/raid1/www/Hosts/bankrupt/TCREUR_Public/121113.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, November 13, 2012, Vol. 13, No. 226
Headlines
B U L G A R I A
* BULGARIA: Bread Producers May Go Bust Due to Flour Price Hikes
F R A N C E
FCI INTERNATIONAL: Moody's Withdraws 'B2' CFR/PDR, Stable Outlook
G E R M A N Y
DAPD: To Cut 100 Jobs Under Restructuring Plan
I C E L A N D
GLITNIR BANK: Winding-Up Committee Won't Present Repayment Plan
I R E L A N D
QUOKKA FINANCE: Moody's Cuts Rating on Class E Notes to 'B3'
I T A L Y
EUROFIDI: Fitch Affirms 'BB' Long-Term Issuer Default Rating
FONDIARIA-SAI SPA: S&P Raises Counterparty Credit Rating to 'BB'
UNIPOL GRUPPO: S&P Maintains Watch Negative on 'BB' Ratings
N E T H E R L A N D S
DUCHESS IV CLO: S&P Lowers Rating on Class D Notes to 'CCC+'
HIGHLANDER EURO III: S&P Affirms 'CCC+' Rating on Class E Notes
SIDETUR FINANCE: Fitch Cuts Unsecured Notes Rating to 'CCC'
* NETHERLANDS: Corporate Bankruptcies Up 25% in First 10 Months
N O R W A Y
NORSKE SKOGINDUSTRIER: Moody's Corrects Nov. 5 Rating Release
P O L A N D
CENTRAL EUROPEAN: Postpones Filing of Third Quarter Form 10-Q
CENTRAL EUROPEAN: Moody's Changes Outlook on 'B3' CFR to Neg.
P O R T U G A L
LUSITANO SME NO. 1: S&P Lowers Rating on Class C Notes to 'B'
R O M A N I A
ADEVARUL HOLDING: Bucharest Court Approves Insolvency Procedure
R U S S I A
RENAISSANCE FINANCIAL: Moody's Lowers LT Issuer Ratings to 'B2'
SOVCOMFLOTS OAO: Fitch Lowers Issuer Default Rating to 'BB'
* KOMI REPUBLIC: Fitch Affirms LT Currency Ratings at 'BB+'
S P A I N
DEPORTIVO CORUNA: Restructures to Avoid Administration
T U R K E Y
FINANS FINANSAL: Moody's Lowers Issuer Rating to 'Ba3'
FINANSBANK AS: Moody's Cuts Local-Currency Deposit Rating to Ba2
U N I T E D K I N G D O M
JJB SPORTS: Owes GBP210 Million to Unsecured Creditors
PROUD2: Nightclub Owners Go Into Administration
SIENA MORTGAGES: Moody's Says Second Trigger to Loss Set at 'Ba3'
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
===============
B U L G A R I A
===============
* BULGARIA: Bread Producers May Go Bust Due to Flour Price Hikes
----------------------------------------------------------------
Novinite.com reports that Bulgarian bread producers fear a wave
of bankruptcies during the winter season due to the growing
prices of flour, fuel, and electricity.
According to Novinite.com, a number of small bread makers in
Bulgaria's Black Sea city of Burgas have stopped functioning and
a major Sofia-based company in the sector has also gone
out of business.
Industry representatives cited by the Bulgarian National
Television (BNT) say that the bankruptcies are due to the
increases in grain prices, flour, electricity, and fuel,
Novinite.com relates.
Bulgarian bread producers said that flour prices added over 50%
in 2011, electricity and fuel rates are also climbing, but bread
prices remain unchanged, Novinite.com notes.
A number of bread manufacturers have managed to stay afloat
thanks to staff cuts, Novinite.com says.
Bread manufacturers are worried that they may not be able to sell
enough of their production if they increase prices, Novinite.com
discloses.
===========
F R A N C E
===========
FCI INTERNATIONAL: Moody's Withdraws 'B2' CFR/PDR, Stable Outlook
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the B2 corporate family
rating (CFR) and probability of default rating (PDR) of FCI
International S.A.S. ("FCI") with stable outlook.
Ratings Rationale
Moody's has withdrawn the rating for its own business reasons.
Headquartered in Guyancourt, France, FCI is a manufacturer of
electronic connectors. It generated EUR1.1 billion revenue in
2011.
=============
G E R M A N Y
=============
DAPD: To Cut 100 Jobs Under Restructuring Plan
----------------------------------------------
The Associated Press reports that Wolf von der Fecht, the
insolvency administrator for German news agency dapd, says the
group will lay off about a third of its staff to continue its
news production and become profitable again from December onward.
According to the AP, the administrator said in a statement on
Monday that creditors accepted a restructuring plan on Friday
that involves streamlining the company's management and cutting
about 100 of the agency's 300 jobs.
The company filed for insolvency protection early last month, the
AP recounts.
=============
I C E L A N D
=============
GLITNIR BANK: Winding-Up Committee Won't Present Repayment Plan
---------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that the board
that's winding up failed Icelandic lender Glitnir Bank hf dropped
its plans to present a repayment plan to creditors by the end of
this year after the country's central bank signaled it might
block such a move.
"Following the recent comments made by the Governor of the
central bank" the caretakers of Glitnir have "sought further
clarification as to the implications for the previously
announced target timetable, " Bloomberg quotes the lender as
saying said in a statement on its Web site. "It has become
apparent that the target launch date of December 2012 is no
longer achievable."
According to Bloomberg, Morgunbladid reported on Thursday,
without citing where it got the information, that the Reykjavik-
based central bank opposes so-called composition agreements,
which could lead the winding-up committees of the failed lenders
to undergo bankruptcy proceedings.
Finance Minister Katrin Juliusdottir said last month that debt
settlements with creditors of Iceland's failed banks will
increase an overhang of offshore krona assets and stoke
volatility in the currency, Bloomberg recounts.
Bloomberg relates that Helgi Hjorvar, chairman of the
legislature's economy and tax committee, said Iceland's
parliament will support the central bank if it chooses to block
the composition agreements of Glitnir, Kaupthing Bank hf and
Landsbanki Islands hf.
About Glitnir Banki
Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services
to corporation, financial institutions, investors and
individuals.
Judge Stuart Bernstein of the U.S. Bankruptcy Court for
the Southern District Court of New York granted Glitnir
permission to enter into a proceeding under Chapter 15 of the
U.S. bankruptcy code on January 6, 2008.
=============
I R E L A N D
=============
QUOKKA FINANCE: Moody's Cuts Rating on Class E Notes to 'B3'
------------------------------------------------------------
Moody's Investors Service has downgraded the following classes of
notes issued by Quokka Finance p.l.c.:
EUR400M Class A Notes, Downgraded to Aa3 (sf); previously on
Aug 18, 2011 Confirmed at Aa1 (sf)
EUR78.9M Class B Notes, Downgraded to A3 (sf); previously on
Oct 13, 2009 Downgraded to A1 (sf)
EUR40.1M Class C Notes, Downgraded to Baa3 (sf); previously on
Oct 13, 2009 Downgraded to Baa1 (sf)
EUR58.5M Class D Notes, Downgraded to Ba3 (sf); previously on
Oct 13, 2009 Downgraded to Ba1 (sf)
EUR40M Class E Notes, Downgraded to B3 (sf); previously on
Oct 13, 2009 Downgraded to B1 (sf)
Ratings Rationale
The downgrade reflects (i) the increased likelihood that 38% of
the loans in the pool (the TAG sponsored loans) will be repaid at
their maturity date in September 2013 with the principal proceeds
being allocated on a pro rata basis to the notes and (ii) the
additional weight given to downside risk in Moody's analysis for
the remaining BGP sponsored loans.
Further downgrade pressure is likely if (i) there is a value-
destroying forced sale scenario for the collateral supporting the
BGP sponsored loans or (ii) significant liabilities arise from
the material litigation risk attached to the BGP loans from
legacy transaction management, tax structuring, broker contracts
and tenant deposit issues or (iii) there is significant credit
deterioration as a result of the stronger properties securing the
BGP loans getting repaid or worked-out sooner without
sufficiently de-levering the remaining pool.
The key parameters in Moody's analysis are the default
probability of the securitized loans (both during the term and at
maturity) as well as Moody's value assessment for the properties
securing these loans. Moody's derives from those parameters a
loss expectation for the securitized pool.
In general, Moody's analysis reflects a forward-looking view of
the likely range of commercial real estate collateral performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside an acceptable range of the key parameters such as
property value or loan refinancing probability for instance, may
indicate that the collateral's credit quality is stronger or
weaker than Moody's had anticipated when the related securities
ratings were issued. Even so, a deviation from the expected range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions. There may
be mitigating or offsetting factors to an improvement or decline
in collateral performance, such as increased subordination levels
due to amortization and loan re- prepayments or a decline in
subordination due to realised losses.
Primary sources of assumption uncertainty are the current
stressed macro-economic environment and continued weakness in the
occupational and lending markets. Moody's anticipates (i) delayed
recovery in the lending market persisting through 2013, while
remaining subject to strict underwriting criteria and heavily
dependent on the underlying property quality, (ii) strong
differentiation between prime and secondary properties, with
further value declines expected for non-prime properties, and
(iii) occupational markets will remain under pressure in the
short term and will only slowly recover in the medium term in
line with anticipated economic recovery. Overall, Moody's central
global macroeconomic scenario is for a material slowdown in
growth in 2012 for most of the world's largest economies fueled
by fiscal consolidation efforts, household and banking sector
deleveraging and persistently high unemployment levels. Moody's
expects a mild recession in the Euro area.
Moody's Portfolio Analysis
Quokka Finance p.l.c closed in August 2006 and represents the
securitization of loans related to the acquisition of several
housing companies and property portfolios located in Germany. The
borrower group acquired 18,979 residential units, 4,723 parking
lots and garages and 554 small commercial properties. The
property portfolio is diversified throughout Germany with
concentrations in Lower Saxony, North-Rhine-Westphalia, Berlin
and Schleswig-Holstein.
At closing, separate loans were provided to 11 different
Borrowers that were cross-collateralized through a guarantee
structure, but not cross-defaulted. In case of a cash flow
shortfall of any Borrower, the cross-guarantee provides that any
other Borrower has to make whole the cash flow shortfall, in
which case no Borrower event of default ("EoD") will occur. In
case of a Borrower EoD, the Issuer (or the Security Trustee on
its behalf) is entitled to enforce the Term Loan Security,
including the enforcement of the guarantee of the other Borrowers
for the defaulted Borrower's obligations.
