/raid1/www/Hosts/bankrupt/TCREUR_Public/130205.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, February 5, 2013, Vol. 14, No. 25
Headlines
A Z E R B A I J A N
ACCESSBANK: Fitch Affirms 'BB+' Long-Term Issuer Default Rating
B U L G A R I A
BDZ HOLDING: Five Banks Demand Bankruptcy Over EUR120-Mil. Loan
C R O A T I A
HRVATSKA BANKA: Moody's Cuts Long-Term Issuer Rating to 'Ba1'
HRVATSKA ELEKTROPRIVREDA: 'Ba2' CFR on Moody's Downgrade Watch
* CROATIA: Poor Growth Prompts Moody's to Cut Bond Rating to Ba1
* CITY OF ZAGREB: Moody's Downgrades Issuer Rating to 'Ba1'
C Y P R U S
BANK OF CYPRUS: Fitch Lowers Rating on Covered Bonds to 'B'
E S T O N I A
* ESTONIA: Corporate Bankruptcies Down to 166 in 2012
I R E L A N D
BLACKTIE: Owes EUR2.8 Million at Time of Liquidation
I T A L Y
BANCA MONTE: Fitch Puts 'b' Viability Rating on Watch Negative
SAFIN CINEMATOGRAFICA: Owner Gets Sentence in Criminal Bankruptcy
N E T H E R L A N D S
ADAGIO CLO I: Moody's Hikes Rating on EUR14.55MM Notes to 'Ba3'
P O L A N D
CENTRAL EUROPEAN: Annual General Meeting Set for March 26
LOT POLISH: Treasury Minister Faces Ultimatum on Restructuring
R O M A N I A
SOMES: Declared Insolvent by Cluj Court
R U S S I A
ALFASTRAKHOVANIE PLC: Fitch Alters IFS Rating Outlook to Positive
COMMERCIAL BANK: Moody's Rates US$1.5 Billion Notes '(P)B3'
S P A I N
DEXIA SABADELL: Moody's Affirms 'B2' Rating; Outlook Negative
U N I T E D K I N G D O M
BASE CLO I: Moody's Lifts Rating on EUR14MM Cl. E Notes to 'B1'
DECO 8: Moody's Lowers Ratings on Two Note Classes to 'C'
HERBERT BAGGALEY: In Administration
HMV GROUP: Administrator Attempts to Buy Stock at Low Prices
HOI POLLOI: In Administration, Becomes Victim of Economy
MF GLOBAL: Accord Between SIPA Trustee & UK Unit Approved
SCOTPIGS: KPMG Completes Liquidation After Nine Years
SEYMOUR PIERCE: In Rescue Talks with Two Investors
SOUTH LONDON: Faces Dissolution; A&E Dep't. Gets Partial Reprieve
THINK-TANK: In Administration With GBP550,000 Hole
TIFFEN DEVELOPMENTS: Goes Into Administration
VISTEON UK: Court Consolidates Suits Over $550M Visteon Pensions
* UK: England & Wales Administration Figures Up 6% in 4Q 2012
* UK: Prudential, Aviva, L&G Most Exposed to Reform, Fitch Says
* UK: Fitch Says IRHP Mis-selling to Hit Banks' Net Earnings
* UK: Moody's Notes Lower Credit Competition Risk in Water Sector
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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A Z E R B A I J A N
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ACCESSBANK: Fitch Affirms 'BB+' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed AccessBank's Long-term foreign
currency Issuer Default Rating (IDR) at 'BB+'. The Outlook is
Stable.
RATING ACTION RATIONALE AND DRIVERS: IDR AND SUPPORT RATING
The affirmation of AB's IDRs and Support Rating reflects Fitch's
view of the moderate probability of support available from its
international financial institution (IFI) shareholders, in
particular KfW ('AAA'/Stable; 20% stake), the European Bank for
Reconstruction and Development (EBRD; 'AAA'/Stable; 20%) and the
International Finance Corporation (IFC; 20%). At the same time,
Fitch notes some uncertainty in respect to timely support always
being provided if needed, given the fragmented nature of the
shareholder structure; the limited strategic importance of the
bank for its IFI owners and their intention to gradually decrease
their stakes in the bank in the medium-term. For these reasons,
AB's Support Rating was affirmed at '3', and the Long-term IDR at
'BB+'.
RATING SENSITIVITIES: IDR AND SUPPORT RATING
A marked weakening of support propensity, as assessed by Fitch,
would result in AB's IDR being downgraded, as would a multi-notch
downgrade of Azerbaijan ('BBB-'/Stable). However, neither
scenario is currently anticipated by the agency. Upside potential
for AB's ratings is limited in the foreseeable future.
RATING ACTION RATIONALE: VIABILITY RATING
AB's Viability Rating (VR) of 'b+' is constrained by the
potential cyclicality of AB's performance and asset quality
stemming from the highly volatile, structurally weak and oil-
dependent Azerbaijan economy. Fitch believes that a marked and
prolonged downturn in the economy could be particularly
challenging for AB's SME borrowers. AB's significant reliance on
wholesale funding is also credit negative.
On the positive side, AB's VR reflects its solid bottom line
results, a healthy liquidity profile underpinned by the fast
amortizing and relatively liquid loan book, solid asset quality
and performance to date, and significant loss absorption
capacity.
RATING DRIVERS: VR
AB's asset quality indicators remain favorable: loans 90 days
overdue equaled only 0.7% of the end-2012 loan book, while
restructured loans and write offs added a further 0.6% and 0.5%,
respectively. Fitch notes that the average non-performing loan
(NPL) ratio for the SME segment in Azerbaijan is closer to 10%
and questions the longer-term sustainability of AB's solid asset
quality metrics. The poor quality of financial information on
AB's SME borrowers requires tight control of asset quality, which
is more challenging with portfolio growth, while the ability to
cherry-pick the best borrowers is narrowing as competition in the
segment intensifies.
As a mitigating factor, a significant margin of safety exists in
the form of the bank's capital cushion (at end-2012, AB's capital
buffer was sufficient to withstand a maximum 14% of credit
losses), pre-impairment profitability (equal to a further 6% of
loans), existing comfortable reserve coverage (4%) and reasonable
de-leveraging capacity. However, Fitch expresses concerns that
the bank has never been tested through a deep and lengthy
recession, notwithstanding the positive track record during the
Q408-Q109 crisis.
Fitch expresses concerns over AB's significant reliance on
wholesale funding (above 55% of end-2012 liabilities, including
17% attracted directly from the shareholders), but is satisfied
that it is well diversified by lender and by maturity with
moderate US$60 million refinancing needs for 2013. The latter was
1.1x covered by the liquidity buffer at end-2012.
AB's internal capital generation capacity remains solid (ROAE and
ROAA for 2012 were a high 3.5% and 17%, respectively) but is
likely to reduce somewhat in the near term, as competition
increases and AB intends to pay dividends equal to roughly 40% of
its annual profits starting from 2012. However, retained earnings
should still be sufficient to maintain the regulatory capital
ratio (24.8% at end-2012) considerably above the regulatory
minimum (12%), given the targeted 20% loan growth.
RATING SENSITIVITIES: VR
Downside pressure on AB's ratings could arise if capital is
substantially eroded, for example as a result of sharp asset
quality deterioration driven by a marked weakening of the
Azerbaijan economy, for example in case of a much lower oil
price.
Near-term upside potential for AB's ratings is limited and would
probably require notable improvements in the operating
environment. However, an extended track record of sound
performance and gradual reduction of dependence on wholesale
funding would be credit positive.
The rating actions are:
-- Long-term IDR: affirmed at 'BB+'; Outlook Stable
-- Short-term IDR: affirmed at 'B'
-- Viability Rating: affirmed at 'b+'
-- Support Rating: affirmed at '3'
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B U L G A R I A
===============
BDZ HOLDING: Five Banks Demand Bankruptcy Over EUR120-Mil. Loan
---------------------------------------------------------------
FOCUS News Agency, citing Trud daily, reports that five banks
demanded that BDZ Holding declares bankruptcy because the company
has an outstanding loan worth EUR120 million. They filed the
demands with the London Arbitrary Court, the news source relates.
The outstanding loan was negotiated with a banking syndicate,
including four foreign banks and one Bulgarian bank, FOCUS News
says. These are French BNP Paribas and Societe Generale,
Austrian Kreditanstalt, and Belgian Dexia, the report discloses.
Bulgarian First Investment Bank (Fibank) granted 15% of the loan,
according to the report.
Fibank applied to take part in a privatization procedure of BDZ
Freight Services, which is expected to be completed in March
2013, FOCUS News relates. Experts in the railway transport
sector speculated on the bank's motives to take part in the bid,
the report notes. According to FOCUS News, railway sector
experts said that the state will hardly earn a huge profit from
the sale of BDZ Freight Services.
Established in 1885, The Bulgarian State Railways, commonly known
as BDZ, is Bulgaria's state railway company and the largest
railway carrier in the country. The company's headquarters is
located in the capital Sofia.
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C R O A T I A
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HRVATSKA BANKA: Moody's Cuts Long-Term Issuer Rating to 'Ba1'
-------------------------------------------------------------
Moody's Investors Service downgraded the long-term foreign-
currency issuer rating of the Croatian Bank for Reconstruction
and Development (known as Hrvatska banka za obnovu i razvitak or
HBOR) to Ba1, from Baa3. Similarly, Moody's downgraded the
provisional (P) rating on HBOR's backed senior unsecured medium-
term note program to (P)Ba1 from (P)Baa3. All ratings of HBOR,
which is a government-owned development bank, now carry a stable
outlook.
The rating actions were prompted by the weakening of the Croatian
government's credit profile, as captured by Moody's recent
downgrade of Croatia's government bond rating to Ba1 (stable),
from Baa3 (negative), on February 1, 2013.
HBOR's standalone financial strength, as measured by its
standalone credit assessment of ba2, remains unaffected and was
not a driver of this rating action.
Ratings Rationale:
The action on the issuer and debt ratings of HBOR reflects the
reduced ability of the government to provide support to HBOR, as
indicated by the downgrade of Croatia's sovereign ratings to Ba1,
from Baa3.
HBOR's Ba1 issuer and debt ratings continue to incorporate
Moody's assumption of a very high probability of support from the
government, leading to uplift from HBOR's standalone credit
assessment to the level of Croatia's local-currency bond rating.
Moody's considers that the Croatian government remains committed
to supporting HBOR in case of need, taking into account: (1)
HBOR's development mandate and strategic importance in terms of
policy implementation; (2) its full government ownership with no
intention to privatize; and (3) the fact that the bank's
obligations benefit from an explicit, irrevocable state
guarantee.
Moody's says that the stable outlook assigned to HBOR's issuer
and bond ratings reflects the corresponding stable outlook
assigned to Croatia's local-currency sovereign bond rating.
What could move the ratings up/down
As HBOR's obligations benefit from an explicit, irrevocable state
guarantee, its issuer and senior unsecured debt ratings would
move up or down in tandem with any upgrade or downgrade of
Croatia's local-currency bond rating. Further deterioration in
domestic credit conditions or a significant build-up of asset-
quality pressures could exert downwards pressure on the bank's
standalone credit assessment.
Headquartered in Zagreb, Croatia, Croatian Bank for
Reconstruction and Development had total assets of HRH25.1
billion (US$4.4 billion), under unaudited IFRS, as at September
2012.
The methodologies used in this rating were Moody's Consolidated
Global Bank Rating Methodology published in June 2012, and
Government-Related Issuers: Methodology Update published in July
2010.
HRVATSKA ELEKTROPRIVREDA: 'Ba2' CFR on Moody's Downgrade Watch
--------------------------------------------------------------
Moody's Investors Service placed on review for downgrade the Ba2
corporate family rating, senior unsecured debt rating, and Ba2-PD
probability of default rating of Hrvatska Elektroprivreda d.d.
Ratings Rationale:
"The review follows the downgrade of the Government of Croatia's
long-term rating to Ba1 stable outlook from Baa3 negative outlook
and will reassess the value of government support embedded within
HEP's rating given the government's weaker credit quality," says
Nicholas Stevens, Moody's lead analyst for HEP. "At the same
time, Moody's will consider HEP's standalone credit profile in
light of financial market developments in Croatia, the company's
evolving liquidity profile, and its sizeable investment program,"
adds Mr. Stevens.
Given its 100% ownership by the Government of Croatia, HEP falls
within the scope of Moody's rating methodology for government-
related issuers (GRIs). In accordance with the methodology, HEP's
Ba2 ratings currently incorporate a two-notch uplift for
potential government support to its standalone credit quality,
the latter expressed as a baseline credit assessment (BCA) of b1.
HEP has historically benefited from its relationship with the
government, which has bolstered the company's ability to access
the debt market on an ad-hoc basis, and Moody's notes that its
next significant maturity is a HRK500 million (EUR66 million)
bond in Q4 2013. Given the continued adverse economic environment
in Croatia and Europe in general, HEP may be challenged to raise
the substantial amount of new debt that it needs to fund its
upcoming debt maturities and investments.
What Could Change The Rating Up/Down
The review will consider the extent to which HEP has been able to
mitigate or address (1) its weak operating performance in 2011
and H1 2012; (2) the covenant waivers required on some of its
debt obligations during 2012; and (3) its enduring liquidity
strategy in light of the volatile operating environment.
Moody's currently considers it likely that any potential
downgrade of HEP's rating will be limited to one notch.
The principal methodologies used in rating HEP were Moody's
"Regulated Electric and Gas Utilities" rating methodology,
published in August, 2009, and "The Application of Joint Default
Analysis to Government Related Issuers", updated in July 2010.
Headquartered in Zagreb, Croatia, HEP generated 12.7 terawatt
hours (TWh) of electricity and EUR1.8 billion in revenues in the
year ended December 2011. HEP is 100% owned by the Government of
Croatia.
* CROATIA: Poor Growth Prompts Moody's to Cut Bond Rating to Ba1
----------------------------------------------------------------
Moody's Investors Service downgraded Croatia's government bond
rating to Ba1 from Baa3. Moody's has also changed the outlook to
stable from negative.
The rating action was prompted by the following factors:
(1) The absence of an economic recovery in Croatia and Moody's
expectation that the situation is unlikely to improve
significantly as growth is structurally constrained;
(2) Insufficient fiscal consolidation, which will remain
restricted in the medium term by the government's lack of
fiscal flexibility and the challenging economic environment;
and
(3) Croatia's external vulnerability indicators and government
financial metrics that compare unfavorably with countries
rated Baa3.
