/raid1/www/Hosts/bankrupt/TCREUR_Public/121016.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 16, 2012, Vol. 13, No. 206
Headlines
A U S T R I A
ALPINE HOLDING: May Suffer Significant Loss; In Talks with Owner
D E N M A R K
TORM A/S: Banks to Take Control Under Rescue Deal
G E R M A N Y
NUERNBERGER AG: Fitch Raises Rating on EUR100M Debt From 'BB+'
* GERMANY: Ship Owners Call for State Bailout
I R E L A N D
MCCANN BROTHERS: Ceases Trading; 160 Jobs at Risk
OLHAUSEN: Receivers Seek Buyer for Assets
I T A L Y
DEIULEMAR SHIPPING: Declared Bankrupt; Owes More Than EUR500MM
SEAT PAGINEGIALLE: S&P Raises Corporate Credit Rating to 'B-'
N E T H E R L A N D S
FAXTOR ABS 2005-1: Fitch Affirms 'CCsf' Rating on Class B Notes
GLOBAL SENIOR: Swap Novation No Impact on Fitch's 'BBsf' Rating
PANTHER CDO V: Fitch Affirms 'CCsf' Ratings on Two Note Classes
R U S S I A
HOME CREDIT: Fitch Affirms 'BB-' Long-Term IDRs; Outlook Stable
IDGC OF CENTER: Moody's Assigns National Scale Rating
IDGC OF CENTER: Moody's Assigns 'Ba2' CFR/PDR; Outlook Stable
IDGC OF URALS: Moody's Assigns National Scale Rating
IDGC OF URALS: Moody's Assigns 'Ba2' CFR/PDR; Outlook Stable
IDGC OF VOLGA: Moody's Assigns National Scale Rating
IDGC OF VOLGA: Moody's Assigns 'Ba2' CFR/PDR; Outlook Stable
MSK OJSC: Fitch Affirms 'BB' IFS Rating; Outlook Stable
S P A I N
iTRAXX SERIES 9: S&P Assigns 'BB-' Rating to EUR5MM CDS Tranche
S W I T Z E R L A N D
DUFRY AG: Fitch Assigns 'BB' Long-Term IDR; Outlook Stable
U K R A I N E
FINTEST TRADING: Fitch Assigns 'B' LT Issuer Default Ratings
U N I T E D K I N G D O M
PORTSMOUTH FC: Balram Chainrai Denies Takeover Problem
SILVER SPRING: In Administration, Fate of Plant Site Unclear
THOMAS COOK: Plans to Cut Aircraft Fleet; Some 430 Jobs at Risk
TRAVELODGE LTD: Completes Debt Restructuring
VICTORIA FUNDING: S&P Cuts Rating on Class E Notes to 'CCC-'
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
=============
A U S T R I A
=============
ALPINE HOLDING: May Suffer Significant Loss; In Talks with Owner
----------------------------------------------------------------
Boris Groendahl at Bloomberg News reports that Alpine Holding
GmbH said it may have a "significant" loss this year and is in
talks with Spanish owner Fomento de Construcciones & Contratas SA
on its finances.
Alpine said "certain" projects are responsible for the loss,
Bloomberg relates. In a statement, Alpine related that talks
with its sole owner, the Madrid-based construction company, focus
on providing an "appropriate" equity level for the company,
Bloomberg notes.
According to Bloomberg, Alpine said in August that it has
"growing concern" about its business in Poland, where it is mired
in legal battles including one over its contract to build the A1
motorway, saying their "outcome is hard to predict."
The company, whose net debt doubled to EUR550 million by the end
of June from EUR277 million at the end of 2011, met creditor
banks for talks last week, Bloomberg recounts. Alpine's
creditors include Erste Group Bank AG (EBS) with EUR100 million
outstanding, Raiffeisenlandesbank OOe AG with EUR82 million, and
UniCredit Bank Austria AG with EUR78 million, Bloomberg says,
citing a Profil report.
Alpine Holding GmbH is a builder based in Salzburg, Austria.
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D E N M A R K
=============
TORM A/S: Banks to Take Control Under Rescue Deal
-------------------------------------------------
Mette Fraende at Reuters reports that banks are taking control of
Torm A/S in a rescue deal that extends repayments on
US$1.8 billion of debt and provides fresh funds, giving the firm
time to wait for the tanker market to improve.
The debt-laden tanker and dry-bulk firm has been fighting for
survival in a sector slump, now in its fourth year, caused by a
weak global economy, oversupply of vessels and low freight rates,
Reuters notes.
According to Reuters, the long-awaited deal will see Torm's banks
take a 72.7% stake in the business, while time charter partners
will get a 17.3%. Existing shareholders will retain 10% of the
business, Reuters states.
Scant financing and the industry slump have forced the
restructuring of many shipping firms across the globe, Reuters
notes. As a result, banks have increasingly been seen pulling
pack from ship financing, Reuters says.
Torm's creditors include Danske Bank, Nordea Bank and Danish Ship
Finance, Reuters discloses.
Torm has been in talks with its 14 banks for months, trying to
secure a comprehensive financing solution, Reuters recounts.
According to Reuters, under the deal announced on Oct. 2, Torm's
US$1.8 billion of debt will be extended until the end of 2016,
loan repayments will be deferred and it will have access to a
US$100 million working capital facility available until
September 30, 2014.
Torm's pretax losses grew to US$132.1 million in the second
quarter, from US$23.7 million in the same period last year,
Reuters discloses.
Torm A/S is a Danish shipping group.
=============
G E R M A N Y
=============
NUERNBERGER AG: Fitch Raises Rating on EUR100M Debt From 'BB+'
--------------------------------------------------------------
Fitch Ratings has upgraded German insurers Nuernberger
Lebensversicherung AG's (NLV), Nuernberger Allgemeine
Versicherung AG's (NAV) and Nuernberger Krankenversicherung AG's
(NKV) Insurer Financial Strength (IFS) ratings to 'A+' from 'A'.
The agency has also upgraded their holding company Nuernberger
Beteiligungs-Aktiengesellschaft's (NB) Issuer Default Rating
(IDR) to 'A-' from 'BBB+'. The Outlook on all ratings is Stable.
NB's EUR100 million subordinated debt has been upgraded to 'BBB-'
from 'BB+'.
The upgrade reflects Nuernberger group's (NG) strong results and
improved debt leverage at end-2011 and the continued trend in
both in H112. With a net combined ratio of 95.7% in 2011 (2010:
105.1%), NG's non-life underwriting profitability materially
outperformed the agency's expectation of 100%. For H112, NG
reported a gross combined ratio of 92.7% (H111: 91.8%), which is
better than Fitch's expectation of 96% for the German non-life
market in 2012.
The upgrade also reflects NG's strong capitalization, its leading
position in the German unit-linked life and disability market,
and its relative resilience to a long-lasting low interest rate
environment compared to many of its competitors. Offsetting
these positive rating factors is NG's continued modest investment
income and relatively low fixed charge coverage which at 4.4x in
2011 remains below the agency's expectation for the rating level.
NG reported pre-tax income of EUR88.1 million in 2011, up from
EUR62.1 million in 2010. The increase was primarily driven by a
strong improvement in the group's non-life underwriting result.
For H112, NG reported pre-tax income of EUR77.3 million (H111:
EUR71.9 million). Subject to no unforeseen developments, Fitch
estimates that NG's 2012 pre-tax income will be in the range of
EUR90 million - EUR100 million.
NG's improved underwriting result was driven by a reduction in
the proportion of non-life motor insurance and more favorable
claims experience in 2011. The agency expects NG to report a
solid underwriting result in 2012 as NG has continued to focus on
underwriting profitability in the year.
As a provider of unit linked products, NG saw a fall in demand
for this business through the financial crisis and the company's
lapse ratio has been worse than the market average. However,
NG's life new business increased by more than a quarter in H112.
The strong growth was partly due to a surge in business sold
towards the end of 2011 business but with inception dates in
January 2012. Fitch expects NG to achieve new business above the
market average in 2012.
NG's 2011 fixed charge coverage improved to 4.4x (2010: 3.4x) and
10.3x in H112 (H111: 7.1x). In addition, the financial leverage
ratio decreased to 16% at end-H112 compared to 20% at end-2011.
Fitch expects that NG will achieve fixed charge coverage of more
than 5.0x in 2012.
Fitch views a further upgrade of the ratings as unlikely in the
near to mid-term. However, key rating triggers for an upgrade
over the longer term would include continued strong underwriting
profitability, further improvements in the level of fixed charge
coverage and significant increase in geographical
diversification.
Key rating triggers for a downgrade include weak overall
profitability, material erosion in capital and interest coverage
falling below 3.5x.
In H112, NG reported IFRS gross written premiums (GWP) of EUR1.8
billion (H111: EUR1.7 billion) and had total assets at end-H112
of EUR23.6 billion (end-2011: EUR22.9 billion). The life segment
reported GWP of EUR1.4 billion, the non-life segment GWP of
EUR0.4 billion and the health segment GWP of EUR0.1 billion.
* GERMANY: Ship Owners Call for State Bailout
---------------------------------------------
Arno Schuetze at Reuters reports that German ship owners have
called for a state bailout as the sector continues to struggle
with overcapacity, rising fuel costs and hard-pressed banks
pulling back from lending to the industry.
The global shipping crisis has hit Germany particularly hard
because the euro zone's biggest economy is also home to the
biggest fleet of container ships, accounting for 1,800 of the
5,000 vessels worldwide, Reuters discloses. According to
Reuters, an industry source said that between 500 and 700 German-
owned vessels are facing liquidity problems and about 100 have
already gone bust.
Ralf Nagel, of the Association of German Shipowners, on Friday
said that state bank KfW must help German ship owners with
limited, temporary loans, adding that a policy decision is need
by the end of 2012, Reuters relates.
"We are in an emergency situation and cannot wait another year,"
Reuters quotes Mr. Nagel as saying.
Reuters notes that sources familiar with the industry said that
about EUR1.5 billion (US$2 billion) is needed to stabilize the
sector in Germany.
The German owners want KfW to provide bridging loans, with
existing ships offered as collateral, Reuters says. According to
Reuters, they also want the state bank to take over shipping
loans that commercial banks are seeking to sell, and for it to
set up a special financing program for environmentally friendly
"green shipping".
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I R E L A N D
=============
MCCANN BROTHERS: Ceases Trading; 160 Jobs at Risk
-------------------------------------------------
Barry O'Halloran at The Irish Times reports that McCann Brothers
has ceased trading, leaving EUR620,000 in unpaid bills and 160
jobs hanging in the balance on one State-funded project.
The company halted operations suddenly on Oct. 8, the Irish Times
relates.
According to the Irish Times, directors Michael Cunningham and
Liam McCann met staff to tell them they were being laid off and
that the company was ceasing to trade in its current form. The
company employed about 40 people directly, the Irish Times
discloses.
It was not possible to establish if the company is in
liquidation, receivership or some form of insolvency process, the
Irish Times notes. Some reports suggested that the company has
debts of GBP1.6 million, the Irish Times states.
McCann Brothers is a Seskinore, Co Tyrone-based building
contractor.
OLHAUSEN: Receivers Seek Buyer for Assets
-----------------------------------------
Una McCaffrey and Ciara O'Brien at The Irish Times report that
the receivers appointed to Olhausen are hopeful of attracting
buyers for parts of the failed business.
Jim Hamilton and David O'Connor of BDO on Oct. 10 became joint
receivers and managers of Dublin-based Olhausen, following a
request from its board to Ulster Bank, the Irish Times relates.
The bank is understood to be owed more than EUR10 million, the
Irish Times notes. Some 160 jobs have been lost across three
processing plants, the Irish Times discloses.
According to the Irish Times, in a statement, the receivers
expressed regret about the closure, adding that they would now
seek a buyer for the assets that remain at the business.
The company had lately been in negotiations with two potential
buyers, thought to be Larry Goodman's Irish Food Processors and
Mallon Foods, but was unable to agree a deal on time for it to
continue as a going concern, the Irish Times notes.
