/raid1/www/Hosts/bankrupt/TCREUR_Public/120619.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, June 19, 2012, Vol. 13, No. 121
Headlines
C Y P R U S
BANK OF CYPRUS: Moody's Cuts Rating on Covered Bonds to 'Ba3'
CYPRUS ORGANISATION: Moody's Cuts Corporate Family Rating to 'B1'
G R E E C E
HELLENIC BANK: Moody's Withdraws 'Caa2' Deposit Ratings
F I N L A N D
NOKIA: Must Stabilize Revenue to Keep 'BB+' Rating, Fitch Says
NOKIA OYJ: Moody's Cuts Long-Term Sr. Unsecured Ratings to 'Ba1'
F R A N C E
CREDIT MUTUEL: Moody's Lowers Bank Finc'l Strength Rating to 'D+'
GROUPE BPCE: Moody's Lowers Bank Finc'l. Strength Rating to 'D'
ODDO & CIE: Moody's Lowers Bank Finc'l Strength Rating to 'D+'
G E R M A N Y
PRIME 2006-1: Fitch Downgrades Ratings on Two Note Classes to 'C'
I R E L A N D
ATLANTIC HOMECARE: High Court Confirms Appointment of Examiner
AWAS AVIATION: Moody's Rates US$360-Mil. Term Loan '(P)Ba2'
GALWAY GLASS: Placed in Voluntary Liquidation
I T A L Y
AEROPORTI DI ROMA: Moody's Confirms Debt Ratings at 'Ba2'
K A Z A K H S T A N
BTA BANK: Begins Debt Restructuring Talks with Steering Committee
N E T H E R L A N D S
KBC BANK: Moody's Lowers Bank Finc'l. Strength Rating to 'D+'
SNS REAAL: Moody's Lowers Subordinated Debt Rating to 'Ba2'
P O L A N D
PBG SA: Poznan Court Appoints Administrator to Aprivia Unit
R O M A N I A
HIDROELECTRICA SA: Files for Insolvency; June 20 Hearing Set
R U S S I A
PROBUSINESSBANK: Moody's Changes Outlook on 'B2' Ratings to Neg.
S P A I N
CORPORACION DE RESERVAS: Moody's Cuts Long-Term Ratings to 'Ba1'
SANTANDER TOTTA: Fitch Says Viability Rating is Unaffected at BB-
T U R K E Y
YUKSEL INSAAT: Fitch Lowers Senior Unsecured Rating to 'B-'
U N I T E D K I N G D O M
BRADFORD BULLS: Close to Administration Over Unpaid Tax
CHILTON WASTE: Raymond Brown Acquires Firm Out of Bankruptcy
D J ELLIS: Enters Into Administration, Cuts 38 Jobs
PETERS CATHEDRAL: Goes Into Administration, Cuts 400 Jobs
RANGERS FOOTBALL: Charles Green Completes Purchase of Assets
TINDALE & STANTON: Enters Administration, Cuts Jobs
* UK: Insolvency Service Warns Elderly on GBP28M Investment Scams
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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C Y P R U S
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BANK OF CYPRUS: Moody's Cuts Rating on Covered Bonds to 'Ba3'
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Moody's Investors Service has downgraded covered bonds issued by
Bank of Cyprus Public Company Limited (BoC) by one notch. BoC's
covered bonds backed by Cypriot mortgage loans (BoC's Cypriot
Pool CB) have been downgraded to Ba3 from Ba2, and its covered
bonds backed by Greek mortgage loans (BoC's Greek Pool CB) have
been downgraded to B1 from Ba3. These rating actions were
prompted by rating actions on the respective issuer ratings,
whose ratings remain on review for downgrade. The above covered
bonds therefore also remain on review for downgrade.
Furthermore, Moody's has placed on review for downgrade the
covered bonds issued by Cypriot Popular Bank (CPB), prompted by
the review of the issuer ratings. The covered bonds backed by
Cypriot mortgage loans (CPB's Cypriot Pool CB) are now rated B1
on review for downgrade and those backed by Greek mortgage loans
(CPB's Greek Pool CB) are now rated B2 on review for downgrade.
Ratings Rationale
On June 12, 2012, Moody's took rating actions on several Cypriot
banks.
BoC's issuer rating was downgraded by one notch to B2 and placed
on review for further downgrade. Accordingly, the covered bond
ratings of BoC's Cypriot Pool CB have been downgraded to Ba3 from
Ba2, and the covered bonds of BoC's Greek Pool CB have been
downgrade to B1 from Ba3. The review placements of the covered
bonds reflect the reviews of the issuers' ratings.
CPB's issuer rating has been placed on review for downgrade.
Consequently, its covered bonds have been placed on review for
downgrade; they are now rated B1 on review for downgrade for
CPB's Cypriot Pool CB, and B2 on review for downgrade for CPB's
Greek Pool CB.
Cypriot covered bonds backed by Cypriot assets continue to be
rated two notches above the respective issuers. Those backed by
Greek assets continue to be rated one notch above the respective
issuers.
The TPIs assigned to these transaction is Very Improbable.
Moody's TPI framework does not constrain the rating.
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.
Key Rating Assumptions/Factors
Covered bond ratings are determined after applying a two-step
process: an expected loss analysis and a TPI framework analysis.
EXPECTED LOSS: Moody's determines a rating based on the expected
loss on the bond. The primary model used is Moody's Covered Bond
Model (COBOL), which determines expected loss as (i) a function
of the issuer's probability of default (measured by the issuer's
rating); and (ii) the stressed losses on the cover pool assets
following issuer default.
The cover pool losses are an estimate of the losses Moody's
currently models if the relevant issuer defaults. Cover pool
losses can be split between market risk and collateral risk.
Market risk measures losses as a result of refinancing risk and
risks related to interest-rate and currency mismatches (these
losses may also include certain legal risks). Collateral risk
measures losses resulting directly from the credit quality of the
assets in the cover pool. Collateral risk is derived from the
collateral score.
The cover pool losses of BoC's Cypriot Pool CB are 48.7%, with
market risk of 37.2% and collateral risk of 11.5%. The collateral
score for this program is currently 17.2%. The over-
collateralization in this cover pool is 9.7%, of which 5.0% is
provided on a "committed" basis. The minimum over-
collateralization level that is consistent with the Ba3 rating
target is 0% (numbers in present value terms). Therefore, Moody's
is not relying on over- collateralization that "uncommitted" in
its expected loss analysis.
The cover pool losses of BoC's Greek Pool CB are 54.1%, with
market risk of 48.1% and collateral risk of 6.0%. The collateral
score for this program is currently 8.9%. The over-
collateralization in this cover pool is 17.7%, of which 17.6%
over-collateralisation is provided on a "committed" basis. The
minimum over-collateralization level that is consistent with the
B1 rating target is 0% (numbers in present value terms, with the
exception of the "committed" over-collateralization). Therefore,
Moody's is not relying on over-collateralization that is
"uncommitted" in its expected loss analysis.
The cover pool losses of CPB's Cypriot Pool CB are 53.3%, with
market risk of 39.3% and collateral risk of 14.1%. The collateral
score for this program is currently 21.0%. The over-
collateralization in this cover pool is 11.4%, of which 6.0% is
provided on a "committed" basis. The minimum over-
collateralization level that is consistent with the B2 rating
target is 0% (numbers in present value terms, with the exception
of the "committed" over-collateralization). Therefore, Moody's is
not relying on over-collateralization that is "uncommitted" in
its expected loss analysis.
The cover pool losses of CPB's Greek Pool CB are 54.0%, with
market risk of 47.9% and collateral risk of 6.1%. The collateral
score for this program is currently 9.1%. The over-
collateralization in this cover pool is 16.1%, of which 16.0% is
provided on a "committed" basis. The minimum over-
collateralization level that is consistent with the B2 rating
target is 0% (numbers in present value terms with the exception
of the "committed" over-collateralization). Therefore, Moody's is
not relying on over-collateralization that is "uncommitted" in
its expected loss analysis.
All numbers in this section are based on the most recent
Performance Overviews with the exception of the levels of over-
collateralization consistent with the relevant rating target,
which are based on Moody's most recent modelling based on data,
as per March 31, 2012.
TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which indicates the likelihood that timely payment will be
made to covered bondholders following issuer default. The effect
of the TPI framework is to limit the covered bond rating to a
certain number of notches above the issuer's rating.
Sensitivity Analysis
The robustness of a covered bond rating largely depends on the
issuer's credit strength.
The TPI Leeway measures the number of notches by which the
issuer's rating may be downgraded before the covered bonds are
downgraded under the TPI framework.
The TPIs assigned to the above programs are Very Improbable.
Their TPI Leeways are therefore limited, and any downgrade of the
issuers' ratings might lead to a downgrade of the covered bonds.
A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (i) a sovereign downgrade
negatively affecting both the issuer's senior unsecured rating
and the TPI; (ii) a multiple-notch downgrade of the issuer; or
(iii) a material reduction of the value of the cover pool.
As the euro area crisis continues, the ratings of covered bonds
remain exposed to the uncertainties of credit conditions in the
general economy. The deteriorating creditworthiness of euro area
sovereigns as well as the weakening credit profile of the global
banking sector could negatively impact the ratings of covered
bonds.
Rating Methodology
The principal methodology used in these ratings was "Moody's
Approach to Rating Covered Bonds" published in March 2010.
CYPRUS ORGANISATION: Moody's Cuts Corporate Family Rating to 'B1'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of Cyprus Organisation for the Storage and
Management of Oil Stocks ("KODAP") to B1 from Ba2 and placed the
rating on review for further possible downgrade.
Ratings Rationale
The downgrade of KODAP's CFR follows the action initiated by
Moody's on Cyprus's government bond ratings, which were
downgraded to Ba3 from Ba1 on 13 June 2012 and placed on review
for further possible downgrade.
The link between the rating of KODAP and that of the sovereign is
based on its status as government-related issuer (GRI), its
strategic importance to Cyprus and the very strong government
support that is incorporated within its rating. The rating of
KODAP also considers its standalone credit profile and legal
characteristics, including its bylaws and/or its public law
nature, as well as Moody's assumption that KODAP will remain a
key instrument for the government's strategic oil reserves
policy, as the entity responsible for maintaining compulsory
strategic reserves of petroleum products in Cyprus in accordance
with EU regulations. KODAP operates under the close supervision
of the Cypriot government and enjoys governmental support under a
clear and specific framework established by law.
However, Moody's positions KODAP's rating at B1, i.e. one notch
below that of the Government of Cyprus. Moody's applies this
rating differential partly to reflect the lack of explicit
guarantee from the Cypriot government, even though the State
assumes residual responsibility for any liability at liquidation,
which can only be decided by Order of the Council of Ministers.
Additionally, despite the very high likelihood of support by the
government, given its close links with this GRI, Moody's one-
notch differentiation between the company's rating and the
Governments of Cyprus's sovereign rating reflects (i) a degree of
uncertainty regarding the timely provision of support in the
event of need; and/or (ii) a modest degree of risk that, over the
rating horizon and in potential stress scenarios that
simultaneously affect various entities requiring support, a more
selective approach to the provision of support might be
considered by the government.
In the case of KODAP, Moody's applies a credit-substitution
approach that considers the company's particular funding and
business model. Therefore, the rating agency does not publish a
granular analysis of typical GRI factors for KODAP (i.e. covering
support, dependence, a BCA and the sovereign rating).
Although Moody's does not expect that the current rating review
will affect the very high support assumption for KODAP (which is
reflected in the credit substitution approach), the review will
assess whether a differentiation of more than one notch between
the sovereign and KODAP would be appropriate to reflect the
absence of a guarantee by the sovereign and the stand-alone
credit profile of KODAP compared to the credit strength of the
sovereign.
The review process will also consider any change in the
underlying credit strength of KODAP and the extent to which it
will continue to manage its liquidity profile to avoid a
deterioration beyond Moody's expectations or any liquidity
concerns arising otherwise, given KODAP's exposure to domestic
banks.
In the absence of a change in the nature and standalone profile
of KODAP or the perceived strength of underlying sovereign
support, a further downgrade in the rating of KODAP would most
likely be driven by a downgrade in the rating of Cyprus. In view
of the action, and the recent action on the sovereign rating, no
positive rating pressure is currently envisaged in the short-term
for KODAP.
KODAP's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside KODAP's core industry and
believes KODAP's ratings are comparable to those of other issuers
with similar credit risk. Other methodologies used include the
Government-Related Issuers methodology published in July 2010.
KODAP, domiciled in Nicosia, Cyprus, is the organisation
responsible for maintaining compulsory strategic reserves of
petroleum products in Cyprus equivalent to a minimum of 90 days
of national consumption. In 2010, KODAP reported revenues of
EUR23.8 million and a net surplus of EUR6.4 million.
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G R E E C E
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HELLENIC BANK: Moody's Withdraws 'Caa2' Deposit Ratings
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Moody's Investors Service has withdrawn the Caa2 long-term and
Not Prime short-term deposit ratings assigned to the Greek branch
of Hellenic Bank Public Company Ltd. At the time of the
withdrawal, the long-term deposit rating had a negative outlook.
Moody's assigned a B1 long-term deposit rating to Hellenic Bank's
Greek branch on March 14, 2012, which was downgraded to Caa2 on
June 12, 2012 following Moody's lowering of Greece's country
ceiling -- the highest rating that can be assigned to a domestic
debt issuer -- to Caa2, as outlined in the special comment "Greek
country ceiling reflects heightened risk of euro area exit",
published on June 1, 2012.
Ratings Rationale
Moody's has withdrawn the ratings for its own business reasons.
Headquartered in Nicosia, Cyprus, Hellenic Bank Public Company
Ltd (B1 deposits, on review for downgrade; BFSR E+/BCA b2, on
review for downgrade) reported consolidated total assets of
EUR8.6 billion as of March 2012.
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F I N L A N D
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NOKIA: Must Stabilize Revenue to Keep 'BB+' Rating, Fitch Says
--------------------------------------------------------------
The continued troubles facing Nokia were highlighted by its
announcement that its Q212 devices and services operating margin
will be less than the negative 3% of Q112, and of additional
restructuring charges, Fitch Ratings says.
This will lead to a precarious combination of a depleted cash
balance without an end in sight to the declining cash flows, a
situation that the company will need to rectify soon.
Given the strategic challenges facing the company, these trends
are not particularly surprising. Fitch has previously said that
the company must demonstrate that it is capable of stabilizing
revenue and generating positive low-single-digit operating
margins if its rating is to be affirmed at 'BB+'. Nokia's
announcement suggests that the company has moved further away
from this position over the last two months. Developments
relating to Windows 8 and a new suite of products appear crucial.
The company's rating is supported by its strong net cash
position, which was EUR4.9 billion at end-Q112. We expected the
additional restructuring charges, together with some further
margin declines, to erode the company's cash cushion to a certain
extent. These were factored into our downgrade to 'BB+' on 24
April. However, continued strongly negative operating cash flow
generation is not consistent with the current rating level as it
puts too much pressure on this cash cushion.
The company needs to return to generating positive operational
cash flow in order to offset the removal of the support that the
cash cushion, which is going to be reduced by the pending
restructuring charges, previously gave the rating. If we are not
convinced that the company can succeed in delivering this, we
will take a negative rating action.
The company plans to cut the Devices and Services annualized opex
run rate to EUR3 billion by end-2013, from EUR5.35 billion in
2010. While Fitch recognizes that these savings are credit
positive and will help the company return to positive operational
cash flow, Nokia needs to stop the revenue declines. Although
the cost-cutting provides some relief, ultimately the company
needs to demonstrate that its products are attractive to
consumers and can enable it to win back market share. Nokia's
comments about its Q2 performance suggest that the company is not
yet on this path.
NOKIA OYJ: Moody's Cuts Long-Term Sr. Unsecured Ratings to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has downgraded the long-term senior
unsecured ratings of Nokia Oyj to Ba1 from Baa3 and its short-
term senior unsecured ratings to Not-Prime from Prime-3.
Concurrently, Moody's has assigned a Ba1 corporate family rating
(CFR) and a probability of default rating (PDR) to the company.
The outlook on all ratings remains negative.
Ratings Rationale
"The rating action reflects our view that Nokia's far-reaching
restructuring plan -- which involves drastically downsizing its
infrastructure by focusing its direct marketing on fewer markets,
streamlining support functions and reducing investments in
certain R&D projects in order to realize additional fixed cost
savings of up to EUR1.3 billion by the end of 2013 -- delineates
a scale of earnings pressure and cash consumption that is larger
than we had previously assumed," says Wolfgang Draack, a Moody's
Senior Vice President and lead analyst for Nokia.
Despite the downgrade, Moody's regards Nokia's commitment to
decisive restructuring as positive and necessary to return the
group to profitability. A return to profitability also depends on
Nokia successfully transitioning its range of smartphones to the
new Windows operating system and stabilizing its feature phone
business.
On Thursday, June 14, Nokia announced its intention to continue
investing in its priority businesses, but also to downsize
ancillary activities to better align its fixed cost in Devices &
Services (D&S) to lower revenues. Management is seeking to reduce
operating expenses by approximately 44% by the end of 2013 from
the 2010 level. This compares with revenues in the segment that
fell to EUR21.1 billion for the last twelve months from EUR29.1
billion which represents a 28% decline, with revenue growth not
yet in sight. Nokia estimates that its two restructuring plans
announced to date have a cumulative cash cost of EUR1.7 billion
of which EUR450 million has already been paid out by the end of
Q1/2012. However, Moody's cautions that, if Nokia's revenues do
not stabilize soon, it may need to carry out additional
restructuring.
For Nokia to return to growth in this segment, it will primarily
require the Lumia smartphones, which are selling in several
versions and many markets, to gain traction in the smartphone
market. Indeed, in Moody's view, the attractiveness of the Lumia
range should be boosted by the introduction of the Windows 8
operating system for mobile devices, to be launched in the second
half of 2012. The recently launched Asha full touch-screen model
should support demand for feature phones and raise average
selling prices, although Nokia may sell fewer units of mobile
phones as the distribution networks are being scaled down and the
overall feature phone market continues to decline as customers
migrate to smartphones with lower price points.
Moody's now expects Nokia's non-International Financial Reporting
Standards (IFRS) operating margins in its Devices & Services
segment to fall to the negative mid-single digits in percentage
terms (from -3% assumed so far) in the next one or two quarters,
with material improvement starting in the second half of 2012
driven by rising sales of the group's new Lumia smartphone range
and realized cost savings. Nokia's high gross and net cash
balances should remain strong during its product transition to
Windows-based devices, with the group's net reported cash likely
to remain above EUR3.0 billion.
Moody's notes that Nokia has maintained a strong liquidity
position and capital structure. At the end of March 2012, Nokia,
including 100% of the Nokia Siemens Networks (NSN) communications
equipment partnership with Siemens (Aa3 stable), had
approximately EUR9.8 billion of cash and marketable securities,
around twice its reported financial debt. Nokia ended the first
quarter of 2012 with EUR4.9 billion of net cash. For its
liquidity needs, Nokia also has a reliable EUR1.5 billion
revolving credit facility due in 2016, which does not contain
financial covenants.
In addition to the pressure on its own operations, Moody's notes
that Nokia may have to contribute additional capital or funding
to NSN if the company's restructuring costs start to exceed its
cash flow from operations.
Structural Considerations
In its Loss Given Default (LGD) approach, Moody's decided not to
rate the structurally preferred operating liabilities of
subsidiaries above Nokia's debt instruments. The senior unsecured
debt of Nokia was rated at the level of the CFR, instead of a
notch below, because of (i) the investment-grade nature of
Nokia's financing structure, with virtually all financial debt
raised by the parent company on a pari-passu, senior unsecured
basis; (ii) Moody's assumption that more than half of the group's
liquidity, balances of cash and equivalents are unencumbered and
directly accessible by Nokia Oyj without delay; and (iii) the
fact that the majority of intellectual property rights are held,
and more than 40% of group revenues are recorded, by the parent
company, which itself has only small amounts of external assets,
however. If cash held at, and directly accessible by, the parent
company declines materially below Nokia's financial debt, Moody's
may differentiate its rating of Nokia's senior debt instruments
from the CFR.