Scheduled amortization is applied sequentially to the notes while
prepayments are allocated on a pro-rata basis as long as the WA
LTV of the pool is below 75%. The allocation switches to
sequential after a Declared Borrower Default or upon enforcement
of the Borrower Security. A Declared Borrower Default means a
Borrower EoD which results in the Issuer serving notice on the
Borrower declaring that a Borrower EoD has occurred.
Initially, all 11 borrowers were owned by BGP Investment S.a.r.l.
(a joint venture of Babcock & Brown and GPT Group) (the "Original
Sponsors")). In H1 2007, the Original Sponsors sold the majority
shares in two of the borrowers (Emersion and Domus) representing
38% of the pool to Colonia Real Estate AG. TAG Immobilien AG,
with a market cap of around EUR875 million as of November 6,
2012, is the major shareholder of Colonia Real Estate AG. As a
result of the change of sponsor, the loans of the two disposed
borrowers are no longer cross-collateralized with the remaining
portfolio following the payment of EU7.6 million guarantee
release premia.
On August 12, 2009 following a restructuring of BGP Investment
S.a.r.l., BGP Holdings PLC became the new parent for the other 9
loans representing 62% of the pool. In addition to the collateral
securing this transaction, BGP owns a sizable property portfolio
across Europe. BGP's ultimate aim is to liquidate its assets and
return proceeds to its 57,000 shareholders. BGP has publicly
stated that it may hold in reserve sale proceeds of assets
sitting outside this transaction in case additional equity is
needed to ensure refinancing of its remaining assets. BGP
Holdings held around EUR1.6 million of cash and cash equivalents
according to its Annual Report and Financial Statements dated
December 31, 2011. Moody's view is that BGP may struggle to
refinance its 9 loans at their maturity in September 2013,
leaving a relatively short three year tail period until legal
final of the Notes in September 2016.
Moody's understands that the BGP structure remains vulnerable to
litigation due to past transactional structuring and potential
changes in the tax environment. Moody's was given to understand
that the litigation issues have been overcome to a great extent
and present a minimal risk. As no further details were provided,
it was not possible for Moody's to fully assess the credit
implications of this potential risk. As mentioned above,
significant liabilities arising from this litigation risk could
lead to further rating sensitivity.
The aggregated loan balance has reduced by approximately EUR 58.6
million since closing. Most recently reported underwriter's
weighted average LTV is 69.6%, which compares to an LTV of 82%
based on Moody's value.
The current Moody's note-to-value (NTV) of 50.4% for the Class A
notes, 61.8% for the Class B notes, 67.7% for the Class C notes,
76.2% for the Class D notes and 82% for the Class E notes
provides some property value cushion.
Rating Methodology
The principle methodology used in this rating was Moody's
Approach to Real Estate Analysis for CMBS in EMEA: Portfolio
Analysis (MoRE Portfolio) published in April 2006.
Other factors used in this rating are described in European CMBS:
2012 Central Scenarios published in February 2012.
The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. Moody's prior assessment is summarized in a press
release dated October 13, 2009. The last Performance Overview for
this transaction was published on October 19, 2012.
In rating this transaction, Moody's used both MoRE Portfolio and
MoRE Cash Flow to model the cash-flows and determine the loss for
each tranche. MoRE Portfolio evaluates a loss distribution by
simulating the defaults and recoveries of the underlying
portfolio of loans using a Monte Carlo simulation. This portfolio
loss distribution, in conjunction with the loss timing calculated
in MoRE Portfolio is then used in MoRE Cash Flow, where for each
loss scenario on the assets, the corresponding loss for each
class of notes is calculated taking into account the structural
features of the notes. As such, Moody's analysis encompasses the
assessment of stressed scenarios.
Moody's ratings are determined by a committee process that
considers both quantitative and qualitative factors. Therefore,
the rating outcome may differ from the model output.
=========
I T A L Y
=========
EUROFIDI: Fitch Affirms 'BB' Long-Term Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Eurofidi's Long-term Issuer Default
Rating (IDR) at 'BB' and removed it from Rating Watch Negative
(RWN). The Outlook on the Long-term IDR is Negative. Eurofidi's
Short-term IDR was affirmed at 'B'. Fitch has subsequently
withdrawn Eurofidi's ratings.
Rating Action Rationale
Fitch has withdrawn the ratings as Eurofidi has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Eurofidi.
Rating Drivers
The affirmation of Eurofidi's ratings and the removal of the RWN
from its Long-term IDR reflects Fitch's view that Eurofidi's
ratings should remain based on potential support from its largest
ultimate shareholder, the Region of Piemonte ('BBB+'/Negative).
The Region of Piemonte indirectly controls an 17.47% stake in
Eurofidi, and Fitch considers that Eurofidi's role in providing
guarantees for small- and medium-sized companies remains
important for the Region's policy.
The Negative Outlook on Eurofidi's Long-term IDR at withdrawal
reflects the Negative Outlook on the Long-term rating of the
Region of Piemonte.
FONDIARIA-SAI SPA: S&P Raises Counterparty Credit Rating to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB' from 'B+' its
long-term counterparty credit and financial strength ratings on
Italy-based composite insurer Fondiaria-SAI SpA, and its rated
subsidiaries Milano Assicurazioni SpA and SIAT-Societ… Italiana
Assicurazioni e Riassicurazioni SpA (SIAT).
"At the same time, we kept the ratings on Fondiaria-SAI, and its
rated subsidiaries, on CreditWatch with positive implications,
where they were originally placed on Aug. 9, 2012," S&P said.
"The upgrade reflects our view of progress that Fondiaria-SAI has
made in the planned integration with the Unipol group. It also
reflects Fondiaria-SAI's improved financial risk profile
following the EUR1.1 billion capital increase on Sept. 13, 2012,"
S&P said.
The ratings on Fondiaria-SAI and Milano Assicurazioni include one
notch of uplift owing to support from the Unipol group.
"We believe that the EUR1.1 billion capital increase has enabled
Fondiaria-SAI to restore its capital adequacy to levels above its
minimum regulatory requirements. At the end of September 2012,
according to our estimates, Fondiaria-SAI's consolidated solvency
margin exceeded 130%, when taking into consideration regulatory
forbearance measures in Italy," S&P said.
"Despite the capital increase, however, Fondiaria-SAI's
consolidated capital remains considerably lower than that
required at the 'BBB' rating level, according to our capital
model. We believe Fondiaria-SAI's level of capital is marginal,
particularly when taking into account its exposure to potential
additional nonrecurring costs. These include further reserve
strengthening, asset write-downs, and other costs that could
result from legal, claw-back, and compensatory actions from
shareholders, listing authorities, and creditors. We consider
that Fondiaria-SAI's operating performance remains marginal.
Under our base-case scenario, we expect the insurer will report a
consolidated net loss at year-end 2012, driven by nonrecurring
costs related to reserve strengthening and intangible and
financial asset impairments.Following the appointment of the new
board, which is strongly influenced by Unipol management, our
view of the Fondiaria-SAI group's management and strategy,
enterprise risk management, and financial flexibility is more in
line with the Unipol group. We also believe that the increased
alignment between the two groups will benefit Fondiaria-SAI's
competitive position, as it will now be able to focus on its core
business," S&P said.
"The ratings on Fondiaria-SAI reflect its marginal
capitalization, marginal financial flexibility, and marginal
operating performance. These factors are partially offset by
Fondiaria-SAI's good competitive position overall and its
membership of the Unipol group," S&P said.
"The ongoing CreditWatch placement reflects our view that the
merger between Fondiaria-SAI with Unipol Assicurazioni, Premafin
HP, and Milano Assicurazioni is increasingly likely. We believe
that the merger would strengthen Fondiaria-SAI's financial risk
profile, which we currently consider to be margina," S&P said.
"We aim to resolve or update the CreditWatch placement within the
next three months in conjunction with the CreditWatch resolution
of the Unipol group. The CreditWatch resolution would likely
occur once Unipol reports its first consolidated accounts, which
include Premafin HP group; the new board at Milano Assicurazioni
is appointed; and uncertainties about potential nonrecurring
costs expected for year-end 2012, in particular asset value and
reserve strengthening, reduce," S&P said.
"We could raise the ratings on Fondiaria-SAI if, upon resolution
of the Unipol group CreditWatch, we were to impute greater levels
of rating support from the Unipol group to Fondiaria-SAI,
potentially resulting in a rating outcome in the lower 'BBB'
category," S&P said.
"We could also raise the ratings if we consider that Fondiaria-
SAI's financial profile has improved. This is likely to occur if
uncertainties related to reserve, asset, and legal risks
diminish," S&P said.
"Conversely, we could affirm the ratings and remove them from
CreditWatch if the integration does not go ahead as planned or
if, upon resolution of the Unipol group CreditWatch, Fondiaria-
SAI does not warrant greater implicit rating support," S&P said.
UNIPOL GRUPPO: S&P Maintains Watch Negative on 'BB' Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services maintained its CreditWatch
with negative implications on the 'BBB' long-term counterparty
credit and financial strength ratings on Italy-based composite
insurer Unipol Assicurazioni SpA.
"We also maintained on CreditWatch with negative implications our
'BB+' and 'BB' long-term counterparty credit ratings on the
Unipol group's holding company, Unipol Gruppo Finanziario SpA
(UGF), and Unipol Banca. Our long-term issue ratings on Unipol
Assicurazioni's subordinated debt and UGF's senior unsecured debt
also remain on CreditWatch negative. The ratings were originally
placed on CreditWatch negative on Dec. 9, 2011," S&P said.
"The ongoing CreditWatch reflects our view that there remains
material uncertainty regarding the level of nonrecurring costs
associated with the planned integration, which in our view could
impair the future enlarged Unipol group's profitability and
capital adequacy. The CreditWatch also reflects uncertainties
regarding the final organizational and capital structure of the
enlarged group," S&P said.
"We also believe that there are uncertainties regarding potential
additional property/casualty loss reserves strengthening and
additional asset impairments. Our view of the enlarged Unipol
group's operating performance and capital adequacy is also
constrained by its exposure to other nonrecurring costs related
to the integration, and to legal, claw-back, and compensatory
actions from shareholders, listing authorities, and creditors,"
S&P said.
"We also take into consideration the fact that the capital
allocation between the holding company UGF and the operating
entity, which will result from the merger of Unipol Assicurazioni
with Milano Assicurazioni, Premafin HP group, and Fondiaria-SAI,
has not yet been finalized," S&P said.
