/raid1/www/Hosts/bankrupt/TCREUR_Public/120731.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 31, 2012, Vol. 13, No. 151
Headlines
B U L G A R I A
* BULGARIA: More Than 50% of SMEs Fear Bankruptcy
F R A N C E
BANQUE PSA: Moody's Cuts Bank Financial Strength Rating to 'D+'
FAURECIA SA: Moody's Affirms 'Ba3' Corp. Family Rating
G E R M A N Y
RHEINWEST CREDIT: S&P Affirms 'CCC-' Ratings on Two Note Series
G R E E C E
AGRICULTURAL BANK: Piraeus Bank to Acquire Healthy Assets
* GREECE: To Seek Extension of Bailout Program
I C E L A N D
* ICELAND: Moody's Publishes Annual Sovereign Credit Analysis
I R E L A N D
VALLERIITE CDO I: S&P Affirms 'CCC-' Ratings on 2 Note Classes
I T A L Y
ISLAND REFINANCING: Fitch Cuts Rating on Class C Notes to 'Bsf'
K A Z A K H S T A N
BTA BANK: Net Loss Widens to KZT1.37 Trillion
L U X E M B O U R G
INTELSAT SA: To Sell U.S. Headquarters to SL 4000 for US$85-Mil.
N O R W A Y
AKER SOLUTION: Fitch Affirms 'BB+' LT Issuer Default Rating
P O L A N D
PBG SA: Aprivia Unit Seeks Liquidation
R U S S I A
AK YAKUTSKENERGO: Fitch Affirms 'BB' LT Issuer Default Ratings
RUSNANO: S&P Affirms 'BB+' Long-Term Issuer Credit Rating
TRANSTELECOM CO: Fitch Affirms 'B+' Long-Term IDR; Outlook Stable
S P A I N
BANKINTER SA: S&P Cuts Rating on EUR168M Preferred Shares to 'C'
CAJA SAN FERNANDO I: S&P Lowers Rating on Class D Notes to 'CCC-'
T U R K E Y
HABAS SINAI: Fitch Affirms 'B+' Long-Term IDRs; Outlook Stable
U N I T E D K I N G D O M
DAWSON INTERNATIONAL: May Go Into Administration This Week
JJB SPORTS: Appoints Beverly Williams as Interim Chief Executive
MOUCHEL GROUP: In Talks with RBS to Reduce GBP180MM Debt
SANDWELL COMMERCIAL 2: S&P Cuts Ratings on 2 Note Classes to 'B-'
* UNITED KINGDOM: UKAR Repays GBP788 Million in First Half 2012
X X X X X X X X
* Aegis Capital's Stanley Crouch Shares Thoughts on EU Bailout
* Large Companies with Insolvent Balance Sheets
*********
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B U L G A R I A
===============
* BULGARIA: More Than 50% of SMEs Fear Bankruptcy
-------------------------------------------------
According to Novinite.com, a poll conducted by Noema agency has
shown that more than 50% of Bulgarian small and medium-sized
companies fear bankruptcy, fueling concerns that the economy's
backbone will break as the crisis bites.
Novinite.com relates that pollsters say Bulgarian small and
medium-sized enterprises face huge obstacles as they try to
grapple with the fallout from the economic crisis.
They have problems to develop innovations and patent activities,
lack access to financing or if they do, it is very limited as
traditional financial institutions are reluctant to fund small
businesses, Novinite.com discloses.
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F R A N C E
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BANQUE PSA: Moody's Cuts Bank Financial Strength Rating to 'D+'
---------------------------------------------------------------
Moody's Investors Service has downgraded the standalone Bank
Financial Strength Rating (BFSR) of Banque PSA Finance (BPF) to
D+ from C-, while its mapping to the long-term scale Baseline
Credit Assessment (BCA) was lowered to baa3 from baa2.
Subsequently, the long-term debt and bank deposit ratings were
downgraded to Baa3 from Baa2, in line with the BCA, and the
bank's short-term debt and deposit ratings were downgraded to P-3
from P-2. This follows the downgrade of BPF's parent Peugeot S.A
(PSA)'s long-term ratings to Ba2 from Ba1 on July 26, 2012.
Further, Banque PSA's subordinated and junior subordinated debt
program ratings were downgraded to (P)Ba1 and (P)Ba2 from (P)Baa3
and (P)Ba1 respectively. The backed long-term debt ratings of
Peugeot Finance International N.V. were downgraded to Baa3 from
Baa2, while the backed commercial paper ratings of SOFIRA SNC
were downgraded to P-3 from P-2.
All ratings remain under review for possible further downgrade
further to the review opened on July 17, 2012.
Rating Rationale
Moody's continues to believe that given the intricate strategic,
commercial and financial ties to its parent, BPF's
creditworthiness is inherently linked to that of PSA. These
credit linkages with PSA include (i) BPF's dependence on PSA for
its own business rationale and franchise value; (ii) the
potential, therefore, for problems at PSA to impact BPF's funding
capacity; (iii) the ability of PSA to require BPF to pay
exceptional dividends (EUR360 million exceptional dividend paid
in 2012; source: PSA interim 2012 financial report); (iv) BPF's
credit exposures to PSA's dealer networks; and (v) BPF's
exposures to the value of the PSA vehicles it finances, which
provide the collateral against its loan book. Set against this,
Moody's recognizes that BPF's financial performance has thus far
displayed low correlation with that of the manufacturer, and
therefore the downgrade to Baa3 of BPF's long-term ratings
balances BPF's intrinsic exposure to its parent against its
otherwise more healthy credit characteristics.
During the ongoing review, Moody's will further consider the
impact on BPF of the potential weakening credit profile of its
parent in the context of the current weak economic environment,
including any actions which BPF might take to reduce its
correlation with PSA or otherwise protect its own
creditworthiness.
What Could Change The Rating Up/Down
Moody's believes there is little likelihood of any upward rating
pressure on BPF, given the current review for downgrade on PSA
and rating differential between the two entities.
A further downgrade of PSA's long-term ratings would likely
result in a downgrade of those of BPF, absent any factors which
in Moody's view could reduce its intrinsic links and correlation
with PSA. Even without a downgrade of PSA, BPF's ratings could be
downgraded due to a deterioration in its credit fundamentals, for
example an increase in expected credit losses, or more difficult
refinancing conditions. However a downgrade may be limited by
evidence of external support which is currently not factored into
the bank's ratings.
The principal methodology used in these ratings was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
FAURECIA SA: Moody's Affirms 'Ba3' Corp. Family Rating
------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 Corporate Family
Rating ("CFR") of Faurecia S.A. as well as the Ba3 rating on
Faurecia's senior guaranteed notes and B2 senior notes. The
outlook on the ratings has been changed to stable from positive.
Ratings Rationale
"The affirmation of Faurecia's ratings reflect our expectation
that the company will be able to maintain financial ratios in
line with a Ba3 corporate family rating despite difficult trading
conditions in the European automotive market." says Rainer
Neidnig, a Moody's Vice President and lead analyst for Faurecia.
"However, given the decline of operating profit in the first half
of 2012 and considering the ongoing weak market environment in
Europe we are of the opinion that Faurecia will most likely not
meet the requirements for a rating upgrade in the next 12 months.
Hence, the rating outlook was changed to stable from positive."
adds Mr. Neidnig. The outlook change to stable also reflects that
Faurecia management changed its operating profit guidance for the
full year 2012 to EUR560-610 million from previously EUR610-670
million.
Moody's views positively that Faurecia managed to achieve
revenues growth in the first half of 2012 despite a decline of
light vehicle production volumes in its European home market. In
the first six months of 2012, Faurecia reported revenues of
EUR8.8 billion which represents a 3.8% rise on a like-for-like
basis compared to the prior year period. In Moody's view this
achievement is primarily the result of the group's international
expansion efforts in recent years which reduced the share of
product sales generated in Europe to 59% in the first half of
2012 from 76% in 2009.
However, Faurecia was unable to translate the increase in
revenues into higher earnings given that operating profit as
reported by Faurecia declined to EUR303 million in the first six
months of 2012. This compares to EUR340 million in the prior year
period. The main reason for this negative development was a
EUR48 million decline of operating profit reported in Europe
where revenues reduced by 5% in the first half of 2012 which is
in line with the decline in overall light vehicle production in
that region. In addition, operating profit suffered by EUR-17
million in South America because of wage inflation, currency
effects and changes to the operating footprint. This negative
development was partly offset by rising operating profit in North
America and Asia on the back of growing revenues.
Moreover, Moody's views negatively that the decline in earnings
together with continued high investments into future growth
(primarily fixed assets, development costs, working capital and
smaller acquisitions) resulted in a material negative free cash
flow and an increase of reported net debt to EUR1.5 billion as of
June 2012 after EUR 1.2 billion as of December 2011. On a Moody's
adjusted basis net debt increased to EUR2.5 billion from EUR2.3
billion over the same period. Against this backdrop Moody's is of
the opinion that it is unlikely that Faurecia will meet credit
metrics that would allow for an upgrade in the next 12 months,
but expect the company to maintain credit metrics in line with a
Ba3 CFR given a Moody's adjusted EBIT-margin of 3.1% and
debt/EBITDA of 3.8x for the last twelve months per June 2012
(calculated on a preliminary basis).
Moreover, Moody's notes that because of the negative free cash
flow Faurecia's liquidity profile has not significantly improved
despite the company's issuance of EUR390 million of notes with
maturities in 2016 and 2019 during the first half of 2012.
Moody's continues to consider it to be rather weak because the
cushion for unexpected liquidity needs is slim. As of June 2012,
Faurecia had a sizeable cash position of EUR800 million and
available commitments of EUR730 million under its existing
EUR1,150 million core credit facility (EUR690 million mature in
November 2014 and EUR460 million mature in November 2015).
However, the company also had sizeable short-term debt maturities
(EUR725 million) and off-balance sheet short-term factoring
activities (EUR377 million). Moody's views positively that
Faurecia was able to rely on its relationship banks during the
2009 recession and that according to management data its
factoring arrangements worked well also in the middle of the
industry downturn. However, Moody's notes that Faurecia's core
credit facilities also contain conditionality language in the
form of financial covenants.
Moody's views Faurecia's relationship with majority shareholder
Peugeot S.A. (PSA) (rated Ba2, under review for possible
downgrade) primarily as an operating challenge given the reliance
on sales to PSA (14% of revenues in the first six months of 2012)
and PSA's weak operating performance, but Moody's believes that
Faurecia can largely compensate shortfalls of sales to PSA by
business from other OEMs. While Moody's cautions that the recent
weakening of PSA's credit profile increases the risk that PSA may
turn to Faurecia for financial support, at this stage Moody's
expects that the financing arrangements of Faurecia and PSA
remain separate also in future and that dividend distributions
will not materially increase. This view considers Faurecia's
responsibilities to its minority shareholders and that Faurecia's
existing credit agreements place limits on the payment of
dividends and the incurrence of additional debt.
The stable outlook reflects Moody's view that Faurecia will be
able (i) to maintain EBIT-margins of at least 2% and debt/EBITDA
close to 4x or lower on a Moody's adjusted basis through the
cycle and (ii) come close to break-even free cash flow in 2013
with clear visibility of positive free cash flow thereafter.
What Could Change The Rating Up/Down
A rating upgrade would be considered should Faurecia manage to
achieve (i) EBIT-margins of 3% or higher, (ii) positive Free Cash
Flow generation, and (iii) a debt/EBITDA ratio below 3.5x through
the cycle on a sustainable basis. An improvement of Faurecia's
liquidity profile is also a critical consideration for an
upgrade.
Downward pressure on the rating would arise in case of a
deterioration in earnings and cash flow generation reflected in
recurring negative Free Cash Flow or EBIT-margins below 2%. In
addition, pressure on the rating could evolve should debt/EBITDA
rise again materially above 4x or if the availability of short-
term liquidity lines and/or factoring capacity for Faurecia
reduces significantly.
Principal Methodology
The principal methodology used in rating Faurecia S.A. was the
Global Automotive Supplier Industry Methodology published in
January 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.
Headquartered in Paris, France, Faurecia group is one of the
world's largest automotive suppliers for seats, exhaust systems,
exteriors and interiors. In 2011, group revenues amounted to EUR
16.2 billion. The group operates along four divisions: Automotive
Seating, Interior Systems, Emission Control Technologies and
Automotive Exteriors. The parent company, Faurecia S.A., is a
holding company which directly and indirectly provides financial,
accounting, general management and administrative services to the
group. Faurecia S.A. is listed on the Paris stock exchange. The
largest shareholder is PSA Peugeot Citro‰n which held 57% of
Faurecia's shares and 73% of voting rights as of December 2011.
The remaining shares are in free float.
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G E R M A N Y
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RHEINWEST CREDIT: S&P Affirms 'CCC-' Ratings on Two Note Series
---------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch
developing its credit ratings in three European synthetic
collateralized debt obligation (CDO) transactions and one
structured investment vehicle (SIV).
