/raid1/www/Hosts/bankrupt/TCREUR_Public/121009.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, October 9, 2012, Vol. 13, No. 201
Headlines
B E L G I U M
DEXIA CREDIT: Fitch Affirms & Withdraws 'f' Viability Rating
F R A N C E
COMPAGNIE DE GEOPHYSIQUE: S&P Reinstates BB Rating on US$79M Debt
GROUPAMA SA: S&P Says Sale Won't Constrain UK Unit's Rating
GROUPAMA SA: Fitch Cuts Ratings on 3 Hybrid Instruments to B+
G E O R G I A
* GEORGIA: Fitch Says Power Transfer Has Positive Reflection
G E R M A N Y
PHOENIX PHARMAHANDEL: Fitch Affirms 'BB' LT Issuer Default Rating
S-CORE 2007-1: Moody's Cuts Ratings on Two Note Classes to 'Ca'
S-CORE 2008-1: Moody's Reviews 'Caa3' Rating for Downgrade
WILCO 2007-1: Fitch Cuts Rating on EUR42.45MM Notes to 'Bsf'
G R E E C E
ALPHA BANK: S&P Affirms 'CCC/C' Counterparty Credit Ratings
OMEGA NAVIGATION: Creditors Allowed to Search for Buyer
* GREECE: Fitch Updates Liquidity Gap for Covered Bonds
I T A L Y
COLOMBO SRL: S&P Withdraws 'BB' Rating on Class C Notes
WIND TELECOMUNICAZIONI: Moody's Affirms B1 CFR; Outlook Negative
L U X E M B O U R G
CONTOURGLOBAL POWER: Moody's Assigns 'B2' Corp. Family Rating
N E T H E R L A N D S
JUBILEE CDO IV: S&P Raises Rating on Class C Notes to 'BB+'
* NETHERLANDS: 553 Businesses Declared Bankrupt in September
P O L A N D
CENTRAL EUROPEAN: Moody's Cuts CFR/PDR to Caa2; Outlook Negative
P O R T U G A L
* PORTUGAL: Fitch Says Income Tax Hike to Hit RMBS Default Levels
R U S S I A
O'KEY GROUP: Fitch Affirms 'B+' Issuer Default Ratings
RASPADSKAYA: Evraz Stake Purchase No Impact on Moody's B1 Rating
ULYANOVSK REGION: Fitch Affirms 'BB-' Long-Term Currency Ratings
S P A I N
BANCAJA 7: Fitch Lowers Rating on Class D Notes to 'BBsf'
LICO LEASING: Moody's Reviews 'Ba3' Rating for Downgrade
* Moody's Takes Rating Actions on 4 Spanish Banking Groups
* SPAIN: To Make Payments to Creditors of Ailing Regions
U K R A I N E
FERREXPO PLC: Fitch Affirms 'B' Long-Term Issuer Default Rating
U N I T E D K I N G D O M
ALPHA TOPCO: Moody's Reviews 'Ba3' Rating for Downgrade
BIG PICTURES: In Administration, TSM Tenon Seeks Buyer
CERES POWER: Mulls Liquidation After Failure to Secure Funds
JEMMA KIDD MAKE-UP: In Administration, Cuts 30 Jobs
LONDON & REGIONAL: Moody's Cuts Rating on Class C Notes to 'B3'
ROMIDA SPORTS: In Administration, Ceases Trading
SCHLEGEL AUTOMOTIVE: In Administration, Jobs at Risk
UNITED CARPETS: High Rent Forces Firm Into Administration
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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B E L G I U M
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DEXIA CREDIT: Fitch Affirms & Withdraws 'f' Viability Rating
------------------------------------------------------------
Fitch Ratings has affirmed Dexia's Long-term Issuer Default
Rating (IDR) at 'A+', Short-term IDR at 'F1+', Support Rating at
'1' and Support Rating Floor at 'A+'. The Outlook is Negative.
At the same time, the agency has affirmed and withdrawn Dexia's
Viability Rating (VR) of 'f'. Dexia's debt securities issued
under the states' funding guarantees have been affirmed at
'AA'/'F1+'.
Rating Action Rationale
Dexia's and Dexia Credit Local's (DCL) IDRs, Support Rating and
Support Rating Floor continue to reflects Fitch's opinion that
there would be an extremely high probability that the states of
France ('AAA'/Negative), and Belgium ('AA'/Negative), would
provide additional support to them, if required.
While the three states of France, Belgium and Luxembourg
('AAA'/Stable) have been involved in the successive support
package provided to Dexia in 2008 and 2011 (i.e. a capital
injection from various French and Belgian public entities in
2008, funding guarantees from the three states in 2008 and 2011),
France and Belgium are, in Fitch's view the most likely source of
additional support in case of need. Dexia's and DCL's Support
Rating Floor are the same as those of systemically important
French banks and the Negative Outlooks on Dexia's and DCL's Long-
term IDRs continue to mirror that of the French state.
Dexia's VR, placed on 'f' in October 2011, indicates that the
bank would in Fitch's opinion have defaulted had it not received
extraordinary support. The withdrawal of Dexia's VR reflects the
agency's view that Dexia, as an institution in run-off relying on
extraordinary support from the central banks and states guarantee
for its funding need, cannot be meaningfully analysed on a
standalone basis.
As a core subsidiary to DCL and line with Fitch's criteria, Dexia
Muncipal Agency's (DMA) Long-term IDR is aligned with that of its
sole shareholder and therefore has been affirmed at 'A+'.
RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING AND SUPPORT
RATING FLOOR
Any negative rating action on France's ratings would lead to a
reduction in the French state's ability to provide support to
Dexia and would therefore result in a negative rating action on
Dexia's and DCL's Support Rating Floors and Support Ratings. Any
decline in the states' willingness to support Dexia could also
result in a downgrade of the banks' Support Rating Floors and
Support Ratings.
RATING DRIVERS AND SENSITIVITIES - IDRs AND SENIOR DEBT
As Dexia's and DCL's Long-term IDRs and senior debt rating are
support driven they would be sensitive to any change in Dexia's
and DCL's Support Rating Floors (whose sensitivities are detailed
above). The Negative Outlook on Dexia's Long-term IDR mirrors
that of the French state.
The 'A+' rating assigned to Dexia's senior debt reflects Fitch's
view that it is extremely unlikely that the European Commission
(EC) would apply 'burden sharing' to Dexia's senior creditors,
given the very negative impact on investor sentiment (and
therefore ultimately on bank funding costs) and wider
repercussions of such an unprecedented action. In this context,
the July 2012 Memorandum of Understanding between Spain and the
Euro Group concerning the Spanish banking sector includes
proposed mandatory burden-sharing of losses by subordinated but
not by senior debt holders.
The senior debt rating is highly sensitive to any form of 'burden
sharing' that the EC could impose on senior bondholders among the
restructuring measures for Dexia following state aid received (a
final decision is expected in January 2013).
RATING DRIVERS AND SENSITIVITIES - SUBORDINATE DEBT AND HYBRID
SECURITIES
The ratings of Dexia's subordinated debt and hybrid securities
(issued by DCL and Dexia Funding Luxembourg) reflect the
substantial to exceptionally high levels of risk of potential
non-performance and losses which are not captured by Dexia's and
DCL's IDRs as the IDRs are entirely based on expcted state
support.
The 'CCC' ratings assigned to two DCL lower Tier 2 subordinated
debt (XS0307581883 and XS0284386306, with contractually mandatory
coupon payment) continue to reflect the substantial credit risk
caused by potential EC requirements as part of its 'burden
sharing' concept. The 'C' ratings assigned to DCL (FR0010251421)
and Dexia Funding Luxembourg (XS0273230572) hybrid Tier 1
securities reflect the coupons missed as part of the first
restructuring plan, and the expected further coupon omission and
poor recovery rates.
Following the first round of state aid received in 2008, the EC
requested that Dexia pay coupons on its subordinated debt
instruments only if deemed contractually mandatory until the end
of 2011. Given the second round of state aid received in October
2011 and related on-going EC investigations, Dexia has decided to
extend this in 2012. In Fitch's view, it is highly likely that
the EC will, at least, renew the coupon payment ban on
subordinated securities for the sake of the 'burden sharing'
principle.
The ratings of the subordinated debt and hybrid securities are
sensitive to the form of the burden sharing that will be imposed
by the EC. In particular, the agency would consider a potential
debt restructuring that would result in losses for subordinated
bondholders as a "distressed debt exchange".
RATING DRIVERS AND SENSITIVITIES - GUARANTEED DEBT
The states of Belgium, France and Luxembourg provided Dexia with
a several but not joint guarantee in 2008 (EUR20 billion of
guaranteed debt outstanding at 1st October 2012, no new issue
under this guarantee) and a new similar one in 2011 (EUR51
billion outstanding at the same date).
The ratings assigned to the securities issued under the states'
guarantees (2008 and 2011) are aligned with the rating of the
Belgian sovereign given it is the lowest-rated guarantee
provider, the guarantee is several but not joint and Fitch rates
on a 'first-dollar loss' basis. Each state is responsible for a
share of the overall guarantee (60.5% for Belgium, 36.5% for
France and 3% for Luxembourg). The 2011 guarantee has only
received temporary approval from the EC for a maximum of EUR55
billion; the final decision to increase the final guarantee
amount to a maximum of EUR90 billion is expected for January 2013
when the restructuring plan will be agreed with the EC.
The ratings assigned to the securities issued under the
guarantees are sensitive to any rating action on the Belgian
sovereign. The 'F1+' rating assigned to short-term securities
issued under the guarantee would be downgraded to 'F1' if
Belgium's Long-term IDR were to be downgraded below 'AA-'.
The rating actions are as follows:
Dexia:
-- Long-term IDR: affirmed at 'A+'; Outlook Negative
-- Short-term IDR: affirmed at 'F1+'
-- Viability Rating: affirmed at 'f'; withdrawn
-- Support Rating: affirmed at '1'
-- Support Rating Floor: affirmed at 'A+'
DCL:
-- Long-term IDR: affirmed at 'A+'; Outlook Negative
-- Senior debt: affirmed at 'A+'
-- Market linked notes: affirmed at 'A+emr'
-- Subordinated debt: affirmed at 'CCC'
-- Tier 1 hybrid securities: affirmed at 'C'
-- Short-term IDR: affirmed at 'F1+'
-- Commercial paper: affirmed at 'F1+'
-- Support Rating: affirmed at '1'
-- Support Rating Floor: affirmed at 'A+'
-- State guaranteed debt: affirmed at 'AA/F1+'
Dexia Funding Luxembourg:
-- Tier 1 hybrid securities: affirmed at 'C'
Dexia Municipal Agency:
-- Long-term IDR: affirmed at 'A+'; Outlook Negative
-- Support Rating: affirmed at '1'
-- Covered bonds rated 'AAA'/Rating Watch Negative: unaffected
by this rating action
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F R A N C E
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COMPAGNIE DE GEOPHYSIQUE: S&P Reinstates BB Rating on US$79M Debt
-----------------------------------------------------------------
Standard & Poor's Ratings Services reinstated its 'BB' issue
rating on the $79 million secured revolver facility issued by CGG
Veritas Services Holding (U.S.) Inc. and guaranteed by Compagnie
Generale de Geophysique - Veritas, due in January 2014, which was
withdrawn in error in January 2012. The rating is on CreditWatch
with negative implications. "We also reinstated the '2' recovery
rating on this instrument, which indicates our expectation of
substantial (70%-90%) recovery in the event of payment default,"
S&P said.
For the corporate credit rating rationale on Compagnie Generale
de Geophysique - Veritas (CGGV; BB-/Watch Neg/--), please see
S&P's most recent research update on CGGV, "Seismic Services
Company CGGV 'BB-' Ratings Placed On CreditWatch Negative On
Announcement Of Fugro Division Acquisition", published on Sept.
25, 2012.
GROUPAMA SA: S&P Says Sale Won't Constrain UK Unit's Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services placed Groupama Insurance Co.
Ltd. (Groupama UK) on CreditWatch with positive implications.
"Groupama S.A., Groupama UK's parent, has agreed to sell the
company's non-life insurance business to Ageas (UK) Ltd. (Ageas
UK). The CreditWatch placement reflects our expectation that once
the acquisition has officially completed the ratings on Groupama
UK will no longer be constrained by those on Groupama S.A.
(BB/Negative/--). Until completion, we understand that, based on
regulatory restrictions and contractual arrangements, Groupama
S.A. has limited ability to weaken the financial risk profile of
Groupama UK, and little incentive to do so," S&P said.
"The ratings on Groupama UK reflect our view of its good stand-
alone credit characteristics. These include its conservative
investment portfolio, a good and improving operating performance,
and a good competitive position. Partially offsetting these
strengths are the long-term uncertainty surrounding the insurer's
underperformance in its commercial motor and property accounts
and Groupama UK's concentration in the very competitive U.K.
motor insurance market, from which it derived 51% of its premiums
in 2011," S&P said.
"Additionally, there is some uncertainty regarding the continuity
of Groupama UK's broker relationships and commercial business
given the recent financial pressures at Groupama S.A. and
following the sale of part of the group's U.K. broking
operations. Groupama UK and the U.K. broking arm operate as a
distinct and independent business unit within the Groupama group.
The September 2012 agreement that Groupama S.A. signed with Ageas
UK covers the sale of the group's U.K. non-life insurance
business but excludes the broking services," S&P said.
"We expect to resolve our CreditWatch placement on approval of
the acquisition by the U.K.'s Financial Services Authority. If
the acquisition goes through, the rating on Groupama UK will be
based on our assessment of its stand-alone financial and business
characteristics. We currently expect to raise the ratings on
Groupama UK to the 'BBB' category when the transaction completes.
This is expected to take place during the fourth quarter of
2012," S&P said.
"In the event that the acquisition does not go through, we will
resolve the CreditWatch placement and the ratings on Groupama UK
will remain constrained by those on Groupama S.A.," S&P said.
GROUPAMA SA: Fitch Cuts Ratings on 3 Hybrid Instruments to B+
-------------------------------------------------------------
Fitch Ratings has downgraded its ratings on the three hybrid debt
instruments issued by Groupama SA from 'BB' to 'B+, 'B-' and
'CCC', respectively. All hybrid debt issued by Groupama remains
on Rating Watch Negative. The agency has also downgraded
Groupama S.A.'s and two of its core insurance subsidiaries,
Groupama GAN Vie and GAN Assurances' Insurer Financial Strength
(IFS) ratings to 'BB+' from 'BBB'. The Outlook remains Negative.
The IFS rating of GAN Eurocourtage has also been downgraded to
'BB+' from 'BBB' with a Negative Rating Outlook.
The rating actions on the hybrid debt follows the disclosure by
Groupama of its intention not to pay the coupon on its Undated
Deeply Subordinated Notes (ISIN FR0010533414) due on October 22
for a consideration of EUR63 million, which Fitch considers as
non-performance. Fitch notes Groupama has paid the most recent
coupon on its Undated Senior Subordinated Notes (ISIN
FR0010208751) in July although the company's Solvency 1 ratio at
that time would have entitled an optional deferral. Groupama
also intends to pay the next coupon on its Dated Senior
Subordinated Notes (ISIN FR0010815464) due in late October 2012.
The maintained RWN on the subordinated debt instruments continues
to reflect Fitch's view of the risk of further coupon deferral.
The downgrade of Groupama's IFS ratings reflects Fitch concerns
that the decision not to pay the coupon on its hybrid debt could
negatively impact the company's reputation and that the group may
face further challenges to its financial condition going forward.
Fitch is also concerned that financial flexibility will diminish
as the agency believes that the group's access to financial
markets will become very constrained for the foreseeable future.
The key rating triggers that could result in a further downgrade
include further non-payment of coupons, deterioration of the
group's financial profile, especially in terms of solvency, as
well as its inability to translate measures aimed at improving
underwriting results into a sustainable strong performance in
non-life (combined ratio near 100%) and life (new business margin
near 1%).
The ratings actions are as follows:
Groupama S.A.
-- IFS rating downgraded to 'BB+' from 'BBB'; Outlook Negative
Long-term IDR downgraded to 'BB' from 'BBB-'; Outlook
Negative
-- Undated Senior Subordinated debt (ISIN FR0010208751)
downgraded to 'B-' from 'BB'; maintained on RWN
-- Dated Senior Subordinated debt (ISIN FR0010815464)
downgraded to 'B+' from 'BB'; maintained on RWN
-- Undated Deeply Subordinated Notes (ISIN FR0010533414)
downgraded to 'CCC' from 'BB'; maintained on RWN
Groupama GAN Vie
-- IFS rating downgraded to 'BB+' from 'BBB'; Outlook Negative
GAN Assurances
-- IFS rating downgraded to 'BB+' from 'BBB'; Outlook Negative
GAN Eurocourtage
-- IFS rating downgraded to 'BB+' from 'BBB'; Outlook Negative
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G E O R G I A
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* GEORGIA: Fitch Says Power Transfer Has Positive Reflection
------------------------------------------------------------
A peaceful transfer of power following Georgia's parliamentary
elections reflects positively on the country's institutions,
Fitch Ratings says, but may be partly offset by an increase in
policy uncertainty.
The poll held October 1 was a test of Georgia's capacity to hold
competitive elections. President Mikheil Saakashvili's concession
of defeat to Bidzina Ivanishvili's Georgian Dream coalition, and
his promise to work "in the frame of the constitution" as
president to help form a new government, suggest that Georgia
will witness its first peaceful change of government at an
election since 1991. The lack of violence so far suggests that
that the process will be smooth, even after a heated campaign.
Mr. Saakashvili's United National Movement had held power since
the 2003 'Rose Revolution'.
Fitch upgraded Georgia to 'BB-' in December last year due to a
turnaround in its public finances and strong economic growth. In
July 2011, parliament approved the Law on Economic Liberty, which
will take effect at the end of 2013. It aims to limit the
consolidated deficit to 3% of GDP and government debt to 60% of
GDP, and limit consolidated budget spending to 30% of GDP. This
should reduce the risk of deviation from sound fiscal policies.
A departure from sound policies or democratic norms could
potentially interrupt the pipeline of multilateral concessional
financing agreed following the conflict with Russia in 2008.
While Georgia has borrowed on international bond markets, these
flows, together with a precautionary Stand-By Arrangement with
the IMF, support public and external finances. Georgian Dream's
unexpected victory may still create tests for the country's
democratic institutions. Mr. Saakashvili is scheduled to remain
in post until presidential elections in October 2013 and any
tensions in his working relationship with Mr. Ivanishvili could
increase policy uncertainty. Mr. Saakashvili said in a televised
address October 2 that Georgian Dream's views "were and still are
fundamentally unacceptable to me," but that UNM would respect the
election result as the majority verdict of the Georgian people in
a democratic vote. Mr. Ivanishvili said that he would be able to
work with Mr. Saakashvili.
Bidzina Ivanishvili is a relatively recent entrant to Georgian
politics, and Georgian Dream, an alliance of six relatively
diverse parties, is also something of an unknown quantity. Some
of its component parties have been involved in previous, short-
lived coalitions that aimed at unseating UNM. If divisions
emerged within Georgian Dream this too could increase policy
uncertainty.