The negative outlook on Nokia's Ba1 ratings reflect the low
visibility with regard to (i) the trend for Nokia's market share
in smartphones and whether there is customer acceptance of the
Lumia range of devices; (ii) demand and margin potential for the
group's feature phones in emerging markets; and (iii) Nokia's
future net cash flows, which are adversely affected by pricing
pressure, marketing incentives and restructuring expenditures,
although this is partially mitigated by royalty collections,
platform payments from Microsoft and potential disposal proceeds.
What Could Change The Rating Up/Down
Given that the rating outlook is negative, there is currently
limited potential for an upgrade of Nokia's ratings. However,
Moody's could upgrade the rating to investment grade if (i)
Windows devices make meaningful gains in the smartphone market;
(ii) Nokia's revenues start to grow again and it achieves an
operating margin (-4.0% for the last 12 months to March 2012, as
adjusted by Moody's) in the mid-single digits in percentage
terms; and (iii) the group maintains an adjusted net cash
position (approximately EUR2.4 billion as per the end of March
2011, as adjusted by Moody's).
Moody's would stabilize Nokia's outlook if (i) the Lumia family
of devices gains meaningful market share and the Smart Devices
segment returns to non-IFRS operating profit; (ii) the sales
volumes of Mobile Phones segment at least stabilizes and its
margin contribution returns to the double digits in percentage
terms; and (iii) the group's cash consumption falls to marginal
levels.
Moody's would consider downgrading Nokia's rating further if (i)
there is evidence that the Lumia product family is failing to
gain momentum, due, for instance, to a slowdown in customer take-
up; (ii) the non-IFRS operating margin of the group's Devices &
Services segment declines further below -5% and fails to improve
in the second half of 2012; or (iii) Nokia's cash consumption
remains high, and is not materially reduced over the coming
quarters such that the group's reported level of net cash does
not trend below EUR3.0 billion (EUR4.9 billion at end of March
2012). The bulk of this cash consumption will be accounted for by
EUR740 million of dividends paid in the second quarter of 2012
and restructuring cash costs at both Nokia and NSN.
Affected Ratings
Downgrades:
Issuer: Nokia Finance International B.V.
US$4000M Senior Unsecured Commercial Paper, Downgraded to NP
from P-3
Issuer: Nokia Oyj
Issuer Rating, Downgraded to Ba1 from Baa3
US$4000M Senior Unsecured Commercial Paper, Downgraded to NP
from P-3
US$4000M Senior Unsecured Commercial Paper, Downgraded to NP
from P-3
EUR5000M Senior Unsecured Medium-Term Note Program,
Downgraded to (P)NP from (P)P-3
EUR5000M Senior Unsecured Medium-Term Note Program,
Downgraded to (P)Ba1 from (P)Baa3
US$1000M 5.375% Senior Unsecured Regular Bond/Debenture May
15, 2019, Downgraded to Ba1 from Baa3
US$500M 6.625% Senior Unsecured Regular Bond/Debenture May
15, 2039, Downgraded to Ba1 from Baa3
EUR1250M 5.5% Senior Unsecured Regular Bond/Debenture Feb 4,
2014, Downgraded to Ba1 from Baa3
EUR500M 6.75% Senior Unsecured Regular Bond/Debenture Feb 4,
2019, Downgraded to Ba1 from Baa3
Assignments:
Issuer: Nokia Oyj
Probability of Default Rating, Assigned Ba1
Corporate Family Rating, Assigned Ba1
US$1000M 5.375% Senior Unsecured Regular Bond/Debenture May
15, 2019, Assigned a range of LGD4, 63 %
US$500M 6.625% Senior Unsecured Regular Bond/Debenture May
15, 2039, Assigned a range of LGD4, 63 %
EUR1250M 5.5% Senior Unsecured Regular Bond/Debenture Feb 4,
2014, Assigned a range of LGD4, 63 %
EUR500M 6.75% Senior Unsecured Regular Bond/Debenture Feb 4,
2019, Assigned a range of LGD4, 63 %
Principal Methodology
The principal methodology used in these ratings was Global
Communications Equipment Industry published in June 2008.
Headquartered in Espoo, Finland, Nokia Oyj is a large
manufacturer of mobile communication devices and a leading
supplier of telecommunication network systems. Its net sales in
2011 amounted to approximately EUR38.7 billion and to EUR7.4
billion in the first quarter of 2012.
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F R A N C E
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CREDIT MUTUEL: Moody's Lowers Bank Finc'l Strength Rating to 'D+'
-----------------------------------------------------------------
Moody's Investors Service has taken the following rating action
on the standalone credit assessment of Credit Mutuel Arkea: BFSR
downgraded to D+ (mapping to a standalone credit assessment of
baa3) from C-/baa1.
At the same time, the Aa3 long-term debt and deposit ratings were
confirmed, incorporating both the strength of the broader Credit
Mutuel group (unrated) and three notches of potential systemic
support. The Prime-1 short-term ratings were unaffected. The
outlook is stable on all ratings.
The lowering of the standalone credit assessment reflects Moody's
reassessment of Credit Mutuel Arkea's standalone financial
strength, driven by (i) its high -- albeit reducing -- structural
reliance on wholesale funding, which renders the bank susceptible
to loss of investor confidence in the highly uncertain current
European operating environment; (ii) Moody's anticipation of
continued pressure on profitability resulting from the weakening
macro-economic environment in France; and (iii) the deteriorating
asset quality of the bank's domestic and peripheral euro area
exposures.
The confirmation of the long-term ratings reflects Moody's view
that the risks to Credit Mutuel Arkea's standalone credit profile
are offset by the Credit Mutuel group's retail-oriented and
domestically focused business profile, its adequate capital base
and the strength of its domestic franchise. These factors, taken
together, underpin the adjusted standalone credit assessment of
a3 and the confirmation of the Aa3 long-term debt and deposit
ratings in the upper range of the French peer group.
Moody's notes several mitigating factors that have limited the
extent of the downgrade. These include (i) the sustainability of
the earnings base at Credit Mutuel Arkea given its strong
domestic retail franchise and the limited exposures to countries
undergoing more severe stress, (ii) the likelihood of resilient
earnings for domestic retail activities as Moody's expects the
French economy to continue to fare relatively better than many
other euro area member states, and (iii) the sound loss-
absorption capacity of Credit Mutuel Arkea -- and more broadly
the Credit Mutuel group.
This action concludes the review on the bank's BFSR and long-term
debt and deposit ratings initiated on February 15, 2012.
A list of the Affected Ratings, which identifies each affected
issuer, is available at:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_143131
RATINGS RATIONALE -- STANDALONE CREDIT ASSESSMENT
FIRST DRIVER -- RELIANCE ON WHOLESALE FUNDING AND QUALITY OF
LIQUID ASSETS
Moody's says that despite the considerable improvements in
deposit funding and the lengthening of the maturity profile of
wholesale funding, in the highly uncertain current European
operating environment Credit Mutuel Arkea remains exposed to a
loss of investor confidence. This is underpinned by the still
large proportion of short-term funding and more generally, by the
absolute amounts of wholesale funding. Moody's also notes that
the bank's liquid assets comprise a large proportion of private
loans and own securitisations, which, despite being eligible for
central bank funding, are not easily sold in private markets or
likely subject to significant discount.
In case of market disruption, the institution would have to
operate a moderate reduction in loan production, which could be
detrimental to its franchise. This, together with the lower size
and quality of the liquid asset pool compared to some banks, are
the primary drivers for Moody's analysis of the bank's high
exposure to a loss of investor confidence.
SECOND DRIVER -- NEGATIVE PRESSURE ON PRE-PROVISION INCOME
Similar to other European banks, Credit Mutuel Arkea will likely
face further downward pressures on its pre-provision
profitability, reflecting the weakening of macroeconomic
conditions in France and a rise in funding costs. However, given
that the bank is primarily focused on domestic retail activities,
Moody's expects it to be less affected than its peers that
typically maintain larger exposures to peripheral euro area
member states, whose local economies are currently experiencing
severe stress.
THIRD DRIVER -- DETERIORATING ASSET QUALITY
The group is mainly exposed to the French economy, with some
degree of diversification to the rest of Europe. Although France
remains one of the stronger economies in the euro area, Moody's
expects that weakening economic conditions will lead to mounting
negative pressures on the overall asset quality of Credit Mutuel
Arkea. This, in turn, would reduce its overall profitability
through higher provisioning costs.
Credit Mutuel Arkea -- and the Credit Mutuel group as a whole --
maintains large exposures to the French housing market, which is
showing signs of overheating. Domestic house prices have
increased significantly in the last decade, partly on the back of
cyclical factors which Moody's believes are unlikely to continue
to support the domestic market going forward. As a result, the
rating agency expects that house prices will remain under
pressure in the short to medium term, as evidenced by the recent
reversal in house prices in some regions. Set against this, the
highly supportive social safety net, the cap on debt
affordability and the limited proportion of variable-rate
mortgages in France are factors that continue to support a low
probability of default. Credit Mutuel Arkea also has large
exposures to domestic small and medium enterprises (SMEs), which
Moody's believes to be particularly vulnerable to the current
macroeconomic cycle. For these reasons, asset quality will likely
deteriorate in the short to medium term.
A further significant deterioration in the public finances or the
economies of these peripheral euro area member states has the
potential to exert negative pressure on the standalone financial
strength of Credit Mutuel Arkea.
FOURTH DRIVER -- REGIONALLY CONSTRAINED FRANCHISE
Moody's considers Credit Mutuel Arkea's franchise to be strong,
especially in the Brittany region where the bank has a market
share of around 25%. However, the bank's cooperative networks are
concentrated in three regions and diversification can only be
achieved through the acquisition or development of activities
outside of its cooperative perimeter. Moody's notes that the
development of a number of new businesses -- such as white
labelling -- should be positive for the bank's franchise and
earnings streams in the longer term. However, in the short term,
efficiency is likely to be constrained by investment costs (e.g.,
in IT platforms) until new businesses have reached a critical
mass.
In addition, although the bank's growth strategy has delivered
some geographical diversification, credit risk remains
concentrated in regions where its cooperative networks operate.
The limited geographical diversification coupled with the
mounting risks of a further deterioration of the macro-economic
environment are more compatible with a standalone BFSR of D+.
MITIGATING FACTORS
The magnitude of the rating actions has been limited by several
mitigating factors, including the sustainability of the earnings
base at Credit Mutuel Arkea given its strong domestic retail
franchises and the limited exposures to countries undergoing more
severe stress. In addition, the strong franchises of Credit
Mutuel Arkea -- and indeed the Credit Mutuel group -- is not
affected by any deleveraging. Although the French economy is
clearly affected by the deterioration in the macroeconomic
environment, Moody's expects it to continue to fare relatively
well compared to some other euro area member states, which is
likely to result in rather resilient earnings for domestic retail
activities. Further, Credit Mutuel Arkea -- and more broadly the
Credit Mutuel group -- has a sound loss-absorption capacity that
is underpinned by the solid capital base and the good recurring
earnings generation capacity. In addition, the Credit Mutuel
Arkea group has significantly reduced its reliance on short-term
wholesale funding needs and is continuing to grow its deposit
bases. Moody's also notes that Credit Mutuel Arkea has maintained
access to capital markets, albeit at higher prices than in the
past.
RATINGS RATIONALE -- DEBT & DEPOSIT RATINGS
Despite the weakening in the standalone financial strength of
Credit Mutuel Arkea, Moody's confirmed its long-term ratings
based on Credit Mutuel group's retail-oriented and domestically
focused business profile, its adequate capital base and the
strength of its domestic franchise.
Credit Mutuel Arkea is the refinancing vehicle and the holding
company of non-cooperative members of the Credit Mutuel Arkea
group, a sub-group of the Credit Mutuel group. Given that Credit
Mutuel Arkea is part of the cooperative perimeter of the Credit
Mutuel group, Moody's expects a very high probability of support
from other cooperative group members, leading to an adjusted
standalone credit assessment of a3 for Credit Mutuel Arkea.
Furthermore, Moody's continues to assume a very high probability
of systemic support for the Credit Mutuel group, reflecting its
very high importance to the French economy and the national
systems of payment. This systemic support is attributed to the
individual rated members of the group given the strong
cooperative support mechanism underpinned by French law.
RATIONALE FOR STABLE OUTLOOK
The stable outlooks on all ratings express Moody's view that
currently foreseen risks to creditors are now reflected in these
ratings. Nevertheless, negative rating momentum could develop if
conditions deteriorate beyond current expectations. Specifically,
Moody's has factored into the ratings an increased risk of an
exit of Greece from the euro area, but this is currently not
Moody's central scenario. If a Greek exit became Moody's central
scenario, further rating actions on European banks could well be
needed.
WHAT COULD CHANGE RATINGS UP/DOWN
The standalone financial strength of the bank could be enhanced
by a continued reduction in its wholesale funding needs and an
improvement in the size and quality of its liquid assets.
Additionally, in the case of Credit Mutuel Arkea, a strengthening
of its franchise, either by increasing the geographical
diversification or significant development of its white-labelling
activities as well as successfully managing down its legacy
investment book would all be considered credit positive.
Downward pressure on the bank's standalone financial strength
could develop from (i) a weakening in the bank's profitability,
chiefly due to a deterioration in asset quality or a material
increase in the cost of funding; (ii) a material deterioration in
the French housing or SME markets, which the bank is inherently
exposed to, or some of the bank's largest exposures; (iii) a
weakening liquidity positioning, resulting from an increasing
reliance on market funding or from a deterioration in size or
quality of the liquidity buffer; and (iv) an increasing risk
profile, notably resulting from Credit Mutuel Arkea's consumer
lending activities.
Credit Mutuel Arkea's long-term ratings could be upgraded in the
event of an improvement in the financial strength of the Credit
Mutuel group. Conversely, its long-term ratings could be
negatively impacted by (i) a further deterioration of the
intrinsic financial strength of the group and its constituent
members; and / or (ii) Moody's assessment of a reduced
probability of group or systemic support.
The methodologies used in this ratings were Bank Financial
Strength Ratings: Global Methodology, published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology, published in March 2012.
GROUPE BPCE: Moody's Lowers Bank Finc'l. Strength Rating to 'D'
---------------------------------------------------------------
Moody's Investors Service has downgraded the standalone bank
financial strength rating (BFSR) of BPCE, the central institution
and main issuing entity of Groupe BPCE (unrated), to D (mapping
to a standalone credit assessment of ba2) from C-/baa2.
Concurrently, this prompted the downgrade of BPCE's long-term
debt and deposit ratings by two notches to A2 from Aa3. The long-
term ratings now incorporate three notches of cooperative support
(previously one notch), resulting in an adjusted standalone
credit assessment of baa2 and a further three notches of systemic
support (previously four notches), in line with Moody's systemic
support assumptions incorporated into the ratings of other large,
systemically important French banking groups.
In addition, Moody's has downgraded by either one or two notches
to A2 the long-term debt and deposit ratings of four of BPCE's
subsidiaries: Natixis, Cr‚dit Foncier de France (CFF), Banque
Palatine (BP) and Locindus. The standalone BFSRs of these
entities were also lowered by either one or two notches, except
that of Locindus, which remains on review due to bank-specific
reasons.
This press release concludes the reviews of the French banking
groups placed on review for downgrade on 15 February 2012, with
the exception of BNP Paribas, Credit Agricole, Societe Generale
and their subsidiaries, which will be concluded together with the
reviews for other global firms with large capital markets
operations.
A list of the Affected Credit Ratings, which identifies each
affected issuer is available at:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_143134
The outlooks on all long-term debt ratings and the BFSR are
stable, with the exception of CFF which has a negative outlook on
the BFSR. The Prime-1 short-term ratings of BPCE and all of its
subsidiaries were unaffected by the rating action. Dated
subordinated debt securities were downgraded following the
removal of systemic support from such debt. Furthermore, Moody's
has downgraded or confirmed the ratings of a number of hybrid
debt instruments issued by these entities.
Moody's says that the drivers behind BPCE's weakening credit
profile are:
(i) BPCE and the entire Groupe BPCE are structurally reliant on
wholesale funding, particularly short-term funding sources, which
Moody's considers as a key credit weakness because of the
increased risk of possible disruptions amidst the adverse and
uncertain current environment;
(ii) Reduced economic activity and higher funding costs are
exerting downward pressure on BPCE's pre-provision income; and,
(iii) BPCE and the rest of the group are mainly exposed to the
French economy. Moody's expects that weakening economic
conditions in France could impact the group's overall asset
quality, particularly in relation to its SME exposures.
These considerations resulted in a lowering of BPCE's standalone
credit strength by three notches to ba2, which is partly
compensated by three notches of cooperative support, reflecting
the strength of Groupe BPCE as a whole. A further three-notch
rating uplift from Moody's assumption of very high systemic
support (if needed), results in long-term ratings of A2.
The rating actions conclude the review of these institutions'
BFSRs (except that of Locindus which remains under review for
downgrade), and their long-term debt and deposit ratings
initiated on February 15, 2012.
RATINGS RATIONALE -- Standalone Credit Assessments
The rating actions reflect Moody's view that BPCE and the entire
group face considerable challenges in weakening operating and
funding environments. As a result, BPCE's standalone BFSR was
downgraded to D from C- and its adjusted standalone credit
assessment -- which includes cooperative support and thus the
overall strength of Groupe BPCE -- was lowered to baa2 from baa1.
This reflects a combination of adverse factors that are likely to
impact the group's performance going forward.
FIRST DRIVER -- Reliance On Wholesale Funding
Based on audited 2011 financials, Groupe BPCE had a loan-to-
deposit ratio of 143%, reflecting its high reliance on wholesale
funding. The group has a significant amount of short- and long-
term debt outstanding, with high maturity concentrations over the
next 18 months. In addition, the liquidity buffer does not fully
cover the short-term borrowings, including these maturities
falling due. In case of market disruption, the group would have
to adjust its loan production, which could be detrimental to its
franchise. Despite this, Moody's notes that Groupe BPCE has
maintained access to capital markets in recent quarters,
characterised by restricted conditions, and that it has made
progress towards refinancing its long-term debt due to mature
this year. The rating agency considers that the high reliance on
confidence sensitive wholesale funding is a key credit weakness,
because this funding source is susceptible to investors'
confidence that can change unexpectedly. For these reasons,
Moody's believes that the group remains vulnerable to liquidity
and refinancing risk in the current challenging market
conditions, due to its funding structure and comparatively weak
liquidity position.
SECOND DRIVER -- Negative Pressure on Pre-Provision Income
Similar to other European banks, Groupe BPCE is experiencing
downwards pressures on pre-provision income, because of reduced
economic activity and higher funding costs. However, Moody's
notes that the group's core activities, comprising commercial
banking and insurance, have continued to deliver steady results
and that the negative pressure on profits is partly off-set by
post-merger efficiencies, supplemented by further cost-saving
initiatives underway. However, results are still weak compared
with those of its French peers. Lower earnings reduce the group's
capital generation capacity, making it more challenging for the
group to absorb unforeseen losses without potentially eroding
capital.
THIRD DRIVER -- Deteriorating Asset Quality
The group is mainly exposed to the French economy, with some
degree of diversification to the rest of Europe and beyond.
Although France remains one of the stronger economies in the euro
area, Moody's expects that weakening economic conditions will
lead to mounting negative pressures on the group's overall asset
quality. This, in turn, would reduce the overall capital
generation capacity through higher provisioning costs. Moody's
notes that the group is relatively exposed to the SME sector,
which it believes is sensitive to the current weakening economic
conditions, relative to other market segments. For this reason,
Moody's expects that asset-quality deterioration will emerge in
the coming quarters.
Groupe BPCE has experienced some asset-quality issues in recent
quarters, due to the sizeable Greek bond holdings primarily held
within its subsidiary CFF. However, according to the firm's
audited accounts for 2011 and quarterly result for Q1 2012, these
exposures have been written down to around 22% of their nominal
value. Moody's says that the residual exposures to weak European
countries such as Italy remain material, but manageable overall,
totalling EUR3.9 billion and corresponding to around 9% of the
group's Tier 1 capital.
