/raid1/www/Hosts/bankrupt/TCREUR_Public/130326.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 26, 2013, Vol. 14, No. 60
Headlines
B U L G A R I A
BDZ: Privatization May Face Delay; Bid Deadline Extended
C Y P R U S
BANK OF CYPRUS: Moody's Downgrades Deposit Ratings to 'Caa3'
SL CAPITAL: S&P Affirms 'B/B' Credit Ratings; Outlook Negative
DLR KREDIT: Moody's Withdraws 'Ba1' Long-Term Issuer Rating
* CYPRUS: Reaches Rescue Deal with International Lenders
* CYPRUS: Imposes EUR100 a Day Withdrawal Limit to Avert Bank Run
F R A N C E
BIOCORAL INC: Delays Financials for Year Ended Dec. 31, 2012
TRANSCOM WORLDWIDE: French Subsidiary Enters Liquidation
H U N G A R Y
E-STAR ALTERNATIV: Creditors Okay Draft Bankruptcy Agreement
MAGYAR EXPORT-IMPORT: S&P Affirms 'BB' Issuer Credit Ratings
OTP BANK: S&P Affirms 'BB/B' Credit Ratings; Outlook Negative
I R E L A N D
EIRCOM HOLDING: Fitch Affirms 'B-' LT Issuer Default Rating
INDEPENDENT NEWS: Faces "Most Critical Phase"; Eyes Debt Deal
I T A L Y
BANCA CARIGE: S&P Lowers Counterparty Credit Rating to 'BB'
BANCO POPOLARE: S&P Cuts Ratings to 'BB+; Outlook Negative
SESTANTE FINANCE 3: S&P Lowers Rating on Class C2 Notes to 'B-'
SESTANTE FINANCE 4: S&P Cuts Ratings on Two Note Classes to CCC
* ITALY: Moody's Says New Recovery Framework Won't Ease Pressures
P O L A N D
CENTRAL EUROPEAN: A-1 Presents Restructuring Plan
CENTRAL EUROPEAN: Cancels Exchange Offer Amid Roust Deal
P O R T U G A L
ATLANTES MORTGAGE 1: S&P Raises Rating on Class B Notes to 'BB'
ENERGIAS DE PORTUGAL: S&P Affirms 'BB+/B' Ratings; Outlook Stable
R U S S I A
RENAISSANCE FINANCIAL: Fitch Affirms 'B' Issuer Default Rating
RUSSIAN COMMERCIAL: Moody's Lowers Deposit Ratings to 'Caa2'
SOLIDARNOST: Moody's Withdraws 'Caa1' Deposit Ratings & 'E' BFSR
SOLIDARNOST: Moody's Interfax Withdraws Ba2.ru Rating
S L O V E N I A
* SLOVENIA: Fitch Says Bank Challenges Remain
S P A I N
BANCAJA 9: Moody's Lowers Rating on Class C Notes to 'Caa2'
BANKIA SA: Shares Face Reverse Split; Gets Capital Injection
CABLEUROPA SA: Fitch Affirms 'B' Long-Term IDR; Outlook Stable
IM PASTOR 3: S&P Cuts Rating on Class D Notes to 'CCC (sf)'
U N I T E D K I N G D O M
ANTIC LIMITED: In Administration, Owes GBP2.6MM to Creditors
COVENTRY CITY: Puts Non-Operating Unit Into Administration
CPP GROUP: Refinancing Talks with Lenders Ongoing
FYSHE HORTON: Enters Special Administration
KLEINWORT BENSON: Moody's Lowers Deposit Ratings to Ba1/Not Prime
MELVILLE BAR: Goes Out of Receivership, Has New Owners
MORTGAGE FUNDING 2008-1: S&P Affirms 'B-' Rating on Class A Notes
SHIP LUXCO 3: S&P Puts 'B+' Corp. Rating on CreditWatch Negative
TALISMAN-3 FINANCE: S&P Withdraws 'D' Ratings on 3 Note Classes
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
===============
B U L G A R I A
===============
BDZ: Privatization May Face Delay; Bid Deadline Extended
--------------------------------------------------------
Novinite.com reports that Bulgarian State Railways Bulgarian
caretaker Transport Minister Kristian Krastev was set to organize
a meeting with the largest creditors of the Bulgarian State
Railways (BDZ) yesterday to discuss the future of the heavily
indebted company.
The much-anticipated privatization of the freight unit of BDZ,
BDZ Freight Services, may be delayed because the potential buyers
are considering withdrawal due to the huge debts of the company,
Novinite.com says, citing reports of the Bulgarian National
Television.
On March 11, Bulgarian Privatization Agency head Emil Karanikolov
argued that no bidders had withdrawn from the privatization
procedure for BDZ Freight Services, countering the claims of
former Transport Minister Ivaylo Moskovski that the candidates
had been put off by the protests against the sale of the cargo
unit of BDZ, Novinite.com discloses.
Novinite.com relates that Kristian Krastev explained Monday BDZ
had been effectively insolvent since 2008, adding that "this will
hardly be sensational news to anybody."
Regarding senior-level reshuffles at BDZ, he said he would make
up his mind about potential changes only after he was acquainted
with the current situation of the company in detail, Novinite.com
notes.
Meanwhile, BNT reported that Bulgaria's Privatization and Post-
Privatization Control Agency (PPCA) had received a request for an
extension of the bid submission deadline by March 28 by two
potential buyers of BDZ Freight Services, according to
Novinite.com.
BNT also informed that by Romanian TD Grup Feroviar Roman and
Austrian Donau-Finanz Transport had requested additional
information on the condition of the state-owned railway carrier,
Novinite.com discloses.
As reported by the Troubled Company Reporter-Europe on March 25,
2013, FOCUS News Agency related that the losses of the state-run
company run to about BGN716 million, which is a huge amount. The
minister said that the debts to the biggest creditors, i.e. KfW
and bondholders in the second bond loan, run to about EUR35
million/creditor, FOCUS News disclosed.
Established in 1885, The Bulgarian State Railways, commonly known
as BDZ, is Bulgaria's state railway company and the largest
railway carrier in the country. The company's headquarters are
located in the capital Sofia.
===========
C Y P R U S
===========
BANK OF CYPRUS: Moody's Downgrades Deposit Ratings to 'Caa3'
------------------------------------------------------------
Moody's Investors Service downgraded to Caa3, from Caa2, the
deposit and senior unsecured debt ratings of Bank of Cyprus
Public Company Limited, Cyprus Popular Bank Public Co Ltd and
Hellenic Bank Public Company Ltd. These ratings have also been
placed on review for downgrade.
At the same time, Moody's affirmed the Bank Financial Strength
Ratings (BFSRs) at E, but added that the standalone credit
assessments for Bank of Cyprus and Hellenic Bank, have been
lowered to ca from caa3. Cyprus Popular Bank's standalone credit
assessment continues to map to ca.
The actions on the deposit and senior unsecured debt ratings
reflect (1) Moody's expectation of material losses for bank
depositors; (2) the risk of further deposit controls once the
banks reopen; and (3) the heightened uncertainty regarding the
banks' recapitalization plans.
The alignment of the banks' standalone credit assessments at ca
reflects underlying risks related to (1) the increased likelihood
of material deposit outflows; and (2) the long-term impairment to
the banks' business models resulting from the recent turmoil.
Ratings Rationale:
Recent Events
On March 19, the Cypriot parliament rejected a draft law to
impose a tax levy that would result in a 6.75% loss on deposits
between EUR20,000 and EUR100,000 and 9.9% on larger amounts. The
imposition of losses is an integral condition of the support
program for bank recapitalizations proposed by the European
Central Bank, the European Commission and the International
Monetary Fund (commonly referred to as the Troika).
On March 21 the European Central Bank stated that Emergency
Liquidity Assistance (ELA) would only remain available to Cypriot
banks if an acceptable support program is in place by March 25.
The stalemate between the Cypriot government and the Troika has
heightened uncertainty over the bank recapitalization plan.
Losses, Liquidity Stress and Uncertainty Drive Downgrades and
Review
These actions on the banks' deposit and senior unsecured debt
ratings reflect the rating agency's expectation of material
losses for bank depositors, the risk of further controls to
contain deposit outflows once the banks reopen, and the
heightened uncertainty regarding the banks' recapitalization or
resolution plans.
The situation in Cyprus remains very fluid and the risk of
significant losses has increased, as has the risk of a bank
liquidation scenario.
Accordingly, Moody's review will assess the impact of the
measures ultimately adopted to address the banking crisis. To
this end, the review will focus on (1) the magnitude of losses
imposed on depositors and/or senior unsecured bondholders; (2)
the risk of continued deposit controls once the banks reopen; and
(3) implementation risks associated with any agreed measures and
the potential need for additional capital support resulting from
further asset quality deterioration.
Erosion of Depositor Confidence Weakens Banks' Standalone
Profiles
The lowering of Bank of Cyprus' and Hellenic's standalone credit
assessments to ca, and the affirmation of Cyprus Popular Bank's
standalone credit assessment at ca, captures Moody's view of (1)
the increased likelihood of accelerated deposit outflows,
weakening the banks' already stressed deposit-funding bases; and
(2) the long-term impairment to the banks' business models
resulting from the recent turmoil.
Firstly, despite expectations that central bank funding will
remain available if a recapitalization plan is reached, Moody's
considers that the risk of accelerated deposit outflows once the
banks reopen has risen significantly. An acceleration of outflows
would further destabilize the domestic banking system.
Secondly, Moody's believes that the banks' franchises and
business models will remain impaired over the long term. The
rating agency bases its view on (1) the weakening of market
confidence, owing to the recent announcement regarding depositor
losses; and (2) the signal that the European authorities aim to
reduce the size of the Cypriot banking sector to the EU average
over time (Cyprus' total banking sector assets totaled 697% of
GDP at the end of 2011, compared with 354% for the EU).
What Could Move the Ratings Up/Down
Downwards pressure on the banks' ratings would develop following
(1) a failure to secure a program for bank recapitalizations or
to maintain external liquidity support; and/or (2) higher loss
rates for bank depositors or creditors (compared to the amounts
rejected by the Cypriot Parliament on 19 March -- 6.75% loss on
deposits between EUR20,000 and EUR100,000 and 9.9% on larger
amounts); and/or (3) sustained deposit controls; and/or (4)
uncertainty regarding the Cypriot authorities' and the banks'
capacity to implement an agreed recapitalization program and/or
(5) a lowering of the country risk ceiling for Cyprus.
As indicated by the review for downgrade, upwards rating pressure
is currently limited. Moody's may confirm the ratings at their
current levels if an agreement to recapitalize the banks is
reached, provided that the agreement (1) does not necessitate
increased burden-sharing of losses; and (2) restricts
implementation risks.
List of Affected Ratings:
Bank of Cyprus Public Company Limited:
- Deposit and senior unsecured debt ratings: Downgraded to Caa3,
on review for downgrade, from Caa2, negative outlook
- Short term deposit and commercial paper ratings: Affirmed at
Not Prime
- Subordinated debt rating: Affirmed at (P)C
- Junior subordinated notes rating: Affirmed at (P)C
- Standalone Bank Financial Strength Rating: Affirmed at E, now
mapping to a standalone credit assessment of ca, from caa3
The senior unsecured and deposit ratings are on review for
downgrade. No outlook is currently assigned to the E BFSR, short
term deposit and commercial paper ratings, subordinated and
junior subordinated ratings.
Cyprus Popular Bank Public Co Ltd:
- Deposit and senior unsecured debt ratings: Downgraded to Caa3
on review for downgrade, from Caa2 negative outlook
- Short term deposit ratings: Affirmed at Not Prime
- Subordinated debt rating: Affirmed at C
- Standalone Bank Financial Strength Rating: Affirmed at E,
mapping to a standalone credit assessment of ca
The senior unsecured and deposit ratings are on review for
downgrade. No outlook is currently assigned to the E BFSR, short
term deposit ratings and subordinated ratings.
Egnatia Finance plc (the funding subsidiary of Cyprus Popular
Bank):
- Senior unsecured debt rating: Downgraded to (P)Caa3, on review
for downgrade, from (P) Caa2, negative outlook
- Subordinated debt rating: Affirmed at (P)C
The senior unsecured debt ratings are on review for downgrade. No
outlook is currently assigned to the subordinated debt ratings.
Hellenic Bank Public Company Ltd:
- Deposit ratings: Downgraded to Caa3 on review for downgrade,
from Caa2 negative outlook
- Short-term deposit and commercial paper ratings: Affirmed at
Not Prime
- Standalone Bank Financial Strength Rating: Affirmed at E, now
mapping to a standalone credit assessment of ca from caa3
The deposit ratings are on review for downgrade. No outlook is
currently assigned to the E BFSR, short term deposit and
commercial paper ratings.
The principal methodology used in these ratings was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
SL CAPITAL: S&P Affirms 'B/B' Credit Ratings; Outlook Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Cyprus-
based subsidiaries S.L. Capital Services Ltd. (SLCS) and Ronin
Europe Ltd. to negative from stable. At the same time, S&P
affirmed the 'B/B' long- and short-term counterparty credit
ratings on both entities.
The ratings and outlook on SLCS's Russian parent Aljba Alliance
are unchanged.
RATIONALE
The outlook revision reflects S&P's view that the importance of
Cyprus-based subsidiaries SLCS and Ronin Europe to their Russian
parents Aljba Alliance (B/Stable/B) and Ronin Partners Group
(Ronin; not rated)--and the expected parental support--could
decrease given increasing problems in Cyprus' financial system.
This, together with the uncertainty about the conditions of
Cyprus' assistance program, might undermine investor confidence
in its financial system, in S&P's view. Also at risk is Cyprus'
role, importance, and reputation as an offshore financial center.
Ronin Europe and SLCS are located in Cyprus essentially for tax
reasons. However, they do business virtually exclusively with
Russian and other overseas clients. S&P understands that Ronin
Europe and SLCS hold their proprietary assets and assets of
customers at non-Cyprus-based global banking and financial
institutions. S&P do not rule out that some of SLCS' and Ronin
Europe's clients could contemplate channeling their transactions
through other, more stable, jurisdictions than Cyprus in the
future. This might ultimately decrease the strategic importance
of Cyprus' subsidiaries to their parents. S&P also cannot
discount the possibility that Aljba Alliance and Ronin Partners
Group could scale back or close down their operations in Cyprus
depending on the outcome of the bailout program that Cyprus is
currently negotiating with the Troika (the IMF, EU, and European
Central Bank).
The outlook revision does not immediately affect the ratings on
Aljba Alliance and S&P's view of the group credit profile (GCP)
of Ronin Partners Group.
RONIN EUROPE LTD.
The ratings on Ronin Europe reflect its "core" status for Russia-
based Ronin Partners Group, whose GCP S&P assess at 'b'. As a
result, S&P equalizes the ratings on Ronin Europe with the
parent's GCP.
Ronin owns 100% of Ronin Europe, the group's booking center for
client-driven brokerage and the settlement center for the group's
underwriting operations and proprietary securities investments.
S&P calculates that Ronin Europe has exposure to Cyprus of well
below 10% of its total assets.
S.L. CAPITAL SERVICES LTD. (SLCS)
The ratings on SLCS reflect its "core" status for Aljba Alliance.
As a result, S&P equalizes the ratings on SLCS with those on the
parent.
Russia-based Aljba Alliance owns 100% of Cypriot subsidiary SLCS,
which is the group's booking center for proprietary securities
investments and client-driven brokerage and underwriting
operations. SLCS' business, operations, and strategy are highly
integrated with those of the group.
S&P calculates that SLCS has domestic exposure of well below 10%
of its total assets.
OUTLOOK
The negative outlooks on both entities reflect S&P's view that it
could lower the ratings if reputational risks for Cyprus as a
financial center materially worsen and if S&P believes that risk
of closing or scaling-down offshore operations has increased. If
problems in Cyprus persist, parent companies such as Aljba
Alliance and Ronin may decide to close operations in Cyprus and
move them to other jurisdictions. This would lead S&P to
reconsider SLCS' and Ronin Europe's status for their groups.
S&P could consider revising the outlooks to stable if the
situation in Cyprus' financial services sector stabilizes, and if
the parent companies continued to support their Cypriot
subsidiaries while the subsidiaries' operations remained
integral to their groups.
RATINGS LIST
Ratings Affirmed; CreditWatch/Outlook Action
To From
S.L. Capital Services Ltd.
Counterparty Credit Rating B/Negative/B B/Stable/B
Certificate Of Deposit B/B
Ratings Affirmed; CreditWatch/Outlook Action
To From
Ronin Europe Ltd.
Counterparty Credit Rating B/Negative/B B/Stable/B
DLR KREDIT: Moody's Withdraws 'Ba1' Long-Term Issuer Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn DLR Kredit A/S' long-term
issuer rating of Ba1 and the Preferred Stock rating of B1 (hyb).
Moody's has withdrawn the rating for its own business reasons.
Based in Copenhagen, Denmark, DLR Kredit A/S reported
consolidated assets of DKK149 billion (US$26 billion) as of end-
December 2012.
* CYPRUS: Reaches Rescue Deal with International Lenders
--------------------------------------------------------
Rebecca Christie, James G. Neuger and Svenja O'Donnell at
Bloomberg News report that Cyprus agreed to the outlines of an
international bailout, paving the way for EUR10 billion
(US$13 billion) of emergency loans and eliminating the threat of
default.
The accord between Cyprus and the "troika" representing
international lenders was reached in overnight talks in Brussels
and ratified by finance ministers from the 17-nation euro area,
Bloomberg relates.
The agreement calls for Cyprus Popular Bank Pcl (CPB) to be shut
down and split, Bloomberg discloses. According to Bloomberg,
three EU officials said the Bank of Cyprus Plc would take over
the viable assets of the failed bank along with EUR9 billion in
central bank-provided emergency liquidity aid.
Bloomberg notes that two EU officials said deposits below the EU
deposit-guarantee ceiling of 100,000 euros will be protected, and
a loss of no more than 40% will be imposed on uninsured
depositors at the Bank of Cyprus. According to Bloomberg, two
other officials said that uninsured depositors at Cyprus Popular
would largely be wiped out.
