/raid1/www/Hosts/bankrupt/TCREUR_Public/120807.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, August 7, 2012, Vol. 13, No. 156
Headlines
F R A N C E
ALCATEL-LUCENT: Moody's Affirms 'B2' CFR; Outlook Negative
B U L G A R I A
VIVACOM AD: Creditors to Buy Business for EUR130 Million
G E R M A N Y
ADAM OPEL: May Write Down Peugeot Investment; In Union Talks
PERFECTENERGY INTERNATIONAL: BDO China Raises Going Concern Doubt
G R E E C E
PIRAEUS BANK: Moody's Affirms 'Caa2' Deposit & Debt Ratings
PIRAEUS BANK: S&P Affirms 'CCC/C' Counterparty Credit Ratings
* GREECE: Agrees to Strengthen Policy & Comply with Bailout Terms
H U N G A R Y
JEANS CLUB: Put Up for Liquidation; August 13 Bid Deadline Set
* HUNGARY: Moody's Says Banking System Outlook Remains Negative
I R E L A N D
ALLIED IRISH: S&P Affirms 'BB/B' Counterparty Credit Ratings
LANSAS DEV'T: Council Denies Planning & Retention Permission
MAZARIN FUNDING: S&P Cuts Ratings on 4 Note Tranches to 'CCC-'
I T A L Y
BANCA CARIGE: S&P Lowers Issuer Credit Rating to 'BB+'
* ITALY: Moody's Says RMBS Performance Stable in May 2012
K A Z A K H S T A N
EURASIAN BANK: Moody's Affirms 'E+' BFSR; Outlook Negative
L U X E M B O U R G
EUROPROP SA: S&P Retains 'B' Rating on Class F Notes
SCHRODER GAIA: Faces Liquidation Following Redemptions
P O L A N D
CENTRAL EUROPEAN: Commences Consent Solicitation to Obtain Waiver
CENTRAL EUROPEAN: M. Kaufman Asked to be Appointed as Director
S W E D E N
GENERAL MOTORS: Spyker Files $3-Bil Suit Over Saab Bankruptcy
NOBINA AB: Moody's Lowers PDR to 'Ca/LD' After Payment Default
NOBINA AB: S&P Lowers Corporate Credit Rating to 'SD'
SAAB AUTO: Spyker Files $3-Bil. Suit Against General Motors
S P A I N
BANCA CIVICA: S&P Raises Short-term Ratings From 'BB/B'
BANKINTER EMISIONES: S&P Lifts Ratings on Preference Shares to B
CAIXA BANK: Fitch Affirms 'BB' Rating on Upper Tier 2 Sub. Debt
CAMPOFRIO FOOD: S&P Affirms 'BB-' Credit Rating; Outlook Negative
FTPYME BANCAJA: Fitch Affirms 'CCC' Rating on Class D Notes
LA CAIXA: S&P Lowers Ratings to 'BB+/B'; Off Negative Watch
* SPAIN: In No Rush to Request European Bailout, Fin-Min Says
U N I T E D K I N G D O M
BAA FUNDING: Fitch Affirms Rating on High-Yield Bond at 'BB+'
BELLATRIX PLC: S&P Affirms 'D' Rating on Class E CMBS Notes
CREDIT SUISSE: Fitch Assigns 'BB+' Rating to US$1.725-Bil. Notes
CUMBRIA PARK: Barnes Deal Buys Firm Out of Administration
ELLI INVESTMENTS: S&P Assigns 'B-' LT Corporate Credit Rating
EPIC PLC: S&P Retains 'BB' Rating on Class F CMBS Notes
HEINE GERICKE: UK Unit Falls Into Administration
JJB SPORTS: Shareholders May Opt for Major Restructuring
MOUCHEL GROUP: Chairman to Get GBP400,000 Bonus Under Rescue Deal
ROTARY LIMITED: In Administration, 60 Jobs at Risk
SAMUEL COOKE: Former Owners Seeks to Buy Firm
* UK: Corporate Insolvencies Up 1.5% in Second Quarter 2012
X X X X X X X X
* Moody's Says Investors More Cautious on European Insurers
* Moody's Says EMEA RMBS Performance Stable in First Half 2012
* Large Companies with Insolvent Balance Sheets
*********
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F R A N C E
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ALCATEL-LUCENT: Moody's Affirms 'B2' CFR; Outlook Negative
----------------------------------------------------------
Moody's Investors Service has affirmed Alcatel-Lucent's B2
corporate family rating (CFR) and B2 probability of default
rating (PDR). Concurrently, Moody's has affirmed the senior debt
ratings at B3, with a loss given default assessment of 5 (LGD5,
75%), and the ratings on two convertible bonds issued by Lucent
Technologies, Inc., before its 2006 merger with Alcatel, and
guaranteed by Alcatel-Lucent on a subordinated basis at Caa1
(LGD5, 77%), The outlook for the ratings was changed to negative
from stable.
Ratings Rationale
"The change in the outlook for Alcatel-Lucent's debt ratings was
driven by our expectation that, in 2012, the company will not be
able to cut its cash consumption materially below the 2011 level
of EUR620 million as adjusted," says Wolfgang Draack, a Moody's
Senior Vice President and lead analyst for Alcatel-Lucent. "This
inability to reduce cash burn reflects (1) a contraction in
Alcatel-Lucent's revenues of more than 10% (on a comparable
basis) in first half 2012 and the likelihood of a further decline
during the remainder of the year; and (2) continued weakness in
the company's gross profit margins requiring renewed
restructuring efforts, which will lead to substantial severance
payments over the next 18 months," adds Mr. Draack. As a result
the ratings are now very weakly positioned within the category.
Given the above, Moody's considers that there is increasing
uncertainty about Alcatel-Lucent's ability to achieve positive
free cash flow. The rating agency notes that the company has been
consuming cash from operations since the 2006 merger between
Alcatel and Lucent Technologies, Inc. and that cash burn of
EUR650 million as adjusted in first half 2012 was actually EUR130
million above that for the previous year.
Alcatel-Lucent's cash flow is usually back-ended, so that
typically the only cash-generative quarter of any one year is Q4.
For 2012, Moody's expects that again Q4 free cash flow will
exceed materially the cash consumption of the third quarter for a
positive inflow over second half 2012. Moreover, the rating
agency notes that Alcatel-Lucent has implemented new cost-saving
measures, which are aimed at generating additional cost savings
of EUR750 million by the end of 2013. However, although these may
eventually strengthen the company's operating cash flows, Moody's
cautions that its past efforts have been largely absorbed by
price pressure in the market, which continues unabated given
similar cost-cutting measures by competitors. Also, despite
increasing communication traffic flows, there is currently no
visibility with regard to a recovery in demand for
telecommunication equipment.
Alcatel-Lucent's liquidity needs over the next 12 months include
continued substantial cash consumption from operations and
restructuring and a June 2013 put option for the company's USD765
million (EUR635 million) of Series B convertible bonds. While
these liquidity needs are well covered by a EUR5.0 billion
balance of cash and short-term securities, Moody's notes that
Alcatel-Lucent is constrained by its operating cash needs
(estimated by the rating agency to amount to 3% of sales, or
around EUR500 million) and around EUR1.2 billion of cash held in
countries in which the company is subject to exchange controls.
Moreover, Moody's notes that Alcatel-Lucent's cash reserves are
finite and that, in the medium term, the company also faces
upcoming debt maturities of around EUR460 million in April 2014
and a EUR1.0 billion convertible bond (Oceane) due in January
2015.
Alcatel-Lucent's liquidity could be bolstered by increased
royalty collections, such as those resulting from the company's
agreement with RPX or from own efforts, or proceeds from
potential business exits, but overall its options for further
asset monetization appear to be decreasing. Alcatel-Lucent's
undrawn EUR837 million revolving credit facility expires in April
2013. Given the scale of Alcatel-Lucent's cash consumption and
the company's upcoming debt maturities, Moody's considers that
cash and short-term securities balances amounting to EUR5.0
billion are not as comfortable as they appear at first glance.
The negative outlook on Alcatel-Lucent's rating reflects the
company's ongoing cash burn relative to its substantial, but
finite, liquidity. With an outlook for a soft market and
declining sales in 2012, Moody's considers that Alcatel-Lucent's
management will be challenged to cut costs fast enough to
effectively curb cash consumption and to realize opportunities
for asset monetization.
What Could Change The Ratings Up/Down
Negative pressure on the B2 rating would increase if (1) Alcatel-
Lucent incurs a material operating loss as adjusted by the
company in 2012 and its profitability fails to trend towards the
mid-single-digits in percentage terms thereafter; (2) the company
fails to generate positive free cash flow in second half 2012 (it
achieved adjusted free cash flow of EUR100 million in second half
2011) and it does not reduce its cash consumption over the course
of 2013; or (3) its cash and cash equivalents decline below one
third of gross adjusted debt (56% at the end of second quarter
2012). However, rating pressure could ease and the outlook on the
rating stabilize if Alcatel-Lucent achieves sizable proceeds from
disposals or royalty collections and there is good visibility
with regard to an end to cash burn.
Although currently unlikely, upward rating pressure would require
Alcatel-Lucent to (1) generate positive free cash flow on a last-
12-months basis; (2) sustain sales growth; and (3) achieve an
operating margin in the mid-single digits in percentage terms.
Principal Methodology
The principal methodology used in rating Alcatel-Lucent was
Global Communications Equipment Industry Methodology, published
in June 2008. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the US, Canada
and EMEA, published in June 2009.
Headquartered in Paris, France, Alcatel-Lucent is one of the
world leaders in providing advanced solutions for
telecommunications systems and equipment to service providers,
enterprises and governments. The company reported sales of EUR6.8
billion in first half 2012.
===============
B U L G A R I A
===============
VIVACOM AD: Creditors to Buy Business for EUR130 Million
--------------------------------------------------------
Elizabeth Konstantinova at Bloomberg News, citing Capital
newspaper, reports that Russia's VTB Capital Plc and Sofia-based
Corporate Commercial Bank AD reached an agreement with the
creditors of Vivacom AD to buy the company for EUR130 million and
pay debts worth EUR588 million.
According to Bloomberg, Capital, citing unidentified people, said
that Vivacom creditors, which include Deutsche Bank AG, UBS AG
and UniCredit SpA, along with Royal Bank of Scotland Group Plc,
have agreed to write off 64% of the company's EUR1.6 billion
debt. The newspaper said that the transaction is complicated and
may take several months to complete, Bloomberg notes.
Vivacom AD is Bulgaria's second biggest telecommunications
company in terms of clients.
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G E R M A N Y
=============
ADAM OPEL: May Write Down Peugeot Investment; In Union Talks
------------------------------------------------------------
Tim Higgins at Bloomberg News reports that General Motors Co.,
which acquired a 7% stake in PSA Peugeot Citroen in March, said
it may have to write down its investment as the European auto
market heads toward its fifth straight annual sales decline.
According to Bloomberg, GM said on Thursday in a filing with the
U.S. Securities and Exchange Commission that the amount at which
GM is carrying the investment in Paris-based Peugeot exceeded its
fair value at June 30. The Detroit-based automaker said it plans
to hold the investment until the value recovers, Bloomberg notes.
The Peugeot alliance, under which GM paid about EUR320 million
(US$423 million) for its stake, is supposed to help through
cooperation for purchasing and vehicle development, Bloomberg
states.
The U.S. automaker is also trying to revamp its Opel unit in
Germany as the company tries to stem losses in the region,
Bloomberg discloses.
According to Bloomberg, Vice Chairman Steve Girsky, who became
chairman of Opel's board in November and is interim leader of
GM's European operations, is heading a plan to improve the
business by investing in new models, revising its brand strategy,
reducing costs and leveraging the Peugeot alliance.
"We haven't moved fast enough to fix the things we can control,"
Bloomberg quotes Mr. Girksy as saying in a statement Aug. 2 about
Europe. "We have a clear plan how to change that."
GM wants to close an assembly plant in Bochum, Germany, and has
been talking with union leaders about doing so, Bloomberg
discloses.
Bloomberg relates that Chief Executive Officer Dan Akerson told
analysts Aug. 2 that Opel management continues to talk with
German unions about issues such as productivity, cost and
capacity.
"We expect to have a comprehensive agreement in place sometime
this fall," Mr. Girksy, as cited by Bloomberg, said.
Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary. Opel started making cars
in 1899. Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano).
Its high-performance VXR range includes souped-up versions of
Opel models like the Meriva minivan, the Corsa hatchback, and the
Astra sports compact. Opel is GM's largest subsidiary outside
North America.
PERFECTENERGY INTERNATIONAL: BDO China Raises Going Concern Doubt
-----------------------------------------------------------------
BDO China Shu Lun Pan Certified Public Accountants LLP, in
Shanghai, China, expressed substantial doubt about Perfectenergy
International Limited's ability to continue as a going concern,
following the Company's results for the eleven months ended
Sept. 30, 2011.
The independent auditors noted that the Company has suffered
recurring losses from operations and has negative working
capital.
The Company reported a net loss of US$7.63 million on US$50.33
million of revenues for the eleven months ended Sept. 30, 2011,
compared with a net loss of US$2.73 million on US$74.60 million
of revenues for the fiscal year ended Oct. 31, 2010.
The Company's balance sheet at Sept. 30, 2011, showed
US$35.26 million in total assets, US$32.35 million in total
liabilities, and stockholders' equity of US$2.91 million.
A copy of the Form 10-K is available for free at:
http://is.gd/3TpqPL
Based in Shanghai, China, Perfectenergy International Limited was
formed as a Nevada corporation in 2005. It conducts operations
through its wholly owned subsidiary, Perfectenergy International
Limited, a private British Virgin Islands corporation
("Perfectenergy BVI"), and Perfectenergy BVI's three wholly owned
subsidiaries (i) Perfectenergy (Shanghai) Limited, a company
organized under the laws of the People's Republic of China
("Perfectenergy Shanghai"), (ii) Perfectenergy GmbH, a German
corporation ("Perfectenergy GmbH"), and (iii) Perfectenergy
Solar-Tech (Shanghai) Ltd., a company organized under the laws of
the People's Republic of China ("Perfectenergy Solar-Tech").
Perfectenergy BVI, through Perfectenergy Shanghai and
Perfectenergy Solar-Tech, is principally engaged in the research,
development, manufacturing, and sale of solar cells, solar
modules, and photovoltaic systems.
The Company conducts sales in Europe through Perfectenergy GmbH,
which was formed in Germany on Nov. 9, 2007, located at Tannenweg
8-10, 53757 Sankt Augustin, Germany. The principal function of
Perfectenergy GmbH is marketing, installation, and other after-
sales services for the Company's PV products.
===========
G R E E C E
===========
PIRAEUS BANK: Moody's Affirms 'Caa2' Deposit & Debt Ratings
-----------------------------------------------------------
Moody's Investors Service has affirmed Piraeus Bank's Caa2
deposit and debt ratings, with negative outlook, and withdrawn
the Agricultural Bank of Greece's (ATE Bank) Caa2 deposit and
debt ratings. These actions follow Piraeus Bank's acquisition of
the healthy assets and liabilities of the Agricultural Bank of
Greece, which is undergoing liquidation.
Ratings Rationale
On July 27, 2012, Piraeus Bank announced the acquisition by
absorption of ATE Bank's healthy assets within the consolidation
framework defined by the Bank of Greece (BoG) and the Hellenic
Financial Stability Fund (HFSF), a framework which aims to
improve the financial stability of the Greek banking system.
Piraeus Bank acquired EUR21.4 billion of total liabilities and
EUR14.7 billion of total assets. The difference of EUR6.7 billion
will be covered by the HFSF in the form of bonds issued by the
European Financial Stability Facility (EFSF). Piraeus Bank will
also receive EUR0.5 billion of additional EFSF bonds from the
HFSF to account for the capital needs of the acquired assets and
to maintain its overall capital adequacy ratio above the 8%
regulatory minimum.
Moody's notes that this transaction has some credit positive
elements for Piraeus Bank, such as a more favorable funding and
loan book profile and enhanced franchise value. However, the
rating agency notes that these credit positives are offset by
integration and implementation risks, a higher cost base (despite
higher revenues), and the adverse operating environment in
Greece, which continues to pressure asset quality and liquidity.
As a result, Moody's has affirmed Piraeus Bank's ratings.
The legal entity Agricultural Bank of Greece S.A. and its
remaining balance sheet went into liquidation -- including a
EUR250 million subordinated bond -- following the withdrawal of
its banking license by the BoG. Moody's has withdrawn the deposit
and debt ratings assigned to the bank and its funding subsidiary
ABG Finance International plc, to reflect the withdrawal of its
banking license. The rating assigned to the bank's subordinated
debt was downgraded to C from Ca prior to withdrawal, which
reflects the higher expected losses that investors are likely to
sustain on these securities.
The Specific Rating Changes implemented are:
Piraeus Bank S.A., Piraeus Group Finance plc, and Piraeus Group
Capital Limited:
- Standalone bank financial strength rating (BFSR) affirmed at
E, mapping to a baseline credit assessment (BCA) of caa3
- Long-term deposit and senior unsecured debt ratings affirmed
at Caa2
- Backed (government-guaranteed) senior unsecured ratings
affirmed at Caa2
- Subordinated debt ratings affirmed at Ca
- Preferred stock (Hybrid Tier 1) affirmed at Ca(hyb)
- Short-term deposit ratings affirmed at Not-prime
All the above ratings, except the standalone BFSR, carry a
negative outlook.
Agricultural Bank of Greece SA and ABG Finance International plc:
- Standalone BFSR withdrawn at E, mapping to a BCA of caa3
- Long-term deposit and senior unsecured debt ratings withdrawn
at Caa2
- Subordinated debt ratings downgraded to C from Ca, and to be
subsequently withdrawn
- Short-term deposit ratings withdrawn at Not-prime
All the above ratings, except the standalone BFSR and
subordinated debt ratings of C, carried a negative outlook prior
to withdrawal
The principal methodology used in these ratings was Moody's
Consolidated Global Bank Rating Methodology, published in June
2012.
Both banks are headquartered in Athens, Greece. Piraeus Bank
reported pro-forma total assets of EUR52.1 billion (including
EUR4.7 billion capital advance from the HFSF) as of March 2012.
ATE Bank reported total assets of EUR26.5 billion as of September
2011.
PIRAEUS BANK: S&P Affirms 'CCC/C' Counterparty Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC/C' long- and
short-term counterparty credit ratings on Greece-based Piraeus
Bank S.A. (Piraeus). The outlook is negative.
"At the same time, we affirmed our 'CC' issue ratings on the debt
securities issued by Piraeus Group Capital Ltd. and by Piraeus
Group Finance PLC and guaranteed by Piraeus," S&P said.
"The affirmation follows Piraeus' announcement on July 27, 2012,
that it will absorb EUR14.7 billion of assets and EUR21.4 billion
of liabilities from the Agricultural Bank of Greece (ABG; not
rated), for a consideration of EUR95 million. We understand that
the Hellenic Financial Stability Fund (HFSF) has disbursed EUR6.7
billion to cover the difference between the assets and
liabilities. In addition, the HFSF will contribute a further
EUR500 million in capital injections to Piraeus, so that the bank
can maintain a total capital adequacy ratio above 8%. The
affirmation reflects our opinion that, at the current rating, the
operation will likely have a limited impact on our assessment of
Piraeus' financial profile. This is because the terms of the
agreement substantially mitigate the potential risk arising from
it. Under the announced terms, we understand the HFSF is largely
financing the operation and Piraeus is absorbing the best part of
ABG's assets and all of its customer deposits," S&P said.
"We anticipate that the impact of the transaction on our
assessment of the bank's capital and earnings is limited," S&P
said.
"Our rating on Piraeus factors in our opinion that the HFSF will
commit further capital to Piraeus in addition to the EUR4.7
billion provided in May to enable the bank to comply with
regulatory capital requirements," S&P said.
"We do not consider that the ABG transaction will affect our
assessment of the bank's liquidity position, based on the
European Council's statement that Greek banks will continue to
receive financial support. Such support should allow the bank to
maintain eligible collateral for discounting through European
liquidity support mechanisms, including Emergency Liquidity
Assistance (ELA) set up at the Bank of Greece, even if the
relevant ratings on Greek sovereign debt were lowered to 'D',"
S&P said.