Nevertheless, Georgian Dream's broad pre-election policy
statements give no reason to assume that sudden changes in
economic, fiscal, or diplomatic policy are likely. They have
said they will continue to aim for EU and Nato membership (while
having a dialogue with Russia); that they favor a 'small
government' and market-led economic model; that monetary policy
will be orientated towards increasing international currency
reserves; and that they will control increases in external debt
and keep the fiscal deficit to below 3% of GDP.
Thus, while detailed policy will evolve as the new cabinet is
appointed, at first glance there is no reason to assume that a
Georgian Dream government would reverse those structural reforms
enacted in recent years that have helped secure growth and
successfully attracted FDI. However, there may be a greater
emphasis on spreading the benefits of economic growth to combat
still-high unemployment and poverty.
=============
G E R M A N Y
=============
PHOENIX PHARMAHANDEL: Fitch Affirms 'BB' LT Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Germany-based pharmaceuticals
wholesaler Phoenix Pharmahandel GmbH & Co. KG's Long-term Issuer
Default Rating (IDR) and senior unsecured rating at 'BB'. The
Outlook is Stable.
Despite some pressure on the European wholesale markets, Phoenix
is performing according to Fitch's expectations for the current
rating level. An improvement in debt protection measures over
the next few years is expected, helped by solid cash flow
generation and the absence of larger acquisitions and meaningful
dividends.
The ratings are supported by Phoenix's market leading positions
in the European pharmaceuticals wholesale markets, Phoenix's wide
geographical coverage -- which leaves it relatively resilient to
changes in healthcare systems in single countries, its integrated
business model which enhances Phoenix's profitability, and its
solid and relatively predictable cash flow generation, with low
capex requirements. Negative ratings factors include Phoenix's
low EBITDA margin when compared to other industries, some sales
pressure as a result of cost containment policies from European
governments, as seen in the first half 2012. Negative rating
factors also include some competitive pressure from pharmacy
acquisitions if European pharmacy markets continue liberalizing.
Fitch expects debt protection measures to improve by FYE2013/14
with the lease and ABS/factoring adjusted net debt/EBITDAR ratio
to be below 4x and EBITDAR net fixed charge cover to approach
3.5x. The company has a financial policy to reduce net debt
further to reach a net debt/EBITDA ratio of 3x at FYE2013/14. No
large acquisitions or meaningful dividends are planned by the
company over the next three years.
Phoenix is the market leader in the European pharmaceuticals
wholesale markets with 11 number one market positions and eight
number two or three market positions in the 23 countries it
operates in. Such strong market positioning helps Phoenix to
benefit from economies of scale, while its pan-European coverage
helps it to be a partner of choice for big pharmaceutical
companies, which to some extent tend to reduce their number of
wholesalers and prefer those with operations in many European
countries.
The group's cash flow generation is helped by the regulated
markets it operates in. 70% to 80% of the group's wholesale
turnover is generated with prescription drugs, the prices of
which are regulated, thus ensuring relatively predictable sales
and EBITDA development. Demand for medicines is also non-
discretionary. After capex, EBITDAR conversion into FCF has been
high in FY11/12 at 38% and is expected by Fitch to remain above
25% going forward.
With an EBITDAR margin of 3.0% in FY11, enhanced by is presence
in retail pharmacies, Phoenix has, like many of its industry
peers, low profitability compared to other industries. The low
level of profitability is however also linked to the relatively
low risk in its operating model and is connected to the profit
margin's relative stability and predictability.
Phoenix's cash flow generation is solid. Over the past four years
the company has consistently shown its ability to generate funds
from operations (FFO) of about EUR300m annually, or a FFO margin
of 1.4% to 1.8% of sales. FFO/sales is expected to increase over
time.
Phoenix's intention is to continue to acquire pharmacies in the
current market to profit from higher margins in the retail
segment. Size helps the company to leverage costs but also helps
it to be a partner of choice for big pharma. As Phoenix's
competitors are also acquiring pharmacies there might be the risk
that Phoenix loses customers once pharmacy liberalization in a
country starts and Phoenix's wholesale competitors acquire
pharmacies in a larger scale. Further liberalization of the
pharmacy markets in Germany and other key European markets is
however not likely. The assigned ratings factor-in the company's
intention to pursue profitable and financially sound add-on
acquisitions (mainly pharmacies) within a pre-defined annual
budget of EUR20 million-EUR30 million. Government's cost
containment is expected to have a negative impact on sales and
profitability over time. The effect is expected by Fitch to be
somewhat mitigated by shifts in product mixes towards own label
products and efficiency enhancement programs.
What Could Trigger A Rating Action?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include: Further
deleveraging resulting in net (lease, factoring and ABS-)
adjusted debt / EBITDAR to be below 3x and operating EBITDAR/net
fixed charge cover above 3.5x on a permanent basis. This
translates into FFO adjusted net leverage below 3.3x and FFO
fixed charge coverage above 2.8x on a continued basis.
Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:
Major debt-financed acquisitions or operational setbacks, which
result in net (lease, factoring and ABS-) adjusted debt/EBITDAR
above 4x and operating EBITDAR/net fixed charge cover below 3x on
a permanent basis. This translates into FFO adjusted net
leverage above 4.5x and FFO fixed charge coverage below 2.2x. A
negative rating action might also be considered if FCF/ EBITDAR
was below 25% on a continued basis.
S-CORE 2007-1: Moody's Cuts Ratings on Two Note Classes to 'Ca'
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the
following notes issued by S-CORE 2007-1 GmbH:
EUR91M A2 Notes, Downgraded to B3 (sf); previously on Feb 11,
2011 Downgraded to Ba1 (sf)
EUR8.85M B Notes, Downgraded to Ca (sf); previously on Feb
11, 2011 Downgraded to Caa2 (sf)
EUR9.6M C Notes, Downgraded to Ca (sf); previously on Feb 11,
2011 Downgraded to Caa3 (sf)
S-core 2007-1 is a German SME CLO referencing a static portfolio
of 'schuldscheine' loans mostly with bullet maturities in 2014.
As per the July 2012 information report, Class A-1 notes have
been paid down to EUR78.57 million from amortizations and excess
spread. The outstanding portfolio totals EUR177.88 million of
portfolio assets, representing exposure to 49 loans.
Ratings Rationale
The rating actions are driven by recent additional defaults of
EUR 15 million and a lower expected mean recovery rate on
defaulted assets in the underlying pool.
Internal ratings assigned to the loan obligors by the originator
Deutsche Bank are used to determine their default probabilities.
These internal ratings are converted to Moody's rating scale
using a mapping. The average credit quality of the June 2012 pool
before application of stresses indicate a pool rating marginally
better than at last rating action.
S-CORE 2007 has experienced EUR17.0 million of defaults since
last rating action in February 2011. Reflecting the high default
rate in the pool and a corresponding reduction in excess spread
available to deleverage, the principal deficiency ledger (PDL)
has increased to EUR42.2 million from EUR28.2 million since last
rating action. As per the quarterly information reports available
since closing, total recoveries on defaulted assets amount to
EUR0.97 million. This works out to a very modest recovery rate of
2.35% on EUR41.2 million of defaults which occurred earlier than
2011, and less than 2% on cumulative defaults of EUR58.2 million
till date.
The current PDL of EUR42.2 million fully covers the principal
balances of Classes D, E and F, and a significant portion of
Class C principal. In addition assets in the current pool which
map to Ca/Caa3 credit quality amount to EUR6.9 million; were
these to default, Class B notes may not receive full principal
repayment.
In its base case analysis, Moody's stressed the mapped ratings by
one notch because (i) they are based on lagged financial data,
and (ii) the mapping is more than two years old. This yielded a
default probability consistent with an average B2 rating for the
collateral pool. Whereas at last rating action Moody's assumed
simulated recoveries with a mean of 15% on defaulted assets, the
rating actions are based on a low single digit mean recovery
assumption which is more in line with observed recoveries.
In the process of determining the final ratings, Moody's took
into account the results of the following sensitivity run:
1) Recovery rates of 0% and 5%.
These runs generated model results that are within one notch of
the base case result.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by uncertainties of
credit conditions in the general economy.
Sources of additional performance uncertainties include:
1) Reduced portfolio granularity: The performance of the
portfolio depends to a large extent on the credit conditions of a
few large obligors that are rated non investment grade,
especially when they experience a jump to default. The
realization of higher than anticipated default rate due to the
weakness of large obligors would negatively impact the ratings,
particularly given the pool's reduced granularity as a result of
large scheduled amortizations during the first half of 2012.
2) Recovery rates on defaults: Realized recoveries on defaults
will impact the amount of cash available for repayment of the
notes. Observed recoveries to date have been poor; any
significant improvement in recoveries in the future would have a
positive impact on the ability of the issuer to pay the amounts
due on the issued notes, in particular the senior classes.
The methodologies used in this rating were "Moody's Approach to
Rating CDOs of SMEs in Europe" published in February 2007, and
"Moody's Approach to Rating Collateralized Loan Obligations"
published in June 2011.
In rating this transaction, Moody's used CDOROM to simulate the
default scenarios for each asset in the portfolio. Losses on the
portfolio derived from those scenarios have then been applied as
an input in the cash flow model to determine the loss for each
tranche. In each 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. By repeating this process and averaging over the number
of simulations, an estimate of the expected loss borne by the
notes is derived. As such, Moody's analysis encompasses the
assessment of stressed scenarios.
In addition to the quantitative factors that are explicitly
modeled, 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, 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.
S-CORE 2008-1: Moody's Reviews 'Caa3' Rating for Downgrade
-----------------------------------------------------------
Moody's Investors Service has placed on watch for possible
downgrade the ratings of the following notes issued by S-CORE
2008-1 GmbH:
EUR385.45M A1 Notes, Aaa (sf) and Placed Under Review for
Possible Downgrade; previously on July 08, 2008 Assigned Aaa
(sf)
EUR32.45M A2 Notes, A2 (sf) and Placed Under Review for
Possible Downgrade; previously on Mar 30, 2011 Downgraded to
A2 (sf)
EUR7.95M B Notes, Baa3 (sf) and Placed Under Review for
Possible Downgrade; previously on Mar 30, 2011 Downgraded to
Baa3 (sf)
EUR6.1M C Notes, Ba2 (sf) and Placed Under Review for
Possible Downgrade; previously on Mar 30, 2011 Downgraded to
Ba2 (sf)
EUR7.9M D Notes, B3 (sf) and Placed Under Review for Possible
Downgrade; previously on Mar 30, 2011 Downgraded to B3 (sf)
EUR13.6M E Notes, Caa3 (sf) and Placed Under Review for
Possible Downgrade; previously on Mar 30, 2011 Downgraded to
Caa3 (sf)
S-core 2008-1 is a German SME CLO referencing a static portfolio
of 'schuldscheine' loans with bullet maturities in November 2012
and November 2014. As per the June 2012 information report, Class
A-1 notes have been paid down to EUR235.77 million from
amortizations and excess spread. The outstanding portfolio totals
EUR300.5 million, representing exposure to 139 loans. There have
been no additional defaults since the last rating action in
Mar 2011, and the principal deficiency ledger has a balance of
EUR1.8 million compared to cumulative defaults of EUR19.2
million.
Ratings Rationale
The outlook actions are driven by a lower than expected mean
recovery rate on defaulted assets in the underlying pool.
As per the quarterly information reports available since closing,
total recoveries on defaulted assets amount to EUR1.29 million.
This works out to a modest recovery rate of 6.7% on cumulative
defaults of EUR19.2 million. Whereas at last rating action
Moody's assumed simulated recoveries with a mean of 30% on
defaulted assets, the review for downgrade is based on the single
digit mean recovery observed to date.
Moody's targets to complete this review for downgrade in the next
few weeks, by which time it expects to 1) undertake fuller
analysis of the transaction's recovery rates on defaults, and 2)
analyze transaction performance based on the September 2012
information report when this becomes available.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by uncertainties of
credit conditions in the general economy.
Sources of additional performance uncertainties include:
1) Portfolio granularity: The performance of the portfolio
depends to a large extent on the credit conditions of a few large
obligors that are rated non investment grade, especially when
they experience a jump to default. The realization of higher than
anticipated default rate due to the weakness of larger obligors
would negatively impact the ratings.
2) Recovery rates on defaults: Realized recoveries on defaults
will impact the amount of cash available for repayment of the
notes. Observed recoveries to date have been modest; any
significant improvement in recoveries in the future would have a
positive impact on the ability of the issuer to pay the amounts
due on the issued notes, in particular the senior classes.
The methodologies used in this rating were "Moody's Approach to
Rating CDOs of SMEs in Europe" published in February 2007, and
"Moody's Approach to Rating Collateralized Loan Obligations"
published in June 2011.
No additional cash flow, sensitivity analysis or stress scenarios
have been conducted as this rating action is based entirely on
the observed low recovery rates on the defaulted assets in the
collateral pool.
In addition to the quantitative factors that are explicitly
modeled, 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, 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.
WILCO 2007-1: Fitch Cuts Rating on EUR42.45MM Notes to 'Bsf'
------------------------------------------------------------
Fitch Ratings has downgraded WILCO 2007-1 GmbH's commercial
mortgage-backed floating-rate notes due 2024 as follows:
-- EUR36.32m Class A: downgraded to 'AAsf' from 'AAAsf';
Outlook Stable
-- EUR42.45m Class B: downgraded to 'Bsf' from 'BBBsf'; Outlook
Negative
The downgrades are driven by the significant re-letting risk
prevalent in the transaction. All six outstanding loans are
secured by single assets, and four of them are let to individual
tenants, on leases with expiries ranging from less than a year to
8.8 years.
Fitch is particularly concerned about the three largest loans,
which account for over two-thirds of the current aggregate
outstanding principal balance. All three loans share similar
characteristics in that they are scheduled to mature in 2013 and
are secured on single Amsterdam offices let to single tenants
with leases expiring in less than two years.
The agency believes that if any of these assets were to become
vacant, the refurbishment costs required to secure a re-letting
would be significant. Without an income stream, the loan
sponsors would be forced to use funds from outside the
transaction to fund any capex work, along with all ongoing tax
and utility costs.
The sponsors may be willing to do this as the whole loan-to-value
ratios (LTV) on all six loans are between 44% and 71%, indicating
that significant equity remains. However, Fitch believes a
distressed sale on a vacant asset could leave several of the
loans with LTVs close to 100%. While the credit enhancement
offered by the class B note remains significant to project full
repayment in the majority of scenarios, the aforementioned
occupational risk is not commensurate with the highest rating for
the most senior class. The Outlook on the class B notes is
Negative, reflecting that they are directly exposed to event
risks connected to the weakest loans.
Since the last rating action in October 2011, three loans have
repaid in full, with the funds flowing sequentially and reducing
the class A balance by EUR113.29 million.
===========
G R E E C E
===========
ALPHA BANK: S&P Affirms 'CCC/C' Counterparty Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC/C' long-term
and short-term counterparty credit ratings on Greece-based Alpha
Bank A.E. (Alpha). "We also affirmed our 'CC' issue rating on
Alpha's hybrid securities. The outlook is negative," S&P said.
"The rating action follows Alpha's announcement that it has
entered into exclusive negotiations with French banking group
Credit Agricole S.A. (CASA, A/Stable/A-1) to acquire Greece-based
Emporiki Bank (not rated)," S&P said.
"The affirmation reflects our opinion that, at the current rating
level, any potential adverse impact of the proposed transaction
on Alpha's financial and business profile would be mitigated by
our expectation of continued support for it from the Hellenic
Financial Stability Fund (HFSF). Consequently, acquiring Emporiki
would have a limited effect on our current overall assessment of
Alpha's creditworthiness," S&P said.
"In particular, we expect Alpha will likely continue to receive
enough capital support from HSFS, in addition to the EUR1.9
billion it has already received, to maintain an adequate
regulatory capital position even in a scenario where the
acquisition of Emporiki materializes. We also anticipate that
Alpha will continue to have access to extraordinary funding
facilities under European support mechanisms to satisfy its
potential liquidity needs, including any potential needs related
to the possible acquisition of Emporiki. We believe that buying
Emporiki could result in Alpha potentially requiring higher
external support than we previously estimated. This is because,
in our opinion, Emporiki has weaker asset quality than the
average for domestic peers, which could make Alpha more
vulnerable than these peers to the currently deteriorated Greek
economy and potentially lead to weakening of its financial
profile, including capital and risk position," S&P said.
"The negative outlook is based on the possibility that we could
lower the ratings on Alpha, if we believe it will default on its
obligations, as defined by our criteria. We could lower the
ratings on the bank if its access to the EU's extraordinary
liquidity support mechanisms, including the Emergency Lending
Assistance (ELA) discount facility at the European Central Bank
(unsolicited AAA/Stable/A-1+), is impaired for any reason. This
support currently underpins the bank's capacity to meet its
financing requirements. In this context, we also note that
persistently high pressure on Greek banks' retail funding bases
may lead to further deposit outflows, which could in our opinion
increase the banks' need for additional extraordinary liquidity
support from EU authorities," S&P said.
"We could also lower the ratings if we believed the bank was
likely to default as a result of any developments associated with
a substantial impairment of its solvency. This could happen if,
for any reason, Greek banks could not access external capital
support, or if we considered such support insufficient to allow
the banks to continue meeting regulatory capital requirements
once the potentially further large losses on their holdings of
Greek government bonds are recognized. A default could also occur
from potentially sizable credit impairments arising from
lending," S&P said.
OMEGA NAVIGATION: Creditors Allowed to Search for Buyer
-------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that creditors of Omega Navigation Enterprises Inc. were
authorized by the bankruptcy judge to search for a buyer to take
the petroleum-tanker owner away from the current owner.
According to the report, Omega filed a Chapter 11 reorganization
plan drawing objection from the unsecured creditors' committee
and junior secured lenders. The committee filed papers in U.S.
Bankruptcy Court in Houston seeking authority to negotiate with a
third party to buy the operation and sponsor an alternative
reorganization. Although the bankruptcy judge didn't permit the
committee to propose a competing plan, she did allow the creditor
panel to search for a buyer or investor, using confidential
information given proper safeguards. The committee is required
to disclose the identity of potential buyers to the company and
the lenders.
The report relates that the lenders and the creditors both
contend the company's plan violates bankruptcy law and can't be
approved. Filed in August, the company plan would be funded
partly with a new investment of about US$2.5 million by an entity
related to George Kassiot is, the chief executive officer. In
return, his company would receive all the new stock. Junior
secured lenders could buy one-third of the new equity if they too
make new contributions. The committee faulted the company for
not testing the market to learn whether the current owner's new
investment would be large enough to justify retaining the equity.
A hearing to approve disclosure materials explaining the
company's plan was on the court's Oct. 1 calendar. It was
postponed until Oct. 15.
About Omega Navigation
Athens, Greece-based Omega Navigation Enterprises Inc. and
affiliates, owner and operator of tankers carrying refined
petroleum products, filed for Chapter 11 protection (Bankr. S.D.
Tex. Lead Case No. 11-35926) on July 8, 2011, in Houston, Texas
in the United States.
Omega is an international provider of marine transportation
services focusing on seaborne transportation of refined petroleum
products. The Debtors disclosed assets of US$527.6 million and
debt totaling US$359.5 million. Together, the Debtors wholly own
a fleet of eight high-specification product tankers, with each
vessel owned by a separate debtor entity.
