/raid1/www/Hosts/bankrupt/TCREUR_Public/120717.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, July 17, 2012, Vol. 13, No. 141
Headlines
A Z E R B A I J A N
TECHNIKABANK: Moody's Lowers Bank Finc'l. Strength Rating to 'E'
B U L G A R I A
LOCOMOTIVE & CARRIAGE: Officially Declared Bankrupt
F R A N C E
PEUGEOT SA: Moody's Reviews 'Ba1' Ratings for Downgrade
PSA PEUGEOT: Hollande Says Plant Closure, Job Cuts "Unacceptable"
H U N G A R Y
* HUNGARY: Construction Company Liquidations Up 13% in First Half
I R E L A N D
WHITE TOWER 2007-1: S&P Cuts Ratings on 2 Note Classes to 'CCC'
I T A L Y
BANCA MONTE: Fitch Downgrades Viability Rating to 'bb+'
WIND TELECOM: Fitch Affirms 'BB' LT IDR; Outlook Negative
N E T H E R L A N D S
HYVA GLOBAL: Moody's Downgrades CFR to 'B2'; Outlook Stable
R U S S I A
ABH FINANCIAL: Fitch Assigns 'BB+' LT Issuer Default Rating
AGRIBUSINESS HOLDING: Fitch Affirms 'B' LT Issuer Default Rating
BANK URALSIB: Moody's Lowers Bank Finc'l. Strength Rating to 'E+'
S P A I N
SANTANDER EMPRESAS: Fitch Affirms 'C' Ratings on 3 Note Classes
TDA 27: S&P Lowers Rating on Class C Notes to 'B-'; Off Watch
TDA CAM: Fitch Affirms 'Csf' Rating on Class D Notes
* SPAIN: Threatens to Take Control of Deficit-Troubled Regions
S W I T Z E R L A N D
BANCO PINE: Fitch Withdraws 'BB' Rating on XHF100MM Senior Notes
U K R A I N E
PROCREDIT BANK: Fitch Affirms 'B' Issuer Default Ratings
U N I T E D K I N G D O M
FARNHAM DEVELOPMENTS: Enters Into CVA Due to Cash Flow Problems
* UK: R3 Sees More Shops & Hotels at Risk of Going Bust
U Z B E K I S T A N
UZBEK UZPROMSTROYBANK: S&P Affirms B+ Counterparty Credit Ratings
X X X X X X X X
* EUROPE: ECB Won't Oppose Plan to Impose Bondholder Losses
* Moody's Changes Global Base Metal Industry Outlook to Negative
* Large Companies with Insolvent Balance Sheets
*********
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A Z E R B A I J A N
===================
TECHNIKABANK: Moody's Lowers Bank Finc'l. Strength Rating to 'E'
----------------------------------------------------------------
Moody's Investors Service has downgraded Technikabank's
standalone bank financial strength rating (BFSR) to E, mapping to
a standalone credit assessment of caa3, from E+ (formerly mapping
to b3). The bank's long-term local and foreign currency deposit
ratings were also downgraded to Caa2 from B3.
The outlook on the BFSR, which is at the lowest rating level, is
stable. The outlook on long-term deposit ratings is developing.
The rating action concludes the review initiated on March 27,
2012, when the bank's ratings were placed on review for
downgrade.
Moody's rating action on Technikabank is based on the bank's
unaudited results for the first six months of 2012 prepared under
local GAAP.
Ratings Rationale
According to Moody's, the downgrade of Technikabank's BFSR and
deposit ratings reflects a material deterioration of the bank's
financial fundamentals. The rating agency says that the bank's
capital base has been virtually depleted and according to
Technikabank's management, the bank's total capital adequacy
ratio (CAR; unaudited, based on local GAAP) dropped well below
the 12% regulatory minimum -- to 2.3% -- at end-April 2012. The
drop in capital resulted from a sharp asset quality deterioration
and an increase in loan loss provisions. Moody's understands that
Technikabank has not yet received formal waivers from the Central
Bank of Azerbaijan (CBA) related to the breach of the minimum CAR
requirement.
Technikabank's existing shareholder (a company called World
Wines) have communicated to Moody's its plans to inject 50
million manats (around US$64 million) into the capital by year-
end 2012; however, Moody's believes there is a significant
uncertainty whether this capital support will materialize or will
be sufficient.
In addition, Technikabank's liquidity profile has materially
deteriorated in March-May 2012 when negative publicity and
uncertainty surrounding the bank triggered a substantial deposit
run, resulting in a 60% contraction in retail deposits and a 23%
contraction in total liabilities. To meet demand for cash, the
bank discontinued its lending activity and decreased its liquid
assets (cash and bank deposits) as a percentage of total assets
to around 4% at end-June 2012, from 10% in February 2012. The
bank's liquidity profile appears to have stabilized after
receiving support from the state-controlled International Bank of
Azerbaijan (IBA); however, Moody's views Technikabank's liquidity
risk as high, considering the bank's limited ability to attract
new funding and uncertainty regarding the quality of its loan
portfolio.
Due to Technikabank's asset quality challenges, high
recapitalization needs and funding constraints, Moody's expects
Technikabank to further deleverage its balance sheet, which will
weaken the bank's market franchise and revenue potential.
Support Considerations
Moody's says that Technikabank's Caa2 ratings now incorporate a
one notch uplift from its standalone credit strength of caa3,
reflecting a low probability of systemic support. Although direct
systemic support from either the government or the CBA has so far
not been provided to the bank, Technikabank has received
liquidity support and guarantees from IBA, a state-controlled
bank. In addition, Moody's understands that the bank currently
enjoys regulatory forbearance. Following its large deposit
outflow, the bank still retains around 3% market share on the
retail deposit market, and Moody's does not rule out some
systemic support going forward.
The developing outlook on the Caa2 deposit ratings reflects the
uncertainty regarding Technikabank's ability to continue its
operations. On the one hand, Moody's acknowledges that
Technikabank's ratings could be positively affected by the
successful outcome of its recapitalization plan. On the other
hand, negative pressure could be exerted on Technikabank's
ratings if (1) capitalization plans do not materialize, or the
proposed capital injection is insufficient to address the bank's
problems, and (2) its liquidity profile continues to deteriorate
as a result of the bank's inability to roll over deposits and
interbank loans, thereby increasing the probability of default on
its obligations.
The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
Domiciled in Baku, Azerbaijan, Technikabank reported -- as at end
June 2012 -- total assets of AZN446 million and shareholders'
equity of AZN15 million, according to unaudited local GAAP.
===============
B U L G A R I A
===============
LOCOMOTIVE & CARRIAGE: Officially Declared Bankrupt
---------------------------------------------------
FOCUS News Agency reports that Locomotive & Carriage Works was
officially declared bankrupt during the weekend.
This was announced by its owner, the Railway Infrastructure
Holding Company, FOCUS News discloses.
The insolvency is valid as of July 14, FOCUS News notes.
Locomotive & Carriage Works is based in Ruse.
===========
F R A N C E
===========
PEUGEOT SA: Moody's Reviews 'Ba1' Ratings for Downgrade
-------------------------------------------------------
Moody's Investors Service has placed the ratings of Peugeot S.A.
("PSA") and its rated subsidiary GIE PSA Tresorerie ("GIE") on
review for downgrade.
On Review for Possible Downgrade:
Issuer: GIE PSA Tresorerie
Senior Unsecured Regular Bond/Debenture, Placed on Review for
Possible Downgrade, currently Ba1, LGD4, 51 %
Senior Unsecured Regular Bond/Debenture, Placed on Review for
Possible Downgrade, currently Ba1, LGD4, 51 %
Issuer: Peugeot S.A.
Probability of Default Rating, Placed on Review for Possible
Downgrade, currently Ba1
Corporate Family Rating, Placed on Review for Possible
Downgrade, currently Ba1
Senior Unsecured Conv./Exch. Bond/Debenture, Placed on Review
for Possible Downgrade, currently Ba1, LGD4, 51 %
Senior Unsecured Conv./Exch. Bond/Debenture, Placed on Review
for Possible Downgrade, currently Ba1, LGD4, 51 %
Senior Unsecured Medium-Term Note Program, Placed on Review
for Possible Downgrade, currently (P)Ba1
Senior Unsecured Regular Bond/Debenture, Placed on Review for
Possible Downgrade, currently a range of Ba1, LGD4, 51 %
Senior Unsecured Regular Bond/Debenture, Placed on Review for
Possible Downgrade, currently a range of Ba1, LGD4, 51 %
Outlook Actions:
Issuer: GIE PSA Tresorerie
Outlook, Changed To Rating Under Review From Negative
Issuer: Peugeot S.A.
Outlook, Changed To Rating Under Review From Negative
Ratings Rationale
"Moody's decision to initiate a review for possible downgrade of
PSA's ratings was triggered by a deterioration in the company's
already weak capacity utilization of its European plants in H1
2012, resulting in a high cash burn rate of EUR200 million per
month since mid-2011 and an estimated recurring operating loss at
the automotive division in H1 2012 of EUR700 million," says Falk
Frey, a Moody's Senior Vice President and lead analyst for PSA.
"The review also takes account of PSA's announced reorganization
of its French production base, including the capacity adjustments
and workforce reductions that are aimed at achieving a return of
operating cash flow to break-even by the end of 2014," explains
Mr. Frey.
An additional factor is PSA's downward revision of its outlook
for the European car market (EU30 countries), based on the
deterioration in the economic environment, in particular in
southern European countries. The company now anticipates an 8%
decline in European car demand versus a previously expected
slowdown of 5% for 2012.
Moody's believes that PSA faces tremendous operational stress
with financial metrics, which are currently positioned below the
Ba1 rating category and are likely to deteriorate further in the
current year and unsustainably high cash burn from its automotive
operations. These negative developments suggest that Moody's
guidance for the current rating may not be met in the timeframe
previously anticipated.
To address this, PSA announced various initiatives in February
2012 aimed at improving its competitive positioning and operating
performance, as well as asset disposals to improve its balance
sheet. Those initiatives included, among others, (i) a special
dividend payout from its captive subsidiary Banque PSA Finance;
(ii) the sale and lease-back of properties for approximately
EUR500 million of cash proceeds; (iii) the sale of a stake in its
logistics company Gefco for a cash consideration of more than
EUR500 million; (iv) a capital increase of EUR1.1 billion
underwritten by a pool of banks; as well as (v) a strategic
alliance with General Motors ("GM", rated Ba1/positive), which is
structured around sharing selected vehicle platforms, components
and modules as well as a global purchasing joint venture.
The anticipated cash inflow from the asset disposals was intended
to provide the resources and time that would allow PSA to
implement the necessary operational and structural measures to
turn around the core automotive business over the medium term.
While the announced alliance with GM might result in medium- to
long-term cost savings, especially in the areas of purchasing and
research and development expenses, Moody's cautions that upfront
expenses will negatively impact PSA's results in the short term.
Moody's also notes that a number of past mergers and alliances in
the automotive industry have very rarely achieved the anticipated
competitive advantages and improved performance.
Focus of the Review
Moody's review of PSA's ratings will focus mainly but not
exclusively on: (i) the timely implementation and execution of
the announced capacity adjustments; (ii) the costs associated
with the reorganization as well as its cash flow impact and
timing; (iii) the cost benefits resulting from a better capacity
utilization over time; (iv) progress on the cost savings program
announced in February; and (v) PSA's sales, inventory and market
share development, especially in terms of the success of new
model introductions. Moreover, the ability of PSA to stem its
free cash flow consumption and improve its financial metrics
within the timeframe and maintain a solid liquidity profile will
be crucial for the outcome of the review process.
Furthermore, the review will also re-assess whether the current
financial arrangements of the group imply a degree of structural
subordination for the debt outstanding at the holding level
versus the payment obligations at the level of operating
subsidiaries and the GIE as described below, whether this needs
to be reflected in a notching as well as the extent to which any
such issue could be mitigated.
What Could Move The Rating Up/Down
Moody's would consider downgrading PSA's ratings in the event of
(i) the company's failure to regain part of the market share
losses in Europe through the replacement of the ageing B-segment
line; or (ii) an inability to execute on the announced asset
disposals (sale and leaseback of properties and the sale of a
stake in Gefco), with the aim of achieving EUR1.0 billion worth
of cash inflows.
A downgrade could also be triggered in the event that the company
is unable to materially improve its operating performance or
record a strong recovery of its credit metrics. Moody's currently
expects PSA to achieve Net Debt/EBITDA of below 2.0x, and a
Cash/Debt of at least in the 30-40 % range by 2013. In addition,
strong negative pressure would also develop in the event of a
deviation from Moody's base case scenario for 2012, i.e. (i)
adjusted EBIT loss of no more than EUR100 million, before
exceptional costs; or (ii) Net Debt/EBITDA below 3.0x in 2012 and
a cash burn (negative free cash flow as defined by Moody's) of no
more than EUR250 million.
Given the current review for downgrade, an upgrade of PSA's
ratings is unlikely over the short to medium term. However, a
sustainable turnaround of the operating profit in the Automotive
Division with margins between 2%-4% and a sustainable positive
free cash flow generation could result in an upgrade.