With the ECB threatening to cut off emergency financing for
tottering banks, Cyprus's leaders bowed to creditors' demands to
find another way of shrinking the Mediterranean island's
financial system, Bloomberg notes.
Better Than Bankruptcy
Jim Brunsden at Bloomberg News reports that European Union
finance chief Michel Barnier said on Monday in Brussels
the EUR10-billion (US$13 billion) rescue deal provided to Cyprus
by the European Union is "better than bankruptcy".
Mr. Barnier, as cited by Bloomberg, said the rescue, which allows
the island nation to escape a disorderly default and
unprecedented exit from the common currency by shrinking its
banking system, saves people from losing everything. He conceded
the EU probably should have been more vigilant earlier on
regarding the outsized Cypriot banking system, Bloomberg relates.
The situation in Cyprus is "exceptional" and "something that
exists nowhere else," Mr. Barnier, as cited by Bloomberg, said,
when discussing the capital controls keeping savers from
withdrawing their deposits and putting a tax on accounts with
more than 100,000 euros. He said the capital controls can only
last a few days, Bloomberg notes.
Mr. Barnier blamed the banking crisis on "arbitrage" and said the
country must move away from a "short-term" financial culture,
Bloomberg relates. Had the European Central Bank already taken
on its role as banking supervisor in the EU, it wouldn't have
allowed Cypriot banks to "do what they have been doing for some
time now," Bloomberg quotes Mr. Barnier as saying.
* CYPRUS: Imposes EUR100 a Day Withdrawal Limit to Avert Bank Run
-----------------------------------------------------------------
Rebecca Clancy at The Telegraph reports that the central bank in
Cyprus imposed a EUR100 a day withdrawal limit at cash machines
for all local banks on Sunday to avert a run on lenders, as the
island's leaders meet its international lenders for last-ditch
talks to avert a financial meltdown.
According to the Telegraph, a spokesman for second largest lender
Cyprus Popular Bank, which had previously limited withdrawals to
EUR260, said the new measure began at 1pm local time and would
remain in place until the bank reopens, which is scheduled for
Tuesday, or until confirmation of continued emergency funding
from the European Central Bank.
A government official, who declined to be named, told Reuters
that the measure applied to all local banks on the island, the
Telegraph notes.
There were dramatic scenes on Thursday night as Cypriots queued
to withdraw cash from the Laiki bank, the country's second
largest, after the European Central Bank warned it would cut off
funds unless there was agreement on an international bailout, the
Telegraph relates.
To prevent the bank's collapse a cash limit of EUR260 a day was
imposed as panic was fuelled by angry demonstrations by Laiki
staff -- the restructuring means 10,000 jobs are at risk --
outside the Cypriot parliament, the Telegraph discloses.
This limit has now been cut further to EUR100 withdrawal a day
across all local banks on the island, the Telegraph says.
===========
F R A N C E
===========
BIOCORAL INC: Delays Financials for Year Ended Dec. 31, 2012
------------------------------------------------------------
Biocoral, Inc., was unable to file its annual report on Form 10-K
for the period ended Dec. 31, 2012, in a timely manner because
the Company was not able to complete timely its financial
statements without unreasonable effort or expense.
About Biocoral, Inc.
Headquartered in La Garenne Colombes, France, Biocoral, Inc.
-- http://www.biocoral.com/-- was incorporated under the laws of
the State of Delaware on May 4, 1992. Biocoral is a holding
company that conducts its operations primarily through its
wholly-owned European subsidiaries. The Company's operations
consist primarily of research and development and manufacturing
and marketing of patented high technology biomaterials, bone
substitute materials made from coral, and other orthopedic, oral
and maxillo-facial products, including products marketed under
the trade name of Biocoral. Most of the Company's operations are
conducted from Europe. The Company has obtained regulatory
approvals to market its products throughout Europe, Canada and
certain other countries. The Company owns various patents for
its products which have been registered and issued in the United
States, Canada, Japan, Australia and various countries throughout
Europe. However, the Company has not applied for the regulatory
approvals needed to market its products in the United States.
Michael T. Studer CPA P.C., in Freeport, New York, noted that the
Company's present financial condition raises substantial doubt
about its ability to continue as a going concern. The
independent auditors added that the Company had net losses for
the years ended Dec. 31, 2011, and 2010, respectively.
Management believes that it is likely that the Company will
continue to incur net losses through at least 2012. The Company
had a working capital deficiency of approximately US$1,570,000
and US$2,125,000, at Dec. 31, 2011 and 2010, respectively. The
Company also had a stockholders' deficit at Dec. 31, 2011, and
2010, respectively.
Biocoral reported a net loss of US$920,103 in 2011, compared with
a net loss of US$703,272 in 2010. The Company's balance sheet at
Sept. 30, 2012, showed US$1.24 million in total assets, US$5.37
million in total liabilities and a US$4.12 million total
stockholders' deficit.
TRANSCOM WORLDWIDE: French Subsidiary Enters Liquidation
--------------------------------------------------------
Transcom WorldWide S.A. on March 22 disclosed that its French
subsidiary, Transcom WorldWide (France) S.A.S., has been placed
in liquidation proceedings by the Commercial Court of Versailles.
A liquidator appointed by the Court will take over management of
the subsidiary, Transcom WorldWide (France) S.A.S., as of
March 22.
As a consequence, Transcom WorldWide (France) S.A.S. will be
excluded from consolidation in Transcom WorldWide S.A.'s Group
accounts as of March 1, 2013. In 2012, Transcom WorldWide
(France) S.A.S. reported revenues amounting to EUR6.4 million, an
operating loss of EUR5.4 million, and a negative cash flow of
EUR12.5 million. Shareholders' equity booked in the balance
sheet of Transcom WorldWide (France) S.A.S. amounted to negative
EUR9.2 million as at December 31, 2012.
=============
H U N G A R Y
=============
E-STAR ALTERNATIV: Creditors Okay Draft Bankruptcy Agreement
------------------------------------------------------------
According to MTI-Econews, E-Star said on the Budapest Stock
Exchange Web site that creditors of the company accepted on
Friday a draft bankruptcy agreement.
E-Star has been under bankruptcy protection since October,
MTI-Econews notes.
The BSE suspended trading in E-Star shares on Friday due to the
talks with creditors, MTI-Econews relates.
E-Star Alternativ Nyrt. is a Hungarian energy company.
MAGYAR EXPORT-IMPORT: S&P Affirms 'BB' Issuer Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on Magyar
Export-Import Bank (Hungary Eximbank) to negative from stable.
At the same time, S&P affirmed its 'BB/B' long- and short-term
issuer credit ratings.
S&P's ratings on Hungary Eximbank are equalized with the
sovereign ratings on Hungary (BB/Negative/B). This reflects
S&P's opinion of the "almost certain" likelihood that the
Hungarian government will provide timely and sufficient
extraordinary support to Hungary Eximbank to allow it to meet its
liabilities in the case of financial distress. In accordance
with S&P's criteria for government-related entities (GREs), its
rating approach for Hungary Eximbank is based on S&P's view of
the bank's:
-- "Critical" role in supporting Hungarian exports, which is
key to national economic development, given the country's
openness and trade dependence; and
-- "Integral" link with the Hungarian government, given the
sole sovereign ownership of the bank, the sovereign's
statutory guarantee of Hungary Eximbank's liabilities, and
the inclusion of losses on the bank's interest rate
mismatches and supported loans in the government's budget.
The bank benefits from state guarantees for both its on-balance-
and off-balance-sheet liabilities.
The statutory guarantee for on-balance-sheet liabilities is
explicit and unconditional, with a current upper limit defined in
the budget of Hungarian forint (HUF) 1.2 trillion. Although the
guarantee does not address S&P's criteria for timeliness, it
equalizes the ratings because of its assessment of the "almost
certain" likelihood of timely and wide-ranging support from the
Ministry of National Economy, in conjunction with the critical
economic role played by Hungary Eximbank. S&P also take into
consideration the government's sustained track record of ensuring
an appropriate level of capitalization through repeated capital
injections. At end-2011, shareholder equity amounted to
HUF17.7 billion, out of a total balance sheet of HUF196 billion.
Hungary Eximbank also provides off-balance-sheet guarantees (the
majority of which are guaranteed by the state), of up to
HUF350 billion.
Established in 1994, Hungary Eximbank is a 100% state-supported
government export credit agency. OECD regulations and Hungary
Eximbank's general business guidelines establish the criteria for
its export operations to be eligible for state-supported
financing. The bank supports the state's export strategy. This
is achieved by lending directly to exporters (through direct pre-
export loans, buyers' credits, and discounting facilities) and
providing funding indirectly through refinancing credits to
domestic commercial banks and interbank buyers' credits provided
by the buyers' foreign bank. The bank's funding base comprises
loans, interbank loans, notes issued under the bank's global
medium-term note program (which was launched in December 2012),
and shareholder equity, the latter including both share capital
and reserves.
The negative outlook on Hungary Eximbank mirrors that on the
Hungarian sovereign. S&P expects Hungary Eximbank to maintain
its integral link with and critical role in the Hungarian
government's economic development plans and policies, regardless
of the government's composition. This should enable the bank to
maintain its public law status and, therefore, its credit support
from the sovereign's guarantee. Any change in S&P's assessment
of the bank's relationship with the government could lead it to
consider lowering the ratings. In addition, while the state
continues to provide Hungary Eximbank support, any change in the
ratings on Hungary will result in a similar rating action on
Hungary Eximbank.
OTP BANK: S&P Affirms 'BB/B' Credit Ratings; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Hungary-based OTP Bank PLC and its core subsidiary,
OTP Mortgage Bank, to negative from stable. At the same time,
S&P affirmed its 'BB/B' long- and short-term counterparty credit
ratings on the banks.
The outlook revision on the banks reflects the same action on the
Republic of Hungary (BB/Negative/B) on March 21, 2013. The
outlook revision on the sovereign reflects S&P's opinion that the
predictability and credibility of Hungary's policy framework has
continued to weaken. This is partly due to policy decisions
that, in S&P's view, raise questions about the independence of
oversight institutions, and hence their credibility. These
measures could erode Hungary's medium-term growth potential by
reducing banks' willingness to lend and companies' propensity to
invest. Moreover, S&P considers that downside risks to Hungary's
creditworthiness may also increase as the domestic environment
weakens.
Negative rating factors include the ongoing deterioration of OTP
Bank's asset quality and earnings pressure in its domestic
operations. The bank is exposed to heightened credit risk from
its pre-crisis, rapidly expanded loan portfolios, particularly
its foreign currency-denominated domestic mortgages and those in
some of its Eastern European subsidiaries. On a positive note,
asset quality deterioration decelerated to its slowest pace by
the end of 2012, with good coverage by reserves.
As the majority of OTP Bank's assets are in Hungary, S&P do not
rate the bank above the sovereign. This reflects the bank's
exposure to deteriorating sovereign creditworthiness via its
holdings of Hungarian bonds in its securities portfolio; exposure
to public sector entities, notably municipalities; and weak
macroeconomic prospects.
The ratings on OTP Bank are supported by its strong domestic
retail franchise, particularly its solid granular retail deposit
base and leading position in residential mortgage loans. The
bank has good earnings capacity and benefits from geographic
diversification through its operations in Central and Eastern
Europe (CEE), Russia, and the Ukraine.
S&P has equalized the ratings on OTP Mortgage Bank with those on
OTP Bank because of its "core" status. S&P base its view of its
status on its full ownership by, and very close organizational
and operational integration with, its parent.
The outlook on both banks reflects that on the sovereign and
S&P's expectation that the banks' business and financial profiles
will remain under pressure over the next 12 months. S&P rates
both banks at the same level as the sovereign. Accordingly, any
negative rating action on the ratings on the sovereign would have
negative implications for the ratings on the banks.
If OTP Bank's funding and liquidity were to weaken, or its
capitalization were to deteriorate substantially, as reflected in
a risk-adjusted capital (RAC) ratio before diversification below
5%, S&P could revise the bank's stand-alone credit profile
downward. This could prompt S&P to consider a negative rating
action on OTP Bank, and subsequently on OTP Mortgage Bank.
S&P could also lower the ratings on the banks if new
nonperforming loan (NPL) formation accelerates again in 2013,
having decelerated in 2012, as this would indicate that the stock
of NPLs is continuing to rise materially above the already
elevated 19.1% at year-end 2012.
S&P would revise the outlook on both banks to stable if it was to
revise the outlook on the sovereign to stable.
=============
I R E L A N D
=============
EIRCOM HOLDING: Fitch Affirms 'B-' LT Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Eircom Holding Ireland Limited's Long-
term Issuer Default Rating (IDR) at 'B-' and the instrument and
Recovery Ratings on the company's senior secured bank debt at
'B'/'RR3'. The Outlook on the IDR is Negative.
The IDR takes into account the reduced debt that eircom exited
Examinership with, in early June 2012, the company's position as
the country's incumbent telecom operator, sizeable but declining
fixed line market share and negative free cash flow generation.
The Negative Outlook reflects the operating challenges the
company faces in turning around the fixed-line business. Its
weaker competitive position relative to the cable operator - in
the context of its ability to offer triple-play - may lead to
ongoing line losses beyond management's expectations, adding
further top-line, margin and cash flow pressure. A sub-scale
position in a small but competitive four player mobile market
adds a further constraint to the operating profile, albeit one
that new management appear from initial signs to be focused on
addressing.
Key Rating Drivers
Legacy of Underinvestment
Despite its integrated incumbent status, eircom has underinvested
in infrastructure in recent years, which in Fitch's view is a
function of an inappropriately leveraged capital structure. The
company's capex to sales ratio trended down to below 10% in 2011
(13.6% in 2012), at a time when the sector average was closer to
16% -17%. While reducing capex is an effective lever to preserve
near-term free cash flows, protracted underinvestment when
competitive pressures are high has had a significant and
detrimental effect on eircom's business position.
Fibre Execution
While eircom's mobile business has achieved a good, albeit
unprofitable challenger position, its fixed access losses and
broadband position have suffered materially at the hands of an
effective cable operator. Having upgraded its network to DOCSIS
3.0, UPC has been growing subscribers and taking market share
based on superior broadband speeds and 3-play bundle.
Eircom's response, including a fibre build which will concentrate
on a broader geographic coverage than UPC, over 2012-2015, is
rational, but comes with execution risk. Commercial traction
remains with UPC. While eircom's triple-play offer of mobile,
fixed voice and broadband was launched in October 2012 - UPC's
advantage lies in its ability to offer a traditional fixed triple
play bundle built around its position in pay TV, a product that
eircom is yet to launch. The ability to compete on broadband
speed is, in the agency's view, the minimum an incumbent should
set out to achieve, with management's fibre investment important
if it is to stabilise market share and absolute fixed access
losses.
The strategy to take fibre to the cabinet with an original target
to pass 1.0m homes has been upgraded to 1.2m or 60% of the
republic's households. The build-out will allow the company to
increase speeds from what at the moment range from 3MB to 24MB to
closer to 70 MB. Eircom's homes passed target compares with UPC's
current position of 737,200 two-way homes passed and 538,000
customer relationships.
Economic Headwinds
Fitch estimates that Ireland delivered 0.0% growth in 2012 with a
1.0% recovery forecast for 2013, with domestic demand/consumption
likely to remain anaemic. Residential telecom spending, in
particular, is more correlated to private consumption. Mobile
revenues across European markets generally have proven more
sensitive to the economy, particularly in austerity affected
economies. In eircom's case, weakness has been most pronounced in
its fixed line business, with mobile performance providing a
further layer of pressure.
Recovery Ratings
The 'B'/'RR3' ratings assigned to secured debt (the term loan B)
reflect the above average recoveries envisaged in the event of a
default. However, Fitch notes the absence of other creditor
classes, who might otherwise absorb losses, while the loan
agreement provides for the existence of additional liabilities
(an RCF and hedging liabilities) on a super senior basis. In the
meantime, the company has put an interest rate hedge in place
fixing 50% of the bank facility.
RATING SENSITIVITIES
Positive: Future developments that could lead to positive rating
actions include:
Given the challenges the company faces - execution risk inherent
in the fibre build and accompanying likelihood of negative free
cash flow through 2014, the agency sees limited near term
potential for positive ratings action. Evidence that management
is slowing the pace of fixed customer losses and meeting other
key operational targets could support a stabilization of ratings.
This is likely to be in 2014 at the earliest.
Negative: Future developments that could lead to positive rating
actions include:
With management expecting to stabilize EBITDA in fiscal 2014 (YE
June 2014) a significant decline in this cash flow measure in
2014 would increase pressure on the ratings. Fitch's rating case
envisages FFO net adjusted leverage below 6.0x by 2015. A 2015
metric that was trending towards 6.5x is likely lead to a
downgrade.
INDEPENDENT NEWS: Faces "Most Critical Phase"; Eyes Debt Deal
-------------------------------------------------------------
Jamie Smyth at The Financial Times reports that Denis O'Brien,
Ireland's richest man, has warned that Independent News & Media
faces "the most critical phase in its history" but says he is
hopeful it can agree a deal with banks to restructure its debts.
Mr. O'Brien, who wrested control of Ireland's biggest media group
from Sir Anthony O'Reilly last year, told the FT that staff
pensions would have to be hit in a restructuring deal.
According to the FT, he also blamed INM's previous management for
the "vulnerable state of the company", which he said had seen
more than EUR2 billion in shareholder value wiped out since 2007.
INM is in high stakes talks with its banks aimed at restructuring
its EUR400 million-plus net debt, which is about four times its
earnings before interest, tax, depreciation and amortization, the
FT says.
Negotiations are focusing on a potential deal whereby INM's banks
would agree to write down a portion of the company's debt --
possibly up to EUR100 million -- in return for an equity stake in
the business, the FT discloses. INM would then use the proceeds
of the imminent sale of its South African unit worth EUR170
million to pay down debt and restructure its remaining
operations, the FT relates.
Shareholders, including Mr. O'Brien, may be asked to contribute
through a rights issue, according to a plan being considered by
INM's banks, the FT says.