"The negative outlook reflects the possibility that we could
downgrade Piraeus if we believed it would default on its
obligations, as defined by our criteria. We could lower the
ratings on the bank if access to liquidity support from
extraordinary mechanisms set up by EU authorities, including the
ELA discount facility, was impaired for any reason. This is
because this support currently underpins the bank's capacity to
meet its financing requirements. In this context, we also note
that persistently high pressure on Greek banks' retail funding
bases may lead to further deposit outflows, which could in our
opinion increase the need for banks to receive additional
extraordinary liquidity support from European authorities. Should
Piraeus' access to EU liquidity support deteriorate, we would
conclude that the bank is likely to default, as defined under our
criteria," S&P said.
"We could also lower the ratings if we believed the bank was
likely to default as a result of any developments associated with
a substantial impairment of its solvency. This could happen if,
for any reason, Greek banks could not access external capital
support, or if we considered such support insufficient to allow
the banks to continue meeting regulatory capital requirements
once the potentially further large losses on their holdings of
Greek government bonds are recognized. A default could also occur
from potentially sizable credit impairments arising from
lending," S&P said.
* GREECE: Agrees to Strengthen Policy & Comply with Bailout Terms
-----------------------------------------------------------------
Marcus Bensasson at Bloomberg News reports that Greece and its
international creditors agreed on the need to strengthen policy
efforts to support the economy and comply with its bailout terms
after nearly two weeks of meetings in Athens.
Representatives from the so-called troika of the European
Commission, European Central Bank and International Monetary Fund
met with Greek Finance Minister Yannis Stournaras in Athens on
Sunday at the conclusion of the meetings, Bloomberg relates. The
talks will determine whether Greece continues receiving funds
from the country's EUR240 billion (US$297 billion) of rescue
packages, Bloomberg notes.
Greek Prime Minister Antonis Samaras on Aug. 1 wrenched agreement
from the two party leaders supporting his coalition government on
the need to determine EUR11.5 billion of budget cuts for 2013 and
2014 to keep the international rescue funds flowing, Bloomberg
recounts. That package must be completed by early September,
before a meeting of finance ministers from the 17-nation euro
area, a Greek Finance Ministry official, who asked not to be
named, said after Sunday's meeting, Bloomberg notes.
The country, Bloomberg says, risks running out of money without
the disbursement of EUR4.2 billion that was initially due in June
as the first installment of a EUR31 billion transfer.
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H U N G A R Y
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JEANS CLUB: Put Up for Liquidation; August 13 Bid Deadline Set
--------------------------------------------------------------
MTI-Econews reports that business daily Napi Gazdasag said on
Monday the assets of Jeans Club have been put up for liquidation
for HUF2.17 billion.
According to MTI-Econews, the deadline for submitting bids for
the company's real estate, vehicles and equipment with liquidator
Duna Libra is Aug. 13.
Jeans Club had liabilities of more than HUF8.35 billion at the
end of 2010, MTI-Econews discloses. Its biggest creditor was CIB
Bank, MTI-Econews notes.
Jeans Club is a Hungarian clothing company.
* HUNGARY: Moody's Says Banking System Outlook Remains Negative
---------------------------------------------------------------
The outlook on Hungary's banking system remains negative, says
Moody's Investors Service in a new Banking System Outlook
published on Aug. 3. The key drivers of the outlook are (i) a
persistently weak operating environment; (ii) further
deterioration in asset quality; and (ii) continued pressure on
profitability, funding and capitalization.
The new report is entitled "Banking System Outlook: Hungary".
"We expect Hungarian banks to face a weak operating environment
in the next 12-18 months. Hungary's economy continues to
deteriorate, as its high dependence on exports and capital
inflows exposes the country to the euro area's weak growth
prospects," explains Simone Zampa, a Moody's Vice President and
Senior analyst.
"Combined with other challenges for banks in Hungary, including a
series of government measures which are detrimental to banks'
profitability, high unemployment and fairly high household
indebtedness (particularly in foreign-currency), the weak
operating environment will continue to limit domestic demand for
credit, and banks' ability and willingness to lend," adds Ms.
Zampa.
Moody's says that the pressures within the operating environment
will cause the banks' asset quality to deteriorate further over
the outlook period. Adverse exchange-rate dynamics, a large loan
portfolio denominated in Swiss francs, weak macro-conditions,
increasing business bankruptcies and a construction slump
indicate mounting pressure on problem loans. According to the
Hungarian National Bank, the level of problem loans in banks'
portfolios is expected to rise to around 15% in early 2013 from
13.1% at the end 2011 for the retail sector, and to around 22% in
2013 from 17.4% at the end of 2011 for the corporate sector.
Moody's also notes that over the outlook period, Hungarian banks'
funding and liquidity profiles will remain weak and exposed to
market sentiment given the large FX funding needs to refinance
the large foreign-currency loan book in the system.
The Hungarian banking system has one of the weakest loan-to-
deposit ratios amongst the CEE6 countries (Czech Republic,
Poland, Slovakia, Romania, Hungary and Slovenia) and thus relies
on wholesale markets for about 50% of its total funding [sources:
Financial Supervisory Authority of Hungary, Moody's
calculations]. Many foreign-owned banks rely on FX funding
facilities from their parent banks to refinance their FX
portfolios; this exposes banks to significant rollover risk in
the currently challenging funding environment.
Following a first year of overall losses for the system, recorded
in 2011, Moody's believes Hungarian banks' overall profitability
will remain very weak over the coming quarters, with a large
number of banks reporting losses. The key drivers that will
likely continue to weigh on the banks' operations are (i) the
significant tax burden, (ii) the increasing loan loss charges
reflecting economic pressures, (iii) deleveraging, which also
constrains revenue-generating capacity, and (iv) lower net
interest margins because healthy portfolios with good margins
have been repaid under the 2011 FX mortgage scheme and cost of
funding has increased.
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I R E L A N D
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ALLIED IRISH: S&P Affirms 'BB/B' Counterparty Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' long- and
short-term counterparty credit ratings on Ireland-based Allied
Irish Banks PLC (AIB). The outlook remains negative.
"In addition, we affirmed the 'BB/B' long- and short-term
counterparty credit ratings on AIB's wholly owned U.K.
subsidiary, AIB Group (U.K.) PLC. The outlook also remains
negative," S&P said.
"We have revised our assessment of AIB's stand-alone credit
profile (SACP) down by one notch to 'b+' from 'bb-'," S&P said.
"The revised SACP reflects our updated assessment of AIB's
capital and earnings. AIB reported a pretax loss of EUR1.3
billion in the first half of 2012 and we expect AIB to remain
loss making through 2013. We now take the view that AIB's capital
ratio, as measured under Standard & Poor's risk-adjusted (RAC)
framework, will be below 4% by the end of 2013. We had previously
assumed that it would remain above the 5% threshold that we set
for a 'moderate' assessment of capital and earnings. We have
therefore revised our assessment of AIB's capital and earnings to
'weak'," S&P said.
"In accordance with our criteria, we now incorporate two notches
for government support into the long-term counterparty credit
rating on AIB, compared to one before, which has resulted in the
affirmation of the ratings on AIB," S&P said.
"We note that AIB's regulatory capitalization--its reported Core
Tier 1 ratio was 17.3% at June 30, 2012--is much stronger than
our preferred RAC measure, and we expect AIB to remain
comfortably above the 10.5% regulatory minima for Irish banks
through 2013," S&P said.
"There are two primary reasons for the large difference between
our capital analysis and AIB's regulatory capital. First, within
our calculation of total adjusted capital, we exclude EUR3.3
billion of preference shares issued by AIB to the Irish
government and we also exclude EUR3.7 billion of tax loss
carryforwards. On this basis, we estimate that total adjusted
capital at June 30, 2012 was just under EUR7 billion, which
compares to reported regulatory Core Tier 1 capital of EUR14.0
billion. Second, within our calculation of risk-weighted assets
we apply more conservative risk weightings to reflect our view of
economic risk within Ireland. As a result, we estimate that AIB's
RAC was just over 5.0% at this date. Taking into account our
expectation of further losses by AIB over the coming 18 months,
and even allowing for the ongoing reduction in its balance sheet,
we project that AIB's RAC will be in the 3.5%-4.0% range by end-
2013," S&P said.
"AIB's reported pretax loss of EUR1.3 billion in the first half
of 2012 follows heavy losses in full-year 2011. AIB received
significant capital support from the Irish government (Republic
of Ireland, BBB+/Negative/A-2) in 2011 as part of an industrywide
recapitalization. In common with Irish peers, AIB remains loss
making at a pre-provision level, which in part reflects its
deposit margin compression, high level of nonperforming loans,
and fees related to its participation in the government's
Eligible Liabilities Guarantee (ELG) Scheme. We assume that the
many pressures on AIB's preprovision earnings will only gradually
abate," S&P said.
"In addition, provisions for loan impairments remained elevated
in the first half of 2012 at EUR890 million (or a loss rate of
1.84%), albeit well down on EUR2,961 million reported in the same
period in 2011. AIB has stated that it assumes 2011 will be the
peak year for impairments, which we agree with, but we assume
that loan impairments will remain elevated across most of AIB's
loan portfolios for the remainder of this year and next," S&P
said.
"We take some comfort from the fact that AIB's new management is
making progress to improve AIB's balance sheet profile. Customer
deposits grew by a reported EUR2.9 billion in the first half of
2012 and now represent a reported 52% of total funding, up from
47% at year-end. AIB's reported loan-to-deposit ratio of 125% is
now close to the regulatory target of no more than 122.5% set
last year. Like Irish peers, however, AIB continues to rely
heavily on monetary authorities -- EUR25 billion at June 30,
2012, albeit down from EUR31 billion at year-end. Regulatory
risk-weighted assets fell by 4% in the first half, which in our
view demonstrates the progress which AIB has made with its de-
leveraging plans to date," S&P said.
"The ratings on AIB reflect our view of its 'bb' anchor,
'adequate' business position, 'weak' capital and earnings,
'adequate' risk position, 'average' funding, and 'moderate'
liquidity, as our criteria define these terms. The SACP is 'b+',"
S&P said.
"The long-term counterparty credit rating is two notches higher
than the SACP, reflecting our view that AIB has 'high' systemic
importance in Ireland, and the Irish government is 'supportive'
of the banking sector, as defined by our criteria. We note that
AIB has additional capital flexibility in its state-owned
preference shares and contingent capital. We do not view AIB as a
government-related entity, even though it is more than 99% owned
by the government, because the government has said that it
intends to eventually return the bank to private ownership," S&P
said.
"The negative outlook reflects our view that AIB's new management
team still faces considerable challenges to return the bank to
profitability in the context of subdued credit demand, high
deposit competition, and a weak economic environment, including a
weak housing market, in Ireland. Our ratings reflect our
expectation that AIB will make progress over the coming year to
improve net interest margins, control costs, and adequately
manage asset quality," S&P said.
"We could lower the ratings if, by our measures, capital erodes
by more than we expect thus leading us to revise our assessment
of capital and earnings to 'very weak' from 'weak'. The negative
outlook also reflects the negative outlook on the long-term
rating on the Irish sovereign because, in line with our criteria,
a one-notch downgrade of the long-term rating on Ireland would
lead us to reduce the number of notches of government support
that we factor into the ratings on AIB to one from two," S&P
said.
"We could revise the outlook on AIB to stable if we revised that
on Ireland to stable, and if we see evidence that AIB's
capitalization is stabilizing, asset quality metrics are steadily
improving, and that the bank's reliance on monetary authorities
is materially reducing," S&P said.
LANSAS DEV'T: Council Denies Planning & Retention Permission
------------------------------------------------------------
Tess Felder at Kilkenny People reports that Kilkenny County
Council has denied the planning and retention permission to Lansa
Developments for the estate Callan Manor.
Lansa Developments is in receivership.
Retention permission was also sought for a change to the site
boundary, which is now located inside a religious shrine,
according to Kilkenny People.
"There are still a number of issues of serious concern with
regard to the standard of construction and the material changes
from the development granted under the parent permission," the
council found, according to the report.
Kilkenny People notes that the council also said that the
"excessive hard landscaping," lack of soft landscaping, and
proposals to add ramped access with handrails at various
locations would "result in a visually poor development at this
location, which has been carried out in a piecemeal fashion."
It ruled that the units as constructed do not fully comply with
regulations for fire safety, conservation of fuel and energy, and
access and use, the report adds.
MAZARIN FUNDING: S&P Cuts Ratings on 4 Note Tranches to 'CCC-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
all of Mazarin Funding Ltd.'s junior senior notes. These rating
actions include the correction of an administrative error on the
series 2010-21 junior senior notes. "At the same time, we have
affirmed all of our 'A-1+ (sf)' short-term ratings on the
commercial paper (CP) programs and repurchase agreement notes. We
have also affirmed all of our 'CCC- (sf)' ratings on the fast and
slow pay income notes," S&P said.
"The rating actions follow our analysis of Mazarin Funding's
performance under our 2012 criteria for collateralized debt
obligations (CDOs) of pooled structured finance (SF) assets, and
the application of our 2012 counterparty criteria. We have based
our analysis on the latest available data and our cash flow
analysis, taking into account recent developments," S&P said.
"Mazarin Funding is an HSBC-sponsored operating company that
securitizes a portfolio of predominantly structured finance
securities and financial institution debt. The Mazarin Funding
portfolio comprises approximately 78.0% structured finance
securities, of which 21.5% of the performing balance comprises
European and U.S. residential mortgage-backed securities (RMBS).
The remaining portion of the structured finance pool mainly
comprises European and U.S. commercial backed securities (CMBS;
22.13% of the performing balance), U.S. CDOs of corporate
securities (14.23% of the performing balance), consumer and
commercial asset-backed securities (16.91%), and student loan
securitizations (3.09%). The remainder of the portfolio is mainly
exposed to subordinated debt issued by financial institutions,
with a small exposure to European corporate securitizations," S&P
said.
"Our analysis indicates that the overall credit quality of the
underlying assets in the portfolio has deteriorated since our
previous review on Sept. 17, 2010. For example, we consider
approximately 16% of the assets in the current portfolio to be
rated 'AAA', compared with 27% at our previous review. In
particular, our analysis shows that the migration of the ratings
on the assets in the underlying portfolio has been most visible
in the structured finance portion of the pool, particularly among
the RMBS and CMBS," S&P said.
"We have subjected the capital structure to a cash flow analysis
based on the updated methodology and assumptions outlined in our
criteria, to determine the break-even default rate (BDR) for each
rated class of notes. We have also conducted a credit analysis
based on our updated assumptions, to determine the scenario
default rate (SDR) at each rating level, which we then compared
with its respective BDR. In our analysis, we used the portfolio
balance that we considered to be performing, the weighted-average
spread, and the weighted-average recovery rates that we
considered to be appropriate. We incorporated various cash flow
stress scenarios using our standard and additional default
patterns, levels, and timings for each rating category assumed
for each class of notes, in conjunction with different interest
rate stress scenarios," S&P said.
"Part of our analysis also included a 'look-through' analysis of
the underlying U.S. RMBS securities currently held in the Mazarin
Funding portfolio, to assess the current and expected future
losses in Mazarin Funding. We then used this information to
determine the default and recovery assumptions in our analysis of
the Mazarin Funding liabilities," S&P said.
"The impact of our updated methodology and assumptions for pools
of structured finance assets has also been a factor in 's rating
actions. Based on these assumptions, our analysis shows that all
classes of notes in Mazarin Funding now face higher assumed
losses and liquidity constraints, which caused the BDR to fall
for each class of notes. Moreover, our updated methodology caused
us to consider a significantly increased probability of default
at each rating level, resulting in higher SDR levels than at our
previous review. For example, our analysis indicates that the SDR
at the 'AAA' rating level has increased to 32.24%, from 13.81% at
our previous review," S&P said.
RATING ACTIONS
"Mazarin Funding is a vehicle resulting from the restructuring of
a structured investment vehicle (SIV). Similar to traditional
SIVs, the super senior liabilities comprise CP issued from euro
and U.S. dollar programs," S&P said.
"In addition or as an alternative to CP, Mazarin Funding can fund
its super senior liabilities via short-term repurchase
agreements," S&P said.
"The Mazarin Funding vehicle is supported by a liquidity
facility, which is sized to cover the lesser of the senior debt
and notional of all non-defaulted assets in the portfolio. In our
analysis of the super senior liabilities, we have given credit to
the liquidity facility provided by HSBC Bank PLC (AA-/Stable/A-
1+)," S&P said.
"In light of the reliance on the liquidity facility provided by
HSBC Bank, we have affirmed our 'A-1+ (sf)' short-term credit
ratings on the U.S. dollar CP programs and repurchase agreement
notes, which represent the super senior obligations of the
issuer," S&P said.
"For the series 2010-1 to series 2010-6 junior senior notes, our
cash flow analysis indicates that, due to the deleveraging of the
repurchase agreement notes, our ratings are able to attain higher
levels than currently assigned. However, in our view, this
transaction has significant exposure to the liquidity facility
provided by HSBC Bank as counterparty. And so, following the
application of our 2012 counterparty criteria, our ratings on
these notes do not benefit from any elevation above our issuer
credit rating on HSBC Bank. We have therefore lowered to 'AA-
(sf)' our credit ratings on these notes," S&P said.
"In our view, the credit deterioration witnessed in the
underlying portfolio, combined with our updated assumptions, has
meant that all other junior senior notes issued by Mazarin
Funding are unable to maintain their previous rating levels.
Therefore, we have lowered our ratings on these notes to levels
that we consider to be commensurate with current credit
enhancement levels," S&P said.
"These actions also include the correction of an error on the
series 2010-21 junior senior notes. At our previous review, we
erroneously assigned a 'B+ (sf)' rating to these notes, instead
of the 'B- (sf)' rating stated in our accompanying ratings list
for the media release. Based on our most recent assessment, we
have lowered to 'CCC- (sf)' our rating on these notes, thereby
correcting our previous error," S&P said.
"At the same time, we have affirmed our 'CCC- (sf)' ratings on
the fast and slow pay income notes because our analysis indicates
that these classes of notes are unable to withstand our credit
and cash flow stresses at any level higher than our current
ratings," S&P said.
"As part of our analysis, we tested the Mazarin Funding's capital
structure against our largest obligor and industry default test--
two supplemental stress tests in our 2012 criteria for CDOs of
pooled SF assets. Our evaluation of the results indicates that
none of the rating actions on the notes are affected by our
supplemental stress tests," 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
Mazarin Funding Ltd.