Moody's has assigned a stable outlook to Croatia's government
bond rating as the risk that the government's fiscal position and
debt will materially deteriorate any further is limited.
Rating Rationale:
The first factor behind Moody's decision to downgrade Croatia's
government bond rating to Ba1 is the country's poor growth
prospects given the structural challenges of its economy. After
registering four years of sluggish growth or recession (CAGR -
1.7% 2008-12 in real terms), the Croatian economy continues to
lack new sources of growth. Its economic model -- which has
historically relied heavily on private consumption and
construction fueled by external credit -- is impaired, while
bottlenecks to investment and export-led growth persist.
In particular, the rating agency notes that the government's
capacity to re-balance the economy toward exports is
intrinsically limited by (1) the lack of productive investments
prior to the crisis; (2) a business environment that is less
attractive than its regional peers (as illustrated by the World
Bank's Ease of Doing Business Indicators); (3) an oversized and
dated public sector; and (4) the lack of labor flexibility.
Demand for Croatia's exports is unlikely to resume in line with
Moody's economic forecast for the EU.
Moody's says that the country's expected forthcoming EU accession
in July 2013 is a positive development; however, the European
economic environment and the government's reform inertia are
likely to limit the benefits normally expected to arise from EU
accession (see "Croatia: Reform Inertia Constrains Growth,
Limiting EU Accession Benefits"). In particular, Moody's notes
that the authorities' ability to absorb EU funds is limited, and
that the fiscal space for co-financing is, for now, almost non-
existent.
The second driver underpinning the downgrade are the headwinds to
fiscal consolidation, namely the unfavorable economic environment
and the government's lack of fiscal flexibility alongside a
relatively high debt level (54% of GDP as of year-end 2012).
Moody's notes that the Croatian budget is structurally
constrained by (1) the high level of compulsory contributions
(taxes and social security contributions represent around a third
of the GDP), and the need to boost the economy's competitiveness;
(2) increasing interest costs; and (3) extensive support through
subsidies to some non-profitable sectors, such as the shipyards.
In this context, Moody's sees Croatia's efforts at consolidating
its public finances -- including through improvements in tax
collection efficiency and cuts in capital expenditure -- as
insufficient to ensure a reversal in debt ratio in the medium
term.
The third driver informing Moody's decision to downgrade the
rating is the weakness of its credit metrics relative to those of
its peers, particularly its external vulnerability and fiscal
position. Although the country's current account deficit has
narrowed significantly as a result of the economic recession, its
external debt (at around 95% of GDP) and Moody's External
Vulnerability Indicator (at 215%, or 140% excluding intra-group
operations) are well above the median for the Baa3 rating
category. The government's fiscal metrics are also weaker, with
general government debt exceeding those of Baa3-rated countries
(38% of GDP in 2012), and close to that of Ba1 rated countries
(58% of GDP in 2012).
Rationale For Stable Outlook
Moody's has assigned a stable outlook to Croatia's government
bond rating, as the risk that the government's fiscal position
and debt will materially deteriorate any further is limited.
Moody's anticipates the economic environment to remain sluggish
and for the deficit to slowly and gradually reduce, although
government debt is likely to continue to increase.
What Could Change The Rating Down/Up
A robust economic recovery coupled with sustained reductions in
government debt levels would exert upwards pressure on the
rating. Conversely, a further deterioration in the economic
environment resulting in sharp increases in debt levels and/or
higher risks stemming from the country's external vulnerabilities
could exert downward pressure on the rating.
Country Ceilings
Moody's has revised both country ceilings for local-currency debt
and deposits to A3 from respectively Aa1 and A1 previously. The
ceilings for long-term and short-term foreign-currency bonds have
also been reassessed to Baa1 and P-2 from respectively A1 and P-1
previously. Finally, the ceiling for foreign-currency deposits
was downgraded to Ba2 form Ba1.
Moody's Local Currency Country Risk Ceilings determine the
maximum credit rating achievable in local currency for a debt
issuer domiciled in that country or for a structured note whose
cash flows are generated from domestic assets or residents.
Moody's foreign-currency country ceilings generally set the
highest rating possible in a given country by denoting the risk
that a government would interfere with a domiciled debtor's
repayment of its foreign-currency-denominated bonds (the Foreign
Currency Bond Ceiling) and deposits (the Foreign Currency Deposit
Ceiling).
The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.
* CITY OF ZAGREB: Moody's Downgrades Issuer Rating to 'Ba1'
-----------------------------------------------------------
Moody's investors Service downgraded the City of Zagreb's issuer
rating to Ba1 from Baa3; the rating outlook remains negative.
The rating action follows Moody's recent decision to downgrade
the sovereign bond rating of Croatia to Ba1 stable from Baa3
negative.
Ratings Rationale:
Moody's action on the City of Zagreb reflects the close financial
and operational linkages between the state and local governments
in Croatia. Zagreb is highly dependent on intergovernmental
revenues in a form of shared taxes and central government
transfers, representing around 70% of operating revenues in the
past few years. In addition Zagreb's wealthy status among
Croatian cities exposes the city to adverse decisions from
central government either aimed at redistributing resources to
other cities or to contribute achieving fiscal consolidation. The
country's weak growth prospect is expected to impair the city's
revenue base and its tax proceeds in particular. The limited
flexibility over the revenue and expenditure is likely to
translate into increased budgetary tensions and tight liquidity
positions in 2013.
The negative outlook on the city reflects the pressures stemming
from its 100% owned company Zagrebacki Holding D.O.O..
Zagreb's rating is underpinned by (i) its solid gross operating
balance, averaging 18.5% of operating revenue in the last four
years; (ii) balanced financial performance; and (iii) very low
direct debt burden accounted for only 8.4% of operating revenue
in 2011. At the same time the rating is constrained by (i) the
city's significant indirect debt exposure almost entirely
represented by either city-guaranteed or unsecured debt of
Zagrebacki Holding; (ii) weak liquidity position, at 1% of
operating revenue (average monthly balance in 2012); and (iii)
the exposure of Zagreb's revenue base to Croatia's financial and
economic situation.
What Could Change The Ratings Up/Down
Any positive change of the sovereign rating could determine
upward pressure on the City of Zagreb, only if associated with a
significant improvement in the city's liquidity position combined
with sustained decrease in net direct and indirect debt.
Any deterioration of Croatia's rating will determine a downward
change of Zagreb's rating. Further downward pressure could be
also exerted by an overall growth in the debt exposure.
As the capital of Croatia, Zagreb is the country's political,
economic and cultural center, and major transportation hub. The
city accounts for 18% of the country's population and has the
strongest regional economy in the country with GDP per capita
almost double of the national average. It contributes almost one-
third of national GDP and around half of Croatia's export. The
city's diversified economy and its surrounding areas also attract
a large portion of the country's foreign direct investment.
The methodology used in this rating was Regional and Local
Governments, published in January 2013.
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C Y P R U S
===========
BANK OF CYPRUS: Fitch Lowers Rating on Covered Bonds to 'B'
-----------------------------------------------------------
Fitch Ratings has downgraded Bank of Cyprus' (BoC; 'B'/Negative)
and Cyprus Popular Bank's (CPB; 'B'/Negative) Cypriot covered
bonds, as follows:
-- BoC covered bonds (Greek cover pool): downgraded to 'B' from
'BB-'; Outlook Negative
-- BoC covered bonds (Cypriot cover pool): downgraded to 'B+'
from 'BB'; Outlook Negative
-- CPB covered bonds (Programme I): downgraded to 'B' from
'BB-'; Outlook Negative
-- CPB covered bonds (Programme II): downgraded to 'B+' from
'BB'; Outlook Negative
The rating actions follow Fitch's downgrade of Cyprus on
Jan. 25, 2013 and the subsequent rating actions on the issuing
institutions.
BoC (Greek pool) and CPB (Programme I) are secured by Greek
residential mortgages, while BoC (Cypriot pool) and CPB
(Programme II) are secured by Cypriot residential mortgages. The
four programs represent EUR4.55 billion of aggregated rated debt.
In line with Fitch's covered bonds rating methodology, the banks'
Long-term Issuer Default Ratings (IDR) constitute a floor for the
rating of the covered bonds. At the same time, Greece's Country
Ceiling ('B-') applies to programs secured by Greek assets. As
such, the Cypriot covered bonds issued by BoC and CPB and secured
by Greek residential mortgage loans have been downgraded to the
banks' IDRs of 'B'/Negative, and no uplift for recoveries given
default can be granted.
Fitch's unchanged Discontinuity Caps of 0 (full discontinuity)
for the programs containing Cypriot assets continues to reflect
the country's highly stressed economic environment as evidenced
by Cyprus's non-investment grade rating. As a result, the ratings
of the BoC (Cypriot Pool) and CPB (Programme II) covered bonds
can only exceed the IDRs of the corresponding issuers depending
on stressed recoveries from the cover pool in the event of a
default.
A one-notch uplift has been applied to the ratings of BoC's
(Cypriot Pool) covered bonds based on the issuer's unchanged
committed asset percentage level of 90%. For CPB (Programme II),
Fitch relies on the minimum level of overcollateralization (OC)
required by the Cypriot covered bond law (5%) to grant a one-
notch recovery uplift. As such, the ratings of the covered bonds
issued under both programs have been downgraded to 'B+'; Outlook
Negative. The Fitch breakeven OC corresponding to each program's
rating is equal to the minimum level of 5% required by the
Cypriot covered bonds law.
All else being equal, a downgrade of BoC or CPB's IDR will lead
to an equivalent downgrade on their covered bonds, therefore the
Negative Outlook on the covered bonds reflects that on the banks'
IDRs.
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E S T O N I A
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* ESTONIA: Corporate Bankruptcies Down to 166 in 2012
-----------------------------------------------------
Ott Ummelas at Bloomberg News reports that Justice Minister Hanno
Pevkur said Estonia's business environment improved last year as
the number of bankruptcies declined and more new companies were
formed last year.
According to Bloomberg, Mr. Pevkur, the former minister for
social affairs, citing preliminary data, on Thursday revealed
that the number of bankruptcies fell to 166 last year, compared
with 546 in 2009 and 492 in 2010.
Mr. Pevkur said 19,203 new businesses were registered in Estonia
last year, up 8.5% from 2011, helped by legal changes allowing to
start a private company without an initial share capital
contribution upon registration, Bloomberg relates.
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I R E L A N D
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BLACKTIE: Owes EUR2.8 Million at Time of Liquidation
----------------------------------------------------
Donal O'Donovan and Colm Kelpie at Irish Independent report that
Blacktie had debts of EUR2.8 million and assets of EUR400,000
when it collapsed into liquidation on Friday.
According to Irish Independent, liquidator Gerard Murray --
gmurray@gmadvisors.eu -- tries to attract a new buyer by keeping
the business operating for as long as possible.
At least two expressions of interest from trade buyers have
already come in, boosting prospects that some of the 40 jobs can
be saved, Irish Independent discloses. However, three or four
shops are probably not viable and will close anyway, Irish
Independent notes. According to Irish Independent, the
liquidator said that if no buyer is found, the business will be
shut and its assets will be sold off.
Mr. Murray was appointed as liquidator at a well-attended
creditors meeting in Dublin, Irish Independent relates. He said
that debts of EUR2.8 million and assets valued at EUR400,000 mean
that unsecured creditors are likely to get nothing even if the
remaining business is sold, Irish Independent notes.
Dragons Den's star Niall O'Farrell is the biggest creditor of the
bust chain, after supporting the business with loans before it
went into liquidation, Irish Independent says. Local
authorities, the bank and the Revenue are the other main
creditors, Irish Independent discloses. He told the Irish
Independent that the liquidator plans to keep the formal-wear
chain trading over the coming weeks in order to boost the chances
of a sale.
Blacktie is an Irish tux-hire business. The chain has 11 formal-
wear outlets.
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I T A L Y
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BANCA MONTE: Fitch Puts 'b' Viability Rating on Watch Negative
--------------------------------------------------------------
Fitch Ratings has affirmed Banca Monte dei Paschi di Siena's
Long-term Issuer Default Rating (IDR) and Short-term IDR at 'BBB'
and 'F3', respectively. The Outlook on the Long-term IDR is
Stable. The bank's 'b' Viability Rating (VR) has been placed on
Rating Watch Negative (RWN), while its Support Rating has been
affirmed at '2' and the Support Rating Floor (SRF) at 'BBB'.
MPS's subsidiary Banca Antonveneta's ratings were also affirmed.
Rating Action Rationale
The affirmation of MPS's IDRs, Support Rating and SRF reflects
Fitch's view that there is a high probability that the Italian
authorities will provide continued support to MPS. MPS is Italy's
third-largest banking group with a significant market share in
customer deposits and lending. Evidence of support is strong as
the authorities are currently supporting the bank through an
undertaking to provide about EUR4 billion of capital in the form
of hybrid instruments. The new hybrid instruments that the bank
is expected to issue include an option for the bank for
conversion into common shares, which underpins Fitch's view that
the authorities would provide ongoing support to the bank.
On January 25, 2013, the bank's shareholders authorized a capital
increase of up to EUR6.5 billion, a necessary precondition for
the issuance of the new hybrid instruments. Fitch expects the
bank to issue the hybrid bonds to the government in February
2013. Around EUR1.9 billion of the new capital provided will be
used to repay existing government hybrid instruments. MPS's IDRs
are driven by government support and are sensitive to changes in
the authorities' propensity to provide support, which is not
currently factored into Fitch's analysis, or to changes in its
ability to do so.
The RWN on the bank's VR reflects Fitch's opinion that there is a
possibility that the bank will have to book further losses, which
could be related to increased loan impairment charges given its
weak asset quality or additional losses on its securities
portfolio. The 'b' VR already incorporates Fitch's expectation
that the bank will receive the additional capital from the
government, which will provide an additional buffer for losses.
The VR also reflects the agency's view that the bank's prospects
remain weak and that material failure risk is present, in
particular in view of sharply deteriorated market confidence. In
January 2013, MPS announced a review of its securities portfolio,
concentrating on three operations. Following the review, the bank
will evaluate whether a restatement of previous years' financial
statements will be necessary. Fitch understands that the bank's
request for an additional EUR500 million in capital from the
government made in November 2012 should cover the negative impact
from these restatements on the bank's equity that could arise if
the bank decided that a restatement was necessary. However, in
the agency's opinion further losses cannot be ruled out.