According to the FT, INM management is pressing for "burden
sharing" with lenders in the negotiations, saying equity holders
are already nursing losses of up to 90% on their investment in
the company.
INM's lenders are Allied Irish Banks, ANZ Banking Group, Bank of
Ireland, Barclays Bank Ireland, BNP Paribas, KBC Bank, Lloyds
Banking Group and Ulster Bank, the FT discloses.
INM faces a challenging economic climate in Ireland, despite
recent signs of recovery, the FT notes. Advertising has fallen
by 51% since 2007, the height of the Celtic Tiger boom, the FT
recounts. The company has a EUR155m deficit in its Irish defined
benefit pension scheme, which management says must either be
closed or restructured for a deal with its banks to be agreed,
the FT states.
About Independent News & Media
Headquartered in Dublin, Ireland, Independent News & Media PLC
(ISE:IPD) -- http://www.inmplc.com/-- is engaged in printing and
publishing of metropolitan, national, provincial and regional
newspapers in Australia, India, Ireland, New Zealand, South
Africa and the United Kingdom. It also has radio operations in
Australia and New Zealand, and outdoor advertising operations in
Australia, New Zealand, South-East Asia and across Africa. The
Company also has online operations across each of its principal
markets. The Company has three business segments: printing,
publishing, online and distribution of newspapers and magazines
and commercial printing; radio, and outdoor advertising. INM
publishes over 200 newspaper and magazine titles, delivering a
combined weekly circulation of over 32 million copies with a
weekly audience of over 100 million consumers. In March 2008, it
acquired The Sligo Champion. During the year ended December 31,
2007, the Company acquired the remaining 50% interest in
Toowoomba Newspapers Pty Ltd.
=========
I T A L Y
=========
BANCA CARIGE: S&P Lowers Counterparty Credit Rating to 'BB'
-----------------------------------------------------------
Standard & Poor's Rating Services said that it had lowered its
long-term counterparty credit rating on Italy-based Banca Carige
SpA to 'BB' from 'BB+' and placed it on CreditWatch with negative
implications. S&P affirmed its 'B' short-term counterparty
credit rating on Carige.
S&P also lowered its ratings on Carige's non deferrable
subordinated debt to 'B-' from 'B+' and its Upper Tier 2 debt to
'CCC+' from 'B' and placed those ratings on CreditWatch negative.
The downgrade reflects S&P's view that Carige is exposed to
higher-than-anticipated losses as result of mounting
nonperforming assets (NPAs) and increased market risk in its
securities portfolio.
Carige's cost of credit risk rose to EUR477 million in 2012, or a
high 170 basis points (bps), well above S&P's expectation.
According to Carige, the 2012 figure includes about EUR282
million in provisions related to higher loss-given-defaults on
tangible collateral following the Bank of Italy's systemwide
review.
S&P continues to view Carige's coverage of NPAs as moderate
although it has increased to about 38.4% from the 2008 pre-crisis
level of 36.5%. In S&P's assessment it takes into account that
the stock of net NPAs represented a high 131% of S&P's measure of
Carige's total adjusted capital (TAC) at end-2012, by S&P's
estimates, and that it expects Carige's NPAs will continue
accumulating quickly in 2013 and 2014 given the tough economic
conditions in Italy.
In addition, S&P thinks Carige's securities portfolio bears
heightened market risk owing to the high proportion of long-term
Italian government bonds it holds. These bonds represent about
12% of Carige's total assets, and two-thirds of them have
maturities well beyond 2015. In S&P's view, this degree of
exposure makes Carige vulnerable to potential losses if it were
to sell its Italian government bonds before their maturities.
In S&P's opinion, neither Carige's vulnerability to higher credit
losses nor the increased market risk on its Italian government
bonds are fully captured in our industry-wide calibrated risk-
adjusted capital (RAC) ratio for Carige. S&P is therefore
revising its view of Carige's risk position to "weak" from
"moderate."
Carige's funding position has weakened during the past year, in
S&P's opinion. Although Carige is mainly retail funded (retail
funds accounted for about 64% of total funding in September
2012), it has higher exposure to European Central Bank (ECB)
funding than the average S&P calculates for Italy's banking
system. ECB funding -- chiefly its long-term financing
operations (LTROs) -- represents about 20% of Carige's total
funding, compared with S&P's estimate of an 8% average for
Italy's banking system. S&P believes this makes Carige more
dependent on deleveraging trends and funding conditions in both
domestic and international markets as it redress funding
imbalances ahead of the LTROs' expiration. S&P has, therefore,
revised its assessment of Carige's funding position to "below
average" from "average."
The weakening in S&P's views of Carige's risk position and
funding profile have prompted S&P to lower its assessment of its
stand-alone credit profile (SACP) to 'b+' from 'bb'.
The impact of S&P's now weaker assessment of Carige's funding
position is offset by the one-notch uplift S&P now factors into
the long-term rating from the SACP. This uplift for short-term
support reflects S&P's view that Carige's ongoing access to ECB
funding facilities, particularly the LTROs, should give it time
to implement plans to rebalance its funding profile to a more
sustainable position by the time the LTROs expire.
The ratings on Carige continue to benefit from an additional
notch of extraordinary government support to reflect S&P's view
of the likelihood that Carige would receive extraordinary
financial support from the Italian government if needed. This is
because of S&P's view of Carige's "moderate" systemic importance
in Italy, which S&P classifies as "supportive" toward its banking
sector.
The CreditWatch placement reflects the possibility that S&P could
lower the long-term rating on Carige if S&P anticipated it would
not be able to strengthen its capitalization and/or implement a
credible plan to reduce its ECB funding.
S&P intends to resolve the CreditWatch as soon as S&P assess the
details of Carige's capital strengthening actions and their
likely timing, and S&P has more information about its funding
plans.
Owing to Carige's weaker-than-expected 2012 results, S&P now
estimates its RAC ratio at end-2012 at close to 4%, its minimum
to maintain unchanged its assessment on Carige's capital and
earnings.
Carige has announced it intends to raise up to EUR800 million
additional capital through sales of noncore assets and a new
rights issue. The CreditWatch resolution will hinge on S&P's
assessment of the likelihood of these actions materializing
within the next 12-18 months and of the extent to which they will
translate into a strengthening of S&P's measure of Carige's
capitalization. Specifically, S&P would expect its RAC ratio to
remain sustainably in the 4%-5% range.
In S&P's view, Carige has low financial flexibility to raise new
capital from existing shareholders. S&P thinks the foundation,
Carige's main shareholder, could be stretched to support Carige's
recapitalization without decreasing its stake in Carige, given
the foundation's reported high indebtedness.
Additionally, S&P typically do not factor into the ratings plans
for realizing capital gains on asset sales until S&P has
certainty about their realization and magnitude, especially when
economic conditions are tough, which is currently the case in
Italy. In S&P's view, clarification of these plans will be a key
determinant of Carige's capital position given the potential
pressures S&P sees on Carige's future profitability, and
therefore earnings retention capacity, in the continued
challenging economic environment S&P anticipates in Italy over
the next few years.
S&P could also lower the ratings if it anticipated that Carige
was unable to implement a credible plan to reduce its exposure to
ECB funding and correct imbalances to achieve a more sustainable
funding position by the time the LTROs expire.
S&P will also continue to monitor how the development and
execution of the above-mentioned plans affects its views of
Carige's business position.
BANCO POPOLARE: S&P Cuts Ratings to 'BB+; Outlook Negative
----------------------------------------------------------
Standard & Poor's Ratings Services said it had lowered its long-
and short-term counterparty credit ratings on Italy-based Banco
Popolare Societa Cooperativa SCRL (Banco Popolare) and its core
subsidiaries Banca Aletti & C. SpA and Credito Bergamasco
(Creberg) to 'BB+/B' from 'BBB-/A-3'. The outlooks are negative.
At the same time, S&P lowered its ratings on Banco Popolare's
Tier 1 preferred securities to 'CCC+' from 'B-' and those on its
nondeferrable subordinated debt securities to 'B+' from 'BB-'.
The rating actions reflect S&P's opinion that Banco Popolare
appears increasingly vulnerable to higher-than-anticipated credit
losses stemming from its mounting nonperforming assets (NPAs),
for which it has a moderate level of reserve coverage, and the
challenging economic environment in Italy.
Banco Popolare's asset quality reportedly deteriorated in 2012,
with the stock of gross NPAs increasing to EUR16.22 billion. S&P
estimates this figure exceeded a high 18% of Banco Populare's
adjusted customer loans as of December 2012, compared with 14.9%
as of year-end 2011, levels well above the sector average.
S&P expects Banco Popolare's NPAs to continue accumulating
relatively quickly in 2013 and 2014. S&P anticipates a
deterioration of Banco Popolare's portfolio of loans to small and
midsize enterprises, which are particularly affected by the
prolonged downturn in Italy. S&P also expects further weakening
of the legacy exposure to former Banca Italease's risky leasing
loan portfolio (Banca Italease was acquired by Banco Popolare in
2009).
Banco Popolare's cost of risk rose significantly in 2012. This
includes EUR684 million in loan loss provisions in the last
quarter, largely to reflect higher loss-given defaults on
tangible collateral following the Bank of Italy's systemwide
review. As a result, Banco Popolare's loan loss reserve coverage
of NPAs stood broadly in line with that in 2011 at about 30%,
which S&P views as
modest by domestic and international standards.
S&P believes Banco Popolare's high stock of problem assets and
comparatively modest reserve coverage make it more vulnerable
than its domestic peers to Italy's challenging economic
environment, which S&P anticipates will continue for the next two
years. According to S&P's estimates, Banco Popolare's net NPAs
represented about 171% of its measure of its total adjusted
capital as of December 2012, compared with 140% in 2011. S&P
believes this risk is not fully captured in its industrywide
calibrated risk-adjusted capital (RAC) ratio for Banco Popolare.
S&P is therefore revising its view of Banco Popolare's risk
position to "weak" from "moderate."
Consequently, S&P has also revised its assessment of Banco
Popolare's stand-alone credit profile (SACP) downward to 'bb'
from 'bb+', which in turn led to the lowering of S&P's ratings on
Banco Popolare to 'BB+/B' from 'BBB-/A-3'.
"We forecast that Banco Popolare's RAC ratio will range between
5.3% and 5.6% by year-end 2014, after incorporating the weaker-
than-expected results in 2012. Our projection remains consistent
with our assessment of Banco Popolare's capital and earnings as
"moderate." We note that last year's earnings were affected not
only by large loan loss provisions, but also by losses and
impairment charges related to Banco Popolare's 39% equity stake
in the consumer finance company Agos Ducato SpA (Agos). However,
because we deduct the full value of the participation in Agos
from our RAC calculation, the impairment on this position does
not negatively affect our forecast," S&P said.
"We expect Banco Popolare's operating performance to improve in
2013 compared with 2012, but to remain modest. We continue to
see Banco Popolare's quality of capital as moderate after it
weakened in recent years, mainly as a result of the increased
amount of deferred tax assets related to goodwill and provisions.
This is partly offset by what we view as a good track record of
shareholder support. In our view, Banco Popolare has a degree of
financial flexibility in its EUR1 billion of convertible debt
securities, which it can convert into equity by March 2014," S&P
added.
S&P considers Banco Popolare to have "high" systemic importance
and the Italian government to be "supportive" of its banking
sector. S&P views the likelihood of government support for Banco
Popolare as "moderately high" and therefore incorporate a one-
notch uplift into the long-term rating, given the 'BBB+' long-
term rating on Italy.
According to S&P's methodology, it rates Banco Popolare's non-
deferrable subordinated debt two notches below the SACP. As
such, S&P lowered its rating on Banco Popolare's subordinated
debt to 'B+' from 'BB-'.
S&P lowered its ratings on Banco Popolare's hybrid preference
securities to 'CCC+' from 'B-', five notches below the SACP, to
reflect its view of the risk that it could defer the coupon
payment on these instruments.
The negative outlooks on Banco Popolare, Creberg, and Banca
Aletti reflect the possibility that S&P could lower the ratings
if it believed Banco Popolare's financial profile would weaken
further. Specifically, a weakening of Banco Popolare's capital
position, amid asset quality deterioration beyond S&P's baseline
expectations, could trigger downgrades.
"We could lower the ratings if we anticipated higher credit
losses and weaker operating performance than our current
forecasts. This would particularly be the case if we anticipated
our RAC ratio for Banco Popolare unlikely to remain comfortably
above 5%. We forecast a net inflow of NPAs of about 2% in 2013,
somewhat lower than in 2012, and loan loss provisions of about
110 basis points annually in 2013 and 2014. In both years we
expect Banco Popolare's operating performance will be able to
fully absorb those credit losses. Although we believe the
potential conversion of Banco Popolare's EUR1 billion of
convertible debt securities provide some financial flexibility,
we don't include this issue as capital in our forecast because
conversion is not mandatory, and we would only include it upon
conversion," S&P noted.
S&P could revise the outlook to stable if it anticipated an
improvement in economic and operating conditions for the Italian
banking system, and saw no significant risks to Banco Popolare's
financial profile and, in particular, asset quality. Other
things being equal, S&P could also take such an action if the
bank were able to substantially strengthen its capital position.
SESTANTE FINANCE 3: S&P Lowers Rating on Class C2 Notes to 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Sestante Finance
S.r.l. series 3's class B, C1, and C2 notes. At the same time,
S&P has kept on CreditWatch negative its rating on the class A
notes.
The rating actions follow S&P's review of the transaction's
performance, its credit and cash flow analysis of the residual
collateral portfolio, and its assessment of counterparty risk
under its 2012 counterparty criteria.
"On Feb. 21, 2013, we placed on CreditWatch negative our ratings
on Sestante Finance series 3's class A for counterparty reasons
and on the class B notes both for counterparty reasons and for
performance reasons. We did so following our Feb. 7, 2013
CreditWatch negative placements of our 'A/A-1' long- and short-
term counterparty ratings on Commerzbank AG--the swap
counterparty. On Feb. 21, we also placed on CreditWatch negative
our ratings on the class C1 and C2 notes for performance
reasons," S&P said.
The transaction has been experiencing a very weak performance
with severe delinquencies at 5.64% on the January 2013 interest
payment date (IPD), which is substantially higher than S&P's
Italian index of 1.80%.
Furthermore, the amount of new defaults increased to EUR2,759,918
(equal to 0.79% of the current performing portfolio) on the
January 2013 IPD, from EUR1,568,374 on the October 2012 IPD.
Consequently, there was an increase in the unpaid principal
deficiency ledger (PDL) balance to EUR12,177,130 from
EUR10,910,493 over the same period, as the transaction has not
been able to generate enough excess spread to cover the unpaid
PDL balances. This has resulted in increased
undercollateralization for the class C1 notes to EUR12.1 million
and a reduction in the credit enhancement for the class B notes
The increasing unpaid PDL balance affects the repayment speed of
the class C2 excess spread-backed notes, given that the issuer
repays principal on these notes after it covers the amount
recorded in the PDL.
"Our cash flow analysis for class A notes indicates that without
giving benefit to the swap agreement, the rating would be lower
than 'A+ (sf)'. In accordance with our 2012 counterparty
criteria, we have therefore kept on CreditWatch negative our
ratings on this class of notes due to the link between our rating
on this class of notes and our long-term issuer credit rating
(ICR) plus one notch on the swap counterparty. Consequently, the
resolution of the CreditWatch placement on this class of notes
depends on the resolution of our CreditWatch placement on our
long- and short-term ratings on Commerzbank," S&P added.
"In our cash flow analysis, we have incorporated a commingling
stress equal to one month's collection of interest and principal
(including a certain amount of assumed prepayments). We have
applied this stress as the Italian collection account bank, Banca
Popolare dell'Emilia Romagna S.C., has not taken remedy actions
within the documented period following our downgrade. Therefore,
it is no longer eligible to support the ratings on the class A
and B notes," S&P noted.
As a consequence of the deterioration on the transaction's
performance and the decreasing available credit enhancement, and
based on the results of S&P's cash flow analysis, it has lowered
to 'BBB- (sf)' from 'A+ (sf)' and removed from CreditWatch
negative its rating on the class B notes.
Following the increasing undercollateralization for the class C1
notes, the lack of any excess spread for the repayment of the
class C2 notes, S&P's cash flow analysis indicates that the class
C1 and C2 notes cannot withstand its stresses at their current
rating levels. S&P has therefore lowered and removed from
CreditWatch negative its ratings class C1 and C2 notes from 'BB
(sf)' to 'B (sf)' and from 'B (sf)' to 'B- (sf)', respectively.
As S&P's ratings on the class C1 and C2 notes are below the long-
term ICR on Banca Popolare dell'Emilia Romagna, it do not stress
the commingling risk for this class of notes as it gives credit
to the support the collection account bank provides. At the same
time, S&P has weak-linked its rating on these classes of notes at
its long-term ICR on the Italian collection account bank.
Interest payments on the class B, C1, and C2 notes can be
deferred if the cumulative gross default ratio rises above
certain documented levels. As the interest deferral triggers are
set at 16% for the class B notes and at 12% for the class C1 and
C2 notes. These triggers are, in S&P's view, unlikely to be
breached in the near future since the cumulative gross default
ratio was 7.53% on the January 2013 IPD.
Sestante Finance's series 3 is an Italian residential mortgage-
backed securities (RMBS) transactions backed by a pool of
residential mortgage loans that Meliorbanca S.p.A. originated in
Italy.
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
Sestante Finance S.r.l.
EUR899.51 Million Asset-Backed Floating-Rate Notes Series 3
Rating Remaining On CreditWatch Negative
A A+ (sf)/Watch Neg
Ratings Lowered and Removed From CreditWatch Negative
B BBB- (sf) A+ (sf)/Watch Neg
C1 B (sf) BB (sf))/Watch Neg
C2 B- (sf) B (sf)/Watch Neg
SESTANTE FINANCE 4: S&P Cuts Ratings on Two Note Classes to CCC
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Sestante Finance
S.r.l. series 4's class B, C1, and C2 notes. At the same time,
S&P has kept on CreditWatch negative its ratings on the class A1
and A2
notes.