RATINGS LOWERED
$200MM Floating-Rate Junior Senior Tranche 1 Tier 4 Series 2010-1
AA- (sf) AA+ (sf)
$320MM Floating-Rate Junior Senior Tranche 1 Tier 6 Series 2010-2
AA- (sf) AA+ (sf)
$270MM Floating-Rate Junior Senior Tranche 1 Tier 8 Series 2010-3
AA- (sf) AA+ (sf)
$320MM Floating-Rate Jr. Senior Tranche 1 Tier 10 Series 2010-4
AA- (sf) AA+ (sf)
$320MM Floating-Rate Jr. Senior Tranche 1 Tier 12 Series 2010-5
AA- (sf) AA+ (sf)
$180MM Floating-Rate Jr. Senior Tranche 1 Tier 14 Series 2010-6
AA- (sf) AA+ (sf)
$320MM Floating-Rate Jr. Senior Tranche 1 Tier 16 Series 2010-7
A+ (sf) AA+ (sf)
$160MM Floating-Rate Jr. Senior Tranche 1 Tier 18 Series 2010-8
A (sf) AA (sf)
$160MM Floating-Rate Jr. Senior Tranche 1 Tier 20 Series 2010-9
BBB+ (sf) AA- (sf)
$160MM Floating-Rate Jr. Senior Tranche 1 Tier 22 Series 2010-10
BBB (sf) A+ (sf)
$80MM Floating-Rate Jr. Senior Tranche 1 Tier 24 Series 2010-11
BBB- (sf) A+ (sf)
$80MM Floating-Rate Jr. Senior Tranche 1 Tier 26 Series 2010-12
BB+ (sf) BBB+ (sf)
$80MM Floating-Rate Jr. Senior Tranche 1 Tier 28 Series 2010-13
BB+ (sf) BBB+ (sf)
$80MM Floating-Rate Jr. Senior Tranche 1 Tier 30 Series 2010-14
BB (sf) BBB (sf)
$80MM Floating-Rate Jr. Senior Tranche 1 Tier 32 Series 2010-15
B+ (sf) BB+ (sf)
$80MM Floating-Rate Jr. Senior Tranche 1 Tier 34 Series 2010-16
B+ (sf) BB+ (sf)
$80MM Floating-Rate Jr. Senior Tranche 1 Tier 36 Series 2010-17
B- (sf) BB- (sf)
$80MM Floating-Rate Jr. Senior Tranche 1 Tier 38 Series 2010-18
CCC- (sf) B+ (sf)
$45MM Floating-Rate Jr. Senior Tranche 1 Tier 40 Series 2010-19
CCC- (sf) B+ (sf)
$40MM Floating-Rate Jr. Senior Tranche 1 Tier 42 Series 2010-20
CCC- (sf) B+ (sf)
$15MM Floating-Rate Jr. Sr. Tranche 1 Tier 44 Series 2010-21[1]
CCC- (sf) B- (sf)
RATINGS AFFIRMED
Up To $50 Billion U.S. Dollar Commercial Paper
A-1+ (sf)
Up To $50 billion Euro Commercial Paper
A-1+ (sf)
Up To $8,318 Million Repurchase Agreement
A-1+ (sf)
EUR83.959 Million Tier 1 Fast Pay Income Notes
CCC- (sf)
$11.301 Million Tier 1 Fast Pay Income Notes
CCC- (sf)
GBP17.165 Million Tier 1 Fast Pay Income Notes
CCC- (sf)
$98.63 Million Tier 1 Fast Pay Income Notes
CCC- (sf)
$642.342 Million Tier 1 Slow Pay Income Notes
CCC- (sf)
$11.512 Million Tier 1 Slow Pay Income Notes
CCC- (sf)
$16.006 Million Tier 1 Slow Pay Income Notes
CCC- (sf)
$16.006 Million Tier 1 Slow Pay Income Notes
CCC- (sf)
EUR58.988 Million Tier 1 Slow Pay Income Notes
CCC- (sf)
GBP49.001 Million Tier 1 Slow Pay Income Notes
CCC- (sf)
JPY3.533 Billion Tier 1 Slow Pay Income Notes
CCC- (sf)
[1]This rating action corrects an earlier administrative error.
=========
I T A L Y
=========
BANCA CARIGE: S&P Lowers Issuer Credit Rating to 'BB+'
------------------------------------------------------
Standard & Poor's Ratings Services has taken rating actions on 32
Italian financial institutions. "These include affirming our
counterparty credit ratings on 15 entities, lowering our ratings
on 15, removing the ratings on four from CreditWatch negative,
and revising the outlook on one," S&P said.
"The rating actions reflect our view of increased credit risk for
the Italian economy and its banks. They follow our revision of
our economic risk score for Italy, one of the main components of
our Banking Industry Country Risk Assessment (BICRA), to '5' from
'4'. We have maintained our BICRA for Italy at group '4' and our
industry risk score at '4'," S&P said.
"With Italy facing a potentially deeper and more prolonged
recession than we had originally anticipated, we think Italian
banks' vulnerability to credit risk in the economy is rising. In
this context, the combined effect of mounting problem assets and
reduced coverage of loan loss reserves makes banks more
vulnerable to the impact of higher credit losses particularly in
the event of deterioration in the collateral values of assets,"
S&P said.
"In our opinion, a more severe recession will likely push up the
stock of Italian banks' problem assets in 2012 and 2013 to levels
higher than we previously expected and high relative to the
stocks in other banking systems in Europe. At the same time, the
banks' coverage of problem assets through provisioning, which was
already low by international standards because of the banks'
extensive use of tangible collateral in their assessment of
provisioning needs, has fallen further over the past few years,"
S&P said.
"We will publish individual research updates on the banks
identified below, including a list of ratings on affiliated
entities, as well as the ratings by debt type--senior,
subordinated, junior subordinated, and preferred stock," S&P
said.
RATINGS LIST
The ratings listed are issuer credit ratings unless otherwise
stated.
Ratings Affirmed
Banca Fideuram BBB+/Negative/A-2
Banca Mediocredito del Friuli-Venezia Giulia SpA
BBB/Negative/A-3
Banco Popolare Societa Cooperativa SCRL
Credito Bergamasco BBB-/Negative/A-3
Banca Aletti & C. SpA
Credito Emiliano SpA BBB/Negative/A-2
Intesa Sanpaolo SpA BBB+/Negative/A-2
Banca IMI SpA
Istituto Centrale delle Banche Popolari Italiane SpA
CartaSi SpA BBB-/Negative/A-3
Istituto per il Credito Sportivo BBB+/Negative/A-2
Mediobanca SpA BBB+/Negative/A-2
MedioCredito Centrale SpA BBB-/Negative/A-3
UniCredit SpA BBB+/Negative/A-2
UniCredit Leasing SpA
Downgraded
To From
Banca Carige SpA
BB+/Negative/B BBB-/Negative/A-3
Banca di Credito Cooperativo di Conversano S.c.r.l
BB+/Negative/B BBB-/Negative/A-3
Banca Popolare dell'Alto Adige
BBB-/Negative/A-3 BBB/Negative/A-2
Banca Popolare dell'Emilia Romagna S.C.
BB+/Negative/B BBB/Negative/A-2
Banca Popolare di Vicenza ScpA
BB+/Negative/B BBB-/Negative/A-3
Dexia Crediop SpA
B+/Negative/B BB-/Negative/B
Eurofidi Scpa
BB+/Negative/B BBB-/Negative/A-3
Iccrea Holding SpA
Iccrea Banca SpA
Iccrea BancaImpresa SpA
BBB-/Negative/A-3 BBB/Negative/A-2
Unione di Banche Italiane Scpa
BBB/Negative/A-2 BBB+/Negative/A-2
Downgraded; CreditWatch Action
Agos-Ducato SpA BBB-/Negative/A-3 BBB/Watch Neg/A-2
Banca Monte dei Paschi di Siena SpA
BBB-/Negative/A-3 BBB/Watch Neg/A-2
Banca Popolare di Milano SCRL
Banca Akros SpA
BB+/Negative/B BBB-/Watch Neg/A-3
Outlook Action
FGA Capital SpA BBB-/Negative/A-3 BBB-/Stable/A-3
CreditWatch Action; Ratings Withdrawn
Withdrawn To From
Cassa di Risparmio della Provincia di Teramo SpA
N.R. B/Negative/B B/Watch Neg/B
NB. This list does not include all ratings affected.
* ITALY: Moody's Says RMBS Performance Stable in May 2012
---------------------------------------------------------
The performance of the Italian residential mortgage-backed
securities (RMBS) market remained stable in the three-month
period leading up to May 2012, according to the latest indices
published by Moody's Investors Service.
The 60+ day delinquencies index increased slightly to 2.14% in
May 2012 from 2.10% in May 2011 while a stabilization can be seen
in 90+ day delinquencies, currently standing at 0.59% in May 2012
compared to 0.52% a year earlier. The overall cumulative default
index rose quite significantly to 2.75% in May 2012 from 2.08% a
year earlier, representing an approximate 5.4% quarter-over-
quarter increase. In the same period, constant default rates
(CDR), which measure annualized periodic default rates, decreased
by around 26% year on year.
The prepayment rate index continued its decline, standing at
3.81% in May 2012. This represents a 50% drop compared with the
previous year.
Moody's outlook for Italian RMBS is negative (see "European ABS
and RMBS Outlooks: June 2012 Update", June 2012). GDP will
contract by 2.0% in 2012, after increasing only 0.4% in 2011 (see
"Credit Opinion: Italy, Government of", July 2012). Unemployment
will rise to 10.0% in 2012 from 8.5% in 2011. More people losing
jobs will increase delinquencies (see "European ABS and RMBS
Outlooks: June 2012 Update", June 2012). Italian house prices
will continue to fall in 2013 (see "European ABS and RMBS
Outlooks: June 2012 Update", June 2012). Falling house prices
increases losses on foreclosed properties (see "Sharp Fall in
Residential Housing Transactions Credit Negative for Italian
Residential Mortgage Loans", Special report published on 18 July
2012).
As of July 2012, 30 of the 122 outstanding transactions had a
reserve fund below their target level. Six of these had
completely drawn their reserves, reporting an unpaid principal
deficiency ledger.
In May 2012, the total outstanding pool balance of the Italian
RMBS market was EUR105.38 billion, compared with EUR109.1 billion
a year earlier, representing a 3.4% year-on-year decrease. The
decrease can be attributed to the fact that although 26
transactions have closed in the last year with a total volume of
EUR26 billion, seven transactions have been terminated, including
Cordusio RMBS Securitisation S.r.l. - Series 2008, which has the
highest original volume issued in the Italian market at around
EUR23 billion.
On July 26, 2012 Moody's downgraded 7 notes out of 2 transactions
issued by Eurohome (Italy) Mortgages S.r.l. and Eurohome
Mortgages 2007-1. The downgrades were due to worse than expected
performance.
Moody's Investors Service has downgraded to A2(sf) the ratings of
257 securities across 169 Italian asset-backed and residential
mortgage-backed securities (ABS and RMBS) following the decision
to lower the Italian country ceiling to A2, in connection with
the rating agency's downgrade of Italy's government bond ratings
to Baa2 from A3 on July 13, 2012. Moody's has also placed on
review for downgrade the ratings of 83 Italian ABS and RMBS
securities (senior and subordinated notes) and confirmed the
ratings of four Italian RMBS securities
Currently 64 tranches in the Italian RMBS transactions are under
review for downgrade.
Additional information regarding the number of outstanding deals,
number of outstanding rated tranches, the average pool factor and
the average of Moody's performance expectations are now available
in the summary sheet of the Italian leasing Index report.
===================
K A Z A K H S T A N
===================
EURASIAN BANK: Moody's Affirms 'E+' BFSR; Outlook Negative
----------------------------------------------------------
Moody's Investors Service has affirmed Eurasian Bank's standalone
E+ bank financial strength rating (BFSR), equivalent to a b1
standalone credit assessment and the B1 long-term foreign-
currency deposit ratings. Moody's has also affirmed Eurasian
Bank's Not Prime short-term foreign-currency bank deposit rating,
B1 local-currency senior unsecured debt rating and B2 local-
currency subordinated debt rating. The outlook on the long-term
deposit and debt ratings remains negative.
Moody's affirmation of Eurasian Bank's ratings with a negative
outlook is based on the bank's audited financial statements for
2011 prepared under IFRS, and its first quarter 2012 unaudited
results prepared under local GAAP.
Ratings Rationale
"The affirmation of Eurasian Bank's ratings reflects the progress
that Eurasian Bank achieved over the past two years, especially
in improving profitability and asset quality metrics," says Maxim
Bogdashkin, a Moody's Assistant Vice-President and lead analyst
for the bank. "At the same time, Moody's maintains a negative
outlook on Eurasian Bank's ratings as a result of still weak
capital adequacy and persistent pressure on the bank's capital,
which stems from high credit risk concentration and asset growth
that is not sufficiently offset by revenue generation. Moody's
concerns related to these factors are further amplified by the
economic environment in Kazakhstan, which remains challenging for
local banks and might lead to further asset quality deterioration
in the medium term," adds Mr. Bogdashkin.
Eurasian Bank's return-on-average-equity has increased to 21.0%
in 2011, compared with 2.2% in 2010 and a loss in 2009. This
positive development to a large extent stems from Eurasian Bank's
business diversification to retail lending via its subsidiary
ProstoKredit (formerly Societe Generale's retail arm in
Kazakhstan), and in the improved performance of Eurasian Bank's
corporate loans.
Overall, the bank's asset quality is now above the Kazakhstan
average, with the level of impaired loans (defined as loans that
are overdue by more than 90 days and a part of restructured
loans) decreasing to 10.5% as at YE2011 compared with 16.2% as at
YE2010 and coverage of impaired loans by loan loss reserves
improved to 86% as at YE2011, compared with 56% as at YE2010.
According to local regulatory filings, the bank's capital
adequacy remained weak even after the shareholders' capital
injections of KZT6 billion that took place in June 2012. The
total capital adequacy ratio accounted for only 12.6% as at end-
June 2012. According to Moody's scenario analysis, Eurasian
Bank's capital will be marginally adequate under the rating
agency's central scenario, but is likely to be insufficient if
the asset quality worsens beyond Moody's expectations.
Eurasian Bank's modest capital buffers are under further pressure
as a result of the bank's high credit risk concentration, with
exposure to the 20 largest borrowers accounting for around 3x of
Tier 1 capital as at end-June 2012, down from over 4x of Tier 1
capital as at YE2010. The high credit risk concentration
continues to render Eurasian Bank susceptible to the performance
of the few largest borrowers and remains one of the largest
concentrations among Eurasian Bank's peers.
The positive effect of improved profitability on Eurasian Bank's
capital has been negated by 20% credit growth in 2011 and further
12% credit growth over the first five months of 2012, and Moody's
expects this trend to persist in the medium future.
Moody's believes that the challenging credit conditions in
Kazakhstan remain another constraining factor. Kazakhstani banks
continue to suffer from the high indebtedness of the real sector
and the lack of credit demand. The latter intensifies competition
for good borrowers, and may result in either margin contraction
or weaker asset quality as a result of a loosening of
underwriting standards.
Moody's notes that in the medium term, preserving Eurasian Bank's
risk profile in its current status -- particularly maintaining
high credit risk concentration whilst avoiding strengthening the
capital base -- may result in a downgrade of the bank's ratings.
Conversely, a change in the outlook to stable will be contingent
on Eurasian Bank's ability to balance credit risk exposure with
capital adequacy levels and to maintain strong internal revenue
generation and an adequate liquidity position.
The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
Headquartered in Almaty, Kazakhstan, Eurasian bank reported under
IFRS total assets of KZT369 billion (US$2.5 billion) and
shareholders' equity of KZT31.9 billion (US$215 million). Net
profit for 2011 was KZT6 billion (US$41 million).
===================
L U X E M B O U R G
===================
EUROPROP SA: S&P Retains 'B' Rating on Class F Notes
----------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
EuroProp (EMC VI) S.A.'s class A and B notes. "The rating actions
do not affect our ratings on the class C to F notes," S&P said.
Danske Bank A/S (A-/Stable/A-2) provides liquidity support in
this transaction.
"On May 30, 2012, we lowered our ratings on Danske Bank A/S to
'A-/Stable/A-2' from 'A/Negative/A-1'," S&P said.
"The replacement framework included in the liquidity facility
agreement states that, if we lower our short-term rating on the
liquidity facility provider (in this case, Danske Bank A/S) below
'A-1', it must replace itself within 30 calendar days. Under the
terms of the liquidity facility agreement, the issuer may request
a standby drawing, if the liquidity facility provider fails to
replace itself, as a remedy," S&P said.
"In accordance with our 2012 counterparty criteria, if a rating
on a counterparty falls below the minimum eligible counterparty
rating for a specific obligation and the downgrade is not
remedied, then we would, in the absence of other mitigating
factors, lower our ratings on supported securities
to that of the issuer credit rating on the counterparty," S&P
said.
"The downgrade of Danske Bank A/S below the minimum eligible
counterparty rating was not remedied. As a result, following the
application of our 2012 counterparty criteria, we have lowered
our ratings on the class A and B notes to 'A- (sf)', which is the
maximum rating that Danske Bank A/S can now support," S&P said.
POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES
"We have taken the rating actions based on our criteria for
rating European commercial mortgage-backed securities (CMBS).
However, these criteria are under review," S&P said.
"As highlighted in the Nov. 8 Advance Notice Of Proposed Criteria
Change, we expect to publish a request for comment (RFC)
outlining our proposed criteria changes for rating European CMBS
transactions," S&P said.
"On June 4, we published a request for comment (RFC) outlining
our proposed criteria changes for CMBS Global Property Evaluation
Methodology. The proposed criteria do not significantly change
Standard & Poor's longstanding approach to deriving property net
cash flow (S&P NCF) and value (S&P Value). We therefore
anticipate limited impact for European outstanding ratings when
the updated CMBS Global Property Evaluation Methodology criteria
are finalized," S&P said.
"However, because of its global scope, the proposed CMBS Global
Property Evaluation Methodology does not include certain market-
specific adjustments. An application of these criteria to
European transactions will therefore be published when we release
our updated rating criteria," S&P said.
"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and surveil these transactions
using our existing criteria," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Rating
Class To From
EuroProp (EMC VI) S.A.
EUR489.775 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered
A A- (sf) AA (sf)
B A- (sf) A (sf)
Ratings Unaffected
C BBB- (sf)
D BB- (sf)
E BB- (sf)
F B (sf)
SCHRODER GAIA: Faces Liquidation Following Redemptions
------------------------------------------------------
HedgeWeek, citing Citywire Global, reports that Schroders and
Sloane Robinson have decided to liquidate the Schroder GAIA
Sloane Robinson Emerging Markets fund following a sustained
period of redemptions.
The fund launched on the GAIA platform in June 2010, Citywire
Global recounts.
Schroders apparently said that the fund's assets had peaked at
US$390 million in May 2011, Hedgeweek relates. However,
following a period of redemptions, assets have fallen to
US$85 million, with more redemptions anticipated in the near
future, Hedgeweek notes. According to Hedgeweek, one of the
issues with alternative UCITS funds, as Sloane Robinson are
discovering, is that weekly liquidity profiles offered under
UCITS have the potential to create a more volatile AUM, compared
to offshore Cayman structures.
"Schroders has consulted Sloane Robinson LLP and they agree that
the trend of redemptions is likely to continue and that the fund
has become unviable. After careful analysis and review, the Board
of Directors of Schroder GAIA has decided, in the best interests
of the shareholders, to liquidate the fund," Hedgeweek quotes a
statement issued by Schroders as saying.
Sloane Robinson is aiming to complete the portfolio liquidation
by today, August 8, Hedgeweek says.
Schroder GAIA Sloane Robinson Emerging Markets fund is based in
Luxembourg.
===========
P O L A N D
===========
CENTRAL EUROPEAN: Commences Consent Solicitation to Obtain Waiver
-----------------------------------------------------------------
Central European Distribution Corporation is soliciting consents
from holders of the US$380,000,000 principal amount of 9.125%
Senior Secured Notes due 2016 and EUR430,000,000 principal amount
of 8.875% Senior Secured Notes due 2016 issued by CEDC Finance
Corporation International, Inc., and guaranteed by CEDC to obtain
a limited waiver with respect to the reporting covenants
contained in the indenture for the Notes.
CEDC currently anticipates that it may not be able to timely file
its quarterly report on Form 10-Q for the financial quarter ended
June 30, 2012, with the United States Securities and Exchange
Commission. Accordingly, the Consent Solicitation is being made
to obtain a waiver up to and including Nov. 12, 2012, of any and
all Defaults and Events of Default, and the consequences thereof,
that may have occurred or may occur under Section 4.14 (Reports)
of the Indenture including any Default that would result if CEDC
fails to file its 2nd Quarter Form 10-Q.
CEDC is offering to pay a consent fee of $2.50 in cash for each
US$1,000 in principal amount of its 9.125% Notes for which it has
received and accepted consents and EUR2.50 in cash for each
EUR1,000 in principal amount of its 8.875% Notes for which it has
received and accepted consents. The consent fee will only be
payable in the event that CEDC fails to file with the SEC the 2nd
Quarter Form 10-Q by Aug. 14, 2012.