RATING DRIVERS AND SENSITIVITIES - IDRS, SENIOR DEBT, SUPPORT
RATING AND SRF
MPS's IDRs and senior debt ratings are based on support from the
Italian authorities and are at the bank's SRF. The Support Rating
and the SRF are sensitive to changes in the authorities'
propensity and ability to provide support. The SRF would be
revised downwards if the authorities showed signs of a reduced
propensity to provide support to MPS, which Fitch currently does
not expect. A downgrade of Italy's sovereign rating would put
pressure on the SRF as it would indicate a reduced ability for
the authorities to provide support.
RATING DRIVERS AND SENSITIVITIES - VR
The bank's VR reflects Fitch's expectation that MPS's performance
will remain weak given the challenges the bank faces in
implementing its business plan in a difficult operating
environment. The agency expects the bank's profitability to
remain under pressure, and asset quality is expected to
deteriorate further given the ongoing recession in Italy, where
Fitch expects real GDP to contract by 0.7% in 2013.
The RWN reflects Fitch's view that losses, in excess of those
possible related to the three structured transactions that are
reviewed by the bank and that should remain manageable, could
result in a downgrade of its VR. These possible losses could
arise from further loan impairment charges that might become
necessary to strengthen loan impairment allowance coverage of
impaired loans, or from other transactions, which the bank
currently does not expect. The RWN is also based on Fitch's
opinion that the bank's already weak performance could suffer
further as a result of lost market confidence.
Fitch expects to resolve the RWN after the conclusion of the
bank's review of its securities portfolio and after the bank has
announced results for 2012, which Fitch expects are likely to
include an increase in loan impairment charges given the weak
operating environment and to strengthen coverage of existing
impaired loans. The review of the RWN will also factor in Fitch's
view on whether further progress has been made in the
implementation of the bank's strategic plan necessary to
stabilize profitability and on whether there has been any damage
to its franchise as a result of reputation risk.
Upward pressure on the VR is currently unlikely and would require
a stabilization of the bank's performance and signs that the
implementation of its strategic plan is resulting in a gradual
improvement of its profitability and confirmation that there are
no further losses arising from the bank's legacy portfolio. An
upgrade would also depend on the bank managing the possible
effects of the reputation risk it is exposed to after wide-spread
press reports about possible fraudulent activity by previous
management on its businesses.
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
MPS's Lower Tier 2 debt is rated one notch below its VR in line
with Fitch's criteria for rating these instruments. The RWN on
the debt rating reflects the RWN on the VR. As the rating is
notched off the VR, it is sensitive to changes in the bank's VR.
The ratings of the bank's Upper Tier 2 and Tier 1 instruments and
preferred securities reflect Fitch's view of these notes' high
non-performance risk in the coming years because the receipt of
fresh state aid means that if it reports a net loss, MPS will be
obliged not to make coupon payments where the terms of the
instruments allow for non-payment. The Upper Tier 2 notes are
rated one notch above the Tier 1 instruments to reflect the
cumulative coupon on these instruments whereas coupon payments on
the Tier 1 instruments is non-cumulative.
SUBSIDIARY AND AFFILIATED COMPANY RATING DRIVERS AND
SENSITIVITIES
Antonveneta is a wholly owned subsidiary of MPS. Its ratings are
based on support from its parent and reflect Fitch's view that
Antonveneta forms a core part of the group. Antonveneta's ratings
are sensitive to changes in MPS's IDRs or to changes in MPS's
propensity to support its subsidiary. Fitch does not expect the
propensity to decline given the announced merger of Antonveneta
into the parent.
The rating actions are:
MPS:
Long-term IDR: affirmed at 'BBB'; Outlook Stable
Short-term IDR: affirmed at 'F3'
VR: 'b'; placed on RWN
Support Rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB'
Debt issuance program (senior debt): affirmed at 'BBB'
Senior unsecured debt, including guaranteed notes: affirmed at
'BBB'
Lower Tier 2 subordinated debt: 'B-'; placed on RWN
Upper Tier 2 subordinated debt: affirmed at 'CCC'
Preferred stock and Tier 1 notes: affirmed at 'CC'
Banca Antonveneta:
Long-term IDR: affirmed at 'BBB'; Outlook Stable
Short-term IDR: affirmed at 'F3'
Support Rating: affirmed at '2'
SAFIN CINEMATOGRAFICA: Owner Gets Sentence in Criminal Bankruptcy
-----------------------------------------------------------------
Eric J. Lyman at The Hollywood Reporter reports that Oscar-
nominated Italian producer Vittorio Cecchi Gori was sentenced to
six years behind bars and ordered to pay EUR11.5 million
(US$15.6 million) in damages Friday in connection with the
bankruptcy of his production company Safin Cinematografica.
The producer, whose films have won five Oscars, was found guilty
of diverting assets from Safin Cinematografica to other holdings,
the Hollywood Report says.
The case connected to Safin Cinematografica is the latest in a
long series of woes for Mr. Cecchi Gori, who in recent years had
been forced to raise cash by selling his film library to
Mediaset, the television and cinema empire controlled by one-time
rival Silvio Berlusconi; his home video operation; various
buildings in central Italy; and the Multisala Adriano, the Rome
cinema complex reported to be the most profitable in Italy, the
Hollywood Reporter relates.
Rome-based prosecutor Stefano Rocco Fava called for a seven-year
prison term for Mr. Cecchi Gori in this latest case, alleging
criminal bankruptcy, the Hollywood Reporter discloses. According
to the Hollywood Reporter, Judge Giuseppe Mezzofiore found
Mr. Cecchi Gori and five other Safin Cinematografica figures
guilty of the charges but reduced the producer's sentence by a
year. The other figures were former Cecchi Gori adviser Luigi
Barone, company liquidator Edward De Memme, former chairman
Giorgio Ghini and supervisory board members Vittorio Micocci and
Alessandro Mattiolo, the Hollywood Reporter says.
The court also ruled that US$15.6 million in assets held by other
Cecchi Gori companies be seized in order to pay Safin
Cinematografica creditors, the Hollywood Reporter states.
Mr. Cecchi Gori did not speak to the court after the sentencing,
but his lawyer, Massimo Biffa, said the sentence was too severe
and that the producer would appeal, the Hollywood Reporter notes.
The attorney added, however, that he would wait until the judge
filed his detailed opinion on the case within 90 days before
commenting the appeal in detail, the Hollywood Reporter notes.
Mr. Cecchi Gori will not be allowed to leave Italy until an
appeal is filed, the Hollywood Reporter says.
=====================
N E T H E R L A N D S
=====================
ADAGIO CLO I: Moody's Hikes Rating on EUR14.55MM Notes to 'Ba3'
---------------------------------------------------------------
Moody's Investors Service upgraded the ratings of the following
notes issued by Adagio CLO I B.V.:
Issuer: Adagio CLO I B.V.
EUR4.8M Class B-1 Senior Floating Rate Notes due 2019, Upgraded
to Aa2 (sf); previously on Nov 15, 2011 Upgraded to A2 (sf)
EUR21.2M Class B-2 Senior Fixed Rate Notes due 2019, Upgraded to
Aa2 (sf); previously on Nov 15, 2011 Upgraded to A2 (sf)
EUR13.5M Class C Senior Subordinated Deferrable Floating Rate
Notes due 2019 Bond, Upgraded to Baa1 (sf); previously on Nov 15,
2011 Upgraded to Baa3 (sf)
EUR14.55M Class D-1 Senior Subordinated Deferrable Floating Rate
Notes due 2019 Bond, Upgraded to Ba3 (sf); previously on Nov 15,
2011 Upgraded to B1 (sf)
EUR1.7M Class D-2 Senior Subordinated Deferrable Fixed Rate Notes
due 2019 Bond, Upgraded to Ba3 (sf); previously on Nov 15, 2011
Upgraded to B1 (sf)
EUR4.5M Class S Combination Notes due 2019 Bond (current rated
balance is EUR1.5M), Upgraded to Ba2 (sf); previously on Nov 15,
2011 Upgraded to B1 (sf)
Moody's also affirmed the rating of the Class A-1 and Class A-2
notes issued by Adagio CLO I B.V.
EUR200M Class A-1 Senior Floating Rate Notes due 2019 (current
balance is EUR66.3M), Affirmed Aaa (sf); previously on Nov 15,
2011 Upgraded to Aaa (sf)
EUR7M Class A-2 Senior Fixed Rate Notes due 2019 (current balance
is EUR3.4M), Affirmed Aaa (sf); previously on Nov 15, 2011
Upgraded to Aaa (sf)
The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For Class S,
the 'Rated Balance' is equal at any time to the principal amount
of the Combination Note on the Issue Date minus the aggregate of
all payments made from the Issue Date to such date, either
through interest or principal payments. The Rated Balance may not
necessarily correspond to the outstanding notional amount
reported by the trustee.
Ratings Rationale:
According to Moody's, the rating actions taken on the notes
result primarily from the amortization of the Class A-1 and Class
A-2 Notes, which have been paid down by approximately 34.7% and
32.3%, or EUR69.4 million and 2.3 million respectively since the
last rating action in November 2011.
As a result of the delevering of the transaction, the
overcollateralization ratios have increased since the rating
action in November 2011. As of the latest trustee report dated
January 2013, the Class A/B, Class C, Class D
overcollateralization ratios are reported at 158.10%%, 138.57%
and 120.62%, respectively, versus Oct 2011 levels of 136.99%,
126.49%, and 115.80% respectively.
In its base case, Moody's analyzed the underlying collateral pool
to have a performing par and principal proceeds balance of
EUR151.3 million, defaulted par of EUR4.4 million, a weighted
average default probability of 23.17% (consistent with a WARF of
4,029), a weighted average recovery rate upon default of 46.09%
for a Aaa liability target rating, a diversity score of 19 and a
weighted average spread of 2.78%. The default probability is
derived from the credit quality of the collateral pool and
Moody's expectation of the remaining life of the collateral pool.
The average recovery rate to be realized on future defaults is
based primarily on the seniority of the assets in the collateral
pool. For a Aaa liability target rating, Moody's assumed that
90.22% of the portfolio exposed to senior secured corporate
assets would recover 50% upon default, while the remainder non
first-lien loan corporate assets would recover 10%. In each case,
historical and market performance trends and collateral manager
latitude for trading the collateral are also relevant factors.
These default and recovery properties of the collateral pool are
incorporated in cash flow model analysis where they are subject
to stresses as a function of the target rating of each CLO
liability being reviewed.
The underlying collateral pool in this transaction exhibits a
relatively low diversity score and contains a substantial
proportion of assets with a credit quality consistent with a Caa
rating (21.6% as per January 2013 Trustee report). In order to
capture the potential impact of asset heterogeneity within this
concentrated pool, Moody's supplemented its BET analysis by using
CDOROMTM in order to simulate default scenarios. Those default
scenarios have then been applied as an input in the cash flow
model.
In addition to the base case analysis described above, Moody's
also performed sensitivity analyses on key parameters for the
rated notes:
(1) Deterioration of credit quality to address the refinancing
and sovereign risks -- Approximately 45.2% of the portfolio is
rated B3 and below with maturities between 2014 and 2016, which
may create challenges for issuers to refinance. The portfolio is
also exposed 4.25% to one obligor located in Ireland. Moody's
considered the scenario where the WARF of the portfolio was
increased to 4,399 by forcing to Ca the credit quality of 25% of
such exposures subject to refinancing or sovereign risks. This
scenario generated model outputs that were within one notch from
the base case results.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy and 2) the large concentration
of speculative-grade debt maturing between 2014 and 2016 which
may create challenges for issuers to refinance. CLO notes'
performance may also be impacted either positively or negatively
by 1) the liquidation agents behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.
Sources of additional performance uncertainties are described
below:
1) Portfolio Amortization: Another source of uncertainty in this
transaction is whether amortization from unscheduled principal
proceeds will continue and at what pace. Delevering of the
transaction may accelerate due to high prepayment levels in the
loan market and/or collateral sales by the liquidation agent,
which may have significant impact on the notes' ratings.
2) Recovery of defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to be
defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of recoveries
and the manager's decision to work out versus sell defaulted
assets create additional uncertainties. Moody's analyzed
defaulted recoveries assuming the lower of the market price and
the recovery rate in order to account for potential volatility in
market prices.
2) Moody's also notes that 71% of the collateral pool consists of
debt obligations whose credit quality has been assessed through
Moody's credit estimates. Large single exposures to obligors
bearing a credit estimate have been subject to a stress
applicable to concentrated pools as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009.
The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.
Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.
Under this methodology, Moody's used its Binomial Expansion
Technique, whereby the pool is represented by independent
identical assets, the number of which is being determined by the
diversity score of the portfolio. The default and recovery
properties of the collateral pool are incorporated in a cash flow
model where the default probabilities are subject to stresses as
a function of the target rating of each CLO liability being
reviewed. The default probability range is derived from the
credit quality of the collateral pool, and Moody's expectation of
the remaining life of the collateral pool. The average recovery
rate to be realized on future defaults is based primarily on the
seniority and jurisdiction of the assets in the collateral pool.
The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's EMEA
Cash-Flow model.
This model was used to represent the cash flows and determine the
loss for each tranche. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario; and (ii) the loss derived from the cash flow
model in each default scenario for each tranche. Therefore,
Moody's analysis encompasses the assessment of stressed
scenarios.
In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.
On August 21, 2012, Moody's released a Request for Comment
seeking market feedback on proposed adjustments to its modeling
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 this
rating action may be negatively affected.
Adagio CLO I B.V., issued in October 2004, is a multi-currency
Collateralized Loan Obligation backed by a portfolio of mostly
high yield European and US loans. The portfolio is managed by AXA
Investment Managers Paris S.A. This transaction has passed the
reinvestment period in November 2009. It is predominantly
composed of senior secured loans.
===========
P O L A N D
===========
CENTRAL EUROPEAN: Annual General Meeting Set for March 26
---------------------------------------------------------
The board of directors of Central European Distribution
Corporation has scheduled CEDC's annual general meeting of
shareholders for Tuesday, March 26, 2013, and has fixed the close
of business on Friday, March 1, 2013, as the record date for the
determination of shareholders eligible to vote at the annual
general meeting or any adjournment or postponement thereof.