HSH Nordbank AG, as the senior lenders' agent, has first liens on
vessels to secure a US$242.7 million loan. The lenders include
Bank of Scotland and Dresdner Bank AG. The ships are encumbered
with US$36.2 million in second mortgages with NIBC Bank NV as
agent. Before bankruptcy, Omega sued the senior bank lenders in
Greece contending they violated an agreement to grant a three
year extension on a loan that otherwise matured in April 2011.
An affiliate of Omega that manages the vessels didn't file, nor
did affiliates with partial ownership interests in other vessels.
Judge Karen K. Brown presides over the case. Bracewell &
Giuliani LLP serves as counsel to the Debtors. Jefferies &
Company, Inc., is the financial advisor and investment banker.
The Official Committee of Unsecured Creditors has tapped Winston
& Strawn as local counsel; Jager Smith as lead counsel; and First
International as financial advisor.
* GREECE: Fitch Updates Liquidity Gap for Covered Bonds
-------------------------------------------------------
Fitch Ratings has updated the liquidity gap and systemic risk
component assessment to "minimal discontinuity" from "very low"
for 11 covered bond pass-through programs.
There is no impact on the ratings of the programs or their
Discontinuity Caps (D-Caps), which for the seven programs in
France and the UK are assessed as D-Cap 8 (minimal discontinuity
risk) and for the four Greek programs are assessed as D-Cap 3
(moderate high risk). Fitch has revised the component assessment
to "minimal discontinuity" for these programs in order to
differentiate between programs that should have no need to
liquidate cover assets under any scenario, such as pass through
programs, versus ones that have highly liquid assets to protect
investors against maturity mismatches in the event of an issuer
default, such as for most public sector programs.
French covered bonds:
-- CM-CIC Home Loans FCT, mortgage covered bonds 'AAA'/Stable
-- CMNE Home Loans FCT, mortgage covered bonds 'AAA'/Stable
-- VMG Vauban Mobilisations Garanties, mortgage covered bonds
'AAA'/Stable
-- Zephyr Home Loans FCT, mortgage covered bonds 'AAA'/Stable
Greek covered bonds:
-- Alpha Bank, mortgage covered bonds 'CCC+'
-- Eurobank Ergasias S.A., mortgage covered bonds 'CCC+'
-- National Bank of Greece S.A. - Programme II, mortgage
covered bonds 'CCC+'
-- Piraeus Bank, mortgage covered bonds 'CCC+'
UK covered bonds:
-- Bank of Scotland Plc - Intelligent Finance, mortgage covered
bonds 'AAA'/Stable
-- Barclays Bank PLC, public sector covered bonds 'AAA'/Stable
-- Clydesdale Bank PLC - No. 1 program, mortgage covered bonds
'AAA'/Stable
A pass-through amortization profile does not guarantee a D-Cap of
8. A D-Cap of 3 (moderate high risk) applies to the four Greek
covered bond programs despite their pass-through redemption
profile in the event of an issuer default, owing to potential
systemic challenges associated with the alternative management
component.
D-Caps determine the maximum rating notch uplift from the Long-
term Issuer Default Rating of the issuing financial institution
to the covered bond rating on a probability of default basis,
reflecting Fitch's view of the likelihood of a program defaulting
in the aftermath of an issuer default. Apart from a D-Cap of 8,
D-Caps are based on the highest risk assessment of the following
components: asset segregation, liquidity gap and systemic risk,
alternative management (systemic and cover pool-specific) and
privileged derivatives.
D-Caps of 8 are assigned when programs have no liquidity gaps and
there is protection for interest payments, in line with Fitch's
criteria. The assessments of all D-Caps components are published
for programs with a D-Cap of 8, but the highest risk assessment
does not drive the result unless Fitch expects that a weakness in
any of the components would compromise the overall minimal
discontinuity assessment for the program.
=========
I T A L Y
=========
COLOMBO SRL: S&P Withdraws 'BB' Rating on Class C Notes
-------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
the class A2, B, and C notes issued by Colombo S.r.l.
"The withdrawals follow our April 5, 2012 withdrawal of the long-
term and issue ratings on the Region of Emilia-Romagna, which
alone accounts for nearly 68% exposure to the underlying loan
portfolio," S&P said.
"Subsequently, in our opinion, there is insufficient information
of satisfactory quality to continue to rate and surveil the notes
in this transaction," S&P said.
"We have therefore withdrawn our ratings on the class A2, B, and
C notes. Colombo repaid the class A1 noteholders in full in
2010," S&P said.
"Colombo is a cash flow collateralized debt obligation (CDO)
transaction backed by a portfolio of loans to Italian regions,
provinces, municipalities and other public sector entities. The
transaction closed in August 2001," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Colombo S.r.l.
EUR394.449 Million Asset-Backed Floating-Rate Notes
Ratings Withdrawn
A2 NR A (sf)/Watch Neg
B NR A- (sf)/Watch Neg
C NR BB (sf)/Watch Neg
NR-Not rated.
WIND TELECOMUNICAZIONI: Moody's Affirms B1 CFR; Outlook Negative
----------------------------------------------------------------
Moody's Investors Service has changed the rating outlook on Wind
Telecomunicazioni S.p.A. ("Wind" or "the company") to negative
from stable. At the same time, Moody's has affirmed the company's
B1 corporate family rating (CFR) and B1 probability of default
rating (PDR) as well as the Ba3 rating on the company's senior
secured bank facilities and senior secured notes due 2018 and the
B3 rating on the senior notes due 2017.
Concurrently, Moody's has assigned a Caa1 CFR and Caa1 PDR to
Wind Acquisition Holdings Finance S.p.A. ("WAHF") and affirmed
the Caa1 rating on the PIK notes due 2017 issued at the Wind
Acquisition Holdings Finance S.A. level. The rating outlook at
WAHF is also negative.
Ratings Rationale
Wind's B1 CFR continues to reflect the company's (i) solid market
share of the telecommunications services in Italy and its strong
competitive positioning vis-a-vis its main competitors, Telecom
Italia and Vodafone; (ii) diversified business model into mobile,
fixed line and broadband internet; and (iii) the company's stable
performance in 2011 and H1 2012 on the back of successful
campaigns to attract new subscribers and grow its data revenues.
At the same time, the B1 CFR reflects (i) Wind's high leverage
expected to be close to 4.6x debt to EBITDA (as adjusted by
Moody's and excluding the WAHF PIK notes); (ii) limited medium-
term de-leveraging prospects with weak free cash flow to debt
(iii) the uncertainty over future performance as the macro-
economic outlook in Italy is expected to continue to deteriorate
in the coming year (iv) the expected negative impact of
aggressive mobile termination rates (MTR) introduced in July
2012; and (v) the group's complex capital structure and the lack
of explicit potential support from its ultimate parent, the
Vimpelcom Ltd group (Ba3).
The assignment of a separate CFR and PDR at WAHF reflects the
structural ring-fencing between WAHF and Wind, with no cross-
default into Wind from WAHF. The Caa1 also reflects the fact that
the PIK notes are required to pay cash interest from 2014 and
that this cash payment, absent support from Vimpelcom, should
come from Wind upstreaming cash to WAHF. However, Moody's expects
that Wind will be restricted by its facilities agreement in
making upstream payments at that time. This increases the risk of
default at WAHF compared to the default probability of Wind. One
positive outcome would be for Vimpelcom to service this cash
interest requirement at WAHF although the current ratings assume
no support from the parent.
WAHF's Caa1 ratings also reflect Moody's expectation that in the
case of a default of Wind, WAHF would also default. In this case
there would be a very low or no recovery for the PIK.
The change of outlook to negative incorporates Moody's views on
the future performance of Wind which could be negatively impacted
by continued drops in ARPU and increased competitive pressures
which would erode the company's EBITDA margins. The outlook also
reflects the macro-economic conditions in which the company is
operating and expectations that the Italian economy, and with it
consumer spending, could contract in the coming year putting
pressure on the local telecommunications industry in general as
users look to reduce usage.
In the six months ended June 30, 2012, Wind reported marginal
declines in revenues and EBITDA of respectively -0.7% and -1.1%
vs. H1 2011 mainly driven by a substantial drop in ARPU (-5.5%
for Mobile ARPU) which was only partially mitigated by an
increase in subscriber numbers of 3.2%.
At the start of July 2012 Wind saw the introduction of a further
MTR cut to 2.5 cents from 5.3 cents, representing a 53% decline.
In January 2013 interconnect rates will decrease by a further 40%
to 1.5 cents. The combined impact of those cuts will drive a
substantial drop in ARPU in 2013 compared to 2012.
Although Wind has recently managed to mitigate MTR-led ARPU drops
by increasing its subscriber base, the company's competitive
advantage relies on aggressively low pricing and positioning
itself as the only value provider. Going forward, it remains
vulnerable to a competitive reaction from Vodafone and Telecom
Italia that could jeopardize Wind's subscriber growth efforts and
also its margins.
Wind's liquidity profile is weak despite the only debt maturity
in 2013 being EUR81 million due on the Ministry loan granted in
relation of the 2011 LTE auction. Beyond 2013, EUR125 million is
due in May 2014, and a further EUR81 million due in October and
EUR125 million in November of the same year. Meagre free cash
flow generation in relation to its debt means that Wind company
may need to enter into strict cash flow management in terms of
capex and working capital or require external funding over this
period to deal with these maturities.
Rating Outlook
The negative outlooks on both Wind and WAHF reflect Moody's
concerns over the economic environment it Italy, which could
pressure Wind's current profitability levels. In addition, the
outlooks reflect the potential risks associated with near-term
debt refinancing requirements.
What Could Change the Rating - Up
Given the uncertainty over the economic environment and the lack
of any material deleveraging expectations, there is limited
positive rating pressure. The rating outlooks could be stabilized
if Wind demonstrates sustained deleveraging or material positive
free cash flow generation. They could also be stabilized
following positive support demonstrated by Vimpelcom.
Upward ratings pressure on WAHF is limited by the high
probability of default on the PIK.
What Could Change the Rating - Down
The ratings could be downgraded should Wind's leverage rise
towards 5x. Downgrades could also occur if free cash flow
generation moves closer towards zero, if there were any
deterioration in the liquidity profile, or if there were no
evidence of either Wind or WAHF refinancing its debt well ahead
of maturities.
Negative ratings pressure on WAHF would develop in line with any
further negative pressure on Wind or if there remains no
solution, in the medium term, to service the 2014 cash interest
on the current PIK.
The principal methodology used in rating Wind Telecomunicazioni
S.p.A., Wind Acquisition Holdings Finance S.p.A and Wind
Acquisition Holdings Finance S.A. was the Global
Telecommunications Industry Methodology published in December
2010. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
===================
L U X E M B O U R G
===================
CONTOURGLOBAL POWER: Moody's Assigns 'B2' Corp. Family Rating
-------------------------------------------------------------
Moody's Investors Service assigned inaugural ratings to
ContourGlobal Power Holdings S.A. (Contour), including a
Corporate Family Rating (CFR) of B2, a Speculative Liquidity
Rating of SGL-3, and a B2 senior secured rating (LGD4 52%) to the
company's proposed $350 million five year term loan. The term
loan is unconditionally guaranteed by ContourGlobal L.P., the
ultimate parent company, and is also guaranteed by substantially
all of ContourGlobal L.P.'s first-tier subsidiaries. In addition,
the capital stock of the first-tier subsidiaries, representing
the equity ownership in the power projects, is pledged as
security. The rating outlook is stable.
Ratings Rationale
The B2 Corporate Family Rating reflects Contour's diverse and
largely contracted generating portfolio, with some projects
located in developing countries and exhibiting a high degree of
business risk. The rating is constrained by the significant
concentration of projected cash flow from just a few power
plants: the Maritsa coal plant in Bulgaria, the Arrubal and
Kramatorsk plants in Spain and the Ukraine respectively, and the
KivuWatt plant currently under construction in Rwanda. Moreover,
the rating takes into consideration Contour's continued expansion
in higher credit risk developing economies with non-existent
power markets.
Proceeds from the term loan are expected to be used to repay
approximately $60 million of non-recourse project debt with the
remainder available to fund future corporate growth
opportunities.
Contour owns and operates 25 power projects representing
approximately 2,518 MW of gross capacity operating in Europe,
Africa, the Caribbean, South America, and the United States.
Additionally, the company has five projects totaling 215 MW of
generating capacity under construction. The generating capacity
is a mix of coal, natural gas, wind, hydro, solar, biomass, and
fuel oil. Moody's views Contour's hedging program favorably as
plants generally have long-term PPA's with local utility
offtakers generally based on availability, rather than dispatch,
and the PPA's generally have adjustment clauses in place to
recover changes in fuel costs. In addition, Contour has long-term
fuel hedges and O&M service agreements in place at many of its
major projects.
In addition to traditional power generation, Contour also owns
several quad generation facilities through its CG Solutions
subsidiary, which generate electric, heat, cooling and CO2 for
Coca-Cola bottling plants in Europe and Africa.
Moody's anticipates that Contour's consolidated credit metrics
will be somewhat strong for the rating including cash from
operations before changes in working capital (cash flow) to debt
of about 9-14% and cash flow interest coverage of about 2.4-2.8x
over the medium-term. These metrics support the rating and help
offset some of the project specific risks.
Moody's main project level concerns are as follows:
1. Moody's calculates that Maritsa could contribute $30-50
million of distributions annually through 2017, representing 25-
40% of total project distributions to Contour. However, there is
uncertainty in the cash flows due to the high level of
receivables owed to Maritsa by the sole power-offtaker NEK, the
national Bulgarian utility. Maritsa has had high receivables
outstanding since before Contour acquired the project. As of
June 30, 2012, Maritsa's past due accounts receivables balance
was EUR65 million along with EUR15.5 million of current
receivables. Moody's calculates that this represents about 110
days of revenues. Moody's recognizes Contour's efforts to reduce
Maritsa's working capital through negotiations with NEK; however,
it is not clear when or how the problem will be resolved.
2. KivuWatt is a new plant under development in Rwanda that will
extract methane gas from Lake Kivu, transport it to land and use
it for natural-gas fired generation. Moody's believes
constructing a new technology, lake gas extraction project in a
developing country presents significant risks. Phase I of the
project involves floating a gas extraction barge to extract the
gas, constructing a pipeline to bring it onshore and building a
26 MW gas plant. This is expected to be online by the first
quarter of 2013 after some project delays. The total cost of
Phase I is $142 million. Phase II will install three additional
gas extraction barges and total additional generating capacity of
75 MW and could be online by 2015. The project has a PPA with
recovery of most costs of capacity and variable and fixed O&M.
Approximately 64% of the total construction cost has been spent
through mid August 2012 and actual spending has been at budgeted
levels. Contour provided US$55 million of guarantees to cover
cost overruns and potential debt buydown. Beginning in 2014,
KivuWatt is expected to provide about 8-10% of total projected
distributions to Contour.
3. Contour also has significant exposure to Spain and Ukraine
with its Arrubal and Kramatorsk plants. Both plants run well and
have provided fairly predictable cash flows. However, Moody's
notes the plants create significant exposure for Contour to these
countries difficult political environments. Moody's projects
Arrubal could provide about 10-28% and Kramatorsk could provide
about 3-8% of total distributions.
Liquidity
Moody's SGL-3 rating reflects Contour's adequate liquidity
profile. Moody's projects that Contour will generate sufficient
internal cash flows to meet its operating obligations but expect
external financing will be needed for growth capital
expenditures. Contour, as a holding company, only owns equity
interests in its operations at the project-level. The projects
are generally fully encumbered with debt and they might be
difficult to sell in a distressed situation due to the potential
involvement of local governments or utilities. Any sales would
also likely occur when market prices of similar projects are
depressed. The SGL-3 rating reflects Moody's expectation that
Contour will enter a $35 million bank revolving credit agreement
not long after term loan closing that will be used for short-term
funding needs related to acquisitions and project development.
Moody's expects the credit facility will be pari passu with the
term loan.
The term loan's maintenance covenants require an unconsolidated
interest coverage ratio of at least 1.5x and an unconsolidated
net leverage ratio of at most 5x initially and declining to 4x
beginning in March 31, 2015. Moody's projects that covenant
compliance could be tight in 2013 depending on Contour's ability
to bring new projects online and reduce working capital at
Maritsa.
Terms of the term loan require mandatory prepayment with 100% of
excess cash flow and therefore the financial performance of
Contour's portfolio will determine the degree of refinancing risk
in 2017.
The stable outlook reflects the expectation that Contour will
continue to finance its projects with a significant amount of
debt at the operating levels while generally running the projects
well and contractually hedging operating costs and revenues of
the projects. An upgrade of Contour could occur if it reduces
Maritsa's working capital, leading to improved distributions from
the project, if it is able to bring KivuWatt Phases I and II
online, and if it continues to exhibit a track record of
completing new projects on time and on budget. A downgrade could
occur if there is a deterioration in financial metrics; an
increased likelihood of financial covenant violations; further
delays or unsuccessful completion of the KivuWatt project, or
further increases in the accounts receivable balance at Maritsa.
Contour's term loan rating was determined using Moody's Loss
Given Default (LGD) methodology. Based on Contour's B2 CFR and a
B2 PDR, and based strictly on the priority of claims within
Contour parent, the LGD model suggests a rating of B2 (LGD4 52%)
for the term loan. Moody's included the planned credit facility
in the LGD though it did not impact the notching.
The methodology used in this rating was the Unregulated Utilities
and Power Companies published in August 2009.
=====================
N E T H E R L A N D S
=====================
JUBILEE CDO IV: S&P Raises Rating on Class C Notes to 'BB+'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Jubilee
CDO IV B.V.'s class A, B-1, B-2, and C notes. "At the same time,
we affirmed our ratings on the class D-1 and D-2 notes," S&P
said.
"The rating actions follow our assessment of the transaction's
performance using data from the latest available trustee report,
dated Aug. 20, 2012," S&P said.
"Jubilee CDO IV has been amortizing since the end of its re-
investment period in October 2010. Since our previous review of
the transaction on Aug. 4, 2011, the portfolio size has decreased
by 16.19% to EUR265.0 million from EUR316.2 million," S&P said.
"From our analysis, we have observed that EUR71.2 million of the
class A notes have paid down since our last rating action, which
in our view has helped increase the credit enhancements for all
classes of notes since we last took rating action. We have also
observed an increase in the weighted-average spread to 389 basis
points (bps) from 322 bps, as well as an improvement in
recoveries across all rating levels," S&P said.
"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class. In
our analysis, we used the reported portfolio balance that we
consider to be performing, the weighted-average spread, and the
weighted-average recovery rates that we considered appropriate.
We incorporated various cash flow stress scenarios using
alternative default patterns, levels, and timing for each
liability rating category, in conjunction with different interest
stress scenarios," S&P said.
"From our analysis, we have observed that the non-euro-
denominated assets currently comprise 23.19% of the portfolio.
These assets are hedged under a cross-currency swap agreement. In
our cash flow analysis, we considered scenarios where the hedging
counterparties do not perform and where the transaction is
therefore exposed to changes in currency rates," S&P said.
"In our opinion, the level of credit enhancement available to the
class A notes is consistent with a higher rating than previously
assigned, taking into account our credit and cash flow analyses
and the application of our 2012 counterparty criteria. We have
therefore raised our rating on the class A notes to 'AAA (sf)'
from 'AA (sf)'," S&P said.