The Consent Solicitation will expire at 5:00 p.m., New York City
time, on Aug. 10, 2012, unless extended. Holders of the Notes
who validly deliver consents to the Waiver prior to the Consent
Deadline and do not validly revoke those consents will receive
the applicable consent fee described above if CEDC receives
validly delivered consents that are not validly revoked from the
holders of not less than a majority in aggregate principal amount
of the outstanding Notes, provided that the Consent Solicitation
has not been terminated prior to the Consent Deadline and the
Waiver becomes operative as per its terms as described in the
Consent Solicitation Statement. Holders may deliver their
consents at any time before the Consent Deadline. Holders may
revoke their consents as described in the Consent Solicitation
Statement dated Aug. 2, 2012. If CEDC files its 2nd Quarter Form
10-Q by Aug. 14, 2012, no consent fee will be payable.
The record date for determining the holders who are entitled to
consent is Aug. 1, 2012. The Waiver will become effective
following receipt by Deutsche Trustee Company Limited, as
trustee, of certification by CEDC that the Requisite Consents
have been received.
CEDC has retained Houlihan Lokey and Knight as solicitation
agents for the consent solicitation. Questions concerning the
terms of the consent solicitation should be directed to Houlihan
Lokey (Attn: Liability Management Group, +1 (212) 497-7864 or
liability_mgmt@hl.com) or Knight (Attn: Liability Management
Group, +44 (207) 997-7742 or liabilitymanagement@knight.com).
CEDC has also retained D.F. King & Co., Inc., to serve as its
Information and Tabulation Agent for the Consent Solicitation.
Requests for documents should be directed to cedc@dfking.com or
in the US on +1-212-269-5550 or (800) 549-6746 (toll free) or in
Europe on +44-207-920-9700.
Update on Financial Restatement and Annual Meeting
CEDC is currently reviewing its financial statements and has
commenced an internal investigation regarding CEDC's retroactive
trade rebates and related accounting issues. As the review is
not yet complete, CEDC anticipates that it may be unable to file
its 2nd Quarter Form 10-Q with the SEC by Aug. 14, 2012, the due
date under SEC regulations. CEDC intends to file its amended
periodic reports including the restated financial statements and
its 2nd Quarter Form 10-Q with the SEC as soon as practicable.
In addition, the board of directors of CEDC, along with senior
management, continue to review the timing of CEDC's 2012 Annual
Meeting of Stockholders previously scheduled to be held on
June 29, 2012, in light of the need to restate its accounts and
expects to hold its 2012 Annual Meeting of Stockholders as soon
as practicable after completing the internal investigation.
About CEDC
Mt. Laurel, New Jersey-based Central European Distribution
Corporation is one of the world's largest vodka producers and
Central and Eastern Europe's largest integrated spirit beverages
business with its primary operations in Poland, Russia and
Hungary.
The Company's balance sheet at March 31, 2012, showed
US$2.033 billion in total assets, US$1.674 billion in total
liabilities, and stockholders' equity of US$358.45 million.
According to the regulatory filing, "[C]ertain credit and
factoring facilities are coming due in 2012, which the Company
expects to renew. Furthermore, our Convertible Senior Notes are
due on March 15, 2013. Our current cash on hand, estimated cash
from operations and available credit facilities will not be
sufficient to make the repayment on Convertible Notes and, unless
the transaction with Russian Standard Corporation is completed as
scheduled, the Company may default on them. The Company's cash
flow forecasts include the assumption that certain credit and
factoring facilities that are coming due in 2012 will be renewed
to manage working capital needs. Moreover, the Company had a net
loss and significant impairment charges in 2011 and current
liabilities exceed current assets at March 31, 2012. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern unless the transaction with Russian
Standard is completed as scheduled."
Ernst & Young Audit sp. z o.o., in Warsaw, Poland, expressed
substantial doubt about Central European's ability to continue as
a going concern, following the Company's results for the fiscal
year ended Dec. 31, 2011. The independent auditors noted that
certain of the Company's credit and factoring facilities are
coming due in 2012 and will need to be renewed to manage its
working capital needs.
CENTRAL EUROPEAN: M. Kaufman Asked to be Appointed as Director
--------------------------------------------------------------
Mark Kaufman sent a letter to Roustam Tariko, non-executive
chairman of the Board of Directors of Central European
Distribution Corporation, and N. Scott Fine, lead director of the
Company. Mr. Kaufman proposed to be appointed as director
following William S. Shanahan's resignation from the Board.
"Since my appointment to the Russian Oversight Committee, I have
had the opportunity to make a preliminary assessment of the
Russian operations of CEDC," Mr. Kaufman wrote. "There is room
for significant improvement. Considering the stakes are high for
CEDC, I believe that no time should be wasted and new nominations
should focus on those with solid operational backgrounds and a
strong knowledge of the wine and spirit industry."
According to Mr. Kaufman, his appointment to the Board will also
help to facilitate and improve communication from the bottom
upward in the Company at a time when the Board urgently needs a
real-time and comprehensive understanding of the actual
operational situation in Russia.
Mr. Kaufman previously reported beneficial ownership of 6,960,250
common shares of the Company or a 9.6% equity stake as of
Aug. 18, 2011.
A copy of the amended Schedule 13 filing is available for free
at: http://is.gd/Ihr3ns
About CEDC
Mt. Laurel, New Jersey-based Central European Distribution
Corporation is one of the world's largest vodka producers and
Central and Eastern Europe's largest integrated spirit beverages
business with its primary operations in Poland, Russia and
Hungary.
The Company's balance sheet at March 31, 2012, showed
US$2.033 billion in total assets, US$1.674 billion in total
liabilities, and stockholders' equity of US$358.45 million.
According to the regulatory filing, "[C]ertain credit and
factoring facilities are coming due in 2012, which the Company
expects to renew. Furthermore, our Convertible Senior Notes are
due on March 15, 2013. Our current cash on hand, estimated cash
from operations and available credit facilities will not be
sufficient to make the repayment on Convertible Notes and, unless
the transaction with Russian Standard Corporation is completed as
scheduled, the Company may default on them. The Company's cash
flow forecasts include the assumption that certain credit and
factoring facilities that are coming due in 2012 will be renewed
to manage working capital needs. Moreover, the Company had a net
loss and significant impairment charges in 2011 and current
liabilities exceed current assets at March 31, 2012. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern unless the transaction with Russian
Standard is completed as scheduled."
Ernst & Young Audit sp. z o.o., in Warsaw, Poland, expressed
substantial doubt about Central European's ability to continue as
a going concern, following the Company's results for the fiscal
year ended Dec. 31, 2011. The independent auditors noted that
certain of the Company's credit and factoring facilities are
coming due in 2012 and will need to be renewed to manage its
working capital needs.
===========
S W E D E N
===========
GENERAL MOTORS: Spyker Files $3-Bil Suit Over Saab Bankruptcy
-------------------------------------------------------------
Katarina Gustafsson and Jeff Bennett, writing for The Wall Street
Journal, report that Dutch auto group Spyker NV sued General
Motors Company on Monday in a U.S. District Court in Detroit:
-- seeking US$3 billion in damages; and
-- accusing GM of forcing Swedish auto maker Saab Automobile
AB into bankruptcy last year.
Spyker acquired Saab from GM in January 2010 for US$74 million in
cash and US$326 million in preferred shares. At the time, GM was
emerging from its own bankruptcy proceedings and it had been
looking to shutter or unload the Swedish brand along with other
divisions as part of that process. WSJ notes that despite the
sale, GM retained rights to technology and patents used in the
engineering of Saab vehicles. GM had given Saab a license to use
these technologies and opposed sharing that same technology with
any other auto makers.
Saab halted production in March 2011 when it ran out of cash to
pay its component providers. Saab had been wrestling with
liquidity issues due to its lower volumes and slowing sales
environment in Europe.
According to WSJ, Spyker alleged in the lawsuit that GM blocked
Spyker's attempt to sell Saab to Chinese investors because GM
executives worried that new investor -- China Youngman Automobile
Group Co. -- would have access to GM technology and compete
against the U.S. auto maker in China, one of its most important
foreign markets.
"GM deliberately pushed Saab over the cliff," Spyker Chief
Executive Officer Victor Muller said on Monday, according to WSJ.
Mr. Muller said the $3 billion in damages being sought reflects
the estimated future value of Saab if Youngman had been allowed
to buy the Swedish auto maker and invest in it.
According to WSJ, a GM spokesman called the suit "completely
without merit" and said the company would defend itself in court.
WSJ says Spyker may find it difficult to prove that GM's alleged
resistance to the sale was the only reason Saab went under.
"Spkyer's lawsuit against GM is an uphill battle at best," WSJ
quotes Anthony Michael Sabino, a business professor at St. John's
University in New York, as saying. "Frankly, GM can easily defend
itself by just saying 'look at the economy, look at the
recession, look at Saab's sales figures.'"
WSJ recounts that Saab Automobile's liquidators in April 2012
sold the bulk of the assets of the bankrupt Swedish company to a
Chinese-Japanese backed electric vehicles start-up called
National Electric Vehicle Sweden AB, or NEVS. NEVS is 51% owned
by Hong Kong-based National Modern Energy Holdings Ltd., a
developer of alternative-energy plants in China, and 49% by Sun
Investment LLC, a Japanese investment firm. They aim to develop
premium electric vehicles for the Chinese market.
About Saab Automobile AB and Saab Cars N.A.
Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV. Saab Automobile AB, Saab Automobile Tools AB and Saab
Powertain AB filed for bankruptcy on Dec. 19, 2011, after running
out of cash.
On Jan. 30, 2012, more than 40 U.S.-based Saab dealerships filed
an involuntary Chapter 11 petition for Saab Cars North America,
Inc. (Bankr. D. Del. Case No. 12-10344). The petitioners,
represented by Wilk Auslander LLP, assert claims totaling $1.2
million on account of "unpaid warranty and incentive
reimbursement and related obligations" or "parts and warranty
reimbursement." Leonard A. Bellavia, Esq., at Bellavia Gentile &
Associates, in New York, signed the Chapter 11 petition on behalf
of the dealers.
The dealers want the vehicle inventory and the parts business to
be sold, free of liens from Ally Financial Inc. and Caterpillar
Inc., and "to have an appropriate forum to address the claims of
the dealers," Leonard A. Bellavia said in an e-mail to Bloomberg
News.
Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB. Saab Cars N.A. named in December
an outside administrator, McTevia & Associates, to run the
company as part of a plan to avoid immediate liquidation
following its parent company's bankruptcy filing.
On Feb. 24, 2012, the Court granted Saab Cars NA relief under
Chapter 11 of the Bankruptcy Code.
Donlin, Recano & Company, Inc., was retained as claims and
noticing agent to Saab Cars NA in the Chapter 11 case.
On March 9, 2012, the U.S. Trustee formed an official Committee
of Unsecured Creditors and appointed these members: Peter Mueller
Inc., IFS Vehicle Distributors, Countryside Volkwagen, Saab of
North Olmstead, Saab of Bedford, Whitcomb Motors Inc., and
Delaware Motor Sales, Inc. The Committee tapped Wilk Auslander
LLP as general bankruptcy counsel, and Polsinelli Shughart as its
Delaware counsel.
About General Motors
With its global headquarters in Detroit, Michigan, General Motors
Company (NYSE:GM, TSX: GMM) -- http://www.gm.com/-- is one of
the world's largest automakers, traces its roots back to 1908.
GM employs 208,000 people in every major region of the world and
does business in more than 120 countries. GM and its strategic
partners produce cars and trucks in 30 countries, and sell and
service these vehicles through the following brands: Baojun,
Buick, Cadillac, Chevrolet, GMC, Daewoo, Holden, Isuzu, Jiefang,
Opel, Vauxhall, and Wuling. GM's largest national market is
China, followed by the United States, Brazil, the United Kingdom,
Germany, Canada, and Italy. GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.
General Motors Co. was formed to acquire the operations of
General Motors Corp. through a sale under 11 U.S.C. Sec. 363
following Old GM's bankruptcy filing. The U.S. government once
owned as much as 60.8% stake in New GM on account of the
financing it provided to the bankrupt entity. The deal was
closed July 10, 2009, and Old GM changed its name to Motors
Liquidation Co.
General Motors Corp. and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009. The Honorable Robert E. Gerber presides over the
Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin,
Esq.,and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts. Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as
the Chief Executive Officer for Motors Liquidation Company. GM
is also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP
is providing legal advice to the GM Board of Directors. GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP. Garden City Group is the claims and notice
agent of the Debtors.
The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims. Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee. Attorneys at Butzel Long served as counsel
on supplier contract matters. FTI Consulting Inc. served as
financial advisors to the Creditors Committee. Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee. Legal Analysis Systems, Inc., served as asbestos
valuation analyst.
The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan
was declared effect on March 31, 2011.
NOBINA AB: Moody's Lowers PDR to 'Ca/LD' After Payment Default
-------------------------------------------------------------
Moody's Investors' Service has downgraded Nobina AB's probability
of default rating (PDR) to Ca/LD ("limited default") from Ca and
the corporate family rating (CFR) to Caa3 from Caa2, following a
payment default. The rating outlook remains negative.
Downgrades:
Issuer: Nobina AB
Corporate Family Rating, Downgraded to Caa3 from Caa2
Adjustment:
Issuer: Nobina AB
Probability of Default Rating, Adjusted to Ca/LD from Ca
Ratings Rationale
The rating action follows Nobina's announcement on August 1, 2012
that it has agreed with virtually all of the holders of the EUR85
million senior secured notes to defer interest and principal due
on 1 August by about 3 months. This delayed disbursement of
contractually obligated payments constitutes a payment default in
Moody's view. The EUR85 million senior secured notes are not
rated by Moody's. Moody's understands that the temporary deferral
will provide Nobina with additional time to negotiate a
restructuring of the outstanding senior secured notes with its
bondholders. The temporary deferral follows a failed exchange
offer for its senior secured notes that was initially announced
on 02 July 2012 and for which Nobina did not achieve the minimum
acceptance level of 98.5% of all bondholders.
The non-payment of principal constitutes a "limited default"
under Moody's terminology, despite the fact that noteholders'
consent has been obtained for the temporary deferral of
outstanding senior notes.
The Caa3 CFR incorporates Moody's expectation that the blended
recovery rate for financial liabilities of Nobina should remain
relatively high and range expectedly above two thirds of face
value. However the downgrade to Caa3 from Caa2 also reflects that
the recovery could be negatively affected by the increasing risks
that the company would fail to agree on a debt restructuring with
its creditors. It reflects an increased risk of debt impairment
within the capital structure, given the company's persistent high
leverage and the growing uncertainty regarding Nobina's viability
as a going concern in its current structure. The recovery for
creditors might also be affected by the fact that Nobina's fleet
of buses is almost all leased, not owned, and the amount of
unencumbered assets is marginal.
Moody's considers Nobina's financial leverage might be untenable
considering the erosion of equity capital because of historical
losses, a high amount of finance leases (SEK3,401 million at
May 31, 2012) and operating leases (lease adjustment of SEK1,476
million in fiscal year 2011-12) which Moody's considers to be
debt-like obligations, and the modest free cash flow generation
in relation to debt. At May 31, 2012, the company had
unrestricted cash on balance sheet of only SEK90 million. Moody's
notes that the group has access to a SEK300 million 364-day
accounts receivable financing arrangement and a short-term SEK50
million bank line with a first full draw-down made on June 1,
2012. For the 12-month period ending May 31, 2012, the group had
adjusted debt/EBITDA of 7.1x and free cash flow (FCF)/debt of
4.3%. Moreover, Moody's remains concerned that the group's tight
liquidity situation might start to impair its competitive
position.
What Would Change The Rating -- Down
Further negative rating pressure could arise in case of failure
to agree rapidly on a debt restructuring which could lead to a
bankruptcy filing.
What Would Change The Rating -- Up
Upward rating pressure would require a successful restructuring
of the deferred EUR85 million of senior secured notes.
Other factors considered in Nobina's Ca rating are (1) the
company's position as the largest Nordic bus transportation group
with a significant proportion of business with local Scandinavian
communities that have relatively high revenue visibility and
predictability due to limited transportation volume exposure; (2)
the group's track record of generating positive free cash flow,
albeit modest in relation to outstanding debt; (3) the group's
limited scale with revenues and profit generation being
concentrated on the Swedish market; and (4) the compression in
the group's credit metrics in fiscal year 2011-12, with first
signs of improvement in its profit margins in Q1 2012-13
(reported operating margin 3.5% in Q1 2012-13 compared to 3.3% in
Q1 2011-12).
Nobina's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (1) business risk and competitive position compared
with others within the industry; (2) capital structure and
financial risk; (3) projected performance over the near to
intermediate term; and (4) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Nobina AB's core industry
and believes Nobina AB's ratings are comparable to those of other
issuers with similar credit risk.
Nobina AB is the largest Nordic bus transportation company,
operating in Sweden, Norway, Finland and Denmark. Its revenues
for fiscal year 2011-12 (ending 29 February) totaled SEK7.1
billion and were mostly generated from public bus services in
Sweden. This reflects the more advanced stage of the deregulation
in this country, where almost all local and regional bus services
have been tendered since 1989, in contrast to the situation in
Norway and Finland, where less than 50% of the traffic has been
tendered so far. In Sweden, the public bus transportation needs
of Contractual Public Transportation Associations (CPTAs) are put
up for tender via a competitive bidding process and the tenor of
such contracts is typically five to eight years. The majority of
contracts are priced with cost indexation levels adjusted on a
monthly (Denmark), quarterly (Sweden, Finland) or annual basis
(Norway).
NOBINA AB: S&P Lowers Corporate Credit Rating to 'SD'
-----------------------------------------------------
Standard & Poor's Ratings Services lowered to 'SD' (Selective
Default) from 'CC' its long-term corporate credit ratings on
Sweden-based bus services provider Nobina AB and its subordinate
holding company Nobina Europe Holding AB.
"At the same time, we lowered to 'D' (Default) from 'CC' our
issue rating on the senior secured notes issued by Nobina's
finance subsidiary Nobina Europe AB. The recovery rating on the
notes is '4', indicating our expectation of average (30%-50%)
recovery for senior secured lenders in the event of a payment
default," S&P said.
"The downgrades follow Nobina's announcement of the deferral of
interest and principal repayments due on its EUR85 million senior
secured notes on Aug. 1, 2012, until Oct. 31, 2012. We view the
deferral, and Nobina's inability to meet its original obligations
under the notes in full and on time, as a default under our
criteria," S&P said.
"We understand that Nobina is in advanced discussions with
noteholders regarding an exchange offer to refinance the notes
and has received support from almost all noteholders for an
exchange. We understand from the company that discussions on the
final terms of this refinancing remain ongoing," S&P said.
"Under the proposed refinancing, if Nobina has cash exceeding a
certain threshold, a 9.125% coupon will be paid in cash on the
new notes. However, if cash balances are below the threshold, the
coupon will be 11.125% payment in kind. In addition, under the
terms of the new notes, noteholders will benefit from a cash
sweep, subject to certain conditions, which will replace the
existing amortization feature," S&P said.
"We aim to reassess our ratings on Nobina following the
successful completion of the proposed refinancing," S&P said.
SAAB AUTO: Spyker Files $3-Bil. Suit Against General Motors
-----------------------------------------------------------
Katarina Gustafsson and Jeff Bennett, writing for The Wall Street
Journal, report that Dutch auto group Spyker NV sued General
Motors Company on Monday in a U.S. District Court in Detroit:
-- seeking US$3 billion in damages; and
-- accusing GM of forcing Swedish auto maker Saab Automobile
AB into bankruptcy last year.
Spyker acquired Saab from GM in January 2010 for US$74 million in
cash and US$326 million in preferred shares. At the time, GM was
emerging from its own bankruptcy proceedings and it had been
looking to shutter or unload the Swedish brand along with other
divisions as part of that process. WSJ notes that despite the
sale, GM retained rights to technology and patents used in the
engineering of Saab vehicles. GM had given Saab a license to use
these technologies and opposed sharing that same technology with
any other auto makers.
Saab halted production in March 2011 when it ran out of cash to
pay its component providers. Saab had been wrestling with
liquidity issues due to its lower volumes and slowing sales
environment in Europe.