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 Sept. 30, 2012, showed
US$1.98 billion in total assets, US$1.73 billion in total
liabilities, US$29.44 million in temporary equity, and US$210.78
million in total stockholders' equity.
Liquidity
The Company's Convertible Senior Notes are due on March 15, 2013.
The Company has said its 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 coming due in 2012 would 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, the Company said, raise substantial doubt about
its 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.
As reported by the TCR on Jan. 16, 2013, Moody's Investors
Service has downgraded the corporate family rating (CFR) and
probability of default rating (PDR) of Central European
Distribution Corporation (CEDC) to Caa3 from Caa2.
"The downgrade follows CEDC announcement on the 28 of December
that it had agreed with Russian Standard a revised transaction to
repay its US$310 million of convertible notes due March 2013
which, in Moody's view, has increased the risk of potential loss
for existing bondholders", says Paolo Leschiutta, a Moody's Vice
President - Senior Credit Officer and lead analyst for CEDC.
LOT POLISH: Treasury Minister Faces Ultimatum on Restructuring
--------------------------------------------------------------
Marynia Kruk at The Wall Street Journal reports that Polish Prime
Minister Donald Tusk turned the screw tighter on his treasury
minister Friday by saying the official's job and place in the
cabinet depended on putting the country's troubled flag-carrier,
LOT Polish Airlines, on secure financial footing.
Mikolaj Budzanowski, who has been treasury minister since
November 2011, is responsible for managing state-controlled
businesses and pushing on with a privatization drive to sell
hundreds of small companies as well as billion-dollar stakes in
larger ones, the Journal discloses. One of his deputies, Rafal
Baniak, was delegated in 2011 to oversee LOT, the Journal says,
citing the ministry's Web site.
Tension between the prime minister and Mr. Budzanowski first
broke into the public sphere a week ago, when Mr. Tusk told
journalists Mr. Budzanowski's handling of LOT wasn't satisfying
him, the Journal relates. Now the prime minister has gone
further, giving the minister an ultimatum, the Journal states.
"Minister Budzanowski knows that his fate in the government
depends on the effectiveness of his actions on the LOT
restructuring," the Journal quotes Mr. Tusk as saying a news
conference Friday. "If his actions don't bring salutary effects,
it will mean the end of the minister's work."
LOT is in the process of getting a government bailout and needs
to slash at least 30% of the nearly 2,100 jobs, the Journal
discloses. It's unclear whether the government will have the
stomach to hand so many people pink slips amidst an economic
slowdown, the Journal notes.
Mr. Budzanowski has a difficult task reconciling Mr. Tusk's
various goals, the Journal says. According to the Journal, the
prime minister said earlier in January the country doesn't intend
to save LOT at any price and on Friday repeated he doesn't want
the airline to be a "bottomless hole".
And yet, minutes later Mr. Tusk, as cited by the Journal, said
the government "will use all the resources at its disposal to
prevent the loss of jobs and will get state-controlled companies
involved to prevent job losses."
Late last year, LOT received an emergency loan of US$127 million
from the government to keep operating, the Journal recounts.
Headquartered in Warsaw, Poland, Polskie Linie Lotnicze LOT, or
LOT Polish Airlines -- http://www.lot.com-- serves about a dozen
cities in Poland and about 120 destinations across Europe and
North America. Subsidiaries include regional carrier EuroLOT and
charter operator Centralwings. Overall, LOT and its affiliates
maintain a fleet of about 55 aircraft, consisting of Embraer
regional jets, Boeing 767s and 737s, and ATR turboprops. The
airline is a member of the Star Alliance marketing group, and LOT
serves many of its North American destinations through code-
sharing with Star partners United Airlines and Air Canada.
(Code-sharing allows airlines to sell tickets on one another's
flights and thus extend their networks.) The Polish government
owns 68% of the company.
=============
R O M A N I A
=============
SOMES: Declared Insolvent by Cluj Court
---------------------------------------
SeeNews reports that Somes said on Thursday a court in the
northwestern county of Cluj has declared the company insolvent.
According to SeeNews, Somes said in a statement sent to the
Bucharest Stock Exchange that the court accepted the company's
insolvency request on Jan. 29.
Somes posted a net loss of RON6.38 million (US$1.97
million/EUR1.45 million) in the first half of 2012, SeeNews
discloses.
Somes is a Romanian cellulose producer.
===========
R U S S I A
===========
ALFASTRAKHOVANIE PLC: Fitch Alters IFS Rating Outlook to Positive
-----------------------------------------------------------------
Fitch Ratings has revised the Outlooks on AlfaStrakhovanie PLC
(Russia)'s 'BB-' Insurer Financial Strength (IFS) rating and
'A+(rus)' National IFS rating to Positive from Stable and
affirmed the ratings.
Rating Rationale
The revision of the Outlook follows the substantial improvement
in AlfaStrakhovanie's operating profitability in 9M12. Based on
non-audited IFRS accounts, profit before tax increased sixfold in
that period compared with 9M11. This largely came from tightened
underwriting controls in the non-life operations, positive
profitability of the life portfolio and increased investment
income.
The affirmation reflects AlfaStrakhovanie's strategic importance
to its parent, Alfa Group, the parent's track record of providing
capital support over several years and Fitch's view that this
support is likely to continue to be available in the future.
AlfaStrakhovanie's combined ratio improved in 2011 to 95.8%
(2010: 101.2%). Against Fitch's expectations, the seasonal
increase in the administrative expenses, common for
AlfaStrakhovanie in Q4 did not significantly affect the combined
ratio of 2011, which showed only a marginal deterioration from
94.4% it reached in 9M11.
In 9M12 the combined ratio improved to 93.7%. This stemmed from
strengthened underwriting controls across most of the portfolio
segments and continued restructuring of the business mix towards
more profitable commercial lines.
AlfaStrakhovanie's risk-adjusted capitalization continues to be
low for its rating. The proceeds from the sale of 25% in its
medical services subsidiary in H211 were not sufficient to
support the capital position in the context of rapid premium
growth and were more than offset by the increase in intangible
assets on the insurer's balance sheet. To some extent, the
capital weakness is mitigated by the prudent investment policy
and appropriate reinsurance protection that the insurer has put
in place to shield its capital from large losses.
The agency understands that the diversification achieved by
AlfaStrakhovanie in both the insurance and non-insurance spheres
is in line with the strategy approved by its parent. Although
AlfaStrakhovanie accounts for only a minor proportion of Alfa
Group's gross assets, the insurer is of strategic importance to
the parent due to its strong retail franchise base, shared brand
with one of the group's core assets -- OJSC Alfa-Bank ('BBB-
'/Stable) - and broad achievement of key strategic goals.
AlfaStrakhovanie's investment portfolio is of good credit
quality, albeit with substantial deposits made with its sister
company, Alfa-Bank. The insurer also has a good liquidity
position.
RATING DRIVERS AND SENSITIVITIES
The company's ability to maintain operating profitability close
to the level achieved in 9M12 over a number of periods coupled
with no worsening of its capital position would be considered as
a trigger for an upgrade.
The ratings could be downgraded if the strategic importance of
AlfaStrakhovanie to its parent decreased. This could result, for
example, from AlfaStrakhovanie failing to meet the strategic
targets set by its shareholder.
AlfaStrakhovanie's ratings could also be downgraded if its
shareholders fail to support the capitalization of the company in
the context of continuing growth.
COMMERCIAL BANK: Moody's Rates US$1.5 Billion Notes '(P)B3'
-----------------------------------------------------------
Moody's Investors assigned provisional (P)B3 (stable outlook)
long-term foreign- and local-currency subordinated debt ratings
to the US$1.5 billion loan participation notes (LPN) program of
Commercial Bank Renaissance Capital, LLC, for the issuance of
LPNs through Renaissance Consumer Funding Limited -- an Ireland-
based special purpose vehicle. The notes under the program are to
be issued on a limited recourse basis for the sole purpose of
financing subordinated loans to Commercial Bank Renaissance
Capital. The outlook on the subordinated debt ratings is stable.
At the same time, Moody's assigns a B3 (stable outlook) long-term
foreign-currency debt rating to the US$100 million 13.5% LPNs due
June 2018 issued under the above mentioned program.
Concurrently, Moody's assigns a (P)B2 (stable outlook) long-term
local-currency debt rating to the senior notes that can be issued
under this program. Moody's already rates at (P)B2 Commercial
Bank Renaissance Capital's foreign-currency senior notes that can
be issued under this program.
Ratings Rationale:
Moody's says that the (P)B3 ratings assigned to Commercial Bank
Renaissance Capital's subordinated notes to be issued under the
LPN program, and the B3 rating assigned to the $100 million 13.5%
LPNs, are one notch lower than Commercial Bank Renaissance
Capital's B2 senior unsecured debt rating because they reflect
(1) the extent of the notes' subordination against various
classes of debt, and (2) associated differences in expected loss
in case of default. Moody's states that if Commercial Bank
Renaissance Capital were to issue notes under the program
containing features that enhance its subordination and/or debts
with other special features, the ratings will be assessed
individually and may not correspond to the ratings currently
assigned to the program.
The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
Headquartered in Moscow, Russia, Commercial Bank Renaissance
Capital reported total assets of US$1.9 billion and net income of
US$83 million, according to audited IFRS at YE2011.
=========
S P A I N
=========
DEXIA SABADELL: Moody's Affirms 'B2' Rating; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service affirmed Dexia Sabadell's long- and
short-term deposit ratings at B2/Non-Prime, with a negative
outlook on its long-term rating. At the same time, Moody's has
affirmed the standalone bank financial strength rating of E, but
lowered the equivalent standalone credit assessment to ca from
caa1.
This rating action directly follows the rating action at the
parent level, Dexia Credit Local (DCL, Baa2 negative /Prime-2/E
mapping to a ca on the long-term scale), which is the controlling
owner of Dexia Sabadell. Moody's believes that Dexia Sabadell's
intrinsic strength is strongly interlinked with that of its
parent DCL, through ongoing funding support and guarantees.
Following this rating action, Moody's will withdraw the ratings
of Dexia Sabadell for its own business reasons.
Ratings Rationale:
Rationale for the affirmation of the debt ratings
The affirmation of Dexia Sabadell's long- and short-term deposit
ratings of B2/NP reflects Moody's assessment of a very high
probability of support from DCL, which is itself benefiting from
substantial financial assistance from its shareholders.
Moody's says that Dexia Sabadell's likelihood of parental support
stems from its strong interlinkages with DCL. The parent's
capacity to continue providing support to its subsidiary on a
standalone basis is limited. However, Moody's believes that the
government support incorporated in the parent's debt ratings of
Baa2 should be factored into the ratings of the groups' foreign
subsidiaries, including Dexia Sabadell.
Moody's considers that the state-guaranteed debt scheme of EUR85
billion implemented for Dexia Group is essential to ensure DCL
and its subsidiaries' ability to service their senior debt over
their prolonged run-off period. This measure, together with the
EUR5.5 billion capital increase for Dexia S.A. subscribed by
Belgium and France on 31 December 2012, confirms the very strong
support from the governments of Belgium, France and Luxembourg to
Dexia Group and Moody's view that they will likely continue to
take all necessary measures to ensure the group's ability to
service its senior debt.
In addition, Moody's also believes that the substantial exposures
of DCL to Dexia Sabadell --through the liquidity support and
guarantees provided -- create a strong incentive to provide
funding and capital support to the entity in the future.
The negative outlook on Dexia Sabadell's B2 long-term deposit
rating reflects the negative outlook on the long-term ratings of
DCL.
Rationale for the Lower Standalone Credit Assessment
The lowering of the bank's standalone credit assessment to ca
from caa1 primarily reflects Dexia Sabadell's strong credit
linkage with DCL, that continues to justify the alignment of its
standalone credit assessment to that of its parent. In addition,
the ca standalone credit assessment also incorporates the fact
that DCL and its subsidiaries will be managed on a run-off basis,
as contemplated in Dexia group's resolution plan.
Dexia Sabadell's intrinsic strength is strongly interlinked with
that of its parent DCL. The entity is dependent on liquidity
support from DCL, which accounts for the bulk of its funding.
Furthermore, it has several large borrower concentrations that,
relative to the bank's capital, exceed Bank of Spain's regulatory
limits. These excess amounts over regulatory limits are covered
by a guarantee issued by DCL.
In addition, Moody's notes that the following factors continue to
challenge the bank's credit profile: (1) the prolonged run-off
period for DCL and its subsidiaries contemplated in Dexia group's
resolution plan, which will continue to deteriorate Dexia
Sabadell's franchise; (2) weaker asset quality, which will likely
deteriorate further given its exposure to Spanish and Portuguese
regions and municipalities; and (3) pressures on Dexia Sabadell's
solvency, in light of the expected asset-quality deterioration
and the high leverage of its balance sheet, which benefits from
the low regulatory risk-weighting of many of its public-sector
assets.
Ratings Withdrawal
Subsequent to this rating action, Moody's will withdraw the
ratings of Dexia Sabadell for its own business reasons.
The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating published in June 2012.
===========================
U N I T E D K I N G D O M
===========================
BASE CLO I: Moody's Lifts Rating on EUR14MM Cl. E Notes to 'B1'
---------------------------------------------------------------
Moody's Investors Service upgraded the ratings of the following
notes issued by Base CLO I B.V.:
Issuer: Base CLO I B.V.
EUR9M Class A-2 Senior Secured Floating rate Notes, Upgraded to
Aaa (sf); previously on Oct 14, 2011 Upgraded to Aa2 (sf)
EUR33M Class B Senior Secured Floating rate Notes, Upgraded to
Aa2 (sf); previously on Oct 14, 2011 Upgraded to A3 (sf)
EUR12M Class C Deferrable Senior Secured Floating Rate Notes,
Upgraded to A3 (sf); previously on Oct 14, 2011 Upgraded to Baa3
(sf)
EUR9.4M Class D-1 Deferrable Senior Secured Floating Rate Notes,
Upgraded to Ba1 (sf); previously on Oct 14, 2011 Upgraded to Ba2
(sf)
EUR2.6M Class D-2 Deferrable Senior Secured Floating Rate Notes,
Upgraded to Ba1 (sf); previously on Oct 14, 2011 Upgraded to Ba2
(sf)
EUR14M Class E Deferrable Senior Secured Floating Rate Notes,
Upgraded to B1 (sf); previously on Oct 14, 2011 Upgraded to Caa1
(sf)
Moody's also affirmed the rating of the Class A-1 notes issued by
Base CLO I B.V.:
EUR266.875M Class A-1 Senior Secured Floating rate Notes
(currently EUR 60M outstanding), Affirmed Aaa (sf); previously on
Apr 23, 2008 Assigned Aaa (sf)
Base CLO I B.V. issued in Apr 2008, is a static Collateralized
Loan Obligation ("CLO") backed by a portfolio of mostly high
yield European senior secured loans, including as well second
lien loans and mezzanine loans. M&G Investment Management Limited
acts as liquidation agent in the transaction.