"Our credit and cash flow analysis on the class B-1, B-2, and C
notes indicated that the level of available credit enhancement is
consistent with higher ratings than previously assigned. We have
therefore raised our ratings on the class B-1 and B-2 notes to
'A+ (sf)' from 'BBB+ (sf)' and raised our rating on the class C
notes to 'BB+ (sf)' from 'BB- (sf)'. As the updated ratings on
these three notes are currently lower than the ratings on any of
the counterparties in the transaction, they are not affected by
the application of our 2012 counterparty criteria," S&P said.
"We have affirmed our ratings on the class D-1 and D-2 notes
because our analysis indicates that the level of available credit
enhancement is consistent with the currently assigned ratings,"
S&P said.
"Our ratings on the class B-1, B-2, C, D-1, and D-2 notes were
constrained by the application of the largest obligor default
test, a supplemental stress test that we introduced in our 2009
criteria update for corporate collateralized debt obligations
(CDOs)," S&P said.
"Jubilee CDO IV is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in
August 2004 and is managed by Alcentra 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
Jubilee CDO IV B.V.
EUR410 Million Secured Floating- and Fixed-Rate Notes
Class Rating
To From
Ratings Raised
A AAA (sf) AA (sf)
B-1 A+ (sf) BBB+ (sf)
B-2 A+ (sf) BBB+ (sf)
C BB+ (sf) BB- (sf)
Ratings Affirmed
D-1 CCC+ (sf)
D-2 CCC+ (sf)
* NETHERLANDS: 553 Businesses Declared Bankrupt in September
------------------------------------------------------------
According to Statistics Netherlands, in September, 553 businesses
and institutions (excluding one-man businesses) in the
Netherlands were declared bankrupt -- nearly 40 more than in
August.
The number of bankruptcies was also slightly higher than in
September 2011, when 527 businesses and institutions were
declared bankrupt, Statistics Netherlands notes.
The three-month moving average stood at 596 in September, down
from 611 in August, Statistics Netherlands discloses. September
is the second month in a row in which the three-month moving
average fell, Statistics Netherlands states.
In the first nine months of 2012, nearly 5,539 businesses and
institutions went bankrupt, i.e 23 percent more than in the same
period of 2011, Statistics Netherlands says.
===========
P O L A N D
===========
CENTRAL EUROPEAN: Moody's Cuts CFR/PDR to Caa2; Outlook Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) and probability of default rating (PDR) of Central
European Distribution Corporation (CEDC) to Caa2 from Caa1.
Concurrently, Moody's has downgraded to Caa1 from B3 the rating
on the senior secured notes due in 2016 issued by CEDC Finance
Corporation International. This rating action concludes the
review initiated in March 2012. The outlook on the ratings is
negative.
Ratings Rationale
"The downgrade reflects delays in CEDC securing adequate
financing to repay its US$310 million of convertible notes due
March 2013 which are increasing Moody's concerns that the
definitive agreement for a strategic alliance between CEDC and
Russian Standard Corporation (Russian Standard) might not
conclude at the current terms," says Paolo Leschiutta, a Moody's
Vice President - Senior Credit Officer and lead analyst for CEDC.
Moody's notes that CEDC's definitive agreement for a strategic
alliance with Russian Standard, announced on April 23, 2012, is
subject to shareholders' approval, which the company was
originally expected to receive on June 29, 2012 but has not yet
obtained. The delay follows CEDC's announcement on June 4, 2012
that it had discovered some accounting irregularities at its
Russian division. The accounting irregularities mainly affect
CEDC's 2011 and 2010 financial accounts and delayed the release
of CEDC's second-quarter 2012 results and, consequently, a vote
by its shareholders on whether to approve the strategic alliance,
as well as the provision of financial support by Russian
Standard.
Although Moody's understands from the company that the release of
its second-quarter results might happen over the coming few days,
the ongoing uncertainties related to (1) the capability to
refinance the convertible bond maturity in a timely manner; (2)
the future capital structure of the group, and (3) CEDC's
operating performance so far this year indicate, in Moody's view,
a higher probability of default. Nonetheless, Moody's
acknowledges that Russian Standard has reiterated its commitment
to support CEDC after the latter disclosed the accounting
irregularities.
Under the current agreement, Russian Standard will provide
financial support to CEDC to repay its $310 million of senior
convertible notes due March 2013, which, at the current
conditions, will not result in any loss for existing bondholders.
However, the March 2013 maturity of the convertible notes is
approaching, and Moody's remains concerned about CEDC's
underlying operating profitability. Despite cash injections of
$100 million already received from Russian Standard, CEDC would
still be faced with significant short-term debt maturities if it
were to fail to obtain shareholders' approval over the coming
weeks, resulting in immediate pressure being exerted on the
company's ratings.
The negative outlook reflects the ongoing uncertainty related to
CEDC's future capital structure, including its refinancing plans,
and the ongoing difficulties experienced by the company in
Russia. In this context, Moody's notes that the majority of its
concerns about CEDC's liquidity would be alleviated by the
company successfully refinancing its notes with no losses for
bondholders. However, the company's key credit metrics are likely
to remain weak over the short term.
What Could Change The Rating Up/Down
Given the negative outlook, Moody's does not currently expect
upward rating pressure. However, the outlook on the rating could
stabilise if CEDC successfully receive shareholder's approval on
Russian Standard's financial support and addresses its
refinancing needs related to the $310 million of convertible
notes due March 2013.
A further negative action on the ratings could be triggered by
(1) a failure on the part of CEDC to demonstrate progress in
addressing its refinancing needs over the next few weeks; or (2)
any transaction that could qualify as a distressed exchange under
Moody's definitions, leading to potential losses for bondholders.
Moody's methodology for evaluating a distressed exchange
considers inter alia whether (1) the issuer is offering creditors
a new package of security or cash, and whether this amounts to a
diminished financial obligation relative to the original
obligation prescribed by the notes' indentures; and (2) the
exchange is being offered to allow the issuer to avoid a
bankruptcy or payment default.
For further details on this topic, please see our rating
implementation guidance "Moody's Approach to Evaluating
Distressed Exchanges", published in March 2009.
Downgrades:
Issuer: Central European Distribution Corporation
Probability of Default Rating, Downgraded to Caa2 from Caa1
Corporate Family Rating, Downgraded to Caa2 from Caa1.
Issuer: CEDC Finance Corporation International
Senior Secured Regular Bond, Downgraded to Caa1 (LGD3 - 38%)
from B3.
The outlook on the ratings is negative.
Principal Methodology
The principal methodology used in rating CEDC was the Global
Alcoholic Beverage Rating Methodology published in September
2009. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
Headquartered in Warsaw, Poland, CEDC is one of the largest vodka
producers in the world, with annual sales of around 33.2 million
nine-litre cases, mainly in Russia and Poland. Following
investments in Russia over the past two years and the
consolidation since February 2011 of Whitehall Group, an importer
and distributor of premium spirits and wine, CEDC generated net
revenues of around US$878 million during financial year-end
December 2011.
===============
P O R T U G A L
===============
* PORTUGAL: Fitch Says Income Tax Hike to Hit RMBS Default Levels
-----------------------------------------------------------------
A proposed increase in Portuguese income tax would cut household
income and could have a knock-on effect on arrears and default
levels in the RMBS transactions. The proposed tax hike would
increase the average rate of income tax to 11.8% from 9.8% and
introduce a 4% income tax surcharge for 2013.
The combination of the magnitude of the increase, the universal
nature and direct effect on net income means this is likely to
have a greater impact on performance than other austerity
measures, such as sales taxes and cuts in public sector spending,
Fitch Ratings says.
The possibility for further deterioration in performance is
reflected in Fitch's base case default assumption, which takes
into account the average market loan-to-value (LTV) and debt-to-
income (DTI) ratios and incorporates a cushion compared with
actual levels of default seen to date across transactions.
The exact impact is hard to measure, but by way of example, if
this were to push a borrower with a 75% LTV mortgage from a DTI
of 35% to a DTI of 45% it would increase our base case default
assumptions to 10% from 8.1%. We will continue to monitor the
actual impact and take action accordingly.
Transactions that are already failing to generate the necessary
excess revenue to provision against defaults are most exposed to
the increase in income tax. The Lusitano 4, 5 and 6 transactions
are good examples. In these transactions the reserve funds have
been heavily drawn (53.3%, 33.5% and 13.7% of their targets,
respectively) to provision for the pipeline of loans that are in
arrears by between 12 and 24 months. The Lusitano transactions
were downgraded for performance reasons last month as part of a
review of 30 Portuguese RMBS transactions.
Fitch increased its loss assumptions for Portuguese mortgage
loans in August and has capped ratings at 'Asf'/Negative since
the sovereign was downgraded in November to 'BB+'/Negative to
reflect the increased risk from lower growth and a weaker
sovereign credit profile.
===========
R U S S I A
===========
O'KEY GROUP: Fitch Affirms 'B+' Issuer Default Ratings
------------------------------------------------------
Fitch Ratings has assigned O'KEY LLC's prospective issuance of a
new bond under its of RUB8 billion program an expected foreign
and local currency senior unsecured rating of 'B+(exp)', and a
Long-term National Rating of 'A-(rus)(exp)'. O'KEY Group S.A.'s
(O'KEY)Long-term foreign and local currency Issuer Default
Ratings (IDRs) have been affirmed at 'B+' and the National Long-
term rating at 'A-(rus)'. The Outlooks on all ratings are
Stable. The notes are an unsecured instrument issued by O'KEY LLC
and guaranteed by Dorinda JSC. These notes therefore rank junior
compared to O'KEY's secured debt instruments.
Fitch assumes that given the group's size, market position in the
Russian food retail market, the prospect of recoveries for
noteholders, given default, would likely be based on a "going
concern" basis.
In Fitch's bespoke recovery analysis for the company, a
distressed multiple of 6.0x and an embedded value (EV) of RUB30.5
billion are assumed. Fitch's distressed EV analysis implies a
post-restructuring EBITDA of RUB5.6 billion,.
Based on Fitch's estimated enterprise valuation in a distressed
sale scenario the resulting recoveries on the proposed notes
equates to a Recovery Rating of 'RR1' (91% - 100% recovery given
default) although the assigned recovery is capped at 'RR4' (31%-
50% recovery prospects given default) given the Russian
jurisdiction based on the agency's country-specific treatment of
Recovery Ratings. Therefore, there is no notching of the notes
from O'KEY's IDR.
Fitch expects O'KEY to access the capital market in order to
finance its aggressive expansion program in the coming years.
The final ratings on the planned notes are contingent upon the
receipt of final documents conforming to information already
received by Fitch.
RASPADSKAYA: Evraz Stake Purchase No Impact on Moody's B1 Rating
----------------------------------------------------------------
Moody's Investors Service said that the announcement that Evraz
plc (unrated) will acquire an indirect controlling interest in
Raspadskaya OAO (B1, stable) is credit neutral for Raspadskaya
and credit positive for Evraz Group S.A. (Ba3, stable). The
Transaction does not have immediate credit implications for the
rating or outlook of Raspadskaya or Evraz taking into
consideration the uncertainty of current industry conditions,
including weak steel demand and low coking coal prices. The
Transaction is expected to close by the end of 2012 and is
subject to the receipt of regulatory approvals, including
clearance by the Russian Federal Antimonopoly Service.
On October 4, 2012, Evraz plc announced that it had agreed to the
terms for the acquisition of an indirect controlling interest in
Raspadskaya OAO and its subsidiaries (the "Acquisition" or the
"Transaction"). Evraz plc agreed to purchase a 50% interest in
Corber Enterprises Limited ("Corber"), a company which holds an
82% interest in Raspadskaya. Evraz Group S.A. owns the other 50%
of Corber, which it acquired in 2004. Evraz plc is the parent of
Evraz Group S.A. (together, called "Evraz"). Following completion
of the Acquisition, Evraz will own 82% of Raspadskaya's shares.
The Acquisition is credit positive for Evraz Group S.A. for the
following reasons:
1. The Acquisition moves Evraz's self-sufficiency for coking coal
to about 130% from the current 69%. Raspadskaya has proved and
probable reserves of 1.3 billion tonnes;
2. Raspadskaya's cash costs for coking coal concentrate
(US$62/tonne in H1 2012) are among the lowest in the sector and
compare favorably to those of Evraz (US$79 in Q2 2012);
3. The Acquisition price of approximately US$800 million does not
involve any premium over the market price of Raspadskaya's shares
prior to the transaction;
4. The Transaction is structured such that the cash component
(US$202 million) represents just one-quarter of the of the total
purchase price. The cash consideration will be paid in four equal
installments from the first quarter of 2013 until the first
quarter of 2014, which will moderate its effect on the liquidity
of Evraz. Moreover, as Raspadskaya is being bought by Evraz plc
rather than Evraz Group S.A., where the covenants are tested, the
acquisition will not impact Evraz Group S.A.'s credit metrics,
unless the Transaction terms or structure change;
5. Evraz knows Raspadskaya quite well via its board
representation due to its former 41% indirect ownership and via
its customer-supplier relationships (in the first half of 2012,
Raspadskaya sold about 25% of its coking coal to Evraz);
6. The management of Evraz does not plan to buy out the minority
holders of Raspadskaya, which means no further cash outlays are
expected. Operationally, Raspadskaya will be managed as before
with no envisioned changes to its dividend policy or capex plans.
Having said that, Moody's notes that at the moment coking coal
prices are under pressure, being about 30% lower than in 2011,
and steel sector demand for coking coal is subdued, so it will
take quite a while before all the benefits of the Acquisition are
realized. The Transaction will add US$330 million of Corber's net
debt to Evraz plc's balance sheet.
The transaction is credit neutral for Raspadskaya, which will
continue to be managed by its former owner until at least year-
end 2013. No changes are expected to the company's dividend
program or capex plans. A change of control of Raspadskaya will
not trigger any liquidity event under its bilateral loan
agreements or LPNs. Evraz does not provide financial guarantees
to Raspadskaya and there is no historic evidence of financial
support to Raspadskaya.
Evraz is one of the largest vertically integrated steel, mining
and vanadium companies in Russia. The company has a number of
investment projects underway to raise its iron ore and coal
output and to increase its steel-making capabilities. Raspadskaya
is one of Russia's largest coking coal producers with a coal
production volume of 6.3 million tonnes in 2011.
ULYANOVSK REGION: Fitch Affirms 'BB-' Long-Term Currency Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Ulyanovsk Region's Long-term foreign
and local currency ratings at 'BB-' and Short-term foreign
currency rating at 'B'. The agency also affirmed the region's
National Long-term rating at 'A+(rus)'. The Outlooks on the
Long-term ratings are Stable.
The affirmations reflect Fitch's expectation of the region's
budgetary performance stabilization, low direct risk and
contingent liabilities. However, they also factor in weak socio-
economic profile of the region and modest self-financing capacity
for capital outlays leading to debt growth.
An improvement in the operating balance to about 10% of operating
revenue, coupled with moderate debt in line with Fitch's
expectations would lead to an upgrade. Conversely, worsening
budgetary performance coupled with a sharp growth of debt leading
to significant deterioration of debt-coverage ratios would lead
to downgrade.
Fitch forecasts the region will maintain a stable operating
performance despite increasing operating expenditure pressure
with operating margins at about 3%-4% in 2012-2014 supported by
sound growth of tax revenue. Operating balance will remain
satisfactory for debt servicing needs. The region's operating
performance recovered in 2011, with operating balance increasing
to 4% of operating revenue, up from weak balance of 1.8% in 2010.
Operating revenue increased by 16.5%, while operating expenditure
increased by 13.8% in 2011.
The agency forecasts the region will have high deficit before
debt variation in 2012, at about 10% of total revenue. This will
increase direct risk to a still low 22% of current revenue in
2012 (2011: 19%). The region has modest self-financing capacity
for capital outlays and debt will continue to grow due to capital
expenditure financed via new borrowing. However, Fitch forecasts
the direct risk will not exceed moderate 30% of current revenue.
Debt coverage ratio (direct risk/current balance) will be about
six to eight years, above the direct risk average maturity of
three years.
Fitch estimates the region's medium-term refinancing needs are
moderate. The region has to refinance about RUB1 billion budget
loans in 4Q12 and RUB0.9 billion of bank loans in 2013. This
amount is completely covered by unused committed RUB2 billion
credit lines open with Sberbank ('BBB'/Stable/'F3'). The region
has a refinancing peak in 2014, when it has to refinance about
RUB3 billion. The agency expects that the region will roll-over
these loans with the bank.
The region's contingent risk is also low and solely composed of
the debt of the region's public-sector entities. This totaled a
modest RUB469 million at year-end 2011 and is fully self-serviced
by the companies.
Ulyanovsk, in the centre of European Russia, is part of the
Privolzhskiy Federal District. The local economy is modest in
size and per capita gross regional product contributed 0.5% of
national GDP in 2010 and accounted for 0.9% of the country's
population.
=========
S P A I N
=========
BANCAJA 7: Fitch Lowers Rating on Class D Notes to 'BBsf'
---------------------------------------------------------
Fitch Ratings has affirmed 23 and downgraded two tranches of
Bancaja 3-9, a series of Spanish RMBS. The agency has also
removed 19 tranches from Rating Watch Negative (RWN).
The downgrades of the junior notes in Bancaja 4 and 7 are mainly
due to the weaker performance of the assets in the past 12 months
and the insufficient levels of credit support available. The
removal of the RWN on notes rated above 'BBBsf' follows the
implementation of remedial actions on ineligible counterparties.
The role of account bank and paying agent has been transferred to
Barclays Bank Plc ('A'/Stable/'F1') from Banco Santander
('BBB+'/Negative/'F2') in all deals, in line with the transaction
documentation. In Fitch's view, Barclays Bank Plc is deemed an
eligible counterparty to support ratings of structured finance
transactions of 'AA-sf'.
The Bancaja series features residential mortgage loans originated
and serviced by Caja de Ahorros de Valencia, Castellon, y
Alicante now integrated within Bankia ('BBB'/Negative/'F2') with
a very strong regional concentration in the Valencia region.
In Fitch's view, the worsening macroeconomic environment is
having an impact on borrower affordability across the
transactions. As of August 2012, the portion of loans in arrears
by more than three months (3M+ arrears) rose to between 3.8% and
1.2% relative to the current portfolio balances compared with
2.6% and 0.6% 12 months ago. The Negative Outlooks on the
majority of the junior and mezzanine notes reflects Fitch's
concern about the arrears trend and the general outlook for the
Spanish mortgage market.
Bancaja 4 experienced one of the steepest rises in arrear levels,
with the 3M+ ratio as of August 2012 rising to 1.5% compared to
0.6% 12 months ago. As a result, the pro rata amortization
triggers (set at 2% of all loans arrears by more than three
months including defaults of the current portfolio), have now
been breached and the notes are paying down sequentially. The
downgrade of the Class C notes is a direct reflection of the
weaker asset performance.
The Bancaja 7 transaction also experienced a rise in arrears,
albeit not as great as that observed in Bancaja 4, with the 3M+
arrears rising to 1.7% compared to 0.9% 12 months ago. The
levels of credit enhancement available to the Class D notes was
deemed insufficient to withstand e 'BBBsf' stresses following
Fitch's updated assumptions captured in the latest Spanish RMBS
criteria (see 'EMEA Residential Mortgage Loss Criteria Addendum -
Spain' dated 24 July 2012). As a result, the class D note has
been downgraded to 'BBsf'.