According to WSJ, Spyker alleged in the lawsuit that GM blocked
Spyker's attempt to sell Saab to Chinese investors because GM
executives worried that new investor -- China Youngman Automobile
Group Co. -- would have access to GM technology and compete
against the U.S. auto maker in China, one of its most important
foreign markets.
"GM deliberately pushed Saab over the cliff," Spyker Chief
Executive Officer Victor Muller said on Monday, according to WSJ.
Mr. Muller said the $3 billion in damages being sought reflects
the estimated future value of Saab if Youngman had been allowed
to buy the Swedish auto maker and invest in it.
According to WSJ, a GM spokesman called the suit "completely
without merit" and said the company would defend itself in court.
WSJ says Spyker may find it difficult to prove that GM's alleged
resistance to the sale was the only reason Saab went under.
"Spkyer's lawsuit against GM is an uphill battle at best," WSJ
quotes Anthony Michael Sabino, a business professor at St. John's
University in New York, as saying. "Frankly, GM can easily defend
itself by just saying 'look at the economy, look at the
recession, look at Saab's sales figures.'"
WSJ recounts that Saab Automobile's liquidators in April 2012
sold the bulk of the assets of the bankrupt Swedish company to a
Chinese-Japanese backed electric vehicles start-up called
National Electric Vehicle Sweden AB, or NEVS. NEVS is 51% owned
by Hong Kong-based National Modern Energy Holdings Ltd., a
developer of alternative-energy plants in China, and 49% by Sun
Investment LLC, a Japanese investment firm. They aim to develop
premium electric vehicles for the Chinese market.
About General Motors
With its global headquarters in Detroit, Michigan, General Motors
Company (NYSE:GM, TSX: GMM) -- http://www.gm.com/-- is one of
the world's largest automakers, traces its roots back to 1908.
GM employs 208,000 people in every major region of the world and
does business in more than 120 countries. GM and its strategic
partners produce cars and trucks in 30 countries, and sell and
service these vehicles through the following brands: Baojun,
Buick, Cadillac, Chevrolet, GMC, Daewoo, Holden, Isuzu, Jiefang,
Opel, Vauxhall, and Wuling. GM's largest national market is
China, followed by the United States, Brazil, the United Kingdom,
Germany, Canada, and Italy. GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.
General Motors Co. was formed to acquire the operations of
General Motors Corp. through a sale under 11 U.S.C. Sec. 363
following Old GM's bankruptcy filing. The U.S. government once
owned as much as 60.8% stake in New GM on account of the
financing it provided to the bankrupt entity. The deal was
closed July 10, 2009, and Old GM changed its name to Motors
Liquidation Co.
General Motors Corp. and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009. The Honorable Robert E. Gerber presides over the
Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin,
Esq.,and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts. Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as
the Chief Executive Officer for Motors Liquidation Company. GM
is also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP
is providing legal advice to the GM Board of Directors. GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP. Garden City Group is the claims and notice
agent of the Debtors.
The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims. Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee. Attorneys at Butzel Long served as counsel
on supplier contract matters. FTI Consulting Inc. served as
financial advisors to the Creditors Committee. Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee. Legal Analysis Systems, Inc., served as asbestos
valuation analyst.
The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan
was declared effect on March 31, 2011.
About Saab Automobile AB and Saab Cars N.A.
Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV. Saab Automobile AB, Saab Automobile Tools AB and Saab
Powertain AB filed for bankruptcy on Dec. 19, 2011, after running
out of cash.
On Jan. 30, 2012, more than 40 U.S.-based Saab dealerships filed
an involuntary Chapter 11 petition for Saab Cars North America,
Inc. (Bankr. D. Del. Case No. 12-10344). The petitioners,
represented by Wilk Auslander LLP, assert claims totaling $1.2
million on account of "unpaid warranty and incentive
reimbursement and related obligations" or "parts and warranty
reimbursement." Leonard A. Bellavia, Esq., at Bellavia Gentile &
Associates, in New York, signed the Chapter 11 petition on behalf
of the dealers.
The dealers want the vehicle inventory and the parts business to
be sold, free of liens from Ally Financial Inc. and Caterpillar
Inc., and "to have an appropriate forum to address the claims of
the dealers," Leonard A. Bellavia said in an e-mail to Bloomberg
News.
Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB. Saab Cars N.A. named in December
an outside administrator, McTevia & Associates, to run the
company as part of a plan to avoid immediate liquidation
following its parent company's bankruptcy filing.
On Feb. 24, 2012, the Court granted Saab Cars NA relief under
Chapter 11 of the Bankruptcy Code.
Donlin, Recano & Company, Inc., was retained as claims and
noticing agent to Saab Cars NA in the Chapter 11 case.
On March 9, 2012, the U.S. Trustee formed an official Committee
of Unsecured Creditors and appointed these members: Peter Mueller
Inc., IFS Vehicle Distributors, Countryside Volkwagen, Saab of
North Olmstead, Saab of Bedford, Whitcomb Motors Inc., and
Delaware Motor Sales, Inc. The Committee tapped Wilk Auslander
LLP as general bankruptcy counsel, and Polsinelli Shughart as its
Delaware counsel.
=========
S P A I N
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BANCA CIVICA: S&P Raises Short-term Ratings From 'BB/B'
-------------------------------------------------------
Standard & Poor's Ratings Services raised to 'AA+' from 'A+' and
removed from CreditWatch positive its credit ratings on Banca
Civica S.A.'s Spanish mortgage covered bonds ('cedulas
hipotecarias'). "We subsequently withdrew these ratings,
following the transfer of Banca Civica's assets and liabilities
to CaixaBank S.A. (BBB/Negative/A-2). We also affirmed our 'A-'
ratings and subsequently withdrew our ratings on all issuances of
Banca Civica's public-sector covered bonds ('cedulas
territoriales'). We then affirmed our 'AA+' ratings on
CaixaBank's Spanish mortgage covered bonds, which include the
issuances transferred from Banca Civica. The outlook is
negative," S&P said.
"The rating actions follow CaixaBank's legal completion of its
acquisition of Banca Civica. We have lowered our long-term rating
on CaixaBank to 'BBB' from 'BBB+' and affirmed our 'A-2' short-
term rating. The outlook on CaixaBank is negative. We have also
raised our long- and short-term ratings on Banca Civica to
'BBB/A-2' from 'BB/B' and removed them from CreditWatch positive,
where we placed them on March 30, 2012. We subsequently withdrew
all of our ratings on Banca Civica," S&P said.
"The covered bonds transferred from Banca Civica to CaixaBank are
senior secured debt issuances. According to our criteria for
rating covered bonds, we view the covered bond ratings as issue
ratings that are linked to that on the issuer. Following our
review, we have raised to 'AA+' from 'A+', removed from
CreditWatch positive, and subsequently withdrawn our ratings on
Banca Civica's mortgage covered bonds, to reflect our rating
actions taken on Banca Civica. We have also affirmed the 'A-'
ratings on Banca Civica's public-sector covered bonds and
consequently withdrawn the ratings as S&P does not rate
CaixaBank's public-sector covered bonds," S&P said.
"The mortgage covered bond ratings that we have affirmed include
both the ratings on the issuances from CaixaBank and Banca
Civica. Under our covered bonds rating criteria, we evaluate the
maximum potential rating on a covered bond program as the bank's
issuer credit rating (ICR) plus the maximum number of notches of
ratings uplift. The maximum number of notches of uplift above the
ICR results from our assessment and classification of the
program's asset-liability mismatch (ALMM) risk and the program
categorization," S&P said.
"When determining the program categorization, we consider
primarily our view of the jurisdiction of a program and its
ability to access external financing or monetize the cover pool.
Finally, we assign the covered bonds to one of three distinct
categories. Under our criteria, to achieve the maximum potential
number of notches of uplift, the available credit enhancement
needs to be commensurate with the target credit enhancement," S&P
said.
"Following our analysis, and given our view of the Spanish legal
framework, we have categorized CaixaBank's mortgage covered bonds
in category '1' and determined a 'low' ALMM classification. Under
our criteria, this combination enables us to assign to the
covered bonds a maximum potential ratings uplift of seven notches
above our long-term ICR on CaixaBank," S&P said.
"Based on these criteria and the application of our credit and
cash flow stresses from the latest information we received from
the issuer, we have assessed that the overcollateralization
available to support CaixaBank's mortgage covered bonds can
sustain the maximum potential seven-notch ratings uplift above
the 'BBB' long-term ICR on CaixaBank," S&P said.
"Therefore, we have affirmed our 'AA+' long-term ratings on
CaixaBank's mortgage covered bond program and related series to
reflect this maximum ratings uplift of seven notches," S&P said.
"Our outlook is negative as any further rating action on
CaixaBank would directly affect the ratings assigned to the
mortgage covered bonds issued by the bank, all else being equal,"
S&P said.
"Our ratings on CaixaBank's mortgage covered bonds follow our
analysis of the issuer's asset and cash flow information as of
July 2012," S&P said.
RATINGS LIST
Rating Rating
Program/ To From
Country: Covered bond type
RATINGS RAISED, REMOVED FROM CREDITWATCH POSITIVE, AND WITHDRAWN
Banca Civica S.A.
AA+ A+/Watch Positive
NR
Spain: Mortgage Covered Bonds (Cedulas Hipotecarias)
RATINGS AFFIRMED AND WITHDRAWN
Banca Civica S.A.
A- /Negative A-/Negative
NR
Spain: Public-Sector Covered Bonds (Cedulas Territoriales)
RATINGS AFFIRMED; NEGATIVE OUTLOOK
CaixaBank S.A.
AA+/Negative AA+/Negative
Spain: Mortgage Covered Bonds (Cedulas Hipotecarias)
NR-Not rated.
BANKINTER EMISIONES: S&P Lifts Ratings on Preference Shares to B
----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'B' from 'C' its
issue ratings on preference shares issued by Bankinter Emisiones,
S.A. Unipersonal and guaranteed by Bankinter S.A. (Bankinter;
BB+/Negative/B).
"The rating action follows the bank's announcement on Aug. 1,
2012, that it had completed its July 18, 2012, tender offer
launched on its outstanding hybrid capital and dated subordinated
debt securities. This action doesn't affect the counterparty
credit ratings on Bankinter or any other debt issue rating," S&P
said.
"In our previous publication on July 27, 2012, we said that we
considered Bankinter's proposed offer to exchange its Tier 1
preference shares for new ordinary shares to be a 'distressed
exchange' under our criteria, and we accordingly lowered to 'C'
the issue rating on the preference shares. We also stated that we
would review our issue rating on any securities subject to the
offer that hadn't been purchased upon completion," S&P said.
"On Aug. 1, 2012, Bankinter announced it had completed its offer
and that it had accepted a total amount of about EUR107 million
tendered for exchange under the offer. Following the settlement
of the purchase, the remaining outstanding amount of preference
shares is about EUR61 million," S&P said.
"We have reviewed our issue ratings on the securities that
weren't purchased after the completion of the tender offer, and
have decided, based on our criteria, to raise the ratings to 'B',
in line with the pre-tender offer ratings," S&P said.
"In accordance with our criteria, our issue ratings on the
preference shares are derived from Bankinter's stand-alone credit
profile, which we assess at 'bb+'," S&P said.
RATINGS LIST
Upgrade
To From
Bankinter Emisiones, S.A. Unipersonal
Preference Shares* B C
*Guaranteed by Bankinter S.A.
CAIXA BANK: Fitch Affirms 'BB' Rating on Upper Tier 2 Sub. Debt
---------------------------------------------------------------
Fitch Ratings has affirmed CaixaBank, S.A.'s and Banca Civica,
S.A.'s Long-term Issuer Default Ratings (IDR) at 'BBB' and
Viability Rating (VR) at 'bbb'. At the same time, following the
completion of Banca Civica's merger with CaixaBank, Banca
Civica's ratings have been withdrawn and its debt issues
transferred to CaixaBank as it ceased to exist. CaixaBank's IDR
is driven by its VR and is also on its Support Rating Floor
(SRF).
Caja de Ahorros y Pensiones de Barcelona's (La Caixa; CaixaBank's
main shareholder with a 81.2% stake at end-H112) Long-term IDR
and VR have been downgraded to 'BBB-' from 'BBB' and to 'bbb-'
from 'bbb', respectively. Fitch has removed these ratings from
Rating Watch Negative (RWN) upon completion of the review
announced in February 2012.
The Outlook on CaixaBank's and La Caixa's Long-Term IDRs is
Negative, reflecting expectations for a prolonged recession in
Spain. This creates a negative operating environment for Spanish
companies and could dampen dividend flow from investments into La
Caixa. The Negative Outlook on CaixaBank also reflects
integration risks associated with the merger, as Banca Civica
represents around 20% of new group's total assets.
RATING ACTION RATIONALE AND DRIVERS - CAIXABANK'S IDRS AND VR
The affirmation of CaixaBank's IDRs and VR reflects Fitch's view
that it is capable of absorbing Banca Civica, without additional
capital needs, thanks to its relatively high pre-merger capital
base, good and recurrent pre-provision operating profit and the
ability to boost capital through the conversion until 2015 of
EUR3.8bn mandatory convertible bonds. Banca Civica was an
underperforming bank. Substantial fair value adjustments were
made upon the first-time consolidation to improve impaired loan
and other assets coverage levels, which include meeting the
government's higher coverage level for real estate exposures.
CaixaBank's IDRs and VR reflect its leading retail banking
franchise in Spain, which supports recurring earnings, improved
impairment coverage levels, a large and stable deposit base, good
liquidity and adequate capital levels. The ratings of the merged
group also reflect the weight of the difficult operating
environment, the collapse of the real estate market, weakened
counterparty/investor confidence in Spain and its banking sector
and risk concentration from equity investments (69% of Fitch core
capital (FCC)).
The integration of Banca Civica will depress the enlarged group's
FCC/weighted risks ratio. Fitch estimates this will reach about
8.3% (based on pro-forma end-2011 figures), down from a pre-
merger 11%. However, the enlarged group holds hybrids (EUR3.8bn
mandatory convertible bonds and EUR977m convertible preference
shares) which can be converted to boost core capital. Thus,
Fitch's eligible capital/weighted risks ratio, which provides a
secondary measure of bank capitalization, should remain sound at
around 10.8%.
CaixaBank's pro-forma end-H112 impaired/total loans ratio reached
7.2% and loan loss coverage was 69% which is better than the
system average. This is explained by lower-than-average lending
to the development real estate sector. For the enlarged group,
this type of lending is around 13% of total loans, compared to a
sector average of about 17%.
CaixaBank is exposed to market risk mainly through its equity
investments. Fitch estimated that the market value for the bulk
of these is below book value at end-H112. Excluding those in the
available-for-sale portfolio, Fitch estimates unrealized losses
(net of taxes) would represent just about 5% of the estimated
equity of the enlarged group. However, Fitch does not anticipate
impairments on these stakes, which are held for long-term
investment purposes. In Fitch's view there is a potential loss
in the equity accounted earnings from Repsol, S.A. ( 'BBB-
'/Negative) This loss would arise if the expropriation of
Repsol's investment in Argentina's YPF S.A. force a sizeable
write down of this investment in Repsol's books. Fitch believes
CaixaBank has sufficient capital to manage such equity accounted
loss if indeed it were required.
RATING ACTION RATIONALE AND DRIVERS - LA CAIXA'S IDRS AND VR
La Caixa's VR and IDRs have been downgraded and removed from RWN.
Fitch completed its full review of the entity and concluded that
the risk profile, while closely correlated with that of
CaixaBank, merits more of a standalone analysis. The agency
concluded that La Caixa faces a dilution of its stake in
CaixaBank (to an estimated 61% by end-2015 when all hybrids will
have been converted), double leverage indicators are considered
to fall somewhere between the moderate to high range, and its
capacity to generate cash flows through dividend upstreaming or
from the sale of assets has weakened compared with previous
expectations. This is occasioned by Spain's weak economic
environment.
La Caixa's IDRs are largely driven by the risk profile of its
main asset, CaixaBank. La Caixa has around EUR8 billion of debt
outstanding. Maturities are well spread. Only EUR0.65 billion
falls due prior to end-2014. The bulk of the outstanding balance
will mature in 2019 and 2020. Nevertheless, Fitch estimates the
bank's double leverage ratio to be between 120% and 130%, which
is considered as somewhere between moderate and high. Debt
service/repayment will depend on a combination of dividends
received from CaixaBank and a portfolio of equities, proceeds
from asset sales and additional borrowings. The equity stakes
are held by another holding subsidiary and largely comprise
stakes in Gas Natural ('BBB+'/RWN) and Abertis ('A-'/RWN). La
Caixa will continue to be supervised by the Bank of Spain on a
consolidated basis.
RATING SENSITIVITIES CAIXABANK AND LA CAIXA- IDRs and VR
CaixaBank's VR is sensitive to an even more protracted and deeper
recessionary environment in Spain than currently assumed, an
unanticipated liquidity shock and unforeseen problems in the
integration process of Banca Civica. Integration should proceed
well given that CaixaBank's experienced management team has a
proven track record of organic and acquisition-led growth of its
franchise since the early 1990s. Its ratings are also sensitive
to additional impairments which might be taken on CaixaBank's
equity stakes. Holding such equities is considered a negative
rating driver for both La Caixa and CaixaBank.
Potential for upgrading CaixaBank's VR is limited in the
foreseeable future given the poor operating environment. This is
reflected in the Negative Outlook on the Long-term IDR.
La Caixa's Long-term IDR and VR are sensitive to any rating
action on CaixaBank as well as signs of reduction in future
dividend upstreaming, thus hampering cash flow generation
required to service debt repayments. Ratings are also sensitive
to any requirement to write down equity investments.
RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING AND SRF
CaixaBank's Support Rating and SRF reflect Fitch's view that
there is a high probability that support from the Spanish
authorities would be forthcoming, if required. This is because
of the bank's systemic importance.
The Support Rating and SRF are sensitive to a potential downgrade
of the Spanish sovereign ratings or to a change in Fitch's
assumptions regarding the authorities' propensity to support
CaixaBank.
La Caixa's Support Rating and SRF reflect that it is a holding
company and that support from the Spanish authorities cannot be
relied upon in case of need.
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
Subordinated debt and other hybrid capital issued by CaixaBank
and La Caixa are all notched down from their respective VRs, in
accordance with Fitch's assessment of each instrument's
respective non-performance and relative loss severity risks.
These vary considerably. Their ratings are primarily sensitive
to any change in the VRs of CaixaBank and La Caixa.
The rating actions are as follows:
CaixaBank:
-- Long-term IDR: affirmed at 'BBB', Outlook Negative
-- Short-term IDR: affirmed at 'F2'
-- VR: affirmed at 'bbb'
-- Support Rating: affirmed at '2'
-- Support Rating Floor: affirmed at 'BBB'
-- Senior unsecured debt long-term rating: affirmed at 'BBB'
-- Senior unsecured debt short-term rating and commercial
paper: affirmed at 'F2'
-- Subordinated debt: affirmed at 'BBB-'
-- Preference shares: affirmed at 'B+'
Banca Civica:
-- Long-term IDR: affirmed at 'BBB', Outlook Negative,
withdrawn
-- Short-term IDR: upgraded to 'F2' from 'F3', removed from
Rating Watch Positive (RWP), withdrawn
-- VR: affirmed at 'bbb' and withdrawn
-- Support Rating: upgraded to '2' from '3', removed from RWP,
withdrawn
-- Support Rating Floor: revised to 'BBB' from 'BB+', removed
from RWP, withdrawn
-- Subordinated debt: affirmed at 'BBB-', transferred to
CaixaBank
-- Upper tier 2 subordinated debt: affirmed at 'BB',
transferred to CaixaBank
-- Preferred stock: affirmed at 'B+', transferred to CaixaBank
-- State-guaranteed debt: affirmed at 'BBB', transferred to
CaixaBank
La Caixa:
-- Long-term IDR: downgraded to 'BBB-' from 'BBB', removed from
RWN, Outlook Negative
-- Short-term IDR: downgraded to 'F3' from 'F2', removed from
RWN
-- VR: downgraded to 'bbb-' from 'bbb', removed from RWN
-- Support Rating: affirmed at '5'
-- Support Rating Floor affirmed at 'No floor'
-- Senior unsecured debt long-term rating: downgraded to 'BBB-'
from 'BBB', removed from RWN
-- Subordinated debt: downgraded to 'BB+' from 'BBB-', removed
from RWN
-- State-guaranteed debt: affirmed at 'BBB'
CAMPOFRIO FOOD: S&P Affirms 'BB-' Credit Rating; Outlook Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Spanish
meat processor Campofrio Food Group S.A. (CFG) to negative from
stable and affirmed its 'BB-' long-term corporate credit rating
on the company.
"At the same time, we affirmed our 'BB-' issue rating on the
group's EUR500 million unsecured bond due in 2016. The recovery
rating on this bond is unchanged at '4' indicating our estimate
of 30%-50% recovery for bondholders in the event of a default,"
S&P said.
"The outlook revision reflects our view that CFG might not be
able to restore its profitability in 2012 or 2013. This is
because input prices remain at record high levels and consumer
spending is constrained by the persistently weak economic
environment, high unemployment, and austerity measures in Europe.
In our view, these factors would cause the leverage ratio (debt
to EBITDA) to remain higher than 4.5x, which is not commensurate
with our 'BB-' rating. The company's exposure to the Kingdom of
Spain (BBB+/Negative/A-2) also weighs moderately on our
assessment," S&P said.
"CFG's absolute EBITDA declined by 7.6% and the EBITDA margin by
130 basis points in the first half of 2012, which we believe the
company might find difficult to recover. We understand that CFG
is renegotiating prices with retailers to pass on some price
increases, as meat and energy costs remain high. However, we
believe CFG may be unable to pass on the majority of the input
cost inflation due to weak economic conditions, high
unemployment, and austerity measures, including an upcoming
increase in value-added tax in Spain," S&P said.
"Our base-case scenario for 2012 and 2013 encompasses these
assumptions," S&P said:
"Top-line growth of 4%-5% for CFG in 2012, including 1%
organic growth and a contribution from Italy-based Fiorucci,
which CFG acquired in April 2011. Thereafter, we forecast
about 1% of organic sales growth annually, reflecting CFG's
strong local brands and innovation capacity. This growth rate
is slightly lower than the 1.3% recorded in the first half of
2012 because economic conditions have worsened," S&P said.
"For 2012, an EBITDA margin of about 8.5%, after our
adjustments. We anticipate limited improvement thereafter
because we foresee only moderate headroom for price increases
and no material reduction of CFG's main input costs. We
believe that Fiorucci's operating margins will remain below
that of the group for at least the next 12-18 months," S&P
said.
"Capital expenditure including about EUR50 million of annual
maintenance capital expenditure and about EUR120 million of
discretionary spending over the next three years, since the
company is redefining its manufacturing process," S&P said.
"Limited shareholder returns, including no dividend payments
in 2012 and limited amounts thereafter, and very modest share
buybacks, with no material deviation from the EUR2.3 million
spent in 2011," S&P said.
Limited acquisitions.
"Under these assumptions, we calculate that CFG's annual free
cash flow will decline, but stay positive, which remains a key
factor for the 'BB-' rating. We also estimate that CFG's leverage
ratio will be about 4.6x by the end of 2012, an increase from
4.5x as of June 30, 2012, and 4.2x at year-end 2011. We don't
anticipate a significant improvement in 2013," S&P said.
"The negative outlook reflects that we could lower the rating if
the group's profitability and debt metrics do not improve," S&P
said.
"Specifically, we could lower the rating if adjusted debt
leverage does not reduce to lower than 4.5x in 2013, on a
sustainable basis, from the 4.6x that we project for the end of
2012. A downgrade could also follow if the EBITDA margin doesn't
improve to about 9%. This could result from the group's inability
to pass on input cost increases to customers or a material
deterioration in the economic environment in Europe. We could
also lower the rating on CFG if the sovereign rating on Spain
were lowered by several notches. This is because more than 50% of
the group's EBITDA comes from its Southern Europe division, which
includes primarily Spain," S&P said.
"We could revise the outlook to stable if CFG restored its EBITDA
margins to about 9% in 2013, while keeping organic sales growth
in positive territory, leading to a sustainable adjusted leverage
ratio lower than 4.5x. A revision of the outlook to stable also
hinges on CFG maintaining sufficient liquidity to pay down its
upcoming debt and meet working capital needs without access to
external funds, since liquidity in Spain is drying up," S&P said.
FTPYME BANCAJA: Fitch Affirms 'CCC' Rating on Class D Notes
-----------------------------------------------------------
Fitch Ratings has maintained FTPYME Bancaja 3 FTA's class A3 (G)
and B notes on Rating Watch Negative (RWN) and affirmed the class
C and D notes as follows:
-- Class A3 (G) (ISIN ES0304501028): 'AA-sf'; maintained on RWN
-- Class B (ISIN ES0304501036): 'AA-sf'; maintained on RWN
-- Class C (ISIN ES0304501044): affirmed at 'Bsf'; Outlook
revised to Negative from Stable
-- Class D (ISIN ES0304501051): affirmed at 'CCCsf'; assigned
RE of 50%
The RWN on the class A3 (G) and B notes reflects their material
exposure to Banco Santander S.A ('BBB+'/Negative/'F2') which acts
as the account bank for the transaction. Fitch expects the
implementation of remedial actions in the near term based on
correspondence received from the transaction parties.
There has been a sharp increase in 90-day+ arrears since the last
review in December and amount to 9.5% of the outstanding
portfolio balance as of June. The transaction has a default
definition of 18 months overdue and most of the arrears are
currently in the 180-360 day arrears bucket. Fitch expects a
rise in defaults in the near term as some of these arrears roll
into default. Current defaults account for 12% of the
outstanding portfolio balance; however the volume dropped
marginally since the last review due to recoveries. The reserve
fund is significantly underfunded at EUR1.6 million compared with
a required amount of EUR5.0 million.
Nevertheless, the credit enhancement on class A3 (G) and B has
significantly built up due to deleveraging and the notes have
sufficient credit protection against further portfolio
deterioration. The affirmation of the class C note reflects the
notes' ability to withstand Fitch's stresses on default
probability and recoveries at the 'Bsf' level. The Outlook has
been revised to Negative from Stable due to the rising 90+
delinquencies and concentration, both at the obligor and industry
level.
The affirmation of the class D notes reflects the note's
subordinated position in the capital structure and the
transaction's performance. Furthermore, the tranche is
vulnerable to obligor concentration as a default of any of the
top obligors would wipe out the reserve fund and expose the
tranche to potential losses. Fitch assigned a recovery estimate
(RE) of 50% to the tranche based on its mean loss expectation for
the portfolio.
The portfolio has amortized to 7% of its initial balance and as a
result the concentration levels are gradually increasing. The
top borrower constitutes 4.5% of the portfolio while top 20
borrowers make up 37%. About 40% of the portfolio is
concentrated in the real estate and construction sectors. 98% of
the assets are secured on property collateral and the weighted
average recovery rate on worked out loans is about 40% as of
June.
LA CAIXA: S&P Lowers Ratings to 'BB+/B'; Off Negative Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating
on CaixaBank to 'BBB' from 'BBB+' and affirmed its 'A-2' short-
term rating on Caixabank. "We also lowered our long- and short-
term ratings on its parent company la Caixa to 'BB+/B' from 'BBB-
/A-3'. We removed all the ratings from CreditWatch negative,
where they were placed on April 30, 2012," S&P said.
The outlook on the ratings on CaixaBank and la Caixa is negative.
"We also raised our long- and short-term ratings on Banca Civica
to 'BBB/A-2' from 'BB/B' and removed them from CreditWatch
positive, where they were placed on March 30, 2012. We
subsequently withdrew all our ratings on Banca Civica," S&P said.
"The rating actions follow the legal completion of Banca Civica's
acquisition by CaixaBank. In our view, the integration of the
acquired entity weakens CaixaBank's financial profile at a time
when the economic and operating conditions in Spain remain poor.
We think that the risk embedded in the acquired portfolio is
comparatively higher than that in CaixaBank's own loan book. Even
if CaixaBank takes sizable credit impairments to cover the
potential losses which may materialize from the acquired
portfolio, we take the view that its risk profile has been
elevated by the consolidation of the comparatively riskier loan
book from Civica," S&P said.
"We also take the view that, based on the final terms of the
deal, the acquisition of Civica has a negative impact on
CaixaBank's consolidated solvency position, as the integration of
the acquired risk weighted assets is not matched by an equivalent
enhancement of the bank's capital base and will dilute, in our
view, CaixaBank's capital position in the short to medium term,"
S&P said.
"We analyze CaixaBank and its controlling holding company, la
Caixa, on a consolidated basis, using la Caixa's consolidated
financial information, in accordance with our criteria. We
consider CaixaBank to be the group's core operating entity. We
rate la Caixa two notches below CaixaBank's long-term rating to
reflect the structural subordination of la Caixa's creditors to
those of CaixaBank. Consequently, the downgrade of la Caixa
follows the same action on CaixaBank," S&P said.
"The action on Banca Civica equalizes our ratings on the entity
with those on CaixaBank, in which it is now fully integrated. We
withdrew all our ratings on Civica at the issuer's request, as
the entity's assets and liabilities are now fully consolidated
within CaixaBank," S&P said.
"The negative outlook reflects the possibility of a downgrade if
CaixaBank's organic capital generation proves insufficient to
progressively restore its capital ratios and if its solvency
falls to a level that we would consider as weak, under our
criteria. In this context, we believe that poor operating
conditions in Spain will continue to restrict the bank's
profitability to moderate levels over the coming 18 months. If
the bank's loss absorption capacity declines more than
anticipated on the back of rising pressure on its revenue, or if
credit losses exceed the levels we currently factor into the
ratings resulting in a decline of CaixaBank's risk-adjusted
capital (RAC) ratio to levels that we would not consider moderate
under our criteria we could lower the ratings on CaixaBank," S&P
said.
"A downgrade would also be possible if the bank's asset quality
deteriorated faster than we currently anticipate and at levels
closer to the domestic banking sector average," S&P said.
"We could revise the outlook to stable if CaixaBank proves able
to preserve its financial profile through the downturn and if
domestic economic and industry banking conditions in Spain
improve," S&P said.
"The negative outlook on la Caixa mirrors that on CaixaBank. Any
negative action on CaixaBank's ratings would trigger a similar
action on la Caixa," S&P said.
* SPAIN: In No Rush to Request European Bailout, Fin-Min Says
-------------------------------------------------------------
Jonathan House and Ilan Brat at The Wall Street Journal report
that senior Spanish officials are holding out the possibility
that the government might need to ask Europe for a financial
bailout, but gave no indication that such a decision was
imminent.
According to the Journal, Finance Minister Luis de Guindos said
in an interview published Sunday that Spain is in no rush to
request a European bailout and can afford to wait until more
information regarding a possible European assistance program
comes to light.
Spanish Prime Minister Mariano Rajoy opened the door on Friday to
requesting support from the euro-zone bailout fund to help ease
Spain's deepening financial crisis, the Journal relates.
The Journal notes that Mr. de Guindos said in an interview
published in the Spanish daily newspaper ABC Spain's government
has covered 70% of its 2012 financing needs and expects to wait
until the European Central Bank sketches out its new program to
help bring down borrowing costs for peripheral European countries
before considering whether to request aid.
In recent days, Spanish officials have begun to concede in
private that without such ECB action, the government could be
forced to ask for aid from the fund, according to the Journal.
The government has a comfortable cash position, but needs money
on hand to meet large debt redemptions in October, the Journal
discloses. It also has to provide financial support for its
regions, which are facing a worsening liquidity squeeze, the
Journal states.
According to the Journal, investor concerns over the euro zone's
fourth-largest economy have intensified since Mr. Rajoy's
government asked for as much as EUR100 billion (US$124 billion)
in European Union aid in June to help clean up the country's
ailing banks.
In the interview published Sunday, Mr. de Guindos, as cited by
the Journal, said Spain's government would unveil a raft of
measures related to the financial sector on Aug. 24. He said
that they would include approving detailed measures it plans to
carry out to accept the banking-sector bailout, and spelling out
the workings of a so-called bad bank for the sector's bad real-
estate assets, the Journal recounts.
The government, the Journal says, will also change how Spain's
own banking-bailout fund works and issue new regulations relating
to the sale of complex financial products.
===========================
U N I T E D K I N G D O M
===========================
BAA FUNDING: Fitch Affirms Rating on High-Yield Bond at 'BB+'
-------------------------------------------------------------
Fitch Ratings has affirmed BAA Funding Limited's (BAA Funding or
the issuer) bonds issued under its debt issuance program and BAA
(SH) Plc's (BAA (SH) or the HoldCo) high-yield bond, as follows:
-- Class A bonds: affirmed at 'A-', Outlook Stable
-- Class B bonds: affirmed at 'BBB', Outlook Stable
-- BAA (SH) high-yield bond: affirmed at 'BB+', Outlook Stable
The affirmations reflect BAA (SP) Limited's (BAA (SP), the
borrower and the owner of both Heathrow and Stansted airports)
stable performance and Fitch's assessment of its ability to
service and refinance its issuer-borrower and Holdco debt. They
also reflect the different structural support available to both
the issuer's and Holdco's creditors.
BAA (SP) continued to demonstrate resilient operating performance
during 2011 and H112, with Heathrow airport handling record
passenger (pax) numbers of 69.4m in 2011. Furthermore, it
handled over 70m pax on a 12-month rolling basis in each of
March, April, May and June 2012, supported by its role as
London's premier business airport as well as connecting traffic
using the airport's hubbing facilities. The airport is currently
operating at full runway capacity and, while this will constrain
its ability to grow pax, the excess demand for take-off and
landing slots provides comfort as to Heathrow's resilience
against downside risk, and Fitch sees its resilience as being
more important than growth prospects from a credit perspective.
Stansted's pax is largely made up of leisure traffic, and
therefore correlated to economic conditions. It has continued to
fall as the UK economy has weakened. However, pax declines over
recent periods have slowed, and it is hoped that the airport will
again experience growth over the coming years. In any case, it
only comprises around 10% of BAA (SP's) revenue and asset base,
so its poor performance is more than off-set by Heathrow's
resilience.
The current regulatory period, Q5, has proven difficult for both
airports given the harsh economic developments over the period,
and both experienced much weaker trading conditions than those
assumed by the Civil Aviation Authority (CAA, the UK airport
regulator) in its regulatory determination, set before the onset
of the 2008-10 financial crisis. Nevertheless, BAA (SP) has
managed to maintain positive EBITDA growth through Q5, primarily
as a result of tariff increases as allowed for under regulation,
increases in retail revenues per pax, and its strong management
of operating costs.
Both airports' financial performance over the next five years
will be influenced by the regulatory environment in place for the
next regulatory period, Q6, commencing in 2014, and the
assumptions made by the CAA in reaching its Q6 determination for
each airport. Although neither is yet certain, the Civil
Aviation Bill currently being read by the UK Parliament is likely
to be passed into law in the coming months, and Fitch views the
proposals made in the Bill to be broadly neutral for BAA (SP) and
its airports. With respect to the regulator's assumptions, Fitch
takes comfort from the regulator's duty of care -- expected to be
maintained under the new framework -- to ensure that regulated
airport operators can finance themselves.
Although Fitch believes that Heathrow's operating performance
should remain stable, and Stansted's should start to improve over
the coming years, Fitch has reflected further pax volume declines
in its rating case. It has also assumed that the regulator's Q6
determination for the weighted average cost of capital for each
airport is the same as its determination for each airport in Q5
(6.2% for Heathrow, 7.5% for Stansted), and that RPI reverts to a
2% trend in the medium term. Fitch forecasts that in this
scenario, the company should be able to maintain post-maintenance
and tax interest cover ratios (PMICR) for each class of debt at
levels above Fitch's current rating thresholds - 1.5x-1.6x for a
'A-' rating of class A debt, 1.2x-1.3x for a 'BBB' rating of
class B debt and 1.1x-1.15x for a 'BB+' rating of BAA (SH) debt.
Furthermore, the average dividend/interest cover ratio at the BAA
(SH) level is also in excess of the 3.0x that Fitch considers
appropriate for a 'BB+' rating at HoldCo level.
All BAA (SP), BAA Funding and BAA (SH) debt is in the form of
interest-only bullets, and the company will face ongoing
significant refinancing risk, albeit that maturities arising over
the next two years are fully covered. In Fitch's opinion, this
is mitigated by the company's relatively smooth refinancing
schedule, the company's access to capital markets as demonstrated
by its numerous bond issuances over the past 18 months, the
committed liquidity support it has currently renewed, as well as
the quality of the assets it owns.
Fitch continues to monitor closely the company's index-linked
debt exposure, which has increased over recent years via a
portfolio of index linked swaps (ILS). The agency remains
comfortable that the company's exposure to index-linked debt is
appropriate for a company such as it with highly inflation-
correlated revenue and will monitor closely BAA (SP)'s exposure
to index-linked debt and use of ILS to ensure it remains
comfortable.
Fitch still expects that BAA (SP) will ultimately be required to
sell Stansted airport following its most recent unsuccessful
appeal of the Competition Commission's 2009 ruling in July 2012.
However, the ratings are primarily driven by the performance of
Heathrow and the financial metrics are fairly insensitive to most
Stansted sale scenarios.
The UK government is shortly expected to publish an aviation
policy white paper, outlining its policy in this area. It is
widely recognized that London's heavily capacity-constrained
airport transport system will, if unaddressed, constrain the
city's prospects for economic growth, and Fitch understands the
government is currently considering a number of options including
the expansion of existing runway infrastructure, the more
efficient use of existing airport infrastructure by building
direct high-speed rail links between airports to create a
'virtual hub', and the building of a brand new international hub
airport. The long-term impacts on Heathrow's viability of the
options are significant and varying. Nevertheless, in Fitch's
view, BAA (SP) should have sufficient time and resources to
respond to each scenario without putting its debt structure at
risk.
Regardless of BAA (SP)'s financial performance, Fitch is unlikely
to consider a positive rating action while there is still
significant uncertainty as to the regulatory environment and the
government's aviation policy. The agency would consider a
negative rating action if regulatory developments with respect to
Q6 are deemed punitive towards the company and its airports, if
BAA (SP)'s control of revenue, operating expenditure or capital
expenditure weakens such that PMICR projections are adversely
affected, or if it faces increased difficulty in accessing
capital markets to refinance its debt obligations.
As well as the company's index-linked exposure, Fitch will
continue to monitor closely the passage of the Civil Aviation
Bill through Parliament and the CAA's determination for Q6, as
well as the potential sale of Stansted, the general operating
performance of the two airports and developments with respect to
the governments aviation policy for London and the south east
England over time.
BELLATRIX PLC: S&P Affirms 'D' Rating on Class E CMBS Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
BELLATRIX (ECLIPSE 2005-2) PLC's class D and E notes.
"The rating actions follow our review of the credit quality of
the three remaining underlying loans in the pool," S&P said.
"BELLATRIX (ECLIPSE 2005-2) is a U.K. commercial mortgage-backed
securities (CMBS) transaction that was arranged by Barclays Bank
PLC (A+/Negative/A-1) in August 2005. The transaction was
originally backed by 13 loans secured on 39 predominantly office
properties located across the U.K., with a high concentration in
Greater London. Only three loans remain outstanding in the
transaction, Oxford St, Cavendish Square, and Rivermead Court. As
of the April 2012 interest payment date, the aggregate
outstanding securitized balance has reduced to GBP16,586,100. The
transaction's legal final maturity date is in January 2017," S&P
said.
THE OXFORD STREET LOAN (43% OF THE SECURITIZED LOAN POOL)
The loan has an outstanding balance of GBP7.2 million and matures
in April 2013.
"The loan is backed by a mixed-use property (consisting of a
multi-storey car park with a restaurant on the ground floor)
located in Central Manchester. The asset is fully occupied by two
unrated tenants on long leases that expire in 2025," S&P said.
In April 2012, the servicer reported a projected interest
coverage ratio (ICR) of 2.40x and a loan-to-value (LTV) ratio of
56%, based on a valuation dated November 2011.