Ulster Bank in recent days received an offer of EUR1 million for
the company from Monaco-based financier Michael Flacks, but that
was rejected, the Irish Times recounts. He planned to expand the
business but declined to comment on whether or not he remained
interested in it, the Irish Times relates.
It is highly improbable that Olhausen will be purchased outright,
but existing contracts and the company's name are likely to be
particularly attractive to potential buyers, the Irish Times
states.
The receivership means the closure of the company and the
immediate loss of about 100 jobs at Olhausen's headquarters in
Dublin's Blanchardstown, some 30 in nearby Coolock and another 30
in Lough Egish, Co Monaghan, the Irish Times says.
Olhausen is a meat producer. As well as Olhausen, the company
owns brands such as Kearns and Byrnes. It made own-brand
sausages for Aldi, Lidl and Dunnes, as well as operating a food
service business.
=========
I T A L Y
=========
DEIULEMAR SHIPPING: Declared Bankrupt; Owes More Than EUR500MM
--------------------------------------------------------------
Silvia Antonioli and Jonathan Saul at Reuters report that the
court of Torre Annunziata and Deiulemar Shipping said on Oct. 10
the company has been declared bankrupt owing more than EUR500
million, the latest casualty of a worsening freight market
crisis.
The court, which is near the port city of Naples, said the
company was declared bankrupt on Oct. 9 with administrators
appointed, Reuters relates.
The court-nominated administrators will be managing the company's
assets until a potential auction, Reuters discloses.
In July, Italian police seized assets amounting to
EUR323 million, which included 10 vessels belonging to Deiulemar
Shipping, and arrested nine members of the founding families in
connection with the bankruptcy of Deiulemar Compagnia di
Navigazione, Reuters recounts.
Soon after, Astolfo Di Amato, the lawyer representing Deiulemar
Shipping, filed a debt restructuring proposal that would have
included the liquidation of Deiulemar Shipping and the sale of
all its assets to partially satisfy its creditors, Reuters
relates.
Before the proposal could be evaluated though, the court seized
two more vessels on Sep. 18, leaving Deiulemar Shipping in
control of only four ships, Reuters states.
Mr. Di Amato, as cited by Reuters, said it would be difficult to
find buyers for the vessels unless the court is prepared to
accept very low prices, Reuters notes.
Deiulemar Shipping is a major Italian dry freight group.
SEAT PAGINEGIALLE: S&P Raises Corporate Credit Rating to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'B-' from 'CCC' its
long-term corporate credit rating on Italy-based classified
directories publisher SEAT PagineGialle SpA (SEAT). The outlook
is negative.
"We also raised to 'B' from 'CCC+' our issue rating on SEAT's
EUR750 million senior secured notes. The recovery rating on these
notes is '2', indicating our expectation of substantial (70%-90%)
recovery prospects in the event of a payment default," S&P said.
"At the same time, we removed the corporate credit and issue
ratings from CreditWatch, where they were placed with positive
implications on Sept. 12, 2012," S&P said.
"In addition, we assigned our 'B' issue rating to SEAT's new
EUR65 million senior secured notes and EUR686 million senior
secured facilities (including a new EUR90 million revolving
credit facility). We have assigned a recovery rating of '2' to
these notes and facilities, indicating our expectation of
substantial
(70%-90%) recovery prospects for creditors in the event of a
payment default," S&P said.
"The upgrade reflects our assessment of SEAT's improved financial
metrics after the completion of its financial restructuring. The
group has reduced its debt burden by approximately EUR1.3 billion
(including accrued interest) through a debt-to-equity swap on its
existing subordinated notes as part of the restructuring. We now
project Standard & Poor's-adjusted leverage of approximately 5x
on Dec. 31, 2012 (after adjusting EBITDA for the nonrecurring
positive impact of two counts of litigation with Deutsche Telekom
AG), compared with 9x the prior year. As a result, we anticipate
that the cost of debt will likely be reduced by approximately
EUR85 million-EUR90 million per year. In addition, as part of the
debt restructuring, covenant tests on SEAT's debt have also been
reset to reflect the group's business plan, which it laid out in
early 2012," S&P said.
"However, we think that SEAT's business will remain under
pressure. We consider that secular declines in the print
directories sector still present a significant business risk, and
players face increasing competition as small business advertising
expands across a greater number of online marketing channels.
That said, our assessment of SEAT's business risk profile as
'weak' is somewhat supported by its No. 1 position in the
classified directories market in Italy, and by what we see as its
good profit margin and still-high cash flow generation," S&P
said.
"Despite the significant debt reduction, we continue to assess
SEAT's financial risk profile as 'highly leveraged' because the
group's gross indebtedness is still high at approximately EUR1.5
billion. Our financial risk assessment also reflects our
uncertainty surrounding the timing and level of an inflection
point in SEAT's revenues and earnings. If there is not a
turnaround, covenant compliance could be an issue as early as the
first half of 2014, according to our projections," S&P said.
"The negative outlook reflects our view of the ongoing pressure
on SEAT's operating performance. In particular, we believe that
the structural decline in SEAT's business could affect covenant
compliance and hinder its refinancing of 2015-2017 debt
maturities," S&P said.
"We could lower the rating if it appears likely that the declines
in advertising sales will continue and, consequently, that the
group's profits will not at least stabilize above our EUR280
million-EUR290 million forecast range for 2013. This would
negatively affect covenant compliance and further hamper the
group's ability to refinance its 2015-2017 debt prior to
maturity," S&P said.
"We could revise the outlook to stable if SEAT returned to marked
nominal EBITDA growth, and maintained an 'adequate' liquidity
profile (including at least 15% headroom under its maintenance
financial covenants). We believe this scenario would entail an
increase in digital revenues, as we anticipate that trends in
print advertising sales at small to midsize publishers will
remain under significant structural pressure," S&P said.
=====================
N E T H E R L A N D S
=====================
FAXTOR ABS 2005-1: Fitch Affirms 'CCsf' Rating on Class B Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Faxtor ABS 2005-1 B.V.'s (Faxtor ABS
2005-1) notes, as follows:
-- Class A-1 floating-rate notes due 2070 (XS0235143970):
affirmed at 'BBBsf'; Outlook Stable
-- Class A2E floating-rate notes due 2094 (XS0235144358):
affirmed at 'BBsf'; Outlook Stable
-- Class A2F fixed-rate notes due 2094 (XS0235144945): affirmed
at 'BBsf'; Outlook Stable
-- Class A-3 fixed-rate notes due 2094 (XS0235146056): affirmed
at 'Bsf', Outlook Negative
-- Class A4 floating-rate notes due 2094 (XS0235146569):
affirmed at 'CCsf'
-- Class B floating-rate notes due 2094 (XS0235147617):
affirmed at 'CCsf'
The affirmation reflects the stable performance of the
transaction since the last review in December 2011. Since then,
the class A-1 notes have been repaid by EUR53m representing
around 23% of their original size. The class A-1 note notional
currently represents 51% of its original balance. The
deleveraging is a result of natural portfolio amortization, as
well as interest diversion mechanisms due to breaching
overcollateralization tests.
Over the past year, the transaction has experienced negative
rating migration due to the downgrade of several Spanish RMBS
assets. The transaction's exposure to peripheral eurozone
countries is approximately 19%.
Faxtor ABS 2005-1 is a securitization of European structured
finance assets of mainly mezzanine quality. The portfolio
consists of almost 50% RMBS assets, 16% CMBS, 18% commercial ABS,
14% corporate CDOs and some consumer ABS. Half of the pool has a
sub-investment grade rating.
GLOBAL SENIOR: Swap Novation No Impact on Fitch's 'BBsf' Rating
---------------------------------------------------------------
Fitch Ratings says that Global Senior Loan Index Fund 1 B.V.'s
ratings will not be affected by the novation of the currency swap
and currency option agreements.
The swap and option agreements with Banque AIG and guaranteed by
American International Group Inc. ('BBB+'/Stable) have been
novated to Deutsche Bank AG ('A+'/Stable/'F1+'). The terms of
these new agreements are almost identical to the previous terms.
In Fitch's view, the minor differences between the agreements are
not material enough to impact the ratings of the transaction.
The notes are rated as follows:
-- Class A1: 'AAAsf'; Outlook Stable
-- Class A2: 'AAsf'; Outlook Stable
-- Fund Notes: 'BBsf'; Outlook Stable
PANTHER CDO V: Fitch Affirms 'CCsf' Ratings on Two Note Classes
---------------------------------------------------------------
Fitch Ratings has affirmed Panther CDO V B.V.'s notes, as
follows:
-- EUR196.4m Class A1 (ISIN XS0308593671): affirmed at 'Asf';
Outlook Stable
-- EUR29.8m Class A2 (ISIN XS0308594059): affirmed at 'BBsf';
Outlook Stable
-- EUR24.5m Class B (ISIN XS0308594489): affirmed at 'Bsf';
Outlook Negative
-- EUR17.5m Class C (ISIN XS0308594729): affirmed at 'CCCsf'
-- EUR18.0m Class D (ISIN XS0308595296): affirmed at 'CCsf'
-- EUR4.0m Class E (ISIN XS0308595536): affirmed at 'CCsf'
The affirmation reflects the notes' levels of credit enhancement
relative to the portfolio credit quality. The portfolio credit
quality has remained stable since the last review, with reported
assets rated 'CCC' or below representing 15.3% of the portfolio,
down from 17.4% in November 2011. The transaction is mainly
exposed to CMBS and RMBS assets, which account for 21.9% and
16.3% of the portfolio, respectively.
In August 2012 the issuer repurchased the class A1 notes with a
par value of EUR20.0 million at a discounted purchase price. The
repurchased notes were subsequently cancelled. Following the
repurchase, noteholders benefited from an increase in credit
enhancement due to the relative increase of assets compared with
liabilities in the structure.
The class D and E overcollateralization (OC) tests have been
breached since the last review. The class A, B, C, and D OC tests
are currently passing, while the class E OC test remains in
breach. The OC test cushions have improved on the senior and
mezzanine tests and remained largely stable on the junior OC
tests. The interest coverage test has been in compliance since
the last review and the cushion has increased.
The Negative Outlook on the class B notes reflects their
sensitivity to an increase in the weighted average life of the
underlying assets.
Panther CDO V B.V. is a managed cash arbitrage securitization of
a diverse pool of assets, including high-yield bonds, property B-
notes, asset-backed securities, senior loans, second lien loans
and mezzanine loans. The portfolio is managed by M&G Investment
Management Limited. The reinvestment period is expected to last
until October 2014.
===========
R U S S I A
===========
HOME CREDIT: Fitch Affirms 'BB-' Long-Term IDRs; Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings
(IDRs) of Russia's Home Credit and Finance Bank (HCFB) at 'BB-',
and thereby resolved the Rating Watch Positive (RWP) on the
ratings. The Outlook is Stable. Fitch has also assigned a
'B+(exp)' rating to the bank's upcoming subordinated debt issue.
Rating Action Rationale
Fitch placed HCFB's ratings on RWP on May 23, 2012, reflecting
the view that the bank's stand-alone credit metrics warranted a
higher rating than the 'BB-' level. However, the agency stated
that it would complete an analysis of PPF group, the controlling
shareholder of the bank, and the benefits and risks for HCFB of
being a member of the group, before taking a final decision on
the appropriate level of HCFB's ratings.
In Fitch's view, HCFB's stand-alone metrics continue to warrant a
rating of 'BB', one notch higher than the current level.
However, the agency has affirmed the bank at 'BB-' because of
potential risks arising from the investments and leverage of the
broader PPF group, and from one large outstanding funding
facility in particular.
Rating Drivers
Fitch's assessment of HCFB's stand-alone profile continues to
reflect the bank's strong profitability, currently comfortable
capitalization and liquidity, satisfactory through-the-cycle
asset quality performance, strong expertise and franchise in
consumer lending and reduced refinancing risks. At the same
time, asset quality and performance are likely to weaken somewhat
after recent rapid loan growth both at HCFB and in the consumer
finance segment as a whole, and tier 1 and core capital ratios
will probably moderate as the planned subordinated debt issue is
used to fund further expansion.