PSA's principal liquidity sources for its industrial business as
of 30 December 2011 consisted of cash on balance sheet in the
amount of EUR5.2 billion, availability under undrawn committed
credit lines of EUR2.4 billion maturing July 2014 (excluding an
additional headroom of EUR0.6 billion under Faurecia's facility),
as well as potential cash flow generation from operations over
the next 12 months. These cash sources provide adequate coverage
for the major liquidity requirements that could arise during the
next 12 months. These consist of short-term debt maturities as of
year-end 2011 of approximately EUR2.2 billion, capital
expenditures, working capital funding and day-to-day needs.
Structural Considerations
Peugeot's funding policy is based on borrowing at the holding
company level (Peugeot S.A.), and on-lending to its operating
subsidiaries via GIE PSA Tresorerie. Based on a cash pooling
agreement between Peugeot S.A. and GIE, all payment obligations
of the operating subsidiaries towards GIE rank pari-passu with
trade payables at the subsidiaries' level. The ratings of PSA's
outstanding notes and bonds are currently not notched below the
group's CFR according to Moody's Loss Given Default Methodology.
Rating Methodology Used
The principal methodology used in rating PSA was Moody's "Global
Automobile Manufacture Industry Methodology", published in June
2011. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
Peugeot S.A., headquartered in Paris, is Europe's second-largest
maker of light vehicles with its two main brands Peugeot and
Citro‰n. Other industrial operations include Faurecia, one of
Europe's leading automotive suppliers in which PSA held a 57.43%
interest at year-end 2010, and Gefco, France's second-largest
transportation and logistics service provider. The group also
provides financing to dealers and end-customers through its
wholly owned finance subsidiary, Banque PSA Finance. In 2011, the
group generated revenues of EUR59.9 billion and operating income
of EUR0.9 billion.
PSA PEUGEOT: Hollande Says Plant Closure, Job Cuts "Unacceptable"
-----------------------------------------------------------------
Andrew Roberts and Mathieu Rosemain at Bloomberg News report that
French President Francois Hollande says PSA Peugeot Citroen
(UG)'s plan to close a factory and slash 14,000 jobs won't be
tolerated.
Mr. Hollande, elected in May after pledging to block a "parade of
firings," said July 14 he would lean on Peugeot to rework a plan
intended to stem losses and trim production capacity, Bloomberg
relates. The government will report the findings of a review
later this month, as well as measures to prop up the French auto
sector, Bloomberg discloses.
"The state has no means to put pressure on Peugeot," Bloomberg
quotes Florent Couvreur, an analyst at CM-CIC Securities in
Paris, as saying. "We'll see the plan they will present on
July 25."
Peugeot, Bloomberg says, doesn't have much wiggle room to amend
its plan. Europe's second-largest carmaker is burning through
EUR200 million (US$245 million) of cash each month and Moody's
Investors Service placed its Ba1 rating, already junk, on review
for a possible downgrade on July 13, Bloomberg notes.
Mr. Hollande, as cited by Bloomberg, said that the state can't be
"indifferent" to Peugeot's woes and that the carmaker's current
plan, which includes 8,000 more job cuts than announced last
year, is "unacceptable."
PSA Peugeot Citroen S.A. -- http://www.psa-peugeot-citroen.com/
-- is a France-based manufacturer of passenger cars and light
commercial vehicles. It produces vehicles under the Peugeot and
Citroen brands. In addition to its automobile division, the
Company includes Banque PSA Finance, which supports the sale of
Peugeot and Citroen vehicles by financing new vehicle and
replacement parts inventory for dealers and offering financing
and related services to car buyers; Faurecia, an automotive
equipment manufacturer focused on four component families: seats,
vehicle interior, front end and exhaust systems; Gefco, which
offers logistics services covering the entire supply chain,
including overland, sea and air transport, industrial logistics,
container management, vehicle preparation and distribution, and
customs and value added tax (VAT) representation, and Peugeot
Motocycles, which manufactures scooters and motorcycles. In
2008, PSA Peugeot Citroen S.A. sold more than 3.2 million
vehicles in 150 countries worldwide.
=============
H U N G A R Y
=============
* HUNGARY: Construction Company Liquidations Up 13% in First Half
-----------------------------------------------------------------
MTI-Econews, citing Opten, which compiles information on
companies, reports that creditors and suppliers launched
liquidation procedures against 2,366 construction sector
companies in the first half, 13% more than in the same period a
year earlier.
According to MTI, the number of voluntary liquidations rose 55%
to 2,890.
There were 2,601 new construction companies established in
Hungary in the first half of 2012, down 14% from the same period
a year earlier, MTI discloses.
=============
I R E L A N D
=============
WHITE TOWER 2007-1: S&P Cuts Ratings on 2 Note Classes to 'CCC'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
White Tower Europe 2007-1 PLC's class B, C, D, and E notes. "At
the same time, we have affirmed our rating on the class A notes,"
S&P said.
White Tower 2007-1 is a European true-sale commercial mortgage-
backed securities (CMBS) transaction. At closing in May 2007, it
was secured on six office, leisure and retail, and residential
loans in Germany, France, and Spain.
"On July 14, 2011, we lowered our ratings on White Tower 2007-1's
class C and D notes, due to market value declines of properties
securing the then-remaining loans in this transaction--Deutsche
Bahn Hanover, Deutsche Bahn Nuremberg, and Heron City--and due to
the Heron City loan's increased risk of principal losses," S&P
said.
Since then, the borrower has fully repaid the Deutsche Bahn
Hanover and Deutsche Bahn Nuremberg loans. This leaves
outstanding the Heron City loan, secured by a single leisure and
retail property close to Barcelona.
"The rating actions follow our review of the performance of this
loan, and subsequent reduction of our recovery expectations," S&P
said.
"As only one loan remains, the pool is now highly concentrated.
The Heron City loan, which matured in December 2011, has been in
special servicing since June 2011 for breach of its loan-to-value
(LTV) ratio covenant. We received a special notice on March 26,
2012, that a new valuation for the property backing the loan had
been prepared in December 2011, showing that the LTV ratio has
increased to 174% from 128%. Rent arrears, which peaked at 20% in
2009, have again increased to about 9%, from 2% in July 2011. The
special servicer, Societe Generale, states that these arrears are
mostly due to one tenant and is in the process of being repaid.
We consider that the Spanish economy (including the continuing
recession and high unemployment rates) will continue to constrain
the Spanish leisure sector, and increase the risk of further
income deterioration for the property backing the Heron City
loan," S&P said.
"Although there is a potential three-year loan workout period
before the legal final maturity of the notes, we consider it
unlikely that most of the cash trapped will be used to pay down
the loan. We understand that the servicer, Hatfield Philips
International Ltd., may work out the loan in a shorter timeframe,
given its statements and its intent to use trapped cash for
expenses and capital expenditures. As a result, we have increased
our loss expectations for the loan," S&P said.
"In view of our assessment of the recoverable proceeds of the
remaining loan, we have lowered our ratings on the class C to E
notes to 'B- (sf)', 'CCC (sf)', and 'CCC (sf)', to reflect our
view that they will likely suffer principal losses. We have
lowered our rating on the class B notes to 'B (sf)', as we
consider that they are at increased risk of suffering principal
losses. We have affirmed our 'A (sf)' rating on the class A
notes, given the level of subordination remaining in the
transaction," S&P said.
POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES
"We have taken the rating actions based on our criteria for
rating European CMBS. However, these criteria are under review,"
S&P said.
"As highlighted in the Nov. 8 Advance Notice Of Proposed Criteria
Change, we expect to publish a request for comment (RFC)
outlining our proposed criteria changes for rating European CMBS
transactions," S&P said.
"On June 4, we published a request for comment (RFC) outlining
our proposed criteria changes for CMBS Global Property Evaluation
Methodology. The proposed criteria do not significantly change
Standard & Poor's longstanding approach to deriving property net
cash flow (S&P NCF) and value (S&P Value). We therefore
anticipate limited impact for European outstanding ratings when
the updated CMBS Global Property Evaluation Methodology criteria
are finalized," S&P said.
"However, because of its global scope, the proposed CMBS Global
Property Evaluation Methodology does not include certain market-
specific adjustments. An application of these criteria to
European transactions will therefore be published when we release
our updated rating criteria," S&P said.
"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and surveil these transactions
using our existing criteria," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
White Tower Europe 2007-1 PLC
EUR349.55 Million Commercial Mortgage-Backed
Variable- And Floating-Rate Notes
Ratings Lowered
B B (sf) BBB (sf)
C B- (sf) B (sf)
D CCC (sf) B- (sf)
E CCC (sf) B- (sf)
Rating Affirmed
A A (sf)
=========
I T A L Y
=========
BANCA MONTE: Fitch Downgrades Viability Rating to 'bb+'
-------------------------------------------------------
Fitch Ratings has affirmed Banca Monte dei Paschi di Siena's
(MPS) Long-term Issuer Default Rating (IDR) at 'BBB' with a
Stable Outlook and its Short-term IDR at 'F3'. The IDR is at its
Support Rating Floor of 'BBB', which was also affirmed. The
bank's Viability Rating (VR) was downgraded to 'bb+' from 'bbb-'
and placed on Rating Watch Negative (RWN).
The rating action follows MPS's announcement on June 27, 2012
that it would apply for about EUR1.5 billion of additional
government capital in the form of hybrid instruments. In Fitch's
opinion the decision by the Italian government to make up to EUR2
billion in fresh capital available to the bank underlines the
authorities' propensity to support MPS as Italy's third-largest
bank. The capital increase will improve the bank's
capitalization and improve its capacity to absorb losses.
However, significant pressure remains on MPS's profitability,
asset quality and funding, which Fitch does not consider in line
with an investment grade VR. The deteriorating conditions of the
domestic economy and the financial markets affect all Italian
banks, but the agency considers MPS to be relatively more
affected by external conditions because of its need to rebalance
its funding by de-leveraging during times of market stress.
Fitch expects to resolve the RWN after a review of the bank's
prospects in the context of its new business plan presented on 27
June. This review will concentrate on the potential impact of a
further deterioration of the operating environment on asset
quality, earnings and funding. In this context, the planned
reduction of operating expenses is a key component of the bank's
business plan, and its implementation will be important for the
bank to reach its target.
Furthermore, coupon payments on the new hybrids to be issued are
likely to weigh on internal capital generation. MPS's current
plans to reach its target common equity Tier 1 ratio of 8.07%
under Basel III at end-2015 include the effects of the repayment
of all but EUR475 million of government capital and a planned
capital increase of EUR1 billion once market conditions improve,
as well as the sale of some non-core assets, including the bank's
leasing business and its consumer finance subsidiary.
Fitch does not currently expect to revise the Support Rating
Floor in the event of a moderate sovereign downgrade in the
future. A material downgrade of the sovereign rating would
result in a downgrade of the Support Rating Floor, and therefore
of the Long-term IDR.
Fitch downgraded MPS's Tier 1 instruments to 'CCC' from 'B+' and
Upper Tier 2 instruments to 'B-'/RWN from 'BB-' to reflect the
increased non-performance risk. The receipt of government
capital increases the risk of the non-payment of the coupons. In
the case of the bank reporting a net loss MPS will be legally
obliged not to make coupon payments on subordinated or hybrid
instruments if their terms allow for non-payment. Fitch
understands that the exchange offer for some of MPS's outstanding
subordinated and hybrid instruments announced on 27 June will
trigger mandatory coupon payments for the next 12 months, but the
agency believes that there is heightened non-performance risk
after this period. The rating of the bank's Lower Tier 2
instruments was downgraded by one notch to 'BB'/RWN and is
sensitive to changes in the bank's VR according to Fitch's
criteria.
The ratings of Banca Antonveneta reflect potential support from
MPS given its integration into the banking group. Banca
Antonveneta's ratings are sensitive to any reduction in MPS's
propensity to provide support, which Fitch does not expect given
the announced merger of the subsidiary into MPS.
The rating actions are as follows:
MPS:
-- Long-term IDR: affirmed at 'BBB'; Outlook Stable
-- Short-term IDR and short-term senior debt: affirmed at 'F3'
-- VR: downgraded to 'bb+' from 'bbb-', placed on RWN
-- Support Rating: affirmed at '2'
-- Support Rating Floor: affirmed at 'BBB'
-- Debt issuance program (senior debt): affirmed at 'BBB'
-- Senior unsecured debt, including guaranteed notes: affirmed
at 'BBB'/'F3'
-- Lower Tier 2 subordinated debt: downgraded to 'BB' from
'BB+', placed on RWN
-- Upper Tier 2 subordinated debt: downgraded to 'B-', placed
on RWN
-- Preferred stock and Tier 1 notes: downgraded to 'CCC' from
'B+'
Banca Antonveneta:
-- Long-term IDR: affirmed at 'BBB'; Outlook Stable
-- Short-term IDR: affirmed at 'F3'
-- Support Rating: affirmed at '2'
WIND TELECOM: Fitch Affirms 'BB' LT IDR; Outlook Negative
---------------------------------------------------------
Fitch Ratings has affirmed WIND Telecomunicazioni Spa's (WIND)
ratings, including its Long-term Issuer Default Rating (IDR) at
'BB' with a Negative Outlook.