The rating actions are as follows:
Bancaja 3, Fondo de Titualizacion de Activos:
-- Class A (ISIN ES0312882006): affirmed at 'AA-sf'; Outlook
Negative; off RWN
-- Class B (ISIN ES0312882014): affirmed at 'AA-sf'; Outlook
Negative; off RWN
-- Class C (ISIN ES0312882022): affirmed at 'BBBsf'; Outlook
Stable
Bancaja 4, Fondo de Titualizacion Hipotecaria:
-- Class A (ISIN ES0312883004): affirmed at 'AA-sf'; Outlook
Negative
-- Class B (ISIN ES0312883012): affirmed at 'AA-sf'; Outlook
Negative
-- Class C (ISIN ES0312883020): downgraded to 'BBB+sf' from
'A+sf'; Outlook Negative
Bancaja 5, Fondo de Titualizacion de Activos:
-- Class A (ISIN ES0312884002): affirmed at 'AA-sf'; Outlook
Negative; Off RWN
-- Class B (ISIN ES0312884010): affirmed at 'AA-sf'; Outlook
Negative; Off RWN
-- Class C (ISIN ES0312884028): affirmed at 'A-sf'; Outlook
revised to Negative from Stable
Bancaja 6, Fondo de Titualizacion de Activos:
-- Class A2 (ISIN ESO312885017); affirmed at 'AA-sf'; Outlook
Negative; Off RWN
-- Class B (ISIN ESO312885025): affirmed at 'AA-sf'; Outlook
Negative; Off RWN
-- Class C (ISIN ESO312885033): affirmed at 'A-sf'; Outlook
revised to Negative from Stable
Bancaja 7, Fondo de Titualizacion de Activos:
-- Class A2 (ISINES0312886015): affirmed at 'AA-sf'; Outlook
Negative; Off RWN
-- Class B (ISIN ES0312886023): affirmed at 'AA-sf'; Outlook
Negative; Off RWN
-- Class C (ISINES0312886031): affirmed at 'A-sf'; Outlook
Negative; Off RWN
-- Class D (ISINES0312886049): downgraded to 'BBsf' from 'BBB-
sf'; Outlook Negative
Bancaja 8, Fondo de Titulizacion de Activos:
-- Class A (ISIN ES0312887005): affirmed at 'AA-sf'; Outlook
Negative; Off RWN
-- Class B (ISIN ES0312887013): affirmed at 'A+sf'; Outlook
Negative; Off RWN
-- Class C (ISIN ES0312887021): affirmed at 'BBB+sf'; Outlook
Negative
-- Class D (ISIN ES0312887039): affirmed at 'BB+sf'; Outlook
Negative
Bancaja 9, Fondo de Titulizacion de Activos:
-- Class A2 (ISIN ES0312888011): affirmed at 'AA-sf'; Outlook
Negative; Off RWN
-- Class B (ISIN ES0312888029): affirmed at 'Asf'; Outlook
Negative; Off RWN
-- Class C (ISIN ES0312888037): affirmed at 'BBsf'; Outlook
Negative
-- Class D (ISIN ES0312888045): affirmed at 'Bsf'; Outlook
Negative
-- Class E (ISIN ES0312888052): affirmed at 'CCsf'; Recovery
Estimate of 0%
LICO LEASING: Moody's Reviews 'Ba3' Rating for Downgrade
--------------------------------------------------------
Moody's Investors Service assigned definitive ratings to ABS
notes issued by TdA Lico Leasing III, FTA:
EUR78 million Bonos, Assigned A3 (sf)
Moody's has not assigned any rating to EUR59.0M Prestamo B.
TdA Lico Leasing III, FTA is a securitization of credit rights
(interest and principal, excluding the purchase option and VAT)
derived from financial lease contracts granted by Lico Leasing
(Ba3/NP; ratings under review for downgrade) to Spanish small and
medium size enterprises (SMEs) and self-employed individuals.
Lico Leasing is acting as Servicer of the loans while
Titulizacion de Activos S.G.F.T., S.A (TdA). is the Management
Company ("Gestora"). To mitigate any operational risk Link
Financial Group (NR) has been appointed at closing as the back-up
servicer. Link Financial Group will only step in at the
discretion of the management company which acts as a back-up
servicer facilitator and independent cash manager.
Ratings Rationale
The provisional pool of underlying assets comprised credit rights
derived, as of July 2012, from a portfolio of over 5,883 lease
contracts to 4,206 debtors. The contracts were mainly originated
between 2008 and 2012, with a weighted average seasoning of 1.8
years and a weighted average remaining term of 3.6 years. In
terms of underlying assets, most of the outstanding of the
portfolio finance vehicles. Geographically, the pool is located
mostly in Andalusia (19.4%), Catalonia (13.0%) and Galicia
(10.3%). At closing, there will be no loans with more than 30
days in arrears. As of July 2012 the provisional pool was
EUR149,030,497 of which a pool of EUR137,000,000 will be selected
at closing.
According to Moody's, the ratings take account of, among other
factors, (i) a loan-by-loan evaluation of the underlying
portfolio of loans; (ii) historical performance information;
(iii) the non-amortizing cash reserve (3.0% of the total pool);
(iv) the appointment of a back-up servicer and of a back-up
servicer facilitator at closing; and (v) the sound legal
structure of the transaction. More precisely, the notes benefit
from non amortizing cash reserve amounting overall to 3.0% of the
pool. This cash reserve serves as a liquidity cushion and as such
it is only available to cover interest shortfalls on the rated
notes and items senior thereto during the lifetime of the
transaction. Nevertheless, this liquidity cushion will be
available as credit enhancement when the notes are fully redeemed
or at final legal maturity.
Moody's notes this deal benefits from several credit strengths:
(i) granular portfolio with effective number of 1030; (ii) a well
diversified pool all over Spain; (iii) short weighted average
life of 1.9 years (iv) static structure; (v) no exposure to real
estate leasing; and (iv) an up-front funded reserve fund
representing 3% of the pool. Moody's notes that the transaction
features a number of credit weaknesses, including: (a) the
transaction is exposed to interest rate and basis risk; (b)
commingling risk as there is a non-investment grade trigger of
Ba2 on the account bank; (c) non-investment grade servicer; (d)
legal uncertainty associated with the leased asset recoveries
upon default of the originator; (e) sovereign risk. These
characteristics were reflected in Moody's analysis and ratings,
where several simulations tested the available 46.1% total credit
enhancement (i.e. notes subordination and reserve fund) for the
notes to cover potential shortfalls in interest or principal
envisioned in the transaction structure.
In its quantitative assessment, Moody's assumed an inverse normal
default distribution for this transaction due to the high
granularity of the portfolio. The rating agency derived the
default distribution, namely the mean default probability and its
related standard deviation, via the analysis of: (i) the
characteristics of the loan-by-loan portfolio information and the
historical vintage data; (ii) the potential fluctuations in the
macroeconomic environment during the lifetime of this
transaction; and (iii) the portfolio concentrations in terms of
industry sectors and single obligors. Moody's assumed the
cumulative default probability of the portfolio to be 8.05%
(equivalent to B1 proxy) with a coefficient of variation (i.e.
the ratio of standard deviation over mean default rate) of around
97%. The rating agency has assumed stochastic recoveries with a
mean recovery rate of 50% and a standard deviation of 20%. In
addition, Moody's has assumed prepayments to be around 10% per
year.
Moody's also tested other set of assumptions under its Parameter
Sensitivities analysis. For instance, if the assumed default
probability of 8.05% used in determining the initial rating was
changed to 11.3% and the recovery rate of 50.0% was changed to
40%, the model-indicated rating for the notes of A3(sf) would
have not changed.
The global V Score for this transaction is Medium/High, which is
in line with the score assigned for the Spanish SME sector and
representative of the volatility and uncertainty in the Spanish
SME sector. V-Scores are a relative assessment of the quality of
available credit information and of the degree of dependence on
various assumptions used in determining the rating. The main
sources of uncertainty in the analysis relate to the Analytical
Complexity and to the Back-up Servicer Arrangement. These
elements have been assigned a Medium/High and Medium V-Score
respectively, as opposed to Medium and Low assignments for the
sector V-Score, respectively. For more information, the V-Score
has been assigned accordingly to the report "V Scores and
Parameter Sensitivities in the EMEA Small-to-Medium Enterprise
ABS Sector" published in June 2009.
On August 21, 2012, Moody's released a Request for Comment
seeking market feedback on proposed adjustments to its modelling
assumptions. These adjustments are designed to account for the
impact of rapid and significant country credit deterioration on
structured finance transactions. If the adjusted approach is
implemented as proposed, the rating of the notes affected by the
rating action may be negatively affected. See "Approach to
Assessing the Impact of a Rapid Country Credit Deterioration on
Structured Finance Transactions",
(http://www.moodys.com/research/Approach-to-Assessing-the-Impact-
of-a-Rapid-Country-Credit--PBS_SF294880) for further details
regarding the implications of the proposed methodology changes on
Moody's ratings.
Moody's noted that on July 2, 2012, it released a Request for
Comment, in which the rating agency has requested market feedback
on potential changes to its rating implementation guidance for
the temporary use of cash in structured finance transactions. If
the revised rating implementation guidance is implemented as
proposed, the rating on the notes should not be negatively
affected. Please refer to Moody's Request for Comment, entitled
"The Temporary Use of Cash in Structured Finance Transactions:
Eligible Investment and Bank Guidelines: Request for Comment" for
further details regarding the implications of the proposed
methodology changes on Moody's ratings.
The methodologies used in this rating were Moody's Approach to
Rating Granular SME Transactions in Europe, Middle East and
Africa published in June 2007, and Refining the ABS SME Approach:
Moody's Probability of Default assumptions in the rating analysis
of granular Small and Mid-sized Enterprise portfolios in EMEA
published in March 2009.
Other Factors used in this rating are described in V Scores and
Parameter Sensitivities in the EMEA Small-to-Medium Enterprise
ABS Sector published in June 2009.
For rating this transaction Moody's used the following models:
(i) ABSROM to model the cash flows and determine the loss for
each tranche and (ii) CDOROM to determine the coefficient of
variation of the default definition applicable to this
transaction.
More specifically, Moody's ABSROM cash flow model evaluates all
default scenarios that are then weighted considering the
probabilities of such default scenarios as defined by the
transaction-specific default distribution. On the recovery side
Moody's assumes a stochastic (normal) recovery distribution which
is correlated to the default distribution. 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 noteholders. Therefore,
the expected loss 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.
Moody's used CDOROM to determine the coefficient of variation of
the default distribution for this transaction. The Moody's
CDOROM(TM) model is a Monte Carlo simulation which takes borrower
specific Moody's default probabilities as input. Each borrower
reference entity is modelled individually with a standard multi-
factor model incorporating intra- and inter-industry correlation.
The correlation structure is based on a Gaussian copula. In each
Monte Carlo scenario, defaults are simulated.
The ratings address the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Notes by legal final
maturity. 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 Takes Rating Actions on 4 Spanish Banking Groups
----------------------------------------------------------
Moody's Investors Service has taken rating actions on the
subordinated and hybrid ratings of four Spanish banking groups,
which are owned by the government's Fund for Orderly Bank
Restructuring (FROB) and subject to restructuring, namely Bankia
and its parent Banco Financiero y de Ahorros (BFA), Catalunya
Banc, NCG Banco and Banco de Valencia S.A. (categorized as Group
1 institutions under the Memorandum of Understanding signed by
the euro area members on July 20, 2012). The senior subordinated
debt and the hybrid instruments of all four groups have been
downgraded to C reflecting the very high expected losses, as the
government plans to impose losses on holders of these
instruments.
At the same time, Moody's has downgraded the senior debt and
deposit ratings of Banco de Valencia to Caa1 (outlook developing)
from B3 (review for downgrade), to reflect the higher risk for
senior creditors arising from the fact that this entity will go
through an orderly resolution process as expressed in the Royal
Decree 24/2012.
The remaining debt ratings as well as the standalone credit
assessments of Group 1 banks remain on review for downgrade,
aligned with Moody's review for downgrade of Spain's Baa3
government bond rating. In concluding the review of Bankia, BFA,
Catalunya Banc and NCG Banco, Moody's will take into account the
conclusion of the review of Spain's sovereign rating as well as
the impact of the restructuring framework for these banks.
The rating actions are unrelated to the ongoing review of Spain's
sovereign rating by Moody's.
RATINGS RATIONALE
Subordinated Debt and Hybrid Ratings
Moody's downgrade of the subordinated debt and hybrid instruments
of these four banking groups (which are currently controlled by
the FROB) reflect the fact that losses will be imposed on
subordinated and hybrid creditors of Group 1 banks. The
restructuring framework contemplates that such "burden-sharing"
will be applied to banks that are deemed to require public-sector
capital.
Ratings at C are applied to debt instruments that are typically
in default, with little prospect for recovery of principal or
interest. The C rating also reflects an estimated recovery rate
of less than 35%, which is commensurate with the large discount
at which most of these instruments have been trading in the
secondary market.
BANCO DE VALENCIA
The three-notch downgrade of Banco de Valencia's standalone
credit assessment to ca follows the approval of Royal Decree
24/2012 on August 31, 2012, whereby those entities that are
currently subject to a restructuring process governed by article
7 of Royal Decree 9/2009 will be subject to orderly resolution.
Consistent with Moody's definitions, the lower standalone credit
assessments reflect the rating agency's view that Banco de
Valencia has highly speculative intrinsic, or standalone,
financial strength and is expected to avoid default through the
provision of extraordinary support, which the Spanish government
has committed to provide .
The one-notch downgrade of the senior debt and deposit ratings of
Banco de Valencia to Caa1 reflects (1) the further deterioration
of its standalone credit profile, as discussed above; (2)
uncertainty around the timing and process for orderly resolution;
and (3) whether future support will be needed and the
availability and degree of such potential support during the
resolution process. In recent months, Moody's believes that it
has become increasingly clear that the creditors of those Spanish
banks unable to meet the stricter regulatory requirements --
absent extraordinary support -- are exposed to increased
uncertainty and reduced predictability about the recovery of
principal and interest for the bank's outstanding debt.
For the industry-wide Spanish bank restructuring framework, the
above mentioned uncertainties are exacerbated by political
considerations and the involvement of the Eurogroup (comprising
the ECB, EBA, European Commission) and other supra-national
entities. Their involvement bolsters the Spanish sovereign's
otherwise limited ability to support banks, but the associated
terms and conditionality add complexity and uncertainty for
creditors. Whilst the Eurogroup has thus far shown a greater
inclination to share the burden of recapitalization only with
subordinated bondholders, the risk has increased that senior bond
holders of Spanish banks may similarly be subject to "burden-
sharing" if future support is required.
Moody's believes that the above-described uncertainties for Banco
de Valencia's senior creditors are appropriately reflected in
senior debt and deposit ratings in the Caa range.
MOODY'S COMMENTS ON EXISTING REVIEW OF SPANISH BANKS
In concluding the review process initiated on June 25, 2012 of
the debt ratings and standalone credit assessments of those banks
who were not identified as having capital shortfalls in the
evaluation performed by Oliver Wyman (Group 0 banks), Moody's
will take into account i) how the conclusion of the review of the
Spanish government's debt ratings may impact the standalone
credit strength and debt ratings of these banks; and ii) any
other developments that may affect the creditworthiness of these
banks, such as the mergers that are ongoing in a few cases.
Moody's expects to address the standalone credit assessments
along with the senior debt and deposit ratings of Group 1 banks
after Spanish authorities submit restructuring or resolution
plans for these entities to the European Commission. These plans
will allow Moody's to better assess the credit profile of the
banks post capital infusion, and in view of the potential
transfer of toxic assets to the government sponsored bad bank. In
addition, Moody's will take into account the conclusion of the
review of Spain's sovereign rating.
The conclusion of the ratings review of the three rated banks
falling into Groups 2 and 3 (Banco Popular Espanol rated
Ba1/D/ba2/NP, review for downgrade; Ibercaja Banco and Liberbank
both rated Ba2/D-/ba3/NP, review for downgrade), i.e. for whom a
capital shortfall has been identified in last week's publication,
will take into consideration the recapitalization or
restructuring plans that these institutions will need to present
in October. The review conclusion will also incorporate the level
of the sovereign rating and any impact this may have on these
banks' standalone and supported credit profiles. If any of these
three banks are considered unable to meet capital shortfalls from
private means (Group 2) the rating actions would likely be taken
shortly after their placement in this group is confirmed and
restructuring plans are submitted. Moody's would expect
subordinated debt and hybrid ratings of any Group 2 bank to
reflect the very high likelihood that the Spanish government will
impose losses on these instruments, consistent with the actions o
Oct. 5 on Group 1 banks.
For Group 3 firms, the rating reviews will be concluded later in
2012 or in 2013, after the details of the recapitalization plans
are disclosed. Moody's will examine the prospects for successful
implementation of such plans, the impact on the banks' credit
profile if implemented as planned, the structure and amount of
any external support, as well as the potential crystallization of
losses for shareholders and junior creditors of the bank. Moody's
will assess any "burden-sharing" exercises with regards to
whether they constitute distressed exchanges, and thus default
events, under Moody's definition.
In some instances, the ratings may remain on review where ongoing
merger or restructuring procedures prevent sufficient visibility
to conclude on the final ratings.
WHAT COULD MOVE THE RATINGS UP/DOWN
The execution of the restructuring or resolution plans will
likely improve the affected banks' standalone credit strength.
The initiatives included in these plans could lead to upgrades of
standalone credit assessments, which could also affect debt and
deposit ratings. Increased clarity about the banks' standalone
strength post-restructuring and/or an increase in the extent,
likelihood or predictability of support could also have positive
rating implications.
Conversely, if any of the four banks enters liquidation with
little prospect for recovery of principal and interest, the
standalone credit assessments will likely fall to 'c' and senior
debt and deposit ratings will decline to Caa or lower.
For Banco de Valencia specifically, the outlook on the senior
debt and deposit ratings is developing, indicating that they
could move in either direction during the resolution. Upwards
pressure on these ratings could develop if Banco de Valencia is
acquired by a stronger peer that assumes the then-outstanding
obligations. However, Moody's says that further downwards
pressure could result if a liquidation of Banco de Valencia was
executed in a manner that reduced the prospects for the recovery
of principal and interest on its outstanding debt.
RESEARCH REFERENCES
Research reports:
- Moody's Rating Symbols and Definitions, 31 Aug 2012
- Banking System Outlook: Spain, 17 Aug 2012
- Spanish Banks Restructuring Plan Is Credit Negative for Junior
Bondholders, 16 Jul 2012
- Announcement: Moody's comments on timing for assessing the
impact of Spain's downgrade on Spanish banks' ratings,
June 19, 2012
- Key Drivers of Spanish Bank Rating Actions, May 17, 2012
- Spain's New Initiative, While Supportive, Leaves Banks
Vulnerable to Rising Loan Delinquencies, May 14, 2012
Websites:
- Moody's Bank Ratings 2012
- European Credits Under Pressure
LIST OF AFFECTED RATINGS
Downgrades:
Issuer: Bancaja Capital, S.A. Unipersonal
Pref. Stock Non-cumulative Preferred Stock, Downgraded to C
from Ca
Issuer: Bancaja Emisiones, S.A. Unipersonal
Junior Subordinated Regular Bond/Debenture, Downgraded to C
from Caa1
Issuer: Banco De Valencia S.A.
Subordinate Regular Bond/Debenture, Downgraded to C from
Caa2
Senior Unsecured Deposit Rating, Downgraded to Caa1, Caa1
from B3, B3
Issuer: Banco Financiero y de Ahorros
Junior Subordinated Regular Bond/Debenture, Downgraded to C
from Ca
Multiple Seniority Medium-Term Note Program (Junior
Subordinate and Subordinate), Downgraded to (P)C from
(P)Caa3
Subordinate Regular Bond/Debenture, Downgraded to C from
Caa3
Issuer: Bankia
Multiple Seniority Medium-Term Note Program (Junior
Subordinate and Subordinate), Downgraded to (P)C from a range
of (P)Caa1 to (P)B3
Issuer: Caixa Catalunya Preferential Issuance Ltd.
Pref. Stock Non-cumulative Preferred Stock, Downgraded to C
from Caa3
Issuer: Caixa Galicia Preferentes, S.A.
Pref. Stock Non-cumulative Preferred Stock, Downgraded to C
from Caa3
Issuer: Caja Madrid Finance Preferred, S.A.
Pref. Stock Non-cumulative Preferred Stock, Downgraded to C
from Ca
Issuer: Catalunya Banc SA
Multiple Seniority Medium-Term Note Program (Junior
Subordinate and Subordinate), Downgraded to (P)C from (P)B3
Subordinate Regular Bond/Debenture, Downgraded to C from B3
Issuer: Caymadrid International Ltd.
Multiple Seniority Medium-Term Note Program (Junior
Subordinate and Subordinate), Downgraded to (P)C from (P)B3
Issuer: NCG Banco S.A.
Junior Subordinated Regular Bond/Debenture, Downgraded to C
from Caa1
Subordinate Regular Bond/Debenture, Downgraded to C from B3
Issuer: BVA Preferentes, S.A.
Pref. Stock Non-cumulative Preferred Stock, Downgraded to C
from Ca
The principal methodology used in these ratings was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
* SPAIN: To Make Payments to Creditors of Ailing Regions
--------------------------------------------------------
According to Bloomberg News' Esteban Duarte, El Mundo said that
Spain's Budget Ministry will make payments directly to financial,
commercial creditors of regions requesting money from EUR18
billion rescue fund.
Bloomberg relates that El Mundo said the deputy minister for
public administration, Antonio Beteta, was scheduled to explain
the mechanism yesterday in Parliament.
Regions including Catalonia, Andalusia, Valencia are seeking
loans from rescue fund, Bloomberg discloses.
=============
U K R A I N E
=============
FERREXPO PLC: Fitch Affirms 'B' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed UK-incorporated Ukrainian iron ore
pellets producer Ferrexpo Plc's (Ferrexpo) Long-term foreign
currency Issue Default Rating (IDR) at 'B', and its Short-term
foreign currency IDR at 'B'. The Outlook on the Long-term
foreign currency IDR is Stable. In addition, Ferrexpo Finance
plc.'s guaranteed notes issue (GNs) senior unsecured rating was
affirmed at 'B' with a Recovery Rating (RR) of 'RR4'.
Ferrexpo's ratings are constrained by Ukraine's sovereign rating
and Country Ceiling of 'B'/Stable, and an adjustment to the
sovereign rating may lead to a rating action on Ferrexpo.
The ratings are supported by Ferrexpo's extensive iron ore
reserve base with reserves of over 40 years, and the expected
increase to its production capacity to 12,000 tpa of pellets by
2014 from the ramp-up of the Yeristova mine. Cash costs rose
markedly to US$60 per tonne in H112 due to higher Ukrainian
energy tariffs, inflation and oil costs, but Fitch notes that the
increase in production of its own ore should yield some scale and
substitution benefits over the coming years (given the higher
iron content of the new production), which should translate into
improved cash costs of below US$50 per tonne over the medium-
term.
The company is considered to be cost-competitive among global
peers, with average cash costs currently in the higher-second
quartile of global iron ore producers. This favorable cost
position, specifically related to transport costs to central
Europe, provides some financial flexibility in a possible
protracted commodity price downturn scenario. The ratings also
reflect Ferrexpo's favorable geographic location and its access
to Black Sea ports.
The ratings however remain constrained by the concentration of
sales in a single commodity, iron ore pellets, which exposes the
company to fluctuations in commodity prices and cyclical demand
factors, a key factor in weaker profitability in the half-year to
end-June-2012. The company also remains reliant on one key
mining asset in Ukraine, and is exposed to high end-user
concentration of sales with four key customers accounting for the
majority of total sales volumes in 2011. Furthermore, the
company's relatively limited scale of operations (with EBITDAR
below USD1bn) constrains financial flexibility, particularly in
the event of a further industry downturn, although Fitch takes
some comfort that flexibility exists in the execution of the
planned five-year capital expenditure program.
In H112, Ferrexpo reported weaker revenue growth, mainly as a
result of a sharp decline in global iron ore prices, with
revenues weakening 15% yoy to US$731 million, from US$855 million
at H111. Fitch expects iron ore spot iron prices to average
around US$95 per tonne over the remainder of 2012, in line with
the agency's long-term price assumption of US$90 per tonne. In
the short term Chinese stock levels and underlying demand
expectations will be the dominant influence on prices.
Longer-term price falls are expected as substantial new iron ore
production capacity in Australia and Brazil commences over 2013-
2015, although some deferral of planned projects is possible.
This will translate into Ferrexpo's EBITDA coming under
increasing pressure in 2012 and 2013, with gross leverage
forecast to weaken to above 2.5x in 2012 before recovering
annually thereafter. Over the medium-term, increasing output
will be the main driver of revenue growth in a declining price
environment.
Ferrexpo remains significantly exposed to domestic mining cost
inflation in Ukraine (notably rising electricity and gas prices)
and exchange rate fluctuations, although the company's low cost
position mitigates this threat over the next two years to end-
2014.
Ferrexpo is a Swiss-headquartered iron ore producer with
production assets located in Ukraine. The company produces iron
ore pellets used in the manufacture of steel and is the largest
exporter in the CIS region. The company's resource base is one
of the largest iron ore deposits globally and it produced
approximately 9.7m tonnes of iron ore pellets in 2011.
What Could Trigger A Rating Action?
Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:
-- FFO net leverage is sustained above 2x over the medium-term
-- The Ukrainian sovereign rating is downgraded
-- EBITDA margins are sustained below 18%.
Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:
-- The Ukrainian sovereign rating is upgraded to a cap of up to
'B+'
-- The company maintains strong liquidity and sustains FFO net
leverage below 1x over the medium term.
-- A reduction in key customer concentration and an increase in
scale and diversification would also be considered rating
positive.
===========================
U N I T E D K I N G D O M
===========================
ALPHA TOPCO: Moody's Reviews 'Ba3' Rating for Downgrade
-------------------------------------------------------
Moody's Investors Service has placed the ratings (Ba3 CFR/B1 PDR)
of Alpha Topco Limited under review for downgrade. Alpha Topco is
the holding company of the group of companies that hold the
rights to commercially exploit the Federation Internationale de
l'Automobile (FIA) Formula One (F1) World Championship. The FIA
is the governing body for world motor sport. The Ba3 bank loan
rating of Alpha Topco's subsidiary, Delta 2 (Lux) S.a.r.l. (Delta
2) has also been placed under review for downgrade.
Ratings Rationale
Moody's decision to place the ratings under review for downgrade
follows the announcement that Alpha Topco has launched a process
to amend and extend the existing US$2.2 billion of bank
facilities at Delta 2. The transaction also involves raising
US$1 billion through the issuance of new structurally
subordinated private high yield debt. Proceeds from the issuance
are expected to be distributed to Alpha Topco's parent company,
Delta Topco Limited. Should the transaction be concluded as
announced, Alpha Topco group's expected Debt/EBITDA ratio for
2012 (as calculated by Moody's) would increase materially to
around 6.1x (compared to Moody's previous expectation of a ratio
in the region of 4.2-4.6x).
The review, which Moody's expects to conclude swiftly, will focus
on a detailed evaluation of the new capital and leverage
structure, including in particular any changes to the limitations
on distribution from the group as consolidated at the Alpha Topco
level and the evolution of leverage over time. Given the
anticipated material increase in leverage and the agency's
expectation that Alpha Topco's leverage will increase in 2013,
Moody's anticipates that Alpha Topco's Ba3 CFR might well be
downgraded by more than one notch, should the transaction be
concluded successfully. The impact on the bank facility's Ba3
rating could be less severe, if Moody's rating committee
concludes that the new high yield debt provides a loss absorption
buffer for the bank facility.
Alpha Topco's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Alpha Topco's core industry
and believes Alpha Topco's ratings are comparable to those of
other issuers with similar credit risk. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.
Alpha Topco Limited, a Jersey company, is the holding company for
the group of companies that exploit the commercial rights to the
FIA F1 Championship. The company is indirectly majority-owned by
funds advised by CVC Capital Partners Limited.
BIG PICTURES: In Administration, TSM Tenon Seeks Buyer
------------------------------------------------------
Colin Daniels at Digital Spy reports that Big Pictures has gone
into administration.
The Guardian reported that accountancy firm TSM Tenon was
appointed to sell the company's assets by the high court on
September 27 and all staff have been made redundant, according to
Digital Spy.
Digital Spy relates that the company had been experiencing
financial difficulties for some time. The report relates that
Darryn Lyons resigned from Big Pictures five months ago but
remained chairman of the board.
Digital Spy notes that Mr. Lyons, who took part in Celebrity Big
Brother last year, is rumored to have bid for the agency's
archive, which consists of over 5 million photographs of
celebrities. Getty Images is also said to have bid for the
archive, the report relates.
Big Pictures is a British paparazzi agency founded by Darryn
Lyons.
CERES POWER: Mulls Liquidation After Failure to Secure Funds
------------------------------------------------------------
Reuters reports that Ceres Power Holdings Plc said it has not
been able to secure the funds it needs to run its operations and
that it would continue to explore options, including a wind down
of the business.
According to Reuters, Ceres said the other options it was looking
at included a sale of the business or cancellation of its
listing.
It had GBP10.2 million (US$16.39 million) in cash as of June 30,
and has previously said it needed to raise money by the end of
September, Reuters relates.
"Despite extensive efforts it has been unsuccessful in securing
sufficient funding for the business going forward," Reuters
quotes Ceres as saying in a statement.
Ceres Power Holdings Plc is a British clean technology firm.
JEMMA KIDD MAKE-UP: In Administration, Cuts 30 Jobs
---------------------------------------------------
Richard Kay at Mail Online reports that Jemma Kidd-owned business
Jemma Kidd Make-Up Ltd has been placed into administration after
it ran up debts of more than GBP2 million.
Ms. Kidd set up the business with close friend Grace Fodor, the
star of the BBC business programme Be Your Own Boss.
The report notes that in 2008, the first signs of financial
strain began to show. After losing money when Jemma's range of
lipsticks, eye-shadows and foundations was discontinued at Boots,
and with surplus stock past its sell-by date in warehouses, they
reached crisis point, the report recalls.
The business was put into administration and its 30 staff made
redundant, according to the report.
"Unfortunately, the business has suffered from a decline in sales
and we are currently seeking a potential buyer," the report
quoted an unnamed spokesman for administrators RSM Tenon as
saying.
LONDON & REGIONAL: Moody's Cuts Rating on Class C Notes to 'B3'
---------------------------------------------------------------
Moody's Investors Service has downgraded the following Notes
issued by London & Regional Debt Securitisation No. 2 plc (LORDS
2) (amounts reflecting initial outstanding):
GBP190M A Notes, Downgraded to A2 (sf); previously on Dec 21,
2011 Downgraded to Aa2 (sf)
GBP16M B Notes, Downgraded to Ba2 (sf); previously on Dec 21,
2011 Downgraded to Baa2 (sf)
GBP50M C Notes, Downgraded to B3 (sf); previously on Dec 21,
2011 Downgraded to B1 (sf)
Ratings Rationale
The downgrade action reflects Moody's increased loss expectation
for the pool since its last review. This is primarily due to an
increase in the refinancing risk for the securitized loan
resulting from (i) a further downward adjustment to the portfolio
value which translates into a loan-to-value (LTV) ratio of 130%
for the whole loan at its maturity date in October 2013, (ii) the
dormant refinancing market, especially for highly leveraged
loans, and (iii) the uncertainty with respect to the path and
timing for a recovery of the lending market in the UK.
The key parameters in Moody's analysis are the default
probability of the securitized loans (both during the term and at
maturity) as well as Moody's value assessment for the properties
securing these loans. Moody's derives from those parameters a
loss expectation for the securitized pool.
Based on Moody's reassessment of the underlying property values,
the securitized loan's LTV is 90.5%. This compares with Moody's
LTV of 81% at the prior review and a current underwriter LTV of
57.3% based on 2006 valuations. There is also GBP104.4 million B-
loan which takes Moody's whole loan LTV to 130% compared to 117%
at its last review. The downward adjustment of Moody's value is
mainly due to the short lease profile for many of the smaller
secondary quality properties within the portfolio and an
expectation that the portfolio's cash flows will decrease over
the next few years due to further upcoming lease breaks or
expiries and an already increasing vacancy rate.
Given the high total leverage and the expectation that the
property lending markets will not have recovered by the loan's
maturity date in October 2013, Moody's expects that the loan will
default on its maturity date. Moody's A2(sf) rating on the Class
A assumes that if the loan fails to repay at maturity, all
principal recovery proceeds from disposals would be allocated to
the Class A Notes in priority to the B-loan and the Class B and C
Notes.
In general, Moody's analysis reflects a forward-looking view of
the likely range of commercial real estate collateral performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside an acceptable range of the key parameters such as
property value or loan refinancing probability for instance, may
indicate that the collateral's credit quality is stronger or
weaker than Moody's had anticipated when the related securities
ratings were issued. Even so, a deviation from the expected range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions. There may
be mitigating or offsetting factors to an improvement or decline
in collateral performance, such as increased subordination levels
due to amortization and loan re- prepayments or a decline in
subordination due to realized losses.
Primary sources of assumption uncertainty are the current
stressed macro-economic environment and continued weakness in the
occupational and lending markets. Moody's anticipates (i) delayed
recovery in the lending market persisting through 2013, while
remaining subject to strict underwriting criteria and heavily
dependent on the underlying property quality, (ii) strong
differentiation between prime and secondary properties, with
further value declines expected for non-prime properties, and
(iii) occupational markets will remain under pressure in the
short term and will only slowly recover in the medium term in
line with anticipated economic recovery. Overall, Moody's central
global macroeconomic scenario is for a material slowdown in
growth in 2012 for most of the world's largest economies fuelled
by fiscal consolidation efforts, household and banking sector
deleveraging and persistently high unemployment levels. Moody's
expects a mild recession in the Euro area.
Moody's Portfolio Analysis
London & Regional Debt Securitisation No. 2 plc closed in July
2006 and represents the securitization of one commercial mortgage
loan advanced to a borrower which is part of the London &
Regional Group. The securitized loan is the senior portion of a
senior/ junior loan structure and is currently secured by a
portfolio of 24 properties located throughout the UK. The
portfolio exhibits average concentration in terms of property
type with 36% of the portfolio (by underwriter's market value)
secured by office properties, 25% by hotel, 27% by leisure
(mainly nightclubs and casino) properties and the remaining 12%
by retail/mixed-use properties. Sixty-eight percent of the
portfolio is located in the Greater London area. There is a
strong bifurcation between the quality of the assets in the
portfolio. The top three properties - the Trafalgar Square
(Hilton) Hotel, the Leicester Square Casino and the Green Park
(Hilton) Hotel - which contribute 38% to the U/W value are prime
properties. On the other hand most of the other 21 assets are
secondary properties as a result of either their location or
quality or the tenancy and remaining lease term.
The borrower has the flexibility to sell properties. The specific
criteria for disposals include, inter alia, no event of default
is outstanding and the net disposal proceeds must at least equal
the allocated loan amount plus 10% release premium for each
property and certain additional amounts. During 2007, the
borrower sold a total of three properties the proceeds of which
were allocated on a pro-rata basis to the junior (B-Loan) and the
senior securitized debt (A-Loan) followed by a pro-rata
allocation to the noteholders. The A-Loan currently amounts to
GBP237.7 million and the B-Loan to GBP104.4 million. The A-Loan
is interest-only, while the B-Loan amortizes via cash sweep. The
interest coverage ratio (ICR) on the A-Loan as per July 2012 was
1.6x and 1.1x on the B-Loan.
A weakness of the transaction is that there is no clear trigger
to switch the pro-rata application of payments between the three
Classes of Notes to sequential. In the pre-enforcement payment
waterfall, principal is applied sequentially but at the same
time, there is pro-rata rule which is not part of the pre-
enforcement waterfall and according to which pre-payments are
allocated pro-rata. It is not explicitly outlined how principal
receipts after a loan default would be allocated. Nevertheless,
Moody's has assumed that in case of a loan default at maturity,
even if there is no enforcement but rather a consensual sale
during a standstill period, the proceed from property sales would
be applied to the three Classes of Notes sequentially.
The portfolio's cash flows are diversified with 98 distinct
tenants representing a number of industries. The weighted average
lease term to the earlier of break or expiry is nine years
however, this is skewed by the three largest assets which
contribute 38.5% to the rental income and which have lease
maturities between 2024 and 2030. Until legal final maturity of
the Notes, leases with respect to 35% of the rental income is
either expiring or having a break option. Furthermore ten out of
the 24 properties only have a remaining lease term of two years
or less (until earlier of break or maturity) and five of these
are single tenanted properties. Given the challenging
occupational market especially for secondary properties in terms
of location and quality, Moody's expect that the vacancy rate
will increase and the portfolio's cash flows will decrease over
the next couple of years. The vacancy rate is already on the rise
-- as of July 2012 it was 12% compared to 7% in October 2011 and
2% at closing.
Based on its latest assessment of the portfolio, Moody's
estimates the portfolio value to be GBP263 million at refinancing
of the loan which implies a haircut of 36.7% to the U/W value as
per closing and results in a whole loan LTV ratio of
approximately 130%. Based on (i) the large whole loan size of GBP
342 million and its leverage, (ii) the exposure of the portfolio
to specialized property types such as leisure and hotel, and
(iii) the expected state of the lending market, Moody's expects
that the loan will default on its maturity date. The fixed-to-
floating swap under the transaction is co-terminus with the loan
maturity date therefore no swap breakage cost is expected if the
loans defaults at maturity and is worked out.
Based on the transaction documents, Moody's understanding is that
upon a default of the loan at its maturity date, the noteholders,
in particular the holders of the Class A Notes, would have
sufficient control over the work-out of the loan and be able to
instruct the borrower security trustee to take enforcement
action. However, as evidenced by London & Regional Group's LORDS
1 transaction where the securitized loan will not be repaid on
its October 2012 maturity date, the sponsor will likely initiate
a restructuring of the loan and a borrower led sale of the assets
if the LORDS 2 loan is cannot be repaid.
Compared with some other single-borrower transactions in EMEA,
Moody's expected loss on the securitized loan is significant (5%-
25%). A loss would likely only crystallize towards the end of the
transaction term given the default risk of the loan at its
maturity date and the anticipated work-out strategy for the loan.
With a Moody's note-to-value (NTV) ratio of 90%, the Class C
Notes as the most junior notes, are most exposed to the increased
refinancing risk of the portfolio; hence, were downgraded to B3.
Moody's estimates the NTV ratio as 67% for the Class A Notes and
as 73% for the Class B Notes at maturity of the underlying loan.
The principal methodology used in this rating was Moody's
Approach to Real Estate Analysis for CMBS in EMEA: Portfolio
Analysis (MoRE Portfolio) published in April 2006.
Other factors used in this rating are described in European CMBS:
2012 Central Scenarios published in February 2012.
The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. Moody's prior assessment is summarized in a press
release dated December 21, 2011. The last Performance Overview
for this transaction was published on September 12, 2012.
In rating this transaction, Moody's used both MoRE Portfolio and
MoRE Cash Flow to model the cash-flows and determine the loss for
each tranche. MoRE Portfolio evaluates a loss distribution by
simulating the defaults and recoveries of the underlying
portfolio of loans using a Monte Carlo simulation. This portfolio
loss distribution, in conjunction with the loss timing calculated
in MoRE Portfolio is then used in MoRE Cash Flow, where for each
loss scenario on the assets, the corresponding loss for each
class of notes is calculated taking into account the structural
features of the notes. As such, Moody's analysis encompasses the
assessment of stressed scenarios.
Moody's ratings are determined by a committee process that
considers both quantitative and qualitative factors. Therefore,
the rating outcome may differ from the model output.
ROMIDA SPORTS: In Administration, Ceases Trading
------------------------------------------------
Henryk Zientek at Huddersfield Daily Examiner reports that Romida
Sports has ceased trading after administrators were called into
the business due to combination of the rain-sodden summer and
cricket being eclipsed by other sporting events.
Buyers are now being sought for all or part of the family
business, according to Huddersfield Daily Examiner.
The report notes that the Manchester office of financial services
firm PKF is looking for a buyer for the business as a whole or as
separate units.
"Whil[e] efforts were made by Romida over the last few weeks to
turn the business around and secure investment, the management
took the decision to appoint administrators . . . . The stores
have ceased trading," the report quoted administrator Kerry
Bailey, a partner in PKF's corporate recovery team as saying.
Romida Sports is a cricket goods retailer. It is a family
business, which is based at Rochdale and has stores at Wakefield
Road in Brighouse and at Liverpool and Leatherhead, Surrey.
SCHLEGEL AUTOMOTIVE: In Administration, Jobs at Risk
----------------------------------------------------
Edward Devlin at Insider Media Limited reports that hundreds of
jobs are at risk after Schlegel Automotive Europe Ltd entered
administration.
Situl Raithatha of Leicester restructuring firm Springfields was
appointed administrator of Schlegel Automotive Europe on Oct. 4,
2012.
The report notes that the appointment of the administrator became
necessary as a result of instability in the business and
financial position, causing a significant downturn in trade and
the consequential impact on cashflow, Springfields said.
Insider Media Limited says that a number of redundancies have
been made at the business following the administration.
"A detailed assessment is being carried out as to the viability
of continuing to trade the business whilst a buyer is sought . .
. . The co-operation of employees, customers and suppliers will
be key over the coming days. Regrettably, a significant number of
redundancies have been necessary due in particular to the loss of
volume which accounted for a substantial portion of the company's
turnover. . . . We are continuing the process of liaising with
the trade unions and other stakeholders and are hopeful that a
buyer can be found," the report quoted Mr. Raithatha as saying.
The report discloses that specialist agent Edward Symmons has
been instructed to assist the administrator.
Leicestershire-based Schlegel Automotive Europe Ltd is a
manufacturer of car-sealing systems to the automotive industry is
based in Coalville and employed approximately 350 staff. It was
established in 1958. Schlegel is a strategic supplier to major
original equipment manufacturers and suppliers in Europe, Japan
and South America.
UNITED CARPETS: High Rent Forces Firm Into Administration
---------------------------------------------------------
Yorkshire Post reports that tough conditions on the high street
forced carpet and bed retailer United Carpets to put its main
trading arm into a controversial pre-pack administration, leaving
landlords out of pocket.
Stock market-listed chain revealed the company had put United
Carpets (Northern) Ltd into administration to escape onerous
leases, according to Yorkshire Post. The report relates that the
plc then immediately bought its 72 stores, two warehouses in
Doncaster and Derbyshire and most of its assets back from
administrators Begbies Traynor.
Bramley-based United has 420 staff, and chief executive Paul Eyre
said the deal has "secured the majority of the jobs," the report
notes. But it warned stores may have to close where it cannot
negotiate better rent deals, the report relates.
Yorkshire Post says that United operates mainly through a
franchise model, but many of these have struggled as consumers
slash spending on 'big ticket' items. The report relates that
some 18 of its stores are owned, and 54 are franchised. Many are
in 'secondary' locations, which have suffered from weak footfall.
Shares in United have been suspended since late August when it
announced 14 store closures, rent negotiations and delayed the
publishing of its accounts, the report notes.
With an increasing number of its franchised and owned stores
loss-making, the company had been trying to agree "substantial
rent reductions" with landlords, but this proved fruitless, the
report adds.
===============
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
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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
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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
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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
BIO ANALYTICAL R 3723198Z BB -41974594.7 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.1 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.5 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.7 777656536.7
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JULIE LH BVBA 3739923Z BB -32842124.6 159062205.9
KBC LEASE BELGIU 3723398Z BB -23567202.8 2856170076
KIA MOTORS BELGI 3729658Z BB -40305545.6 136441397.8
LAND VAN HOP NV 3727898Z BB -141334.296 138885001.8
SABENA SA SABA BB -85494497.7 2215341060
SAPPI EUROPE SA 3732894Z BB -119299290 158958659.1
SOCIETE NATIONAL 3726762Z BB -39045394.2 506987115.6
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TELENET GRP HLDG TNETGBP EO -346984203 4652950529
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TELENET-STRP TNETS BB -346984203 4652950529
TELENET-UNS ADR TLGHY US -346984203 4652950529
CROATIA
-------
BADEL 1862 DD BD62RA CZ -18974967.3 134189914.2
BRODOGRADE INDUS 3MAJRA CZ -5021629.8 841433084.3
MAGMA DD MGMARA CZ -14866765.1 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -83651540.4 109270884.7
OT-OPTIMA TELEKO OPTERA CZ -83651540.4 109270884.7
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -39648682.4 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.4 209021322.6
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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
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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 2994755Q EU -61453764.2 138582273.6
SETUZA AS 2994759Q EO -61453764.2 138582273.6
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SETUZA AS 2994763Q EU -61453764.2 138582273.6
SETUZA AS SZA EX -61453764.2 138582273.6
DENMARK
-------
AB-B NEW ABBN DC -101428499 298588010.2
AKADEMISK BOLDK ABB DC -101428499 298588010.2
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBE EU -5227729.37 192575897.9
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ROSKILDE BANK ROSK EO -532868841 7876687324
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SCANDINAVIAN BRA SBS1EUR EU -14819232 148553764.3
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SCHAUMANN PROP SCHAUP PZ -101428499 298588010.2
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SUZLON WIND ENER 3985532Z DC -50030922.8 151671948.3
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.3 330011633.6
AIR COMMAND SYST 4470055Z FP -24012413.9 236706831.5
AKERYS SERVICES 4685937Z FP -8561729.53 141611798.1
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GREECE
------
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T BANK ASPT PZ -46224213.4 3486115450
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HUNGARY
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HUNGARIAN TELEPH HUC EX -73723992 827192000
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ICELAND
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EIMSKIPAFELAG HF AVION IR -223780368 2277882368
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EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
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IRELAND
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ITALY
-----
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AS ROMA SPA ASR EB -63822544.7 148818665.4
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JERSEY
------
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
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REAL ESTATE OP-O REO EO -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
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NETHERLANDS
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SWEDEN
------
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NORWAY
------
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POLAND
------
ANIMEX SA ANX PW -556805.858 108090511.9
KROSNO KROS IX -2241615.44 111838141.2
KROSNO KRS LI -2241615.44 111838141.2
KROSNO KRS PW -2241615.44 111838141.2
KROSNO KRS1EUR EU -2241615.44 111838141.2
KROSNO KRS1EUR EO -2241615.44 111838141.2
KROSNO SA KRS PZ -2241615.44 111838141.2
KROSNO SA KRNFF US -2241615.44 111838141.2
KROSNO SA KRS1 EO -2241615.44 111838141.2
KROSNO SA KRS1 EU -2241615.44 111838141.2
KROSNO SA KROSNO PW -2241615.44 111838141.2
KROSNO SA-RTS KRSP PW -2241615.44 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241615.44 111838141.2
TOORA TOR PZ -288818.39 147004954.2
TOORA TOR PW -288818.39 147004954.2
TOORA 2916661Q EO -288818.39 147004954.2
TOORA 2916665Q EU -288818.39 147004954.2
TOORA-ALLOT CERT TORA PW -288818.39 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.4 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.3 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.2 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.47 115717930.4
CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
ESTALEIROS NAVAI 4507307Z PL -99568225.9 221542111.7
FORD LUSITANA SA 3648983Z PL -7991062.86 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.2 440770232
HOSPITAL DO DIVI 3789932Z PL -75359385 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.21 425561447.8
LYCATELCOM LDA 4281821Z PL -8577510.56 109410577.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.93 199376769
RADIO E TELEVISA 1227Z PL -740710265 506160206.4
REFER-REDE FERRO 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.03 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999 625059071.4
SOCIEDADE DE REN 3776676Z PL -16169671 124492842.5
SOCIEDADE DE TRA 1253Z PL -368574770 153373893.3
SPORTING CLUBE D SCDF EU -65884328.1 251276323.4
SPORTING CLUBE D SCG GR -65884328.1 251276323.4
SPORTING CLUBE D SCPX PX -65884328.1 251276323.4
SPORTING CLUBE D SCP1 PZ -65884328.1 251276323.4
SPORTING CLUBE D SCDF EO -65884328.1 251276323.4
SPORTING CLUBE D SCP PL -65884328.1 251276323.4
SPORTING-SOC DES SCPL IX -65884328.1 251276323.4
SPORTING-SOC DES SCDF PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPDS PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPVS PL -65884328.1 251276323.4
TAP SGPS TAP PL -353957017 2789331398
TRANSGAS SA 3794668Z PL -2181404.7 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.2 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.9 178667412.9
OLTCHIM RM VALCE OLTCF US -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLT PZ -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT RO -89344240.8 511515508.8
RAFO SA RAF RO -457922311 356796459.3
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -85016164.6 320054212.6
ALLIANCE RUSSIAN ALRT RU -15214295.8 144582050.8
AMO ZIL ZILL RM -204894835 401284636
AMO ZIL-CLS ZILL RU -204894835 401284636
AMO ZIL-CLS ZILLG RU -204894835 401284636
AMO ZIL-CLS ZILL* RU -204894835 401284636
AMTEL-POVOLZ-BRD KIRT RU -936614.549 142093264.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.549 142093264.3
BALTIYSKY-$BRD BALZ RU -880437.562 345435790.7
BALTIYSKY-$BRD BALZ* RU -880437.562 345435790.7
BALTIYSKY-BRD BALZ$ RU -880437.562 345435790.7
CRYOGENMASH-BRD KRGM* RU -22826264 214573431.2
CRYOGENMASH-BRD KRGM RU -22826264 214573431.2
CRYOGENMASH-PFD KRGMP* RU -22826264 214573431.2
CRYOGENMASH-PFD KRGMP RU -22826264 214573431.2
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.5 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.5 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.5 299864149.8
FINANCIAL LEASIN 137282Z RU -166377934 282903505.9
FINANCIAL LEASIN FLKO RU -166377934 282903505.9
FINANCIAL LEASIN FLKO RM -166377934 282903505.9
FINANCIAL LEASIN FLKO* RU -166377934 282903505.9
GAZ GAZA$ RU -584751226 1478925024
GAZ GZAPF US -584751226 1478925024
GAZ-CLS GAZA* RU -584751226 1478925024
GAZ-CLS GAZA RM -584751226 1478925024
GAZ-CLS GAZA RU -584751226 1478925024
GAZ-CLS GAZAG RU -584751226 1478925024
GAZ-FINANS GAZF RU -56134.5126 232319905.4
GAZ-PFD GAZAP* RU -584751226 1478925024
GAZ-PFD GAZAP RU -584751226 1478925024
GAZ-PFD GAZAP RM -584751226 1478925024
GAZ-PFD GAZAPG$ RU -584751226 1478925024
GAZ-PFD GAZAPG RU -584751226 1478925024
GAZ-PREF GAZAP$ RU -584751226 1478925024
GAZ-US$ GTS GAZAG$ RU -584751226 1478925024
GRAZHDANSKIE SAM GSSU RU -47604998.4 1353823920
GUKOVUGOL GUUG RU -57835249.9 143665227.2
GUKOVUGOL GUUG* RU -57835249.9 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.9 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.9 143665227.2
HALS-DEVEL- GDR 86PN LI -588515965 1446111954
HALS-DEVELOPMENT HALS RM -588515965 1446111954
HALS-DEVELOPMENT HALS TQ -588515965 1446111954
HALS-DEVELOPMENT HALS* RU -588515965 1446111954
HALS-DEVELOPMENT HALSG RU -588515965 1446111954
HALS-DEVELOPMENT HALSM RU -588515965 1446111954
HALS-DEVELOPMENT HALS LI -588515965 1446111954
HALS-DEVELOPMENT SYR GR -588515965 1446111954
HALS-DEVELOPMENT HALS RU -588515965 1446111954
IZHAVTO OAO IZAV RU -94100834 443610329.4
KHANTY MANSIYSK HMSR RU -7454032.63 143409366.2
KIROV TIRE PLANT KIRT$ RU -936614.549 142093264.3
KOMPANIYA GL-BRD GMST RU -1933849.29 1120076905
KOMPANIYA GL-BRD GMST* RU -1933849.29 1120076905
KUZNETSOV-BRD MTST RU -15938417.5 331074749.5
KUZNETSOV-BRD MTSTP* RU -15938417.5 331074749.5
KUZNETSOV-BRD MTSTP RU -15938417.5 331074749.5
KUZNETSOV-BRD MTST* RU -15938417.5 331074749.5
M-INDUSTRIYA SOMI RU -1304109.98 267288804.8
MURMANSKAY MUGS RM -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP RU -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP RM -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP* RU -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSPG RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGS* RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGSG RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGS RU -22867336.6 135442629.9
NIZHMASHZAVO-BRD NMSZ RU -24657843.6 316480680.1
NIZHMASHZAVO-BRD NMSZ* RU -24657843.6 316480680.1
NIZHMASHZAVOD-BD NMSZ$ RU -24657843.6 316480680.1
NIZHMASHZAVO-PFD NMSZP RU -24657843.6 316480680.1
NIZHMASHZAVO-PFD NMSZP* RU -24657843.6 316480680.1
PENOPLEX-FINANS PNPF RU -839659.372 147052027.7
PIK GROUP PIKK RM -65334861 4000687446
PIK GROUP PIKK* RU -65334861 4000687446
PIK GROUP PIKKG RU -65334861 4000687446
PIK GROUP PIKK RU -65334861 4000687446
PIK GROUP-GDR PIK1 QM -65334861 4000687446
PIK GROUP-GDR PIQ2 GR -65334861 4000687446
PIK GROUP-GDR PKGPL US -65334861 4000687446
PIK GROUP-GDR PIK TQ -65334861 4000687446
PIK GROUP-GDR PIK LI -65334861 4000687446
PIK GROUP-GDR PIK IX -65334861 4000687446
PIK GROUP-GDR PIK EB -65334861 4000687446
PIK GROUP-GDR PIK EU -65334861 4000687446
PIK GROUP-GDR PIK1 EO -65334861 4000687446
PROMTRACTOR-FINA PTRF RU -27519567.1 259128529.5
RUSSIAN TEXT-CLS ALRTG RU -15214295.8 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.8 144582050.8
SEVERNAYA KAZNA SVKB* RU -65841686.2 279147750
SEVERNAYA KAZNA SVKB RU -65841686.2 279147750
SEVKABEL-FINANS SVKF RU -83036.4617 102680373.6
SISTEMA HALS-GDR HALS IX -588515965 1446111954
SISTEMA-GDR 144A SEMAL US -588515965 1446111954
URAL PLANT OF PR UZPOA RU -53649612.1 191579960.2
URALMASHPLAN-BRD URAM* RU -18423442.8 687183030.3
URALMASHPLAN-BRD URAM RU -18423442.8 687183030.3
URALMASHPLAN-PFD URAMP* RU -18423442.8 687183030.3
URALMASHPLAN-PFD URAMP RU -18423442.8 687183030.3
URALSKIJ ZAVOD T URAM$ RU -18423442.8 687183030.3
URGALUGOL-BRD YRGL* RU -21554314.6 139319389.8
URGALUGOL-BRD YRGL RU -21554314.6 139319389.8
URGALUGOL-BRD-PF YRGLP RU -21554314.6 139319389.8
VIMPEL SHIP-BRD SOVP* RU -85016164.6 320054212.6
VIMPEL SHIP-BRD SOVP RU -85016164.6 320054212.6
VOLGOGRAD KHIM VHIM RU -55617131.4 157514787.8
VOLGOGRAD KHIM VHIM* RU -55617131.4 157514787.8
WILD ORCHID ZAO DOAAN RU -11716087.5 106082784.6
ZERNOVAYA KOMPAN ONAST RU -9609529.9 673952471.2
ZIL AUTO PLANT ZILL$ RU -204894835 401284636
ZIL AUTO PLANT-P ZILLP RM -204894835 401284636
ZIL AUTO PLANT-P ZILLP RU -204894835 401284636
ZIL AUTO PLANT-P ZILLP* RU -204894835 401284636
SERBIA
------
DUVANSKA DIVR SG -46938765.4 107525048.4
SLOVENIA
--------
ISTRABENZ ITBG EU -3710053.92 1192276746
ISTRABENZ ITBG EO -3710053.92 1192276746
ISTRABENZ ITBG SV -3710053.92 1192276746
ISTRABENZ ITBG PZ -3710053.92 1192276746
SLOVENSKE ENERGE 1SES01A PZ -9037077.3 220365107.8
SLOVENSKE ENERGE SES02 SK -9037077.3 220365107.8
SLOVENSKE ENERGE SES EO -9037077.3 220365107.8
SLOVENSKE ENERGE SES02 EO -9037077.3 220365107.8
SLOVENSKE ENERGE SES02 EU -9037077.3 220365107.8
SLOVENSKE ENERGE SES SK -9037077.3 220365107.8
SLOVENSKE ENERGE SES EU -9037077.3 220365107.8
ZVON ENA HOLDING ZVHR PZ -304042299 774906694.2
ZVON ENA HOLDING ZVHR EO -304042299 774906694.2
ZVON ENA HOLDING ZVHR SV -304042299 774906694.2
ZVON ENA HOLDING ZVHR EU -304042299 774906694.2
SPAIN
-----
ACTUACIONES ACTI AGR SM -57871829.5 772519224.5
ADT ESPANA SERVI 3632899Z SM -26498520.4 149454497.1
AGRUPACIO - RT AGR/D SM -57871829.5 772519224.5
AIRBUS MILITARY 4456697Z SM -25409217.8 2875949470
AMCI HABITAT SA AMC1 EU -17516668.8 159378294.6
AMCI HABITAT SA AMC SM -17516668.8 159378294.6
AMCI HABITAT SA AMC3 EO -17516668.8 159378294.6
ATLANTIC COPPER 4512291Z SM -83118965.8 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.51 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BIMBO SA 3632779Z SM -6894386.12 162399487.1
BOSCH SISTEMAS D 4505475Z SM -295419978 205556877.2
BOUYGUES INMOBIL 3636247Z SM -13608696.3 203210905.9
CAIXARENTING SA 4500211Z SM -7390433 1722091946
CELAYA EMPARANZA 3642467Z SM -19428468.9 176340504.9
COPERFIL GROUP 704457Z SM -3700858.98 403826723
DINOSOL SUPERMER 397409Z SM -46517749.4 1134013519
ELECTRODOMESTICO 1035184Z SM -120690331 100540325.2
FABRICAS AGRUPAD 3638319Z SM -28683705 205880655
FACTORIA NAVAL D 3748456Z SM -91596638.8 155617881.8
FBEX PROMO INMOB 3745024Z SM -820001.031 1142937522
FERGO AISA -RTS AISA/D SM -57871829.5 772519224.5
FERGO AISA SA AISA EU -57871829.5 772519224.5
FERGO AISA SA AISA SM -57871829.5 772519224.5
FERGO AISA SA AISA EO -57871829.5 772519224.5
FERGO AISA SA AISA PZ -57871829.5 772519224.5
FMC FORET SA 3642299Z SM -135792007 150683418.5
GALERIAS PRIMERO 3281527Z SM -2731015.07 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.5 973735754.8
GE REAL ESTATE I 2814684Z SM -47072259.9 609515984.5
GENERAL MOTORS E 4286805Z SM -323089754 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.1 238237965.8
HIDROCANTABRICO 4456745Z SM -245397524 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.1 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.9 417379212.5
LA SIRENA ALIMEN 4375737Z SM -60779557.1 206592562.2
MARTINSA FADESA MFAD PZ -3783069373 5985477633
MARTINSA FADESA 4PU GR -3783069373 5985477633
MARTINSA FADESA MTF1 LI -3783069373 5985477633
MARTINSA FADESA MTF EU -3783069373 5985477633
MARTINSA FADESA MTF EO -3783069373 5985477633
MARTINSA FADESA MTF SM -3783069373 5985477633
MARTINSA-FADESA MTF NR -3783069373 5985477633
NYESA VALORES CO BES EU -208568794 658498551.2
NYESA VALORES CO BESS PZ -208568794 658498551.2
NYESA VALORES CO NYE TQ -208568794 658498551.2
NYESA VALORES CO BES TQ -208568794 658498551.2
NYESA VALORES CO NYE EO -208568794 658498551.2
NYESA VALORES CO 7NY GR -208568794 658498551.2
NYESA VALORES CO NYE EU -208568794 658498551.2
NYESA VALORES CO BES EO -208568794 658498551.2
NYESA VALORES CO BES SM -208568794 658498551.2
NYESA VALORES CO NYE SM -208568794 658498551.2
PANRICO SL 1087Z SM -372238070 1219319614
PLANES E INVERSI 3795524Z SM -72863651.9 220131915.6
PULLMANTUR SA 301590Z SM -74071248.9 168349823.1
RANDSTAD EMPLEO 4285885Z SM -58273106.5 432173483.1
REAL ZARAGOZA SA 4285533Z SM -26642893.2 155342765.2
RENTA CORP REN1GBP EO -55365883.4 289916358.5
RENTA CORP REN1 TQ -55365883.4 289916358.5
RENTA CORP REN1GBX EU -55365883.4 289916358.5
RENTA CORP REN1USD EO -55365883.4 289916358.5
RENTA CORP RTACF US -55365883.4 289916358.5
RENTA CORP REN SM -55365883.4 289916358.5
RENTA CORP REN1 EO -55365883.4 289916358.5
RENTA CORP REN1 EU -55365883.4 289916358.5
RENTA CORP RENS PZ -55365883.4 289916358.5
RENTA CORP REN1USD EU -55365883.4 289916358.5
RENTA CORP REN1GBX EO -55365883.4 289916358.5
RENTA CORP REAL REN/D SM -55365883.4 289916358.5
RESIDENCIAL MARL 4498347Z SM -8851230.87 106007591.2
REYAL URBIS SA REY1 EU -623464702 5520924982
REYAL URBIS SA REYU PZ -623464702 5520924982
REYAL URBIS SA REY SM -623464702 5520924982
REYAL URBIS SA REY1 EO -623464702 5520924982
SA DE SUPERMERCA 4373489Z SM -24370843.9 162576231.9
SOGECABLE MEDIA 3638359Z SM -2904934.27 176131882.6
SPANAIR 1174Z SM -224915086 350111493.1
SUPERMERCADOS CH 3635999Z SM -49108101.2 430829438.2
SUPERMERCADOS CO 4285781Z SM -6271873.08 110251382.6
TELEVISION AUTON 3772924Z SM -114641100 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.5 131213302.5
VIA OPERADOR PET 4510507Z SM -19240934.5 114265353.9
SWITZERLAND
-----------
ATTENDO AB 4452873Z SS -58148252.6 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.128 122777361.3
SWEDISH MA-RE RT SWMASR SS -271007468 2011731785
SWEDISH MAT-ADR 3053566Q US -271007468 2011731785
SWEDISH MAT-ADR SWMA GR -271007468 2011731785
SWEDISH MATCH SWD LI -271007468 2011731785
SWEDISH MATCH AB SWMA NQ -271007468 2011731785
SWEDISH MATCH AB SWMDF US -271007468 2011731785
SWEDISH MATCH AB SWMAEUR EO -271007468 2011731785
SWEDISH MATCH AB SWMA IX -271007468 2011731785
SWEDISH MATCH AB SWMAUSD EO -271007468 2011731785
SWEDISH MATCH AB SWM VX -271007468 2011731785
SWEDISH MATCH AB SWMA EU -271007468 2011731785
SWEDISH MATCH AB SWM GR -271007468 2011731785
SWEDISH MATCH AB SWMA EO -271007468 2011731785
SWEDISH MATCH AB SWMAGBX EU -271007468 2011731785
SWEDISH MATCH AB SWMAGBX EO -271007468 2011731785
SWEDISH MATCH AB SWMAF US -271007468 2011731785
SWEDISH MATCH AB SWMA BY -271007468 2011731785
SWEDISH MATCH AB SWMA EB -271007468 2011731785
SWEDISH MATCH AB SWMA QM -271007468 2011731785
SWEDISH MATCH AB SWMA LI -271007468 2011731785
SWEDISH MATCH AB SWMA GK -271007468 2011731785
SWEDISH MATCH AB SWMA S1 -271007468 2011731785
SWEDISH MATCH AB SWMAEUR EU -271007468 2011731785
SWEDISH MATCH AB SWM TH -271007468 2011731785
SWEDISH MATCH AB SWMAGBP EO -271007468 2011731785
SWEDISH MATCH AB SWMA TQ -271007468 2011731785
SWEDISH MATCH AB SWMA SS -271007468 2011731785
SWEDISH MATCH AB SWMA NR -271007468 2011731785
SWEDISH MATCH AB SWMAUSD EU -271007468 2011731785
SWEDISH MATCH AB SWMA PZ -271007468 2011731785
SWEDISH MATCH- B SWMWF US -271007468 2011731785
SWEDISH MATCH-B 3033P US -271007468 2011731785
SWEDISH MAT-RTS SWMYR US -271007468 2011731785
SWEDISH M-UN ADR SWMAY US -271007468 2011731785
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.1 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.1 147075077.7
IKTISAT FINAN-RT IKTFNR TI -46900666.6 108228233.6
IKTISAT FINANSAL IKTFN TI -46900666.6 108228233.6
KEREVITAS GIDA KERVT TI -4733324.13 126789352
KEREVITAS GIDA KVTGF US -4733324.13 126789352
MUDURNU TAVUKC-N MDRNUN TI -64935052.1 160420187.4
MUDURNU TAVUKCUL MDRNU TI -64935052.1 160420187.4
SIFAS SIFAS TI -15439194.7 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
ZORLU ENERJI ELE ZORENM TI -34869788.4 1701390881
ZORLU ENERJI ELE ZOREN TI -34869788.4 1701390881
ZORLU ENERJI ELE ZRLUF US -34869788.4 1701390881
ZORLU ENERJI-ADR ZRLUY US -34869788.4 1701390881
ZORLU ENERJI-RTS ZORENR TI -34869788.4 1701390881
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -75129759.8 474776539.2
CHERNIGIVS MAN-M CHIM UZ -8728378.49 105244397.8
CHERNIGIVS M-GDR CKU GR -8728378.49 105244397.8
DONETSKOBLENERGO DOON UZ -213294468 341124537.1
LUGANSKGAS LYGZ UZ -25247035.8 123851487
LUGANSKOBLENERGO LOEN UZ -28469656.8 196711929.2
MARIUP-GDR REG S MZVM IX -11661586.3 260791838.5
MARIUP-GDR REG S M9X GR -11661586.3 260791838.5
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UNITED KINGDOM
--------------
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SKANDIA LIFE BUS 1451642Z LN -16563612.8 132120692.5
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SKYEPHARMA PLC SKYEF US -133034755 130464035.4
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SKYEPHARMA PLC SKP BQ -133034755 130464035.4
SKYEPHARMA PLC SKP2 EO -133034755 130464035.4
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SKYEPHARMA PLC SKP7 EO -133034755 130464035.4
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SKYEPHARMA PLC SKP8 EO -133034755 130464035.4
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SMITHS NEWS PLC NWS12 EO -97977003.3 345035294.1
SMITHS NEWS PLC SMWPF US -97977003.3 345035294.1
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SMITHS NEWS PLC NWS LN -97977003.3 345035294.1
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SMITHS NEWS PLC NWS2EUR EU -97977003.3 345035294.1
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SONY UNITED KING 1591658Z LN -1219147829 2550391748
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SPEAR GROUP HOLD 4470999Z LN -91133585.6 140447896.6
SPEEDY SUPPORT S 1601730Z LN -34304692.5 146096457.3
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SR TECHNICS UK L 2900250Z LN -143296142 116171355.3
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STAGECOACH GROUP SGC1 QM -158544627 2695903851
STAGECOACH GROUP SGC1EUR EO -158544627 2695903851
STAGECOACH GROUP SHP5 GR -158544627 2695903851
STAGECOACH GROUP SGC1EUR EU -158544627 2695903851
STAGECOACH GROUP SGC2 VX -158544627 2695903851
STAGECOACH GROUP SGC1GBP EO -158544627 2695903851
STAGECOACH GROUP SGC1PEN EU -158544627 2695903851
STAGECOACH GROUP SGC1 EU -158544627 2695903851
STAGECOACH GROUP SHP GR -158544627 2695903851
STAGECOACH GROUP SGC IX -158544627 2695903851
STAGECOACH GROUP SGC1 TQ -158544627 2695903851
STAGECOACH GROUP SGC1 EO -158544627 2695903851
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STAGECOACH GROUP SHP4 GK -158544627 2695903851
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STAGECOA-SPN ADR SAGKY US -158544627 2695903851
STJAMES'S PLACE 4451825Z LN -40027613.6 444219054.8
STV GROUP PLC STVGEUR EU -36632758.7 143156965
STV GROUP PLC STVG LN -36632758.7 143156965
STV GROUP PLC STVGGBP EO -36632758.7 143156965
STV GROUP PLC SMG VX -36632758.7 143156965
STV GROUP PLC STVG EO -36632758.7 143156965
STV GROUP PLC STVG VX -36632758.7 143156965
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STV GROUP PLC SMG PZ -36632758.7 143156965
STV GROUP PLC SMG IX -36632758.7 143156965
STV GROUP PLC STVG S1 -36632758.7 143156965
STV GROUP PLC SMGPF US -36632758.7 143156965
SUN CHEMICAL LTD 2569274Z LN -21504458.6 276424178.5
SUNDERLAND ASSOC 1274418Z LN -30559441.4 144949782.5
SUNSAIL LTD 1092666Z LN -37047891.8 193976501.7
SUNSEEKER INTERN 820741Z LN -7756394.62 227371284.6
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TATA CMMNCTNS UK 2534722Z LN -32378969.2 118690215.5
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TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMMUNI 1608194Z LN -113079710 9113744374
TELEWEST COMMUNI 1646328Z LN -287113015 868389208
THALES CORPORATE 1083706Z LN -65658884.5 829798983.7
THALES RAIL SIGN 2812334Z LN -29298137.4 106623580
THALES TELECOMMU 1163839Z LN -5826263.27 245379695.8
THAMES WATER FIN 1615Z LN -48749918.5 4474513723
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIMES NEWSPAPERS 2343939Z LN -653746580 603467606.2
TOPPS TILES PLC TPT5 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT3 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT BQ -39843958.1 122386142.5
TOPPS TILES PLC TPT1 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT2 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT PO -39843958.1 122386142.5
TOPPS TILES PLC TPT8 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT IX -39843958.1 122386142.5
TOPPS TILES PLC TPT PZ -39843958.1 122386142.5
TOPPS TILES PLC TPT LN -39843958.1 122386142.5
TOPPS TILES PLC TPT4 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT EO -39843958.1 122386142.5
TOPPS TILES PLC TPT7 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT9 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT10 EO -39843958.1 122386142.5
TOPPS TILES PLC TPTEUR EU -39843958.1 122386142.5
TOPPS TILES PLC TPT EU -39843958.1 122386142.5
TOPPS TILES PLC TPT TQ -39843958.1 122386142.5
TOPPS TILES PLC TPTJY US -39843958.1 122386142.5
TOPPS TILES PLC TPT6 EO -39843958.1 122386142.5
TOPPS TILES PLC TPTGBP EO -39843958.1 122386142.5
TOPPS TILES PLC TPTEUR EO -39843958.1 122386142.5
TOPPS TILES PLC TPT S1 -39843958.1 122386142.5
TOPPS TILES PLC TPT VX -39843958.1 122386142.5
TOPPS TILES PLC TPTJF US -39843958.1 122386142.5
TOPPS TILES-NEW TPTN LN -39843958.1 122386142.5
TOTAL UK LTD 3897130Z LN -61225906.1 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411330 1254613472
TRINITY MIRROR P 1511258Z LN -138612681 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.96 2408518672
TUI UK LTD 1653824Z LN -913811299 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.9 206496365.3
UNIVERSAL LEASIN 2581586Z LN -28690420.2 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.8 120867289.2
UTC GROUP UGR LN -11904428.4 203548565
VANCO UK LTD 2784982Z LN -56556541 114635709.2
VINK HOLDINGS LT 4380233Z LN -13477348.3 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.3 109995632.6
VIRGIN MOB-ASSD VMOA LN -392165409 166070003.7
VIRGIN MOB-ASSD VMOC LN -392165409 166070003.7
VIRGIN MOBILE VMOB PO -392165409 166070003.7
VIRGIN MOBILE VMOB LN -392165409 166070003.7
VIRGIN MOBILE VGMHF US -392165409 166070003.7
VIRGIN MOBILE VMOB VX -392165409 166070003.7
VIRGIN MOBILE UEM GR -392165409 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616777 5155268566
VODAFONE UK CONT 1909662Z LN -36036445.4 241077469.5
VOLUTION GROUP L 4453393Z LN -44375617.5 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.8 572205624
WALES & WEST UTI 3688061Z LN -784167197 2080276139
WARNER ESTATE WNER IX -41311778.1 373214358.7
WARNER ESTATE WNER EO -41311778.1 373214358.7
WARNER ESTATE WNER EU -41311778.1 373214358.7
WARNER ESTATE WRL GR -41311778.1 373214358.7
WARNER ESTATE WNER PZ -41311778.1 373214358.7
WARNER ESTATE WNEHF US -41311778.1 373214358.7
WARNER ESTATE WNER VX -41311778.1 373214358.7
WARNER ESTATE WNER LN -41311778.1 373214358.7
WARNER ESTATE WNER PO -41311778.1 373214358.7
WARNER ESTATE WNERGBP EO -41311778.1 373214358.7
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.7 104022836.2
WEETABIX LTD-A WTB OF -397652100 909970808.9
WEETABIX LTD-A WEEBF US -397652100 909970808.9
WESCOT TOPCO LTD 4007020Z LN -28467510.9 115035189
WEST HAM UNITED 1275834Z LN -60233495.2 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.71 100781831
WHITE HART LANE 2004631Z LN -5246329.46 130633347.5
WIGHTLINK LTD 1385642Z LN -15131435.9 231775265.6
WINCANTON PL-ADR WNCNY US -290434319 1037176004
WINCANTON PLC WIN11 EO -290434319 1037176004
WINCANTON PLC WIN4 EO -290434319 1037176004
WINCANTON PLC WIN1GBP EO -290434319 1037176004
WINCANTON PLC WIN LN -290434319 1037176004
WINCANTON PLC WIN1 TQ -290434319 1037176004
WINCANTON PLC WIN13 EO -290434319 1037176004
WINCANTON PLC WIN1 EU -290434319 1037176004
WINCANTON PLC WIN1USD EO -290434319 1037176004
WINCANTON PLC WIN1EUR EO -290434319 1037176004
WINCANTON PLC WIN IX -290434319 1037176004
WINCANTON PLC WIN1 QM -290434319 1037176004
WINCANTON PLC WIN1 S1 -290434319 1037176004
WINCANTON PLC WNCNF US -290434319 1037176004
WINCANTON PLC WIN PZ -290434319 1037176004
WINCANTON PLC WIN1EUR EU -290434319 1037176004
WINCANTON PLC WIN12 EO -290434319 1037176004
WINCANTON PLC WIN6 EO -290434319 1037176004
WINCANTON PLC WIN1 BQ -290434319 1037176004
WINCANTON PLC WIN VX -290434319 1037176004
WINCANTON PLC WIN1USD EU -290434319 1037176004
WINCANTON PLC WIN1 EO -290434319 1037176004
WINCANTON PLC WIN10 EO -290434319 1037176004
WINCANTON PLC WIN PO -290434319 1037176004
WINCANTON PLC WIN1 NQ -290434319 1037176004
WINCANTON PLC WIN5 EO -290434319 1037176004
WINCANTON PLC WIN8 EO -290434319 1037176004
WINCANTON PLC WIN9 EO -290434319 1037176004
WINCANTON PLC WIN1 EB -290434319 1037176004
WINCANTON PLC WIN7 EO -290434319 1037176004
WINDSOR TELEVISI 1475394Z LN -249144874 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.5 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.2 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.2 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.9 276648958.8
YOUNG'S BLUECRES 1841386Z LN -46554226.4 279057376.4
ZURICH EMPLOYMEN 1292298Z LN -122911832 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland
USA. Valerie U. Pascual, Marites O. Claro, Rousel Elaine T.
Fernandez, Joy A. Agravante, Ivy B. Magdadaro, Frauline S.
Abangan and Peter A. Chapman, Editors.
Copyright 2012. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 240/629-3300.
* * * End of Transmission * * *