HCFB's loan book grew by a rapid 32% (unannualized) in H112,
following a 49% increase in 2011. This was accompanied by a
moderate weakening of asset quality, with origination of non-
performing loans (NPLs, defined as loans overdue more than 90
days) climbing to 9.3% (annualized) of performing loans in H112
from 7.8% in 2011. Fitch expects further moderate weakening of
asset quality as the loan book seasons following a rapid build-up
in overall household leverage in Russia. However, HCFB's
generally sound underwriting policies, and extensive experience
in the Russian consumer finance segment, should enable it to
avoid any sharp increase in delinquency rates.
The end-H112 NPL-to-gross loans ratio was a reasonable 6%, and
reserve coverage of NPLs was a sound 135%. Furthermore, the wide
net interest margin (20% in H112) and strong operational
efficiency (cost/income ratio of 34%) offer significant
flexibility to absorb losses. Fitch estimates the break-even
loss rate to be about 23% (annualized) of loans.
Overall, HCFB's performance is robust (ROAA of 7.2% in H112),
albeit reducing slightly due to growing impairment charges and
funding costs. However, profitability may come under increasing
pressure as a result of the expected entry of state-owned banks
into point-of-sale lending, the key client acquisition channel
for HCFB, as well as potential greater regulatory intervention,
as the authorities become increasingly concerned about the
buoyant growth of unsecured retail lending in Russia (see 'Fitch:
Russia Bank Reserves Increase Shows Central Bank Concern' of 26
September 2012).
Capitalization has moderated as a result of recent rapid growth
and significant RUB16 billion dividend payments in 2011-H112,
which may be connected to the acquisition of assets by PPF,
including a 50% stake in a Russian electronics retailer Eldorado
for US$250 million. However, the Fitch core capital was still a
sound 16.6% at end-H112. Fitch believes internal capital
generation should help to prevent any marked deterioration in
capital ratios in the near term, unless NPLs increase sharply or
HCFB makes further large dividend payments. The latter are not
planned at the moment, according to management, and the upcoming
subordinated debt placement is aimed to support growth. However,
because of its ownership by a private equity group, dividends may
be lumpy, depending on the group's investment needs.
HCFB is mostly retail funded (67% of total liabilities at end-
H112), and liquidity risk relates mainly to potential instability
of deposits. Mitigating this risk, the bank has a strong deposit
collection capacity due to its wide regional branch network and
ability to offer competitive deposit rates to retain customers.
Also, the liquidity buffer, consisting of cash and unpledged
bonds eligible for refinancing with the Central Bank of Russia,
remains, on average, about 20% of customer deposits, which
appears adequate in the context of the RUB10 billion upcoming
repayments of domestic bonds in Q412-H113. The short-term loan
book, with monthly loan repayments of approximately RUB17 billion
(equal to 10% of liabilities) further supports the liquidity
position.
Fitch views overall leverage at PPF (consolidated assets of
EUR14.4bn, equity of EUR4.3 billion at end-2011) as reasonable in
the context of HCFB's current rating level. However, the agency
views leverage as potentially quite volatile and dependent on the
investment opportunities and strategy of the group. In addition,
PPF's performance outside of HCFB appears to be quite weak, with
total group net income in 2011 of EUR216 million marginally lower
than that in HCFB alone (EUR258 million).
Fitch is particularly concerned about a large EUR2.1 billion
syndicated loan (an amount roughly equal to the group's total
liquid assets at end-2011), secured by a pledge of PPF's 49%
stake in Generali PPF Holding B.V. (GPPF), an insurance joint
venture with Assicurazioni Generali SpA (Generali;
'BBB+'/Negative). In Fitch's view, there are some risks attached
to the strategy for repayment of the loan upon maturity in
January 2015, and also some uncertainty as to the conditions
under which the facility may potentially be accelerated. Fitch
understands that PPF has a right to sell the stake in GPPF in
July 2014, and Generali may have an incentive to acquire it, but
the ability of the latter to complete the purchase is uncertain.
Rating Sensitivities
HCFB could be upgraded if the bank's performance, asset quality
and capitalization remain sound, and Fitch is able to gain
greater comfort in respect to overall group leverage and
potential risks attached to the syndicated loan facility, in
particular.
The ratings could come under downward pressure if performance or
capitalization deteriorate sharply as a result of an unexpected,
marked increase in loss rates or further substantial dividend
payments. A reduction in the group's overall financial
flexibility, potentially resulting in distributions of capital
and/or liquidity out of HCFB, could also result in a downgrade.
The rating actions are as follows:
-- Longterm foreign and local currency IDRs: affirmed at 'BB-',
Outlooks Stable
-- Short-term foreign currency IDR: affirmed at 'B'
-- Viability Rating: affirmed at 'bb-'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- Senior unsecured rating: affirmed at 'BB-'
-- Subordinated debt rating: assigned at 'B+(exp)'
IDGC OF CENTER: Moody's Assigns National Scale Rating
-----------------------------------------------------
Moody's Interfax Rating Agency has assigned an Aa2.ru national
scale rating (NSR) to JSC IDGC of Center and Volga Region (IDGC
of Center and Volga Region), a Russian electricity distribution
grid business servicing a few regions in the European part of
Russia and a core operating company of state-controlled IDGC
Holding (Ba1 developing/Aa1.ru). This is the first time Moody's
Interfax has assigned an NSR to IDGC of Center and Volga Region.
Moody's Interfax is majority-owned by Moody's Investors Service
(MIS).
Ratings Rationale
Moody's Interfax's assignment of the NSR to IDGC of Center and
Volga Region follows MIS's assignment of the Ba2 global scale
corporate family rating (CFR) to the company.
The principal methodology used in this rating was Regulated
Electric and Gas Networks published in August 2009.
Headquartered in the city of Nizhny Novgorod, Russia, IDGC of
Center and Volga Region is an interregional electricity
distribution grid business, focused on nine regions in the
European part of Russia. IDGC of Center and Volga Region is a
regulated natural monopoly, whose electricity transmission
revenues accounted for around 98% of 2011 total revenues of
RUB64.6 billion ($2.2 billion). The largest shareholder of IDGC
of Center and Volga Region is state-controlled IDGC Holding (Ba1
developing), which holds 50.4% of the company's voting shares.
Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia.
About Moody's and Moody's Interfax
Moody's Interfax Rating Agency (MIRA) specializes in credit risk
analysis in Russia. MIRA is a joint-venture between Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the
global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation.
IDGC OF CENTER: Moody's Assigns 'Ba2' CFR/PDR; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating (CFR) and probability of default rating (PDR) to JSC IDGC
of Center and Volga Region (IDGC of Center and Volga Region), a
Russian electricity distribution grid business servicing nine
regions in the European part of Russia and a core operating
company of state-controlled IDGC Holding (Ba1 developing). The
outlook on the ratings is stable. This is the first time Moody's
has assigned a rating to IDGC of Center and Volga Region.
Ratings Rationale
IDGC of Center and Volga Region's Ba2 CFR mainly reflects (1) its
higher business risk compared with the generally low risk of
regulated grid peers operating in developed markets; (2) the
company's relatively leveraged financial profile and liquidity
which remain under pressure from a large investment program
driven by its depleted asset base; (3) a degree of concentration
of the company's customer base both geographically and in terms
of revenues from large customers. Moody's attributes the
company's higher business risk to the evolving regulation of the
Russian grid sector and uncertainties surrounding the state
strategy for the sector, including privatization plans. The
sector's configuration is changing. The state has placed IDGC
Holding, the parent company of IDGC of Center and Volga Region,
under the management of FGC UES (Baa2 stable). A potential merger
of IDGC Holding and FGC UES, also controlled by the state is
being discussed.
IDGC of Center and Volga Region's rating positively factors in
(1) its position as the dominant distribution grid business in
its highly populated service area centered in Nizhny Novgorod
(including regions located both to the east and northwest of
Nizhny Novgorod and those around the Moscow region); (2) a degree
of state support available for the company through IDGC Holding,
which provides a one-notch uplift to IDGC of Center and Volga
Region's standalone credit quality; (3) the linkage between
electricity transmission tariffs and IDGC of Center and Volga
Region's investment program, established following the recent
regulatory-asset-base (RAB) tariff revision for six of the
company's nine regional branches. Moody's additionally notes
that, though IDGC of Center and Volga Region's financial profile
is somewhat more leveraged compared with those of a few, but not
all, of similarly rated Russian peers, it remains reasonably
accommodated under the current rating. Based on management's H1
2012 accounts, the company's FFO interest coverage for H1 2012 on
a last-12-months basis is 5.4x and funds from operations
(FFO)/net debt is 37.8%, including Moody's standard adjustments.
Having factored in the rating a degree of concentration of IDGC
of Center and Volga Region's customer base, Moody's also notes
the company's exposure to the risk of loss of a few large
customers under the so-called last mile agreements, which may not
be fully and promptly compensated by the regulators. However,
Moody's views this exposure as commensurate with the current
rating, taking into account that (1) it is limited to 10% of the
company's revenues; (2) the company has a positive track record
of solving disputes under these agreements; and, more broadly,
(3) the government takes measures to cancel last-mile agreements
(a temporary instrument to maintain lower tariffs for population
at the expense of large industrial companies), with a
compensatory mechanism for distribution grids, including IDGC of
Center and Volga Region, to be introduced.
The rating also positively incorporates IDGC of Center and Volga
Region's long-term debt maturity profile, with short-term debt
obligations in the middle of 2012 accounting for just around 6%
of its total debt, and access to state-owned banks, which Moody's
expects will mitigate investment-driven pressures on the
company's liquidity. At the same time, Moody's positively notes
management's commitment to maintaining unadjusted debt/EBITDA
significantly below 3.0x.
In Moody's view, the evolving regulation and grid sector's
configuration remains the key risk for Russian grid businesses,
including IDGC of Center and Volga Region, and a key component in
determining their rating, suppressing differences in their credit
profiles. Electricity transmission tariffs remain subject to
political considerations within the RAB regulatory model, which
was implemented to improve transparency of tariffs and attract
investments to the grid sector. In this environment, the
visibility of the long-term evolution of grids' financial
profiles remains limited, although this is mitigated by a degree
of state support available for the sector and its players.
The stable outlook on IDGC of Center and Volga Region's rating
reflects Moody's view that the company has well-thought plans to
develop and adjust its business taking into account tariff
evolution, availability of funding and the wider economic
environment. The stable outlook is also predicated on Moody's
expectation that IDGC of Center and Volga Region will manage its
financial profile in line with the current rating category, with
FFO interest coverage and FFO/net debt not weakening below 3.5x
and 20%, respectively.
What Could Change The Rating Up/Down
Moody's does not expect upward pressure on the rating until there
is a better visibility with regard to the mid- to long-term
evolution of both (1) IDGC of Center and Volga Region's financial
profile in the evolving regulatory environment; and (2) the grid
sector's configuration.
Negative pressure on the rating could result from (1) Moody's
view that access to supportive measures from the state or its
agents was no longer available for IDGC of Center and Volga
Region through IDGC Holding; (2) a negative shift in the
developing regulatory regime and deteriorating margins; (3) a
failure on the part of IDGC of Center and Volga Region to adjust
its investment plans to tariff decisions and thereby limit the
deterioration of its financial profile going forward, with total
FFO interest coverage falling below 3.5x and FFO/net debt below
20%. Furthermore, if the company were unable to proactively
address its liquidity needs and maintain reasonable headroom
under the financial covenants of its bank agreements, negative
pressure could be exerted on the ratings.
Principal Methodology
The principal methodology used in this rating was Regulated
Electric and Gas Networks published in August 2009.
Headquartered in the city of Nizhny Novgorod, Russia, IDGC of
Center and Volga Region is an interregional electricity
distribution grid business, focused on nine regions in the
European part of Russia. IDGC of Center and Volga Region is a
regulated natural monopoly, whose electricity transmission
revenues accounted for around 98% of 2011 total revenues of
RUB64.6 billion ($2.2 billion). The largest shareholder of IDGC
of Center and Volga Region is state-controlled IDGC Holding (Ba1
developing), which holds 50.4% of the company's voting shares.