The Negative Outlook primarily reflects WIND's low capacity to
withstand further pressures which are probable in view of
austerity, declining GDP and high unemployment in Italy.
Capacity to reduce leverage from free cash flow is tight due to
high interest payments and capex while even modest EBITDA
declines are likely to trigger an increase in leverage to above
what would be consistent with the current ratings level.
WIND's ratings continue to benefit from potential support from
its sole ultimate shareholder, Vimpelcom Ltd., whose credit
profile remains notably stronger than WIND's. On a standalone
basis, WIND's credit profile corresponds to a 'BB-' level, which
is uplifted by one notch for benign shareholder influence.
WIND's credit profile is supported by its established position as
the facilities-based number-three mobile operator in Italy,
complemented by an expanding alternative fixed-line/broadband
business. On the mobile side, WIND has been able to outperform
both Telecom Italia SpA ('BBB'; Negative Outlook) and Vodafone
Group Plc ('A-'; Stable Outlook) reporting stronger revenue
dynamics and improving its market share at the expense of these
two operators. WIND became the largest fixed-line/broadband
provider in Italy after Telecom Italia although followed by a
number of close peers.
The company is likely to continue outperforming its domestic
peers; however, the pace of improvement may slow down as the
company's price advantage has diminished over a number of years.
At end-Q112 WIND's mobile average revenue per user (ARPU) was
only 9% lower vs. its closest peer Telecom Italia as compares to
15% at end-2010 and 23% at end-2006.
Mobile termination rate (MTR) cuts will eat into revenues and
EBITDA in 2012 and 2013. WIND guided that MTR cuts would result
in EUR250 million reduction of interconnect revenues in 2012
triggering EUR60 million - EUR70 million of EBITDA losses. It
would be a challenge to mitigate this by cost cutting and
efficiency improvements as planned. 2013 MTR cuts are likely to
result in revenue losses similar to 2012.
Growth prospects are bleak overall. The Italian mobile market is
mature, with headline SIM penetration at above 150% at end-2011.
Although headline subscriber growth remains positive primarily
driven by wider smartphone, tablet and dongles proliferation,
ARPU has been under pressure, with declining voice revenue not
fully compensated by the growth in data services.
WIND's leverage is high for its rating level at 4.9x net debt
(including PIK debt)/EBITDA at end-2011 (Fitch defined) as a
result of EUR1,144 LTE spectrum investment in 2011. Deleveraging
is critically dependent on WIND's ability to maintain positive
growth (barring the interconnect impact) and capex discipline,
and is projected by Fitch to be sluggish at best.
On a positive note, WIND does not face any material refinancing
risks before 2017 when the bulk of its debt maturities come due.
The company successfully placed EUR500 million of 2018 senior
secured notes tap issue in April 2012. Along with cash on the
balance sheet, this was used to prepay EUR500 million of 2012 and
2013 Term Loan A bank amortizing facilities and EUR250 million of
bridge spectrum facility. Fitch estimates that Wind can generate
sufficient cash flows to repay the remaining EUR250 million
portion of the bridge from internal funds in 2012. Alternatively,
there is an option to extend this facility for six years.
WHAT COULD TRIGGER A RATING ACTION
Positive: Future developments that may nonetheless potentially
lead to a positive rating action includes:
-- An evidence of tangible parental support such as equity
contribution or debt refinancing via intercompany loans.
Negative: Future developments that may, individually or
collectively, lead to a negative rating action includes:
-- Deterioration in leverage beyond 5x net debt (incl. PIK
debt)/EBITDA for a sustained period.
-- Revenue and EBITDA margin pressures (excluding interconnect)
driven by austerity measures and difficult macro-economic
environment and/or inability to outperform the broader
market.
Fitch affirms WIND's ratings as follows:
-- Long-Term IDR at 'BB'; Outlook Negative;
-- Short-Term IDR at 'B'.
-- Senior credit facilities at 'BB+';
-- Senior secured 2018 notes issued by WIND Acquisition Finance
S.A. at 'BB+';
-- Senior 2017 notes issued by WIND Acquisition Finance S.A. at
'BB-';
-- Senior PIK notes issued by WIND Acquisition Holdings Finance
S.A. at 'B+'.
=====================
N E T H E R L A N D S
=====================
HYVA GLOBAL: Moody's Downgrades CFR to 'B2'; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
corporate family rating (CFR) and probability of default rating
(PDR) of Hyva Global B.V. (Hyva). Concurrently, the rating agency
has downgraded to B2 from B1 the rating on Hyva's USD375 million
of senior secured notes due 2016. The outlook on the ratings is
stable.
Downgrades:
Issuer: Hyva Global B.V.
Probability of Default Rating, Downgraded to B2 from B1
Corporate Family Rating, Downgraded to B2 from B1
Senior Secured Regular Bond/Debenture, Downgraded to B2
(LGD4 - 51%) from B1 (LGD4 - 51%)
Outlook Actions:
Issuer: Hyva Global B.V.
Outlook, Changed To Stable From Negative
Ratings Rationale
"The rating action reflects our view that the difficult operating
environment in China and the uncertain outlook for European truck
demand will negatively affect Hyva's operating performance and
credit metrics in the current financial year, with the result
that they will no longer be commensurate with its previous
rating," says Kathrin Heitmann, an Analyst in Moody's Corporate
Finance Group and lead analyst for Hyva.
Moody's currently expects demand for Hyva's hydraulic cylinders
in China to remain depressed by the weakness in the construction
machinery sector at least through the second quarter of 2012.
However, the rating agency believes that demand could stabilize
in the second half of the year, with the potential for a modest
recovery in 2013.
Against this, Moody's expects that Hyva will materially
underperform against its business plan presented at the time of
debt issuance, and that it will be unable to restore its
debt/EBITDA ratio towards the 4.0x level factored into the
rating. For 2011, Moody's estimates that Hvya had pro-forma
leverage, measured by adjusted debt/EBITDA, of around 4.5x.
Indeed, the rating agency forecasts that Hyva's leverage will
remain at or above this level in the current financial year. This
reflects continued revenue and earnings pressure, as well as only
modest positive free cash flow generation should management be
able to substantially reverse the build-up in its working capital
in the first quarter. Such credit metrics position the company
more adequately in the B2 rating category.
Hyva intends to concentrate its management team in China,
reflecting its increased business focus on emerging markets in
Asia, which fits well into management's strategy. In Moody's
view, the relocation may affect the company's ability to
effectively manage the cost-cutting necessary to respond to the
slowdown in some of its markets, as well as to manage working
capital swings. This view also takes into account the company's
relatively small scale and the risk that competitive pressure in
China might increase over time. Therefore, Moody's considers the
company to be more vulnerable to cyclicality than at the time the
rating agency assigned the B1 rating in 2011.
Moody's notes that, in the first quarter of 2012, Hyva's group
revenues fell by 13% year-on-year to US$176 million, mainly as a
result of a 34% year-on-year decline in revenues from China.
Notably, revenues in China stabilized compared with the weak
levels of the fourth quarter of 2011 (+13%). Revenues in the
Europe, Middle East & Africa (EMEA) region remained stable and
continued to grow by 7% year-on-year in India and the Americas
during the same quarter.
As a result, the group's reported pro-forma EBITDA margin
declined to 11.1% in the first quarter of 2012 from 13.1% in
financial year (FY) 2011. More subdued demand and a seasonal
working capital build-up led to negative free cash flow
generation of US$17 million during the first quarter.
Hyva's ratings reflect the company's (1) modest scale, with
revenues of around US$767 million pro-forma FY 2011 results; (2)
exposure to the inherent cyclicality of the commercial vehicle
and construction equipment industry; (3) concentration of risk,
with a narrow product base and a high exposure to the developing
markets of China and India; and (4) relatively high leverage pro-
forma December 2011 figures, with adjusted debt/EBITDA of around
4.5x.
However, Hyva's ratings continue to be supported by the company's
(1) international presence, with a strong footprint in emerging
markets in Asia and the Americas; (2) leadership in core markets
based on market share, brand, product, efficiency and
reliability, as well as by an established global service network;
(3) flexible cost base, with low operating leverage; and (4)
balanced debt maturity profile, with no material debt maturing
before 2015.
Hyva's liquidity includes a current cash balance of US$67 million
at March 31, 2012 and a committed revolving credit facility (RCF)
of US$30 million due 2015. Seasonal working capital movements,
while negatively affected by the current slowdown in China,
remain sufficiently covered by cash on the balance sheet and
access to the revolving credit facility. However, Moody's
cautions that currently significant headroom under financial
covenants (leverage, cash flow cover) could diminish if Hyva's
operating performance and cash flow generation capacity continue
to deteriorate.
The stable rating outlook is based on Moody's expectation that
Hyva will be able to maintain current credit metrics despite some
headwinds from subdued demand in China and macroeconomic
uncertainty. The stable outlook also incorporates Moody's view
that Hyva will maintain an adequate liquidity profile with
sufficient headroom under financial covenants.
What Could Change The Ratings Up/Down
Moody's could consider upgrading Hyva's rating if the company
were to (1) generate consistently positive free cash flow and
achieve debt/EBITDA at or below 4.0x; (2) maintain a conservative
financial policy and adequate short-term liquidity profile; (3)
successfully manage the transfer of certain corporate functions
to China and maintain strict control of operations.
Conversely, downward pressure on the rating could arise if there
were a further deterioration in Hyva's operating performance or
the company were to engage in a more aggressive financial policy
that results in (1) Moody's-adjusted debt/EBITDA above 5.0x for a
prolonged period of time; (2) negative free cash flow; or (3)
reduced covenant headroom.
Principal Methodology
The principal methodology used in rating Hyva Global B.V. was the
Global Heavy Manufacturing Rating Methodology published in
November 2009. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.
Hyva is a leading global provider of hydraulic (tipping)
solutions for the commercial vehicle industry. Hyva is also an
important player in the manufacturing and supply of truck-mounted
cranes, hook and skip loaders, as well as compactors and waste-
collecting units for the environmental services industry. For the
financial year ended December 31, 2011, Hyva reported pro-forma
revenues of US$767 million. Hyva is majority-owned by private
equity funds managed by Unitas Capital and NWS Holdings, a
flagship infrastructure arm of New World Group.
===========
R U S S I A
===========
ABH FINANCIAL: Fitch Assigns 'BB+' LT Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has upgraded Russia-based OJSC Alfa-Bank's Long-
term Issuer Default Rating (IDR) to 'BBB-' from 'BB+'. Fitch has
also assigned Alfa's parent entity, ABH Financial Limited
(ABHFL), a Long-term IDR of 'BB+'. Both ratings have Stable
Outlooks.
The upgrade reflects both a reassessment of the bank's
appropriate rating level, given Alfa's underlying credit
strengths, and further moderate (albeit partly cyclical)
improvement in some of the bank's credit metrics. Alfa's ratings
reflect its solid franchise and decent prospects for further
franchise development, the bank's solid management and track
record of navigating through successive crises in the Russian
market and its currently strong balance sheet and performance
metrics.
At the same time, Alfa's ratings also consider its still moderate
market shares in a sector dominated by state-owned banks, the
likelihood of continued significant cyclicality in the
performance of the Russian economy and the bank and potential
contingent risks arising from the operations of the broader Alfa
Group.
In Fitch's view, Alfa has solidified its position as the
strongest privately-owned bank in Russia. Both corporate and
retail businesses demonstrate positive results in terms of growth
and earnings, and Fitch believes that Alfa has sufficient
resources and competitive advantages to further capture quality
market share. The agency particularly emphasizes the
considerable and growing share of low cost or interest free
current accounts (29% of end-2011 liabilities), which in an
increasingly competitive environment gives Alfa a significant
cost advantage and the ability to lend to better quality credits.
Alfa's corporate loan book is relatively concentrated compared to
most international investment grade peers, with the largest 25
exposures comprising 36% of gross loans. This risk is mitigated
by most of these borrowers being industry leaders and/or
companies with state ownership or backing. Importantly, Alfa's
primary focus in underwriting is on companies' cash flows,
although for some riskier exposures collateral is also strong.
Asset quality may be volatile in times of stress, although robust
problem loan workouts in the last crisis gives some comfort.
Non-performing loans (NPLs; more than 90 days overdue) comprised
a low 1.4% of the corporate portfolio at end-2011 (end-2010:
3.7%). A further 5.7% were restructured, but performing,
according to management. In addition, impaired exposures equal
to about 2% of gross loans have been transferred to the bank's
sister company Alfa Distressed Assets (ADA), which is financed by
the bank. The exposure to ADA is reserved by 44%, which in
Fitch's view is adequate given the recovery prospects for the
transferred assets. The overall impairment reserve level of 5.9%
for corporate loans provides a significant loss absorption
cushion, equal to more than double cumulative corporate loan
write-offs for 2008-2010.
In retail lending (12% of the total portfolio) Alfa is mostly
expanding in cash loans, credit cards and consumer finance.
Retail NPL origination ratio of about 3% in 2011 is low relative
to other large players, although the figure may be somewhat
reduced by high growth, especially in credit cards and cash loans
(66%). The bank plans to continue with retail expansion, which
may translate into higher impairment charges, although a
considerable safety margin exists due to high lending rates of up
to 35%.
