/raid1/www/Hosts/bankrupt/TCREUR_Public/130409.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, April 9, 2013, Vol. 14, No. 69
Headlines
C Y P R U S
* CYPRUS: Russia Agrees to Restructure EUR2.5-Bil. Loan
G R E E C E
FREESEAS INC: Fully Satisfies Settlement with Hanover
FREESEAS INC: Hanover No Longer Owns Shares at March 26
NATIONAL BANK: Plan to Absorb Eurobank Suspended
I R E L A N D
ERC ESOT: Applies for Liquidation; Ceases Trading
EUROPEAN PROPERTY: S&P Lowers Rating on Class D Notes to CCC-
GREENSTAR: Bought Out of Receivership by Cerberus
I T A L Y
* NAPLES: S&P Reinstates 'BB-' Long-Term Issuer Credit Rating
* ITALY: Fitch Expects Bank Loan Impairment Charges to Stay High
K A Z A K H S T A N
EASTCOMTRANS LLP: Fitch Assigns 'B(EXP)' Rating to Sec. Eurobond
N E T H E R L A N D S
CEVA GROUP: S&P Cuts Long-Term Corporate Credit Rating to 'SD'
DRYDEN XXVII: S&P Assigns 'BB+' Rating to Class E Notes
STORM 2013-II: Fitch Assigns 'BB' Ratings to Two Note Classes
P O L A N D
POLIMEX-MOSTOSTAL: Creditors Mum on Restructuring After Default
P O R T U G A L
* PORTUGAL: To Carry Out More Spending Cuts Amid Aid Plan Review
R U S S I A
METALLOINVEST: S&P Affirms 'BB-' Corp. Rating; Outlook Positive
METALLOINVEST: Fitch Affirms 'BB-' IDR; Outlook Positive
S L O V E N I A
NOVA LJUBLJANSKA: Fitch Cuts Long-Term IDR to 'BB-'; Outlook Neg.
* SLOVENIA: Creditworthiness Plunges Amid Banking Crisis Fears
S P A I N
IM CAJAMAR: Fitch Assigns 'CCC' Rating to Class B Notes
PYMES BANESTO 2: S&P Lowers Rating on Class C Notes to 'CCC-'
* SPAIN: Fitch Reviews Cedulas Hipotecarias Legal Framework
T U R K E Y
SEKERBANK TAS: Fitch Assigns 'BB-' Rating to New Eurobond Issue
TURKIYE IS BANKASI: S&P Raises Counterparty Credit Rating to BB+
U N I T E D K I N G D O M
CEVA GROUP: Commences Exchange Offers & Consent Solicitations
CEVA GROUP: Note Holders Back Financial Recapitalization Plan
CO-OPERATIVE BANK: Fitch Cuts Rating on Lower Tier 2 Notes to BB+
EXILLON ENERGY: Fitch Assigns 'B-(EXP)' Rating to Eurobond
HMV: Hilco Acquires 130 Remaining Branches Out of Administration
NORTHERN ROCK: UKAR Gets Number of Offers for Mortgage Books
RMAC SECURITIES 1: S&P Affirms 'BB' Rating on Class B1c Notes
WEBPRINT CONCEPTS: In Receivership, Cuts 26 Jobs
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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C Y P R U S
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* CYPRUS: Russia Agrees to Restructure EUR2.5-Bil. Loan
-------------------------------------------------------
Olga Tanas at Bloomberg News reports that Russian President
Vladimir Putin said Russia agreed to restructure a EUR2.5 billion
(US$3.3 billion) loan granted to Cyprus in 2011, bowing to a
request by the European Commission.
According to Bloomberg, Russia, which rejected a bid from Cyprus
for additional financial assistance last month, has bristled at
suggestions that it was responsible for bailing out the euro
member as politicians from nations including Germany alleged that
Cyprus was used to launder illegal Russian money. Russian
Finance Minister Anton Siluanov said that restructuring terms
sought by Cyprus would amount to a 10% writedown of the loan,
Bloomberg relates.
Moody's Investors Service said that Russian companies and
individuals have an estimated US$31 billion in Cyprus, Bloomberg
notes. Mr. Putin said last week that the bailout of the cash-
strapped nation will probably provoke an outflow of Russian money
back home, Bloomberg recounts.
According to Bloomberg, the Nicosia-based Finance Ministry said
on Jan. 10 that the east Mediterranean nation has officially
asked Russia to extend its EUR2.5 billion loan by five years to
2021. The euro area's third-smallest economy borrowed the funds
in December 2011 and has also sought an additional EUR5 billion
from Russia, Bloomberg discloses.
Mr. Siluanov said last month that agreeing to a five-year
extension and a cut in the interest rate from 4.5% to 2.5% would
amount to "decent support" for Cyprus, Bloomberg recounts.
Mr. Putin didn't disclose the terms of a new credit agreement
with Cyprus, Bloomberg notes.
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G R E E C E
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FREESEAS INC: Fully Satisfies Settlement with Hanover
-----------------------------------------------------
The Supreme Court of the State of New York, County of New York,
entered a revised order on March 20, 2013, approving, among other
things, the fairness of the terms and conditions of an exchange
pursuant to Section 3(a)(10) of the Securities Act of 1933, as
amended, in accordance with a stipulation of settlement between
FreeSeas Inc. and Hanover Holdings I, LLC, in the matter entitled
Hanover Holdings I, LLC v. FreeSeas Inc., Case No. 152140/2013.
Hanover commenced the Action against the Company on March 8,
2013, to recover an aggregate of $1,264,656 of past-due accounts
payable of the Company, plus fees and costs. The Settlement
Agreement became effective and binding upon the Company and
Hanover upon execution of the Order by the Court on March 20,
2013.
Pursuant to the terms of the Settlement Agreement approved by the
Order, on March 20, 2013, the Company issued and delivered to
Hanover 350,000 shares of the Company's common stock, $0.001 par
value, and on March 21, 2013, the Company issued and delivered to
Hanover 390,000 Additional Settlement Shares.
Since the issuance of the Initial Settlement Shares and
Additional Settlement Shares, Hanover demonstrated to the
Company's satisfaction that it was entitled to receive an
aggregate of 720,000 Additional Settlement Shares based on the
adjustment formula, and that the issuances of those Additional
Settlement Shares to Hanover would not result in Hanover
exceeding the beneficial ownership limitation set forth above.
Accordingly, (i) on March 22, 2013, the Company issued and
delivered to Hanover 420,000 Additional Settlement Shares and
(ii) on March 26, 2013, the Company issued and delivered to
Hanover 300,000 Additional Settlement Shares pursuant to the
terms of the Settlement Agreement approved by the Order.
The "Calculation Period" expired on March 25, 2013. Based on the
adjustment formula, Hanover was entitled to receive an aggregate
of 1,472,894 VWAP Shares. Accordingly, since Hanover had
received an aggregate of only 1,460,000 Initial Settlement Shares
and Additional Settlement Shares, on March 26, 2013, the Company
issued and delivered to Hanover 12,894 additional shares of
Common Stock pursuant to the terms of the Settlement Agreement
approved by the Order. No additional shares of Common Stock are
issuable to Hanover pursuant to the Settlement Agreement.
A copy of the Form 8-K is available for free at:
http://is.gd/UCcMKe
About FreeSeas Inc.
Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies. The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.
The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks." As of
Oct. 12, 2012, the aggregate dwt of the Company's operational
fleet is approximately 197,200 dwt and the average age of its
fleet is 15 years.
As reported in the Troubled Company Reporter on July 18, 2012,
Ernst & Young (Hellas) Certified Auditors Accountants S.A., in
Athens, Greece, expressed substantial doubt about FreeSeas'
ability to continue as a going concern, following its audit of
the
Company's financial statements for the fiscal year ended Dec. 31,
2011. The independent auditors noted that the Company has
incurred recurring operating losses and has a working capital
deficiency. "In addition, the Company has failed to meet
scheduled payment obligations under its loan facilities and has
not complied with certain covenants included in its loan
agreements with banks."
The Company's balance sheet at June 30, 2012, showed
US$120.8 million in total assets, US$104.1 million in total
current liabilities, and shareholders' equity of US$16.7 million.
FREESEAS INC: Hanover No Longer Owns Shares at March 26
-------------------------------------------------------
In an amended Schedule 13G filing with the U.S. Securities and
Exchange Commission, Hanover Holdings I, LLC, and Joshua Sason
disclosed that, as of March 26, 2013, they do not beneficially
own any shares of common stock of FreeSeas Inc. A copy of the
regulatory filing is available at http://is.gd/799O0E
About FreeSeas Inc.
Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies. The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.
The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks." As of
Oct. 12, 2012, the aggregate dwt of the Company's operational
fleet is approximately 197,200 dwt and the average age of its
fleet is 15 years.
As reported in the Troubled Company Reporter on July 18, 2012,
Ernst & Young (Hellas) Certified Auditors Accountants S.A., in
Athens, Greece, expressed substantial doubt about FreeSeas'
ability to continue as a going concern, following its audit of
the Company's financial statements for the fiscal year ended
Dec. 31, 2011. The independent auditors noted that the Company
has incurred recurring operating losses and has a working capital
deficiency. "In addition, the Company has failed to meet
scheduled payment obligations under its loan facilities and has
not complied with certain covenants included in its loan
agreements with banks."
The Company's balance sheet at June 30, 2012, showed
US$120.8 million in total assets, US$104.1 million in total
current liabilities, and shareholders' equity of US$16.7 million.
NATIONAL BANK: Plan to Absorb Eurobank Suspended
------------------------------------------------
Lefteris Papadimas and George Georgiopoulos at Reuters report
that a Finance Ministry official said on Sunday National Bank's
plan to absorb Eurobank to form Greece's biggest banking group
will be suspended until both are recapitalized, and a state bank
support fund will decide if the they should merge.
National Bank acquired 84.3% of Eurobank via a share swap in
February with a view to absorbing it as part of broader
consolidation in the banking industry to cope with fallout from
Greece's debt crisis and deep recession, Reuters relates.
But the plan raised concerns at the lenders' "troika" -- European
Union, European Central Bank and International Monetary Fund --
that a merger would form a bank too big relative to Greece's
gross domestic product, Reuters notes.
"The final decision on the merger will be taken by the Hellenic
Financial Stability Fund (HFSF)," Reuters quotes the official,
who declined to be named, as saying.
According to Reuters, together, the two banks need EUR15.6
billion in fresh capital to shore up their solvency ratios to
levels set by the central bank after incurring losses from a
sovereign debt writedown and impaired loans.
Under a recapitalization scheme agreed with Greece's
international lenders, most of the fresh capital will be provided
by the HFSF, a state bank support fund, in exchange for new
shares and contingent convertible bonds, Reuters discloses.
To stay private, banks must ensure that at least 10% of their
share offerings is taken up by private investors, Reuters states.
This means that both banks will fall under the full control of
the HFSF bailout fund, according to Reuters.
The official also confirmed what two bankers had earlier told
Reuters: that the two banks would be recapitalized separately,
Reuters relates.
After their recapitalization, the HFSF will decide whether they
will go ahead and integrate, Reuters discloses.
National Bank of Greece S.A., along with subsidiaries, is the
largest financial institution in Greece by market capitalization,
holding a significant position in Greece's retail banking sector,
with more than 11 million deposit accounts, more than three
million lending accounts, 539 branches and 1,398 ATMs as at
Dec. 31, 2011. The Group's core focus outside of Greece is in
Turkey and SEE, where it currently operates in Bulgaria, Serbia,
Romania, Albania, Cyprus and FYROM.
The Bank is the Group's principal operating company, representing
67.5% of its total assets as at Dec. 31, 2011.
* * *
As reported by the Troubled Company Reporter-Europe on Oct. 17,
2012, Standard & Poor's Ratings Services affirmed its 'CCC/C'
long-term and short-term counterparty credit ratings on Greece-
based National Bank of Greece S.A. (NBG) and Eurobank Ergasias
S.A. (Eurobank). "We also affirmed our 'CC' issue rating on
NBG's and Eurobank's hybrid securities. The outlook is
negative," S&P said.
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I R E L A N D
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ERC ESOT: Applies for Liquidation; Ceases Trading
-------------------------------------------------
Donal O'Donovan at Independent.ie, citing documents filed with
the Companies Office, reports that ERC Esot Services, the company
that managed Eircom's Employee Share Ownership Plan (ESOP), has
applied to be wound up.
Through a series of ownership changes at Eircom, the trust
eventually held a 35% stake in the business, Independent.ie
discloses.
According to Independent.ie, more than 14,000 employees and
former Eircom employees have received payments of as much as
EUR100,000 each tax free over 13 years from the scheme.
Controversially, staff shared the huge tax-free payouts as Eircom
was "flipped" from owner to owner and loaded up with debt
throughout the 2000s, Independent.ie notes.
ERC Esot Services, which managed the trust, ceased trading on
March 25 and asked for a voluntary strike off from the Companies
Office on April 3, Independent.ie relates.
The request was made by Jermoe Barrett, a trade union official
and chairman of the Esop, Independent.ie discloses.
The trust was eventually closed to new members, meaning in
practice that the payouts have mainly gone to people who are now
retired or close to retirement, Independent.ie recounts.
The huge debt pile saw the company collapse into examinership
last year, Independent.ie relates. The company was handed to its
lenders as a result of that process, wiping out most of the
remaining value of the Esop's stake, Independent.ie notes.
In May last year, the Esop, as cited by Independent.ie, said it
would distribute its remaining EUR85 million of Eircom
"preference shares" as part of an orderly wind down.
That took the total value of distributions made to Esop members
to almost EUR700 million since 1999, Independent.ie says.
EUROPEAN PROPERTY: S&P Lowers Rating on Class D Notes to CCC-
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
European Property Capital 3 PLC's class A, B, C, and D notes.
The rating actions follow S&P's review of the credit quality of
the remaining underlying loan under its updated criteria for
rating European commercial mortgage-backed securities (CMBS)
transactions.
European Property Capital 3 is a European CMBS transaction that
closed in December 2005. Four of the five original loans have
repaid in full since closing. The Randstad loan is the sole
remaining loan in the pool.
CREDIT ANALYSIS
The Randstad loan, which includes additional debt in the form of
a subordinated B-note (outside the securitization), was
transferred into special servicing in October 2010, after the
borrower failed to repay the entire loan balance at maturity in
August 2010. Instead of accelerating the loan, the special
servicer agreed to a consensual sale of the portfolio in order to
maximize recovery proceeds for the lenders. As of February 2013,
the servicer reported a securitized loan balance of EUR94.7
million.
Initially secured by 20 Dutch mixed-use properties, the whole-
loan is now secured by 17 properties, comprising 15 offices and
two warehouses. The borrower has only sold three properties so
far and the marketing of the remaining properties is still
ongoing. S&P understands that the sales process has been delayed
because the debt structure includes an additional lender and
there was a legal dispute with the outgoing property manager.
The special servicer obtained a revaluation of the portfolio and
the resulting market value of the remaining 17 properties was
EUR88.2 million as of July 1, 2012. This is a 29% decrease from
the December 2011 valuation of EUR123.8 million for the same
number of properties. Following the July 2012 revaluation, the
securitized loan-to-value (LTV) ratio increased to 114.52% as of
August 2012, from 81.33% as of May 2012. In February 2013, the
servicer reported a securitized LTV ratio of 110.59%.