IDGC OF URALS: Moody's Assigns National Scale Rating
----------------------------------------------------
Moody's Interfax Rating Agency has assigned an Aa2.ru national
scale rating (NSR) to JSC IDGC of Urals (IDGC of Urals), a
Russian electricity distribution grid business servicing three
regions in the Urals and a core operating company of state-
controlled IDGC Holding (Ba1 developing/Aa1.ru). This is the
first time Moody's Interfax has assigned an NSR to IDGC of Urals.
Moody's Interfax is majority-owned by Moody's Investors Service
(MIS).
Ratings Rationale
Moody's Interfax's assignment of the NSR to IDGC of Urals follows
MIS's assignment of the Ba2 global scale corporate family rating
(CFR) to the company.
The principal methodology used in this rating was Regulated
Electric and Gas Networks published in August 2009.
Headquartered in the city of Yekaterinburg, Russia, IDGC of Urals
is an interregional electricity distribution grid business,
focused on three regions in the Urals: Yekaterinburg, Chelyabinsk
and Perm regions. The company's key regulated grid business
accounts for around 79.5% (77.1% from electricity transmission
and 2.4% from connection charges) of 2011 total revenues of RUB62
billion (US$2.1 billion). The remaining part of revenues is
mainly derived from electricity sales by the company's
electricity sales subsidiary. The largest shareholder of IDGC of
Urals is state-controlled IDGC Holding (Ba1 developing), which
holds 51.5% of the company's voting shares.
Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia.
About Moody's and Moody's Interfax
Moody's Interfax Rating Agency (MIRA) specializes in credit risk
analysis in Russia. MIRA is a joint-venture between Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the
global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation.
IDGC OF URALS: Moody's Assigns 'Ba2' CFR/PDR; Outlook Stable
------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating (CFR) and probability of default rating (PDR) to JSC IDGC
of Urals (IDGC of Urals), a Russian electricity distribution grid
business servicing three regions in the Urals area and a core
operating company of state-controlled IDGC Holding (Ba1
developing). The outlook on the ratings is stable. This is the
first time Moody's has assigned a rating to IDGC of Urals.
Ratings Rationale
IDGC of Urals's Ba2 CFR mainly reflects (1) its higher business
risk compared with the generally low risk of regulated grid peers
operating in developed markets; (2) a large investment program
that could create pressures on its financial profile and
liquidity position; (3) its focus on the industrialized area of
the Urals, where electricity consumption shows higher volatility
through economic cycles, essentially driven by a few large
industrials, resulting in a high degree of IDGC of Urals's
customer-base concentration and relatively high exposure to the
risk of loss of a few large customers under the so-called last-
mile agreements; (4) the company's exposure to volatile low-
margin electricity sales business; (5) a degree of uncertainty
regarding the future development of IDGC of Urals' business and
corporate structure, with the disposal of its sales business
subsidiary and the optimization of its stakes in local grids
remaining under consideration by its parent company IDGC Holding
and governmental bodies.
Moody's attributes the company's higher business risk to the
evolving regulation of the Russian grid sector and uncertainties
surrounding the state strategy for the sector, including
privatization plans. The sector's configuration is changing. The
state has placed IDGC Holding under the management of FGC UES
(Baa2 stable). A potential merger of IDGC Holding and FGC UES,
also controlled by the state is being discussed.
IDGC of Urals's rating positively factors in (1) its position as
the dominant distribution grid business in its highly
industrialized service area consisting of Yekaterinburg,
Chelyabinsk and Perm regions; (2) a degree of state support
available for the company through IDGC Holding, which provides a
one-notch uplift to IDGC of Urals's standalone credit quality;
(3) the linkage between electricity transmission tariffs and IDGC
of Urals's investment program, established following the recent
regulatory-asset-base (RAB) tariff revision for two of the
company's three regional branches; (4) management's demonstrated
commitment to containing an increase in leverage by adjustments
to the implementation of investment program proactively discussed
with the local governments. Moody's notes that, though the
company's margins and financial profile deteriorated in H1 2012
following unfavorable tariff decisions of 2011, the profile
remains well accommodated under the current rating. Based on
management's H1 2012 accounts, the company's FFO interest
coverage for H1 2012 on a last-12-months basis is 7.5x and funds
from operations (FFO)/net debt is 54.1%, including Moody's
standard adjustments.
Moody's notes that IDGC of Urals generates around 20% of its
total revenues from large industrial customers under the last-
mile agreements between the company and FGC UES, the Russian
transmission grid. The agreements allow distribution grids to
charge industrials, which otherwise were just to pay FGC UES's
lower tariffs. The agreements were introduced by the government
as a temporary instrument to maintain lower tariffs for the
population at the expense of industrials. The practice has been
disputed in Russian courts and exposed distribution grids,
including IDGC of Urals, have lost a few of such customers.
Moody's assesses the risk of further similar losses for IDGC of
Urals as manageable within the current rating, factoring in a
degree of state support. Following the losses of the recent past,
the company's current customer base shows more stability in view
of the government's plans to cancel last-mile agreements by 2014.
Moody's understands that the plans envisage the introduction of a
compensatory mechanism for distribution grids. Moody's believes
that state support through IDGC Holding can also help mitigate
risks associated with the company's exposure to the electricity
sales business and its developing business and corporate
structure.
The rating positively incorporates IDGC of Urals's long-term debt
maturity profile, with short-term debt obligations in the middle
of 2012 accounting for just around 5% of its total debt, and
access to state-owned banks, which Moody's expects will mitigate
investment-driven pressures on the company's liquidity. At the
same time, Moody's positively notes management's commitment to
maintaining unadjusted debt/EBITDA significantly below 3.0x.
In Moody's view, the evolving regulation and grid sector's
configuration remains the key risk for Russian grid businesses,
including IDGC of Urals, and a key component in determining their
rating, suppressing differences in their credit profiles.
Electricity transmission tariffs remain subject to political
considerations within the new RAB regulatory model, which was
implemented to improve transparency of tariffs and attract
investments to the grid sector. In this environment, the
visibility of the long-term evolution of grids' financial
profiles remains limited, although this is mitigated by a degree
of state support available for the sector and its players.
The stable outlook on IDGC of Urals's rating reflects Moody's
view that the company has well-thought plans to develop and
adjust its business taking into account tariff evolution,
availability of funding and the wider economic environment. The
stable outlook is also predicated on Moody's expectation that
IDGC of Urals will manage its financial profile in line with the
current rating category, with FFO interest coverage and FFO/net
debt not weakening below 3.5x and 20%, respectively.
What Could Change The Rating Up/Down
Moody's does not expect upward pressure on the rating until there
is a better visibility with regard to the mid- to long-term
evolution of both (1) IDGC of Urals's financial profile in the
evolving regulatory environment; and (2) the grid sector's
configuration.
Negative pressure on the rating could result from (1) Moody's
view that access to supportive measures from the state or its
agents was no longer available for IDGC of Urals through IDGC
Holding; (2) a negative shift in the developing regulatory regime
and deteriorating margins; (3) a failure on the part of IDGC of
Urals to adjust its investment plans to tariff decisions and
thereby limit the deterioration of its financial profile going
forward, with total FFO interest coverage falling below 3.5x and
FFO/net debt below 20%. Furthermore, if the company were unable
to proactively address its liquidity needs and maintain
reasonable headroom under the financial covenants of its bank
agreements, negative pressure could be exerted on the ratings.
Principal Methodology
The principal methodology used in this rating was Regulated
Electric and Gas Networks published in August 2009.
Headquartered in the city of Yekaterinburg, Russia, IDGC of Urals
is an interregional electricity distribution grid business,
focused on three regions in the Urals: Yekaterinburg, Chelyabinsk
and Perm regions. The company's key regulated grid business
accounts for around 79.5% (77.1% from electricity transmission
and 2.4% from connection charges) of 2011 total revenues of RUB62
billion (US$2.1 billion). The remaining part of revenues is
mainly derived from electricity sales by the company's
electricity sales subsidiary. The largest shareholder of IDGC of
Urals is state-controlled IDGC Holding (Ba1 developing), which
holds 51.5% of the company's voting shares.
IDGC OF VOLGA: Moody's Assigns National Scale Rating
----------------------------------------------------
Moody's Interfax Rating Agency has assigned an Aa2.ru national
scale rating (NSR) to JSC IDGC of Volga (IDGC of Volga), a
Russian electricity distribution grid business servicing a few
regions in the European part of Russia, a core operating company
of state-controlled IDGC Holding (Ba1, developing/Aa1.ru). This
is the first time Moody's Interfax has assigned an NSR to IDGC of
Volga. Moody's Interfax is majority-owned by Moody's Investors
Service (MIS).
Ratings Rationale
Moody's Interfax's assignment of the NSR to IDGC of Volga follows
MIS's assignment of the Ba2 global scale corporate family rating
(CFR) to the company.
The principal methodology used in this rating was Regulated
Electric and Gas Networks published in August 2009.
Headquartered in the city of Saratov, Russia, IDGC of Volga is an
interregional electricity distribution grid business, focused on
seven regions in the European part of Russia. IDGC of Volga is a
regulated natural monopoly, whose electricity transmission
revenues accounted for around 98.5% of 2011 total revenues of
RUB48.0 billion (US$1.6 billion). The largest shareholder of IDGC
of Volga is state-controlled IDGC Holding (Ba1 developing), which
holds 67.6% of the company's voting shares.
Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia.
About Moody's and Moody's Interfax
Moody's Interfax Rating Agency (MIRA) specializes in credit risk
analysis in Russia. MIRA is a joint-venture between Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the
global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation.
IDGC OF VOLGA: Moody's Assigns 'Ba2' CFR/PDR; Outlook Stable
------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating (CFR) and probability of default rating (PDR) to JSC IDGC
of Volga (IDGC of Volga), a Russian electricity distribution grid
business servicing seven regions in the European part of Russia
and a core operating company of state-controlled IDGC Holding
(Ba1 developing). The outlook on the ratings is stable. This is
the first time Moody's has assigned a rating to IDGC of Volga.
Ratings Rationale
IDGC of Volga's Ba2 CFR mainly reflects (1) its higher business
risk compared with the generally low risk of regulated grid peers
operating in developed markets; (2) its large investment program
designed to renovate a depleted asset base which could create
pressures on the company's financial profile and liquidity; (3) a
degree of concentration of the company's customer base both
geographically and in terms of revenues from large customers.
Moody's attributes the company's higher business risk to the
evolving regulation of the Russian grid sector and uncertainties
surrounding the state strategy for the sector, including
privatization plans. The sector's configuration is changing. The
state has placed IDGC Holding, the parent company of IDGC of
Volga, under the management of FGC UES (Baa2 stable). A potential
merger of IDGC Holding and FGC UES, also controlled by the state
is being discussed.
IDGC of Volga rating positively factors in (1) its position as
the dominant distribution grid business in its highly populated
service area, which consists of seven regions (located in the
European part of Russia, to the southeast of the central regions
of the country); (2) a degree of state support available for the
company through IDGC Holding, which provides a one-notch uplift
to IDGC of Volga's standalone credit quality; (3) the linkage
between electricity transmission tariffs and IDGC of Volga's
investment program, established following the recent regulatory-
asset-base (RAB) tariff revision for all of the company's seven
regional branches; (4) headroom under the company's financial
profile within the current rating (based on management's H1 2012
accounts, the company's FFO interest coverage for H1 2012 on a
last-12-months basis is 11.7x and funds from operations (FFO)/net
debt is 77.3%, including Moody's standard adjustments).
The rating also incorporates IDGC of Volga's long-term debt
maturity profile, with short-term debt obligations in the middle
of 2012 accounting for just 2% of its total debt, and access to
state-owned banks, which Moody's expects will mitigate
investment-driven pressures on the company's liquidity. At the
same time, Moody's positively notes management's commitment to
maintaining a conservative financial profile, including
maintaining unadjusted debt/EBITDA significantly below 3.0x.