Ratings Rationale:
According to Moody's, the rating actions taken on the notes
result primarily from the amortization of the Class A Notes,
which have been paid down by approximately 57%, or EUR 78
million, as well as an improvement in the credit quality of the
portfolio, since the last rating action in October 2011.
As a result of the delevering, the overcollateralization ratios
have increased since the rating action in October 2011. As of the
latest trustee report dated January 2013, the Class A/B, Class C,
Class D and Class E overcollateralization ratios are reported at
146.80%, 133.15%, 121.83% and 110.83%, respectively, versus
August 2011 levels of 135.43%, 126.97%, 119.51% and 111.84%,
respectively.
Improvement in the credit quality is observed through a better
than average credit quality of the portfolio (as measured by the
weighted average rating factor "WARF") and a decrease in the
proportion of securities from issuers rated Caa1 and below. In
particular, as of the latest trustee report dated January 2013,
the WARF is currently 2896 compared to 3077 in the August 2011
report, and securities rated Caa1 or lower, amount to EUR 7.3
million versus EUR27.6 million in August 2011.
In its base case, Moody's analyzed the underlying collateral pool
to have a performing par and principal proceeds balance of EUR
155.9 million, defaulted par of EUR3.9 million, a weighted
average default probability of 18.95% (consistent with a WARF of
3669), a weighted average recovery rate upon default of 46.24%
for a Aaa liability target rating, a diversity score of 18 and a
weighted average spread of 2.74%. The default probability is
derived from the credit quality of the collateral pool and
Moody's expectation of the remaining life of the collateral pool.
The average recovery rate to be realized on future defaults is
based primarily on the seniority of the assets in the collateral
pool. For a Aaa liability target rating, Moody's assumed that
90.6% of the portfolio exposed to senior secured corporate assets
would recover 50% upon default, while the remainder non first-
lien loan corporate assets would recover 10%. In each case,
historical and market performance trends and collateral manager
latitude for trading the collateral are also relevant factors.
These default and recovery properties of the collateral pool are
incorporated in cash flow model analysis where they are subject
to stresses as a function of the target rating of each CLO
liability being reviewed.
The underlying collateral pool in this transaction exhibits a low
diversity score. In order to capture the potential impact of
asset heterogeneity within this concentrated pool, Moody's
supplemented its BET analysis by using CDOROMTM in order to
simulate default scenarios. Those default scenarios have then
been applied as an input in the cash flow model.
In addition to the base case analysis described above, Moody's
also performed sensitivity analyses on key parameters for the
rated notes:
(1) Deterioration of credit quality to address the refinancing
and sovereign risks -- Approximately 36.8% of the portfolio are
rated B3 and below and maturing between 2014 and 2016, which may
create challenges for issuers to refinance. Approximately 7% of
the portfolio are exposed to obligors located in Ireland, Spain
and Italy. Moody's considered a scenario where the WARF was
increased to 4031 by forcing ratings on 25% of those exposures to
Ca. This scenario generated model outputs that were within one
notch from the base case results.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy and 2) the large concentration
of speculative-grade debt maturing between 2014 and 2016 which
may create challenges for issuers to refinance. CLO notes'
performance may also be impacted either positively or negatively
by 1) the liquidation agent behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.
Sources of additional performance uncertainties are described
below:
1) Portfolio Amortization: The main source of uncertainty in this
transaction is whether delevering from unscheduled principal
proceeds will continue and at what pace. Delevering may
accelerate due to high prepayment levels in the loan market
and/or collateral sales by the liquidation agent, which may have
significant impact on the notes' ratings.
2) Recovery of defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to be
defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of recoveries
and the manager's decision to work out versus sell defaulted
assets create additional uncertainties. Moody's analyzed
defaulted recoveries assuming the lower of the market price and
the recovery rate in order to account for potential volatility in
market prices.
The principal methodology used in this rating was Moody's
Approach to Rating Collateralized Loan Obligations published in
June 2011.
In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.
On August 21, 2012, Moody's released a Request for Comment
seeking market feedback on proposed adjustments to its modeling
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 this
rating action may be negatively affected.
The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's EMEA
Cash-Flow model.
Under this methodology, Moody's used its Binomial Expansion
Technique, whereby the pool is represented by independent
identical assets, the number of which is being determined by the
diversity score of the portfolio. The default and recovery
properties of the collateral pool are incorporated in a cash flow
model where the default probabilities are subject to stresses as
a function of the target rating of each CLO liability being
reviewed. The default probability range is derived from the
credit quality of the collateral pool, and Moody's expectation of
the remaining life of the collateral pool. The average recovery
rate to be realized on future defaults is based primarily on the
seniority and jurisdiction of the assets in the collateral pool.
This model was used to represent the cash flows and determine the
loss for each tranche. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario; and (ii) the loss derived from the cash flow
model in each default scenario for each tranche. Therefore,
Moody's analysis encompasses the assessment of stressed
scenarios.
DECO 8: Moody's Lowers Ratings on Two Note Classes to 'C'
---------------------------------------------------------
Moody's Investors Service affirmed one Class and downgraded five
Classes issued by Deco 8 - UK Conduit 2 plc (amounts reflecting
initial outstanding) as follows:
GBP200M Class A-1 Notes, Affirmed Aaa (sf); previously on Jun 26,
2009 Confirmed at Aaa (sf)
GBP256.6M Class A-2 Notes, Downgraded to Ba3 (sf); previously on
Oct 3, 2011 Downgraded to A2 (sf)
GBP32.4M Class B Notes, Downgraded to Ca (sf); previously on Oct
3, 2011 Downgraded to Ba1 (sf)
GBP34M Class C Notes, Downgraded to Ca (sf); previously on Oct 3,
2011 Downgraded to Ba3 (sf)
GBP23.5M Class D Notes, Downgraded to C (sf); previously on Oct
3, 2011 Downgraded to B3 (sf)
GBP61.1M Class E Notes, Downgraded to C (sf); previously on Oct
3, 2011 Downgraded to Caa3 (sf)
Moody's does not rate the Class F, Class G and the Class X Notes.
Ratings Rationale:
The downgrade reflects Moody's significantly increased loss
expectation for the pool. This is largely due to a sharp drop in
the value of the properties securing the Mapeley loan (37% of
pool), which contributed to a deterioration of Moody's
securitized pool LTV to 134% compared to 105% at the last review.
The rating on the Class A-1 is affirmed because its strong credit
metrics (84% credit enhancement; 21% Moody's Note-to-Value) are
sufficient to maintain the rating despite the spike in the pool's
loss expectation.
The ratings of the other Classes are heavily influenced by the
recovery expectations for the underlying loans by the Notes'
legal final maturity in April 2018. The current ratings of the
Class B, C, D and E Notes reflect their dismal recovery
prospects.
In Moody's view, worse than expected recovery proceeds from the
asset-management / capital intensive mostly secondary properties
securing the Lea Valley loan (44% of pool) poses the single
biggest downside risk, with the A-2 Class particularly
vulnerable.
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 realized losses.
Primary sources of assumption uncertainty are the current
stressed macro-economic environment and continued weakness in the
occupational and lending markets. Moody's anticipates (i) delayed
recovery in the lending market, 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 for the
world's largest economies is for only a gradual strengthening in
growth over the coming two years. Fiscal consolidation and
volatility in financial markets will continue to weigh on
business and consumer confidence, while heightened uncertainty
hampers spending, hiring and investment decisions. Moody's
expects no growth in the Euro area in 2013.
Moody's Portfolio Analysis
Deco 8 -- UK Conduit 2 plc closed in April 2006 and represents
the securitization of 10 remaining mortgage loans originated by
Deutsche Bank AG, London Branch and secured by first-ranking
legal mortgages over commercial properties located across the UK.
The three largest loans represent 94% of the pool.
The Lea Valley Loan is the largest loan (44%of pool) and is
secured against 28 mostly secondary industrial properties with a
weighted-average remaining lease term of 2.5 years. The
portfolio's net income reduced by around GBP1 million (or 6%) to
GBP14.86 million since the last review. Moody's revised its value
for the portfolio to GBP152 million, which is 11% lower than at
the last review. The Moody's securitized LTV is 145%. There is
material downside risk to the valuation that is driven by (i) the
predominantly secondary industrial nature of the portfolio with a
short-term lease profile that exposes the properties to
increasingly weak occupational and investment markets and (ii)
the likelihood of continued downward pressure on the portfolio's
net income because of tenants paying lower rent at lease
rollover, capital expenditure requirements, and increased vacancy
levels (now at 35% compared to 31% at the last review).
The Mapeley Loan is the second largest loan (37% of pool) and is
secured against 16 office properties with a concentration by
value in the South East. The loan was accelerated in November
2012 following an LTV breach resulting from a revaluation of the
properties that showed a significant value decline. The Special
Servicer appointed an LPA Receiver in January 2013. Moody's
securitized LTV is 141% compared to 88% at the last review.
The Fairhold Loan is the third largest loan (13% of pool) and is
secured by over 92,000 ground rent assets. The loan failed to
repay at its maturity in January 2013. In Moody's view, the
nature of the underlying ground rent income is likely to attract
considerable investor interest, especially from pension funds,
insurance companies, and sovereign wealth funds who generally do
not require finance and are therefore less affected by the
constrained lending environment. Potential liabilities from a
swap that extends to 2036, estimated by Moody's at around GBP 30
million, are likely to make any potential sale or refinance more
difficult.
Moody's expects a significant amount of losses on the securitized
portfolio, stemming mainly from the refinancing profile of the
securitized portfolio. Given the default risk profile and the
anticipated work-out strategy for potentially defaulting loans,
the expected losses are likely to crystallize in the medium to
long term.
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 3, 2011. The last Performance Overview for
this transaction was published on November 27, 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.
HERBERT BAGGALEY: In Administration
-----------------------------------
Construction Enquirer reports that Herbert Baggaley Construction
is the latest famous industry name to go into administration.
KPMG were called to the Mansfield based company which employs 104
people with a GBP50 million turnover, according to Construction
Enquirer.
The report relates that the fall into administration comes just
months after the firm switched ownership of a substantial
shareholding in the company to the directors and employees.
The restructuring last September saw the Baggaley family step
away from the management of the company, Construction Enquirer
notes.
"Unfortunately, the business has been under financial stress for
some time due to a number of loss-making contracts and the
continuing difficulties experienced in the construction sector .
. . . Despite a management buyout last year and efforts to
restructure and refinance, this difficult position has been
compounded by ongoing losses and unsustainable cash flow
pressure. . . The directors were left with no option but to seek
the appointment of administrators. . . . We will now rapidly be
assessing the options for this well-known business," the report
quoted Chris Pole, joint administrator and restructuring director
at KPMG, as saying.
HMV GROUP: Administrator Attempts to Buy Stock at Low Prices
------------------------------------------------------------
Robert Budden at The Financial Times reports that HMV Group's
administrator Deloitte is attempting to pay rock-bottom prices to
buy up the CDs, DVDs and video games provided to it under a loan
arrangement, in a move that is being resisted by some suppliers.
Before HMV went into administration, the entertainment retailer
had agreed more favorable terms with suppliers, which meant it
only had to pay for stock after it had been sold in stores, the
FT recounts. As a result, HMV is now stocking many thousands of
video games, DVDs and CDs where the content owners -- music and
film companies -- still retain ownership, the FT ntoes.
According to the FT, two people close to the discussions said
that Deloitte first offered to buy up this stock -- which runs to
hundreds of thousands of music CDs and films -- at 12p in the
pound.
The FT notes that the people said some content owners have
complained that the increased offer is still significantly lower
than standard retail deals of between 65p to 70p in the pound.
Some content owners, however, including Universal and Warner
Music, have accepted the higher offer and agreed to resume
supplying the entertainment retailer, the FT states.
According to the FT, the content owners are having to negotiate
as they face little realistic prospect of repossessing their
stock, which has been distributed to hundreds of HMV stores.
The negotiations coincided with an announcement that HMV is axing
190 jobs -- about a third of the staff at its head office and
distribution network -- as it seeks to cut costs, the FT states.
The FT relates that Nick Edwards, joint administrator at
Deloitte, said the cutbacks were "a necessary step in
restructuring the business to enhance the prospects of securing
its future as a going concern".
As reported by the Troubled Company Reporter on Jan. 17, 2013,
the Financial Times related that HMV Group went into
administration after suppliers refused a request for a GBP300
million lifeline for the struggling retailer. Deloitte, which
has been advising HMV's lending banks, was appointed as
administrator to the chain on Jan. 14, the FT disclosed.
United Kingdom-based HMV Group plc is engaged in retailing of
pre-recorded music, video, electronic games and related
entertainment products under the HMV and Fopp brands, and the
retailing of books principally under the Waterstone's brand. The
Company operates in four segments: HMV UK & Ireland, HMV
International, HMV Live, and Waterstone's.
HOI POLLOI: In Administration, Becomes Victim of Economy
--------------------------------------------------------
Rochdale Online reports that Hoi Polloi, which has a branch in
the Rochdale Exchange Shopping Centre, has become another victim
to the economy.
The mini-chain, which is registered as Stockcove, entered
administration earlier this month. Seven of its 12 stores have
been shut already and there are closing down signs in the
Rochdale store, according to Rochdale Online.
The report relates that the chain stocks young fashion brands
including Police, Gio-Goi, Jack & Jones and Henleys alongside its
own in-house brand.
James Stephen -- james.stephen@bdo.co.uk -- and David Hill --
david.hill@bdo.co.uk -- partners at accountancy company BDO have
been appointed as administrators to Stockcove.
"Unfortunately, like many other retailers, Hoi Polloi Clothing
has been significantly affected by the uncertain economic climate
and difficult trading conditions. Our only option, regrettably,
has been to oversee a shutdown of seven stores. We recognize
that this comes at a difficult time of year for staff and we will
be liaising with them individually to offer support and
assistance," the report quoted Mr. Stephen as saying.