"Finally, we believe there are also uncertainties with regard to
the final group structure until a new board is appointed at
Milano Assicurazioni and the four-way merger is approved by the
various shareholders," S&P said.
"The ratings on Unipol's core operating entities reflect our view
of the Unipol group's leading position in the Italian insurance
market, and good and improving underlying technical performances.
These positives are, in our view, offset by marginal financial
flexibility, and our assessment of Unipol's management and
corporate strategy, which we consider to be marginally negative,"
S&P said.
"The ongoing CreditWatch placement reflects the risk that UGF's
increased participation in the Premafin HP group and the planned
merger of Unipol Assicurazioni with Premafin HP, Fondiaria-SAI,
and Milano Assicurazioni could weaken the Unipol group's current
good financial risk profile," S&P said.
"Standard & Poor's aims to resolve or update the CreditWatch
placement within the next three months once Unipol reports its
first consolidated accounts, which include Premafin HP group; the
new board at Milano Assicurazioni is appointed; and uncertainties
about potential nonrecurring costs expected for year-end 2012, in
particular asset value and reserve strengthening, reduce," S&P
said.
"Upon resolution of the CreditWatch, we could lower the ratings
on Unipol Assicurazioni and UGF by one notch depending on the
final Unipol group structure, level of capital, and potential
materialization of nonrecurring costs. We currently estimate that
the pro forma capitalization of the enlarged Unipol group is just
above that required at the 'BBB' level. If the group's actual
capital position is materially weaker than we expect, we could
lower the rating on the Unipol group by more than one notch," S&P
said.
"Conversely, we could affirm the ratings if we see that the
Unipol group's financial risk profile remains good as a result of
the merger, if Unipol management establishes conservative
financial targets, and if capital proves resilient to
nonrecurring costs and remains comfortably in the 'BBB' range,"
S&P said.
=====================
N E T H E R L A N D S
=====================
DUCHESS IV CLO: S&P Lowers Rating on Class D Notes to 'CCC+'
------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on all of Duchess IV CLO B.V.'s rated classes of notes.
Specifically, S&P has:
-- raised its ratings on the class A-1, B, and C notes;
-- affirmed its rating on the class E notes; and
-- lowered its rating on the class D notes.
"The rating actions follow our assessment of the transaction's
performance using data from the latest available trustee report,
dated Aug. 13, 2012," S&P said.
Duchess IV CLO has been amortizing since the end of its
reinvestment period in May 2008. Since the last rating action we
took in the transaction on Aug. 16, 2011, the aggregate
collateral balance has decreased by 28.54% to EUR299.0 million
from EUR418.4 million.
"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class at
each rating level. In our analysis, we used the reported
portfolio balance that we consider to be performing
(EUR290,635,794), the current weighted-average spread, and the
weighted-average recovery rates that we considered appropriate.
We incorporated various cash flow stress scenarios using
alternative default patterns, and levels, in conjunction with
different interest and currency stress scenarios," S&P said.
"From our analysis, we have observed that EUR103.6 million of the
class A-1 notes have paid down since our August 2011 rating
action. In our view, this has increased the credit enhancement
available to the class A-1, B, and C notes. We have also observed
an increase in the weighted-average spread to 347 basis points
(bps) from 308 bps over the same period," S&P said.
"From our analysis, we have observed that the non-euro-
denominated assets currently make up 22.80% of the total
performing assets. A portfolio cross-currency swap hedges these
assets, while American-style currency call options hedge any
currency mismatches," S&P said.
"In our opinion, the credit enhancement available to the class A-
1 and B notes is consistent with a higher rating than previously
assigned, taking into account the results of our credit and cash
flow analysis and the application of our 2012 counterparty
criteria. We have therefore raised our ratings on the class A-1
and B notes," S&P said.
"Our credit and cash flow analysis of the class C notes indicated
that the level of credit enhancement is commensurate with a
higher rating than previously assigned. We have therefore raised
to 'BBB+ (sf)' from 'BBB (sf)' our rating on the class C notes.
The application of our 2012 counterparty criteria has not
constrained our updated 'BBB+ (sf)' rating on the class C notes
because the rating is still lower than the ratings on any of the
counterparties in the transaction," S&P said.
"We have affirmed our 'CCC- (sf)' rating on the class E notes
because our analysis indicates that the credit enhancement
available to these notes is consistent with the rating currently
assigned," S&P said.
"We have lowered to 'CCC+ (sf)' from 'B+ (sf)' our rating on the
class D notes because our rating is constrained by the
application of the largest obligor default test, a supplemental
stress test that we introduced in our 2009 criteria update for
corporate collateralized debt obligations (CDOs). The results of
our stress test showed that the level of credit enhancement
available to the class D notes would be limited if the largest
obligor were to default, when we assumed a recovery rate of 5%,"
S&P said.
Duchess IV CLO is a cash flow collateralized loan obligation
transaction that securitizes loans to primarily speculative-grade
corporate firms. The transaction closed in May 2005 and is
managed by Babson Capital Europe Ltd.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Duchess IV CLO B.V.
EUR525 Million Secured Floating-Rate Notes
Ratings Raised
A-1 AA+ (sf) AA- (sf)
B A+ (sf) A (sf)
C BBB+ (sf) BBB (sf)
Rating Affirmed
E CCC- (sf)
Rating Lowered
D CCC+ (sf) B+ (sf)
HIGHLANDER EURO III: S&P Affirms 'CCC+' Rating on Class E Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on all rated classes of notes in Highlander Euro CDO III.
Specifically, S&P has:
-- affirmed its 'AA+ (sf)' rating on the class A notes;
-- affirmed its 'A+ (sf)' rating on the class B notes;
-- affirmed its 'BBB+ (sf)' rating on the class C notes;
-- lowered to 'B+ (sf)' from 'BB+ (sf)' its rating on the class
D notes; and
-- affirmed its 'CCC+ (sf)' rating on the class E notes.
"The rating actions follow our review of the transaction's
performance by applying our credit and cash flow analysis,
together with our relevant criteria for transactions of this
type," S&P said.
"Following our analysis, we have observed that the overall credit
quality of the portfolio has slightly improved. Since our
previous review, the proportion of assets rated in the 'CCC'
category (rated 'CCC+', 'CCC', or 'CCC-') has decreased to 2.60%
from 6.78%, and the level of defaulted assets (assets from
obligors rated 'CC', 'SD' [selective default], or 'D') has
increased to 1.57% from 0.00%. Credit enhancement has slightly
decreased for all classes of notes, since our last review. The
transaction now benefits from a shorter weighted-average life and
a materially higher weighted-average spread," S&P said.
"We have subjected the transaction's capital structure to a cash
flow analysis to determine the break-even default rates for each
rated class at each rating level. We have incorporated a series
of cash flow stress scenarios using various default patterns and
levels for each liability rating category, in conjunction with
different interest stress scenarios," S&P said.
"In our opinion, the credit enhancement available to the class A
notes is consistent with the rating that we have previously
assigned. We have therefore affirmed our 'AA+ (sf)' rating on the
class A notes," S&P said.
"Our ratings on the class B, C, D, and E notes are constrained by
the application of the largest obligor test, a supplemental
stress test that we introduced in our 2009 cash flow
collateralized debt obligation (CDO) criteria. This test
addresses event and model risk that might be present in the
transaction. Based on our modified approach with regard to
individual obligors belonging to the same group, we now perceive
the portfolio as more concentrated, compared to our last review
in October 2011. Although the break-even default rates generated
by our cash flow model indicated higher ratings, the largest
obligor test effectively capped the ratings on the class B notes
at 'A+ (sf)', on the class C notes at 'BBB+ (sf)', on the class D
notes at 'B+ (sf)', and on the class E notes at 'CCC+ (sf)'. We
have therefore affirmed our ratings on the class B, C, and E
notes and lowered our rating on the class D notes to 'B+ (sf)'
from 'BB+ (sf)'," S&P said.
"The Bank of New York Mellon (AA-/Negative/A-1+) acts as an
account bank and custodian. In our view, the counterparty is
appropriately rated to support the ratings on these notes," S&P
said.
"Highlander Euro CDO III entered into a number of derivative
agreements to mitigate currency and interest rate risks in the
transaction. We consider the documentation for these derivatives
as not fully compliant with our 2012 counterparty criteria.
Therefore, in our cash flow analysis for the class A notes, we
have assumed no benefit from any derivative support. Based on
this analysis, we have affirmed our rating on the class A notes
at 'AA+ (sf)'," S&P said.
Highlander Euro CDO III is a cash flow collateralized loan
obligation (CLO) transaction that closed in April 2007. The
portfolio is managed by CELF Advisors LLP.
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
Highlander Euro CDO III B.V.
EUR800 Million Floating-Rate and Deferrable Floating-Rate Notes
Rating
Class To From
Ratings Affirmed
A AA+ (sf)
B A+ (sf)
C BBB+ (sf)
E CCC+ (sf)
Rating Lowered
D B+ (sf) BB+ (sf)
SIDETUR FINANCE: Fitch Cuts Unsecured Notes Rating to 'CCC'
-----------------------------------------------------------
Fitch Ratings has downgraded the following ratings of Sidururgica
del Turbio S.A. (Sidetur) and has placed them on Rating Watch
Negative as indicated:
Sidetur S.A.
-- Foreign currency Long-Term Issuer Default Rating (IDR) to
'CCC'; Watch Negative from 'B-';
-- Local currency Long-Term IDR to 'CCC'; Watch Negative from
'B-';
-- National scale rating to 'CCC(ven)' from 'BB+(ven)';
-- National short-term rating to 'C(ven)' from 'F2(ven)'.
Sidetur Finance B.V.
-- USD100 million unsecured notes due 2016 issued by Sidetur
Finance B.V., a wholly owned subsidiary of Sidetur to
'CCC/RR4'; Watch Negative from 'B-/ RR4'.
This rating action follows the government of the Bolivian
Republic of Venezuela's takeover of Sidetur's operations and
management, as set out in Sidetur's press release on Oct. 30,
2012. The downgrade of Sidetur's ratings to 'CCC'; Watch
Negative and 'CCC(ven)' reflects the real possibility of default
and high uncertainty surrounding the uninterrupted payment to the
company's creditors.
The 'CCC/RR4'; Watch Negative rating for Sidetur Finance B.V.'s
unsecured notes due 2016 reflects Fitch's expectation of average
recoveries for the note holders, given the current uncertainty
and lack of information. As of June 30, 2012, approximately
USD78 million was outstanding on notes. The Watch Negative
reflects that the next coupon payment for Sidetur Finance B.V.'s
unsecured notes is due on Jan. 20, 2013. Information from the
new management team at Sidetur has not been received regarding if
this payment will be met.
Sidetur's assets are under the control of the Ministerio del
Poder Popular de Industrias and a new management team is in
place. The government of the Bolivian Republic of Venezuela has
stated previously that it will honor the outstanding debt of
expropriated companies. Precedents of government payments to
previously private companies exist, such as the payments made to
Cemex and Sidor for their expropriated assets in Venezuela.
* NETHERLANDS: Corporate Bankruptcies Up 25% in First 10 Months
---------------------------------------------------------------
Statistics Netherlands on Nov. 12 disclosed that in October, 703
businesses and institutions (excluding one-man businesses) in the
Netherlands were declared bankrupt, i.e. nearly 150 more than in
September. In the first ten months of 2012, 6245 businesses and
institutions went bankrupt, i.e. nearly 25% more than in the same
period of 2011.
As the number of businesses declared bankrupt in a particular
month is closely related to the number of days courts are in
session, it may vary considerably from month to month.
Therefore, the three-month moving average is a more reliable
indicator.
The three-month moving average stood at 591 in October versus 597
in September. October is the third month in a row in which the
three-month moving average fell slightly.
===========
N O R W A Y
===========
NORSKE SKOGINDUSTRIER: Moody's Corrects Nov. 5 Rating Release
-------------------------------------------------------------
Moody's Investors Service issued a correction to the November 5,
2012 rating release of Norske Skogindustrier ASA.
Moody's Investors Service changed Norske Skogindustrier ASA's
(Norske Skog) Probability of Default Rating (PDR) to Caa1/LD from
Caa1. Concurrently, Moody's affirmed Norske Skog's Caa1 Corporate
Family Rating and downgraded the rating of its senior unsecured
notes to Caa2 from Caa1. The outlook on all ratings has been
changed to stable from negative. After approximately 3 business
days, Moody's will remove the LD designation on the Caa1 PDR.
The rating action is triggered by Norske Skog's publication of
its third quarter 2012 results. In its release, Norske Skog
reported additional bond buybacks, which, together with
transactions conducted earlier this year, amount to approximately
6% of gross financial debt outstanding as of yearend 2011 at an
average discount of approximately 30%.
Ratings Rationale
The change of the Probability of Default Rating to Caa1/LD
reflects Moody's view that recent bond buybacks below par,
together with transactions in prior quarters, constitute a
distressed exchange, which is an event of default under Moody's
definition. Moody's anticipates that Norske Skog will carry out
further debt buybacks at similar discount levels in the future.
While Moody's acknowledges that no payment default has occurred
and there are no material debt maturities until 2014, in Moody's
opinion these debt buybacks have the effect of helping to improve
a capital structure that might otherwise prove to be
unsustainable over time, considering high Moody's adjusted
leverage of above 9 times as of September 2012. Additionally, the
debt buybacks imply losses to creditors relative to original
promises made. The assessment of likely default avoidance is
based on the fact that buybacks below par help to reduce net debt
and also help to manage compliance with financial covenants
included in the RCF. While such buybacks will somewhat reduce
Norske Skog's high leverage, Moody's believes that the company's
debt burden will remain substantial compared to its inability to
generate meaningful profits.
The group's Caa1 corporate family rating reflects Moody's view
that demand for publication paper continues to decline in mature
markets, while at the same time pricing power remains subdued due
to significant overcapacity. In addition, raw material costs
remain elevated and add to pressure on profitability and cash
generation. While operating performance in 2012 until September
is up on last year, largely a reflection of better fixed cost
absorption following capacity closures and one-off factors having
depressed 2011 performance, the company's financial profile
remains highly leveraged with Moody's adjusted Debt/EBITDA of
above 9 times as of September 2012, which is predominantly driven
by a very weak profitability as indicated by an EBITDA margin of
5.1% on adjusted basis per last twelve months end of September
2012.
Still, Norske Skog has achieved at least break even free cash
flow generation over the past years despite market pressures and
significant amounts spent for restructuring measures. This was
achieved by tight working capital management as well as a
significant reduction in capex, with a capex/depreciation ratio
of around 30-50% since 2009, an indication that assets over time
might be underinvested. Management has also reacted effectively
to the adverse market conditions by selling assets, proceeds of
which helped to retain sufficient liquidity and headroom under
the covenants of the company's financing agreements.
While Moody's notes that Norske Skog's liquidity profile remains
sufficient to cover operational needs and limited debt maturities
through to 2013, this assessment hinges on continued access to
the group's RCF, which is restricted by financial covenants that
are tightening significantly over the next quarters. While
headroom is currently ample with over 30%, tightening test levels
nevertheless require Norske Skog to improve its operating
profitability to retain sufficient headroom or further reduce net
debt.
The downgrade of the senior unsecured notes rating to Caa2 from
Caa1 reflects the relatively high portion of contractually
preferred debt relating to the revolving credit facility as well
as structurally preferred financial claims at operating
subsidiaries (trade payables, pension and lease obligations)
versus the unsecured debt of the holding company, in line with
Moody's Loss Given Default methodology. This follows last year's
changes in the corporate structure as well as preferred financial
claims becoming relatively larger as unsecured debt is redeemed.
The rating could be upgraded if there is evidence of a trend of
improving operating profitability and cash generation ability,
allowing Norske Skog to improve its financial profile with
Debt/EBITDA moving sustainably well below 7x, free cash flow
generation as well as evidence of a sustainable liquidity
position.
Negative pressure on the ratings could materialize if (i) the
group's liquidity profile were to deteriorate, especially if
covenant headroom were to decrease significantly as a result of
Norske Skog being unable to improve profit generation or if
material amounts of negative free cash flows were incurred; and
if (ii) Norske Skog were unsuccessful in restructuring its
operations to bring relief to operating profitability and cash
flow generation.
Downgrades:
Issuer: Norske Skogindustrier ASA
Senior Unsecured Regular Bond/Debenture, Downgraded to a
range of Caa2, LGD4, 65 % from a range of Caa1, LGD4, 56 %
Outlook Actions:
Issuer: Norske Skogindustrier ASA
Outlook, Changed To Stable From Negative
Adjustment:
Issuer: Norske Skogindustrier ASA
Probability of Default Rating, Adjusted to Caa1/LD from Caa1
The principal methodology used in rating Norske Skogindustrier
ASA was the Global Paper and Forest Products Industry Methodology
published in September 2009. Other methodologies used include
Loss Given Default for Speculative-Grade Non-Financial Companies
in the U.S., Canada and EMEA published in June 2009.
Norske Skogindustrier ASA, with headquarters in Lysaker, Norway,
is among the world's leading newsprint producers with production
in Europe, South-America, Asia and Australasia. The company also
produces magazine paper in Europe. In the last twelve months
ending September 2012, Norske Skog recorded sales of around
NOK19 billion (approximately EUR2.5 billion).
===========
P O L A N D
===========
CENTRAL EUROPEAN: Postpones Filing of Third Quarter Form 10-Q
-------------------------------------------------------------
In accordance with its reporting obligations with the Warsaw
Stock Exchange, Central European Distribution Corporation filed a
current report with the WSE via the ESPI system to disclose that
the filing date of its Form 10-Q for the quarterly period ended
Sept. 30, 2012, which had been expected to be filed on Nov. 9,
2012, will be postponed. The report indicated that the new
filing date will be disclosed as soon as possible.
About CEDC
Mt. Laurel, New Jersey-based Central European Distribution
Corporation is one of the world's largest vodka producers and
Central and Eastern Europe's largest integrated spirit beverages
business with its primary operations in Poland, Russia and
Hungary.
Ernst & Young Audit sp. z o.o., in Warsaw, Poland, expressed
substantial doubt about Central European's ability to continue as
a going concern, following the Company's results for the fiscal
year ended Dec. 31, 2011. The independent auditors noted that
certain of the Company's credit and factoring facilities are
coming due in 2012 and will need to be renewed to manage its
working capital needs.
The Company's balance sheet at June 30, 2012, showed US$1.86
billion in total assets, US$1.68 billion in total liabilities,
US$29.55 million in temporary equity, and US$158.10 million in
total stockholders' equity.
Liquidity
Certain credit and factoring facilities are coming due in 2012,
which the Company expects to renew. Furthermore, the Company's
Convertible Senior Notes are due on March 15, 2013. The
Company's current cash on hand, estimated cash from operations
and available credit facilities will not be sufficient to make
the repayment of principal on the Convertible Notes and, unless
the transaction with Russian Standard Corporation is completed
the Company may default on them. The Company's cash flow
forecasts include the assumption that certain credit and
factoring facilities that are coming due in 2012 will be renewed
to manage working capital needs. Moreover, the Company had a net
loss and significant impairment charges in 2011 and current
liabilities exceed current assets at June 30, 2012. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
The transaction with Russian Standard Corporation is subject to
certain risks, including shareholder approval which may not be
obtained. The Company's 2012 Annual Meeting of Stockholders,
which was postponed due to the need to restate the Company's
financial statements, is expected to be held as soon as
practicable. The Company believes that if the transaction is
completed as scheduled, the Convertible Notes will be repaid by
their maturity date, which would substantially reduce doubts
about the Company's ability to continue as a going concern.
* * *
As reported by the TCR on Aug. 10, 2012, Standard & Poor's
Ratings Services kept on CreditWatch with negative implications
its 'CCC+' long-term corporate credit rating on U.S.-based
Central European Distribution Corp. (CEDC), the parent company of
Poland-based vodka manufacturer CEDC International sp. z o.o.
"The CreditWatch status reflects our view that uncertainties
remain related to CEDC's ongoing accounting review and that
CEDC's liquidity could further and substantially weaken if there
was a breach of covenants which could lead to the acceleration of
the payment of the 2016 notes, upon receipt of a written notice
of 25% or more of the noteholders," S&P said.
In the Oct. 9, 2012, edition of the TCR, Moody's Investors
Service has downgraded the corporate family rating (CFR) and
probability of default rating (PDR) of Central European
Distribution Corporation (CEDC) to Caa2 from Caa1.
"The downgrade reflects delays in CEDC securing adequate
financing to repay its US$310 million of convertible notes due
March 2013 which are increasing Moody's concerns that the
definitive agreement for a strategic alliance between CEDC and
Russian Standard Corporation (Russian Standard) might not
conclude at the current terms," says Paolo Leschiutta, a Moody's
Vice President - Senior Credit Officer and lead analyst for CEDC.
