that the Serious Fraud
Office warned Robert and Vincent Tchenguiz that a high-profile
investigation into their activities could drag on for "five to 10
years" if they didn't come to a financial settlement.
The hard negotiating line came as the SFO was offering to drop
the investigation into Robert Tchenguiz in return for a large
donation to charity, the Telegraph relates.
The brothers were arrested in 2011 and their properties searched
by the SFO in an investigation centering on their dealings with
Icelandic bank Kaupthing in the lead up to its collapse four
years ago, the Telegraph recounts.
The dawn raid aimed to find documents linked to multi-million
pound loans made in 2008 to the Tchenguiz Family Trust by the
bank, immediately before its demise, the Telegraph discloses.
The SFO had alleged that Mr. Tchenguiz had used a false valuation
of a property portfolio, which was put up as security against the
loan when applying for the search warrant, the Telegraph notes.
Lawyers for both sides are understood to have spent months trying
to reach a settlement that would bring to a close the highly
contentious investigation, the Telegraph says. The SFO were
reportedly asking for a GBP50 million donation to charity as the
price tag for dropping the case against the brothers, according
to the Telegraph. However, the two sides failed to come to an
agreement over the size of the settlement and whether it would be
confidential or put in the public domain, the Telegraph states.
The High Court was on Monday set to hear a judicial review of
evidence used by the SFO to gain search warrants used against the
brothers, the Telegraph relates.
The Tchenguiz brothers have not been charged and deny any
wrongdoing, the Telegraph notes.
About Kaupthing Bank
Headquartered in Reykjavik, Kaupthing Bank --
http://www.kaupthing.com/-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups. With operations
in more than a dozen countries, the bank offers a range of
services including retail banking, corporate finance, asset
management, brokerage, private banking, treasury, and private
wealth management. Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank. In October 2008, the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.
As reported by the Troubled Company Reporter-Europe, on Nov. 30,
2008, Olafur Gardasson, assistant for Kaupthing Bank hf, filed a
petition under Chapter 15 of title 11 of the United States Code
in the United States Bankruptcy Court for the Southern District
of New York commencing the Debtor's Chapter 15 case ancillary to
the Icelandic Proceeding and seeking recognition for the
Icelandic Proceeding as a "foreign main proceeding" under the
Bankruptcy Code and relief in aid of the Icelandic Proceeding.
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I T A L Y
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UNIPOL BANCA: Moody's Reviews 'D+' BFSR for Downgrade
-----------------------------------------------------
Moody's Investors Service continues the review for downgrade of
the A3 insurance financial strength rating of Unipol Gruppo
Finanziario SpA (UGF) initiated on February 2, 2012. The review
was initially prompted by the announcement that UGF reached an
agreement with Premafin SpA, the holding company of Fondiaria Sai
SpA, to pursue an integration project with Premafin SpA,
Fondiaria Sai SpA and Milano Assicurazioni SpA (all unrated).
Ratings Rationale
Moody's said that the continuation of the review reflects the
still significant hurdles ahead of the completion of the
transaction. These hurdles include, among others, 1) the
agreement on the valuation of Fondiaria Sai and the ultimate
merger's exchange ratio between Unipol and Fondiaria Sai, 2) the
approval of the anti-trust authority and Consob's exception in
relation to the requirement of launching a tender offer on all
the remaining shares of Premafin, Fondiaria Sai and Milano
Assicurazioni, and 3) the successful execution of two capital
raisings (a maximum of EUR1.1 billion raised by Fondiaria Sai and
a maximum of EUR1.1 billion raised by UGF). Furthermore the anti-
trust authority decided in April to suspend those activities that
have an irreversible effect on the merger, including the
subscription phases for the UGF and Premafin capital increases.
The anti-trust authority will investigate the risk of creating a
dominant position in Italy and in light of the ties that would be
created between Mediobanca and the UGF/Premafin group, on the one
hand, and the existing ties between Mediobanca and Generali, on
the other.
The transaction remains significant relative to UGF's size, given
that Fondiaria Sai is the second largest insurance player in
Italy with reported consolidated gross written premiums (GWP) of
EUR11 billion in 2011. The review for possible downgrade will
continue to focus on possible changes in the risk profile of UGF
as a consequence of the acquisition:
- Capital strength of the enlarged group. The capitalization of
the new group will be dependent on the successful execution of
two capital raisings currently guaranteed by a consortium of
banks (a maximum of EUR1.1 billion raised by Fondiaria Sai and a
maximum of EUR1.1 billion raised by UGF). The overall amount is
significant in respective of the current capitalization of the
two groups
- Quality of the overall investment portfolio of the enlarged
group. Mooyd's will review how the high exposure of Fondiaria Sai
to high risk assets, namely property and equities, which
accounted for 16% of total investments at year-end 2011, will
affect the asset quality of the overall group
- The financial leverage of the enlarged group. Fondiaria Sai
had outstanding debt of over EUR1.0 billion at the end of 2011
- Quality of the reserves of Fondiaria Sai. Moody's will review
the potential risk of further reserve deficiencies at Fondiaria
Sai given its history of reserve deficiencies. The company
recorded an overall EUR790 million reserves strengthening in 2011
- The execution risk of integrating multiple large insurance
operations. The integration will demand considerable management
time and will require significant effort in securing operational
efficiency
More positively, the transaction would provide scale and
strengthen the market position of Unipol, as the new group would
be the pro-forma number one player in the Italian P&C market.
With regard to Unipol Banca, the ratings remain on review for
possible downgrade. Moody's will continue the review of the BFSR,
which will focus on the extent to which the bank's business and
financial fundamentals, particularly in the current difficult
operating environment in Italy, are now compatible with a lower
rating level. For the bank's deposit ratings, which also remain
on review, Moody's said that this reflects both the review on the
BFSR, and the potential impact of the review on its parent, given
that Unipol Banca's deposit ratings currently incorporate one
notch of uplift from parental support.
Unipol Gruppo Finanziario S.p.A., based in Bologna, Italy, is the
parent company of Unipol Assicurazioni S.p.A. and Unipol Banca.
As of December 30, 2011, Unipol Gruppo Finanziario S.p.A.
reported consolidated net loss of EUR94 million and Shareholders'
Equity of EUR3,205 million (EUR4,021 million as of year-end
2010).
The following ratings remain on review for possible downgrade:
Unipol Assicurazioni S.p.A. -- insurance financial strength
rating A3;
Unipol Assicurazioni S.p.A. -- subordinated debt rating: Baa2;
Unipol Gruppo Finanziario SpA -- senior rating: Baa3;
Unipol Banca -- deposit ratings: Baa2/Prime-2;
Unipol Banca -- BFSR: D+
WHAT COULD CHANGE THE RATINGS UP/DOWN
Unipol Assicurazioni
An upgrade on the IFSR is unlikely at the moment given the review
for downgrade
A downgrade of the IFSR could be principally related to
- A further downgrade of Italy's sovereign rating (A3, negative)
- Material deterioration of the group's risk profile and
capitalization as a result of the merger with Fondiaria Sai
- Group's financial leverage rising over 35%, and fixed-charge
coverage remaining below 4x for more than 18 months
The methodologies used in rating Unipol Gruppo Finanziario SpA
were Moody's Global Rating Methodology for Life Insurers
published in May 2010, and Moody's Global Rating Methodology for
Property and Casualty Insurers published in May 2010.
The methodologies used in rating Unipol Banca were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.
===================
L U X E M B O U R G
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MONIER GROUP: Moody's Affirms CFR at 'B3'; Outlook Stable
---------------------------------------------------------
Moody's Investors Service has affirmed its B3 corporate family
rating (CFR) and probability of default rating (PDR) assigned to
Monier Group Sarl, a Luxembourg based roof tiles and roof
components producer. At the same time, it has withdrawn its
provisional (P)B2 rating to EUR250 million of senior secured
guaranteed notes, to be issued by Monier Bond Finance & Co. SCA,
its provisional (P)B2 rating to EUR432 million of senior secured
bank debt and its provisional (P)Ba3 rating to EUR150 million of
super senior revolver following Monier's decision not to proceed
with the issuance of EUR250 million Senior Secured Notes at this
juncture. Concurrently Moody's has assigned a Ba3 rating to the
existing EUR150 million Super Senior Revolver of Monier and a B2
rating to the existing EUR650 million (EUR683 million including
accrued interest) senior secured bank loans. The outlook on all
ratings is stable.
Ratings Rationale
Monier's decision to postpone the issuance of EUR250 million of
senior secured notes has two distinct implications for Moody's
assessment of the credit profile of the group. Firstly Monier
will pay slightly lower cash interest as long as the notes are
not issued as the cash interest on the existing senior secured
bank debt is lower than what the company would have paid under
the notes. Moody's estimates the impact to be at least EUR20
million, which will be supportive of the group's free cash flow
generation. Secondly the absence of refinancing will shorten the
maturity profile of the group with EUR683 million of existing
senior secured debt maturing in 2015. A successful refinancing
would have extended maturities to 2017 and 2019 respectively for
the bank debt and notes. This leaves however still sufficient
time for Monier to address its upcoming maturities.
Overall, the proposed postponement of the issuance of the notes
does not change the agency's view that 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%. Moody's believes that Monier
will only be able to generate very modest free cash flow in 2012
despite the lower cash interest.
The 1-notch differential between the B2 ratings on the EUR683
million Senior Secured Bank 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 Ba3 rating on the EUR150 million Super Senior
Revolver and the B3 CFR reflects the cushion provided by the more
junior EUR683 million Senior Secured Bank Debt, the EUR332
million PIK notes and certain non-financial liabilities.
Monier's short term liquidity position is solid supported by a
high cash balance of EUR233 million and the full availability of
the EUR 150 million super senior revolving credit facility. The
absence of refinancing has no impact on the short term liquidity
profile of the group as the existing bank debt of the group
matures in 2015, which leaves the company some time to address
its upcoming maturities. Monier has to comply with a set of
financial covenants under its bank debt indenture but currently
enjoys comfortable headroom under its covenants.
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%. The rating would also come under
negative pressure if Monier would fail to extend its debt
maturity profile in a timely manner.
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
EUR 1.392 billion and an operating EBITDA of EUR168 million.
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N E T H E R L A N D S
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ROMPETROL GROUP: Fitch Affirms LT Issuer Default Rating at 'B+'
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on Netherlands-based The
Rompetrol Group N.V.'s (TRG) to Stable from Negative and affirmed
its Long-term foreign currency Issuer Default Rating (IDR) at
'B+'.
The revision of the Outlook primarily reflects the outcome of the
legal proceedings brought by the Romanian government against
Rompetrol Rafinare S.A. (RRC) in respect to the bond-to-equity
conversion undertaken in September 2010 and the ongoing support
provided by the KazMunaiGaz National Company (NC KMG, 'BBB-
'/Positive/'F3') to TRG.
In 2011, the Romanian court issued several rulings dismissing the
Romanian government's claims to annul the bond-to-equity swap.
These rulings have been further challenged or appealed by the
government, but the legal proceeding has been suspended in May
2012 allowing up to six months for negotiations between the
government and TRG. The agency also considers in its analysis of
TRG a scenario in which TRG would be obliged to repurchase the
government's 44.7% in RRC. However, Fitch notes that in light of
the historical support provided by NC KMG to TRG, it is likely
that TRG would receive further financial support from its parent
to finance such a transaction, which would have a neutral impact
on TRG's rating at its current level.
TRG's rating is based on a bottom-up approach in line with
Fitch's parent and subsidiary rating linkage methodology. The
rating reflects the company's standalone credit profile, assessed
at 'CCC', and a three-notch uplift for parental support from NC
KMG.
NC KMG, which has been the company's sole shareholder since July
2009, provided substantial support to TRG. NC KMG provided a
guarantee to TRG's US$200 million syndicated five-year loan
signed in February 2012. Historical financial support took the
form of a US$1.1 billion cash injection as a capital increase,
and subordinated shareholder loans (outstanding balance of US$896
million at end-2011).
The agency assesses the strategic and legal ties between TRG and
NC KMG as strong, whilst operational ties are moderate. The
strong legal ties stem from the direct guarantee of TRG's debt
(US$200 million) and a cross-default provision in the
documentation for NC KMG's US$7.5 billion Global Medium-Term Note
Programme, which also relates to TRG's debt.
TRG's free cash flow remained negative in 2011 as a result of low
refining margins and capex spending related primarily to the
upgrade of the Petromidia refinery. Conditions for the refining
sector in Europe remain challenging. TRG's leverage is
significantly higher than its rated peers.
Short-term debt at YE11 amounted to US$490.7 million against a
cash balance of US$198.6 million. Fitch expects TRG will
generate negative free cash flow in 2012. Liquidity in 2012 will
be supported by the currently unutilized US$200 million
syndicated loan. Fitch also assumes the company will be able to
extend maturities of the short-term working capital loans falling
due in 2012.
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R U S S I A
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BAIKALSK PAPER: VEB May Acquire Some of Debts
---------------------------------------------
According to Bloomberg News' Marina Sysoyeva, Vedomosti, citing a
government meeting led by acting deputy prime minister Igor
Shuvalov, reported that VEB, Russia's state development bank, may
buy out some of the debts of OAO Baikalsk Paper and Pulp Mills to
manage the mill's bankruptcy.
The newspaper said that the amount to be bought by the bank is
not disclosed, Bloomberg notes.
The newspaper said that Alfa Bank is the biggest lender holding
51% of the mill's debts and other big lenders include companies
affiliated with billionaire Oleg Deripaska's Basic Element that
hold more than RUR600 million (US$19 million) of debt, Bloomberg
relates.
IDGC HOLDING: Moody's Affirms 'Ba1' CFR/PDR; Outlook Developing
---------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating (CFR) and probability of default rating (PDR) of JSC IDGC
Holding (IDGC Holding). Concurrently, Moody's has changed the
outlook on the ratings to developing from stable following the
announcement of a plan to transfer the powers of the sole
executive body of IDGC Holding to JSC Federal Grid Company of
Unified Energy System (FGC UES, or FGC, Baa2 stable).
Ratings Rationale
The outlook change follows the recent announcement made by IDGC
Holding and FGC that the government of the Russian Federation has
decided to transfer the powers of the sole executive body of IDGC
Holding to FGC, in order to optimize the Russian electric grid
infrastructure and encourage its development. The developing
outlook reflects uncertainty surrounding the government's
strategy for the development of the grid sector in Russia,
particularly the strategic direction of IDGC Holding in the
medium and longer term. Moody's notes that there is currently
limited information on the impact that the transfer of IDGC
Holding's executive powers to FGC will have on the company's
strategy and future business and financial performance and on the
broader implications of such transfer in the context of the
government's sector strategy. Moody's understands that IDGC
Holding, which is challenged by evolving and politically biased
regulation, outdated assets and significant investment needs,
could benefit from coordinated efforts with investment-grade-
rated FGC. However, the agency notes that the transfer of IDGC
Holding's executive powers to FGC could also ultimately lead to
increased credit risk if it were to signal that the government is
distancing itself from IDGC Holding.
Moody's regards IDGC Holding as a government-related issuer. The
affirmed Ba1 CFR continues to incorporate a two-notch uplift to
IDGC Holding's baseline credit assessment (BCA) of 13 (equivalent
to Ba3 on the global rating scale), given Moody's assessment of
strong probability of support from the Russian government in the
event of financial distress. IDGC Holding's BCA continues to
reflect (i) a moderately risky business profile given its
position as a regulated monopoly operating in the emerging
regulatory and market environment in the domestic power sector
and (ii) a relatively conservative but evolving financial
profile. Moody's notes that the Ba1 CFR is based on the
consolidated business and financial profile of IDGC Holding and
its operating subsidiaries and, as such, reflects the
consolidated group's credit profile and ignores priority of
claim.
Moody's expects that the transfer of IDGC Holding's executive
powers to FGC will be managed by the both companies in a manner
that would not negatively affect IDGC Holding's Ba1 ratings.
Moody's would change the outlook back to stable if it appeared
that this change in the company's management structure would not
be followed by further significant changes to the corporate,
business or financial structure of IDGC Holding's group.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Upward rating pressure could develop if there were evidence that
a potential alliance of IDGC Holding with FGC would strengthen
the business and financial risk profile of IDGC Holding.
Conversely, downward rating pressure could develop if there were
(i) a period of continuing uncertainty regarding the government's
strategy for the grid sector; (ii) signs of weakening support
from the government for IDGC Holding; (iii) a negative shift in
the developing regulatory regime for electric utilities in
Russia; or (iv) deterioration in the company's financial
performance, evidenced, for example, by a funds from operations
(FFO)/interest coverage ratio and FFO/net debt ratio trending
below 3.0x and 20%, respectively. In addition, IDGC Holding's
inability to address refinancing issues and/or challenged
covenants in a timely manner could negatively affect its ratings.
Principal Methodologies
The methodologies used in this rating were Regulated Electric and
Gas Networks published in August 2009, and Government-Related
Issuers: Methodology Update published in July 2010.
Headquartered in the city of Moscow, IDGC Holding is the holding
company for 14 core operating subsidiaries, which are regulated
monopoly distribution grid businesses operating in 69 regions of
Russia. In 2011, the group's consolidated revenue amounted to
RUB634.6 billion (US$21.6 billion). A 53.69% stake in IDGC
Holding is owned by the Russian government.
=========
S P A I N
=========
BANCO POPULAR: Fitch Cuts Rating on Preference Shares to 'B'
------------------------------------------------------------
Fitch Ratings has downgraded Banco Popular Espanol, S.A.'s
(Popular) Long-term Issuer Default Rating (IDR) to 'BBB' from
'BBB+' and Viability Rating (VR) to 'bbb-' from 'bbb+'.
Simultaneously, Fitch has removed all the ratings from Rating
Watch Negative (RWN), as the acquisition of Banco Pastor, SA
(Pastor; unrated) has been completed.
The downgrades reflect the continued deterioration in Popular's
asset quality and profitability, wholesale funding dependence and
the integration of Pastor, which has weighed on the bank's risk
profile, despite Pastor's relatively small size.
Popular's Long-term IDR and senior unsecured rating are at the
Support Rating Floor of 'BBB'. Fitch believes there is a high
probability that the Spanish authorities would support Popular
given its systemic importance as Spain's fifth largest bank
At the same time, Fitch has downgraded Popular's 100%-owned
subsidiary, Banco Popular Portugal's (BPP) Long-term IDR to 'BBB-
' from 'BBB+' and assigned a Negative Outlook to this rating.
BPP's Support Rating has been affirmed at '2'.
Popular's VR is sensitive to a further weakening of the Spanish
economy, which is undergoing a recession, high unemployment and
additional deterioration of real estate prices in Spain, a sector
to which Popular is highly exposed. Popular will need to make
large provisions to cover real estate assets in line with the
state's harsher provisioning demands, and profitability for 2012
and 2013 is expected to be very low. In addition, Fitch expects
asset quality in Popular's core SME loan portfolio to deteriorate
given that weak economic conditions will persist.
Real estate exposure (including Pastor) represents a high 24% of
Popular's total loans and foreclosures and has single-name
concentrations. At end-2011, the aggregate impaired loans ratio
was 7.7% (12%, with net foreclosures). Reserve coverage has been
boosted by EUR3.2 billion of provisions directly against equity
and negative goodwill as part of the Pastor integration. Despite
this, unreserved impaired assets remain sizeable relative to
Popular's equity.
Popular's funding and liquidity levels have improved due to good
retail funding growth and EUR17.2 billion accessed from the ECB
three-year LTRO. However, Popular is still reliant on the
strained wholesale markets for funding and further retail funding
growth is increasingly challenging given high unemployment. The
Pastor transaction has negatively affected equity. Nevertheless,
Popular has EUR2.3 billion of mandatory convertible bonds which
could easily be converted into share capital (EUR0.5 billion to
be converted in June 2012) were the bank to face a stress.
The rating actions on BPP's ratings reflect a weakening of
potential parental support due to Popular's downgrade. The
actions also reflect the weakness of Portugal's operating
environment.
Fitch believes there is still a high probability that BPP would
be supported by Popular if needed, and this drives BPP's Long-
term IDR. It remains one notch higher than the Portuguese
sovereign's Long-Term IDR ('BB+'/Negative), and it is sensitive
to a downgrade of the Long-term IDR of either Popular, Portugal,
or both.
In line with the agency's criteria on Rating Bank Regulatory
Capital and Similar Securities, Popular's subordinated debt and
preferred stock have also been downgraded, reflecting greater
risk of non-performance, as expressed by Popular's VR.
At end-March 2012, Popular had total assets of EUR158 million.
Its activities are centered on retail and commercial banking
services for SMEs and individuals through a widely-spread network
of 2,765 branches, including 236 in Portugal and the US.
The rating actions are as follows:
Banco Popular Espanol S.A. (Popular)
-- Long-term IDR: downgraded to 'BBB' from 'BBB+'; removed from
RWN; Outlook Stable
-- Short-term IDR: downgraded to 'F3' from 'F2'; removed from
RWN
-- Viability Rating: downgraded to 'bbb-' from 'bbb+', removed
from RWN
-- Support Rating: affirmed at '2'
-- Support Rating Floor: affirmed at 'BBB'
-- Commercial paper: downgraded to 'F3' from 'F2': removed from
RWN
-- Senior unsecured debt: downgraded to 'BBB' from 'BBB+';
removed from RWN
-- Subordinated debt: downgraded to 'BB+' from 'BBB'; removed
from RWN
-- Preference shares: downgraded to 'B' from 'BB-'; removed
from RWN
BPE Financiaciones SA:
-- Long-term senior unsecured debt: downgraded to 'BBB' from
'BBB+'; removed from RWN
-- Short-term senior unsecured debt: downgraded to 'F3' from
'F2'; removed from RWN
Banco Popular Portugal SA (BPP):
-- Long-term IDR: downgraded to 'BBB-' from 'BBB+'; removed
from RWN; Outlook Negative
-- Short-term IDR: downgraded to 'F3' from 'F2'; removed from
RWN
-- Support Rating: affirmed at '2'
BBVA AUTOS: Fitch Upgrades Rating on Class C Notes From 'BBsf'
--------------------------------------------------------------
Fitch Ratings has upgraded BBVA Autos 2's class B and C notes of
and affirmed the class A notes, as follows:
-- EUR115.9m class A notes: affirmed at 'AAAsf'; Outlook
Negative
-- EUR20.4m class B notes: upgraded to 'AAsf' from 'AA-sf';
Outlook Stable
-- EUR30.0m class C notes: upgraded to 'BBB-sf' from 'BBsf';
Outlook Stable
The rating actions reflect the stabilization of the transaction's
performance, and the significant build-up in credit enhancement
since closing. After exclusion of loans in arrears by more than
12 months as per the transaction's default definition, credit
enhancement amounts to 39.8% for the class A notes, 27.5% for the
class B notes and 9.5% for the class C notes.
Cumulative defaults to date are 3.6% of the transaction's closing
balance. As of March 2012, substitutions have been above Fitch's
original expectations (3.1%), while recoveries to date have been
low (on a cumulative basis, 24% of cumulative defaults to date).
However, the reserve, which started to be drawn in May 2009, has
been fully replenished since November 2010 thanks to available
excess spread, and all historical defaults have been provisioned
for. As of March 2012, the transaction had paid down to around
17% of its original balance.
The Negative Outlook on the class A is a result of the rating
cap applied by Fitch for transactions originated in Spain and
the current rating and Outlook on the Spanish sovereign
('A'/Negative). It indicates that the rating of the class A
notes would be downgraded if Spain was downgraded.
BBVA Autos 2 is a transaction of auto loans originated in Spain
by Banco Bilbao Vizcaya Argentaria S.A. (BBVA;
'A'/Negative/'F1').
CONSUMO BANCAJA: Fitch Lowers Rating on Class D Notes to 'Csf'
--------------------------------------------------------------
Fitch Ratings has taken the following rating actions on Consumo
Bancaja 1 FTA's notes:
-- EUR11.6m class A notes: upgraded to 'AAAsf' from 'AAsf;
Outlook Negative
-- EUR14.7m class B notes: affirmed at 'Asf'; Outlook revised
to Stable from Negative
-- EUR19.2m class C notes: downgraded to 'CCsf' from 'CCCsf';
assigned Recovery Estimate of 80%
-- EUR12.9m class D notes: downgraded to 'Csf' from 'CCsf';
assigned Recovery Estimate of 0%
The upgrade of the class A notes reflects the fact that although
the transaction has been performing below Fitch's expectations,
it has amortized substantially since the last rating action. The
downgrade of the classes C and D is due to undercollateralization
from the fully drawn reserve fund and uncleared principal
deficiency ledger (PDL) balance, which is now less likely to be
cleared due to the small remaining pool size.
The notes have continued to amortize sequentially and the class A
notes are expected to be repaid in full within the next two
interest payment dates (IPD). Credit enhancement (CE) for the
senior class is substantial at 67.8% and the agency believes that
this is adequate to upgrade it to 'AAAsf'. The Negative Outlook
reflects the Negative Outlook on the Spanish sovereign.
CE for the class C notes is currently negative at -3.4%. While
the PDL balance (EUR1.52 million) has been decreasing slightly
over the past four IPDs, Fitch does not believe that that
recoveries and excess spread will be sufficient to fully
compensate for the prospective shortfall on this class.
The class D notes were initially uncollateralized and intended to
fund the reserve, which has been fully drawn since February 2008.
In light of the already undercollateralized class C, the agency
does not consider it likely that the class D notes will repay
principal. This is reflected in the Recovery Estimate of 0%.
Defaults have stabilized slightly since their substantial
increase in previous periods, but remain cumulatively above
Fitch's expectations. The cumulative default ratio was 4.7% in
April 2012 and the cumulative loss ratio was 4.07%. Fitch's
original base case figures for the same period of seasoning were
2.68% and 1.43%, respectively. To date, recoveries amount to
13.4% of the cumulative defaulted amount, less than a quarter of
Fitch's expectation, which was 46.68%. The reserve fund was
fully funded at closing at EUR12.9 million. It began being drawn
on the February 2008 IPD and was fully depleted as of the August
2010 IPD. The transaction's PDL is currently EUR1.52 million.
The gap between original expected losses and actual losses has
widened, but is in line with Fitch's observations in the Spanish
consumer market. Spain's ongoing economic environment is likely
to be the main performance driver.
Consumo Bancaja 1 Fondo de Titulizacion de Activos is a true sale
securitization of a pool of consumer and auto loans originated in
Spain by Caja de Ahorros de Valencia Castellon y Alicante
(Bancaja, now Bankia, 'BBB+'/Stable/'F2') in June 2006. The
proportion of auto loans was 44% at closing. The revolving
period, which was due to end in August 2008, terminated in
May 2008 due to an early amortization event. The notes have
amortized sequentially and the outstanding value of the notes was
9.7% of its original balance as of last IPD in February 2012.
At closing, CE was 7.80% for class A, 5.35% for class B and 2.15%
for class C. As of the February 2012 IPD, CE levels were at
67.8%, 35.48% and -3.36%, respectively.
* SPAIN: Moody's Takes Various Rating Actions on Multi-Cedulas
--------------------------------------------------------------
Moody's Investors Service has taken multiple actions on various
Spanish multi-issuer covered bonds (SMICBs, or multi-cedulas). In
summary, Moody's has (i) downgraded five series of SMICBs; (ii)
for 52 series of SMICBs placed the ratings on review with
direction uncertain where previously they were on review for
downgrade; and (iii) for two series of SMICBs placed the ratings
on review for upgrade. In addition, the ratings of eight SMICBs
remain placed on review for downgrade.
These downgrades and announcements were prompted by (i) Moody's
decision on May 17, 2012 to downgrade the senior debt ratings
(issuer ratings) of the banks participating in the relevant
covered bond programs; and (ii) the recent mergers announced
since the last review in February 2012, between stronger banks
and weaker ones.
A list of the affected covered bond ratings is available at
http://is.gd/rKxiXf
For additional information on covered bond ratings, please refer
to the webpage containing Moody's related announcements
http://www.moodys.com/eusovereign
Ratings Rationale
The ratings of five series of SMICBs have been downgraded
following (i) the issuer rating downgrades of some participating
issuers; and (ii) the limitations imposed by the lower ratings of
the weakest entities in such series as a result of these
downgrades. The rating actions on the issuers' ratings conclude
the review for downgrade of Spanish banks, initiated on 15
February 2012. That review was part of Moody's wider review of
European financial institutions driven in part by (i) the
difficult European operating environment caused by the prolonged
euro area crisis; and (ii) the deteriorating creditworthiness of
certain euro area sovereigns (including Spain).
The change in direction of the rating review for 52 series of
SMICBs -- to review uncertain from review for downgrade -- is the
result of the consolidation process between the strongest issuers
and some of the weakest ones participating in those series. Due
to the mergers between these entities, the weakest credit links
in some series have been strengthened. Examples of such mergers
include the merger of BBVA with Unnim and Caixabank with Banca
C¡vica.
Despite the consolidation, Moody's has changed the review
direction to uncertain because (i) for the 52 series, there are
some participating issuers whose ratings are on review for
downgrade; and (ii) the Spanish banking system remains under
considerable pressure. Whether the ratings of some of the 52
series are downgraded will largely depend on the conclusion of
the issuer rating reviews.
Only in two series (Cedulas TdA 20, FTA, series A1 and series A2)
are none of the participating issuers on review for downgrade,
and Moody's believes that the impact of the merger of Caixabank
with Banca Civica is credit positive. Moody's has therefore
decided to place both series on review for upgrade.
Moody's has decided to keep on review for downgrade those series
where (i) there is no participating issuer positively affected by
the mergers; and (ii) some issuers are on review for downgrade.
Moody's also notes that the downgrade or potential downgrade of
some of the parties (to below A3 and/or Prime-1) that act as
paying agents, liquidity facility providers or account banks,
will activate some replacement triggers within the transactions.
Moody's will monitor the actions that the Management Companies of
the SMICBs and affected entities take in order to replace or
guarantee the non-eligible counterparties.
The issuers' rating changes have affected the SMICBs through
their effect on both Moody's expected loss analysis and timely
payment considerations.
- EXPECTED LOSS:
As the issuer's credit strength is incorporated into Moody's
expected loss assessment, any downgrade of the issuer's rating
will increase the expected loss on the covered bonds; similarly,
any upgrade will decrease the expected loss on the covered bonds.
The individual impact on the underlying participating issuers
will in turn affect the expected loss on the SMICBs, as their
expected loss is primarily determined by the weighted-average
expected loss of the covered bonds backing those SMICBs.
However, Moody's notes that issuers may be able to offset any
deterioration in the expected loss analysis if sufficient
collateral is held in the cover pool. Moody's further notes that
if the banks' senior debt ratings are downgraded below a
threshold level in the single-A category, the credit that Moody's
gives to the over-collateralization held in the cover pool may be
limited if such over-collateralization is not considered
"committed." Moody's considers over-collateralization to be
"committed" if the issuer's discretion to remove the collateral
is sufficiently restricted.
- TIMELY PAYMENT:
Moody's timely payment analysis constrains some of its current
SMICB ratings. The level of liquidity, or the reserve fund
necessary for the bonds to reach a given rating level, depends on
the ratings of the participating covered bonds issuers that back
the SMICBs, as well as the probability of timely payment of the
underlying mortgage covered bonds.
Irrespective of the size of the reserve or the liquidity
facility, Moody's limits the maximum rating uplift of an SMICB
over and above the rating of the weakest issuers within a series.
KEY RATING ASSUMPTIONS/FACTORS
SMICBs can be considered as a repackaging of a pool of Spanish
covered bonds. Each SMICB is backed by a group of Spanish covered
bonds (Cedulas Hipotecarias, CHs) that are bought by a Fund,
which in turn issues SMICBs. Moody's rating for any SMICB is
determined after applying a two-step process:
First step: Moody's determines a rating based on the expected
loss on the SMICB.
The main driver of the expected loss (EL) of a SMICB is the
credit strength of the CHs backing the SMICBs. If the CHs
perform, the SMICBs will be fully repaid. CHs are rated according
to Moody's published covered bond methodology. In the absence of
any other support (for example, such as a reserve fund), the EL
of the SMICB is determined directly from the weighted-average EL
(weighted by their outstanding amounts) of the CHs backing the
SMICB.
The primary model used is Moody's Covered Bond Model (COBOL),
which determines EL as a function of (i) the issuer's probability
of default (measured by its long-term rating); and (ii) the
stressed losses on the cover pool assets, following issuer
default.
Second step: A secondary rating target for SMICBs is the timely
payment.
Under the SMICB rating approach, Moody's gives value to two
primary liquidity supports that improve the probability of timely
payment if any CH backing the SMICBs fails to make a payment on a
scheduled payment date. These are (i) the maturity extension on
the SMICBs, which should ensure that a period of at least two
years is available following any default on the CH (this period
would be available to realize the value of the assets backing the
CH); and (ii) a liquidity facility (LF) that is available to
cover interest payments on the SMICBs. Under the SMICB rating
method, the LF benefiting any SMICB can be sized to improve the
timely payment of the SMICB to a level commensurate with the
SMICBs' ratings.
Country risk constrains the SMICBs' ratings to Aa2.
The ratings assigned by Moody's address the expected loss posed
to investors. Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.
SENSITIVITY ANALYSIS
The robustness of a covered bond rating largely depends on the
credit strength of the underlying issuer.
A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (i) a sovereign downgrade
negatively affecting the issuers' senior unsecured rating; (ii) a
multiple-notch downgrade of the issuers or downgrade to low sub-
investment grade; or (iii) a material reduction of the value of
the cover pool.
As the euro area crisis continues, the rating of covered bonds
remains 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 covered
bonds.
The methodologies used in this rating were "Moody's Approach to
Rating Covered Bonds", published in March 2010 and " Moody's
Approach to Rating Spanish Multi-Issuer Covered Bonds," published
in September 2009.
* SPAIN: Moody's Says SME ABS Performance Deteriorates Further
--------------------------------------------------------------
The performance of Spanish asset-backed securities (ABS) backed
by loans to small and medium-sized enterprises (SME ABS)
deteriorated further in Q1 2012, according to the latest indices
published by Moody's Investors Service.
In March 2012, 90-360 day delinquencies worsened to 3.56%, from
2.19% in March 2011 and 3.02% in December 2011. This level is
significantly higher than the 2009 peak of 2.86%.
Cumulative defaults continue to rise to 1.83% in March 2012
compared to 1.59% in March 2011 from 0.99% in March 2010. As the
default period is longer in Spain than the rest of Europe (where
there is a 12 months or 18 months artificial write-off period),
Moody's expects default levels to rise further when more unpaid
loans enter the 12 or 18 month period.
Although the performance worsened, the Constant Prepayment Rate
(CPR) increased to 7.12% in March 2012 from 6.46% in March 2011,
but remains low.
Amongst the worst performers are the transactions issued by
Bankia, Banco Santander and Banco CAM. The transactions issued by
Santander, where 90-360 day delinquencies have historically been
below the index line, continued to rise significantly above,
reaching 5.09% in March 2012 from 2.27% in March 2011.
As of March 2012, 99 Spanish ABS SME transactions were
outstanding, with a total portfolio balance of EUR53.7 billion
decreasing from EUR56.3 billion in December 2011. In the last
quarter, Moody's rated two new transactions: IM CAJAMAR EMPRESAS
4, FTA and FTA SANTANDER EMPRESAS 11.
This new Spanish SME index includes an appendix "Related
Research" with a list of links to relevant research, such as
Special Reports, Credit Insight articles and Methodology reports.
=====================
S W I T Z E R L A N D
=====================
UBS AG: Moody's Downgrades EUR1.83-Mil. FIX CLN to 'Ba1'
--------------------------------------------------------
Moody's Investors Service has downgraded the rating of the
following credit linked notes issued by UBS AG:
Issuer: UBS AG
Ser 857, EUR1.83 million FIX Credit-Linked Zero Cpn Euro Medium
Term Notes, Downgraded to Ba1; previously on Dec 2, 2011 Baa2
Placed Under Review for Possible Downgrade.
The transaction is a credit linked note issued by UBS AG
referencing the subordinated debt of Banco Bilbao Vizcaya
Argentaria S.A.
Ratings Rationale
Moody's explained that the rating action taken is the result of a
rating action on Banco Bilbao Vizcaya Argentaria, S.A., whose
subordinate rating was downgraded to Baa1 from A2 under review
for possible downgrade on May 17, 2012.
The rating of the issuer, UBS AG, was also placed under review
for possible downgrade on February 15, 2012. Following the
guidance given in the press release titled "Moody's Reviews
Ratings for European Banks", Moody's considered various
sensitivity scenarios including a 2 and 3 notch downgrade of UBS.
The corresponding outcomes are consistent with the rating
assigned.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy especially as the transaction
is exposed to an obligor located in Spain and 2) more
specifically, any uncertainty associated with the underlying
credits in the transaction could have a direct impact on the
repackaged transaction.
The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in April
2010.
Moody's quantitative analysis of Repacks is designed to estimate
the expected loss "EL" borne by the Repack investor, given the
transaction structure, the Collateral and any other credit risks
arising under the transaction. To this end, Moody's relies on an
EL analysis in which the rating agency identifies and attaches
probabilities to events that might give rise to losses to Repack
noteholders.
Moody's EL calculation assesses the probability and severity of
each possible loss-inducing event happening at discrete
(typically one-year) intervals through the life of the
transaction. The EL for each of these time points can then be
aggregated to provide a weighted-average EL for the rated notes.
No additional cash flow analysis or stress scenarios have been
conducted as the rating was directly derived as described above
using the ratings of BBVA and UBS. Moody's analysis also includes
stresses on the default probability and severity of the BBVA
subordinated debt in order to take into account the widely
defined credit event definitions and deliverable obligations.
=============
U K R A I N E
=============
AGROTON PUBLIC: Fitch Says KPMG Appointment Positive Move
---------------------------------------------------------
Fitch Ratings says the appointment of KPMG as new independent
auditor of Agroton Public Limited (Agroton; 'B-'/Stable),
announced on May 15, 2012 is a positive move. However, this
event follows the qualification issued by Baker Tilly (previous
auditor) in relation to US$66 million of 2011 net sales for which
the audit firm did not find adequate documentary evidence. In
Fitch's view, the qualification, partly mitigated by the new
auditor appointment, will have no immediate impact on Agroton's
ratings.
Fitch considers the extent of the audit qualification is
significant. However, the agency notes that US$9.6 million of
trade receivables are fully provided for (representing less than
10% of recorded net sales in 2011).
On May 15, 2012, Agroton stated that the qualified trade
receivables will be settled by the end of June. Fitch
acknowledges that there can be uncertainty related to the pace of
collection of such receivables, but notes that the high financial
risk for the assigned 'B-' rating due to major portion of capital
tied up in current assets was factored into the agency's most
recent affirmation on April 30, 2012.
In Fitch's view, governance of the audit process is an important
safeguard for the integrity of an issuer's financial reporting;
therefore the agency will assess more closely the role played by
Agroton's internal audit committee in the governance of the
financial reporting and audit processes. Meanwhile, the
selection of KPMG as external auditor should provide some
reassurance to investors as senior management aims to increase
the transparency of the group's financial reporting. Fitch also
recognises the possibility of restatements in the historical
financial data from KPMG's first audit in FY12
If Agroton is successful in collecting its due receivables within
the next two months, the agency expects no changes to the current
'B-' rating and Stable Outlook.
However, if progress in the collection of receivables is weaker
than expected, translating into difficulties in financing the
current working capital cycle, or there are indications of
potential material restatements, Fitch could consider placing the
ratings on Rating Watch Negative or a downgrade to 'CCC' in the
near term. Such a rating action would depend, critically, on the
likelihood of a liquidity shortfall by year-end considering
Agroton's current lack of available undrawn bank lines.
Among other guidelines for a potential downgrade is Agroton's
inability to maintain cash on balance sheet plus inventories (as
a percentage of total debt) above 80% (FY11: 136%). This ratio
conservatively excludes all account receivables. Evidence of an
unsatisfactory liquidity buffer or meaningful debt-funded capex,
in line with the group's growth appetite, could result in a
revision of the Outlook to Negative in anticipation of the
repayment of its bond due in July 2014.
===========================
U N I T E D K I N G D O M
===========================
CLINTON CARDS: Administration Prompts Fear of Jobs Loss
-------------------------------------------------------
Ilkley Gazette reports that retail staff at nine local Clinton
Cards shops has been plunged into uncertainty about their future
after the greetings card chain was forced into administration by
its largest supplier.
More than 8,000 jobs nationally were put on the line after
Clinton Cards became the latest casualty of the high street
spending slump, according to Ilkley Gazette. The report relates
that the group collapsed after failing to find a buyer for all or
parts of the business.
Ilkley Gazette notes that administrators at Zolfo Cooper said the
group had made losses of GBP130 million since 2004 and it was
"likely a number of stores would need to be closed to make the
business financially viable."
Clinton Cards has nine local branches including Ilkley, Skipton
and Guiseley.
Zolfo Cooper will continue to trade the business as a going
concern and said it remained confident it will be attractive to
potential buyers, Ilkley Gazette says.
Ilkley Gazette discloses that the firm's plight was sealed after
its banks -- Barclays and Royal Bank of Scotland -- sold the
company's GBP35 million of loans to its biggest supplier.
But whereas the banks waived certain conditions, American
Greetings told the company it planned to enforce the loan,
pushing the company into an administration process, the report
notes.
Clinton Cards is the country's largest specialist card retailer.
The listed-group, which operates 628 Clintons stores and 139
Birthdays outlets across the UK, is controlled by the Lewin
family. The listed-group, which operates 628 Clintons stores and
139 Birthdays outlets across the UK and is controlled by the
Lewin family.
FITNESS FIRST: More than 90% of Lenders Agree to Debt Deal Terms
----------------------------------------------------------------
The Scotsman reports that Fitness First is close to securing its
future after it unveiled a debt deal with its lenders.
According to the Scotsman, the company on Friday said that more
than 90% of its lenders have signed an agreement agreeing to the
terms of a company turnaround plan.
The agreement will see the lenders convert their debt into shares
in the business once the restructuring program is completed, as
well as providing significant long-term funding, the Scotsman
discloses.
Fitness First recently warned that it was struggling to meet its
costs as it buckled under a GBP500 million-plus debt mountain,
the Scotsman relates.
The company, as cited by the Scotsman, said that the combination
of having no debts and committed support from its lenders will
bring long-term financial security.
Fitness First is the largest health club group in the world. The
gym chain has 430 clubs, including 140 in the UK. It employs
13,000 people and has 1.2 million members worldwide.
GROUNDWORK SOUTH: Goes Into Administration With 150 Jobs Lost
-------------------------------------------------------------
BBC News reports that Groundwork South West has gone into
administration, with 130 posts being made redundant with
immediate effect.
Groundwork employs a mixture of full-time and part-time workers.
A company spokesman said it was not yet possible to say what
would happen to the community projects or the new charity shop,
according BBC News.
"We are obviously very sad to see a member of our federation
forced to take this difficult step . . . . We aim to work
closely with administrators when they're appointed to provide
whatever help we can to ensure communities in the south west
continue to get the support they need," Sir Tony Hawkhead, the
national chief executive, said in a statement obtained by the
news agency,
Groundwork South West is one of 35 independent charities that
comprise the Groundwork Federation.
Groundwork South West is part of a federation of independent
charities in the UK. It is a company set up to help
disadvantaged communities with skills and job prospects is itself
going into administration.
LOLA GROUP: Sends Lola Cars & Lola Composites Into Administration
-----------------------------------------------------------------
reinforcedplastics.com reports that Lola Group Holdings Ltd
decided to appoint an administrator to Lola Cars International
Ltd and Lola Composites Ltd.
"The latest economic downturn and the decision of HMRC (HM
Revenue & Customs) not to pay ongoing R&D tax credits has caused
a serious cashflow problem for the businesses," Lola Group said
in a statement obtained by the news agency. The report relates
that the company said in the statement that going into
administration will allow the board to continue discussions with
possible investors and prospective purchasers.
Lola Cars International Ltd was formed in 1958. In recent years,
significant investment has been made in technology and capability
in the motorsports business, as well as diversifying and creating
Lola Composites Ltd, which serves the defense, aerospace,
communications, renewable energy, automotive and motorsports
markets. The businesses are based in Huntingdon, Cambridgeshire,
UK.
MILLENNIUM ADMP: Wilmington Group Buys Firm Out of Receivership
---------------------------------------------------------------
Insider Media Limited reports that Millennium ADMP has been
acquired out of administrative receivership by Wilmington Group.
Millennium ADMP, which is located in Shipley, had a specialist
mature market focus which was designed to cash in on the UK's
aging population, according to Insider Media Limited. The report
relates that it provides information and services to the
insurance market and provides data and sales services to Smee &
Ford, a wholly owned Wilmington subsidiary.
Wilmington, a professional information and training group, bought
the business and certain assets of Millennium ADMP for GBP465,000
through Wilmington Millennium Ltd, a subsidiary formed for the
purpose of making the acquisition, Insider Media Limited notes.
The report says that Wilmington said it will fund the
consideration from existing debt facilities.
"We are pleased to have been able to rescue one of our trading
partners and secure the continuing employment of their staff. . .
. For Wilmington the acquisition represents an opportunity not
only to secure the continued support for the activities of Smee &
Ford but to benefit from the services which Millennium provides
to a number of major insurance companies," the report quoted
Wilmington Chief Executive Charles Brady as saying.
Yorkshire-based Millennium ADMP is a mature advertising and
marketing consultancy.
NEWNHAM AND ABEL: In Administration, Unit Continues Trading
-----------------------------------------------------------
Steel Guru News reports that Newnham and Abel Ltd went into
administration earlier this month. However, Steel Guru News
relates that Newnham and Abel Structures Ltd, which is based on
the same site, had continued trading.
Newnham and Abel Ltd owner and director Chris Newnham said that
the company had been placed into administration due to a
combination of late payments and a default by a major client,
according to Steel Guru News. The business had been set up by
his father as a partnership in 1973.
The report notes that Mr. Newnham said the company had also
suffered from a downturn in the construction industry which was
creating a very competitive market.
Donna Louise Cartmel, of Unique Business Recovery Ltd in Bolton,
was appointed as the administrator of Newnham and Abel Ltd on
May 4, the report recalls.
Newnham and Abel Ltd is based in the Laundry Loke Industrial
Estate in North Walsham. It supplied steel products to a number
of major local construction companies.
PORTSMOUTH FOOTBALL: Balaram Chainrai Named Preferred Bidder
------------------------------------------------------------
Rachael Singh at Accountancy Age reports that administrators to
Portsmouth Football Club, PKF revealed that a former owner and
one of the largest creditors to the club, Balaram Chainrai is
considered the preferred bidder.
The club entered administration for the second time in two years
on February 17, with PKF partners Trevor Birch, Ian Gould and
Bryan Jackson appointed, Accountancy Age relates.
Mr. Chainrai's proposed bid through his company Portpin will see
the club exit administration in the next six weeks, Accountancy
Age notes.
PKF hopes to send the details of the proposals to creditors later
this week with a vote expected to take place in early June,
Accountancy Age discloses.
According to Accountancy Age, Mr. Birch said: "PKF has not
received bids from any other potential buyers and we do not
expect any new bidders to emerge before the club runs out of
money.
"The Supporters Trust is working hard to make a proposal but as
yet is not in a funded position to make a bid. We've made it
clear from the start that a new owner would need to demonstrate
that it can not only fund a CVA that is acceptable to creditors
but also cover the clubs ongoing operating losses.
"Only Portpin has been able to give us the necessary assurances
that the funding will be in place. This is important because at
some stage it will have to give the Football League those
assurances too."
In 2010, Portsmouth entered administration as a Premiership club
with UHY Hacker Young partners Andrew Andronikou, Peter Kubik and
Michael Kiely appointed administrators, Accountancy Age relates.
In March 2011 Geoff Carton-Kelly and David Hudson, partners at
Baker Tilly, were appointed liquidators, Accountancy Age
recounts.
About Portsmouth Football
Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/
-- operated Portsmouth FC, a professional soccer team that plays
in the English Premier League. Established in 1898, the club
boasted two FA Cups, its last in 2008, and two first division
championships. Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey. Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009. A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.
PREMIER FOODS: Fitch Affirms LT Issuer Default Rating at 'B+'
-------------------------------------------------------------
Fitch Ratings has affirmed Premier Foods plc's Long-term Issuer
Default Rating (IDR) at 'B+'. The Outlook is Negative. Fitch
has subsequently withdrawn the rating.
Fitch has withdrawn the ratings as Premier Foods has chosen to
stop participating in the rating process. Therefore, Fitch will
no longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Premier Foods.
The affirmation is underpinned by the debt refinancing concluded
in March 2012 which has extended debt maturities until 2016.
The terms of the agreement will enable Premier Foods to generate
modest free cash flow due to the initial deferral of the pension
deficit payments until 2014, the conversion of restructured swap
payments into a term loan and the absence of significant margin
uplift on its refinanced debt, in early years. This will enable
Premier Foods to invest in marketing and cost savings
initiatives, providing at least two years to execute its planned
turnaround. Premier Foods is also required to generate GBP330m
of disposal proceeds, from non-core businesses, over the next two
years. Premier Foods may need to achieve high EBITDA multiples
on disposal to remain in compliance with loan agreement financial
covenants'.
Fitch expects Premier Foods will maintain lease adjusted net
debt/EBITDAR below 6x, partly prompted by a rapid tightening in
financial covenants and assisted by planned disposal proceeds.
Fitch notes that both EBITDA improvement and a successful
divestment plan remain subject to high levels of execution risk
which, in turn, justify the Negative Outlook.
RANGERS FOOTBALL: Green Has Long-Term Plan, Ends Ticketus Deal
--------------------------------------------------------------
BBC Sport Football reports that Charles Green says his Sevco
consortium view their prospective ownership of Rangers as a
"five-ten year plan".
Mr. Green has revealed the names of two members of his group,
Indonesian investor Jude Allen and Mazen Houssami, a lawyer from
the Middle East, BBC relates. A Singapore family trust is also
involved in Sevco, BBC notes.
Rangers' administrator Duff & Phelps are currently in the process
of contacting the club's creditors to offer a company voluntary
arrangement, BBC discloses. If a CVA is achieved, the Rangers
could continue in their current form, BBC says. Should the offer
be rejected, Rangers would attempt to relaunch as a new company,
BBC states.
"Unfortunately for us, we don't know if the CVA will go through,"
BBC quotes Mr. Green as saying. "We don't know if we can get the
transfer embargo overturned and these two things do have a
material impact on budget.
"So we've approached this with complete flexibility and we have
approached it on the basis that this not a one-year or two-year
deal, this is a five-ten year plan.
"So I have to balance which of the investors are going to be best
for this football club."
The UK Press Association reports that Scottish Premier League
chief executive Neil Doncaster has told Rangers not to expect any
special treatment if they apply for re-entry to the top-flight as
a newco.
According to UKPA, Mr. Doncaster was quoted in several newspapers
saying: "We will continue to deal with clubs equally under the
rules. Our job is to apply those rules, without fear or favor to
every single one of the 12 member clubs. That's what we will
do."
"It's our job to explain that what we are doing is treating
people equally. If everyone understands that, then what will be
the reason to be aggrieved about the outcome?
"Every club will be treated exactly the same. I can't get into
'special cases'.
"Our job is to apply the rules fairly and evenly to every SPL
club."
The SPL are also investigating the alleged use of "double
contracts" at the club but Mr. Doncaster says no verdict is
expected soon, UKPA discloses.
Ticketus Deal
Mike Farrell at STV reports that prospective owner Charles Green
said Rangers administrators have written to Ticketus to terminate
a GBP25 million season ticket deal.
Duff and Phelps informed the London firm of their move to tear up
the agreement after a court hearing earlier this year found that
Ticketus did not own Ibrox season tickets, STV relates.
Mr. Green, as cited by STV, said in a statement on the club Web
site on Friday that supporters could now "take heart" from the
fact that the Ticketus deal would be terminated.
According to STV, the London firm said on Friday it believed the
tearing up of the contract and it becoming a creditor of Rangers
was now "a formality".
Current owner Craig Whyte bought an 85% stake in Rangers for GBP1
from Sir David Murray last May and used a GBP25.3 million deal
with Ticketus for around 100,000 season tickets until 2015 to
wipe off the club's GBP18 million debt with Lloyds Banking Group,
STV recounts.
Mr. Green, who has entered a "binding agreement" to buy the club
that administrators said would be completed on June 6 when a
pence in the pound deal is put to creditors in a company
voluntary agreement (CVA), also claimed on Friday that he had no
intention of raising Ibrox season ticket prices, STV discloses.
In response to the announcement, Ticketus confirmed it had
received a notification of their intention to breach the
agreement on Wednesday, STV notes.
"As far as we are concerned, it is a formality that the deal will
be breached and we become creditors of Rangers in a CVA," STV
quotes a spokesman for the firm saying. "We can confirm we
received notification to breach the agreement from the
administrators on Wednesday night and we have a 48 hour period in
which to respond to that."
Lord Hodge ruled earlier this year that Ticketus did not own the
future season ticket sales, but had a personal right to a license
to sell season tickets for Ibrox, which could be breached by
administrators if it was in the interest of the creditors
overall, STV recounts.
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.
VICTORIA FUNDING: Fitch Lowers Rating on Class E Notes to 'Csf'
---------------------------------------------------------------
Fitch Ratings has downgraded Victoria Funding (EMC III) plc's
commercial mortgage-backed notes due 2014 notes, as follows:
-- GBP0.2m class D (XS0231023077) downgraded to 'Asf' from
'AAsf'; on Rating Watch Negative (RWN)
-- GBP1.9m class E (XS0231024802) downgraded to 'Csf' from
'CCsf'; Recovery Estimate 70%
The downgrade was driven by the remaining loan, the Brisk loan,
failing to repay on its scheduled maturity date on 1 September
2011, the decreasing time remaining until final maturity of the
notes and the irrecoverable interest shortfall on the class D
notes.
On the April 2012 interest payment date, the GBP20 million Zeelof
loan fully repaid, resulting in the full repayment of the class B
and class C notes. Consequently, the weighted-average (WA) note
margin is now 3.35%, versus the loan margin for the remaining
Brisk loan of 1.25%, which indicates that the class E note cannot
be serviced in full. While the Brisk loan remains outstanding,
the ongoing shortfall will continue to erode principal recoveries
for this class of notes. Fitch estimates a principal recovery of
70% of par.
Fitch understands from the special servicer that the Brisk loan
borrower is attempting to re-finance the loan, but in the current
lending climate this could prove difficult. The depressed
investment market, in conjunction with the asset's secondary
nature, is also likely to hamper any prospective sale of the
asset on terms that suit the sponsor. Although the special
servicer could enforce the mortgage instead, there is no
certainty surrounding timing. In light of this, and despite the
low principal balance outstanding on the D notes, Fitch has
downgraded this class and placed it on RWN.
A further negative outcome for the Brisk loan occurred last week,
when Clinton Cards fell into administration. Clintons'
administrators announced that all of the Birthdays chain of
stores would be closed. Birthdays, the second largest tenant,
accounts for circa 20% of the current rental income of the asset.
While this will not precipitate a collapse in value, it might
cause further delays in resolution.
The Brisk loan's collateral, a single secondary retail property
located in Coventry, was revalued in July 2011 at GBP2.9 million,
a slight decline from the original value of GBP3.1 million. The
results in a loan-to-value ratio LTV of 70.7%, while the ICR as
at the last IPD was 1.35x.
WORLDSPREADS: ETX Capital Takes Over Greek, Spanish & Danish Ops.
-----------------------------------------------------------------
Reuters reports that Spread-betting company ETX Capital has taken
over the Greek, Spanish and Danish businesses of rival
WorldSpreads, which fell into administration in March.
ETX said on Tuesday that the deal would broaden its revenue
stream and customer base, and formed part of its plans to expand
further in overseas markets. It did not disclose the financial
terms of the deal.
WorldSpreads entered administration after finding possible
irregularities in its accounts, and warned that it owed its
clients millions of pounds.
Worldspreads Group Plc is a U.K. brokerage and spread-betting
firm.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT EO -5754285.05 165995618.1
CHRIST WATER TEC CWT EU -5754285.05 165995618.1
CHRIST WATER TEC CWTE IX -5754285.05 165995618.1
CHRIST WATER TEC CRSWF US -5754285.05 165995618.1
CHRIST WATER TEC CWT PZ -5754285.05 165995618.1
CHRIST WATER TEC CWT AV -5754285.05 165995618.1
CHRIST WATER TEC 8131204Q GR -5754285.05 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.05 165995618.1
KA FINANZ AG 3730Z AV -9072224.93 22043329918
LIBRO AG LIBR AV -110486314 174004185
LIBRO AG LIB AV -110486314 174004185
LIBRO AG LBROF US -110486314 174004185
LIBRO AG LB6 GR -110486314 174004185
S&T SYSTEM I-ADR STSQY US -38841439.5 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.5 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.5 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.5 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.5 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.5 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.5 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.5 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.5 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.5 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.5 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.5 182832494.8
SKYEUROPE SKYP PW -89480492.6 159076577.5
SKYEUROPE SKY PW -89480492.6 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.6 159076577.5
SKYEUROPE HLDG SKY EO -89480492.6 159076577.5
SKYEUROPE HLDG SKURF US -89480492.6 159076577.5
SKYEUROPE HLDG SKY EU -89480492.6 159076577.5
SKYEUROPE HLDG SKY AV -89480492.6 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.6 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.6 159076577.5
SKYEUROPE HLDG SKY LI -89480492.6 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.6 159076577.5
SKYEUROPE HLDG S8E GR -89480492.6 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.6 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.96 225769572.9
ANTWERP GATEWAY 496769Z BB -51947070.5 266390692.5
BIO ANALYTICAL R 3723198Z BB -41974594.7 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.1 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.5 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.7 777656536.7
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.2 113270540
JULIE LH BVBA 3739923Z BB -32842124.6 159062205.9
KBC LEASE BELGIU 3723398Z BB -23567202.8 2856170076
KIA MOTORS BELGI 3729658Z BB -40305545.6 136441397.8
LAND VAN HOP NV 3727898Z BB -141334.296 138885001.8
SABENA SA SABA BB -85494497.7 2215341060
SAPPI EUROPE SA 3732894Z BB -119299290 158958659.1
SOCIETE NATIONAL 3726762Z BB -39045394.2 506987115.6
TELENET GRP HLDG T4I GR -346984203 4652950529
TELENET GRP HLDG TNET NQ -346984203 4652950529
TELENET GRP HLDG TNET BQ -346984203 4652950529
TELENET GRP HLDG TLGHF US -346984203 4652950529
TELENET GRP HLDG TNETGBP EO -346984203 4652950529
TELENET GRP HLDG TNETGBX EU -346984203 4652950529
TELENET GRP HLDG TNET S1 -346984203 4652950529
TELENET GRP HLDG TNET MT -346984203 4652950529
TELENET GRP HLDG TNET EO -346984203 4652950529
TELENET GRP HLDG TNETUSD EO -346984203 4652950529
TELENET GRP HLDG TNET IX -346984203 4652950529
TELENET GRP HLDG TNET TQ -346984203 4652950529
TELENET GRP HLDG TNETGBX EO -346984203 4652950529
TELENET GRP HLDG TNET GK -346984203 4652950529
TELENET GRP HLDG TNET PZ -346984203 4652950529
TELENET GRP HLDG TNET EU -346984203 4652950529
TELENET GRP HLDG TNETUSD EU -346984203 4652950529
TELENET GRP HLDG TNET EB -346984203 4652950529
TELENET GRP HLDG TNET LI -346984203 4652950529
TELENET GRP HLDG 3218105Q IX -346984203 4652950529
TELENET GRP HLDG TNET BB -346984203 4652950529
TELENET GRP HLDG TNET QM -346984203 4652950529
TELENET-STRP TNETS BB -346984203 4652950529
TELENET-UNS ADR TLGHY US -346984203 4652950529
CROATIA
-------
BADEL 1862 DD BD62RA CZ -18974967.3 134189914.2
BRODOGRADE INDUS 3MAJRA CZ -5021629.8 841433084.3
MAGMA DD MGMARA CZ -14866765.1 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -83651540.4 109270884.7
OT-OPTIMA TELEKO OPTERA CZ -83651540.4 109270884.7
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -39648682.4 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.4 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.4 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.4 209021322.6
LIBRA HOLIDAYS G LHGCYP EO -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG EU -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG CY -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG EO -39648682.4 209021322.6
LIBRA HOLIDAYS G LHGCYP EU -39648682.4 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.4 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.4 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDH US -89435858.2 192305153
CKD PRAHA HLDG 297687Q GR -89435858.2 192305153
CKD PRAHA HLDG CKDPF US -89435858.2 192305153
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SETUZA AS 2994755Q EU -61453764.2 138582273.6
SETUZA AS 2994759Q EO -61453764.2 138582273.6
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SETUZA AS 2994763Q EU -61453764.2 138582273.6
SETUZA AS SZA EX -61453764.2 138582273.6
DENMARK
-------
AB-B NEW ABBN DC -101428499 298588010.2
AKADEMISK BOLDK ABB DC -101428499 298588010.2
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ROSKILDE BANK-RT 916603Q DC -532868841 7876687324
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SCANDINAVIAN BRA SBS1 BY -14819232 148553764.3
SCANDINAVIAN BRA SBS1 EU -14819232 148553764.3
SCANDINAVIAN BRA SBS1 EO -14819232 148553764.3
SCANDINAVIAN BRA SBS1EUR EU -14819232 148553764.3
SCANDINAVIAN BRA SBSC IX -14819232 148553764.3
SCHAUMANN PROP SCHAUP PZ -101428499 298588010.2
SCHAUMANN PROP SCHAUP EU -101428499 298588010.2
SCHAUMANN PROP SCHAU BY -101428499 298588010.2
SCHAUMANN PROP SCHAUEUR EO -101428499 298588010.2
SCHAUMANN PROP SCHAU EO -101428499 298588010.2
SCHAUMANN PROP SCHAUP DC -101428499 298588010.2
SCHAUMANN PROP SCHAU EU -101428499 298588010.2
SCHAUMANN PROP SCHAUEUR EU -101428499 298588010.2
SUZLON WIND ENER 3985532Z DC -50030922.8 151671948.3
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.3 330011633.6
AIR COMMAND SYST 4470055Z FP -24012413.9 236706831.5
AKERYS SERVICES 4685937Z FP -8561729.53 141611798.1
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BELVEDERE SA BVD EO -254721371 1019397736
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BENP LILLEBONNE 4507291Z FP -14494480.2 341710346.6
CARCOOP FRANCE 4690569Z FP -531951.734 185621693.8
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CARRERE GROUP CAR FP -9829531.94 279906700
CARRERE GROUP XRR GR -9829531.94 279906700
CARRERE GROUP CAR2 EO -9829531.94 279906700
CARRERE GROUP CAR2 EU -9829531.94 279906700
CARRERE GROUP CARG FP -9829531.94 279906700
CARRERE GROUP CRRHF US -9829531.94 279906700
CARRERE GROUP CRGP IX -9829531.94 279906700
CDISCOUNT 4690913Z FP -92485.8114 331210839.3
CMA CGM AGENCES 4746849Z FP -8208944.55 191538369.1
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CSF 3635887Z FP -60315179.7 3042333890
DESCAMPS SAS 4503139Z FP -2912961.46 104843475.7
EADS SECA 4706441Z FP -38679556.9 142045208.8
EDENRED EDNMF US -1395452285 5596512266
EDENRED QSV GR -1395452285 5596512266
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EDENRED EDEN TQ -1395452285 5596512266
EDENRED EDEN S1 -1395452285 5596512266
EDENRED EDENUSD EO -1395452285 5596512266
EDENRED EDEN QM -1395452285 5596512266
EDENRED EDEN FP -1395452285 5596512266
EDENRED EDEN EU -1395452285 5596512266
EDENRED EDEN EO -1395452285 5596512266
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EDENRED EDENUSD EU -1395452285 5596512266
EDENRED EDEN BQ -1395452285 5596512266
EDENRED EDEN IX -1395452285 5596512266
EDENRED-NEW EDENV FP -1395452285 5596512266
EDF EN OUTRE MER 4679713Z FP -2598508.84 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.4 175501799.4
FACONNABLE SA 226782Z FP -19616231 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.1 1638852912
GEC 4 SAS 4518255Z FP -91410337 541462091
GPN SA 4509659Z FP -35080424.7 568887551
GRANDE PAROISSE GDPXF US -927267927 629287290
GRANDE PAROISSE GDPA FP -927267927 629287290
GRANDE PAROISSE GAPA FP -927267927 629287290
GROUPE MONITEUR 317840Z FP -116707395 610106709.3
GROUPE PROGRES S 4734137Z FP -106637566 154665494
HITACHI EUROPE S 4681417Z FP -9927515.77 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.4 116383810.4
I BASE 757542Z FP -6019481.25 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.5 363058830.9
ISOCHEM SA 3540732Z FP -9029087.45 100025367.9
ITM REGION PARIS 4681817Z FP -49662079.8 124321085.9
JTEKT AUTOMOTIVE 4504595Z FP -17492036.6 163375360
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LAB DOLISOS LADL FP -27752176.2 110485462.4
LAB DOLISOS DOLI FP -27752176.2 110485462.4
LENOVO FRANCE SA 4710049Z FP -1944677.44 137134536.2
MATUSSIERE & FOR MTUSF US -77896689.1 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.1 293868350.8
M-REAL ALIZAY SA 4670721Z FP -19839749.3 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863950 221936730.6
NESTLE WATERS SU 3634887Z FP -100198554 212766860.3
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NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
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OROSDI OROS FP -51389802.7 181267113.2
OROSDI OROS EO -51389802.7 181267113.2
OROSDI OROS S1 -51389802.7 181267113.2
OROSDI OROS EU -51389802.7 181267113.2
OROSDI OROS PZ -51389802.7 181267113.2
OROSDI-BACK ORBA FP -51389802.7 181267113.2
OROSDI-BACK BACK IX -51389802.7 181267113.2
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PAGESJAUNES GRP PAJ NQ -3184867284 1167307980
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PAGESJAUNES GRP PAJ PZ -3184867284 1167307980
PEUGEOT CITROEN 3637183Z FP -292685178 366568398.7
PITNEY BOWES 4634633Z FP -11785422.8 184422748.8
REGIE PUBLICITAI 4691033Z FP -5262294.53 112402724.7
REGIONAL COMPAGN 3635823Z FP -37389129.6 595811276.3
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RHODIA SA RHD GR -72552001.5 7951699362
RHODIA SA RHAGBP EO -72552001.5 7951699362
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RHODIA SA 2324011Q EU -72552001.5 7951699362
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RHODIA SA RHADF US -72552001.5 7951699362
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RHODIA SA 3218857Q IX -72552001.5 7951699362
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RHODIA SA RHA NQ -72552001.5 7951699362
RHODIA SA 2324015Q EO -72552001.5 7951699362
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GEORGIA
-------
DEVELICA DEUTSCH DDE PG -79827494.9 1139643575
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GERMANY
-------
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MANIA TECHNOLOGI MNI1 EO -35060809.4 107465713.6
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MATERNUS-KLINIKE MAK EU -16175112.4 172308589.5
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MATERNUS-KLINIKE MAK PZ -16175112.4 172308589.5
MATERNUS-KLINIKE MAK EO -16175112.4 172308589.5
MATERNUS-KLINIKE MAK GR -16175112.4 172308589.5
MATERNUS-KLINIKE MNUKF US -16175112.4 172308589.5
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NORDAG AG-PFD DOO3 GR -482449.879 144432986.2
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NORDENIA INTL AG NOD GR -74471727.4 729626481.3
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NORDSEE AG 533061Q GR -8200551.14 194616922.6
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PFLEIDERER A-RTS PFDB GR -97572495.9 1832488196
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PFLEIDERER-REG PFD4 EO -97572495.9 1832488196
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PFLEIDERER-REG PFD4GBP EO -97572495.9 1832488196
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PFLEIDERER-REG PFEIF US -97572495.9 1832488196
PFLEIDERER-REG PFD4 TQ -97572495.9 1832488196
PFLEIDERER-REG PFD4 BQ -97572495.9 1832488196
PFLEIDERER-REG PFD4 QM -97572495.9 1832488196
PFLEIDERER-REG PFD4 NQ -97572495.9 1832488196
PFLEIDERER-REG PFD4 EB -97572495.9 1832488196
PFLEIDERER-REG PFD4GBX EU -97572495.9 1832488196
PFLEIDERER-REG PFD4 NR -97572495.9 1832488196
PFLEIDERER-REG PFD4 TH -97572495.9 1832488196
PFLEIDERER-REG PFD4GBX EO -97572495.9 1832488196
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PRIMACOM AG-ADR PCAG US -18656751.2 610380925.7
PRIMACOM AG-ADR+ PCAG ES -18656751.2 610380925.7
RAG ABWICKL-REG ROSG PZ -1744124.2 217776125.8
RAG ABWICKL-REG ROS1 EU -1744124.2 217776125.8
RAG ABWICKL-REG RSTHF US -1744124.2 217776125.8
RAG ABWICKL-REG ROS1 EO -1744124.2 217776125.8
RAG ABWICKL-REG ROS GR -1744124.2 217776125.8
RAG ABWICKL-REG ROS S1 -1744124.2 217776125.8
RINOL AG RILB IX -1.171602 168095049.1
RINOL AG RILB GR -1.171602 168095049.1
RINOL AG RILB S1 -1.171602 168095049.1
RINOL AG RILB EU -1.171602 168095049.1
RINOL AG RNLAF US -1.171602 168095049.1
RINOL AG RIL GR -1.171602 168095049.1
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ROSENTHAL AG 2644179Q GR -1744124.2 217776125.8
ROSENTHAL AG-ACC ROS4 GR -1744124.2 217776125.8
ROSENTHAL AG-ADR RSTHY US -1744124.2 217776125.8
ROSENTHAL AG-REG ROSG IX -1744124.2 217776125.8
SANDER (JIL) AG SAD GR -6153256.27 127546738.8
SANDER (JIL) AG JLSDF US -6153256.27 127546738.8
SANDER (JIL)-PRF 2916157Q EU -6153256.27 127546738.8
SANDER (JIL)-PRF SAD3 PZ -6153256.27 127546738.8
SANDER (JIL)-PRF 2916161Q EO -6153256.27 127546738.8
SANDER (JIL)-PRF SAD3 GR -6153256.27 127546738.8
SINNLEFFERS AG WHG GR -4491635.62 453887060.1
SOLON AG FUE-NEW SOO4 GR -138663226 627116116.4
SOLON AG FUE-NEW SOOJ GR -138663226 627116116.4
SOLON AG FUE-NEW SOO3 GR -138663226 627116116.4
SOLON AG FUER SO SOO GR -138663226 627116116.4
SOLON AG FUER SO SOOG IX -138663226 627116116.4
SOLON AG FUE-RTS 2292896Z GR -138663226 627116116.4
SOLON AG FU-MEW 532564Q GR -138663226 627116116.4
SOLON SE SOO1 S1 -138663226 627116116.4
SOLON SE SOO1 TQ -138663226 627116116.4
SOLON SE SNBZF US -138663226 627116116.4
SOLON SE SOO1USD EO -138663226 627116116.4
SOLON SE SGFRF US -138663226 627116116.4
SOLON SE SOO1 TH -138663226 627116116.4
SOLON SE SOO1 GR -138663226 627116116.4
SOLON SE SOO1 PZ -138663226 627116116.4
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SOLON SE SOON EU -138663226 627116116.4
SOLON SE SOO1 EO -138663226 627116116.4
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SPAR HANDELS-AG 773844Q GR -442426240 1433020961
SPAR HANDELS-AG SPHFF US -442426240 1433020961
SPAR HAND-PFD NV SPA3 GR -442426240 1433020961
TA TRIUMPH-ACQ TWNA EU -124531132 313411495.3
TA TRIUMPH-ACQ TWNA GR -124531132 313411495.3
TA TRIUMPH-ADLER TWNG IX -124531132 313411495.3
TA TRIUMPH-ADLER TWN PZ -124531132 313411495.3
TA TRIUMPH-ADLER TWN EO -124531132 313411495.3
TA TRIUMPH-ADLER TTZAF US -124531132 313411495.3
TA TRIUMPH-ADLER TWN GR -124531132 313411495.3
TA TRIUMPH-ADLER TWN EU -124531132 313411495.3
TA TRIUMPH-A-RTS 1018916Z GR -124531132 313411495.3
TA TRIUMPH-NEW TWN1 GR -124531132 313411495.3
TA TRIUMPH-RT TWN8 GR -124531132 313411495.3
TA TRIUMPH-RTS 3158577Q GR -124531132 313411495.3
UNITYMEDIA GMBH 560459Z GR -290585562 5747686306
GREECE
------
AG PETZETAKIS SA PETZK EO -110812813 206429374.1
AG PETZETAKIS SA PETZK PZ -110812813 206429374.1
AG PETZETAKIS SA PTZ1 GR -110812813 206429374.1
AG PETZETAKIS SA PETZK EU -110812813 206429374.1
AG PETZETAKIS SA PZETF US -110812813 206429374.1
AG PETZETAKIS SA PETZK GA -110812813 206429374.1
AG PETZETAKIS SA PTZ GR -110812813 206429374.1
ASPIS BANK SA ASEUF US -46224213.4 3486115450
ASPIS BANK-RIGHT 365673Q GA -46224213.4 3486115450
ASPIS BANK-RTS 839325Q GA -46224213.4 3486115450
ASPIS BANK-RTS 3558423Q GA -46224213.4 3486115450
ASPIS BANK-RTS ASPTR GA -46224213.4 3486115450
ASPIS MORT-RTS ASPTD GA -46224213.4 3486115450
ASPIS PRONIA GE ASASK EO -189908329 896537349.7
ASPIS PRONIA GE ASASK GA -189908329 896537349.7
ASPIS PRONIA GE AISQF US -189908329 896537349.7
ASPIS PRONIA GE ASASK EU -189908329 896537349.7
ASPIS PRONIA GE ASASK PZ -189908329 896537349.7
ASPIS PRONIA -PF ASAPR GA -189908329 896537349.7
ASPIS PRONIA-PF ASASP GA -189908329 896537349.7
ASPIS PRONIA-PF APGV GR -189908329 896537349.7
ASPIS PRONIA-RT ASASKR GA -189908329 896537349.7
ASPIS PRONOIA GE APG GR -189908329 896537349.7
ASPIS PRONOIA GE APGG IX -189908329 896537349.7
ASPIS PRON-PF RT ASASPR GA -189908329 896537349.7
ATLANTIC SUPERMA ATLA PZ -76261648.2 315891294.2
ATLANTIC SUPERMA ATLA GA -76261648.2 315891294.2
ATLANTIC SUPERMA ATLA1 EU -76261648.2 315891294.2
ATLANTIC SUPERMA ATLA1 EO -76261648.2 315891294.2
EDRASIS C. PSALL EDRAR GA -44478533.2 197684163
EDRASIS PSALIDAS EDRA GA -44478533.2 197684163
EDRASIS PSALIDAS EDRA EO -44478533.2 197684163
EDRASIS PSALIDAS EDRA EU -44478533.2 197684163
EDRASIS PSALIDAS EPP GR -44478533.2 197684163
EDRASIS PSALIDAS EDRA PZ -44478533.2 197684163
EDRASIS-AUCTION EDRAE GA -44478533.2 197684163
EMPEDOS SA EMPED GA -33637669.6 174742646.9
EMPEDOS SA-RTS EMPEDR GA -33637669.6 174742646.9
HELLAS ONLINE SA UN5 GR -21686953.8 480123795.6
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HELLAS ONLINE SA BRAIN EU -21686953.8 480123795.6
HELLAS ONLINE SA HOL GA -21686953.8 480123795.6
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HELLAS ONLINE SA 0394471Q GA -21686953.8 480123795.6
HELLAS ONLIN-RTS HOLR GA -21686953.8 480123795.6
KATSELIS SON-P R KATPD GA -49566085.5 144463865.8
KATSELIS SONS-PF KATSP GA -49566085.5 144463865.8
KATSELIS SONS-RT KATKD GA -49566085.5 144463865.8
LAMBRAKIS PR -RT DOLD GA -14479840.4 280712996.2
LAMBRAKIS PRESS DOL PZ -14479840.4 280712996.2
LAMBRAKIS PRESS LMBKF US -14479840.4 280712996.2
LAMBRAKIS PRESS LA3 GR -14479840.4 280712996.2
LAMBRAKIS PRESS DOL GA -14479840.4 280712996.2
LAMBRAKIS PRESS DOL EU -14479840.4 280712996.2
LAMBRAKIS PRESS DOL EO -14479840.4 280712996.2
LAMBRAKIS REPO DOLL10 GA -14479840.4 280712996.2
LAMBRAKIS R-R DOLV10 GA -14479840.4 280712996.2
LAMBRAKIS-AUC DOLE GA -14479840.4 280712996.2
MAILLIS MLISF US -54904198.1 438679485.9
MAILLIS -RTS MAIKR GA -54904198.1 438679485.9
MAILLIS-SPON ADR MJMSY US -54904198.1 438679485.9
MJ MAILLIS S.A. MAIK EO -54904198.1 438679485.9
MJ MAILLIS S.A. MAIK GA -54904198.1 438679485.9
MJ MAILLIS S.A. MAIK EU -54904198.1 438679485.9
MJ MAILLIS S.A. MAIK PZ -54904198.1 438679485.9
MJ MAILLIS S.A. MJL GR -54904198.1 438679485.9
NAOUSSA SPIN -RT NAOYD GA -163114842 286539436.9
NAOUSSA SPIN-AUC NAOYKE GA -163114842 286539436.9
NAOUSSA SPINNING NML GR -163114842 286539436.9
NAOUSSA SPIN-RTS NAOYKR GA -163114842 286539436.9
NUTRIART S.A. KATSK GA -49566085.5 144463865.8
NUTRIART S.A. KTSEF US -49566085.5 144463865.8
NUTRIART SA KATSK EO -49566085.5 144463865.8
NUTRIART SA NUTRIART GA -49566085.5 144463865.8
NUTRIART SA KATSK PZ -49566085.5 144463865.8
NUTRIART SA KATSK EU -49566085.5 144463865.8
NUTRIART-RTS 3411089Q GA -49566085.5 144463865.8
PETZET - PFD-RTS PETZPD GA -110812813 206429374.1
PETZETAKIS - RTS PETZKD GA -110812813 206429374.1
PETZETAKIS-AUC PETZKE GA -110812813 206429374.1
PETZETAKIS-PFD PETZP GA -110812813 206429374.1
PETZETAKIS-PFD PTZ3 GR -110812813 206429374.1
RADIO KORASSIDIS KORA GA -100972174 244951680.3
RADIO KORASSIDIS RKC GR -100972174 244951680.3
RADIO KORASSIDIS RAKOF US -100972174 244951680.3
RADIO KORASSI-RT KORAD GA -100972174 244951680.3
RADIO KORASS-RTS KORAR GA -100972174 244951680.3
SATO OFFICE AND SATOK GA -1304553.01 103403982.3
SATO OFFICE AND SATOK EO -1304553.01 103403982.3
SATO OFFICE AND SATOK PZ -1304553.01 103403982.3
SATO OFFICE AND SATOK EU -1304553.01 103403982.3
SATO SA - RIGHTS SATOKD GA -1304553.01 103403982.3
SATO SA-AUC SATOKE GA -1304553.01 103403982.3
SATO SA-PFD SATOP GA -1304553.01 103403982.3
T BANK ASPT PZ -46224213.4 3486115450
T BANK ASPT EO -46224213.4 3486115450
T BANK TBANK EU -46224213.4 3486115450
T BANK TBANK GA -46224213.4 3486115450
T BANK TBANK EO -46224213.4 3486115450
T BANK ASPT GA -46224213.4 3486115450
T BANK ASPT EU -46224213.4 3486115450
THEMELIODOMI THEME GA -55751173.8 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751173.8 232036822.6
THEMELIODOMI-RTS THEMER GA -55751173.8 232036822.6
THEMELIODOMI-RTS THEMED GA -55751173.8 232036822.6
UNITED TEXTILES UTEX GA -163114842 286539436.9
UNITED TEXTILES NAOSF US -163114842 286539436.9
UNITED TEXTILES UTEX PZ -163114842 286539436.9
UNITED TEXTILES NML1 GR -163114842 286539436.9
UNITED TEXTILES UTEX EO -163114842 286539436.9
UNITED TEXTILES UTEX EU -163114842 286539436.9
UNITED TEXTILES NAOYK GA -163114842 286539436.9
HUNGARY
-------
HUNGARIAN TELEPH HUC EX -73723992 827192000
HUNGARIAN TELEPH HUGC IX -73723992 827192000
INVITEL HOLD-ADR IHO US -73723992 827192000
INVITEL HOLD-ADR 0IN GR -73723992 827192000
INVITEL HOLD-ADR INVHY US -73723992 827192000
INVITEL HOLDINGS 3212873Z HB -73723992 827192000
ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780368 2277882368
IRELAND
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ALECTRA FINANCE 4505075Z ID -59841094.8 1863021876
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ITALY
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JERSEY
------
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LUXEMBOURG
----------
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NETHERLANDS
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MAAS INTERNATION 4174109Z NA -104625.602 163961580.9
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MSREF VI KAIROS 4174205Z NA -38313.6008 893956511
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SGS NEDERLAND HO 3896746Z NA -742586.456 148207265
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SPYKER CARS NV SPYKR EO -575434603 1479005959
SPYKER CARS NV SPYKR TQ -575434603 1479005959
SPYKER CARS NV SPYKR EB -575434603 1479005959
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SPYKER CARS NV SPYKR QM -575434603 1479005959
SPYKER CARS NV SPYK IX -575434603 1479005959
SWEDEN
------
SWEDISH AUTOMO-A 0122265D NA -575434603 1479005959
SWEDISH AUTOMOBI SWAN EB -575434603 1479005959
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SWEDISH AUTOMOBI SWAN EO -575434603 1479005959
SWEDISH AUTOMOBI SWAN NA -575434603 1479005959
SWEDISH AUTOMOBI SPYKR PZ -575434603 1479005959
SWEDISH AUTOMOBI L9I TH -575434603 1479005959
SWEDISH AUTOMOBI SWAN EU -575434603 1479005959
SWEDISH AUTOMOBI SWAN BQ -575434603 1479005959
SWEDISH AUTOMOBI SWAN QM -575434603 1479005959
SWEDISH AUTOMOBI SWAN IX -575434603 1479005959
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UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
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UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
VAN WEELDE BEHEE 4038885Z NA -165002.306 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.2004 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.9013 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.777 799874848.4
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WE INTERNATIONAL 630199Z NA -1220350.16 1011026941
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ZWINGER OPCO 6 B 3821644Z NA -106543158 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.5 100855655.1
AKER BUSINESS SE 4400969Z NO -276097.061 106851345.1
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP EU -7700000 816200000
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HEEGH AUTOLINERS 4389209Z NO -13894016.2 253537334.9
ICA NORGE AS 4511499Z NO -132832575 702347848.8
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INTEROIL EXPLORA IOX BY -12690000 172800992
INTEROIL EXPLORA IROIF US -12690000 172800992
INTEROIL EXPLORA IOX NO -12690000 172800992
INTEROIL EXPLORA INOX NO -12690000 172800992
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INTEROIL EXPLORA IOX PZ -12690000 172800992
INTEROIL EXPLORA IOX EU -12690000 172800992
INTEROIL EXPLORA IOX EO -12690000 172800992
INTEROIL EXPLORA IOXEUR EO -12690000 172800992
INTEROIL EXPLORA IOXUSD EO -12690000 172800992
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JASON SHIPPING A JSHIP BY -63803000 141950000
JASON SHIPPING A JSHIPEUR EU -63803000 141950000
JASON SHIPPING A JSHIPEUR EO -63803000 141950000
JASON SHIPPING A JSHIP EU -63803000 141950000
MAN LAST OG BUSS 4521719Z NO -5830520.28 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -12248477.7 312455787.6
NCC ROADS AS 4401305Z NO -11149611.4 135425117.2
NORSK STEIN AS 4394889Z NO -697875.924 232219055.8
PETRO GEO-SERV PGS GR -18066142.2 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.2 399710323.6
PETRO GEO-SERV PGS VX -18066142.2 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.2 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.2 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.2 399710323.6
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.95 138751607.3
SEVAN MARINE ASA SVMRF US -173000000 962300032
SEVAN MARINE ASA SEVAN BY -173000000 962300032
SEVAN MARINE ASA SEVANEUR EU -173000000 962300032
SEVAN MARINE ASA SEVAN PZ -173000000 962300032
SEVAN MARINE ASA SEVANUSD EO -173000000 962300032
SEVAN MARINE ASA SEVAN EU -173000000 962300032
SEVAN MARINE ASA SEVANUSD EU -173000000 962300032
SEVAN MARINE ASA SEVANEUR EO -173000000 962300032
SEVAN MARINE ASA SEVAN GK -173000000 962300032
SEVAN MARINE ASA SEVAN SS -173000000 962300032
SEVAN MARINE ASA SEVAN EO -173000000 962300032
SEVAN MARINE ASA SVAN IX -173000000 962300032
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SEVAN MARINE ASA 4SM GR -173000000 962300032
SEVAN MARINE ASA SEVAN EB -173000000 962300032
SEVAN MARINE ASA SEVAN NR -173000000 962300032
SEVAN MARINE ASA SEVANGBP EO -173000000 962300032
SEVAN MARINE ASA SEVAN QM -173000000 962300032
SEVAN MARINE ASA SEVAN NQ -173000000 962300032
SEVAN MARINE ASA SEVAN NO -173000000 962300032
SEVAN MARINE ASA SEVAN S1 -173000000 962300032
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SEVAN MARINE ASA SEVAN TQ -173000000 962300032
SEVAN MARINE ASA SEMA NO -173000000 962300032
SEVAN MARINE-ADR SVMRY US -173000000 962300032
SEVAN MARINE-RTS 3328565Z NO -173000000 962300032
SEVAN-NEW SEVANN NO -173000000 962300032
SINGAPORE OFFSHO 4422313Z NO -62203.0437 104161346.4
STOREBRAND EIEND 4443409Z NO -40898583.7 1242265455
STOREBRAND EIEND 4288341Z NO -174025924 4173823457
TDC AS 4287413Z NO -83055193 129421953.7
TRICO SHIPPING A 3651167Z NO -132576808 504945402.2
TTS SENSE AS 4393841Z NO -8795315.49 159296793.9
UTKILEN SHIPPING 4446161Z NO -74871.0265 185813483
VNG NORGE AS 4513147Z NO -54874780.7 162557987.4
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
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.47 115717930.4
CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
ESTALEIROS NAVAI 4507307Z PL -99568225.9 221542111.7
FORD LUSITANA SA 3648983Z PL -7991062.86 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.2 440770232
HOSPITAL DO DIVI 3789932Z PL -75359385 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.21 425561447.8
LYCATELCOM LDA 4281821Z PL -8577510.56 109410577.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.93 199376769
RADIO E TELEVISA 1227Z PL -740710265 506160206.4
REFER-REDE FERRO 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.03 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999 625059071.4
SOCIEDADE DE REN 3776676Z PL -16169671 124492842.5
SOCIEDADE DE TRA 1253Z PL -368574770 153373893.3
SPORTING CLUBE D SCDF EU -65884328.1 251276323.4
SPORTING CLUBE D SCG GR -65884328.1 251276323.4
SPORTING CLUBE D SCPX PX -65884328.1 251276323.4
SPORTING CLUBE D SCP1 PZ -65884328.1 251276323.4
SPORTING CLUBE D SCDF EO -65884328.1 251276323.4
SPORTING CLUBE D SCP PL -65884328.1 251276323.4
SPORTING-SOC DES SCPL IX -65884328.1 251276323.4
SPORTING-SOC DES SCDF PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPDS PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPVS PL -65884328.1 251276323.4
TAP SGPS TAP PL -353957017 2789331398
TRANSGAS SA 3794668Z PL -2181404.7 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.2 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.9 178667412.9
OLTCHIM RM VALCE OLTCF US -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLT PZ -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT RO -89344240.8 511515508.8
RAFO SA RAF RO -457922311 356796459.3
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -85016164.6 320054212.6
ALLIANCE RUSSIAN ALRT RU -15214295.8 144582050.8
AMO ZIL ZILL RM -204894835 401284636
AMO ZIL-CLS ZILL RU -204894835 401284636
AMO ZIL-CLS ZILLG RU -204894835 401284636
AMO ZIL-CLS ZILL* RU -204894835 401284636
AMTEL-POVOLZ-BRD KIRT RU -936614.549 142093264.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.549 142093264.3
BALTIYSKY-$BRD BALZ RU -880437.562 345435790.7
BALTIYSKY-$BRD BALZ* RU -880437.562 345435790.7
BALTIYSKY-BRD BALZ$ RU -880437.562 345435790.7
CRYOGENMASH-BRD KRGM* RU -22826264 214573431.2
CRYOGENMASH-BRD KRGM RU -22826264 214573431.2
CRYOGENMASH-PFD KRGMP* RU -22826264 214573431.2
CRYOGENMASH-PFD KRGMP RU -22826264 214573431.2
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.5 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.5 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.5 299864149.8
FINANCIAL LEASIN 137282Z RU -166377934 282903505.9
FINANCIAL LEASIN FLKO RU -166377934 282903505.9
FINANCIAL LEASIN FLKO RM -166377934 282903505.9
FINANCIAL LEASIN FLKO* RU -166377934 282903505.9
GAZ GAZA$ RU -584751226 1478925024
GAZ GZAPF US -584751226 1478925024
GAZ-CLS GAZA* RU -584751226 1478925024
GAZ-CLS GAZA RM -584751226 1478925024
GAZ-CLS GAZA RU -584751226 1478925024
GAZ-CLS GAZAG RU -584751226 1478925024
GAZ-FINANS GAZF RU -56134.5126 232319905.4
GAZ-PFD GAZAP* RU -584751226 1478925024
GAZ-PFD GAZAP RU -584751226 1478925024
GAZ-PFD GAZAP RM -584751226 1478925024
GAZ-PFD GAZAPG$ RU -584751226 1478925024
GAZ-PFD GAZAPG RU -584751226 1478925024
GAZ-PREF GAZAP$ RU -584751226 1478925024
GAZ-US$ GTS GAZAG$ RU -584751226 1478925024
GRAZHDANSKIE SAM GSSU RU -47604998.4 1353823920
GUKOVUGOL GUUG RU -57835249.9 143665227.2
GUKOVUGOL GUUG* RU -57835249.9 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.9 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.9 143665227.2
HALS-DEVEL- GDR 86PN LI -588515965 1446111954
HALS-DEVELOPMENT HALS RM -588515965 1446111954
HALS-DEVELOPMENT HALS TQ -588515965 1446111954
HALS-DEVELOPMENT HALS* RU -588515965 1446111954
HALS-DEVELOPMENT HALSG RU -588515965 1446111954
HALS-DEVELOPMENT HALSM RU -588515965 1446111954
HALS-DEVELOPMENT HALS LI -588515965 1446111954
HALS-DEVELOPMENT SYR GR -588515965 1446111954
HALS-DEVELOPMENT HALS RU -588515965 1446111954
IZHAVTO OAO IZAV RU -94100834 443610329.4
KHANTY MANSIYSK HMSR RU -7454032.63 143409366.2
KIROV TIRE PLANT KIRT$ RU -936614.549 142093264.3
KOMPANIYA GL-BRD GMST RU -1933849.29 1120076905
KOMPANIYA GL-BRD GMST* RU -1933849.29 1120076905
KUZNETSOV-BRD MTST RU -15938417.5 331074749.5
KUZNETSOV-BRD MTSTP* RU -15938417.5 331074749.5
KUZNETSOV-BRD MTSTP RU -15938417.5 331074749.5
KUZNETSOV-BRD MTST* RU -15938417.5 331074749.5
M-INDUSTRIYA SOMI RU -1304109.98 267288804.8
MURMANSKAY MUGS RM -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP RU -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP RM -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP* RU -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSPG RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGS* RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGSG RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGS RU -22867336.6 135442629.9
NIZHMASHZAVO-BRD NMSZ RU -24657843.6 316480680.1
NIZHMASHZAVO-BRD NMSZ* RU -24657843.6 316480680.1
NIZHMASHZAVOD-BD NMSZ$ RU -24657843.6 316480680.1
NIZHMASHZAVO-PFD NMSZP RU -24657843.6 316480680.1
NIZHMASHZAVO-PFD NMSZP* RU -24657843.6 316480680.1
PENOPLEX-FINANS PNPF RU -839659.372 147052027.7
PIK GROUP PIKK RM -65334861 4000687446
PIK GROUP PIKK* RU -65334861 4000687446
PIK GROUP PIKKG RU -65334861 4000687446
PIK GROUP PIKK RU -65334861 4000687446
PIK GROUP-GDR PIK1 QM -65334861 4000687446
PIK GROUP-GDR PIQ2 GR -65334861 4000687446
PIK GROUP-GDR PKGPL US -65334861 4000687446
PIK GROUP-GDR PIK TQ -65334861 4000687446
PIK GROUP-GDR PIK LI -65334861 4000687446
PIK GROUP-GDR PIK IX -65334861 4000687446
PIK GROUP-GDR PIK EB -65334861 4000687446
PIK GROUP-GDR PIK EU -65334861 4000687446
PIK GROUP-GDR PIK1 EO -65334861 4000687446
PROMTRACTOR-FINA PTRF RU -27519567.1 259128529.5
RUSSIAN TEXT-CLS ALRTG RU -15214295.8 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.8 144582050.8
SEVERNAYA KAZNA SVKB* RU -65841686.2 279147750
SEVERNAYA KAZNA SVKB RU -65841686.2 279147750
SEVKABEL-FINANS SVKF RU -83036.4617 102680373.6
SISTEMA HALS-GDR HALS IX -588515965 1446111954
SISTEMA-GDR 144A SEMAL US -588515965 1446111954
URAL PLANT OF PR UZPOA RU -53649612.1 191579960.2
URALMASHPLAN-BRD URAM* RU -18423442.8 687183030.3
URALMASHPLAN-BRD URAM RU -18423442.8 687183030.3
URALMASHPLAN-PFD URAMP* RU -18423442.8 687183030.3
URALMASHPLAN-PFD URAMP RU -18423442.8 687183030.3
URALSKIJ ZAVOD T URAM$ RU -18423442.8 687183030.3
URGALUGOL-BRD YRGL* RU -21554314.6 139319389.8
URGALUGOL-BRD YRGL RU -21554314.6 139319389.8
URGALUGOL-BRD-PF YRGLP RU -21554314.6 139319389.8
VIMPEL SHIP-BRD SOVP* RU -85016164.6 320054212.6
VIMPEL SHIP-BRD SOVP RU -85016164.6 320054212.6
VOLGOGRAD KHIM VHIM RU -55617131.4 157514787.8
VOLGOGRAD KHIM VHIM* RU -55617131.4 157514787.8
WILD ORCHID ZAO DOAAN RU -11716087.5 106082784.6
ZERNOVAYA KOMPAN ONAST RU -9609529.9 673952471.2
ZIL AUTO PLANT ZILL$ RU -204894835 401284636
ZIL AUTO PLANT-P ZILLP RM -204894835 401284636
ZIL AUTO PLANT-P ZILLP RU -204894835 401284636
ZIL AUTO PLANT-P ZILLP* RU -204894835 401284636
SERBIA
------
DUVANSKA DIVR SG -46938765.4 107525048.4
SLOVENIA
--------
ISTRABENZ ITBG EU -3710053.92 1192276746
ISTRABENZ ITBG EO -3710053.92 1192276746
ISTRABENZ ITBG SV -3710053.92 1192276746
ISTRABENZ ITBG PZ -3710053.92 1192276746
SLOVENSKE ENERGE 1SES01A PZ -9037077.3 220365107.8
SLOVENSKE ENERGE SES02 SK -9037077.3 220365107.8
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SPAIN
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TURKEY
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UKRAINE
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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 * * *