The rating actions follow S&P's review of the transaction's
performance, its credit and cash flow analysis of the residual
collateral portfolio, and its assessment of counterparty risk
under its 2012 counterparty criteria.
On Feb. 21, 2013, S&P placed on CreditWatch negative its ratings
on Sestante Finance series 4's class A1 and A2 notes for
counterparty reasons. S&P did so following its Feb. 7, 2013
CreditWatch negative placements of its 'A/A-1' long- and short-
term counterparty ratings on Commerzbank AG--the swap
counterparty. On Feb. 21, S&P also placed on CreditWatch
negative its ratings on the class B, C1, and C2 notes for
performance reasons.
The transaction has been experiencing a very weak performance
with severe delinquencies (defined in these transactions as being
in arrears for 90+ days) at 7.81% on the January 2013 interest
payment date (IPD), which is substantially higher than S&P's
Italian index of 1.80%.
Furthermore, the amount of new defaults increased to EUR3,163,198
(equal to 1.02% of the current performing portfolio) on the
January 2013 IPD, from EUR1,157,491 on the October 2012 IPD.
Consequently, there was an increase in the unpaid principal
deficiency ledger (PDL) balance to EUR29,809,660 from
EUR27,809,509 over the same period, as the transaction has not
been able to generate enough excess spread to cover the unpaid
PDL balances. This has resulted in increased
undercollateralization for the class B notes to EUR13.64 million
and to the entire balance of the class C1 notes.
The increasing unpaid PDL balance affects the repayment speed of
the class C2 excess spread-backed notes, given that the issuer
repays principal on these notes after it covers the amount
recorded in the PDL.
S&P's cash flow analysis for class A1 and A2 notes indicates that
without giving benefit to the swap agreement, the ratings would
be lower than 'A+ (sf)'. In accordance with S&P's 2012
counterparty criteria, it has therefore kept on CreditWatch
negative its ratings on these classes of notes due to the link
between its ratings on these notes and its long-term issuer
credit rating
(ICR) plus one notch on the swap counterparty. Consequently, the
resolution of the CreditWatch placement on these classes of notes
depends on the resolution of S&P's CreditWatch placement on its
long- and short-term ratings on Commerzbank.
In S&P's cash flow analysis, it has incorporated a commingling
stress equal to one month's collection of interest and principal
(including a certain amount of assumed prepayments). S&P has
applied this stress as the Italian collection account bank, Banca
Popolare dell'Emilia Romagna S.C., has not taken remedy actions
within the documented period following S&P's downgrade.
Therefore, it is no longer eligible to support the ratings on the
class A1 and A2 notes.
As a consequence of the deterioration in the transaction's
performance and the increasing undercollateralization, and based
on the results of our cash flow analysis, S&P has lowered to 'B+
(sf)' from 'BBB- (sf)' and removed from CreditWatch negative its
rating on the class B notes.
Interest payments on the class B notes can be deferred if the
cumulative gross default ratio rises above 17%. However, as the
current cumulative gross default ratio is 11.66%, it is unlikely
this trigger will be breached in the near future, in S&P's view.
As S&P's rating on the class B notes is below the long-term ICR
on Banca Popolare dell'Emilia Romagna, S&P do not stress the
commingling risk for this class of notes as it gives credit to
the support the collection account bank provides. At the same
time, S&P has weak-linked its rating on this class of notes at
its long-term ICR on the Italian collection account bank.
"Our cash flow analysis indicates that the class C1 and C2 notes
are unable to withstand our stresses at their current rating
levels, due to the increased undercollateralization and the lack
of any excess spread. The interest deferral trigger for these
classes is set at 13%, which is very close to the current
cumulative gross default ratio of 11.66%. Considering the
increasing defaults, we expect that the trigger for the class C1
and C2 notes will be breached in the next 12 months. We have
therefore lowered to 'CCC (sf)' and removed from CreditWatch
negative our ratings on the class C1 and C2 notes from 'BB (sf)'
and 'B (sf)', respectively," S&P said.
Sestante Finance's series 4 is an Italian residential mortgage-
backed securities (RMBS) transaction backed by a pool of
residential mortgage loans that Meliorbanca S.p.A. originated in
Italy.
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
Sestante Finance S.r.l.
EUR647.9 Million Asset-Backed Floating-Rate Notes Series 4
Ratings Remaining On CreditWatch Negative
A1 A+ (sf)/Watch Neg
A2 A+ (sf)/Watch Neg
Ratings Lowered and Removed From CreditWatch Negative
B B+ (sf) BBB- (sf)/Watch Neg
C1 CCC (sf) BB (sf)/Watch Neg
C2 CCC (sf) B (sf)/Watch Neg
* ITALY: Moody's Says New Recovery Framework Won't Ease Pressures
----------------------------------------------------------------
While the Italian government's new recovery framework to provide
cities and provinces under stress with liquidity support
alleviates fiscal pressure on these entities, it will not offset
it, says Moody's in a Special Comment report entitled "Italian
Cities and Provinces: New Recovery Framework Alleviates, But Will
Not Offset, Fiscal Pressures."
The Italian government recently introduced the new recovery
framework in response to growing fiscal difficulties faced by
Italian cities and provinces. Under this framework, cities and
provinces under stress are entitled to receive liquidity support
in exchange for their commitment to a multi-year recovery plan.
The government's framework aims to ease recovery fatigue and
strengthen oversight of weaker cities and provinces.
"Whilst this new scheme supplements an already supportive
framework, which includes strong credit-protection measures for
lenders, it has limitations and will not necessarily prevent a
deterioration in the credit profiles of these entities," says
Francesco Soldi, a Vice President - Senior Analyst in Moody's
Sub-sovereign group and lead author of the report.
The key features of this framework are (1) non-interest-bearing
liquidity support, which is, however, conditional and limited;
(2) strict recovery targets spread over the long term, including
asset sales, tax hikes and expenditure rationalization; and (3)
close oversight and conditions that limit moral hazard, but do
not per se guarantee the success of fiscal recovery.
As such, the credibility of the recovery plans presented by
applicant cities and provinces and their execution capacity will
be crucial.
===========
P O L A N D
===========
CENTRAL EUROPEAN: A-1 Presents Restructuring Plan
-------------------------------------------------
Reuters reports that Central European Distribution Corp., which
recently missed a debt payment, received a restructuring plan
offering US$280 million in cash, which would turn the equity over
to a group led by a Russian investor.
According to Reuters, a letter that was sent to the board of CEDC
on Thursday said A1, a unit of Russia's Alfa Group, was also
offering investors that hold notes issued by CEDC US$650 million
in new debt.
CEDC is trying to reduce its debt with an exchange offer aimed at
holders of 2016 notes, which have a face value of more than
US$500 million, Reuters discloses.
A company owned by CEDC's chairman is simultaneously offering to
buy CEDC notes that recently matured, Reuters says. CEDC did not
make the scheduled payment on those maturing notes, which total
about US$258 million, Reuters relates.
A1's plan was jointly proposed with SPI Group, which owns
Stolichnaya Vodka, and Mark Kaufman of Monaco, who is a large
investor in CEDC, Reuters says.
About CEDC
Mt. Laurel, New Jersey-based Central European Distribution
Corporation is one of the world's largest vodka producers and
Central and Eastern Europe's largest integrated spirit beverages
business with its primary operations in Poland, Russia and
Hungary.
Ernst & Young Audit sp. z.o.o., in Warsaw, Poland, expressed
substantial doubt about Central European's ability to continue as
a going concern, following the Company's results for the fiscal
year ended Dec. 31, 2011. The independent auditors noted that
certain of the Company's credit and factoring facilities are
coming due in 2012 and will need to be renewed to manage its
working capital needs.
The Company's balance sheet at Sept. 30, 2012, showed
US$1.98 billion in total assets, US$1.73 billion in total
liabilities, US$29.44 million in temporary equity, and US$210.78
million in total stockholders' equity.
Liquidity
The Company's Convertible Senior Notes are due on March 15, 2013.
The Company has said its current cash on hand, estimated cash
from operations and available credit facilities will not be
sufficient to make the repayment of principal on the Convertible
Notes and, unless the transaction with Russian Standard
Corporation is completed the Company may default on them. The
Company's cash flow forecasts include the assumption that certain
credit and factoring facilities coming due in 2012 would be
renewed to manage working capital needs. Moreover, the Company
had a net loss and significant impairment charges in 2011 and
current liabilities exceed current assets at June 30, 2012.
These conditions, the Company said, raise substantial doubt about
its ability to continue as a going concern.
* * *
As reported by the Troubled Company Reporter-Europe on March 25,
2013, Moody's Investors Service downgraded the probability of
default rating of Central European Distribution Corporation
(CEDC) to Ca-PD/LD (limited default). The company's corporate
family rating and the rating on the senior secured notes due in
2016 issued by CEDC Finance Corporation International remain
unchanged at Ca. The outlook on the ratings is negative.
CENTRAL EUROPEAN: Cancels Exchange Offer Amid Roust Deal
--------------------------------------------------------
Central European Distribution Corporation on March 20 said it has
terminated its offer to exchange new common stock in CEDC for its
outstanding 3.00% Senior Notes due 2013, launched on Feb. 25,
2013, and amended on March 8, 2013, in light of the agreement
reached between Roust Trading and other noteholders. CEDC will
continue to solicit votes from the holders of the 2013 Notes on
an amended pre-packaged chapter 11 plan of reorganization that is
included in a supplement to the offering memorandum distributed
by CEDC in respect of the exchange offers.
CEDC has received a proposal for a financial restructuring of its
3% Convertible Notes due March 15, 2013. The proposal was
jointly made to CEDC by Roust Trading Ltd., who holds
approximately US$102.6 million principal amount of the 2013
Notes, and other beneficial owners holding an aggregate of
approximately US$85.7 million in outstanding principal amount of
the 2013 Notes. Roust Trading and the 2013 Steering Committee
collectively hold approximately 73% of the outstanding principal
amount of the 2013 Notes.
After extensive discussion with representatives of Roust Trading
and the 2013 Steering Committee and deliberation regarding CEDC's
alternatives, the CEDC Board of Directors resolved unanimously to
terminate the 2013 Notes Exchange Offer and proceed with a vote
on the Amended Plan in support of the 2013 Notes Proposal.
Under the terms of the Roust Trading agreement with the 2013
Steering Committee, Roust Trading will make an offer to exchange,
subject to certain conditions, 2013 Notes not held by it --
approximately US$155.3 million principal amount of the 2013 Notes
-- for a pro rata share of an aggregate of US$25 million in cash
and an aggregate principal amount of US$30 million secured notes
to be issued by Roust Trading. Based on this proposal, holders
of 2013 Notes participating in the RTL Exchange Offer would
receive an estimated recovery of 35.4% of principal amount on the
2013 Notes.
Alternatively, under the Amended Plan, holders of 2013 Notes and
Roust Trading's US$20 million aggregate principal amount of
unsecured notes will receive a pro rata share of US$16.9 million
in cash. Roust Trading and the 2013 Steering Committee have
announced that they collectively hold approximately 73% of the
outstanding principal amount of the 2013 Notes. Based on this
proposal, if the Amended Plan is approved by the requisite amount
of holders of Unsecured Notes, holders of 2013 Notes that do not
participate in the RTL Exchange Offer would receive an estimated
recovery of 6% of principal amount on the 2013 Notes.
The Supplement and Amended Plan also reflect the proposed
restructuring of the 2016 Notes. The economic terms remain
unchanged from those described in the Offering Memorandum.
CEDC has determined to make certain amendments to key dates
relating to the CEDC FinCo Exchange Offer, the Consent
Solicitation, and the solicitation of acceptances to the Plan of
Reorganization in light of the agreement reached between Roust
Trading and the 2013 Steering Committee, and following further
consultation with a Steering Committee of holders of
approximately 30% of the outstanding principal amount of CEDC
Finance Corporation International, Inc.'s Senior Secured Notes
due 2016 as follows:
* the record date for the Consent Solicitation and the
solicitation of acceptances of the Plan of Reorganization
will be March 21, 2013;
* the Consent Fee Deadline and Early Voting Deadline will be
5:00 p.m. on April 3, 2013; and
* the Voting Deadline and Expiration Time will be 5:00 p.m. on
April 4, 2013.
CEDC is making these amendments to these key dates to allow
fulsome consideration of the Exchange Offers, the Consent
Solicitation and the Plan. In order to receive the Existing 2016
Notes Consideration, holders of 2016 Notes must validly tender
and not withdraw their 2016 Notes, at or prior to the Expiration
Time. To receive payment of cash pursuant to the Cash Option, the
holder of record of the applicable 2016 Notes on the Distribution
Date must have been the holder of record of the applicable 2016
Notes electing the Cash Option as of March 21, 2013.
CEDC continues to believe that a successful restructuring will
improve its financial strength and flexibility and enable it to
focus on maximizing the value of its strong brands and market
position. The restructuring is expected to have no effect on
CEDC's operations in Poland, Russia, Hungary or Ukraine, all of
which will continue doing business as usual. Obligations to all
employees, vendors, and providers of credit support lines in
Poland, Russia, Hungary and Ukraine will be honored in the
ordinary course of business without interruption. CEDC believes
that its subsidiaries in Poland, Russia, Hungary and Ukraine have
sufficient cash and resources on hand to meet all those
obligations.
Maturity of 3% Convertible Notes
On March 15, 2013, CEDC failed to pay US$257,858,000 principal
due on the 2013 Notes. Under the terms of the 2013 Notes
Indenture, the failure to pay principal when due constitutes an
Event of Default. In addition, under Section 6.2 of the
Indenture governing the 2016 Notes, the failure to pay principal
when due on the 2013 Notes constitutes an Event of Default under
the 2016 Notes Indenture and, if continuing, holders of not less
than 25% of the aggregate principal amount of the outstanding
2016 Notes may declare the principal plus any accrued and unpaid
interest on the 2016 Notes to be immediately due and payable.
CEDC currently has US$380 million and EUR430 million (or
approximately US$559.4 million) of 2016 Notes outstanding.
CEDC intends to address the maturity of the 2013 Notes, as well
as the Event of Default under the 2016 Notes Indenture, through
the Exchange Offers. Alternatively, CEDC may choose to implement
the restructuring pursuant to a pre-packaged chapter 11 plan of
reorganization that is included with the offering materials
related to the Exchange Offers. As noted above, Roust Trading
and the 2013 Steering Committee, who collectively hold
approximately 73% of the 2013 Notes, support a restructuring of
the 2013 Notes in accordance with the terms of their
restructuring proposal. Separately, the 2016 Steering Committee
has stated that it supports the terms of the restructuring of the
2016 Notes as described in the Offering Memorandum.
Any chapter 11 filing would be limited solely to CEDC and CEDC
Finance Corporation International, Inc. None of CEDC's Polish,
Russian, Ukrainian or Hungarian operations would become the
subject of any insolvency proceedings. In this scenario, CEDC
anticipates that all its operations would continue without
interruption in the ordinary course, including the payment of all
employee, vendor, and other obligations.
Annual Meeting of Shareholders
In light of CEDC's current financial condition as well as the on-
going nature of CEDC's restructuring, the board of directors of
CEDC has determined to delay the annual meeting of CEDC's
shareholders currently scheduled for March 26, 2013, until
Tuesday, May 14, 2013.
CEDC Annual Report
CEDC said that its Annual Report on Form 10-K for the year ended
Dec. 31, 2012, could not be filed with the United States
Securities and Exchange Commission within the prescribed time
period as the process of preparing CEDC's financial statements
for the year ended Dec. 31, 2012, has been delayed due to the
focus of CEDC's resources on restructuring its financial
obligations, including preparation and commencement of the
Exchange Offers, negotiating with creditors and addressing open
accounting issues related to CEDCs financial restructuring. CEDC
expects to file its Annual Report on Form 10-K as soon as
practicable.
A copy of the Amended Offering Memorandum is available at:
http://is.gd/0sbkfN
Term Sheet
According to a March 16 regulatory filing by CEDC, Roust Trading
Ltd., holder of 19.5% of outstanding common shares of CEDC, and
an ad hoc committee comprised of certain other beneficial owners
holding an aggregate of approximately US$85.7 million in
outstanding principal amount of CEDC's 3% convertible notes due
March 15, 2013, reached agreement on the material terms relating
to a proposed financial restructuring of CEDC. Together with the
approximately US$102.6 million of Existing 2013 Notes owned by
Roust Trading, the agreement between Roust Trading and the Ad Hoc
2013 Notes Committee represents support for the Proposed 2013
Notes Restructuring by approximately 73% of the outstanding
principal amount of Existing 2013 Notes.
Implementation of the Proposed 2013 Notes Restructuring would
require only minor amendments to CEDC's existing proposed
financial restructuring as reflected in the Company's offering
memorandum, consent solicitation and disclosure statement, dated
March 8, 2013, and the related plan of reorganization with
respect to which CEDC is currently soliciting votes. The
Proposed 2013 Notes Restructuring, however, would not require any
changes to the proposed treatment with respect to the 2016 Notes.
Roust Trading is engaged in discussions with CEDC with respect to
implementing the Proposed 2013 Notes Restructuring through
amendments to the Offering Memorandum and related plan of
reorganization although CEDC has not yet made a determination to
do so.
Pursuant to the Term Sheet, Roust Trading would make an offer to
purchase Existing 2013 Notes not held by Roust Trading as
follows:
Upon completion of the Proposed Restructuring, for each $1,000
outstanding principal amount of Existing 2013 Notes not owned by
Roust Trading who accept the offer and vote in favor of the
Amended Plan, Roust Trading would deliver a pro rata share of an
aggregate of US$25 million in cash and an aggregate principal
amount of US$30 million of secured notes issued by Roust Trading
on the terms described in the Term Sheet. Each accepting holder
would assign to Roust Trading all of its rights under such
Existing 2013 Notes, including the right to its Pro Rata Stock
Share.