CENTRAL EUROPEAN: Moody's Changes Outlook on 'B3' CFR to Neg.
-------------------------------------------------------------
Moody's Investors Service has changed the rating outlook on
Central European Media ("CME") to negative from positive. The
corporate family rating (CFR) and probability of default rating
(PDR) are B3; and the rating on the 2017 senior secured notes
issued at the CET21 level is Ba3.
Ratings Rationale
CME's B3 CFR reflects (i) the company's high leverage expected
around 9x by year end 2012; (ii) the low probability of any near-
term improvements in the company's TV advertising markets; and
(iii) Moody's expectation that negative free cash flow generation
will persist in 2013.
The rating also recognizes the company's strong market positions
across all its markets and the strong credit profile of CME's
largest shareholder, Time Warner Inc (Baa2), which now owns 49.9%
of the company. It also incorporates the company's successful
debt reduction in 2012 and refinancing of medium term maturities
such that CME now enjoys a back-ended maturity profile.
The negative outlook reflects CME's recent announcement that it
now expects its full year 2012 reported OIBDA to be in the range
of US$130 to US$140 million (vs. previous guidance of US$150 to
US$160 million at Q2 2012). This downward revision comes on the
back of disappointing third quarter results during which the
company experienced an 8% decline in revenues and a 55% decline
in OIBDA in its broadcast division (on a constant currency
basis).
This rapid deceleration in what was previously expected to be a
recovering second half of the year is likely to put pressure on
CME's credit metrics despite earlier efforts to reduce leverage
through a successful equity raising exercise. As such, Moody's
expects full year Moody's adjusted debt to EBITDA to rise to
close to 9x by the end of the year vs. Moody's previous
expectations of this ratio trending below 8x.
In addition, the company now forecasts free cash flow to be
negative for the full year (around US$70 million to US$90
million) compared to previous guidance that CME would at least
break even on its free cash flow generation in 2012.
Moody's believes that this changed behavior by CME's advertising
clients is unlikely to be reversed in the short term and the
company is likely to experience pressures on its top line into
2013. Since CME relies on externally produced content for its
programming schedule, the company is tied into some supplier
contracts and has hence little room for margin improvement and
2013 EBITDA as well as free cash flow will continue to bear the
brunt of this revenue declines.
CME's stand-alone credit profile is weaker than B3, and its
ratings remain positively affected by the previously-evidenced
support of Time Warner.
The ratings also take into account CME's adequate near-term
liquidity profile, which remains supported by a cash balance
expected at least at US$130 million by year end, although this
will be eroded should CME not succeed in reversing the cash burn
trends. Moody's also takes some comfort in the back-ended nature
of the company's maturity profile with no debt due before
November 2015.
Negative pressure on the rating would develop should the company
be unable to stabilize its declining audience shares, or if CME
were to lose substantial market share such that adjusted debt to
EBITDA were to remain substantially above 8.0x. A downgrade would
also be warranted should Time Warner show any signs of
withdrawing support to the group.
Positive pressure on the ratings is limited given the downward
trends observed in CME's advertising markets, however it could
develop should the company manage to reduce its leverage to below
7x on a sustainable basis.
The principal methodology used in rating Central European Media
Enterprises Ltd and CET 21 spol. s r.o. was the Global Broadcast
and Advertising Related Industries Methodology published in May
2012. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
===============
P O R T U G A L
===============
LUSITANO SME NO. 1: S&P Lowers Rating on Class C Notes to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
Lusitano SME No. 1 PLC's class C notes. "At the same time, we
have affirmed our ratings on Lusitano SME No. 1's class A and B
notes," S&P said.
"The rating actions follow our review of the credit assumptions
underlying our cash flow analysis of the transaction. The primary
reason for our review was an increase in cumulative defaults,
which now amount to 8.2% of the initial portfolio (or 24.4% of
the outstanding portfolio balance). This compares with 6.7% in
May 2011 and 5.7% in November 2010, when we last revised our
assumptions for this transaction. Total delinquencies have
remained fairly stable at less than 5%, but we note that an
increasing proportion of delinquencies are rolling into longer-
dated delinquencies and eventually into defaults," S&P said.
"At the same time, we note that recoveries on defaulted loans
have been decreasing and taking longer to realize, especially for
the more recent defaults. We have revised our recovery rates
accordingly," S&P said.
"The weighted-average spread has increased to 4.5% from 3.5%,
maintaining a reasonable level of excess spread available to
clear the principal deficiency ledgers (PDLs). For example, the
transaction repaid the class D PDL in full on the August payment
date. However, we now observe that the performing balance has
decreased to such an extent that the excess spread is not
sufficient to fully replenish the reserve fund, which currently
stands at 60% of its required level. As a direct consequence, the
transaction has been deferring interest payments on the class D
notes for the past six payment periods, as those payments rank
junior in terms of priority," S&P said.
"Since the end of its revolving period in October 2009, the
transaction has been amortizing, either on a pro rata basis when
it met certain performance conditions, or on a sequential basis,
as is currently the case. Since July 2011, the class A notes have
amortized from EUR370.4 million to EUR136.8 million or 18% of
their initial balance, while the class B, C, and D notes all
currently stand at 87% of their initial notional amounts," S&P
said.
"As a result, the credit enhancement available for each class of
notes has increased, although the junior tranches are now
relatively more exposed to concentration risks in the underlying
portfolio," S&P said.
"Our cash flow analysis indicates that the credit enhancement
available to the class A notes is commensurate with an 'A (sf)'
rating. However, we note that the maximum achievable rating on
Portuguese structured finance transactions remains at 'A- (sf)',
in accordance with our nonsovereign ratings criteria. Therefore
we have affirmed our 'A- (sf)' rating on the class A notes," S&P
said.
"We have affirmed the rating on the class B notes at 'AAA (sf)',
as these notes benefit from an unconditional guarantee from the
European Investment Fund (AAA/Stable/A-1+). Without this
guarantee, we would rate the class B notes lower than the class A
notes," S&P said.
"We note that above a certain number of defaults, the transaction
will hit its net cumulative defaults trigger, which would lead to
all proceeds being distributed to the senior notes, cutting off
interest proceeds to the class C notes. This feature kicks in
earlier now that we have adjusted our base-case default
assumptions. In spite of an increased level of credit
enhancement, our revised cash flow analysis indicates that the
class C notes can no longer withstand a 'BB' stress. We have
therefore lowered our rating on the class C notes to 'B (sf)',"
S&P said.
Banco Espirito Santo S.A. originated the loans to Portuguese
small and midsize enterprises (SMEs) that back Lusitano SME No.
1. The transaction closed in 2006.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Rating
Class To From
Lusitano SME No. 1 PLC
EUR871.233 Million Asset-Backed Floating-Rate Notes
Rating Lowered
C B (sf) BB- (sf)
Ratings Affirmed
A A- (sf)
B AAA (sf)
=============
R O M A N I A
=============
ADEVARUL HOLDING: Bucharest Court Approves Insolvency Procedure
---------------------------------------------------------------
Manuela Panescu at Ziarul Financiar reports that the Romanian
Bucharest Court on Monday approved the general insolvency
procedure of Adevarul Holding.
Adevarul owns several magazines, tabloids or newspapers,
including Adevarul daily.
===========
R U S S I A
===========
RENAISSANCE FINANCIAL: Moody's Lowers LT Issuer Ratings to 'B2'
---------------------------------------------------------------
Moody's Investors Service has downgraded the long-term foreign
and local currency issuer ratings of Renaissance Financial
Holding Limited to B2 from B1. The Not-Prime foreign and local
currency short-term ratings remain unchanged. The outlook for the
issuer ratings is negative.
The rating action is based on the audited IFRS accounts for 2011
and the unaudited IFRS accounts for H1 2012.
Ratings Rationale
Moody's said the downgrade of Renaissance Financial Holding
Limited's long-term issuer ratings to B2 reflects the company's
(1) continued loss-making performance -- for the third
consecutive year -- which negatively affects its financial
fundamentals; and (2) challenges to adjust to the unfavorable
economic environment in its main markets following the global
financial crisis.
Franchise
Renaissance Financial Holding Limited has been unsuccessful in
its efforts to develop a balanced profit-generating model during
the past three years against the background of changing market
realities and challenging operating environment. Moreover, the
costly investment banking workforce and IT platform are no longer
matched with its earning opportunities because demand for
investment products in Russia has declined and competition has
intensified (including from state banks). Moody's observes that
some of the company's expenses were due to expansion plans
outside the Commonwealth of Independent States, and the company
had achieved some success in geographical diversification into
emerging markets outside Russia. However, the rating agency notes
that the new revenues are not sufficient to compensate for the
significant drop in trading income on the Russian market after
2008 and the subsequent reduced investment banking transactions.
As a result, the compensation-to-revenue ratio and non-
compensation-to-revenue ratio were as high as 57% and 51%,
respectively, in H1 2012; therefore, expenses exceeded operating
revenues. According to the company, significant cost-cutting
efforts have being undertaken in 2012, but these are expected to
impact the company's profitability only in H2 2012 and 2013.
Profitability
Moody's said that in H1 2012, Renaissance Financial Holding
Limited's revenues from the operating activities (excluding
extraordinary items and income from trading with the Renaissance
group -- which is de-facto support from the group) were extremely
low (approximately US$30 million in H1 2012, vs. approximately
US$220 million in 2011), such that Renaissance Financial Holding
Limited would have reported a loss of at least $110 million or
13% of the 'beginning period equity' in H1 2012 (vs. the $14
million loss actually reported). However, due to extraordinary
gains (e.g., revaluation, reserves recovery and trading gains
with related parties), Renaissance Financial Holding Limited lost
only 1.5% of its 'beginning period equity' in H1 2012.
Liquidity and Capital
As a result of the decline in Renaissance Financial Holding
Limited's equity and some increase in illiquid positions,
liquidity has become more vulnerable as equity is below the level
of the company's illiquid assets. However, liquidity still
remains adequate, and the company is capable of facing a medium-
sized, prolonged and unexpected market dislocation given the
short maturity of the majority of assets. According to the
company, some illiquid positions have been sold in H2 2012 and
there are plans to sell a significant share of illiquid assets by
the end of Q1 2013. In addition, Moody's observes that capital is
still sufficient to absorb substantial market losses.
Negative outlook
The negative outlook on the ratings of Renaissance Financial
Holding Limited reflects Moody's view that the company will face
continued risks as it seeks to rebuild its profit-generating
business model, and that future losses will negatively impact
financial indicators such as capital and liquidity.