Mitigating Factors
Moody's notes that several mitigating factors have limited the
magnitude of the downgrades. Firstly, Groupe BPCE is reducing its
wholesale funding requirements through deleveraging actions and
it has maintained access to capital markets, albeit at higher
prices than in the past. Secondly, the group has a strong
franchise in France that continues to prove resilient, thereby
providing a certain degree of earnings stability. Lastly, the
group has continued to generate earnings in recent quarters,
albeit lower than in the previous year, allowing the group to
strengthen its capital position, improving its ability to absorb
unexpected losses.
BPCE
As the central institution and main issuing entity of the group,
BPCE mainly consolidates Natixis, CFF, Banque Palatine and
Locindus and it does not fully benefit from the creditworthiness
of the broader Groupe BPCE. The standalone credit assessment only
captures a small portion of the credit strength of the large
retail banking business through Natixis's 20% participation in
the two networks of regional banks (Banques Populaires and
Caisses d'Epargne). These networks, which form the basis of the
cooperative group, in turn own 100% of BPCE. For this reason,
BPCE is primarily wholesale-funded, making it very vulnerable to
fluctuations in market sentiment. Moody's says that the downgrade
of BPCE's standalone credit assessment reflects this factor, but
also captures the broader weakening operating environment in
France and other European countries in which BPCE operates
through its subsidiaries, as well as the relatively high risk
profile of some of its investment banking operations (booked
within Natixis).
NATIXIS
Natixis's standalone credit assessment was lowered to D/ba2 from
D+/baa3 to reflect the bank's vulnerability to the weakening
operating environment. Moody's expects Natixis's asset-quality
profile to deteriorate in the next few quarters, as it is exposed
to some cyclical sectors, such as commercial real estate and
energy, which are vulnerable to the current difficult operating
environment, leading to higher provisioning charges. In addition,
lower economic activity in the regions in which Natixis operates
will exert additional downwards pressure on its earnings.
Moody's notes that Natixis's business mix covers a wide range of
activities, some of which generate steady income streams; as
such, its earnings are less volatile than more traditional
corporate and investment banks. However, the bank faces
challenges in relation to the transition to an 'originate-to-
distribute' business model, with a greater focus on existing
clients of Groupe BPCE and in relation to the implementation of
the deleveraging plan, which carries execution risk.
CREDIT FONCIER DE FRANCE
The downgrade of CFF's BFSR to D-/ba3 from D/ba2 is due to
pressure on the asset side, primarily reflecting Moody's
assessment of increasing risk of rating migration in its RMBS
portfolio -- totalling around EUR12 billion, or 8% of its total
assets according to audited FYE 2011 financials -- which could
affect the bank's modest capitalization. CFF is a specialized
real-estate lender that is almost entirely wholesale funded.
However, it endeavors to match its funding with its asset profile
and therefore loan origination volumes depend on the bank's
ability to access the capital markets.
Moody's says that the outlook on the BFSR is negative to reflect
the potential for erosion in CFF's franchise, reduced
profitability and execution risk resulting from the
implementation of its deleveraging plan. This could result in
losses on the assets sold at a time when asset prices are
depressed.
BANQUE PALATINE
The downgrade of Banque Palatine's BFSR to D+/baa3 with stable
outlook from C-/baa2 reflects the bank's vulnerability to the
weak operating environment, due to its focus on large SMEs and
high single-borrower concentrations.
RATINGS RATIONALE -- Debt & Deposit Ratings
The downgrade of BPCE and the aforementioned subsidiaries' long-
term debt and deposit ratings reflects (i) the lowering of the
banks' standalone credit assessments; (ii) the assessment of a
weakening credit profile of Groupe BPCE, providing cooperative
support if required, which results in an adjusted standalone
credit assessment of baa2 (baa1 previously); and (iii) Moody's
view that assumptions for potential systemic support should be
brought into line with other large, systemically important French
banks, at three notches of uplift, instead of the previous four
notches.
RATIONALE FOR STABLE OUTLOOK
The stable outlooks on the long-term ratings express Moody's view
that currently foreseen risks to creditors are now reflected in
these ratings. Nevertheless, negative rating momentum could
develop if conditions deteriorate beyond current expectations.
Specifically, Moody's has factored into the ratings an increased
risk of an exit of Greece from the euro area, but this is
currently not Moody's central scenario. If a Greek exit became
Moody's central scenario, further rating actions on European
banks could well be needed.
RATINGS RATIONALE -- Subordinated Debt And Hybrids Ratings
The downgrades of BPCE's subordinated Medium-Term Note Program's
rating to (P)Baa3 from (P)A1 and its junior subordinated rating
to (P)Ba1 from (P)Baa2 reflect the removal of systemic support
from these instruments. In Moody's view, systemic support in many
European countries, including France, is no longer sufficiently
predictable and reliable going forward to warrant incorporating
systemic-support driven uplift into these debt ratings. For the
same reason, Natixis's subordinated debt was downgraded to Baa3
from A1.
The ratings on BPCE's cumulative and non-cumulative preference
stocks were downgraded to Ba2 (hyb) from Baa3 (hyb),
corresponding to three notches below the adjusted standalone
credit assessment of baa2, from two previously. In addition, the
ratings on non-cumulative preference stocks issued by Natixis and
its other specialised issuing vehicles was confirmed at Ba2
(hyb), three notches below Natixis's adjusted standalone credit
assessment of baa2, from four notches previously. Moody's
considers that the current rating differentials better reflect
the risk carried by these securities, further to the full
repayment of government financial support in 2011.
What Could Change Ratings Up/Down
Upgrades of the banks' ratings are unlikely in the near term,
given the negative factors characterizing the operating
environment in which these entities operate. A limited amount of
upwards rating pressure could develop if Groupe BPCE as a whole
improves its credit profile and resilience to the prevailing
operating conditions.
Higher standalone credit assessments might be achievable if BPCE
and its subsidiaries demonstrate a significant improvement in
their credit-rating drivers, particularly liquidity, asset
quality, profitability and capital.
The long-term ratings of BPCE and its subsidiaries carry stable
outlooks. However, ratings may decline further if (i) economic
conditions were to worsen beyond current expectations, for
example in France, leading to materially weaker asset-quality
profiles, impaired profitability and weaker capitalization
levels; or (ii) restricted funding access were to prevent the
group from refinancing its operations.
The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology, published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology, published in March 2012.
ODDO & CIE: Moody's Lowers Bank Finc'l Strength Rating to 'D+'
--------------------------------------------------------------
Moody's Investors Service has downgraded Oddo & Cie's standalone
bank financial strength rating (BFSR) by one notch to D+ from C-
and lowered the corresponding standalone credit assessment to ba1
from baa2. This prompted the downgrade of the long-term debt and
deposit ratings by two notches to Ba1. The outlook is stable and
the short-term rating was lowered to Not Prime from Prime-2.
The key drivers for the downgrades are (i) weakened profitability
and vulnerability to further downward pressure on revenues due to
exposure to capital markets through its brokerage and asset-
management businesses; and (ii) Moody's reassessment of the
inherent vulnerabilities of its capital markets-oriented
businesses, which, amidst the highly uncertain current European
operating environment, render the bank susceptible to changes in
client confidence, which could in turn weaken its risk profile.
Moody's notes several mitigating factors. These include (i)
substantial reserves of liquid assets relative to its size, which
means that Oddo can withstand a lack of access to market funding
for well over 12 months, without a material impact on its
business; (ii) sizeable capital resources which provide a
substantial buffer against potential unexpected losses; and (iii)
low vulnerability to asset-quality deterioration due to a
relatively small loan book.
The rating actions on Oddo's BFSR and long-term debt and deposit
ratings conclude the review initiated on February 15, 2012.
A list of the Affected Credit Ratings, which identifies each
affected issuer, is available at:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_143136
Ratings Rationale
The lowering of the BFSR and the long-term rating was primarily
driven by the following considerations.
FIRST DRIVER -- Weakened Profitability
Moody's says that Oddo's core profitability has weakened sharply
in recent years. This is a function of difficult business
conditions that principally affect its asset management,
brokerage and investment banking operations. Although Oddo has
integrated several opportunistic acquisitions -- most recently
Banque d'Orsay and Banque Robeco -- so far, these have not
significantly boosted profitability beyond generating one off
gains. Higher funding costs have also affected the group's metal-
trading business, for example. The group has targeted a reduction
in its cost base to adapt to the more difficult environment;
however, despite a recent improvement, the benefits from this
initiative will require time to take effect and in the meantime
earnings will likely remain weak, in Moody's view.
SECOND DRIVER -- Capital Markets Businesses are Sensitive
to Client Confidence
Moody's has reassessed its view of the risks inherent to capital
market businesses. As a result, Moody's considers that Oddo's
capital markets franchises are intrinsically more sensitive to
changes in client confidence than retail-based operations. Whilst
the recent acquisitions have bolstered its asset-management and
private banking activities, inflows and hence fees are also
likely to be sensitive to customer sentiment and product
performance. Oddo's activities are far smaller than those of the
global capital markets players; however, Moody's considers that
Oddo's activities in this area introduce a level of complexity
and dynamism into the group's risk profile that counterparties
find difficult to monitor, given the limited public disclosure of
the performance of these activities. Moody's therefore believes
that amidst the highly uncertain current European operating
environment, which renders the bank susceptible to changes in
investor confidence, the vulnerability and confidence sensitivity
of Oddo's franchise has increased.
Mitigating Factors
Moody's notes certain mitigating factors. Firstly, Oddo has
substantial reserves of liquid assets relative to its size, with
cash and short-term deposits of EUR756 million according to
audited 2011 financials (one third of its non-derivative assets)
and does not engage in meaningful maturity transformation, having
an excess of short-term assets over its wholesale liabilities
(notably EUR150 million of senior debt maturing in October 2013).
The loan book is small and illiquid assets are financed with the
bank's own equity. As such, it can withstand a lack of access to
market funding for well over 12 months, without a material impact
on its business.
Secondly, it has substantial capital resources, with a Tier 1
ratio of 16% according to audited 2011 financials, and a leverage
ratio (non-derivative tangible assets-to-tangible equity) of 13x.
This provides a substantial buffer against potential unexpected
losses.
Thirdly, its loan book is relatively small, and it insures some
of its trading counterparty risk; this implies that it has low
vulnerability to asset-quality deterioration.
RATINGS RATIONALE -- Debt & Deposit Ratings
The long-term debt and deposit ratings were downgraded by two
notches to Ba1, in line with the BCA. The ratings purely reflect
the firm's intrinsic creditworthiness, and in the absence of
parental or government support, which Moody's considers unlikely
to materialize given Oddo's small scale and low systemic
importance.
Rationale For Stable Outlook
The stable outlooks on all ratings express Moody's view that
currently foreseen risks to creditors are now reflected in these
ratings. Nevertheless, negative rating momentum could develop if
conditions deteriorate beyond current expectations. Specifically,
Moody's has factored into the ratings an increased risk of an
exit of Greece from the euro area, but this is currently not
Moody's central scenario. If a Greek exit became Moody's central
scenario, further rating actions on European banks could well be
needed.
RATINGS RATIONALE -- Subordinated Debt
The ratings on the dated subordinated obligations of Oddo were
downgraded by two notches to Ba2, one notch below the standalone
credit assessment.
What Could Move The Ratings Up /Down
The outlook on the long-term ratings is stable. Upward pressure
on Oddo's BFSR and standalone credit assessment could arise from
(i) heightened diversification and scale in key franchises;
and/or (ii) a reduction in volatility of earnings over time. An
upgrade of the BFSR would result in an upgrade of the deposit /
debt ratings.
Downwards pressure on Oddo's BFSR and standalone credit
assessment could be triggered by:
- An inability to improve efficiency and profitability metrics
in the medium term;
- Material weakening in key franchises;
- Any substantial outflow of client funds and/or an attrition of
private or institutional clients;
- A weakened ability to generate earnings from its franchises,
e.g. in asset management, as a result of a continued poor
performance of stock markets or a change in the regulatory or
competitive landscape;
- Evidence of an increase in risk appetite or weakness in risk
controls; and/or
- An acquisition leading to a material reduction in capital
ratios or an increased risk profile.
A lowering of the standalone credit assessment would lead to a
downgrade of the long-term ratings, in the absence of increased
assumptions for potential external support.
Methodologies
The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.
=============
G E R M A N Y
=============
PRIME 2006-1: Fitch Downgrades Ratings on Two Note Classes to 'C'
-----------------------------------------------------------------
Fitch Ratings has affirmed PRIME 2006-1 Funding Limited
Partnership's class A, B and E notes and downgraded the class C
and D notes as follows:
-- EUR100,651,724 Class A notes (ISIN: XS0278567994): affirmed
at 'Bsf'; Outlook Negative
-- EUR15,000,000 Class B notes (ISIN: XS0278569776): affirmed
at 'CCCsf'; assigned RE30%
-- EUR20,000,000 Class C notes (ISIN: XS0278570519): downgraded
to 'Csf' from 'CCsf'; assigned RE0%
-- EUR13,900,000 Class D notes (ISIN: XS0278571756): downgraded
to 'Csf' from 'CCsf'; assigned RE0%
-- EUR13,000,000 Class E notes (ISIN: XS0278572135): affirmed
at 'Csf'; assigned RE0%
The downgrades reflect the three additional principal deficiency
ledger (PDL) events that have occurred since the last performance
review in July 2011. The total outstanding PDL balance rose to
EUR35.5 million from EUR27.8 million at last review, lowering the
credit protection available to the notes. Given the
transaction's scheduled maturity in July 2013, default on the
class C, D and E notes appears inevitable, which is the reason
for the downgrade of the class C and D notes and the affirmation
of the class E notes.
Fitch notes the high single obligor concentration within the
transaction. The pool has become even more concentrated compared
to the last review as a result of the additional PDL reducing the
performing pool balance. The largest exposure accounts for 10%
of the performing portfolio amount and the top five obligors for
53%, which makes this transaction the most concentrated among
German mezzanine SME CLOs.
The reduced credit protection for the class A notes could only
provide for a default of the two largest obligors. The class B
notes could only sustain a default of the largest obligor. In
Fitch's view, the current ratings of these notes reflect this
situation, which led to their affirmation. The other rated
classes do not have sufficient credit protection to provide for
default of the largest obligor.
Due to the subordinated nature of the securitized loan
instruments, Fitch expects no recoveries.
Given the bullet maturities, Fitch regards refinancing risk as a
key risk in this transaction. All of the loans are bullet loans
maturing on the same day in July 2013. Fitch expects weaker
borrowers to have difficulties re-financing loans at maturity,
which could lead to additional defaults. This risk is reflected
in the Negative Outlook on the class A notes. Fitch is in
contact with the transaction arranger and will review any
available information on the repayment and refinancing plans of
the borrowers.
Fitch assigns Recovery Estimates (REs) to all notes rated 'CCCsf'
or below. REs are forward-looking, taking into account Fitch's
expectations for principal repayments on a distressed structured
finance security.
The transaction is a cash securitization of subordinated loans to
German medium-sized enterprises. Currently, approximately two-
thirds of the loans feature a loss participation mechanism, and
the remainder incorporates a deferral option for fixed annual
interest. The portfolio companies were selected by the
originating banks HSH Nordbank AG ('A-'/Stable/'F1'), Landesbank
Baden-Wuerttemberg ('A+'/Stable/'F1+') and Haspa
Beteiligungsgesellschaft fuer den Mittelstand mbH (NR).
=============
I R E L A N D
=============
ATLANTIC HOMECARE: High Court Confirms Appointment of Examiner
--------------------------------------------------------------
Tim Healy at Irish Independent reports that the High Court has
confirmed the appointment of an examiner to the Atlantic Homecare
after a judge was told there had been two expressions of interest
in investing in it.
Earlier this month, Mr. Justice Brian McGovern appointed Declan
McDonald of PricewaterhouseCoopers as interim examiner after he
was told most of the chain's 13 stores were trading at a loss,
Irish Independent relates.
According to Irish Independent, the court heard however that the
company, part of the Grafton Group, had a reasonable prospect of
survival if a scheme was put in place which would include the
closure of five of the stores and cutting staff numbers from 348
to 234.
The plan also involved renegotiating with landlord about rents
which were the company's biggest liability and most of which were
subject to "upward only" reviews, Irish Independent says.
The petition for examinership was made on behalf of the directors
of the company which, although it had an accumulated loss of
EUR21 million for the last five years, had continued to trade
with the support of other companies within the Grafton Group, in
particular Woodies DIY, Irish Independent discloses.
Mr. Justice McGovern confirmed Mr. McDonald as examiner saying he
was satisfied from what had been outlined to him that the company
had a reasonable prospect of survival, Irish Independent notes.
Atlantic Homecare is a DIY store chain.
AWAS AVIATION: Moody's Rates US$360-Mil. Term Loan '(P)Ba2'
-----------------------------------------------------------
Moody's Investors Service has assigned a provisional long-term
rating of (P)Ba2 to the US$360 million Term Loan (Loan) of AWAS
Aviation Capital Limited (AWAS), due 2018. The Ba3 corporate
family rating and the existing Ba2 rating on the 2016 term loan
and senior secured notes of AWAS were affirmed. The outlook on
all ratings is stable.
The (P)Ba2 rating is contingent upon AWAS' success in placing the
proposed Loan. Moody's issues provisional ratings in advance of
the final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction only. Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavor to assign a definitive
rating on the Loan. A definitive rating may differ from a
provisional rating. The provisional rating assumes confirmation
that the final set of documentation does not differ from the
draft documentation.
Ratings Rationale
The Loan will be secured by perfected security interests on the
aircraft as well as security assignments of the leases, and
pledges of the ownership interests of the aircraft owning
entities. The Loan is guaranteed by AWAS on a senior unsecured
basis and, in addition, the Loan is guaranteed by the AWAS
subsidiaries that own assets pledged in support of the Loan on a
senior secured basis. AWAS will use the proceeds of the debt
issuance to repay the current drawdown on its warehouse facility,
to pre-fund future deliveries of aircraft and for general
corporate purposes.
The (P)Ba2 rating assigned to the Loan is one notch above the Ba3
corporate family rating of AWAS, based upon the facility's terms
that meaningfully lower secured creditors' risk of loss. Based on
the draft terms and conditions of the Loan, these include a
maximum loan-to-value (LTV) covenant of 74.4% (initial LTV is
69.4%) that is to be determined semi-annually, as well as the
high quality of the underlying collateral. The weighted average
age of the initial pool of aircraft is one year, the weighted
average remaining lease term in the initial pool is just over 8
years, and the collateral comprises solely of narrow-body
aircraft. The term loan will be secured by 12 aircraft that are
on lease to 10 lessees globally. The collateral securing the Loan
will also be subject to concentration limits relating to aircraft
type (wide- or narrow-body) and model.
The (P)Ba2 rating also reflects the use by AWAS of secured
recourse debt in its capital structure. After incorporating the
proceeds of the Notes, secured recourse debt will represent
approximately 44% of AWAS' total indebtedness. If AWAS were to
substantially increase the proportion of secured recourse debt
with features and terms similar to the proposed transaction and
the existing facilities, the ratings for all such secured
recourse debt would likely converge with the firm's corporate
family rating because the differentiation among creditors would
be less significant. If secured recourse funding as a proportion
of AWAS' total funding structure remains at similar levels, then
an upgrade of the Notes would likely occur only as a result of an
upgrade of the Ba3 corporate family rating.
The rating of the Notes also incorporates the fundamental credit
characteristics of AWAS. These factors include AWAS' strong, and
improved, capital levels relative to many peers operating in the
aircraft leasing sector, the overall balance among its portfolio
risk exposures (geographic, aircraft type and model, and
customer), and its experienced management team. As constraints,
the rating also reflects AWAS' monoline business model and
associated low revenue diversification, the operating and
financial risks relating to its strategy to aggressively grow its
commercial aircraft fleet, and the company's high reliance on
secured funding that limits its operational and financial
flexibility.