"Taking into account our review of the loan, we do not currently
anticipate principal losses on this loan," S&P said.
THE CAVENDISH SQUARE LOAN (35% OF THE SECURITIZED LOAN POOL)
The loan has an outstanding balance of GBP5.8 million and matures
in April 2013.
The loan is backed by an asset of good quality located in the
West End in Central London. The property is fully let to a single
tenant until 2020.
In April 2012, the servicer reported a projected interest
coverage ratio (ICR) of 1.38x and a loan-to-value (LTV) ratio of
75%, based on a valuation dated March 2005.
"Taking into account our review of the loan, we do not currently
anticipate principal losses on this loan," S&P said.
THE RIVERMEAD COURT LOAN (22% OF THE SECURITIZED LOAN POOL)
The loan has an outstanding balance of GBP4.1 million and matures
in April 2014.
The loan is backed by two adjoining office buildings located at
the Kenn Business Park entrance in Clevedon, North Somerset. The
property is 83% occupied by a single tenant until 2020, with a
break option in 2017.
In April 2012, the servicer reported a projected interest
coverage ratio (ICR) of 1.54x and a loan-to-value (LTV) ratio of
65%, based on a valuation dated May 2005.
"Taking into account our review of the loan, we consider that the
risk of principal losses in 2014 has increased in light of the
difficult commercial real-estate market and lending conditions,
which could further depress property values," S&P said.
COUNTERPARTY RISK
"Our review confirms that, based on our 2012 counterparty
criteria, the counterparties can support the ratings up to the
current levels," S&P said.
"Taking into consideration our review of the three remaining
loans in the transaction, we consider that the amount of credit
enhancement available to the class D notes remains adequate to
absorb the amount of losses that the underlying assets would
suffer under a 'A' stress scenario. As a consequence, we have
affirmed our 'A (sf)' rating on the class D notes," S&P said.
"Given that the class E notes experienced losses in November
2010, we have affirmed our 'D (sf)' rating on this class of
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
BELLATRIX (ECLIPSE 2005-2) PLC
GBP393.69 Million Commercial Mortgage-Backed Floating Rate Notes
Ratings Affirmed
D A (sf)
E D (sf)
CREDIT SUISSE: Fitch Assigns 'BB+' Rating to US$1.725-Bil. Notes
----------------------------------------------------------------
Fitch Ratings has published the 'BB+' long-term rating assigned
to the US$1.725 billion Tier 1 Buffer Capital Notes (ISIN
XS0810846617) issued by Credit Suisse Group (Guernsey) II and
guaranteed on a subordinated basis by Credit Suisse Group AG
(CSG; 'A'/Stable/'F1').
Rating Action Rationale
The notes are rated five notches below CSG's 'a' Viability
Rating, in line with Fitch's criteria for "Rating Bank Regulatory
Capital and Similar Securities" published on December 15, 2011.
Under these criteria, Tier 1 notes with fully discretionary
coupon omission and going concern loss absorption are notched
twice from the Viability Rating for loss severity and three times
for non-performance risk.
The notes contain triggers for conversion into ordinary shares if
CSG's consolidated regulatory Common Equity Tier 1 (CET1) ratio
falls below 7% or if a viability event occurs. Payment of
interest on the Tier 1 instrument is fully discretionary. As the
rating of the notes is notched off the guarantor's Viability
Rating, the ratings of the notes are sensitive to changes in
CSG's Viability Rating.
CUMBRIA PARK: Barnes Deal Buys Firm Out of Administration
---------------------------------------------------------
News & Star News reports that Father-and-son business team Brian
and Dean Barnes has acquired Cumbria Park Hotel in Stanwix,
Carlisle, out of administration after paying just short of
GBP850,000 - nearly GBP1 million shy of its original price tag.
Mr. Barnes senior, originally from South Africa, said it would
join its other Cumbrian enterprise, the Lonsdale House Hotel in
Ulverston, according to News & Star News.
"We are retaining all the staff, keeping it going and looking at
really driving up the weddings, functions and meetings markets,"
the report quoted Mr. Barnes as saying.
News & Star News notes that the sale follows months of
uncertainty for long-standing owners the Lowther family, who ran
the three-star hotel in Scotland Road for more than 40 years.
It went into receivership in May with the bank owed GBP1 million
and thousands in other liabilities, the report notes. News &
Star News relates that it had been run by Brian and Tricia
Lowther, who are still making sense of what it means for their
financial position.
The hotel was sold by real estate advisers Colliers International
on the instructions of receivers Baker Tilly.
ELLI INVESTMENTS: S&P Assigns 'B-' LT Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
corporate credit rating (CCR) to Elli Investments Ltd., the
parent company of U.K.-based health care group Four Seasons
Healthcare (Jersey) Holdings Ltd. (FSHC). The outlook is stable.
"At the same time, we assigned our 'BB-' issue rating to the
GBP40 million super senior revolving credit facility (RCF) issued
by Elli Finance (UK) PLC. The recovery rating on the RCF is '1+',
indicating our expectation of full (100%) recovery in the event
of a payment default," S&P said.
"In addition, we assigned our 'B+' issue rating to the GBP350
million senior secured notes issued by Elli Finance (UK). The
recovery rating on the senior secured notes is '1', indicating
our expectation of very high (90%-100%) recovery in the event of
a payment default," S&P said.
"Finally, we assigned our 'B-' issue rating to the GBP175 million
senior unsecured notes issued by Elli Investments. The recovery
rating on the senior unsecured notes is '4', indicating our
expectation of average (30%-50%) recovery in the event of a
payment default," S&P said.
"The CCR reflects our view of FSHC's relatively aggressive
capital structure following the leveraged buyout by private
equity group Terra Firma," S&P said.
"We assess FSHC's financial risk profile as 'highly leveraged,'
reflecting our estimate that FSHC's Standard & Poor's-adjusted
net debt-to-EBITDA ratio will be about 8.5x by Dec. 31, 2012. Our
estimate includes financial debt of GBP525 million; a shareholder
loan of GBP219 million; and about GBP510 million of obligations
under operating leases," S&P said.
"We estimate that FSHC will achieve adjusted EBITDA of at least
GBP140 million in 2012 and 2013. This will cover by 1.6x-1.7x
annual cash interest payments of about GBP53 million and an
operating lease interest adjustment of about GBP40 million,
supported by positive free operating cash flow (FOCF)," S&P said.
"We assess FSHC's business risk profile as 'fair.' We base our
view on FSHC's exposure to changes in the U.K. health and social
care fee reimbursement system, because payments from both the
National Health Service and local authorities account for the
majority of FSHC's revenues. In our opinion, the flow of funds to
public services will remain restricted for the next 12-18 months
as the government curbs its expenditure. This will put pressure
on both the volumes and fees of FSHC and other health care and
social care operators and will challenge their profitability,
especially in an environment of rising cost inflation," S&P said.
"These negative factors are partially offset by FSHC's position
as the largest operator of care homes for the elderly in the
U.K., with a focus on providing high-dependency services, which
command higher fees and should prove more resilient to volume
pressure," S&P said.
"In our view, FSHC will sustain broadly positive underlying
revenue growth over the next 12 months. We also assume that the
company will maintain its operating performance, despite the
potentially negative effect of the U.K. government's public
spending cuts and the integration of the less profitable Southern
Cross Healthcare (Southern Cross) business that FSHC took over in
November 2011," S&P said.
"Moreover, to maintain the rating, we believe that the company
should be able to generate at least neutral FOCF in 2012,
becoming positive from 2013, while not expanding its borrowing
base. We view adjusted EBITDA interest coverage of more than 1.5x
and cash balances of at least GBP20 million as commensurate with
the 'B-' rating," S&P said.
"We could take a negative rating action if adjusted debt to
EBITDA interest coverage drops to less than 1.5x, or if FSHC is
unable to generate positive FOCF from 2013. Such deterioration
could arise from either adverse trading conditions, higher
capital investments than we estimate, or from further debt-
financed acquisitions," S&P said.
"We would likely take a positive rating action if the company
successfully integrates Southern Cross into its group operations,
delivers improvements in operating efficiencies and cash flow
generation, and demonstrates an ability to maintain EBITDA cash
interest coverage of more than 2x," S&P said.
EPIC PLC: S&P Retains 'BB' Rating on Class F CMBS Notes
-------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class A and B
notes issued by Epic (More London) PLC. "Our ratings on the class
C to F notes in this transaction remain unaffected by the rating
actions," S&P said.
The Royal Bank Of Scotland PLC (A/Stable/A-1) provides liquidity
support in this transaction.
"The liquidity facility documents in this transaction do not
incorporate a replacement framework in line with our 2012
counterparty criteria," S&P said.
"Our 2012 counterparty criteria generally caps our rating on
supported securities at the issuer credit rating (ICR) on the
counterparty if the terms of agreement with the counterparty do
not incorporate replacement mechanisms or equivalent remedies,
and if there are no other mitigating factors," S&P said.
"On Jan. 31, 2012, we placed our ratings on the class A and B
notes on CreditWatch negative, after we lowered our long-term
rating to 'A' from 'A+' on the liquidity facility provider, The
Royal Bank Of Scotland PLC (A/Stable/A-1)," S&P said.
"In line with our 2012 counterparty criteria, we have lowered to
'A (sf)' our ratings on the class A and B notes in line with our
'A' long-term rating on The Royal Bank of Scotland as liquidity
facility provider," S&P said.
A single loan, secured on six properties in the More London
commercial scheme, Central London, backs this transaction.
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 (RFC) outlining
our proposed criteria changes for CMBS Global Property Evaluation
Methodology. The proposed criteria do not significantly change
Standard & Poor's longstanding approach to deriving property net
cash flow (S&P NCF) and value (S&P Value). We therefore
anticipate limited impact for European outstanding ratings when
the updated CMBS Global Property Evaluation Methodology criteria
are finalized," S&P said.
"However, because of its global scope, the proposed CMBS Global
Property Evaluation Methodology does not include certain market-
specific adjustments. An application of these criteria to
European Transactions will therefore be published when we release
our updated rating criteria," S&P said.
"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and 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
EPIC (More London) PLC
GBP670 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
A A (sf) A+ (sf)/Watch Neg
B A (sf) A+ (sf)/Watch Neg
Ratings Unaffected
C BBB+ (sf)
D BBB (sf)
E BB+ (sf)
F BB (sf)
HEINE GERICKE: UK Unit Falls Into Administration
------------------------------------------------
The Telegraph reports that the double-dip recession claimed the
UK arm of German motorbike clothing retailer Hein Gericke,
forcing it into administration.
The company has seen sales slide in recent years as the economic
climate worsened, administrators Moorfields Corporate Recovery
said, according to The Telegraph.
The report relates that Moorfields said it is looking to sell the
business, which is separate from its German parent company, and
its stores are open as usual until a buyer is found.
"While the ongoing economic pressures have affected sales in
recent years I am confident the business model has a lot of
potential, with a dedicated customer base and staff who are
obviously passionate about working for the company," the report
quoted Simon Thomas, joint administrator at Moorfields, as
saying.
Hein Gericke was a German biker who opened a motorcycle shop in
Germany in the 1970s, which within a few years had developed into
the country's largest motorcycle dealership in Germany. The
company has 49 UK shops, a head office in Harrogate, North
Yorkshire, and is thought to employ around 200 staff.
JJB SPORTS: Shareholders May Opt for Major Restructuring
--------------------------------------------------------
Louisa Peacock at The Telegraph reports that JJB Sports' leading
shareholders could force through a major restructuring of the
retailer after losing patience with management over the company's
poor performance.
According to the Telegraph, analysts said that up to 80 of the
store's 180 shops could be shut down -- affecting thousands of
jobs -- as shareholders look to take a more active role in
turning around a "company in crisis" following a string of profit
warnings.
Invesco, a US fund manager that owns 34% of JJB's equity, is
understood to have proposed to buy the sports retailer's
outstanding debt from Lloyds Banking Group in a move to seize
control, the Telegraph discloses. The idea was discussed at a
board meeting and is one of many options said to be on the table
to revive the struggling retailer, the Telegraph notes.
Another could see Dick's Sporting Goods -- the American retailer
that in April ploughed GBP20 million into JJB in return for a 3%
stake -- bring forward a further emergency investment of around
GBP20 million, originally scheduled for next year, the Telegraph
says.
Investors are fed up with the slow turnaround progress at the
company, which has avoided administration twice and last month
admitted it needed a further cash injection, according to the
Telegraph.
JJB has 4,000 staff and is controlled by five shareholders,
including Harris Associates and Crystal Amber, which hold 76% of
the shares, the Telegraph discloses.
The Telegraph relates that one investor said it was "premature"
to talk about a debt buy-out.
"Investors wouldn't want to take control for any other reason
than a radical restructuring, which could lead to closing
unprofitable stores and laying off staff. You could be looking
at up to 80 stores closing, there are quite a few that aren't
performing," the Telegraph quotes Neil Saunders, retail analyst
at Conlumino, as saying.
JJB Sports plc is a sports retailer supplying branded sports and
leisure clothing, footwear and accessories.
MOUCHEL GROUP: Chairman to Get GBP400,000 Bonus Under Rescue Deal
-----------------------------------------------------------------
Louisa Peacock at The Telegraph reports that David Shearer, the
chairman of crisis-hit Mouchel, stands to pocket a GBP400,000
bonus for his work in restructuring the company, as shareholders
are set to receive just 1p per share.
According to the Telegraph, a document circulated to investors
showed under the debt-for-equity rescue deal, which was announced
last week and practically wipes out shareholder investment in
return for cutting the company's huge debts, Mr. Shearer will be
paid a total of GBP650,000.
The circular revealed on page 35 of 56 pages that should the
capital restructuring not go ahead, and Mouchel changes control
only by the end of 2012, Mr. Shearer will win no less than a
GBP250,000 bonus, instead of the GBP400,000 currently in the
pipeline, the Telegraph notes.
Mr. Shearer, a turnaround specialist who led the successful
restructuring of house builder Crest Nicholson, was appointed
Mouchel's chairman on January 9, the Telegraph recounts.
Mouchel, which manages motorway traffic through roadside screens
that can enforce temporary speed limits, has been badly affected
by public spending cuts because two-thirds of its clients are
local authorities, the Telegraph discloses. It has also been hit
by debt-fuelled takeovers before the financial crisis, the
Telegraph notes.
The company faces default on its loans on August 31 unless
shareholders agree to the rescue deal at a meeting scheduled
later this month, the Telegraph says.
Under the deal, Royal Bank of Scotland, Lloyds Banking Group and
Barclays will take an 80% stake in the company in return for
writing off GBP87 million of debt, according to the Telegraph.
This will leave Mouchel with GBP60 million of debt, the Telegraph
states.
The management team led by Grant Rumbles, chief executive of
Mouchel, will take the remaining 20% of the company, which
employs 8,500 staff, the Telegraph says.
The rescue deal is set to secure the future of Mouchel and the
jobs and pensions of its workforce, although if shareholders
reject the proposals then the company will be placed into
administration, according to the Telegraph.
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.
ROTARY LIMITED: In Administration, 60 Jobs at Risk
--------------------------------------------------
Belfast Telegraph reports that Rotary Limited has been placed
into administration, putting 60 jobs at risk.
Rotary Limited, which was founded in the 1950s by the Jennings
family in Mallusk, has followed its Australian parent company,
Hastie, into financial difficulties, according to Belfast
Telegraph.
Belfast Telegraph notes that the Dublin branch of the company was
placed into receivership last week.
The report says that around 2,700 people were instantly stood
down in Australia after the Australian Stock Exchange-listed
Hastie Group folded in May.
FTI Consulting was appointed as administrator.
Rotary Limited is registered in Northern Ireland and is the
parent company of 12 UK subsidiaries. Rotary has worked on the
new home of the BBC in Manchester's Salford Quays, and includes
supermarkets Morrisons and Waitrose among its clients.
SAMUEL COOKE: Former Owners Seeks to Buy Firm
---------------------------------------------
Burnley Express reports that Stephen Cooke, a Burnley businessman
whose family founded Samuel Cooke & Co., which went into
administration, has launched a consortium bid to try and save it.
The first stage of the bid has been submitted to administrators
KPMG and a decision on whether it has been successful is expected
to be reached in the coming weeks, according to Burnley Express.
Burnley Express notes that Mr. Cooke, who is managing director of
CPL Consultants, a legal advice and consultancy company, in
Burnley, said he wanted to take over the firm for the sake of his
family's legacy, employees and the town.
Burnley Express notes that forty-six workers based in Padiham and
52 at Barrowford lost their jobs when the company went into
administration.
Samuel Cooke & Co. was founded in 1845 and became one of the UK's
largest independently-owned fuel distributors.
* UK: Corporate Insolvencies Up 1.5% in Second Quarter 2012
-----------------------------------------------------------
BBC News reports that the number of firms going into insolvency
in England and Wales continued to rise in the second quarter of
the year.
The Insolvency Service said the number of firms going into
receivership, administration or a company voluntary arrangement
rose by 1.5% from the first quarter, to 1,310, BBC relates.
That means company insolvencies were 6% up on a year ago, BBC
notes.
The number of such corporate insolvencies in the second quarter
of 2012 was inflated by 156 companies in the Southern Cross group
of care homes being declared insolvent in June, BBC discloses.
Of these, 104 appear in the figures for the second quarter,
according to BBC.
Without them, there would have been 1,206 corporate failures, a
drop of 7% from the first quarter and a 2% fall from a year ago,
BBC states.
===============
X X X X X X X X
===============
* Moody's Says Investors More Cautious on European Insurers
-----------------------------------------------------------
Investors continued to have a more negative view of the global
insurance sector relative to Moody's ratings in the second
quarter of 2012, as indicated by Moody's Global Insurance CDS
Index, or MDYGIX, the rating agency says in a new report, "Q2
Insurance CDS Spreads Widen; European Insurers in Focus."
The median CDS-implied ratings gap of companies in the index
narrowed slightly during the quarter, to end it at negative 2.4
notches, compared with negative 2.5 notches at the end of the
first. Trends were mixed across the different insurance sectors,
although no sector showed significant movement.
"CDS spreads widened for both investment and below-investment-
grade firms in the second quarter," says Senior Vice President
Scott Robinson, "as investors' concerns about economic decline in
Europe and even a break-up of the euro area continued to weigh on
the credit markets." The European insurance sector, he notes,
continued to have the most negative CDS-implied ratings gap.
The report examines two Europe-based companies: Assicurazioni
Generali S.p.A (Generali, senior unsecured debt Baa2, negative),
headquartered in Italy and Allianz SE (Allianz, senior unsecured
debt Aa3, negative), based in Germany. Generali's CDS spread
widened from 269 basis points at the end of the first quarter to
427 basis points at the end of the second. This movement was in
line with that of the Italian sovereign due largely to the firm's
exposure to Italian government and bank bonds.
Allianz's CDS spread widened from 104 to 148 basis points between
quarters. Similarly, this change was consistent with that of the
German sovereign, and reflects the company's exposure to the
peripheral euro area, most notably Italy. For both insurers,
investors' concerns about a weakening operating environment also
have played a role.
* Moody's Says EMEA RMBS Performance Stable in First Half 2012
--------------------------------------------------------------
The performance of EMEA residential mortgage-backed securities
(RMBS) markets remained stable across most countries in the first
half of 2012, according to the latest indices published by
Moody's Investors Service.
One of the largest prime RMBS markets, the Netherlands, followed
a stable trend and remained the best performing market in EMEA.
The UK RMBS market remained stable, despite recording a growing
trend in its cumulative losses ratio. The German and French RMBS
markets continued their relatively stable trend, while the South
African RMBS market showed several positive trends. The
performance of Italian and Spanish RMBS markets worsened in terms
of realization of defaults. Irish and Greek RMBS markets
continued to deteriorate year-over-year.
In the 12-month period leading up to April 2012, most EMEA RMBS
markets recorded a decrease in their outstanding pool balance.
The Greek and Spanish RMBS markets recorded the most significant
outstanding pool balance decrease, with a 19.9% and 14.6% drop,
respectively. The Dutch (NHG) RMBS market recorded the most
significant increase in the outstanding pool balance in April
2012, with a 27.3% increase to EUR42.67 billion.
In the 12-month period leading up to April 2012, the 60-90 days
delinquency ratio remained below 1.00% for most EMEA RMBS
markets, with the exception of Greece and Ireland, which remained
the worst performing countries in terms of the 60-90 day
delinquency rate. Greek RMBS market recorded the highest 60-90
day delinquency rate at 2.20% in April 2012. The Irish RMBS
market's increasing 60-90 day delinquency rate slowed down,
remaining stable at 2.01% in April 2012. The Dutch NHG RMBS and
German RMBS markets remained the best performing EMEA markets in
terms of 60-90 day delinquency rates. Both markets recorded the
lowest 60-90 day delinquency rate in April 2012 at 0.16% and
0.17%, respectively. The South African and French RMBS markets
recorded the most significant decrease in 60-90 day delinquency
rates in April 2012. The South African RMBS market's 60-90 day
delinquency rate recorded a decrease to 0.32% in April 2012, from
0.64% in April 2011. However, during this period four
transactions were completely refinanced, which significantly
affected the overall performance of the South African RMBS
market. The 60-90 day delinquency rate of the French RMBS market
decreased to 0.51% in April 2012, from 0.85% in April 2011. This
decrease was significantly influenced by the level of
delinquencies of CIF ASSETS 2001-1, whose loans that benefit from
payment holidays are now reported as having deferred installments
instead of being in arrears.
Moody's outlook for the collateral performance of RMBS
transactions is (i) negative for Greece, Ireland, Italy, Portugal
and Spain and UK non-conforming transactions; and (ii) stable for
prime assets in the UK, the Netherlands, France and Germany (see
"European ABS and RMBS Outlooks: June 2012 Update", June 2012).
The performance of prime assets in UK, Netherlands, France and
Germany has been broadly stable over the past year and Moody's
does not expect that conditions in these countries will lead to a
material rise in defaults and losses. However, conditions have
deteriorated from December 2011 when Moody's published outlooks.
The rating agency now expects 2012-13 economic growth to be
slower and unemployment rates to be higher across most
jurisdictions.
* 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
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SKYEUROPE HLDG SKY AV -89480492.6 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.6 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.6 159076577.5
SKYEUROPE HLDG SKY LI -89480492.6 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.6 159076577.5
SKYEUROPE HLDG S8E GR -89480492.6 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.6 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.96 225769572.9
ANTWERP GATEWAY 496769Z BB -51947070.5 266390692.5
BIO ANALYTICAL R 3723198Z BB -41974594.7 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.1 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.5 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.7 777656536.7
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.2 113270540
JULIE LH BVBA 3739923Z BB -32842124.6 159062205.9
KBC LEASE BELGIU 3723398Z BB -23567202.8 2856170076
KIA MOTORS BELGI 3729658Z BB -40305545.6 136441397.8
LAND VAN HOP NV 3727898Z BB -141334.296 138885001.8
SABENA SA SABA BB -85494497.7 2215341060
SAPPI EUROPE SA 3732894Z BB -119299290 158958659.1
SOCIETE NATIONAL 3726762Z BB -39045394.2 506987115.6
TELENET GRP HLDG T4I GR -346984203 4652950529
TELENET GRP HLDG TNET NQ -346984203 4652950529
TELENET GRP HLDG TNET BQ -346984203 4652950529
TELENET GRP HLDG TLGHF US -346984203 4652950529
TELENET GRP HLDG TNETGBP EO -346984203 4652950529
TELENET GRP HLDG TNETGBX EU -346984203 4652950529
TELENET GRP HLDG TNET S1 -346984203 4652950529
TELENET GRP HLDG TNET MT -346984203 4652950529
TELENET GRP HLDG TNET EO -346984203 4652950529
TELENET GRP HLDG TNETUSD EO -346984203 4652950529
TELENET GRP HLDG TNET IX -346984203 4652950529
TELENET GRP HLDG TNET TQ -346984203 4652950529
TELENET GRP HLDG TNETGBX EO -346984203 4652950529
TELENET GRP HLDG TNET GK -346984203 4652950529
TELENET GRP HLDG TNET PZ -346984203 4652950529
TELENET GRP HLDG TNET EU -346984203 4652950529
TELENET GRP HLDG TNETUSD EU -346984203 4652950529
TELENET GRP HLDG TNET EB -346984203 4652950529
TELENET GRP HLDG TNET LI -346984203 4652950529
TELENET GRP HLDG 3218105Q IX -346984203 4652950529
TELENET GRP HLDG TNET BB -346984203 4652950529
TELENET GRP HLDG TNET QM -346984203 4652950529
TELENET-STRP TNETS BB -346984203 4652950529
TELENET-UNS ADR TLGHY US -346984203 4652950529
CROATIA
-------
BADEL 1862 DD BD62RA CZ -18974967.3 134189914.2
BRODOGRADE INDUS 3MAJRA CZ -5021629.8 841433084.3
MAGMA DD MGMARA CZ -14866765.1 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -83651540.4 109270884.7
OT-OPTIMA TELEKO OPTERA CZ -83651540.4 109270884.7
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -39648682.4 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.4 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.4 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.4 209021322.6
LIBRA HOLIDAYS G LHGCYP EO -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG EU -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG CY -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG EO -39648682.4 209021322.6
LIBRA HOLIDAYS G LHGCYP EU -39648682.4 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.4 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.4 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDH US -89435858.2 192305153
CKD PRAHA HLDG 297687Q GR -89435858.2 192305153
CKD PRAHA HLDG CKDPF US -89435858.2 192305153
CKD PRAHA HLDG CDP EX -89435858.2 192305153
CKD PRAHA HLDG CKDH CP -89435858.2 192305153
SETUZA AS 2994767Q EO -61453764.2 138582273.6
SETUZA AS SZA GR -61453764.2 138582273.6
SETUZA AS SETU IX -61453764.2 138582273.6
SETUZA AS SETUZA PZ -61453764.2 138582273.6
SETUZA AS 2994755Q EU -61453764.2 138582273.6
SETUZA AS 2994759Q EO -61453764.2 138582273.6
SETUZA AS SETUZA CP -61453764.2 138582273.6
SETUZA AS 2994763Q EU -61453764.2 138582273.6
SETUZA AS SZA EX -61453764.2 138582273.6
DENMARK
-------
AB-B NEW ABBN DC -101428499 298588010.2
AKADEMISK BOLDK ABB DC -101428499 298588010.2
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBE EU -5227729.37 192575897.9
CIMBER STERLING CIMBER BY -5227729.37 192575897.9
CIMBER STERLING CIMBER DC -5227729.37 192575897.9
CIMBER STERLING CIMBE EO -5227729.37 192575897.9
ELITE SHIPPING ELSP DC -27715991.7 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.54 110737536.3
GREEN WIND ENERG GW BY -11320362.7 176234029.6
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GREEN WIND ENERG GW DC -11320362.7 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.7 176234029.6
GREEN WIND ENERG GW PZ -11320362.7 176234029.6
GREEN WIND ENERG GW EO -11320362.7 176234029.6
GREEN WIND ENERG G7W1 GR -11320362.7 176234029.6
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HOLDINGSELSKABET BOHC IX -11320362.7 176234029.6
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ISS GLOBAL A/S 241863Z DC -9544026.55 7765217403
JEUDAN III A/S 3986972Z DC -58410839.7 261303346.9
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OBTEC OBTEC DC -14819232 148553764.3
OBTEC OBT DC -14819232 148553764.3
OBTEC-NEW SHARES OBTECN DC -14819232 148553764.3
OBTEC-OLD OBTN DC -14819232 148553764.3
OSTERFALLEDPARKE 3985676Z DC -26063679.2 302533679.4
ROSKILDE BANK ROSK EO -532868841 7876687324
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ROSKILDE BANK ROSBF US -532868841 7876687324
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ROSKILDE BANK ROSK EU -532868841 7876687324
ROSKILDE BANK ROSK DC -532868841 7876687324
ROSKILDE BANK-RT 916603Q DC -532868841 7876687324
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SCANDINAVIAN BRA SBSD PZ -14819232 148553764.3
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SCANDINAVIAN BRA SBS1EUR EO -14819232 148553764.3
SCANDINAVIAN BRA SBS1 BY -14819232 148553764.3
SCANDINAVIAN BRA SBS1 EU -14819232 148553764.3
SCANDINAVIAN BRA SBS1 EO -14819232 148553764.3
SCANDINAVIAN BRA SBS1EUR EU -14819232 148553764.3
SCANDINAVIAN BRA SBSC IX -14819232 148553764.3
SCHAUMANN PROP SCHAUP PZ -101428499 298588010.2
SCHAUMANN PROP SCHAUP EU -101428499 298588010.2
SCHAUMANN PROP SCHAU BY -101428499 298588010.2
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SUZLON WIND ENER 3985532Z DC -50030922.8 151671948.3
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.3 330011633.6
AIR COMMAND SYST 4470055Z FP -24012413.9 236706831.5
AKERYS SERVICES 4685937Z FP -8561729.53 141611798.1
ALCATEL-LUCENT E 3642975Z FP -33252970.3 441703998.1
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BELVEDERE SA BVD FP -254721371 1019397736
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CARRERE GROUP CRGP IX -9829531.94 279906700
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EDENRED EDEN EU -1395452285 5596512266
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EDENRED EDEN BQ -1395452285 5596512266
EDENRED EDEN IX -1395452285 5596512266
EDENRED-NEW EDENV FP -1395452285 5596512266
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FACONNABLE SA 226782Z FP -19616231 136513429.3
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GREECE
------
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T BANK ASPT PZ -46224213.4 3486115450
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T BANK TBANK EU -46224213.4 3486115450
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T BANK ASPT EU -46224213.4 3486115450
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THEMELIODOMI-AUC THEMEE GA -55751173.8 232036822.6
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UNITED TEXTILES UTEX EU -163114842 286539436.9
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HUNGARY
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HUNGARIAN TELEPH HUC EX -73723992 827192000
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ICELAND
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EIMSKIPAFELAG HF AVION IR -223780368 2277882368
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IRELAND
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ITALY
-----
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AS ROMA SPA ASR EB -63822544.7 148818665.4
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MERIDIANA SPA 1163Z IM -4645217.83 187285866.9
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SNIA SPA-NEW SN00 IM -141933895 150445252.4
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SNIA SPA-RIGHTS SNAW IM -141933895 150445252.4
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TISCALI SPA- RTS 3391621Q GR -157400373 432673140.9
VIA CAVOUR SRL 3997892Z IM -2002622.44 173628397.1
JERSEY
------
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
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OXEA SARL 3682535Z LX -78371220.1 1013737294
NETHERLANDS
-----------
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SWEDEN
------
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SWEDISH AUTOMOBI L9I TH -575434603 1479005959
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NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
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MAN LAST OG BUSS 4521719Z NO -5830520.28 123349772.5
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POLAND
------
ANIMEX SA ANX PW -556805.858 108090511.9
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TOORA TOR PZ -288818.39 147004954.2
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PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.4 123491252.1
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CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
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PORTUGALIA 1008Z PL -6844075.93 199376769
RADIO E TELEVISA 1227Z PL -740710265 506160206.4
REFER-REDE FERRO 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.03 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999 625059071.4
SOCIEDADE DE REN 3776676Z PL -16169671 124492842.5
SOCIEDADE DE TRA 1253Z PL -368574770 153373893.3
SPORTING CLUBE D SCDF EU -65884328.1 251276323.4
SPORTING CLUBE D SCG GR -65884328.1 251276323.4
SPORTING CLUBE D SCPX PX -65884328.1 251276323.4
SPORTING CLUBE D SCP1 PZ -65884328.1 251276323.4
SPORTING CLUBE D SCDF EO -65884328.1 251276323.4
SPORTING CLUBE D SCP PL -65884328.1 251276323.4
SPORTING-SOC DES SCPL IX -65884328.1 251276323.4
SPORTING-SOC DES SCDF PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPDS PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPVS PL -65884328.1 251276323.4
TAP SGPS TAP PL -353957017 2789331398
TRANSGAS SA 3794668Z PL -2181404.7 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.2 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.9 178667412.9
OLTCHIM RM VALCE OLTCF US -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLT PZ -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT RO -89344240.8 511515508.8
RAFO SA RAF RO -457922311 356796459.3
RUSSIA
------
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
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NYESA VALORES CO BES SM -208568794 658498551.2
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PANRICO SL 1087Z SM -372238070 1219319614
PLANES E INVERSI 3795524Z SM -72863651.9 220131915.6
PULLMANTUR SA 301590Z SM -74071248.9 168349823.1
RANDSTAD EMPLEO 4285885Z SM -58273106.5 432173483.1
REAL ZARAGOZA SA 4285533Z SM -26642893.2 155342765.2
RENTA CORP REN1GBP EO -55365883.4 289916358.5
RENTA CORP REN1 TQ -55365883.4 289916358.5
RENTA CORP REN1GBX EU -55365883.4 289916358.5
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RENTA CORP RTACF US -55365883.4 289916358.5
RENTA CORP REN SM -55365883.4 289916358.5
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RENTA CORP REN1 EU -55365883.4 289916358.5
RENTA CORP RENS PZ -55365883.4 289916358.5
RENTA CORP REN1USD EU -55365883.4 289916358.5
RENTA CORP REN1GBX EO -55365883.4 289916358.5
RENTA CORP REAL REN/D SM -55365883.4 289916358.5
RESIDENCIAL MARL 4498347Z SM -8851230.87 106007591.2
REYAL URBIS SA REY1 EU -623464702 5520924982
REYAL URBIS SA REYU PZ -623464702 5520924982
REYAL URBIS SA REY SM -623464702 5520924982
REYAL URBIS SA REY1 EO -623464702 5520924982
SA DE SUPERMERCA 4373489Z SM -24370843.9 162576231.9
SOGECABLE MEDIA 3638359Z SM -2904934.27 176131882.6
SPANAIR 1174Z SM -224915086 350111493.1
SUPERMERCADOS CH 3635999Z SM -49108101.2 430829438.2
SUPERMERCADOS CO 4285781Z SM -6271873.08 110251382.6
TELEVISION AUTON 3772924Z SM -114641100 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.5 131213302.5
VIA OPERADOR PET 4510507Z SM -19240934.5 114265353.9
SWITZERLAND
-----------
ATTENDO AB 4452873Z SS -58148252.6 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.128 122777361.3
SWEDISH MA-RE RT SWMASR SS -271007468 2011731785
SWEDISH MAT-ADR 3053566Q US -271007468 2011731785
SWEDISH MAT-ADR SWMA GR -271007468 2011731785
SWEDISH MATCH SWD LI -271007468 2011731785
SWEDISH MATCH AB SWMA NQ -271007468 2011731785
SWEDISH MATCH AB SWMDF US -271007468 2011731785
SWEDISH MATCH AB SWMAEUR EO -271007468 2011731785
SWEDISH MATCH AB SWMA IX -271007468 2011731785
SWEDISH MATCH AB SWMAUSD EO -271007468 2011731785
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SWEDISH MATCH AB SWMA EU -271007468 2011731785
SWEDISH MATCH AB SWM GR -271007468 2011731785
SWEDISH MATCH AB SWMA EO -271007468 2011731785
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SWEDISH MATCH AB SWMAGBX EO -271007468 2011731785
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SWEDISH MATCH AB SWMA GK -271007468 2011731785
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SWEDISH MATCH AB SWM TH -271007468 2011731785
SWEDISH MATCH AB SWMAGBP EO -271007468 2011731785
SWEDISH MATCH AB SWMA TQ -271007468 2011731785
SWEDISH MATCH AB SWMA SS -271007468 2011731785
SWEDISH MATCH AB SWMA NR -271007468 2011731785
SWEDISH MATCH AB SWMAUSD EU -271007468 2011731785
SWEDISH MATCH AB SWMA PZ -271007468 2011731785
SWEDISH MATCH- B SWMWF US -271007468 2011731785
SWEDISH MATCH-B 3033P US -271007468 2011731785
SWEDISH MAT-RTS SWMYR US -271007468 2011731785
SWEDISH M-UN ADR SWMAY US -271007468 2011731785
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.1 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.1 147075077.7
IKTISAT FINAN-RT IKTFNR TI -46900666.6 108228233.6
IKTISAT FINANSAL IKTFN TI -46900666.6 108228233.6
KEREVITAS GIDA KERVT TI -4733324.13 126789352
KEREVITAS GIDA KVTGF US -4733324.13 126789352
MUDURNU TAVUKC-N MDRNUN TI -64935052.1 160420187.4
MUDURNU TAVUKCUL MDRNU TI -64935052.1 160420187.4
SIFAS SIFAS TI -15439194.7 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
ZORLU ENERJI ELE ZORENM TI -34869788.4 1701390881
ZORLU ENERJI ELE ZOREN TI -34869788.4 1701390881
ZORLU ENERJI ELE ZRLUF US -34869788.4 1701390881
ZORLU ENERJI-ADR ZRLUY US -34869788.4 1701390881
ZORLU ENERJI-RTS ZORENR TI -34869788.4 1701390881
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -75129759.8 474776539.2
CHERNIGIVS MAN-M CHIM UZ -8728378.49 105244397.8
CHERNIGIVS M-GDR CKU GR -8728378.49 105244397.8
DONETSKOBLENERGO DOON UZ -213294468 341124537.1
LUGANSKGAS LYGZ UZ -25247035.8 123851487
LUGANSKOBLENERGO LOEN UZ -28469656.8 196711929.2
MARIUP-GDR REG S MZVM IX -11661586.3 260791838.5
MARIUP-GDR REG S M9X GR -11661586.3 260791838.5
MARIUPOL HEAVY M MZVM UZ -11661586.3 260791838.5
NAFTOKHIMIK PRIC NAFP UZ -13086749.7 365512618.1
NAFTOKHIMIK-GDR N3ZA GR -13086749.7 365512618.1
ODESSA OIL REFIN ONPZ UZ -178447037 314744675.5
RIVNEAZOT RAZT UZ -27233614.6 417932243
ZALK - PFTS ZALK UZ -78409529.9 130383564.8
UNITED KINGDOM
--------------
3I PLC 2346795Z LN -40072013.1 518266360.4
600 UK LTD 1282018Z LN -731250.536 123671540.8
ABBOTT MEAD VICK 648824Q LN -1685854.55 168258996.3
ABF GRAIN PRODUC 1276922Z LN -80622502.2 405377719.8
ACE INA SERVICES 1442282Z LN -32838796.7 148703014.2
ACIS GROUP LTD 4159557Z LN -29529317.2 122639068.7
ACORN CARE AND E 1238567Z LN -70886168.8 120665053.6
ADVANCE DISPLAY ADTP PZ -2983757364 2562677211
AEA TECHNOLO-FPR AATF PZ -178235285 194979073.8
AEA TECHNOLO-FPR AATF LN -178235285 194979073.8
AEA TECHNOLOGY AAT IX -178235285 194979073.8
AEA TECHNOLOGY AAT VX -178235285 194979073.8
AEA TECHNOLOGY EAETF US -178235285 194979073.8
AEA TECHNOLOGY AAT PO -178235285 194979073.8
AEA TECHNOLOGY G AAT EU -178235285 194979073.8
AEA TECHNOLOGY G 89A GR -178235285 194979073.8
AEA TECHNOLOGY G AAT EO -178235285 194979073.8
AEA TECHNOLOGY G AEATF US -178235285 194979073.8
AEA TECHNOLOGY G AAT PZ -178235285 194979073.8
AEA TECHNOLOGY G AATGBP EO -178235285 194979073.8
AEA TECHNOLOGY G AAT LN -178235285 194979073.8
AEA TECHNOLO-NPR AATN LN -178235285 194979073.8
AEA TECHNOLO-NPR AATN PZ -178235285 194979073.8
AFFINITI INTEGRA 1651064Z LN -743208855 241654750
AGORA SHOPPING C 214766Z LN -44716668.3 244995279.1
AIRBUS OPERATION 4435153Z LN -311815000 3454910195
AIRTOURS PLC ATORF US -379721781 1817512774
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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 * * *