Investment banking is a potentially risky area due to the
occasional appetite for proprietary risk taking and high-volume
derivatives trading, of which a considerable part is for capital
hedging purposes. However, so far this risk has been well
managed.
Liquidity is adequate, with liquid assets net of potential near-
term wholesale funding repayments sufficient to repay some 35% of
customer accounts. Medium-term refinancing requirements are low,
in total comprising about US$1 billion in H212-2013, equal to
only 4% of end-2011 liabilities. Fitch views Alfa's funding
structure as well balanced, with corporate, retail and market
funding each comprising close to a third of liabilities.
Capitalization is reasonable, with Basel I Tier 1 and Total
capital ratios (CAR) of 11.9% and 16.7%, respectively, at end-
2011. The regulatory capital ratio is tighter, at 11.3% at end-
5M12, but Fitch believes this should not constrain growth, given
flexibility in capital management within the banking group.
Internal capital generation has been robust, in part due to
cyclically low impairment charges or reversals, with return on
equity reaching 19% in 2010-2011 and running ahead of the bank's
15% target in 5M12.
Fitch considers Alfa's management to be strong, and in general
views positively the close shareholder oversight of management,
which helps to keep the latter focused and reduces the risk of
unexpected losses. The risk of Alfa becoming highly exposed to
non-banking assets within the broader Alfa Group is moderate, in
Fitch's view, due to the policy of managing these companies
independently and their generally quite strong credit profiles
and cash generation. Related party lending has been at a
reasonable level (25% of equity at end-2011, ADA excluded) and
usually of solid quality. Fitch understands that debt at the
Alfa Group level is currently negligible following certain large
disposals in 2011-12, and leverage at the group's main operating
companies is moderate. Further large acquisitions cannot be
ruled out in the future, although Fitch believes that any such
transactions would be unlikely to be financed by the bank, and
would probably be structured in such a way as to avoid an
unmanageable build-up in group leverage and significant
contingent risks for the bank.
Fitch also believes there is some degree of political risk
related to Alfa Group's investments and operations, as is also
true for other large financial industrial conglomerates in
Russia. However, the agency notes Alfa Group's long track record
of maintaining acceptable relationships with the authorities, and
therefore the base case expectation is for the status quo to
remain.
A further upgrade of Alfa is unlikely in the near term given the
current level of Russia's sovereign ratings ('BBB'/Stable); the
expected cyclicality in the performance of the Russian economy,
and hence also of the bank; and Alfa's still moderate market
shares.
A deep and prolonged recession in Russia could put downward
pressure on Alfa's ratings. However, in light of the bank's
track record of managing through previous crises, Fitch would
probably only downgrade the bank back to sub-investment grade
level in case of considerable impairment to the bank's financial
position. Alfa could also be downgraded if the broader Alfa
Group increases leverage to the extent that this represents, in
the agency's view, a major contingent risk for the bank, or in
case of a marked deterioration in relations of the bank or its
shareholders with the Russian authorities.
Fitch analyses Alfa Bank's financial position primarily on the
basis of consolidated IFRS accounts produced at the level of
ABHFL, the banking group's Cyprus-based holding company. The
'BB+' Long-term IDR assigned to ABHFL reflects Fitch's view that
default risk at the bank and the holding company are likely to be
highly correlated in view of the high degree of fungibility of
capital and liquidity within the group, which is managed as a
single entity. The current absence of holding company debt to
non-related parties also supports the close alignment of its
ratings with the bank.
The one notch difference between the bank and holding company
ratings reflects the absence of any regulation of the
consolidated group, the fact that the holding company is
incorporated in a different jurisdiction and the high level of
double leverage at the holding company. The latter, defined by
Fitch as equity investments in subsidiaries divided by holdco
equity, stood at a reported 158% at end-2011, although this would
have been somewhat lower if certain equity investments had been
restated to fair value.
A further upgrade or downgrade of Alfa Bank would be likely to
result in a similar rating action on ABHFL. In addition, ABHFL
could be downgraded if its planned future debt issuance results
in a further marked increase in double leverage or gives rise to
significantly increased liquidity risks at the holdco level.
The rating actions are as follows:
Alfa
-- Long-term IDR: upgraded to 'BBB-' from 'BB+'; Stable Outlook
-- Short-term IDR: upgraded to 'F3' from 'B'
-- Viability Rating: upgraded to 'bbb-' from 'bb+'
-- Support Rating: affirmed at '4'
-- Support Rating Floor: affirmed at 'B'
-- National Long-term rating: upgraded to 'AA+(rus)' from
'AA(rus)'; Stable Outlook
-- Senior unsecured debt: upgraded to 'BBB-' from 'BB+'
-- Senior unsecured debt (on the National scale): upgraded to
'AA+(rus)' from 'AA(rus)'
-- Subordinated debt: upgraded to 'BB+' from 'BB'
ABHFL
-- Long-term IDR: assigned at 'BB+'; Stable Outlook
-- Short-term IDR: assigned at 'B'
AGRIBUSINESS HOLDING: Fitch Affirms 'B' LT Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Agribusiness Holding Miratorg LLC's
Long-term foreign and local currency Issuer Default Ratings
(IDRs) at 'B' and its National Long-term rating at 'BBB(rus)'.
The Outlooks are Stable. Fitch has also affirmed the senior
unsecured rating of 'B-', its Recovery Rating of 'RR5' and local
currency senior unsecured National rating at 'BB(rus)' for the
RUB3 billion three-year notes due in July 2014 issued by LLC
Miratorg Finance.
Miratorg's Long-term IDRs reflect the group's vertically-
integrated business model across the value chain in all stages in
the production cycle from farming and feed production towards
almost full control of the distribution function. This is a
strong competitive advantage over most local producers. However,
this is offset by the high leverage and negative free cash flow
in 2012 due to large capex plans.
Higher degree of business integration does not necessarily
translate into better cash flows although the company is making
clear progress. Up to 2010, Miratorg had a ratio of core cash
flow generation before capex (defined as: cash flow from
operations (CFO) after adding back net interest and rents, to
EBITDAR) ranging between 40%-80%. In 2011, Miratorg reached a
98% cash conversion rate, and is expected to maintain this high
rate once the current investment projects mature by 2014.
The launch of a number of investment projects has materially
increased Miratorg's leverage. In particular, companies that are
not consolidated (convenience food plant Concordia, new fodder
and soy crushing plants) but could be consolidated in 2012 or
2013 financial accounts are likely to keep Miratorg's leverage
metrics high in 2012. However, the higher operating margin of
the Concordia plant and expected material cost optimizations
provided by new fodder and crushing plants should be beneficial
to Miratorg's margins in the long-term.
Miratorg has provided guarantees for bank loans of RUB16.7
billion as of December 31, 2011 (FYE10: RUB6.2 billion) mainly
related to the Concordia plant and poultry investments. The
financing of these projects is ring-fenced from the rest of the
group.
Currently Fitch is not including these guarantees within the YE11
RUB33.6bn total debt burden of the group (as they are deemed
contingent liabilities) or the possibility of additional equity
to be injected into these projects. This is because the
repayment of most of the loans does not start until late 2014 and
creditors would have first recourse to the assets of the projects
(partly under construction) in the event of winding up. Fitch
currently assumes that, should a distress scenario materialize by
2014, the cash flows from the core operations should be
sufficiently strong to enable the group to provide new capital,
if needed, to put the poultry investments back on a sustainable
footing. If all contingent liabilities were included, without
any profit or cash contributions, Miratorg's credit metrics would
be akin to a lower rating. Under Fitch's rating case
projections, excluding these guarantees, credit metrics remain in
line with the 'B' rating with net lease-adjusted debt/operating
EBITDAR of 5.0x to 5.5x (2011: 4.6x) and FFO fixed charge cover
of 3.5x expected for 2012.
Miratorg enjoys strong positions in all key meat markets (beef,
pork and poultry). Its strong market positions allow direct
cooperation with retailers on favorable terms. Furthermore, meat
consumption in Russia still lags developed countries and is even
below the level recorded in the late Soviet era. As meat
production is considered an industry of strategic importance,
domestic meat producers in Russia enjoy state support in the form
of import restrictions (quotas/duties), direct subsidies,
subsidized credit facilities and favorable tax regime. Although
some protective regulatory measures may disappear upon Russia
accessing the WTO, Fitch expects ongoing government support
mainly by way of interest rate subsidies (and possible extension
of favorable tax regime).
The rating also reflects the group's weak liquidity profile, due
to material working capital investments required by business
growth, and thus its high refinancing risk with RUB16 billion
coming due in 2012-2013. This is mitigated by Miratorg's strong
and long-standing relationship with many state-owned Russian
banks and access to the domestic RUB bond market.
The senior unsecured rating is notched down to 'B-' from
Miratorg's 'B' local currency IDR due to the presence of sizeable
senior secured liabilities, ranking senior to noteholders, and
their non-direct recourse to the profits or assets of the
producing entities under Agribusiness Holding Miratorg LLC apart
from a change of control put option if the holding fails to own
at least 50% in each of its key operating subsidiaries.
Fitch currently assesses recovery expectations for unsecured
bondholders as poor. However, as Miratorg has embarked on a
rapid expansion plan, expected unsecured recoveries, in line with
an 'RR5', are based upon Fitch's reasonable expectation of a
positive earnings progression and change in debt composition
towards less secured debt as the new projects start paying off by
2014. A reduction in the share of senior secured debt, relative
to the total debt of the group, could lead to the equalization of
Miratorg's IDR and the bond rating. Conversely, increased senior
secured debt used to fund new capex plans could lead to further
subordination of any unsecured claims, and thus downward pressure
for the unsecured rating.
What Could Trigger A Rating Action
Positive: Future developments that may, individually or
collectively, lead to positive rating action include sustained
de-leveraging translating into lease-adjusted net debt/operating
EBITDAR below 3.0x, evidence of positive free cash flow over the
medium term and successful debt refinancing with longer-dated
debt instruments. Enhanced corporate governance and clarity on
the future consolidation perimeter of the group will also be
deemed positive rating factors.
Negative: Future developments that may, individually or
collectively, lead to negative rating action include lease-
adjusted net debt/operating EBITDAR remaining consistently above
5.0x (excluding poultry), FFO Fixed Charge cover below 2.0x
and/or evidence of weak CFO before net interest paid and rents/
operating EBITDAR below 60% over two years signaling potential
rapid erosion in liquidity if capex remains either elevated or is
already committed.
BANK URALSIB: Moody's Lowers Bank Finc'l. Strength Rating to 'E+'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the standalone bank
financial strength rating ("BFSR") of Bank Uralsib (Russia) to
E+, mapping to a standalone credit assessment of b1, from D-
(formerly mapping to ba3). The bank's long-term local and foreign
currency deposit ratings were downgraded to B1 from Ba3, whilst
its Not Prime short-term local and foreign currency deposit
ratings were affirmed. The outlook on all long-term ratings is
stable.
Moody's downgrade of Bank Uralsib's ratings is primarily based on
the bank's audited financial statements for 2011 prepared under
IFRS.
Ratings Rationale
The downgrade of Bank Uralsib's ratings reflects Moody's concerns
regarding the bank's poor profitability and the substantial
weakening of its capital levels in 2011. The bank posted a net
IFRS loss of US$130.5 million in 2011, which was driven by
heightened loan loss provisioning charges (these accounted for
2.5% of the average gross loan book). These losses, coupled with
some other large deductions from capital (such as the bank's
US$49 million purchase of non-controlling interests in
subsidiaries, a US$45 million dividend, and a US$29 million
charity contribution) contributed to weakening of Bank Uralsib's
capital levels: its Basel I total capital adequacy ratio and Tier
1 ratio dropped to 15.0% and 10.8%, respectively, at year-end
2011, from 18.13% and 13.73%, respectively, as at January 2011.
At year-end 2011, the share of 90+ days overdue loans in Bank
Uralsib's portfolio accounted for 9.2% of total loans. On top of
that, 7.6% of corporate loans were restructured as of the same
reporting date. The loan loss reserves accumulated at year-end
2011 accounted for 9.3% of the gross loan portfolio, which is an
insufficient coverage, in Moody's opinion. Therefore, further
elevated provisioning charges in 2012 are not ruled out.
Furthermore, the rating agency notes the elevated risks stemming
from Bank Uralsib's investment policy. At year-end 2011, the
bank's investments in real estate and investment property stood
at 70% of its Tier 1 capital. At the same date, 37% of the bank's
Tier 1 capital was invested in corporate shares, some of which
are shares of a related party. Together with loans to related
parties, the ultimate level of the bank's related party exposure
stood at around 60% of its Tier 1 capital at year-end 2011. As a
result, the overall volume of the bank's investments in non-core
assets and its total exposure to related parties significantly
exceed the levels reported by the Russian peers in the Ba rating
category.
"Bank Uralsib's profitability has been historically weak: in
2011, the bank's cost-to-income ratio stood high at 87% because
of the maintenance costs associated with a large but under-
utilised branch network, and the bank's narrow net interest
margin," commented Olga Ulyanova, a Moody's Vice President and
lead analyst for the bank. "Therefore, Bank Uralsib cannot rely
on its operating profits for the purpose of capital
replenishment, whilst the erosion of the capital levels observed
in 2011 diminishes the bank's ability to withstand potential
credit losses on the loan book and/or market risks stemming from
the institution's substantial investments in real estate property
and securities," Ms. Ulyanova added.
Bank Uralsib's management has developed a program regarding the
sale of a large portion of the bank's non-core assets. However,
the rating agency cautions that the bank's success in selling
these assets has, thus far, been limited, and the successful and
full implementation of this asset disposal program is subject to
execution risks given the current low economic cycle and volatile
operating environment.
What Could Change The Ratings Up/Down
Bank Uralsib's ratings could be upgraded if the bank (i)
substantially improves its financial fundamentals, particularly
in terms of profitability and cost-efficiency indicators, (ii)
reduces its non-core investments (as represented by proprietary
investments in real estate and securities), and (iii)
substantially decreases the level of related-party exposures.
Bank Uralsib's ratings could be downgraded in the event of
prolonged negative trends in terms of its profitability and cost-
efficiency indicators and capital adequacy levels.
Principal Methodologies
The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
Domiciled in Moscow, Russia, Bank Uralsib reported -- at year-end
2011 -- total consolidated assets of US$13.4 billion and total
equity of US$1.6 billion under audited IFRS. The bank recorded a
net loss for the year of US$130.5 million.
=========
S P A I N
=========
SANTANDER EMPRESAS: Fitch Affirms 'C' Ratings on 3 Note Classes
---------------------------------------------------------------
Fitch Ratings has downgraded FTA Santander Empresas 4's class C
notes and affirmed the others, as follows:
-- Class A1 (ISIN ES0337944005): affirmed at BBBsf; Outlook
Negative
-- Class A2 (ISIN ES0337944013): affirmed at BBBsf; Outlook
Negative
-- Class A3 (ISIN ES0337944021): affirmed at BBBsf; Outlook
Negative
-- Class B (ISIN ES0337944039): affirmed at BBsf; Outlook
Negative
-- Class C (ISIN ES0337944047): downgraded to 'CCCsf' from
'Bsf'; assigned RE50%
-- Class D (ISIN ES0337944054): affirmed at Csf; assigned RE0%
-- Class E (ISIN ES0337944062): affirmed at Csf; assigned RE0%
-- Class F (ISIN ES0337944070): affirmed at 'Csf'; assigned
RE0%
The affirmation of the class A and B notes reflects sufficient
credit protection compared to Fitch's loss expectation for the
rating levels assigned. The increase in credit enhancement (CE)
on the notes due to structural deleveraging has been offset by
deterioration in the underlying asset portfolio. However, the
notes can withstand Fitch's stresses on default probability,
expected recoveries and correlation.
The downgrade of the class C notes was prompted by continuous
deterioration in the portfolio and increased concentration at
both obligor and industry levels. As of the April investor
report, 90+ arrears were at 6.11% of the outstanding portfolio
balance while current defaults increased to 7.66% compared with
3.16% a year ago. Given the volume of impairments in the
delinquency pipeline, Fitch expects a further rise in defaults
due to negative migration.
The class D and E notes have been affirmed at 'Csf' due to their
subordinated position in the capital structure and increase in
PDL balance which has more than doubled since the last review
(currently at 8.38% of the portfolio balance). In Fitch's view,
the PDL balance is unlikely to be significantly reduced; hence
class D and E are likely to suffer losses.
The class F notes have been affirmed at 'Csf' as the notes were
issued to fund the reserve and are not backed by assets. The
reserve fund is depleted due to provisioning for defaulted assets
and is unlikely to build up to its required amount; hence default
on the notes seems inevitable.
Obligor concentration has increased since the last review due to
portfolio amortization. The top obligor accounts for 4% of the
portfolio while the top 10 obligors make up 15.6%. Approximately
half of the portfolio is concentrated in the real estate and
construction sectors.
Banco Santander SA, which acts as the account bank and the
interest rate swap provider for the transaction was downgraded to
'BBB+'/Negative/'F2' on 11 June 2012. The covenants in the
transaction documentation warrant the replacement or procurement
of eligible third-party guarantees (or collateral posting for the
swap) upon the downgrade of the counterparty below 'A/F1'. These
remedial measures have not been implemented yet. However, since
the highest rated note is 'BBBsf', Banco Santander is an eligible
counterparty as per Fitch's latest counterparty criteria.
TDA 27: S&P Lowers Rating on Class C Notes to 'B-'; Off Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and kept on
CreditWatch negative its credit ratings on TDA 27, Fondo de
Titulizacion de Activos' class B and C notes. "At the same time,
we affirmed our 'D (sf)' ratings on the class D, E, and F notes.
Our ratings on the class A2 and A3 notes are unaffected by 's
rating actions," S&P said.
"On Dec. 15, 2011, we placed on CreditWatch negative our ratings
on TDA 27's class A2, A3, B, and C notes. This followed the
findings of an audit of TDA 28, Fondo de Titulizacion de Activos'
assets originated by Credifimo, according to which Credifimo had
not originated the loans in accordance with its internal
policies. We later withdrew our ratings in TDA 28," S&P said.
"The rating actions follow what we consider to be continued
deteriorating performance of the residential mortgage pool
backing this transaction. They also follow a lack of information
about whether Credifimo's noncompliance with some of its
representations as originator in TDA 28, as identified by an
audit of TDA 28's assets originated by Credifimo, could have also
occurred in TDA 27," S&P said.
"In TDA 27, the loans originated by Credifimo have, on average,
shown weaker performance than the rest of the loans in the
portfolio. Credifimo originated 85.93% of the defaulted loans in
the pool," S&P said.
"We consider delinquency levels in TDA 27's underlying mortgage
portfolio to be high (loans in arrears for more than 30 days
represented 8.21% of the outstanding pool balance as of June
2012). At the end of June 2012, the outstanding balance of
defaulted loans (loans in arrears for more than 12 months)
represented 10.10% of the collateral balance (equal to 5.97% of
the original balance)," S&P said.
"Due to the high level of defaults in the securitized pool, our
ratings on the class B and C notes depend substantially on the
amount of actual and expected recoveries on the defaulted assets.
The level of recoveries on defaulted loans in the transaction is
significantly low; of the 72 repossessed properties on the
issuer's behalf that are in process of being disposed, only a
single property has been sold," S&P said.
"Due to the deterioration of the credit quality of the portfolio
and the low level of recoveries experienced by the underlying
collateral, the level of performing collateral (i.e.,
nondefaulted loans) available to the transaction to service the
amounts due under the notes has continued to reduce. Based on the
amount of the performing portfolio balance available to the
issuer, as of the June 2012 interest payment date, the
transaction was undercollateralized by EUR32.7 million and the
class C notes were undercollateralized by 49.28% of their current
balance (as of June 2011, the class C notes were fully
collateralized)," S&P said.
"The interest-deferral trigger levels for the class B, C, D, and
E notes are cumulative defaults of 11.40%, 8.60%, 5.50%, and
4.20% of the closing portfolio balance. As of June 2012, the
ratio of cumulative defaults over the closing balance was 6.79%
(compared with 5.44% a year earlier), triggering a diversion of
cash flows from classes D and E toward the most senior
outstanding class," S&P said.
"Based on the most recent transaction data available, our cash
flow analysis indicates that lower ratings are commensurate with
the credit enhancement available to the class B and C notes," S&P
said.
"Taking all of the factors into consideration, we have lowered to
'BB (sf)' from 'A (sf)' and kept on CreditWatch negative our
rating on TDA 27's class B notes, to reflect our opinion that
adverse business, financial, or economic conditions could lead to
the issuer's inability to meet its financial commitments," S&P
said.
"Our cash flow analysis also indicates that a 'BB (sf)' rating is
no longer commensurate with the credit enhancement available to
the class C notes, as the transaction experiences interest and
principal shortfalls under all of our cash flow scenarios. The
class C notes are undercollateralized by 49.28% of their current
balance. We have lowered to 'B- (sf)' from 'BB (sf)' and kept on
CreditWatch negative our rating on the class C notes," S&P said.
"We are seeking further information about whether Credifimo's
noncompliance with some of its representations as originator in
TDA 28, as identified by an audit of TDA 28's assets originated
by Credifimo, could have also occurred in TDA's other three rated
residential mortgage-backed securities (RMBS) transactions
partially backed by loans originated by Credifimo, including TDA
27," S&P said.
"In July 2009, following a failure to meet due interest payment
at the June 2009 interest payment date, we lowered to 'D (sf)'
our rating on the class F notes, which were issued at closing to
fund the cash reserve. In September 2009, due to insufficient
excess spread to cover defaults, the issuer fully drew the
reserve fund, which has remained at zero since then. Furthermore,
TDA 27 breached the interest-deferral triggers on the class D
notes in September 2011, and on the class E notes in September
2010. As a result, we lowered our ratings to 'D (sf)' on the
class D and E notes in October 2011 and October 2010. We have
affirmed our 'D (sf)' ratings on the class D, E, and F notes,"
S&P said.
"On April 30, 2012, we lowered our long- and short-term ratings
on Banco Santander S.A. (the account provider for TDA 27) to 'A-
/A-2' from 'A+/A-1'. Since our downgrade of Banco Santander to
below 'A-1', Banco Santander is no longer eligible as bank
account provider for this transaction, and it is therefore
looking for a guarantor or a replacement in accordance with our
counterparty criteria," S&P said.
"More than 60 days have elapsed since we lowered our short-term
rating on Banco Santander to below the level required by the
transaction documents, which reflect our (superseded) 2010
counterparty criteria. As we have received a remedy proposal from
the transaction parties, we are not taking rating actions on TDA
27 for counterparty reasons. However, if Banco Santander
does not replace itself with an eligible counterparty in
accordance with our 2012 counterparty criteria in the coming
weeks, the maximum rating achievable would be equal to the issuer
credit rating on Banco Santander ('A-'), which is lower than the
actual rating on TDA 27's most senior notes ('AA-')," S&P said.
TDA 27 securitizes a portfolio of Spanish residential mortgages
originated by Caixa d'Estalvis de Terrassa (currently 30.51% of
the total pool, versus 29.05% at closing); Caja General de
Ahorros de Granada (currently 25.70% of the total pool, versus
27.55% at closing); Caja Vital Kutxa (currently 21.31% of the
total pool, versus 25.98% at closing); and Credifimo, which was
acquired at the beginning of 2010 by Banca C¡vica S.A. (BB/Watch
Pos/B)--currently 22.48% of the total pool, versus 17.42% at
closing. The transaction closed in December 2006 with a weighted-
average seasoning of 26.2 months.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
TDA 27, Fondo de Titulizacion de Activos
EUR930.6 Million Mortgage-Backed Floating-Rate Notes
Ratings Lowered and Remaining On CreditWatch Negative
B BB (sf)/Watch Neg A (sf)/Watch Neg
C B- (sf)/Watch Neg BB (sf)/Watch Neg
Ratings Affirmed
D D (sf)
E D (sf)
F D (sf)
Ratings Unaffected
A2 AA- (sf)/Watch Neg
A3 AA- (sf)/Watch Neg
TDA CAM: Fitch Affirms 'Csf' Rating on Class D Notes
-----------------------------------------------------
Fitch Ratings has affirmed FTPYME TDA CAM 4, FTA, a
securitization of secured and unsecured loans to small and medium
sized Spanish enterprises (SMEs) and self-employed individuals
granted by Caja de Ahorros Del Mediterraneo (CAM,
'BB+'/Stable/'B'), as follows:
-- EUR175,882,104 Class A2 (ISIN:ES0339759013): 'Asf',
maintained on RWN
-- EUR127,000,000 Class A3(CA) (ISIN:ES0339759021): 'Asf',
maintained on RWN
-- EUR66,000,000 Class B (ISIN:ES0339759039): affirmed at
'BBsf', Outlook Negative
-- EUR38,000,000 Class C (ISIN:ES0339759047): affirmed at
'CCCsf', assigned Recovery Estimate (RE) of 30%
-- EUR29,300,000 Class D (ISIN:ES0339759054): affirmed at
'Csf', assigned Recovery Estimate (RE) of 0%
The affirmation of the class B, C and D notes is based on
increasing levels of credit enhancement (CE) as the transaction
continues to amortize as well as the notes' ability to pass
Fitch's stresses for their current ratings.
The transaction's performance deteriorated during the past year
with arrears over 90 days increasing to 7% of the outstanding
pool versus 3.6% in September 2011. Over the last year, the
transaction has experienced EUR14 million of defaults whereas
recoveries over the same period totaled up to EUR8 million. The
defaults are likely to further increase due to increasing
arrears. The reserve fund has further decreased from being 51%
underfunded in September 2011 to currently 36%.
However, the portfolio is highly granular with only three
obligors above 50bp and the top ten accounting for 4.7% of the
outstanding pool. In addition, the exposure to Spanish real
estate and construction sectors is moderate at 23%. In Fitch's
view, the robust levels of CE on Class A2, A3 and B notes as well
as the portfolio characteristics currently offset the worsening
transaction performance.
Following the downgrade of Banco Santander S.A. to
'BBB+'/Negative/'F2', the entity is no longer deemed eligible to
perform the role of the account bank without implementing
remedial actions. As the downgrade occurred on 11 June 2012, the
entity is still within its remedial period defined by the
transaction documentation. For this reason Fitch is not taking
any immediate rating actions on this and other transactions
affected by Banco Santander's downgrade. The agency has been in
contact with the issuer and the transaction's trustee (gestora)
to assess what forms of remedial actions, if any, will be put in
place to mitigate the increased counterparty exposure. Upon the
expiration of the remedial period, the agency will complete the
full assessment of the counterparty risk and mitigants
implemented, if any, and may take further rating actions.
The RWN on the class A2 and A3 notes reflects their material
exposure to Confederacion Espanola de Cajas de Ahorros (CECA;
'BBB'/Negative/'F3'), as remedial actions have not been fully
implemented following its downgrade. CECA is a swap counterparty
as well as a swap collateral account bank. Fitch expects
remedial actions to take place in the near term.
* SPAIN: Threatens to Take Control of Deficit-Troubled Regions
--------------------------------------------------------------
Angeline Benoit at Bloomberg News reports that Spain's government
threatened to take control of budgets in regions that fail to
meet austerity targets, while offering financing to help them
avoid default as the nation battles to restore investor
confidence.
Regions projected to miss deficit goals this year were given a
week to take action or risk intervention, Budget Minister
Cristobal Montoro, as cited by Bloomberg, said in Madrid late on
Thursday after meeting regional finance chiefs. Local officials,
including some from the ruling People's Party, resisted his
demands, according to Bloomberg.
Mr. Montoro, as cited by Bloomberg, said the Cabinet was set to
examine on Friday a mechanism to provide exceptional assistance
with bond redemptions to regional governments that are shut out
of markets. The aid will be conditional on additional budget
cuts, Bloomberg states.
Ministers will approve Spain's fourth round of austerity in six
months to comply with European Union demands and convince
investors it won't need a second bailout, Bloomberg discloses.
The plan, Bloomberg says, also aims to prevent regions from
defaulting as the yield on Spain's own 10- year debt yields
almost 7% amid narrowing access to markets.
Mr. Montoro declined to identify the regions that risk
overshooting this year's goal or specify how many they are,
Bloomberg notes.
=====================
S W I T Z E R L A N D
=====================
BANCO PINE: Fitch Withdraws 'BB' Rating on XHF100MM Senior Notes
----------------------------------------------------------------
Fitch Ratings has withdrawn the 'BB' expected rating assigned to
Swiss franc denominated CHF100 million senior unsecured notes
that were expected to be issued by Banco Pine S.A. through its
Cayman Branch.
The reason for the withdrawal is that the bank does not plan to
carry on with this issuance due to unfavorable market conditions.
=============
U K R A I N E
=============
PROCREDIT BANK: Fitch Affirms 'B' Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has affirmed ProCredit Bank (Ukraine), Pravex-Bank
PJSCCB and Credit Agricole Corporate Investment Bank's (CACIB)
Long-term foreign currency Issuer Default Ratings (IDRs) at 'B'
with Stable Outlooks. Fitch has also affirmed PJSC Bank Forum's
Long-term foreign currency IDR at 'B' and revised the Outlook to
Negative from Stable, and downgraded its Viability Rating (VR) to
'cc' from 'ccc'.
The four banks' IDRs, Support and National Ratings are driven by
the likelihood of support the banks may receive from their
majority shareholders. Forum is majority-owned (96%) by
Germany's Commerzbank AG ('A+'/Stable); ProCredit Ukraine is
controlled (60% of voting stock) by Germany's ProCredit Holding
AG & Co. KGaA. ('BBB-'/Stable); Pravex is 100%-owned by Italy's
Intesa Sanpaolo S.p.A. (ISP, 'A-'/Negative) and CACIB is fully
owned by Credit Agricole (CA, 'A+'/Negative) through Credit
Agricole S.A.('A+'/Negative). The Country Ceiling of Ukraine
('B'), which reflects transfer and convertibility risks,
constrains the banks' Long-term foreign currency IDRs as it
limits the extent to which support from the majority foreign
shareholders of these banks can be factored into the ratings.
Their 'B+' Long-term local currency IDRs also take into account
Ukrainian country risks.
ProCredit Ukraine, Pravex and CACIB's Long-term IDRs could be
upgraded or downgraded if Ukraine's sovereign ratings and Country
Ceiling were upgraded or downgraded.
The Negative Outlook on Forum's IDRs reflects Fitch's view that
the bank's ultimate parent, Commerzbank AG, is likely to actively
pursue opportunities to dispose of the bank in the near-to
medium-term. This view is based on Forum's weak performance and
financial standing, its limited development prospects, and the
fact that Commerzbank has not identified the Ukrainian market as
strategically important for the group. In Fitch's view,
Commerzbank would be likely to provide continued support to Forum
as long as it remains the majority owner. However, Forum's Long-
term IDRs could be downgraded, potentially to the level of its
VR, if a sale of the bank is completed.
The downgrade of Forum's VR reflects continued deterioration in
its asset quality, significant pressure on its capital and the
high probability that the bank will require additional capital
injections to restore its solvency. Despite the sale of UAH1.4
billion of problem exposures to a parent-funded special purpose
vehicle during 2011, the amount of problem assets remained very
high at end-Q112, as reflected by 67% non-performing loans (NPLs)
and 14% restructured exposures. At the same time, loan
impairment reserves covered problem assets only by half, with the
uncovered part equal to approximately four times equity.
Additional pressure on capital could arise from the bank's
sizable short open currency position (1.8x equity at end-H112),
which would erode Forum's equity in case of UAH devaluation.
There are currently no plans to strengthen Forum's capital.
The affirmation of ProCredit Bank's (Ukraine) 'b-' VR reflects
the bank's relatively stable performance for the past year,
better asset quality compared to peers, the high granularity of
its loan book and reasonable capitalization. NPLs had reduced to
9.4% at end-Q112 and were 90%-covered by impairment reserves;
restructured loans were a significant 12.6% of the portfolio, but
largely performing. Fitch estimates, that the bank can increase
its reserves up to 17% of loans at end-Q112, before its Basel
capital adequacy ratio would fall to the minimum of 8%, while the
bank does not have a significant open currency position. The VR
could be upgraded over the medium term if the macroeconomic
environment and asset quality stabilize, while further marked
asset quality deterioration could lead to a VR downgrade.
The affirmation of Pravex's 'ccc' VR reflects the bank's still
weak asset quality, capitalization and internal capital
generation. Loans in the bottom three of five regulatory
categories stood at a high 46% of gross loans at end-Q112,
including doubtful and loss loans at 23% (local GAAP). The
regulatory capital adequacy ratio (N2) was 15.3%, meaning that
the bank could increase impairment reserves up to 26% of the loan
portfolio before breaching the 10% required minimum CAR. This is
a modest level in light of the high share of problem loans.
Further progress with work-outs of problem loans and
strengthening of the bank's solvency could lead to an upgrade of
the VR, while recognition of substantial new NPLs could result in
a downgrade.
CACIB is highly integrated with CA in terms of business and risk
management, with the parent setting limits and procedures for its
Ukrainian subsidiary. Almost the entire loan book at end-Q112
was represented by loans to multinational companies having
business interests in Ukraine; most of these are CA's clients on
the group level. A high 77% of loans were guaranteed by the
parent or other banks of CA group. Due to the limited
independence of CACIB from the parent, Fitch has not assigned a
VR to the bank. CA recently announced the planned merger of
CACIB with its sister bank in Ukraine, Credit Agricole Bank (CAB,
non-rated), which management expects to be finalized the by end-
Q312. The merger is unlikely to affect CACIB's Long-term IDRs.
However, Fitch will assess whether the merged bank is
sufficiently independent for a VR to be assigned.
The rating actions are as follows:
Procredit
-- Long-term foreign currency IDR: affirmed at 'B'; Outlook
Stable
-- Long-term local currency IDR: affirmed at 'B+'; Outlook
Stable
-- Short-term foreign currency IDR: affirmed at 'B'
-- Short-term local currency IDR: affirmed at 'B'
-- Support Rating: affirmed at '4'
-- Viability Rating: affirmed at 'b-'
-- National Long-term Rating: affirmed at 'AAA(ukr)',Outlook
Stable
Forum
-- Long-term foreign currency IDR: affirmed at 'B'; Outlook
revised to Negative from Stable
-- Long-term local currency IDR: affirmed at 'B+'; Outlook
revised to Negative from Stable
-- Short-term foreign currency IDR: affirmed at 'B'
-- Support Rating: affirmed at '4'
-- Viability Rating: downgraded to 'cc' from 'ccc'
-- National Long-term Rating: downgraded to 'AA+ (ukr)' from
'AAA(ukr)'; Outlook Negative
-- Senior unsecured: downgraded to 'AA+(ukr)' from 'AAA(ukr)'
Pravex:
-- Long-term foreign currency IDR: affirmed at 'B'; Outlook
Stable
-- Long-term local currency IDR: affirmed at 'B+'; Outlook
Stable
-- Senior unsecured debt in local currency: affirmed at 'B+';
Recovery Rating 'RR4'
-- Short-term foreign currency IDR: affirmed at 'B'
-- Support Rating: affirmed at '4'
-- Viability Rating: affirmed at 'ccc',
-- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
Stable
-- Senior Unsecured: affirmed at 'AAA(ukr)'
CACIB
-- Long-term foreign currency IDR: affirmed at 'B'; Outlook
Stable
-- Long-term local currency IDR: affirmed at 'B+'; Outlook
Stable
-- Short-term foreign currency IDR: affirmed at 'B'
-- Short-term local currency IDR: affirmed at 'B'
-- Support Rating: affirmed at '4'
-- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
Stable
===========================
U N I T E D K I N G D O M
===========================
FARNHAM DEVELOPMENTS: Enters Into CVA Due to Cash Flow Problems
---------------------------------------------------------------
Colin Donald at Herald Scotland reports that small businesses
left out of pocket for completed work on Taymouth Castle, one of
Scotland's most important heritage properties, will have to wait
for the developer to sell luxury apartments in Surrey.
According to Herald Scotland, Meteor Property Fund, the City
investment company which owns the Grade A-listed 1840s castle in
Kenmore in Perthshire, said that Farnham Developments Ltd (FDL),
the company converting the castle and estate into a luxury
Highland resort, had been forced into a company voluntary
arrangement (CVA) due to "cash flow problems" as well as
unforeseen extra costs to shore up estate roads and bridges.
FDL is expecting to receive between GBP6 million and GBP7 million
for the sale of units at Moor Park House in Farnham in Surrey,
another luxury development in the grounds of an historic
property, Herald Scotland discloses.
"FDL has had the support of the majority of its creditors. It is
being forced to enter into a CVA in order to provide it with the
time and protection it needs while the funding is being released
so it can achieve its primary aim -- the payment of all of its
creditors in full," Herald Scotland quotes a spokesman for Meteor
as saying. "It is appreciated that this has created difficulties
for some of the subcontractors and local companies working on the
project for which we apologize, but we are confident that the
situation will be resolved and payment made to all creditors. We
are all working hard to ensure that this happens as quickly as
possible."
According to Herald Scotland, the spokesman stressed that Meteor
remains "fully committed to this important project, in which it
has already invested over GBP20 million".
* UK: R3 Sees More Shops & Hotels at Risk of Going Bust
-------------------------------------------------------
DailyRecord.co.uk, citing research by R3, reports that more than
a quarter of shops and a fifth of hotels are at serious risk of
going out of business in the next year.
According to DailyRecord.co.uk, R3 found 274 retail businesses
and 30 hotels had a high risk of going bust within the next 12
months.
Analysis showed there are a further 1,238 retailers and 137
hoteliers who are vulnerable to failure over the same period,
DailyRecord.co.uk discloses.
This means that 26.15% of retail businesses and 17.99% of hotels
in Scotland are at some risk of failure, DailyRecord.co.uk notes.
DailyRecord.co.uk relates that Scottish R3 spokesman Iain Fraser
said: "It is not likely to surprise anyone that the retail and
hospitality sectors are vulnerable.
"Retail, as has been widely reported, is suffering both from a
lack of consumer confidence coupled with systemic changes to the
way in which people buy products.
"The shift to online purchasing is greatly affecting retailers,
many of which have not effectively moved online.
"While there will always remain high street retail outlets, their
composition, offerings and delivery have changed dramatically
over the last ten years and will continue to do so.
"Those retailers that do not respond to these changes will,
unfortunately, cease to exist."
===================
U Z B E K I S T A N
===================
UZBEK UZPROMSTROYBANK: S&P Affirms B+ Counterparty Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
and 'B' short-term counterparty credit ratings on Uzbekistan-
based Uzpromstroybank. The outlook is stable.
"In 2011, Uzpromstroybank's share capital was increased by 20%.
Uzbekistan's government, which is the main stakeholder, intends
to further increase Uzpromstroybank's Tier 1 capital base by
Uzbek sum 152 billion (almost twice the current level) over 2012-
2013. This is in addition to the capital that the bank can
generate internally through retained earnings," S&P said.