The stable outlook reflects the good progress that the company
has made in delivering on its growth strategy, as well as the
challenge the company could face to successfully place its
upcoming deliveries if global demand factors were to weaken.
What Could Change the Rating Up/Down
Positive pressure on the ratings would require further evidence
that the company can successfully deliver on its growth strategy
while maintaining the low leverage; and evidence, through
consistent strong financial performance, that growth has been
effectively managed without straining management capacity or
liquidity resources.
Downward pressure would result from difficulties in placing the
relatively large number of aircraft that the company will receive
in the next two years, a material decline in profitability from
historic levels, an increase in leverage to more than 2.5x, or a
meaningful deterioration in the company's liquidity profile.
The principal methodology used in this rating was Finance Company
Global Rating Methodology published in March 2012.
AWAS Aviation Capital Limited, headquartered in Dublin, Ireland,
is a commercial aircraft leasing company.
GALWAY GLASS: Placed in Voluntary Liquidation
---------------------------------------------
Lorraine O'Hanlon at the Galway Independent reports that a
liquidator has been appointed to Independent TD Noel Grealish's
Briarhill-based company Galway Glass Centre Ltd.
The Galway Independent relates that Deputy Grealish said he had
made the voluntary decision to wind up Galway Glass Centre Ltd
following the downturn of the construction industry, which has
resulted in "very difficult trading conditions over an extended
period of time".
"Over the last number of years, I have invested personal savings
to keep the company afloat . . . unfortunately, as trading
conditions continued to deteriorate, I took the advice of my
accountants to wind up the company and call a creditors'
meeting," the report quotes Deputy Grealish as saying.
"After 25 years in business, I strongly regretted this difficult
decision, which resulted in six staff being let go, including two
members of my own family. I am working with my accountants to
discharge all liabilities of the company," said Deputy Grealish.
The report says the meeting took place on June 6 at the Carlton
Hotel but no creditors attended.
Paul Mee of Mazars Tierney has now been appointed liquidator, the
Galway Independent reports.
=========
I T A L Y
=========
AEROPORTI DI ROMA: Moody's Confirms Debt Ratings at 'Ba2'
---------------------------------------------------------
Moody's Investors Service has confirmed the Ba2 debt ratings of
Aeroporti di Roma S.p.A. (ADR) and of ADR's affiliate, Romulus
Finance srl. The outlook assigned to the ratings is positive.
This concludes the review for downgrade initiated by Moody's on
December 16, 2011.
Ratings Rationale
The rating action follows ADR's recent announcement that it has
finalized a refinancing package including a revolving credit
facility of EUR100 million and a term loan facility of EUR400
million (both maturing in February 2015). ADR is to use both
facilities -- in addition to cash available to the company on a
dedicated restricted account amounting to EUR75.4 million as of
the end of May 2012 -- to refinance its February 2013 debt
maturities, which include a EUR100 million revolving credit
facility and a EUR500 million bond.
In Moody's view, this development contributes to the mitigation
of the short-term refinancing risk previously weighing on ADR's
rating. However, Moody's continues to consider the achievement of
a satisfactory regulatory settlement as critical in the context
of the company's financial profile and the visibility of its
funding strategy in the intermediate term. Therefore, whilst
positive, Moody's does not consider the announcement alone as
sufficient to support a rating upgrade, hence the rating agency's
confirmation of ADR's rating at the current Ba2 level.
The ratings affected by the action are:
Aeroporti di Roma S.p.A.:
Senior secured bank loan facility -- confirmed at Ba2
Romulus Finance srl:
EUR500 million of 4.94% senior secured bonds due in 2013 --
confirmed at Ba2
EUR175 million of senior secured floating-rate notes due in 2015
-- confirmed at Ba2
EUR200 million of senior secured floating-rate notes due in 2015
-- confirmed at Ba2
GBP215 million of 5.441% senior secured bonds due in 2023 --
confirmed at Ba2
With regard to the finalization of a rate-charging framework
applicable to ADR, Moody's notes that the company has made some
progress over recent months. This is mainly related to the
finalization of the first consultations with the Italian Civil
Aviation Authority (ENAC) on planned investments for the period
2012-2044 and ongoing discussions with the relevant political
authorities in respect of a proposed tariff framework aimed at
ensuring clarity and stability. However, Moody's also notes that
a final regulatory settlement has not been achieved and that the
process would require several additional administrative steps,
including approval from the relevant political authorities, which
could potentially result in further delays.
The lack of a final regulatory settlement and the associated
inability to raise charges - which have been frozen for more than
ten years - has constrained ADR's financial position such that it
cannot undertake the increased capital expenditure in the Rome
airport system to enable it to deal with further expected traffic
growth. ADR's current credit rating is at a level that allows
only maintenance investments and limits the financial flexibility
of the company, particularly by requiring it to sweep surplus
cash to cash-collateralize debt obligations and seek debt
creditors' consent to any debt refinancing.
Moody's views ADR's fundamental business and financial profile as
generally one of an investment-grade company, in light of the
quality of its assets and the history of its traffic performance.
However, the current rating reflects the risks pertaining to ADR,
given the lack of a satisfactory settlement on regulatory
charges. In Moody's view, continued delays in ADR achieving a
final regulatory settlement will result in the continuation of
refinancing risk over the intermediate term, particularly in the
context of (i) the current macroeconomic and financial pressures
in Italy; and (ii) ADR's sizeable maturities concentrated at the
beginning of 2015, which include the revolving and term
facilities discussed above and two bonds totalling EUR375
million, due in February 2015.
The positive outlook assigned to the ratings recognizes (i) the
developments related to ADR's finalization of a refinancing
package that covers its 2013 debt maturities; and (ii) the recent
progress ADR has made in respect of the discussions related to
the finalization of a regulatory settlement.
What Could Change The Rating Up/Down
Upward rating changes could arise if ADR achieves a satisfactory
regulatory settlement, expected to result in a material increase
in tariffs, partially offset by increased capital expenditure
commitments, together with a satisfactory plan to address future
debt maturities.
Conversely, negative rating pressure could develop as a result of
continued delays and uncertainties related to the finalization of
a satisfactory regulatory settlement, which would lead to a lack
of stabilization of the company's finances and the continuation
of refinancing risk over the intermediate term.
Principal Methodology
The principal methodology used in rating ADR was "Operational
Airports Outside of the United States", published May 2008.
Aeroporti di Roma has a concession to operate the Rome airport
system until 2044. For the year ended December 2011, ADR reported
total assets of EUR2.6 billion and total revenues of EUR623
million.
===================
K A Z A K H S T A N
===================
BTA BANK: Begins Debt Restructuring Talks with Steering Committee
-----------------------------------------------------------------
Sarka Halas at Dow Jones Newswires reports that BTA Bank JSC,
said Friday it has begun formal discussions with the steering
committee of its creditors on the proposed restructuring of
US$4.98 billion of its debt.
The bank's advisers presented a draft of its preliminary
restructuring proposal to the steering committee during meetings
held June 12 and 13 in London, Dow Jones relates.
According to Dow Jones, the bank and the steering committee will
also hold due diligence meetings in Almaty this week and discuss
an agreed term sheet over the following two weeks.
BTA defaulted on a US$166 million bond coupon in January and the
steering committee was formed in February to represent
stakeholders in the bank's second restructuring since a state
takeover three years ago, Dow Jones recounts.
About BTA Bank
BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.
=====================
N E T H E R L A N D S
=====================
KBC BANK: Moody's Lowers Bank Finc'l. Strength Rating to 'D+'
-------------------------------------------------------------
Moody's Investors Service has downgraded KBC Bank's standalone
Bank Financial Strength Rating (BFSR) to D+ (mapping to a
standalone credit assessment of baa3) from C-/baa1. This prompted
the downgraded of KBC Bank's long-term debt and deposit ratings
by two notches to A3 from A1, and the short-term rating to Prime-
2 from Prime-1. The outlook is stable.
Prompted by the rating action on KBC Bank, Moody's has also
downgraded KBC Group's long-term debt and deposit ratings by two
notches to Baa1 from A2. Its short-term rating was lowered to
Prime-2 from Prime-1. The outlook is stable.
These downgrades were triggered by:
(i) KBC Bank's higher sensitivity to the deteriorating European
macro-economic environment, due its exposures to markets
experiencing material stress, notably Ireland and Hungary. The
losses stemming from these exposures are likely to continue to
weigh on the bank's profits;
(ii) The unfavorable market and economic conditions, which in
Moody's view could constrain KBC Group's ability to meet the
requirement of the European Commission under its restructuring
plan to deleverage and repay part of the core capital securities
held by the Belgian Federal and Flemish Regional Governments by
the end of 2013; and
(iii) The higher than expected sensitivity of part of the bank's
funding to market pressures.
Moody's notes several mitigating factors that have limited the
extent of the downgrades. These include (i) Moody's anticipation
that KBC would generate sufficient revenues to cover potential
losses generated by its exposures in Ireland and Hungary, (ii)
Moody's expectation that in case of difficulty, KBC would be able
to limit the repayment of state aid to an amount that would allow
it to preserve adequate solvency both at KBC Bank and KBC
Insurance, (iii) the likelihood that in the increasingly
pressurized European operating environment, the EC would likely
prove flexible if the group is unable to comply with the agreed
repayment conditions and (iv) KBC Bank's robust liquidity.
In addition to the above rating actions, Moody's has downgraded
KBC Bank's subordinated debt by five notches to Ba1 from A2,
following the removal of systemic support for these securities.
Moody's has also downgraded the cumulative Perpetual Debt
Securities issued by KBC Bank by one notch to Ba2 (hyb) from Ba1
(hyb), as a reflection of the lower standalone credit strength of
the bank and confirmed the Ba3 (hyb) rating of the non-cumulative
Trust Preferred Securities issued by KBC Bank Funding Trust II,
III and IV. The outlook is stable on these subordinated debt and
hybrid.
Moody's has also downgraded KBC Bank Ireland (KBCI)'s long-term
bank deposit and debt ratings to Ba1 from Baa3 and the short-term
bank deposit rating to Not-Prime from Prime-3. The guaranteed
Prime-1 commercial paper rating is downgraded to Prime-2 in line
with the downgrade to Prime-2 of the short-term rating of KBC
Bank N.V. (the guarantor). The outlook on KBCI's deposit and debt
ratings is negative. The standalone BFSR of D-/ba3 (which has a
negative outlook) was not on review and has not been affected by
the rating action.
The actions on KBC Bank's BFSR and the long-term debt and deposit
ratings of KBC Bank, KBC Group and KBCI conclude the reviews
initiated on February 15, 2012. The action on the subordinated
debt instruments concludes the review of those ratings initiated
on November 29, 2011.
A list of the Affected Ratings, which identifies each affected
issuer, is available at:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_143135
Ratings Rationale
The lowering of KBC Bank's standalone credit strength reflects
the following drivers.
FIRST DRIVER -- Exposure to the Irish and Hungarian Markets
KBC Bank's loan portfolios in Ireland and Hungary account for
around 11% and 3.7% of the bank's total lending book,
respectively, based on Moody's estimates. Since 2010, these
portfolios have driven a large portion of the credit costs
incurred by the group. Moody's says that losses could continue to
increase in the current fragile macro-economic environment,
exerting pressure on the bank's overall earnings.
Regarding the Hungarian loan book, Moody's acknowledges that the
losses generated in 2011 were inflated by one-off provisions
triggered by a change in legislation in the country that
recognized the lenders' responsibilities in foreign-exchange
losses incurred by the households that had contracted residential
mortgages denominated in foreign currencies. Moody's also
recognizes that KBC Bank's loan book in Hungary is out-performing
those of the bank's main local peers and that the profit
generated locally has covered the losses generated in 2011.
SECOND DRIVER -- Constraints Related to the Commitment to
Deleverage and Repay State Aid
As part of the agreement reached with the European Commission in
November 2009 on its restructuring plan, further revised in 2011
and 2012, KBC Group is committed to (i) completing its divestment
program; and (ii) repaying EUR4.2 billion out of the residual
EUR6.5 billion government-held hybrid securities, by the end of
2013.
The unfavorable market and economic conditions may constrain
KBC's ability to meet these targets, and Moody's believes that
some capital losses on the remaining disposals are likely. KBC's
ability to repay state aid by the end of 2013 hinges on its
capacity to complete the planned divestments and to generate
sufficient earnings over the coming quarters. The rating agency
continues to believe that in the current environment, KBC's
performance could be volatile and subject to (i) further
pressures exerted by the deteriorating operating environments
both in the domestic and foreign markets; and (ii) the impact of
high market-spread volatility on both the valuation of its legacy
CDOs and on the effectiveness of its interest-rate hedging
strategy. Moody's notes that should KBC Bank be unable to meet
the conditions imposed by the European Commission, there might be
negative implications for the group's credit profile, in
particular if the Commission were to set further compensation
measures for state aid provided in 2008/2009. In turn, this could
negatively affect KBC's diversification or franchise, in Moody's
view.
THIRD DRIVER -- Higher-Than-Expected Sensitivity of a Portion of
Funding Sources
While KBC Bank's core deposit base has remained stable, Moody's
understands that the bank experienced some outflows of funds from
international institutional investors during Q4 2011. This caused
a slight deterioration in its loan-to-deposit ratio to 103% from
the mid-90% range. Moody's understands that the situation has
since stabilized (as of the beginning of Q1 2012) and the lost
funding recovered slightly during that quarter, but nonetheless
highlighted an element of confidence-sensitive funding.
Mitigating Factors
Moody's notes several mitigating factors that have limited the
extent of the downgrades.
Moody's anticipates that the bank would generate significant
revenues from its core businesses that can help absorb potential
losses that could be generated by its exposures in Ireland and
Hungary. Nonetheless, further deterioration of these operations
may impact KBC Bank's ability to repay state capital as currently
anticipated.
Regarding state aid, Moody's assumes that in case of difficulty,
KBC would limit the repayment to an amount that would allow it to
preserve adequate solvency both at KBC Bank and KBC Insurance.
Moody's also anticipates that in the increasingly pressurized
environment, the European Commission would likely prove flexible
if the group would is unable to comply with the conditions agreed
upon due, to adverse market and/or economic conditions.
The liquidity of KBC Bank has remained robust, despite the
outflow of a portion of institutional funding. As at the end of
March 2012, the bank appears able to withstand further wholesale
outflows as well as the loss of some deposits. As of the same
date, KBC Bank's net short-term wholesale funding was comfortably
covered by unencumbered central bank eligible assets.
RATINGS RATIONALE -- Debt & Deposit Ratings
The downgrade of KBC Bank's debt and deposit ratings follows the
lowering of the bank's standalone credit assessment to baa3 from
baa1. These ratings continue to incorporate a very high
probability of systemic support being forthcoming from the
Belgian Government (Aa3, negative) if needed, resulting in three
notches of uplift from its baa3 standalone rating.
The downgrade of KBC Group's debt and deposit ratings was
triggered by the lowering of KBC Bank's long-term ratings. KBC
Group's debt and deposit ratings continue to be positioned one
notch below that of KBC Bank, and reflect (i) the structural
subordination of the holding company relative to bank creditors;
(ii) the sound profile of the group's insurance business (a
sister company to KBC Bank); and (iii) the absence of double
leverage.
Rationale for Stable Outlook
The stable outlooks on all ratings express Moody's view that
currently foreseen risks to creditors are now reflected in these
ratings. Nevertheless, negative rating momentum could develop if
conditions deteriorate beyond current expectations. Specifically,
Moody's has factored into the ratings an increased risk of an
exit of Greece from the euro area, but this is currently not
Moody's central scenario. If a Greek exit became Moody's central
scenario, further rating actions on European banks could well be
needed.
RATINGS RATIONALE - Subordinated and Hybrid Debt
The downgrade of KBC Bank's subordinated debt ratings to Ba1
reflects Moody's view that systemic support is less likely to be
extended to subordinated instruments going forward. It was also
triggered by the downgrade of the bank's BFSR.
The downgrade of the cumulative Perpetual Debt Securities issued
by KBC Bank to Ba2 (hyb) was triggered by the lowering of the
bank's standalone credit strength and is positioned two notches
below KBC Bank's adjusted standalone credit assessment
(equivalent to the bank's standalone credit assessment in the
absence of parental and cooperative support).
The rating of the non-cumulative Trust Preferred Securities
issued by KBC Bank Funding Trust II, III and IV was confirmed at
Ba3 (hyb), i.e. three notches below KBC Bank's adjusted
standalone credit assessment.
All the above ratings carry a stable outlook.
RATINGS RATIONALE - KBCI
The downgrade of KBCI's long-term bank deposit and debt ratings
to Ba1 and the downgrade of the short-term deposit rating to Not-
Prime is driven by the downgrade of the standalone rating of its
parent KBC Bank N.V. to D+ /baa3. Since KBCI's debt and deposit
ratings benefit from an assumption of parental support from KBC
Bank N.V. being forthcoming if needed, the lower ability to
support -- as indicated by the weakening standalone credit
profile of KBC Bank NV -- has resulted in lower debt and deposit
ratings for KBCI.
KBCI now benefits from only two notches of rating uplift from
parental support. This continues to incorporate Moody's
assumption of a very high level of parental support from KBC Bank
N.V. that results in the uplift from the bank's D-/ba3 standalone
BFSR. The outlook on KBCI's Ba1 senior ratings is negative, in
line with the negative outlook on the standalone rating of KBCI.
The downgrade of the guaranteed Prime-1 commercial paper rating
to Prime-2 is in line with the downgrade to Prime-2 of the short-
term rating of KBC Bank N.V. (the guarantor). The standalone BFSR
of D-/ba3 (which has a negative outlook) was not on review and
has not been impacted by the ratings actions.
What Could Move The Ratings Up/Down
Upwards pressure could develop on KBC Bank's BFSR if there is
sufficient evidence of a strong and sustainable recovery in the
bank's net profit. This would likely stem from a decrease in
credit costs and legacy issues, and would increase KBC Bank's
capacity to repay the outstanding capital securities held by the
Belgian Federal government and the Flemish region.
Downward pressure may be exerted on KBC Bank's BFSR from (i)
further material deterioration in the performance of its loan
books in Ireland or in the CEE (beyond Moody's current
expectations); (ii) an increase in corporate defaults worldwide,
which could trigger further losses on CDOs; (iii) further market-
spread widening, which would negatively affect the valuation of
CDOs and decrease the effectiveness of the bank's interest-rate
hedging strategy; (iv) other pressures on returns that could
hamper KBC's ability to repay state aid without compromising its
capital, diversification or franchise; and/or (v) a deterioration
in the bank's liquidity position.
KBC Bank's senior ratings would be downgraded as a result of a
downgrade of the BFSR. Similarly, the ratings could be lowered in
the event of a multi-notch downgrade of the rating of the
Government of Belgium (Aa3, negative outlook), or Moody's
perception of a reduced likelihood of systemic support .
KBC Group's ratings could be downgraded as a result of a
downgrade of KBC Bank's senior ratings.
An upgrade of KBCI's deposit and senior debt rating is highly
unlikely given the downgrade and the negative outlook. Upward
pressure on KBCI's standalone BFSR would likely require a
substantial increase in sticky retail and commercial deposits,
such that the reliance on its parent falls, combined with a
sustained reduction in impairment charges. A significant capital
injection from its parent that substantially increases the
capital levels would also be positive for the BFSR. The
development of higher-than-expected provisioning as a result of a
deterioration in asset quality or a deterioration in the bank's
franchise could lead to downward pressure on the BFSR.
Principal Methodologies
The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology, published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology, published in March 2012.
SNS REAAL: Moody's Lowers Subordinated Debt Rating to 'Ba2'
-----------------------------------------------------------
Moody's Investors Service has downgraded the insurance financial
strength ratings (IFSRs) of SNS REAAL Group's main insurance
operations, REAAL Schadeverzekeringen N.V. and SRLEV N.V., to
Baa1 from A3, and the senior debt rating of SNS REAAL N.V., the
holding company of the Group, to Baa3 from Baa2. Moody's assigned
a stable outlook to these ratings.
The rating action concludes the review for downgrade initiated on
February 16, 2012 and follows the downgrade of SNS Bank ratings
RATINGS RATIONALE
Insurance Financial Strength Ratings
Moody's says that the downgrades of the IFSRs of REAAL
Schadeverzekeringen and SRLEV to Baa1 from A3 primarily reflect
the weakening credit profile of SNS Bank (downgraded to Baa2
deposits; D+ BFSR/BCA ba1, from Baa1 deposits; D+ BFSR/BCA baa3)
and the significant contagion risks between the insurance and the
banking operations of the SNS REAAL Group, notably as a result of
capital and franchise inter-linkages.
Moody's says that in the last three years, some capital has been
up-streamed from the insurance operations to the holding company,
and subsequently down-streamed to the banking operations.
Although these capital transfers have had a limited negative
impact on the financial strength of the insurance operations so
far, Moody's believes that this demonstrates the constraint that
the banking operations represent on the insurance operations'
capitalisation. Furthermore, in Moody's opinion, more capital
transfers could occur in stress scenarios.
The rating agency notes that although the insurance operations
are increasingly financed autonomously through direct issuances
from SRLEV N.V., the financial flexibility of SNS REAAL's
insurance operations remains intrinsically linked to the Group
and the banking operations' financial flexibility. In stress
scenarios, Moody's also believes that any potential weakening of
SNS REAAL's banking operations would further constrain the
financial flexibility of the Group and its insurance operations.
Commenting further on contagion risks, Moody's also notes the
franchise linkages between SNS REAAL Group's insurance and
banking operations. As a result, and despite the relative
stability of the stand-alone profile of SNS REAAL's insurance
operations, Moody's considers the ratings of these entities
cannot deviate significantly from the rating of the Group's
banking operations.
The stable outlook on REAAL Schadeverzekeringen and SRLEV's IFSRs
reflects both the expected resilience of their stand-alone
financial profile and the stable outlook on SNS Bank ratings.
According to Moody's, further deterioration of SNS Bank's credit
profile could pose further negative rating implications for REAAL
Schadeverzekeringen and SRLEV. A depletion of capital resources,
as evidenced for example by a significant upstream of capital to
the Group holding company, either to support the capitalization
of the bank or the repayment of the hybrids issued to the
Foundation and the Dutch government, without replacing it to a
significant degree by high-quality capital (e.g. retained
earnings or new equity), or deterioration in underlying earnings
would also place negative pressure on the standalone rating
profiles of the insurance entities.
Senior Debt Rating of SNS REAAL Holding Company
Moody's downgraded the senior debt rating of SNS REAAL N.V. to
Baa3 from Baa2, and assigned a stable outlook to this rating. The
downgrade of the rating reflects the deterioration of the credit
strength of the banking and insurance operating companies. The
stable outlook on SNS REAAL N.V.'s ratings reflects the outlooks
on both insurance and banking operations.
The Baa3 senior debt rating of SNS REAAL continues to reflect the
combination of (i) the credit strengths of the banking and
insurance operations of SNS REAAL; (ii) the specific benefit
derived from the diversification afforded by its banking and
insurance activities; (iii) the systemic support that would be
available to the banking units and the resulting benefits
attributable to the holding operations; and (iv) the structural
subordination of the revenues that the Group receives in the form
of dividends from operating companies.
Moody's says that a further downgrade of the insurance ratings
and/or of the bank ratings would likely result in a downgrade of
the holding company ratings.
The short-term MTN rating of SNS REAAL N.V. was also downgraded
to (P)P-3 from (P)P-2, reflecting the downgrade of the long term
senior debt rating.
SNS REAAL Holding Company Subordinated Debt Rating
Moody's downgraded the subordinated debt rating of SNS REAAL N.V.
to Ba2 from Baa3, and assigned a stable outlook to this rating.
The two-notch downgrade reflects both the downgrade of SNS
REAAL's senior debt rating and the removal of systemic support
from subordinated debts issued by Dutch banks and banking holding
companies.
SRLEV and SNS REAAL's Hybrid Securities
Moody's downgraded to Baa3(hyb) from Baa2(hyb) the debt rating of
the EUR400 million Tier 2 Notes due 2041 and of the CHF105
million perpetual Tier 2 notes issued by SRLEV N.V., reflecting
the one notch downgrade of SRLEV's IFSR. Moody's also downgraded
to Ba3(hyb) from Ba2(hyb) the rating of the EUR250 million 6.258%
capital securities issued by SNS REAAL N.V., reflecting the one
notch downgrade of SNS REAAL's senior debt rating. These ratings
were assigned a negative outlook to reflect the low to moderate
risk of a coupon skip requested by the European Commission (EC),
as the securities allows SRLEV and SNS REAAL to defer interest
payments at any time.
Although Moody's notes that the EC has not requested that SNS
REAAL defers any coupon on its hybrid securities, including those
allowing for optional deferral, when it approved the capital
support provided by the Dutch State to the Group in 2008, Moody's
believes that this political risk will persist as long as the
Group has not fully repaid the State Aid.
LIST OF AFFECTED RATINGS
The following ratings have been downgraded and assigned a stable
outlook:
REAAL Schadeverzekeringen N.V.
-- insurance financial strength rating to Baa1 from A3
SRLEV N.V.
-- insurance financial strength rating to Baa1 from A3
SNS REAAL N.V.
-- senior unsecured debt rating to Baa3 from Baa2
SNS REAAL N.V.
-- subordinated debt rating to Ba2 from Baa3
The following rating has been downgraded:
SNS REAAL N.V.
-- senior unsecured MTN rating to (P)Baa3 from (P)Baa2
SNS REAAL N.V.
-- subordinated MTN rating to (P)Ba2 from (P)Baa3
SNS REAAL N.V.
-- short-term MTN rating to (P)Prime-3 from (P)Prime-2
The following ratings have been downgraded and assigned a
negative outlook:
SNS REAAL N.V. EUR250 million 6.258% capital securities
(XS0310904155) -- preferred stock rating to Ba3(hyb) from
Ba2(hyb)
SRLEV N.V. EUR400 million Tier 2 Notes (XS0616936372) --
subordinated debt rating to Baa3(hyb) from Baa2(hyb)
SRLEV N.V.CHF105 million (CH0130249581) -- perpetual junior
subordinated debt rating to Baa3(hyb) from Baa2(hyb)
Methodologies
The methodologies used in these ratings were Moody's Global
Rating Methodology for Property and Casualty Insurers published
in May 2010, Moody's Global Rating Methodology for Life Insurers
published in May 2010 and Moody's Guidelines for Rating Insurance
Hybrid Securities and Subordinated Debt published in January
2010.
SNS REAAL is a bancassurance group headquartered in Utrecht, the
Netherlands. Focusing on the Dutch market, it reported total
income of EUR6.1 billion in 2011 and had shareholders' equity of
EUR5.4 billion as of 31 December 2011.
REAAL Verzekeringen, headquartered in Utrecht, the Netherlands,
had total assets of EUR54.3 billion and reported shareholders'
equity (including minority interest) of EUR4.4 billion as of 31
December 2011.
===========
P O L A N D
===========
PBG SA: Poznan Court Appoints Administrator to Aprivia Unit
-----------------------------------------------------------
Polska Agencja Prasowa reports that the circuit court in Poznan
appointed a temporary insolvency administrator for its PBG SA
unit Aprivia.
According to PAP, court spokesperson Joanna Ciesielska-Borowiec
said the court decided to secure the debtor's assets by
appointing a temporary insolvency administrator.
Aprivia's parent PBG and its sister company Hydrobudowa Polska
secured court bankruptcy protection for debt restructuring last
week, PAP relates.
PBG along with its units Hydrobudowa Polska and Aprivia filed
motions for bankruptcy, seeking debt restructuring, on June 4 in
connection with prolonged negotiations with banks over terms of
bridge financing and the deteriorating liquidity situation of the
companies, PAP discloses.
PBG SA is Poland's third largest builder.
=============
R O M A N I A
=============
HIDROELECTRICA SA: Files for Insolvency; June 20 Hearing Set
------------------------------------------------------------
Andra Timu at Bloomberg News reports that Romania's Economy
Ministry said in an e-mailed statement Hidroelectrica SA filed
for insolvency last week, without mentioning the reason.
The first court hearing on Hidroelectrica's request was set for
June 20, Mediafax news service, as cited by Bloomberg, said on
Monday, citing a court document.
The government pledged to the International Monetary Fund and the
European Union to renegotiate some bilateral contracts of
Hidroelectrica with some companies such as Alro SA, which are
under investigation by the EU's competition regulation for
possible state aid on selling power at below-market prices,
Bloobmerg relates.
Romania plans to sell a 10% stake in Hidroelectrica this year,
Bloomberg discloses.
Hidroelectrica SA is Romania's state-owned hydro-power generator.
===========
R U S S I A
===========
PROBUSINESSBANK: Moody's Changes Outlook on 'B2' Ratings to Neg.
----------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the B2 long-term local and foreign-currency deposit
ratings of ProbusinessBank. The E+ standalone bank financial
strength rating (BFSR), and B2/Not Prime long-term and short-term
bank deposit ratings were affirmed. The outlook on E+ BFSR
remains stable. The outlook on the bank's (P)B2 senior unsecured
and (P)B3 subordinated foreign currency debt ratings was also
changed to negative from stable.
Ratings Rationale
The change in the outlook on ProbusinessBank's ratings to
negative from stable reflects Moody's view of an increased
vulnerability of the bank to a potential significant
deterioration in the Russian operating environment. Moody's
believes that the mounting negative pressure and recently
increased market volatility renders ProbusinessBank's capital
base more vulnerable, given the bank's weak capital adequacy and
high market risk appetite.
Moody's considers ProbusinessBank's historically low capital
adequacy level to be the major rating constraint. In 2011 and
2010, the bank reported a further reduction of its capital
adequacy ratios. In accordance with ProbusinessBank's IFRS
consolidated financial report as at YE2011, the Tier 1 capital
adequacy ratio (Basel I) declined to 7.28% (YE2010: 7.77% and
2009: 9.42%) and the Total capital adequacy ratio declined to
10.07% (2010: 11.12% and 2009: 12.37%). At the same time, market
risk appetite remained high: (i) investments in property
development accounted for 99% of the bank's Tier 1 capital; and
(ii) investments in equities accounted for 115% of the bank's
Tier 1 capital.
Although the above-mentioned concerns are mitigated by
ProbusinessBank's currently strong recurring earning income
generated from its unsecured consumer lending portfolio, under
Moody's stress-test scenarios ProbusinessBank's capital cushion
proves to be less resilient to potential adverse shocks compared
to other B2 Moody's-rated peers. In Moody's view, the recently
increased concerns regarding the potential deterioration in the
Russian operating environment increases the probability of such
adverse shocks and, thus, justify the negative outlook on the
bank's debt and deposit ratings.
What Could Change The Ratings Up/Down
Moody's notes that a sustained improvement in ProbusinessBank's
capital adequacy level -- combined with a reduction in market
risk appetite -- could exert upward pressure on the bank's
ratings. Conversely, any impairment of the bank's assets, leading
to further deterioration of the bank's already low capital
adequacy, could exert downward pressure on the ratings.
Principal Methodologies
The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.
Headquartered in Moscow, Russia, ProbusinessBank reported audited
IFRS total assets of RUB143.8 billion (US$4.5 billion),
shareholder equity of RUB12.4 billion (US$387 million) and net
income of RUB2.1 million (US$65 million) at YE2011.
=========
S P A I N
=========
CORPORACION DE RESERVAS: Moody's Cuts Long-Term Ratings to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has downgraded the long-term ratings of
Corporacion de Reservas Estrategicas (CORES) and Administrador de
Infraestructuras Ferroviarias (Adif) by three notches to Ba1 from
Baa1. Concurrently, Moody's will withdraw both entities issuer
ratings and has assigned Ba1 corporate family rating (CFR) and
Ba1 probability of default rating (PDR). In addition, Moody's has
downgraded the short-term rating of Adif to Not-Prime from Prime-
2.
Moody's has also placed on review for further downgrade the long-
term ratings of the two entities, in line with the review for
downgrade initiated on the sovereign ratings. The review process
is expected to conclude within a maximum timeframe of three
months. A full list of all affected ratings is provided towards
the end of this press release.
The actions follow the weakening of the Spanish government's
creditworthiness, as captured by Moody's downgrade of Spain's
government bond ratings to Baa3 from A3 on June 13, 2012, and the
initiation of a review for further downgrade.
Ratings Rationale
Despite the lack of explicit government guarantees, the link
between the ratings of these companies and that of the sovereign
is based on their status as government-related entities (GRIs),
their strategic importance to Spain and the very strong
government support that is incorporated within their ratings. The
ratings of CORES and Adif also consider the entities' standalone
credit profiles and legal characteristics, including their bylaws
and/or their public-law status, as well as Moody's assumption
that these entities will remain key instruments for the Spanish
government's public sector management, its railroad
infrastructure policy and its strategic oil reserves policy.
Moody's three-notch downgrade of CORES and Adif to Ba1 positions
their ratings one notch below that of Spain, partly to reflect
the lack of explicit guarantees from the Spanish government, but
also the relative weakness in their underlying credit profiles
compared with the credit strength of the sovereign. Additionally,
despite the very high likelihood of support by the government
given its close links with these GRIs, Moody's one-notch
differentiation between the two companies' ratings and the
sovereign rating reflects (i) a degree of uncertainty regarding
the timely provision of support in the event of need; and/or (ii)
a modest degree of risk that, over the rating horizon and in
potential stress scenarios that simultaneously affect various
issuers requiring support, a more selective approach to the
provision of support might be considered by the government.
Moody's applies a credit-substitution approach for both CORES and
Adif that considers the companies' particular funding and
business models. Therefore, the rating agency does not publish a
granular analysis of typical GRI factors (i.e., covering support,
dependence, a baseline credit assessment (BCA) and the sovereign
rating).
Moody's remains concerned about CORES's liquidity risk. Although
CORES has covered its refinancing requirements throughout 2012,
the company has debt maturities of around EUR600 million in 2013.
At this point, it is not clear how CORES plans to refinance this
debt.
Adif does not have any significant debt maturities over the next
12 months, but needs to continue to fund its investment programme
through existing bank loans.
Rationale for Review for Downgrade
Moody's decision to place the ratings on review for downgrade
follows the review process for Spain's sovereign rating and
reflects the rating agency's view that risks remain regarding the
Spanish government's finances.
What Could Change The Ratings Up/Down
In the absence of a change in the nature and standalone profiles
of these entities, or in the perceived strength of the underlying
sovereign support, Moody's expects the ratings of CORES or Adif
to be primarily driven by Spain's sovereign rating.
Moody's cautions that these entities do not benefit from explicit
guarantees from the Spanish government. Therefore, the rating
agency could further widen the gap between the ratings of these
GRIs versus those of the sovereign in response to any indication
of a change in (i) the government's willingness or ability to
intervene in a timely manner to support these GRIs in the event
of need; and/or (ii) its propensity to support or encourage a
more selective approach and thereby differentiate the rank order
of support needs among all potential calls on government funding.
Downward pressure on the rating of CORES could also develop if
its liquidity profile deteriorates beyond Moody's expectations,
or if the company's headroom (as reflected in the ratio measuring
asset coverage of debt) weakens materially. Similarly, downward
pressure on the rating of Adif could develop if Moody's becomes
concerned about the company's liquidity risk profile.
In view of the action, and the review process of the ratings,
Moody's does not currently envisage any positive short-term
ratings pressure for CORES or Adif.
LIST OF AFFECTED RATINGS
Downgrades:
Issuer: Administrador de Infraestruct. Ferroviarias
Issuer Rating, Downgraded to NP from P-2
Issuer Rating, Downgraded to Ba1 from Baa1; Placed Under
Review for further Possible Downgrade
Issuer: Corp. Reser. Estrategicas Prod. Petroliferos
Issuer Rating, Downgraded to Ba1 from Baa1; Placed Under
Review for further Possible Downgrade
EUR1500M Senior Unsecured Medium-Term Note Program,
Downgraded to (P)Ba1 from (P)Baa1; Placed Under Review for
further Possible Downgrade
EUR500M 4.5% Senior Unsecured Regular Bond/Debenture Apr 23,
2018, Downgraded to Ba1 from Baa1; Placed Under Review for
further Possible Downgrade
Assignments:
Issuer: Administrador de Infraestruct. Ferroviarias
Probability of Default Rating, Assigned Ba1
Corporate Family Rating, Assigned Ba1
Issuer: Corp. Reser. Estrategicas Prod. Petroliferos
Probability of Default Rating, Assigned Ba1
Corporate Family Rating, Assigned Ba1
Outlook Actions:
Issuer: Administrador de Infraestruct. Ferroviarias
Outlook, Changed To Rating Under Review From Negative
Issuer: Corp. Reser. Estrategicas Prod. Petroliferos
Outlook, Changed To Rating Under Review From Negative
Principal Methodology
The principal methodology used in these ratings was Government-
Related Issuers: Methodology Update published in July 2010.
Both companies are headquartered in Madrid, Spain. CORES is the
organization responsible for managing the strategic oil reserves
and controlling compulsory reserves (petroleum products and
natural gas) in Spain. By law, all companies authorized to
distribute oil products in Spain -- both operators and importers
-- must be members of CORES and pay it monthly fees or risk
losing their licence.
Adif benefits from a special legal status as an Entidad Publica
Empresarial, reflecting its 100% state ownership and critical
importance as a major part of the country's transport
infrastructure. Adif exhibits a strong business risk profile,
primarily derived from its natural monopoly position as the
national railway infrastructure manager. It is responsible for
(i) owning and managing Spain's railway infrastructure, including
tracks, stations and freight terminals on behalf of the
government; (ii) managing rail traffic; (iii) distributing
capacity to rail operators; and (iv) collecting fees for
infrastructure, station and freight terminal use.
SANTANDER TOTTA: Fitch Says Viability Rating is Unaffected at BB-
-----------------------------------------------------------------
Fitch Ratings has downgraded Santander Totta SGPS's and its bank
subsidiary, Banco Santander Totta SA's Long-term Issuer Default
Ratings (IDR) to 'BBB-' from 'BBB'. The Long-term IDRs have a
Negative Outlook. The agency has also affirmed the two
institutions' Short-term IDR at 'F3' and Support Ratings at '2'.
Fitch believes there still to be a high probability that
Santander Totta and Banco Santander Totta would be supported by
Banco Santander, if needed, and this drives their Long-term IDRs
which are one notch higher than the Portuguese sovereign Long-
term IDR ('BB+'/Negative).
However, Banco Santander's propensity and ultimate ability to
provide full and timely support to Santander Totta and Banco
Santander Totta is likely to be linked to banking sector and
sovereign risks in Portugal, which are closely correlated. The
ratings of the two banks are therefore sensitive to a further
downgrade of the sovereign downgrade and/or of the parent bank.
In accordance with Fitch's criteria on 'Rating Bank Regulatory
Capital and Similar Securities', Banco Santander Totta SA's
preference shares have been downgraded to 'BB-' from 'BB+', being
capped at the level assigned to equivalent securities issued by
the parent.
Santander Totta's Viability Rating (VR) of 'bb-' is unaffected by
this rating action. However, the rating could come under
downward pressure in case of further deterioration in the
operating environment and/or more rapid deterioration of asset
quality.
Santander Totta is a Portuguese holding company ultimately owned
by Banco Santander. Banco Santander Totta SA is its main
subsidiary and is Portugal's fourth largest bank.
The ratings actions are as follows:
Santander Totta:
-- Long-term IDR downgraded to 'BBB-' from 'BBB',
Outlook Negative
-- Short-term IDR affirmed at 'F3'
-- Viability Rating unaffected at 'bb-'
-- Support Rating affirmed at '2'
Banco Santander Totta S.A.:
-- Long-term IDR downgraded to 'BBB-' from 'BBB',
Outlook Negative
-- Short-term IDR affirmed at 'F3'
-- Viability Rating unaffected at 'bb-'
-- Support Rating affirmed at '2'
-- Senior debt downgraded to 'BBB-' from 'BBB'
-- Commercial paper and short-term debt affirmed at 'F3'
-- Preference shares downgraded to 'BB-' from 'BB+'
===========
T U R K E Y
===========
YUKSEL INSAAT: Fitch Lowers Senior Unsecured Rating to 'B-'
-----------------------------------------------------------
Fitch Ratings has downgraded Ankara-based construction company
Yuksel Insaat A.S.'s (YI) Long-term foreign currency Issuer
Default Rating (IDR) and senior unsecured rating to 'B-' from 'B'
and placed all ratings on Rating Watch Negative (RWN). The
agency has also downgraded YI's US$200 million outstanding notes
maturing in 2015 to 'B-' from 'B' rating with a Recovery Rating
of 'RR4' and placed the rating on RWN.
The downgrade reflects the increase in group leverage to more
than 4.0x Fitch adjusted gross debt/EBITDAR (5.3x FYE 2011),
which caused YI to exceed the 4:1 leverage bond covenant at the
end of 2011. This does not imply a default for the company.
However, it restricts YI from incurring additional debt. Fitch
believes that this limits YI's financial flexibility, facing
possible short-term liquidity needs. Even if most of the
investment plans are already completed for 2012, Fitch believes
that USD63m cash balance as of end-May (USD108m FYE11), does not
provide a comfortable liquidity cushion against possible economic
downturns, delays in advance payments, increasing WC needs or for
additional capex needs.
YI's 2011 results showed stable profitability on the back of
depreciating TRY despite losing businesses in Libya. Despite the
tougher operating environment within the region, YI managed to
maintain operating EBITDA margin at 9.3% at the end of 2011 (9.6%
FYE10). However, Fitch believes that the restriction against
incurring additional debt could also limit YI's ability to take
on additional projects that require upfront cash investments.
Fitch notes that YI could continue taking on additional projects
which provide advance payments and support its order book.
Fitch believes that asset/investment sales and additional capital
injections would be needed to significantly reduce debt. In
addition, a successful deleveraging plan would be needed to for
the RWN to be resolved and the ratings affirmed. Any failure in
the deleveraging plan or providing additional capital injection
from shareholders could put further pressure on Yuksel's credit
profile and result in negative rating action.
Fitch also notes that YI's ratings continue to reflect its
position as one of the main construction companies in Turkey,
focusing on infrastructure construction contracts for mostly
government entities across Turkey and the MENA region. YI has a
long track record of project execution and on-time delivery as
well as a cautious approach to bidding. The company's strategy
is to focus on projects in oil and gas-producing countries with
budget surpluses and clear investment programs. YI is therefore
well positioned to benefit from the expected growth in energy
demand as well as a need for infrastructure across many of its
and markets (notably in the Gulf region) where YI has a well
established presence.
In August 2011, Fitch revised Yuksel Insaat's Outlook to Negative
from Stable. The change reflected Fitch's expectation that
increased debt and revenues margin pressure would lead to an
increase in Fitch-adjusted group leverage to about 5x gross
debt/EBITDA in 2011.
===========================
U N I T E D K I N G D O M
===========================
BRADFORD BULLS: Close to Administration Over Unpaid Tax
-------------------------------------------------------
BBC News reports that Bradford Bulls could be forced to go into
administration within a fortnight after being hit by a winding-up
order over unpaid tax.
The club owe Her Majesty's Revenue & Customs (HMRC) GBP90,000 in
payroll tax, plus GBP250,000 in VAT from the sale of the stadium,
according to BBC News.
BBC News notes that the Bulls need more than GBP1 million to
survive to the end of the season, despite recently raising
GBP500,000 through fan pledges, gate receipts and an auction.
The report relates that it now has two weeks to raise funds or
find new investment.
BBC News notes that the club has offered to pay off the VAT debt,
which has been outstanding since the end of January, at a rate of
GBP50,000 a month, and director Stephen Coulby said the club
remained intent on avoiding administration.
In April, BBC News notes that fans responded to an urgent call to
donate funds, raising about GBP500,000 and it was claimed another
GBP500,000 would pay off current liabilities.
However, the report notes that Mr. Coulby said: "Had the actual
position been as we understood it to be, that is to say a
requirement for GBP1 million, half of which had already been
raised through the sterling efforts of supporters, it would not
have been a problem . . . . Regrettably, other matters have
recently been brought to our attention, which have widened the
funding gap but we are still intent on avoiding administration
and its consequences if at all possible."
Insolvency firm The P&A Partnership was brought in last month to
review the club's finances, BBC News says.
"HMRC is threatening to wind up Bradford Bulls Holdings Ltd and,
under these circumstances, the directors have had no alternative
but to file a notice of intention to appoint administrators to
protect the club. . . . This pro-active decision gives the club a
breathing space to find partners to invest in the club. . . . It
doesn't mean that the club will necessarily enter administration.
The club has two weeks to find additional funds - this may mean a
number of investors coming together to save the club," BBC News
quoted Brendan Guilfoyle of BBC Radio Leeds as saying.
CHILTON WASTE: Raymond Brown Acquires Firm Out of Bankruptcy
------------------------------------------------------------
Amy North at letsrecycle.com reports that Hampshire skip hire and
recycling company Raymond Brown Minerals & Recycling purchased
Chilton Waste Services from administrators BDO through a pre-pack
administration agreement on May 25, 2012.
The purchase is expected to strengthen Raymond Brown's presence
in the South East and includes Chilton Waste Services' trade,
plant and equipment plus its 13-acre freehold site, according to
letsrecycle.com.
The report notes that following the acquisition Chilton continues
to operate as normal but under the Raymond Brown name. The 33
staff previously employed by Chilton have also transferred, the
report relates.
Speaking to letsrecycle.com, Kelvin White, managing director of
the Raymond Brown Group, said claimed that one of the reasons
that Chilton entered into administration was the loss of a
contract with a Berkshire local authority.
D J ELLIS: Enters Into Administration, Cuts 38 Jobs
---------------------------------------------------
Isle of Thanet Gazette reports that D J Ellis Construction
Limited entered into administration cutting 38 jobs in the
process.
David Elliott and Simon Paterson of Moore Stephens LLP have been
appointed administrators.
"The company was well respected within the Thanet area, but in
common with many companies in the construction sector, suffered a
bad debt that it was unable to recover from. . . . While it has
not proved possible to save the existing business, it is hoped
that there will be sufficient recoveries made to allow a dividend
to be paid to creditors in due course," the report quoted Mr.
Elliott as saying.
The report notes that Darren Ellis, who set up the company, left
as a director and a shareholder last year and has no involvement
with the firm.
PETERS CATHEDRAL: Goes Into Administration, Cuts 400 Jobs
---------------------------------------------------------
The Northern Echo reports that based Peters Cathedral Bakers Ltd
-- trading as Peters Bakery -- called in administrators blaming
the tough retail environment and rising energy and commodity
prices for its failure.
Family-run Peters Bakery will continue to trade while attempts
take place to find a buyer, but administrators KPMG warned that
it was expecting a number of redundancies to be confirmed "in the
coming days," according to The Northern Echo.
The Northern Echo notes that administrators said the company's
most recent financial statements show it had a turnover of more
than GBP12 million and 403 employees.
"The challenging retail environment on the high street is
exacerbated by rising commodity and energy prices squeezing
margins in this sector . . . . These factors, along with reduced
volumes with its wholesale customers, has led to the failure of
this 46 year old family business," the report quoted Mark Firmin,
KPMG's Northern head of Restructuring and joint administrator, as
saying.
Peters Bakery has been based in Durham City for more than 40
years. It opened its first shop, in the Belmont area, in 1966 and
is now based in a 50,000 sq ft state-of-the-art bakery on
Dragonville Industrial Estate.
RANGERS FOOTBALL: Charles Green Completes Purchase of Assets
------------------------------------------------------------
BBC Scotland reports that Charles Green has completed his
purchase of Rangers' assets in a deal worth GBP5.5 million.
The announcement came shortly after former manager Walter Smith
announced a last-minute bid for the Ibrox club, which is to go
into liquidation, BBC Scotland relates.
In a press conference at Ibrox, Mr. Green offered to make Mr.
Smith the club's new chairman, BBC Scotland discloses.
Rangers is to enter liquidation after creditors refused a deal to
allow it to emerge from administration, BBC Scotland notes.
BBC Scotland understands Mr. Smith's bid is worth GBP6 million,
which is half-a-million pounds more than Mr. Green's group paid
for the club's assets.
The Rangers Supporters Trust has urged fans not to renew season
tickets in a bid to put pressure on Mr. Green to sell to
Mr. Smith's consortium, BBC Scotland states.
According to BBC, a statement from the Trust said Mr. Smith's bid
was the only one that would ensure the Rangers family stayed
united.
Mr. Smith, as cited by BBC, said he would be assisted in his bid
by Jim McColl, Douglas Park and "other prominent Scottish
businessmen".
Rangers was forced into administration on February 14 by HM
Revenue and Customs (HMRC) over unpaid taxes of about GBP14
million incurred during current owner Craig Whyte's tenure, BBC
Scotland recounts.
The club was also being pursued for up to another GBP75 million
by the tax authority over its use of Employee Benefit Trusts
(EBTs) to pay dozens of players over the past decade, BBC
Scotland notes.
The scale of debt claimed by HMRC allowed it to vote down a
Company Voluntary Arrangement (CVA) which would have seen all
creditors accept a pennies in the pound deal for what they were
owed, BBC Scotland says.
Charles Green's consortium has agreed to buy Rangers assets for
GBP5.5 million The CVA, proposed by administrators Duff and
Phelps and the Charles Green consortium, was formally voted down
at a meeting at Ibrox on Thursday, BBC Scotland relates.
Rangers will now be placed in the hands of joint liquidators from
BDO, BBC Scotland says.
The Charles Green-led consortium confirmed hours after the vote
that it had completed the purchase of the business and assets of
Rangers under a previously agreed binding deal for GBP5.5
million, BBC Scotland discloses.
Mr. Green, as cited by BBC Scotland, said he had been appointed
CEO and will sit on the company or plc board, with Malcolm Murray
as chairman.
According to BBC Scotland, he said investors in his consortium
included Chris Morgan, a UK-based businessman representing family
trusts; Glenmuir, the Scottish clothing company; Ian Hart a
Glasgow-based businessman; Alessandro Celano of Blue Pitch
Holdings and Zeus Capital.
But Mr. Hart has since issued a statement in which he denied
being involved in the consortium -- and said he would be
supporting Douglas Park, who is part of Walter Smith's bid, BBC
Scotland notes.
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.
TINDALE & STANTON: Enters Administration, Cuts Jobs
---------------------------------------------------
The Northern Echo reports that Tindale & Stanton has collapsed
into administration for the second time in less than a year.
The company is being traded by John Russell and Andy Wood from
The P&A Partnership in Sheffield, who were also appointed as
administrators to the pie firm's sister company Yorkshire-based
Bakery Products, according to The Northern Echo.
The report relates that both businesses are owned by Arthur
Harris, who bought Tindale & Stanton in November with the
intention to turn around the ailing business. The Northern Echo
notes Bakery Products has ceased to trade with the loss of about
100 jobs in Scarborough but administrators are continuing to
trade Tindale & Stanton's factory in Burnopfield, County Durham
and two Howards Bakery shops in Harrogate while a buyer is
sought.
"We have kept Bakery Products going all week in a bid to find a
buyer for it as a going concern," the report quoted Mr. Wood as
saying. "Regrettably that has not been possible and we were left
with no choice other than to close the bakery. I would like to
thank those staff who have helped us to keep trading in difficult
circumstances," he added, the report notes.
Tindale & Stanton is a North-East pie maker.
* UK: Insolvency Service Warns Elderly on GBP28M Investment Scams
-----------------------------------------------------------------
The Insolvency Service is warning older people and their carers
to watch out for bogus retail and investment schemes aimed at
them, as figures show 78 rogue companies that raked in over
GBP28 million from the public have been shut down in England and
Wales in the last three years alone.
Between them, the companies, which represent around one in ten of
over 800 companies wound up by The Insolvency Service in the
three years between April 2009 and March 2012, scammed close to
2,000 investors. Information obtained by The Insolvency Service
has shown that the oldest person was 92.
Forty-nine of the companies sold plots of land for 'building'
that either didn't exist or were on protected green belt land;
four sold wine stocks that did not yield any profits, and
nineteen sold other forms of investment. Six sold retail products
that were either unsuitable or at highly inflated prices,
including burglar alarms, mobility scooters, 'heritage' coins and
stair-lifts.
The Insolvency Service is being supported by three charities Age
UK, Alzheimer's Society and Action on Elder Abuse, to warn the
public about these scams, on the same day that campaign actions
to highlight World Elder Abuse Awareness Day are taking place.
The warning, also aimed at friends and families of older people,
stresses that such scams typically employ the telephone
equivalent of 'door-stepping.' They phone older people and often
refuse to come off the phone until they have closed a sale.
The retail scams often involve pressurised selling of an unwanted
product to an older person, or a product at a grossly inflated
price, carried out during a home visit or through doorstep
selling.
Business Minister Norman Lamb said: "These scams are especially
bad as they target some of the most vulnerable members in our
society. Older people have grown up trusting other people. To
take advantage of this trust, and then exploit it is both
manipulative and deceitful. I support the work Insolvency
Service and its partners are doing to warn older people, and
would urge people to be vigilant when approached to make
investments out of the blue."
Robert Burns, Head of Investigation and Enforcement for The
Insolvency Service said:
"We have observed a number of companies targeting older people in
recent months. These scams are particularly unpleasant because
they target the most susceptible members of society, older people
who may be unsure how to seek advice or afraid to say "no". They
can destroy lives at a time when those targeted should be taking
a break from worry and enjoying life after working hard.
"Victims are paying for something and getting nothing. The worst
aspect is the callousness with which the fraudsters go about
their business; ignoring the obvious fact that that because of
their age, most victims will never be able to make good their
loss.
"Not one of the landbanking companies we have investigated and
wound up has seen a profit for the investor. If you are cold-
called, don't be afraid to say 'no thank you'. If in doubt, you
should take time to research the company and get some independent
advice.
"Today is World Elder Abuse Awareness Day and we would urge all
friends, carers and family members to be vigilant and look out
for the older members of their family to ensure that they are not
scammed by rogue businessmen."
Michelle Mitchell, Charity Director General at Age UK, said:
"Scammers will often see vulnerable older people as an easy
target. Scams can take place on the doorstep; by phone, on the
internet or through the post and the sad fact is that if
something sounds too good to be true then it probably is. If you
feel under pressure to commit, then just step away because any
reputable company will allow you time to think an offer over.
"Anyone can be taken in by a scam so people shouldn't be
embarrassed to report a crime. If you feel you are or have been a
victim speak to the police, a family member or friend.
"Age UK have produced two free information guides 'Avoiding
Scams' and 'Staying Safe' which provide practical steps to ensure
older people are able to protect themselves against this type of
crime in their home and on their doorstep."
Alzheimer's Society is also campaigning against the financial
abuse of people with dementia.
Jeremy Hughes, Chief Executive of Alzheimer's Society said:
"There are currently 800,000 people living with dementia in the
UK. Many are older people and easy targets for con artists. It is
disgusting that these scams specifically target the most
vulnerable in our society. Con artists are dealing another blow
to people who may already be struggling financially due to the
huge cost of care. Everyone from banks to the general public
needs to work together to stop these scams and help protect those
who need it most."
Gary FitzGerald, Chief Executive of Action on Elder Abuse, said:
"Research tells us that over 342,000 older people face abuse in
our communities every day. They are too often seen as an easy
target by unscrupulous people out to make 'easy money' and it is
therefore crucially important that we are all vigilant in their
defence. Families play an important part in helping older people
to protect themselves against fraudsters, and a little bit of
planning ahead can make all the difference."
Companies that rip-off older people have always been around, but
it's more difficult to track today as the fraudsters continually
change the commodities they're selling. Older people also find
the whole sales pitch very confusing. Quite often the fraudsters
return saying that extra investment will secure even better
returns.