Notwithstanding S&P's view on asset recoveries, it believes that
the revaluation may affect the properties' marketability in a
disposal scenario, as it may create a benchmark for potential
buyers. S&P has thus assumed losses in its base case scenario.
Since the loan defaulted in August 2010, only three properties
have been sold. The remaining time to sell the 17 properties has
now reduced to approximately 2.1 years. S&P's analysis also
considered inherent risks associated with the upcoming legal
maturity date (in May 2015).
CASH FLOW ANALYSIS
The February 2013 cash manager's report notes that the issuer
failed to meet its interest payment obligation under the class B,
C, and D notes on the February 2013 interest payment date (IPD).
These classes of notes experienced an aggregate interest
shortfall of EUR94,689.23.
The earlier repayment of four of the five initial loans caused a
spread compression between the sole remaining loan and the
remaining notes. As a consequence of the payment of ordinary but
nonrecurring fees due to third parties on the February 2013 IPD,
and although the remaining loan paid full interest, the weighted-
average cost of the remaining notes exceeded the weighted-average
loan coupon on the February 2013 IPD.
In accordance with the transaction documents, the class B and C
notes deferred unpaid interest (EUR39,292.04).
The class D notes are subject to a broad available funds cap
(AFC) mechanism that limits interest due and payable to what is
available. Any shortfall in interest is not paid and does not
accrue (and is therefore extinguished). From a rating
perspective, S&P is able to treat the interest payments on a
class of notes with an AFC mechanism as a pass-through by the
issuer of what it has available to it and so meet S&P's
requirements for the timely payment of interest (to the extent
that the AFC mechanism does not cover any default risk).
In S&P's opinion, the class B and C notes' existing interest
shortfalls may be repaid (at the class D notes' expense).
However, in S&P's opinion, additional shortfalls could occur
given the lack of meaningful excess spread, in particular in
February 2014--if the payment of ordinary, but nonrecurring
third-party fees is not spread over several quarters.
RATING ACTIONS
S&P's ratings on European Property Capital 3's notes address
timely payment of interest and repayment of principal not later
than the legal maturity date (May 2015).
The level of credit enhancement available to the class A notes
remains adequate to absorb the amount of losses that the
underlying properties would suffer in higher stress scenarios, in
S&P's view. However, S&P considers that the remaining time to
the legal maturity date may become insufficient to cover risks
associated with a payment default at the legal maturity date.
The transaction's timing risk outweighs the amount of credit
enhancement available to the class A notes, in S&P's view.
Therefore, S&P has lowered to 'BBB+ (sf)' from 'A- (sf)' its
rating on the class A notes.
S&P has lowered to 'BB+ (sf)' from 'BBB- (sf)' its rating on the
class B notes due to the deferral of unpaid interest on the
February 2013 IPD. In accordance with S&P's criteria with
regards to interest shortfalls, it has not lowered to 'D (sf)'
its rating on the class B notes because the existing shortfall is
minor and would likely be repaid (at the class C and D notes'
expense), in S&P's view. However, notes experiencing interest
shortfalls are no longer commensurate with investment-grade
ratings, in S&P's opinion. However, continuing and additional
interest shortfalls on the class B notes could lead S&P to lower
its rating to 'D (sf)'.
S&P has lowered to 'B (sf)' from 'BB- (sf)' its rating on the
class C notes because it considers the available credit
enhancement to be insufficient to cover asset-credit and
liquidity risks at the currently assigned rating level. S&P has
not lowered to 'D (sf)' its rating on the class C notes because
the existing shortfall is minor and could be repaid (at the class
D notes' expense), in S&P's view. However, continuing and
additional interest shortfalls on the class C notes could lead
S&P to lower its rating to 'D (sf)'.
S&P has lowered to 'CCC- (sf)' from 'CCC+ (sf)' its rating on the
class D notes because it considers the available credit
enhancement to be insufficient to cover asset-credit risk at the
currently assigned rating level. The class D notes will likely
experience losses, in S&P's opinion. Interest shortfalls
resulting from loan prepayments are addressed in the structure
(via the AFC mechanism).
S&P will continue to monitor the performance of the transaction,
in particular property sales and interest shortfalls. Future
rating actions may be taken if interest shortfalls persist or the
timing risk increases.
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
Ratings Lowered
European Property Capital 3 PLC
EUR406.762 Million Commercial Mortgage-Backed Floating- And
Variable-Rate Notes
A BBB+ (sf) A- (sf)
B BB+ (sf) BBB- (sf)
C B (sf) BB- (sf)
D CCC- (sf) CCC+ (sf)
GREENSTAR: Bought Out of Receivership by Cerberus
-------------------------------------------------
Peter Flanagan at Independent.ie reports that Cerberus European
Investments, the European arm of Cerberus Capital Management, has
agreed to buy Greenstar.
Cerberus European Investments will complete a deal for Greenstar
before the end of June, Independent.ie discloses.
Greenstar went into receivership last August, Independent.ie
recounts. David Carson of Deloitte had been appointed receiver,
Independent.ie relates.
Cerberus European Investments is a waste management firm based in
Ireland.
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I T A L Y
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* NAPLES: S&P Reinstates 'BB-' Long-Term Issuer Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services reinstated its long-term
issuer credit rating on the Italian City of Naples at 'BB-',
versus the 'BBB-' rating in place at the time of suspension on
June 23, 2011. The outlook is negative.
The rating is mainly constrained by S&P's view of Naples' very
negative liquidity.
Naples' historically weak accounting practices have gradually
eroded its liquidity position. The city has systematically
overspent, and has low collection rates and low payment rates.
The city consequently carries a high amount of payables and a
largely negative fund balance (defined as cash plus receivables
minus payables).
S&P believes Naples' liquidity strains stem from a long track
record of flawed revenue and expenditure management. S&P
consequently continues to assess the city's financial management
as a negative rating factor, despite some recent improvement.
Naples' tax supported debt is high in an international context.
S&P continues to see pressure on its budgetary performance. In
addition, the city's financial flexibility is low, with little
room to increase tax revenues through further tax hikes.
S&P's view of the evolving but sound institutional framework for
Italian cities is the main supporting factor for the rating on
Naples. In Italy, S&P considers that debt service is relatively
protected because it is subject to the debt prioritization
mechanism ("delegazione di pagamento"). This mechanism ensures
that Naples' debt repayments will be scheduled based on a
legally-established payment priority. In addition, the central
government closely monitors troubled local governments.
S&P views positively that city managers have presented a 10-year
restructuring plan in January 2013 to the central government,
aiming to improve Naples' credit profile over time. The plan, if
successful, should improve budgetary performance in accrual terms
and gradually reduce the city's large amount of payables. If the
Italian Court of Auditors ratifies the plan (likely in May 2013),
S&P understands the central government would closely monitor its
implementation.
Naples' financial position deteriorated further in 2012. The
depressed economic prospects and lower transfers from the central
government brought payment rates on the operating side to an
estimated record low of 82% of accrued operating expenditures
(versus 89% in 2011 and 95% in 2010). In addition, Naples
reclassified a large amount of receivables (totaling some 79%
of operating revenues) as doubtful and then wrote them off.
Subsequently, the city reported a year-end 2011 fund balance
deficit of EUR850 million (or 67% of operating revenues).
Taking into account the city's restructuring plan, which aims to
reduce the negative fund balance, S&P assumes under its base-case
scenario for 2013-2014 that Naples will improve revenue
collection, set tax rates and tariffs at the maximum legal
threshold, implement significant cost contention measures on the
operating side; and receive a one-off, 10-year loan of about
EUR265 million from the central government. The plan also calls
for asset disposals, of which S&P believes only a part will
materialize.
In S&P's base case for Naples, it forecasts a deficit after
capital accounts in cash terms at -9% of total revenues in 2013,
versus +1.1% in 2011 and an estimated +6% in 2012. This deficit
factors in S&P's assumption that Naples will pay down a large
amount of operating payables from previous years, increase the
payment rate to 104% of accrued operating expenditures (versus
82% in 2012), and cover its funding needs through the planned 10-
year central government loan. All in all, the city's tax-
supported debt should reach 171% of consolidated operating
revenues at year-end 2014 (versus 150% in 2011).
The negative outlook reflects the one-in-three possibility that
S&P could lower its rating on Naples by up to three notches, if
Naples' liquidity position was to deteriorate further and its
perception of the city's financial management weakened.
This could occur for instance, if:
-- Revenues stemming from asset disposals did not materialize,
or collection rates on own revenues deteriorated instead of
improving, as S&P anticipate in its downside scenario; or
-- Operating payables started increasing again, putting
pressure on liquidity; or
-- The central government delayed, reduced, or cancelled its
planned one-off, 10-year loan of EUR265 million to Naples.
S&P could revise the outlook to stable if the city's liquidity
position did not deteriorate further, as outlined in its base-
case scenario. In particular, if S&P sees dwindling payables.
Currently, S&P sees no upside rating potential.
* ITALY: Fitch Expects Bank Loan Impairment Charges to Stay High
----------------------------------------------------------------
Increases in Italian banks' loan impairment charges are likely to
continue through 2013 because of the weak economy, Fitch Ratings
says. "Our outlook for the sector remains negative as the banks
face another challenging year dominated by economic uncertainty.
We believe the stronger banks should be able to manage the
increase in provisioning through earnings generation despite the
weakened outlook for profits. Banks with weaker pre-impairment
operating income could find covering bad debt charges with
earnings more challenging. Lower valuations for collateral and
longer recovery times have increased expected losses for new
impaired loans, which we think will lead to higher loan
impairment charges," Fitch says.
The Bank of Italy's review of loan portfolios led to significant
increases in impaired loans coverage at some banks. The
strengthening of loan impairment allowances is positive. The
average coverage of impaired loans ("sofferenze" and "incagli")
with specific allowances remained broadly stable at about 40% for
the five biggest banks but increased to 42% from 35% for the
medium-sized regional banks we rate where detailed results have
been published.
Higher impairment allowances should provide better safeguards
against further deterioration in the operating environment. But
coverage is still moderate by international standards. A high
proportion of lending in Italy, including loans to SMEs, is
secured on property or benefits from personal guarantees.
However, longer recovery times expose banks to drops in
collateral value. For example, commercial property prices are
more vulnerable in a deep recession as transaction volumes are
low, despite there being no property bubble.
"Gross doubtful loans reached EUR125bn at end-2012, increasing by
almost 17% during the year, according to the Bank of Italy data.
We believe the inflow of new impaired loans is unlikely to slow
until the domestic economy recovers. Italian GDP contracted by
2.2% in 2012 and we expect it to decline by 1.8% in 2013," Fitch
says.
"We expect the Italian economy to start recovering in H213, which
should gradually reduce the inflow of new impaired loans. But any
delay to Italy's economic recovery will weaken prospects for the
banks' asset quality and profitability, and be negative for their
credit profiles.
"The capitalization of many Italian banks we rate has improved
despite weak earnings, as they continue to delever and reduce
risk-weighted assets. We believe that it will be important for
the Italian banks to maintain sound capital buffers to boost
their resilience to the difficult operating environment. Failure
to do so would put the ratings under pressure."
===================
K A Z A K H S T A N
===================
EASTCOMTRANS LLP: Fitch Assigns 'B(EXP)' Rating to Sec. Eurobond
----------------------------------------------------------------
Fitch Ratings has assigned Kazakhstan-based Eastcomtrans LLP's
expected secured Eurobond 'B(EXP)' rating and Recovery Rating of
'RR4'. The issue's final rating is contingent upon the receipt of
final documentation conforming materially to information already
received.
The proceeds from the issue will be used to refinance ECT's
existing bilateral loans and to purchase new fleet. Terms of the
issue include a change of control clause and financial covenants
including (i) the consolidated leverage ratio will not exceed 4x
(3.2x at end-2012); (ii) the consolidated interest coverage ratio
will exceed 2.5x (3.8x at end-2012); and (iii) the notes'
collateral coverage should exceed 130%.
The notes will be secured with a pool of rail wagons owned by ECT
and leased out to its clients. The final rating will depend on
ECT's ability to provide sufficient collateral, considering new
wagons acquisition and the expected release of pledged wagons
upon repayment of existing bank loans.
KEY RATING DRIVERS
The issue's ratings correspond to ECT's Long-term local currency
Issuer Default Rating (IDR). This in turn is constrained by risks
from rapid growth, a concentrated franchise with high, albeit
declining, dependence on a single client, lumpy funding and
corporate governance that is weak by international standards. On
the positive side, the IDR reflects ECT's sound performance,
comfortable liquidity, strong position in the Kazakh market of
rolling stock lease and business prospects stemming from
increasing domestic oil and gas production (76% of ECT's fleet
are oil tanks and LPG wagons; for more details see the Full
Rating Report on Eastcomtrans LLP).
Fitch does not give uplift to the rating of the issue over the
company's rating because the performance of the notes is closely
linked to the company's performance (there is no mechanism
allowing for the underlying secured assets and respective cash
flows to be segregated from the rest of the company's assets and
cash flows prior to potential default) and due to the company's
high encumbrance of assets (92% at end-2012), as essentially all
of the company's obligations are secured.
Also, although the issue of the notes is governed by English law,
it may be difficult for the trustee (the security interests will
be granted to the trustee rather than directly to the
noteholders) to enforce the security, which is physically located
in Kazakhstan. Due to uncertainties over the ability of creditors
to enforce their rights, a 'soft cap' of 'RR4' exists on
instrument ratings of issuers from Kazakhstan, in common with
most other emerging markets.
RATING SENSITIVITIES
A further decrease in dependence on the single largest client and
the extension of average contract terms, as well as a more
diversified funding and stronger capitalization could lead to an
upgrade of ECT and hence of the issue. A large and unexpected
decline in utilization and lease rates, or a speculative
acquisition of fleet leading to weaker credit metrics would be
rating negative. The Recovery and issue ratings may also be
downgraded if there is a substantial fall in rail wagon prices
leading to a breach of covenants and potential acceleration of
the issue and other debt reducing recovery prospects for the
creditors. ECT has limited capacity to top-up collateral because
of the high encumbrance.
ECT was incorporated in 2002 and is domiciled in Kazakhstan. Its
principal business activity is operating leases of rail wagons.
After rapid growth of its fleet (to 9,782 wagons at end-2012) ECT
owns about 8%-10% of the total fleet or 19% of Kazakhstan's
private fleet and is the leading private fleet owner.
ECT's ratings are as follows:
Long-term foreign and local currency IDRs: 'B'; Stable Outlook
National Long-term Rating: 'BB(kaz)'; Stable Outlook
=====================
N E T H E R L A N D S
=====================
CEVA GROUP: S&P Cuts Long-Term Corporate Credit Rating to 'SD'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on Netherlands-based integrated
logistics services provider CEVA Group PLC (CEVA) to 'SD'
(selective default) from 'B-'.
At the same time, S&P lowered to 'D' (default) from 'CCC+' its
issue ratings on the company's junior-priority senior secured
notes due 2018 and senior unsecured notes due 2020. The recovery
rating on these debt instruments remains unchanged at '5',
indicating S&P's expectation of modest (10%-30%) recovery in the
event of a payment default.
In addition, S&P lowered its issue rating on CEVA's first-lien
senior secured debt to 'CC' from 'B-'. The recovery rating on
this debt remains unchanged at '3', indicating S&P's expectation
of meaningful (50%-70%) recovery prospects in the event of
payment default.