"In our view, retained earnings and the capital increase together
will be sufficient to absorb the bank's planned annual 30% asset
growth for the same period, and is likely to improve the bank's
capital ratios. We have therefore revised our assessment of
Uzpromstroybank's capital and earnings to 'moderate' from 'weak',
as our criteria define these terms. We now forecast that the
bank's risk-adjusted capital (RAC) ratio, before adjustments for
diversification, will be between 6%-7% over the next 12-24
months. However, this positive revision of the bank's capital and
earnings assessment is neutral for the rating of a bank with a
'b+' anchor," S&P said.
"Standard & Poor's bases its ratings on Uzpromstroybank on its
'b+' anchor, its 'adequate' business position, 'moderate' capital
and earnings, 'adequate' risk position, 'average' funding, and
'adequate' liquidity, as our criteria define those terms. The
stand-alone credit profile is 'b+'. Although we do not rate the
Republic of Uzbekistan, the ratings on Uzpromstroybank are
constrained by our assessment of the sovereign's
creditworthiness," S&P said.
"We consider Uzpromstroybank to be a bank of 'high' systemic
importance and also a government-related entity (GRE) with a
'high' likelihood of government support, reflecting its
'important' role for and 'very strong' link with the sovereign.
However, given our assessment of the sovereign's
creditworthiness, which is based on publicly available
information, we include no notches of uplift in the ratings. Our
view of the likelihood of government support is based on
Uzpromstroybank's position as one of the largest Uzbek banks
involved in developing key domestic industries and its government
ownership," S&P said.
"The stable outlook balances high economic and industry risks for
banks operating in Uzbekistan against our expectation of
continued state ownership and ongoing government support. We
think that Uzpromstroybank's financial and business profiles will
remain stable, at least for the next 12-24 months," S&P said.
"We consider the creditworthiness of Uzbek banks, including
Uzpromstroybank, to be closely linked to that of the sovereign.
We currently consider the sovereign's creditworthiness to be a
rating constraint. Therefore, we are unlikely to raise the
ratings on Uzpromstroybank before we considered that the
sovereign's creditworthiness had improved. Such a scenario would
indicate more supportive operating conditions for banks. In our
view, the likelihood of an upgrade triggered by improvements in
some bank-specific factors appears limited over the next two
years," S&P said.
"We might lower the ratings on Uzpromstroybank if operating
conditions deteriorated for the banking sector, notably if the
sovereign's credit quality worsened. A deterioration of the
bank's asset quality represents the main risk for the bank's
financial profile. It could stem from weakening underwriting
standards, uncontrolled credit expansion, or the government's
inability to continue supporting key economic and industrial
sectors. Although such risks appear remote at present, they could
potentially put pressure on the ratings. We could also consider
lowering the ratings if Uzpromstroybank's capitalization
deteriorated to the point where its RAC ratio fell below 3.0%,"
S&P said.
===============
X X X X X X X X
===============
* EUROPE: ECB Won't Oppose Plan to Impose Bondholder Losses
-----------------------------------------------------------
Jeff Black at Bloomberg News reports that two officials with
knowledge of the European Central Bank's thinking said ECB would
no longer oppose the forcing of losses on senior bondholders of
euro-area banks.
According to Bloomberg, one of the officials said that a key
condition to imposing losses is if the bank in question is being
wound down.
The ECB's position has evolved since it opposed forcing losses on
the senior creditors of Irish banks including Anglo Irish Bank
Corp. and Irish Nationwide Building Society after the government
started to inject capital into the banks in 2009, Bloomberg
recounts. Then, the ECB argued that reneging on the senior Irish
bank debt would damage financial stability in the wider euro
area, Bloomberg notes.
The ECB also opposed efforts to restructure Greek sovereign debt
and refused to take losses on Greek government bonds held on its
balance sheet earlier this year, Bloomberg discloses. European
officials are now debating how best to rescue Spain's banks after
its leaders requested EUR100 billion (US$122 billion) of
international aid last month, becoming the fourth euro nation to
seek help after Greece, Ireland and Portugal, according to
Bloomberg.
The European Commission on Monday ruled out that senior "bail-
ins" would be part of the Spanish bank rescue, Bloomberg relates.
* Moody's Changes Global Base Metal Industry Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service changed its outlook for the Global Base
Metal industry to negative from stable as global economic
indicators show slowing growth, according to Moody's Investors
Service in a new outlook update, "Base Metals Outlook Turns
Negative on Slowing Global Economic Indicators."
Moody's industry outlooks reflect the rating agency's
expectations for fundamental business conditions in the industry
over the next 12 to 18 months. Concerns over Europe's sovereign
debt crisis and slowing global economic growth will continue to
pressure base metal prices, says Moody's.
"Recent economic statistics including Purchasing Management
Indexes (PMI) for the US and China indicate a contraction in the
global economy," said Carol Cowan, a Moody's Vice President --
Senior Credit Officer. "In addition, with China accounting for at
least 40% of base metal demand, its purchasing appetite is a key
factor in metal price movement."
China now targets a GDP growth rate of 7.5%, well off the 9.2%
rate in 2011 and previous years of double digit growth rates.
China's lower growth expectations coupled with a slowdown in
exports -- Europe is a major export market -- could impact
Chinese metal purchasing and production behavior. This in
combination with structural changes in many of the world's
largest economies all weigh on the industry's outlook, says the
rating agency.
Prices will remain range-bound, with a bias to the negative,
although a broader price collapse as seen in 2008 is unlikely.
Still, even continued steady demand from the automotive and
aerospace industries will not fully offset the impact of a global
slowdown and metals producers profits will be reduced, says
Moody's.
* 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
GREEN WIND ENERG GWEUR EO -11320362.7 176234029.6
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
GREEN WIND ENERG G7W1 GR -11320362.7 176234029.6
GREEN WIND ENERG G7W GR -11320362.7 176234029.6
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
NESTLE DANMARK A 3896690Z DC -31272771.8 160779148
OBTEC OBTEC DC -14819232 148553764.3
OBTEC OBT DC -14819232 148553764.3
OBTEC-NEW SHARES OBTECN DC -14819232 148553764.3
OBTEC-OLD OBTN DC -14819232 148553764.3
OSTERFALLEDPARKE 3985676Z DC -26063679.2 302533679.4
ROSKILDE BANK ROSK EO -532868841 7876687324
ROSKILDE BANK RSKC IX -532868841 7876687324
ROSKILDE BANK ROSKF US -532868841 7876687324
ROSKILDE BANK ROSBF US -532868841 7876687324
ROSKILDE BANK RKI GR -532868841 7876687324
ROSKILDE BANK ROSK PZ -532868841 7876687324
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
ROSKILDE BAN-RTS ROSKT DC -532868841 7876687324
SCANDINAVIAN BRA SBSD PZ -14819232 148553764.3
SCANDINAVIAN BRA SBS DC -14819232 148553764.3
SCANDINAVIAN BRA SBS1EUR EO -14819232 148553764.3
SCANDINAVIAN BRA SBS1 BY -14819232 148553764.3
SCANDINAVIAN BRA SBS1 EU -14819232 148553764.3
SCANDINAVIAN BRA SBS1 EO -14819232 148553764.3
SCANDINAVIAN BRA SBS1EUR EU -14819232 148553764.3
SCANDINAVIAN BRA SBSC IX -14819232 148553764.3
SCHAUMANN PROP SCHAUP PZ -101428499 298588010.2
SCHAUMANN PROP SCHAUP EU -101428499 298588010.2
SCHAUMANN PROP SCHAU BY -101428499 298588010.2
SCHAUMANN PROP SCHAUEUR EO -101428499 298588010.2
SCHAUMANN PROP SCHAU EO -101428499 298588010.2
SCHAUMANN PROP SCHAUP DC -101428499 298588010.2
SCHAUMANN PROP SCHAU EU -101428499 298588010.2
SCHAUMANN PROP SCHAUEUR EU -101428499 298588010.2
SUZLON WIND ENER 3985532Z DC -50030922.8 151671948.3
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.3 330011633.6
AIR COMMAND SYST 4470055Z FP -24012413.9 236706831.5
AKERYS SERVICES 4685937Z FP -8561729.53 141611798.1
ALCATEL-LUCENT E 3642975Z FP -33252970.3 441703998.1
ALCATEL-LUCENT F 3647063Z FP -794569718 4984960531
AL-KHATTIYA LEAS 4783713Z FP -13423803.2 109623566.3
ALPHABET FRANCE 4680817Z FP -12390663.9 408442413.7
ALUMINIUM PECHIN 3650903Z FP -469114029 1322244624
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BELVEDERE - RTS 554451Q FP -254721371 1019397736
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BELVEDERE SA BVD FP -254721371 1019397736
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BELVEDERE SA BEVD IX -254721371 1019397736
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BELVEDERE SA BVD EO -254721371 1019397736
BELVEDERE SA-NEW 8198283Q FP -254721371 1019397736
BELVEDERE SA-NEW 946529Q FP -254721371 1019397736
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BENP LILLEBONNE 4507291Z FP -14494480.2 341710346.6
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CARRERE GROUP CARF PZ -9829531.94 279906700
CARRERE GROUP CAR FP -9829531.94 279906700
CARRERE GROUP XRR GR -9829531.94 279906700
CARRERE GROUP CAR2 EO -9829531.94 279906700
CARRERE GROUP CAR2 EU -9829531.94 279906700
CARRERE GROUP CARG FP -9829531.94 279906700
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CARRERE GROUP CRGP IX -9829531.94 279906700
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CSF 3635887Z FP -60315179.7 3042333890
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EDENRED QSV GR -1395452285 5596512266
EDENRED QSV TH -1395452285 5596512266
EDENRED EDEN TQ -1395452285 5596512266
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EDENRED EDEN EU -1395452285 5596512266
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EDENRED EDEN IX -1395452285 5596512266
EDENRED-NEW EDENV FP -1395452285 5596512266
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ETAM PRET A PORT 4682193Z FP -18364165.4 175501799.4
FACONNABLE SA 226782Z FP -19616231 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.1 1638852912
GEC 4 SAS 4518255Z FP -91410337 541462091
GPN SA 4509659Z FP -35080424.7 568887551
GRANDE PAROISSE GDPXF US -927267927 629287290
GRANDE PAROISSE GDPA FP -927267927 629287290
GRANDE PAROISSE GAPA FP -927267927 629287290
GROUPE MONITEUR 317840Z FP -116707395 610106709.3
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HITACHI EUROPE S 4681417Z FP -9927515.77 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.4 116383810.4
I BASE 757542Z FP -6019481.25 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.5 363058830.9
ISOCHEM SA 3540732Z FP -9029087.45 100025367.9
ITM REGION PARIS 4681817Z FP -49662079.8 124321085.9
JTEKT AUTOMOTIVE 4504595Z FP -17492036.6 163375360
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LAB DOLISOS DOLI FP -27752176.2 110485462.4
LENOVO FRANCE SA 4710049Z FP -1944677.44 137134536.2
MATUSSIERE & FOR MTUSF US -77896689.1 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.1 293868350.8
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MVCI HOLIDAYS FR 4524959Z FP -106863950 221936730.6
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NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
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OROSDI OROS EO -51389802.7 181267113.2
OROSDI OROS S1 -51389802.7 181267113.2
OROSDI OROS EU -51389802.7 181267113.2
OROSDI OROS PZ -51389802.7 181267113.2
OROSDI-BACK ORBA FP -51389802.7 181267113.2
OROSDI-BACK BACK IX -51389802.7 181267113.2
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PEUGEOT CITROEN 3637183Z FP -292685178 366568398.7
PITNEY BOWES 4634633Z FP -11785422.8 184422748.8
REGIE PUBLICITAI 4691033Z FP -5262294.53 112402724.7
REGIONAL COMPAGN 3635823Z FP -37389129.6 595811276.3
RESEAU FERRE FRA 224063Z FP -1594878991 71610625888
RHODIA SA RHD GR -72552001.5 7951699362
RHODIA SA RHAGBP EO -72552001.5 7951699362
RHODIA SA RHA IX -72552001.5 7951699362
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RHODIA SA RHA TQ -72552001.5 7951699362
RHODIA SA 2324011Q EU -72552001.5 7951699362
RHODIA SA RHANR PZ -72552001.5 7951699362
RHODIA SA RHADF US -72552001.5 7951699362
RHODIA SA RHAY IX -72552001.5 7951699362
RHODIA SA 3218857Q IX -72552001.5 7951699362
RHODIA SA RHA EU -72552001.5 7951699362
RHODIA SA RHA NQ -72552001.5 7951699362
RHODIA SA 2324015Q EO -72552001.5 7951699362
RHODIA SA RHA EO -72552001.5 7951699362
RHODIA SA RHAUSD EU -72552001.5 7951699362
RHODIA SA RHA QM -72552001.5 7951699362
RHODIA SA RHDAF US -72552001.5 7951699362
RHODIA SA RHAGBX EU -72552001.5 7951699362
RHODIA SA RHDI GR -72552001.5 7951699362
RHODIA SA RHA PZ -72552001.5 7951699362
RHODIA SA RHA BQ -72552001.5 7951699362
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GREECE
------
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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
PETZET - PFD-RTS PETZPD GA -110812813 206429374.1
PETZETAKIS - RTS PETZKD GA -110812813 206429374.1
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PETZETAKIS-PFD PETZP GA -110812813 206429374.1