===============
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
CKD PRAHA HLDG CDP EX -89435858.2 192305153
CKD PRAHA HLDG CKDH CP -89435858.2 192305153
SETUZA AS 2994767Q EO -61453764.2 138582273.6
SETUZA AS SZA GR -61453764.2 138582273.6
SETUZA AS SETU IX -61453764.2 138582273.6
SETUZA AS SETUZA PZ -61453764.2 138582273.6
SETUZA AS 2994755Q EU -61453764.2 138582273.6
SETUZA AS 2994759Q EO -61453764.2 138582273.6
SETUZA AS SETUZA CP -61453764.2 138582273.6
SETUZA AS 2994763Q EU -61453764.2 138582273.6
SETUZA AS SZA EX -61453764.2 138582273.6
DENMARK
-------
AB-B NEW ABBN DC -101428499 298588010.2
AKADEMISK BOLDK ABB DC -101428499 298588010.2
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBE EU -5227729.37 192575897.9
CIMBER STERLING CIMBER BY -5227729.37 192575897.9
CIMBER STERLING CIMBER DC -5227729.37 192575897.9
CIMBER STERLING CIMBE EO -5227729.37 192575897.9
ELITE SHIPPING ELSP DC -27715991.7 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.54 110737536.3
GREEN WIND ENERG GW BY -11320362.7 176234029.6
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GREEN WIND ENERG GW EU -11320362.7 176234029.6
GREEN WIND ENERG GW DC -11320362.7 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.7 176234029.6
GREEN WIND ENERG GW PZ -11320362.7 176234029.6
GREEN WIND ENERG GW EO -11320362.7 176234029.6
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HOLDINGSELSKABET BOHC IX -11320362.7 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.7 176234029.6
ISS GLOBAL A/S 241863Z DC -9544026.55 7765217403
JEUDAN III A/S 3986972Z DC -58410839.7 261303346.9
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OBTEC OBTEC DC -14819232 148553764.3
OBTEC OBT DC -14819232 148553764.3
OBTEC-NEW SHARES OBTECN DC -14819232 148553764.3
OBTEC-OLD OBTN DC -14819232 148553764.3
OSTERFALLEDPARKE 3985676Z DC -26063679.2 302533679.4
ROSKILDE BANK ROSK EO -532868841 7876687324
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ROSKILDE BANK ROSBF US -532868841 7876687324
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ROSKILDE BANK ROSK EU -532868841 7876687324
ROSKILDE BANK ROSK DC -532868841 7876687324
ROSKILDE BANK-RT 916603Q DC -532868841 7876687324
ROSKILDE BAN-NEW ROSKN DC -532868841 7876687324
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SCANDINAVIAN BRA SBSD PZ -14819232 148553764.3
SCANDINAVIAN BRA SBS DC -14819232 148553764.3
SCANDINAVIAN BRA SBS1EUR EO -14819232 148553764.3
SCANDINAVIAN BRA SBS1 BY -14819232 148553764.3
SCANDINAVIAN BRA SBS1 EU -14819232 148553764.3
SCANDINAVIAN BRA SBS1 EO -14819232 148553764.3
SCANDINAVIAN BRA SBS1EUR EU -14819232 148553764.3
SCANDINAVIAN BRA SBSC IX -14819232 148553764.3
SCHAUMANN PROP SCHAUP PZ -101428499 298588010.2
SCHAUMANN PROP SCHAUP EU -101428499 298588010.2
SCHAUMANN PROP SCHAU BY -101428499 298588010.2
SCHAUMANN PROP SCHAUEUR EO -101428499 298588010.2
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SCHAUMANN PROP SCHAUP DC -101428499 298588010.2
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SUZLON WIND ENER 3985532Z DC -50030922.8 151671948.3
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.3 330011633.6
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AKERYS SERVICES 4685937Z FP -8561729.53 141611798.1
ALCATEL-LUCENT E 3642975Z FP -33252970.3 441703998.1
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ING LEASE FRANCE 4699881Z FP -51268061.5 363058830.9
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OROSDI OROS S1 -51389802.7 181267113.2
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GREECE
------
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ASPIS BANK-RTS 3558423Q GA -46224213.4 3486115450
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ASPIS MORT-RTS ASPTD GA -46224213.4 3486115450
ASPIS PRONIA GE ASASK EO -189908329 896537349.7
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ASPIS PRONIA GE AISQF US -189908329 896537349.7
ASPIS PRONIA GE ASASK EU -189908329 896537349.7
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ASPIS PRONIA-RT ASASKR GA -189908329 896537349.7
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ASPIS PRONOIA GE APGG IX -189908329 896537349.7
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ATLANTIC SUPERMA ATLA PZ -76261648.2 315891294.2
ATLANTIC SUPERMA ATLA GA -76261648.2 315891294.2
ATLANTIC SUPERMA ATLA1 EU -76261648.2 315891294.2
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EDRASIS C. PSALL EDRAR GA -44478533.2 197684163
EDRASIS PSALIDAS EDRA GA -44478533.2 197684163
EDRASIS PSALIDAS EDRA EO -44478533.2 197684163
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EDRASIS PSALIDAS EPP GR -44478533.2 197684163
EDRASIS PSALIDAS EDRA PZ -44478533.2 197684163
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EMPEDOS SA EMPED GA -33637669.6 174742646.9
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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
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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
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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
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NAOUSSA SPINNING NML GR -163114842 286539436.9
NAOUSSA SPIN-RTS NAOYKR GA -163114842 286539436.9
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NUTRIART SA KATSK EU -49566085.5 144463865.8
NUTRIART-RTS 3411089Q GA -49566085.5 144463865.8
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SATO OFFICE AND SATOK EU -1304553.01 103403982.3
SATO SA - RIGHTS SATOKD GA -1304553.01 103403982.3
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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
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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
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HUNGARIAN TELEPH HUC EX -73723992 827192000
HUNGARIAN TELEPH HUGC IX -73723992 827192000
INVITEL HOLD-ADR IHO US -73723992 827192000
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INVITEL HOLD-ADR INVHY US -73723992 827192000
INVITEL HOLDINGS 3212873Z HB -73723992 827192000
ICELAND
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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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CONOCOPHILLIPS W 3894318Z ID -176383298 403120095.3
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GS MULTI-CURRENC 4780921Z ID -218031503 1766463253
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IRISH NATIONWIDE 1020Z ID -24460514.2 16215850688
JAMES HARDIE -CD JHXCD AU -335300000 1882000000
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MCINERNEY HLDGS MCIGBX EU -137972149 304108432.2
MCINERNEY HLDGS MCI ID -137972149 304108432.2
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MCINERNEY HLDGS MK9 GR -137972149 304108432.2
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MCINERNEY HLDGS MCIGBP EO -137972149 304108432.2
MCINERNEY HLDGS MCI VX -137972149 304108432.2
MCINERNEY HLDGS MNEYF US -137972149 304108432.2
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MCINERNEY HLDGS MK9C PZ -137972149 304108432.2
MCINERNEY PROP-A MYP ID -137972149 304108432.2
MCINERNEY PROP-A MCIYF US -137972149 304108432.2
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MCINERNEY -RT FP MCIF LN -137972149 304108432.2
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NOBLE CARBON CRE 3643943Z ID -19803914 122514177.1
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PAYZONE PLC PAYZ PZ -138030903 510010035.3
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SHENDA IRELAND L 4781889Z ID -159818173 180891354.4
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START FUNDING NO 3816392Z ID -8410425.95 624257073.1
SUSQUEHANNA EURO 4459081Z ID -1252022268 5765502698
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ITALY
-----
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AS ROMA SPA ASR EB -63822544.7 148818665.4
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AS ROMA SPA ASR EU -63822544.7 148818665.4
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SNIA SPA SN IM -141933895 150445252.4
SNIA SPA SSMLF US -141933895 150445252.4
SNIA SPA SN EU -141933895 150445252.4
SNIA SPA SNIA GR -141933895 150445252.4
SNIA SPA SN TQ -141933895 150445252.4
SNIA SPA SIAI PZ -141933895 150445252.4
SNIA SPA - RTS SNAAW IM -141933895 150445252.4
SNIA SPA- RTS SNAXW IM -141933895 150445252.4
SNIA SPA-2003 SH SN03 IM -141933895 150445252.4
SNIA SPA-CONV SA SPBDF US -141933895 150445252.4
SNIA SPA-DRC SNR00 IM -141933895 150445252.4
SNIA SPA-NEW SN00 IM -141933895 150445252.4
SNIA SPA-NON CON SPBNF US -141933895 150445252.4
SNIA SPA-RCV SNR IM -141933895 150445252.4
SNIA SPA-RCV SNIVF US -141933895 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933895 150445252.4
SNIA SPA-RNC SNRNC IM -141933895 150445252.4
SNIA SPA-RNC SNIWF US -141933895 150445252.4
SNIA SPA-RTS SNSO IM -141933895 150445252.4
SNIA SPA-RTS SNAA IM -141933895 150445252.4
TECNODIFF ITALIA TDI IM -89894162.8 152045757.5
TECNODIFF ITALIA TDIFF US -89894162.8 152045757.5
TECNODIFF ITALIA TDI NM -89894162.8 152045757.5
TECNODIFF ITALIA TEF GR -89894162.8 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.8 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.8 152045757.5
TISCALI - RTS TISAAW IM -157400373 432673140.9
TISCALI - RTS TIQA GR -157400373 432673140.9
TISCALI SPA TIQG IX -157400373 432673140.9
TISCALI SPA TIS IM -157400373 432673140.9
TISCALI SPA TISN VX -157400373 432673140.9
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TISCALI SPA TIS EB -157400373 432673140.9
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TISCALI SPA TIS NA -157400373 432673140.9
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TISCALI SPA- RTS TISAXA IM -157400373 432673140.9
TISCALI SPA- RTS 3391621Q GR -157400373 432673140.9
VIA CAVOUR SRL 3997892Z IM -2002622.44 173628397.1
JERSEY
------
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO PZ -1109604236 1668437669
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REAL ESTATE OP-O REO LN -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
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CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
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OXEA SARL 3682535Z LX -78371220.1 1013737294
NETHERLANDS
-----------
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SWEDEN
------
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SWEDISH AUTOMOBI L9I TH -575434603 1479005959
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NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.5 100855655.1
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MAN LAST OG BUSS 4521719Z NO -5830520.28 123349772.5
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PETROMENA AS PMENA NO -47299000 317747008
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POLAND
------
ANIMEX SA ANX PW -556805.858 108090511.9
KROSNO KROS IX -2241615.44 111838141.2
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KROSNO KRS PW -2241615.44 111838141.2
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KROSNO SA KRS PZ -2241615.44 111838141.2
KROSNO SA KRNFF US -2241615.44 111838141.2
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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
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TOORA TOR PZ -288818.39 147004954.2
TOORA TOR PW -288818.39 147004954.2
TOORA 2916661Q EO -288818.39 147004954.2
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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
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CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
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SPORTING CLUBE D SCP1 PZ -65884328.1 251276323.4
SPORTING CLUBE D SCDF EO -65884328.1 251276323.4
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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
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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
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HALS-DEVELOPMENT HALS RU -588515965 1446111954
IZHAVTO OAO IZAV RU -94100834 443610329.4
KHANTY MANSIYSK HMSR RU -7454032.63 143409366.2
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KOMPANIYA GL-BRD GMST RU -1933849.29 1120076905
KOMPANIYA GL-BRD GMST* RU -1933849.29 1120076905
KUZNETSOV-BRD MTST RU -15938417.5 331074749.5
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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
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MURMANSKAY-CLS MUGS* RU -22867336.6 135442629.9
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MURMANSKAY-CLS MUGS RU -22867336.6 135442629.9
NIZHMASHZAVO-BRD NMSZ RU -24657843.6 316480680.1
NIZHMASHZAVO-BRD NMSZ* RU -24657843.6 316480680.1
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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
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PIK GROUP-GDR PKGPL US -65334861 4000687446
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PIK GROUP-GDR PIK IX -65334861 4000687446
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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
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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
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VOLGOGRAD KHIM VHIM* RU -55617131.4 157514787.8
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ZIL AUTO PLANT ZILL$ RU -204894835 401284636
ZIL AUTO PLANT-P ZILLP RM -204894835 401284636
ZIL AUTO PLANT-P ZILLP RU -204894835 401284636
ZIL AUTO PLANT-P ZILLP* RU -204894835 401284636
SERBIA
------
DUVANSKA DIVR SG -46938765.4 107525048.4
SLOVENIA
--------
ISTRABENZ ITBG EU -3710053.92 1192276746
ISTRABENZ ITBG EO -3710053.92 1192276746
ISTRABENZ ITBG SV -3710053.92 1192276746
ISTRABENZ ITBG PZ -3710053.92 1192276746
SLOVENSKE ENERGE 1SES01A PZ -9037077.3 220365107.8
SLOVENSKE ENERGE SES02 SK -9037077.3 220365107.8
SLOVENSKE ENERGE SES EO -9037077.3 220365107.8
SLOVENSKE ENERGE SES02 EO -9037077.3 220365107.8
SLOVENSKE ENERGE SES02 EU -9037077.3 220365107.8
SLOVENSKE ENERGE SES SK -9037077.3 220365107.8
SLOVENSKE ENERGE SES EU -9037077.3 220365107.8
ZVON ENA HOLDING ZVHR PZ -304042299 774906694.2
ZVON ENA HOLDING ZVHR EO -304042299 774906694.2
ZVON ENA HOLDING ZVHR SV -304042299 774906694.2
ZVON ENA HOLDING ZVHR EU -304042299 774906694.2
SPAIN
-----
ACTUACIONES ACTI AGR SM -57871829.5 772519224.5
ADT ESPANA SERVI 3632899Z SM -26498520.4 149454497.1
AGRUPACIO - RT AGR/D SM -57871829.5 772519224.5
AIRBUS MILITARY 4456697Z SM -25409217.8 2875949470
AMCI HABITAT SA AMC1 EU -17516668.8 159378294.6
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ATLANTIC COPPER 4512291Z SM -83118965.8 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.51 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BIMBO SA 3632779Z SM -6894386.12 162399487.1
BOSCH SISTEMAS D 4505475Z SM -295419978 205556877.2
BOUYGUES INMOBIL 3636247Z SM -13608696.3 203210905.9
CAIXARENTING SA 4500211Z SM -7390433 1722091946
CELAYA EMPARANZA 3642467Z SM -19428468.9 176340504.9
COPERFIL GROUP 704457Z SM -3700858.98 403826723
DINOSOL SUPERMER 397409Z SM -46517749.4 1134013519
ELECTRODOMESTICO 1035184Z SM -120690331 100540325.2
FABRICAS AGRUPAD 3638319Z SM -28683705 205880655
FACTORIA NAVAL D 3748456Z SM -91596638.8 155617881.8
FBEX PROMO INMOB 3745024Z SM -820001.031 1142937522
FERGO AISA -RTS AISA/D SM -57871829.5 772519224.5
FERGO AISA SA AISA EU -57871829.5 772519224.5
FERGO AISA SA AISA SM -57871829.5 772519224.5
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FERGO AISA SA AISA PZ -57871829.5 772519224.5
FMC FORET SA 3642299Z SM -135792007 150683418.5
GALERIAS PRIMERO 3281527Z SM -2731015.07 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.5 973735754.8
GE REAL ESTATE I 2814684Z SM -47072259.9 609515984.5
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LA SIRENA ALIMEN 4375737Z SM -60779557.1 206592562.2
MARTINSA FADESA MFAD PZ -3783069373 5985477633
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MARTINSA FADESA MTF EO -3783069373 5985477633
MARTINSA FADESA MTF SM -3783069373 5985477633
MARTINSA-FADESA MTF NR -3783069373 5985477633
NYESA VALORES CO BES EU -208568794 658498551.2
NYESA VALORES CO BESS PZ -208568794 658498551.2
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PLANES E INVERSI 3795524Z SM -72863651.9 220131915.6
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RESIDENCIAL MARL 4498347Z SM -8851230.87 106007591.2
REYAL URBIS SA REY1 EU -623464702 5520924982
REYAL URBIS SA REYU PZ -623464702 5520924982
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SA DE SUPERMERCA 4373489Z SM -24370843.9 162576231.9
SOGECABLE MEDIA 3638359Z SM -2904934.27 176131882.6
SPANAIR 1174Z SM -224915086 350111493.1
SUPERMERCADOS CH 3635999Z SM -49108101.2 430829438.2
SUPERMERCADOS CO 4285781Z SM -6271873.08 110251382.6
TELEVISION AUTON 3772924Z SM -114641100 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.5 131213302.5
VIA OPERADOR PET 4510507Z SM -19240934.5 114265353.9
SWITZERLAND
-----------
ATTENDO AB 4452873Z SS -58148252.6 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.128 122777361.3
SWEDISH MA-RE RT SWMASR SS -271007468 2011731785
SWEDISH MAT-ADR 3053566Q US -271007468 2011731785
SWEDISH MAT-ADR SWMA GR -271007468 2011731785
SWEDISH MATCH SWD LI -271007468 2011731785
SWEDISH MATCH AB SWMA NQ -271007468 2011731785
SWEDISH MATCH AB SWMDF US -271007468 2011731785
SWEDISH MATCH AB SWMAEUR EO -271007468 2011731785
SWEDISH MATCH AB SWMA IX -271007468 2011731785
SWEDISH MATCH AB SWMAUSD EO -271007468 2011731785
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SWEDISH MATCH AB SWM TH -271007468 2011731785
SWEDISH MATCH AB SWMAGBP EO -271007468 2011731785
SWEDISH MATCH AB SWMA TQ -271007468 2011731785
SWEDISH MATCH AB SWMA SS -271007468 2011731785
SWEDISH MATCH AB SWMA NR -271007468 2011731785
SWEDISH MATCH AB SWMAUSD EU -271007468 2011731785
SWEDISH MATCH AB SWMA PZ -271007468 2011731785
SWEDISH MATCH- B SWMWF US -271007468 2011731785
SWEDISH MATCH-B 3033P US -271007468 2011731785
SWEDISH MAT-RTS SWMYR US -271007468 2011731785
SWEDISH M-UN ADR SWMAY US -271007468 2011731785
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.1 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.1 147075077.7
IKTISAT FINAN-RT IKTFNR TI -46900666.6 108228233.6
IKTISAT FINANSAL IKTFN TI -46900666.6 108228233.6
KEREVITAS GIDA KERVT TI -4733324.13 126789352