Store vouchers are no longer redeemable, and the administrators
are currently looking to "maximize recoveries for the benefit of
all creditors," the report notes.
Hoi Polloi is a young fashion indie chain.
MF GLOBAL: Accord Between SIPA Trustee & UK Unit Approved
---------------------------------------------------------
United States Bankruptcy Judge Martin Glenn gave his stamp of
approval on a settlement and compromise between:
-- James W. Giddens, the Trustee for the liquidation of MF
Global Inc. under the Securities Investor Protection Act,
15 U.S.C. Sec. 78aaa, et seq.; and
-- MF Global UK Limited (in special administration) and the
MFGUK Joint Special Administrators Richard Heis, Richard
Fleming and Michael Pink, on the other.
The Settlement Agreement brings to an end an expensive dispute
between the insolvency administrators that has held up making
substantial distributions to U.S. commodities customers of MFGI.
The insolvency administrators have worked constructively to reach
an agreement that is in the best interests of the insolvency
estates and their creditors.
MFGI and MFGUK were subsidiaries of MF Global Holdings Ltd.,
which was the parent of nearly fifty direct or indirect
subsidiaries. Holdings filed for Chapter 11 protection on the
morning of Oct. 31, 2011. Soon after, the directors of MFGUK
petitioned the High Court of England and Wales to place MFGUK in
special administration, and the Securities Investor Protection
Corporation commenced a proceeding to liquidate MFGI under SIPA.
The High Court appointed Richard Heis, Richard Fleming, and
Michael Pink of KPMG LLP as the JSAs. The United States District
Court for the Southern District of New York appointed the Trustee
for the SIPA liquidation of MFGI.
MFGI was MF Global's principal U.S. broker-dealer and futures
commission merchant. MFGI traded through more than seventy
exchanges globally, including through affiliates in the United
Kingdom, Australia, Singapore, India, Canada, Hong Kong and
Japan, both on its own behalf and on behalf of customers. A
number of affiliates of MFGI in turn traded through accounts with
MFGI as their FCM or broker-dealer in the United States.
MFGUK, based in London, was MF Global's principal European
broker-dealer and dealt in commodities, fixed income, equities,
foreign exchange, futures and options. MFGUK is authorized and
regulated by the Financial Services Authority in the U.K., and
traded and settled securities on European and other foreign
exchanges for its customers, affiliates (including MFGI), and on
its own behalf.
Prior to Oct. 31, 2011, there were extensive dealings between
MFGI and MFGUK. The Parties have expended significant effort in
investigating these dealings. As a result, the SIPA Trustee and
the JSAs have identified and brought claims against each other's
respective estates. The Trustee and the JSAs have exchanged tens
of thousands of pages of documents, and the Trustee's
professionals regularly corresponded with the JSAs' professionals
to efficiently and expeditiously resolve of the Parties' claims.
Despite these efforts to work cooperatively, the Parties
identified significant disputes, some of which have led to
litigation.
The necessary process of investigating, conducting litigation,
and preparing for further litigation of these claims has already
cost substantial sums. If the Parties were to continue to
advance the litigation between them, significantly more expense
would be incurred. Substantial briefing has already occurred
before the High Court for issues related to the so-called MFGI
30.7 Client Asset Claim and the RTM collateral, together with
substantial discovery in relation to the MFGI 30.7 Client Asset
Claim.
One of the key legal issues originally underlying the SIPA
Trustee's claim in the MFGUK special administration was the
determination of the priority under English law for distribution
of the funds and assets that the Trustee sought to reclaim on
behalf of MFGI's former customers. Given the potentially
significant differences in the estimated recovery rates for the
categories of property, this determination would have a
significant impact on the amount the Trustee could expect to
recover from the MFGUK special administration.
Claims by MFGI against MFGUK
The MFGI Claims against MFGUK amount to a total of approximately
US$910 million of Client Money and Client Assets and nearly
US$500 million of unsecured creditor claims:
* The MFGI 30.7 Client Asset Claim of approximately US$640
million in property that the Trustee believed was or
should have been secured for former MFGI 30.7 Customers.
* The MFGI Client Money Claim of approximately US$270
million, which was comprised of approximately US$95
million in respect of MFGI's open positions held with
MFGUK as of October 31, 2011. The MFGI Client Money Claim
also includes the US$175 million wire transfer from MFGI
to MFGUK on October 28, 2011.
* Unsecured creditor claims of approximately US$465 million
relating to collateral posted with respect to RTM
transactions, intercompany repurchase transactions, and
other miscellaneous items.
30.7 Client Asset Claim
MFGI's U.S. futures and options customers who wished to trade on
non-U.S. exchanges -- 30.7 Customers -- deposited cash for margin
requirements for these trades into MFGI's segregated 30.7
accounts held with Harris Bank. MFGI, which was not authorized to
trade on non-U.S. exchanges, conducted its trading on foreign
exchanges (with the exception of Canadian exchanges), through
MFGUK. Where MFGUK was to act as carrying broker for such trades,
MFGI transferred the margin to MFGUK -- 30.7 Funds. Although
MFGUK was aware that MFGI was acting on behalf of its underlying
30.7 Customers, the JSAs' position is that MFGUK did not
consistently hold the 30.7 Funds" transferred primarily in the
form of U.S. Treasury Bills on a secured basis.
As of October 31, 2011, MFGI's records show that the value of the
margin posted to the relevant secured 30.7 account was
US$639,918,174. The amount of 30.7 Funds represents a sizeable
portion of the total shortfall in the 30.7 estate property
available for distribution to 30.7 Customers.
For the purposes of the Settlement Agreement, the JSAs have
agreed to accept the full value of all claims in respect of the
30.7 Funds, US$639,918,174, with a portion (approximately US$196
million) being returned as a client asset, and the balance being
returned as an unsecured creditor claim.
RTM
Starting around 2010, MF Global began a policy of accumulating a
portfolio of European sovereign debt securities. Investment in
these securities peaked at nearly US$7 billion in October 2011.
Generally, MFGUK purchased the securities on the market and then
MFGI and MFGUK entered into repurchase transactions with each
other, whereby the securities were sold at fixed prices on the
terms that equivalent securities would be repurchased at a later
date. These transactions were known as repos to maturity -- RTM -
- since the repurchase date under the repos would match the
maturity date of the securities, which was generally 12 to 18
months from the beginning of the transaction. There are a number
of grounds for dispute in relation to the valuation of the RTM
claim, which could potentially involve litigation both in England
and in the United States.
Hindsight Proceeding
On May 3, 2012, the JSAs filed an application with the High Court
seeking directions on the appropriate valuation methodology for
client money claims in which the clients held open positions as
of the date MFGUK entered special administration. The Trustee was
not a party to the Hindsight Proceeding but, because the relevant
part of the MFGI Client Money Claim was prepared on the basis of
values as of October 31, 2011, the outcome could impact the MFGI
Client Money Claim.
Claims by MFGUK against MFGI
The JSAs have also filed claims against MFGI, which, net of
duplicate claims, asserts approximately US$410 million in claims:
US$258 million in commodities claims (the MFGUK 4(d) Commodities
Claim and the MFGUK 30.7 Commodities Claim) and US$147 million in
securities claims (the MFGUK Securities Claim and MFGUK DTC Box
7423 Claim). The JSAs have also filed the MFGUK Unsecured General
Creditor Claims in the amount of approximately US$5 million.
Duplicative Claims
Certain of the 30.7 Customers of MFGI have submitted or may
submit claims against MFGUK in respect of the MFGUK/MFGI Futures
and Options Business.
Duplicative Claims compete with the claims submitted by the SIPA
Trustee against MFGUK. At present, there are approximately 116
known Duplicative Claims. The Parties take the position that the
Trustee is the proper and exclusive claimant against MFGUK for
the 30.7 Funds, and that the right to recover the 30.7 Funds
rests properly and exclusively in the Trustee. The Settlement
Agreement therefore provides that existing Duplicative Claims
will not be continued against MFGUK, and that further Duplicative
Claims will be barred by order of this Court. This is a condition
of the JSAs giving effect to the Settlement Agreement.
Terms of the Settlement Agreement
The Settlement Agreement is comprised of a number of different
agreed claim amounts, which include various provisions for
setoffs and shortfalls. Although subject to subsequent
adjustments in certain cases, the agreed amounts under the
Settlement Agreement are as follows:
* MFGI Client Asset Claim: US$192 million (net of expenses);
* MFGI Client Money Claim: US$54 million (a conservative
estimate pending resolution of Hindsight Proceeding), to
be paid at an estimated initial dividend rate of 60 cents;
* MFGI Unsecured Creditor Claim: approximately US$323
million (subject to further adjustment due to a variety of
factors following the Settlement Agreement becoming
effective), to be paid at an estimated initial dividend
rate of 20 cents; and
* The total approximate initial distribution from MFGUK (in
special administration) to the MFGI estate following the
Effective Date: US$291 million.
Therefore, the total combined recovery will be approximately
US$500 million to US$600 million, net of offsets of MFGUK's
claims into the MFGI estate.
There are several conditions to the effectiveness of the
Settlement Agreement, specifically:
* Entry by the Court, in a form and substance reasonably
acceptable to the Parties, of an order:
* authorizing the Trustee to implement the Settlement
Agreement, perform fully his obligations in respect to the
Settlement Agreement, and take all actions reasonably
necessary to consummate the Settlement Agreement;
* prohibiting the customers and creditors of MFGI from
making or continuing any claim directly against MFGUK
which is a Duplicative Claim; and
* providing that prior to making any further distribution
from the MFGI 30.7 commodities estate to a customer (with
an allowed claim with a value greater than US$12,000 (US))
in MFGI's SIPA proceeding, the Trustee will obtain an
appropriate release of all Duplicative Claims in favor of
MFGUK and the JSAs.
* JPMorgan Chase withdraws certain claims filed against
MFGUK, signs appropriate release documents and returns
certain account balances and amounts to MFGUK.
* Claims in any proceedings by MFGH and MF Global Finance
USA Inc. have been withdrawn and MFGH and FinCo. have
signed releases in favor of MFGUK, save with respect to
certain agreed claims.
A copy of the Court's Jan. 31, 2013 Memorandum Opinion is
available at http://is.gd/e1Sh69from Leagle.com.
About MF Global
New York-based MF Global -- http://www.mfglobal.com/-- was one
of the world's leading brokers of commodities and listed
derivatives. MF Global provides access to more than 70 exchanges
around the world. The firm also was one of 22 primary dealers
authorized to trade U.S. government securities with the Federal
Reserve Bank of New York. MF Global's roots go back nearly 230
years to a sugar brokerage on the banks of the Thames River in
London.
MF Global Holdings Ltd. and MF Global Finance USA Inc. filed
voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-
15059 and 11-5058) on Oct. 31, 2011, after a planned sale to
Interactive Brokers Group collapsed. As of Sept. 30, 2011, MF
Global had US$41,046,594,000 in total assets and
US$39,683,915,000 in total liabilities.
Judge Honorable Martin Glenn presides over the Chapter 11 case.
J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric
Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve
as bankruptcy counsel. The Garden City Group, Inc., serves as
claims and noticing agent. The petition was signed by Bradley I.
Abelow, Executive Vice President and Chief Executive Officer of
MF Global Finance USA Inc.
Louis J. Freeh was named the Chapter 11 Trustee for the
bankruptcy cases of MF Global Holdings Ltd. and its affiliates.
The Chapter 11 Trustee tapped (i) Freeh Sporkin & Sullivan LLP,
as investigative counsel; (ii) FTI Consulting Inc., as
restructuring advisors; (iii) Morrison & Foerster LLP, as
bankruptcy counsel; and (iv) Pepper Hamilton as special counsel.
An Official Committee of Unsecured Creditors has been appointed
in the case. The Committee has retained Capstone Advisory Group
LLC as financial advisor.
The Securities Investor Protection Corporation commenced
liquidation proceedings against MF Global Inc. to protect
customers. James W. Giddens was appointed as trustee pursuant to
the Securities Investor Protection Act. He is a partner at
Hughes Hubbard & Reed LLP in New York.
Jon Corzine, the former New Jersey governor and co-CEO of
Goldman Sachs Group Inc., stepped down as chairman and chief
executive officer of MF Global just days after the bankruptcy
filing.
SCOTPIGS: KPMG Completes Liquidation After Nine Years
-----------------------------------------------------
Joe Watson at The Press and Journal reports that the liquidation
of Scotpigs has finally been completed, nearly nine years after a
judge ordered it to be wound up.
Unsecured creditors have in recent weeks received a 22p dividend
for every pound owed to them by Scotpigs, which was formerly
jointly owned by warring business partners Arthur Simmers, of
Bogfechel, Whiterashes, and Jim Innes, of J. C. Innes, Dunscroft,
Huntly, the Press and Journal relates.
A spokesman for liquidator Blair Nimmo -- blair.nimmo@kpmg.co.uk
-- of KPMG, confirmed that the liquidation was now finished, the
Press and Journal notes.
It was agreed to liquidate the business in March 2004 after the
owners fell out with each other, the Press and Journal discloses.
Mr. Innes brought the action as Scotpigs owed him more than
GBP412,000, the Press and Journal says. But Mr. Simmers at the
time said Mr. Innes owed Scotpigs more than GBP1 million, the
Press and Journal notes.
Scotpigs is a Scottish pig farming business.
SEYMOUR PIERCE: In Rescue Talks with Two Investors
--------------------------------------------------
James Quinn at The Telegraph reports that the board of Seymour
Pierce was locked in 11th-hour talks with at least two investors
over the weekend in a bid to save the 130-year-old broker.
It is understood the board, led by football financier
Keith Harris, is talking to an individual and a rival broker
about financing the firm, the Telegraph says.
Seymour Pierce is understood to have debts of between
GBP3 million and GBP4 million, with its largest creditor being a
Ukrainian investor who has injected several million pounds into
the firm in the past 12 months, the Telegraph discloses.
Any new investment must be agreed within days if the broker is to
survive, with Grant Thornton lined up to act as administrator,
the Telegraph notes.
The rival firm assessing Seymour Pierce's books is thought to be
an overseas buyer looking for a UK foothold, the Telegraph
states.
According to the Telegraph, a spokesman confirmed: "The board of
Seymour Pierce has received a number of offers which they are
considering."