What Could Change The Ratings Up/Down
Negative pressure could be exerted on Renaissance Financial
Holding Limited's ratings as a result of continued operational
loss-making performance, and/or any increase of illiquid risk
assets in proportion to equity. Any significant reduction of
capital as a result of further losses could also have negative
rating implications.
Renaissance Financial Holding Limited's ratings are unlikely to
be upgraded in the medium term. However, the rating outlook may
be changed to stable in case of (1) significant improvements in
profitability; and (2) sustained reduced involvement in financing
of illiquid assets, including other group segments.
Principal Methodologies
The principal methodology used in this rating was Global
Securities Industry Methodology published in December 2006.
Renaissance Financial Holding Limited is the investment banking
arm of the Renaissance Group, which also includes consumer
finance, asset management and merchant banking. The company
reported total consolidated assets of approximately $5 billion
and total equity of approximately $901 million under (unaudited)
IFRS at end-H1 2012.
SOVCOMFLOTS OAO: Fitch Lowers Issuer Default Rating to 'BB'
-----------------------------------------------------------
Fitch Ratings has downgraded Russia-based OAO Sovcomflot's (SCF)
Long-term Issuer Default Rating (IDR) to 'BB' from 'BB+'. Fitch
has also downgraded SCF Capital Limited's (SCF Capital) senior
unsecured notes, which are guaranteed by SCF, to 'BB' from 'BB+'.
The Outlook on the Long-term IDR is Negative.
The downgrade reflects further weakening of Fitch-expected SCF's
credit metrics due to the slower than expected recovery of
freight rates and the agency's expectation of a lower degree of
the company's recapitalization than previously forecast. Fitch
forecasts FFO adjusted net leverage to slightly exceed 6x in 2012
and remain well above 5x in 2013-14, which is in excess of the
agency's negative rating guideline of 4.5x for the previous IDR.
The 'BB' IDR and senior unsecured rating reflect SCF's standalone
rating of 'BB-' and incorporate a one-notch uplift for support
from the Russian Federation ('BBB'/Stable). SCF is currently
100% directly owned by the Russian state and strategic and
operational ties are considered to be relatively strong. The
ratings assume that the Russian state will maintain majority
control over the medium term.
Fitch views the group's standalone operational profile as
commensurate with a strong 'BB' rating category. SCF's solid
business profile is underpinned by the company's dominance in the
Russian tanker market, its integral role in Russia's energy
strategy, a large proportion of long-term contracts, the
company's strategy to move into more specialized and profitable
segments, and good quality of its fleet. However, the strength
of SCF's operations stands against the weakness of its financial
profile, which Fitch assesses as in line with a 'B' rating
category. SCF's liquidity position is adequate.
The Negative Outlook reflects the inherent uncertainty in the
company's IPO plans pertaining to the timing, the amount to be
raised and the proportion to be re-invested into the company.
While government privatization plans remains on the agenda,
previous changes of the IPO's timing, along with poor shipping
industry conditions may undermine its likelihood in early 2013,
as currently expected, making the company's recapitalization
plans more ambiguous.
Fitch previously made it clear that the company's ability to
maintain its current rating is pre-conditioned on the IPO and
receipt of proceeds, which would need to occur in early 2013.
Fitch may further downgrade the ratings if the IPO is materially
delayed, the proceeds are significantly lower than expected by
Fitch and/or shipping sector market conditions are substantially
weaker than Fitch's forecast. The agency may also re-consider
its assessment of state support if SCF's credit metrics continue
to deteriorate and re-capitalization of its balance sheet does
not occur.
The senior unsecured notes are aligned with SCF's IDR, given the
adequate level of unencumbered assets amounting to around 2.0x
unsecured debt. However, the agency would consider a decoupling
of the ratings if the amount of unencumbered assets falls below
this level. The company's capex plans and likelihood that it may
draw down on its secured credit facilities may lead to a
deterioration in this ratio, albeit with increases in asset
values, which should increase the value of unencumbered assets.
What Could Trigger A Rating Action?
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- Further material deterioration of the credit metrics on a
sustained basis (eg net FFO adjusted leverage above 5.5x and
FFO fixed charge coverage below 3.25x) due, for example, to
a further decrease in freight rates or lower than expected
level of IPO proceeds reinvested into the company.
-- Evidence of a weaker state support.
Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- Improvement of the financial profile on a sustained basis
(net FFO adjusted leverage below 4.5x and FFO fixed charge
coverage above 4.0x) due, for example, to the re-
capitalization following the IPO and/or faster and stronger
than forecast recovery of freight rates.
-- Evidence of a stronger state support.
* KOMI REPUBLIC: Fitch Affirms LT Currency Ratings at 'BB+'
-----------------------------------------------------------
Fitch Ratings has affirmed the Russian Republic of Komi's Long-
Term foreign and local currency ratings at 'BB+' and National
Long-Term rating at 'AA(rus)'. The agency has also affirmed the
region's Short-Term foreign currency rating at 'B'. The Outlooks
are Stable. The rating action also affects the region's
outstanding domestic bonds of RUB5.3 billion.
The affirmation reflects the region's strong economic profile,
sound budgetary performance and low direct risk. However, the
ratings also factor in high fiscal concentration to a few
companies and sharp growth of expenditure in 2011.
Fitch notes that maintenance of sound budgetary performance
coupled with containment of direct risk at below 25% of current
revenue could lead to an upgrade. Conversely, a deterioration of
budgetary performance leading to a debt coverage ratio by the
current balance above the average debt maturity would cause a
downgrade.
Komi has a wealthy economy, albeit heavily weighted towards the
development of extractable resources, particularly oil, gas and
coal. Komi's per capita gross regional product (GRP) in 2010
exceeded the national median by 115%. The region demonstrated
high resilience during the 2009 crisis. Its GRP declined by 1.5%
yoy in 2009 compared with a national decline of 7.6%. However,
Fitch expects Komi's GRP to expand at about 2% annually in 2012-
2014 below the national average.
Tax concentration of the local economy to the 10 largest
companies remained high at about 55% of total tax revenue in
2011. The administration is encouraging projects in the
processing industry to reduce fiscal concentration, but this is
challenging to achieve in the medium term.
Fitch expects the region to demonstrate sound budgetary
performance, with full-year operating margins at about 10% in
2012-2014. Lower current transfers from the federal budget will
be compensated by strong growth of tax revenue and
administration's control over opex. Fitch expects moderate
deficit budgets in 2012-2014 (about 4% of total spending).
The agency forecasts the region's operating expenditure will
increase by about 15% in 2012. Opex is under pressure because of
promises made by the federal government during pre-election
periods in 2011 and 2012. It increased by about 25% in 2011 due
to the national legislative and presidential election cycle, as
well as opex growth slipping over into 2011 from 2010 when it
remained almost unchanged growing 0.3% yoy in nominal terms.
Fitch forecasts Komi's direct risk to increase to about 19% of
current revenue by 2014 from 16% in 2011-2012. Fitch expects the
debt coverage ratio to remain at about two years in 2012-2014,
below the average maturity of debt and other Fitch classified
debt. Komi's liquidity expected by Fitch to match principal
repayment in 2012-2013 and available credit lines mitigate
medium-term refinancing risks.
Komi is located in north-east European Russia. It accounts for
0.6% of the national population and 0.9% of the national GDP in
2010. The region's socio-economic profile is strong, with wealth
indicators above the national average.
=========
S P A I N
=========
DEPORTIVO CORUNA: Restructures to Avoid Administration
------------------------------------------------------
Euro Sport.com cites that Club President Augusto Cesar Lendoiro
has said a Spanish government crackdown on outstanding tax bills
has forced La Liga side Deportivo Coruna to seek a re-financing
package to avoid slipping into administration.
Deportivo, league champions in 2000, have been targeted by the
tax authority with an embargo on their income. Local media have
reported in the past, Deportivo owed the government a figure of
around EUR34 million, according to Euro Sport.com.
"Deportivo . . . have started the negotiations that preface a
meeting with creditors and to reach an agreement on a re-
financing package," Mr. Lendoiro related in a news conference,
the report notes.
"The tax authority [has] embargoed practically all our income . .
. . The tax authority has received more than 20 million euros
from us in 2012. Deportivo have offered to pay the outstanding
debt over the next 10 years, if they lift the embargoes," the
report quoted Mr. Lendoiro as saying.
Euro Sport.com shares that the Spanish government said they were
owed EUR750 million in unpaid tax bills at the start of the year,
and reached an agreement with the football league (LFP) in April
to help speed up the settling of these debts with a tougher
stance, the report notes.
The report says that Spain's tax agency has collected
EUR329.9 million this year, with EUR305.1 million coming from
clubs in the first division, according to an agency briefing
note.
Euro Sport.com adds that some EUR130 million more is expected to
pour into the agency's coffers this year, around EUR55 million of
which is accounted for by embargoes placed on income from sources
including audiovisual rights, ticket sales and lottery.
===========
T U R K E Y
===========
FINANS FINANSAL: Moody's Lowers Issuer Rating to 'Ba3'
------------------------------------------------------
Moody's Investors Service has downgraded Finans Finansal Kiralama
A.S.'s (FinansLeasing) issuer rating to Ba3 from Ba1.
FinansLeasing is Finansbank's leading subsidiary. In addition,
following Moody's implementation of its revised global rating
methodology for finance companies, the rating agency has assigned
to FinansLeasing a b3 Baseline Credit Assessment (BCA) and a Ba3
corporate family rating (CFR). All ratings carry a negative
outlook.
The downgrade of the issuer rating reflects Moody's opinion that
the credit quality of parent banks and their subsidiaries are
typically linked and follows Moody's downgrade of Finansbank A.S.
on November 9, 2012. FinansLeasing and Finansbank are the Turkish
subsidiaries of National Bank of Greece, S.A. (NBG: Caa2/NP,
deposits, negative; BFSR E/BCA caa3, stable).
The rating action on FinansLeasing concludes Moody's review,
initiated on March 16, 2012 and extended on July 3, 2012.
Ratings Rationale
-- DOWNGRADE OF FOREIGN-CURRENCY ISSUER RATING OF FINANSLEASING
The downgrade of FinansLeasing's foreign-currency issuer rating
follows the downgrade of its direct domestic parent Finansbank
(Ba2, deposits, negative; BFSR E+/BCA b2, negative) and the
relatively low BCA assigned to FinansLeasing. FinansLeasing's
issuer rating incorporates three notches of rating uplift (due to
parental support from Finansbank) from its BCA. This reflects
Moody's view that there is a high probability of support from
FinansLeasing's direct domestic controlling shareholder,
Finansbank, in case of need (Finansbank owns 68.61% of
FinansLeasing).
