/raid1/www/Hosts/bankrupt/TCREUR_Public/120904.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, September 4, 2012, Vol. 13, No. 176
Headlines
B U L G A R I A
* CITY OF PLOVDIV: S&P Affirms 'BB+' LT Issuer Credit Rating
D E N M A R K
VESTAS WIND: In Talks with Mitsubishi on Strategic Tie-Up
F R A N C E
CREDIT AGRICOLE: Moody's Assigns Rating to Covered Bonds
I R E L A N D
EMERALD MORTGAGES: Bank Replacement Won't Affect Fitch's Ratings
I T A L Y
BANCA MONTE: Junior Bondholders May Lose About EUR5 Billion
VENETO BANCA: Fitch Withdraws 'BB+' LT Issuer Default Rating
N E T H E R L A N D S
FAB CBO: Moody's Downgrades Rating on Class A1 Notes to 'Ba1'
GRESHAM CAPITAL II: S&P Raises Rating on Class E Notes to 'B+'
NEW WORLD: S&P Affirms 'BB-' Corp. Credit Rating; Outlook Neg.
RHODIUM 1: Moody's Confirms 'Ba1' Rating on EUR18.6MM C Bond
P O L A N D
PNI: Warsaw Court Appoints Temporary Supervisor
R U S S I A
EUROCHEM MINERAL: Fitch Affirms 'BB' LT Issuer Default Ratings
RAIFFEISENBANK ZAO: S&P Says Ratings Reflect 'bb' Anchor
S L O V E N I A
* SLOVENIA: May Have to Fix Banks Before Bailout Request
S P A I N
CAJA VITAL 1: Fitch Affirms 'Bsf' Rating on Class D Notes
GLOBAL HIPOTECARIO BBK II: Fitch Affirms BB Rating on Cl. B Notes
VALENCIA HIPOTECARIO: Fitch Affirms Rating on 13 Tranche Classes
* REGION OF CATALONIA: S&P Cuts Issuer Credit Ratings to 'BB/B'
* SPAIN: Delays Second Bailout Request as Regions Seek Aid
U N I T E D K I N G D O M
GENERAL MOTORS: Vauxhall to Cease Production at UK Factories
HIBU PLC: In Debt Restructuring Talks with Lenders
PENTAGON CAPITAL: Put into Administration; To Appeal SEC Fine
SAAB AUTOMOBILE: NEVS Completes Acquisition of Most Assets
SHARP CO: S&P Cuts Long-Term Corporate Credit Rating to 'BB+'
U Z B E K I S T A N
TURON BANK: S&P Assigns 'B-/C' Counterparty Credit Ratings
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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B U L G A R I A
===============
* CITY OF PLOVDIV: S&P Affirms 'BB+' LT Issuer Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Bulgarian City of Plovdiv to positive from stable. "At the same
time, we affirmed the 'BB+' long-term issuer credit rating on the
city," S&P said.
"The rating on Bulgaria's second-largest city, Plovdiv, is
constrained by the city's limited financial predictability,
relatively low economic wealth, and the anticipated
implementation of its investment program, which we consider could
lead to a large and volatile budget deficit. Nevertheless,
Plovdiv benefits from a favorable debt profile, the increased
responsibility of managing its own revenues, and a good liquidity
position," S&P said.
"Uncertainty over future Bulgarian intergovernmental reforms, a
broad revision of the city's long-term financial plans after a
post-election reorganization of the city's administration, and in
our view significant infrastructure needs make the city's
financial policy less predictable in the medium term. We
therefore consider that the city's budgetary performance could be
more volatile," S&P said.
"We consider that Plovdiv's modest economic recovery and low
levels of wealth could constrain revenue growth. We estimate the
city's GDP per capita at about a moderate $7,000 in 2011. In our
base-case scenario, we expect the city's economy to recover
slowly after stagnating in 2008-2010. We forecast Plovdiv's GDP
to expand by 2.0% on average over 2012-2015, which is in line
with our forecast for Bulgaria's economic growth," S&P said.
"In line with our base-case scenario, we expect the city's
operating performance to weaken in 2013-2015, although it should
remain sound after a significant improvement in 2011-2012 owing
to cuts in maintenance costs and a higher collection rate of
municipal taxes and charges. Going forward, we expect a rebound
in operating expenditure to make up for reductions in previous
years. Therefore, we expect the city's adjusted operating surplus
(net of state-delegated tasks and revenues) as a percentage of
adjusted operating revenues to gradually weaken to 7.6% in 2015
compared with a projected 12.2% in 2011-2012 on average," S&P
said.
"We consider that the city is benefitting from increased
responsibility with regard to the management of its taxes and
charges. For example, while the central government controls the
tax base and sets the floor and ceiling tax rates, the city can
raise up to 50% of operating revenues if the tax rates are set at
the maximum level and collectability rates remain unchanged," S&P
said.
"The city is striving for increased investment in local
infrastructure and has a strong focus on transport and water
projects, as well as sport facilities. Its adjusted deficit after
capital accounts, as a percentage of adjusted total revenues, is
therefore likely to increase to about 16% on average after a
surplus of about 6% in 2011-2012. We consider that this indicator
could be more volatile and prone to downward pressure unless the
city has a medium-term capital investment plan in place.
Nevertheless, our base-case scenario assumes that the city will
continue to receive regular payments from the central government
for the disposal and processing of the capital city's waste. We
believe it will also continue to benefit from EU funds. These
measures should reduce the city's rate of debt accumulation," S&P
said.
"As a result of the city's widening deficit, we expect its tax-
supported debt as a percentage of adjusted operating revenues
could increase to 90% by year-end 2015 from the 42% projected by
the end of 2012. Due to its reliance on long-term borrowings,
however, Plovdiv's debt service will remain below a modest 8% of
adjusted operating revenues over 2013-2015. The city has very
little involvement in the local economy, therefore its contingent
liabilities remain limited," S&P said.
"The positive outlook reflects our expectation that Plovdiv will
be able to address its infrastructure needs with only a gradual
debt accumulation and while maintaining its liquidity position.
This is due to capital transfers from the central government and
EU funds, the city's relatively high budgetary flexibility, and
the gradual implementation of its investment program," S&P said.
"We could raise the rating in the next 12 months if we observe
that the city's management implements its medium-term financial
plan, thereby addressing the city's infrastructure needs. In line
with our upside scenario, the city's deficit after capital
accounts would broadly stabilize at about 10% of adjusted total
revenues on average over the next two-to-three years and result
in a gradual accumulation of debt and a structurally stronger
liquidity position. In our upside scenario, we expect the city's
tax-supported debt to remain below 100% of adjusted operating
revenues for the next five years," S&P said.
"We could revise the outlook to stable within next 12 months, if,
as in our base-case scenario, Plovdiv's budgetary performance and
liquidity position remain unpredictable and volatile," S&P said.
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D E N M A R K
=============
VESTAS WIND: In Talks with Mitsubishi on Strategic Tie-Up
---------------------------------------------------------
Flemming Emil Hansen at Dow Jones Newswires reports that Vestas
Wind Systems said Tuesday that it is in talks with Japanese
industrial conglomerate Mitsubishi Heavy Industries Ltd. about a
strategic tie-up that could secure the long-term future of the
financially troubled company.
Vestas has been struggling with steep losses and a tight
financial situation, prompting speculation in the market of a
company sale or a dilutive issuance of new shares, Dow Jones
relates.
"No matter what the deal contains, it will surely include an
injection of capital to Vestas," Dow Jones quotes Alm. Brand
Markets analyst Michael Friis Joergensen as saying.
Vestas fell deep in the red in 2011, when massive overcapacity,
excessive costs and budget overruns in the development of a new
turbine forced it to issue two profit warnings, helping send the
share price lower, Dow Jones recounts.
The losses have continued into 2012, with Vestas posting a net
loss of EUR170 million (US$212.5 million) for the traditionally
capital-intensive first half of the year, Dow Jones discloses.
More immediately troubling to the company, however, were the
negative cashflow of EUR633 million and a 7% rise in debt, to
EUR1.15 billion, in the first half, Dow Jones notes.
Vestas has taken steps to reduce capacity and this year lay off
3,700 workers, or about 17% of its workforce, Dow Jones says.
Still, it was forced to make a deal recently with its banks to
postpone a semiannual testing of debt covenants and to allow it
to continue drawing on its credit lines, Dow Jones relates.
Vestas declined to reveal the nature of the partnership being
discussed, but a recent interview given to the Danish daily by
the company's chairman indicated several potential scenarios, Dow
Jones notes. According to Dow Jones, Chairman Bert Nordberg told
the newspaper that the company continues to seek a partnership to
help finance the development of a new seven megawatt offshore
wind turbine, a project that is crucial if Vestas wishes to
defend its status as world market leader going forward.
Vestas Wind Systems A/S is a Danish manufacturer, seller,
installer, and servicer of wind turbines.
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F R A N C E
===========
CREDIT AGRICOLE: Moody's Assigns Rating to Covered Bonds
--------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Aaa
rating to the covered bonds issued by Credit Agricole Public
Sector SCF (the issuer), which are governed by the French SCF law
(Societe de Credit Foncier Law).
Ratings Rationale
Covered bonds benefit from (i) the issuer's promise to pay
interest and principal on the bonds; and (ii) if the issuer
defaults, the economic benefit of a collateral pool (the cover
pool). The ratings therefore take into account the following
factors:
(1) The credit strength of Credit Agricole S.A. (A2 deposits;
D/ba2, Prime-1, negative).
(2) The value of the cover pool in the event of issuer default.
The stressed level of losses modelled in event of issuer
default (cover pool losses) for this transaction is 11.6%.
The analysis of the value of the cover pool considered:
(2.1) The credit quality of the assets backing the covered
bonds. The public-sector covered bonds are backed by public-
sector exposures: each loan initially included in the cover
pool will benefit from a loan guarantee or insurance policy
provided by an export credit agency, supported by France,
Germany, or the UK. Because the governments backing the
export credit agencies are currently rated Aaa, the
collateral score for the initial cover pool is 0%.
(2.2)The legal framework governing the covered bonds, the
French SCF law.
(2.3) The exposure to interest-rate and currency risks.
(2.4) The over-collateralization (OC) in the cover pool is
61.9 %, of which 5.3% is provided on a "committed" basis. The
minimum OC level that is consistent with the Aaa rating
target is 9%. These numbers show that Moody's is relying on
"uncommitted" OC in its expected loss analysis.
The TPI assigned to this transaction is "Probable-High" and
Moody's TPI framework does not constrain the rating. At present,
the total value of the assets included in the cover pool is
approximately EUR1.6 billion, comprising 77 loans fully
guaranteed by three export credit agencies.
The provisional rating assigned by Moody's addresses the expected
loss posed to investors. Moody's ratings address only the credit
risks associated with the transaction. Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.
Moody's issues provisional ratings in advance of the final sale
of securities and these ratings only represent Moody's
preliminary opinion. Upon a conclusive review of the transaction
and associated documentation Moody's will endeavor to assign a
definitive rating to the covered bonds.
Key Rating Assumptions/Factors
Covered bond ratings are determined after applying a two-step
process: an expected loss analysis and a TPI framework analysis.
EXPECTED LOSS: Moody's determines a rating based on the expected
loss on the bond. The primary model used is Moody's Covered Bond
Model (COBOL), which determines expected loss as (i) a function
of the issuer's probability of default (measured by the issuer's
rating); and (ii) the stressed losses on the cover pool assets
following issuer default.
The cover pool losses for this program are 11.6%. This is an
estimate of the losses Moody's currently models if Credit
Agricole S.A. defaults. Cover pool losses can be split between
market risk of 11.6% and collateral risk of 0%. Market risk
measures losses as a result of refinancing risk and risks related
to interest-rate and currency mismatches (these losses may also
include certain legal risks). Collateral risk measures losses
resulting directly from the credit quality of the assets in the
cover pool. Collateral risk is derived from the collateral score,
which for this program is currently 0%, reflecting that the
dominant credit risk in the cover pool is that of the Export
Credit Agencies, which is ultimately a credit risk on their
relevant government.
The over-collateralization in the cover pool is 61.9 %, of which
5.3% is provided on a "committed" basis. The minimum over-
collateralization level that is consistent with the Aaa rating
target is 9%. Therefore, Moody's is relying on "uncommitted"
over- collateralization in its expected loss analysis.
The cover pool losses are an estimate of the losses Moody's
currently models if the relevant issuer defaults. Cover pool
losses can be split between market risk and collateral risk.
Market risk measures losses as a result of refinancing risk and
risks related to interest-rate and currency mismatches (these
losses may also include certain legal risks). Collateral risk
measures losses resulting directly from the credit quality of the
assets in the cover pool. Collateral risk is derived from the
collateral score.
TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which indicates the likelihood that timely payment will be
made to covered bondholders following issuer default. The effect
of the TPI framework is to limit the covered bond rating to a
certain number of notches above the issuer's rating.
For Credit Agricole Public Sector SCF covered bonds, Moody's has
assigned a TPI of Probable-High.
Sensitivity Analysis
The robustness of a covered bond rating largely depends on the
issuer's credit strength.
The TPI Leeway measures the number of notches by which the
issuer's rating may be downgraded before the covered bonds are
downgraded under the TPI framework.
Based on the current TPI of Probable-High, the TPI Leeway for
this program is one notch, meaning the covered bonds might be
downgraded as a result of a TPI cap once the issuer rating is
downgraded below A3, all other variables being equal.
A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (i) a sovereign downgrade
negatively affecting both the issuer's senior unsecured rating
and the TPI; (ii) a multiple-notch downgrade of the issuer; or
(iii) a material reduction of the value of the cover pool.
As the euro area crisis continues, the ratings of covered bonds
remain exposed to the uncertainties of credit conditions in the
general economy. The deteriorating creditworthiness of euro area
sovereigns as well as the weakening credit profile of the global
banking sector could negatively impact the ratings of covered
bonds. Moody's is also continuing to consider the impact of the
deterioration of sovereigns' financial condition and the
resultant asset portfolio deterioration in covered bond
transactions.
Rating Methodology
The principal methodology used in this rating was "Moody's
Approach to Rating Covered Bonds" published in July 2012.
=============
I R E L A N D
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EMERALD MORTGAGES: Bank Replacement Won't Affect Fitch's Ratings
----------------------------------------------------------------
Fitch Ratings says that there will be no rating impact on Emerald
Mortgages No.4 Plc following notification that the issuer has
replaced Ulster Bank ('A-'/Stable/'F1') with BNP Paribas Dublin
('A+'/Stable/'F1') in its counterparty roles as EBS Designated
Account and Issuer Account bank.
The replacement is a remedial action as set out under the
transaction documents following the downgrade of Ulster Bank to
'A-'/'F1' from 'A+'/'F1+' on October 13, 2011.
According to Fitch's Counterparty Criteria for Structured Finance
Transactions, a counterparty with a rating in line with the
highest-rated note is considered eligible to support the ratings
of notes at 'BB+sf' or lower. Given that the highest-rated
tranche in Emerald 4 is currently at 'BBsf', BNP Paribas Dublin's
rating meets Fitch's criteria.
In addition, the replacement will result in a decline in interest
earned on the accounts to 1-month Euribor minus a margin of 25bps
from 1-month Euribor plus a margin of 5bps. Fitch does not
believe that the decrease in interest rate is of sufficient
magnitude to warrant rating actions.
For these reasons, it is Fitch's view that the ratings of Emerald
4 are unaffected by the replacement.
=========
I T A L Y
=========
BANCA MONTE: Junior Bondholders May Lose About EUR5 Billion
-----------------------------------------------------------
Hannah Benjamin at Bloomberg News reports that investors in about
EUR5 billion (US$6.3 billion) of Banca Monte dei Paschi di Siena
SpA's junior debt face a more than even-money chance of suffering
losses as bad loans pile up at the world's oldest bank.
The cost of insuring EUR10 million of the lender's subordinated
debt is EUR2.75 million in advance and EUR500,000 a year,
signaling an almost 60% probability of default, Bloomberg says,
citing data provider CMA.
According to Bloomberg, Alberto Gallo, head of European credit
research at Royal Bank of Scotland Group Plc in London, said that
subordinated debt investors and shareholders should take losses
to recapitalize the bank.
"Some form of burden-sharing should be implemented, rather than
using public funds first to recapitalize the bank," Bloomberg
quotes Mr. Gallo as saying. "In the worst-case scenario, a
resolution regime could be implemented in which sub-debt and
equity holders take losses."
Monte Paschi, which posted a EUR1.67 billion quarterly loss last
week, already asked the government for aid as provisions against
bad debts surged 40% to EUR409 million, Bloomberg relates.
The bank is borrowing EUR3.4 billion by selling bonds to the
state after failing to find private investors to close a EUR3.3
billion capital shortfall identified by the European Banking
Authority, Bloomberg discloses.
Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector. It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts. In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services. The Company comprises more than 3,000
branches, and a structure of channels of distribution. Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa. It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.
VENETO BANCA: Fitch Withdraws 'BB+' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Veneto Banca's ratings.
The withdrawal follows the bank's decision to stop participating
in the rating process, which means that Fitch will no longer have
sufficient information to maintain the ratings. Prior to
withdrawal, Veneto Banca's ratings were affirmed.
Rating actions:
-- Long-term Issuer Default Rating (IDR): affirmed at 'BB+'
with a Negative Outlook and withdrawn
-- Short-term IDR: affirmed at 'B' and withdrawn
-- Viability Rating: affirmed at 'bb+' and withdrawn
-- Support Rating: affirmed at '3' and withdrawn
-- Support Rating Floor: affirmed at 'BB' and withdrawn
-- Senior unsecured notes and EMTN program: affirmed at 'BB+'
and withdrawn; Short-term affirmed at 'B' and withdrawn
-- Subordinated Perpetual Tier 1 Notes: affirmed at 'B' and
Withdrawn
=====================
N E T H E R L A N D S
=====================
FAB CBO: Moody's Downgrades Rating on Class A1 Notes to 'Ba1'
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the
following notes issued by FAB CBO 2005-1 B.V.:
EUR237 million Class A1 Floating Rate Notes, Downgraded to
Ba1 (sf); previously on May 9, 2012 Baa2 (sf) Placed Under
Review for Possible Downgrade
FAB CBO 2005-1 B.V. is a managed cash-flow collateralized debt
obligation backed by a portfolio of Euro dominated Structured
Finance securities. At present, the portfolio is composed mainly
of CDO of RMBS (40%), Prime RMBS (23%), CMBS (15%), and other
CDOs (17%).The portfolio was dynamically managed by by Gulf
International Bank (UK) Limited and the transaction has passed
its reinvestment period in May 2009.
Ratings Rationale
According to Moody's, the rating downgrade is the result of
Moody's updated analysis of 1) the transaction performance; and
2) the use of recent Credit Estimates ("CEs") and other
assumptions for collateral assets that have not been rated by
Moody's previously.
Moody's notes a deterioration in the credit quality of the
underlying portfolio, as measured by the weighted average rating
factor ("WARF"). According to the latest trustee report dated 30
July 2012, the reported WARF has increased to 1938 from 1337 in
December 2009, the previous rating action date. The current Class
A/B overcollateralization ratio is reported at 83.75% versus a
December 2009 level of 91.98%.
In addition, as explained in press release dated 9th May 2012
press, where information is adequate, Moody's has begun producing
and using CEs in its rating analysis in lieu of credit
assessments previously inferred from ratings assigned by other
rating agencies for such collateral assets ("unrated assets").
These CEs are produced and used as described in the Rating
Implementation Guidance, "Updated Approach to the Usage of Credit
Estimates in Rated Transactions." EUR 20.7M or 10.24% of the
collateral pool was subject to such assessment and the results of
the credit assessment had a negative impact on the expected loss
of the Class A1 Note. In updating its analysis of the issuer's
portfolio, Moody's produced CEs for all the unrated assets,
except for one structured finance security constituting about 4%
of the collateral pool.
Moody's also ran sensitivity analysis regarding this structured
finance asset at various rating levels, including Caa2. The model
output was consistent with the rating action.
The principal methodology used in this rating was "Moody's
Approach to Rating SF CDOs" published in May 2012.
Moody's applied the Monte Carlo simulation framework within
CDOROMv2.8 to model the loss distribution for SF CDOs. Within
this framework, defaults are generated so that they occur with
the frequency indicated by the adjusted default probability pool
(the default probability associated with the current rating
multiplied by the Resecuritization Stress) for each credit in the
reference. Specifically, correlated defaults are simulated using
a normal (or "Gaussian") copula model that applies the asset
correlation framework. Recovery rates for defaulted credits are
generated by applying within the simulation the distributional
assumptions, including correlation between recovery values.
Together, the simulated defaults and recoveries across each of
the Monte Carlo scenarios define the loss distribution for the
reference pool.
Once the loss distribution for the collateral has been
calculated, each collateral loss scenario derived through the
CDOROM loss distribution is associated with the interest and
principal received by the rated liability classes via the Moody's
EMEA Cash-Flow model. The description of the cash flow model used
for this transaction can be found in the methodology listed
above.
This model was used to represent the cash flows and determine the
loss for each tranche. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and note holders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario; and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's analysis
encompasses the assessment of stressed scenarios.
In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.
Moody's notes that in arriving at its ratings of SF CDOs, there
exist a number of sources of uncertainty, operating both on a
macro level and on a transaction-specific level. Primary sources
of assumption uncertainty are the extent of the slowdown in
growth in the current macroeconomic environment and the
commercial and residential real estate property markets. While
commercial real estate property markets are gaining momentum, a
consistent upward trend will not be evident until the volume of
transactions increases, distressed properties are cleared from
the pipeline and job creation rebounds. Among the uncertainties
in the residential real estate property market are those
surrounding future housing prices, pace of residential mortgage
foreclosures, loan modification and refinancing, unemployment
rate and interest rates.
As the Euro area crisis continues, the rating of the structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could negatively
impact the ratings of the notes. Furthermore, as discussed in
Moody's special report "Rating Euro Area Governments Through
Extraordinary Times -- An Updated Summary," published in October
2011, Moody's is considering reintroducing individual country
ceilings for some or all euro area members, which could affect
further the maximum structured finance rating achievable in those
countries.
GRESHAM CAPITAL II: S&P Raises Rating on Class E Notes to 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Gresham Capital CLO II B.V.'s VFN (variable funding notes) and
class A, B, C, D, and E notes.
"Since our last review in May 2011, we have noticed a general
improvement in the transaction's performance metrics. In
particular, we note that the weighted-average spread has
increased to 3.35% from 2.99% and the weighted-average life of
the underlying assets has shortened to 3.8 years from 4.4 years,"
S&P said.
"Our analysis also shows that the amount of assets rated in the
'CCC' category ('CCC+', 'CCC', and 'CCC-') has slightly decreased
to EUR19.8 million from EUR22.5 million since our last review,
although it has increased in percentage terms due to the
amortization of the portfolio. On the other hand, assets which we
treat as defaulted assets in our analysis (rated 'CC', 'C', 'SD'
[selective default], or 'D') have slightly increased to 0.73%
from 0.00%," S&P said.
"At the time of our last two reviews (May 2011 and May 2010), we
noted that the class E par value test was failing. Accordingly,
as required by the transaction documents in order to achieve par
value test compliance, the issuer used available interest and
principal proceeds to repay the VFN and the class A notes on a
pari passu basis. We also note that, in line with the transaction
documents, if the ratings on the notes drop below their initial
level, the issuer is required to repay the rated notes using
available proceeds according to the priority of payments until
the ratings are reinstated. The class E par value test continues
to fail, albeit to a lesser extent than before, and the deferred
interest that was previously due to this class has now been fully
repaid," S&P said.
"Since our last review, the VFN and class A notes have amortized
by a further 36% and 41%, respectively, which has led to an
improvement in all par value test results. The VFN were initially
drawn in British pounds sterling as well as euro and were used by
the manager to acquire assets in these currencies; however, the
drawing in euro is now fully repaid and the sterling drawing
amounts to GBP24.1 million. According to the latest available
trustee report (August 2012), approximately 73% of the assets are
euro-denominated, while 27% are sterling-denominated, leaving a
positive GBP8 million mismatch of sterling-denominated assets
over sterling-denominated liabilities," S&P said.
"To mitigate the risk of foreign-exchange-related losses, the
issuer has entered into currency options agreements with Barclays
Bank PLC (A+/Negative/A-1) as counterparty. Under our 2012
counterparty criteria, our analysis of the derivative
counterparty and its associated documentation indicates that,
absent other mitigants, it cannot support ratings on the notes
that are higher than 'AA- (sf)'. To assess the potential impact
on our ratings, we have assumed that the transaction does not
benefit from the currency options agreements. We concluded that,
in this scenario, the class VFN and A notes would be able to
achieve a 'AA+ (sf)' rating instead of a 'AAA (sf)' rating in a
standard scenario without stress, whereas the class B notes could
still achieve a 'AA (sf)' rating," S&P said.
"In our opinion, the ratings on the class C, D, and E notes are
not currently constrained under our 2012 counterparty criteria,"
S&P said.
"Overall, in our view, the developments have led to an increase
in the credit enhancement available to all classes of notes.
Based on our credit and cash flow analysis, and after applying
our 2012 counterparty criteria, we consider that the level of
credit enhancement available to these classes is now consistent
with higher ratings than previously assigned. We have therefore
raised our ratings on these notes," S&P said.
"Gresham Capital CLO II is a cash flow collateralized loan
obligation (CLO) transaction that securitizes primarily loans to
speculative-grade corporate borrowers. The transaction closed in
October 2006 and is managed by Investec Bank UK Ltd.," 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
Gresham Capital CLO II B.V.
EUR305 Million Secured and Deferrable Floating-Rate Notes And
(Equivalent) Variable Funding Notes
Class Rating
To From
Ratings Raised
VFN AA+ (sf) AA (sf)[1]
A AA+ (sf) AA (sf)[1]
B AA (sf) A+ (sf)[2]
C A (sf) BBB- (sf)[2]
D BB+ (sf) BB- (sf)[2]
E B+ (sf) CCC- (sf)[2]
[1]The ratings on the VFN and class A notes address the timely
payment of interest and ultimate repayment of principal. The VFN
and class A notes rank pari passu among themselves.
[2]The ratings on the class B, C, D, and E notes address the
ultimate payment of interest and ultimate repayment of principal.
NEW WORLD: S&P Affirms 'BB-' Corp. Credit Rating; Outlook Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on the
Netherlands-headquartered coal miner New World Resources N.V.
(NWR), to negative from stable. "At the same time, we affirmed
our 'BB-' long-term corporate credit rating on NWR. In addition,
we affirmed our 'BB-' issue rating on NWR's senior secured notes
and our 'B' issue rating on NWR's senior unsecured notes," S&P
said.
"The outlook revision follows a recent drop in the price of hard
coking coal to less than US$170 per ton, reflecting market
concerns of another global recession. These concerns led us to
revise downward our forecasts for GDP in Europe and China," S&P
said.
"The outlook revision reflects our view that a prolonged period
of weak prices for coking coal (which includes hard and semi-soft
coking coal) would put pressure on NWR's profitability. This is
because coking coal is the driver of NWR's profitability, whereas
the average price for thermal coal products is lower than NWR's
cash costs. In addition, the amount of coking coal as a
proportion of NWR's total mining output has fallen recently, as
the company has encountered seams with higher thermal coal
content," S&P said.
"Management aims to raise the proportion of coking coal in the
sales mix to 60% from 48% in 2012, but this is only achievable
over the medium term. The currently weak prices for coking coal
also mean that management may opt to curb spending to avoid
negative free operating cash flow in the coming quarters. Such
spending is necessary for NWR to access additional, and over time
better-quality, coal seams," S&P said.
S&P said under its base-case credit scenario, it projects that
NWR will generate EBITDA of EUR285 million in 2012, down from
EUR454 million in 2011. This takes into account these
assumptions:
-- A hard coking coal reference price of about US$200 per ton
for the rest of 2012, compared with US$220 per ton in the
first half of 2012. The current price is about US$165 per
ton.
-- Relatively stable production output of 11 million tons of
coking coal and thermal coal in 2012, of which 48% is
profitable coking coal, in line with NWR's guidelines.
"Under our assumption of $190 per ton for hard coking coal in
2013, we estimate that NWR's EBITDA could fall to less than
EUR200 million. Excluding potential acquisitions and netting all
cash apart from EUR40 million that we consider as tied to
operations, we calculate that funds from operations (FFO) to debt
will drop to less than 20% in 2013, alongside net debt to EBITDA
of more than 3.5x, which we consider to be the minimum thresholds
for the 'BB-' rating," S&P said.
"There is a possibility of us downgrading NWR by one notch in the
coming 12 months if recent low coking coal prices persist for an
extended period, leading NWR's profitability to deteriorate
materially over the coming quarters," S&P said.
"We could also downgrade NWR if it used a major share of its cash
balance for acquisitions in the current industry environment. We
estimate that such a strategy would cause NWR's FFO to debt to
deteriorate to less than 20%," S&P said.
"We could revise the outlook to stable if the European steel
industry and coking coal prices improve. We could also revise the
outlook to stable if we see that NWR is likely to improve its
profitability and credit metrics, even if it uses some of its
cash for acquisitions," S&P said.
RHODIUM 1: Moody's Confirms 'Ba1' Rating on EUR18.6MM C Bond
------------------------------------------------------------
Moody's Investors Service has taken actions on the rating of two
notes issued by Rhodium 1 CDO B.V.:
Issuer: Rhodium 1 B.V.
EUR235.5 million A Bond, Upgraded to Aaa (sf); previously on
Mar 11, 2009 Confirmed at Aa2 (sf)
EUR18.6 million C Bond, Confirmed at Ba1 (sf); previously on
May 9, 2012 Ba1 (sf) Placed Under Review for Possible
Downgrade
This transaction is a static cash CDO of European Structured
Finance ("SF") assets, including exposure to 61% RMBS, 22% ABS,
9% CLO and 3% SME transactions.
Ratings Rationale
The rating confirmation of class C follows the updated analysis
of the use of recent Credit Estimates ("CEs") for collateral
assets that have not previously been publicly rated by Moody's.
The upgrade of Class A results from the substantial amortization
of the notes to 3.1% of their initial notional amount, and its
current balance represents about 10% of the total assets in the
current portfolio.
As explained in a press release dated May 9, 2012, where
information is adequate, Moody's has begun producing and using
CEs in its rating analysis in lieu of credit assessments
previously inferred from ratings assigned by other rating
agencies for such collateral assets ("unrated assets"). These CEs
are produced and used as described in the Rating Implementation
Guidance, "Updated Approach to the Usage of Credit Estimates in
Rated Transactions." EUR5.8 M or 8.2% of the collateral pool was
subject to such assessment and the results of the credit
assessment had no impact on the expected loss of the Class C
Notes. In updating its analysis of the issuer's portfolio,
Moody's produced CEs for all the unrated assets.
The principal methodology used in this rating was "Moody's
Approach to Rating SF CDOs" published in May 2012.
Moody's applied the Monte Carlo simulation framework within
CDOROMv2.8 to model the loss distribution for SF CDOs. Within
this framework, defaults are generated so that they occur with
the frequency indicated by the adjusted default probability pool
(the default probability associated with the current rating
multiplied by the Resecuritization Stress) for each credit in the
reference. Specifically, correlated defaults are simulated using
a normal (or "Gaussian") copula model that applies the asset
correlation framework. Recovery rates for defaulted credits are
generated by applying within the simulation the distributional
assumptions, including correlation between recovery values.
Together, the simulated defaults and recoveries across each of
the Monte Carlo scenarios define the loss distribution for the
reference pool. Once the loss distribution for the collateral has
been calculated, each collateral loss scenario derived through
the CDOROM loss distribution is associated with the interest and
principal received by the rated liability classes via the Moody's
EMEA Cash-Flow model. The description of the cash flow model used
for this transaction can be found in the methodology listed
above.
This model was used to represent the cash flows and determine the
loss for each tranche. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and note holders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario; and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's analysis
encompasses the assessment of stressed scenarios.
In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.
In the process of determining the final rating, Moody's took into
account the results of a number of sensitivity analyses. Moody's
considered a model run assuming a two notch downgrade for all the
assets domiciled in Portugal, Spain and Italy. This sensitivity
run generated model outputs that are consistent with the rating
actions.
Moody's notes that in arriving at its ratings of SF CDOs, there
exist a number of sources of uncertainty, operating both on a
macro level and on a transaction-specific level. Primary sources
of assumption uncertainty are the extent of the slowdown in
growth in the current macroeconomic environment and the
commercial and residential real estate property markets. While
commercial real estate property markets are gaining momentum, a
consistent upward trend will not be evident until the volume of
transactions increases, distressed properties are cleared from
the pipeline and job creation rebounds. Among the uncertainties
in the residential real estate property market are those
surrounding future housing prices, pace of residential mortgage
foreclosures, loan modification and refinancing, unemployment
rate and interest rates.
As the Euro area crisis continues, the rating of the structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could negatively
impact the ratings of the notes. Furthermore, as discussed in
Moody's special report "Rating Euro Area Governments Through
Extraordinary Times -- An Updated Summary," published in October
2011, Moody's is considering reintroducing individual country
ceilings for some or all euro area members, which could affect
further the maximum structured finance rating achievable in those
countries.
===========
P O L A N D
===========
PNI: Warsaw Court Appoints Temporary Supervisor
-----------------------------------------------
Posadzy Magdalena at Polska Agencja Prasowa reports that Budimex
saw a Warsaw court appoint a temporary supervisor of its railway
construction unit PNI, currently seeking bankruptcy protection.
"The court decided to secure the debtor's property by appointing
a temporary court supervisor," a secretariat employee told PAP.
PNI, whose purchase was completed in November 2011 for PLN225
million, filed for bankruptcy protection for debt restructuring
on Aug. 24, PAP relates.
According to PAP, on June 27 Budimex decided to make a PLN182.3
million write-off related to the value of PNI and carried out
another, PLN45 million asset revaluations, related to PNI on the
group level, which hit the group's Q2 financial result.
===========
R U S S I A
===========
EUROCHEM MINERAL: Fitch Affirms 'BB' LT Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed Russia-based OJSC EuroChem Mineral and
Chemical Company's (EuroChem) Long-term local and foreign
currency Issuer Default Ratings (IDR) at 'BB'; National Long-term
rating at 'AA-(rus)'; and Short-term foreign currency IDR at 'B'.
The Outlook on the Long-term ratings is Stable.
The agency has simultaneously affirmed the Long-term local
currency senior unsecured rating and national Long-term rating on
its ruble bonds due 2018 at 'BB' and 'AA-(rus)', respectively.
The affirmations reflect EuroChem's strong performance and robust
cash flow generation on the back of favorable market conditions.
This continues to underpin the group's capacity to support
ongoing sizeable expansion projects. The ratings also reflect
EuroChem's ability to access long-term funding for its
refinancing and investment needs, as demonstrated by the various
credit facilities raised by the group in 2011 and 2012. Extra
financial flexibility is required under Fitch's forecasts to
support unforeseen distributions to the shareholders, such as the
RUB29.7bn share buy-backs of 2011, against free cash flow (FCF)
of RUB12.9bn (Fitch's calculation).
The Stable Outlook reflects Fitch's view that Eurochem's credit
metrics and expansion plans offer sufficient flexibility to
withstand expected pricing pressure and demand volatility. The
agency's base rating case assumes revenue growth of around 20% in
2012, in line with the trends observed in H112 and factoring in
the contribution of the newly acquired assets. In 2013, the
agency assumes a low single digit reduction in sales driven
primarily by lower prices, particularly in the phosphate segment.
Under the base case, EBITDA margin remains above 30% in 2012 and
contracts over the rating horizon due to rising input costs in
Russia (natural gas, electricity, transportation) and the
consolidation of the lower-margin European assets.
Fitch's projections show a gradual reduction in gross debt levels
from the peak of RUB97bn at end-2011. Under the rating case,
robust operating cash flow generation in 2012, combined with the
proceeds from the sale of the K+S stock and from the liquidation
of fixed term deposits covers the acquisitions of Russian gas
supplier Severneft-Urengoy LLC, BASF SE's ('A+'/Stable)
fertilizer assets and K+S nitrogen fertilizer distribution
business, dividend payments and record expansionary capex levels.
From 2013 onwards, Fitch's base case assumes that capex levels
will remain high at RUB25 billion-RUB30 billion, with flexibility
to scale down or temporarily delay some of the investments to
reflect any pressure on operating cash flows and maintain net
debt to EBITDA below the internal 2.5x guideline. On this basis,
FFO net adjusted leverage is expected to peak at 2.0x through the
rating horizon.
The bulk of Eurochem's capex is earmarked for the development of
the Gremyachinskoe and Verkhnekamskoe potash mining deposits.
The group is also investing in the construction of a new
transhipment terminal in the port of Ust-Luga port (tied to
progress at Verkhnekamskoe) and in the development of phosphate
rock mining in Kazakhstan. The commissioning of Gremyachinskoe
has been delayed to 2015 from late 2013 after the sinking of the
cage shaft was halted due to difficult subsoil conditions.
Eurochem is switching from cement technology to freezing
technology (change of contractor). Fitch continues to regard the
potash projects as transformational in that they will reduce
Eurochem's exposure to rising natural gas prices, further
diversify its fertilizers offering and potentially enhance its
cost structure.
Liquidity remains adequate with cash positions of RUB18.4 billion
at end-Q212, RUB3.3 billion in fixed term deposits and an
additional RUB2.4 billion (US$75 million) under an unused two-
year revolving credit facility signed in May 2012. This compares
with short-term debt of RUB4.0 billion. During H112, the group
redeemed its US$290 million US-denominated bonds (RUB8.5 billion)
and secured new facilities of US$258 million in aggregate (RUB8.3
billion) with maturities of two to three years.
The ratings are constrained by the higher-than-average systemic
risks associated with the Russian business and jurisdictional
environment.
What Could Trigger A Rating Action?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include
-- Completion of one of the potash projects, combined with a
conservative financial profile.
An upgrade is currently considered unlikely due to the group's
large investment program and the shareholder's opportunistic
strategy.
Negative: Future developments that may, individually or
collectively, lead to negative rating action include
-- Shareholders distributions or shareholder-friendly actions
detrimental to debt creditors or resulting in sustained
increase in FFO net leverage above 2.5x.
-- Sharp deterioration in fertilizer prices or demand with
EBITDA margin sustained below 20%.
RAIFFEISENBANK ZAO: S&P Says Ratings Reflect 'bb' Anchor
--------------------------------------------------------
Standard & Poor's Ratings Services raised its foreign currency
and local currency short-term counterparty credit ratings on
Russia-based Raiffeisenbank ZAO to 'A-2' from 'A-3'. The 'BBB'
long-term counterparty credit ratings were affirmed. The outlook
is stable.
"The upgrade follows a similar action on the Russian Federation
(foreign currency BBB/Stable/A-2; local currency BBB+/Stable/A-2;
Russia national scale 'ruAAA') and results from the revision of
our criteria on the linkage between the long-term and short-term
ratings on sovereigns. According to the criteria, a short-term
rating on a sovereign is derived uniquely from the long-term
rating by applying a linkage that is consistent with that applied
to corporate entities," S&P said.
"Although we view Raiffeisenbank ZAO as highly strategic to its
parent, Austria-based Raiffeisen Bank International AG
(A/Negative/A-1), we cap the ratings at the level of the
sovereign because its business profile is exposed to the Russian
economy. The raising of the short-term rating on the bank is
therefore a direct consequence of the upward revision of the
short-term rating on Russia," S&P said.
"The ratings on Raiffeisenbank ZAO reflect our 'bb' anchor for a
commercial bank operating solely in Russia. They also reflect our
assessment of the bank's 'strong' business position, 'adequate'
capital and earnings, risk position, and liquidity profile, and
'above average' funding, as our criteria define these terms.
These assessments balance related strengths and weaknesses of the
Russian banking system. Furthermore, we consider that the bank
has a strong competitive position and brand recognition in the
domestic market," S&P said.
"The 'BBB' long-term rating on Raiffeisenbank ZAO is two notches
higher than its stand-alone credit profile (SACP), which we
assess at 'bb+'. We view Raiffeisenbank ZAO as a 'highly
strategic' entity of Raiffeisen Bank International. This is based
on Raiffeisenbank ZAO's high operational integration and its
alignment with the group's global strategy. Furthermore, the
group has shown a strong commitment to the local operation.
Raiffeisenbank ZAO also makes an important contribution to the
group's financial results. In the first half of 2012,
Raiffeisenbank ZAO contributed about one-third of the group's
before-tax profit. We believe the parent may provide
Raiffeisenbank ZAO with sufficient extraordinary liquidity
support in case of need," S&P said.
"The stable outlook mirrors the outlook on Russia and reflects
our expectation that Raiffeisenbank ZAO's business and risk
profiles are unlikely to change materially in the near to medium
term," S&P said.
"Future rating actions on Raiffeisenbank ZAO could follow changes
to the sovereign ratings, but the two entities are not
necessarily automatically linked. At the same time, under our
criteria, we generally do not rate banks higher than the
sovereign. If we downgraded the Russian Federation and lowered
the transfer and convertibility assessment on the sovereign, it
would likely trigger a similar rating action on Raiffeisenbank
ZAO," S&P said.
"We might lower the ratings on Raiffeisenbank ZAO if the parental
relationship significantly weakens, resulting in Raiffeisenbank
ZAO having less than 'strategically important' status in the
group, coupled with a deterioration in the bank's SACP. We
nevertheless consider the possibility of both conditions
occurring simultaneously as a remote scenario," S&P said.
"We view the near-term likelihood of an upgrade as low and only
possible if we also upgraded the sovereign and raised the
transfer and convertibility assessment on Russia," S&P said.
===============
S L O V E N I A
===============
* SLOVENIA: May Have to Fix Banks Before Bailout Request
--------------------------------------------------------
Boris Cerni at Bloomberg News reports that Angel Gurria, the
secretary general of the Organization for Economic Cooperation
and Development, said Slovenia should work on fixing its banks
and overhauling the pension system and labor market before
requesting aid.
Slovenia may be on course to become the sixth euro-region member
to ask for international assistance for its banking industry,
which is relying on European Central Bank loans for liquidity,
Bloomberg says.
According to Bloomberg, the government in the capital Ljubljana
has repeatedly said it will not ask for aid.
=========
S P A I N
=========
CAJA VITAL 1: Fitch Affirms 'Bsf' Rating on Class D Notes
---------------------------------------------------------
Fitch Ratings has affirmed Ayt Colaterales Global Hipotecario,
FTA Serie Ayt Colaterales Global Hipotecario Caja Vital 1 (Vital
1), a Spanish RMBS transaction originated by Caja de Ahorros de
Vitoria y Alava (Caja Vital, not rated by Fitch), as follows:
-- Class A (ES0312273081) affirmed at 'AA-sf'; Off Rating Watch
Negative (RWN); Outlook Negative
-- Class B (ES0312273099) affirmed at 'Asf'; Off RWN; Outlook
Stable
-- Class C (ES0312273107) affirmed at 'BBB-sf'; Outlook
Negative
-- Class D (ES0312273115) affirmed at 'Bsf'; Outlook Negative
The affirmations reflect the asset performance which is in line
with Fitch's expectations and the sufficient level of credit
support available to the rated notes.
Fitch placed the class A and B notes on RWN on April 3, 2012,
following the downgrade of Confederacion Espanola de Cajas de
Ahorros (CECA; 'BBB'/Negative/'F3'). The bank acted as the
account bank and was replaced on July 17, 2012 by Barclays Bank
plc ('A'/Stable/'F1'). In line with the agency's structured
finance counterparty criteria, Barclays Bank plc is deemed an
eligible counterparty to support the current 'AA-sf' ratings of
the class A notes, and as a result the agency has removed the
notes from RWN.
As of May 2012, loans in arrears by more than three months were
low at 0.8% of the outstanding pool balance, up from 0.3% as of
May 2011. Cumulative gross defaults, defined as loans in arrears
by more than 18 months, were at 0.7% of initial pool balance, all
of which have been fully provisioned for using excess spread
generated by the structure. Fitch expects excess spread to
remain sufficient for provisioning purposes, with no reserve fund
draws in the next 12-18 months. For this reason, the agency has
affirmed the ratings of the notes.
The reserve fund remains fully funded which combined with the
sequential redemption, have contributed to an increase in the
credit enhancement levels available to the notes, compared to
those at close.
The basis swap provider is Caja Vital, which is not a Fitch rated
entity. This means that under Fitch's counterparty criteria for
structured finance transactions, Caja Vital is not deemed
eligible to support a note rating of 'AA-sf' and higher. In its
analysis, Fitch did not give any credit to the basis swap
agreement.
GLOBAL HIPOTECARIO BBK II: Fitch Affirms BB Rating on Cl. B Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed all tranches of AyT Colaterales Global
Hipotecario BBK I and II, two Spanish prime RMBS transactions
originated and serviced by Bilbao Bizkaia Kutxa (now Kutxabank
S.A., 'BBB'/'Negative'/'F3').
The affirmations reflect the asset performance which is in line
with Fitch's expectation and sufficient level of credit support
available to the rated notes of both transactions.
Fitch placed the class A notes of both transactions on Rating
Watch Negative (RWN) on April 3, 2012, following the downgrade of
Confederacion Espanola de Cajas de Ahorros (CECA;
'BBB'/Negative/'F3'). The bank acted as the account bank in both
deals and was replaced on July 17, 2012 by Barclays Bank plc
('A'/Stable/'F1'). In line with the agency's structured finance
counterparty criteria, Barclays Bank plc is deemed an eligible
counterparty to support structured finance ratings of at least
'AA-sf', and as a result the agency has removed the notes from
RWN.
As of June 2012, loans in arrears by more than three months stood
at 1.3% and 1.2% of the outstanding pool balances of AyT CGH BBK
I and II, respectively. Cumulative gross defaults, defined as
loans in arrears by more than 18 months, were at 1.8% (AyT CGH
BBK I) and 0.3% (AyT CGH BBK II) of the initial pool balances.
All defaults generated by the two pools have been fully
provisioned for using excess spread produced by the structure.
Given the pipeline of late stage arrears, Fitch expects excess
spread to remain sufficient for provisioning purposes, and does
not expect to see reserve fund draws in the next 12-18 months.
For this reason, the agency has affirmed the ratings of the
notes.
The reserve funds in both deals remain fully funded which
combined with the sequential redemption, have contributed to an
increase in the credit enhancement levels available to the notes,
compared to those at close. The agency does not expect the
reserve funds to amortize in next 18 months, as the current
breach in three months plus arrears triggers, set at 1% of the
current portfolio balance is not expected to be cured.
The rating actions are as follows:
AyT Colaterales Global Hipotecario, FTA Serie AyT Colaterales
Global Hipotecario BBK I:
-- Class A notes (ISIN ES0312273008) affirmed at 'A-sf'; off
RWN; Outlook Stable
AyT Colaterales Global Hipotecario, FTA Serie AyT Colaterales
Global Hipotecario BBK II:
-- Class A notes (ISIN ES0312273362) affirmed at 'AA-sf'; off
RWN, Outlook Negative
-- Class B notes (ISIN ES0312273370) affirmed at 'BBsf';
Outlook Stable
VALENCIA HIPOTECARIO: Fitch Affirms Rating on 13 Tranche Classes
----------------------------------------------------------------
Fitch Ratings has affirmed 13, downgraded three and removed from
Rating Watch Negative (RWN) nine tranches of the Valencia
Hipotecario 1-5 Spanish RMBS series.
The Valencia RMBS series comprises residential mortgaged loans
originated by Banco de Valencia ('BB-'/Stable/'B') to borrowers
located mainly in the Valencia region.
The main drivers of the downgrades are the weak credit
performance of the collateral and the continued difficulties in
the Spanish mortgage market. The removal of the RWN follows the
implementation of remedial actions on ineligible counterparties
in all five deals.
Arrear levels in all five transactions have risen as a result of
the tough market conditions. For example, the level of arrears
by more than three months range between 0.5% and 4.8% of current
collateral balance compared with 0.2% and 4.0% six months ago.
Valencia 4 continues to be the worst performer in the series,
with higher arrear levels and cumulative gross defaults reaching
7.1% of the initial pool balance compared with 6.4% six months
ago. As a result of the high frequency of defaults, excess
spread has been insufficient to clear period provisions and as
such the reserve fund has been fully depleted and there is now a
large build up in the implicit principal deficiency ledger on the
class C (100% of the current balance) and class B (34%) notes.
The agency analysed updated sale prices of repossessed properties
of defaulted loans in the Valencia 4 deal. On average, the
market value decline on each property was approximately 51.3%,
which implied a weighted average recovery rate of around 40%. At
this rate of recovery, the agency estimates the future proceeds
from the sale of repossessed properties will not provide enough
credit support for the senior note at the 'Asf' rating but will
at the 'BBsf' stress. This analysis is reflected in the
downgrade of the note to 'BBsf'.
The Valencia 2 and 3 deals are also subject to downgrades with
the mezzanine notes in each deal being downgraded to 'BBB+sf' and
'BBBsf', respectively. Performance in both deals has
deteriorated slightly, with both transactions experiencing a rise
in arrears in the past six months and the Valencia 3 deal making
reserve fund draws.
The weaker performance and the updated assumptions captured in
Fitch's latest Spanish RMBS criteria (see 'EMEA Residential
Mortgage Loss Criteria Addendum -- Spain' dated 24 July 2012)
meant the credit enhancement for the mezzanine notes is
insufficient and therefore the Class B notes in both deals have
been downgraded.
Fitch has removed all tranches rated 'BBB+sf' and above from RWN
as remedial actions on ineligible counterparties have been
undertaken, with the treasury account bank being transferred from
Banco Santander to Barclays Bank ('A'/Stable/'F1') in July 2012
in all five deals.
The rating actions are as follows:
Valencia Hipotecario 1, Fondo de Titulizacion de Activos:
-- Class A (ISIN ES0382744003): affirmed at 'AA-sf'; Outlook
Negative; off RWN
-- Class B (ISIN ES0382744011): affirmed at 'AA-sf' ; Outlook
Negative; off RWN
-- Class C (ISIN ES0382744029): affirmed at 'BBB+sf'; Outlook
Stable; off RWN
Valencia Hipotecario 2, Fondo de Titulizacion de Hipotecaria:
-- Class A (ISIN ES0382745000): affirmed at 'AA-sf'; Outlook
Negative; off RWN
-- Class B (ISIN ES0382745018): downgraded to 'BBB+sf' from
'A+sf'; Outlook Negative; off RWN
-- Class C (ISIN ES0382745026): affirmed at 'BB+sf'; Outlook
Negative;
-- Class D (ISIN ES0382745034): affirmed at 'CCCsf'; Recovery
Estimate of 65%
Valencia Hipotecario 3, Fondo de Titulizacion de Activos:
-- Class A2 (ISIN ES0382746016): affirmed at 'AA-sf'; Outlook
Negative; RWN off
-- Class B (ISIN ES0382746024): downgraded to 'BBBsf' from
'Asf'; Outlook Negative; off RWN
-- Class C (ISIN ES0382746032) affirmed at 'BB+sf''; Outlook
Negative;
-- Class D (ISIN ES0382746040): affirmed at 'CCCsf'; Recovery
Estimate of 50%
Valencia Hipotecario 4, Fondo de Titulizacion de Activos:
-- Class A (ISIN ES0382717009): downgraded to 'BBsf' from 'A-
sf'; Outlook Negative; off RWN
-- Class B (ISIN ES0382717017): affirmed at 'CCCsf'; Recovery
Estimate of 20%
-- Class C (ISIN ES0382717025) affirmed at 'CCsf''; Recovery
Estimate of 0%
-- Class D (ISIN ES0382717033): affirmed at 'CCsf'; Recovery
Estimate of 0%
Valencia Hipotecario 5, Fondo de Titulizacion de Activos:
Class A (ISIN ES0382718007): affirmed at 'Asf'; Outlook Stable;
off RWN
* REGION OF CATALONIA: S&P Cuts Issuer Credit Ratings to 'BB/B'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term issuer credit ratings on the Spanish Autonomous Community of
Catalonia (Catalonia) to 'BB/B' from 'BBB-/A-3'. The outlook
remains negative.
"We also lowered our issue ratings on Catalonia's debt to 'BB'
from 'BBB-'. We assigned a recovery rating of '4' to these
issues, indicating our expectation of average (30%-50%) recovery
in the event of payment default," S&P said.
"The downgrade of Catalonia follows the nascent tensions between
the region and the central government, and the potential negative
impact we believe these tensions may have on Catalonia's ability
to secure external funding," S&P said.
"On July 25, 2012, Catalonia requested that the Spanish central
government change the financial framework under which the region
operates. In our view, Catalonia is aiming to mitigate the
negative impact of the strong equalizing features of the Spanish
institutional framework on its finances, and improve its fiscal
autonomy compared with that of the other Spanish normal-status
regions," S&P said.
"In our opinion, Catalonia continues to display a weak individual
credit profile, with a deteriorated liquidity position and high
reliance on smooth central government support for debt repayment
purposes. Combined with these characteristics, the region's
request to modify key institutional and financial aspects of its
relationship with the central government raises uncertainties
that we deem incompatible with an investment-grade rating," S&P
said.
"Specifically, we believe the proposed change in Catalonia's
public finance regime could harm the coordination between the
regional and national administrations needed for the smooth
implementation of central government financial support, and
weaken the willingness of the central government to provide
support under certain scenarios," S&P said.
"We base our opinion on our view that Catalonia's request to
amend the institutional framework would single out and
potentially improve Catalonia's position compared with other
Spanish normal-status regions, at a time when all Spanish regions
are facing strong budgetary pressures. Should Catalonia manage to
increase its share of national revenues (and given that these
revenues are contracting or stagnating due to the economic
recession), the region's potential gains could be detrimental to
other regions and/or government tiers. We therefore view
Catalonia's request as politically sensitive and difficult to
implement in the context of Spain's current economic environment.
We also think that Catalonia has taken a strong political stance
regarding the request, at a time when its own refinancing
capacity is highly constrained. As a result, we believe the
proposal could potentially lead to disagreements with the central
government. It therefore challenges our previous expectation that
government liquidity support would be predictable, flexible, and
accompanied by smooth cooperation between both administrations,"
S&P said.
"We have consequently lowered our long- and short-term ratings on
Catalonia to 'BB/B' from 'BBB-/A-3'," S&P said.
"The negative outlook reflects the risk that Catalonia's credit
profile could worsen if nascent tensions with the central
government further increase," S&P said.
All other factors remaining the same and in accordance with its
criteria, S&P could lower the rating by four notches (to 'B-'
from 'BB') or more, if it sees that the region's access to
central government-sponsored liquidity mechanisms is jeopardized.
S&P believes this could happen, for instance, if it anticipates
that:
-- Catalonia's request to change its institutional framework
will likely exacerbate political tensions with the central
government to a breaking point; and
-- Catalonia will not substantially reduce its fiscal deficit
toward central government fiscal targets throughout our
forecast horizon (2012-2013), and such potential
noncompliance will spur conflict with the central government,
as it increases the risk that Catalonia will be put under
national administration. According to the Spanish stability
law, a Spanish region could be gradually put under national
administration if the central government believes it is
unlikely that the region will comply with fiscal targets.
"We see no upgrade potential for Catalonia at this time," S&P
said.
* SPAIN: Delays Second Bailout Request as Regions Seek Aid
----------------------------------------------------------
Angeline Benoit at Bloomberg News reports that Prime Minister
Mariano Rajoy delayed seeking a second rescue for Spain while
pledging to continue bailing out its regions as Valencia
requested more money to settle bills and cover debt.
Mr. Rajoy spoke on Thursday following a meeting in Madrid with
French President Francois Hollande, Bloomberg relates.
Catalonia, Valencia and Murcia last week claimed more than half
of an EUR18 billion (US$23 billion) fund announced by Mr. Rajoy
last month to help the regions face bond redemptions and finance
their deficits in the second half, Bloomberg relates.
According to Bloomberg, a Valencia official who declined to be
identified in line with government policy said the region will
seek another EUR1 billion from the central government mostly to
pay education and health bills.
Mr. Rajoy reiterated Spain won't seek a second bailout until
European leaders make aid conditions clear, Bloomberg notes.
Mr. Rajoy, as cited by Bloomberg, said the regions' situation is
"no surprise" and that there is no risk the EUR18 billion may not
be enough, because the government anticipated bond redemption
needs through the end of the year. He said the state has been
helping the regions overcome a liquidity squeeze since his
government came to power and it will continue as long as
necessary, Bloomberg relates.
===========================
U N I T E D K I N G D O M
===========================
GENERAL MOTORS: Vauxhall to Cease Production at UK Factories
------------------------------------------------------------
The Telegraph reports that Vauxhall is to cease production for a
week at two of its UK factories as it responds to a fall in
demand on the back of the eurozone crisis.
General Motors is to cease production for a week at its two main
British plants as it warned of a fall in car purchases in Europe,
the Telegraph discloses.
According to the Telegraph, the US carmaker said it had ordered a
"down week" beginning on September 24 at its Vauxhall plants in
Ellesmere Port and Luton to avoid having to disrupt production
over the course of the rest of the year.
The production break at the two sites comes only months after
Ellesmere Port was saved from closure after winning the deal to
build the next-generation Astra, the Telegraph recounts.
Vince Cable, the Business Secretary, personally intervened to
help save the factory, which employs 2,100, the Telegraph
relates.
About 1,100 are employed by Vauxhall in Luton where the carmaker
builds the Vivaro van, the Telegraph discloses.
Workers union UNITE said that all employees should be paid
throughout the production break, according to the Telegraph.
However, the hiatus is likely to raise new fears over the future
of the plants with no end in sight for the eurozone crisis, the
Telegraph notes.
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.
HIBU PLC: In Debt Restructuring Talks with Lenders
--------------------------------------------------
Anousha Sakoui at The Financial Times reports that investors in
the GBP2.2 billion of debt in Hibu plc, the publisher of the
Yellow Pages, have begun restructuring talks for the second time
in a year that could lead them to seize control of the
directories business.
Lenders to Hibu, which was previously known as Yell, have formed
a committee to represent the views of creditors and begun talks
to restructure the company's debt, the FT discloses.
The debt holders include a fund that runs the personal wealth of
George Soros and his foundation and Royal Bank of Scotland, the
FT notes.
According to the FT, people close to the situation said that the
group has lined up Houlihan Lokey, the investment bank, and law
firm Linklaters to advise the group.
The FT relates that two people close to the matter said the
publisher has until March next year to agree a debt
restructuring, although a debt-for-equity swap giving lenders
control of the company was likely.
One person said shareholders faced having their stakes heavily
diluted but could be offered a small stake to win consent, the FT
notes.
The people, as cited by the FT, said that there are also other
options including amending the terms again of the borrowings and
extending the duration of the loans.
Hibu received a boost on Friday when it secured a waiver from
lenders that allowed restructuring negotiations without
triggering a default, according to the FT.
According to Bloomberg News' Patricia Kuo, two people with
knowledge of the situation said Alcentra Ltd., GE Capital Corp.,
Gruss Asset Management LP and GSO Capital Partners LP are also in
the coordinating committee.
hibu plc, formerly Yell Group plc, -- http://www.yellgroup.com/
-- is a United Kingdom-based company. It is engaged in the
international directories business operating in the classified
advertising market in the United Kingdom, United States, Spain
and Latin America. The Company's subsidiaries include Yell
Finance BV, Yell Limited, Yell Finance (UK) Limited, Yellow Book
USA, Inc., YB (USA) LLC, Yell Publicidad S.A.U. and Yell Finance
S.A.U. During the year ended March 31, 2009 (fiscal 2009), the
Company acquired 100% of the Adworks businesses in the United
Kingdom, the United States, Spain and India. In May 2010, the
Company completed the acquisition of Trusted Places Limited. On
July 2011, the Company acquired Znode. In May 2012, the Company
acquired Moonfruit Limited. In June 2012, the Company acquired
Moonfruit Limited.
PENTAGON CAPITAL: Put into Administration; To Appeal SEC Fine
-------------------------------------------------------------
Richard Blackden at The Telegraph reports that Lewis Chester, the
former Conservative Party donor, has put his hedge fund into
administration in a move that could leave the US Securities and
Exchange Commission nearly US$100 million (GBP63 million) out of
pocket.
Mr. Chester took the dramatic step after his hedge fund, Pentagon
Capital Management, was fined US$98.5 million earlier this year
for allegedly engaging in late trading in mutual funds between
1999 and 2003, the Telegraph relates.
Begbies Traynor, which was appointed administrator, has thrown
its weight behind an appeal lodged against the ruling by
Pentagon, the Telegraph notes. The UK accountancy group said
there were "substantial grounds for appeal", the Telegraph says,
citing documents filed at Companies House.
According to the Telegraph, the documents show that Begbies has
hired its own law firm to help fight the judgment which followed
a four-year investigation by the SEC into Pentagon. Late trading
is illegal in the US because it allows the subject to profit from
market events that occur after trading closes, the Telegraph
says.
The Telegraph notes that should the appeal, which is expected to
be heard in the US early next year, prove successful it would be
a major blow to the SEC. The administration similarly puts the
regulator's recovery of the fine in doubt, the Telegraph states.
Pentagon's directors opted to put it into administration after
the SEC issued an order that forbade the hedge fund from dealing
with or disposing of its assets, the Telegraph recounts.
"If the company [Pentagon] and Mr. Chester succeed with the
appeal and subsequent US proceedings in the event of a remand,
the company will be restored to solvency," the Telegraph quotes
Begbies as saying.
However, that solvency also depends on Pentagon dealing with an
almost GBP10 million tax bill that HM Revenues and Customs has
tabled, the Telegraph discloses.
According to the Telegraph, the filing showed that about GBP7.6
million of claims from HMRC relates to the controversial Vantis
Tax Scheme.
SAAB AUTOMOBILE: NEVS Completes Acquisition of Most Assets
----------------------------------------------------------
Patrick Lannin at Reuters reports that National Electric Vehicle
Sweden AB completed the deal to acquire most of Saab's assets in
a step that advanced its plans to make electric vehicles but said
it would not be able to use the Swedish automaker's distinctive
griffin head logo.
Saab, which has been making cars since 1947, crashed into
bankruptcy at the end of 2011, less than two years after General
Motors sold the firm to Dutch sportscar group Spyker, Reuters
recounts.
NEVS, whose electric vehicles will be based on Saab cars, said
completion of the purchase would speed up the process toward the
start of production, Reuters relates.
The finalization of the deal, including the main production
plant, came after NEVS agreed with truck maker Scania and defense
and aerospace group Saab not to use the griffin symbol, though it
can use the name "Saab," Reuters notes.
As reported by the Troubled Company Reporter, The Wall Street
Journal related that Spyker sued General Motors Company 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 noted 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 Automobile AB, Saab Automobile Tools AB and Saab Powertain
AB filed for bankruptcy on Dec. 19, 2011, after running out of
cash.
SHARP CO: S&P Cuts Long-Term Corporate Credit Rating to 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB+' its long-term
corporate credit and senior unsecured debt ratings on Sharp Corp.
and its overseas subsidiaries, Sharp Electronics Corp. and Sharp
International Finance (U.K.) PLC. "At the same time, we lowered
our short-term ratings on the companies to 'B' from 'A-2'. We
kept Sharp's long- and short-term ratings on CreditWatch with
negative implications," S&P said.
"Sharp's liquidity position is weakening, in Standard & Poor's
view. Internal cash flow remains weak, and financial market
conditions for the company have deteriorated. The company has
forecast an expected JPY250 billion net loss for fiscal 2012
(ending March 31, 2013), exceeding its budgeted depreciation
expense of JPY200 billion. As of June 30, 2012, Sharp had a high
dependence on short-term borrowings. It had JPY336 billion in
short-term debt and JPY362 billion in commercial paper. In recent
weeks, the company has faced unfavorable financial market
conditions, as evidenced by a recent rise in spreads on credit
default swaps, which has added to its difficulty in issuing new
commercial paper. Weak internal cash flow has forced the company
to repay its commercial paper primarily with bank borrowings.
Because its current liquidity needs exceed sources, we view
Sharp's liquidity position as 'less than adequate.' Under our
ratings criteria, we assign an issuer credit rating no higher
than 'BB+' to a company with 'less than adequate' liquidity," S&P
said.
"In our view, Sharp's technological strengths in flat-panel TVs,
LCD panels, and electronic devices still support its credit
rating. Standard & Poor's expects Sharp's earnings and cash flow
to begin to recover in the second half of fiscal 2012 because of
a likely improvement in operating rates at its key Sakai and
Kameyama plants. Our current ratings incorporate an assumption
that Sharp will reach an agreement with Taiwan-based electronics
maker Hon Hai Precision Industry Co. Ltd. (A-/Stable/--) and
implement a strategic alliance, although terms and conditions of
the deal remain uncertain. The ratings also incorporate
assumptions that major creditor banks continue to provide Sharp
with stable financing and the company does not face serious
concerns in refinancing its debt," S&P said.
In resolving the CreditWatch, S&P will review these factors:
-- Ongoing developments regarding a strategic alliance with Hon
Hai Precision and how it would benefit Sharp's business and
financial profiles;
-- The company's debt profile and how it can secure funding
sources to meet upcoming debt maturities and reduce
dependence on short-term debt; and
-- Sharp's business strategy to restore earnings in the near to
medium term, and potential downside risks to earnings
performance.
"We may consider lowering the ratings if Sharp's earnings in
fiscal 2012 and prospects for its recovery deteriorate even
further or the company's financing environment and relationships
with credit banks and strategic partners worsen. We expect to
take up to 90 days to ultimately resolve the CreditWatch as we
reassess the company's medium- to long-term business strategy,
progress in forming a strategic alliance with Hon Hai Precision,
and future financial profile and refinancing plans," S&P said.
===================
U Z B E K I S T A N
===================
TURON BANK: S&P Assigns 'B-/C' Counterparty Credit Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
and 'C' short-term counterparty credit ratings to Uzbekistan-
based Turon Bank. The outlook is stable.
"The ratings on Turon Bank reflect its 'b+' anchor, as well as
our view of the bank's 'moderate' business position, 'weak'
capital and earnings, 'moderate' risk position, 'average'
funding, and 'adequate' liquidity, as our criteria define these
terms. The stand-alone credit profile is 'b-'," S&P said.
"Under our bank criteria, we use the Banking Industry Country
Risk Assessment (BICRA) economic risk and industry risk scores to
determine a bank's anchor, the starting point in assigning an
issuer credit rating (ICR). Our anchor for a commercial bank
operating only in Uzbekistan is 'b+'. The economic risk score for
Uzbekistan is '7'. Uzbekistan's economy is predominantly state
owned, undiversified, and commodity dependant, with high
political risks and an unfavorable investment climate. However, a
low degree of financial intermediation, relatively low levels of
corporate and personal indebtedness in both private and public
sectors, and limited cross-border borrowing help shelter the
country's small banking industry somewhat from global external
shocks. The industry risk score for Uzbekistan is '9'. The Uzbek
banking industry is undermined by very weak institutional and
legal frameworks, limited transparency and disclosure, a lack of
business and funding diversification, and dominance of state-
owned banks, which distort domestic competition," S&P said.
"Our assessment of Turon Bank's business position as 'moderate'
balances its well-established franchise in the energy and water
industries against a lack of product and customer diversity.
Turon Bank was previously the bank of the Ministry of Agriculture
and Water Management. Now privately owned, Turon Bank still
serves agricultural farms, reclamation enterprises, water power
plants, and associated industries. We understand that it aims to
shift its specialization from a limited number of industries to a
more universal banking model. However, given that the state-owned
Uzbek banks, which dominate the system, have their own industry
specialization, we consider that Turon Bank may find it difficult
to sustainably attract creditworthy clients in other industries.
The bank has a moderate but sustainable market share of about 2%
of Uzbekistan's banking system assets. As of Aug. 1, 2012, the
bank's assets totaled Uzbek sum (UZS) 514 billion (about $270
million) under local accounting standards," S&P said.
"Our assessment of Turon Bank's capital and earnings as 'weak'
mainly reflects the bank's projected Standard & Poor's risk-
adjusted capital (RAC) ratio before adjustments for
diversification and concentrations of 3%-4% over the next 12-18
months. At Aug. 1, 2012, Turon Bank's regulatory capital ratio
was 10.3%, just 30 basis points (bps) above the legal minimum for
the banking license. As a result, we are concerned about the
bank's compliance with regulatory capital requirements. We
understand that management is aiming for a regulatory capital
ratio of about 11%. We consider this tight capital policy to be
aggressive for a bank that operates in a high-risk environment.
Turon Bank's earnings capacity is in line with domestic peers,
but suffers from systemwide drawbacks. We consider that the bank
is unable to generate sufficient profits to support rapid asset
growth, as demonstrated by its net interest margin of 5.3% and
cost-to-income ratio of 83% for 2011. The bank's revenue sources
are relatively stable -- net interest income, together with fee
and commission income, accounted for more than 90% of operating
revenues in 2011," S&P said.
"Our assessment of Turon Bank's risk position as 'moderate'
balances our view of the bank's weaker asset quality compared
with domestic peers with lower-than-sector-average single-name
loan portfolio concentrations. The bank's nonperforming assets
(loans overdue by more than 90 days) made up 22.1% of the loan
book at the end of 2011. A large part of these problem loans
relates to a number of state-owned enterprises that incurred
losses in 2011, but received compensation from the government at
the beginning of 2012 when budgetary funds were reallocated. We
understand that most of these loans were repaid by August 2012.
As a result, nonperforming assets decreased to 5.5% of the total
loan portfolio," S&P said.
"We consider the bank's level of problem assets to be above the
2%-3% sector average. Moreover, loan loss provisions only covered
16% of nonperforming assets at year-end 2011, down from 47% at
year-end 2010. We attribute this low level of provisioning to
overcollateralization of the bank's exposures; nevertheless, we
consider this to be an aggressive revenue-recognition practice.
On a positive note, Turon Bank has a diversified loan portfolio
in the context of Uzbekistan's banking system--the top 20
borrowers account for about 24% of the total loan portfolio at
the end of June 2012. Risks other than credit are limited, in our
view," S&P said.
"We assess Turon Bank's funding as 'average' and liquidity as
'adequate'. About 20% of the bank's liabilities come from the
government and public organizations, which reflects Turon Bank's
longstanding relationships with the state. The bank has an
adequate loan-to-deposit ratio of about 90% as of June 30, 2012,
but a sizable dependence on interbank borrowings (21% of total
liabilities at mid-year 2012). Positively, about half of this is
long-term state funding cascaded from the government via larger
Uzbek banks to smaller ones to finance development projects. We
believe the bank's funding base lacks diversity. The top 20
depositors accounted for 46% of the total depositor base at mid-
year 2012. However, because of the bank's relatively high share
of long-term state funding compared with other privately owned
Uzbek banks, Turon Bank has a less confidence-sensitive funding
structure, in our view. The bank maintains an adequate liquidity
cushion. Cash and cash equivalents, together with short-term
interbank placements, made up a satisfactory 25% of total assets
at June 30, 2012. The bank does not have major repayments in 2012
and 2013, other than refinancing its interbank exposures," S&P
said.
"Turon Bank's capital was widely spread among more than 2,000
legal entities (that collectively own 93.83% of the bank's
capital) and more than 6000 individuals that hold the remainder
at year-end 2011. The state indirectly controls 20% of the bank's
capital. However, we consider the shareholders' ability to
provide support in times of stress as uncertain and therefore do
not include any notches of uplift for parental support into the
ratings. We consider Turon Bank to be of 'low' systemic
importance for the Uzbek banking system, and therefore give no
uplift to the ratings on the bank for extraordinary government
support," S&P said.
"The stable outlook reflects our expectation that the bank will
improve its capital position via external capital injections to
comply with regulatory requirements with a margin of at least 100
basis points. We also expect the bank to gradually grow and
sustain its currently well-established business position and
brand recognition, while maintaining an adequate liquidity
buffer," S&P said.
"We could raise the ratings if Turon Bank were to significantly
improve its capitalization, either through external or internal
sources, achieving a projected RAC ratio before adjustments for
diversification above 7%. Even though currently unlikely in our
view, we would consider taking a positive rating action if the
bank were to substantially improve the diversity of its lending
activities and strengthen its asset quality. This could result in
us revising our assessment of its risk position upward to
'adequate'," S&P said.
"We could lower the ratings if we consider that the bank is not
complying with regulatory capital requirements or if its capital
base were to deteriorate further, such that our projected RAC
ratio before adjustments fell below 3%. This could occur if
planned capital injections from owners are insufficient to match
asset growth. Any weakening of the bank's liquidity position or
further asset quality deterioration, for example, with NPLs
remaining substantially above sector average and coverage by
reserves substantially below sector average, might also lead to
negative rating action," S&P said.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT EO -5754285.05 165995618.1
CHRIST WATER TEC CWT EU -5754285.05 165995618.1
CHRIST WATER TEC CWTE IX -5754285.05 165995618.1
CHRIST WATER TEC CRSWF US -5754285.05 165995618.1
CHRIST WATER TEC CWT PZ -5754285.05 165995618.1
CHRIST WATER TEC CWT AV -5754285.05 165995618.1
CHRIST WATER TEC 8131204Q GR -5754285.05 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.05 165995618.1
KA FINANZ AG 3730Z AV -9072224.93 22043329918
LIBRO AG LIBR AV -110486314 174004185
LIBRO AG LIB AV -110486314 174004185
LIBRO AG LBROF US -110486314 174004185
LIBRO AG LB6 GR -110486314 174004185
S&T SYSTEM I-ADR STSQY US -38841439.5 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.5 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.5 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.5 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.5 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.5 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.5 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.5 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.5 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.5 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.5 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.5 182832494.8
SKYEUROPE SKYP PW -89480492.6 159076577.5
SKYEUROPE SKY PW -89480492.6 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.6 159076577.5
SKYEUROPE HLDG SKY EO -89480492.6 159076577.5
SKYEUROPE HLDG SKURF US -89480492.6 159076577.5
SKYEUROPE HLDG SKY EU -89480492.6 159076577.5
SKYEUROPE HLDG SKY AV -89480492.6 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.6 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.6 159076577.5
SKYEUROPE HLDG SKY LI -89480492.6 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.6 159076577.5
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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
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TELENET GRP HLDG T4I GR -346984203 4652950529
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TELENET GRP HLDG TNETGBP EO -346984203 4652950529
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TELENET GRP HLDG TNET MT -346984203 4652950529
TELENET GRP HLDG TNET EO -346984203 4652950529
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CROATIA
-------
BADEL 1862 DD BD62RA CZ -18974967.3 134189914.2
BRODOGRADE INDUS 3MAJRA CZ -5021629.8 841433084.3
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OT OPTIMA TELEKO 2299892Z CZ -83651540.4 109270884.7
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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
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SETUZA AS SZA EX -61453764.2 138582273.6
DENMARK
-------
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SCANDINAVIAN BRA SBSC IX -14819232 148553764.3
SCHAUMANN PROP SCHAUP PZ -101428499 298588010.2
SCHAUMANN PROP SCHAUP EU -101428499 298588010.2
SCHAUMANN PROP SCHAU BY -101428499 298588010.2
SCHAUMANN PROP SCHAUEUR EO -101428499 298588010.2
SCHAUMANN PROP SCHAU EO -101428499 298588010.2
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SCHAUMANN PROP SCHAU EU -101428499 298588010.2
SCHAUMANN PROP SCHAUEUR EU -101428499 298588010.2
SUZLON WIND ENER 3985532Z DC -50030922.8 151671948.3
FRANCE
------
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GEORGIA
-------
DEVELICA DEUTSCH DDE PG -79827494.9 1139643575
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GERMANY
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GREECE
------
AG PETZETAKIS SA PETZK EO -110812813 206429374.1
AG PETZETAKIS SA PETZK PZ -110812813 206429374.1
AG PETZETAKIS SA PTZ1 GR -110812813 206429374.1
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AG PETZETAKIS SA PZETF US -110812813 206429374.1
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ASPIS BANK SA ASEUF US -46224213.4 3486115450
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MAILLIS MLISF US -54904198.1 438679485.9
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MJ MAILLIS S.A. MJL GR -54904198.1 438679485.9
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PETZET - PFD-RTS PETZPD GA -110812813 206429374.1
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PETZETAKIS-PFD PTZ3 GR -110812813 206429374.1
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SATO OFFICE AND SATOK GA -1304553.01 103403982.3
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SATO SA - RIGHTS SATOKD GA -1304553.01 103403982.3
SATO SA-AUC SATOKE GA -1304553.01 103403982.3
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T BANK ASPT PZ -46224213.4 3486115450
T BANK ASPT EO -46224213.4 3486115450
T BANK TBANK EU -46224213.4 3486115450
T BANK TBANK GA -46224213.4 3486115450
T BANK TBANK EO -46224213.4 3486115450
T BANK ASPT GA -46224213.4 3486115450
T BANK ASPT EU -46224213.4 3486115450
THEMELIODOMI THEME GA -55751173.8 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751173.8 232036822.6
THEMELIODOMI-RTS THEMER GA -55751173.8 232036822.6
THEMELIODOMI-RTS THEMED GA -55751173.8 232036822.6
UNITED TEXTILES UTEX GA -163114842 286539436.9
UNITED TEXTILES NAOSF US -163114842 286539436.9
UNITED TEXTILES UTEX PZ -163114842 286539436.9
UNITED TEXTILES NML1 GR -163114842 286539436.9
UNITED TEXTILES UTEX EO -163114842 286539436.9
UNITED TEXTILES UTEX EU -163114842 286539436.9
UNITED TEXTILES NAOYK GA -163114842 286539436.9
HUNGARY
-------
HUNGARIAN TELEPH HUC EX -73723992 827192000
HUNGARIAN TELEPH HUGC IX -73723992 827192000
INVITEL HOLD-ADR IHO US -73723992 827192000
INVITEL HOLD-ADR 0IN GR -73723992 827192000
INVITEL HOLD-ADR INVHY US -73723992 827192000
INVITEL HOLDINGS 3212873Z HB -73723992 827192000
ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780368 2277882368
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IRELAND
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ITALY
-----
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JERSEY
------
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
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LUXEMBOURG
----------
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NETHERLANDS
-----------
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KUIPER GROEP BV 3821988Z NA -3688.42088 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
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SGS NEDERLAND HO 3896746Z NA -742586.456 148207265
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SPYKER CARS NV SPYKR EO -575434603 1479005959
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SWEDEN
------
SWEDISH AUTOMO-A 0122265D NA -575434603 1479005959
SWEDISH AUTOMOBI SWAN EB -575434603 1479005959
SWEDISH AUTOMOBI SPYKF US -575434603 1479005959
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SWEDISH AUTOMOBI SWAN NA -575434603 1479005959
SWEDISH AUTOMOBI SPYKR PZ -575434603 1479005959
SWEDISH AUTOMOBI L9I TH -575434603 1479005959
SWEDISH AUTOMOBI SWAN EU -575434603 1479005959
SWEDISH AUTOMOBI SWAN BQ -575434603 1479005959
SWEDISH AUTOMOBI SWAN QM -575434603 1479005959
SWEDISH AUTOMOBI SWAN IX -575434603 1479005959
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UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
VAN WEELDE BEHEE 4038885Z NA -165002.306 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.2004 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.9013 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.777 799874848.4
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WE INTERNATIONAL 630199Z NA -1220350.16 1011026941
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ZWINGER OPCO 6 B 3821644Z NA -106543158 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.5 100855655.1
AKER BUSINESS SE 4400969Z NO -276097.061 106851345.1
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP EU -7700000 816200000
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AKER FLOATING PR AKFP EO -7700000 816200000
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CARGONET 81784Z NO -5722680.02 160691742.7
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ICA NORGE AS 4511499Z NO -132832575 702347848.8
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INTEROIL EXPLORA IOX BY -12690000 172800992
INTEROIL EXPLORA IROIF US -12690000 172800992
INTEROIL EXPLORA IOX NO -12690000 172800992
INTEROIL EXPLORA INOX NO -12690000 172800992
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INTEROIL EXPLORA IOX PZ -12690000 172800992
INTEROIL EXPLORA IOX EU -12690000 172800992
INTEROIL EXPLORA IOX EO -12690000 172800992
INTEROIL EXPLORA IOXEUR EO -12690000 172800992
INTEROIL EXPLORA IOXUSD EO -12690000 172800992
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JASON SHIPPING A JSHIPUSD EO -63803000 141950000
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JASON SHIPPING A JSHIP BY -63803000 141950000
JASON SHIPPING A JSHIPEUR EU -63803000 141950000
JASON SHIPPING A JSHIPEUR EO -63803000 141950000
JASON SHIPPING A JSHIP EU -63803000 141950000
MAN LAST OG BUSS 4521719Z NO -5830520.28 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -12248477.7 312455787.6
NCC ROADS AS 4401305Z NO -11149611.4 135425117.2
NORSK STEIN AS 4394889Z NO -697875.924 232219055.8
PETRO GEO-SERV PGS GR -18066142.2 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.2 399710323.6
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PETRO GEO-SV-ADR PGOGY US -18066142.2 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.2 399710323.6
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.95 138751607.3
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SEVAN MARINE ASA SEVAN BY -173000000 962300032
SEVAN MARINE ASA SEVANEUR EU -173000000 962300032
SEVAN MARINE ASA SEVAN PZ -173000000 962300032
SEVAN MARINE ASA SEVANUSD EO -173000000 962300032
SEVAN MARINE ASA SEVAN EU -173000000 962300032
SEVAN MARINE ASA SEVANUSD EU -173000000 962300032
SEVAN MARINE ASA SEVANEUR EO -173000000 962300032
SEVAN MARINE ASA SEVAN GK -173000000 962300032
SEVAN MARINE ASA SEVAN SS -173000000 962300032
SEVAN MARINE ASA SEVAN EO -173000000 962300032
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SEVAN MARINE ASA 4SM GR -173000000 962300032
SEVAN MARINE ASA SEVAN EB -173000000 962300032
SEVAN MARINE ASA SEVAN NR -173000000 962300032
SEVAN MARINE ASA SEVANGBP EO -173000000 962300032
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SEVAN MARINE ASA SEVAN NQ -173000000 962300032
SEVAN MARINE ASA SEVAN NO -173000000 962300032
SEVAN MARINE ASA SEVAN S1 -173000000 962300032
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SEVAN MARINE ASA SEVAN TQ -173000000 962300032
SEVAN MARINE ASA SEMA NO -173000000 962300032
SEVAN MARINE-ADR SVMRY US -173000000 962300032
SEVAN MARINE-RTS 3328565Z NO -173000000 962300032
SEVAN-NEW SEVANN NO -173000000 962300032
SINGAPORE OFFSHO 4422313Z NO -62203.0437 104161346.4
STOREBRAND EIEND 4443409Z NO -40898583.7 1242265455
STOREBRAND EIEND 4288341Z NO -174025924 4173823457
TDC AS 4287413Z NO -83055193 129421953.7
TRICO SHIPPING A 3651167Z NO -132576808 504945402.2
TTS SENSE AS 4393841Z NO -8795315.49 159296793.9
UTKILEN SHIPPING 4446161Z NO -74871.0265 185813483
VNG NORGE AS 4513147Z NO -54874780.7 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.858 108090511.9
KROSNO KROS IX -2241615.44 111838141.2
KROSNO KRS LI -2241615.44 111838141.2
KROSNO KRS PW -2241615.44 111838141.2
KROSNO KRS1EUR EU -2241615.44 111838141.2
KROSNO KRS1EUR EO -2241615.44 111838141.2
KROSNO SA KRS PZ -2241615.44 111838141.2
KROSNO SA KRNFF US -2241615.44 111838141.2
KROSNO SA KRS1 EO -2241615.44 111838141.2
KROSNO SA KRS1 EU -2241615.44 111838141.2
KROSNO SA KROSNO PW -2241615.44 111838141.2
KROSNO SA-RTS KRSP PW -2241615.44 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241615.44 111838141.2
TOORA TOR PZ -288818.39 147004954.2
TOORA TOR PW -288818.39 147004954.2
TOORA 2916661Q EO -288818.39 147004954.2
TOORA 2916665Q EU -288818.39 147004954.2
TOORA-ALLOT CERT TORA PW -288818.39 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.4 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.3 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.2 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.47 115717930.4
CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
ESTALEIROS NAVAI 4507307Z PL -99568225.9 221542111.7
FORD LUSITANA SA 3648983Z PL -7991062.86 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.2 440770232
HOSPITAL DO DIVI 3789932Z PL -75359385 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.21 425561447.8
LYCATELCOM LDA 4281821Z PL -8577510.56 109410577.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.93 199376769
RADIO E TELEVISA 1227Z PL -740710265 506160206.4
REFER-REDE FERRO 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.03 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999 625059071.4
SOCIEDADE DE REN 3776676Z PL -16169671 124492842.5
SOCIEDADE DE TRA 1253Z PL -368574770 153373893.3
SPORTING CLUBE D SCDF EU -65884328.1 251276323.4
SPORTING CLUBE D SCG GR -65884328.1 251276323.4
SPORTING CLUBE D SCPX PX -65884328.1 251276323.4
SPORTING CLUBE D SCP1 PZ -65884328.1 251276323.4
SPORTING CLUBE D SCDF EO -65884328.1 251276323.4
SPORTING CLUBE D SCP PL -65884328.1 251276323.4
SPORTING-SOC DES SCPL IX -65884328.1 251276323.4
SPORTING-SOC DES SCDF PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPDS PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPVS PL -65884328.1 251276323.4
TAP SGPS TAP PL -353957017 2789331398
TRANSGAS SA 3794668Z PL -2181404.7 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.2 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.9 178667412.9
OLTCHIM RM VALCE OLTCF US -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLT PZ -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT RO -89344240.8 511515508.8
RAFO SA RAF RO -457922311 356796459.3
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -85016164.6 320054212.6
ALLIANCE RUSSIAN ALRT RU -15214295.8 144582050.8
AMO ZIL ZILL RM -204894835 401284636
AMO ZIL-CLS ZILL RU -204894835 401284636
AMO ZIL-CLS ZILLG RU -204894835 401284636
AMO ZIL-CLS ZILL* RU -204894835 401284636
AMTEL-POVOLZ-BRD KIRT RU -936614.549 142093264.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.549 142093264.3
BALTIYSKY-$BRD BALZ RU -880437.562 345435790.7
BALTIYSKY-$BRD BALZ* RU -880437.562 345435790.7
BALTIYSKY-BRD BALZ$ RU -880437.562 345435790.7
CRYOGENMASH-BRD KRGM* RU -22826264 214573431.2
CRYOGENMASH-BRD KRGM RU -22826264 214573431.2
CRYOGENMASH-PFD KRGMP* RU -22826264 214573431.2
CRYOGENMASH-PFD KRGMP RU -22826264 214573431.2
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.5 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.5 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.5 299864149.8
FINANCIAL LEASIN 137282Z RU -166377934 282903505.9
FINANCIAL LEASIN FLKO RU -166377934 282903505.9
FINANCIAL LEASIN FLKO RM -166377934 282903505.9
FINANCIAL LEASIN FLKO* RU -166377934 282903505.9
GAZ GAZA$ RU -584751226 1478925024
GAZ GZAPF US -584751226 1478925024
GAZ-CLS GAZA* RU -584751226 1478925024
GAZ-CLS GAZA RM -584751226 1478925024
GAZ-CLS GAZA RU -584751226 1478925024
GAZ-CLS GAZAG RU -584751226 1478925024
GAZ-FINANS GAZF RU -56134.5126 232319905.4
GAZ-PFD GAZAP* RU -584751226 1478925024
GAZ-PFD GAZAP RU -584751226 1478925024
GAZ-PFD GAZAP RM -584751226 1478925024
GAZ-PFD GAZAPG$ RU -584751226 1478925024
GAZ-PFD GAZAPG RU -584751226 1478925024
GAZ-PREF GAZAP$ RU -584751226 1478925024
GAZ-US$ GTS GAZAG$ RU -584751226 1478925024
GRAZHDANSKIE SAM GSSU RU -47604998.4 1353823920
GUKOVUGOL GUUG RU -57835249.9 143665227.2
GUKOVUGOL GUUG* RU -57835249.9 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.9 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.9 143665227.2
HALS-DEVEL- GDR 86PN LI -588515965 1446111954
HALS-DEVELOPMENT HALS RM -588515965 1446111954
HALS-DEVELOPMENT HALS TQ -588515965 1446111954
HALS-DEVELOPMENT HALS* RU -588515965 1446111954
HALS-DEVELOPMENT HALSG RU -588515965 1446111954
HALS-DEVELOPMENT HALSM RU -588515965 1446111954
HALS-DEVELOPMENT HALS LI -588515965 1446111954
HALS-DEVELOPMENT SYR GR -588515965 1446111954
HALS-DEVELOPMENT HALS RU -588515965 1446111954
IZHAVTO OAO IZAV RU -94100834 443610329.4
KHANTY MANSIYSK HMSR RU -7454032.63 143409366.2
KIROV TIRE PLANT KIRT$ RU -936614.549 142093264.3
KOMPANIYA GL-BRD GMST RU -1933849.29 1120076905
KOMPANIYA GL-BRD GMST* RU -1933849.29 1120076905
KUZNETSOV-BRD MTST RU -15938417.5 331074749.5
KUZNETSOV-BRD MTSTP* RU -15938417.5 331074749.5
KUZNETSOV-BRD MTSTP RU -15938417.5 331074749.5
KUZNETSOV-BRD MTST* RU -15938417.5 331074749.5
M-INDUSTRIYA SOMI RU -1304109.98 267288804.8
MURMANSKAY MUGS RM -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP RU -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP RM -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP* RU -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSPG RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGS* RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGSG RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGS RU -22867336.6 135442629.9
NIZHMASHZAVO-BRD NMSZ RU -24657843.6 316480680.1
NIZHMASHZAVO-BRD NMSZ* RU -24657843.6 316480680.1
NIZHMASHZAVOD-BD NMSZ$ RU -24657843.6 316480680.1
NIZHMASHZAVO-PFD NMSZP RU -24657843.6 316480680.1
NIZHMASHZAVO-PFD NMSZP* RU -24657843.6 316480680.1
PENOPLEX-FINANS PNPF RU -839659.372 147052027.7
PIK GROUP PIKK RM -65334861 4000687446
PIK GROUP PIKK* RU -65334861 4000687446
PIK GROUP PIKKG RU -65334861 4000687446
PIK GROUP PIKK RU -65334861 4000687446
PIK GROUP-GDR PIK1 QM -65334861 4000687446
PIK GROUP-GDR PIQ2 GR -65334861 4000687446
PIK GROUP-GDR PKGPL US -65334861 4000687446
PIK GROUP-GDR PIK TQ -65334861 4000687446
PIK GROUP-GDR PIK LI -65334861 4000687446
PIK GROUP-GDR PIK IX -65334861 4000687446
PIK GROUP-GDR PIK EB -65334861 4000687446
PIK GROUP-GDR PIK EU -65334861 4000687446
PIK GROUP-GDR PIK1 EO -65334861 4000687446
PROMTRACTOR-FINA PTRF RU -27519567.1 259128529.5
RUSSIAN TEXT-CLS ALRTG RU -15214295.8 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.8 144582050.8
SEVERNAYA KAZNA SVKB* RU -65841686.2 279147750
SEVERNAYA KAZNA SVKB RU -65841686.2 279147750
SEVKABEL-FINANS SVKF RU -83036.4617 102680373.6
SISTEMA HALS-GDR HALS IX -588515965 1446111954
SISTEMA-GDR 144A SEMAL US -588515965 1446111954
URAL PLANT OF PR UZPOA RU -53649612.1 191579960.2
URALMASHPLAN-BRD URAM* RU -18423442.8 687183030.3
URALMASHPLAN-BRD URAM RU -18423442.8 687183030.3
URALMASHPLAN-PFD URAMP* RU -18423442.8 687183030.3
URALMASHPLAN-PFD URAMP RU -18423442.8 687183030.3
URALSKIJ ZAVOD T URAM$ RU -18423442.8 687183030.3
URGALUGOL-BRD YRGL* RU -21554314.6 139319389.8
URGALUGOL-BRD YRGL RU -21554314.6 139319389.8
URGALUGOL-BRD-PF YRGLP RU -21554314.6 139319389.8
VIMPEL SHIP-BRD SOVP* RU -85016164.6 320054212.6
VIMPEL SHIP-BRD SOVP RU -85016164.6 320054212.6
VOLGOGRAD KHIM VHIM RU -55617131.4 157514787.8
VOLGOGRAD KHIM VHIM* RU -55617131.4 157514787.8
WILD ORCHID ZAO DOAAN RU -11716087.5 106082784.6
ZERNOVAYA KOMPAN ONAST RU -9609529.9 673952471.2
ZIL AUTO PLANT ZILL$ RU -204894835 401284636
ZIL AUTO PLANT-P ZILLP RM -204894835 401284636
ZIL AUTO PLANT-P ZILLP RU -204894835 401284636
ZIL AUTO PLANT-P ZILLP* RU -204894835 401284636
SERBIA
------
DUVANSKA DIVR SG -46938765.4 107525048.4
SLOVENIA
--------
ISTRABENZ ITBG EU -3710053.92 1192276746
ISTRABENZ ITBG EO -3710053.92 1192276746
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SPAIN
-----
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TURKEY
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UKRAINE
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*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland
USA. Valerie U. Pascual, Marites O. Claro, Rousel Elaine T.
Fernandez, Joy A. Agravante, Ivy B. Magdadaro, Frauline S.
Abangan and Peter A. Chapman, Editors.
Copyright 2012. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 240/629-3300.
* * * End of Transmission * * *