Seymour Pierce is a London-based investment bank and stockbroker
focused on advising companies and raising finance for them.
SOUTH LONDON: Faces Dissolution; A&E Dep't. Gets Partial Reprieve
-----------------------------------------------------------------
Sarah Neville at The Financial Times reports that Jeremy Hunt,
the health secretary, on Thursday said the financially troubled
South London Healthcare NHS Trust is to be dissolved and each of
its constituent hospitals taken over by a neighboring
institution.
However, Mr. Hunt announced a partial reprieve for the accident
and emergency department at Lewisham hospital, the FT relates.
The administrator had suggested this should be turned into an
urgent care center as part of the shake-up and residents had
mounted a big campaign to keep it open, the FT notes.
The Trust was the first to be put into administration last year
when then-health secretary Andrew Lansley decided it was no
longer financially sustainable, the FT recounts. According to
the FT, it was losing about GBP1.3 million a week, debts which
ministers blamed in part on the cost of servicing private finance
initiative contracts drawn up under the previous Labour
government.
Mr. Hunt accepted the recommendations of the Trust special
administrator that Queen Elizabeth Hospital in Woolwich, Queen
Mary's in Sidcup and Princess Royal in Bromley should make
savings of about GBP75 million, the FT discloses.
South London Healthcare NHS Trust was created by merging three
hospitals -- the Princess Royal in Orpington, Queen Mary's in
Sidcup and the Queen Elizabeth in Woolwich -- and serves more
than one million people.
THINK-TANK: In Administration With GBP550,000 Hole
--------------------------------------------------
Alex Hawkes at This is Money reports that a think-tank set up
with the backing of former Prime Minister Gordon Brown went into
administration with a GBP550,000 hole in its accounts.
A report to creditors of the International Centre for Financial
Regulation revealed the body, launched by Treasury Ministers in
2008, thought it had GBP600,000 in cash in September last year,
according to the report.
"The correct figure was nearer GBP50,000 . . . . a member of
staff was immediately suspended and investigations commenced,"
the report quoted an administrators from Zolfo Cooper as saying.
The center, which was intended to spread ideas on light-touch
regulation, called in administrators at the end of November last
year, the report notes.
TIFFEN DEVELOPMENTS: Goes Into Administration
---------------------------------------------
BBC News reports that Tiffen Developments has been placed into
administration.
S&F Properties, a company related to Tiffen Developments, is also
in administration, BBC relates.
Mortgages filed at Companies House suggest that S&F Properties
invested in commercial properties in GB, BBC notes.
According to both firms' last sets of accounts, filed in 2011,
they owed the Ulster Bank a combined GBP4.5 million and had
assets of GBP5.8 million, BBC discloses.
BBC relates that a note in the accounts of Tiffen Developments
stated that it was relying on the support of the bank to continue
trading.
The owner of the firm, John Curran, has interests in a number of
other property businesses which are unaffected by the
administration, BBC says.
The Northern Ireland housing market has struggled to emerge from
a deep recession, BBC states.
Tiffen Developments is a house building firm based in Dungannon,
County Tyrone.
VISTEON UK: Court Consolidates Suits Over $550M Visteon Pensions
----------------------------------------------------------------
Brian Mahoney of BankruptcyLaw360 reported that a U.K. judge has
agreed to consolidate about 1,400 lawsuits accusing Ford Motor
Co. of misleading its employees about approximately $550 million
in pension obligations before transferring them to Visteon UK, a
representative for the plaintiffs said Friday.
Simon Harding, a representative for the Visteon Pension Action
Group, said a U.K. High Court judge had agreed to consolidate the
suits in a group litigation, the report related. The decision
was made in December but made public Thursday after U.K.
parliament members announced they might seek a select committee
inquiry, the report added.
Visteon UK was a car parts firm. It operated in Enfield, UK,
Basildon, UK, and Belfast, UK and recorded sales of US$250
million for the year ended December 31, 2008. It had total
assets of US$153 million as of December 31, 2008.
* UK: England & Wales Administration Figures Up 6% in 4Q 2012
-------------------------------------------------------------
Annabelle Dickson at The Press Association reports that the
number of companies collapsing into administration in England and
Wales rose at the end of last year after tough economic
conditions claimed a raft of high profile corporate failures.
According to the Press Association, electrical giant Comet was
among 580 companies in England and Wales to call in
administrators in the final three months of 2012, an increase of
6% on the previous quarter, with HMV, Jessops and Blockbuster
following suit this month.
But the figures from the Insolvency Service found the total
number of companies that went under in the fourth quarter
declined 2.2% from the previous three months to 4,841 and 9.8%
year-on-year, the Press Association discloses.
Of the total insolvencies, 3,834 companies went into liquidation,
276 into receiverships and 151 entered into company voluntary
arrangements, the Press Association says.
The number of retail administrations in England and Wales,
excluding car and repair companies, rose to 30 from 24 a year
earlier, the Press Association notes.
According to the Press Association, Mike Jervis --
mike.jervis@uk.pwc.com -- business recovery partner at
PricewaterhouseCoopers, said the drop in overall company
insolvencies was down to "low interest rates, supportive lenders
and frankly the lack of options if insolvency actually occurs".
But he warned the fragile position could change quickly, the
Press Association relates.
"Administration numbers ticked up 6% quarter on quarter and
January has produced a number of high profile failures.
Management teams are far more focused on cash, costs and
survival than in previous downturns and continuation of these
disciplines is not optional," the Press Association quotes
Mr. Jervis as saying.
* UK: Prudential, Aviva, L&G Most Exposed to Reform, Fitch Says
---------------------------------------------------------------
Prudential, Aviva and Legal & General are the most exposed life
insurers to the risk of falling annuity profits if a Financial
Services Authority investigation leads to a major shake-up of the
industry, Fitch Ratings says.
As market leaders in annuities and also providers of pension
savings vehicles, these firms benefit significantly from the
tendency of clients who buy an annuity at retirement to stick
with the provider they built their savings with. FSA steps to
make consumers more aware of their right to choose a different
annuity provider would be likely to reduce either the volume of
business these insurers do, or the margins on that business.
Annuities represent around 30% of UK sales at Prudential and
Aviva and more than 15% at L&G. Moreover, this business generates
higher margins than most of the other products the companies sell
in the UK.
But annuities also carry significant risk for the provider,
principally from increasing life expectancy and the difficulty of
matching assets and liabilities for a product that can continue
to pay out for more than 30 years. Strong risk management and
pricing discipline are therefore essential for a successful
annuity business and we would closely monitor pricing
developments in the event of changes in the industry.
"We rate Prudential and L&G and would not expect any change to
these ratings because the companies have well-diversified
business portfolios by product or geography. Annuities can also
serve as a partial hedge to traditional term life assurance
business," Fitch says.
The FSA is conducting a review of the annuities market, which
will continue during the second half of this year. The review
will initially examine the detriment to consumers from not
shopping around and whether there are firms or particular groups
of consumers where this is likely to arise.
* UK: Fitch Says IRHP Mis-selling to Hit Banks' Net Earnings
------------------------------------------------------------
The costs for redress of the mis-selling of interest-rate hedging
products (IRHP) should be manageable for UK banks but will dent
their net earnings prospects in the short- to medium-term, Fitch
Ratings says. "It is difficult to quantify the redress costs for
the whole industry but they are unlikely to be as large as other
misconduct costs, such as the payment protection insurance
compensation and LIBOR fines. Nonetheless, we expect conduct
risks to remain high," Fitch says.
Fitch says, "The remediation exercise for IRHP is likely to gain
momentum following the Financial Services Authority's revisions
to its criteria and principles for assessing redress and the
conclusion of the pilot review by the largest four UK banks. This
could lead to a spike in provisions for IRHP redress.
"The large UK banks started provisioning for interest-rate swap
mis-selling costs in 2012, making around GBP700 million of
provisions. In its pilot findings based on 173 cases, the FSA
found that over 90% of interest-rate swaps sold by the four
largest UK banks failed to meet regulatory requirements and that
a significant proportion are likely to result in customer
compensation. RBS has already announced that it would
significantly increase its IRHP provision above the GBP50 million
it made in Q212 for structured collar products sold to SMEs.
"We expect IRHP provisions to rise but there are far fewer
potential cases than for PPI mis-selling, so the amounts involved
should not be as large. Provisions to redress PPI totaled over
GBP12 billion for the industry by end-Q312, and could rise
further as claims continue to be submitted to the banks.
"Increased scrutiny of banking conduct and standards by
customers, politicians and regulators means that the creation of
new high-risk products, including benchmarks, will be
substantially reduced. We expect banks to strengthen systems,
controls and governance to minimize conduct risks. But it would
be unrealistic to assume that the worst is over for the industry
from the previous generation of complex products. We believe
conduct risk may emerge from a number of sources that have yet to
be identified.
"The Financial Services Authority announced yesterday the start
of a full review of IRHP sales to SMEs by the largest four UK
banks - Barclays, HSBC, Lloyds and RBS. It also revised its
criteria and principles for assessing redress following the
conclusion of the pilot review by these four banks. Other banks,
such as Allied Irish Bank (UK), Bank of Ireland, Clydesdale Bank,
Co-Operative Bank and Santander UK, are finalizing their pilot
findings ahead of a full review."
* UK: Moody's Notes Lower Credit Competition Risk in Water Sector
-----------------------------------------------------------------
Moody's reports that the risk of credit negative competition
being introduced in the UK water sector may have fallen after a
report by Members of Parliament found that further analysis of
the likely impact is needed before upstream reforms are
introduced. According to the report, which welcomes government
plans to increase competition in the sector, the case for
upstream reform has not yet been fully made out. Given the
potentially serious implications, the report published by the
House of Commons Environment, Food and Rural Affairs (EFRA)
Committee in response to the Government's Draft Water Bill, says
that further work is required to establish how upstream reform
might be introduced in a way that will preserve investor
confidence.
The majority of the provisions of the Draft Water Bill, published
in July 2012, focus on increasing opportunities for competition
in the UK water sector which government and the Water Services
Regulation Authority, Ofwat, the economic regulator for water
companies in England and Wales believe will bring improvements
for customers. Retail competition for non-household customers is
expected to begin in 2017 and research by Moody's has shown that,
depending on how it is implemented, this could have little or no
impact on the credit standing of the rated water companies. No
timetable has been set for the possible introduction of upstream
competition although the report says that the Bill should set
target dates for a final decision on the form and scope of
upstream reforms and opening of the market.
The report's recommendations include that the Department for the
Environment, Food and Rural Affairs (Defra -- the government
department with overall responsibility for the sector) revisit
the whole subject of upstream reform and invite evidence on the
likely impact of the reforms and the details of their
implementation. This review should, according to the report,
begin immediately with a great deal of further work being
required before any steps can be taken to introduce upstream
competition. Moody's anticipates that the government will wish to
demonstrate a robust case for the introduction of upstream
competition, including meaningful benefits for customers, before
proceeding.
The MPs also highlight that the Draft Bill provides only a broad
framework and leaves too much detail to be decided by Ofwat, or
to be introduced through secondary legislation that receives less
parliamentary scrutiny. The report recommends that government
include key principles for upstream reform within the Draft Bill
and publish statutory guidance for Ofwat in order to provide
greater certainty as to the potential scale and impact of future
changes.
Incumbent water companies should, the report says, be allowed to
voluntarily exit the retail market. This would require separate
licenses for wholesale and retail activities, something companies
have previously opposed on the basis that it may be a precursor
to mandatory legal separation. Some, however, now favor the
option as it would allow them the to exit retail activities if
they wanted to, without subsequently being required to act as a
supplier of last resort. Any disposal of the retail business, or
legal separation, for companies that have adopted covenanted and
highly-leveraged financing structures would require lender
consent.
The EFRA Committee is appointed by the House of Commons to
examine the expenditure, administration and policy of Defra and
its associated public bodies. The committee has been responsible
for scrutinizing the Draft Bill to ensure that the proposals are
necessary, workable, and efficient. As part of this process, the
committee invited written submissions and held a number of public
hearings with witnesses including the responsible government
Minister and Moody's. The recommendations in the report are not
binding on government but will be influential.
The Government's intention is that the Water Bill will be
introduced in the next session of parliament which starts in May
2013. It is unlikely that a new Water Act will be enacted before
the Autumn of 2013 and it is possible that it may be delayed
beyond this by other government priorities.