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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
THEMELIODOMI-RTS THEMED 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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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
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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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START FUNDING NO 3816392Z ID -8410425.95 624257073.1
SUSQUEHANNA EURO 4459081Z ID -1252022268 5765502698
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ITALY
-----
AS ROMA SPA ASR IM -63822544.7 148818665.4
AS ROMA SPA ASR EB -63822544.7 148818665.4
AS ROMA SPA ASRO IX -63822544.7 148818665.4
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AS ROMA SPA ASR EO -63822544.7 148818665.4
AS ROMA SPA ASRAF US -63822544.7 148818665.4
AS ROMA SPA ASR EU -63822544.7 148818665.4
AS ROMA SPA-RTS ASRAA IM -63822544.7 148818665.4
AUTOMOTIVE LIGHT 3895734Z IM -8797909.78 165588007.5
CANTIERI DI PISA 4313125Z IM -2611908.15 105466953.7
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COIN SPA GUCIF US -154057599 800526929.5
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INDUSTRIE FINCUO 4270053Z IM -15676157.1 111118283.9
KERSELF KERS IX -42106279.6 830980118.2
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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
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
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CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
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OXEA SARL 3682535Z GR -78371220.1 1013737294
OXEA SARL 3682535Z LX -78371220.1 1013737294
NETHERLANDS
-----------
ADAMAR AMSTERDAM 4049157Z NA -5255668.95 108793149.3
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SWEDEN
------
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SWEDISH AUTOMOBI SWAN EB -575434603 1479005959
SWEDISH AUTOMOBI SPYKF US -575434603 1479005959
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SWEDISH AUTOMOBI SWAN NA -575434603 1479005959
SWEDISH AUTOMOBI SPYKR PZ -575434603 1479005959
SWEDISH AUTOMOBI L9I TH -575434603 1479005959
SWEDISH AUTOMOBI SWAN EU -575434603 1479005959
SWEDISH AUTOMOBI SWAN BQ -575434603 1479005959
SWEDISH AUTOMOBI SWAN QM -575434603 1479005959
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SWEDISH AUTOMOBI SWAN TQ -575434603 1479005959
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UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
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VAN WEELDE BEHEE 4038885Z NA -165002.306 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.2004 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.9013 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.777 799874848.4
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WE INTERNATIONAL 630199Z NA -1220350.16 1011026941
ZINVEST FASHION 3775412Z NA -296559.405 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.5 100855655.1
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AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP EU -7700000 816200000
AKER FLOATING PR AKFP NO -7700000 816200000
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AKER FLOATING PR AKFP EO -7700000 816200000
AKER FLOATING PR AKNO IX -7700000 816200000
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AKER STORD A/S 4498875Z NO -244831513 379117306.4
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BKK VARME AS 4445833Z NO -4191315.79 139898061.1
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CAMILLO EITZEN C CECOEUR EU -63803000 141950000
CAMILLO EITZEN C CEIZF US -63803000 141950000
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CAMILLO EITZEN C CECO EU -63803000 141950000
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CARGONET 81784Z NO -5722680.02 160691742.7
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HEEGH AUTOLINERS 4389209Z NO -13894016.2 253537334.9
ICA NORGE AS 4511499Z NO -132832575 702347848.8
INTEROIL EXPLORA IOXEUR EU -12690000 172800992
INTEROIL EXPLORA IOX BY -12690000 172800992
INTEROIL EXPLORA IROIF US -12690000 172800992
INTEROIL EXPLORA IOX NO -12690000 172800992
INTEROIL EXPLORA INOX NO -12690000 172800992
INTEROIL EXPLORA IOX IX -12690000 172800992
INTEROIL EXPLORA IOX PZ -12690000 172800992
INTEROIL EXPLORA IOX EU -12690000 172800992
INTEROIL EXPLORA IOX EO -12690000 172800992
INTEROIL EXPLORA IOXEUR EO -12690000 172800992
INTEROIL EXPLORA IOXUSD EO -12690000 172800992
INTEROIL EXPLORA IOXUSD EU -12690000 172800992
JASON SHIPPING A JSHIP NO -63803000 141950000
JASON SHIPPING A JSHIP EO -63803000 141950000
JASON SHIPPING A JSHIPUSD EO -63803000 141950000
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JASON SHIPPING A JSHIP BY -63803000 141950000
JASON SHIPPING A JSHIPEUR EU -63803000 141950000
JASON SHIPPING A JSHIPEUR EO -63803000 141950000
JASON SHIPPING A JSHIP EU -63803000 141950000
MAN LAST OG BUSS 4521719Z NO -5830520.28 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -12248477.7 312455787.6
NCC ROADS AS 4401305Z NO -11149611.4 135425117.2
NORSK STEIN AS 4394889Z NO -697875.924 232219055.8
PETRO GEO-SERV PGS GR -18066142.2 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.2 399710323.6
PETRO GEO-SERV PGS VX -18066142.2 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.2 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.2 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.2 399710323.6
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.95 138751607.3
SEVAN MARINE ASA SVMRF US -173000000 962300032
SEVAN MARINE ASA SEVAN BY -173000000 962300032
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SEVAN MARINE ASA SEVAN PZ -173000000 962300032
SEVAN MARINE ASA SEVANUSD EO -173000000 962300032
SEVAN MARINE ASA SEVAN EU -173000000 962300032
SEVAN MARINE ASA SEVANUSD EU -173000000 962300032
SEVAN MARINE ASA SEVANEUR EO -173000000 962300032
SEVAN MARINE ASA SEVAN GK -173000000 962300032
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SEVAN MARINE ASA SEVAN NR -173000000 962300032
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SEVAN MARINE ASA SEVAN NQ -173000000 962300032
SEVAN MARINE ASA SEVAN NO -173000000 962300032
SEVAN MARINE ASA SEVAN S1 -173000000 962300032
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SEVAN MARINE ASA SEMA NO -173000000 962300032
SEVAN MARINE-ADR SVMRY US -173000000 962300032
SEVAN MARINE-RTS 3328565Z NO -173000000 962300032
SEVAN-NEW SEVANN NO -173000000 962300032
SINGAPORE OFFSHO 4422313Z NO -62203.0437 104161346.4
STOREBRAND EIEND 4443409Z NO -40898583.7 1242265455
STOREBRAND EIEND 4288341Z NO -174025924 4173823457
TDC AS 4287413Z NO -83055193 129421953.7
TRICO SHIPPING A 3651167Z NO -132576808 504945402.2
TTS SENSE AS 4393841Z NO -8795315.49 159296793.9
UTKILEN SHIPPING 4446161Z NO -74871.0265 185813483
VNG NORGE AS 4513147Z NO -54874780.7 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.858 108090511.9
KROSNO KROS IX -2241615.44 111838141.2
KROSNO KRS LI -2241615.44 111838141.2
KROSNO KRS PW -2241615.44 111838141.2
KROSNO KRS1EUR EU -2241615.44 111838141.2
KROSNO KRS1EUR EO -2241615.44 111838141.2
KROSNO SA KRS PZ -2241615.44 111838141.2
KROSNO SA KRNFF US -2241615.44 111838141.2
KROSNO SA KRS1 EO -2241615.44 111838141.2
KROSNO SA KRS1 EU -2241615.44 111838141.2
KROSNO SA KROSNO PW -2241615.44 111838141.2
KROSNO SA-RTS KRSP PW -2241615.44 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241615.44 111838141.2
TOORA TOR PZ -288818.39 147004954.2
TOORA TOR PW -288818.39 147004954.2
TOORA 2916661Q EO -288818.39 147004954.2
TOORA 2916665Q EU -288818.39 147004954.2
TOORA-ALLOT CERT TORA PW -288818.39 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.4 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.3 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.2 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.47 115717930.4
CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
ESTALEIROS NAVAI 4507307Z PL -99568225.9 221542111.7
FORD LUSITANA SA 3648983Z PL -7991062.86 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.2 440770232
HOSPITAL DO DIVI 3789932Z PL -75359385 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.21 425561447.8
LYCATELCOM LDA 4281821Z PL -8577510.56 109410577.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.93 199376769
RADIO E TELEVISA 1227Z PL -740710265 506160206.4
REFER-REDE FERRO 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.03 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999 625059071.4
SOCIEDADE DE REN 3776676Z PL -16169671 124492842.5
SOCIEDADE DE TRA 1253Z PL -368574770 153373893.3
SPORTING CLUBE D SCDF EU -65884328.1 251276323.4
SPORTING CLUBE D SCG GR -65884328.1 251276323.4
SPORTING CLUBE D SCPX PX -65884328.1 251276323.4
SPORTING CLUBE D SCP1 PZ -65884328.1 251276323.4
SPORTING CLUBE D SCDF EO -65884328.1 251276323.4
SPORTING CLUBE D SCP PL -65884328.1 251276323.4
SPORTING-SOC DES SCPL IX -65884328.1 251276323.4
SPORTING-SOC DES SCDF PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPDS PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPVS PL -65884328.1 251276323.4
TAP SGPS TAP PL -353957017 2789331398
TRANSGAS SA 3794668Z PL -2181404.7 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.2 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.9 178667412.9
OLTCHIM RM VALCE OLTCF US -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLT PZ -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT RO -89344240.8 511515508.8
RAFO SA RAF RO -457922311 356796459.3
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -85016164.6 320054212.6
ALLIANCE RUSSIAN ALRT RU -15214295.8 144582050.8
AMO ZIL ZILL RM -204894835 401284636
AMO ZIL-CLS ZILL RU -204894835 401284636
AMO ZIL-CLS ZILLG RU -204894835 401284636
AMO ZIL-CLS ZILL* RU -204894835 401284636
AMTEL-POVOLZ-BRD KIRT RU -936614.549 142093264.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.549 142093264.3
BALTIYSKY-$BRD BALZ RU -880437.562 345435790.7
BALTIYSKY-$BRD BALZ* RU -880437.562 345435790.7
BALTIYSKY-BRD BALZ$ RU -880437.562 345435790.7
CRYOGENMASH-BRD KRGM* RU -22826264 214573431.2
CRYOGENMASH-BRD KRGM RU -22826264 214573431.2
CRYOGENMASH-PFD KRGMP* RU -22826264 214573431.2
CRYOGENMASH-PFD KRGMP RU -22826264 214573431.2
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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
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FINANCIAL LEASIN FLKO* RU -166377934 282903505.9
GAZ GAZA$ RU -584751226 1478925024
GAZ GZAPF US -584751226 1478925024
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GAZ-CLS GAZAG RU -584751226 1478925024
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GAZ-PFD GAZAP* RU -584751226 1478925024
GAZ-PFD GAZAP RU -584751226 1478925024
GAZ-PFD GAZAP RM -584751226 1478925024
GAZ-PFD GAZAPG$ RU -584751226 1478925024
GAZ-PFD GAZAPG RU -584751226 1478925024
GAZ-PREF GAZAP$ RU -584751226 1478925024
GAZ-US$ GTS GAZAG$ RU -584751226 1478925024
GRAZHDANSKIE SAM GSSU RU -47604998.4 1353823920
GUKOVUGOL GUUG RU -57835249.9 143665227.2
GUKOVUGOL GUUG* RU -57835249.9 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.9 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.9 143665227.2
HALS-DEVEL- GDR 86PN LI -588515965 1446111954
HALS-DEVELOPMENT HALS RM -588515965 1446111954
HALS-DEVELOPMENT HALS TQ -588515965 1446111954
HALS-DEVELOPMENT HALS* RU -588515965 1446111954
HALS-DEVELOPMENT HALSG RU -588515965 1446111954
HALS-DEVELOPMENT HALSM RU -588515965 1446111954
HALS-DEVELOPMENT HALS LI -588515965 1446111954
HALS-DEVELOPMENT SYR GR -588515965 1446111954
HALS-DEVELOPMENT HALS RU -588515965 1446111954
IZHAVTO OAO IZAV RU -94100834 443610329.4
KHANTY MANSIYSK HMSR RU -7454032.63 143409366.2
KIROV TIRE PLANT KIRT$ RU -936614.549 142093264.3
KOMPANIYA GL-BRD GMST RU -1933849.29 1120076905
KOMPANIYA GL-BRD GMST* RU -1933849.29 1120076905
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SERBIA
------
DUVANSKA DIVR SG -46938765.4 107525048.4
SLOVENIA
--------
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SPAIN
-----
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SWITZERLAND
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TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.1 147075077.7
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UKRAINE
-------
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UNITED KINGDOM
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SKYEPHARMA PLC SKP EU -133034755 130464035.4
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SONY DADC UK LTD 4007652Z LN -758038.371 131666251.9
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TIMES NEWSPAPERS 2343939Z LN -653746580 603467606.2
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TOPPS TILES PLC TPTEUR EU -39843958.1 122386142.5
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TRINITY MIRROR P 1511258Z LN -138612681 1045091625
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TUI UK LTD 1653824Z LN -913811299 5088088830
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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
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WEETABIX LTD-A WTB OF -397652100 909970808.9
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WESCOT TOPCO LTD 4007020Z LN -28467510.9 115035189
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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 * * *