KEREVITAS GIDA KVTGF US -4733324.13 126789352
MUDURNU TAVUKC-N MDRNUN TI -64935052.1 160420187.4
MUDURNU TAVUKCUL MDRNU TI -64935052.1 160420187.4
SIFAS SIFAS TI -15439194.7 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
ZORLU ENERJI ELE ZORENM TI -34869788.4 1701390881
ZORLU ENERJI ELE ZOREN TI -34869788.4 1701390881
ZORLU ENERJI ELE ZRLUF US -34869788.4 1701390881
ZORLU ENERJI-ADR ZRLUY US -34869788.4 1701390881
ZORLU ENERJI-RTS ZORENR TI -34869788.4 1701390881
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -75129759.8 474776539.2
CHERNIGIVS MAN-M CHIM UZ -8728378.49 105244397.8
CHERNIGIVS M-GDR CKU GR -8728378.49 105244397.8
DONETSKOBLENERGO DOON UZ -213294468 341124537.1
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LUGANSKOBLENERGO LOEN UZ -28469656.8 196711929.2
MARIUP-GDR REG S MZVM IX -11661586.3 260791838.5
MARIUP-GDR REG S M9X GR -11661586.3 260791838.5
MARIUPOL HEAVY M MZVM UZ -11661586.3 260791838.5
NAFTOKHIMIK PRIC NAFP UZ -13086749.7 365512618.1
NAFTOKHIMIK-GDR N3ZA GR -13086749.7 365512618.1
ODESSA OIL REFIN ONPZ UZ -178447037 314744675.5
RIVNEAZOT RAZT UZ -27233614.6 417932243
ZALK - PFTS ZALK UZ -78409529.9 130383564.8
UNITED KINGDOM
--------------
3I PLC 2346795Z LN -40072013.1 518266360.4
600 UK LTD 1282018Z LN -731250.536 123671540.8
ABBOTT MEAD VICK 648824Q LN -1685854.55 168258996.3
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ACORN CARE AND E 1238567Z LN -70886168.8 120665053.6
ADVANCE DISPLAY ADTP PZ -2983757364 2562677211
AEA TECHNOLO-FPR AATF PZ -178235285 194979073.8
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ANKER PLC DW14 GR -21861359.8 115463159
ANKER PLC ANK LN -21861359.8 115463159
ANKER PLC ANK PO -21861359.8 115463159
ANKER PLC - ASSD ANKB LN -21861359.8 115463159
ANKER PLC - ASSD ANKC LN -21861359.8 115463159
ANKER PLC-ASSD ANKA LN -21861359.8 115463159
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ARCADIA PETROLEU 645232Z LN -5023968.66 568408481.5
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AT KEARNEY HOLDI 4168565Z LN -712649.261 420870276.2
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RBS MEZZANINE LT 2198564Z LN -96650177.3 156895953.3
RED BEE MEDIA LT 1953086Z LN -5917906.03 233315140.7
RED FOOTBALL JOI 3277951Z LN -101906192 1372452972
REGARD HOLDINGS 4157517Z LN -2678709.28 159772566.2
REGUS LTD 273187Q LN -46111832.2 367181111
REGUS PLC 2296Z LN -46111832.2 367181111
REGUS PLC RGU GR -46111832.2 367181111
REGUS PLC REGSF US -46111832.2 367181111
REGUS PLC 273195Q VX -46111832.2 367181111
REGUS PLC-ADS REGSY US -46111832.2 367181111
REGUS PLC-ADS REGSV US -46111832.2 367181111
REGUS PLC-ADS REGS US -46111832.2 367181111
REGUS PLC-ADS RGUA GR -46111832.2 367181111
RENTOKIL INITIAL RTO1 GK -142674955 3045660413
RENTOKIL INITIAL RTO QM -142674955 3045660413
RENTOKIL INITIAL RTO PO -142674955 3045660413
RENTOKIL INITIAL RTOPEN EU -142674955 3045660413
RENTOKIL INITIAL RTOG IX -142674955 3045660413
RENTOKIL INITIAL RTO1 GR -142674955 3045660413
RENTOKIL INITIAL RTOEUR EU -142674955 3045660413
RENTOKIL INITIAL RTO EB -142674955 3045660413
RENTOKIL INITIAL RTO S1 -142674955 3045660413
RENTOKIL INITIAL RKLIF US -142674955 3045660413
RENTOKIL INITIAL RTO TQ -142674955 3045660413
RENTOKIL INITIAL RTO PZ -142674955 3045660413
RENTOKIL INITIAL RTO VX -142674955 3045660413
RENTOKIL INITIAL RTO EU -142674955 3045660413
RENTOKIL INITIAL RTO LN -142674955 3045660413
RENTOKIL INITIAL RTO NR -142674955 3045660413
RENTOKIL INITIAL RTOEUR EO -142674955 3045660413
RENTOKIL INITIAL RTOKF US -142674955 3045660413
RENTOKIL INITIAL RTO1 EO -142674955 3045660413
RENTOKIL INITIAL RTOGBP EO -142674955 3045660413
RENTOKIL INITIAL RTO GR -142674955 3045660413
RENTOKIL INITIAL RTOUSD EU -142674955 3045660413
RENTOKIL INITIAL RTOPEN EO -142674955 3045660413
RENTOKIL INITIAL RTO NQ -142674955 3045660413
RENTOKIL INITIAL RTO IX -142674955 3045660413
RENTOKIL INITIAL RTOUSD EO -142674955 3045660413
RENTOKIL INITIAL RTO EO -142674955 3045660413
RENTOKIL INITIAL RTO BQ -142674955 3045660413
RENTOKIL-SP ADR AP76 LI -142674955 3045660413
RENTOKIL-SP ADR RTOKY US -142674955 3045660413
REXAM BEVERAGE C 1120903Z LN -15123027.5 118921563.6
ROSEMONT HOLDING 4391905Z LN -34807182.9 158222622.5
ROSYTH ROYAL DOC 2184524Z LN -47774646.7 159339969.3
ROYAL BANK LEASI 2177244Z LN -96708288 12689075410
ROYAL MAIL HOLDI 3900202Z LN -4979588987 9290852179
SAFFRON HOUSING 4448377Z LN -3777866.1 124457507.9
SCOTTISH MEDIA SSMR LN -36632758.7 143156965
SCOTTISH MEDIA SSM LN -36632758.7 143156965
SCOTTISH MEDIA 1442Q GR -36632758.7 143156965
SCOTTISH TELEV SCTVF US -36632758.7 143156965
SCOTTISHPOWER EN 2211292Z LN -85593217.4 2705930566
SCOTTS CO UK LTD 1154459Z LN -42301127.2 119882290.9
SEGRO FINANCE PU 2320833Z LN -1254907.48 270979842.3
SETON HEALTHCARE 2290Z LN -10585183.9 156822902.8
SEVERN VALE HOUS 4287717Z LN -43910018.2 115584900.8
SFI GROUP PLC SUF LN -108067116 177647536.1
SFI GROUP PLC SUYFF US -108067116 177647536.1
SHEFFIELD UNITED 1275418Z LN -17712590.5 101590746.2
SIMON CARVES LTD 1209367Z LN -309426997 105356699.7
SKANDIA LIFE BUS 1451642Z LN -16563612.8 132120692.5
SKYEPHARMA PLC SKP10 EO -133034755 130464035.4
SKYEPHARMA PLC SK8A GR -133034755 130464035.4
SKYEPHARMA PLC SK8C GR -133034755 130464035.4
SKYEPHARMA PLC SKP6 EO -133034755 130464035.4
SKYEPHARMA PLC SKP IX -133034755 130464035.4
SKYEPHARMA PLC SKP VX -133034755 130464035.4
SKYEPHARMA PLC SKPGBP EO -133034755 130464035.4
SKYEPHARMA PLC SKP EU -133034755 130464035.4
SKYEPHARMA PLC SKP PO -133034755 130464035.4
SKYEPHARMA PLC SKP5 EO -133034755 130464035.4
SKYEPHARMA PLC SKP1 VX -133034755 130464035.4
SKYEPHARMA PLC SKP PZ -133034755 130464035.4
SKYEPHARMA PLC SKP3 EO -133034755 130464035.4
SKYEPHARMA PLC SKP9 EO -133034755 130464035.4
SKYEPHARMA PLC SKP LN -133034755 130464035.4
SKYEPHARMA PLC SKYEF US -133034755 130464035.4
SKYEPHARMA PLC SKP TQ -133034755 130464035.4
SKYEPHARMA PLC SKP1 EO -133034755 130464035.4
SKYEPHARMA PLC SKPEUR EU -133034755 130464035.4
SKYEPHARMA PLC SKP BQ -133034755 130464035.4
SKYEPHARMA PLC SKP2 EO -133034755 130464035.4
SKYEPHARMA PLC SKPEUR EO -133034755 130464035.4
SKYEPHARMA PLC SKP7 EO -133034755 130464035.4
SKYEPHARMA PLC SKP EO -133034755 130464035.4
SKYEPHARMA PLC SKP8 EO -133034755 130464035.4
SKYEPHARMA PLC SKP4 EO -133034755 130464035.4
SKYEPHARMA -SUB 2976665Z LN -133034755 130464035.4
SKYEPHARMA-ADR SKYE US -133034755 130464035.4
SKYEPHARMA-ADR SK8 GR -133034755 130464035.4
SKYEPHARMA-ADR SKYPY US -133034755 130464035.4
SKYEPHARMA-ADR AP80 LI -133034755 130464035.4
SKYEPHARMA-ADR SK8N GR -133034755 130464035.4
SKYEPHARMA-ADR SKYEY US -133034755 130464035.4
SKYEPHAR-RTS F/P SKPF VX -133034755 130464035.4
SKYEPHAR-RTS F/P SKPF LN -133034755 130464035.4
SKYEPHAR-RTS N/P SKPN VX -133034755 130464035.4
SKYEPHAR-RTS N/P SKPN LN -133034755 130464035.4
SLP ENGINEERING 1855186Z LN -32035150.2 111509874.7
SMG PLC SMG PO -36632758.7 143156965
SMG PLC SMG LN -36632758.7 143156965
SMG PLC-FUL PAID SMGF LN -36632758.7 143156965
SMG PLC-NIL PAID SMGN LN -36632758.7 143156965
SMITHS NEWS PLC NWS1 EU -97977003.3 345035294.1
SMITHS NEWS PLC NWS7 EO -97977003.3 345035294.1
SMITHS NEWS PLC NWS5 EO -97977003.3 345035294.1
SMITHS NEWS PLC NWS IX -97977003.3 345035294.1
SMITHS NEWS PLC NWS6 EO -97977003.3 345035294.1
SMITHS NEWS PLC NWS11 EO -97977003.3 345035294.1
SMITHS NEWS PLC NWS PO -97977003.3 345035294.1
SMITHS NEWS PLC NWS2 EO -97977003.3 345035294.1
SMITHS NEWS PLC NWS S1 -97977003.3 345035294.1
SMITHS NEWS PLC NWS13 EO -97977003.3 345035294.1
SMITHS NEWS PLC NWS4 EO -97977003.3 345035294.1
SMITHS NEWS PLC NWS2GBP EO -97977003.3 345035294.1
SMITHS NEWS PLC NWS8 EO -97977003.3 345035294.1
SMITHS NEWS PLC NWS VX -97977003.3 345035294.1
SMITHS NEWS PLC NWS PZ -97977003.3 345035294.1
SMITHS NEWS PLC NWS1 BQ -97977003.3 345035294.1
SMITHS NEWS PLC NWS1GBP EO -97977003.3 345035294.1
SMITHS NEWS PLC NWS9 EO -97977003.3 345035294.1
SMITHS NEWS PLC NWS2EUR EO -97977003.3 345035294.1
SMITHS NEWS PLC NWS12 EO -97977003.3 345035294.1
SMITHS NEWS PLC SMWPF US -97977003.3 345035294.1
SMITHS NEWS PLC NWS10 EO -97977003.3 345035294.1
SMITHS NEWS PLC NWS LN -97977003.3 345035294.1
SMITHS NEWS PLC NWS2 TQ -97977003.3 345035294.1
SMITHS NEWS PLC SMWPY US -97977003.3 345035294.1
SMITHS NEWS PLC NWS2EUR EU -97977003.3 345035294.1
SMITHS NEWS PLC NWS1 EO -97977003.3 345035294.1
SONY COMPUTER EN 3893902Z LN -527371384 1289099673
SONY DADC UK LTD 4007652Z LN -758038.371 131666251.9
SONY UNITED KING 1591658Z LN -1219147829 2550391748
SOUTH STAFFORDSH 4049781Z LN -12127094.8 148602864.7
SOUTHERN CROSS SCHE PZ -456945464 226544692
SOUTHERN CROSS SCHE LN -456945464 226544692
SOUTHERN CROSS SCH4 EO -456945464 226544692
SOUTHERN CROSS SCHE EO -456945464 226544692
SOUTHERN CROSS SCHEGBP EO -456945464 226544692
SOUTHERN CROSS SCHEUSD EO -456945464 226544692
SOUTHERN CROSS SCHE6 EO -456945464 226544692
SOUTHERN CROSS SCHE4 EO -456945464 226544692
SOUTHERN CROSS SCHE TQ -456945464 226544692
SOUTHERN CROSS SCHE2 EO -456945464 226544692
SOUTHERN CROSS SCHE VX -456945464 226544692
SOUTHERN CROSS SCHE5 EO -456945464 226544692
SOUTHERN CROSS SCHE IX -456945464 226544692
SOUTHERN CROSS SCHE NR -456945464 226544692
SOUTHERN CROSS SCHE QM -456945464 226544692
SOUTHERN CROSS SCHE S1 -456945464 226544692
SOUTHERN CROSS SCHEEUR EU -456945464 226544692
SOUTHERN CROSS SCH5 EO -456945464 226544692
SOUTHERN CROSS SCHE EB -456945464 226544692
SOUTHERN CROSS SCHE EU -456945464 226544692
SOUTHERN CROSS SCHE8 EO -456945464 226544692
SOUTHERN CROSS F2Z GR -456945464 226544692
SOUTHERN CROSS SCHEUSD EU -456945464 226544692
SOUTHERN CROSS SCHEEUR EO -456945464 226544692
SOUTHERN CROSS SCHE BQ -456945464 226544692
SOUTHERN CROSS SCHE PO -456945464 226544692
SOUTHERN CROSS SCHE7 EO -456945464 226544692
SOUTHERN CROSS SCH3 EO -456945464 226544692
SOUTHERN CROSS SOCHF US -456945464 226544692
SOUTHERN CROSS SCHE3 EO -456945464 226544692
SOUTHERN CROSS SCHE NQ -456945464 226544692
SOUTHERN CROSS F2Z TH -456945464 226544692
SOUTHERN ELECTRI 2635379Z LN -259913242 1437660480
SPEAR GROUP HOLD 4470999Z LN -91133585.6 140447896.6
SPEEDY SUPPORT S 1601730Z LN -34304692.5 146096457.3
SQUARE ENIX LTD 1826770Z LN -223995034 278955082.2
SR TECHNICS UK L 2900250Z LN -143296142 116171355.3
STAGECOACH GROUP SAGKF US -158544627 2695903851
STAGECOACH GROUP SHP4 GR -158544627 2695903851
STAGECOACH GROUP SGC1USD EU -158544627 2695903851
STAGECOACH GROUP SGC1AUD EU -158544627 2695903851
STAGECOACH GROUP SGC1PEN EO -158544627 2695903851
STAGECOACH GROUP SGC PO -158544627 2695903851
STAGECOACH GROUP SGC1AUD EO -158544627 2695903851
STAGECOACH GROUP SGC1 EB -158544627 2695903851
STAGECOACH GROUP SGC S1 -158544627 2695903851
STAGECOACH GROUP SGC1 NR -158544627 2695903851
STAGECOACH GROUP SGCG PZ -158544627 2695903851
STAGECOACH GROUP SGC1 BQ -158544627 2695903851
STAGECOACH GROUP SGC1 NQ -158544627 2695903851
STAGECOACH GROUP SGC1 QM -158544627 2695903851
STAGECOACH GROUP SGC1EUR EO -158544627 2695903851
STAGECOACH GROUP SHP5 GR -158544627 2695903851
STAGECOACH GROUP SGC1EUR EU -158544627 2695903851
STAGECOACH GROUP SGC2 VX -158544627 2695903851
STAGECOACH GROUP SGC1GBP EO -158544627 2695903851
STAGECOACH GROUP SGC1PEN EU -158544627 2695903851
STAGECOACH GROUP SGC1 EU -158544627 2695903851
STAGECOACH GROUP SHP GR -158544627 2695903851
STAGECOACH GROUP SGC IX -158544627 2695903851
STAGECOACH GROUP SGC1 TQ -158544627 2695903851
STAGECOACH GROUP SGC1 EO -158544627 2695903851
STAGECOACH GROUP SGC1USD EO -158544627 2695903851
STAGECOACH GROUP SGC LN -158544627 2695903851
STAGECOACH GROUP SHP4 GK -158544627 2695903851
STAGECOACH GRP-B SGCB LN -158544627 2695903851
STAGECOACH-NEW SGCN LN -158544627 2695903851
STAGECOA-SPN ADR SAGKY US -158544627 2695903851
STJAMES'S PLACE 4451825Z LN -40027613.6 444219054.8
STV GROUP PLC STVGEUR EU -36632758.7 143156965
STV GROUP PLC STVG LN -36632758.7 143156965
STV GROUP PLC STVGGBP EO -36632758.7 143156965
STV GROUP PLC SMG VX -36632758.7 143156965
STV GROUP PLC STVG EO -36632758.7 143156965
STV GROUP PLC STVG VX -36632758.7 143156965
STV GROUP PLC STVGEUR EO -36632758.7 143156965
STV GROUP PLC STVG EU -36632758.7 143156965
STV GROUP PLC SMG PZ -36632758.7 143156965
STV GROUP PLC SMG IX -36632758.7 143156965
STV GROUP PLC STVG S1 -36632758.7 143156965
STV GROUP PLC SMGPF US -36632758.7 143156965
SUN CHEMICAL LTD 2569274Z LN -21504458.6 276424178.5
SUNDERLAND ASSOC 1274418Z LN -30559441.4 144949782.5
SUNSAIL LTD 1092666Z LN -37047891.8 193976501.7
SUNSEEKER INTERN 820741Z LN -7756394.62 227371284.6
SWIFT TECHNICAL 4287133Z LN -34723772.8 138665319.9
TATA CMMNCTNS UK 2534722Z LN -32378969.2 118690215.5
TDL INFOMEDIA 3362Z LN -25723860.1 136762955.6
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMMUNI 1608194Z LN -113079710 9113744374
TELEWEST COMMUNI 1646328Z LN -287113015 868389208
THALES CORPORATE 1083706Z LN -65658884.5 829798983.7
THALES RAIL SIGN 2812334Z LN -29298137.4 106623580
THALES TELECOMMU 1163839Z LN -5826263.27 245379695.8
THAMES WATER FIN 1615Z LN -48749918.5 4474513723
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIMES NEWSPAPERS 2343939Z LN -653746580 603467606.2
TOPPS TILES PLC TPT5 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT3 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT BQ -39843958.1 122386142.5
TOPPS TILES PLC TPT1 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT2 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT PO -39843958.1 122386142.5
TOPPS TILES PLC TPT8 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT IX -39843958.1 122386142.5
TOPPS TILES PLC TPT PZ -39843958.1 122386142.5
TOPPS TILES PLC TPT LN -39843958.1 122386142.5
TOPPS TILES PLC TPT4 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT EO -39843958.1 122386142.5
TOPPS TILES PLC TPT7 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT9 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT10 EO -39843958.1 122386142.5
TOPPS TILES PLC TPTEUR EU -39843958.1 122386142.5
TOPPS TILES PLC TPT EU -39843958.1 122386142.5
TOPPS TILES PLC TPT TQ -39843958.1 122386142.5
TOPPS TILES PLC TPTJY US -39843958.1 122386142.5
TOPPS TILES PLC TPT6 EO -39843958.1 122386142.5
TOPPS TILES PLC TPTGBP EO -39843958.1 122386142.5
TOPPS TILES PLC TPTEUR EO -39843958.1 122386142.5
TOPPS TILES PLC TPT S1 -39843958.1 122386142.5
TOPPS TILES PLC TPT VX -39843958.1 122386142.5
TOPPS TILES PLC TPTJF US -39843958.1 122386142.5
TOPPS TILES-NEW TPTN LN -39843958.1 122386142.5
TOTAL UK LTD 3897130Z LN -61225906.1 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411330 1254613472
TRINITY MIRROR P 1511258Z LN -138612681 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.96 2408518672
TUI UK LTD 1653824Z LN -913811299 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.9 206496365.3
UNIVERSAL LEASIN 2581586Z LN -28690420.2 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.8 120867289.2
UTC GROUP UGR LN -11904428.4 203548565
VANCO UK LTD 2784982Z LN -56556541 114635709.2
VINK HOLDINGS LT 4380233Z LN -13477348.3 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.3 109995632.6
VIRGIN MOB-ASSD VMOA LN -392165409 166070003.7
VIRGIN MOB-ASSD VMOC LN -392165409 166070003.7
VIRGIN MOBILE VMOB PO -392165409 166070003.7
VIRGIN MOBILE VMOB LN -392165409 166070003.7
VIRGIN MOBILE VGMHF US -392165409 166070003.7
VIRGIN MOBILE VMOB VX -392165409 166070003.7
VIRGIN MOBILE UEM GR -392165409 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616777 5155268566
VODAFONE UK CONT 1909662Z LN -36036445.4 241077469.5
VOLUTION GROUP L 4453393Z LN -44375617.5 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.8 572205624
WALES & WEST UTI 3688061Z LN -784167197 2080276139
WARNER ESTATE WNER IX -41311778.1 373214358.7
WARNER ESTATE WNER EO -41311778.1 373214358.7
WARNER ESTATE WNER EU -41311778.1 373214358.7
WARNER ESTATE WRL GR -41311778.1 373214358.7
WARNER ESTATE WNER PZ -41311778.1 373214358.7
WARNER ESTATE WNEHF US -41311778.1 373214358.7
WARNER ESTATE WNER VX -41311778.1 373214358.7
WARNER ESTATE WNER LN -41311778.1 373214358.7
WARNER ESTATE WNER PO -41311778.1 373214358.7
WARNER ESTATE WNERGBP EO -41311778.1 373214358.7
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.7 104022836.2
WEETABIX LTD-A WTB OF -397652100 909970808.9
WEETABIX LTD-A WEEBF US -397652100 909970808.9
WESCOT TOPCO LTD 4007020Z LN -28467510.9 115035189
WEST HAM UNITED 1275834Z LN -60233495.2 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.71 100781831
WHITE HART LANE 2004631Z LN -5246329.46 130633347.5
WIGHTLINK LTD 1385642Z LN -15131435.9 231775265.6
WINCANTON PL-ADR WNCNY US -290434319 1037176004
WINCANTON PLC WIN11 EO -290434319 1037176004
WINCANTON PLC WIN4 EO -290434319 1037176004
WINCANTON PLC WIN1GBP EO -290434319 1037176004
WINCANTON PLC WIN LN -290434319 1037176004
WINCANTON PLC WIN1 TQ -290434319 1037176004
WINCANTON PLC WIN13 EO -290434319 1037176004
WINCANTON PLC WIN1 EU -290434319 1037176004
WINCANTON PLC WIN1USD EO -290434319 1037176004
WINCANTON PLC WIN1EUR EO -290434319 1037176004
WINCANTON PLC WIN IX -290434319 1037176004
WINCANTON PLC WIN1 QM -290434319 1037176004
WINCANTON PLC WIN1 S1 -290434319 1037176004
WINCANTON PLC WNCNF US -290434319 1037176004
WINCANTON PLC WIN PZ -290434319 1037176004
WINCANTON PLC WIN1EUR EU -290434319 1037176004
WINCANTON PLC WIN12 EO -290434319 1037176004
WINCANTON PLC WIN6 EO -290434319 1037176004
WINCANTON PLC WIN1 BQ -290434319 1037176004
WINCANTON PLC WIN VX -290434319 1037176004
WINCANTON PLC WIN1USD EU -290434319 1037176004
WINCANTON PLC WIN1 EO -290434319 1037176004
WINCANTON PLC WIN10 EO -290434319 1037176004
WINCANTON PLC WIN PO -290434319 1037176004
WINCANTON PLC WIN1 NQ -290434319 1037176004
WINCANTON PLC WIN5 EO -290434319 1037176004
WINCANTON PLC WIN8 EO -290434319 1037176004
WINCANTON PLC WIN9 EO -290434319 1037176004
WINCANTON PLC WIN1 EB -290434319 1037176004
WINCANTON PLC WIN7 EO -290434319 1037176004
WINDSOR TELEVISI 1475394Z LN -249144874 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.5 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.2 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.2 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.9 276648958.8
YOUNG'S BLUECRES 1841386Z LN -46554226.4 279057376.4
ZURICH EMPLOYMEN 1292298Z LN -122911832 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland
USA. Valerie U. Pascual, Marites O. Claro, Rousel Elaine T.
Fernandez, Joy A. Agravante, Ivy B. Magdadaro, Frauline S.
Abangan and Peter A. Chapman, Editors.
Copyright 2012. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 240/629-3300.
* * * End of Transmission * * *