===============
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
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S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
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S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
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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
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JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
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NYNAS NV 3734766Z BB -7050037.824 133049490.2
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SABENA SA SABA BB -85494497.66 2215341060
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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
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PETROL AD 5PETEUR EO -28384533.15 365674871.9
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
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
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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ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
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GREEN WIND ENERG GW BY -11320362.72 176234029.6
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GREEN WIND ENERG GW EO -11320362.72 176234029.6
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HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
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SCANDINAVIAN BRA SBS1EUR EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS DC -17139908.33 134988548.1
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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BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
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BROSTROM TANKERS 3641643Z FP -115599.3207 311104377.9
BUT INTERNATIONA 3648871Z FP -5859572.435 1100621152
CADES 211430Z FP -1.16E+11 23006745556
CARCOOP FRANCE 4690569Z FP -531951.7338 185621693.8
CARNAUDMETALB-N JJNN FP -239071932.4 6870067181
CARNAUDMETALB-N 84433Q FP -239071932.4 6870067181
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CARRERE GROUP CRRHF US -9829531.944 279906700
CARRERE GROUP CRGP IX -9829531.944 279906700
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ETAM PRET A PORT 4682193Z FP -18364165.43 175501799.4
FACONNABLE SA 226782Z FP -19616230.99 136513429.3
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I BASE 757542Z FP -6019481.253 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.49 363058830.9
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LAB DOLISOS LADL FP -27752176.19 110485462.4
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MILLIMAGES 8131905Q FP -1006050.249 113454378.9
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MILLIMAGES-RTS 760037Q FP -1006050.249 113454378.9
M-REAL ALIZAY SA 4670721Z FP -19839749.29 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863949.8 221936730.6
NESTLE WATERS SU 3634879Z FP -183402272.8 254740466.9
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NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
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OROSDI-BACK ORBA FP -51389802.68 181267113.2
OROSDI-RTS ORODS FP -51389802.68 181267113.2
PAGESJAUNES GRP PAJGBP EO -2572329208 1590596225
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PRIDE FORAMER SA 271904Z FP -25977905.48 1062588005
REGIE PUBLICITAI 4691033Z FP -5262294.526 112402724.7
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RHODIA SA RHA BQ -72552001.48 7951699362
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SOCIETE D'AGENCE 4741441Z FP -11128710.59 243411105.2
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GREECE
------
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HUNGARY
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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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PRAMAC SPA PRAM IX -87225647.28 314935866.6
PRAMAC SPA PRA IM -87225647.28 314935866.6
PRAMAC SPA PRA2 EU -87225647.28 314935866.6
PRAMAC SPA 6PA GR -87225647.28 314935866.6
PRAMAC SPA PRAM PZ -87225647.28 314935866.6
PRAMAC SPA PRA2 EO -87225647.28 314935866.6
RISANAMEN-RNC OP RNROPA IM -182584482.9 2453594767
RISANAMENTO -OPA RNOPA IM -182584482.9 2453594767
RISANAMENTO -RNC RNR IM -182584482.9 2453594767
RISANAMENTO SPA RN PZ -182584482.9 2453594767
RISANAMENTO SPA RNGBX EO -182584482.9 2453594767
RISANAMENTO SPA RN IX -182584482.9 2453594767
RISANAMENTO SPA RN EO -182584482.9 2453594767
RISANAMENTO SPA RNGBX EU -182584482.9 2453594767
RISANAMENTO SPA RSMNF US -182584482.9 2453594767
RISANAMENTO SPA RN EU -182584482.9 2453594767
RISANAMENTO SPA RN TQ -182584482.9 2453594767
RISANAMENTO SPA RN BQ -182584482.9 2453594767
RISANAMENTO SPA RN IM -182584482.9 2453594767
RISANAMENTO SPA RN5 GR -182584482.9 2453594767
RISANAMENTO SPA RNGBP EO -182584482.9 2453594767
RISANAMENTO-RTS RNAA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXO IM -182584482.9 2453594767
SEAT PAGINE PG1 EB -741904802.3 3755632231
SEAT PAGINE SP7A GR -741904802.3 3755632231
SEAT PAGINE PG1 NQ -741904802.3 3755632231
SEAT PAGINE SP7 GR -741904802.3 3755632231
SEAT PAGINE PG PZ -741904802.3 3755632231
SEAT PAGINE PG1USD EU -741904802.3 3755632231
SEAT PAGINE PG1 QM -741904802.3 3755632231
SEAT PAGINE SEEA LN -741904802.3 3755632231
SEAT PAGINE PG IM -741904802.3 3755632231
SEAT PAGINE 283147Q IM -741904802.3 3755632231
SEAT PAGINE PG VX -741904802.3 3755632231
SEAT PAGINE PGI1 IX -741904802.3 3755632231
SEAT PAGINE SPGMF US -741904802.3 3755632231
SEAT PAGINE PG BQ -741904802.3 3755632231
SEAT PAGINE PG1 NR -741904802.3 3755632231
SEAT PAGINE PG1USD EO -741904802.3 3755632231
SEAT PAGINE PG1GBX EO -741904802.3 3755632231
SEAT PAGINE PG1 TQ -741904802.3 3755632231
SEAT PAGINE PG1GBP EO -741904802.3 3755632231
SEAT PAGINE PG1 EO -741904802.3 3755632231
SEAT PAGINE PG1 EU -741904802.3 3755632231
SEAT PAGINE-ADR SPGMY US -741904802.3 3755632231
SEAT PAGINE-RSP SPGBF US -741904802.3 3755632231
SEAT PAGINE-RSP PGR EO -741904802.3 3755632231
SEAT PAGINE-RSP PGR EU -741904802.3 3755632231
SEAT PAGINE-RSP PGR IX -741904802.3 3755632231
SEAT PAGINE-RSP PGR IM -741904802.3 3755632231
SEAT PAGINE-RSP PGR PZ -741904802.3 3755632231
SEATPG AXA PGAXA IM -741904802.3 3755632231
SNIA BPD SN GR -141933895.2 150445252.4
SNIA BPD-ADR SBPDY US -141933895.2 150445252.4
SNIA SPA SSMLF US -141933895.2 150445252.4
SNIA SPA SIAI IX -141933895.2 150445252.4
SNIA SPA SIAI PZ -141933895.2 150445252.4
SNIA SPA SN EO -141933895.2 150445252.4
SNIA SPA SN IM -141933895.2 150445252.4
SNIA SPA SN EU -141933895.2 150445252.4
SNIA SPA SNIB GR -141933895.2 150445252.4
SNIA SPA SNIXF US -141933895.2 150445252.4
SNIA SPA SBPDF US -141933895.2 150445252.4
SNIA SPA SN TQ -141933895.2 150445252.4
SNIA SPA SNIA GR -141933895.2 150445252.4
SNIA SPA - RTS SNAAW IM -141933895.2 150445252.4
SNIA SPA- RTS SNAXW IM -141933895.2 150445252.4
SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
SNIA SPA-CONV SA SPBDF US -141933895.2 150445252.4
SNIA SPA-DRC SNR00 IM -141933895.2 150445252.4
SNIA SPA-NEW SN00 IM -141933895.2 150445252.4
SNIA SPA-NON CON SPBNF US -141933895.2 150445252.4
SNIA SPA-RCV SNR IM -141933895.2 150445252.4
SNIA SPA-RCV SNIVF US -141933895.2 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933895.2 150445252.4
SNIA SPA-RNC SNRNC IM -141933895.2 150445252.4
SNIA SPA-RNC SNIWF US -141933895.2 150445252.4
SNIA SPA-RTS SNAA IM -141933895.2 150445252.4
SNIA SPA-RTS SNSO IM -141933895.2 150445252.4
SOPAF SPA SPF TQ -24220971.66 153763906.2
SOPAF SPA SPF EU -24220971.66 153763906.2
SOPAF SPA SPF IM -24220971.66 153763906.2
SOPAF SPA SOPAF US -24220971.66 153763906.2
SOPAF SPA SPF PZ -24220971.66 153763906.2
SOPAF SPA SPF BQ -24220971.66 153763906.2
SOPAF SPA SPF QM -24220971.66 153763906.2
SOPAF SPA SPF EB -24220971.66 153763906.2
SOPAF SPA SOCAF US -24220971.66 153763906.2
SOPAF SPA SPF EO -24220971.66 153763906.2
SOPAF SPA SSZ HK Equity -24220971.66 153763906.2
SOPAF SPA SPFI IX -24220971.66 153763906.2
SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
SOPAF SPA-RNC SPFN IM -24220971.66 153763906.2
SOPAF SPA-RNC SOPCF US -24220971.66 153763906.2
SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TISAAW IM -167327246 362728538.3
TISCALI - RTS TIQA GR -167327246 362728538.3
TISCALI SPA TIS TQ -167327246 362728538.3
TISCALI SPA TIS VX -167327246 362728538.3
TISCALI SPA TISGBX EO -167327246 362728538.3
TISCALI SPA TIS EO -167327246 362728538.3
TISCALI SPA TIS EU -167327246 362728538.3
TISCALI SPA TISN FP -167327246 362728538.3
TISCALI SPA TISGBP EO -167327246 362728538.3
TISCALI SPA TIS IX -167327246 362728538.3
TISCALI SPA TIQG IX -167327246 362728538.3
TISCALI SPA TISN IX -167327246 362728538.3
TISCALI SPA TIS EB -167327246 362728538.3
TISCALI SPA TIS FP -167327246 362728538.3
TISCALI SPA TIS IM -167327246 362728538.3
TISCALI SPA TISN VX -167327246 362728538.3
TISCALI SPA TISN IM -167327246 362728538.3
TISCALI SPA TIS NA -167327246 362728538.3
TISCALI SPA TISM IX -167327246 362728538.3
TISCALI SPA TSCXF US -167327246 362728538.3
TISCALI SPA TISGBX EU -167327246 362728538.3
TISCALI SPA TIQ1 GR -167327246 362728538.3
TISCALI SPA TISN NA -167327246 362728538.3
TISCALI SPA TIS QM -167327246 362728538.3
TISCALI SPA TIS NQ -167327246 362728538.3
TISCALI SPA TIS NR -167327246 362728538.3
TISCALI SPA TIS PZ -167327246 362728538.3
TISCALI SPA TIS BQ -167327246 362728538.3
TISCALI SPA TIQ GR -167327246 362728538.3
TISCALI SPA- RTS 3391621Q GR -167327246 362728538.3
TISCALI SPA- RTS TISAXA IM -167327246 362728538.3
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT GLOBAL 0440101D US -1168589952 17400967168
INTELSAT GLOBAL I US -1168589952 17400967168
INTELSAT INVESTM ILMA GR -1199357056 17465319424
INTELSAT SA 2237Z US -1199357056 17465319424
NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
AVAST SOFTWARE B 0112793D US -15842000 132342000
AVAST SOFTWARE N AVST US -15842000 132342000
AVG TECHNOLOGIES 0119253D US -52030000 377521984
AVG TECHNOLOGIES 3164852Z NA -52030000 377521984
AVG TECHNOLOGIES AVG US -52030000 377521984
AVG TECHNOLOGIES 1VA GR -52030000 377521984
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN EO -7854715.264 609871188.9
BAAN COMPANY NV BAAN PZ -7854715.264 609871188.9
BAAN COMPANY NV BAAN GR -7854715.264 609871188.9
BAAN COMPANY NV BNCG IX -7854715.264 609871188.9
BAAN COMPANY NV BAAVF US -7854715.264 609871188.9
BAAN COMPANY NV BAAN EU -7854715.264 609871188.9
BAAN COMPANY-NY BAANF US -7854715.264 609871188.9
BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
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COOPERATIE VOEDI 4378105Z NA -216576.9882 680962157.8
EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
EUROPEAN MARITIM 4523543Z NA -34803118.05 347300069.4
FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
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HUISVUILCENTRALE 4777713Z NA -87789.23965 1412526184
IEOC EXPLORATION 4523879Z NA -3196000 112429000
INFOR GLOBAL SOL 4778481Z NA -332427172.9 500602423.6
ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
ING REIM DEVELOP 3811140Z NA -231041485.9 383323356.5
KONINKLIJKE HASK 4037221Z NA -69259.20141 230145390.9
KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
LINO MANAGEMENT 3774416Z NA -330305248.1 752471513.7
MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
MAGYAR TELECOM B 363945Z HB -9411153.408 462039674.5
MITSUBISHI MOTOR 3893974Z NA -236634746.2 588105612.9
MSREF ELBA BV 4043045Z NA -89889.60183 584994172.5
MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
NORFOLK HOLDINGS 779151Z NA -199512.5928 813430683.8
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SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
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UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
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VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.7768 799874848.4
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
AKER BUSINESS SE 4400969Z NO -1678208.862 125911965.2
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP BY -16100000 765200000
AKER FLOATING PR AKFP EO -16100000 765200000
AKER FLOATING PR AKFP PZ -16100000 765200000
AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
AKER FLOATING PR AKFPEUR EU -16100000 765200000
AKER FLOATING PR AKFPEUR EO -16100000 765200000
AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
BAKERS AS 4527631Z NO -2100773.812 130412660.1
BKK VARME AS 4445833Z NO -4191315.792 139898061.1
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GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
HEEGH AUTOLINERS 4389209Z NO -13894016.15 253537334.9
HELI-ONE NORWAY 4632761Z NO -27084593.22 759455442.9
ICA NORGE AS 4511499Z NO -132832574.9 702347848.8
INFRATEK ENTREPR 4402489Z NO -33504101.18 160698348.1
INTEROIL EXPLORA IOX NO -21010000 139828992
INTEROIL EXPLORA IOX EO -21010000 139828992
INTEROIL EXPLORA IOX PZ -21010000 139828992
INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
NCC ROADS AS 4401305Z NO -11149611.36 135425117.2
NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
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
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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
SWEDISH MATCH AB SWMA GK -267565377.7 2184130566
SWEDISH MATCH AB SWMDF US -267565377.7 2184130566
SWEDISH MATCH AB SWMA NQ -267565377.7 2184130566
SWEDISH MATCH AB SWMA SS -267565377.7 2184130566
SWEDISH MATCH AB SWMA TQ -267565377.7 2184130566
SWEDISH MATCH AB SWM GR -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA QM -267565377.7 2184130566
SWEDISH MATCH AB SWMA EB -267565377.7 2184130566
SWEDISH MATCH AB SWMA PZ -267565377.7 2184130566
SWEDISH MATCH AB SWM VX -267565377.7 2184130566
SWEDISH MATCH AB SWMA S1 -267565377.7 2184130566
SWEDISH MATCH AB SWMA LI -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBP EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA BQ -267565377.7 2184130566
SWEDISH MATCH- B SWMWF US -267565377.7 2184130566
SWEDISH MATCH-B 3033P US -267565377.7 2184130566
SWEDISH MAT-RTS SWMYR US -267565377.7 2184130566
SWEDISH M-UN ADR SWMAY US -267565377.7 2184130566
SWITZERLAND
-----------
ETRION CORP 4QP GR -1431000 449615008
ETRION CORP PFCXF US -1431000 449615008
ETRION CORP ETX2EUR EU -1431000 449615008
ETRION CORP ETX2USD EO -1431000 449615008
ETRION CORP ETX2USD EU -1431000 449615008
ETRION CORP ETRXF US -1431000 449615008
ETRION CORP ETX2EUR EO -1431000 449615008
ETRION CORP ETX SS -1431000 449615008
ETRION CORP ETX CN -1431000 449615008
ETRION CORP ETX2SEK EO -1431000 449615008
ETRION CORP ETXSEK BY -1431000 449615008
ETRION CORP ETX2SEK EU -1431000 449615008
PRETIUM INDUSTRI PIIMF US -1431000 449615008
VISUALAB INC VSLBF US -1431000 449615008
VISUALABS INC VLI CN -1431000 449615008
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.103 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.103 147075077.7
GALATASARAY SPOR GSRAY TI -134837791.7 312345232.8
GALATASARAY SPOR GALA IX -134837791.7 312345232.8
GALATASARAY SPOR GSRAYR TI -134837791.7 312345232.8
GALATASARAY SPOR GSY GR -134837791.7 312345232.8
GALATASARAY SPOR GATSF US -134837791.7 312345232.8
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UKRAINE
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DE LA RUE PLC DLAR IX -72920095.83 652922700.1
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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., Washington, D.C., 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 2013. 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$775 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 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *