/raid1/www/Hosts/bankrupt/TCREUR_Public/130305.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, March 5, 2013, Vol. 14, No. 45
Headlines
A U S T R I A
ALPINE HOLDING: Creditor Banks Agree to Debt Cut
A Z E R B A I J A N
SOCAR: Moody's Assigns '(P)Ba1' Rating to New US$1-Bil. Notes
B U L G A R I A
BULGARIAN ENERGY: Fitch Affirms 'BB+' LT Issuer Default Rating
C Y P R U S
* CYPRUS: Banks Suffer "Substantial Outflows" From Depositors
F R A N C E
CONSTELLIUM: Moody's Hikes CFR to 'B1' & Rates Term Loan 'B1'
CONSTELLIUM HOLDCO: S&P Affirms 'B' Corp. Rating; Outlook Stable
G E R M A N Y
ADAM OPEL: IG Metall Agrees to Restructuring Plan
G R E E C E
CREDIT AGRICOLE: Moody's Changes 'D' BFSR Outlook to Stable
DRYSHIPS INC: To Release Fourth Quarter Results on March 6
* GREECE: In Fresh Talks with Int'l Creditors on Next Aid Tranche
I C E L A N D
* ICELAND: Creditors of Banks Willing to Negotiate Debt Writedown
I R E L A N D
BACCHUS 2006-1: Moody's Upgrades Rating on Class Y Notes to 'Ba2'
HARVEST CLO V: Fitch Affirms 'B' Ratings on Two Note Classes
SHERWOOD CASTLE: S&P Affirms 'BB' Ratings on Two Note Classes
WINDERMERE X: S&P Lowers Rating on Class D Notes to 'B-'
I T A L Y
* ITALY: Fitch Says Political Woes Pressure Sovereign Rating
N E T H E R L A N D S
LEOPARD CLO III: S&P Lowers Rating on Class D Notes to 'CCC'
WOOD STREET: Fitch Affirms 'B' Ratings on Two Note Classes
N O R W A Y
COPEINCA ASA: Chinese Bid Has Mild Impact on Fitch Ratings
P O L A N D
CENTRAL EUROPEAN: S&P Cuts Long-Term Corp. Credit Rating to 'CC'
R U S S I A
BAIKAL PULP: Russian Government Opts to Shut Down Mill
S P A I N
IM GRUPO: Moody's Assigns Ba3 Rating to EUR662.5MM Series B Notes
* SPAIN: Mulls Speedy Nationalization of Nine Toll Highways
T U R K E Y
DOGUS HOLDING: Moody's Hikes CFR to Ba2; Outlook Stable
* TURKEY: Euler Hermes Predicts 16,800 Bankruptcies This Year
U N I T E D K I N G D O M
ATH RESOURCES: Hargreaves Services to Help Safeguard Jobs
HIBU PLC: Default Prompts S&P to Cut Corp. Credit Rating to 'D'
MAR ESTATES: May Face Liquidation After Tax Dispute
PIXOMONDO: Shuts Down Operations in London
REPUBLIC LTD: TPG Sells Off Flagging Clothing Chain
* UK: Number of Business Insolvencies Down by Half in January
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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A U S T R I A
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ALPINE HOLDING: Creditor Banks Agree to Debt Cut
------------------------------------------------
Boris Groendahl at Bloomberg News reports that Alpine Holding
GmbH cleared the way for a debt cut as creditor banks agreed to
reduce the company's unprofitable liabilities, diverting the
threat of insolvency.
According to Bloomberg, the Salzburg, Austria-based company said
late Sunday that lenders to Alpine, a unit of Spanish builder
Fomento de Construcciones & Contratas SA, will include
EUR150 million (US$195 million) of state-guaranteed loans in the
debt restructuring.
Alpine, as cited by Bloomberg, said that winning approval to
include the guaranteed loans into the debt cut was needed for the
deal to become effective. It didn't elaborate on the terms of
the agreement, Bloomberg notes.
"This means that a vital condition for the group's going concern
has been met," Bloomberg quotes the company as saying. "Alpine
group is solvent."
Alpine contributed to its parent FCC's net loss of
EUR1.03 billion last year with a EUR300.5 million charge,
Bloomberg recounts.
Alpine said in a statement that holders of the company's
EUR290 million of bonds won't lose money in the debt
restructuring, Bloomberg relates. The bonds due July 2015, June
2016, and May 2017 all plummeted when the company's losses became
known in October, according to Bloomberg prices. They're now
quoted at just over 50% of face value, Bloomberg states.
Bloomberg notes that two people familiar with the talks said last
week Alpine's creditor banks, led by Erste Group Bank AG and
UniCredit Bank Austria AG, agreed to reduce their about
EUR520 million of claims by 30% in the debt cut deal.
Alpine Holding GmbH is a builder based in Salzburg, Austria.
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A Z E R B A I J A N
===================
SOCAR: Moody's Assigns '(P)Ba1' Rating to New US$1-Bil. Notes
-------------------------------------------------------------
Moody Investors Service assigned a provisional (P)Ba1 rating to
the approximately US$1.0 billion worth of notes to be issued by
the State Oil Company of the Azerbaijan Republic (SOCAR). The
outlook on the rating is stable.
SOCAR will use the proceeds of the loans for general corporate
purposes, including refinancing its existing indebtedness and
funding its upstream and downstream operations.
"The (P)Ba1 rating we have assigned to the notes is in line with
SOCAR's corporate family rating, reflecting the equal ranking of
the notes with other debt in the company's overall capital
structure," says Julia Pribytkova, a Moody's Vice President -
Senior Analyst and lead analyst for SOCAR.
Ratings Rationale:
The (P)Ba1 rating assigned to the notes, which is at the same
level as the corporate family rating (CFR), reflects that they
have equal ranking in the company's overall capital structure as
its other debt, mainly comprising unsecured bank debt and a
US$500 million Eurobond issued in February 2012.
Given that SOCAR is 100% state-owned, Moody's determines the
company's CFR by applying the Joint Default Analysis, the rating
agency's methodology for government-related issuers (GRIs).
SOCAR's Ba1 CFR for SOCAR reflects (1) a baseline credit
assessment (BCA) -- which measures the company's fundamental
credit strength excluding any government support -- of ba3; (2)
the Azerbaijan government's Baa3 local currency rating; (3) 'very
high' dependence; and (4) 'high' support.
The Ba1 CFR reflects SOCAR's status as a fully integrated oil and
gas company that enjoys either a share in, or a full control
over, the country's oil and gas pipelines for the domestic and
export markets. SOCAR acts as the agent for implementing the
government's strategy in the energy sector and its social
policies. The company's activities are largely funded by the
state. The positioning of the rating one notch below the
sovereign rating of Azerbaijan (Baa3) reflects limited
information disclosure, which prevents Moody's from forming a
substantiated and timely opinion on the company's operating
efficiency, investment strategy and liquidity management. SOCAR's
susceptibility to government interference presents an additional
challenge for its credit quality.
Structural Considerations
The notes will rank pari passu among themselves and at least pari
passu in right of payment with all other present and future
unsecured obligations of SOCAR. The noteholders will benefit from
standard debt protection covenants, such as limitation on
distributions of net income, limitation on asset disposal,
negative pledge, restrictions on mergers and reorganizations, and
a requirement to maintain minimum tangible net worth. A default
by any company in SOCAR's perimeter of consolidation on any of
its debt obligations in excess of US$50.0 million would trigger a
default on the notes (cross-default clause).
Outlook
The stable outlook on the rating reflects (1) SOCAR's robust
financial metrics, supported by the favorable oil market
environment; and (2) the company's operating performance outlook.
What Could Change The Rating Up/Down
Moody's would consider upgrading SOCAR to an investment-grade
category if the company (1) materially improves its overall
information disclosure; (2) demonstrates evidence of managing its
reinvestment risk via efficient reserves additions; (3) provides
greater clarity with regard to its strategy, financing and
investment policies; and (4) demonstrates solid liquidity
management.
Conversely, a lower BCA might result if SOCAR's financial profile
deteriorates such that retained cash flow (RCF)/net adjusted debt
falls consistently below 20% and debt/book capitalization exceeds
30%. Other factors that might lead to a rating downgrade include
(1) evidence of reduced state support; (2) state measures that
would seriously impair SOCAR's credit quality (e.g., materially
unfavorable regulatory changes, punitive tax or significant
equity withdrawals); or (3) a deterioration in the government's
financial standing and its ability to provide support.
Principal Methodology
The principal methodology used in this rating was the Global
Integrated Oil & Gas Industry published in November 2009. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
The State Oil Company of the Azerbaijan Republic (SOCAR) is a
100% state-owned, vertically integrated national energy company
in Azerbaijan. In the 12 months ended June 30, 2012, SOCAR
generated approximately AZN12.0 billion (US$15.2 billion) in
revenue, AZN2.5 billion (US$3.2 billion) in EBITDA (as adjusted
by Moody's) and AZN0.8 billion (US$1.0 billion) in net income.
SOCAR has generated positive free cash flow since 2009.
===============
B U L G A R I A
===============
BULGARIAN ENERGY: Fitch Affirms 'BB+' LT Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has assigned Bulgarian Energy Holding EAD,
Bulgaria's largest electric and gas utility company, a Long-term
foreign currency Issuer Default Rating (IDR) of 'BB+' and Long-
term local currency IDR of 'BB+' with Stable Outlooks.
The ratings reflect BEH's and its 100%-owned subsidiaries' (BEH
group) dominant position in the country's electricity and gas
markets, its strong links with the Bulgarian state ('BBB-
'/Stable) and evidence of tangible state support. The ratings
also incorporate the weakness of the Bulgarian regulatory
framework, corporate governance limitations and the group's large
capex plan for 2013-2015 that will likely increase its financial
leverage.
KEY RATING DRIVERS
-- Dominant Market Position
BEH group has a vertically integrated position in the electricity
market with operations spanning from lignite mining, power
generation to power transmission and supply. In the gas market,
BEH group is the owner and operator of the country's transmission
gas network and generates revenues from the transit of Russian
gas through Bulgaria. It is also the public supplier of gas in
the country. Most of the gas supplied to end customers comes from
imports from Russia within a long-term take-or-pay contract with
OAO Gazprom ('BBB'/Stable).
-- Solid Asset Base
BEH has a solid asset base enabling the company to maintain its
leading domestic market position. It owns Bulgaria's strategic
assets -- electricity and gas transmission networks, and two
large power plants, a nuclear power plant and a lignite-fired
power plant, which are used as the main baseload capacity in the
country. BEH group's market share in the country's power
generation is 63%.
The most important segment, based on EBITDA contribution, is
power generation (44% of 2011 EBITDA) followed by electricity
transmission, 27%, and gas transmission and transit, 18%. Lignite
mining contributed 13% of EBITDA in 2011.
-- State Ownership and Strategic Importance
Fitch gives BEH a one-notch uplift for state support over its
standalone rating of 'BB'/Stable, reflecting the group's strong
linkage with the state. The strong linkage is mainly evidenced by
state guarantees for about 40% of the group's debt, equity
injections in 2008-2009 and strategic importance to the state due
to BEH group's dominant market position in the electricity and
gas markets. The BEH group is the country's biggest state-owned
company and the Bulgarian counterparty in several strategic
projects supported by the government, such as Nabucco, South
Stream and the gas interconnector between Bulgaria and Greece,
which aim to improve the security of gas supplies to Bulgaria.
"We expect the share of government guaranteed debt to decrease in
the long term as the guaranteed loans are repaid and new debt is
unlikely to benefit from guarantees," Fitch says.
-- Rated On A Consolidated Basis
Fitch rates BEH based on the consolidated business and financial
profile. Although BEH is a holding company, it has 100% ownership
of all the main subsidiaries. The group was created by the
government in 2008 within the restructuring and consolidation
process of the energy sector through an in-kind contribution of
the shares of several state-owned power companies to the
predecessor of BEH. The government views the whole BEH group as
the state's strategic asset in the electricity and gas markets.
"We expect future debt to be raised at BEH level, thus mitigating
any structural subordination within the group," Fitch notes.
-- Weakness Of Regulatory Framework
A substantial portion of BEH's operations are regulated networks
- transmission of electricity or gas. The regulated business
accounts for about 30% of EBITDA (further 20% of EBITDA is
contributed by gas transit which is exposed to volume risk as is
not seen as fully comparable to domestic regulated network
activities). However, the regulatory framework in Bulgaria is
less developed than in most other EU countries and provides for
lower and less predictable remuneration.
"We do not view the sale of power at regulated prices, set below
the market level, as a supporting factor for BEH's credit
profile. While it provides some cash flow visibility, it also
does not support investment due to insufficient remuneration. In
addition, higher than expected costs in one-year regulatory
period are not fully reflected in tariffs and may lead to much
lower cash flows for BEH. This happened in 2011-2012 due to a
boom in renewables energy, which resulted in additional costs for
BEH not covered by the tariffs," Fitch says.
"Until recently, the gas supply business was unprofitable as the
gas prices for customers set by the regulator were lower than the
price that the company was paying to Gazprom for imported gas.
The situation has improved since late 2012, when BEH group has
renegotiated its contract with Gazprom and achieved a 20%
reduction of the imported gas price."
-- Large Capex
BEH group intends to substantially increase its capex in 2013-
2017. The capex plan for this period totals BGN4.7 billion
(EUR2.4 billion). The annual spending for 2013-2017 averages
BGN951 million, which is 32% more than the average of BGN718
million for 2008-2011. The growth in planned capex primarily
stems from much higher investments planned by the holding
company. These investments relate to two large projects, the
Nabucco pipeline (BGN1 billion) and the gas interconnector
between Bulgaria and Greece (BGN200 million).
-- Cash Flow and Leverage
Fitch projects funds from operations (FFO) to fall in 2012 by
almost 50% compared with 2011 due to weaker profitability of the
power supply and transmission businesses and nuclear power
generation. The agency expects FFO to partially recover in 2013-
15, but to remain below the 2011 level. The agency expects BEH to
report negative free cash flow in 2013-2016 as the group
increases its capex and continues to pay dividends.
Fitch projects FFO adjusted net leverage to weaken to about 2.5x
in 2014 and 3x in 2015 from 1x in 2011. This is due to negative
free cash flow on the back of weaker FFO and higher capex. BEH's
leverage of 2.5x-3x is in line with Fitch's 2014-2015 leverage
expectation for central European utilities, which are rated
higher than the Bulgarian company. "However, we view BEH's debt
capacity as lower than that of Fitch-rated central European
peers," Fitch states.
-- Corporate Governance
The group's auditor, Ernst & Young issued a qualified audit
opinion for the 2009-2011 consolidated and separate financial
statements. The qualifications in the consolidated statements
included several items, such as the lack of provisions for
nuclear decommissioning costs and the lack of recognition of
separate assets for the group's rights to receive reimbursements
for a portion of these costs from national and international
funds. Another qualification referred to the inability to obtain
sufficient audit evidence as to recoverability of the assets
related to the stopped construction of the Belene nuclear power
plant and the fair value of about 40% of property, plant and
equipment. The agency views this and generally developing
corporate governance as a concern for the rating.
-- Sufficient Liquidity
At end-September 2012, the group's liquidity was sufficient as it
had cash of BGN717 million against short-term debt of BGN520
million. The relatively high short-term debt is mostly driven by
the upcoming maturity of a EUR195 million (BGN382 million) loan
of BEH's subsidiary (NEK EAD), which is due in May 2013. BEH
plans to refinance this loan with a corporate bond or a
syndicated loan facility at the holding level.
Fitch notes the group's weak diversification of cash and cash
equivalents by bank. At end-September 2012, about 87% of the
group's cash and cash equivalents was held in a single bank. "We
understand that the selection of financing institutions for cash
holdings is done in accordance to instructions stipulated by the
Ministry of Finance," Fitch says.
RATING SENSITIVITIES:
Positive: Future developments that could lead to positive rating
actions include:
- FFO net adjusted leverage below 1.5x on a sustained basis, for
instance due to a lowered capex plan and an improved financial
performance, including liquidity management and debt maturity
profile
- Rising and more predictable remuneration for regulated
activities
- Progress in the liberalization of the electricity market
through a rising share of market-based pricing in the
generation sector
- Stronger corporate governance
Negative: Future developments that could lead to negative rating
action include:
- FFO net adjusted leverage exceeding 3x on a sustained basis,
for instance due to financial underperformance or substantial
payments related to the ongoing litigation concerning the
terminated Belene nuclear project
- Weakening links between BEH and Bulgaria, for instance,
significant reduction of the share of state guaranteed debt
and/or lack of additional tangible support if needed
- A negative change in Bulgaria's ratings could affect BEH's
ratings if the company's ratings become capped by the
sovereign
- Failure to maintain sufficient liquidity
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C Y P R U S
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* CYPRUS: Banks Suffer "Substantial Outflows" From Depositors
-------------------------------------------------------------
Alex Barker and Peter Spiegel at The Financial Times report that
Cypriot banks have suffered "substantial outflows" from
depositors spooked by speculation over forced losses, the
island's finance minister has warned, as he pledged to fight-off
radical rescue options that would deal a "fatal blow" to
confidence.
Speaking ahead of Monday's gathering of eurozone finance
ministers, Michalis Sarris told journalists he was determined to
agree a long-term bailout for Cyprus this month, broadly in-line
with the demands of international lenders, the FT relates.
But he drew the line at forcing losses on uninsured bank
depositors and is resisting the detailed terms of other potential
bailout conditions, including the execution of a sweeping
privatization program and an outside audit on money laundering,
the FT notes.
Mr. Sarris warned that options such as creditor haircuts -- which
he stressed had not been formally discussed -- would "strike a
fundamental blow" to Cyprus' services economy, hobble its ability
to repay debts and set a damaging eurozone precedent, the FT
discloses.
The new Cypriot government is under intense pressure to agree a
bailout deal in a matter of weeks, the FT says. The FT notes that
while Cyprus says funding is available through May, following
months of debate and delay there is a concerted eurozone push for
a deal to be signed by the end of March.
Agreeing terms will prove difficult, the FT states. EU
estimates, seen by the FT, show that Cypriot needs, about
EUR16.7bn, would increase the country's debt to 145% of national
income by 2014 -- levels that the International Monetary Fund and
a German-led group of countries believe is unsustainable.
As a result, Cyprus is being pressured to accept a series of
debt-reducing measures, including a privatization program that
would raise an estimated EUR1.5 billion and a restructuring of
its banking sector, the FT discloses.
According to the FT, an extreme option, favored by some bailout
lenders, is to force losses on large deposit holders and senior
bondholders. The FT notes that while such an aggressive plan
could cut Cyprus' bailout by an estimated EUR11 billion, European
Commission officials fear it would panic creditors to other
eurozone banks, particularly in Spain.
Asked whether the speculation were undermining confidence in
Cypriot banks, Mr. Sarris, as cited by the FT, said: "Yes we have
had substantial outflows of deposits . . . all these discussions
[in the press] have been very damaging to the Cypriot banking
system."
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F R A N C E
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CONSTELLIUM: Moody's Hikes CFR to 'B1' & Rates Term Loan 'B1'
-------------------------------------------------------------
Moody's Investors Service upgraded Constellium's corporate family
rating to B1 from B2 and its probability of default rating to B1-
PD from B2-PD. At the same time, Moody's assigned a B1 rating to
the company's proposed senior secured term loan B maturing March
2020, which comprises a US$360 million tranche (B1, LGD4, 54%)
and a EUR75 million tranche (B1, LGD4, 54%). Moody's also
upgraded the existing senior secured term loan to B1 from B2. The
outlook remains stable.
The company plans to use the proceeds of the term loan and
approximately EUR70 million of cash to repay the existing term
loan (approximately EUR150 million outstanding), pay a EUR250
million shareholder dividend, and pay transaction fees and
expenses.
Ratings Rationale:
The upgrade of Constellium's ratings considers the positive trend
in Constellium's operating performance despite a weak economy,
driven primarily by strong aerospace demand and operational
improvements at the US-based Ravenswood plant. The ratings
positively reflect Constellium's good market position in Europe
for many of its market segments, good visibility for sales in the
medium-term due to long-term contracts for a majority of its
revenues, and the stability of the consumer-based cansheet and
rigid packaging parts of its business, which represent
approximately 33% of sales. The company's operating performance
improved significantly in 2012 compared to 2011, with EBITDA
rising to about EUR220 million for the 12 months ended 30
September 2012 (EBITDA has been adjusted for Moody's standard
adjustments and for gains and losses on metal and F/X hedges).
Therefore, despite the higher debt brought about by the company's
refinancing and shareholder dividend, leverage on a pro forma
debt/EBITDA basis will be approximately 3.8x, even when including
approximately EUR400 million of underfunded pension obligations.
The ratings are constrained by Constellium's reliance on cyclical
end markets such as automotive, industrial manufacturing and
construction and its relatively high capital expenditures and
interest, which may limit free cash flow generation.
Constellium's leverage is exacerbated by its underfunded pension
obligation and the company also has approximately EUR122 million
of provisions on its balance sheet for environmental and legal
contingencies. Its book equity will be approximately negative
EUR350 million pro forma for the proposed financing and dividend.
The company's European soft alloys extrusion business is facing
soft demand, which has led to the decommissioning of several
presses. Despite the improvements realized in 2012, Constellium's
operating margins remain quite low but are expected to be
relatively stable since a large portion of Constellium's raw
material costs are subject to pass-through agreement. Moreover,
the company's metal hedging largely insulates its adjusted
operating margins from aluminum price changes, but these
fluctuations can cause sizable changes to working capital and may
require the posting of variable margin.
Moody's expects favorable demand trends for Constellium's
aerospace and packaging markets. Aerospace, the main driver of
Constellium's 2012 EBITDA improvement, looks set to grow as
scheduled airplane build rates rise, reflecting an increase in
air passenger miles, especially in Asia, and the need to replace
old fleets. In addition, the European aluminum beverage can
market is expected to grow at 3-4% as fewer steel cans are used.
What Could Change the Ratings Up/Down?
The stable outlook reflects the company's strong European market
share, good visibility among its largest end markets, adequate
liquidity stemming from its factoring and ABL facilities, and the
stability of its packaging business. There is limited potential
for Constellium's ratings to be upgraded until its financial
policies are clearer. However, the indicators for a potential
upgrade are an expectation of consistently positive free cash
flow, EBIT margins sustainably 7% or higher (vs. 5.7% for the 12
months ended 30 September 2012), and leverage (adjusted for
pensions) under 3.5x EBITDA. The ratings could be lowered if free
cash flow is modest or leverage exceeds 4.5x EBITDA.
The principal methodology used in this rating was the Global
Steel Industry published in October 2012. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009.
Constellium produces approximately 1 million tons per year of
fabricated aluminum products and has operations in Europe, North
America and Asia. It sells to the packaging, automotive and
transportation, aerospace, general industrial and construction
industries. The company is headquartered in France and is owned
by certain funds affiliated with Apollo Global Management, LLC
(51%), Rio Tinto plc (39%) and Fonds Strategique d'Investissement
(10%). Over the 12 months ended 30 September 2012, Constellium
had revenues of EUR3.6 billion.
CONSTELLIUM HOLDCO: S&P Affirms 'B' Corp. Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B' long-
term corporate credit rating on Netherlands-based downstream
aluminum producer Constellium Holdco B.V. The outlook is stable.
S&P also assigned its 'B' issue rating to the company's proposed
senior secured term loan of about EUR350 million. The recovery
rating on the proposed loan is '4', indicating S&P's expectation
of average (30%-50%) recovery in the event of a payment default.
"The affirmation reflects Constellium's strong performance in
2012, which outpaced our expectations with EBITDA on our
estimates at close to EUR200 million, and our upward revision of
our forecast for 2013, which points to continuous growth. We
also factor in the company's announced EUR250 million dividend
and refinancing plans through its proposed term loan. The
forthcoming dividend recap and refinancing will increase group
debt by roughly EUR200 million. Adjusted 2013 debt may therefore
approach a substantial EUR1 billion, consisting mainly of gross
financial debt of EUR0.4 billion and a large EUR0.5 billion
pension deficit. However, given our upward revision of 2013
EBITDA, we expect debt to EBITDA to remain contained in the range
of 3.8x-4.4x in 2013, a level we see as commensurate with the
current rating," S&P noted.
"Constellium performed better than we expected in 2012 on healthy
demand from its aerospace end market, where the company benefits
from aircraft manufacturers like Airbus and Boeing's long-term
backlogs. The higher share of aerospace products supplied from
the company's U.S. Ravenswood plant and its operational
turnaround will have resulted in a positive contribution to group
EBITDA in 2012, in our view. We therefore anticipate that
Constellium will generate about EUR190 million-EUR200 million in
EBITDA in 2012, up from EUR100 million in 2011, or EUR153 million
excluding expenses related to the company's transition to a
stand-alone entity and other one-time items. In addition,
restructuring and cost efficiency initiatives taken by the
company should support a higher EBITDA margin of above 5%
compared with 2%-4% in the past few years," S&P added.
For 2013 S&P factors in continued growth with EBITDA of
EUR220 million-EUR250 million, on the back of higher volumes in
the aerospace segment. S&P nevertheless remain cautious on
automotive end markets, where it factors in some downside because
of its expectation of a 5% production contraction in Europe in
2013. That said, S&P understands that demand for Constellium's
products is underpinned not only by new car production, but also
by the replacement trend for aluminum versus steel in car
components.
S&P continues to view Constellium's financial policy as "very
aggressive," as S&P's criteria define the term, as demonstrated
by its plan to pay the EUR250 million dividend funded using the
proposed term loan.
The stable outlook reflects S&P's expectation of Constellium's
resilient EBITDA in 2013 on the back of strong demand from the
aerospace industry, as well as various management initiatives
supporting higher EBITDA margins, offset however by weaker car
end-markets and the uncertain European economic environment. It
reflects S&P's expectation that, despite higher debt, adjusted
debt-to-EBITDA ratio will remain in the range of 3.8x-4.4x in
2013, in line with the current rating. S&P also factors in that
after refinancing, the company's liquidity will continue to be
adequate.
S&P might consider a negative rating action if the company made
further sizable debt-funded dividend distributions, increasing
its adjusted debt-to-EBITDA ratio above 5.0x and/or saw a
deterioration of EBITDA margins to below 5% and substantial
negative free cash flow. A departure of a large client in the
aerospace segment could have a significant impact on the company,
in S&P's view, although it do not currently expect this and it is
mitigated in S&P's view by the long-term contract structure.
Rating upside for Constellium would depend on more supportive
financial policies and stronger FOCF. In addition, at the 'B+'
level, S&P would expect continued supportive EBITDA margins in
the range of 5%-7% and adjusted debt-to-EBITDA ratio below 4.0x.
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G E R M A N Y
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ADAM OPEL: IG Metall Agrees to Restructuring Plan
-------------------------------------------------
BBC News reports that German trade union IG Metall has agreed to
Opel's plan to restructure its German operations.
The union accepts that Opel's Bochum factory will be closed at
the end of 2016, BBC relates.
In return, General Motors' loss-making European subsidiary has
agreed to guarantee the jobs of its 20,000 workers for four
years, BBC notes.
Details of the deal have yet to be hammered out, BBC says.
Opel employs 3,300 people at the Bochum plant in the Ruhr valley,
where it produces the Zafira model, BBC discloses.
Opel first announced the plan to close the factory in December
last year, BBC recounts.
As reported by the Troubled Company Reporter-Europe on Jan. 11,
2013, Bloomberg News related that GM's losses in Europe since
1999 have totaled US$17.3 billion. The Detroit-based carmaker
has a target of bringing the operations to break-even by 2015,
Bloomberg said. Sales by Opel and its U.K. sister brand Vauxhall
have fallen faster than European industrywide deliveries have
contracted, cutting the divisions' combined market share to 6.7%
in the first 11 months of 2012 from 8.4% for all of 2007,
Bloomberg disclosed. Opel will stop producing cars at its 3,100-
employee plant in Bochum, Germany, in 2016 in the first shutdown
of an auto plant in the country since World War II, Bloomberg
said. GM closed a factory in Antwerp, Belgium, in 2010 and is
selling a transmission plant in Strasbourg, France, that employs
about 1,000 people, according to Bloomberg.
Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary. Opel started making cars
in 1899. Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano).
Its high-performance VXR range includes souped-up versions of
Opel models like the Meriva minivan, the Corsa hatchback, and the
Astra sports compact. Opel is GM's largest subsidiary outside
North America.
===========
G R E E C E
===========
CREDIT AGRICOLE: Moody's Changes 'D' BFSR Outlook to Stable
------------------------------------------------------------
negative on Credit Agricole S.A.'s banking financial strength
rating/ baseline credit assessment of D/ba2, and long-term global
local-currency (GLC) debt and deposit rating of A2. As a result
of the rating action, the rating outlooks on 48 rated entities
within Groupe Credit Agricole (GCA; unrated) have also been
changed to stable from negative.
The rating action reflects CASA's announcement that it had
completed the sale of its entire stake in Emporiki Bank of Greece
S.A. (Emporiki; Caa2 negative; E/caa3 stable) to Alpha Bank AE
(Caa2 negative; E/caa3 stable).
Concurrently, Moody's has affirmed CASA's D/ba2 standalone credit
strength and all of its long-term senior and subordinated ratings
as well as all of the long-term senior and subordinated ratings
of 48 rated entities of GCA and their debt. Moody's notes that
the adjusted baseline credit assessment remains unchanged at
baa2.
Given CASA's relatively large position within GCA, CASA's more
stable credit profile has stabilizing credit implications for the
other rated members of GCA. For this reason, Moody's has also
changed to stable from negative the rating outlooks for
subsidiaries including the long-term senior and subordinated debt
and deposit ratings of Credit Agricole Corporate and Investment
Banking (CACIB), Le Credit Lyonnais (LCL), and the rated regional
banks (CRCAMs) of GCA.
Ratings Rationale:
- Outlook Change to Stable Following Completion of Sale of Greek
Subsidiary
The finalization of the sale of Emporiki to Alpha Bank is the
primary reason for changing the outlook on CASA's ratings to
stable from negative, as it will significantly decrease its
exposure to Greece (rated C), thereby minimizing the large tail
risk arising in the event of a Greek exit from the euro.
Following the sale, GCA's gross exposure to Greece and Cyprus is
now limited to EUR 4.1 billion net customer loans. GCA's net
sovereign exposure to Greece was nil at end-2012.
- Rationale for Affirmation
Whilst recognizing the credit positive aspects of the Emporiki
sale with the change in outlook to stable, Moody's notes that
CASA and GCA continue to retain significant exposures to other
European markets under pressure, particularly Italy. In addition,
although GCA has taken steps to improve its liquidity profile,
its liquidity profile remains weak relative to its global peers,
and the bank remains heavily reliant on confidence-sensitive
wholesale funds.
The affirmation of CASA's standalone credit assessment of ba2
reflects these remaining risks, as well as CASA's relatively weak
overall credit fundamentals and narrow business focus. CASA's
adjusted standalone credit assessment of baa2 reflects the
additional strengths found within GCA, notably the group's strong
domestic banking franchises, which provide relatively strong and
stable earnings, as well as the probability of full support for
CASA from the strong solidarity mechanisms prevailing within the
GCA domestic retail network. Finally, the affirmation of CASA's
deposit and senior debt ratings reflects Moody's unchanged view
that there remains a very high probability of systemic support
for GCA and CASA due to GCA's substantial market shares of above
20% both in loans and deposits in France (Aa1 negative).
What Could Change the Rating -- Up/Down?
Given the recent change in the outlook to stable from negative on
the long-term ratings of CASA and the rated GCA entities affected
by this announcement, the probability of an upgrade is low. The
outlook could move to positive in the event the groups were to
significantly improve its funding and liquidity positions.
The long-term ratings of CASA and rated GCA entities affected by
this announcement could be downgraded in the event of (1) a
deterioration in funding and liquidity conditions; (2) a
worsening in asset quality; (3) an aggressive recommitment to the
capital markets business (which Moody's believes is unlikely);
(4) weakening in the solidarity mechanisms within the group;
and/or (5) a marked weakening in the capacity or willingness of
France to provide support to the benefit of senior creditors.
The principal methodology used in these ratings was Moody's
Consolidated Global Bank Rating published in June 2012.
DRYSHIPS INC: To Release Fourth Quarter Results on March 6
----------------------------------------------------------
DryShips Inc. on Feb. 28 disclosed that it will release its
results for the fourth quarter ended December 31, 2012 after the
market closes in New York on Wednesday, March 6, 2013.
DryShips management team will host a conference call the
following day on Thursday, March 7, 2013, at 9:00 a.m. EST to
discuss the Company's financial results.
Conference Call details: Participants should dial into the call
10 minutes before the scheduled time using the following numbers:
1(866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or
+(44) (0) 1452 542 301 (from outside the US). Please quote
"DryShips."
A replay of the conference call will be available until March 14,
2013. The United States replay number is 1(866) 247-4222; from
the UK 0(800) 953-1533; the standard international replay number
is (+44) (0) 1452 550 000 and the access code required for the
replay is: 2133051#.
Slides and audio webcast: There will also be a simultaneous live
webcast over the Internet, through the DryShips Inc. website
(www.dryships.com). Participants to the live webcast should
register on the website approximately 10 minutes prior to the
start of the webcast.
About DryShips Inc.
Based in Greece, DryShips Inc. -- http://www.dryships.com/--
-- owns and operates drybulk carriers and offshore oil
deep water drilling units that operate worldwide. As of
Sept. 10, 2010, DryShips owns a fleet of 40 drybulk carriers
(including newbuildings), comprising 7 Capesize, 31 Panamax and 2
Supramax, with a combined deadweight tonnage of over 3.6 million
tons and 6 offshore oil deep water drilling units, comprising of
2 ultra deep water semisubmersible drilling rigs and 4 ultra deep
water newbuilding drillships.
DryShips's common stock is listed on the NASDAQ Global Select
Market where it trades under the symbol "DRYS".
On Nov. 25, 2010, DryShips Inc. entered into a waiver letter
for its US$230.0 million credit facility dated Sept. 10, 2007,
as amended, extending the waiver of certain covenants through
Dec. 31, 2010.
The Company reported a net loss of US$47.28 million in 2011,
compared with net income of US$190.45 million during the prior
year.
The Company's balance sheet at Dec. 31, 2011, showed
US$8.62 billion in total assets, US$4.68 billion in total
liabilities, and US$3.93 billion in total equity., Inc.
* GREECE: In Fresh Talks with Int'l Creditors on Next Aid Tranche
-----------------------------------------------------------------
Stelios Bouras at The Wall STreet Journal reports that Greece
kicked off fresh talks Sunday with international creditors on
securing the country's next aid tranche. The talks come amid
hopes that Athens has been keeping pace with its reform efforts
and may receive a rare passing grade from a troika of budget
inspectors, the Journal relates.
After having completed their last visit to Athens in October,
representatives from the European Commission, European Central
Bank and International Monetary Fund, known as the troika, were
back in the Greek capital for a weeklong review to assess
progress made on austerity and reforms before approving the next
slice of aid from the country's EUR173 billion (US$225 billion)
bailout, the Journal recounts.
The representatives felt Greece has made progress in recent
months on steps demanded by its international creditors after
being held to a tight timeline that included informal monthly
appraisals of its overhaul program, the Journal notes.
Since the last troika visit, for example, Greek lawmakers this
year have voted to impose higher taxes on wages and pensions in a
bid to boost revenue by more than EUR1 billion, and have enacted
legislation to shut down hundreds of state enterprises as well as
various other measures, the Journal discloses.
Greece's finance ministry, empowered with new checks over the
state's purse strings, has managed to keep the budget in line
with targets, the Journal says. Efforts to press ahead with the
country's long-delayed privatization program appear to be on
track with two major privatizations in the final round and
winning bidders expected to be announced in the next six to eight
weeks, the Journal states.
Meanwhile, pressure for more painful cuts and tax increases
appear to be off the table for now, at least until the previous
tax increases and spending cuts are given a bit of time, the
Journal discloses.
"I don't think there will be any need to take any new austerity
measures. The troika will give Greece some breathing space to
make sure that previously approved reforms are implemented," the
Journal quotes Blanka Kolenikova, country analyst at IHS Global
Insight, as saying.
Still, with more aid worth EUR8.8 billion at stake, budget
inspectors are expected to broach a number of difficult issues
for the months ahead that include overhauling the country's
dysfunctional tax system, promises to shed tens of thousands of
public-sector workers, a much-delayed bank recapitalization plan,
as well as a review of the privatizations to date, the Journal
notes.
Front and center will be the issue of Greece's tax system, the
Journal says. New warnings from international creditors over
lagging tax-overhaul efforts came in a 72-page report that paints
a damning picture of the country's tax system, describing it as
inadequate, prone to political manipulation and graft, and
struggling with an aging, undermanned and poorly trained staff,
the Journal notes.
=============
I C E L A N D
=============
* ICELAND: Creditors of Banks Willing to Negotiate Debt Writedown
-----------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News, citing Frettabladid,
reports that the creditors of Iceland's failed lenders Kaupthing
Bank hf and Glitnir Bank hf are willing to negotiate a write down
of their kronur claims.
According to Bloomberg, Frettabladid said that the creditors are
also willing to sell their shares in Arion banki hf and
Islandsbanki hf with a discount in exchange for foreign currency.
The two banks' krona assets are estimated at about ISK454 billion
(US$3.6 billion), Bloomberg says, citing their latest financial
reports.
=============
I R E L A N D
=============
BACCHUS 2006-1: Moody's Upgrades Rating on Class Y Notes to 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service has taken action on the ratings of the
following notes issued by Bacchus 2006-1 plc.
EUR67.5M (53.2M, currently) Class A-2A Senior Secured Floating
Rate Notes due 2022, Affirmed Aaa (sf); previously on Nov 8, 2011
Upgraded to Aaa (sf)
EUR195.8M (158.6M, currently) Class A-1 Senior Secured Floating
Rate Notes due 2022, Affirmed Aa1 (sf); previously on Nov 8, 2011
Upgraded to Aa1 (sf)
EUR7.5M Class A-2B Senior Secured Floating Rate Notes due 2022,
Upgraded to Aa1 (sf); previously on Nov 8, 2011 Upgraded to Aa2
(sf)
EUR34M Class B Senior Secured Floating Rate Notes due 2022,
Affirmed A3 (sf); previously on Nov 8, 2011 Upgraded to A3 (sf)
EUR25.54M Class C Senior Secured Deferrable Floating Rate Notes
due 2022, Affirmed Ba1 (sf); previously on Nov 8, 2011 Upgraded
to Ba1 (sf)
EUR19.66M Class D Senior Secured Deferrable Floating Rate Notes
due 2022, Affirmed B1 (sf); previously on Nov 8, 2011 Upgraded to
B1 (sf)
EUR10M Class E Senior Secured Deferrable Floating Rate Notes due
2022, Affirmed Caa2 (sf); previously on Nov 8, 2011 Upgraded to
Caa2 (sf)
EUR5M Class W Combination Notes, Upgraded to Baa2 (sf);
previously on Nov 8, 2011 Upgraded to Ba1 (sf)
EUR69M Class Y Combination Notes, Upgraded to Ba2 (sf);
previously on Nov 8, 2011 Upgraded to Ba3 (sf)
EUR5.386M Class Z Combination Notes, Downgraded to Aa1 (sf);
previously on Nov 23, 2012 Aaa (sf) Placed Under Review for
Possible Downgrade
The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For Classes
W,Y and Z, 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.
Bacchus 2006-1 plc, issued in March 2006, is a Collateralized
Loan Obligation backed by a portfolio of mostly high yield
European and US loans. The portfolio is managed by IKB Deutsche
Industriebank AG. This transaction ended its reinvestment period
April 2012. It is predominantly composed of senior secured loans.
Ratings Rationale:
Moody's notes that the Class A notes have been paid down by
approximately 10.5% or EUR 25.6 million since the last rating
action in November 2011, with a current outstanding balance of
219 million. As a result of the deleveraging, the
overcollateralization ratios have increased. As of the latest
trustee report dated 31 January 2013, the Class A/B, Class C,
Class D and Class E overcollateralization ratios are reported at
124.46%, 114.87%, 107.31% and 103.83%, respectively, versus
November 2011 levels (on which the last rating action was based)
of 124.23%, 113.80%, 106.90% and 103.28%, respectively. Reported
WARF has remained stable at 3019 currently compared to 2907 in
November 2011.
Moody's said that the one notch upgrade on the class A-2B notes
was driven by the increased WAS as well as improved senior OC.
The class A2-B has been brought in line with the class A-1 notes
which are currently affirmed at Aa1 (sf). The class A1 and A-2
notes are pari-passu in the capital structure, but A-2A, is
senior to A-2B. The A-2A notes which continue to benefit from
deleveraging were also affirmed at Aaa (sf).
Moody's also affirms the ratings of the Class B,C, D and E notes
given their respective OC levels, the exposure of the deal to
assets rated B3 and below, assets exposed to refinancing risk and
increase in the number of defaulted assets since the last rating
action.
Combination notes W and Y have been upgraded as a result of the
payments received to date and the consequent reduction of the
outstanding Rated Balance. Combination W principal balance is
reduced by payments received from a combination of Class B and E
notes rated A3(sf) and Caa2 (sf), respectively. Combination Y
principal balance is reduced by payments received from a
combination of Class B, C, D and E notes, rated A3(sf), Ba1(sf),
B1(sf) and Caa2 (sf), respectively.
Moody's also downgrades the Class Z combination notes, consisting
of Class F notes (equity piece) from Bacchus 2006-1 PLC and a
stripped French Treasury (Obligation Assimilable du Tresor
Securities or 'OAT strip'), following the downgrade of the French
government bond rating to Aa1 from Aaa. This action concludes the
downgrade review of the notes announced on November 23, 2012
In its base case, Moody's analyzed the underlying collateral pool
to have a performing par and principal proceeds balance of EUR
320.6 million, defaulted par of EUR 6.1 million, a weighted
average default probability of 23.8% (consistent with a WARF of
3220), a weighted average recovery rate upon default of 48.64%
for a Aaa liability target rating, a diversity score of 34.05 and
a weighted average spread of 3.54%. 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
96.60% 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.
In addition to the base case analysis, Moody's also performed
sensitivity analyses on key parameters for the rated notes:
Deterioration of credit quality to address the refinancing and
sovereign risks -- Approximately 35.13% of the portfolio are
rated B3 and below and maturing between 2014 and 2016, which may
create challenges for issuers to refinance. Approximately 8% of
the portfolio are exposed to obligors located in Spain, Italy and
Ireland. Moody's considered a model run where the base case WARF
was increased to be 3704 by forcing ratings on 25% of such
exposure to Ca. This run 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 manager's investment strategy and 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 the pace of amortization of the underlying
portfolio. Pace of amortization could vary significantly subject
to market conditions and this may have a significant impact on
the notes' ratings. In particular, amortization could accelerate
as a consequence of high levels of prepayments in the loan market
or collateral sales by the Collateral Manager or be delayed by
rising loan amend-and-extent restructurings. Fast amortization
would usually benefit the ratings of the notes.
(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.
(3) Moody's also notes that around 69% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. Further information
regarding specific risks and stresses associated with credit
estimates are available in 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, 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.
HARVEST CLO V: Fitch Affirms 'B' Ratings on Two Note Classes
------------------------------------------------------------
Fitch Ratings has affirmed Harvest CLO V plc's notes, as follows:
- EUR238.8m Class A-D (ISIN XS0293379342): affirmed at 'AAAsf';
Outlook Stable
- EUR135.0m Class A-R (no ISIN): affirmed at 'AAAsf'; Outlook
Stable
- EUR32.5m Class A2 (ISIN XS0293379771): affirmed at 'AAsf;
Outlook Stable
- EUR42.5m Class B (ISIN XS0293380191): affirmed at 'Asf';
Outlook Stable
- EUR30.0m Class C1 (ISIN XS0293380274): affirmed at 'BBBsf';
Outlook revised to Stable from Negative
- EUR10.0m Class C2 (ISIN XS0293951280): affirmed at 'BBBsf';
Outlook revised to Stable from Negative
- EUR26.0m Class D (ISIN XS0293380431): affirmed at 'BBsf';
Outlook revised to Stable from Negative
- EUR26.0m Class E1 (ISIN XS0293380514): affirmed at 'Bsf';
Outlook revised to Stable from Negative
- EUR5.0m Class E2 (ISIN XS0293952684): affirmed at 'Bsf';
Outlook revised to Stable from Negative
- EUR5.0m Class Q (ISIN XS0293380944): affirmed at 'BB-sf';
Outlook revised to Stable from Negative
Key Rating Drivers
The affirmations reflect the notes' adequate credit enhancement.
The reported share of assets rated 'CCC' or below has decreased
to 4.4% of the portfolio notional from 6.6% in February 2012. The
transaction has experienced five defaults since the last review.
All overcollateralization (OC) are currently passing and OC test
results have been stable over the past year. The interest
coverage tests are passing with cushions falling somewhat after a
peak in November 2012.
Fitch revised the rating Outlook on the mezzanine and junior
notes to Stable from Negative due to the increased ability of the
notes to withstand foreign exchange rate volatility and the
effects of refinancing risk. The notes benefit from an
improvement in the portfolio weighted average rating factor
(WARF) and the weighted average spread (WAS). The WAR declined to
29.28 from 30.07 in February 2012 while the WAS increased to
3.99% from 3.40% over the same period.
Rating Sensitivities
A one-notch downgrade of all assets in the portfolio would result
in a downgrade of the rated notes by one to four notches.
A reduction of the expected portfolio recovery rates to 75% of
the base case would lead to a downgrade of the rated notes by at
most one notch.
As part of its analysis, the agency also considered the
sensitivity of the ratings on the notes to the transaction's
exposure to countries where Fitch has imposed a country rating
cap lower than the ratings on any notes in the transaction. These
countries are currently Spain and Ireland, but may include
additional countries if there is sovereign ratings migration.
Fitch believes that exposure of up to 10% of the total investment
amount to these countries, under the same average portfolio
profile and assuming the current ratings on the UK and eurozone
countries are stable, would not have a material negative impact
on the ratings of the notes.
Harvest CLO V PLC is a securitization of mainly senior secured,
senior unsecured, second-lien and mezzanine loans (including
revolvers). At closing a total note issuance of EUR650 million
was used to invest in a target portfolio of EUR632 million. The
portfolio is actively managed by 3i Debt Management Investments
Ltd.
SHERWOOD CASTLE: S&P Affirms 'BB' Ratings on Two Note Classes
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all classes of notes in the Sherwood Castle Trust's three
outstanding series: Sherwood Castle Funding Series 2004-1 PLC,
Sherwood Castle Funding Series 2004-2 PLC, and Sherwood Castle
Funding Series 2006-1 PLC.
The rating actions reflect S&P's view of the sustained improved
performance of all three transactions since its previous review
on July 15, 2011. As part of S&P's performance review, it
examined each transaction's delinquency, charge-off, yield, and
payment rate metrics:
-- Delinquencies continue to decrease. Notably, 90+ day
delinquencies (which peaked at 4.35% in June 2009)
decreased to 2.23% in December 2012, from 3.46% as of S&P's
July 2011 review.
-- Charge-offs decreased to 8.69% as of December 2012, from
10.49% in May 2011. The continued decrease in long-term
delinquencies indicates further declines in charge-offs,
all else being equal. For this reason, S&P has reduced its
base-case charge-off rate by one percentage point to 11.0%.
-- Reported trust yield remains at a favorable level. The
yield rate for December 2012 was 42.69%, although this was
skewed by proceeds from a high volume of debt sales. The
yield rate increased to 29.56% in November 2012 from 26.49%
in May 2011. S&P has maintained its base-case yield rate
at 21.5%. In S&P's assumptions for base-case yield, it did
not give credit to recoveries, interchange, or insurance
commission.
-- The Sherwood Castle Trust's payment rate has improved since
S&P's July 2011 review. The Department for Business,
Innovation & Skills' (BIS) payment allocation changes
partially aided this improvement. S&P has therefore raised
its payment rate base-case assumption to 13% from 12%.
-- S&P considers that the debt sales would have increased the
December 2012 payment rate of 19.24%--an increase from
17.08% in November 2012.
Following S&P's performance review, its base-case assumptions for
the Sherwood Castle Trust are as follows:
-- Charge-offs 12.0%;
-- Yield 21.5%; and
-- Payment rate 12.0%.
S&P has affirmed its ratings on the class A, B, and C notes in
Sherwood Castle Funding Series 2004-1 and Sherwood Castle Funding
Series 2004-2, and Sherwood Castle Funding Series 2006-1's class
S1 and S2 notes due to their sustained improved performance.
The Sherwood Castle Trust is a credit card master trust operated
by Capital One Bank Europe PLC. Capital One originated the credit
card receivables in the U.K.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
Ratings Affirmed
Sherwood Castle Funding Series 2004-1 PLC
EUR630 Million Asset-Backed Floating-Rate Notes Series 2004-1
A AAA (sf)
B A (sf)
C BBB (sf)
Sherwood Castle Funding Series 2004-2 PLC
GBP250 Million Asset-Backed Floating-Rate Notes Series 2004-2
A AAA (sf)
B A (sf)
C BBB (sf)
Sherwood Castle Funding Series 2006-1 PLC
EUR55 Million, GBP16 Million Asset-Backed Floating-Rate Note
S1 BB (sf)
S2 BB (sf)
WINDERMERE X: S&P Lowers Rating on Class D Notes to 'B-'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the Windermere X CMBS class A, B, C, and D notes and removed the
class B, C, and D notes from CreditWatch negative. These classes
of notes were placed on CreditWatch on Dec. 6, 2012, following an
update to S&P's criteria for rating European CMBS transactions.
At the same time, S&P affirmed its 'D (sf)' ratings on the class
E and F notes.
S&P's ratings address timely payment of interest and payment of
principal no later than the legal final maturity date in October
2019. The rating actions follow a review under S&P's recent
criteria and its opinion of the default probability and likely
recovery associated with the remaining pool of loans backing the
transaction.
The Bridge loan is the largest loan in the pool; its securitized
balance stands at EUR342 million and it has a junior loan of
EUR30 million. The loan pays a fixed rate and has a seven-year
term expiring in January 2014. It is secured by six office
properties located across Germany in major cities. The portfolio
of assets has experienced a small decline in rental income since
closing because leases have been renewed at lower rents and the
recession has limited rental growth in the German office market.
The most recent external valuation was in September 2006, and
does not reflect the current value, in S&P's opinion; it believes
the value to be lower. Although S&P do not anticipate seeing
principal losses on the securitized loan, in its opinion
refinance risk has increased.
The Tour Esplanade loan has a secured balance of EUR257 million
and is secured by a single office property in the La Defense
business district of Paris, France. The property is 100%
occupied by SFR, a large telecommunications service provider with
a lease that expires on Dec. 31, 2013. SFR has notified the
borrower that it will move out at the end of its lease. The
borrower will then grant a new lease starting on or around July
1, 2014, in favor of the French government "L'Etat Francais,"
acting on behalf of several state ministries. This start date
depends on the completion of a specific capital expenditure
(capex) program, to be funded by shareholder equity and
implemented by the Tour Esplanade borrower following the expiry
of the existing lease.
The new lease has a fixed term of 13 years and six months and
will cover the entire Tour Esplanade property (comprising 53,000
square metres and 251 parking spaces). Occupancy will be
staggered as the capex program is completed. The commercial
terms of the new lease reflect market standards and include
tenant incentives such as rent-free periods, which are typically
offered under tenancies in the area. Under the new lease, the
new tenant also has an option to buy the Tour Esplanade property
if certain conditions are met. S&P do not anticipate seeing
principal losses on this loan.
The Tresforte loan is secured against 11 secondary office
properties in the Netherlands. The current securitized loan
balance is EUR35 million. The loan defaulted in January 2010 due
to a breach of the loan-to-value covenant and subsequently
defaulted again at loan maturity in January 2012. Initial
marketing of the individual properties saw weak demand, causing
the special servicer to ask the asset manager to do a
comprehensive review of the portfolio and marketing strategy. As
well as asset management to enhance value, the special servicer
also considered a portfolio sale, which has now been approved
with a view to the portfolio being marketed. The special
servicer received a new valuation of EUR19.7 million in August
2012.
Funds are currently released to the service charge account
quarterly for operating expenditure to enable the asset manager
to manage the portfolio during the quarter as debts fall due. In
S&P's opinion, due to the secondary nature of the assets,
principal losses on this loan are expected.
Taking into account S&P's review of the loans, it considers that
the risk of refinancing difficulties and principal losses has
increased. While S&P do not see this risk as imminent for the
senior class of notes, it considers that the risk of principal
losses for many of the loans has increased. Consequently, S&P
considers that the creditworthiness of all the class of notes has
deteriorated. S&P no longer considers the available credit
enhancement to the class A, B, C, and D notes sufficient to
support their previous rating levels and are therefore lowering
its ratings on these classes. At the same time, S&P is affirming
its ratings on the classes E and F notes at 'D (sf)' because
principal losses have already been applied to these notes.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
WINDERMERE X CMBS Ltd.
EUR1.497 Billion Commercial Mortgage-Backed Fixed and Floating-
Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
A A- (sf) A+ (sf)
B BBB (sf) A+ (sf)/Watch Neg
C BB+ (sf) A- (sf)/Watch Neg
D B- (sf) BB+ (sf)/Watch Neg
Ratings Affirmed
E D (sf)
F D (sf)
=========
I T A L Y
=========
* ITALY: Fitch Says Political Woes Pressure Sovereign Rating
------------------------------------------------------------
The prospect of a lengthy period of political instability
following Italian parliamentary elections adds to the pressure on
the country's sovereign rating, Fitch Ratings says. It has the
potential to disrupt policy making and reduce policy continuity,
and to weigh further on an already weakening economy.
Fitch says: "When we affirmed Italy's 'A-' rating with a Negative
Outlook in December, we said that government instability and
prolonged uncertainty over economic and fiscal policies and
policy continuity was a potential downgrade trigger.
"Ambitious consolidation measures already enacted mean Italy's
2012 budget deficit was likely below 3% of GDP, in line with our
baseline expectation. Any new government will be fiscally bound
by last year's constitutional amendment requiring the central
government to balance its budget from 2014.
"But fiscal consolidation alone, without economic growth, will
not be sufficient to stabilize the debt-to-GDP ratio. The
inconclusive outcome of Italy's parliamentary elections has
exacerbated our concern over the country's economic outlook.
Prolonged political uncertainty may damage sentiment and hinder
further structural reform. If a weak government emerges, it will
be less able to respond to economic shocks.
"Q412 economic data confirmed that Italy is going through a deep
and protracted recession. The rate of quarterly contraction
accelerated despite improving financial conditions in the
eurozone. The recent deepening of the recession also makes the
timing of the cyclical turning point more uncertain. Leading
indicators and business sentiment surveys are persistently weak.
We do not expect the recovery to start until H213.
"We continue to view the European Central Bank's Outright
Monetary Transactions program, announced in September, as an
effective potential shield against contagion risk in the
eurozone."
=====================
N E T H E R L A N D S
=====================
LEOPARD CLO III: S&P Lowers Rating on Class D Notes to 'CCC'
------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on all classes of notes in Leopard CLO III B.V.
Specifically, S&P has:
-- Raised its rating on the class A1 notes;
-- Lowered its ratings on the class C1, C2, and D notes; and
-- Affirmed its ratings on the B, E1, and E2 notes.
The rating actions follow S&P's assessment of the transaction's
performance. S&P has used data from the trustee report dated
Jan. 15, 2013, to perform its credit and cash flow analysis and
it has taken into account recent transaction developments. S&P
has also applied its 2012 counterparty criteria and its September
2009 cash flow criteria.
From S&P's analysis, it has observed a marginally positive rating
migration in the portfolio since it last reviewed the
transaction. S&P has also noted a decrease in defaulted assets
(including 'CC', 'SD', and 'D') both in terms of notional value
and percentage terms. However, the par coverage test results for
the class C, D, and E notes are lower than those recorded in
S&P's January 2012 analysis, and the class D and E par coverage
tests are currently failing.
In addition, the weighted-average spread earned on Leopard CLO
III's amortizing collateral pool has increased. The credit
enhancement available to the senior classes of notes has
increased due to principal payments toward the class A1 notes
after the end of the reinvestment period. However, the credit
enhancement available to the class E1 and E2 notes has decreased
since S&P's previous January 2012 review. S&P has also observed
a decline in the assets that it rates in the 'CCC' category
(including 'CCC+', 'CCC', and 'CCC-').
"We factored in the above observations and subjected the capital
structure to our cash flow analysis--based on the methodology and
assumptions outlined in our September 2009 cash flow criteria--to
determine the break-even default rates (BDRs) for each rating
level. We used the reported portfolio balance that we considered
to be performing, the principal cash balance, the current
weighted-average spread, and the weighted-average recovery rates
that we considered to be appropriate. We incorporated various
cash flow stress scenarios using various default patterns,
levels, and timings for each liability rating category, in
conjunction with different interest rate stress scenarios," S&P
said.
"At the same time, we conducted our credit analysis to determine
the scenario default rates (SDRs) for each rating level. We used
Standard & Poor's CDO evaluator to determine the likely default
rate on a defined portfolio at each rating level. We then
compared the SDRs with the respective BDRs," S&P added.
At closing, Leopard CLO III entered into perfect asset swap
transactions to mitigate currency risks in the transaction. S&P
considers that the documentation for these derivatives does not
fully reflect its 2012 counterparty criteria.
"We therefore conducted our cash flow analysis assuming that the
transaction does not benefit from the support of these swaps. We
have determined that, under this scenario, the available credit
enhancement for the class A1 notes is commensurate with a higher
rating. We have therefore raised to 'AAA (sf)' from 'AA+ (sf)'
our rating on this class of notes," S&P noted.
S&P also applied the largest obligor default test, a supplemental
stress test that it introduced as part of its criteria update.
This test aims to measure the effect on ratings of defaults of a
specified number of the largest obligors in the portfolio with
particular ratings, assuming 5% recoveries, as specified by S&P's
criteria. In addition, S&P applied the largest industry default
test, another of its supplemental stress tests.
After considering the results from S&P's largest obligor and
largest industry supplemental stress tests, it has concluded that
the current level of credit enhancement available to the class B
notes is commensurate with S&P's rating on these notes. S&P has
therefore affirmed its 'AA- (sf)' rating on this class of notes.
S&P has lowered its ratings on the class C1, C2, and D notes
following the application of its largest obligor default test.
This test constrained S&P's ratings on these classes of notes,
even though the results of its cash flow analysis showed that the
notes were passing the test at higher ratings.
The affirmation of S&P's ratings on the class E1 and E2 notes
reflects that the application of its supplemental stress tests
continues to constrain the ratings on these notes at 'CCC- (sf)',
as it did in its previous review.
Leopard CLO III is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to speculative-grade
corporate firms. The transaction closed in April 2005 and is
managed by M&G Investment Management Ltd.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Leopard CLO III B.V.
EUR350 Million Floating- and Fixed-Rate Notes
Rating Raised
A1 AAA (sf) AA+ (sf)
Ratings Lowered
C1 BB- (sf) BBB- (sf)
C2 BB- (sf) BBB- (sf)
D CCC (sf) B- (sf)
Ratings Affirmed
B AA- (sf)
E1 CCC- (sf)
E2 CCC- (sf)
WOOD STREET: Fitch Affirms 'B' Ratings on Two Note Classes
-----------------------------------------------------------
Fitch Ratings has affirmed Wood Street CLO V B.V. and revised the
Outlook to Stable from Negative on the mezzanine and junior
notes, as follows:
- Class A-D (ISIN XS0305963588): affirmed at 'AAAsf'; Outlook
Stable
- Class A-R (no ISIN): affirmed at 'AAAsf'; Outlook Stable
- Class A-T (ISIN US978639AM42): affirmed at 'AAAsf'; Outlook
Stable
- Class A-2 (ISIN XS0305963745): affirmed at 'AAsf'; Outlook
Stable
- Class B (ISIN XS0305963828): affirmed at 'Asf'; Outlook
revised to Stable from Negative
- Class C-1 (ISIN XS0305964123): affirmed at 'BBBsf'; Outlook
revised to Stable from Negative
- Class C-2 (ISIN XS0305964396): affirmed at 'BBBsf'; Outlook
revised to Stable from Negative
- Class D (ISIN XS0305964800): affirmed at 'BBsf'; Outlook
revised to Stable from Negative
- Class E-1 (ISIN XS0305965286): affirmed at 'Bsf'; Outlook
revised to Stable from Negative
- Class E-2 (ISIN XS0305965799): affirmed at 'Bsf'; Outlook
revised to Stable from Negative
Key Rating Drivers
The affirmations were driven by commensurate levels of credit
enhancement for the notes, the transaction's stable performance
since the last review, an up-tick in excess spread, stable
coverage tests and par-build up. The revision of the Outlook on
the mezzanine and junior notes reflects sufficient cushions at
the notes' respective ratings and their ability to withstand
additional rating sensitivity stresses. In addition, only a small
proportion of the current portfolio is scheduled to mature over
the next 18 months and hence sensitivity to refinancing risk is
somewhat limited over this time horizon.
There is currently one defaulted asset in the portfolio making up
1.0% of the portfolio while the 'CCC' and below bucket increased
to 6.5% of the portfolio compared with 5.2% at the last review in
March 2012. All of the transaction's coverage tests are passing,
although buffers on the reinvestment test and the class E
overcollateralization test are relatively low at 1.64% and 2.64%,
respectively, but have improved since the last review.
The weighted average spread on the portfolio continues to
increase and is correlated with amend and extend activity on the
underlying loans. A considerable number of loans in the portfolio
extended their maturities, and as a result, the weighted average
life of the portfolio has only marginally stepped down since the
last review. The re-investment period for the transaction will
end in October 2014, although unscheduled principal proceeds can
be re-invested at any time subject to fairly stringent covenants.
There are currently no long-dated assets in the portfolio.
Due to imperfections in the currency hedging mechanism, excess
spread is also used to address FX risk. The transaction aims to
naturally hedge exposure to sterling assets through matching
sterling liabilities on the revolving multicurrency class A-R
notes. The key risk is when a sterling asset defaults, the
remaining sterling assets are no longer sufficient to cover
sterling repayments due on the notes. The risk is managed via
several tools, including a redenomination of part of the class A-
R notes and the use of the liquidity facility, out of the money
currency options and an interest rate cap. The residual currency
risk is absorbed by the structure.
Rating Sensitivities
Fitch ran various rating sensitivity stresses on the transaction
to outline the impact on the notes' ratings if the key risk
drivers -- default rates and recovery rates -- were stressed.
Lowering the rating of all the assets in the portfolio by one
notch would likely result in a downgrade of up to two rating
categories on the senior notes while having a limited impact on
the mezzanine and junior notes. Furthermore, applying a recovery
rate haircut of 25.0% on all the assets would likely result in a
downgrade of up to one notch on the senior notes and no material
negative impact on the mezzanine and the junior notes.
Fitch also considered the sensitivity of the notes' ratings to
the transaction's exposure to countries where Fitch has imposed a
country rating cap less than the ratings on any notes in the
transaction. These countries are currently Spain, Ireland,
Portugal and Greece, but may include additional countries if
there is sovereign rating migration. Fitch believes that exposure
of up to 17% of the total investment amount to these countries,
under the same average portfolio profile and assuming the current
ratings on the UK and eurozone countries are stable, would not
have a material negative impact on the notes' ratings.
Wood Street CLO V is a securitization of mainly European senior
secured loans with the total note issuance of EUR500 million
invested in a target portfolio of EUR480 million. The portfolio
is actively managed by Alcentra Limited.
===========
N O R W A Y
===========
COPEINCA ASA: Chinese Bid Has Mild Impact on Fitch Ratings
----------------------------------------------------------
Fitch Ratings believes that a potential full or partial
acquisition of Copeinca ASA and its fully owned subsidiary
Corporacion Pesquera Inca SAC by China Fisheries Group Limited
(CFGL; rated 'BB-' with a Stable Outlook by Fitch) would most
likely have a neutral to mildly positive impact on the credit
quality of Copeinca. The credit impact of any transaction on the
ratings would depend upon the final financing structure. In this
context, Fitch has considered several potential scenarios in
which CFGL successfully acquires anywhere between 50.01% and 100%
of Copeinca at a price close to that recently offered.
In Fitch's opinion, in most of the likely scenarios, the benefits
for Copeinca's business profile would offset an increased debt
burden.
CFGL already owns 6.2% of the Center-North Fishing Quota in Peru
through its existing Peruvian operations. A potential combined
entity would become the largest fishing company in Peru, holding
a combined 16.9% of the quota, followed by the current leader
TASA with 14.1% and Diamante with 8.5%. Through an acquisition by
CFGL, Copeinca would benefit from becoming part of a larger, more
diversified entity with global operations. Synergies from merging
with the Peruvian operations are also likely.
Fitch believes that if CFGL was to acquire less than 100% stake
in Copeinca, it would lean towards financing the transaction with
a larger equity portion. In the potential scenario of a full
acquisition, Fitch estimates that the pro forma combined entity
would have a Total Debt-to-EBITDA ratio of 3.3x as of Dec. 31,
2012, about a turn higher than Copeinca's current Debt-to-EBITDA
ratio of 2.3x as of Dec.r 31, 2012. Fitch notes that in the
volatile fishing industry, the higher debt ratio would still fall
within the upper boundary considered appropriate for the 'B+'
rating category. The potential free cash flow generation and debt
repayment capacity of the combined entity would also be
considered.
In a scenario where the entire acquisition debt is placed at
Copeinca's level, potentially bringing its leverage to at or
above 5x, several other factors would be considered, including
the strategic importance that a fully owned asset would have for
CFGL and the potential benefits and liabilities of merging CFGL's
Peruvian operations (2012 EBITDA of USD53 million) into Copeinca.
Fitch considers such a scenario possible, but unlikely, and notes
that in deciding the final capital structure, CFGL would consider
such factors as tax benefits versus cost of financing. CFGL's
current Peruvian operations bear only working capital debt, and
most of the debt is at the holding company level.
CFGL recently announced that it intends to launch a voluntary
cash tender offer for all of the shares of Copeinca for a cash
consideration of approximately US$556 million for 100% of the
equity. The CFGL offer represents a premium of 29.4% over the
volume-weighted average share price of Copeinca for the three-
month period prior to the offer, and a premium of 21.6% over the
closing price of the shares on the day before the offer.
According to CFGL's announcement, the combined level of binding
commitments and indicated positive support stands at 41.5% of the
outstanding shares. The transaction would be 50%-50% debt-equity
financed if 100% of the shares were tendered. CFGL's recent
equity offering of $280 million is fully underwritten and the
company has also secured a USD295 million bridge loan.
The Board of Directors of Copeinca subsequently issued a
statement that it will appoint financial advisors to explore
strategic alternatives and that the major shareholders have a
negative view on the presented intended offer, including the Dyer
Coriat Holding (32.4%), and Family and Weilheim Investments (6%).
Ocean Harvest, with 13.9% of the shares has not entered into the
pre-acceptance agreement, but will consider the offer.
Fitch currently has these ratings:
Copeinca ASA
-- Foreign Currency IDR 'B+'.
Corporacion Pesquera Inca SAC (COPEINCA)
-- Foreign Currency IDR 'B+';
-- USD175 million senior unsecured notes 'B+/RR4'.
===========
P O L A N D
===========
CENTRAL EUROPEAN: S&P Cuts Long-Term Corp. Credit Rating to 'CC'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered to 'CC' from
'CCC' its 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.
At the same time, S&P lowered its issue rating on CEDC's 2016
senior secured notes to 'CC' from 'CCC'. S&P's 'CC' issue rating
on the 2013 senior unsecured notes remains unchanged.
All ratings remain on CreditWatch with negative implications,
where S&P originally placed them on June 8, 2012.
The downgrade and continued CreditWatch placement follows CEDC's
announcement on Feb. 25, 2013, of two exchange offers, ahead of
the upcoming maturity of its US$258 million outstanding
convertibles notes due March 15, 2013 (2013 notes). The offers
are to the holders of the 2013 notes and the 2016 senior secured
notes. S&P views both offers as distressed and as tantamount to
a default under its criteria.
The offer for the 2013 noteholders consists of an exchange of
principal for CEDC's shares. The offer for the 2016 noteholders
consists of an exchange of principal for CEDC's shares and new
notes due 2020. S&P understands the amount of the 2020 notes, to
be received by the 2016 noteholders, would be lower than the
amount of the 2016 notes. S&P's view of both offers as
distressed reflects its opinion of CEDC's currently low share
price, which plummeted almost 99% between Feb. 25, 2008, and Feb.
25, 2013.
If the proposed exchange offers are unsuccessful, S&P understands
that CEDC would either file Chapter 11 under the U.S. bankruptcy
code, or it would announce another exchange offer based on an
alternative proposal to be submitted by CEDC shareholder Roust
Trading Ltd. and the 2016 noteholders. Mr. Roustam Tariko, the
owner of Russian Standard Corporation, currently has about a 20%
stake in CEDC via Roust Trading.
The alternative proposal, which S&P would also view as a
distressed exchange offer and tantamount to a default, primarily
consists of:
-- Roust Trading injecting more equity into CEDC,
-- The 2016 noteholders getting cash and some new 2018 notes,
And
-- The 2013 noteholders obtaining some CEDC shares.
Under the alternative proposal, Mr. Tariko, through Roust
Trading, would become CEDC's majority shareholder with a stake of
more than 85%.
The CreditWatch takes into account CEDC's announced exchange
offers, which S&P considers to be distressed, and its view of its
stretched liquidity.
As per S&P's criteria, upon completion of an exchange offer it
views as distressed, S&P lowers its ratings on the affected
issues to 'D', and on the issuer to 'SD' (selective default),
assuming the issuer continues to honor its other obligations.
===========
R U S S I A
===========
BAIKAL PULP: Russian Government Opts to Shut Down Mill
------------------------------------------------------
RIA Novosti reports that Russian Deputy Prime Minister Arkady
Dvorkovich said on Wednesday the government has finally decided
to close down the Baikal Pulp Mill, a longtime target of
environmental activists.
"We have made a decision to close down the Baikal Pulp and Paper
Mill gradually and transfer output . . . to other enterprises.
This is a complex process, but it can be completed in several
years," RIA Novosti quotes Mr. Dvorkovich as saying.
The Baikal mill, opened in 1966, has long been a target for
environmentalists, who claim it is doing untold damage to the
world's biggest and deepest freshwater lake, RIA Novosti notes.
The mill, the main employer for the nearby town of Baikalsk, was
shut down in 2008 over environmental concerns, RIA Novosti
relates. In 2010, then-Prime Minister Vladimir Putin authorized
the plant, controlled by businessman Nikolai Makarov, to resume
operations despite the fact that it was still causing pollution,
RIA Novosti recounts.
Last May, employees at the plant wrote to President Putin asking
him to protect the mill from creditors, but bankruptcy procedures
were launched at the mill in December 2012 following a court
order, RIA Novosti discloses.
State-run national development bank Vnesheconombank (VEB), the
mill's largest creditor, is trying to sort out the plant's major
problems related to its large debts, waste disposal and
reemployment for its 2,000 strong workforce, RIA Novosti says.
According to RIA Novosti, VEB Engineering head Dmitry Sheibe said
on February 19 further measures to liquidate the enterprise and
deal with accumulated waste would be clarified within three
months.
Stopping production will require at least two years, with
liquidation of the mill's accumulated waste taking around another
from four to six years, he said, adding there was no technology
in the world which would allow the production process at the mill
to continue without doing environmental damage to Lake Baikal,
RIA Novosti relates.
Baikal is a UNESCO World Heritage Site which holds 20% of the
planet's unfrozen fresh surface water.
=========
S P A I N
=========
IM GRUPO: Moody's Assigns Ba3 Rating to EUR662.5MM Series B Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to two
series of notes to be issued by Im Grupo Banco Popular Empresas v
FTA:
- EUR1,987.5 million Series A Notes, Definitive Rating Assigned
A3 (sf)
- EUR662.5 million Series B Notes, Definitive Rating Assigned
Ba3 (sf)
Ratings Rationale:
IM Grupo Banco Popular Empresas v FTA is a securitization of
standard loans mainly granted by Banco Popular (Ba1 Possible
Downgrade/NP) to small and medium-sized enterprise and self-
employed individuals.
At closing, the Fondo -- a newly formed limited-liability entity
incorporated under the laws of Spain -- will issue two series of
rated notes. Banco Popular will act as servicer of the loans,
while Intermoney Titulizacion S.G.F.T., S.A. will be the
management company (Gestora) of the Fondo.
As of January 28, 2013, the provisional asset pool of underlying
assets was composed of a portfolio of 49,580 contracts granted to
SMEs and self-employed individuals located in Spain. The assets
were originated mainly between 2008 and 2012. The weighted-
average seasoning of the portfolio is 1.89 years and the
weighted-average remaining terms is 3.99 years. The whole pool is
unsecured. Geographically, the pool is well diversified with
Madrid (16.35%), Catalonia (16.26%) and Andalusia (13.24%) as top
regions. At closing, there will be no loans more than 90 days in
arrears and above 30 days only up to a maximum of 1%.
In Moody's view, the credit positive features of this deal
include, among others: (i) a relatively short weighted average
life of 2.18 years, which implies a lower degree of uncertainty
around our quantitative assumptions; (ii) a granular pool (with
an effective number of obligors of over 3,000); (iii) a good
seasoning of 1.89 yrs; and (iv) a geographically well-diversified
pool. However, the transaction has several challenging features:
(i) strong degree of linkage to Banco Popular acting as servicer
and paying agent; (ii) no swap in place and (iii) all the assets
are unsecured. These characteristics were reflected in Moody's
analysis and definitive ratings, where several simulations tested
the available credit enhancement and 10% reserve fund to cover
potential shortfalls in interest or principal envisioned in the
transaction structure.
The ratings are primarily based on the credit quality of the
portfolio, its diversity, the structural features of the
transaction and its legal integrity.
In its quantitative assessment, Moody's assumed a mean default
rate of 9.31%, with a coefficient of variation of 66.6% and a
stochastic mean recovery rate of 35.0%. Moody's also tested other
sets of assumptions under its Parameter Sensitivities analysis.
For instance, if the assumed default probability of 9.31% used in
determining the initial rating was changed to 10.40% and the
recovery rate of 35% was changed to 30%, the model-indicated
rating for Series A and Series B of A3(sf) and Ba3(sf) would be
Baa1(sf) and B1(sf) respectively.
The global V Score for this transaction is Medium/High, which is
in line with the score assigned for the Spanish SME sector and
representative of the volatility and uncertainty in the Spanish
SME sector. V-Scores are a relative assessment of the quality of
available credit information and of the degree of dependence on
various assumptions used in determining the rating. For more
information, the V-Score has been assigned accordingly to the
report "V Scores and Parameter Sensitivities in the EMEA Small-
to-Medium Enterprise ABS Sector" published in June 2009.
The methodologies used in this rating were "Moody's Approach to
Rating CDOs of SMEs in Europe" published in February 2007,
"Refining the ABS SME Approach: Moody's Probability of Default
assumptions in the rating analysis of granular Small and Mid-
sized Enterprise portfolios in EMEA", published in March 2009 and
"Moody's Approach to Rating Granular SME Transactions in Europe,
Middle East and Africa", published in June 2007.
In rating this transaction, Moody's used ABSROM to model 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 Inverse Normal distribution
assumed for the portfolio default rate. On the recovery side
Moody's assumes a stochastic (normal) recovery distribution which
is correlated to the default distribution. In each default
scenario, the corresponding loss for each class of notes is
calculated given the incoming cash flows from the assets and the
outgoing payments to third parties and noteholders. Therefore,
the expected loss or EL for each tranche is the sum product of
(i) the probability of occurrence of each default scenario; and
(ii) the loss derived from the cash flow model in each default
scenario for each tranche.
As such, Moody's analysis encompasses the assessment of stressed
scenarios.
* SPAIN: Mulls Speedy Nationalization of Nine Toll Highways
-----------------------------------------------------------
Sharon Smyth at Bloomberg News, citing Expansion, reports that
Spain's Public Works Ministry plans to a fast track
nationalization of nine toll highways.
According to Bloomberg, the ministry is in talks with creditor
banks and current owners of highways to reverse bankruptcy
situation of five of the highways.
The decision needs to be taken before April when Madrid-Toledo
highway is to be liquidated, Bloomberg says.
The main candidates for nationalization are R3-R5, Cartegena-
Vera, Madrid-Ocana, Ocana-La Roda, Madrid-Guadalajara, Madrid-
Toledo, Circunvia de Alicante, Eje Aeropuerto, Alicante-
Cartegena, Bloomberg discloses.
Shareholders in highways include Sacyr Vallehermoso, OHL, Bankia,
Abertis and ACS, Bloomberg states.
The government plans to put concessions for highways out to
tender over medium term, Bloomberg says.
===========
T U R K E Y
===========
DOGUS HOLDING: Moody's Hikes CFR to Ba2; Outlook Stable
-------------------------------------------------------
Moody's Investors Service upgraded to Ba2 from Ba3 the corporate
family rating and to Ba2-PD from Ba3-PD the probability of
default rating of Dogus Holding A.S. The outlook on all ratings
is stable.
Ratings Rationale:
The rating action reflects (i) increased dividend contribution
from business lines other than financial services such as
automotive and construction; (ii) higher recurring income from a
growing real estate portfolio, resulting in a more stable and
predictable cash flow pattern; and (iii) a strong liquidity
profile with sizable cash holdings of more than US$800 million as
of December 2012 as well as the ability to extend the company's
debt maturity profile.
Dogus' cash coverage ratio has increased significantly to 6.4x as
of December 2012 from an already solid 4.7x as of December 2011.
This increase is a result of a strong performance from its
investment in Dogus Otomotiv which distributed dividends in 2012
for fiscal year 2011 of TL above 70 million (US$43.3 million) for
the first time since 2008, and is expected to continue as a cash
flow contributor in 2013 following a strong performance in 2012.
The construction business also had a strong performance in 2011
and distributed dividends of TL8 million (US$4.4 million);
however its dividend contribution is not expected to be material
in 2013 due to the decreased number of projects. Dogus' growing
property portfolio -- such as shopping malls (Istinyepark
Shopping Mall or Gebze Center), buildings and offices (the
company is moving into new headquarters which will reduce its
operating expenses) -- also results in an increase in the
company's cash flow generation through rental income
contribution. Moody's expects a further increase in the company's
recurring income following the completion of the Boyabat hydro-
electrical power plant (HEPP) in Q4 2012 and the expected
completion of the Aslancik HEPP at the end of 2013.
Dogus' rating is also supported by its strong liquidity profile
with a current cash balance of more than US$800 million
sufficient to cover the holding company's expected capex of
US$310 million for 2013 and debt maturities for the next twelve
months of US$211 million, of which Dogus refinanced $96 million
with a minimum three year maturity, extending the company's debt
maturity profile.
The CFR remains constrained at the Ba2 level by (1) the high
level of asset concentration, with Turkiye Garanti Bankasi AS
(Garanti, Ba2 with a stable outlook) on a consolidated basis
representing more than 75% of the group's total assets; (2) a
high revenue concentration by geography with more than 90% of the
group's revenues generated in Turkey (3) market value volatility
of the company's listed assets; (4) FX volatility risk as more
than 90% of the company's debt is denominated in either USD or
Euro, mitigated, however, by an active hedging policy and (5)
potential for Garanti having lower dividend payouts in the future
within the context of lower profitability projected for the
Turkish banking system
What could change the rating up/down
Ratings at the Ba2 level assume that Dogus uses a large part of
its current cash holdings for investments and maintains on a
sustained basis a market value leverage (MVL) of below 35% pro
forma such investments. Should the company formulate a more
conservative long-term leverage target that is materially less
than the 35%, ratings could be upgraded to Ba1. Moody's would at
the same time expect the BCA for Garanti Bank to be at least at
ba1 and the rating for the government of Turkey not lower than
Ba1. Higher ratings also assume a higher degree of disclosure for
unlisted asset as well as an even more pronounced cash income
contribution from non-financial businesses.
A significant deterioration in the company's leverage -- MVL of
above 35% and cash coverage of below 3 times -- could put
pressure onto Dogus' rating. Although not anticipated, a
prolonged downturn of the Turkish economy could also exert
pressure given Dogus' high exposure to the domestic economy and
its dependency on cash income from Turkish corporates.
The principal methodology used in this rating was the Global
Investment Holding Companies published in October 2007.
Headquartered in Istanbul, Turkey, Dogus Holding A.S. is an
investment holding company owned by the Sahenk family. It
comprises more than 150 companies, which are active in seven
sectors: financial services, automotive, construction, media,
tourism & services, real estate and energy. The company's main
activities are tied to the Turkish economy, but Dogus is aiming
to create regional leaders in the respective industries. As at
the end of September 2012, Dogus' combined assets under
management amounted to USD111 billion, of which USD96 billion
were related to its investments in financial services, and
consist of a stake in Garanti Bank of approximately 24.9%.
* TURKEY: Euler Hermes Predicts 16,800 Bankruptcies This Year
-------------------------------------------------------------
Ercan Ersoy at Bloomberg News reports that Euler Hermes Turkey
CEO Ozlem Ozuner said in an e-mailed statement the Paris-based
credit insurance firm predicts 16,800 companies will go bankrupt
in Turkey this year.
===========================
U N I T E D K I N G D O M
===========================
ATH RESOURCES: Hargreaves Services to Help Safeguard Jobs
---------------------------------------------------------
Gareth Mackie at The Scotsman reports that Coal producer
Hargreaves Services has vowed to help safeguard jobs at ATH
Resources after buying up the troubled miner's debt from Better
Capital, the private equity firm run by venture capitalist Jon
Moulton.
ATH, which has all five of its open-cast mines in Scotland, fell
into administration in December, a month after Better Capital had
bought GBP15 million of its debts, the Scotsman relates.
The private equity firm was thought to be seeking to buy the
company outright, but was unable to thrash out a deal amid
complex negotiations with customers, land owners and the Scottish
Environment Protection Agency, the Scotsman discloses. It has
now sold the miner's debt to Durham-based Hargreaves, owner of
the Maltby colliery near Rotherham, which is set to close this
month, the Scotsman notes.
Hargreaves paid GBP5 million in cash for the debt, which has a
face value of GBP12.5 million and is secured over the assets of
ATH's operating subsidiary, Aardvark, the Scotsman says.
According to the Scotsman, ATH employs about 330 people, but it
is not known how many jobs will be secured under the deal with
Hargreaves, which is aiming to lead a restructuring at Aardvark
"that allows viable sites to continue to operate".
"We have been actively seeking our own opportunities to invest in
surface mining in Scotland and so we welcome the opportunity to
participate in this project," the Scotsman quotes Hargreaves'
chief executive Gordon Banham as saying. "Our intention is that
our assistance will help to safeguard jobs, and establish our
credentials as a key participant in the Scottish mining
industry."
Mr. Banham, as cited by the Scotsman, said the firm would also
use any profits made on the acquisition of ATH's debt to help
towards "outstanding historic restoration obligations".
Along with the 100-year-old Maltby deep mine, which is being
mothballed with the loss of about 500 jobs, Hargreaves owns the
Monckton coke works near Barnsley, the Scotsman discloses. The
firm was tipped as a potential suitor for ATH in 2011, when the
miner announced it was in talks over a possible offer for the
company.
Better Capital, which owns double-glazing firm Everest and
fashion retailer Jaeger, said it will have no further involvement
in any restructuring of ATH's operations following the sale of
its debt.
ATH Resources is a Doncaster-based coal miner. The company
employs more than 300 people at its five Scottish open cast
mines.
HIBU PLC: Default Prompts S&P to Cut Corp. Credit Rating to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'D'
(default) from 'CC' its long-term corporate credit rating on
U.K.-based international publisher of classified directories hibu
PLC.
The downgrade follows hibu's nonpayment of interest on its 2009
credit facility on the due date of Feb. 28, 2013. Furthermore,
S&P do not believe that the group will make the interest payments
within the following five business days because it is
contemplating a financial restructuring. This is because recent
adverse macroeconomic and market developments make the group's
existing capital structure unsustainable.
The downgrade reflects S&P's understanding that hibu has now
failed to pay all, or substantially all, of its obligations as
they came due. (hibu settled the remaining claims on its 2006
credit facility in early December 2012). Under S&P's criteria,
it considers the extension of a due payment of interest or
principal as tantamount to a default if the payment falls later
than five business days after the scheduled due date. . This is
irrespective of any grace period stipulated in the debt
documentation.
S&P believes that hibu has sufficient liquidity to meet its
upcoming interest payments and debt amortization requirements,
with reported balance-sheet cash of approximately GBP135 million
on Dec. 31, 2012. However, S&P takes a strict view of any
payment deferral, in line with its criteria. S&P considers an
extension of a due payment of interest or principal as equivalent
to a debt restructuring below par by a distressed issuer, and
therefore tantamount to a default.
hibu is in the process of restructuring its balance sheet with
the aim of reducing leverage in a mutually agreeable way with the
main stakeholders. The group's decision not to pay its interest
is in the context of ongoing negotiations for the approval of a
consensual restructuring agreement by the stakeholders involved.
S&P will follow the progress of hibu's pending debt restructuring
over the coming months. If and when hibu emerges from any form
of reorganization, S&P will reassess the ratings, taking into
account the group's business prospects, the factors that
precipitated the default, the new capital structure, and any
benefits the group achieves through the reorganization process.
MAR ESTATES: May Face Liquidation After Tax Dispute
---------------------------------------------------
Krissy Storrar at Scottish Daily Mail, reports that Mar Estates
Ltd., the operator of Mar Hall Golf and Spa Resort, had become
embroiled in a dispute with the taxman -- who threatened to have
the establishment wound up.
Her Majesty's Revenue and Customs (HMRC) wanted a liquidator
appointed in a row with the company over an unknown sum of money,
Scottish Daily Mail relates.
However, on Thursday night hotel bosses said the disputed bill
was paid last week -- and insisted the firm was in good shape and
doing well, Scottish Daily Mail notes.
The first inkling of a problem emerged on Thursday when a public
notice showed that a petition had been presented at the Court of
Session in Edinburgh by the Advocate General on behalf of HMRC,
Scottish Daily Mail recounts. It wanted Mar Estates Ltd. wound
up by the court and to appoint a liquidator, Scottish Daily Mail
discloses.
The petition was presented on February 19 and the company was
given eight days to pay up, Scottish Daily Mail notes.
On Thursday, a spokesman for HMRC could not comment on the action
against Mar Estates Ltd. but said the presentation of a petition
often spurs companies into settling bills, Scottish Daily Mail
relates.
In the event of the debt not being cleared, HMRC would go back to
the Court of Session and apply for the company to be wound up and
a liquidator appointed, Scottish Daily Mail notes. The
liquidator could run the hotel as a going concern in an attempt
to get it back on track or order the sale of assets to pay off
the bill, Scottish Daily Mail discloses.
According to Scottish Daily Mail, on Thursday, a spokesman for
Mar Hall said the dispute had been resolved, and added: "The mix-
up occurred because we disputed HMRC's figures."
He added that the company had an extension for its 2011 accounts,
which are deemed "overdue" on the Companies House Web site,
Scottish Daily Mail relates.
On Thursday night, the petition had yet to be withdrawn, Scottish
Daily Mail discloses. It could take several days for the payment
to clear and court action to be averted, Scottish Daily Mail
notes.
Mar Hall is a baronial mansion built in the 1840s. It has 53
bedrooms and suites.
PIXOMONDO: Shuts Down Operations in London
------------------------------------------
Hollywood Reporter reports that VFX Group Pixomondo, an Oscar
winner for its visual-effects work on Martin Scorcese's Hugo, has
shut down its operations in London, citing the need to cut costs.
The U.K. operation of the German company was at the center of
Pixomondo's work on Hugo, Hollywood Reporter notes.
According to Hollywood Reporter, Pixomondo COO Christian Vogt
said the company proved unable in the past three years to build
its local businesses in London so that it could generate its own
revenue.
He said the decision to close the operations, however, was not a
sign that the German effects house was withdrawing from the
international stage, Hollywood Reporter relates. Pixomondo also
closed its Detroit facility in November, Hollywood Reporter
recounts.
REPUBLIC LTD: TPG Sells Off Flagging Clothing Chain
---------------------------------------------------
Karlee Weinmann of BankruptcyLaw360 reported that beleaguered
U.K. fashion retailer Republic on Thursday found a new owner in
sportswear company Sports Direct International PLC, closing out a
brief period of insolvency that put a black mark on its former
private equity owner, TPG Capital.
The report said financial terms were not disclosed, but the sale
dealt a sharp blow to Texas-based TPG, which spent a reported
GBP300 million (US$450 million) to acquire the company less than
three years ago. Sports Direct is one of the U.K.'s top
sportswear retailers, the report related.
* UK: Number of Business Insolvencies Down by Half in January
-------------------------------------------------------------
Gareth Mackie at The Scotsman, citing figures published on Monday
by credit reference agency Experian, reports that the number of
companies going bust across Scotland fell by half in January.
According to the Scotsman, the firm said there was a total of 41
Scottish business insolvencies during the month, down from 82 in
January 2012 -- the sharpest decline in failure rates across the
UK as a whole.
Experian said the fall in insolvencies continued the "steady
downward trend" seen in Scotland last year, although it noted
that January tends to be a "slow month" for business failures,
the Scotsman relates.
The Scottish failure rate, which equates to 0.03% of the overall
business population, was by far the lowest in the UK during
January, the Scotsman notes.
Overall, the number of UK companies that collapsed during the
month fell to 1,271, down from 1,376 a year ago and the lowest
figure since June 2007, the Scotsman discloses.
According to the Scotsman, most sectors saw a decline in business
failures, although the numbers of IT and textiles companies going
bust almost doubled, to 69 and 21 respectively, while there was
also a big rise in the failure rate for property firms and
utilities companies.
Despite tough conditions on the high street, which saw the likes
of Blockbuster, HMV and Jessops slide into administration in
January, the number of non-food retailers that collapsed during
the month dropped to 81, down from 104 a year ago, but there was
a slight rise among food retailers, the Scotsman notes.
Experian said that with car sales growing strongly, the number of
motor traders going bust halved to 27, the Scotsman relates.
Medium-sized firms saw the biggest fall in insolvency rates
during the month, although the picture for those with fewer than
ten staff was broadly flat and there was a slight increase in the
failure rate among firms employing between 101 and 500 people,
the Scotsman discloses.
"High-profile insolvencies so far this year show that it is still
a challenging climate and businesses across all sector and sizes
need to adapt to changes in their trading environment," the
Scotsman quotes Max Firth, managing director of Experian's
business information arm, as saying.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
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
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
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FRANCE
------
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GEORGIA
-------
DEVELICA DEUTSCH D4B GR -79827494.88 1139643575
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GERMANY
-------
AGOR AG DOO S1 -482449.8788 144432986.2
AGOR AG NDAGF US -482449.8788 144432986.2
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GREECE
------
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ICELAND
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ITALY
-----
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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
CEVA LOGISTICS 882197Z NA -538665968.2 5318491121
CLATES HOLDING B 4043429Z NA -34881.25205 221495950.5
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
HE INVESTMENTS B 3813216Z NA -1780665.857 195483088
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
RIVA NV 3797916Z NA -852952.1165 111411542.1
SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
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UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -12602392978 14238054163
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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CIA LA GOMERA AS 4401057Z NO -14188999.46 111542577.2
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
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
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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
GALATASARAY-NEW GSRAYY TI -134837791.7 312345232.8
IKTISAT FINAN-RT IKTFNR TI -46900666.64 108228233.6
IKTISAT FINANSAL IKTFN TI -46900666.64 108228233.6
KEREVITAS GIDA KVTGF US -17661319.95 159849621.7
KEREVITAS GIDA KERVT TI -17661319.95 159849621.7
MUDURNU TAVUKC-N MDRNUN TI -64935052.1 160420187.4
MUDURNU TAVUKCUL MDRNU TI -64935052.1 160420187.4
SIFAS SIFAS TI -15439194.7 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
ZORLU ENERJI ELE ZORENM TI -2128989.458 1841396734
ZORLU ENERJI ELE ZORENR TI -2128989.458 1841396734
ZORLU ENERJI ELE ZRLUF US -2128989.458 1841396734
ZORLU ENERJI ELE ZOREN TI -2128989.458 1841396734
ZORLU ENERJI ELE ZORENY TI -2128989.458 1841396734
ZORLU ENERJI-ADR ZRLUY US -2128989.458 1841396734
ZORLU ENERJI-RTS 0405413D TI -2128989.458 1841396734
UKRAINE
-------
CHERNIGIVS MAN-M CHIM UZ -19979000 106551872
CHERNIGIVS M-GDR CKU GR -19979000 106551872
DNIP METAL-Y Z-D DMZK UZ -1689000 100894624
DNIPROVSKY IRON DMKD UZ -85795248 2345518080
DONETSKOBLENERGO DOON UZ -350758285.3 246202249.5
KRYMENERGO KREN UZ -34125639.53 127185486.6
LUGANSKOBLENERGO LOEN UZ -28469656.82 196711929.2
MARIUP-GDR REG S MZVM IX -11661586.28 260791838.5
MARIUP-GDR REG S M9X GR -11661586.28 260791838.5
MARIUPOL HEAVY M MZVM UZ -11661586.28 260791838.5
NAFTOKHIMIK PRIC NAFP UZ -25147613.11 203369540.7
NAFTOKHIMIK-GDR N3ZA GR -25147613.11 203369540.7
ODESSA OIL REFIN ONPZ UZ -333080256 155962496
RIVNEAZOT RAZT UZ -32846124 548777856
ZALK - PFTS ZALK UZ -94493504 126238624
UNITED KINGDOM
--------------
600 UK LTD 1282018Z LN -731250.5356 123671540.8
ABBOTT MEAD VICK 648824Q LN -1685854.552 168258996.3
ABF GRAIN PRODUC 1276922Z LN -80622502.15 405377719.8
ACE INA SERVICES 1442282Z LN -32838796.68 148703014.2
ACIS GROUP LTD 4159557Z LN -29529317.19 122639068.7
ACORN CARE AND E 1238567Z LN -70886168.8 120665053.6
ADVANCE DISPLAY ADTP PZ -2983757364 2562677211
AEA TECHNOLO-FPR AATF PZ -251542348.1 142002291.9
AEA TECHNOLO-FPR AATF LN -251542348.1 142002291.9
AEA TECHNOLOGY EAETF US -251542348.1 142002291.9
AEA TECHNOLOGY AAT VX -251542348.1 142002291.9
AEA TECHNOLOGY AAT IX -251542348.1 142002291.9
AEA TECHNOLOGY AAT PO -251542348.1 142002291.9
AEA TECHNOLOGY G AATGBP EO -251542348.1 142002291.9
AEA TECHNOLOGY G AAT LN -251542348.1 142002291.9
AEA TECHNOLOGY G 89A GR -251542348.1 142002291.9
AEA TECHNOLOGY G AEATF US -251542348.1 142002291.9
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TOPPS TILES PLC TPT PO -36503224.29 140534295.2
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TOPPS TILES PLC TPT LN -36503224.29 140534295.2
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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 * * *