In Moody's view, the evolving regulation and grid sector's
configuration remains the key risk for Russian grid businesses,
including IDGC of Volga, and a key component in determining their
rating, suppressing differences in their credit profiles.
Electricity transmission tariffs remain subject to political
considerations within the new RAB regulatory model, which was
implemented to improve transparency of tariffs and attract
investments to the grid sector. In this environment, the
visibility of the long-term evolution of grids' financial
profiles remains limited, although this is mitigated by a degree
of state support available for the sector and its players.
The stable outlook on IDGC of Volga's rating reflects Moody's
view that the company has sound plans to develop and adjust its
business taking into account tariff evolution, availability of
funding and the wider economic environment. The stable outlook is
also predicated on Moody's expectation that IDGC of Volga will be
able to manage its financial profile in line with the current
rating category, with FFO interest coverage and FFO/net debt not
weakening below 3.5x and 20%, respectively.
What Could Change The Rating Up/Down
Moody's does not expect upward pressure on the rating until there
is a better visibility with regard to the mid- to long-term
evolution of both (1) IDGC of Volga's financial profile in the
evolving regulatory environment; and (2) the grid sector's
configuration.
Negative pressure on the rating could result from (1) Moody's
view that access to supportive measures from the state or its
agents was no longer available for IDGC of Volga through IDGC
Holding; (2) a negative shift in the developing regulatory regime
and deteriorating margins; (3) a failure on the part of IDGC of
Volga to adjust its investment plans to tariff decisions and
thereby limit the deterioration of its financial profile going
forward, with total FFO interest coverage falling below 3.5x and
FFO/net debt below 20%. Furthermore, if the company were unable
to proactively address its liquidity needs and maintain
reasonable headroom under the financial covenants of its bank
agreements, negative pressure could be exerted on the ratings.
Principal Methodology
The principal methodology used in this rating was Regulated
Electric and Gas Networks published in August 2009.
Headquartered in the city of Saratov, Russia, IDGC of Volga is an
interregional electricity distribution grid business, focused on
seven regions in the European part of Russia. IDGC of Volga is a
regulated natural monopoly, whose electricity transmission
revenues accounted for around 98.5% of 2011 total revenues of
RUB48.0 billion ($1.6 billion). The largest shareholder of IDGC
of Volga is state-controlled IDGC Holding (Ba1 developing), which
holds 67.6% of the company's voting shares.
MSK OJSC: Fitch Affirms 'BB' IFS Rating; Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed OJSC Insurance Group MSK's (IG MSK)
Insurer Financial Strength (IFS) rating at 'BB' and National IFS
rating at 'AA-(rus)' and removed them from Rating Watch Negative
(RWN). The Outlook on both ratings is Stable.
The rating actions follow the improvement, in Fitch's view, of IG
MSK's strategic importance to one of its beneficiary
shareholders, Bank VTB (VTB; 'BBB'/Stable). The rating reflects
Fitch's expectations of financial and operational support for IG
MSK from VTB. Following a change in ownership structure, VTB now
holds operational control in OJSC Metropolitan Insurance Group
(MIG), majority owner of IG MSK. This allows VTB to effectively
control IG MSK's strategy. Following losses in 2011 in the
insurance company, in 2012 Bank VTB arranged for an increase in
IG MSK's equity by RUB5.1 billion. Without these tangible signs
of support, IG MSK's rating would be lower.
The capital increase, of which RUB3 billion was paid in Q312,
forms part of a recovery program introduced by VTB. It is aimed
at reinvigorating the company and returning it to profit by Q413.
The equity injection does not represent a pure capital transfer
from VTB, but comes from internal sources of MIG.
IG MSK's capital base was substantially eroded following the
merger with CJSC Spasskie Vorota (SV) in Q211. Furthermore, the
company remains highly exposed to non-profitable motor lines in
its portfolio. After the RUB3 billion of funds were injected
into the company, its capital position has significantly
recovered, to a level that is now commensurate with the current
rating. However, on a risk-adjusted basis, IG MSK's capital
remains pressured, partly by holdings of relatively illiquid
assets.
Fitch views positively the repayment of a large proportion of
debt by IG MSK in Q411. This followed the sale of Bank of Moscow
shares to VTB in the same year. Debt repayment brought the
financial leverage down to 6% at end-6M12 from 50% at end-2010.
The remaining debt is largely short term.
IG MSK's financial profile remains weak relative to the current
rating. IG MSK reported a net accumulated loss of RUB7.5 billion
in its retained earnings at end-2011 (2010: profit of RUB0.7
billion). This largely results from its merger with SV, which
had a significantly weaker financial profile and material
reserving deficiencies, disclosed by IG MSK after the merger.
Additionally, IG MSK remains focused towards motor lines, which
accounted for 80% of gross written premium in 2011 (6M12: 81%).
Net of exposure to reserving deficiencies of SV, IG MSK's
combined ratio was high in 2011 (120%) and 6M12 (114%). Fitch's
analysis for 6M12 was based on the company's unaudited accounts.
IG MSK's investment portfolio is in line with the rating level,
but contains a number of weak asset classes. Among these are
relatively illiquid promissory notes, investments in a closed-end
investment fund and shares in affiliates. These assets accounted
for 27% of the portfolio or 84% of equity at end-6M12.
Bank VTB fully controls IG MSK's operations through the board of
directors and the management team. However, it continues to
share ownership in IG MSK's parent MIG, with minority
shareholders controlling a significant share in MIG. Fitch
understands that Bank VTB aims to achieve a majority shareholder
control in the company in the short term.
Fitch would view a substantial improvement in IG MSK's financial
position positively for the ratings. This includes further
strengthening of the capital base, improvement in underwriting
profitability and de-risking of the investment portfolio.
The agency would view any signs of a decline in the strategic
importance to its key shareholder (Bank VTB), or weakening of
Bank VTB's own credit profile as negative for the rating.
=========
S P A I N
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iTRAXX SERIES 9: S&P Assigns 'BB-' Rating to EUR5MM CDS Tranche
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-srp (sf)'
portfolio swap risk rating to iTraxx Series 9 Index's EUR5
million unfunded credit default swap tranche.
"A swap risk rating takes into consideration only the
creditworthiness of the reference portfolio. It does not address
either counterparty risk (protection buyer/seller) or the
specific amount of termination payments that would be payable
under the swap transaction," S&P said.
"Under the terms of the swap referencing iTraxx's 3%-6% series 9
tranche for a notional amount of EUR5 million (maturing in June
2015), Banco Santander Central Hispano acts as protection seller.
In our opinion, the attachment point is sufficient to support our
'BB-srp (sf)' rating on the tranche," S&P said.
"We based our 'srp' rating on our analysis using our latest
applicable CDO Evaluator model version 6.0.1," S&P said.
RATINGS LIST
Rating
SWAP RISK RATINGS ASSIGNED
Credit Default Swap
EUR5 Million Unfunded Credit Default Swap iTraxx
Series 9 Tranche 3%-6%
BB-srp (sf)
=====================
S W I T Z E R L A N D
=====================
DUFRY AG: Fitch Assigns 'BB' Long-Term IDR; Outlook Stable
----------------------------------------------------------
Fitch Ratings has assigned Dufry AG, a Long-term Issuer Default
Rating (IDR) of 'BB'. The Outlook is Stable. Fitch has also
assigned Dufry's planned US$500 million eight-year unsecured
notes, to be issued by Dufry Finance S.C.A., an expected rating
of 'BB(EXP)'.
The bond launch will refinance near-term loan maturities and
follows Dufry's recently announced acquisition of a 51% stake in
the Greek travel retail operations of Folli Follie Group. This
acquisition will be funded through CHF290 million recently priced
new shares in Dufry and a five-year EUR335 million non-recourse
credit facility. This non-recourse facility will be provided by
a syndicate of local banks, secured only through pledges of 100%
of shares in the acquired business without guarantees provided
outside the ring-fenced acquisition group.
The final ratings on the planned notes are contingent upon the
receipt of final documents conforming to information already
received by Fitch.
Dufry's 'BB' IDR is supported by the issuer's moderate business
risk profile as it benefits from a leading position in the high-
growth air travel retail market, with solid geographic
diversification that is balanced between emerging and developed
markets. The rating also reflects Dufry's low operating
leverage, with property costs that are largely turnover-based
with modest levels of minimum payment guarantees. This provides
Dufry with some overhead flexibility when faced with moderately
cyclical passenger numbers. Solid underlying socio-economic
drivers such as worldwide GDP growth, increased disposable
incomes in emerging markets, trends towards greater air transport
accessibility and airport privatizations further underpin the
rating.
Negative rating factors include the concentration of revenues in
the air travel retail market with limited channel diversification
outside the predominantly airport-based duty free and paid
format. Some geographic concentration also exists with the US and
Brazil representing nearly half of revenues, exposing Dufry to
potentially slowing growth or travel disruptions from these
regions. In addition, the company faces risks related to
potential margin erosion from increasing concession payment fees
to airport operators as the number of contracts subject to
renewal is expected to increase over the next two to three years.
The risk of margin erosion is mitigated by cost saving
initiatives such as gross margin expansion through better
sourcing or enhanced product mix, and continued organic expansion
generating economies of scale. Some comfort is taken from
Dufry's historically high contract renewal rates.
Dufry's financial risk profile is low due to an EBITDAR margin
that is relatively high within the wider retail peer group and
free cash flow that has been consistently positive. Dufry
currently demonstrates a solid de-leveraging profile. Funds from
operations (FFO) net adjusted leverage expected to decline below
4x in 2013 from 4.8x in 2011 following the peak in leverage
resulting from debt-funded acquisitions in South and Central
America. Given strong free cash flow generation, averaging 5% of
sales per annum by 2015, Fitch expects leverage to remain
sustainably below 4x with FFO fixed charge cover approaching 3x
over the rating horizon.
Dufry's IDR incorporates some headroom for future debt-funded
acquisitions as Fitch understands M&A is an integral part of the
growth strategy. Fitch evaluates Dufry's liquidity profile as
solid with an undrawn CHF650 million revolving credit facility
("RCF") and good cash on balance sheet. The RCF is a new
facility maturing in 2017 and refinanced a CHF415 million RCF
that was due to expire in 2013. Prior to announcing the planned
bond issue, Dufry had manageable debt maturities given its
available liquidity and access to bank financing.
Dufry's planned Senior Unsecured notes, which are being issued by
Dufry Finance S.C.A., will rank pari-passu with the CHF650
million RCF borrowed by Dufry International AG and all future
senior unsecured obligations. The bond will benefit from first
ranking guarantees provided on an unsecured basis by Dufry
International AG, Dufry AG, Dufry Holdings & Investments AG,
Hudson Group (HG), Inc. representing 100% of the group's EBITDA
excluding the ring-fenced Greek acquisition. Fitch notes that
restricted subsidiary permitted indebtedness is limited by a weak
debt incurrence-based interest cover covenant test above 2.0x.
What Could Trigger A Rating Action?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include
-- Further improvement in operating profitability through
organic business growth, accelerated debt prepayment that
reduces FFO net adjusted leverage beyond Fitch's current
expectations to below 3.5x on a sustainable basis;
-- FFO fixed charge coverage ratio of 3x or above on a
sustained basis.
Negative: Future developments that may, individually or
collectively, lead to negative rating action include
-- FFO net adjusted leverage at or above 4.5x over a sustained
period due to a significant decline in profitability versus
Fitch's expectations or a more aggressive acquisitive growth
strategy;
-- Permanent reduction in operating profitability leading to
EBITDA margins below 13%;
-- FFO fixed charge coverage below 2.5x;
-- Negative organic revenue growth dynamics for more than one
year
Fitch may have provided another permissible service to the rated
entity or its related third parties. Details of this service can
be found on Fitch's website in the EU regulatory affairs page.
=============
U K R A I N E
=============
FINTEST TRADING: Fitch Assigns 'B' LT Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has assigned Ukrainian-based mining and metals
company Fintest Trading Co Limited (Fintest) Long-term foreign
and local currency Issuer Default Ratings (IDR) of 'B'. The
Outlook is Stable. Fitch has also assigned Fintest a Long-term
National Rating of 'AA(ukr)' with a Stable Outlook.
The ratings are not constrained by Ukraine's sovereign ceiling so
an upgrade of the sovereign ceiling would not automatically lead
to an upgrade of the company's IDR.
The Stable Outlook is supported by Fitch's expectation of
positive free cash flow (FCF) generation over the medium-term.
Fintest is a holding company of Donetsksteel Group. Fintest's
vertically integrated business model is viewed by Fitch as an
advantage, as it decreases the company's exposure to the highly
volatile prices of mining products. Fintest owns production
facilities in coking coal, coke and ferrous metallurgy segments.
The Pokrovskoye mine, owned by Fintest, is the third largest
independent producer of coking coal in the Commonwealth of
Independent States (CIS) with an output of 6.9mmt in 2011. Its
reserve base, exceeding 270m tons of coking coal, provides a mine
life of approximately 40 years.
Demand for the company's coking coal is expected to be stable in
medium-term, as the mine is favorably located in close proximity
to its main customers, in a region with a shortfall (Ukraine
imports up to one third of its coking coal). The high quality of
the coking coal produced by Pokrovskoye provides an additional
comfort as it contributes to Fintest's negotiating power compared
with other producers of coking coal concentrate.
Approximately two thirds of coking coal concentrate is used by
the company internally for coke production. The company owns two
coking plants with eight coking batteries which produced 2.6mmt
of coke in 2011. High quality coal and technologically advanced
coking facilities allow production of premium quality coke.
Fintest is the largest player in the Ukrainian merchant coke
market with a 65% market share according to the company's data.
In the ferrous metallurgical segment the company is focused on
pig iron (output of 1.1mmt in 2011), at the low value-end of the
industry and typically exposed to high price volatility.
However, the company is an important player in this niche market,
having an 8% market share of the global exports of merchant pig
iron, according to the company's data.
Launching a new electric arc furnace with an annual production
capacity of 0.75mmt, which is expected to be completed in H113,
will allow the company to improve its product mix, as the company
will have an opportunity to increase the utilization rate of its
rolled metal production facilities. However, the company's high
exposure to semi-finished products will remain.
Factors constraining the company's ratings include its limited
geographic diversification as the company's operating assets are
located in Ukraine. In Fitch's view exposure to this country
entails higher-than average political, business and regulatory
risks. The concentration of the company's coal mining within a
single coal deposit makes Fintest exposed to additional
operational risks. The company exploits two independent mine
shafts, which mitigates the risk of the full termination of coal
mining operations in case of technical accidents.
According to Fitch's base case expectations, the company will
have an EBITDAR margin of 14% in FY2012, 16% in FY2013 and 17% in
FY2014 (FY2011: 19.7%). The decrease of profitability in 2012 is
explained by the unfavorable price dynamics for mining companies
in FY2012. This will lead to an increase in funds from operations
(FFO) adjusted gross leverage to 2.9x (FY2011: 1.7x). In the
medium-term, due to slightly positive free cash flow (FCF)
generation, the company's FFO adjusted gross leverage is expected
to decrease to 2.5x by end-2013 and to 2.2x by end-2014.
The company's current liquidity position is viewed by Fitch as
satisfactory. However, the peak debt repayment in FY2014,
amounting to more than US$450 million, will not be covered by the
company's expected FCF of US$80 million. Refinancing will
therefore be necessary.
What Could Trigger A Rating Action?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include
-- FFO adjusted gross leverage below 2.5x on a sustained basis
-- Successful refinancing of the debt due in 2014
Negative: Future developments that may, individually or
collectively, lead to negative rating action include
-- Inability to roll over maturing debt and attract new
financing to meet debt obligations
-- FFO adjusted gross leverage above 3.5x on a sustained basis
===========================
U N I T E D K I N G D O M
===========================
PORTSMOUTH FC: Balram Chainrai Denies Takeover Problem
------------------------------------------------------
Nabil Hassan at BBC Sport reports that Hong Kong businessman
Balram Chainrai has dismissed reports of problems with his
takeover of Portsmouth Football Club.
Chainrai's Portpin were thought to have been administrator PKF's
preferred bidder for the League One club, according to BBC News.
However, the report notes it is understood the Football League
raised concerns over his suitability to run the stricken club at
a board meeting on Thursday.
BBC Sport relays that the Portsmouth Supporters' Trust are vying
with Chainrai for control of the club and it is thought
administrators PKF will now resume talks with the PST to present
its bid to the Football League.
The report notes that it is thought there are concerns as to
whether Chainrai's Portpin would pass the 'owners and directors'
test.
One of the stipulations of the test is that an owner or director
cannot have been involved with a club that has twice gone into
administration, the report relates
BBC Sport recalls that Chainrai was in control of Pompey when
they went into administration in 2010, and may have had some
involvement as a shadow director when they were placed into
administration for a second time in February 2012.
Portpin has always denied this is the case.
The Hong Kong businessman is owed GBP17 million by the club and
holds Fratton Park as security.
The League confirm to BBC Sport that "the boards were given an
update on the current situation".
The report The PST is led by Ashley Brown and backed by among
others local businessman Iain McInnes, and has offered Chainrai
GBP2.75million for Fratton Park.
It is understood PKF could also consider another bid, although
this is unlikely, the report relates. UK investors Portco, led
by Scottish businessman Harry Kerr, are also interested in buying
the club, the report relays.
The report says that they are also one of three parties
interested in buying land around Fratton Park that is up for sale
to the highest bidder after owners Miland Developments 2004 Ltd
went into administration.
BBC News notes that Portpin and the property developer working
with the PST - Stuart Robinson - are thought to be the other two
suitors for that land.
Administrators of Miland Developments David Reuben & Partners
confirmed to BBC Sport an announcement on the sale of that land
will be made next week.
If the PST did take control of the club, it would try to force a
court to release Chainrai's charge on Fratton Park and sell them
the stadium at the "market rate," the report says.
Another possibility is that PKF could ask Portpin and the PST to
reach an amicable solution for the sale of Fratton Park, BBC News
relates.
If not, that could lead to a costly legal fight that would
ultimately put the club into more debt, the report adds.
SILVER SPRING: In Administration, Fate of Plant Site Unclear
------------------------------------------------------------
This is Kent reports that Silver Spring has gone into
administration, leaving the future of proposals to develop the
plant site up in the air.
The running of the soft drinks factory was passed to Zolfo Cooper
on September 28, as a result of Silver Spring's experiencing
"considerable creditor pressure and cash flow problems,"
according to This is Kent.
The report relates that the administrator said it will "explore
all possible options" for the site's future, including its sale
as a going concern.
However, the report relays that bosses have been unavailable for
comment on how the development affects plans to downsize the
plant and build retail units on the Park Farm Road site, as well
as housing on land off Caesar's Way, Cheriton.
Philip Carter, president of the Shepway Economic and Regeneration
Partnership, said he and Kent Channel Chamber of Commerce chief
executive Peter Hobbs had been given a presentation on the
proposals, the report discloses.
But since consultants Dalton Warner Davis gave the presentation,
Kevin Coates of Zolfo Cooper said: "Management has explored
various options for the business, including a sale . . . without
success . . . . As a consequence, the company was placed into
administration . . . . We will consider all options and we
believe the company is an attractive proposition . . . .
Expressions of interest from potential buyers are welcome."
The report recalls that the Herald reported in 2011 and 2010 that
Silver Spring was to make redundancies, 42 and 39 respectively,
leaving the number of employees at about 80.
THOMAS COOK: Plans to Cut Aircraft Fleet; Some 430 Jobs at Risk
---------------------------------------------------------------
Jamie Grierson at The Scotsman reports that some 430 jobs are at
risk at Thomas Cook after the company on Oct. 9 revealed plans to
cut its aircraft fleet to slash costs.
According to the Scotsman, the company aims to reduce the number
of planes it operates from 35 to 31.
The company said the plan will be put to consultation and warned
it expects the move to hit 430 staff, including pilots and cabin
crew, the Scotsman notes.
The group, which was recently forced to turn to its banks for an
additional GBP200 million of loans, has scaled back the size of
its own airline in the past year and entered into a partnership
with EasyJet, the Scotsman relates.
Thomas Cook's air travel division currently employs just over
3,100 staff and the cuts will be made among flight crew across
the department, the Scotsman discloses.
Thomas Cook was plunged into crisis last November after it turned
to its lenders for help, sparking fears of a collapse, the
Scotsman recounts.
Thomas Cook Group plc is a United Kingdom-based company. The
Company, together with its subsidiaries, is engaged in the
provision of leisure travel services. Its main brands include
Airtours, Aspro, Club 18-30, Cresta, Manos, Neilson, Sunset,
Sunworld Holidays, Swiss Travel Service, Thomas Cook, Thomas Cook
Style Collection, Thomas Cook Signature and Thomas Cook Tours.
It has six geographic operating divisions: United Kingdom,
Central Europe, West and East Europe, Northern Europe, North
America and Airlines Germany.
TRAVELODGE LTD: Completes Debt Restructuring
--------------------------------------------
The Scotsman reports that Travelodge has completed a
restructuring to nearly halve its bank borrowings as it seeks
trim its 500-plus estate by nearly 10%.
Under the terms of the Company Voluntary Arrangement (CVA)
approved by creditors last month, debts of GBP235 million have
been written off and a further GBP71 million repaid, taking the
company's total borrowings down to GBP329 million, the Scotsman
discloses. The deadline for repayment of the remainder has been
extended to 2017, the Scotsman notes.
The new owners of Travelodge -- who took control from Dubai
International Capital under a debt-for-equity swap -- have also
injected GBP75 million of new money, the Scotsman states.
According to the Scotsman, Chief executive Grant Hearn said the
successful completion of the restructuring had secured the
company's long-term future.
Travelodge is a British budget hotelier.
VICTORIA FUNDING: S&P Cuts Rating on Class E Notes to 'CCC-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
all of Victoria Funding (EMC-III) PLC's rated classes of notes.
"The rating actions follow our review of the credit quality of
the sole remaining underlying loan in the pool," S&P said.
Victoria Funding (EMC-III) is a European commercial mortgage-
backed securities (CMBS) transaction that closed in October 2005.
Five of the six original loans have repaid in full since
issuance. The only loan left in the pool is the Brisk loan.
Credit Analysis
"The Brisk loan is the last remaining loan in the pool. The loan
was transferred into special servicing on July 4, 2012 following
the borrower's failure to repay the loan at the September 2011
loan maturity date. The borrower subsequently filed for
insolvency in July 2012. The special servicer, Citibank
International PLC (A/Negative/A-1), has appointed a receiver. We
understand that the receiver is in the process of evaluating its
available options and that no money will be made available to
service the loan until the loan is worked out," S&P said.
"The loan is secured on a parade of seven retail units located in
Coventry. One of the retail units is vacant but the others are
all let to various tenants, including retailers such as Betfred
and Greggs. In July 2011, the reported value of the assets was
GBP2,890,000 (based on a valuation dated July 2011). This
compares with an outstanding loan balance of GBP2,199,522," S&P
said.
Rating Actions
"Following our review, we consider that the risk of principal
losses has increased. In our opinion, net sale proceeds are
unlikely to be sufficient to repay the loan balance in full,
given investors' currently low appetite for secondary-quality
assets. Consequently, we have lowered our rating on the class E
notes to 'CCC- (sf)' from 'B- (sf)'," S&P said.
"Although we consider that the likelihood of the transaction
experiencing overall losses has increased, in our opinion, the
level of credit enhancement available to the class D notes
remains adequate to absorb the amount of losses that the
underlying assets would suffer under higher stress scenarios.
However, we have lowered our rating on the class D notes to 'BBB+
(sf)' from 'A (sf)' to reflect potential liquidity risk that may
result from the issuer no longer receiving loan interest until
the loan is worked out," S&P said.
Potential Effects of Proposed Criteria Changes
"We have taken the rating actions based on our criteria for
rating European CMBS. However, these criteria are under review,"
S&P said.
"As highlighted in our Nov. 8, 2011 Advance Notice Of Proposed
Criteria Change, our review may result in changes to the
methodology and assumptions that we use when rating European
CMBS. Consequently, it may affect both new and outstanding
ratings in European CMBS transactions," S&P said.
"On Sept. 5, 2012, we published our updated criteria for CMBS
property evaluation. These criteria do not significantly change
our longstanding approach to deriving property net cash flows and
values in European CMBS transactions. We do not expect any rating
action in Europe as a result of adopting these criteria," S&P
said.
"However, because of its global scope, our criteria for global
CMBS property evaluation do not include certain market-specific
adjustments. We will therefore publish an application of these
criteria to European CMBS transactions along with our updated
criteria for rating European CMBS," S&P said.
"Until such time that we adopt updated criteria for rating
European CMBS, we will continue to rate and monitor these
transactions using our existing criteria," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Victoria Funding (EMC-III) PLC
GBP263 Million Commercial Mortgage-Backed Floating-Rate Notes
Class Rating
To From
Ratings Lowered
D BBB+ (sf) A (sf)
E CCC- (sf) B- (sf)
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT EO -5754285.05 165995618.1
CHRIST WATER TEC CWT EU -5754285.05 165995618.1
CHRIST WATER TEC CWTE IX -5754285.05 165995618.1
CHRIST WATER TEC CRSWF US -5754285.05 165995618.1
CHRIST WATER TEC CWT PZ -5754285.05 165995618.1
CHRIST WATER TEC CWT AV -5754285.05 165995618.1
CHRIST WATER TEC 8131204Q GR -5754285.05 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.05 165995618.1
KA FINANZ AG 3730Z AV -9072224.93 22043329918
LIBRO AG LIBR AV -110486314 174004185
LIBRO AG LIB AV -110486314 174004185
LIBRO AG LBROF US -110486314 174004185
LIBRO AG LB6 GR -110486314 174004185
S&T SYSTEM I-ADR STSQY US -38841439.5 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.5 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.5 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.5 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.5 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.5 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.5 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.5 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.5 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.5 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.5 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.5 182832494.8
SKYEUROPE SKYP PW -89480492.6 159076577.5
SKYEUROPE SKY PW -89480492.6 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.6 159076577.5
SKYEUROPE HLDG SKY EO -89480492.6 159076577.5
SKYEUROPE HLDG SKURF US -89480492.6 159076577.5
SKYEUROPE HLDG SKY EU -89480492.6 159076577.5
SKYEUROPE HLDG SKY AV -89480492.6 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.6 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.6 159076577.5
SKYEUROPE HLDG SKY LI -89480492.6 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.6 159076577.5
SKYEUROPE HLDG S8E GR -89480492.6 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.6 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.96 225769572.9
ANTWERP GATEWAY 496769Z BB -51947070.5 266390692.5
BIO ANALYTICAL R 3723198Z BB -41974594.7 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.1 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.5 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.7 777656536.7
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.2 113270540
JULIE LH BVBA 3739923Z BB -32842124.6 159062205.9
KBC LEASE BELGIU 3723398Z BB -23567202.8 2856170076
KIA MOTORS BELGI 3729658Z BB -40305545.6 136441397.8
LAND VAN HOP NV 3727898Z BB -141334.296 138885001.8
SABENA SA SABA BB -85494497.7 2215341060
SAPPI EUROPE SA 3732894Z BB -119299290 158958659.1
SOCIETE NATIONAL 3726762Z BB -39045394.2 506987115.6
TELENET GRP HLDG T4I GR -346984203 4652950529
TELENET GRP HLDG TNET NQ -346984203 4652950529
TELENET GRP HLDG TNET BQ -346984203 4652950529
TELENET GRP HLDG TLGHF US -346984203 4652950529
TELENET GRP HLDG TNETGBP EO -346984203 4652950529
TELENET GRP HLDG TNETGBX EU -346984203 4652950529
TELENET GRP HLDG TNET S1 -346984203 4652950529
TELENET GRP HLDG TNET MT -346984203 4652950529
TELENET GRP HLDG TNET EO -346984203 4652950529
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TELENET GRP HLDG TNET IX -346984203 4652950529
TELENET GRP HLDG TNET TQ -346984203 4652950529
TELENET GRP HLDG TNETGBX EO -346984203 4652950529
TELENET GRP HLDG TNET GK -346984203 4652950529
TELENET GRP HLDG TNET PZ -346984203 4652950529
TELENET GRP HLDG TNET EU -346984203 4652950529
TELENET GRP HLDG TNETUSD EU -346984203 4652950529
TELENET GRP HLDG TNET EB -346984203 4652950529
TELENET GRP HLDG TNET LI -346984203 4652950529
TELENET GRP HLDG 3218105Q IX -346984203 4652950529
TELENET GRP HLDG TNET BB -346984203 4652950529
TELENET GRP HLDG TNET QM -346984203 4652950529
TELENET-STRP TNETS BB -346984203 4652950529
TELENET-UNS ADR TLGHY US -346984203 4652950529
CROATIA
-------
BADEL 1862 DD BD62RA CZ -18974967.3 134189914.2
BRODOGRADE INDUS 3MAJRA CZ -5021629.8 841433084.3
MAGMA DD MGMARA CZ -14866765.1 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -83651540.4 109270884.7
OT-OPTIMA TELEKO OPTERA CZ -83651540.4 109270884.7
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -39648682.4 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.4 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.4 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.4 209021322.6
LIBRA HOLIDAYS G LHGCYP EO -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG EU -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG CY -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG EO -39648682.4 209021322.6
LIBRA HOLIDAYS G LHGCYP EU -39648682.4 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.4 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.4 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDH US -89435858.2 192305153
CKD PRAHA HLDG 297687Q GR -89435858.2 192305153
CKD PRAHA HLDG CKDPF US -89435858.2 192305153
CKD PRAHA HLDG CDP EX -89435858.2 192305153
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SETUZA AS SETUZA PZ -61453764.2 138582273.6
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
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ISS GLOBAL A/S 241863Z DC -9544026.55 7765217403
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SCANDINAVIAN BRA SBSC IX -14819232 148553764.3
SCHAUMANN PROP SCHAUP PZ -101428499 298588010.2
SCHAUMANN PROP SCHAUP EU -101428499 298588010.2
SCHAUMANN PROP SCHAU BY -101428499 298588010.2
SCHAUMANN PROP SCHAUEUR EO -101428499 298588010.2
SCHAUMANN PROP SCHAU EO -101428499 298588010.2
SCHAUMANN PROP SCHAUP DC -101428499 298588010.2
SCHAUMANN PROP SCHAU EU -101428499 298588010.2
SCHAUMANN PROP SCHAUEUR EU -101428499 298588010.2
SUZLON WIND ENER 3985532Z DC -50030922.8 151671948.3
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.3 330011633.6
AIR COMMAND SYST 4470055Z FP -24012413.9 236706831.5
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CARRERE GROUP CAR2 EU -9829531.94 279906700
CARRERE GROUP CARG FP -9829531.94 279906700
CARRERE GROUP CRRHF US -9829531.94 279906700
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CDISCOUNT 4690913Z FP -92485.8114 331210839.3
CMA CGM AGENCES 4746849Z FP -8208944.55 191538369.1
CO PETROCHIMIQUE 4682369Z FP -111509362 364674090.9
CSF 3635887Z FP -60315179.7 3042333890
DESCAMPS SAS 4503139Z FP -2912961.46 104843475.7
EADS SECA 4706441Z FP -38679556.9 142045208.8
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EDENRED QSV GR -1395452285 5596512266
EDENRED QSV TH -1395452285 5596512266
EDENRED EDEN TQ -1395452285 5596512266
EDENRED EDEN S1 -1395452285 5596512266
EDENRED EDENUSD EO -1395452285 5596512266
EDENRED EDEN QM -1395452285 5596512266
EDENRED EDEN FP -1395452285 5596512266
EDENRED EDEN EU -1395452285 5596512266
EDENRED EDEN EO -1395452285 5596512266
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EDENRED EDENUSD EU -1395452285 5596512266
EDENRED EDEN BQ -1395452285 5596512266
EDENRED EDEN IX -1395452285 5596512266
EDENRED-NEW EDENV FP -1395452285 5596512266
EDF EN OUTRE MER 4679713Z FP -2598508.84 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.4 175501799.4
FACONNABLE SA 226782Z FP -19616231 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.1 1638852912
GEC 4 SAS 4518255Z FP -91410337 541462091
GPN SA 4509659Z FP -35080424.7 568887551
GRANDE PAROISSE GDPXF US -927267927 629287290
GRANDE PAROISSE GDPA FP -927267927 629287290
GRANDE PAROISSE GAPA FP -927267927 629287290
GROUPE MONITEUR 317840Z FP -116707395 610106709.3
GROUPE PROGRES S 4734137Z FP -106637566 154665494
HITACHI EUROPE S 4681417Z FP -9927515.77 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.4 116383810.4
I BASE 757542Z FP -6019481.25 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.5 363058830.9
ISOCHEM SA 3540732Z FP -9029087.45 100025367.9
ITM REGION PARIS 4681817Z FP -49662079.8 124321085.9
JTEKT AUTOMOTIVE 4504595Z FP -17492036.6 163375360
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JUNGHEINRICH FIN 4635025Z FP -14429677.1 223424949.4
LAB DOLISOS LADL FP -27752176.2 110485462.4
LAB DOLISOS DOLI FP -27752176.2 110485462.4
LENOVO FRANCE SA 4710049Z FP -1944677.44 137134536.2
MATUSSIERE & FOR MTUSF US -77896689.1 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.1 293868350.8
M-REAL ALIZAY SA 4670721Z FP -19839749.3 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863950 221936730.6
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NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
NOVELIS FOIL FRA 4678593Z FP -21912360.2 126180343.3
NRJ 12 4681713Z FP -41481124.2 112522117.5
OROSDI OROS FP -51389802.7 181267113.2
OROSDI OROS EO -51389802.7 181267113.2
OROSDI OROS S1 -51389802.7 181267113.2
OROSDI OROS EU -51389802.7 181267113.2
OROSDI OROS PZ -51389802.7 181267113.2
OROSDI-BACK ORBA FP -51389802.7 181267113.2
OROSDI-BACK BACK IX -51389802.7 181267113.2
OROSDI-RTS ORODS FP -51389802.7 181267113.2
PAGESJAUNES GRP PAJ NQ -3184867284 1167307980
PAGESJAUNES GRP PAJGBX EO -3184867284 1167307980
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PAGESJAUNES GRP PAJ TQ -3184867284 1167307980
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PAGESJAUNES GRP PAJ QM -3184867284 1167307980
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PAGESJAUNES GRP PAJGBX EU -3184867284 1167307980
PAGESJAUNES GRP PAJGBP EO -3184867284 1167307980
PAGESJAUNES GRP PAJ VX -3184867284 1167307980
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PAGESJAUNES GRP PAJ BQ -3184867284 1167307980
PAGESJAUNES GRP PAJ GK -3184867284 1167307980
PAGESJAUNES GRP PAJUSD EU -3184867284 1167307980
PAGESJAUNES GRP QS3 TH -3184867284 1167307980
PAGESJAUNES GRP PAJ EB -3184867284 1167307980
PAGESJAUNES GRP PAJ EO -3184867284 1167307980
PAGESJAUNES GRP PAJUSD EO -3184867284 1167307980
PAGESJAUNES GRP QS3 GR -3184867284 1167307980
PAGESJAUNES GRP PGJUF US -3184867284 1167307980
PAGESJAUNES GRP PAJ EU -3184867284 1167307980
PAGESJAUNES GRP PAJ PZ -3184867284 1167307980
PEUGEOT CITROEN 3637183Z FP -292685178 366568398.7
PITNEY BOWES 4634633Z FP -11785422.8 184422748.8
REGIE PUBLICITAI 4691033Z FP -5262294.53 112402724.7
REGIONAL COMPAGN 3635823Z FP -37389129.6 595811276.3
RESEAU FERRE FRA 224063Z FP -1594878991 71610625888
RHODIA SA RHD GR -72552001.5 7951699362
RHODIA SA RHAGBP EO -72552001.5 7951699362
RHODIA SA RHA IX -72552001.5 7951699362
RHODIA SA RHDI TH -72552001.5 7951699362
RHODIA SA RHA GK -72552001.5 7951699362
RHODIA SA RHA EB -72552001.5 7951699362
RHODIA SA RHA S1 -72552001.5 7951699362
RHODIA SA RHA VX -72552001.5 7951699362
RHODIA SA RHA TQ -72552001.5 7951699362
RHODIA SA 2324011Q EU -72552001.5 7951699362
RHODIA SA RHANR PZ -72552001.5 7951699362
RHODIA SA RHADF US -72552001.5 7951699362
RHODIA SA RHAY IX -72552001.5 7951699362
RHODIA SA 3218857Q IX -72552001.5 7951699362
RHODIA SA RHA EU -72552001.5 7951699362
RHODIA SA RHA NQ -72552001.5 7951699362
RHODIA SA 2324015Q EO -72552001.5 7951699362
RHODIA SA RHA EO -72552001.5 7951699362
RHODIA SA RHAUSD EU -72552001.5 7951699362
RHODIA SA RHA QM -72552001.5 7951699362
RHODIA SA RHDAF US -72552001.5 7951699362
RHODIA SA RHAGBX EU -72552001.5 7951699362
RHODIA SA RHDI GR -72552001.5 7951699362
RHODIA SA RHA PZ -72552001.5 7951699362
RHODIA SA RHA BQ -72552001.5 7951699362
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RHODIA SA - NEW 8125782Q FP -72552001.5 7951699362
RHODIA SA - NEW 3156011Q FP -72552001.5 7951699362
RHODIA SA - NEW 3506266Q FP -72552001.5 7951699362
RHODIA SA - NEW RHANV FP -72552001.5 7951699362
RHODIA SA-ADR RHAYY US -72552001.5 7951699362
RHODIA SA-NON RE RHANR FP -72552001.5 7951699362
RHODIA SA-RIGHTS 653447Q FP -72552001.5 7951699362
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RODRIGUEZ GROUP ROD FP -38195223.8 238732565
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RODRIGUEZ GROUP RDGP IX -38195223.8 238732565
RODRIGUEZ GROUP ROD EU -38195223.8 238732565
RODRIGUEZ GROUP RRGZF US -38195223.8 238732565
SANDOZ SAS 3635111Z FP -18996502.1 160259044.1
SDR CENTREST 117241Q FP -132420130 252176017.2
SEAFRANCE 1707464Z FP -1015379.95 247033398.8
SHEET ANCHOR FRA 4745417Z FP -14101146.9 168600747.8
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SOC NICOISE REAL 4749097Z FP -15642386.6 101088937.4
SOCIETE COMMERCI 4516647Z FP -179862008 1576030746
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SOCIETE DE CHAUF 4722937Z FP -11549371.7 107340406.8
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TEAM PARTNER-RTS 2841653Q FP -13557467.9 129831049
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THYSSENKRUPP SOF 4740929Z FP -34703144.1 214714504
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YVES ST LAURENT/ 4633025Z FP -82897369.7 390343397.3
GEORGIA
-------
DEVELICA DEUTSCH DDE PG -79827494.9 1139643575
DEVELICA DEUTSCH DDE PZ -79827494.9 1139643575
DEVELICA DEUTSCH D4B GR -79827494.9 1139643575
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DEVELICA DEUTSCH DDE LN -79827494.9 1139643575
GERMANY
-------
AGOR AG DOOD PZ -482449.879 144432986.2
AGOR AG NDAGF US -482449.879 144432986.2
AGOR AG DOO GR -482449.879 144432986.2
AGOR AG DOO S1 -482449.879 144432986.2
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AGOR AG DOOG IX -482449.879 144432986.2
AGOR AG DOO EO -482449.879 144432986.2
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ALNO AG ALNO IX -99557307.5 237120255.4
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COMMERZ REAL MOB 3988716Z GR -4537893.21 2292335153
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DFS DEUTSCHE FLU 1070Z GR -206867792 1418435822
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EDOB ABWICKLUNGS ESC EU -22323468.5 425598807.8
EDOB ABWICKLUNGS ESC BQ -22323468.5 425598807.8
EDOB ABWICKLUNGS ESCDF US -22323468.5 425598807.8
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EDOB ABWICKLUNGS ESC TH -22323468.5 425598807.8
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EM.TV & MERCHAND EMTVF US -22067243.6 849175624.7
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GREECE
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ITALY
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JERSEY
------
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LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
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NETHERLANDS
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SWEDEN
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NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
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JASON SHIPPING A JSHIP EU -63803000 141950000
MAN LAST OG BUSS 4521719Z NO -5830520.28 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -12248477.7 312455787.6
NCC ROADS AS 4401305Z NO -11149611.4 135425117.2
NORSK STEIN AS 4394889Z NO -697875.924 232219055.8
PETRO GEO-SERV PGS GR -18066142.2 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.2 399710323.6
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PETRO GEO-SV-ADR PGOGY US -18066142.2 399710323.6
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PETROJACK AS JACO IX -54932000 191586000
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PETROJACK AS JACK NO -54932000 191586000
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PETROMENA AS PMENA NO -47299000 317747008
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PETROMENA AS PMENA EO -47299000 317747008
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PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
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PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.95 138751607.3
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SEVAN MARINE ASA SEVAN PZ -173000000 962300032
SEVAN MARINE ASA SEVANUSD EO -173000000 962300032
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SEVAN MARINE ASA SEVANUSD EU -173000000 962300032
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SEVAN MARINE ASA SEVAN S1 -173000000 962300032
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SEVAN MARINE ASA SEMA NO -173000000 962300032
SEVAN MARINE-ADR SVMRY US -173000000 962300032
SEVAN MARINE-RTS 3328565Z NO -173000000 962300032
SEVAN-NEW SEVANN NO -173000000 962300032
SINGAPORE OFFSHO 4422313Z NO -62203.0437 104161346.4
STOREBRAND EIEND 4443409Z NO -40898583.7 1242265455
STOREBRAND EIEND 4288341Z NO -174025924 4173823457
TDC AS 4287413Z NO -83055193 129421953.7
TRICO SHIPPING A 3651167Z NO -132576808 504945402.2
TTS SENSE AS 4393841Z NO -8795315.49 159296793.9
UTKILEN SHIPPING 4446161Z NO -74871.0265 185813483
VNG NORGE AS 4513147Z NO -54874780.7 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.858 108090511.9
KROSNO KROS IX -2241615.44 111838141.2
KROSNO KRS LI -2241615.44 111838141.2
KROSNO KRS PW -2241615.44 111838141.2
KROSNO KRS1EUR EU -2241615.44 111838141.2
KROSNO KRS1EUR EO -2241615.44 111838141.2
KROSNO SA KRS PZ -2241615.44 111838141.2
KROSNO SA KRNFF US -2241615.44 111838141.2
KROSNO SA KRS1 EO -2241615.44 111838141.2
KROSNO SA KRS1 EU -2241615.44 111838141.2
KROSNO SA KROSNO PW -2241615.44 111838141.2
KROSNO SA-RTS KRSP PW -2241615.44 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241615.44 111838141.2
TOORA TOR PZ -288818.39 147004954.2
TOORA TOR PW -288818.39 147004954.2
TOORA 2916661Q EO -288818.39 147004954.2
TOORA 2916665Q EU -288818.39 147004954.2
TOORA-ALLOT CERT TORA PW -288818.39 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.4 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.3 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.2 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.47 115717930.4
CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
ESTALEIROS NAVAI 4507307Z PL -99568225.9 221542111.7
FORD LUSITANA SA 3648983Z PL -7991062.86 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.2 440770232
HOSPITAL DO DIVI 3789932Z PL -75359385 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.21 425561447.8
LYCATELCOM LDA 4281821Z PL -8577510.56 109410577.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.93 199376769
RADIO E TELEVISA 1227Z PL -740710265 506160206.4
REFER-REDE FERRO 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.03 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999 625059071.4
SOCIEDADE DE REN 3776676Z PL -16169671 124492842.5
SOCIEDADE DE TRA 1253Z PL -368574770 153373893.3
SPORTING CLUBE D SCDF EU -65884328.1 251276323.4
SPORTING CLUBE D SCG GR -65884328.1 251276323.4
SPORTING CLUBE D SCPX PX -65884328.1 251276323.4
SPORTING CLUBE D SCP1 PZ -65884328.1 251276323.4
SPORTING CLUBE D SCDF EO -65884328.1 251276323.4
SPORTING CLUBE D SCP PL -65884328.1 251276323.4
SPORTING-SOC DES SCPL IX -65884328.1 251276323.4
SPORTING-SOC DES SCDF PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPDS PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPVS PL -65884328.1 251276323.4
TAP SGPS TAP PL -353957017 2789331398
TRANSGAS SA 3794668Z PL -2181404.7 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.2 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.9 178667412.9
OLTCHIM RM VALCE OLTCF US -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLT PZ -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT RO -89344240.8 511515508.8
RAFO SA RAF RO -457922311 356796459.3
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -85016164.6 320054212.6
ALLIANCE RUSSIAN ALRT RU -15214295.8 144582050.8
AMO ZIL ZILL RM -204894835 401284636
AMO ZIL-CLS ZILL RU -204894835 401284636
AMO ZIL-CLS ZILLG RU -204894835 401284636
AMO ZIL-CLS ZILL* RU -204894835 401284636
AMTEL-POVOLZ-BRD KIRT RU -936614.549 142093264.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.549 142093264.3
BALTIYSKY-$BRD BALZ RU -880437.562 345435790.7
BALTIYSKY-$BRD BALZ* RU -880437.562 345435790.7
BALTIYSKY-BRD BALZ$ RU -880437.562 345435790.7
CRYOGENMASH-BRD KRGM* RU -22826264 214573431.2
CRYOGENMASH-BRD KRGM RU -22826264 214573431.2
CRYOGENMASH-PFD KRGMP* RU -22826264 214573431.2
CRYOGENMASH-PFD KRGMP RU -22826264 214573431.2
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
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STAGECOACH GROUP SGC1AUD EU -158544627 2695903851
STAGECOACH GROUP SGC1PEN EO -158544627 2695903851
STAGECOACH GROUP SGC PO -158544627 2695903851
STAGECOACH GROUP SGC1AUD EO -158544627 2695903851
STAGECOACH GROUP SGC1 EB -158544627 2695903851
STAGECOACH GROUP SGC S1 -158544627 2695903851
STAGECOACH GROUP SGC1 NR -158544627 2695903851
STAGECOACH GROUP SGCG PZ -158544627 2695903851
STAGECOACH GROUP SGC1 BQ -158544627 2695903851
STAGECOACH GROUP SGC1 NQ -158544627 2695903851
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
STAGECOACH GROUP SGC1USD EO -158544627 2695903851
STAGECOACH GROUP SGC LN -158544627 2695903851
STAGECOACH GROUP SHP4 GK -158544627 2695903851
STAGECOACH GRP-B SGCB LN -158544627 2695903851
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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
STV GROUP PLC STVGEUR EO -36632758.7 143156965
STV GROUP PLC STVG EU -36632758.7 143156965
STV GROUP PLC SMG PZ -36632758.7 143156965
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STV GROUP PLC SMGPF US -36632758.7 143156965
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SUNSAIL LTD 1092666Z LN -37047891.8 193976501.7
SUNSEEKER INTERN 820741Z LN -7756394.62 227371284.6
SWIFT TECHNICAL 4287133Z LN -34723772.8 138665319.9
TATA CMMNCTNS UK 2534722Z LN -32378969.2 118690215.5
TDL INFOMEDIA 3362Z LN -25723860.1 136762955.6
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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 * * *