"The CreditWatch placements follow the withdrawal of our ratings
on the collateral provider and liquidity provider, Portigon
Financial Services AG (Portigon; not rated)--formerly known as
WestLB (not rated)--and its restructuring," S&P said.
On July 1, 2012, the restructuring and wind-down of WestLB
entered its final phase, in accordance with a European Commission
approved restructuring plan. WestLB became Portigon on July 2,
2012. The collateral and liquidity provider, Portigon, is the
same legal entity as the former WestLB.
"As part of this restructuring, we understand that the financial
obligations of WestLB will be transferred over the next few
months to Erste Abwicklungsanstalt (EAA; AA-/Stable/A-1+) and to
Landesbank Hessen-Thringen Girozentrale (Helaba; A/Stable/A-1).
Portigon has confirmed that the transfer is planned to take place
by Sept. 1, 2012, and then be backdated to July 1, 2012. Further,
considering the planned transfer, Portigon confirmed that current
collateral or liquidity lines that West LB/Portigon provided will
be transferred to EAA," S&P said.
The Rheinwest Credit Management transactions (series 12, 14, and
16) are synthetic CDOs with corporate reference portfolios. The
current ratings on the notes are weak-linked to the
creditworthiness of the portfolio and the rating on the
underlying collateral, which comprises German covered bonds
(pfandbriefe) issued by WestLB/Portigon.
WestLB has been the provider of 100% liquidity support to the
Harrier Finance Funding Ltd. SIV and therefore the issuer credit
rating and senior ratings have not been higher than the rating
level on Portigon, formerly WestLB.
"Taking those factors into account, we have placed on CreditWatch
developing our ratings in three Rheinwest Credit Management
transactions and in the Harrier Finance Funding SIV," S&P said.
The resolution of these CreditWatch developing placements will
occur once Portigon has finalized the transfer of its assets to
Erste Abwicklungsanstalt.
"We will continue to monitor the restructuring of Portigon and
its likely effect on these transactions," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating Rating
To From
Harrier Finance Funding Ltd.
ICR BBB+/Watch Dev/A-2 BBB+/Negative/A-2
CP A-2/Watch Dev A-2
MTN BBB+/Watch Dev BBB+
Rheinwest Credit Management
EUR15 Million Credit-Linked Floating-Rate Notes Series 12
CCC+ (sf)/Watch Dev CCC+ (sf)
Rheinwest Credit Management
EUR15 Million Credit-Linked Floating-Rate Notes Series 14
CCC- (sf)/Watch Dev CCC- (sf)
Rheinwest Credit Management
EUR15 Million Credit-Linked Floating-Rate Notes Series 16
CCC- (sf)/Watch Dev CCC- (sf)
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G R E E C E
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AGRICULTURAL BANK: Piraeus Bank to Acquire Healthy Assets
---------------------------------------------------------
Kerin Hope at The Financial Times reports that Piraeus Bank, the
fourth largest Greek lender, will acquire the healthy assets of
state-controlled Agricultural Bank of Greece (ATEbank) in a deal
approved by the country's international creditors.
According to the FT, the Greek central bank said Piraeus would
absorb ATEbank's "performing loans, securities portfolio and all
the bank's deposits".
Piraeus, the only lender willing to take over and operate the
restructured bank, pledged not to sack any of ATEbank's 5,500
employees, the FT notes.
ATEbank failed a stress test last year and did not announce full-
year results for 2011, the FT recounts. According to nine-month
figures, it had deposits of EUR17 billion and loans of EUR20
billion before provisions, the FT discloses. Some 15% of loans
were non-performing, the FT says, citing the bank's nine-month
statement of results.
The central bank said the difference between the assets
transferred to Piraeus and ATEbank's liabilities would be covered
by the Hellenic Financial Stability Fund, a special facility
funded by Greece's international lenders to support the banking
system, the FT notes.
The HFSF would also provide a capital injection for Piraeus
following the takeover, the FT states.
The Agricultural Bank of Greece is a commercial bank based in
Athens, Greece.
* GREECE: To Seek Extension of Bailout Program
----------------------------------------------
Stelios Bouras and Philip Pangalos at Dow Jones Newswires report
that the leaders of Greece's ruling coalition, struggling to
reach consensus over an austerity plan, will seek an extension of
the country's bailout program, a senior government official said,
hoping to spread cuts of EUR11.5 billion (US$14.17 billion) over
a longer period even as international creditors have signaled
such a demand wouldn't be acceptable.
Prime Minister Antonis Samaras, Socialist leader Evangelos
Venizelos, and the leader of the small Democratic Left party,
Fotis Kouvelis, met for more than two hours Monday but didn't
reach a final agreement on spending cuts Greece must enforce as
part a EUR173 billion bailout plan, Dow Jones relates. The plan,
the report notes, may already be off track after two election
campaigns brought economic overhauls to a standstill.
"Discussions are continuing and will carry on in coming days,"
Dow Jones quotes Mr. Kouvelis as saying after the meeting. "We
have in front of us specific issues, but we also have a Greek
society that cannot lift more burdens."
The senior government official said Greece would push for a two-
year extension to meet fiscal targets set out in its second
bailout as it works toward finalizing the fresh austerity
measures, Dow Jones notes.
The spending cuts and the extension of the program's
implementation "will happen in parallel," the official, as cited
by Dow Jones, said.
The savings plan targets cutbacks for 2013 and 2014 as demanded
by international creditors to keep funding lines to the country
open, Dow Jones discloses. Without a green light from the
troika - the European Commission, the International Monetary Fund
and the European Central Bank - Athens may not receive its next
EUR31 billion installment of funding, slated to be disbursed in
September, Dow Jones states.
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I C E L A N D
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* ICELAND: Moody's Publishes Annual Sovereign Credit Analysis
-------------------------------------------------------------
In its annual credit report on Iceland, Moody's Investors Service
says that Iceland's Baa3 government bond rating is based on the
country's moderate economic and high institutional strength as
well as low government financial strength and high susceptibility
to event risk. The downside risks facing Iceland's sovereign
creditworthiness are reflected in the currently negative outlook
on the rating.
The rating agency's report is an annual update to the markets and
does not constitute a rating action. Moody's determines a
country's sovereign rating by assessing it on the basis of four
key factors -- economic strength, institutional strength,
government financial strength and susceptibility to event risk --
as well as the interplay between them.
Iceland's moderate economic strength score balances the high
levels of wealth with the small size and undiversified structure
of the economy. The post-crisis recovery is now under way and
Iceland's short-term growth outlook is favorable. A further
escalation of the euro area crisis is a risk as the EU is
Iceland's main trading partner. Moody's assesses Iceland's
institutional strength as high, given the important progress that
the authorities have made in bringing the economy, the financial
system and the public finances back onto a sustainable path. The
government is in the process of implementing wide-ranging changes
to the institutional set-up so as to avoid a repetition of the
crisis.
Government financial strength is considered to be low, mainly on
account of the still elevated debt burden. At the same time, the
government has managed to reduce the budget deficit significantly
since the peak in 2008. Fiscal consolidation continues this year
and will likely result in the first decline in the public debt
ratio since the crisis erupted. While an important and positive
first step, the Icelandic authorities will need to strengthen the
country's fiscal position further and run consistent and
substantial primary surpluses in the coming years in order to
materially reduce the still very high debt ratio. The Icesave
dispute is less of a risk to public finances than previously
thought, but remains to be solved.
Susceptibility to event risk is assessed as high, mainly
reflecting the risks entailed in the process of capital control
liberalization. The size of potential capital outflows is
substantial and the risk of policy mistakes in the context of
loosening the controls remains the key event risk for Iceland. At
the same time, Moody's acknowledges that the authorities are well
aware of the risks of a too rapid liberalization. Also, by
repaying early some of its own obligations the government has
reduced some of the potential pressure on the ISK exchange rate
in the years 2013-2014, which are most likely the years with
significant steps in liberalizing the capital control regime.
The negative outlook on Iceland's Baa3 rating reflects the above
risks. The outlook could be returned to stable provided the
government remains on track to achieve its fiscal target for the
year and there are no further legal developments that have a
negative impact on the government's fiscal and debt position. The
ratings could be upgraded if the economic recovery is sustained,
significant fiscal consolidation continues and the exchange rate
remains broadly stable during the process of gradual capital
control relaxation. Conversely, the rating could be downgraded if
the current commitment to fiscal consolidation showed signs of
declining or the remaining legal risks related to a resolution of
the Icesave issue resulted in a significantly higher liability
for the government than is currently expected.
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I R E L A N D
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VALLERIITE CDO I: S&P Affirms 'CCC-' Ratings on 2 Note Classes
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Valleriite CDO I PLC's euro series class S, A-1, and A-2 notes.
"The rating actions follow our assessment of the transaction's
portfolio performance and its cash flows. None of our ratings was
affected by either our largest obligor default test or largest
industry default test -- two supplemental stress tests in our
2009 corporate collateralized debt obligation (CDO) criteria,"
S&P said.
"Valleriite CDO I is a hybrid cash/synthetic arbitrage CDO of
corporates. The asset structure combines elements of cash CDOs
(bonds and loans) and synthetic CDOs (protection sold through a
portfolio of credit default swaps and total return swaps).
BlackRock Financial Management Inc. manages the transaction,
which closed in June 2007," S&P said.
"Table 1 shows that available credit enhancement has decreased
for all classes of notes, but no class of notes has amortized or
deferred interest payments," S&P said.
Table 1
VALLERIITE CDO I PLC EURO NOTES STRUCTURE
Class Rtg Rtg Initial Current PIK Initial Current
to from notional notional CE CE
(sf) (sf) (mil. $) (mil. $) (%) (%)
Unfunded NR NR 1,134.0 1,004.2 N N/A N/A
S BB+ BB+ 42.0 42.0 N 16.00 12.19
A-1 CCC- CCC- 112.4 112.4 N 7.80 2.76
A-2 CCC- CCC- 2.4 2.4 N 7.80 2.76
B-1 NR NR 35.9 35.9 N N/A N/A
B-2 NR NR 4.7 4.7 N N/A N/A
C-1 NR NR 12.6 12.6 N N/A N/A
D-1 NR NR 13.0 13.0 Y N/A N/A
D-2 NR NR 1.0 1.0 Y N/A N/A
PIK -Payment in kind.
CE -Credit enhancement = (total collateral balance + tranche
balance [including tranche balance of all senior tranches]) /
total risky exposure.
NR -Not rated.
N/A -Not applicable.
"Under the transaction documents, any protection payments due by
the issuer to the synthetic counterparty following a credit event
are mainly made by drawing on a liquidity facility. Repayment of
the liquidity facility ranks senior to payments to the rated
classes of notes, thus reducing the amount available for repaying
those notes," S&P said.
"We understand that a credit event on Residential Capital LLC was
recently settled; we have conservatively assumed that its
settlement was achieved by fully using available cash and
liquidating cash obligations to purchase the defaulted
deliverable obligation (as opposed to relying on the drawing and
repayment of the liquidity facility, which is currently the
case). To date, cumulative losses have totaled 5.7%," S&P said.
Table 2 shows the evolution of the total risky exposure and the
collateral balance available to repay the notes in this
transaction.
Table 2
TRANSACTION KEY FEATURES
Feature Initial Aug 2010 Jun 2012
Total collateral balance (MM/EUR)[1] 266 208 190
Total risky exposure (MM/EUR)[2] 1,400 1,260 1217
Performing assets WAR BBB+ BBB- BBB-
[1] Long cash obligations, funded basis obligations, and
principal cash.
[2] Long cash obligations, long credit default swap exposure, and
funded basis obligations.
WAR -Weighted-average rating.
"Table 3 shows some of the key assumptions we have used to model
the transaction. The weighted-average life of the assets is
shorter, while the weighted-average spread and recoveries have
increased slightly," S&P said.
Table 3
MODELING ASSUMPTIONS
Aug 2010 Jun 2012
WAM of assets (years) 6.8 5.2
Cash obligations WAS (%) 0.39 0.50
Synthetic assets WA premium (%) 0.52 0.63
AAA WARR (%) 13 16
AA WARR (%) 15 18
A WARR (%) 18 21
BBB WARR (%) 20 24
BB WARR (%) 22 26
B/CCC WARR (%) 24 28
WAM -Weighted-average maturity.
WAS -Weighted-average spread.
WARR -Weighted-average recovery rate.
"Overall, we have observed mixed performance in the transaction
and, in our view, the credit enhancement available to the class
S, A-1, and A-2 notes is still commensurate with our current
ratings. We have therefore affirmed our ratings on these classes
of notes," 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
Valleriite CDO I PLC
EUR1.4 Billion Fixed- and Floating-Rate Subordinated Notes
Ratings Affirmed
S BB+ (sf)
A-1 CCC- (sf)
A-2 CCC- (sf)
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I T A L Y
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ISLAND REFINANCING: Fitch Cuts Rating on Class C Notes to 'Bsf'
---------------------------------------------------------------
Fitch Ratings has downgraded the class C and affirmed all other
classes of Island Refinancing S.r.l.'s floating rate non-
performing loan (NPL) notes, due July 2025, as follows:
-- EUR32.5m Class A (IT0004293558): affirmed at 'AAAsf';
Outlook Negative
-- EUR62.0m Class B (IT0004293574): affirmed at 'BBBsf';
Outlook Stable
-- EUR60.0m Class C (IT0004293582): downgraded to 'Bsf' from
'BBsf'; Outlook Negative
-- EUR32.0m Class D (IT0004293590): affirmed at 'Bsf'; Outlook
Negative
The downgrade reflects the sustained underperformance in
collections compared to the original business plan, which is
reflected in the deferral of interest on classes B through D.
Said amounts total EUR25 million, and will increase in subsequent
interest payment dates (IPDs). In light of the scheduled
amortization of the liquidity facility, this has exposed the
class C note to a higher risk of default, reflected in the
downgrade.
Interest is not deferrable on the senior-most class of notes
outstanding, except in the event that only the class D is
remaining. In particular, as soon as class C becomes senior in
the debt stack, all unpaid interest thereon will fall due. The
precondition to this, namely repayment of classes A and B
(including deferred B interest), is highly probable, as suggested
by their ratings. However at this juncture, the considerable
back-log of C interest may not be paid off on time. This is a
concern largely because the liquidity facility amortizes in line
with principal outstanding on classes A to C, and according to
Fitch's projections may have fallen below the level capable of
covering a lump sum of class C interest.
Non-payment of interest (other than as a deferral) is a potential
note event of default. Such an outcome arising for the class C
notes will hinge on the pace of semi-annual collections in the
coming years. Currently, this is on a downwards trend, which is
typical for a portfolio of seasoned defaulted claims. However,
with the portfolio also now significantly under-hedged -- the
result of the interest rate "flexi-swap" amortization band
proving insufficiently flexible -- one mitigant would be
persistence of the prevailing low interest rate environment,
which is currently containing the overall cost of funds. The
delicate balance between these two factors is reflected in the
downgrade of the class C notes.
As of the last IPD on 25 July 2012 cumulative net collections
stood at 51% of the business plan set by the servicer at closing,
and broadly in line with the performance since year-end 2009. In
nominal terms, the EUR16m of net collections in the last semester
is also comparable with levels reported since year-end 2009 (with
the exception of one semester during which a higher level
reflected one-off payments in relation to breaches of
representations). In contrast, amounts recovered on closed
positions have consistently exceeded the servicer's expectations,
as evidenced by an overall profitability ratio of 105%. Fitch
has been informed that approximately EUR99m has been deposited in
the tribunals' accounts, awaiting approval by the same courts for
distribution. Although these funds should be distributed (having
made provisions for legal and workout costs), extreme delays are
not uncommon in Italy, especially in southern Italy, and in some
central regions. While the agency does not incorporate a swift
disbursal of such funds in its analysis, it considers repayment
of classes A and B notes as highly probable.
Island Refinancing is a refinancing of Island Finance (ICR4)
S.p.A. (ICR4) and Island Finance 2 (ICR7) S.r.l.. ICR4 and ICR7
were two securitizations of non-performing loans (NPLs)
originated in Italy by Banco di Sicilia S.p.A. (BdS, part of the
UniCredit banking group, rated 'A-'/Negative/'F2'). The
portfolio consisted of secured and unsecured loans numbering
7,824 business plan credit lines to 3,395 borrowers for a total
unresolved gross book value (GBV) of EUR1,902 million.
===================
K A Z A K H S T A N
===================
BTA BANK: Net Loss Widens to KZT1.37 Trillion
----------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that BTA Bank,
Kazakhstan's biggest lender before defaulting on US$12 billion of
debt in 2009, extended its year-to-date loss last month amid
plans to restructure debt for the second time in as many years.
According to Bloomberg, the central bank's financial oversight
committee said in a monthly report on its Web site that the net
loss widened by KZT63.5 billion (US$423 million) from May to
KZT1.371 trillion in the year through June.
Bloomberg notes that the Almaty-based regulator said liabilities
of KZT2.66 trillion exceeded assets by KZT1.21 trillion.
BTA said talks began last month on its proposed debt overhaul
with the creditors' steering committee after the state-owned
lender failed to make an interest payment on its July 2018 dollar
bonds in January, Bloomberg relates.
BTA Bank JSC, a Kazakhstan-based financial institution, again
filed for creditor protection under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 12-12-13081) on July
16, 2012, in U.S. Bankruptcy Court in Manhattan. BTA Bank is
asking the U.S. court to recognize the proceeding in the
Specialized Financial Court of Almaty City in the Republic of
Kazakhstan as a "foreign main proceeding."
BTA Bank estimated both debt and assets of more than $1 billion.
BTA Group -- comprised of BTA Bank and its subsidiaries and
affiliated companies -- is one of the leading banking groups in
the Commonwealth of Independent States and has affiliated banks
in Russia, Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan and
Turkey.
As of May 1, 2012, BTA Bank was the third largest bank in the
Republic of Kazakhstan by total assets with a market share of
10.9%, serving approximately 710,218 retail customers, 73,200
small and middle business customers and 1,397 corporate
customers, most of which reside or are registered, or maintain
their operations, inside Kazakhstan. As of May 1, 2012, the Bank
employed 5,290 people inside and 2 people outside Kazakhstan.
In 2009, investigations and proceedings were launched in the
Republic of Kazakhstan, the United Kingdom, and elsewhere in
relation to fraudulent and unlawful transactions entered into by
the Bank's former management prior to February 2009 which, it
transpires, caused the Bank very significant losses.
On Oct. 7, 2009, the Bank applied to the Financial Court for an
order to commence a restructuring. The foreign representative in
2010 filed a petition (Bankr. S.D.N.Y. Case No. 10-10638) in
Manhattan and the judge granted a petition for recognition of the
Kazakhstan proceeding as "foreign main proceeding."
The Kazakhstan proceedings were closed in August 2010 after all
distributions were made. The Chapter 15 case was closed in
January 2011. Creditors whose claims were restructured received
a mixture of cash, senior debt, subordinated debt, other forms of
debt, equity and so-called recovery units in consideration for
the restructuring of their claims.
Since the beginning of 2011, the Bank's financial situation,
however, has deteriorated despite measures undertaken by
management. A high cost of funding and fierce competition among
Kazakhstan banks for business led to a steep deterioration in the
Bank's net interest margin, the measure of the difference between
the interest income generated by the Bank and the amount of
interest paid out to its lenders, relative to the amount of its
(interest-earning) assets. Due to the subdued business
environment and cumbersome legal procedures, recoveries on non-
performing loans were considerably lower than expected. As a
result, the Bank showed a total negative equity under
International Financial Reporting Standards of KZT 216 billion
(US$1.5 billion) by June 30, 2011, which worsened to an estimated
IFRS consolidated equity deficit of KZT 367 billion (US$2.5
billion) at year end and has continued to worsen in 2012.
Considering the Bank's financial situation and the need to
restore the IFRS Tier 1 capital position, the Bank commenced
discussions with its creditors in order to effect a second
restructuring of all or part of its financial indebtedness under
Kazakhstan laws.
The Bank on April 5, 2012, formally agreed to the creation of a
steering committee of creditors to coordinate further discussions
in relation to the Restructuring. The Steering Committee
selected Houlihan Lokey and Deloitte as joint financial advisers
and Baker & McKenzie as legal adviser.
On April 25, 2012, the Bank's board of directors resolved to
initiate the Restructuring. On April 28, the Bank entered into
an agreement on restructuring with the National Bank of
Kazakhstan pursuant to Article 59-3(3) of the Kazakhstan Banking
Law. On April 28, after obtaining a review and comments from the
Steering Committee's advisers, the Bank submitted a draft
restructuring plan to the National Bank of Kazakhstan. After the
National Bank of Kazakhstan completed its review, the way was
clear for the Bank to seek a Financial Court order opening a
restructuring proceeding under Kazakhstan law.
The Bank made an application for restructuring under the Banking
Law, the Civil Procedural Code and the Amending Law on May 2,
2012.
The second restructuring will be effected through the
restructuring of the existing claims arising from the financial
instruments issued during the first restructuring. The
Restructuring is expected to be completed by Sept. 27, 2012.
The Chapter 15 petition was filed to prevent creditors from
seeking to take action against the Bank or its assets in the
United States. The Bank's principal assets in the United States
are balances in accounts of correspondent banks located in New
York City. Its major American creditors are financial
institutions, such as Deere Credit Inc, Goldman Sachs Lending
Partners LLC, LM Moore, L.P., PNC Bank N.A. (formerly National
City Bank Cleveland).
The Steering Committee of Creditors comprises Ashmore Investment
Management Limited (as agent for and on behalf of certain funds
and accounts for which it acts as investment adviser), the Asian
Development Bank, D.E. Shaw Oculus International, Inc. and D.E.
Shaw Laminar International, Inc., Gramercy Funds Management LLC,
J.P. Morgan Securities Ltd., Nomura International plc, The Royal
Bank of Scotland plc, SAM Salute Advisors Ltd., Swedish Export
Credits Guarantee Board - EKN and VR Capital Group Ltd. in its
capacity as General Partner of VR Global Partners, L.P
BTA Bank is represented in the U.S. by Evan C. Hollander, Esq.,
at White & Case LLP.
Judge James M. Peck oversees the Chapter 11 case.
===================
L U X E M B O U R G
===================
INTELSAT SA: To Sell U.S. Headquarters to SL 4000 for US$85-Mil.
----------------------------------------------------------------
Intelsat Global Service LLC, an indirect subsidiary of Intelsat
S.A., entered into a Purchase and Sale Agreement to sell
Intelsat's U.S. administrative headquarters office building
located in Washington, DC, and to assign Seller's interest as
tenant under the Amended and Restated Lease Agreement relating to
the U.S. Administrative Headquarters Property, dated June 18,
2010, by and between the Government of the United States, as
lessor, and the Seller, as lessee, to SL 4000 Connecticut LLC, an
affiliate of those entities commonly referred to as the 601 W
Companies, a private real estate investment group, for a purchase
price of US$85,000,000 in cash.
Upon the closing of the U.S. Administrative Headquarters Sale,
the Seller will enter into a lease agreement under which the
Seller will lease from the Purchaser a portion of the U.S.
Administrative Headquarters Property for an initial term of 18
months at an annual gross rental rate of US$9,000,000, with a
single option to extend the term of the Post-Closing Lease for up
to an additional 12 months at an annual gross rental rate of
US$10,500,000. The closing of the U.S. Administrative
Headquarters Sale is contingent upon the Ground Lessor's approval
in accordance with the terms set forth in the Ground Lease,
together with other customary closing
conditions.
The proceeds from the U.S. Administrative Headquarters Sale are
expected to be used by Intelsat for its general corporate
purposes, which could include prepayment of existing debt.
Intelsat is currently in the process of selecting a location for
its new U.S. administrative headquarters office.
About Intelsat
Intelsat S.A., formerly Intelsat, Ltd., provides fixed-satellite
communications services worldwide through a global communications
network of 54 satellites in orbit as of Dec. 31, 2009, and ground
facilities related to the satellite operations and control, and
teleport services. It had US$2.5 billion in revenue in 2009.
Washington D.C.-based Intelsat Corporation, formerly known as
PanAmSat Corporation, is a fully integrated subsidiary of
Intelsat S.A., its indirect parent. Intelsat Corp. had US$7.70
billion in assets against US$4.86 billion in debts as of Dec. 31,
2010.
The Company reported a net loss of US$433.99 million in 2011, a
net loss of US$507.77 million in 2010, and a net loss of
US$782.06 million in 2009.
The Company's balance sheet at March 31, 2012, showed US$17.40
billion in total assets, US$18.52 billion in total liabilities,
US$49.51 million in noncontrolling interest and a $1.16 billion
total Intelsat S.A. shareholder's deficit.
* * *
Luxembourg-based Intelsat S.A. carries 'B' issuer credit ratings
from Standard & Poor's. It has 'Caa1' corporate family and
probability of default ratings from Moody's Investors Service.
===========
N O R W A Y
===========
AKER SOLUTION: Fitch Affirms 'BB+' LT Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Aker Solutions ASA's Long-term Issuer
Default Rating (IDR) and senior unsecured rating at 'BB+' with a
Stable Outlook.
The ratings affirmation reflects Aker Solutions' leading position
in niche segments of the oilfield services sector, its strong
technological expertise and experience of large, complex projects
in harsh environments globally. The ratings are constrained by
earnings volatility in the oil and gas industry, and a reliance
on cyclical spending plans.
Fitch believes that Aker Solutions' credit rating presently
reflects the company's business and financial risk and is not
likely to materially deviate over the next 12-18 months.
However, the company's financial profile is moderately stretched
for the rating, and there is no headroom for additional leverage
at the current rating level, partly due to the company's
relatively large capex program and its acquisition of NPS Energy
(part of the oilfield services company, National Petroleum
Services) in the Middle East, due to close in 2013.
According to Fitch's projections, funds from operations (FFO)
lease adjusted net leverage will average 3.5x in 2012-16. Fitch
believes the company's ambitious target revenue and margin growth
through to 2016 may be more difficult to achieve against the
backdrop of potentially vulnerable market conditions.
Nevertheless, the sector outlook remains solid in the medium to
long-term as depleted reserves will continue to drive oil and gas
majors in extending the life of existing installations and
exploring new sources in challenging environments.
Fitch views Aker Solutions' liquidity as adequate for its rating
level. Debt falling due within one year, as at end-Q112 was
NOK675 million against cash and cash equivalents of NOK1.1
billion. Aker Solutions refinanced its revolving credit
facilities (RCF) in June 2011, signing a new, five-year NOK6
billion RCF, which remains undrawn by EUR4.8 billion.
The company's debt maturity profile is only slightly onerous with
about NOK1 billion and NOK3 billion due in 2013 and 2014
respectively. Fitch view Aker as having an ability to refinance
these maturities in the local capital market. The company does
not face any large maturities in 2012.
WHAT COULD TRIGGER A RATING ACTION
Positive: future developments that may, individually or
collectively, lead to positive rating action include:
-- FFO net leverage below 2.5x on a sustained basis
-- FFO fixed charge coverage at or above 3.5x on a sustained
basis
-- Free cash flow remaining positive on a sustained basis
Negative: future developments that may, individually or
collectively lead to negative rating action include:
-- FFO net leverage above 3.5x on a sustained basis
-- FFO fixed coverage below 2.5x on a sustained basis
-- A reduction in opex and capex by oil and gas companies
-- Deterioration in the financial profile due to debt financed
acquisitions, or higher dividends, lower-than-expected FCF,
and large project overruns and/or delays which negatively
affect operating cash flow
===========
P O L A N D
===========
PBG SA: Aprivia Unit Seeks Liquidation
--------------------------------------
WSEInfoSpace reports that PBG said in a market filing that its
unit Aprivia altered its motion for bankruptcy protection and now
seek liquidation bankruptcy.
PBG and its unit Hydrobudowa filed for bankruptcy protection for
restructuring back in June, WSEInfoSpace relates.
As reported by the Troubled Company Reporter-Europe on June 15,
2012, Bloomberg News related that a Poznan, western Poland-based
court agreed to declare bankruptcy of PBG SA aimed at arrangement
with creditors.
PBG SA is Poland's third largest builder.
===========
R U S S I A
===========
AK YAKUTSKENERGO: Fitch Affirms 'BB' LT Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed Russia's OAO AK Yakutskenergo's Long-
term foreign currency Issuer Default Rating (IDR), Long-term
local currency IDR and local currency senior unsecured rating at
'BB'. The agency has also affirmed its National Long-Term rating
at 'AA-(rus)'. The Outlook on the Long-term ratings is Stable.
Fitch continues to assess the company's credit strength at three
notches below that of the Russian Federation, its ultimate
shareholder, due to its strategic importance to the economy of
the Republic of Sakha (Yakutia) ('BB+'/Positive), strong
operational influence through tariff-setting, direct state
subsidization and state-bank financing. The agency expects that
state support for Yakutskenergo will remain in place, at least
over the medium term.
Fitch assesses the strength of linkage between Yakutskenergo and
JSC RusHydro (RusHydro, 'BB+'/Positive), the parent of
Yakutskenergo's majority shareholder JSC RAO Energy Systems of
East, as moderate, and maintains the one-notch differential
between their IDRs. Fitch will continue to monitor the evolution
of the legal, operational and strategic ties between RusHydro and
Yakutskenergo and may review its rating approach if the linkage
strengthens through e.g., equity capital injections or large
intra-group loans from RusHydro to improve Yakutskenergo's
liquidity and debt profile.
Yakutskenergo has weak operating and financial metrics
contributing to a standalone credit profile in the 'B' category.
At end-2011, its gross consolidated debt amounted to RUB9.4
billion, around 40% of which was short term and the rest was due
in 2013, including RUB3 billion domestic bonds. Cash balances
were RUB491 million and undrawn credit lines were immaterial.
The company reported no significant changes in its debt maturity
profile in the period ended May 31, 2012.
Yakutskenergo's current leverage is significantly higher than
that of other state-owned Russian power and heat generation
companies, owing to considerable capex needs coupled with modest
profitability. Yakutskenergo's tariffs for electivity, heat and
transmission remain fully regulated. Fitch expects that the
company will increase its funds from operations (FFO) adjusted
net leverage to just above 4x in 2014 mainly due to debt-funded
capex.
Yakutskenergo, including subsidiaries, is a small power and heat
generation and distribution company located in the Far East of
Russia with 1.45 GW of installed power capacity, 2,056 GCal/hour
of heat capacity and over 20,000km of power transmission lines.
At end-Q112, RusHydro controlled 29.0% of Yakutskenergo's
ordinary shares directly and 55.3% via RAO UES East, in which it
owned 65.6% of ordinary shares.
WHAT COULD TRIGGER A RATING ACTION?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- Strengthening ties between Yakutskenergo and RusHydro,
and/or Yakutskenergo and the Russian Federation, possibly
manifested by more tangible support received by
Yakutskenergo in the form of intra-group loans, equity
injections and/or loan guarantees.
-- An upgrade of the rating of the Russian Federation, and/or
RusHydro.
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- A downgrade of the rating of the Russian Federation, and/or
RusHydro.
-- Weakening ties between Yakutskenergo and RusHydro, and/or
Yakutskenergo and the Russian Federation.
RUSNANO: S&P Affirms 'BB+' Long-Term Issuer Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
issuer credit rating and 'ruAA+' Russia national scale rating on
Russian state-run technology investment vehicle RusNano. The
outlook is stable.
"The ratings on RusNano reflect our opinion that there is a
'high' likelihood that the government of the Russian Federation
(foreign currency BBB/Stable/A-2; local currency BBB+/Stable/A-2;
Russia national scale 'ruAAA') would provide timely and
sufficient extraordinary support in the event of financial
distress. They incorporate its stand-alone credit profile, which
we assess at 'b+'," S&P said.
"We expect RusNano to receive strong ongoing support from the
Russian government in the form of guarantees on all debt issued.
In accordance with our criteria for government-related entities,
our view that there is a 'high' likelihood of extraordinary
government support is based on our assessment of RusNano's," S&P
said:
"Important role" for the government of Russia. The government
created RusNano to support state policies on promoting
economic diversification into innovative sectors. RusNano's
mandate is to invest in projects that apply nanotechnology
and to promote these investments in the market. Consequently,
RusNano is one of the government's main tools of economic
diversification in high tech industries, which is confirmed
by the government's approval of large regular equity
injections and guarantees; and
"Very strong" link with the Russian government, currently its
full owner. Following the transformation of RusNano into a
joint-stock company in March 2011, the government continues
to monitor RusNano closely. Although privatization of a 10%
stake in the company in 2012-2013 is under consideration, it
is unlikely, in S&P's view, to affect the link with the
government. The government has confirmed its plans to
guarantee RusNano's borrowings of Russian ruble (RUB) 182
billion (about $6 billion) in 2010-2015, approving a further
RUB28 billion in guarantees on July 11, 2012.
"Accordingly, the ratings on RusNano are higher than its 'b+'
stand-alone credit profile, which reflects our expectation of
strong ongoing government support, but also the company's very
short track record and credit history, together with aggressively
growing borrowing, and low, albeit improving, profitability. The
ratings are constrained by high credit risk from investment in
very risky and unpredictable high technology projects at an early
stage of the project life, together with a rapidly growing
investment portfolio and enterprise risk management that needs
strengthening," S&P said.
"The stable outlook reflects our expectation that strong ongoing
state support in the form of guarantees will continue at least
until 2015 and help offset any uncertainty we perceive in terms
of the viability of the applied business model," S&P said.
TRANSTELECOM CO: Fitch Affirms 'B+' Long-Term IDR; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has revised CJSC Transtelecom Company's (TTK)
Outlook to Stable from Negative and affirmed the company's Long-
term Issuer Default Rating (IDR) at 'B+' and National Long-term
rating at 'A-(rus)'. TTK's senior unsecured debt has been
affirmed at 'B+' and domestic senior unsecured debt at 'A-(rus)'.
The Short-term IDR has been affirmed at 'B'.
The revision of the Outlook reflects Fitch's expectations that
TTK's operational and financial performance in the medium term
will be better than previously expected. Fitch expects that, as
the results of five months this year have demonstrated, pressure
on TTK's core wholesale business will likely reduce in 2012-13,
retail broadband business will continue successfully developing
and provide revenue growth, while improvements in company's
margins will continue. As a result, the company will be able to
constrain leverage growth in 2012-14, driven primarily by
substantial capital expenditures into retail broadband, on net
debt/EBITDA metrics below 2.6-2.7x (on FFO adjusted net leverage
below 3.6-3.7x), which is below Fitch's previous expectations for
leverage increase in 2012-14.
Revenue from TTK's core wholesale business, which has been under
tough pressure in previous years as major Russian operators
started to increasingly rely on their own backbone networks, is
likely to stabilize in 2012 and only face marginal pressure in
the medium term. The capacity of backbone networks, owned by
major Russian operators, is expanding at a lower rate than
earlier, while the volume of transmitted voice and data traffic
is still growing quickly. Fitch expects that TTK's revenue from
corporate data transmission services (IP Access, IP VPN) will
grow moderately over the medium term, almost fully compensating
revenue decline from voice wholesale and channels leasing
services. These services are expected to slow down revenue
decline compared to -20% and -5% in 2011 for voice wholesale and
channels leasing, respectively.
The company's retail broadband business continued developing in
accordance with the strategic plan to achieve 2.3m broadband subs
by end-2015. TTK acquired several regional broadband operators
in Q411-Q112 with more than 250,000 broadband subscribers. Fitch
expects that revenue from this segment will substantially
increase and become comparable to revenue from the stagnating
wholesale and channels leasing services. However, the agency
notes that the retail broadband strategy still contains
significant operational and financial risks; in particular, TTK
now faces the material challenge of integrating the acquired
broadband operators. Broadband revenue is likely to become the
main driver of TTK's revenue, but the margin of error for this
strategy within the current rating level is thin.
TTK has significantly reduced its cost base, leading the EBITDA
margin to improve to 16.9% in 2011 from 11.5% in 2010. Fitch
understands that these initiatives are fully supported by TTK's
shareholder RZD, and there is evidence that without amendments in
intercompany agreements on the provision of certain core services
and lease payments, this improvement could not be made. With
growing high margins from the corporate data transmission and
retail broadband segments, TTK is able to continue improve EBITDA
margin.
Fitch rates TTK, which is 100% controlled by RZD, on a standalone
basis without potential parent support from the parent. However,
the agency understands that RZD is willing to provide indirect
financial support for TTK in case of need. Progress in resolving
the situation with Football Club Lokomotive, which has been
transferred to TTK's balance, and successful corporate structure
reorganization, which aims to eliminate RZD's and other minority
ownership in TTK's operating subsidiaries, needs to be achieved
in order not to threaten TTK's current rating.
WHAT COULD TRIGGER A RATING ACTION?
Positive: Further successful development of the retail broadband
business and revenue increase from this segment to sizes
comparable to wholesale revenue could lead to positive rating
action
Negative: Operational and financial performance in 2012-13 below
Fitch's expectations leading to leveraging increasing to net
debt/EBITDA 3.0x (FFO adjusted net leverage 4.0x) would likely
lead to a negative rating action.
=========
S P A I N
=========
BANKINTER SA: S&P Cuts Rating on EUR168M Preferred Shares to 'C'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issue ratings on
preferred shares in Spain-based Bankinter S.A. (BB+/Negative/B)
to 'C' from 'B'.
The preferred shares are issued through wholly owned subsidiary
Bankinter Emisiones S.A. Unipersonal.
The rating action follow an announcement on July 18, 2012, that
Bankinter has offered holders of the Tier 1 preferred shares an
exchange for new ordinary shares in the bank. The preferred
shares covered by the offer have a nominal value of EUR168
million.
The rating action reflects our view that the offer constitutes a
'distressed exchange' under our criteria. Specifically, we
believe the new ordinary shares on offer rank junior to the
original preferred shares. In addition, the offered conversion
price implies a conversion value below par," S&P said.
"We take into account the fact that the long-term rating is
noninvestment grade and believe there is a heightened perception
on the part of investors that payments on hybrid instruments
issued by Spanish banks are uncertain, particularly after last
week's announcement of the conditions of the memorandum of
understanding governing the planned EUR100 billion bail-out of
the wider Spanish banking sector. These uncertainties make it
highly likely, in our view, that investor acceptance of the
Bankinter offer could be driven by a perception that they might
not receive dividend payments on the original preference shares,
even though it remains unclear at this stage which banks will
receive state capital support under the terms of the bailout,
and, therefore, might suspend dividend payments," S&P said.
"The rating action has no immediate effect on our counterparty
credit ratings on Bankinter or any of our issue ratings on the
bank's debt," S&P said.
"On completion of the tender offer, we will review our ratings on
any untendered Bankinter preferred shares," S&P said.
RATINGS LIST
Downgraded
To From
Bankinter Emisiones, S.A. Unipersonal
Preferred Stock C B
CAJA SAN FERNANDO I: S&P Lowers Rating on Class D Notes to 'CCC-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on all classes of notes
in Caja San Fernando CDO I Fondo de Titulizacion de Activos.
Caja San Fernando CDO I is a static cash flow collateralized debt
obligation (CDO) transaction that closed in February 2005.
"On March 19, 2012, we placed on CreditWatch negative all of our
ratings in this transaction, following our update to the criteria
and assumptions we use to rate CDOs of structured finance (SF)
assets, which became effective on March 19, 2012," S&P said.
"The rating actions resolve these CreditWatch negative
placements. They follow our assessment of the transaction's
performance since our previous review on June 11, 2010, based on
our credit analysis of data from the latest available trustee
report, dated February 2012. We have applied our 2012 CDOs of SF
criteria and our 2012 counterparty criteria," S&P said.
"From our credit analysis, we have seen further principal
payments made toward senior classes of notes, which have caused
credit enhancement levels to increase across the capital
structure. Additionally, the transaction's overcollateralization
test has improved. However, the portfolio is fairly concentrated
among 18 obligors in only two industries and four countries," S&P
said.
"Based on our credit analysis, we have determined the scenario
default rate (SDR) for each rated class of notes. To do this, we
used our CDO Evaluator model to determine the default rate
expected on a defined portfolio at each rating level. We based
our calculations on our 2012 CDOs of SF criteria's
reclassification of asset types (to address the apparent lack of
performance diversity in structured finance asset types),
amendments to asset-specific maturities, and updated asset
correlation parameters--which have all resulted in higher SDRs,"
S&P said.
"We consider that the bank account agreement between the account
bank and the issuer does not entirely reflect our 2012
counterparty criteria (specifically replacement language). As
such, our rating on the notes in this transaction can be no
higher than our rating on the bank account provider,
Confederacion Espanola de Cajas de Ahorros (BBB-/Stable/A-3).
Based on this maximum achievable rating, we have lowered and
removed from CreditWatch negative our rating on the class A1
notes," S&P said.
"Our ratings on the class A2, B, C, and D notes were constrained
by the application of our largest obligor default test--a
supplemental stress test in our 2012 CDOs of SF criteria, which
assesses whether a CDO has sufficient credit enhancement to pass
the applicable thresholds at each liability rating level. We have
used the same obligor or structured finance asset ratings used
in our CDO Evaluator model for the supplemental test. We have
lowered and removed from CreditWatch negative our ratings on the
class A2, B, C, and D notes, based on the outcome of our
supplemental stress test," 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
Caja San Fernando CDO I Fondo de Titulizacion de Activos
EUR119.7 Million Fixed- and Floating-Rate Notes, Euro Series
Ratings Lowered and Removed From CreditWatch Negative
A1 BBB- (sf) A (sf)/Watch Neg
A2 BB+ (sf) A (sf)/Watch Neg
B B+ (sf) BBB+ (sf)/Watch Neg
C CCC+ (sf) BB+ (sf)/Watch Neg
D CCC- (sf) B+ (sf)/Watch Neg
===========
T U R K E Y
===========
HABAS SINAI: Fitch Affirms 'B+' Long-Term IDRs; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Habas Sinai ve Tibbi Gazlar Istihsal
Endustrisi A.S.'s (Habas) Long-term foreign currency and local
currency Issuer Default Rating (IDR) at 'B+'. Fitch has also
affirmed Habas's National Long-term rating at 'A-(tur)'. The
Outlooks on all ratings are Stable.
The affirmation reflects the company's operational
diversification with meaningful operations in steel production,
industrial gases, and merchant power generation. Fitch
recognizes the company's near monopoly position in the domestic
Turkish industrial gases market. Whilst the steel division is by
far the largest in terms of revenue generation, the industrial
gases and energy segments have historically generated higher and
more stable EBIT.
Rating constraints include the company's slightly weaker
profitability compared to other steel companies at the 'B+'
rating level, and limited global scale. The lower margin EBIT of
the steel business is partly due to company's use of Electric Arc
Furnaces (EAF), which is in general lower margin than the use of
blast furnaces. Lower margins are also due to the high
proportion of commodity steel production and its dependence on
export sales. During 2011 the steel business was only marginally
profitable at the EBIT level, mainly because of higher raw
material costs. Fitch does not expect the pressure coming from
raw material prices to ease in the short term, and expects EBIT
margin to be under pressure over the next 12 to 18 months.
As of May 2012 the company had total debt of TRY970 million
(US$538 million) of which short-term debt was TRY943 million.
Short-term debt primarily represents letters of credit (for
import financing) and is fully covered by on-balance sheet cash.
For 2012 and beyond, Fitch expects no change in Habas's
conservative policies.
As a private company, disclosure levels for Habas are weaker than
for publicly listed companies and this also represents a material
limitation on the rating. In this regard the position has
however improved over the past 12 months.
The Stable Outlook reflects Fitch's opinion that Habas will
maintain a conservative financial approach including strong
liquidity, and that operating results will recover towards
historic levels.
===========================
U N I T E D K I N G D O M
===========================
DAWSON INTERNATIONAL: May Go Into Administration This Week
----------------------------------------------------------
Erikka Askeland at The Scotsman reports that Dawson International
could call in administrators as early as this week after a deal
to rescue its 3,200-member pension fund was rejected by
regulators.
The company failed to strike a deal with the Pension Regulator
and the Pension Protection Fund (PPF), putting 200 jobs at risk,
the Scotsman relates.
Board member Jan Holmstrom resigned in "frustration" after the
announcement, the Scotsman discloses.
Last week, Leeds warned that the value of its stake was
"uncertain", the Scotsman recounts. The Scotsman notes that
although Swedish investor Peter Gyllenhammar left the board of
Leeds last November, it is understood he still owns a 24% stake
in Leeds.
The decision by the PPF not to take on Dawson's pension
liabilities -- plus a cash injection and a stake in Dawson -- was
criticized by the boards of Leeds and Dawson, the Scotsman says.
According to the Scotsman, Leeds also criticized pension
trustees, which it said had "incurred significant expense in
relation to the process".
Dawson International is a Hawick-based cashmere knitwear firm.
JJB SPORTS: Appoints Beverly Williams as Interim Chief Executive
----------------------------------------------------------------
Gareth Mackie at The Scotsman reports that JJB Sports on Monday
appointed Beverley Williams as its interim chief executive
following the departure of Keith Jones on Friday.
Ms. Williams has 25 years' experience in the retail industry,
most recently as commercial director and co-chief executive of
lingerie retailer La Senza, which went into administration
earlier this year, the Scotsman discloses.
JJB, as cited by the Scotsman, said she will work closely with
chairman-designate Bob Corliss to oversee the turnaround of the
company, which recently reported an 8.7% decline in like-for-like
sales for the 24 weeks to July 15 amid poor weather and weak
demand for replica football kits.
JJB, which has 180 stores and employs some 4,000 people, secured
a lifeline three months ago when it landed GBP20 million from US
retailer Dick's Sporting Goods and a further GBP10 million from
existing shareholders, such as the Bill and Melinda Gates
Foundation, the Scotsman recounts.
As reported by the Troubled Company Reporter-Europe on July 27,
2012, The Scotsman related that JJB Sports was seeking another
round of rescue funds after seeing its turnaround hopes derailed
by poor summer trading. The Scotsman noted that with headroom on
lending terms becoming increasingly tight, JJB started talks with
"strategic partners" about the funds needed for overhauling
stores that it had thought would not be required until early next
year. Last year, JJB was forced to secure GBP96.5 million in
funds from major shareholders, as well as announce plans to close
43 unprofitable stores and place a further 46 on review in a bid
to stave off administration, the Scotsman recounted.
JJB Sports plc is a sports retailer supplying branded sports and
leisure clothing, footwear and accessories.
MOUCHEL GROUP: In Talks with RBS to Reduce GBP180MM Debt
--------------------------------------------------------
Erik Larson at Bloomberg News, citing the Sunday Telegraph,
reports that Mouchel Group Plc is in talks with Royal Bank of
Scotland Group Plc and other lenders to reduce its debt of GBP180
million (US$283 million).
According to Bloomberg, the newspaper said that Mouchel is
considering a debt-for-equity swap with the banks, including
Barclays Plc and Lloyds Banking Group Plc. The report said that
the company hasn't ruled out a so-called prepackaged
administration process or raising funds from a new investor in a
"highly dilutive" deal, Bloomberg notes.
The Sunday Telegraph said Mouchel Chief Executive Officer Grant
Rumbles has pledged to reveal a restructured balance sheet by
July 31 and said there will be limited value for current
shareholders, Bloomberg relates.
Mouchel Group plc -- http://www.mouchel.com/-- is a consulting
and business services company supporting clients in developing
and managing their infrastructure assets. The Company operates
in three segments: Government Services, Regulated Industries and
Highways.
SANDWELL COMMERCIAL 2: S&P Cuts Ratings on 2 Note Classes to 'B-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
all classes of notes in Sandwell Commercial Finance No. 2 PLC,
and removed from CreditWatch negative S&P's rating on the class A
notes.
"The rating actions follow our review of the transaction's loan
portfolio and structural features," S&P said.
Sandwell Commercial Finance No. 2 is a true-sale commercial
mortgage-backed securities (CMBS) transaction backed by 102 U.K.
loans. These have various maturity dates, with the latest in
2030. The note legal final maturity date is in September 2037.
The loans are secured by 111 properties throughout the U.K. There
is some concentration in retail (47% by property value) and
office (25%) sectors.
"The issuer has repaid 55% of the note balance since closing. The
note redemption type on each interest payment date (IPD) depends
on the transaction meeting certain triggers. If all triggers are
met, the notes pay pro rata (all classes of notes paying at the
same time, according to their proportion of the total outstanding
balance); if not, they pay sequentially (one class of notes
paying at a time, starting with the most senior). To date, the
issuer has applied 60% of the note payments pro rata and 40%
sequentially (so far, all sequential repayments have gone to the
class A notes only)," S&P said.
"The sequential funds have increased credit enhancement levels
for the class A notes to 31% from 21% at closing (excluding the
reserve fund balance), for the class B notes to 23% from 15%, for
the class C notes to 15% from 10%, and for the class D notes to
6% from 4%. Although these increases are credit positive--
especially for the more senior classes of notes--in our view,
they have been offset by portfolio credit deterioration," S&P
said.
PORTFOLIO
"The loan portfolio balance has reduced substantially since
closing but the weighted-average reported loan-to-value (LTV)
ratio has increased to 102% from 78%. The weighted-average
interest coverage ratio (ICR) has increased to 2.35x from 1.38x
at closing, but this is mainly attributable to lower interest
rates and the nature of the loan portfolio, which comprises 51%
floating-rate loans by balance," S&P said.
The reported LTV ratios are calculated based on fairly recent
valuations: Only 1% (by reported value) of the valuations predate
2009.
The servicer has initiated enforcement proceedings by appointing
Law of Property Act receivers for 16 loans totaling GBP44.2
million (28% of the portfolio balance). Of the 16 loans, seven
defaulted at maturity, and the remainder breached their LTV ratio
covenants.
Additionally, the servicer has completed enforcement proceedings
for four loans at a loss of GBP1.4 million (an implied loss
severity of 59%). Applying this loss severity to the 16 loans
that are currently undergoing enforcement would result in a loss
of GBP26.4 million, which would fully deplete the reserve fund,
the class E note balance, and 70% of the class D note balance.
This, however, would only be the case if all losses were
crystallized at the same time and the reserve fund was not
replenished during the process.
"Of the 111 properties securing the loans, 71% by value are
single-tenanted, and a further 22% house two to nine tenants;
only 5% (two properties) benefit from the granular income of 10
or more tenants. Of the properties, 2% (four properties) are
entirely vacant. By property value, 18% are fully or
predominantly let to investment-grade or local-government
tenants, which we view as more likely to honor their payment
obligations than lower-rated or unrated tenants," S&P said.
STRUCTURAL FEATURES
"The transaction benefits from a reserve fund, which the issuer
builds up from excess cash and uses to pay note interest and
principal shortfalls. The current required reserve fund balance
is GBP7 million and the entire amount is available to the
issuer," S&P said.
"The issuer has drawn the reserve fund on two occasions only --
in September 2011 (GBP163,000) and in March 2011 (GBP60,800). The
GBP223,000 total drawn amount is significantly less than the
GBP1.2 million of losses experienced by the loans, which suggests
that excess spread has covered most of the losses," S&P said.
"The issuer is exposed to interest-rate and basis-rate risk, as
the notes pay interest over three-month LIBOR while the mortgages
pay interest at either a partially fixed rate (16% of the
portfolio balance), a fixed rate (37%), or a floating rate (47%).
Partially fixed-rate loans pay a fixed rate and revert to a
floating rate at some point during their term. The floating-rate
loans pay interest over three-month LIBOR and are unhedged.
Unhedged floating-rate loans are exposed to a greater default
risk in a scenario where interest rates rise. This may first
impede their ability to make scheduled amortization payments (if
any), and then also their ability to pay interest," S&P said.
"The transaction has a sequential repayment structure, which is
credit-positive for the more senior classes of notes and has
increased credit enhancement levels. Assuming that certain
conditions are met (including minimum credit enhancement levels
and a maximum level of loans in arrears), however, the note
redemption can switch to pro rata," S&P said.
"Because all of the pro rata triggers are currently met, on the
most recent IPD, the issuer applied note payments pro rata. Since
closing, there have been more pro rata than sequential payments,
with 60% of all note payments applied pro rata to date. This
payment structure is more beneficial for the junior classes of
notes, while sequential payments predominantly benefit the more
senior classes of notes," S&P said.
RATING ACTIONS
"The class A notes have paid down more than the other classes of
notes, given that on some IPDs the issuer paid the notes
sequentially. However, the creditworthiness of the class A notes
is highly sensitive to the payment structure on future IPDs
because sequential payments can substantially increase credit
enhancement levels. The loan portfolio's deteriorating credit
quality and the history of pro rata payments has led us to
consider that the class A notes' creditworthiness has reduced to
a level that we consider commensurate with a lower rating than we
previously assigned. We have therefore lowered, by three
notches, to 'A- (sf)' from 'AA- (sf)' our rating on the class A
notes," S&P said.
"Additionally, we have removed our rating on the class A notes
from CreditWatch negative, where we placed it on Jan. 31, 2012
following our downgrade of The Royal Bank of Scotland PLC
(A/Stable/A-1), the transaction's swap counterparty. All of our
ratings in the transaction are now lower than our lowest rating
on any of the dependent counterparties in the transaction and,
therefore, none of our ratings is constrained by counterparty
risk," S&P said.
"The class B notes show similar characteristics to the class A
notes, given their high ranking in the capital structure, with
the class B note credit enhancement level at 26%. However, due to
their sensitivity to the repayment type on future IPDs (as with
the class A notes), we have lowered, by three notches, to 'BBB-
(sf)' from 'A- (sf)' our rating on the class B notes," S&P said.
"The class C notes are more vulnerable to losses, in our view,
given our estimated losses from the loan portfolio, which can
reduce the credit enhancement level available to this class of
notes. We have therefore lowered to 'BB- (sf)' from 'BBB- (sf)'
our rating on the class C notes, which we classify as
speculative-grade," S&P said.
"The class D and E notes are very likely to experience losses, in
our view, despite the availability of the reserve fund and excess
cash. The factors that are credit-positive for the class A and B
notes are credit-neutral or even credit-negative for the class D
and E notes. We have therefore lowered to 'B- (sf)' from 'BB-
(sf)' and 'B (sf)', our ratings on the class D and E notes," 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, our review may result in changes to the methodology and
assumptions we use when rating European CMBS, and consequently,
it may affect both new and outstanding ratings on European CMBS
transactions," S&P said.
"On June 4, we published a request for comment 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 and 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 monitor 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
Sandwell Commercial Finance No. 2 PLC
GBP350 Million Commercial Mortgage-Backed Floating-Rate Notes
Rating Lowered and Removed From CreditWatch Negative
A A- (sf) AA- (sf)/Watch Neg
Ratings Lowered
B BBB- (sf) A- (sf)
C BB- (sf) BBB- (sf)
D B- (sf) BB- (sf)
E B- (sf) B (sf)
* UNITED KINGDOM: UKAR Repays GBP788 Million in First Half 2012
---------------------------------------------------------------
The state-owned organization responsible for running down the
loan books of failed UK banks repaid a further GBP788 million to
the government in the first half of the year, reducing its
outstanding loans to GBP45.8 billion.
UK Asset Resolution -- which manages a portfolio of GBP72.2
billion loans from Northern Rock and Bradford & Bingley -- also
paid the government GBP391 million in interest, fees and
corporation tax during the period, the FT discloses.
UKAR, which recently sold GBP465 million of its less risky
mortgages to Virgin Money, reported that arrears had fallen in
both the old Northern Rock and B&B loan books, the FT relates.
UKAR, the FT says, has been trying to accelerate the repayment of
its government loan by selling portfolios of mortgages. It said
the sale proceeds from the deal with Virgin would enable it to
repay another chunk of the outstanding borrowing, the FT notes.
===============
X X X X X X X X
===============
* Aegis Capital's Stanley Crouch Shares Thoughts on EU Bailout
--------------------------------------------------------------
Stanley J.G. Crouch, CIO of Aegis Capital predicts a market-
moving week with the upcoming ECB and FMOC meetings. Here are a
few of his thoughts:
* There is no money left in Europe to really fix the full
magnitude of the mess, that the powers that be know it and that
the Euro, as we now know it, will be broken-up/reconstituted
within weeks. It will likely be announced in the middle of a
weekend night, in a coordinated way with the ECB, Fed and IMF
'standing by' with a liquidity support mechanism which will be
unveiled at the time.
* For the ECB, where is the money coming from? Direct
monetization of the excesses of Spanish and Italian bond spreads
by the ECB is potentially prohibited by its mandate and certainly
frowned upon by Germany, Holland and Finland. Since the ESM is
not operational, faces legal uncertainty and is also underfunded,
it is hard to fathom where the money will come from.
* When Spain's potential needs, estimated to be up to EUR650
million are taken into consideration, it is obvious that the
'mechanisms' and remaining balances of the current EFSF are
wholly inadequate.
* Germany and its fellow 'northern' Euro partners continue to
reject the overwhelming magnitude of a massive monetary
intervention, never mind the time it will take to implement
structural, political and fiscal reforms.
* Greece is a sideshow compared to Spain. Could it be that
Greece 'stays in' and it is Spain that vacates the Euro currency?
German Finance Minister Schaeuble clearly stated that Greece
would be offered no relief. Many expect Greece to leave.
However, Greece could default again and remain in the Euro.
Greek leadership, including the Radical Left, has repeatedly
stated support for remaining in the Euro.
* 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
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DENMARK
-------
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SCHAUMANN PROP SCHAUP PZ -101428499 298588010.2
SCHAUMANN PROP SCHAUP EU -101428499 298588010.2
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FRANCE
------
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FACONNABLE SA 226782Z FP -19616231 136513429.3
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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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OROSDI-BACK BACK IX -51389802.7 181267113.2
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PAGESJAUNES GRP QS3 TH -3184867284 1167307980
PAGESJAUNES GRP PAJ EB -3184867284 1167307980
PAGESJAUNES GRP PAJ EO -3184867284 1167307980
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PAGESJAUNES GRP PAJ PZ -3184867284 1167307980
PEUGEOT CITROEN 3637183Z FP -292685178 366568398.7
PITNEY BOWES 4634633Z FP -11785422.8 184422748.8
REGIE PUBLICITAI 4691033Z FP -5262294.53 112402724.7
REGIONAL COMPAGN 3635823Z FP -37389129.6 595811276.3
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RHODIA SA RHD GR -72552001.5 7951699362
RHODIA SA RHAGBP EO -72552001.5 7951699362
RHODIA SA RHA IX -72552001.5 7951699362
RHODIA SA RHDI TH -72552001.5 7951699362
RHODIA SA RHA GK -72552001.5 7951699362
RHODIA SA RHA EB -72552001.5 7951699362
RHODIA SA RHA S1 -72552001.5 7951699362
RHODIA SA RHA VX -72552001.5 7951699362
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
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RHODIA SA RHDAF US -72552001.5 7951699362
RHODIA SA RHAGBX EU -72552001.5 7951699362
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RHODIA SA RHA PZ -72552001.5 7951699362
RHODIA SA RHA BQ -72552001.5 7951699362
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RHODIA SA - NEW 2335921Q FP -72552001.5 7951699362
RHODIA SA - NEW 8125782Q FP -72552001.5 7951699362
RHODIA SA - NEW 3156011Q FP -72552001.5 7951699362
RHODIA SA - NEW 3506266Q FP -72552001.5 7951699362
RHODIA SA - NEW RHANV FP -72552001.5 7951699362
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RHODIA SA-NON RE RHANR FP -72552001.5 7951699362
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RODRIGUEZ GROUP RDGP IX -38195223.8 238732565
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RODRIGUEZ GROUP RRGZF US -38195223.8 238732565
SANDOZ SAS 3635111Z FP -18996502.1 160259044.1
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GEORGIA
-------
DEVELICA DEUTSCH DDE PG -79827494.9 1139643575
DEVELICA DEUTSCH DDE PZ -79827494.9 1139643575
DEVELICA DEUTSCH D4B GR -79827494.9 1139643575
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DEVELICA DEUTSCH DDE LN -79827494.9 1139643575
GERMANY
-------
AGOR AG DOOD PZ -482449.879 144432986.2
AGOR AG NDAGF US -482449.879 144432986.2
AGOR AG DOO GR -482449.879 144432986.2
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AGOR AG DOO EO -482449.879 144432986.2
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EDOB ABWICKLUNGS ESC BQ -22323468.5 425598807.8
EDOB ABWICKLUNGS ESCDF US -22323468.5 425598807.8
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ESCADA AG ESCG IX -22323468.5 425598807.8
ESCADA AG -PFD ESC3 GR -22323468.5 425598807.8
ESCADA AG-NEW ESCD GR -22323468.5 425598807.8
ESCADA AG-NEW 835345Q GR -22323468.5 425598807.8
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ESCADA AG-NEW ESCC GR -22323468.5 425598807.8
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GREECE
------
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ITALY
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JERSEY
------
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LUXEMBOURG
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NETHERLANDS
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SWEDEN
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NORWAY
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CAMILLO EITZEN C CECO PZ -63803000 141950000
CAMILLO EITZEN C CECO EO -63803000 141950000
CAMILLO EITZEN C CECOEUR EO -63803000 141950000
CAMILLO EITZEN C CECOUSD EO -63803000 141950000
CAMILLO EITZEN C EZN GR -63803000 141950000
CAMILLO EITZEN C CECOEUR EU -63803000 141950000
CAMILLO EITZEN C CEIZF US -63803000 141950000
CAMILLO EITZEN C CECO IX -63803000 141950000
CAMILLO EITZEN C CECO EU -63803000 141950000
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CARGONET 81784Z NO -5722680.02 160691742.7
CIA LA GOMERA AS 4401057Z NO -14188999.5 111542577.2
GJENSIDIGE PENSJ 4447089Z NO -211457.867 1156109660
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
JASON SHIPPING A JSHIPUSD EU -63803000 141950000
JASON SHIPPING A JSHIP BY -63803000 141950000
JASON SHIPPING A JSHIPEUR EU -63803000 141950000
JASON SHIPPING A JSHIPEUR EO -63803000 141950000
JASON SHIPPING A JSHIP EU -63803000 141950000
MAN LAST OG BUSS 4521719Z NO -5830520.28 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -12248477.7 312455787.6
NCC ROADS AS 4401305Z NO -11149611.4 135425117.2
NORSK STEIN AS 4394889Z NO -697875.924 232219055.8
PETRO GEO-SERV PGS GR -18066142.2 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.2 399710323.6
PETRO GEO-SERV PGS VX -18066142.2 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.2 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.2 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.2 399710323.6
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.95 138751607.3
SEVAN MARINE ASA SVMRF US -173000000 962300032
SEVAN MARINE ASA SEVAN BY -173000000 962300032
SEVAN MARINE ASA SEVANEUR EU -173000000 962300032
SEVAN MARINE ASA SEVAN PZ -173000000 962300032
SEVAN MARINE ASA SEVANUSD EO -173000000 962300032
SEVAN MARINE ASA SEVAN EU -173000000 962300032
SEVAN MARINE ASA SEVANUSD EU -173000000 962300032
SEVAN MARINE ASA SEVANEUR EO -173000000 962300032
SEVAN MARINE ASA SEVAN GK -173000000 962300032
SEVAN MARINE ASA SEVAN SS -173000000 962300032
SEVAN MARINE ASA SEVAN EO -173000000 962300032
SEVAN MARINE ASA SVAN IX -173000000 962300032
SEVAN MARINE ASA SEVANGBX EU -173000000 962300032
SEVAN MARINE ASA 4SM GR -173000000 962300032
SEVAN MARINE ASA SEVAN EB -173000000 962300032
SEVAN MARINE ASA SEVAN NR -173000000 962300032
SEVAN MARINE ASA SEVANGBP EO -173000000 962300032
SEVAN MARINE ASA SEVAN QM -173000000 962300032
SEVAN MARINE ASA SEVAN NQ -173000000 962300032
SEVAN MARINE ASA SEVAN NO -173000000 962300032
SEVAN MARINE ASA SEVAN S1 -173000000 962300032
SEVAN MARINE ASA SEVANGBX EO -173000000 962300032
SEVAN MARINE ASA SEVAN TQ -173000000 962300032
SEVAN MARINE ASA SEMA NO -173000000 962300032
SEVAN MARINE-ADR SVMRY US -173000000 962300032
SEVAN MARINE-RTS 3328565Z NO -173000000 962300032
SEVAN-NEW SEVANN NO -173000000 962300032
SINGAPORE OFFSHO 4422313Z NO -62203.0437 104161346.4
STOREBRAND EIEND 4443409Z NO -40898583.7 1242265455
STOREBRAND EIEND 4288341Z NO -174025924 4173823457
TDC AS 4287413Z NO -83055193 129421953.7
TRICO SHIPPING A 3651167Z NO -132576808 504945402.2
TTS SENSE AS 4393841Z NO -8795315.49 159296793.9
UTKILEN SHIPPING 4446161Z NO -74871.0265 185813483
VNG NORGE AS 4513147Z NO -54874780.7 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.858 108090511.9
KROSNO KROS IX -2241615.44 111838141.2
KROSNO KRS LI -2241615.44 111838141.2
KROSNO KRS PW -2241615.44 111838141.2
KROSNO KRS1EUR EU -2241615.44 111838141.2
KROSNO KRS1EUR EO -2241615.44 111838141.2
KROSNO SA KRS PZ -2241615.44 111838141.2
KROSNO SA KRNFF US -2241615.44 111838141.2
KROSNO SA KRS1 EO -2241615.44 111838141.2
KROSNO SA KRS1 EU -2241615.44 111838141.2
KROSNO SA KROSNO PW -2241615.44 111838141.2
KROSNO SA-RTS KRSP PW -2241615.44 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241615.44 111838141.2
TOORA TOR PZ -288818.39 147004954.2
TOORA TOR PW -288818.39 147004954.2
TOORA 2916661Q EO -288818.39 147004954.2
TOORA 2916665Q EU -288818.39 147004954.2
TOORA-ALLOT CERT TORA PW -288818.39 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.4 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.3 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.2 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.47 115717930.4
CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
ESTALEIROS NAVAI 4507307Z PL -99568225.9 221542111.7
FORD LUSITANA SA 3648983Z PL -7991062.86 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.2 440770232
HOSPITAL DO DIVI 3789932Z PL -75359385 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.21 425561447.8
LYCATELCOM LDA 4281821Z PL -8577510.56 109410577.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.93 199376769
RADIO E TELEVISA 1227Z PL -740710265 506160206.4
REFER-REDE FERRO 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.03 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999 625059071.4
SOCIEDADE DE REN 3776676Z PL -16169671 124492842.5
SOCIEDADE DE TRA 1253Z PL -368574770 153373893.3
SPORTING CLUBE D SCDF EU -65884328.1 251276323.4
SPORTING CLUBE D SCG GR -65884328.1 251276323.4
SPORTING CLUBE D SCPX PX -65884328.1 251276323.4
SPORTING CLUBE D SCP1 PZ -65884328.1 251276323.4
SPORTING CLUBE D SCDF EO -65884328.1 251276323.4
SPORTING CLUBE D SCP PL -65884328.1 251276323.4
SPORTING-SOC DES SCPL IX -65884328.1 251276323.4
SPORTING-SOC DES SCDF PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPDS PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPVS PL -65884328.1 251276323.4
TAP SGPS TAP PL -353957017 2789331398
TRANSGAS SA 3794668Z PL -2181404.7 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.2 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.9 178667412.9
OLTCHIM RM VALCE OLTCF US -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLT PZ -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT RO -89344240.8 511515508.8
RAFO SA RAF RO -457922311 356796459.3
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -85016164.6 320054212.6
ALLIANCE RUSSIAN ALRT RU -15214295.8 144582050.8
AMO ZIL ZILL RM -204894835 401284636
AMO ZIL-CLS ZILL RU -204894835 401284636
AMO ZIL-CLS ZILLG RU -204894835 401284636
AMO ZIL-CLS ZILL* RU -204894835 401284636
AMTEL-POVOLZ-BRD KIRT RU -936614.549 142093264.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.549 142093264.3
BALTIYSKY-$BRD BALZ RU -880437.562 345435790.7
BALTIYSKY-$BRD BALZ* RU -880437.562 345435790.7
BALTIYSKY-BRD BALZ$ RU -880437.562 345435790.7
CRYOGENMASH-BRD KRGM* RU -22826264 214573431.2
CRYOGENMASH-BRD KRGM RU -22826264 214573431.2
CRYOGENMASH-PFD KRGMP* RU -22826264 214573431.2
CRYOGENMASH-PFD KRGMP RU -22826264 214573431.2
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.5 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.5 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.5 299864149.8
FINANCIAL LEASIN 137282Z RU -166377934 282903505.9
FINANCIAL LEASIN FLKO RU -166377934 282903505.9
FINANCIAL LEASIN FLKO RM -166377934 282903505.9
FINANCIAL LEASIN FLKO* RU -166377934 282903505.9
GAZ GAZA$ RU -584751226 1478925024
GAZ GZAPF US -584751226 1478925024
GAZ-CLS GAZA* RU -584751226 1478925024
GAZ-CLS GAZA RM -584751226 1478925024
GAZ-CLS GAZA RU -584751226 1478925024
GAZ-CLS GAZAG RU -584751226 1478925024
GAZ-FINANS GAZF RU -56134.5126 232319905.4
GAZ-PFD GAZAP* RU -584751226 1478925024
GAZ-PFD GAZAP RU -584751226 1478925024
GAZ-PFD GAZAP RM -584751226 1478925024
GAZ-PFD GAZAPG$ RU -584751226 1478925024
GAZ-PFD GAZAPG RU -584751226 1478925024
GAZ-PREF GAZAP$ RU -584751226 1478925024
GAZ-US$ GTS GAZAG$ RU -584751226 1478925024
GRAZHDANSKIE SAM GSSU RU -47604998.4 1353823920
GUKOVUGOL GUUG RU -57835249.9 143665227.2
GUKOVUGOL GUUG* RU -57835249.9 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.9 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.9 143665227.2
HALS-DEVEL- GDR 86PN LI -588515965 1446111954
HALS-DEVELOPMENT HALS RM -588515965 1446111954
HALS-DEVELOPMENT HALS TQ -588515965 1446111954
HALS-DEVELOPMENT HALS* RU -588515965 1446111954
HALS-DEVELOPMENT HALSG RU -588515965 1446111954
HALS-DEVELOPMENT HALSM RU -588515965 1446111954
HALS-DEVELOPMENT HALS LI -588515965 1446111954
HALS-DEVELOPMENT SYR GR -588515965 1446111954
HALS-DEVELOPMENT HALS RU -588515965 1446111954
IZHAVTO OAO IZAV RU -94100834 443610329.4
KHANTY MANSIYSK HMSR RU -7454032.63 143409366.2
KIROV TIRE PLANT KIRT$ RU -936614.549 142093264.3
KOMPANIYA GL-BRD GMST RU -1933849.29 1120076905
KOMPANIYA GL-BRD GMST* RU -1933849.29 1120076905
KUZNETSOV-BRD MTST RU -15938417.5 331074749.5
KUZNETSOV-BRD MTSTP* RU -15938417.5 331074749.5
KUZNETSOV-BRD MTSTP RU -15938417.5 331074749.5
KUZNETSOV-BRD MTST* RU -15938417.5 331074749.5
M-INDUSTRIYA SOMI RU -1304109.98 267288804.8
MURMANSKAY MUGS RM -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP RU -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP RM -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP* RU -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSPG RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGS* RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGSG RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGS RU -22867336.6 135442629.9
NIZHMASHZAVO-BRD NMSZ RU -24657843.6 316480680.1
NIZHMASHZAVO-BRD NMSZ* RU -24657843.6 316480680.1
NIZHMASHZAVOD-BD NMSZ$ RU -24657843.6 316480680.1
NIZHMASHZAVO-PFD NMSZP RU -24657843.6 316480680.1
NIZHMASHZAVO-PFD NMSZP* RU -24657843.6 316480680.1
PENOPLEX-FINANS PNPF RU -839659.372 147052027.7
PIK GROUP PIKK RM -65334861 4000687446
PIK GROUP PIKK* RU -65334861 4000687446
PIK GROUP PIKKG RU -65334861 4000687446
PIK GROUP PIKK RU -65334861 4000687446
PIK GROUP-GDR PIK1 QM -65334861 4000687446
PIK GROUP-GDR PIQ2 GR -65334861 4000687446
PIK GROUP-GDR PKGPL US -65334861 4000687446
PIK GROUP-GDR PIK TQ -65334861 4000687446
PIK GROUP-GDR PIK LI -65334861 4000687446
PIK GROUP-GDR PIK IX -65334861 4000687446
PIK GROUP-GDR PIK EB -65334861 4000687446
PIK GROUP-GDR PIK EU -65334861 4000687446
PIK GROUP-GDR PIK1 EO -65334861 4000687446
PROMTRACTOR-FINA PTRF RU -27519567.1 259128529.5
RUSSIAN TEXT-CLS ALRTG RU -15214295.8 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.8 144582050.8
SEVERNAYA KAZNA SVKB* RU -65841686.2 279147750
SEVERNAYA KAZNA SVKB RU -65841686.2 279147750
SEVKABEL-FINANS SVKF RU -83036.4617 102680373.6
SISTEMA HALS-GDR HALS IX -588515965 1446111954
SISTEMA-GDR 144A SEMAL US -588515965 1446111954
URAL PLANT OF PR UZPOA RU -53649612.1 191579960.2
URALMASHPLAN-BRD URAM* RU -18423442.8 687183030.3
URALMASHPLAN-BRD URAM RU -18423442.8 687183030.3
URALMASHPLAN-PFD URAMP* RU -18423442.8 687183030.3
URALMASHPLAN-PFD URAMP RU -18423442.8 687183030.3
URALSKIJ ZAVOD T URAM$ RU -18423442.8 687183030.3
URGALUGOL-BRD YRGL* RU -21554314.6 139319389.8
URGALUGOL-BRD YRGL RU -21554314.6 139319389.8
URGALUGOL-BRD-PF YRGLP RU -21554314.6 139319389.8
VIMPEL SHIP-BRD SOVP* RU -85016164.6 320054212.6
VIMPEL SHIP-BRD SOVP RU -85016164.6 320054212.6
VOLGOGRAD KHIM VHIM RU -55617131.4 157514787.8
VOLGOGRAD KHIM VHIM* RU -55617131.4 157514787.8
WILD ORCHID ZAO DOAAN RU -11716087.5 106082784.6
ZERNOVAYA KOMPAN ONAST RU -9609529.9 673952471.2
ZIL AUTO PLANT ZILL$ RU -204894835 401284636
ZIL AUTO PLANT-P ZILLP RM -204894835 401284636
ZIL AUTO PLANT-P ZILLP RU -204894835 401284636
ZIL AUTO PLANT-P ZILLP* RU -204894835 401284636
SERBIA
------
DUVANSKA DIVR SG -46938765.4 107525048.4
SLOVENIA
--------
ISTRABENZ ITBG EU -3710053.92 1192276746
ISTRABENZ ITBG EO -3710053.92 1192276746
ISTRABENZ ITBG SV -3710053.92 1192276746
ISTRABENZ ITBG PZ -3710053.92 1192276746
SLOVENSKE ENERGE 1SES01A PZ -9037077.3 220365107.8
SLOVENSKE ENERGE SES02 SK -9037077.3 220365107.8
SLOVENSKE ENERGE SES EO -9037077.3 220365107.8
SLOVENSKE ENERGE SES02 EO -9037077.3 220365107.8
SLOVENSKE ENERGE SES02 EU -9037077.3 220365107.8
SLOVENSKE ENERGE SES SK -9037077.3 220365107.8
SLOVENSKE ENERGE SES EU -9037077.3 220365107.8
ZVON ENA HOLDING ZVHR PZ -304042299 774906694.2
ZVON ENA HOLDING ZVHR EO -304042299 774906694.2
ZVON ENA HOLDING ZVHR SV -304042299 774906694.2
ZVON ENA HOLDING ZVHR EU -304042299 774906694.2
SPAIN
-----
ACTUACIONES ACTI AGR SM -57871829.5 772519224.5
ADT ESPANA SERVI 3632899Z SM -26498520.4 149454497.1
AGRUPACIO - RT AGR/D SM -57871829.5 772519224.5
AIRBUS MILITARY 4456697Z SM -25409217.8 2875949470
AMCI HABITAT SA AMC1 EU -17516668.8 159378294.6
AMCI HABITAT SA AMC SM -17516668.8 159378294.6
AMCI HABITAT SA AMC3 EO -17516668.8 159378294.6
ATLANTIC COPPER 4512291Z SM -83118965.8 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.51 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BIMBO SA 3632779Z SM -6894386.12 162399487.1
BOSCH SISTEMAS D 4505475Z SM -295419978 205556877.2
BOUYGUES INMOBIL 3636247Z SM -13608696.3 203210905.9
CAIXARENTING SA 4500211Z SM -7390433 1722091946
CELAYA EMPARANZA 3642467Z SM -19428468.9 176340504.9
COPERFIL GROUP 704457Z SM -3700858.98 403826723
DINOSOL SUPERMER 397409Z SM -46517749.4 1134013519
ELECTRODOMESTICO 1035184Z SM -120690331 100540325.2
FABRICAS AGRUPAD 3638319Z SM -28683705 205880655
FACTORIA NAVAL D 3748456Z SM -91596638.8 155617881.8
FBEX PROMO INMOB 3745024Z SM -820001.031 1142937522
FERGO AISA -RTS AISA/D SM -57871829.5 772519224.5
FERGO AISA SA AISA EU -57871829.5 772519224.5
FERGO AISA SA AISA SM -57871829.5 772519224.5
FERGO AISA SA AISA EO -57871829.5 772519224.5
FERGO AISA SA AISA PZ -57871829.5 772519224.5
FMC FORET SA 3642299Z SM -135792007 150683418.5
GALERIAS PRIMERO 3281527Z SM -2731015.07 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.5 973735754.8
GE REAL ESTATE I 2814684Z SM -47072259.9 609515984.5
GENERAL MOTORS E 4286805Z SM -323089754 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.1 238237965.8
HIDROCANTABRICO 4456745Z SM -245397524 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.1 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.9 417379212.5
LA SIRENA ALIMEN 4375737Z SM -60779557.1 206592562.2
MARTINSA FADESA MFAD PZ -3783069373 5985477633
MARTINSA FADESA 4PU GR -3783069373 5985477633
MARTINSA FADESA MTF1 LI -3783069373 5985477633
MARTINSA FADESA MTF EU -3783069373 5985477633
MARTINSA FADESA MTF EO -3783069373 5985477633
MARTINSA FADESA MTF SM -3783069373 5985477633
MARTINSA-FADESA MTF NR -3783069373 5985477633
NYESA VALORES CO BES EU -208568794 658498551.2
NYESA VALORES CO BESS PZ -208568794 658498551.2
NYESA VALORES CO NYE TQ -208568794 658498551.2
NYESA VALORES CO BES TQ -208568794 658498551.2
NYESA VALORES CO NYE EO -208568794 658498551.2
NYESA VALORES CO 7NY GR -208568794 658498551.2
NYESA VALORES CO NYE EU -208568794 658498551.2
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STAGECOACH GROUP SHP5 GR -158544627 2695903851
STAGECOACH GROUP SGC1EUR EU -158544627 2695903851
STAGECOACH GROUP SGC2 VX -158544627 2695903851
STAGECOACH GROUP SGC1GBP EO -158544627 2695903851
STAGECOACH GROUP SGC1PEN EU -158544627 2695903851
STAGECOACH GROUP SGC1 EU -158544627 2695903851
STAGECOACH GROUP SHP GR -158544627 2695903851
STAGECOACH GROUP SGC IX -158544627 2695903851
STAGECOACH GROUP SGC1 TQ -158544627 2695903851
STAGECOACH GROUP SGC1 EO -158544627 2695903851
STAGECOACH GROUP SGC1USD EO -158544627 2695903851
STAGECOACH GROUP SGC LN -158544627 2695903851
STAGECOACH GROUP SHP4 GK -158544627 2695903851
STAGECOACH GRP-B SGCB LN -158544627 2695903851
STAGECOACH-NEW SGCN LN -158544627 2695903851
STAGECOA-SPN ADR SAGKY US -158544627 2695903851
STJAMES'S PLACE 4451825Z LN -40027613.6 444219054.8
STV GROUP PLC STVGEUR EU -36632758.7 143156965
STV GROUP PLC STVG LN -36632758.7 143156965
STV GROUP PLC STVGGBP EO -36632758.7 143156965
STV GROUP PLC SMG VX -36632758.7 143156965
STV GROUP PLC STVG EO -36632758.7 143156965
STV GROUP PLC STVG VX -36632758.7 143156965
STV GROUP PLC STVGEUR EO -36632758.7 143156965
STV GROUP PLC STVG EU -36632758.7 143156965
STV GROUP PLC SMG PZ -36632758.7 143156965
STV GROUP PLC SMG IX -36632758.7 143156965
STV GROUP PLC STVG S1 -36632758.7 143156965
STV GROUP PLC SMGPF US -36632758.7 143156965
SUN CHEMICAL LTD 2569274Z LN -21504458.6 276424178.5
SUNDERLAND ASSOC 1274418Z LN -30559441.4 144949782.5
SUNSAIL LTD 1092666Z LN -37047891.8 193976501.7
SUNSEEKER INTERN 820741Z LN -7756394.62 227371284.6
SWIFT TECHNICAL 4287133Z LN -34723772.8 138665319.9
TATA CMMNCTNS UK 2534722Z LN -32378969.2 118690215.5
TDL INFOMEDIA 3362Z LN -25723860.1 136762955.6
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMMUNI 1608194Z LN -113079710 9113744374
TELEWEST COMMUNI 1646328Z LN -287113015 868389208
THALES CORPORATE 1083706Z LN -65658884.5 829798983.7
THALES RAIL SIGN 2812334Z LN -29298137.4 106623580
THALES TELECOMMU 1163839Z LN -5826263.27 245379695.8
THAMES WATER FIN 1615Z LN -48749918.5 4474513723
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIMES NEWSPAPERS 2343939Z LN -653746580 603467606.2
TOPPS TILES PLC TPT5 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT3 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT BQ -39843958.1 122386142.5
TOPPS TILES PLC TPT1 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT2 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT PO -39843958.1 122386142.5
TOPPS TILES PLC TPT8 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT IX -39843958.1 122386142.5
TOPPS TILES PLC TPT PZ -39843958.1 122386142.5
TOPPS TILES PLC TPT LN -39843958.1 122386142.5
TOPPS TILES PLC TPT4 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT EO -39843958.1 122386142.5
TOPPS TILES PLC TPT7 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT9 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT10 EO -39843958.1 122386142.5
TOPPS TILES PLC TPTEUR EU -39843958.1 122386142.5
TOPPS TILES PLC TPT EU -39843958.1 122386142.5
TOPPS TILES PLC TPT TQ -39843958.1 122386142.5
TOPPS TILES PLC TPTJY US -39843958.1 122386142.5
TOPPS TILES PLC TPT6 EO -39843958.1 122386142.5
TOPPS TILES PLC TPTGBP EO -39843958.1 122386142.5
TOPPS TILES PLC TPTEUR EO -39843958.1 122386142.5
TOPPS TILES PLC TPT S1 -39843958.1 122386142.5
TOPPS TILES PLC TPT VX -39843958.1 122386142.5
TOPPS TILES PLC TPTJF US -39843958.1 122386142.5
TOPPS TILES-NEW TPTN LN -39843958.1 122386142.5
TOTAL UK LTD 3897130Z LN -61225906.1 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411330 1254613472
TRINITY MIRROR P 1511258Z LN -138612681 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.96 2408518672
TUI UK LTD 1653824Z LN -913811299 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.9 206496365.3
UNIVERSAL LEASIN 2581586Z LN -28690420.2 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.8 120867289.2
UTC GROUP UGR LN -11904428.4 203548565
VANCO UK LTD 2784982Z LN -56556541 114635709.2
VINK HOLDINGS LT 4380233Z LN -13477348.3 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.3 109995632.6
VIRGIN MOB-ASSD VMOA LN -392165409 166070003.7
VIRGIN MOB-ASSD VMOC LN -392165409 166070003.7
VIRGIN MOBILE VMOB PO -392165409 166070003.7
VIRGIN MOBILE VMOB LN -392165409 166070003.7
VIRGIN MOBILE VGMHF US -392165409 166070003.7
VIRGIN MOBILE VMOB VX -392165409 166070003.7
VIRGIN MOBILE UEM GR -392165409 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616777 5155268566
VODAFONE UK CONT 1909662Z LN -36036445.4 241077469.5
VOLUTION GROUP L 4453393Z LN -44375617.5 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.8 572205624
WALES & WEST UTI 3688061Z LN -784167197 2080276139
WARNER ESTATE WNER IX -41311778.1 373214358.7
WARNER ESTATE WNER EO -41311778.1 373214358.7
WARNER ESTATE WNER EU -41311778.1 373214358.7
WARNER ESTATE WRL GR -41311778.1 373214358.7
WARNER ESTATE WNER PZ -41311778.1 373214358.7
WARNER ESTATE WNEHF US -41311778.1 373214358.7
WARNER ESTATE WNER VX -41311778.1 373214358.7
WARNER ESTATE WNER LN -41311778.1 373214358.7
WARNER ESTATE WNER PO -41311778.1 373214358.7
WARNER ESTATE WNERGBP EO -41311778.1 373214358.7
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.7 104022836.2
WEETABIX LTD-A WTB OF -397652100 909970808.9
WEETABIX LTD-A WEEBF US -397652100 909970808.9
WESCOT TOPCO LTD 4007020Z LN -28467510.9 115035189
WEST HAM UNITED 1275834Z LN -60233495.2 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.71 100781831
WHITE HART LANE 2004631Z LN -5246329.46 130633347.5
WIGHTLINK LTD 1385642Z LN -15131435.9 231775265.6
WINCANTON PL-ADR WNCNY US -290434319 1037176004
WINCANTON PLC WIN11 EO -290434319 1037176004
WINCANTON PLC WIN4 EO -290434319 1037176004
WINCANTON PLC WIN1GBP EO -290434319 1037176004
WINCANTON PLC WIN LN -290434319 1037176004
WINCANTON PLC WIN1 TQ -290434319 1037176004
WINCANTON PLC WIN13 EO -290434319 1037176004
WINCANTON PLC WIN1 EU -290434319 1037176004
WINCANTON PLC WIN1USD EO -290434319 1037176004
WINCANTON PLC WIN1EUR EO -290434319 1037176004
WINCANTON PLC WIN IX -290434319 1037176004
WINCANTON PLC WIN1 QM -290434319 1037176004
WINCANTON PLC WIN1 S1 -290434319 1037176004
WINCANTON PLC WNCNF US -290434319 1037176004
WINCANTON PLC WIN PZ -290434319 1037176004
WINCANTON PLC WIN1EUR EU -290434319 1037176004
WINCANTON PLC WIN12 EO -290434319 1037176004
WINCANTON PLC WIN6 EO -290434319 1037176004
WINCANTON PLC WIN1 BQ -290434319 1037176004
WINCANTON PLC WIN VX -290434319 1037176004
WINCANTON PLC WIN1USD EU -290434319 1037176004
WINCANTON PLC WIN1 EO -290434319 1037176004
WINCANTON PLC WIN10 EO -290434319 1037176004
WINCANTON PLC WIN PO -290434319 1037176004
WINCANTON PLC WIN1 NQ -290434319 1037176004
WINCANTON PLC WIN5 EO -290434319 1037176004
WINCANTON PLC WIN8 EO -290434319 1037176004
WINCANTON PLC WIN9 EO -290434319 1037176004
WINCANTON PLC WIN1 EB -290434319 1037176004
WINCANTON PLC WIN7 EO -290434319 1037176004
WINDSOR TELEVISI 1475394Z LN -249144874 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.5 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.2 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.2 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.9 276648958.8
YOUNG'S BLUECRES 1841386Z LN -46554226.4 279057376.4
ZURICH EMPLOYMEN 1292298Z LN -122911832 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland
USA. Valerie U. Pascual, Marites O. Claro, Rousel Elaine T.
Fernandez, Joy A. Agravante, Ivy B. Magdadaro, Frauline S.
Abangan and Peter A. Chapman, Editors.
Copyright 2012. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 240/629-3300.
* * * End of Transmission * * *