The negative outlook on the issuer rating reflects the negative
outlook on its direct parent, Finansbank.
-- FINANSLEASING'S BASELINE CREDIT ASSESSMENT
FinansLeasing's b3 BCA captures the level of interconnectedness
between the overall risk profiles of FinansLeasing, Finansbank
and its ultimate parent NBG (the 94.81% owner of Finansbank and
31.39% owner of FinansLeasing). In particular, the BCA captures
the risk that any further deterioration of NBG's creditworthiness
and its operating environment could elevate the level of stress
within the group and ultimately present contagion risks to its
subsidiaries.
Moody's considers that subsidiaries are always likely to be
affected by changes in parents' creditworthiness. As of Q3 2012,
FinansLeasing remained highly reliant on intergroup funds, at 51%
of its balance sheet. Furthermore, its reliance on third-party
market funds -- at 10% of balance sheet as of Q3 2012 BRSA
results -- elevates the firm's susceptibility to market
volatility and confidence sensitivity, such that a potential
headline risk from NBG may have credit-negative implications for
the group.
The assigned BCA additionally captures the weak asset quality
with non-performing receivables to gross receivables at 11.2%,
the potential for volatility of the assets and cash flows of the
franchise, and the developing nature of the leasing sector in
Turkey.
The negative outlook on the standalone profile reflects the
negative outlook on its parents' ratings.
-- ASSIGNMENT OF CORPORATE FAMILY RATING
The assignment of the CFR follows Moody's implementation of its
revised global rating methodology for finance companies, which
stipulates the key operational, financial and environmental
factors Moody's considers when rating these companies. The CFRs
incorporate the affected finance companies' standalone credit
profiles, as well as any parental or affiliate support.
In contrast to these finance companies' issuer ratings, which
represent Moody's opinion of credit risk equivalent to the
companies' senior unsecured debt obligations, the CFRs represent
the rating agency's opinion of the companies' consolidated credit
risk, equivalent to the weighted average of all debt classes
within the companies' capital structure.
FinansLeasing's debt structure consist of senior unsecured
obligations, hence the similar seniority between the credit risk
indicated by its issuer rating and by its CFR.
What Could Move The Ratings Up/Down
Given the rating action and negative outlook on FinansLeasing's
ratings, an upgrade is unlikely in the short-term. However, the
ratings could benefit from (1) positive developments regarding
the ultimate parent's creditworthiness; and (2) further clarity
on the future ownership structure of Finansbank and FinansLeasing
itself.
The relevance of the latter stems from (1) NBG's stated intention
to reduce its current stake in Finansbank; (2) Moody's re-
assessment of the potential impact of a more diverse ownership
structure on FinansLeasing's intrinsic financial strength; and
(3) the potential for de-linkage from any potential adverse
consequences from NBG's weak creditworthiness.
A downgrade in FinansLeasing's ratings could be triggered by
adverse credit developments in the parent's credit assessment,
which could cause a deterioration of Finansbank's and
FinansLeasing's own intrinsic credit characteristics.
Principal Methodologies
The principal methodology used in these ratings was Finance
Company Global Rating Methodology, published in March 2012.
FINANSBANK AS: Moody's Cuts Local-Currency Deposit Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service has downgraded Finansbank AS's long-
term local-currency deposit and foreign-currency senior unsecured
debt ratings to Ba2 from Ba1, and confirmed the bank's Ba2
foreign-currency deposit rating. The rating action results from
Moody's lowering of Finansbank's standalone bank financial
strength rating (BFSR) to E+ (equivalent to a standalone credit
assessment of b2) from D+/ba1. All ratings carry a negative
outlook.
The lowering of Finansbank's standalone credit assessment
reflects Moody's opinion that the credit quality of parent banks
and their subsidiaries are typically linked. Finansbank is the
Turkish subsidiary of National Bank of Greece, S.A. (NBG:
Caa2/NP, negative; E/caa3 stable).
The actions on Finansbank conclude Moody's review initiated on 16
March 2012 and extended on July 3, 2012.
Ratings Rationale
-- DOWNGRADE OF DEBT RATING AND CONFIRMATION OF DEPOSIT RATINGS
Moody's downgrade of the local-currency deposit and foreign-
currency senior unsecured debt ratings to Ba2 from Ba1 follow the
downgrade of the bank's BFSR, mitigated by Moody's view that
there is a high probability of governmental support for
Finansbank, given its importance to the Turkish financial system
with a 4% market share of bank deposits. The high support
assumptions incorporated into the long-term ratings now provide
three notches of systemic (government) support uplift from the
bank's standalone credit assessment.
The confirmation of the Ba2 foreign-currency deposit rating
leaves that rating at the same level as Finansbank's local-
currency deposit rating and Turkey's Ba2 foreign-currency deposit
ceiling.
The negative outlook on these ratings reflects the negative
outlook on the bank's standalone credit assessment.
-- LOWERING OF FINANSBANK'S STANDALONE CREDIT ASSESSMENT
The reduction in Finansbank's BFSR to E+/b2 (from D+/ba1)
reflects Moody's assessment of the level of interconnectedness
between Finansbank's overall risk profile and that of its parent
NBG, and the risk that any further deterioration of NBG's
creditworthiness could elevate the level of stress within the
group and ultimately present contagion risks for Finansbank.
In reaching that judgment, Moody's has taken into account the
independence of Finansbank from its parent, given (1)
Finansbank's low dependence on funding from NBG, with financing
limited to 3% of its balance sheet in the form of Tier 2 capital;
(2) the low operational inter-linkages between Finansbank and
NBG, given Finansbank's purely domestic focus; and (3) the
regulatory environment in Turkey, which aims to ring-fence around
the domestic subsidiary.
Moody's has also taken into account Finansbank's satisfactory
performance over the recent years, despite credit pressures
stemming from the sharp deterioration in NBG's performance and
risk profile.
However, Moody's considers that the risk of contagion from parent
to subsidiary can never be wholly mitigated. Finansbank's
moderate reliance on market funds -- as demonstrated by a loan-
to-deposit ratio of 114% as per H1 2012 BRSA results -- leaves
its funding sensitive to market confidence which elevates its
susceptibility to market volatility should the credit standing of
its parent deteriorate further, with negative implications for
the group, including Finansbank. Moody's has reflected this view
by positioning Finansbank's standalone credit assessment four
notches above the level of NBG's standalone strength.
The negative outlook on the BFSR reflects the negative outlook on
the parent's ratings.
What Could Move The Ratings Up/Down
Given the rating action and negative outlook on Finansbank's
ratings, an upgrade is unlikely in the short-term. However, the
ratings could benefit from (1) positive developments regarding
the creditworthiness of Finansbank's current majority owner, NBG;
and (2) further clarity on the future ownership structure of
Finansbank.
The relevance of the latter stems from (1) NBG's stated intention
to reduce its current stake; (2) Moody's re-assessment of the
potential impact of a more diverse ownership structure on
Finansbank's intrinsic financial strength; and (3) the potential
for de-linkage from any possible adverse consequences from NBG's
weak creditworthiness.
A downgrade in Finansbank's ratings could be triggered by adverse
credit developments in the parent's credit assessment, which
could cause a deterioration of Finansbank's own intrinsic credit
characteristics. Moody's continues to believe that there is a
high probability of government support for Finansbank, in case of
need. As a result, in an event of a multi-notch lowering of
Finansbank's standalone assessment, Moody's would expect the
downwards pressure on the long-term deposit and debt ratings to
be more muted. A lower rating ceiling for foreign-currency
deposits would exert downwards pressure on Finansbank's foreign-
currency deposit rating.
Principal Methodologies
The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
===========================
U N I T E D K I N G D O M
===========================
JJB SPORTS: Owes GBP210 Million to Unsecured Creditors
------------------------------------------------------
Press Association reports that JJB Sports reportedly collapsed
leaving GBBP210 million owed to unsecured creditors.
JJB owed GBP10 million to sportswear group Adidas, while Nike and
Umbro were each owed GBP8 million, Press Association says, citing
a report filed by administrators at Companies House and seen by
the Mail on Sunday.
The Football Association of Wales was also a creditor and was
owed GBP600,000, Press Association notes. JJB Sports also owed
GBP110 million to other companies within the group, Press
Association states.
The group owed GBP45 million to banks, including Lloyds, part of
which will be repaid, Press Association discloses. However,
unsecured creditors are unlikely to get anything, Press
Association says.
Wigan-based JJB put itself up for sale in September after failing
to secure the funds needed to overhaul its stores, Press
Association relates.
About JJB Sports
JJB Sports plc -- http://www.jjbcorporate.co.uk/-- is a sports
retailer. JJB Sports is a multi-channel sports retailer
supplying branded sports and leisure clothing, footwear and
accessories. It operates out of over 185 stores across the
United Kingdom and Ireland with e-commerce offering.
On Oct. 1, 2012, administrators from KPMG were appointed to the
three companies which make up JJB Sports. Brian Green, David
Costley-Wood and Richard Fleming were appointed joint
administrators to JJB Group plc; Brian Green, David Costley-Wood
and Blair Nimmo were appointed to Blane Leisure Ltd and Brian
Green and David Costley-Wood were appointed to SSL Retail Ltd.
Following their appointment, the administrators completed an
agreement to sell part of the business to Sports Direct
International. Sports Direct has acquired 20 of JJB's stores,
all brands and domain names and all trademarks (excluding JJB),
securing around 550 jobs in the UK (including the staff at the
company's warehouse). Unfortunately the remaining 133 stores
were closed, resulting in approximately 2,200 redundancies. A
total of 167 employees have been retained to assist the
administrators.
PROUD2: Nightclub Owners Go Into Administration
-----------------------------------------------
Tina Hart at Music Week News reports that the Business of Music
related that the owner of Proud2, a nightclub situated within
London O2 Arena, has gone into administration following a
suspension of its license.
The Business of Music notes that the venue, formerly known as
Matter, had its license placed under a 28-day review by Greenwich
Council in September following a violent incident involving two
stabbings -- at the time of the review the owners said they were
expecting to open to the public following the hearing and
emphasized that they were not going into administration at that
time, according to Music Week News.
The report notes that the business of Music shares that Licenses
were restored at the beginning of October but no further events
were held at the venue.
Music week the Business of Music said that it has since been
reported that failure to renegotiate rental rates occurred before
an Insolvency Act notice was posted in the London Gazette by
Proud2 Limited (a joint venture between Proud Group and AEG Live)
on November 1, the report notes.
The report discloses that this leaves the future of the venue
uncertain in the wake of The O2 Arena being sold by its parent
company AEG.
SIENA MORTGAGES: Moody's Says Second Trigger to Loss Set at 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service stated that amendments to (i) the swap
agreement between SIENA MORTGAGES 2010 -7 (the "Issuer") and
Royal Bank of Scotland plc ("RBS" or the "Counterparty"), in
particular the lowering of the rating related triggers; and (ii)
amendments to the definition of Eligible Investments; will not in
and of themselves and at this time result in a reduction or
withdrawal of the current ratings of the notes issued by the
Issuer (the "Notes").
On June 21, 2012, Moody's announced the downgrade of the long
term senior debt rating of RBS to A3 (the "Downgrade"), which
triggered the obligation of the Counterparty to post collateral
in support of its obligations under the swap agreement. Following
the amendment to the Swap documentation, the first trigger level
is now set at loss of Baa1/P-2 from A2/P-1 and the second trigger
to loss of Ba3.
The amendments signed on Nov. 9 also include changes to the
definition of Eligible Investments: (i) deposits and securities
with a residual maturity not longer than 30 days with a rating of
Baa3/P-3; and (ii) securities with a residual maturity not longer
than 90 days and commercial paper with a rating of Baa2/P-2; now
qualify as Eligible Investments.
In determining the impact of these amendments on the current
Moody's ratings of the Notes, Moody's assessed, among other
factors: (i) the highest current rating on the Notes which is A2
(sf); (ii) the credit quality of the Swap Counterparty; and (iii)
the degree of compliance with Moody's criteria.
Moody's noted that on July 2,2012, it released two Requests for
Comments, in which the rating agency has requested market
feedback on potential changes to its rating implementation
guidance for its "Approach to Assessing Linkage to Swap
Counterparties in Structured Finance Cashflow Transactions" and
"The Temporary Use of Cash in Structured Finance Transactions:
Eligible Investment and Bank Guidelines". If the revised rating
implementation guidance are implemented as proposed, the rating
on the Notes should not be negatively affected. Please refer to
Moody's Request for Comment, entitled "Approach to Assessing
Linkage to Swap Counterparties in Structured Finance Cashflow
Transactions: Request for Comment" and "The Temporary Use of Cash
in Structured Finance Transactions: Eligible Investment and Bank
Guidelines" for further details regarding the implications of the
proposed methodology changes on Moody's ratings.
On August 21, 2012, Moody's released a Request for Comment
seeking market feedback on proposed adjustments to its modelling
assumptions. These adjustments are designed to account for the
impact of rapid and significant country credit deterioration on
structured finance transactions. If the adjusted approach is
implemented as proposed, the rating of the notes affected by the
rating action may be negatively affected.
The principal methodology used in this rating was Moody's
Approach to Rating RMBS in Europe, Middle East, and Africa
published in June 2012.
No cash flow analysis or stress scenarios have been conducted as
the amendments have not had an impact on the cash flow analysis
conducted at closing
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
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CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
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S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
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SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
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SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
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SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
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TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
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PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
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CKD PRAHA HLDG CDP EX -89435858.16 192305153
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SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
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SCANDINAVIAN BRA SBS1EUR EO -17139908.33 134988548.1
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SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
SCANDINAVIAN BRA SBSC IX -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 EU -17139908.33 134988548.1
SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
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PRIDE FORAMER SA 271904Z FP -25977905.48 1062588005
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GREECE
------
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IRELAND
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ICELAND
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AVION GROUP B1Q GR -223780368 2277882368
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ITALY
-----
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JERSEY
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LUXEMBOURG
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NETHERLANDS
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NORWAY
------
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POLAND
------
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KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO BES EO -208568793.8 658498551.2
NYESA VALORES CO 7NY GR -208568793.8 658498551.2
NYESA VALORES CO BES SM -208568793.8 658498551.2
NYESA VALORES CO BES EU -208568793.8 658498551.2
NYESA VALORES CO BES TQ -208568793.8 658498551.2
PANRICO SAU 1087Z SM -372238069.5 1219319614
PULLMANTUR SA 301590Z SM -74071248.87 168349823.1
RANDSTAD EMPLEO 4285885Z SM -27469291.1 318454508.5
REAL ZARAGOZA SA 4285533Z SM -5769281.747 168572641.9
RENTA CORP REN1USD EO -40378516.38 216503337.5
RENTA CORP REN SM -40378516.38 216503337.5
RENTA CORP REN1 TQ -40378516.38 216503337.5
RENTA CORP REN1USD EU -40378516.38 216503337.5
RENTA CORP RENS PZ -40378516.38 216503337.5
RENTA CORP REN1 EU -40378516.38 216503337.5
RENTA CORP REN1 EO -40378516.38 216503337.5
RENTA CORP REN1GBX EU -40378516.38 216503337.5
RENTA CORP RTACF US -40378516.38 216503337.5
RENTA CORP REN1GBX EO -40378516.38 216503337.5
RENTA CORP REN1GBP EO -40378516.38 216503337.5
RENTA CORP REAL REN/D SM -40378516.38 216503337.5
RESIDENCIAL MARL 4498347Z SM -8851230.872 106007591.2
REYAL URBIS SA REY1 EU -1160391779 4576859229
REYAL URBIS SA REYU PZ -1160391779 4576859229
REYAL URBIS SA REY SM -1160391779 4576859229
REYAL URBIS SA REY1 IX -1160391779 4576859229
REYAL URBIS SA REY1 EO -1160391779 4576859229
REYAL URBIS SA REY EB -1160391779 4576859229
SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
SEDESA OBRAS Y S 4285693Z SM -33624032.31 180977629
SHELL ESPANA SA 4514247Z SM -62380994.38 292408739.1
SPANAIR 1174Z SM -224915085.6 350111493.1
SUZLON WIND ENER 3809140Z SM -2806837.606 127085865.7
TELEVISION AUTON 3772924Z SM -114641099.5 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225.3 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
URBANIZADORA SEV 4286693Z SM -10314851.8 487333641
VIA OPERADOR PET 4510507Z SM -19240934.52 114265353.9
XFERA MOVILE SA 1236Z SM -93151786.57 1220956633
SWEDEN
------
ATTENDO AB 4452873Z SS -58148252.61 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
NOBINA 1099Z SS -302162.7367 854969434.4
PANAXIA AB PAXA EO -13977223.06 102375741.8
PANAXIA AB PAXAEUR EO -13977223.06 102375741.8
PANAXIA AB PAXA PZ -13977223.06 102375741.8
PANAXIA AB PAXA EU -13977223.06 102375741.8
PANAXIA AB PAXA BY -13977223.06 102375741.8
PANAXIA AB PAXAEUR EU -13977223.06 102375741.8
PANAXIA AB PAXA SS -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT BY -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR BY -13977223.06 102375741.8
PANAXIA-NEW 8292193Q SS -13977223.06 102375741.8
PANAXIA-RTS 8292189Q SS -13977223.06 102375741.8
SWEDISH MA-RE RT SWMASR SS -267565377.7 2184130566
SWEDISH MAT-ADR 3053566Q US -267565377.7 2184130566
SWEDISH MAT-ADR SWMA GR -267565377.7 2184130566
SWEDISH MATCH SWD LI -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAF US -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA BY -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA NR -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA IX -267565377.7 2184130566
SWEDISH MATCH AB SWM TH -267565377.7 2184130566
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STV GROUP PLC STVGGBP EO -44693985.16 126240905.5
STV GROUP PLC STVG S1 -44693985.16 126240905.5
STV GROUP PLC SMGPF US -44693985.16 126240905.5
STV GROUP PLC STVGEUR EO -44693985.16 126240905.5
STV GROUP PLC STVG EU -44693985.16 126240905.5
STV GROUP PLC STVG LN -44693985.16 126240905.5
STV GROUP PLC SMG PZ -44693985.16 126240905.5
STV GROUP PLC SMG IX -44693985.16 126240905.5
SUN CHEMICAL LTD 2569274Z LN -21504458.55 276424178.5
SUNDERLAND ASSOC 1274418Z LN -30559441.44 144949782.5
SUNSAIL LTD 1092666Z LN -37047891.81 193976501.7
SUNSEEKER INTERN 820741Z LN -7756394.619 227371284.6
SWIFT TECHNICAL 4287133Z LN -34723772.77 138665319.9
TATA CMMNCTNS UK 2534722Z LN -43763935.47 114567535.7
TDL INFOMEDIA 3362Z LN -25723860.05 136762955.6
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COM-ADR TWT$ LN -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 1646328Z LN -287113015.3 868389208
TELEWEST COMMUNI 1608194Z LN -113079709.6 9113744374
THALES CORPORATE 1083706Z LN -65658884.46 829798983.7
THALES RAIL SIGN 2812334Z LN -29298137.36 106623580
THALES TELECOMMU 1163839Z LN -5826263.267 245379695.8
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIMES NEWSPAPERS 2343939Z LN -719564696.3 649314828.6
TOPPS TILES PLC TPT8 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJY US -36503224.29 140534295.2
TOPPS TILES PLC TPT EU -36503224.29 140534295.2
TOPPS TILES PLC TPT BQ -36503224.29 140534295.2
TOPPS TILES PLC TPT10 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT2 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT1 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2
TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
TOPPS TILES PLC TPT VX -36503224.29 140534295.2
TOPPS TILES PLC TPT7 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EO -36503224.29 140534295.2
TOPPS TILES PLC TPT5 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT3 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT IX -36503224.29 140534295.2
TOPPS TILES PLC TPT EO -36503224.29 140534295.2
TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT S1 -36503224.29 140534295.2
TOPPS TILES PLC TPT TQ -36503224.29 140534295.2
TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.82 120867289.2
UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7
VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
VIRGIN MOBILE VMOB PO -392165409.3 166070003.7
VIRGIN MOBILE VMOB VX -392165409.3 166070003.7
VIRGIN MOBILE UEM GR -392165409.3 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
WARNER ESTATE WNER PZ -80276070.4 344291592.8
WARNER ESTATE WNEHF US -80276070.4 344291592.8
WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
WARNER ESTATE WNERGBP EO -80276070.4 344291592.8
WARNER ESTATE WNER PO -80276070.4 344291592.8
WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 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 * * *