Finally, S&P lowered its issue rating on CEVA's other senior
unsecured notes and 1.5-lien secured notes to 'C' from 'CCC+'.
The recovery rating on these notes is unchanged at '5',
indicating S&P's expectation of modest (10%-30%) recovery
prospects in the event of a payment default.
The downgrades reflect S&P's understanding that CEVA has missed
its scheduled interest payment due April 1, 2013, on its
EUR532 million outstanding 11.5% junior-priority senior secured
notes due 2018 and EUR470 million outstanding 12.75% senior
unsecured notes due 2020. CEVA has failed to pay one or more of
its financial obligations in full when it was due, and under
S&P's criteria it considers this to be tantamount to a default.
The downgrades of CEVA's first-lien senior secured and unsecured
debt instruments and its 1.5-lien secured notes reflect S&P's
view that the company is likely to complete distressed exchange
offers. CEVA has announced that it has reached an agreement with
its largest bondholders to restructure its balance sheet and
raise new capital. S&P understands that CEVA has commenced
private exchange offers and consent solicitation for certain
outstanding debt securities in connection with the restructuring
plan.
S&P considers an exchange offer as distressed and tantamount to a
default if it believes that the investors will receive less value
than the promise of the original securities. In S&P's opinion,
CEVA's noteholders could accept the exchange offers because of
the perceived risk that the company may not fulfill its original
obligations. In S&P's view, an offer is distressed rather than
opportunistic when there is a real possibility of a conventional
default over the short term. S&P sees a risk that CEVA could
file for bankruptcy if it does not receive the necessary consent
to implement the refinancing plan.
S&P's opinion that the exchanges are distressed would have caused
it to lower the corporate credit rating on CEVA to 'CC' had the
payment default not occurred.
All S&P's recovery ratings on CEVA's debt facilities are
unchanged. S&P will revise its recovery analysis when it has
more certainty about the closing and conditions of the
restructuring.
DRYDEN XXVII: S&P Assigns 'BB+' Rating to Class E Notes
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to Dryden XXVII Euro CLO 2013 B.V.'s EUR249
million fixed- and floating-rate class A-1A, A-1B, B, C, D, and E
notes. At closing, Dryden XXVII Euro CLO 2013 will also issue an
unrated subordinated class of notes.
S&P's preliminary ratings reflect its assessment of the credit
quality of the preliminary collateral portfolio. The portfolio
at closing is expected to be diversified, primarily comprising
broadly syndicated speculative-grade senior secured term loans
and senior secured bonds.
S&P's ratings also reflect the credit enhancement available to
the rated notes through the subordination of cash flows payable
to the subordinated notes. S&P subjected the preliminary capital
structure to a cash flow analysis to determine the break-even
default rate for each rated class of notes.
In S&P's analysis, it used the target par amount, the covenanted
weighted-average spread, the covenanted weighted-average coupon,
and the covenanted weighted-average recovery rates. S&P applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.
Under the transaction documents, if the concentration of the pool
comprising assets paying a fixed rate of interest is between 20%
and 40%, no additional hedging is required. S&P modeled the mix
of fixed- and floating-rate assets at the maximum and minimum
levels under the transaction documents. S&P also biased defaults
toward fixed-rate assets during low interest-rate environments
and toward floating-rate assets during high interest-rate
environments.
The ratings assigned to the notes are commensurate with S&P's
assessment of available credit enhancement following its credit
and cash flow analysis. S&P's analysis shows that the credit
enhancement available to each rated class of notes was sufficient
to withstand the defaults applicable under the supplemental tests
(not counting excess spread) outlined in S&P's corporate
collateralized debt obligation (CDO) criteria.
In S&P's analysis, it considered that the transaction documents'
replacement and remedy mechanisms adequately mitigate the
transaction's exposure to counterparty risk under S&P's 2012
counterparty criteria.
Following the application of S&P's criteria for nonsovereign
ratings that exceed eurozone (European Economic and Monetary
Union) sovereign ratings, it considers the transaction's exposure
to country risk to be sufficiently mitigated at the assigned
rating levels as the concentration of the pool comprising of
assets in countries rated lower than 'A-' is limited to 10% of
the aggregate collateral balance.
The transaction's legal structure is expected to be bankruptcy-
remote, in accordance with S&P's "European Legal Criteria For
Structured Finance Transactions," published on Aug. 28, 2008.
Dryden XXVII Euro CLO 2013 is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds issued by European borrowers. Pramerica Investment
Management Ltd. acts as collateral manager.
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 Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com/1448.pdf
RATINGS LIST
Dryden XXVII Euro CLO 2013 B.V.
EUR249 Million Fixed- and Floating-Rate Notes
Class Prelim. Prelim.
rating amount
(mil. EUR)
A-1A AAA (sf) 90.00
A-1B AAA (sf) 79.50
B AA (sf) 31.00
C A (sf) 18.00
D BBB (sf) 13.00
E BB+ (sf) 17.50
Subordinated NR 51.00
NR--Not rated.
STORM 2013-II: Fitch Assigns 'BB' Ratings to Two Note Classes
-------------------------------------------------------------
Fitch Ratings has assigned Storm 2013-II B.V.'s EUR752.2 million
notes expected ratings, as follows:
EUR150m Class A1 floating-rate notes: 'AAAsf(EXP)'; Outlook
Stable
EUR550m Class A2 floating-rate notes: 'AAAsf(EXP)'; Outlook
Stable
EUR17.1m Class B floating-rate notes: 'AA-sf(EXP)'; Outlook
Stable
EUR13.1m Class C floating-rate notes: 'BBB+sf(EXP)'; Outlook
Stable
EUR14.5m Class D floating-rate notes: 'BBsf(EXP); Outlook Stable
EUR7.5m Class E floating-rate notes: 'BBsf(EXP)'; Outlook Stable
Credit enhancement for the class A notes is 7% and is provided by
subordination (6%) and a non-amortizing reserve fund of 1%, which
will be fully funded at closing.
KEY RATING DRIVERS
Concentrated Counterparty Exposure:
This transaction relies strongly on the creditworthiness of
Rabobank, which fulfills a number of roles, including collection
account provider, issuer account provider, cash advance facility
provider and commingling guarantor. In addition, it acts as back-
up swap counterparty.
Robust Performance:
Both the STORM series as well as Obvion's loan book have shown
stable performance in terms of arrears and losses. The 90+ days
arrears of the previous Fitch-rated transactions have been mostly
lower than the Dutch Index throughout the life of the deals.
NHG Loans:
The portfolio comprises 30.0% of loans that benefit from the
national mortgage guarantee scheme (Nationale Hypotheek Garantie;
NHG). The ratings incorporate benefit given to the NHG feature
although there was no credit for foreclosure frequency due to
lack of data.
Standard Portfolio Characteristics:
The 47-month seasoned portfolio consists of prime residential
mortgage loans with a weighted-average (WA) original loan-to-
market-value of 88% and a WA debt-to-income ratio of 31%, both of
which are typical for Fitch-rated Dutch RMBS transactions.
Commingling Risk Mitigated:
The notification trigger is set below 'A'. However, Fitch did not
consider the risk of a loss of funds due to commingling or
disruption of payments in the cash flow analysis. This is because
Fitch considers this risk is mitigated by a commingling guarantee
provided by Rabobank.
RATING SENSITIVITIES
Material increases in the frequency of defaults and loss severity
on defaulted receivables could produce loss levels higher than
Fitch's expectations, which in turn may result in potential
rating actions on the notes. If the agency stressed its 'AAA'
assumptions by 30% for both weighted average foreclosure
frequency and recovery rate, would possibly result in a downgrade
of the class A notes to 'A-sf(EXP)'.
More detailed model implied ratings sensitivity can be found in
the new issue report, which will shortly be available at
www.fitchratings.com.
For its ratings analysis, Fitch received a data template with all
fields fully completed. Fitch reviewed the results of an agreed-
upon procedures report (AUP) conducted on the portfolio. The AUP
contained no material errors which would affect Fitch's ratings
analysis.
To analyse the CE levels, Fitch evaluated the collateral using
its default model, details of which can be found in the reports
entitled 'EMEA Residential Mortgage Loss Criteria', dated June
2012, 'EMEA RMBS Criteria Addendum - Netherlands' and 'EMEA RMBS
Criteria Addendum - Netherlands - NHG-Backed', both dated June
2012, at www.fitchratings.com. The agency assessed the
transaction cash flows using default and loss severity
assumptions under various structural stresses including
prepayment speeds and interest rate scenarios. The cash flow
tests showed that each class of notes could withstand loan losses
at a level corresponding to the related stress scenario without
incurring any principal loss or interest shortfall and can retire
principal by the legal final maturity.
A comparison of the transaction's Representations, Warranties &
Enforcement Mechanisms (RW&Es) to those of typical RW&Es for that
asset class is available by accessing the appendix that
accompanies the new issue report.
===========
P O L A N D
===========
POLIMEX-MOSTOSTAL: Creditors Mum on Restructuring After Default
---------------------------------------------------------------
Polska Agencja Prasowa reports that Polimex-Mostostal has seen no
signs of any of its creditors wishing to terminate the
restructuring agreement after the company failed to raise PLN250
million via share issue on March 31.
"No creditors addressed us with the intention to terminate the
restructuring agreement," company spokesperson Pawel Szymaniak
told PAP. "We have already received the consent from most of
creditors to change the deadline for share issue, we expect that
the following ones will agree to it so that the decision
becomes binding."
As reported by the Troubled Company Reporter-Europe on April 4,
2013, PAP related that Polimex said so far, the company raised
around PLN200 million from the issue of N1-series shares.
Polimex motioned for the extension of the deadline for reaching
the PLN250 million threshold to May 31, 2013, and for now secured
consent of the majority of the creditors, PAP disclosed. The
filing stated that the most important consequence of the breach
is that the contract can be terminated by creditors whose
receivables amount to at least 66 and two thirds percent of total
exposure of all creditors being party to the agreement, PAP
noted. In line with the standstill agreement annex signed in
late September, Polimex was to raise some PLN250 million from a
share issue addressed to bondholders, some PLN235 million from a
share issue addressed to select investors as well as at least
PLN330 million from asset disposal, according to PAP.
Polimex-Mostostal is an engineering and construction company that
has been on the market since 1945. The Company is distinguished
by a wide range of services provided on general contractorship
basis for the chemical as well as refinery and petrochemical
industries, power engineering, environmental protection,
industrial and general construction. The Company also operates
in the field of road and railway construction as well as
municipal infrastructure. Polimex-Mostostal is the largest
manufacturer and exporter of steel products, including platform
gratings, in Poland.
===============
P O R T U G A L
===============
* PORTUGAL: To Carry Out More Spending Cuts Amid Aid Plan Review
----------------------------------------------------------------
Joao Lima and Anabela Reis at Bloomberg News report that Portugal
will carry out more spending cuts this year and ruled out further
tax increases after the Constitutional Court blocked a plan to
suspend a monthly salary payment to state workers and pensioners.
"I will give instructions to the ministries to proceed with the
necessary reductions in operating expenses to compensate for what
was blocked by the Constitutional Court's ruling," Bloomberg
quotes Prime Minister Pedro Passos Coelho as saying in Lisbon on
Sunday. "The government does not accept more tax increases,
which seems to be the solution that the Constitutional Court
favors in its interpretation."
Mr. Passos Coelho is battling rising joblessness and lower demand
from European trading partners as he cuts spending and raises
taxes to meet the terms of the country's EUR78 billion (US$101
billion) aid plan from the European Union and the International
Monetary Fund, Bloomberg discloses. The government on March 15
announced wider deficit targets as it forecast the economy will
shrink twice as much as previously estimated this year, Bloomberg
relates.
Mr. Passos Coelho, as cited by Bloomberg, said that the
Constitutional Court's ruling delays completion of the seventh
review of the aid plan, and the corresponding disbursement of
EUR2 billion won't be paid until that review is concluded.
According to Bloomberg, the prime minister said he'll have to
provide explanations to the troika of officials representing the
European Commission, European Central Bank and International
Monetary Fund.
Mr. Passos Coelho said that the court's decision also puts
Portugal in a "more fragile" position in talks with its
international partners about extending the maturities of its aid
loans, Bloomberg notes.
"The government is committed to all the goals of the aid
program," Bloomberg quotes Mr. Passos Coelho as saying. "We will
have to do everything to avoid a second rescue."
The Brussels-based commission said "determined implementation" of
the austerity program "is a precondition for a decision on the
lengthening of the maturities of the financial assistance to
Portugal," Bloomberg quotes a statement late on Sunday as saying.
"Any departure from the program's objectives, or their re-
negotiation, would in fact neutralize the efforts already made
and achieved by the Portuguese citizens."
According to Bloomberg, the government has also said it plans to
cut spending by about EUR4 billion in the three years through
2015. The prime minister said on Sunday that reductions will
come from spending on social security, health, education and
state-owned companies this year, Bloomberg notes.
Bloomberg relates that Mr. Passos Coelho said Portugal will
"accelerate" the restructuring of the state.
===========
R U S S I A
===========
METALLOINVEST: S&P Affirms 'BB-' Corp. Rating; Outlook Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'BB-' long-term corporate credit rating on Russian steel and iron
ore producer JSC Holding Company Metalloinvest (Metalloinvest).
The outlook remains positive.
At the same time, S&P assigned its 'BB-' issue rating to the
proposed notes to be issued by Metalloinvest's indirect wholly
owned subsidiary Metalloinvest Finance Ltd. in the coming weeks.
The recovery rating on this debt instrument is '4', indicating
S&P's expectation of average (30%-50%) recovery prospects in the
event of a payment default.
The affirmation follows Metalloinvest's publication of its 2012
financial results. Although Metalloinvest's Standard & Poor's-
adjusted debt-to-EBITDA ratio of 2.8x is in line with the current
rating, it is higher than S&P's previous forecast. However, the
company has committed to deleverage in 2013 and 2014.
Metalloinvest's 2012 credit metrics were weaker than S&P's
guidelines for the 'BB' rating, with adjusted debt to EBITDA of
2.8x. However, S&P understands that the deviation from its
previous forecast in June 2012, when it revised the outlook on
Metalloinvest to positive from stable, reflects US$2.5 billion
and US$0.5 billion share buybacks from VTB Bank at end-2012,
combined with less favorable iron ore prices in the second half
of 2012.
In S&P's base-case scenario, it projects EBITDA of US$2.2 billion
in 2013, compared with US$2.6 billion in 2012. This projection
includes the following assumptions:
-- Iron ore prices of $120 per ton for the rest of 2013,
compared with $128 per ton in 2012.
-- Stable iron ore production of about 40 million metric tons
per year.
-- A gradual increase of the domestic sales over export sales.
-- An increase in the company's unit cash cost of about 10% at
flat foreign exchange rates.
These assumptions translate into adjusted debt to EBITDA of 2.5x-
3.0x in 2013, which is in line with the current 'BB-' rating, but
above the threshold of 2.0x-2.5x that S&P sees as commensurate
with the higher 'BB' rating. At the same time, S&P believes that
the company may be able to deleverage more quickly than its base
case because of its strong free operating cash flow, modest
dividends, and currently higher spot prices than S&P's price
deck.
There is a one-in-three probability of S&P upgrading
Metalloinvest to 'BB' in the next 12 months. An upgrade is
contingent on the company's willingness and capacity to adopt
sufficiently conservative financial strategies and improve
adjusted debt to EBITDA to a maximum of 2.5x in 2013 under S&P's
pricing scenario of US$120 per ton of iron ore in 2013. If S&P
excluded the value of Metalloinvest's stake in Norilsk Nickel
from debt, it would calculate a ratio of closer to 2.0x. Rating
upside could derive support from spot iron ore prices remaining
higher than S&P's price deck, and management's commitment to use
free cash flow to reduce debt.
Because Metalloinvest's year-end 2012 debt was higher than S&P
anticipated, it could revise the outlook to stable should it
perceive a reduction in the company's commitment to deleverage.
This could occur if the price of iron ore dropped to less than
$120 per metric ton for an extended period, if the company
entered into material shareholder transactions involving cash
outflows, or if it distributed dividends of more than $400
million in 2013.
S&P's guideline for adjusted debt to EBITDA at the 'BB-' rating
level is 2.5x-3.0x, excluding Metalloinvest's stake in Norilsk
Nickel.
METALLOINVEST: Fitch Affirms 'BB-' IDR; Outlook Positive
--------------------------------------------------------
Fitch Ratings has revised the Outlook on Russia-based JSC Holding
Company Metalloinvest's Long-term Issuer Default Rating (IDR) to
Positive from Stable and affirmed it at 'BB-'. The agency has
simultaneously assigned Metalloinvest Finance Limited's proposed
issue of guaranteed notes an expected foreign currency senior
unsecured rating of 'BB-(EXP)'.
The Positive Outlook reflects Fitch's expectations that the
company will start deleveraging from 2013 onwards, supported by
the historically strong operational profile translating into
positive free cash flow through the cycle. The Outlook also
incorporates the improved clarity on the remaining issues
including the minority stake in Norilsk Nickel (NN,
'BB+'/Stable), investments in Udokan copper project and the share
buyback.
The notes' final rating is contingent on the receipt of final
documentation conforming to information already received and
further details regarding the amount and tenor.
KEY RATING DRIVERS:
Metalloinvest's Guaranteed Notes
Metalloinvest Finance Limited (the issuer), the issuer of the
guaranteed notes, is an Ireland-based private limited liability
company established for the purpose of issuing debt securities
for Metalloinvest group of companies only. The notes have
unconditional and irrevocable guarantees from JSC Holding Company
Metalloinvest and the three major operating companies of the
group (together the guarantors). The guarantees will constitute
the unsecured and unsubordinated obligation of the relevant
guarantors and will rank pari passu with all existing and future
unsecured and unsubordinated obligations of the issuer and the
guarantors.
The Notes' Structure
Fitch rates the notes as senior unsecured obligation of
Metalloinvest by virtue of senior unsecured guarantees from
entities constituting more than 80% of group's EBITDA. The notes'
guarantee structure is similar to the outstanding USD0.7bn five-
year Eurobonds, and the notes include the financial covenant of
net debt to EBITDA not exceeding 3.5:1. The company states it
will use most of the notes proceeds for the prepayment of 2014
debt maturities.
2012 in Line With Base Case
Despite a drop of 17% in Metalloinvest's top line in 2012, its
US$2.6 billion EBITDAR slightly outperformed US$2.5 billion
expected under Fitch's base case. The top line decrease was due
to a price decrease across the product portfolio coupled with
modest sales volumes contraction in the steel segment. The
EBITDAR margin declined to 32% from 38%, reflecting the price
decrease and cost inflation, mitigated by the issuer's cost-
savings initiatives.
Share Buyback in Late 2012
As a result of a series of transaction between the company and
its shareholders, the company bought 24% of its shares for US$3
billion in December 2012 and Russian bank VTB ('BBB'/Stable)
ceased holding its 20% stake in the company, as Fitch expected in
mid-2012. Other shareholders are the same, and Fitch expects no
changes in the company's strategy as a result of VTB's exit. The
agency notes that the issuer could potentially use its 24% share
for the prospective IPO in the medium term, but conservatively
does not forecast it under its base case.
Minority Stake in Norilsk Nickel
Fitch continues to doubt the economic rationale behind the
issuer's US$2 billion debt-financed acquisition of minority stake
in Russian nickel monopolist NN two years ago. However, in late
2012, NN's shareholders agreed upon 2013-2015 dividends of US$8
billion or above. As a result, Metalloinvest will benefit up to
US$150 million per annum cash proceeds in 2013-2015 which covers
funding costs for these years.
Free Cash Flow Margin Positive
Fitch expects single-digit price reduction in iron ore products
in the short term. Partly offset by increasing revenue share of
higher value-added pellets and HBI, this will lead to 5% top line
decrease in 2013 and broadly flat dynamics afterwards. Coupled
with cost inflation, this results in EBITDAR margin deteriorating
although it will remain above 25%. Fitch expects FFO at US$1.5
billion to US$1.7 billion until 2015, which covers the issuer's
reasonable capex needs and dividend outflow and results in
positive free cash flow (FCF) margin.
Leverage Peak at 2012
Despite US$1 billion positive FCF in 2012 and US$0.6 billion cash
proceeds from the sale of transportation company, the issuer's
net debt position grew by US$1.3 billion to US$6.3 billion at
end-2012. This was due to a US$3 billion distribution to its
shareholders in the form of a 24% treasury share buyback in 2012.
Fitch's expected positive FCF margin will allow deleveraging from
FFO adjusted leverage of 3.0x at end-2012 to below 2.5x by end-
2014.
Liquidity Remains Robust
Liquidity position at FYE12 was robust, with short-term debt of
US$0.4 billion representing only 5% of total debt, fully covered
by US$468 million cash and equivalents. In Q113, Metalloinvest
prepaid US$573 million of debt ahead of schedule using the
operational cash flows and the RUB10 billion bonds proceeds in
February 2013.
Udokan Project Not the Base Case
Metalloinvest is considering different options with regards to
the Udokan copper project including full or partial spin-off
after the feasibility study being completed by early 2014. Fitch
does not expect Metalloinvest to invest sizeable amounts into the
Udokan copper project under its base case but notes that the
company's intense investments in the project beyond 2014 will
shatter its deleveraging path and worsen its financial profile.
RATING SENSITIVITIES
Positive: Future developments that could lead to positive rating
actions include:
- Deleveraging resulting in FFO adjusted leverage sustainably
below 2.5x.
Negative: Future developments that could lead to negative rating
action include:
- EBITDAR margin sustainably below 25%.
- Shareholder-friendly actions detrimental to creditors or
significant investments in Udokan project leading to FFO
adjusted leverage sustainably above 3.0x.
The rating actions are as follows:
Long-term foreign currency IDR: affirmed at 'BB-'; Outlook
revised to Positive from Stable
Senior unsecured foreign currency rating: affirmed at 'BB-'
Long-term local currency IDR: affirmed at 'BB-'; Outlook revised
to Positive from Stable
National Long-term rating: affirmed at 'A+(rus)'; Outlook
revised
to Positive from Stable
===============
S L O V E N I A
===============
NOVA LJUBLJANSKA: Fitch Cuts Long-Term IDR to 'BB-'; Outlook Neg.
-----------------------------------------------------------------
Fitch Ratings has downgraded Nova Ljubljanska Banka d.d. (NLB),
Nova Kreditna Banka Maribor d.d. (NKBM), Banka Celje d.d. (BC),
Gorenjska Banka (GB) and Probanka d.d.'s Long-term Issuer Default
Ratings (IDRs). The agency has also affirmed Abanka Vipa d.d. and
Banka Koper (BK)'s IDRs. The Outlooks on each of the banks' Long-
term IDRs is Negative. The agency has also downgraded each of the
banks' Viability Ratings (VRs), with the exception of BK. A full
list of rating actions is at the end of this commentary.
Fitch has simultaneously withdrawn GB's ratings, as the bank has
chosen to stop participating in the rating process. Fitch has
determined that GB's public disclosures are not sufficient to
allow Fitch to maintain the ratings. Accordingly, Fitch will no
longer provide ratings or analytical coverage for GB.
KEY RATING DRIVERS: NLB AND NKBM'S SUPPORT RATINGS, SUPPORT
RATING FLOORS AND IDRS
The downgrade of NLB's and NKBM's Support Ratings (SRs) and
Support Rating Floors (SRFs), and hence their Long-term IDRs to
'BB-' from 'BBB-', reflects continuing delays in the
crystallization and implementation of a clear and decisive
solution for the problems in the Slovenian banking sector as a
whole, and at NLB and NKBM in particular. This was cited as a
rating driver when the banks' ratings were last reviewed in
August 2012. Since then, a solution has become more pressing
because of further deterioration in asset quality at NLB and NKBM
and across the broader sector, and the continuing poor economic
outlook for the country.
Nevertheless, Fitch's base case expectation remains that
sovereign support for NLB and NKBM will ultimately be
forthcoming, and that the resolution of the two banks will not
involve losses for senior creditors. This view is based primarily
on the affordability of support for the sovereign (Fitch's base
case expectation is that the two banks will require around EUR1.6
billion of new capital, equal to 4.5% of 2013F GDP), the track
record of incremental capital support for the two banks during
2011-Q113, and the agency's understanding that a bail in of
senior creditors is currently not on the agenda of the Slovenian
authorities. The ratings also take account of the banks' systemic
importance and majority state ownership.
Fitch's base case recapitalization estimates assumes (i) that the
non-performing loans (NPLs) ratio at each bank will peak at a
level roughly half-way between the NPL ratio and total impaired
loans ratio (categories C, D and E under the local regulatory
classification) reported at end-2012; (ii) creation of total loan
impairment reserves (including those on performing loans) equal
to 80% of peak NPLs; and (iii) restoration of the Fitch Core
Capital ratio to 10%.
KEY RATING DRIVERS: ABANKA'S IDRS, SRF AND SR
The affirmation of Abanka's SR and SRF, and hence also its 'B-'
Long-term IDR, reflects Fitch's view that support from the
Slovenian authorities remains possible, although this cannot be
relied upon. The agency's view of possible support takes into
account Abanka's systemic importance as the third largest bank in
the country (an 8% market share by total assets). At the same
time, there is no majority state ownership at Abanka and there
has been no government capital support to date and this, along
with its smaller size, drives the bank's lower SR and SRF
compared with majority state-owned NLB and NKBM.
Abanka has so far unsuccessfully tried to raise capital from
private sources and, in the agency's view, the currently planned
EUR90 million equity issue will not by itself be sufficient to
fully restore the bank's solvency. Fitch's base case expectation
is that Abanka needs about EUR0.4 billion of new capital,
bringing the total requirement for the three largest banks to
about EUR2 billion, or 5.8% of 2013F GDP.
RATING SENSITIVITIES: NLB, NKBM AND ABANKA'S IDRS, SRF AND SR
The Outlooks on the three banks' Long-term IDRs are Negative,
reflecting Fitch's view that the balance of risks remains on the
downside. In particular, the ratings could be downgraded further
if (i) the banks' recapitalization needs prove to be
substantially greater than currently anticipated, making a rescue
significantly more onerous for the sovereign balance sheet; (ii)
a lack of political consensus or other factors result in further,
prolonged delays in the formulation and implementation of a
recapitalization plan; or (iii) there is any clear indication
from the Slovenian authorities that the resolution of the banks
could involve the participation of senior creditors.
Tangible progress with recapitalization measures sufficient to
restore the banks' solvency could help to stabilize the ratings
at their current levels. In the case of Abanka, such measures
could result in an upgrade of the Long-term IDR from its current
low level.
KEY RATING DRIVERS: VRS OF ALL BANKS
The downgrades of NLB, NKBM, Abanka, BC, GB and Probanka's VRs
reflect varying degrees of further deterioration in the banks'
standalone profiles, mostly due to continued growth in NPLs, weak
performance and resulting pressure on already tight capital
positions. The downgrades of Abanka and Probanka's VRs to 'cc',
and of NLB and NKBM's to 'ccc', reflect their particularly acute
capital needs and weak performance. Abanka's and Probanka's VRs
are also negatively impacted by their tighter liquidity and
greater refinancing risk.
The affirmation of BK's 'bb' VR reflects the bank's considerably
stronger standalone position compared with other Slovenian banks,
based on its adequate capitalization, only moderate asset quality
problems and comfortable funding and liquidity positions. Fitch
also regards the bank's risk management framework, credit
underwriting and corporate governance as superior to peers,
reflecting the influence of BK's owner, Intesa Sanpaolo
('BBB+'/Negative).
Fitch expects the performance of Slovenian banks to remain at
best weak in 2013, driven mainly by further loan impairment. All
rated banks (with the exception of BK) were loss making in 2012,
and further losses are likely in 2013. Pre-impairment performance
is also set to remain under pressure from moderate interest rate
spreads and the high levels of non-cash generating assets. In
view of negative internal capital generation, capital ratios are
likely to deteriorate further if these do not benefit from
external support.
Credit risk remains high at the banks, predominantly in corporate
portfolios, notably due to exposures to the highly leveraged real
estate/construction sector and holding companies, and low levels
of reserve coverage of NPLs. In addition, further deterioration
in the operating environment could result in a worsening of asset
quality of currently performing exposures. Significant single-
name borrower concentrations heighten these risks.
The liquidity positions of the banks generally remain quite
comfortable in light of their manageable refinancing needs in
2013 and 2014 and to date stable deposit bases. However,
refinancing risk at Abanka and Probanka is heightened due to
their modest liquidity buffers and material amounts of wholesale
funding falling due in 2013. Banks' loan/deposit ratios also
remain high, which reflects their substantial wholesale funding,
albeit this is provided mostly by the Slovene Export and
Development Bank and the ECB.
RATING SENSITIVITIES: VRS OF ALL BANKS
The VRs of NLB, NKBM, Abanka, BC and Probanka could be downgraded
further should additional recognition of credit losses result in
a further marked deterioration in capitalization, or if a sharp
tightening of liquidity threatens the banks' ability to service
their near-term obligations. The VRs could be downgraded to 'f',
indicating that the banks have failed, if the banks default or,
in Fitch's view, have required external support in order to avoid
default.
Conversely, decisive measures to strengthen the banks'
capitalization could ultimately result in upgrades of VRs.
BK's VR could be downgraded if the ongoing contraction of the
economy results in a weakening of asset quality and capital. An
upgrade of the VR is unlikely in the foreseeable future.
KEY RATING DRIVERS AND SENSITIVITIES: BC, GB AND PROBANKA'S IDRS,
SRs and SRFs
The downgrades of GB, BC and Probanka's Long-term IDRs to 'B',
'B-' and 'CC', respectively, reflect the downgrades of the banks'
VRs. The affirmations of the SRs at '5' and the SRFs at 'No
Floor' reflect Fitch's view that support from the Slovenian
authorities cannot be relied upon given the banks' private
ownership and moderate market shares, and the absence to date of
any government initiatives to inject capital into non-state-owned
banks.
BC's and Probanka's Long-term IDRs could be downgraded further in
the case of downgrades of their VRs.
KEY RATING DRIVERS: HYBRID CAPITAL INSTRUMENTS OF ABANKA AND NKBM
The hybrid capital instruments were downgraded to the lowest
rating level of 'C' due to Fitch's expectation of their poor
recovery prospects and the downward revision of both banks' VRs.
KEY RATING DRIVERS AND SENSITIVITIES: BK'S IDRS AND SR
The affirmation of BK's Long-term IDR at 'BBB' and SR at '2'
reflects Fitch's view that Intesa will continue to have a strong
propensity to support its subsidiaries in the Central and Eastern
Europe (CEE) region, notwithstanding its primary focus on the
Italian market.
The Negative Outlooks on BK's Long-term IDR mirrors that on
Intesa. The Long-term IDR could be downgraded if the parent is
downgraded, or if there is evidence of a reduced commitment on
the part of Intesa to the CEE region.
The rating actions are as follows:
NLB
Long-term foreign currency IDR: downgraded to 'BB-' from 'BBB-',
Negative Outlook
Short-term foreign currency IDR: downgraded to 'B' from 'F3'
Support Rating: downgraded to '3' from '2'
Support Rating Floor: revised to 'BB-' from 'BBB-'
Viability Rating: downgraded to 'ccc' from 'b-'
NKBM
Long-term foreign currency IDR: downgraded to 'BB-' from 'BBB-',
Negative Outlook
Short-term foreign currency IDR: downgraded to 'B' from 'F3'
Support Rating: downgraded to '3' from '2'
Support Rating Floor: revised to 'BB-' from 'BBB-'
Viability Rating: downgraded to 'ccc' from 'b-'
Hybrid capital instrument: downgraded to 'C' from 'CC'
Abanka
Long-term foreign currency IDR: affirmed at 'B-', Negative
Outlook
Short-term foreign currency IDR: affirmed at 'B'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'B-'
Viability Rating: downgraded to 'cc' from 'b-'
Hybrid capital instrument: downgraded to 'C' from 'CC'
Probanka
Long-term foreign currency IDR: downgraded to 'CC' from 'CCC'
Short-term foreign currency IDR: affirmed at 'C'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'NF'
Viability Rating: downgraded to 'cc' from 'ccc'
Banka Celje
Long-term foreign currency IDR: downgraded to 'B-' from 'B+',
Negative Outlook
Short-term foreign currency IDR: affirmed at 'B'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed with 'NF'
Viability Rating: downgraded to 'b-' from 'b+'
Gorenjska Banka
Long-term foreign currency IDR: downgraded to 'B' from 'BB-',
Negative Outlook, withdrawn
Short-term foreign currency IDR: affirmed at 'B', withdrawn
Support Rating: affirmed at '5', withdrawn
Support Rating Floor: affirmed at 'NF', withdrawn
Viability Rating: downgraded to 'b' from 'bb-', withdrawn
Koper
Long-term foreign currency IDR: affirmed at 'BBB', Negative
Outlook
Short-term foreign currency IDR: affirmed at 'F3'
Support Rating: affirmed at '2'
Viability Rating: affirmed at 'bb'
* SLOVENIA: Creditworthiness Plunges Amid Banking Crisis Fears
--------------------------------------------------------------
Abigail Moses and Boris Cerni at Bloomberg News report that
Slovenia's creditworthiness is deteriorating at the fastest pace
in the world after Cyprus as investors speculate a banking crisis
will force it to follow the island nation and become the sixth
euro country to need aid.
According to Bloomberg, credit-default swaps insuring Slovenian
debt for five years soared as much as 66% to a six-month high of
414 basis points on March 28 from 250 on March 15, the last
trading day before Cyprus announced plans for its rescue. It's
now up 34% at 336 basis points, compared with a 45% increase for
Cyprus and 18% for Portugal in the period, Bloomberg notes.
Slovenia's two-week old government is struggling to prop up banks
hit by recession and saddled with bad loans worth about a fifth
of the country's economic output, Bloomberg discloses.
"Since the Cyprus resolution, Slovenia has been in the
spotlight," Bloomberg quotes Bas van Geffen, an analyst at
Rabobank International in Utrecht, Netherlands, as saying. "The
country's smallness is now clearly a drawback in the post-Cyprus
era, which has fueled speculation that the country might be the
next Cyprus."
Credit-default swaps on Slovenia, which accounts for 0.4% of the
euro economy, have surpassed those for Spain, Italy and Croatia,
according to Bloomberg.
Worries that Slovenia will fail to implement a EUR4 billion plan
to prop up banks and lose access to financing abroad are raising
borrowing costs as the government looks to tap bond markets,
though Finance Minister Uros Cufer, as cited by Bloomberg, said
April 3 he's in no rush.
Bloomberg notes that Tim Umberger, a senior analyst at East
Capital International AB in Moscow, and Georg Grodzki, head of
credit research at Legal & General Investment Management in
London said Slovenia's banking system is smaller relative to the
size of its economy than most European countries and more similar
to Spain than to Cyprus.
=========
S P A I N
=========
IM CAJAMAR: Fitch Assigns 'CCC' Rating to Class B Notes
-------------------------------------------------------
Fitch Ratings has assigned IM Cajamar Empresas 5, F.T.A.'s notes
final ratings, as follows:
EUR175.0m Class A1: 'A+sf'; Outlook Stable
EUR365.0m Class A2: 'A+sf': Outlook Stable
EUR135.0m Class B: 'CCCsf'; Recovery Estimate 0%
IM Cajamar Empresas 5, F.T.A. is a granular cash flow
securitisation of a EUR675 million static portfolio of secured
and unsecured loans granted to Spanish small- and medium-sized
enterprises (SMEs) and self-employed individuals (SEIs). The
loans were originated by Cajamar Caja Rural and Caja Rural del
Mediterraneo, Ruralcaja. Cajamar and Ruralcaja merged in October
2012 to form Cajas Rurales Unidas (CRU, 'BB'/Stable/'B').
The ratings address the likelihood of investors receiving
interest payments in accordance with the terms of the transaction
documentation and full repayment of principal by legal final
maturity in November 2055.
KEY RATING DRIVERS
Segmented Default Risk:
Fitch applied a forward-looking annual probability of default
(PD) of 3.7% and 1.8% to the SME and SEI segments originated by
Cajamar (85.0% of the portfolio). The agency applied a PD of 7.2%
and 2.7% to the SME and SEI segments originated by Ruralcaja
(15.0% of the portfolio).
Lower Recoveries:
Fitch expects a base-case rating recovery rate of 45% for the
portfolio. Fitch used its MVD framework to calculate expected
recoveries for the portfolio and then applied an adjustment
reflecting the low observed recoveries achieved by the
originator.
Limited Obligor Concentration:
The transaction is exposed to limited obligor concentration risk.
The largest obligor group accounts for 1.7%. Obligor groups
larger than 50bp represent a total 3.6% of the portfolio.
Counterparty Risk Rating Cap:
The highest achievable rating in the transaction is capped at
'A+sf' due to the treasury account bank rating triggers embedded
in the transaction documentation. Banco Santander S.A.
('BBB+'/Negative/'F2') will serve as the treasury account bank.
Dedicated Liquidity:
Fitch believes that liquidity risk is mitigated by the reserve
fund. The reserve fund, sized at 17%, is used exclusively to
cover any interest shortfalls on the most senior class of notes
(A1 and A2, then B) during the life of the transaction. Any
remaining balance can be used to amortise the notes on the last
payment date.
Partial Interest Rate Hedge:
The structure features no interest rate derivatives. A rise in
interest rates is partially hedged by the fixed-rate coupon
payable on the class A1 note. Loans with a fixed interest rate
account for 15.2% of the portfolio.
RATING SENSITIVITIES
A 25% increase in the expected obligor default probability would
lead to a downgrade of the class A1 and A2 notes to 'BBB+sf'. A
25% reduction in the expected recovery rates would lead to a
downgrade of the class A1 and A2 notes to 'A-sf'. The rating of
the class B notes would be 'CCCsf' or below in both scenarios.
PYMES BANESTO 2: S&P Lowers Rating on Class C Notes to 'CCC-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Fondode Titulizacion
de Activos PYMES Banesto 2's class A2 and B notes. At the same
time, S&P has lowered its rating on the class C notes.
The rating actions follow the application of S&P's updated
criteria for European collateralized loan obligations (CLOs)
backed by small and midsize enterprises (SMEs), as well as S&P's
assessment of the transaction's performance using the latest
available investor report and portfolio data from the servicer.
S&P has also applied its 2012 counterparty criteria.
On Jan. 17, 2013, when S&P updated European SME CLO criteria
became effective, it placed on CreditWatch negative its ratings
on the class A2 and B notes.
CREDIT ANALYSIS
S&P has applied its updated European SME CLO criteria to
determine the scenario default rates (SDRs) for this transaction.
S&P's qualitative originator assessment is moderate because of
the lack of data provided by the originator, Banco Espanol de
Credito S.A. (Banesto). Taking into account Spain's Banking
Industry Country Risk Assessment (BICRA) of 6 and an average
annual observed default frequency of 2.13%, S&P has applied a
downward adjustment of one notch to the archetypical European SME
average credit quality assessment. S&P further applied a
portfolio selection adjustment of minus one notch. As a result,
S&P's average credit quality assessment of the portfolio is 'b-'.
Because the originator did not provide enough data for S&P to
review its scoring system, it did not consider its internal
scores. Instead, S&P made a conservative assumption that each
performing loan in the portfolio has a credit quality that is
equal to its average credit quality assessment of the portfolio.
S&P then used CDO Evaluator to determine the portfolio's 'AAA'
SDR, which is 76.45%.
S&P has reviewed historical originator default data, and has
assessed the effect of macroeconomic conditions and developments,
changes in country risk, and the way these factors are likely to
affect the loan portfolio's creditworthiness.
As a result of this analysis, S&P's 'B' SDR is 4%.
The SDRs for rating levels between 'B' and 'AAA' are interpolated
in accordance with S&P's European SME CLO criteria.
RECOVERY RATE ANALYSIS
At each liability rating level, S&P assumed a weighted-average
recovery rate (WARR) by taking into consideration observed
historical recoveries for similar transactions originated in
Spain.
As a result of this analysis, S&P's WARR assumptions in 'AAA' and
'AA' scenarios were 16.5% and 19.5%, respectively.
CASH FLOW ANALYSIS
S&P subjected the capital structure to various cash flow
scenarios, incorporating different default patterns and interest
rate curves, to determine each tranche's passing rating level
under our European SME CLO criteria.
S&P observed that the portfolio contains a wide range of spread
levels. S&P considers that there is a risk that, should defaults
affect the highest highest-paying loans more than others, the
pool's yield would decrease over time. This could limit the
transaction's ability to service the rated notes. Therefore, S&P
has applied a yield compression stress in its cash flow analysis.
SUPPLEMENTAL TESTS
S&P's ratings on the class A2, B, and C notes were not
constrained by the application of any of its supplemental tests.
COUNTERPARTY RISK
As swap counterparty, Banco Espanol de Credito (BBB/Negative/A-2)
mitigates interest rate risk. S&P has reviewed the swap
counterparty's downgrade provisions, and, in S&P's opinion, they
do not fully comply with its 2012 counterparty criteria.
Therefore, when S&P conducted its scenario analysis at ratings
above 'BBB', it analyzed the transaction's cash flow without
giving benefit to the swap counterparty.
Based on S&P's abovementioned assumptions, its cash flow analysis
without the benefit of the swap indicates that the class A2 and B
notes cannot maintain their current ratings. In the absence of
the swap counterparty, the current credit enhancement available
to the class A2 and B notes is commensurate with 'A- (sf)' and
'BBB- (sf)' ratings, respectively. Therefore, S&P has lowered
and removed from CreditWatch negative its rating on the class A2
notes to 'A- (sf)' from 'AA- (sf)'. S&P has lowered and removed
from CreditWatch negative its rating on the class B notes to
'BBB- (sf)' from 'BBB (sf)'.
As the reserve fund is fully depleted, due to deteriorating
credit quality, credit enhancement has decreased significantly
for the class C notes. S&P has therefore lowered to 'CCC- (sf)'
from 'B (sf)' its rating on the class C notes.
PYMES Banesto 2 is a cash flow collateralized loan obligation
(CLO) transaction securitizing a portfolio of SME loans that
Banesto originated in Spain. The transaction closed in November
2006.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating Rating
To From
Fondo de Titulizacion de Activos PYMES Banesto 2
EUR1 Billion Floating-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
A2 A- (sf) AA- (sf)/Watch Neg
B BBB- (sf) BBB (sf)/Watch Neg
Rating Lowered
C CCC- (sf) B (sf)
* SPAIN: Fitch Reviews Cedulas Hipotecarias Legal Framework
-----------------------------------------------------------
Fitch Ratings has reviewed the Spanish mortgage covered bonds
(cedulas hipotecarias or CH) legal framework and its
understanding on how troubled banks will be managed in light of
new legislative developments, especially the new Law 9/2012 from
November 2012. A special report titled "Cedulas Hipotecarias
Legal Framework Review" is now available at www.fitchratings.com.
While this review does not lead to any modification of the
absolute rating level theoretically achievable for CH under Fitch
criteria, the agency will assign the maximum rating uplift when
the over-collateralization (OC) taken into account between the
total mortgage book and outstanding CH is able to reach stressed
recoveries of at least 91% rather than 100% of outstanding CH.
This is explained by Fitch's recognition that the set of laws
governing CH provides equal credit treatment for all CH of a
particular issuer, and as such expected receipts from the cover
pool disposals should be allocated on a pro rata basis to all
outstanding CH, even those that are not due yet. This differs
from the previous more cautious approach that considered time
subordination risk upon a CH default, based on the lack of clear
cross-default provision between CH. Whereas this has not changed,
the agency now gives greater weight to the provision according to
which all CH are to be treated equally irrespective of their
issuance dates, implying this would also be applicable
irrespective of their maturity dates.
No positive rating impact is expected following this legal review
because the agency still deems liquidity gaps to be the weakest
component of Fitch's CH continuity analysis.
"There is no specific provision in the legal framework addressing
CH payment continuity in the immediate aftermath of an issuer
defaulting other than through accessing third-party financing or
selling part of the cover pool, and no concrete liquidity source
is established to bridge temporary shortfalls upon an issuer
default," says Juan Garcia, Senior Director and Head of
Structured Finance in Fitch Ratings Spain.
With respect to the management of Spanish troubled banks, Fitch
believes that the introduction by Law 9/2012 of early measures,
restructuring and resolution processes for domestic banks, are
net positive and should provide greater confidence to their CH
investors as an active management of the institution will be
conducted by the Fund for Orderly Bank Restructuring (FROB) ahead
of a traditional insolvency. An important mechanism introduced by
the Law 9/2012 is the absorption of losses by junior creditors
(shareholders, preference shareholders and subordinated debt-
holders), which facilitates the continuation of business in
stress scenarios that otherwise would have caused the liquidation
of the bank. As Law 9/2012 does not specifically address the
treatment of CH, it does not directly enhance their protection
against liquidity gaps.
Conversely, "we believe the powers granted to the FROB by this
new Law 9/2012, in particular relating to the transfer of assets
and/or liabilities to a bridge bank or an asset management
company, introduces uncertainty with regards to the ability of
the troubled bank to maintain a stable level of OC between the
total mortgage book and outstanding CH," says Carlos Masip,
Director at Fitch.
===========
T U R K E Y
===========
SEKERBANK TAS: Fitch Assigns 'BB-' Rating to New Eurobond Issue
---------------------------------------------------------------
Fitch Ratings has assigned Sekerbank T.A.S.'s upcoming issue of
Eurobonds a 'BB-(EXP)' expected rating. The senior unsecured
notes will rank equally with Sekerbank's other senior unsecured
obligations.
Key Rating Drivers
The expected rating is in line with Sekerbank's Long-term Issuer
Default Rating (IDR), which is driven by its intrinsic financial
strength, measured by the Viability Rating (VR). Although small
(deposit share of around 2%), Sekerbank has carved out a niche in
the Turkish SMEs and micro-companies sector. Its VR reflects
currently solid financial metrics, but also the challenges of
maintaining credit quality and franchise as it seeks to grow in a
competitive environment.
Rating Sensitivities
Sekerbank's Long-term IDRs and senior debt ratings depend on any
movements in its VR. The latter could be upgraded if the bank is
able to demonstrate robustness of performance and growth of
franchise. The VR could come under downward pressure should a
weakening of loan underwriting and asset quality put pressure on
the capital position.
Sekerbank is rated as follows:
Long-term foreign currency and local currency IDR: 'BB-'; Outlook
Stable
Short-term foreign currency and local currency IDR: 'B'
Viability Rating: 'bb-'
Support Rating: '5'
Support Rating Floor: 'No Floor'
National Long-term rating: 'A+(tur)'; Outlook Stable
TURKIYE IS BANKASI: S&P Raises Counterparty Credit Rating to BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term counterparty credit ratings to 'BB+' from 'BB' on the
following Turkish financial institutions: Turkiye Is Bankasi A.S.
(Isbank), Turkiye Garanti Bankasi A.S. (Garanti), Garanti
Finansal Kiralama A.S. (Garanti Leasing), Yapi ve Kredi Bankasi
A.S. (YapiKredi), HSBC Bank A.S., and Turkiye Vakiflar Bankasi
T.A.O. (VakifBank). The outlook on these entities is stable. At
the same time, S&P affirmed the 'B' short-term rating on Isbank,
Garanti Leasing, YapiKredi, HSBC Bank A.S., and VakifBank.
S&P also raised the Turkey national scale long-term rating to
'trAA+' from 'trAA' on Isbank, VakifBank, YapiKredi, and HSBC
Bank A.S.
The upgrades follow that on the sovereign (Republic of Turkey:
foreign currency, BB+/Stable/B; local currency, BBB/Stable/A-2;
Turkey national scale, trAAA/trA-1 unsolicited ratings). The
raising of the foreign currency sovereign credit rating reflects
S&P's view of a steady and sustained decline in Turkey's still-
sizable net external financing requirements as export performance
has improved amid some deceleration in domestic demand.
During 2012, Turkey's current account deficit narrowed by 4
percentage points to around 6% of GDP. Economic growth eased to
what S&P views as a more sustainable level, without undermining
Turkey's relatively strong fiscal performance. In S&P's opinion,
policies limiting foreign currency lending, measures to cap
nominal credit growth, and the benefits of a floating foreign-
exchange regime all facilitate Turkey's external adjustment.
These factors will help the Turkish economy to adapt, should the
external liquidity environment worsen in 2013-2014.
In S&P's view, the more sustainable levels of economic growth
would create a stable environment for banks to grow their
business, thus reducing the threat of future volatility. In
addition, regulatory measures that limit foreign currency lending
and cap credit growth are enhancing stability. S&P expects
medium-term policies to gradually address the country's low
structural savings rate, thus limiting risks in the financial
sector. S&P believes that the banking sector will continue to
exhibit a strong level of profitability, benefiting from high
margins and low credit losses. At the same time, S&P expects
Turkish banks to retain adequate asset quality and
capitalization.
S&P expects Turkey's creditworthiness to continue to drive future
rating actions on Turkish banks because of the banks' significant
holdings of government securities and exposure to the domestic
environment.
The stable outlooks reflect that on the sovereign. In S&P's
opinion, Turkish banks' financial performance and fundamentals
will remain highly correlated with sovereign creditworthiness.
Therefore, bank-specific factors that might lead S&P to revise
its ratings are limited. The ratings on the banks will largely
be driven by any future rating actions on Turkey.
A positive rating action on the foreign currency ratings on the
sovereign, all other things being equal, would trigger a positive
rating action on the six financial institutions. A negative
rating action on the foreign currency ratings on the sovereign
would trigger the same rating action on these entities.
In addition, rapid domestic credit expansion in recent years has
been partly financed by short-term external funding. S&P
therefore considers that the increasing use of cross-border
borrowing to fund asset growth is a risk for Turkish banks.
Although not S&P's base-case scenario, rising risk aversion in
global capital markets could also erode investor confidence in
Turkish banks. This could act as a trigger for an outlook
revision on the banks to negative, particularly if S&P observes
such imbalances increasing in the future.
===========================
U N I T E D K I N G D O M
===========================
CEVA GROUP: Commences Exchange Offers & Consent Solicitations
-------------------------------------------------------------
CEVA Group Plc on April 4 disclosed that it has commenced private
exchange offers and consent solicitations for certain outstanding
debt securities in connection with its previously announced
financial recapitalization plan that will reduce substantially
CEVA's overall debt and interest costs, as well as increase
liquidity and strengthen its capital structure. The Recap will
enable CEVA to better serve its customers, accelerate its growth
throughout the world and fund the development of new supply chain
products and services. Assuming successful completion of the
Recapitalization, the Company will reduce its consolidated net
debt by more than EUR1.2 billion, reduce its annual cash interest
expense by over EUR135 million, or approximately 50%, and will
receive a capital infusion of at least EUR205 million for
investment in its business plan.
As previously reported on April 3, CEVA and parties representing
approximately 83% of the aggregate outstanding principal amount
of the 12.75% Senior Notes due 2020, the 12% Second-Priority
Senior Secured Notes due 2014 and US$113 million Senior Unsecured
Bridge Loan and 69% of the outstanding principal amount of the
11.5% Junior Priority Secured Notes due 2018 entered into a
restructuring support agreement in connection with the
Recapitalization. The RSA provides, subject to the satisfaction
of certain conditions, for commitments to invest more than EUR205
million by three parties, consisting of (i) investment funds
affiliated with Apollo Global Management, LLC that are creditors
of CEVA, (ii) certain funds advised by Capital Research and
Management Company that are creditors of CEVA and (iii) the
Company's largest institutional investor.
In connection with the Recapitalization, CEVA and Ceva Holdings
LLC, which will be the ultimate parent company of CEVA upon
consummation of the Recap, have commenced the Exchange Offers to
exchange, among other things:
-- new series A-2 convertible preferred equity interests to be
issued by Holdings and new common equity interests to be
issued by Holdings for the Second Lien Notes; and
-- Holdings Common Shares for the Senior Unsecured Debt.
The terms of the Exchange Offers are described more fully in a
Confidential Offering Memorandum, Consent Solicitation and
Disclosure Statement, dated as of April 3, 2013, prepared in
connection with the Recapitalization. The Recapitalization also
contemplates the restructuring of debt obligations of CEVA's
current parent company, CIL Limited (formerly known as CEVA
Investments Limited, "CIL"), providing the holders of certain
debt instruments issued by CIL the opportunity to exchange such
CIL PIK Instruments for Holdings Common Shares.
Pursuant to the Recapitalization, Holdings is also offering
holders of Second Lien Notes, Senior Unsecured Debt and CIL PIK
Instruments the opportunity to subscribe for rights to
participate in an equity rights offering for new series A-1
convertible preferred equity interests to be issued by Holdings.
Apollo and CapRe have agreed to backstop a portion of the Rights
Offering pursuant to the terms of a backstop agreement executed
by the parties on April 3, 2013, as further described in the
Offering Memorandum. Additionally, the Company's largest
institutional investor has committed to a debt financing with the
Company as described more fully in the Offering Memorandum and
pursuant to a financing commitment agreement between such
institutional investor and the Company.
Under the terms of the Exchange Offers, for each US$1,000
principal amount of Second Lien Notes validly tendered, and not
validly withdrawn, by eligible holders in the exchange offer
relating to the Second Lien Notes at or prior to midnight, New
York City time, on April 30, 2013, unless extended, such holders
will receive 0.4855082 Series A-2 Preferred Shares and 0.1742813
Holdings Common Shares. For each US$1,000 principal amount of
Senior Unsecured Notes validly tendered, and not validly
withdrawn, by eligible holders in the exchange offer relating to
the Senior Unsecured Notes at or prior to the Expiration Time,
such holders will receive 0.3644632 Holdings Common Shares. For
each EUR1,000 principal amount of Unexchanged Notes validly
tendered, and not validly withdrawn, by eligible holders in the
exchange offer relating to the Unexchanged Notes at or prior to
the Expiration Time, such holders will receive 0.4394916 Holdings
Common Shares. For each US$1,000 principal amount of Bridge Loan
validly tendered, and not validly withdrawn, by eligible holders
in the exchange offer relating to the Bridge Loan at or prior to
the Expiration Time, such holders will receive 0.3429161 Holdings
Common Shares. In addition, each eligible holder of Second Lien
Notes, Senior Unsecured Debt and CIL PIK Instruments will receive
Subscription Rights to subscribe for a number of shares of Series
A-1 Preferred Shares in the Rights Offering, on a pro rata basis,
in direct correlation to their entitlement to receive Holdings
Common Shares in the Exchange Offers on terms set forth in the
Offering Memorandum, after taking into account conversion of the
Series A-2 Preferred Shares.
In conjunction with the Exchange Offers, CEVA is also soliciting
consents from eligible holders of at least a majority of the
Second Lien Notes and the Senior Unsecured Notes to the adoption
of proposed amendments to the indentures governing the Second
Lien Notes and the Senior Unsecured Notes, as applicable, (i) to
eliminate substantially all of the restrictive covenants and
certain events of default and related provisions contained
therein, (ii) to permit CEVA and its affiliates who are holders
of Second Lien Notes and Senior Unsecured Notes to vote on any
consents, amendments or waivers to the applicable indentures and
(iii) with respect to the indenture governing the Second Lien
Notes, to provide for the release of all of the liens on the
collateral securing the Second Lien Notes, including by
terminating or amending, as applicable, the related security
documents.
If the Exchange Offers are consummated, eligible holders of
Second Lien Notes and Senior Unsecured Notes will receive a
consent fee or early tender fee of 0.05 Holdings Common Shares,
for each US$1,000 principal amount of notes validly tendered, and
not validly withdrawn, at or prior to 5:00 p.m., New York City
time, on April 16, 2013. Similarly, if the Exchange Offers are
consummated, eligible holders of the Company's Unexchanged Notes
and Bridge Loan will receive an early tender fee of 0.06405 and
0.05 Holdings Common Shares, respectively, for each EUR1,000
principal amount of Unexchanged Notes or US$1,000 principal
amount of Bridge Loan validly tendered, and not validly
withdrawn, at or prior to the Consent Time. Tendered notes and
other debt may not be withdrawn after the Consent Time.
The closing of the Exchange Offers is conditioned upon, among
other things, 98% of the aggregate principal amount of each of
the Second Lien Notes and Senior Unsecured Debt being validly
tendered and not withdrawn in the Exchange Offers and the
consummation of the Rights Offering on the terms set forth in the
Backstop Agreement. In addition, in order to consummate the
Exchange Offers, CEVA is seeking certain concessions from certain
other creditors, including its asset based lenders and secured
credit facility lenders.
The Company has developed an alternative path to ensure the
Recapitalization is completed on a timely basis. Concurrently
with the solicitation of the Exchange Offers, CEVA is soliciting
votes for acceptance of a pre-packaged plan of reorganization
under applicable U.S. law and irrevocable undertakings to vote in
favor of a scheme of arrangement under applicable English law,
each of which requires a lower voting threshold than the Exchange
Offers. CEVA intends to commence these alternative court
proceedings in the U.S. and U.K. if it does not receive tenders
from 98% of holders of each of the Second Lien Notes and the
Senior Unsecured Debt or does not satisfy other conditions to
consummation of the Exchange Offers, including obtaining
concessions from its asset based lenders and secured credit
facility lenders. The terms of the U.S. pre-packaged plan of
reorganization and U.K. scheme of arrangement would provide less
favorable treatment to holders of the Second Lien Notes and
Senior Unsecured Debt than in the Exchange Offers, but would
continue to provide for payment in full of all claims of the
Company's vendors and other unsecured creditors. As noted above,
the Expiration Time for the Exchange Offers is midnight, New York
City time, on 30 April, 2013, unless extended. The deadline for
casting votes on the U.S. pre-packaged plan of reorganization is
the same date.
None of CEVA, Holdings or any other person makes any
recommendation as to whether holders should tender their
securities in the Exchange Offers or provide the consents to the
Proposed Amendments in the Consent Solicitations, and no one has
been authorized to make such a recommendation. Holders of
securities should read carefully the Offering Memorandum before
making any decision with respect to the Restructuring. In
addition, holders must make their own decisions as to whether to
tender their Securities in the Exchange Offers and provide the
related consents in the Consent Solicitations, and if they so
decide, the principal amount of the securities to tender.
The new securities being offered in the Exchange Offers have not
been registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from the
registration requirements of such Act.
The Exchange Offers are being made in the United States only to
holders of securities who are both "qualified institutional
buyers" or "accredited investors" and "U.S. persons" and outside
the United States only to persons other than "U.S. persons" who
are "non-U.S. qualified offerees" (in each case, as such terms
are used in the letter of eligibility). The Exchange Offers are
made only by, and pursuant to, the terms set forth in the
Offering Memorandum. The Exchange Offers are subject to certain
significant conditions. The complete terms and conditions of the
Exchange Offers are set forth in the Offering Memorandum and
other documents relating to the Restructuring which will be
distributed to eligible holders of Securities. CEVA and Holdings
have the right to amend, terminate or withdraw the Exchange
Offers and Consent Solicitation, at any time and for any reason,
including if any of the conditions to the Exchange Offers is not
satisfied.
Documents relating to the Exchange Offers, including the Offering
Memorandum will only be distributed to holders of securities who
complete and return a letter of eligibility confirming that they
are within the category of eligible holders for the Exchange
Offers. Holders of securities who desire a copy of the
eligibility letter should contact Garden City Group, the exchange
agent for the Exchange Offers, at (855) 454-1736.
In addition, CEVA has prepared a report for its bond investors
containing certain additional information about its preliminary
unaudited results for 2012, including the preliminary unaudited
financial statements for 2012, as well as recent developments and
other information about CEVA that is contained in the Offering
Memorandum but not in any prior announcements or reports posted
on the Web site. All information in the report is also contained
in the Offering Memorandum; however, bondholders or prospective
bond investors who would like to review this report should visit
the following Web site:
http://www.cevalogistics.com/en-US/Pages/Investors%20Login.aspx
About CEVA Group Plc
Headquartered in the United Kingdom, CEVA --
http://www.cevalogistics.com-- is a non-asset based supply chain
management company. The company has approximately 50,000
employees. With a presence in over 160 countries, it delivers
supply chain solutions across a variety of sectors. For the year
ending December 31, 2011, CEVA reported revenues on a preliminary
unaudited basis of EUR6.9 billion.
* * *
As reported by the Troubled Company Reporter on Dec. 11, 2012,
Moody's Investors Service downgraded CEVA Group plc's
Corporate Family Rating (CFR) and Probability of Default Rating
(PDR) to Caa1 from B3. At the same time, Moody's downgraded
CEVA's senior secured ratings to B1 from Ba3; priority lien notes
to Caa1 from B3, junior priority notes from Caa1 to Caa2 and
senior unsecured notes to Caa3 from Caa2. Moody's said the
outlook for the ratings is negative.
CEVA GROUP: Note Holders Back Financial Recapitalization Plan
-------------------------------------------------------------
CEVA Group Plc on April 3 disclosed that it has reached agreement
with the largest holders of its second lien notes and senior
unsecured debt on a consensual financial recapitalization plan
that will reduce substantially CEVA's overall debt and interest
costs, as well as increase liquidity and strengthen its capital
structure (the "Recapitalization or Recap"). The Recap will
enable CEVA to better serve its customers, accelerate its growth
throughout the world and fund the development of new supply chain
products and services. Assuming successful completion of the
Recapitalization, the Company will reduce its consolidated net
debt by more than EUR1.2 billion, reduce its annual cash interest
expense by over EUR135 million or approximately 50% and will
receive a capital infusion of at least EUR205 million for
investment in its business plan.
"We have been working with our financial advisors over the past
few months to develop a long-term financial plan for the Company,
exploring various options to improve our balance sheet to enhance
the Company's financial flexibility in support of future growth.
We are pleased that a substantial majority of our creditors have
already committed their support," said Marvin O. Schlanger,
CEVA's Chief Executive Officer, adding that "CEVA anticipates a
quick resolution to the transaction and will continue to provide
customers with the effective and robust supply chain solutions
and exceptional levels of service they have come to expect."
In connection with the Recapitalization, CEVA has entered into a
restructuring support agreement with parties representing
approximately 83% of the outstanding principal amount of the
12.75% Senior Notes due 2020, the 12% Second-Priority Senior
Secured Notes due 2014 and US$113 million Senior Unsecured Bridge
Loan and 69% of the outstanding principal amount of the 11.5%
Junior Priority Secured Notes due 2018 for the approval of the
Recapitalization transaction. The restructuring support
agreement provides, subject to the terms and conditions thereof,
for commitments to invest approximately EUR205 million by three
parties, consisting of (i) investment funds affiliated with
Apollo Global Management, LLC that are creditors of CEVA, (ii)
certain funds advised by Capital Research and Management Company
that are creditors of CEVA and (iii) the Company's largest
institutional investor. These three parties will become the
three largest shareholders of CEVA pursuant to the contemplated
Recapitalization.
Consents to the Recapitalization, to be effectuated through
exchange offers, will be sought from holders of the Senior
Unsecured Debt and the Second Lien Notes pursuant to the terms
and conditions that will be set forth in an offering memorandum,
consent solicitation and disclosure statement. CEVA expects to
launch such exchange offers promptly.
Under the restructuring support agreement, the closing of the
transaction will be conditioned upon, among other things, 98% of
the aggregate principal amount of the Second Lien Notes and the
Senior Unsecured Debt of CEVA being validly tendered and not
withdrawn in the exchange offers. In addition, in order to
consummate the exchange offers, CEVA is seeking certain
concessions from certain other creditors, including its asset
based lenders and secured credit facility lenders. As long as
the restructuring support agreement remains in effect, each of
the parties to the agreement has agreed to use commercially
reasonable efforts to support and complete the Recapitalization.
In connection with the Recapitalization, CEVA did not make the
interest payments due as of April 1, 2013 on the Second Lien
Notes and the 12.75% Senior Notes due 2020; such action will not
constitute an event of default during the 30-day cure period
under their indentures, and holders of CEVA's other debt will not
be permitted to accelerate their debt before the expiration of
the cure period. As of March 31, 2013, the Company had
approximately EUR200 million of total headroom. The Company will
seek to implement the Recapitalization during the 30-day cure
period.
About CEVA Group Plc
Headquartered in the United Kingdom, CEVA --
http://www.cevalogistics.com-- is a non-asset based supply chain
management company. The company has approximately 50,000
employees. With a presence in over 160 countries, it delivers
supply chain solutions across a variety of sectors. For the year
ending December 31, 2011, CEVA reported revenues on a preliminary
unaudited basis of EUR6.9 billion.
* * *
As reported by the Troubled Company Reporter on Dec. 11, 2012,
Moody's Investors Service downgraded CEVA Group plc's
Corporate Family Rating (CFR) and Probability of Default Rating
(PDR) to Caa1 from B3. At the same time, Moody's downgraded
CEVA's senior secured ratings to B1 from Ba3; priority lien notes
to Caa1 from B3, junior priority notes from Caa1 to Caa2 and
senior unsecured notes to Caa3 from Caa2. Moody's said the
outlook for the ratings is negative.
CO-OPERATIVE BANK: Fitch Cuts Rating on Lower Tier 2 Notes to BB+
-----------------------------------------------------------------
Fitch Ratings has downgraded The Co-operative Bank PLC's Long-
term Issuer Default Rating (IDR) to 'BBB-' from 'BBB+' and
Viability Rating (VR) to 'bbb-' from 'bbb+'. The IDRs, VR and
debt ratings have been removed from Rating Watch Negative and the
Outlook on the Long-Term IDR is Negative. CB's Support Rating
(SR) of '3' and Support Rating Floor (SRF) of 'BB+' have been
affirmed and removed from Rating Watch Positive (RWP). The rating
impact, if any, from the above rating action on the bank's
covered bonds will be detailed in a separate comment.
KEY RATING DRIVERS - IDRs and VR
The downgrade of CB's IDRs and VR reflects the weakened Fitch
core capital (FCC) and regulatory core Tier 1 ratios resulting
from a greater than anticipated deterioration in earnings and
asset quality. At 9.9% and 8.8%, respectively, CB's FCC and core
Tier 1 ratio at end-2012 were weaker than most similarly-rated
peers, and remain so despite a 40bp increase achieved in January
2013 (taking core Tier 1 to 9.2%) following the purchase of
credit protection on a portion of its book, which reduced risk-
weighted assets. The bank's reported end-2012 fully-loaded Basel
III ratio is very low at 6.3% (6.7% at end-January 2013) for a
bank rated at an investment grade level.
However, the ratings also take into account the relatively high
liquidity (largely cash) reserve held by CB as well as its strong
funding profile. Fitch has also taken into consideration an
expectation of lower loan impairment charges (LICs) in 2013 and
smaller non-operating costs. The ratings also consider the
expected receipt of additional capital from CB's immediate
parent, the Co-operative Banking Group Plc following the agreed
sale of its life and savings business.
Nonetheless, underlying profitability is weak, with 2012 pre-
impairment earnings down by 52% to GBP132.8 million, affected by
lower revenues and higher operating costs. In addition, net
earnings were impacted by significantly higher LICs (GBP474
million compared to GBP120 million in 2011).
The increased provision charges related mostly to a book
classified by the bank as non-core, the majority of which was
acquired from Britannia in 2009. Various non-operating items also
negatively affected profitability, including: provisions for the
mis-selling of payment protection insurance (PPI, GBP150
million); impairment of IT assets (GBP150 million); and costs
associated with the transaction to acquire a branch banking
business from Lloyds Banking Group Plc (Verde, GBP38 million).
Fitch expects challenges on profitability to remain through 2013,
although net interest margins may be supported by government
initiatives such as the Funding For Lending Scheme (FLS). Other
non-recurring items such as PPI are likely to continue to affect
bottom-line profitability, although this may have peaked.
CB's asset quality has also materially weakened, with impaired
loans accounting for 10.7% of gross loans at end-2012 (end-2011:
8.1%). Fitch considers CB's loan loss reserve coverage to be low,
with NPLs net of impairments and FV credit protection
representing 146.3% of equity at this date. While the bank has
raised reserves in line with the current value of its collateral,
Fitch believes that further impairments are likely if security is
realised at lower than expected values. While we anticipate LICs
will remain high, we expect them to moderate from 2012 levels.
The Negative Outlook reflects the pressures on earnings from
these higher LICs as well as a potential continued deterioration
on asset quality.
RATING SENSITIVITIES - IDRS, VR AND SENIOR DEBT
The bank's IDRs and debt ratings are driven by CB's VR and are
sensitive to Fitch's assumptions regarding asset quality
deterioration, higher than expected LICs deriving from additional
weakening in asset prices and the potential effect this could
have on the bank's FCC ratio. In addition, negative rating
pressure could arise if the capital injected from the parent's
sale of the life and savings business is less than expected or if
CB is unable to reduce its non-core loan portfolio in a capital
accretive/neutral manner.
KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR
The bank's SR of '3' and SRF of 'BB+' reflect a moderate
probability of support from the UK authorities given Fitch's view
of CB's domestic systemic importance. Fitch has removed the SR
and SRF from RWP in line with its view of a weakening propensity
of support from the authorities in the UK.
RATING SENSITIVITIES - SUPPORT RATING AND SUPPORT RATING FLOOR
Although on a declining trend, Fitch may review its SR and SRF
together with the other ratings if an agreement is reached on the
completion of the Verde transaction. Any change in the rating
will depend on Fitch's view of support for the increased systemic
importance of the newly expanded CB at that point in time.
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
Subordinated debt and other hybrid capital issued by CB are all
notched down from the bank's VR in accordance with Fitch's
assessment of each instrument's respective non-performance and
relative loss severity risk profiles, which vary by instrument.
Their ratings are primarily sensitive to any change in CB's VR.
The rating actions are as follows:
The Co-operative Bank PLC
Long-term IDR downgraded to 'BBB-' from 'BBB+'; Outlook Negative
Short-term IDR downgraded to 'F3' from 'F2'
Viability Rating: downgraded to 'bbb-' from 'bbb+'
Support Rating: affirmed at '3'; RWP removed
Support Rating Floor: affirmed at 'BB+'; RWP removed
Senior unsecured notes Long-term rating: downgraded to 'BBB-'
from 'BBB+'
Senior unsecured notes Short-term rating: downgraded to 'F3'
from
'F2'
Lower Tier 2 subordinated notes: downgraded to 'BB+' from 'BBB'
Upper Tier 2 subordinated notes: downgraded to 'BB-' from 'BB+'
EXILLON ENERGY: Fitch Assigns 'B-(EXP)' Rating to Eurobond
----------------------------------------------------------
Fitch Ratings has assigned Exillon Energy plc's Eurobond an
expected senior unsecured 'B-(EXP)/RR4' rating. A final rating
will be assigned to the notes once Fitch receives final
documentation confirming information already received. Fitch
assigned EE an Issuer Default Rating (IDR) of 'B-' with a
Positive Outlook on April 2, 2013.
Key Rating Drivers
- Business Scale Determines Rating
EE's business profile is presently constrained by its extremely
limited market share relative to other Russian peers. EE is
embarking on an upstream production strategy intended to increase
production primarily in West Siberia (WS: 75% of production) but
also in Timano-Pechora (TP: 25% of production), but this is
unlikely to dramatically change the company's current industry
position.
- Ambitious Production Target
Fitch views EE's production growth target of approximately 22%
per annum to 2017 as ambitious, and subject to considerable risk
of delay. Fitch further believes that a material step-up in capex
is needed to reach this goal. The company, however, is
strategically placed in the WS region which benefits from easier
access to oil resources and lower production costs (compared to
TP).
- Adequate reserve base
EE's proved reserves of 196 million barrels, as of December 2012,
is in line for the current rating. Higher rated Alliance Oil
('B'/Stable) has proved reserves of around 330 million barrels.
EE has an impressive reserve replacement rate as shown from its
most recent audited reserve report. Fitch anticipates proved
reserves will continue to be replaced well in excess of 100% of
production for the next several years. This should allow the
company to maintain a total debt-to-proved reserve ratio of
around USD3 per barrel. This is a strong metric for the current
rating.
- Positive Rating Outlook
The Positive Outlook is primarily driven by our expectation of
improvement in the company's production profile. EE uses enhanced
drilling techniques and benefits from a close proximity to
existing transportation infrastructure. EE also has potential to
increase its proved reserve base without the need for large
amounts of additional exploration. Fitch anticipates an increase
in financial leverage in 2013, but not to a level that is onerous
for the current financial profile. Sustainable borrowing combined
with an enhanced business profile would support a higher rating.
- Gas Strategy Important
EE will undertake a US$25 million project to build gas
utilization infrastructure. EE is currently being fined for gas
flaring, which is negatively impacting company results. To end
the fines, the company needs to utilize associated gas for power
generation instead of flaring. The project should be completed by
end-2013. At TP, EE will build a four megawatt gas power
generator and at WS, a three MW gas power generator. Electricity
from the gas may be used to support production operations.
- Corporate Governance Concerns
Fitch remains somewhat concerned about the company's corporate
governance. In April 2012 the UK Financial Service Authority
served final notice and fined EE GBP292,950 for a series of
corporate governance violations that contravened UK Listing
Authority rules. EE has since taken steps to rectify these
violations. Nonetheless, factors related to our corporate
governance methodology such as significance ownership influence
by Mr. Arip and related party transactions remain a concern but
are not atypical for companies rated in the 'B' category.
- Tight Liquidity
Fitch believes EE's liquidity is tight, but adequate for the
proposed credit rating. The US$100 million loan from Credit
Suisse is EE's only outstanding loan. The loan is expected to be
amortized from Q114 to Q117 in equal installments of US$30.76
million annually. Without additional external financing, Fitch
anticipates that the company could experience difficulty meeting
its debt obligation after budgeted capex for infrastructure,
drilling and production ramp up. EE does have some financial
flexibility to reduce capex at the expense of improvement to its
current production profile.
Rating Sensitivity Guidance
Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
- Improvement to upstream business profile (e.g. production of
at
least 35,000 bbl per day)
- Enhanced asset quality (e.g. 1P reserves more in line with
higher rated peers)
- Extremely conservative financial profile given the company's
small scale (e.g. funds from operations (FFO) adjusted net
leverage consistently around 2x or less)
- Capex program supported by internally generated cash flow
instead of debt or equity finance
Negative: The current Outlook is Positive. As a result, Fitch's
sensitivities do not currently anticipate developments with a
material likelihood, individually or collectively, of leading to
a rating downgrade. Nonetheless, factors that may potentially
lead to a stabilization of the Outlook or even negative rating
action include:
- Failure to improve upstream production from current levels
- Deterioration in liquidity (e.g. cash and credit lines
amounting to less than 50% of short-term debt)
- Leverage rising above expectations (e.g. above 5x) would be a
distress signal for a company this size
- Deteriorating corporate governance (e.g. anything that is
adverse to outside shareholders)
HMV: Hilco Acquires 130 Remaining Branches Out of Administration
----------------------------------------------------------------
Mirror News reports that Hilco will acquire about 130 HMV-branded
stores, and all nine of the outlets which operate under the cut-
price music brand Fopp.
A deal that would save thousands of HMV jobs was close to being
signed, according to Mirror News.
The report relates that Hilco UK, a restructuring firm which
helps troubled retailers, has agreed to buy the historic group
for GBP50 million -- which could rescue 2,500 jobs and 130 HMV
stores. The report relays that all nine of the outlets which
operate under the cut-price music brand Fopp would also be saved.
The company has had HMV in its sights since the entertainment
retailer went into administration in January, Mirror News notes.
Mirror News says that it emerged as a potential buyer when it
bought up HMV's debts and entered into talks with its
administrator Deloitte.
The high street store, hit by the growth of online music and film
sales, went into administration after its banks and suppliers
refused to provide extra funding following poor Christmas
trading, Mirror News notes. The report relates that this has
resulted in 90 shops up and down the country being closed so far.
But Hilco, which owns HMV in Canada, believes there is value in
HMV's business and brand, the report discloses.
Major suppliers and landlords to the group are said to have
agreed terms to work with HMV under the Hilco deal, the report
adds.
NORTHERN ROCK: UKAR Gets Number of Offers for Mortgage Books
------------------------------------------------------------
Dominic Jeff at The Scotsman reports that UK Asset Resolution,
the state-owned "bad bank" that holds toxic assets from collapsed
Northern Rock and Bradford & Bingley, revealed it has received a
number of offers for parts of the mortgage books since it sold a
portfolio to Virgin Money last year for GBP465 million.
UKAR says the mortgages are looking like better value as arrears
have been reduced since they were taken into state ownership at
the peak of the financial crisis, the Scotsman discloses.
It has reportedly received a number of "speculative offers" from
private equity and other investment groups, the Scotsman relates.
Because of the growing value of the loans, the offers were not
taken up but UKAR says that if the price is right, it will
offload assets, the Scotsman notes.
Britain's "bad bank" repaid GBP4 billion to the UK government
last year, chipping away at a total owed of more than ten times
that amount, the Scotsman recounts.
According to the Scotsman, Chief executive Richard Banks recently
said he was "very confident" taxpayers would get back all the
money the UK government spent on rescuing Northern Rock and
Bradford & Bingley during the 2008 financial crisis.
Operating some 70 branches across the UK, Northern Rock offers
residential mortgages and savings accounts, including variable
cash and fixed-rate Individual Savings Accounts (or ISAs, which
are tax-exempt savings accounts offered in the UK), as well as
bonds and traditional savings accounts. The bank also offers
financial planning and mortgage-related insurance and life
assurance products through third-party providers.
RMAC SECURITIES 1: S&P Affirms 'BB' Rating on Class B1c Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on all
classes of notes in RMAC Securities No. 1 PLC's series 2006-NS1.
The rating actions follow S&P's credit and cash flow analysis of
the December 2012 investor reports and loan-level data. The
transaction benefits from highly seasoned assets and decreasing
arrears. The weighted-average seasoning of the loans is 84
months. Arrears over 90 days represent 14.86% of the pool, down
from 20.29% in December 2011.
S&P's current weighted-average foreclosure frequency (WAFF) and
weighted-average loss severity (WALS) calculations have improved
for this transaction since its previous review on Feb. 20, 2012.
These metrics have improved primarily because seasoning has
increased and arrears have declined. The current WAFF and WALS
at each rating level for these transactions are listed below.
RMAC Securities No. 1 PLC Series 2006-NS1
Rating WAFF WALS
level (%) (%)
AAA 40.39 35.01
AA 34.91 30.71
A 28.72 22.78
BBB 24.18 18.46
BB 19.94 15.46
B 17.72 12.77
Using S&P's WAFF and WALS calculations for RMAC Securities No. 1
PLC's series 2006-NS1 in S&P's cash flow model, all the classes
of notes pass its cash flow stresses at their current rating
levels. However, they did not pass the cash flow stresses at
higher rating levels. S&P has therefore affirmed its ratings on
the class A2a, A2c, M1a, M1c, M2a, M2c, and B1c notes.
The currency swap agreement does not meet the expectations laid
out in S&P's counterparty criteria. However, the swap agreement
uses replacement language in line with S&P's previous
counterparty criteria. Therefore, the highest potential rating
on the notes in this transaction is equal to the issuer credit
rating on the swap provider, The Royal Bank of Scotland PLC, plus
one notch.
CREDIT STABILITY
S&P's credit stability analysis indicates that the maximum
projected deterioration that it would expect at each rating level
over one- and three-year periods, under moderate stress
conditions, are in line with its credit stability criteria.
RMAC Securities No. 1 PLC's series 2006-NS1 is a U.K.
nonconforming RMBS transaction that closed in 2006. GMAC-RFC Ltd.
originated the loans.
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 Reports
included in this credit rating report are available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
RMAC Securities No.1 PLC
EUR539.5 Million, GBP558.25 Million, and US$470 Million Mortgage-
Backed Floating-Rate Notes Series 2006-NS1
Ratings Affirmed
A2a A+ (sf)
A2c A+ (sf)
M1a A+ (sf)
M1c A+ (sf)
M2a BBB (sf)
M2c BBB (sf)
B1c BB (sf)
WEBPRINT CONCEPTS: In Receivership, Cuts 26 Jobs
--------------------------------------------------
Independent.ie reports that Cork-based Webprint Concepts prior to
its receivership has been forced to lay off 26 staff.
Webprint Concepts has been in crisis since newspaper group Thomas
Crosbie Holdings (TCH), which owned the 'Irish Examiner', went
into receivership at the start of March, according to
Independent.ie.
The report relates that staff were told of the job cuts at a
meeting.
Independent.ie notes that they have been working reduced hours
since the TCH collapse which had the effect of terminating
printing contracts that were Webprint Concepts' main business.
The remaining 20 Webprint staff will now see their hours
increased again, thanks to some new business won since the TCH
collapse, including short term contracts to print the 'Sunday
Business Post', the company said, Independent.ie says.
Independent.ie notes that the Sunday newspaper was not sold when
TCH's main assets, including the 'Irish Examiner', several radio
stations and regional newspapers, were sold to a new owner
Landmark Media Investments, owned by Thomas and Ted Crosbie.
The 'Sunday Business Post' is now in examinership and seeking a
buyer, the report relates.
===============
X X X X X X X X
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* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
OBTEC OBTEC DC -17139908.33 134988548.1
OBTEC OBT DC -17139908.33 134988548.1
OBTEC-NEW SHARES OBTECN DC -17139908.33 134988548.1
OBTEC-OLD OBTN DC -17139908.33 134988548.1
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
ROSKILDE BANK ROSK DC -532868894.9 7876688188
ROSKILDE BANK RSKC IX -532868894.9 7876688188
ROSKILDE BANK ROSK EO -532868894.9 7876688188
ROSKILDE BANK RKI GR -532868894.9 7876688188
ROSKILDE BANK ROSKF US -532868894.9 7876688188
ROSKILDE BANK ROSBF US -532868894.9 7876688188
ROSKILDE BANK ROSK EU -532868894.9 7876688188
ROSKILDE BANK ROSK PZ -532868894.9 7876688188
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876688188
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876688188
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876688188
SCANDINAVIAN BRA SBS1 EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 BY -17139908.33 134988548.1
SCANDINAVIAN BRA SBSD PZ -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS DC -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
SCANDINAVIAN BRA SBSC IX -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 EU -17139908.33 134988548.1
SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.29 330011633.6
ADP INGENIERIE S 4519911Z FP -9312265.78 111844575.6
AIR COMMAND SYST 4470055Z FP -24012413.92 236706831.5
AKERYS SERVICES 4685937Z FP -22410493.42 137981683.2
ALCATEL-LUCENT E 3642975Z FP -33252970.32 441703998.1
ALCATEL-LUCENT F 3647063Z FP -794569718.3 4984960531
AL-KHATTIYA LEAS 4783713Z FP -13423803.21 109623566.3
ALUMINIUM PECHIN 3650903Z FP -469114028.7 1322244624
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AUTOROUTES PARIS ARR1 BQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EO -251756893.2 10625026266
AUTOROUTES PARIS RK9 TH -251756893.2 10625026266
AUTOROUTES PARIS ARR EU -251756893.2 10625026266
AUTOROUTES PARIS ARR FP -251756893.2 10625026266
AUTOROUTES PARIS ARRGBX EU -251756893.2 10625026266
AUTOROUTES PARIS ARR IX -251756893.2 10625026266
AUTOROUTES PARIS ARR S1 -251756893.2 10625026266
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BELVEDERE - RTS 554451Q FP -256191005.4 927737997.9
BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
BELVEDERE SA BVD EU -256191005.4 927737997.9
BELVEDERE SA BELV FP -256191005.4 927737997.9
BELVEDERE SA BELV NM -256191005.4 927737997.9
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BELVEDERE SA-NEW 8198283Q FP -256191005.4 927737997.9
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CADES 211430Z FP -1.16E+11 23006745556
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CROWN EUROPEAN H 1049Q LN -239071932.4 6870067181
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DOCTISSIMO MCOS IX -1690819.009 135171143.2
DOCTISSIMO 2916493Q EO -1690819.009 135171143.2
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EDENRED EDEN BQ -1310250942 5470394799
EDENRED EDEN EB -1310250942 5470394799
EDENRED EDEN IX -1310250942 5470394799
EDENRED EDEN PZ -1310250942 5470394799
EDENRED-NEW EDENV FP -1310250942 5470394799
EDF EN OUTRE MER 4679713Z FP -2598508.843 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.43 175501799.4
FACONNABLE SA 226782Z FP -19616230.99 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GEC 4 SAS 4518255Z FP -91410336.97 541462091
GPN SA 4509659Z FP -35080424.69 568887551
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GRANDE PAROISSE GDPA FP -927267926.9 629287290
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GROUPE PROGRES S 4734137Z FP -106637565.8 154665494
HIPPO GESTION ET 4732841Z FP -606512.6987 113032204.7
HITACHI EUROPE S 4681417Z FP -9927515.772 110534051.7
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PFLEIDERER-REG PFD4 PZ -97572495.87 1832488196
PFLEIDERER-REG PFD4 GR -97572495.87 1832488196
PFLEIDERER-REG PFD4 QM -97572495.87 1832488196
PFLEIDERER-REG PFD4GBX EU -97572495.87 1832488196
PFLEIDERER-REG PFD4 NQ -97572495.87 1832488196
PFLEIDERER-REG PFD4 BQ -97572495.87 1832488196
PFLEIDERER-REG PFEIF US -97572495.87 1832488196
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RAG ABWICKL-REG ROSG PZ -1744124.2 217776125.8
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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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T BANK TBANK GA -46224213.41 3486115450
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HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
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IRELAND
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QUINN GROUP LTD 166771Z ID -228838127.1 2504412121
RHATIGAN COMMERC 3800004Z ID -196980690.9 136107436.9
SALOME FUNDING P 747246Z ID -1780227.756 2390329099
SCHWARZ PHARMA L 626603Z ID -566486089.9 327913450.8
SHENDA IRELAND L 4781889Z ID -147003552 222048024.6
SPENCER DOCK DEV 3813908Z ID -87906519 773958702
START FUNDING NO 3816392Z ID -8410425.946 624257073.1
SUSQUEHANNA EURO 4459081Z ID -1252022268 5765502698
TAKEDA PHARMA IR 4460049Z ID -553964898.1 178556098.5
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UPC BROADBAND IR 3633179Z ID -295261091 748962719.5
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ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
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ITALY
-----
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I VIAGGI DEL VEN VVE EU -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IM -209436890.3 202705179.9
I VIAGGI DEL VEN VVE TQ -209436890.3 202705179.9
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SOPAF SPA SPF EU -24220971.66 153763906.2
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SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
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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
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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
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BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
CEVA LOGISTICS 882197Z NA -538665968.2 5318491121
CLATES HOLDING B 4043429Z NA -34881.25205 221495950.5
COOPERATIE VOEDI 4378105Z NA -216576.9882 680962157.8
EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
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FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
HE INVESTMENTS B 3813216Z NA -1780665.857 195483088
HUISVUILCENTRALE 4777713Z NA -87789.23965 1412526184
IEOC EXPLORATION 4523879Z NA -3196000 112429000
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ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
ING REIM DEVELOP 3811140Z NA -231041485.9 383323356.5
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LINO MANAGEMENT 3774416Z NA -330305248.1 752471513.7
MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
MAGYAR TELECOM B 363945Z HB -9411153.408 462039674.5
MITSUBISHI MOTOR 3893974Z NA -236634746.2 588105612.9
MSREF ELBA BV 4043045Z NA -89889.60183 584994172.5
MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
NORFOLK HOLDINGS 779151Z NA -199512.5928 813430683.8
RIVA NV 3797916Z NA -852952.1165 111411542.1
SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
SITA NEDERLAND B 874216Z NA -312079.8969 2324948031
UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -12602392978 14238054163
VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.7768 799874848.4
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
AKER BUSINESS SE 4400969Z NO -1678208.862 125911965.2
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP BY -16100000 765200000
AKER FLOATING PR AKFP EO -16100000 765200000
AKER FLOATING PR AKFP PZ -16100000 765200000
AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
AKER FLOATING PR AKFPEUR EU -16100000 765200000
AKER FLOATING PR AKFPEUR EO -16100000 765200000
AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
BAKERS AS 4527631Z NO -2100773.812 130412660.1
BKK VARME AS 4445833Z NO -4191315.792 139898061.1
CARGONET 81784Z NO -73487095.94 128859900.5
CIA LA GOMERA AS 4401057Z NO -14188999.46 111542577.2
GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
HEEGH AUTOLINERS 4389209Z NO -13894016.15 253537334.9
HELI-ONE NORWAY 4632761Z NO -27084593.22 759455442.9
ICA NORGE AS 4511499Z NO -132832574.9 702347848.8
INFRATEK ENTREPR 4402489Z NO -33504101.18 160698348.1
INTEROIL EXPLORA IOX NO -21010000 139828992
INTEROIL EXPLORA IOX EO -21010000 139828992
INTEROIL EXPLORA IOX PZ -21010000 139828992
INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
NCC ROADS AS 4401305Z NO -11149611.36 135425117.2
NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
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
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FOOTBALL FOUNDAT 3958180Z LN -1856870.101 108334858
FORD MOTOR CO LT 1291306Z LN -198002524.7 4858077693
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FW FARNSWORTH LT 1293386Z LN -44420065.35 102695080.1
GALA ELECTRIC CA 1228295Z LN -1443271177 5858442731
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GGT GROUP-ADR GGTRY US -156372272 408211200.9
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GRANT THORNTON U 961842Z LN -87634636.95 389831122.7
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HMV GROUP -GDR 276960Q GR -218490042.1 415846374.8
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HMV GROUP PLC HMV NQ -218490042.1 415846374.8
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HMV GROUP PLC HMV PZ -218490042.1 415846374.8
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HMV GROUP PLC HMV VX -218490042.1 415846374.8
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HMV GROUP PLC HMV QM -218490042.1 415846374.8
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HMV GROUP PLC HMV6 EO -218490042.1 415846374.8
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HOTEL CORP PLC HHA TH -234303120.5 370820493.6
HOTEL CORP PLC HCP EU -234303120.5 370820493.6
HOTEL CORP PLC HCP LN -234303120.5 370820493.6
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SMITHS NEWS PLC NWS1 EU -82175781.01 424997909.9
SMITHS NEWS PLC NWS1 EO -82175781.01 424997909.9
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SR TECHNICS UK L 2900250Z LN -143296142.1 116171355.3
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TOPPS TILES PLC TPT EU -36503224.29 140534295.2
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TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2
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TOPPS TILES PLC TPT LN -36503224.29 140534295.2
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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
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UTC GROUP UGR LN -11904428.42 203548565
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VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
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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
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WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
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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 * * *