If the Proposed 2013 Notes Restructuring is implemented through
the Amended Plan:
* If the class of claims consisting of Existing 2013 Notes and
RTL Notes votes to accept the Amended Plan, (i) each holder
of Existing 2013 Notes who does not agree to the RTL Notes
Purchase, (ii) the Existing 2013 Notes held by Roust Trading
and (iii) RTL Notes would receive, at the election of Roust
Trading in its sole discretion, either (x) its pro rata
share of 10% of the New Common Stock that is currently being
offered to the Existing 2013 Notes through the Offering
Memorandum; or (y) cash in an equivalent value to such
equity.
* If the class of claims consisting of Existing 2013 Notes and
RTL Notes does not vote to accept the Amended Plan, but the
Amended Plan becomes effective nonetheless, such class would
receive no recovery under the Amended Plan but Roust Trading
would remain obligated to complete the RTL Notes Purchase
Offer with respect to the Existing 2013 Notes validly
tendered to RTL in the RTL Notes Purchase Offer.
* Existing Common Stock would be cancelled and receive no
recovery.
The Replacement Notes would be issued by Roust Trading and
guaranteed by its affiliate Russian Standard Corporation, would
have a maturity date of May 31, 2016, and bear interest payable
in additional Replacement Notes or in cash at Roust Trading's
sole discretion, initially at 10% per annum, with a 1% step-up
per annum to a maximum of 12%. Interest would accrue from the
earlier of (i) the date of issuance of the Replacement Notes or
(ii) June 1, 2013. Roust Trading would pledge a portion of the
New Common Stock distributed to Roust Trading under the Amended
Plan representing 15% of the New Common Stock in the Issuer to
secure the Replacement Notes. RTL would be permitted to redeem a
portion or all of the Replacement Notes at any time without
penalty at 100% of the principal amount plus accrued and unpaid
interest.
On March 14, 2013, Roust Trading and the members of the Ad Hoc
2013 Notes Committee entered into a Plan Support Agreement
pursuant to which those parties agreed to support the Proposed
2013 Notes Restructuring subject to and in accordance with the
terms set forth therein. A copy of the Plan Support Agreement is
available at http://is.gd/hLfN2p
A copy of the 2013 Notes Term Sheet is available at:
http://is.gd/VVi5rz
About CEDC
Mt. Laurel, New Jersey-based Central European Distribution
Corporation is one of the world's largest vodka producers and
Central and Eastern Europe's largest integrated spirit beverages
business with its primary operations in Poland, Russia and
Hungary.
Ernst & Young Audit sp. z.o.o., in Warsaw, Poland, expressed
substantial doubt about Central European's ability to continue as
a going concern, following the Company's results for the fiscal
year ended Dec. 31, 2011. The independent auditors noted that
certain of the Company's credit and factoring facilities are
coming due in 2012 and will need to be renewed to manage its
working capital needs.
The Company's balance sheet at Sept. 30, 2012, showed
US$1.98 billion in total assets, US$1.73 billion in total
liabilities, US$29.44 million in temporary equity, and US$210.78
million in total stockholders' equity.
Liquidity
The Company's Convertible Senior Notes are due on March 15, 2013.
The Company has said its current cash on hand, estimated cash
from operations and available credit facilities will not be
sufficient to make the repayment of principal on the Convertible
Notes and, unless the transaction with Russian Standard
Corporation is completed the Company may default on them. The
Company's cash flow forecasts include the assumption that certain
credit and factoring facilities coming due in 2012 would be
renewed to manage working capital needs. Moreover, the Company
had a net loss and significant impairment charges in 2011 and
current liabilities exceed current assets at June 30, 2012.
These conditions, the Company said, raise substantial doubt about
its ability to continue as a going concern.
* * *
As reported by the TCR on Aug. 10, 2012, Standard & Poor's
Ratings Services kept on CreditWatch with negative implications
its 'CCC+' long-term corporate credit rating on U.S.-based
Central European Distribution Corp. (CEDC), the parent company of
Poland-based vodka manufacturer CEDC International sp. z o.o.
"The CreditWatch status reflects our view that uncertainties
remain related to CEDC's ongoing accounting review and that
CEDC's liquidity could further and substantially weaken if there
was a breach of covenants which could lead to the acceleration of
the payment of the 2016 notes, upon receipt of a written notice
of 25% or more of the noteholders," S&P said.
As reported by the TCR on Jan. 16, 2013, Moody's Investors
Service has downgraded the corporate family rating (CFR) and
probability of default rating (PDR) of Central European
Distribution Corporation (CEDC) to Caa3 from Caa2.
"The downgrade follows CEDC announcement on the 28 of December
that it had agreed with Russian Standard a revised transaction to
repay its US$310 million of convertible notes due March 2013
which, in Moody's view, has increased the risk of potential loss
for existing bondholders", says Paolo Leschiutta, a Moody's Vice
President - Senior Credit Officer and lead analyst for CEDC.
===============
P O R T U G A L
===============
ATLANTES MORTGAGE 1: S&P Raises Rating on Class B Notes to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Atlantes Mortgage No.1 PLC's class A and B notes. At the same
time, S&P has affirmed its ratings on the class C and D notes.
The rating actions follow its credit and cash flow analysis of
the most recent information that S&P has received, and the
application of its relevant criteria.
S&P's non-sovereign ratings criteria cap the maximum potential
ratings in structured finance transactions at five notches above
the speculative-grade rating (lower than 'BBB-') on the eurozone
(European Economic and Monetary Union) sovereign in which the
securitized assets are based. Therefore, S&P's nonsovereign
ratings criteria cap at 'A- (sf)' its ratings in Portuguese
residential mortgage-backed securities (RMBS) transactions,
including Atlantes Mortgage No.1, which is five notches above the
rating on Portugal (BB/Stable/B). Atlantes Mortgage No.1 is
exposed to country risk because 100% of its securitized assets
are in Portugal.
In S&P's opinion, the recession and rising unemployment
associated with increased country risk may affect the obligors'
ability to pay the originator and servicer the amounts owed under
the mortgages. To account for this increased country risk, S&P
has incorporated a 30% adjustment to the portfolio's weighted-
average foreclosure frequency (WAFF) in its analysis, following
its revised assessment of Portuguese country risk on March 7,
2012.
On Oct. 4, 2012, S&P lowered its ratings on all classes of
Atlantes Mortgage No.1's notes after revising its principal
deficiency ledger (PDL) mechanism assumption. As a consequence
of S&P's revised PDL mechanism assumption, it considered that
credit enhancement had decreased for all classes of notes because
the transaction was undercollateralized if the PDL were to
include all of the losses incurred in the collateral portfolio,
in accordance with the transaction documents.
On the Jan. 17, 2013 interest payment date (IPD), the PDL
discrepancy (regarding the transaction parties' PDL calculation)
in this transaction was resolved. Consequently, EUR13,616,027.47
that the class E noteholders have received since closing, due to
the transaction parties' inaccurate PDL calculation, was returned
to the issuer. This amount was then paid to the class A
noteholders, as principal, on the Jan. 17, 2013 IPD. Following
these actions, the transaction is no longer undercollateralized,
in S&P's view.
Following the PDL resolution, and as the transaction is no longer
undercollateralized, S&P performed its credit and cash flow
analysis. Based on the results of S&P's analysis, it has raised
its ratings on the class A and B notes due to the increased
credit enhancement for these notes. S&P has affirmed its ratings
on the class C and D notes as they are not passing its stress
tests at rating levels above their current levels.
Atlantes Mortgage No.1 is a Portuguese RMBS transaction, which
closed in February 2003. It is backed by Portuguese first-
ranking residential mortgage loans originated by BANIF Banco
Internacional do Funchal.
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
Atlantes Mortgage No.1 PLC
EUR500 Million Mortgage-Backed Floating-Rate Notes
Ratings Raised
A A- (sf) BBB- (sf)
B BB (sf) B (sf)
Ratings Affirmed
C B- (sf)
D B- (sf)
ENERGIAS DE PORTUGAL: S&P Affirms 'BB+/B' Ratings; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Portuguese utility EDP - Energias de Portugal S.A.
(EDP) and it's finance vehicle EDP Finance B.V. to stable from
negative. At the same time, S&P affirmed its 'BB+/B' long- and
short-term corporate credit ratings on EDP and EDP Finance, as
well as its 'BB+' and 'B' issue ratings on EDP's outstanding
rated issues. The '3' recovery ratings on the rated issues is
unchanged.
The outlook revision reflects S&P's forecast that EDP's credit
metrics should gradually improve in the next 12-18 months,
despite persistent weak market and economic conditions in its
core Iberian markets. S&P believes EDP's strong domestic
competitive position, diversified earnings base, and supportive
Portuguese regulatory framework provide resilience to EDP's
business risk profile, while financial shareholder support, as
committed by China Three Gorges Corp. (A/Stable/--; CTG), could
provide some resilience to EDP's financial risk profile under
potentially more severe market and sovereign conditions in
Portugal.
S&P has reassessed its view of EDP's exposure to Portuguese
country risk to "moderate" from "high", despite its expectations
that the portion of EBITDA EDP derives from Portugal will
continue to modestly exceed 40% over the near to medium term.
This is because of:
-- Ongoing financial support from CTG, EDP's largest
shareholder.
-- EDP's high geographic diversification that S&P expects to
gradually increase thanks to ongoing capacity additions
(mostly wind generation) abroad.
-- A supportive domestic regulatory framework.
-- EDP's strategic emphasis on free cash flow generation and
debt reduction.
S&P's outlook revision on EDP is further supported by its
revision of its outlook on Portugal to stable from negative,
which should support ongoing debt market access for Portugal-
based issuers. Moreover, stabilization in the sovereign's
creditworthiness will likely ease future securitization of some
Portuguese tariff deficits, which would support EDP's debt-
reduction efforts.
The stable outlook reflects S&P's view that EDP's debt levels
should decrease and credit metrics should gradually strengthen in
the next 12-18 months, driven by asset disposals, reduction in
Spanish tariff receivables, and improving discretionary cash-
flow, despite persistent challenging market, economic, and
regulatory conditions in its core markets. A downgrade of
Portugal by one notch would leave the rating on EDP unchanged,
all else being equal, given S&P's assessment of EDP's "moderate"
country risk exposure.
"We would likely upgrade EDP should its financial risk profile
strengthen more rapidly or more significantly than we currently
assume. This may result from the securitizations of some
Portuguese tariff deficits, which we think would alleviate the
burden of regulatory receivables. We see sustainable adjusted
FFO to debt of 16%-18% as potentially commensurate with a higher
rating, assuming no unexpected weakening of the regulatory,
market, or economic environments in EDF's core Iberian markets.
Ratings upside is limited to one notch as long as the rating on
Portugal remains unchanged, because we assess EDP's exposure to
Portuguese country risk as moderate," S&P said.
"We would likely lower the rating if we considered that EDP could
struggle to achieve and maintain adjusted FFO to debt of 12%-14%.
This could occur if we saw that weaker regulatory or market
conditions than we anticipated in the group's key markets
(Portugal, Spain, and Brazil) were weighing on its profitability
or on its regulatory receivables. This could also occur if CTG's
commitments did not materialize. We could also lower the rating
should unexpected and far-reaching events in Portugal lead us to
reassess EDP's country risk exposure to Portugal," S&P added.
===========
R U S S I A
===========
RENAISSANCE FINANCIAL: Fitch Affirms 'B' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Renaissance Financial Holdings
Limited's (the holding company of the Russia-headquartered
investment banking group known as Rencap) Long-term Issuer
Default Rating (IDR) at 'B'. The Outlook is Negative.
KEY RATING DRIVERS - IDRs, SENIOR DEBT RATING
The affirmation of Rencap's IDRs and senior debt rating reflects
the benefits of support already provided to the company, and
potentially available in the future, from the new majority owner
Onexim Group (Onexim), and the elimination of the previous
conflict of interest between Onexim and former majority owner
Stephen Jennings, thereby allowing the sale of non-core assets to
be non-expedited. Fitch also views positively the company's
efforts to clean up the balance sheet and optimise costs.
However, the Outlook on the Long-term IDR remains Negative due to
the company's still poor performance and uncertainty about the
new management's ability to achieve a sustainable and sufficient
improvement in profitability. The Outlook also reflects
uncertainty about Onexim's propensity to support over the long
term should the company continue to generate losses.
Onexim acquired full control of Rencap in Q412 (some regulatory
approvals are still to be obtained), increasing its stake from
50% minus one share, as a result of its rescue of the company
after it experienced a liquidity squeeze driven by unfavourable
market conditions and overly aggressive liquidity management. To
save Rencap from default, Onexim provided several hundred million
dollars in emergency support, comprising of long-term loans and
repoable assets. Onexim also helped to restore client and
counterparty confidence by supportive public statements.
Rencap's liquidity is currently adequate, although the company's
sizable, highly concentrated and short-tenor repo business is
very sensitive to customer confidence. More than a half of
Rencap's trading volumes (including repo business) is booked with
the group's Cyprus-based subsidiary. Some counterparties have
reduced counterparty risk limits on the Cyprus entity, but not on
UK-based group entities, Fitch was informed. Rencap has also
indicated that trading operations could be moved to a London- and
Russia-based group entities should Cyprus-related risks further
jeopardise counterparties' confidence, and that at present no
group entities have any placements with Cypriot banks.
The fact that the company is repoing securities of its broker
customers is also of concern, especially given the significant
concentration of brokerage clients (the largest five account for
nearly 80% of total brokerage accounts). However, the withdrawal
risk is mitigated by the fact that most of these clients also
have margin loans from Rencap, which would need to be repaid
first.
There is also some refinancing risk relating to a put option on a
USD325m Eurobond in April 2014. However, the company already has
moderate liquidity reserves and may generate extra cash from
selling of non-core assets. Fitch has been informed that some
deals are already at an advanced stage. Potential support from
Onexim is another mitigating factor.
Risk from the restructuring of RCHL (Rencap's majority
shareholder prior to the takeover), is limited as Fitch has been
informed that there is no recourse to RFHL in any of RCHL's
funding agreements. Nevertheless, Fitch estimates that some
contingent risk remains relating to approximately USD300m of
external debt of Rencap's immediate and now sole parent holding
company RCIL, which is due in 2014-2015. RCIL has no operating
activities, and owns an 89.52% stake in CB Renaissance Credit
('B'/Stable) in addition to Rencap.
Market risk relating to potential proprietary trading losses is
moderate after the ownership change, as the company has scaled
down these operations, also reflected by low VaR (USD2.6m) and
portfolio delta (USD28m). However, some concerns remain due to
still significant notional size of the trading book and
potentially imperfect correlations between certain trading
positions and hedges on these positions.
The H112 net result was a small loss of US$14 million. However,
Fitch estimates that reported profitability was supported by
US$104 million of paper trading gains from transactions with
RCIL. Fitch understands that Rencap will likely report
significant losses in H212 due to the planned write-down of
certain non-core assets, weak core operating performance and
additional redundancy costs. Management expects Rencap to become
at least break even in 2013 due to recent and ongoing cost-
cutting measures and business growth, although Fitch believes
some assumptions may be too optimistic, both on the revenue and
expense side.
Capitalisation is weak, considering significant effectively
unsecured exposure to RCIL, estimated by Fitch at over US$730
million, and US$521 million of non-core assets inherited as a
result of the previous investment activities of the broader
Renaissance group. This compares with equity of USD901m at end-
H112. Fitch believes operating losses and redundancy costs in
H212 could have been at least comparable with Q412 equity
injection, meaning that capital is unlikely to have strengthened
since then.
RATING SENSITIVITIES - IDRs, SENIOR DEBT RATING
If Rencap continues to make sizable operating losses which erode
capital and could potentially weaken the propensity of Onexim to
stand behind the company, then the ratings could be downgraded. A
significant liquidity squeeze, if not remedied in a timely
manner, could also result in a downgrade.
If the company demonstrates the ability to generate sustainable
positive results prior to non-core items and bonuses, then the
Outlook would be revised to Stable. Progress with the sale of the
non-core assets would be also rating positive, as would support
for the company's capitalization, either through further equity
injections or cancellation by RCIL of RenCap's debt to its
holding company.
The rating actions are:
-- Long-term foreign currency IDR: affirmed at 'B'; Outlook
Negative
-- Short-term IDR: affirmed at 'B'
-- Senior unsecured debt Long-term rating: affirmed at 'B';
Recovery Rating affirmed at 'RR4',
RUSSIAN COMMERCIAL: Moody's Lowers Deposit Ratings to 'Caa2'
------------------------------------------------------------
Moody's Investors Service downgraded Russian Commercial Bank
(Cyprus) Ltd. deposit ratings to Caa2, from Caa1, and placed them
on review for further downgrade. Moody's has also affirmed RCB's
Bank Financial Strength Rating (BFSR) at E, but added that its
standalone credit assessment has been lowered to caa2 from caa1.
The downgrade reflects Moody's expectation of material losses for
bank depositors and the impact this will have on RCB's franchise
value. The review for downgrade is driven by the uncertainty
regarding the measures that the Cypriot authorities will
ultimately adopt to address the banking crisis.
List of Ratings
- Long-term local and foreign-currency deposit ratings downgraded
to Caa2, on review for downgrade, from Caa1, negative outlook.
- BFSR: Affirmed at E, now mapping to a standalone credit
assessment of caa2, from caa1
- Not-Prime short-term ratings affirmed.
Ratings Rationale:
The actions reflect, first, the likely damage suffered to RCB's
franchise as a result of the recent developments in Cyprus,
including the imposition of limits on deposit withdrawals.
Moody's acknowledges that RCB has very limited exposure to the
same risks as the domestically owned Cypriot banks, as RCB
maintains a business focus on entities that operate in the
Russian Federation, and that RCB does not face capital and
liquidity stresses affecting other Cypriot banks. These factors
support RCB's standalone credit assessment at caa2, two notches
higher than the standalone credit assessment of the other three
rated Cypriot banks. Nevertheless, Moody's notes that the bank's
franchise value remains highly exposed to the economic,
financial, political and legal risks in Cyprus and it is subject
to the regulations of the Cypriot central bank.
The actions also reflect Moody's expectation of the imposition of
depositor losses, which is an integral condition of the support
program for bank recapitalizations proposed by the European
Central Bank, the European Commission and the International
Monetary Fund (commonly referred to as the Troika).
Focus of The Review for Downgrade
Moody's review will assess the impact of the measures ultimately
adopted to address the banking crisis and will focus on (1) the
magnitude of losses imposed; (2) the risk of continued deposit
controls once the banks reopen; and (3) the implementation risks
associated with any agreed measures.
What Could Move the Ratings Up/Down
RCB's ratings could be downgraded following (1) higher loss rates
for bank depositors (compared to the amounts rejected by the
Cypriot Parliament on 19 March -- 6.75% loss on deposits between
EUR20,000 and EUR100,000 and 9.9% on larger amounts); (2)
evidence of reduced willingness from Bank VTB to support RCB; or
(3) a lowering of the country risk ceiling for Cyprus.
As indicated by the review for downgrade, upwards pressure on the
ratings is unlikely in the near term. Over the long term, upwards
pressure could develop following improvements in the operating
environment that would strengthen the bank's franchise.
The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
SOLIDARNOST: Moody's Withdraws 'Caa1' Deposit Ratings & 'E' BFSR
----------------------------------------------------------------
Moody's Investors Service has withdrawn the following ratings of
Solidarnost: the E standalone bank financial strength rating
(BFSR), which is equivalent to a caa1 baseline credit assessment,
and the Caa1/Non-Prime long- and short-term local- and foreign-
currency deposit ratings. At the time of the withdrawal, all the
ratings carried a stable outlook.
Ratings Rationale:
Moody's has withdrawn the ratings for its own business reasons.
- Standalone Bank Financial Strength Rating of E
- The long-term and short-term foreign- and local-currency
deposit ratings of Caa1/Not Prime
Headquartered in Samara, Russia, Solidarnost reported -- as of
December 31, 2011 -- total audited IFRS assets of $589 million.
At year-end 2012, the bank reported total assets of $732 million
and shareholders' equity of $83 million, according to its non-
audited statutory reports under Russian Accounting Standards.
SOLIDARNOST: Moody's Interfax Withdraws Ba2.ru Rating
-----------------------------------------------------
Moody's Interfax Rating Agency has withdrawn Solidarnost's Ba2.ru
long-term national scale rating (NSR).
Ratings Rationale:
Moody's has withdrawn the ratings for its own business reasons.
Headquartered in Samara, Russia, Solidarnost reported -- as at
December 31, 2011 -- total audited IFRS assets of US$589 million.
At year-end 2012, the bank reported total assets of US$732
million and shareholders' equity of $83 million, according to the
bank's non-audited statutory reports under Russian Accounting
Standards.
Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia.
About Moody's And Moody's Interfax
Moody's Interfax Rating Agency (MIRA) specializes in credit risk
analysis in Russia. MIRA is a joint-venture between Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the
global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation (NYSE: MCO).
===============
S L O V E N I A
===============
* SLOVENIA: Fitch Says Bank Challenges Remain
---------------------------------------------
The formation of a new Slovenian government reduces short-term
political uncertainty, Fitch Ratings says. But the new
administration faces challenges in implementing plans to deal
with the county's troubled banks, and in securing economic reform
and growth.
"Our assumption remains that Slovenia will be able to avoid
requesting international financial assistance. Maintaining
investor confidence and therefore the ability to borrow in the
market on reasonable terms will require the incoming government
to finalise and implement legislation on a bad bank solution and
state asset management company. Failure to tackle these issues in
a timely manner would increase pressure on the 'A-' sovereign
rating." Fitch says.
Prime Minister Alenka Bratusek said on Wednesday that the new
coalition government would continue the previous administration's
EUR4bn bank recapitalization and asset transfer scheme "with some
changes". Furthermore, one of the parties in the coalition, the
Civic List, has made its participation conditional on the
adoption of bad bank and asset management company measures.
But it remains unclear what shape these measures will finally
take, while bank asset quality continues to deteriorate, banks'
capital buffers are thinning and implementation risks remain.
Banking sector reforms have been prone to setbacks in the past
(our downgrade last August was partly prompted by a delay in
implementing recapitalization).
"Our assessment of Slovenia's sovereign rating will take into
consideration the progress in implementing the relevant
legislation, and other factors including fiscal and economic
performance and market access," Fitch says.
"A combination of weak demand domestically and in Slovenia's main
trading partners, contracting credit, and highly indebted
corporates continues to weigh on the economy. We forecast a
second consecutive year of economic contraction in Slovenia in
2013, with real GDP set to fall by 1.6% following a 2.3% fall
last year. Rising NPLs and a weak economic outlook make bank
recapitalization all the more urgent."
The new government has indicated that may balance existing
austerity policies with some economic stimulus, although the
margin for the latter will be constrained by Slovenia's
requirement to exit the Excessive Deficit Procedure in 2013.
Recent progress on labor market reform suggests a partial
softening of the traditional social and political resistance to
structural reform.
Slovenia issued a US$2.25 billion 10-year bond in October,
demonstrating that it had access to funding in the international
bond market. The country needs to demonstrate it can borrow in
the bond market on reasonable terms and regularly to fund the
public borrowing requirement and bank recapitalization, and
reduce refinancing risk.
The risks to bank restructuring and recapitalization, structural
reform, economic growth, and market access, are reflected in the
Negative Outlook on Slovenia's rating.
Bratusek's four-party coalition formally took power on Thursday
after a vote in the Slovenian parliament. The previous coalition
government fell earlier this year after members withdrew
following corruption allegations.
=========
S P A I N
=========
BANCAJA 9: Moody's Lowers Rating on Class C Notes to 'Caa2'
-----------------------------------------------------------
Moody's Investors Service downgraded the ratings of 9 junior and
2 senior notes in four Spanish residential mortgage-backed
securities transactions: Bancaja 3, FTA; Bancaja 6, FTA; Bancaja
8, FTA; and Bancaja 9, FTA. Insufficiency of credit enhancement
to address sovereign risk has prompted the action.
The rating action concludes the review of seven notes placed on
review on July 2, 2012, following Moody's downgrade of Spanish
government bond ratings to Baa3 from A3 on June 13, 2012.
This rating action also concludes the review of 4 notes placed on
review on November 23, 2012, following Moody's revision of key
collateral assumptions for the entire Spanish RMBS market.
List of Affected Ratings:
Issuer: Bancaja 3 Fondo de Titulizacion de Activos
EUR500.1M A Notes, Downgraded to Baa1 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
EUR10.4M B Notes, Downgraded to Baa3 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade
EUR10.4M C Notes, Downgraded to B1 (sf); previously on Jul 2,
2012 Baa2 (sf) Placed Under Review for Possible Downgrade
Issuer: Bancaja 6 Fondo De Titulizacion De Activos
EUR119.6M B Notes, Downgraded to Baa3 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
EUR46.8M C Notes, Downgraded to Ba3 (sf); previously on Jul 2,
2012 Baa2 (sf) Placed Under Review for Possible Downgrade
Issuer: BANCAJA 8 Fondo de Titulizacion de Activos
EUR60.2M B Notes, Downgraded to Baa3 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade
EUR14.9M C Notes, Downgraded to Ba3 (sf); previously on Jul 2,
2012 Baa2 (sf) Placed Under Review for Possible Downgrade
EUR13.2M D Notes, Downgraded to B3 (sf); previously on Jul 2,
2012 Ba2 (sf) Placed Under Review for Possible Downgrade
Issuer: BANCAJA 9 Fondo de Titulizacion de Activos
EUR1700M A2 Notes, Downgraded to Baa2 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade
EUR52M B Notes, Downgraded to B2 (sf); previously on Nov 23, 2012
Downgraded to Baa2 (sf) and Remained On Review for Possible
Downgrade
EUR25M C Notes, Downgraded to Caa2 (sf); previously on Jul 2,
2012 B2 (sf) Placed Under Review for Possible Downgrade
Ratings Rationale:
The rating action primarily reflects the insufficiency of credit
enhancement to address sovereign risk.
The determination of the applicable credit enhancement driving
the rating actions reflects the introduction of additional
factors in Moody's analysis to better measure the impact of
sovereign risk on structured finance transactions.
- Additional Factors Better Reflect Increased Sovereign Risk
Moody's has supplemented its analysis to determine the loss
distribution of securitized portfolios with two additional
factors, the maximum achievable rating in a given country (the
local currency country risk ceiling) and the applicable portfolio
credit enhancement for this rating. With the introduction of
these additional factors, Moody's intends to better reflect
increased sovereign risk in its quantitative analysis, in
particular for mezzanine and junior tranches.
The Spanish country ceiling, and therefore the maximum rating
that Moody's will assign to a domestic Spanish issuer including
structured finance transactions backed by Spanish receivables, is
A3. Moody's Individual Loan Analysis Credit Enhancement (MILAN
CE) represents the required credit enhancement under the senior
tranche for it to achieve the country ceiling. By lowering the
maximum achievable rating for a given MILAN, the revised
methodology alters the loss distribution curve and implies an
increased probability of high loss scenarios.
In all four affected transactions, Moody's maintained the current
expected loss and MILAN CE assumptions. Expected loss assumptions
remain at 0.52% for Bancaja 3, 0.66% for Bancaja 6, 2.26% for
Bancaja 8 and 4.78% for Bancaja 9. The MILAN CE assumptions
remain at 10.0% for Bancaja 3, 10.0% for Bancaja 6, 12.5% for
Bancaja 8 and 20.0% for Bancaja 9.
- Exposure to Counterparty Risk
The conclusion of Moody's rating review also takes into
consideration the exposure to Bankia (Ba2/NP), which still acts
as swap counterparty for the Bancaja 3 transaction. Moody's notes
that, following the breach of the second rating trigger, the swap
in Bancaja 3 does not reflect Moody's de-linkage criteria. The
rating agency has assessed the probability and effect of a
default of the swap counterparty on the ability of the issuer to
meet its obligations under the transaction. Additionally, Moody's
has examined the effect of the loss of any benefit from the swap
and any obligation the issuer may have to make a termination
payment. In conclusion, these factors will not negatively affect
the rating on the notes.
- Other Developments May Negatively Affect the Notes
In consideration of Moody's new adjustments, any further
sovereign downgrade would negatively affect structured finance
ratings through the application of the country ceiling or maximum
achievable rating, as well as potentially increased portfolio
credit enhancement requirements for a given rating.
As the euro area crisis continues, the ratings of structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could further
negatively affect the ratings of the notes.
Principal Methodology
The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework", published in
March 2013.
Other factors used in these ratings are described in "The
Temporary Use of Cash in Structured Finance Transactions:
Eligible Investment and Bank Guidelines", published in March
2013.
In reviewing these transactions, Moody's used its cash flow
model, ABSROM, to determine the loss for each tranche. The cash
flow model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default scenario,
Moody's calculates the corresponding loss for each class of notes
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss for each tranche is the sum product of (1) the
probability of occurrence of each default scenario and (2) 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.
In the context of the rating review, the transactions have been
remodeled and some inputs have been adjusted to reflect the new
approach.
BANKIA SA: Shares Face Reverse Split; Gets Capital Injection
------------------------------------------------------------
Tobias Buck at The Financial Times reports that shares in Bankia
SA, the lender at the heart of Spain's financial crisis, will
have their nominal value slashed to EUR0.01 -- the lowest
possible under market regulations -- as part of a final EUR15.5
billion capital injection that will effectively wipe out hundreds
of thousands of retail investors.
Bankia was floated less than two years ago at a price of EUR3.75
per share, the FT relates.
Spain's Fund for Orderly Bank Restructuring (Frob) officials said
on Friday that Bankia shares would ultimately have to undergo a
"reverse split", most likely by bundling 100 shares into one new
share valued at about EUR1, the FT discloses. This was
necessary, they said, because shares cannot be priced below
EUR0.01, meaning they could not fall any further, the FT notes.
While shareholders will be left with nothing but a tiny sliver of
Bankia, preferential shareholders and holders of other hybrid
instruments will take a smaller hit -- and are expected to end up
controlling some 30% of the group, the FT discloses. According
to the FT, the Frob said on Friday that Bankia preferential
shares will receive a haircut of 38% before being converted into
ordinary stock.
Special Fund
In a separate measure aimed at sweeping up the debris left behind
by Spain's banking crisis, the government on Friday revealed a
special fund to help some of the 600,000 investors who bought
preference shares in troubled lenders, the FT recounts. Their
fate has sparked widespread protests amid allegations that many
banks mis-sold preferential shares to retail investors -- for
example by suggesting that their investment was just as safe as a
savings account, the FT says. The government said it would
create a new EUR2 billion fund to cover claims from arbitration
panels that are looking into the sale of preference shares, the
FT relates. It will be funded through a levy on Spanish lenders
of EUR3 for every EUR1,000 they hold in deposits, the FT
discloses.
Bankia is a Spanish banking conglomerate that was formed in
December 2010, consolidating the operations of seven regional
savings banks. As of 2012, Bankia is the fourth largest bank of
Spain with 12 million customers.
CABLEUROPA SA: Fitch Affirms 'B' Long-Term IDR; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has revised the Outlook on Cableuropa S.A.'s Long-
term Issuer Default Rating (IDR) to Stable from Positive and
affirmed the Long-term IDR and Short-term IDR at 'B'. All
instrument ratings are also affirmed.
The revision of the Outlook reflects Fitch's view of the
difficult market conditions that Cableuropa faces in 2013. These
include an intensifying competitive environment, austerity
measures that directly affect the company's cash flow in terms of
tax and negative working capital flows, and the obvious impact
the economy and high unemployment rates are having on
communications spending.
The changing revenue mix, where a decline in high margin
residential revenues has been replaced by strong growth in
wholesale revenues, is expected to stabilize in 2013. However,
this will continue to have a detrimental effect on margins, which
together with higher interest costs following the 2012 debt
refinancing and austerity driven tax impositions, will pressure
funds from operations (FFO) and in Fitch's forecast is likely to
result in FFO net adjusted leverage trending moderately higher in
2013
KEY RATING DRIVERS
Increased Competition
Telefonica launched an aggressively priced quad-play product in
October 2012. This has gained traction and prompted Vodafone and
Orange to agree to co-invest in the rollout of their own fibre.
The reduced prices and the increased availability of quad-play
and fibre all point to the potential for a fundamental shift in
the Spanish competitive landscape. Given the limited visibility
over the effects or degree of such a shift, a positive rating
action seems unlikely over the next 12 months.
Difficult Economic Conditions
Consumers' disposable income in Spain remains under severe
pressure. This is affecting their spend on telecoms services.
While Cableuropa's cash flow profile has so far held up
relatively well, Fitch is concerned that economic weakness will
continue and put downward pressure on the company's cash flow
profile. Given its performance over the past few years, economic
conditions on their own are unlikely to dramatically change the
company's credit profile. However, when viewed in tandem with
increased competition, and ongoing austerity, there is potential
for a more meaningful impact on Cableuropa's credit profile.
Increased Taxes
In the past six months, the Spanish government has increased VAT
and made material changes to interest deductibility and the
treatment of losses carried forward resulting in the imposition
of significant and previously unforeseen corporate taxes. These
changes are expected to pressure cash flow performance in 2013.
Strong Financial Metrics for the Rating
Cableropa's financial metrics are currently in line with a number
of higher rated cable peers. The 'B' rating takes into account
the economic environment, including very high rates of
unemployment, austerity-driven tax measures and the unfolding
competitive environment. Concern remains that the combination of
these effects will pressure cash flows and lead to negative
trends in financial metrics through 2013.
RATING SENSITIVITIES
Positive: Future developments that could lead to positive rating
actions include:
- FFO net leverage below 5.0x (correlating to around 4.5x net
debt EBITDA) and the generation of a high-single digit FCF margin
could lead to an upgrade. Fitch will also monitor Cableuropa's
ability to manage any increase in competitive dynamics over the
coming years.
Negative: Future developments that could lead to negative rating
action include:
- An increase in FFO adjusted net leverage above 5.5x, together
with a substantial weakening of the company's cash flow
generation ability, could lead to a downgrade.
The following instruments have had their ratings affirmed:
-- Cableuropa senior secured bank: 'BB-'/'RR2'
-- Nara Cable Funding senior secured bonds: 'BB-'/'RR2'
-- Nara Cable Funding II senior secured bonds: 'BB-'/'RR2'
-- ONO Finance II plc unsecured notes: 'CCC+'/'RR6'
IM PASTOR 3: S&P Cuts Rating on Class D Notes to 'CCC (sf)'
-----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in IM PASTOR 3, Fondo de Titulizacion Hipotecaria and IM
PASTOR 4, Fondo de Titulizaci¢n de Activos.
Specifically, S&P has:
-- Lowered its ratings on IM PASTOR 3's class A, B, C, and D
notes; and
-- Lowered its rating on IM PASTOR 4's class A notes and
affirmed its ratings on the class B, C, and D notes
S&P has reviewed IM PASTOR 3 and IM PASTOR 4's performance,
including the, the transactions' structural features, credit
quality, and counterparty risk, and S&P has conducted its credit
and cash flow analysis. These residential mortgage-backed
securities (RMBS) transactions closed in 2005 and 2006, and are
collateralized by residential mortgage loans granted to
individuals to purchase a property in Spain. The loans were
originated by Banco PASTOR, which has now merged with Banco
Popular.
IM PASTOR 3
"Since our December 2011 review, the transaction's performance
has deteriorated further and it has experienced a considerable
increase in long-term delinquencies, which have risen at a higher
pace than our overall expectations. In our opinion, these long-
term delinquencies are likely to roll over into defaults, as we
believe that the servicer of the underlying collateral pools is
facing increasing challenges in curing delinquencies. We have
therefore increased our default expectations for the underlying
pool. The current level of gross cumulative defaults over the
portfolio's closing balance is 5.70% (as of December 2012) and
90+ days delinquencies over the outstanding balance of
nondefaulted assets in December 2012 were 4.19%, compared with
2.66% in December 2011. In terms of the borrowers' distribution,
almost one third of the current pool is located in Catalonia,
with most of the mortgages in this area being broker originated.
In our view, it is noteworthy that more than half of the defaults
have come from this region," S&P said.
As the reserve fund has been fully depleted since September 2009,
due to credit quality deterioration, the rolling over of long-
term delinquencies into defaults has increased principal
deficiency and the undercollateralization of the junior classes
of notes (classes C and D are already 100% undercollateralized).
Consequently, available credit enhancement available for the
class A notes has significantly decreased. In S&P's view, the
observed collateral deterioration will further reduce credit
enhancement for the class A notes and the support the swap
provides will not be sufficient to offset the increasing
principal deficiency in this transaction.
S&P has therefore lowered its ratings on the class A notes to 'B+
(sf)' from 'A (sf)', class B notes to 'B- (sf)' from 'BB- (sf)',
class C notes to 'B- (sf)' from 'B (sf)', and class D notes to
'CCC (sf)' from 'B- (sf)'.
IM PASTOR 4
Since S&P's October 2011 review, the transaction's performance
has deteriorated further. S&P has observed a moderate increase
in long-term delinquencies since October 2011, with a relatively
high proportion of them rolling into defaults. S&P has already
incorporated in its previous analysis its expectation of the
pool's significant credit deterioration. The cumulative level of
gross defaults is 6.52% (as of December 2012) and 90+ days
delinquencies over the outstanding balance of nondefaulted assets
in December 2012 were 2.78%, compared with 2.16% in December
2011. In terms of the borrowers' distribution, almost one fourth
of the current balance is located in Catalonia. In S&P's view,
it is noteworthy that approximately 30% of defaults have come
from this region.
As the reserve fund has been fully depleted since December 2009,
the rolling over of long-term delinquencies into defaults has
increased principal deficiency and the undercollateralization of
the junior classes of notes (classes C and D are already 100%
undercollateralized). Consequently, available credit enhancement
available for the class A notes has significantly decreased. In
S&P's view, the observed collateral deterioration will further
reduce credit enhancement for the class A notes and the support
the swap provides will not be sufficient to offset the increasing
principal deficiency in this transaction.
S&P has therefore lowered its rating on the class A notes to 'B+
(sf)' from 'BB- (sf)' and has affirmed its ratings on the class
B, C, and D notes at 'B- (sf)', 'B- (sf)', and 'CCC- (sf)',
respectively.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an residential mortgage-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 Reports
included in this credit rating report are available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Ratings Lowered
IM PASTOR 3, Fondo de Titulizacion Hipotecaria
EUR1 Billion Mortgage-Backed Floating-Rate Notes
A B+ (sf) A (sf)
B B- (sf) BB- (sf)
C B- (sf) B (sf)
D CCC (sf) B- (sf)
IM PASTOR 4, Fondo de Titulizaci¢n de Activos
EUR920 Million Mortgage-Backed Floating-Rate Notes
A B+ (sf) BB- (sf)
Ratings Affirmed
IM PASTOR 4, Fondo de Titulizaci¢n de Activos
EUR920 Million Mortgage-Backed Floating-Rate Notes
B B- (sf)
C B- (sf)
D CCC- (sf)
===========================
U N I T E D K I N G D O M
===========================
ANTIC LIMITED: In Administration, Owes GBP2.6MM to Creditors
------------------------------------------------------------
Neil Gerrard at finchannel.com reports that Antic Limited, which
operated 14 pubs including the Balham Bowling Club and the King's
Head in Clapham, collapsed into administration owing nearly
GBP2.6 million to creditors.
The businesses at 12 of the pubs have subsequently been sold to
Gregarious Ltd for GBP1.2 million, following Antic's
administration in January this year, and are now trading under
the name Antic London, according to finchannel.com.
finchannel.com notes that Caterer and Hotelkeeper reported that
administrator Chantrey Vellacott DFK said Antic owed GBP2.59
million to unsecured creditors. The report relates that included
GBP76,190 owed to Albion Wine Shippers, GBP13,632 to Euroboozer,
GBP20,295 to Greene King Brewery and Retailing and GBP202,616 to
Thames Water.
However the biggest creditor by far was Her Majesty's Revenue and
Customs, which was owed more than GBP1.7 million, the report
notes.
finchannel.com says that administrator David Oprey --
doprey@cvdfk.com -- of Chantrey Vellacott DFK explained that the
company had started to suffer financial difficulties in 2008, as
a result of the economic downturn. It tried to become less
reliant on bank debt by increasing the size of its portfolio and
strengthening its position, the report relays.
The report discloses that at the time it had overdraft and loan
facilities with Barclays Bank of GBP100,000 and GBP80,000
respectively. The report notes that Antic had anticipated that
Barclays would fund its acquisition of additional sites with
another GBP300,000-400,000 in secured loans but the funding was
withdrawn as banks stopped lending to businesses. Instead, Antic
tried to use working capital to fund its expansion which damaged
its cash flow, the report says.
Oprey explained that as a result of this, Antic had struggled to
pay HMRC since 2008 and had faced a number of winding up
petitions, the report discloses.
In September 2012, the report recalls that after the company had
been hit with a winding-up petition from HMRC for debts of nearly
GBP940,000, director Anthony Thomas tried to agree a repayment
plan but was unable to do so.
Chantrey Vellacott DFK decided against a CVA and the business was
put into administration, the report adds.
Antic Limited is London pub.
COVENTRY CITY: Puts Non-Operating Unit Into Administration
----------------------------------------------------------
Steve Carpenter at Coventry Observer reports that Coventry City
Football Club have confirmed they have put their non-operating
subsidiary of the club into administration.
The announcement comes on the eve of a High Court hearing in
London as the company that runs the club's stadium, ACL, attempts
to force the League One club into administration over the GBP1
million they are owed, according to Coventry Observer. The
report relates that the Sky Blues could still face a ten-point
deduction which would all but end any hopes of making the play-
offs.
"It is important to stress that the Football Club itself is not
under threat. . . . This is merely a property subsidiary which
owns no material assets and has no employees, on or off the
pitch. . . The Club can confirm that all staff wages, PAYE and
all other creditor commitments will continue to be met as before
by Coventry City Football Club Holdings. . . . Unlike other
instances of clubs being taken either wholly or partially into
administration, there are no HMRC or VAT implications and the
Football Club will continue to trade as normal without
interruption. . . . Our main objective now is to remain
competitive on the pitch and give Steven Pressley and the playing
staff our full backing and commitment," the report quoted a
spokesman for the Club as saying.
CPP GROUP: Refinancing Talks with Lenders Ongoing
-------------------------------------------------
Josephine Cumbo at The Financial Times reports that CPP is facing
a battle for survival this week as it seeks to raise more than
GBP40 million to avoid falling into administration.
The crisis facing the York-based firm is due to come to a head on
March 31, when its current lending facility expires, with nearly
2,000 jobs at risk, the FT notes.
CPP has been searching for refinancing options after being hit
with a record GBP10.5 million fine by the Financial Services
Authority last year for mis-selling policies in the UK, the FT
discloses.
However, CPP faces a total bill of GBP33.4 million, when GBP14.5
million in customer compensation and its legal and investigation
costs are included, the FT notes.
Over the weekend it was reported that the firm was looking for
new backers after failing to reach a refinancing deal with its
existing lenders, Royal Bank of Scotland, Barclays and Santander,
the FT recounts.
CPP has drawn down about GBP43 million from an GBP80 million
credit line, the FT discloses.
According to the FT, with just days to resolve the situation, it
is understood to still be holding out for a lifeline from its
existing lenders with a source close to the company saying
discussions were "constructive and ongoing".
The firm, which is based in the UK but operates in 15 countries,
is also considering strategic options to stay afloat, including
asset sales, the FT states. Another survival option said to be
open to the company is to raise funds from City institutions, the
FT discloses. Another possibility is for Hamish Ogston, who
launched CPP in 1980 with GBP1,000, to take the company private,
the FT says.
The company issued a statement saying it was considering
alternative financing options, such as an equity issue, and
warned of "significant uncertainty" over what would be left for
shareholders, the FT relates.
The company was pushed to the brink of insolvency after the
record œ10.4m mis-selling fine for activities in the UK, the FT
recounts.
CPP Group plc is a British-based company selling life assistance
products.
FYSHE HORTON: Enters Special Administration
-------------------------------------------
IFAonline reports that the Financial Services Authority (FSA) has
confirmed that Fyshe Horton Finney Stockbrokers has entered the
special administration regime (SAR)
The firm placed itself into special administration, primarily on
the ground that it is, or is likely to become, unable to pay its
debts, according to IFAonline.
Paul Boyle and David Clements at Harrisons Business Recovery &
Insolvency (London) have been appointed joint special
administrators.
The report relates that the FSA said if clients have any concerns
they should contact the special administrators in the first
instance.
Fyshe Horton Finney is a small investment firm offering
discretionary, advisory and execution only business. It has 15
regional offices.
KLEINWORT BENSON: Moody's Lowers Deposit Ratings to Ba1/Not Prime
-----------------------------------------------------------------
Moody's Investors Service downgraded the long- and short-term
bank deposit ratings of Kleinwort Benson Bank Ltd (KBB) and
Kleinwort Benson (Channel Islands) Ltd (KBCI) to Ba1/Not Prime
from Baa2/ Prime-2.
Both banks' standalone Bank Financial Strength Rating was
downgraded to D+ (mapping to a baseline credit assessment of ba1)
from C-/ baa2. The outlook on all ratings is negative.
Ratings Rationale:
Moody's decision to downgrade the ratings reflects 1) the delay
in the banks' performance relative to initial expectations; 2)
broader concerns about the sustainability of the banks' franchise
in light of the continued negative pressure on profitability,
partly stemming from the uncertain economic environment and
partly due to insufficient revenue generation relative to the
cost structure; and 3) the difficulty the banks could face in
achieving sustainable growth in assets under management (AuM) in
the current, highly competitive operating environment of private
banking. Moody's is concerned that profitability is likely to
remain under pressure beyond the short to medium-term horizon.
KBB and KBCI (together 'Kleinwort Benson') have faced multiple
challenges to grow net AuM since 2010 mainly as a result of the
low interest rate environment resulting in clients withdrawing
from investments with low returns and some managed outflows of
less profitable businesses. Although Moody's notes that AuM
levels appear to have stabilized over the last few quarters the
weak performance in increasing net AuM has in turn impacted the
bank's ability to generate sufficient revenues. As a result
profitability has been weak even at an underlying level further
impacted by the conservative management of liquidity. The Ba1
rating level reflects the stabilization of AuM levels - albeit at
lower than historical levels - but also the challenge that the
bank faces to mitigate further outflows that are likely to be
driven by 1) clients looking for yield and 2) competitive
pressures from within the private wealth management industry.
Moody's acknowledges the efforts Kleinwort Benson has made to
increase its AuM through the hiring of key bankers in addition to
the acquisition of a private investment office with a focus on
ultra high net worth individuals. Nevertheless, these investments
have not yet had a material impact on Kleinwort Benson's
profitability.
Moody's said that the Ba1 rating remains underpinned by Kleinwort
Benson's low risk profile (given its private banking focus and
the secured or Lombard nature of the majority of its loans),
highly liquid balance sheet, strong, deposit driven funding
profile and ample level of capitalization relative to its on-
balance sheet risk.
Moody's also recognizes the initiatives that Kleinwort Benson is
undertaking to strengthen profitability, notably the focus on key
cost-cutting initiatives. However, this is hampered by the low
interest rate environment and the banks' policy to maintain
significant liquidity at the expense of higher asset returns. The
cost-income ratio is still one of the highest amongst peers and
Moody's believes that ongoing investments into the infrastructure
and key staff will continue to burden the group's cost base,
threatening to offset other cost savings and revenue increases.
The Negative outlook reflects the downward pressure on the
ratings from the identified factors which in Moody's view will
prevail in the foreseeable future raising concerns about the
sustainability of the banks' franchise.
What Could Change the Ratings Up/Down
Given the current downgrade, an upgrade of the ratings is
unlikely in the short- to medium-term. In addition to the
discussed factors, further weakening of profitability or a
trending downwards in AuM could put further downward pressure on
the ratings.
The principal methodology used in these ratings was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
MELVILLE BAR: Goes Out of Receivership, Has New Owners
--------------------------------------------------------
local.stv.tv News reports that Malcolm Gray and Jon Eastwood has
acquired Melville Bar out of receivership and is now reopened.
The Melville Bar fell into receivership last year.
Pouring a substantial GBP250,000 into a redesign of the
establishment, the pair set about putting The Melville back on
the map, with a redesigned layout and interior makeover,
according to local.stv.tv News reports.
The report notes that speaking about the ambitious project,
Malcolm said: "Jon and I have invested a significant sum in
transforming the Melville through a comprehensive redesign and
refurbishment with the aim of renewing its appeal to the
professional, local and female clientele."
MORTGAGE FUNDING 2008-1: S&P Affirms 'B-' Rating on Class A Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-(sf)' credit
rating on Mortgage Funding 2008-1 PLC's class A notes.
The collateral pool comprises first- and second-ranking U.K.-
originated mortgages. Since S&P's previous review (based on June
2011 data), 90+ days arrears have increased, while repossessions
have decreased to 0.83% from 1.16%.
The transaction has paid down to a pool factor of 62.4%. Credit
enhancement for the class A notes, in the form of the unrated
class B notes, has increased to 25.24% from 15.82% in June 2011,
using a foreign exchange rate of GBP1/EUR1.1580. The improved
exchange rate and reduced realized losses have cleared the
balance of the unrated class B notes' principal deficiency
ledger, from approximately GBP5 million in June 2011.
As there is no currency swap to hedge foreign exchange rate risk,
the class A notes are still exposed to this risk. Since
September 2008 and Lehman Brothers' insolvency, the issuer has
exchanged the British pound sterling generated by the collateral
at the spot rate, which has been significantly lower than the
rate initially agreed under the previous failed swap agreement.
S&P's cash flow analysis incorporates a stress to the spot rate,
due to the potential of a further weakening of sterling. With
these assumptions, the class A notes can only support a 'B- (sf)'
rating. S&P has therefore affirmed its 'B- (sf)' rating on the
class A notes.
Mortgage Funding 2008-1 is a U.K. nonconforming residential
mortgage-backed securities (RMBS) transaction arranged by Lehman
Brothers that closed in March 2008. The transaction securitizes
loans originated by Alliance & Leicester PLC, Southern Pacific
Personal Loans Ltd., Southern Pacific Mortgages Ltd., Preferred
Mortgages Ltd., Matlock London Ltd., and Langersal No. 2 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.
SHIP LUXCO 3: S&P Puts 'B+' Corp. Rating on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'B+'
long-term and 'B' short-term corporate credit rating on U.K.-
based payment processing company Ship Luxco 3 S.a.r.l. (Worldpay)
on CreditWatch with negative implications.
At the same time, S&P placed its 'BB' issue ratings on Worldpay's
senior secured term loans on CreditWatch negative.
The CreditWatch placement follows Worldpay's announcement that it
intends to issue a new term loan and sell its U.S. business. In
S&P's view, these actions will weaken Worldpay's credit metrics
such that they are no longer commensurate with the 'B+' rating.
S&P understands that the company is planning to undertake the
following transactions:
-- The issuance of a new term loan C of about GBP700 million.
Worldpay would use the proceeds of the loan to pay a
dividend of GBP340 million to shareholders and repay
approximately GBP343 million of mezzanine debt. At the
same time, management intends to extend a portion of the
company's debt by another two years.
-- The sale of the U.S. business. The company is asking its
lenders to consent to the sale. If they agree, the sale
would be completed by mid-2013. S&P understands that
management would use the disposal proceeds from the sale to
repay about GBP322 million of existing term debt, and
distribute the excess to shareholders as a dividend.
The CreditWatch reflects S&P's view that part of the new term
loan C will increase Worldpay's leverage. Furthermore, S&P also
envisage that Worldpay's free operating cash flow (FOCF)
generation in 2013 will be lower than its previous base-case
forecasts, due to ongoing costs involved in separating the
business from the Royal Bank of Scotland (RBS). In addition, the
disposal of Worldpay's U.S. business will reduce overall EBITDA.
The U.S. business generated roughly 31% of group revenues and
about 21% of EBITDA in 2012. S&P foresees that a smaller
business and reduced EBITDA, along with the presence of
additional debt in the capital structure, will weaken Worldpay's
credit metrics to lower levels than those S&P considers
commensurate with the 'B+' rating. This would also place
pressure on Worldpay's business risk profile, which S&P currently
assess as "satisfactory."
S&P aims to resolve the CreditWatch placement once it has
sufficient clarity and certainty on the terms and timing of the
aforementioned transactions, and once it has assessed their
effect on WorldPay's credit metrics.
A downgrade of one notch is highly likely if the increase in debt
and the disposal of the U.S. business weaken Worldpay's credit
metrics such that adjusted leverage is at or more than 6x, funds
from operations to debt is less than 10%, and cash EBITDA
interest coverage is in the 2.0x-2.5x range.
A combination of a material weakening of Worldpay's business risk
profile following the disposal, weak deleveraging prospects, and
a potential weakening in liquidity could result in a downgrade of
more than one notch.
At the same time, S&P could lower the issue ratings on the
existing senior secured debt by up to two notches to reflect the
significant increase in senior secured debt and planned repayment
of the mezzanine loan. S&P anticipates that it could revise the
existing recovery rating downward to '3' from '1' to reflect the
increase in senior secured debt and the lack of a subordinated
capital cushion.
An affirmation of S&P's 'B+' corporate credit rating and 'BB'
issue rating on the bank debt looks remote to them at this stage,
due to the company's increased appetite for leverage.
TALISMAN-3 FINANCE: S&P Withdraws 'D' Ratings on 3 Note Classes
---------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn all of its
credit ratings in Talisman-3 Finance PLC.
The withdrawals follow S&P's previous rating actions on Feb. 13,
2013, when it lowered to 'D (sf)' from 'CC (sf)' its ratings in
Talisman-3, following the application of principal losses to the
note balances.
S&P's ratings in this transaction were to remain at 'D (sf)' for
a minimum period of 30 days. This period has now elapsed, and
S&P has therefore withdrawn all of its ratings in Talisman-3
Finance.
Talisman-3 Finance was a U.K. commercial mortgage-backed
securities (CMBS) transaction that closed in 2006, with notes
totaling EUR689.9 million. It was initially secured against 13
loans, all of which have now repaid.
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
Talisman-3 Finance PLC
EUR689.9 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Withdrawn
D NR D (sf)
E NR D (sf)
F NR D (sf)
NR-Not rated.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
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SKYEUROPE SKYP PW -89480492.56 159076577.5
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BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
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CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
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DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
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NYNAS NV 3734766Z BB -7050037.824 133049490.2
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SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
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BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
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PETROL AD PET BU -28384533.15 365674871.9
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PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
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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
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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
------
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CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
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LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
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CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
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DENMARK
-------
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FRANCE
------
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GREECE
------
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T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
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UNITED TEXTILES UTEX GA -163114842.1 286539436.9
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HUNGARY
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HUNGARIAN TELEPH HUC EX -73723992 827192000
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IRELAND
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ICELAND
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AVION GROUP B1Q GR -223780368 2277882368
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ITALY
-----
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PRAMAC SPA PRAM PZ -87225647.28 314935866.6
PRAMAC SPA PRA2 EO -87225647.28 314935866.6
RISANAMEN-RNC OP RNROPA IM -182584482.9 2453594767
RISANAMENTO -OPA RNOPA IM -182584482.9 2453594767
RISANAMENTO -RNC RNR IM -182584482.9 2453594767
RISANAMENTO SPA RN PZ -182584482.9 2453594767
RISANAMENTO SPA RNGBX EO -182584482.9 2453594767
RISANAMENTO SPA RN IX -182584482.9 2453594767
RISANAMENTO SPA RN EO -182584482.9 2453594767
RISANAMENTO SPA RNGBX EU -182584482.9 2453594767
RISANAMENTO SPA RSMNF US -182584482.9 2453594767
RISANAMENTO SPA RN EU -182584482.9 2453594767
RISANAMENTO SPA RN TQ -182584482.9 2453594767
RISANAMENTO SPA RN BQ -182584482.9 2453594767
RISANAMENTO SPA RN IM -182584482.9 2453594767
RISANAMENTO SPA RN5 GR -182584482.9 2453594767
RISANAMENTO SPA RNGBP EO -182584482.9 2453594767
RISANAMENTO-RTS RNAA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXO IM -182584482.9 2453594767
SEAT PAGINE PG1 EB -741904802.3 3755632231
SEAT PAGINE SP7A GR -741904802.3 3755632231
SEAT PAGINE PG1 NQ -741904802.3 3755632231
SEAT PAGINE SP7 GR -741904802.3 3755632231
SEAT PAGINE PG PZ -741904802.3 3755632231
SEAT PAGINE PG1USD EU -741904802.3 3755632231
SEAT PAGINE PG1 QM -741904802.3 3755632231
SEAT PAGINE SEEA LN -741904802.3 3755632231
SEAT PAGINE PG IM -741904802.3 3755632231
SEAT PAGINE 283147Q IM -741904802.3 3755632231
SEAT PAGINE PG VX -741904802.3 3755632231
SEAT PAGINE PGI1 IX -741904802.3 3755632231
SEAT PAGINE SPGMF US -741904802.3 3755632231
SEAT PAGINE PG BQ -741904802.3 3755632231
SEAT PAGINE PG1 NR -741904802.3 3755632231
SEAT PAGINE PG1USD EO -741904802.3 3755632231
SEAT PAGINE PG1GBX EO -741904802.3 3755632231
SEAT PAGINE PG1 TQ -741904802.3 3755632231
SEAT PAGINE PG1GBP EO -741904802.3 3755632231
SEAT PAGINE PG1 EO -741904802.3 3755632231
SEAT PAGINE PG1 EU -741904802.3 3755632231
SEAT PAGINE-ADR SPGMY US -741904802.3 3755632231
SEAT PAGINE-RSP SPGBF US -741904802.3 3755632231
SEAT PAGINE-RSP PGR EO -741904802.3 3755632231
SEAT PAGINE-RSP PGR EU -741904802.3 3755632231
SEAT PAGINE-RSP PGR IX -741904802.3 3755632231
SEAT PAGINE-RSP PGR IM -741904802.3 3755632231
SEAT PAGINE-RSP PGR PZ -741904802.3 3755632231
SEATPG AXA PGAXA IM -741904802.3 3755632231
SNIA BPD SN GR -141933895.2 150445252.4
SNIA BPD-ADR SBPDY US -141933895.2 150445252.4
SNIA SPA SSMLF US -141933895.2 150445252.4
SNIA SPA SIAI IX -141933895.2 150445252.4
SNIA SPA SIAI PZ -141933895.2 150445252.4
SNIA SPA SN EO -141933895.2 150445252.4
SNIA SPA SN IM -141933895.2 150445252.4
SNIA SPA SN EU -141933895.2 150445252.4
SNIA SPA SNIB GR -141933895.2 150445252.4
SNIA SPA SNIXF US -141933895.2 150445252.4
SNIA SPA SBPDF US -141933895.2 150445252.4
SNIA SPA SN TQ -141933895.2 150445252.4
SNIA SPA SNIA GR -141933895.2 150445252.4
SNIA SPA - RTS SNAAW IM -141933895.2 150445252.4
SNIA SPA- RTS SNAXW IM -141933895.2 150445252.4
SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
SNIA SPA-CONV SA SPBDF US -141933895.2 150445252.4
SNIA SPA-DRC SNR00 IM -141933895.2 150445252.4
SNIA SPA-NEW SN00 IM -141933895.2 150445252.4
SNIA SPA-NON CON SPBNF US -141933895.2 150445252.4
SNIA SPA-RCV SNR IM -141933895.2 150445252.4
SNIA SPA-RCV SNIVF US -141933895.2 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933895.2 150445252.4
SNIA SPA-RNC SNRNC IM -141933895.2 150445252.4
SNIA SPA-RNC SNIWF US -141933895.2 150445252.4
SNIA SPA-RTS SNAA IM -141933895.2 150445252.4
SNIA SPA-RTS SNSO IM -141933895.2 150445252.4
SOPAF SPA SPF TQ -24220971.66 153763906.2
SOPAF SPA SPF EU -24220971.66 153763906.2
SOPAF SPA SPF IM -24220971.66 153763906.2
SOPAF SPA SOPAF US -24220971.66 153763906.2
SOPAF SPA SPF PZ -24220971.66 153763906.2
SOPAF SPA SPF BQ -24220971.66 153763906.2
SOPAF SPA SPF QM -24220971.66 153763906.2
SOPAF SPA SPF EB -24220971.66 153763906.2
SOPAF SPA SOCAF US -24220971.66 153763906.2
SOPAF SPA SPF EO -24220971.66 153763906.2
SOPAF SPA SSZ HK Equity -24220971.66 153763906.2
SOPAF SPA SPFI IX -24220971.66 153763906.2
SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
SOPAF SPA-RNC SPFN IM -24220971.66 153763906.2
SOPAF SPA-RNC SOPCF US -24220971.66 153763906.2
SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TISAAW IM -167327246 362728538.3
TISCALI - RTS TIQA GR -167327246 362728538.3
TISCALI SPA TIS TQ -167327246 362728538.3
TISCALI SPA TIS VX -167327246 362728538.3
TISCALI SPA TISGBX EO -167327246 362728538.3
TISCALI SPA TIS EO -167327246 362728538.3
TISCALI SPA TIS EU -167327246 362728538.3
TISCALI SPA TISN FP -167327246 362728538.3
TISCALI SPA TISGBP EO -167327246 362728538.3
TISCALI SPA TIS IX -167327246 362728538.3
TISCALI SPA TIQG IX -167327246 362728538.3
TISCALI SPA TISN IX -167327246 362728538.3
TISCALI SPA TIS EB -167327246 362728538.3
TISCALI SPA TIS FP -167327246 362728538.3
TISCALI SPA TIS IM -167327246 362728538.3
TISCALI SPA TISN VX -167327246 362728538.3
TISCALI SPA TISN IM -167327246 362728538.3
TISCALI SPA TIS NA -167327246 362728538.3
TISCALI SPA TISM IX -167327246 362728538.3
TISCALI SPA TSCXF US -167327246 362728538.3
TISCALI SPA TISGBX EU -167327246 362728538.3
TISCALI SPA TIQ1 GR -167327246 362728538.3
TISCALI SPA TISN NA -167327246 362728538.3
TISCALI SPA TIS QM -167327246 362728538.3
TISCALI SPA TIS NQ -167327246 362728538.3
TISCALI SPA TIS NR -167327246 362728538.3
TISCALI SPA TIS PZ -167327246 362728538.3
TISCALI SPA TIS BQ -167327246 362728538.3
TISCALI SPA TIQ GR -167327246 362728538.3
TISCALI SPA- RTS 3391621Q GR -167327246 362728538.3
TISCALI SPA- RTS TISAXA IM -167327246 362728538.3
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT GLOBAL 0440101D US -1168589952 17400967168
INTELSAT GLOBAL I US -1168589952 17400967168
INTELSAT INVESTM ILMA GR -1199357056 17465319424
INTELSAT SA 2237Z US -1199357056 17465319424
NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
AVAST SOFTWARE B 0112793D US -15842000 132342000
AVAST SOFTWARE N AVST US -15842000 132342000
AVG TECHNOLOGIES 0119253D US -52030000 377521984
AVG TECHNOLOGIES 3164852Z NA -52030000 377521984
AVG TECHNOLOGIES AVG US -52030000 377521984
AVG TECHNOLOGIES 1VA GR -52030000 377521984
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN EO -7854715.264 609871188.9
BAAN COMPANY NV BAAN PZ -7854715.264 609871188.9
BAAN COMPANY NV BAAN GR -7854715.264 609871188.9
BAAN COMPANY NV BNCG IX -7854715.264 609871188.9
BAAN COMPANY NV BAAVF US -7854715.264 609871188.9
BAAN COMPANY NV BAAN EU -7854715.264 609871188.9
BAAN COMPANY-NY BAANF US -7854715.264 609871188.9
BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
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COOPERATIE VOEDI 4378105Z NA -216576.9882 680962157.8
EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
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FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
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ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
ING REIM DEVELOP 3811140Z NA -231041485.9 383323356.5
KONINKLIJKE HASK 4037221Z NA -69259.20141 230145390.9
KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
LINO MANAGEMENT 3774416Z NA -330305248.1 752471513.7
MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
MAGYAR TELECOM B 363945Z HB -9411153.408 462039674.5
MITSUBISHI MOTOR 3893974Z NA -236634746.2 588105612.9
MSREF ELBA BV 4043045Z NA -89889.60183 584994172.5
MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
NORFOLK HOLDINGS 779151Z NA -199512.5928 813430683.8
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SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
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UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
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VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.7768 799874848.4
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
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AKER FLOATING PR AKFP BY -16100000 765200000
AKER FLOATING PR AKFP EO -16100000 765200000
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AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
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AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
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GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
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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
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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
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TDC AS 4287413Z NO -83055192.99 129421953.7
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TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
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SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
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SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO BES EO -208568793.8 658498551.2
NYESA VALORES CO 7NY GR -208568793.8 658498551.2
NYESA VALORES CO BES SM -208568793.8 658498551.2
NYESA VALORES CO BES EU -208568793.8 658498551.2
NYESA VALORES CO BES TQ -208568793.8 658498551.2
PANRICO SAU 1087Z SM -372238069.5 1219319614
PULLMANTUR SA 301590Z SM -74071248.87 168349823.1
RANDSTAD EMPLEO 4285885Z SM -27469291.1 318454508.5
REAL ZARAGOZA SA 4285533Z SM -5769281.747 168572641.9
RENTA CORP REN1USD EO -40378516.38 216503337.5
RENTA CORP REN SM -40378516.38 216503337.5
RENTA CORP REN1 TQ -40378516.38 216503337.5
RENTA CORP REN1USD EU -40378516.38 216503337.5
RENTA CORP RENS PZ -40378516.38 216503337.5
RENTA CORP REN1 EU -40378516.38 216503337.5
RENTA CORP REN1 EO -40378516.38 216503337.5
RENTA CORP REN1GBX EU -40378516.38 216503337.5
RENTA CORP RTACF US -40378516.38 216503337.5
RENTA CORP REN1GBX EO -40378516.38 216503337.5
RENTA CORP REN1GBP EO -40378516.38 216503337.5
RENTA CORP REAL REN/D SM -40378516.38 216503337.5
RESIDENCIAL MARL 4498347Z SM -8851230.872 106007591.2
REYAL URBIS SA REY1 EU -1160391779 4576859229
REYAL URBIS SA REYU PZ -1160391779 4576859229
REYAL URBIS SA REY SM -1160391779 4576859229
REYAL URBIS SA REY1 IX -1160391779 4576859229
REYAL URBIS SA REY1 EO -1160391779 4576859229
REYAL URBIS SA REY EB -1160391779 4576859229
SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
SEDESA OBRAS Y S 4285693Z SM -33624032.31 180977629
SHELL ESPANA SA 4514247Z SM -62380994.38 292408739.1
SPANAIR 1174Z SM -224915085.6 350111493.1
SUZLON WIND ENER 3809140Z SM -2806837.606 127085865.7
TELEVISION AUTON 3772924Z SM -114641099.5 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225.3 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
URBANIZADORA SEV 4286693Z SM -10314851.8 487333641
VIA OPERADOR PET 4510507Z SM -19240934.52 114265353.9
XFERA MOVILE SA 1236Z SM -93151786.57 1220956633
SWEDEN
------
ATTENDO AB 4452873Z SS -58148252.61 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
NOBINA 1099Z SS -302162.7367 854969434.4
PANAXIA AB PAXA EO -13977223.06 102375741.8
PANAXIA AB PAXAEUR EO -13977223.06 102375741.8
PANAXIA AB PAXA PZ -13977223.06 102375741.8
PANAXIA AB PAXA EU -13977223.06 102375741.8
PANAXIA AB PAXA BY -13977223.06 102375741.8
PANAXIA AB PAXAEUR EU -13977223.06 102375741.8
PANAXIA AB PAXA SS -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT BY -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR BY -13977223.06 102375741.8
PANAXIA-NEW 8292193Q SS -13977223.06 102375741.8
PANAXIA-RTS 8292189Q SS -13977223.06 102375741.8
SWEDISH MA-RE RT SWMASR SS -267565377.7 2184130566
SWEDISH MAT-ADR 3053566Q US -267565377.7 2184130566
SWEDISH MAT-ADR SWMA GR -267565377.7 2184130566
SWEDISH MATCH SWD LI -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAF US -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA BY -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA NR -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA IX -267565377.7 2184130566
SWEDISH MATCH AB SWM TH -267565377.7 2184130566
SWEDISH MATCH AB SWMA GK -267565377.7 2184130566
SWEDISH MATCH AB SWMDF US -267565377.7 2184130566
SWEDISH MATCH AB SWMA NQ -267565377.7 2184130566
SWEDISH MATCH AB SWMA SS -267565377.7 2184130566
SWEDISH MATCH AB SWMA TQ -267565377.7 2184130566
SWEDISH MATCH AB SWM GR -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA QM -267565377.7 2184130566
SWEDISH MATCH AB SWMA EB -267565377.7 2184130566
SWEDISH MATCH AB SWMA PZ -267565377.7 2184130566
SWEDISH MATCH AB SWM VX -267565377.7 2184130566
SWEDISH MATCH AB SWMA S1 -267565377.7 2184130566
SWEDISH MATCH AB SWMA LI -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBP EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA BQ -267565377.7 2184130566
SWEDISH MATCH- B SWMWF US -267565377.7 2184130566
SWEDISH MATCH-B 3033P US -267565377.7 2184130566
SWEDISH MAT-RTS SWMYR US -267565377.7 2184130566
SWEDISH M-UN ADR SWMAY US -267565377.7 2184130566
SWITZERLAND
-----------
ETRION CORP 4QP GR -1431000 449615008
ETRION CORP PFCXF US -1431000 449615008
ETRION CORP ETX2EUR EU -1431000 449615008
ETRION CORP ETX2USD EO -1431000 449615008
ETRION CORP ETX2USD EU -1431000 449615008
ETRION CORP ETRXF US -1431000 449615008
ETRION CORP ETX2EUR EO -1431000 449615008
ETRION CORP ETX SS -1431000 449615008
ETRION CORP ETX CN -1431000 449615008
ETRION CORP ETX2SEK EO -1431000 449615008
ETRION CORP ETXSEK BY -1431000 449615008
ETRION CORP ETX2SEK EU -1431000 449615008
PRETIUM INDUSTRI PIIMF US -1431000 449615008
VISUALAB INC VSLBF US -1431000 449615008
VISUALABS INC VLI CN -1431000 449615008
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.103 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.103 147075077.7
GALATASARAY SPOR GSRAY TI -134837791.7 312345232.8
GALATASARAY SPOR GALA IX -134837791.7 312345232.8
GALATASARAY SPOR GSRAYR TI -134837791.7 312345232.8
GALATASARAY SPOR GSY GR -134837791.7 312345232.8
GALATASARAY SPOR GATSF US -134837791.7 312345232.8
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
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TOPPS TILES PLC TPT7 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EO -36503224.29 140534295.2
TOPPS TILES PLC TPT5 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT3 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT IX -36503224.29 140534295.2
TOPPS TILES PLC TPT EO -36503224.29 140534295.2
TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT S1 -36503224.29 140534295.2
TOPPS TILES PLC TPT TQ -36503224.29 140534295.2
TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.82 120867289.2
UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7
VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
VIRGIN MOBILE VMOB PO -392165409.3 166070003.7
VIRGIN MOBILE VMOB VX -392165409.3 166070003.7
VIRGIN MOBILE UEM GR -392165409.3 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
WARNER ESTATE WNER PZ -80276070.4 344291592.8
WARNER ESTATE WNEHF US -80276070.4 344291592.8
WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
WARNER ESTATE WNERGBP EO -80276070.4 344291592.8
WARNER ESTATE WNER PO -80276070.4 344291592.8
WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter
A. Chapman, Editors.
Copyright 2013. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *