/raid1/www/Hosts/bankrupt/TCREUR_Public/130430.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 30, 2013, Vol. 14, No. 84
Headlines
A U S T R I A
EUROCONNECT SME 2007: S&P Affirms 'BB+' Rating on Cl. B2 Notes
B E L A R U S
* MINSK: S&P Affirms 'B-' Issuer Credit Rating; Outlook Pos.
C Y P R U S
BANK OF CYPRUS: 37.5% of Uninsured Deposits Converted to Equity
GLOBALTRANS INVESTMENT: Moody's Affirms Ba3 CFR; Outlook Pos.
F R A N C E
HOLDING MEDI-PARTENAIRES: Moody's Gives B2 CFR; Outlook Stable
HOLDING MEDI-PARTENAIRES: S&P Assigns Prelim. 'B' Corp. Rating
G E O R G I A
GEORGIAN OIL: Fitch Affirms 'BB-' LT Issuer Default Rating
G E R M A N Y
FORCE TWO: Fitch Affirms 'C' Rating on EUR9.7-Mil. Cl. E Notes
METROPCS WIRELESS: Moody's Says Merger Pos. for Deutsche Telekom
UNITYMEDIA HESSEN: S&P Cuts Rating on Sr. Secured Notes to 'B+'
G R E E C E
* GREECE: Approves Reform Law to Unlock EU, IMF Rescue Loans
H U N G A R Y
E-STAR ALTERNATIV: Enters Into Agreement with Creditors
NITROGENMUVEK ZRT: S&P Gives 'BB-' Rating to $200MM Unsec. Notes
I R E L A N D
ANGLO IRISH: Bondholders May File Claims Over Restructuring
I T A L Y
BANCA CARIGE: Poor Performance Cues Moody's to Cut Rating to Ba2
N E T H E R L A N D S
HYVA GLOBAL: Non-Compliance Prompts Moody's to Cut CFR to 'B3'
KPN NV: To Launch Rights Issue with Shares at Steep Discount
VIMPELCOM HOLDINGS: S&P Affirms 'BB' Rating on Sr. Unsec. Notes
P O L A N D
CENTRAL EUROPEAN: ING Otwarty No Longer Owns Stock at Apr. 19
P O R T U G A L
* PORTUGAL: Derivative Losses May Weaken EUR78BB Bailout Bid
R U S S I A
BANK VTB: 2012 Accounts Highlight Weak Performance, Fitch Says
RUSSIAN HELICOPTERS: Moody's Rates Proposed Eurobond '(P)B1'
RUSSIAN HELICOPTERS: Fitch Assigns 'BB-' Sr. Unsecured Rating
RUSSIAN HELICOPTERS: Moody's Affirms National Scale Rating
* NOVOSIBIRSK: S&P Affirms 'BB' Long-Term Issuer Credit Rating
S P A I N
FTPYME BANCAJA 6: S&P Affirms 'D' Ratings on 3 Note Classes
IM PASTOR 2: Moody's Lowers Rating on Class D Notes to 'B3'
IM PASTOR 2: S&P Lowers Rating on Two Note Classes to 'BB+'
TDA CAM 4: S&P Lowers Rating on Class C Notes to 'D'
TDA CAM 9: S&P Lowers Rating on Class B Notes to 'D'
* SPAIN: Moody's Sees Increase in Bond Issuance for Midsize Firms
T U R K E Y
BOSPHORUS 1 RE: S&P Gives 'BB+' Rating to US$400MM Cl. A Notes
U K R A I N E
LEMTRANS LLC: S&P Assigns 'B' Corp. Credit Rating; Outlook Neg.
U N I T E D K I N G D O M
DECO 11-UK: S&P Lowers Rating on Class E Notes to 'CCC-'
DONCASTERS GROUP: Moody's Assigns 'B3' CFR; Outlook Stable
FAIRHOLD SECURITISATION: Moody's Reviews B1 Rating for Downgrade
INEOS GROUP: S&P Raises Corporate Credit Rating to 'B+'
LLANELLI AFC: In Administration, Owes Thousands
ROWECORD ENGINEERING: In Administration, 400 Jobs at Risk
TAYLOR WIMPEY: S&P Raises Corporate Credit Rating to 'BB'
TRANSEUROPA FERRIES: In Administration, Jobs at Risk
X X X X X X X X
* Fitch: CLO Loan Maturity Extensions Offset by Rising Spreads
* S&P Takes Various Rating Actions on European CDO Tranches
* Large Companies with Insolvent Balance Sheets
*********
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A U S T R I A
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EUROCONNECT SME 2007: S&P Affirms 'BB+' Rating on Cl. B2 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services has raised and removed from
CreditWatch negative its credit ratings on EuroConnect Issuer SME
2007 Ltd.'s class B and C notes, and has affirmed and removed
from CreditWatch negative its rating on the class A notes. At
the same time, S&P has raised and removed from CreditWatch
negative its rating on UniCredit Bank Austria AG BA-CA's class A2
credit-linked notes (CLNs), and has affirmed and removed from
CreditWatch negative its rating on the class B2 CLNs. S&P has
also lowered and removed from CreditWatch negative its rating on
UniCredit Bank AG HVB's class A2 CLNs, and has affirmed and
removed from CreditWatch negative its rating on the class B2
CLNs.
The rating actions follow the application of S&P's updated
European criteria for collateralized loan obligations (CLOs)
backed by small and midsize enterprises (SMEs) and S&P's 2012
counterparty criteria, as well as its assessment of the
transaction's performance using the latest available investor
report and portfolio data from the servicer.
On Jan. 17, 2013, when S&P's updated European SME CLO criteria
became effective, it placed on CreditWatch negative its ratings
on EuroConnect's class A, B, and C notes, and UniCredit Bank
Austria BA-CA's and UniCredit Bank HVB's class A2 and B2 CLNs.
EUROCONNECT ISSUER SME 2007'S PERFORMANCE
Since S&P's previous review of the transaction on March 28, 2012,
the portfolio has continued to amortize nearly linearly, leading
to a further deleveraging of the capital structure. The pool
factor (the percentage of original principal left to be
distributed) equals 29.83%, and the weighted-average life is 3.26
years. Following the February 2013 interest payment date (IPD),
the senior notional outstanding amount, which is repaid before
any payments to the CLNs, equals 22.13% of its original balance
(compared with 38.32% at S&P's March 2012 review).
Since closing, the transaction has experienced cumulative credit
events (defined in the transaction documents as bankruptcy or
failure to pay for 90 days or more) of 2.48% of the initial
portfolio amount and 1.52% of the combined initial and
replenished amount, respectively. This indicates robust
performance against the recessions experienced in Germany and
Austria, and difficult economic environment immediately after
closing. Cumulative realized losses increased to 0.59% of the
initial portfolio amount from 0.28% at S&P's March 2012 review.
To date, excess spread has absorbed most of these losses, thereby
entirely depleting the excess spread ledger balance, and leaving
about EUR2.7 million of losses allocated to the class D notes.
The transaction currently contains EUR16.76 million of defaulted
reference obligations. S&P expects these loans to complete their
workout procedures throughout 2013 and 2014. This will likely
cause the class D notes to suffer further losses in those
instances where the quarterly available excess spread is not
sufficient to cure the quarterly realized losses.
In addition to the loans currently undergoing workout, there are
EUR40.7 million of loans classified as defaulted on the
originator's internal rating scale -- representing 4.4% of the
current portfolio balance. To date, these loans have not
triggered a credit event under the transaction documents.
However, S&P believes they risk triggering further credit events
leading to losses to the transaction.
Overall, the portfolio's ongoing amortization and the resulting
deleveraging of the liabilities have increased the available
credit enhancement for the class A, B, and C notes.
Available Credit Enhancement
Class Credit enhancement (%)
A 15.20
B 10.27
C 6.04
UNICREDIT BANK'S HVB SUBPOOL AND UNICREDIT BANK AUSTRIA'S BA-CA
SUBPOOL
The current pool factor of the BA-CA subpool equals about 25.77%,
while for the HVB subpool it stands at 31.92%. Of the total
amount of defaulted reference obligations, EUR6.65 million are
referenced in the BA-CA subpool (equivalent to 2.46% of its
outstanding portfolio amount), and EUR10.11 million are
referenced in the HVB subpool (equivalent to 1.55% of its
outstanding portfolio amount). Of the total losses, EUR2.58
million are allocated to the HVB subpool, with the remaining
EUR0.12 million allocated to the BA-CA subpool. S&P also notes
that an additional 9.53% of loans in the BA-CA subpool are
classified as defaulted on the originator's internal rating
scale, as are 2.30% in the HVB subpool.
Furthermore, the BA-CA subpool continues to exhibit relatively
high levels of obligor concentration, which has risen further as
a result of portfolio amortization. According to S&P's
calculations, the largest 10 obligor groups now accounts for
about 37.9% of the BA-CA subpool.
Compared with the BA-CA subpool, the larger HVB subpool exhibits
lower concentration levels with the largest 10 obligor groups
accounting for about 12.97% of the HVB subpool.
At the subpool level, the available credit enhancement for the
class A2 and B2 CLNs referencing the distinct BA-CA and HVB
subpools has increased.
Available Credit Enhancement: BA-CA Subpool
Class Credit enhancement (%)
A2 27.99
B2 19.40
Available Credit Enhancement: HVB Subpool
Class Credit enhancement (%)
A2 25.60
B2 19.14
CREDIT ANALYSIS
S&P has applied its updated European SME CLO criteria using its
CDO Evaluator model to determine the 'AAA' scenario default rates
(SDRs) for the overall EuroConnect portfolio, and the BA-CA and
HVB subpools.
S&P based its SDR calculations on the weighted-average life of
each of the portfolios: About 3.26 years for the overall
EuroConnect pool, 3.41 years for the HVB subpool, and 2.86 years
for the BA-CA subpool. S&P further assumed a target portfolio
rating of 'BB-' for each of the three portfolios, which S&P
derived from three factors:
-- Germany's Banking Industry Country Risk Assessment (BICRA)
of 2 for the HVB subpool;
-- Austria's Banking Industry Country Risk Assessment (BICRA)
of 2 for the BA-CA subpool;
-- The five-year average observed default frequency of each of
the originators' overall SME loan books; and
-- The credit quality of the BA-CA and HVB subpools,
considering the credit quality of UniCredit Bank Austria's
and UniCredit Banks's overall SME loan books, respectively.
S&P has not been provided with sufficient information to enable
it to assess the rank ordering power of each of the originators'
internal scoring systems applicable to the SME segment.
Therefore, S&P assumed that each performing SME loan in the
portfolio had a credit quality equal to its average credit
quality assessment of the portfolio.
S&P further derived the rating inputs for the exposure to larger
corporates, which equals 10.6% of the portfolio amount, by
mapping the originators' internal rating scale applicable to
larger corporates to Standard & Poor's rating scale. S&P then
used CDO Evaluator to determine the 'AAA' SDR for each portfolio:
36.96% for the EuroConnect portfolio, 40.17% for the HVB sub
pool, and 35.55% for the BA-CA subpool.
In order to determine S&P's 'B' SDR for the EuroConnect portfolio
and the HVB subpool, S&P has reviewed the historical performance
of the portfolios while considering recent trends. As a result,
S&P's 'B' SDRs for the EuroConnect portfolio and the HVB subpool
are both 4.82%. Furthermore, the SDRs for rating levels between
'B' and 'AAA' are interpolated for both portfolios in accordance
with S&P's European SME CLO criteria.
For the BA-CA subpool, as a result of the portfolio's high
obligor concentration, S&P has determined the subpool's SDRs at
all rating levels using its CDO Evaluator model. The resulting
SDRs at the rating levels assigned to BA-CA's class A2 and B2
CLNs are 24.14% at a 'A' rating level and 17.31% at a 'BB+'
rating level.
RECOVERY RATE ANALYSIS
At each liability rating level, S&P assumed a weighted-average
recovery rate (WARR) by taking into consideration the asset type,
its seniority, and the country recovery grouping.
The portfolios include senior-secured and senior-unsecured loans.
Losses on defaulted loans include enforcement costs and foregone
interest. S&P has taken these factors into account in its
analysis and has consequently determined its recovery assumptions
for the transactions at various rating scenarios.
WARR Assumptions
Rating level EuroConnect (%) HVB (%) BA-CA (%)
AAA 22.10 22.93 20.09
AA 25.33 26.22 23.18
A 28.97 29.88 26.75
BBB 33.09 34.06 30.73
BB 40.83 42.05 37.84
B/CCC 43.92 45.20 40.80
S&P applied the recovery rates to the SDRs at each rating level
to calculate the scenario loss rates (SLRs) applicable to each of
the portfolios.
Rating-Specific Scenario Loss Rates (%)
Assigned rating EuroConnect (%) HVB (%) BA-CA (%)
AAA 28.79 30.96 28.41
AA+ 22.45 24.05 23.90
A+ 13.21 14.00 18.38
A 11.58 12.23 17.68
A- 9.95 10.46 16.53
BBB- 5.53 5.68 12.91
BB+ 4.55 4.62 10.76
S&P notes that all of the rated classes of notes, except HVB's
class A2 CLNs, has available credit enhancement that exceeds the
SLRs at their current rating levels. This is a result of the
level of portfolio amortization more than compensating for the
higher portfolio default rates applied under S&P's updated
European SME CLO criteria.
SUPPLEMENTAL TESTS
In line with S&P's European SME CLO criteria, it applied its
largest obligor default test to EuroConnect's class A, B, and C
notes, and to HVB's and BA-CA's class A2 and B2 CLNs.
The application of this test did not constrain S&P's ratings on
EuroConnect's class A, B, and C notes, or its ratings on HVB's
class A2 and B2 CLNs. However, the application of this test did
constrain S&P's rating on BA-CA's class A2 and B2 CLNs at 'A+
(sf)' and 'BB+ (sf)' respectively.
EuroConnect's class A, B, and C notes have available credit
enhancement that exceeds the SLRs at their current rating levels,
with the class A notes' available enhancement exceeding the SLR
at a 'A+' rating level. However, the application of S&P's 2012
counterparty criteria, to funded synthetic transactions, limits
the maximum achievable rating on the class A notes at 'A'--the
long-term issuer credit rating on both UniCredit Bank and
UniCredit Bank Austria, which are both deposit providers for the
issuance proceeds of the rated notes. S&P has therefore affirmed
and removed from CreditWatch negative its 'A (sf)' rating on the
class A notes, and raised to 'A- (sf)' from 'BBB (sf)' and
removed from CreditWatch negative its rating on the class B notes
and raised to 'BBB- (sf)' from 'BB (sf)' and removed from
CreditWatch negative its rating on the class C notes.
BA-CA's class A2 and B2 CLNs currently have available credit
enhancement that exceeds the SLRs at 'AA+' and 'A+' rating
levels, respectively. However, the application of S&P's 2012
counterparty criteria limits the maximum achievable rating on
both classes of CLNs to 'A (sf)'. In addition, the application
of S&P's largest obligor default test limits the maximum
achievable rating on the class A2 CLNs at 'A+ (sf)', and on the
class B2 CLNs at 'BB+ (sf)'. S&P has therefore raised to 'A
(sf)' from 'BBB+ (sf)' and removed from CreditWatch negative its
rating on the class A2 CLNs and has affirmed and removed from
CreditWatch negative its 'BB+ (sf)' rating on the class B2 CLNs.
HVB's class A2 and B2 CLNs have available credit enhancement that
exceeds the SLRs at 'AA+ (sf)' and 'A+ (sf)' rating levels,
respectively. However, the application of S&P's 2012
counterparty criteria limit the maximum achievable rating on both
classes of CLNs at 'A (sf)'. S&P has therefore lowered to 'A
(sf)' from 'AAA (sf)' and removed from CreditWatch negative its
rating on the class A2 CLNs and affirmed and removed from
CreditWatch negative its 'A (sf)' rating on the class B2 CLNs.
EuroConnect Issuer SME 2007 is a partially funded synthetic
balance sheet transaction, referencing a portfolio of bank loans
granted to mainly German and Austrian SMEs (90% of the portfolio
balance) and to larger corporates (10% of the portfolio balance),
originated by Unicredit Bank and UniCredit Bank Austria. The
transaction closed in December 2007. Subordination and excess
spread provide credit enhancement for the rated notes. The
repayment of the liabilities follows a fully sequential order,
starting with the senior notional amount, followed by the class A
notes (comprising unrated class A1 notes and rated class A2 HVB
and BA-CA CLNs, both ranking pari passu with each other), the
class B notes (comprising unrated class B1 notes and rated class
B2 HVB and BA-CA CLNs, both ranking pari passu with each other),
and EuroConnect's class A, B, C, and D notes.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating Rating
To From
EuroConnect Issuer SME 2007 Ltd.
EUR216.3 Million Credit-Linked Floating-Rate Notes
Ratings Raised and Removed From CreditWatch Negative
B A- (sf) BBB (sf)/Watch Neg
C BBB- (sf) BB (sf)/Watch Neg
Rating Affirmed and Removed From CreditWatch Negative
A A (sf) A (sf)/Watch Neg
UniCredit Bank AG
EUR0.2 Million HVB Floating Rate Credit-Linked Notes
Rating Lowered and Removed From CreditWatch Negative
A2 A (sf) AAA (sf)/Watch Neg
Rating Affirmed and Removed From CreditWatch Negative
B2 A (sf) A (sf)/Watch Neg
UniCredit Bank Austria AG
EUR0.2 Million BA-CA Floating Rate Credit-Linked Notes
Rating Raised and Removed From CreditWatch Negative
A2 A (sf) BBB+ (sf)/Watch Neg
Rating Affirmed and Removed From CreditWatch Negative
B2 BB+ (sf) BB+ (sf)/Watch Neg
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B E L A R U S
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* MINSK: S&P Affirms 'B-' Issuer Credit Rating; Outlook Pos.
------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
the Belarusian City of Minsk to positive from stable. At the
same time, S&P affirmed its 'B-' long-term issuer credit rating
on the city.
The outlook revision follows a similar action on the Republic of
Belarus. S&P views the institutional framework for Belarusian
local and regional governments (LRGs) as centralized. According
to S&P's criteria, a Belarusian LRG cannot be rated higher than
the sovereign, so S&P caps the long-term rating on Minsk at the
level of the long-term sovereign rating on Belarus.
The rating on Minsk reflects S&P's view of Belarus' volatile and
underfunded system of interbudgetary relations, leading to the
city's very limited budget predictability and flexibility. The
rating is also constrained by Minsk's large infrastructure needs
and high contingent liabilities. Factors supporting the rating
are the city's status as the country's largest administrative,
financial, and commercial center; its consistently very strong
operating surplus; moderate debt burden; and consistently high
cash reserves.
Under S&P's methodology, it assess the indicative credit level
(ICL) for Minsk at 'b+'. The ICL is not a rating, however. It
is a means of assessing an LRG's intrinsic creditworthiness under
the assumption that there is no sovereign rating cap. The ICL
results from the combination of our assessment of an LRG's
individual credit profile and the effects S&P sees of the
institutional framework within which it operates.
S&P believes that the institutional framework within which
Belarusian regional governments operate is very centralized and
evolving, which limits the predictability and flexibility of
Minsk's financial policy. The central government defines the
types, rates, and bases of most taxes, sets norms of regional
spending through established social standards, limits regions'
budget deficits, and authorizes all borrowings.
As Belarus' largest administrative, financial, and commercial
center, Minsk is wealthy and diversified relative to other
Belarusian regions, and S&P expects this will continue to support
its budgetary performance. Although the city's wealth levels are
modest by international standards, the city's GDP per capita
exceeds the national average by 1.5x.
Post-crisis economic recovery and a significant depreciation of
the Belarusian ruble in 2011-2012 have triggered higher
inflation, supported Minsk's revenue growth, and resulted in
exceptionally solid operating margins of 35% of operating
revenues. Given the concentration of the national economic
growth in Minsk and the fairly high inflation, the city's revenue
growth will likely continue to exceed operating spending growth
rates in the medium term. This will result in strong operating
margins of over 30% on average in 2013-2015, according to S&P's
base-case expectations.
S&P notes that private investment in Minsk is limited, compelling
the city to maintain high capital spending itself, both directly
and via municipal companies, which exposes it to large contingent
liabilities. Minsk has also committed to an ambitious housing
construction program and large-scale infrastructure upgrade ahead
of hosting the World Ice Hockey Championship in 2014. This puts
pressure on the city's investment budget. However, given that
the central government has required Belarusian LRGs to deliver
zero deficits in 2012-2013, the city will deliver budget
surpluses after capital accounts. S&P do not exclude that this
legal constraint might be relaxed after 2013. However, on
average, deficits after capital accounts will be limited in the
medium term, at about 2%-3% of total revenues.
Due to solid operating performance and legal limits on direct
borrowings, the city's tax-supported debt will likely stay below
30% of operating revenues in the medium term. The larger share
of the debt burden (over 70%) will consist of guarantees against
municipal companies' borrowings, according to S&P's base case.
By year-end 2012, tax-supported debt, according to Standard &
Poor's criteria, was a low 14%-15% of adjusted operating
revenues.
The positive outlook on Minsk reflects that on Belarus, because
the long-term rating on Minsk is capped by the long-term foreign
currency rating on the sovereign.
Because S&P's ICL on Minsk is 'b+' and the rating is capped at
'B-', it don't currently envisage a realistic scenario under
which the ICL would weaken by three levels to fall below the
sovereign rating. Consequently, S&P would be more likely to
downgrade the city as a result of a downgrade of the sovereign
than as a result of a weakening of the ICL within the outlook
horizon.
S&P could raise the rating on Minsk within the next 12 months,
however, if it was to raise the ratings on Belarus and if Minsk
maintained its strong budgetary performance and solid cash
position, in line with its base-case scenario.
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C Y P R U S
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BANK OF CYPRUS: 37.5% of Uninsured Deposits Converted to Equity
---------------------------------------------------------------
Denise Roland at The Telegraph reports that savers in the Bank of
Cyprus took a hit on Sunday as 37.5% of their uninsured deposits
were converted to equity as part of the island's EUR10 billion
(GBP8.4 billion) rescue deal.
According to the Telegraph, the so-called "bail-in" forces savers
to foot the bill for the recapitalization of Cyprus' biggest
bank, after it was hit by massive losses from its exposure to
debt-crippled Greece.
Bank of Cyprus said it had converted 37.5% of deposits exceeding
EUR100,000 into "class A" shares, with an additional 22.5pc held
as a buffer for possible conversion in the future, the Telegraph
relates.
The bank said that another 30% would be temporarily frozen and
held as deposits, the Telegraph notes.
The bail-in is part of attempts by Cyprus to find EUR13 billion
-- a figure nearly double the island's original bill -- to shore
up its economy, the Telegraph dislcoses. Other measures include
a possible sell-off of the nation's gold reserves, the Telegraph
states.
The European Union and the International Monetary Fund are
providing a further EUR10 billion to the island, one of the
eurozone's smallest economies, the Telegraph says.
However the disbursement of rescue funds -- expected to start in
May -- will hinge on the outcome of a vote in the Cypriot
parliament, due today, the Telegraph notes.
Bank of Cyprus is a major Cypriot financial institution. In
terms of market capitalization of 350 million in March 2013, it
is the country's biggest bank. As of September 2012, the bank
held a 26.7% share of the Cypriot deposit market and a 22.5%
share of the Cypriot loan market, making it the largest bank in
Cyprus. The Bank of Cyprus Group employs 11,326 staff worldwide.
* * *
As reported by the Troubled Company Reporter-Europe on April 16,
2013, Moody's Investors Service downgraded Bank of Cyprus Public
Company Limited's deposit ratings to Ca, negative outlook, from
Caa3 and senior unsecured debt ratings to C, from Caa3. The
subordinated and junior subordinated debt ratings of BoC were
affirmed at C.
GLOBALTRANS INVESTMENT: Moody's Affirms Ba3 CFR; Outlook Pos.
-------------------------------------------------------------
Moody's Investors Service affirmed the Ba3 corporate family
rating and Ba3-PD probability of default rating of Globaltrans
Investment PLC. The outlook on the ratings is positive.
Concurrently, Moody's has affirmed the B1 senior unsecured
ratings assigned to the domestic bond issues by New Forwarding
Company, a 100% subsidiary of Globaltrans, and guaranteed by
Globaltrans, with a loss given default (LGD) assessment of
LGD5/81%.
Ratings Rationale:
Globaltrans's CFR of Ba3 continues to reflect (1) Moody's
expectation that the company's financial metrics will remain
strong on a sustainable basis, with debt/EBITDA declining below
2.0x (as adjusted by Moody's); (2) the company's growing size and
strong position in the Russian freight rail transportation
market, supported by a 30% expansion of its railcar fleet year-
on-year to 61,935 units as of year-end 2012, and established
customer base; (3) it's fairly modern own railcar fleet, the
average age of which is seven years, providing economies in terms
of repair costs; (4) its fleet diversification in terms of type
of railcars, with nearly two thirds represented by universal
gondola cars and the remainder mostly by tank cars; (5) its high
EBITA margin of above 25% (as adjusted by Moody's), resulting
from continuing cost control and sophisticated empty run
management; (6) its solid liquidity and balanced debt maturity
profile, with nearly 80% of debt maturing beyond the next 12
months as of year-end 2012; and (7) its moderate foreign currency
risk, with the company's foreign currency-denominated debt
representing less than 10% of its total debt as of year-end 2012.
The CFR also factors in (1) uncertainty surrounding Globaltrans's
long-term market position given the potential transformation of
the competitive landscape; (2) the potential deterioration in the
freight transportation market environment in Russia, reflected by
a continuing decline in freight volumes as reported by Russian
Railways JSC (Baa1 stable) (although Moody's expects Globaltrans
to remain resilient to a potential market downturn, as it has
been the case historically, owing to its position as a preferred
contractor for its key customers); (3) the possibility that
Globaltrans will continue to make sizeable debt-financed
acquisitions or investments in fleet expansion; (4) the company's
significant customer concentration, with 60% of its 2012 net
revenues from operating its rolling stock derived from its five
largest customers; and (5) the company's overall exposure to an
emerging market operating environment with a less developed
regulatory, political and legal framework.
The senior unsecured ratings assigned to the domestic bond issues
by New Forwarding Company, and guaranteed by Globaltrans, are one
notch below the CFR. This difference reflects the subordination
of the bonds (around US$400 million of which are outstanding) to
a significant proportion of secured debt in the Globaltrans
group's debt portfolio. Although this proportion has increased
over the past year, the rating on the bonds remains only one
notch below the CFR owing to Globaltrans's strong positioning in
its current CFR.
The positive outlook reflects the potential for an upgrade of
Globaltrans's ratings over the next 12-18 months given Moody's
expectation that the company's financial metrics will strengthen.
What Could Change The Rating Up/Down
Moody's could consider Globaltrans's ratings for an upgrade if
the company reduces its debt/EBITDA to below 2.0x (as adjusted by
Moody's) on a sustainable basis, while maintaining solid
liquidity and demonstrating a strong operating performance.
Conversely, negative pressure could be exerted on the ratings if
debt/EBITDA increases above 2.5x (as adjusted by Moody's) on a
sustained basis, or there is a material deterioration in
Globaltrans's liquidity, operating performance or market
position.
Principal Methodology
Globaltrans Investment PLC's and New Forwarding Company's ratings
were assigned by evaluating factors that Moody's considers
relevant to the credit profile of the issuer, such as the
company's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Globaltrans Investment
PLC's and New Forwarding Company's core industry and believes
Globaltrans Investment PLC's and New Forwarding Company's ratings
are comparable to those of other issuers with similar credit
risk. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
Cyprus-based Globaltrans Investment PLC is one of the largest
private railway transportation groups operating in Russia and the
Commonwealth of Independent States (CIS), with a fleet of 61,935
railcars as of year-end 2012. In 2012, the company transported 84
million tons of various cargos and generated US$2.1 billion of
revenue and US$734 million of EBITDA (as adjusted by Moody's).
Globaltrans is a public company that has been listed on the
London Stock Exchange since 2008.
===========
F R A N C E
===========
HOLDING MEDI-PARTENAIRES: Moody's Gives B2 CFR; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
and a B2-PD probability of default rating to Holding Medi-
Partenaires S.A.S. Concurrently, Moody's has assigned a
provisional (P)B3 rating, with a loss given default assessment of
LGD4, 65%, to the company's proposed EUR385 million of aggregated
senior secured notes. The outlook on the ratings is stable. This
is the first time that Moody's has assigned a rating to Medi-
Partenaires.
Moody's issues provisional ratings in advance of the final sale
of securities and these reflect Moody's credit opinion regarding
the transaction only. Upon closing of the refinancing and a
conclusive review of the final documentation, Moody's will
endeavor to assign definitive ratings to Medi-Partenaires. A
definitive rating may differ from a provisional rating. The
ratings assigned to Medi-Partenaires assume the successful
refinancing of the company's current financing package.
"The B2 CFR we have assigned reflects the company's high
leverage, ongoing tariff pressures and the potential for the
company's liquidity profile to deteriorate over time," says Knut
Slatten, the lead analyst for Medi-Partenaires. "However, these
factors are partially offset by long-term operating performance
visibility, favorable demographics, high barriers to entry and a
strong track record."
Ratings Rationale:
The B2 CFR primarily reflects (1) Medi-Partenaires' high leverage
estimated to be around 5.8x adjusted debt/ EBITDA pro-forma for
the debt-issuance; (2) Moody's expectations of continued pressure
on tariffs, which, in view of the company's largely fixed-cost
structure, may lead to the erosion of profitability; (3) a
liquidity profile that is likely to deteriorate over time, as the
company continues to play an active role in the consolidation of
the French private hospital market with anticipated acquisitions
expected to surpass the company's free cash flow generation.
These factors are balanced to an extent by (1) Medi-Partenaires'
overall high degree of visibility in terms of future operating
performance supported by the role of social security as the
payor; (2) favorable demographics, which should continue to drive
volume-growth and thereby mitigate some of the anticipated
pressure from tariff reductions allowing for continued solid
adjusted EBITDA-margins around 20%; (3) the overall high barriers
to entry resulting from the need to obtain necessary
authorizations and attract qualified personnel; and (4) the
company's strong track record in acquiring and integrating
hospitals.
Founded in 1991, Medi-Partenaires is a French private hospital
company operating 35 facilities throughout France. The facilities
are mainly concentrated in six core regions in France --
accounting for 80% of revenues -- and essentially focus on
medicine, surgery and obstetrics.
Whereas the company has established a track record of recurrent
organic growth of around 2-3% per year, Medi-Partenaires is a
consolidator and total sales-growth has over the past few years
mainly been driven by acquisitions allowing for the company to
become one of the largest private hospital companies in France.
Acquisitions tend to be more bolt-on acquisitions, which
complement the company's existing platform and thereby allow for
establishment of centers of excellence and extraction of
synergies. However, Medi-Partenaires may also consider
acquisitions in new regions should they facilitate in
establishing presence in attractive catchment areas or enable the
company to acquire new capabilities. Moody's notes, however, that
it is not a strategic goal of the company to cover the full
territory.
In addition to the proposed issuance of EUR385 million in senior
secured notes, Medi-Partenaires is putting in place a new super-
senior revolving credit facility of EUR60 million -- located at
Sante Partenaires SAS -- which will benefit from a contractual
priority positioning in the waterfall. Shareholder funding
includes around EUR285 million of convertible bonds which Moody's
has analyzed as being equivalent to equity.
Neither the notes nor the RCF will benefit from upstream
guarantees from the operating subsidiaries, although the notes
will be guaranteed by Sante Partenaires SAS. Moody's understands
that the notes and the RCF will be secured upon the same
collateral, which will notably include share pledges over the two
holding companies Medi-Partenaires and Sante Partenaires. The
(P)B3 rating on notes, one notch below the CFR, reflects
structural subordination to other liabilities in the capital
structure.
Following the refinancing, Moody's expects Medi-Partenaires'
liquidity profile to remain adequate. In addition to a cash
balance of around EUR40 million, the liquidity profile is further
supported by expectations of positive free cash flows as well as
access to the undrawn EUR60 million RCF. Moody's would expect
headroom to the company's financial maintenance covenant to
remain satisfactory. However, Moody's cautions that the quality
of the company's liquidity profile is likely to depend on the
company's pace of acquisitions, which may lead to reduced
availability under the RCF as well as tightened headroom to
covenants over time.
The company is controlled by LBO France, a principal shareholder.
However, Moody's notes that the proposed notes permit an
exception to the general change of control clause, whereby a
change of control would not trigger an investor put if the
company's consolidated leverage is below 4.75x in the first 18
months after issuance (and 4.25x thereafter).
The stable outlook on the rating reflects Moody's expectation
that, going forward, Medi-Partenaires will continue facing
moderate pressures on tariffs offset by increased growth in
volumes and continuous cost-optimization allowing for its
leverage -- defined as adjusted gross debt/EBITDA -- to be on a
downward trend. Whereas the current rating allows some
flexibility for the company to continue playing an active role in
the consolidation of the French private hospital market through
bolt-on acquisitions, no larger debt-financed acquisitions are
factored in. The stable outlook also reflects Moody's
anticipation that Medi-Partenaires will maintain a satisfactory
liquidity profile going forward.
What Could Change The Rating Up/Down
Positive pressure on the rating could develop if Medi-
Partenaires' operating performance continues to improve, allowing
for the company's leverage, measured by debt/EBITDA, to move
below 5.25x. Conversely, negative pressure could develop if Medi-
Partenaires' leverage moves above 6.25x or if Moody's becomes
concerned about the company's liquidity.
Principal Methodology
The principal methodology used in this rating was the Global
Healthcare Service Providers published in December 2011. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
Medi-Partenaires is a France-based private hospital company. It
serves around 700,000 customers in its 35 facilities and worked
with approximately 2,000 physicians in 2012. For the financial
year ended December 31, 2012, it reported total revenues of
EUR525 million and EBITDAR of EUR109.8 million.
HOLDING MEDI-PARTENAIRES: S&P Assigns Prelim. 'B' Corp. Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' preliminary long-term corporate credit rating to Holding
Medi-Partenaires SAS, a French hospital operator. The outlook is
stable.
At the same time, S&P assigned its preliminary 'B' issue rating
to Medi-Partenaires' proposed EUR385 million senior secured notes
due 2020. The preliminary recovery rating on these notes is '4',
indicating S&P's expectation of average (30%-50%) recovery in the
event of a payment default.
The final ratings will be subject to the successful issuance of
the proposed notes and will depend on S&P's receipt and
satisfactory review of all final transaction documentation.
Accordingly, the preliminary ratings should not be construed as
evidence of the final ratings. If Medi-Partenaires does not
place the notes, if Standard & Poor's does not receive the final
documentation within a reasonable time frame, or if the final
documentation departs from the materials S&P has already
reviewed, S&P reserves the right to revise or withdraw its
ratings.
S&P's 'B' preliminary corporate credit rating on Medi-Partenaires
reflects its view of the group's "fair" business risk profile and
"highly leveraged" financial risk profile, as its criteria define
the terms. It is based on the expectation that the ongoing
refinancing operations will be completed as presented to S&P.
S&P's base-case assumes that Medi-Partenaires will successfully
issue notes totaling EUR385 million. From the proceeds, S&P
assumes Medi-Partenaires will use up to EUR100 million to repay
the EUR385 million shareholder convertible bonds, EUR236 million
to fully repay the mezzanine bonds, and EUR71 million to repay
term loans in operating subsidiaries. On top of bond proceeds,
S&P expects Medi-Partenaires to use EUR30 million of its cash on
its balance sheet to repay some debt. S&P assumes about
EUR8 million of transaction cost.
The ratings are primarily constrained by the group's high
adjusted debt-to-EBITDA ratio of about 9.0x including a
shareholder convertible bond, and about 6.0x excluding the
shareholder convertible bond. S&P's adjusted debt-to-EBITDA
ratio includes a EUR275 million debt adjustment relating to
operating leases, because the group sold a large majority of its
real estate under sale-and-leaseback transactions in 2011 and
2012.
The ratings also reflect Medi-Partenaires' high level of
capitalized interest, despite the repayment of the mezzanine debt
and expected reduction in shareholder convertible bonds. The
remaining EUR285 million-EUR325 million outstanding from the
shareholder convertible bond will continue to bear 9.4% interest
per year, which is capitalized, and also continue to accumulate a
nonconversion premium of 5.6% per year, which limits the group's
deleveraging potential.
The stable outlook reflects S&P's view of Medi-Partenaires' solid
position in the French private hospital sector and S&P's
anticipation that there will be no regulatory changes in the near
term that would have a negative bearing on its profitability. It
further reflects S&P's view that Medi-Partenaires should be able
to continue generating positive free operating cash flow and
maintaining an adjusted EBITDA-to-cash interest ratio of not less
than 2.0x.
S&P could take a negative rating action if Medi-Partenaires were
unable to generate positive free cash flow or if the EBITDA cash
interest coverage were to approach 1.5x.
S&P could take a positive rating action if the group were to
improve its adjusted net debt-to-EBITDA ratio to below 5.0x
including hybrid adjustments and to increase its EBITDA cash
interest coverage to above 3.0x. S&P views this scenario as
remote because the noncash high interest rates applying to the
hybrid debt will considerably constrain the group's deleveraging
path.
=============
G E O R G I A
=============
GEORGIAN OIL: Fitch Affirms 'BB-' LT Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed JSC Georgian Oil and Gas Corporation's
Long-term foreign currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook and senior unsecured rating on its US$250
million bond maturing in 2017 at 'BB-'. A complete list of rating
actions is below.
The ratings for wholly state-owned GOGC are aligned with the
sovereign's as the government of Georgia (BB-/Stable) considers
the company critical to national energy policy. In aligning the
ratings, Fitch considers the 100% indirect state ownership and
strong management and governance linkages between GOGC and the
state. Fitch views GOGC's standalone profile as commensurate with
a 'B+' rating due to the company's small size, limited operations
and funding issues related to new projects.
KEY DRIVERS
Ratings Aligned with Sovereign's
GOGC is one of several corporations in Georgia regarded by the
government as critical to national policy. The aligned ratings
are supported by the 100% indirect state ownership via JSC
Partnership Fund (PF, BB-/Stable) and strong management and
governance linkages between GOGC and the sovereign. Fitch views
GOGC's standalone profile as commensurate with a 'B+' rating,
constrained by its small size, limited operations and funding
issues related to new projects. Its principal business is
distribution of gas to domestic customers, transit of third-party
gas via Georgian territory and power generation projects.
Gardabani Replaces Namakhvani
In September 2012, PF commenced construction of US$205 million
230MW Gardabani Combined Cycle Power Plant. GOGC will use
proceeds from its US$250 million Eurobond for project funding and
will become the owner of the power plant, with the transfer of
assets to GOGC expected later in 2013. It already loaned US$50
million to PF for the advance payment to project contractor. The
power plant is expected to become operational in 2015 with annual
output of 1.34 billion kWh. GOGC will no longer finance the
Namakhvani Hydro Power Plant construction, even if the government
decides to restart it.
Gas Supply Under Stress
GOGC signed a new contract with the State Oil Company of the
Azerbaijan Republic (SOCAR, BBB-/Stable) in 2012 for higher gas
supplies to the social sector (ie, power generation and
households). The 34% average gas purchase price increase that
followed eroded GOGC's margin as a corresponding increase in
selling price to SOCAR Gas Export and Import did not cover the
difference. The GEL0.05 per cubic meter gas price reduction for
residential customers from March 2013 until the end of the year
will further decrease profits. Fitch notes that GOGC's purchase
contracts cover 1.2 billion cubic meters (bcm) of gas and should
the social sector consumption increase further, there is a risk
of further purchase price increases, which would be a drag on
GOGC's performance.
Higher Dividends Risk
In August 2012, PF became GOGC's sole shareholder. PF is a state
fund with stakes in key public companies, eg, Georgian Railway
JSC (GR, BB-/Stable). While Fitch views the ownership change as
neutral to GOGC's linkage with the state, it understands that PF
may demand higher dividend payments from GOGC as dividends are
the prime source of financing its operations. In 2012 GOGC and GR
generated 72% of PF's dividend income of GEL115 million, of which
GOGC paid GEL49.7 million. GOGC's existing policies cap dividend
payments at 35% of its net income.
RATING SENSITIVITIES
Alignment With Sovereign
A downgrade of Georgia would be reflected by GOGC's ratings.
Upward changes within the 'BB' category would probably track
those of the sovereign, depending on the level of institutional
integration of GOGC.
High Headroom Standalone Rating
Leverage would need to exceed 4x debt/EBITDA before starting to
put pressure on the 'B+' standalone profile.
Contract Framework Key
Negative rating action is more likely to arise from any
unanticipated changes in the contractual frameworks supporting
GOGC's midstream position, or from any liquidity problems
associated with the concentrated destination of cash deposits.
LIQUIDITY AND DEBT STRUCTURE
Limited Covenant Risk
Fitch will continue to monitor GOGC's covenant position under its
US$250 million bond. Our forecasts suggest it is possible that
the 3.5x net debt/EBITDA covenant could be breached in 2013,
based on the assumption that long-term deposits are not included
as cash in the calculation, and that in need the company would
not be able to rapidly monetize these deposits. Including these
deposits in net debt makes a breach highly unlikely. Even if the
covenant was breached, it would not trigger an acceleration of
the bond -- the terms specify that GOGC will simply be prohibited
from taking on additional debt.
The agency expects that GOGC's net debt/EBITDA leverage will
improve to 3.1x in 2014 and to 1.9x in 2015.
Adequate Liquidity and Maturities
GOGC's short-term debt at end-2012 was GEL5 million and its cash
balance GEL143 million plus GEL53 million of short-term deposits.
Its borrowings mostly consist of the US$250 million bond due in
2017. At end-2012, bond proceeds were mainly deposited with local
banks, ie, US$151 million was held by, among others, the Bank of
Georgia ('BB-'/Stable), TBC Bank ('BB-'/Stable) and ProCredit
Bank (Georgia) ('BB'/Stable). US$78.5 million was on-lent to PF
and the State Service Bureau, the latter balance to be repaid in
2013.
LIST OF RATING ACTIONS
-- Long-term foreign and local currency IDRs: affirmed at 'BB-';
Outlooks Stable
-- Short-term foreign and local currency IDRs: affirmed at 'B'
-- Foreign currency senior unsecured rating: affirmed at 'BB-'
=============
G E R M A N Y
=============
FORCE TWO: Fitch Affirms 'C' Rating on EUR9.7-Mil. Cl. E Notes
--------------------------------------------------------------
Fitch Ratings has affirmed FORCE TWO's notes as follows:
EUR105.1m Class A notes (ISIN: XS0299041037): affirmed at
'Bsf',
Outlook Negative
EUR12.3m Class B notes (ISIN: XS0299041896): affirmed at
'CCCsf', assigned 'RE50%'
EUR13m Class C notes (ISIN: XS0299042357): affirmed at 'CCCsf',
assigned 'RE0%'
EUR11.9m Class D notes (ISIN: XS0299044056): affirmed at
'CCsf',
assigned 'RE0%'
EUR9.7m Class E notes (ISIN: XS0299045020): affirmed at 'Csf',
assigned 'RE0%
KEY RATING DRIVERS
Five additional principal deficiency ledger events have occurred
since the last review in May 2012. However, four of them are
early repayments in which case the repaid amounts are allocated
to redeem the notes in sequential order. Consequently, the class
A notes have been further redeemed and the credit enhancement to
all the rated notes has increased since the last review.
All of the loans in the portfolio are bullet loans with
maturities falling on two days with only a short period between
them. The transaction's scheduled maturity is in January 2014.
The bullet maturities expose the transaction to refinancing risk,
which may materialize if some of the companies are unable to
refinance their loan obligations. The agency regards the
refinancing risk as adequately addressed by the notes' available
credit enhancement compared with the largest obligors.
The refinancing risk analysis was supplemented by a credit
analysis of the current performing pool by the Portfolio Credit
Model (PCM). PCM was used to derive the portfolio rating-specific
loss rates. For this reason, the agency made use of the internal
ratings on the respective portfolio companies. In the agency's
view, the notes' ratings are consistent with their credit
enhancement levels, which led to their affirmation.
RATING SENSITIVITIES
The transaction is sensitive to:
-- Defaults of single large obligors given the significant single
obligor concentrations.
-- Defaults of obligors as a result of the refinancing risk. This
is reflected by the Negative Outlook on the class A notes.
As all securitized debt instruments are subordinated, Fitch
assumes no recovery in its analysis. Fitch assigns Recovery
Estimates (REs) to all notes rated 'CCCsf' or below. REs are
forward-looking, taking into account Fitch's expectations for
principal repayments on a distressed structured finance security.
For the class B notes, the agency derived an RE of 50% based on
the assumption of further defaults due to the large obligor
concentrations and the refinancing risk.
The transaction is a cash securitization of subordinated debt and
loss participation agreements of German SMEs. The portfolio
companies were selected by equiNotes Management GmbH, a joint
venture of IKB Private Equity GmbH (a subsidiary of IKB Deutsche
Industriebank Aktiengesellschaft and Deutsche Bank
Aktiengesellschaft, acting as advisor for the issuer.
METROPCS WIRELESS: Moody's Says Merger Pos. for Deutsche Telekom
----------------------------------------------------------------
Moody's Investors Service said that it views as credit positive
for Deutsche Telekom AG (Baa1 stable) the recent approval by the
shareholders of MetroPCS Wireless Inc. (Ba3 stable) to merge with
T-Mobile USA (not rated), as it removes uncertainties related to
Deutsche Telekom's US operations and paves the way for a more
powerful mobile company in the US with greater scale and scope to
better compete in the market. The transaction is expected to
close by May 1, 2013.
As part of the transaction, MetroPCS shareholders will receive an
advanced cash payment of approximately US$1.5 billion from the
company. This will be followed by a reverse stock split of the
MetroPCS shares before the company is merged with T-Mobile USA.
Following the closing of the transaction, the shareholders of
MetroPCS will receive 26% of the shares in the new company, while
Deutsche Telekom will hold the remaining 74%, thereby retaining
control and fully consolidating the entity.
The transaction improves Deutsche Telekom's market position in
the US and clarifies a number of strategic questions in respect
of its future interest in the US market. After the transaction is
completed, Deutsche Telekom's US subsidiary (T-Mobile USA) will
have approximately US$25 billion in revenues and 42 million
customers, both of which represent about 12% of the US wireless
industry.
Moody's expects improved execution as a result of enhanced scale,
better device lineup (especially the iPhone), accelerated network
investment and a new pricing structure for smartphones. T-Mobile
USA will significantly broaden its spectrum portfolio in adjacent
geographical areas and its assets are divisible by markets, which
could potentially be sold if needed, without materially impacting
its overall business. In addition, a strong liquidity profile and
valuable spectrum assets also provide credit support.
These strengths are partially offset by the combined company's
fourth position in the highly competitive US wireless industry,
the capital intensity associated with building out its 4G LTE
network and in meeting rapidly rising bandwidth demand and a
moderately leveraged balance sheet.
The merger gives T-Mobile USA increased scale and an enhanced
competitive position against the 'big two' US wireless operators
(Verizon Wireless rated A2 with a stable outlook, and AT&T
Mobility, unrated) who dominate the market. However, Sprint
Nextel Corporation (Sprint) (B1 corporate family rating, on
review -- direction uncertain), the number three operator, would
likely emerge as a stronger force should SOFTBANK Corporation
(Baa3 issuer rating, ratings on review for downgrade) be
successful in its acquisition of 70% of Sprint's common stock and
planned US$8 billion equity infusion. Consequently, Moody's
believes that T-Mobile USA will still find it challenging to
improve subscriber trends, increase market share and accelerate
earnings growth.
Moody's expects the new entity's combination of cash and short-
term investments to grow modestly through 2013. Moody's-adjusted
cash from operations is expected to be about US$7 billion in 2013
and Moody's-adjusted capital spending is expected to be about
US$6.6 billion in 2013.
From a financial ratio analysis perspective, the transaction is
broadly neutral for Deutsche Telekom because the lease-adjusted
net debt assumption of about EUR4.6 billion from the merger and
the consolidation into Deutsche Telekom's accounts is offset by
the approximately EUR1 billion EBITDA assumption in the ratio
calculations.
The capital structure of the combined company will include
MetroPCS's existing US$5.5 billion of senior unsecured notes and
financing provided by Deutsche Telekom. Deutsche Telekom will
receive $11.2 billion of new senior unsecured notes to refinance
T-Mobile USA's current intercompany debt. The Deutsche Telekom
notes consist of four US$2.5 billion senior unsecured notes, each
maturing annually from 2019 to 2022, and US$1.2 billion senior
unsecured notes maturing in 2023. The Deutsche Telekom notes rank
pari passu with MetroPCS's senior unsecured notes. MetroPCS's
former US$100 million senior secured revolving credit facility
will be replaced with a US$500 million senior unsecured revolving
credit facility provided by Deutsche Telekom. The new revolver
and Deutsche Telekom notes will be guaranteed by the combined
company and by all of T-Mobile USA's wholly-owned domestic
restricted subsidiaries.
Deutsche Telekom AG, domiciled in Bonn Germany is one of the
largest integrated telecommunications service providers companies
with some 132 million mobile customers, over 32 million fixed-
network lines and 17 million broadband lines (as of December 31,
2012). The Group provides fixed-network, mobile communications,
Internet and IPTV products and services for consumers, and ICT
solutions for business and corporate customers. The Group
generated revenue of EUR58.2 billion in the 2012 financial year
-- over half of it outside Germany (as of December 31, 2012).
UNITYMEDIA HESSEN: S&P Cuts Rating on Sr. Secured Notes to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'B+'
from 'BB-' its issue ratings on the senior secured notes issued
by Unitymedia Hessen GmbH & Co. KG and Unitymedia NRW GmbH,
operating subsidiaries of Germany-based cable operator Unitymedia
KabelBW GmbH (Unitymedia; B+/Stable/--).
At the same time, S&P removed the issue ratings on the senior
secured notes from CreditWatch, where they were placed with
negative implications on April 11, 2013. In addition, S&P
revised downward the recovery rating on these notes to '3' from
'2', indicating S&P's expectation of meaningful (50%-70%)
recovery in the event of a default.
The 'B+' issue rating and '3' recovery rating on Unitymedia's
recently issued EUR350 million senior secured notes are
unchanged.
The rating actions on Unitymedia's senior secured notes reflect
S&P's view that the recovery prospects for senior secured lenders
have weakened due to an increase in senior secured debt,
following the recent EUR350 million senior secured notes
issuance.
RECOVERY ANALYSIS
To determine recoveries, S&P simulates a hypothetical default
scenario. S&P's scenario assumes that a payment default would
most likely result from excessive leverage and Unitymedia's
inability to refinance its revolving credit facility (RCF) and
senior secured notes when they mature in 2017. Under S&P's
scenario, this follows operating underperformance due to
increased competition and high capital expenditure.
At S&P's hypothetical point of default in 2017, it assumes that
EBITDA would have declined to approximately EUR635 million. S&P
estimates Unitymedia's enterprise value at the simulated point of
default to be about EUR3.65 billion, which corresponds to an
enterprise-value-to-EBITDA multiple of about 5.75x. After
deducting EUR250 million of enforcement costs and about
EUR100 million mainly comprising the fully drawn super senior RCF
and finance leases, S&P arrives at a net enterprise value of
about EUR3.3 billion. S&P calculates that the overall senior
secured debt outstanding at default would amount to about EUR4.8
billion, including full drawings on the pari passu RCF and six
months of prepetition interest. On this basis, recovery
prospects for the senior secured lenders would be in the 50%-70%
range, which translates into a recovery rating of '3'.
RATINGS LIST
Downgraded; CreditWatch/Outlook Action
To From
Unitymedia NRW GmbH
Senior Secured B+ BB-/Watch Neg
Recovery Rating 3 2
Unitymedia Hessen GmbH & Co. KG
Senior Secured B+ BB-/Watch Neg
Recovery Rating 3 2
Ratings Affirmed
Unitymedia NRW GmbH
Senior Secured B+ B+
Recovery Rating 3 3
EUR350 Mil. Senior Secured Notes
Unitymedia Hessen GmbH & Co. KG
Senior Secured B+ B+
Recovery Rating 3 3
EUR350 Mil. Senior Secured Notes
Unitymedia KabelBW GmbH
Subordinated B- B-
Recovery Rating 6 6
===========
G R E E C E
===========
* GREECE: Approves Reform Law to Unlock EU, IMF Rescue Loans
------------------------------------------------------------
Harry Papachristou at Reuters reports that Greek lawmakers on
Sunday approved a reform law to unlock about EUR8.8 billion
(US$8.9 billion) of rescue loans from the European Union and the
International Monetary Fund.
The law, which was a condition for further aid installments,
passed easily with the solid backing of the three parties
comprising Greece's ruling coalition, by 168 to 123 votes,
Reuters discloses.
According to Reuters, finance minister Yannis Stournaras said
that following parliament's approval, senior euro zone officials
was set to meet yesterday to approve overdue payment of EUR2.8
billion (US$3.65 billion) in rescue loans.
He said that euro zone finance ministers will then meet on May 13
to release a further EUR6 billion installment, Reuters relates.
Greece, Reuters says, needs that money to pay wages, pensions and
bonds held by the European Central Bank that mature on May 20.
The law implements an agreement Athens struck with EU/IMF
inspectors earlier this month, which allowed them to state that
the country was on track to meet its bailout targets, Reuters
notes.
=============
H U N G A R Y
=============
E-STAR ALTERNATIV: Enters Into Agreement with Creditors
-------------------------------------------------------
MTI-Econews reports that E-Star, which is under bankruptcy
protection, on Friday said it reached an agreement with its
creditors.
According to MTI, E-Star said it had secured, undisputed
creditors' claims of almost HUF492 million, and unsecured,
undisputed creditors' claims of HUF17.9 billion.
As reported by the Troubled Company Reporter-Europe on March 26,
2013, MTI-Econews related that E-Star said on the Budapest Stock
Exchange Web site creditors of the company accepted a draft
bankruptcy agreement.
E-Star Alternativ Nyrt. is a Hungarian energy company.
NITROGENMUVEK ZRT: S&P Gives 'BB-' Rating to $200MM Unsec. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB-' issue rating to the proposed $200 million unsecured notes
due 2020, to be issued by Hungarian fertilizer producer
Nitrogenmuvek Zrt. (BB-/Stable/--). S&P has not assigned a
recovery rating to the notes because its analysis of the recovery
process in the jurisdiction of Hungary is not complete.
The issue rating is based on the draft documents S&P has
received, and is subject to its review of the final terms and
conditions. Any material changes to these terms and conditions
could affect the rating.
S&P understands that the proposed notes will constitute direct,
unsecured, and unsubordinated obligations of the parent company
Nitrogenmuvek, and will rank pari passu with Nitrogenmuvek's
existing bank debt and with all other present and future
unsecured and unsubordinated obligations. As a result, and
because most of the company's trade payables are held at the
parent company level, like the proposed notes, S&P believes that
the liabilities ranking ahead of the notes are relatively
limited.
S&P understands that Nitrogenmuvek will use the net proceeds from
the issuance of the notes to fund capital expenditures, and
provide funding for general corporate purposes.
S&P notes that the proposed notes are denominated in U.S.
dollars, while the majority of the company's revenues are
generated in Hungarian forint (64% in 2012 and 56% in 2011, with
the remainder being generated in euros), and its costs are
largely euro-denominated. S&P therefore factors into its
corporate and issue ratings on Nitrogenmuvek the inherent risks
of this currency mismatch.
RATINGS LIST
New Rating
Nitrogenmuvek Zrt.
Senior Unsecured BB-
=============
I R E L A N D
=============
ANGLO IRISH: Bondholders May File Claims Over Restructuring
-----------------------------------------------------------
Jane Croft at The Financial Times reports that bondholders who
believe they have been treated unfairly in past restructurings
could start lodging legal claims, lawyers say, after a closely
watched appeal was withdrawn at the last minute.
The Court of Appeal had been due to rule on an earlier court
decision which had found that measures by Ireland forcing
bondholders to accept losses as part of Anglo Irish Bank's
restructuring were unfair to minority investors, "coercive" and
should not have been used, the FT notes.
The case was originally brought by Germany's Assenagon Asset
Management, a bondholder in Anglo Irish Bank, against the body
that took over the collapsed bank, the FT discloses.
It focused on the use of "exit consent" measures, in which a bank
or company invites its bondholders to sell or exchange their
bonds in return for voting in favor of a debt restructuring, the
FT says.
Dublin in 2010 announced it would impose losses on subordinated
bondholders, launching an exchange offer that was voted through
by 92% of subordinated noteholders by value, the FT recounts.
The government had asked bondholders to accept 20 cents in the
euro and asked those who voted in favor also to vote to leave
investors who rejected with 1 euro cent for each EUR1,000, the FT
relates.
According to the FT, lawyers say the fact that the earlier court
decision, which ruled that the restructuring was unfair, still
stands means that bondholders who believe they have been coerced
into previous bond restructurings could now try to bring
litigation.
Anglo Irish Bank was an Irish bank headquartered in Dublin from
1964 to 2011. It went into wind-down mode after nationalization
in 2009. In July 2011, Anglo Irish merged with the Irish
Nationwide Building Society, with the new company being named the
Irish Bank Resolution Corporation.
Standard & Poor's Ratings Services said that it lowered its long-
and short-term counterparty credit ratings on Irish Bank
Resolution Corp. Ltd. (IBRC) to 'D/D' from 'B-/C'. S&P also
lowered the senior unsecured ratings to 'D' from 'B-'. S&P then
withdrew the counterparty credit ratings, the senior unsecured
ratings, and the preferred stock ratings on IBRC. At the same
time, S&P affirmed its 'BBB+' issue rating on three government-
guaranteed debt issues.
The rating actions follow the Feb. 6, 2013, announcement that the
Irish government has liquidated IBRC.
=========
I T A L Y
=========
BANCA CARIGE: Poor Performance Cues Moody's to Cut Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service downgraded Banca Carige's standalone
bank financial strength rating (BFSR) to D, equivalent to a
baseline credit assessment of ba2, from D+/baa3, and its long and
short-term deposit ratings to Ba2/Not-Prime from Baa3/Prime-3.
The bank's issuer rating was also downgraded to Ba2 from Baa3.
The rating agency has also placed all these ratings on review for
downgrade, with the exception of the short-term deposit rating of
Not Prime.
The downgrade and review are driven by Moody's concerns about:
(1) the bank's weak loss-absorption capacity on the back of a low
Core Tier 1 ratio, indicating its need for additional capital
funds; (2) Banca Carige's asset-quality pressures and elevated
credit costs, which are likely to persist into 2013 amid a
recessionary operating environment; (3) the bank's relatively
weak earnings in 2012, as its insurance operations weigh on its
consolidated performance; and (4) funding challenges, with an
increased dependence on ECB funding, albeit with a relatively
strong retail deposit base.
Ratings Rationale:
The first driver of this rating action is Banca Carige's weak
loss-absorption capacity. The bank's European Banking Authority
(EBA)-compliant Core Tier 1 ratio (6.7% as at December 2012) is
significantly lower than its peers, which indicates its need for
additional capital funds in the near term. Banca Carige failed to
realize in full deferred tax benefit related to its restructuring
project in 2012, which was expected to boost its capital base.
During the review, Moody's will examine the feasibility of the
bank's plan to raise around EUR800 million of new capital, as
required by the local regulatory authorities, and the possible
strengthening of the bank's loss-absorption capacity.
The second driver of the rating action is the deterioration in
Banca Carige's asset quality in 2012, which is likely to continue
well into 2013 given that the Italian economy is likely to remain
in recession this year. As at December 2012, the bank reported
high gross impaired loans of 10.3% of total loans (2011: 9.2%)
and a relatively low reported cash coverage ratio of around
34.2%, albeit up from the 27.7% reported in 2011. These concerns
are exacerbated by significant loan growth of around 12% in 2012,
mainly to institutional clients. During the review, Moody's will
focus on the expected trends in asset quality as well as any
steps the bank is taking to address this negative development.
The third driver is Moody's concerns with regards to Banca
Carige's profitability and its ability to generate capital
internally. The bank's performance in 2012 was lackluster, with
its insurance operations responsible for a net loss of around
EUR63 million, compared to a net profit of EUR170 million in
2011. Moody's notes, however, that extraordinary items were
responsible for its poor consolidated performance in 2012, with
the ordinary banking group reporting a net profit of EUR195
million for the year. As part of its review, Moody's will also
focus on the bank's plans and ability to improve profitability,
as well as the bank's flexibility to improve its net interest
margins that have been under pressure from declining interest
rates.
Lastly, Moody's notes funding challenges associated with Banca
Carige's increased dependence on ECB funding and central bank
funding maturities concentrated in 2015, despite the bank's
favorable retail funding profile. Moody's recognizes the bank's
satisfactory liquidity position, but will closely examine during
its review the bank's funding flexibility and its capacity to
fund itself regularly on an economic basis.
Focus of the Review
The review will mainly focus on Banca Carige's ability to
maintain capital levels that exceed regulatory requirements in
the case of further earnings pressure, and to stabilize its asset
quality.
What Could Move The Rating -- Down/Up
The ratings could be downgraded if (1) the bank fails to
strengthen its capital adequacy and asset quality; or (2)
profitability remains under pressure for an extended period of
time.
An upgrade is unlikely in the near term, in view of the current
rating review for downgrade; however, the ratings could be
upgraded over the longer term aided by strengthened
capitalization (i.e., Core Tier 1 above 9%) and asset quality,
thus reducing its sensitivity to Moody's stress scenarios.
Banca Carige is headquartered in Genoa, Italy, and had
consolidated total assets of EUR49.3 billion as at December 2012.
The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
=====================
N E T H E R L A N D S
=====================
HYVA GLOBAL: Non-Compliance Prompts Moody's to Cut CFR to 'B3'
--------------------------------------------------------------
Moody's Investors Service downgraded to B3 from B2 the corporate
family rating and to B3-PD from B2-PD the probability of default
rating of Hyva Global B.V. Concurrently, the rating agency has
downgraded to B3 from B2 the rating on Hyva's $375 million of
senior secured notes due 2016. The outlook on the ratings has
been changed to stable from negative.
Downgrades:
Issuer: Hyva Global B.V.
Probability of Default Rating, Downgraded to B3-PD from B2-PD
Corporate Family Rating, Downgraded to B3 from B2
Senior Secured Regular Bond/Debenture Mar 24, 2016, Downgraded to
B3 from B2
Outlook Actions:
Issuer: Hyva Global B.V.
Outlook, Changed To Stable From Negative
Ratings Rationale:
This rating action was prompted by Hyva's reduced financial
flexibility as a result of non-compliance with the leverage
maintenance covenant under its US$30 million revolving credit
facility due April 2015 as of December 31, 2012 combined with
limited prospects for a material recovery in Hyva's key markets
China, India and EMEA in the current year. As a consequence of
the non-compliance with the leverage maintenance covenant, Hyva
has no longer access to the facility until it again fulfills
maintenance covenant conditions (leverage < 5.5x, cash flow cover
> 1.1). However, Moody's still considers Hyva's short term
liquidity to be adequate predominantly driven by the relatively
high cash balance as reported per December 2012.
Hyva's liquidity includes a cash balance of US$89 million at
December 31, 2012. Moody's currently assumes that Hyva will at
least generate balanced free cash flow after interest payments in
2013. Seasonal working capital movements remain sufficiently
covered by cash on the balance sheet and funds from operations
that Hyva is expected to generate in the next 12 months. However,
Moody's estimates that a significant portion of the cash balance
is located in China, India and Brazil, which may be difficult to
transfer in a very short timeframe.
Moody's currently expects that the trough of the cyclical
downturn has been reached in Q4 2012, following a decline in
revenues in FY 2012 by 21%, and it anticipates a stabilization in
revenues from Q2 2013 after a seasonally weak start into the
year. However, visibility on a material recovery in Hyva's key
markets remains limited.
In 2012, Hyva's revenues experienced a pronounced decline with
group revenues declining by 21% year-on-year as a result of a
cyclical downturn in the majority of its markets (revenues
declined by 39% year-on-year in China, by 27% year-on-year in
India, by 15% year-on-year in the Americas and by 5% year-on-year
in EMEA). Notably, Hyva's revenues have also been adversely
affected by a depreciation of local currencies against the US
dollar, Hyva's reporting currency. As a consequence of the drop-
off in revenues and absolute earnings, leverage as adjusted by
Moody's of 6.6x debt/EBITDA in 2012 is high and not commensurate
any more with a B2 rating.
The stable rating outlook is based on Moody's expectation that
Hyva will be able to modestly improve current weak credit metrics
in 2013 if revenues stabilize. The stable outlook also
incorporates Moody's view that Hyva will maintain adequate
liquidity cushion on its balance sheet to fund interest payments,
working capital and capital expenditures over the next 12 to 18
months.
Hyva's ratings continue to be supported by the company's (1)
international presence, with a strong footprint in emerging
markets in Asia and the Americas; (2) leadership in core markets
based on market share, brand, product, efficiency and
reliability, as well as by an established global service network;
(3) flexible cost base, with low operating leverage; and (4)
balanced debt maturity profile, with no material debt maturing
before 2016.
What Could Change The Ratings Up/Down
Moody's could consider upgrading Hyva's rating if the company
were to (1) generate positive free cash flow and reduce
debt/EBITDA toward 5.0x and (2) maintained a conservative
financial policy and adequate short term liquidity profile, which
is very much dependent on the ability to generate positive free
cash flow and to regain access to its revolving credit facility
by complying with financial covenants.
Downward pressure on the rating could arise if there were a
further deterioration in Hyva's operating performance resulting
in material negative free cash flow and depletion of liquidity
sources.
The principal methodology used in this rating was the Global
Heavy Manufacturing Rating Methodology published in November
2009. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
Hyva is a leading global provider of hydraulic (tipping)
solutions for the commercial vehicle industry. Hyva is also an
important player in the manufacturing and supply of truck-mounted
cranes, hook and skip loaders, as well as compactors and waste-
collecting units for the environmental services industry. For the
financial year ended December 31, 2012, Hyva reported revenues of
US$602 million. Hyva is majority-owned by private equity funds
managed by Unitas Capital and NWS Holdings, a flagship
infrastructure arm of New World Group.
KPN NV: To Launch Rights Issue with Shares at Steep Discount
------------------------------------------------------------
Matt Steinglass at The Financial Times reports that KPN has
announced that the shares in its forthcoming EUR3 billion rights
issue will be sold at a steep discount to the current share
price.
The group, which is issuing equity to reduce its high debt
levels, said the rights issue would launch on Friday at a price
of EUR1.06 per share, the FT relates.
Current shareholders will be entitled to buy two of the new
shares for each share they currently own, the FT notes.
The FT relates that KPN said America Movil, the telecoms group
owned by Mexican billionaire Carlos Slim, which took a 28% stake
in KPN last May, has committed to taking up enough shares to
maintain its stake at the current proportion.
That will keep America Movil at just below the 30% threshold that
would necessitate a takeover bid under Dutch law, the FT states.
The former state-owned carrier's shares have lost 66% of their
value since America Movil took the stake in May, the FT notes.
KPN has been under pressure to reduce its debt after paying an
unexpectedly high EUR1.35 billion for bandwidth in a spectrum
auction last December, the FT discloses.
Koninklijke KPN N.V. provides telecommunication services in the
Netherlands. KPN also provides mobile telephony services in
Germany and Belgium through its subsidiaries e-plus and BASE. In
2012, the company generated revenues of EUR12.7 billion and
EBITDA of EUR4.5 billion.
VIMPELCOM HOLDINGS: S&P Affirms 'BB' Rating on Sr. Unsec. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised upward
its recovery ratings on the senior unsecured notes issued by
VimpelCom Holdings B.V. to '3' from '4'. The recovery rating of
'3' indicates S&P's expectation of meaningful (50%-70%) recovery
prospects in the event of a default. The recovery ratings on the
senior unsecured notes are now equalized with the recovery
ratings on the debt issued by Vimpel-Communications OJSC
(VimpelCom OJSC). At the same time, S&P affirmed the issue
ratings on the senior unsecured notes at 'BB', in line with the
corporate credit rating on VimpelCom Holdings' parent, global
telecoms operator VimpelCom Ltd.
The upward revision of S&P's recovery ratings on the senior
unsecured notes reflects VimpelCom Holdings' repayment of a
sizable intercompany promissory note to Vimpelcom Amsterdam B.V.
(of which US$11.9 billion was outstanding on Sept. 30, 2012).
S&P understands that a capital injection from VimpelCom Amsterdam
to VimpelCom Holdings facilitated the repayment. S&P had
previously assigned distinct recovery ratings to the debt issued
by VimpelCom Holdings because of its belief that the now-repaid
promissory note and its pari passu status with the senior
unsecured notes before insolvency could affect the noteholders'
recovery prospects. S&P believes that the repayment of the
promissory note essentially eradicates that risk.
RECOVERY ANALYSIS
S&P's issue and recovery ratings on the debt issued by VimpelCom
Holdings reflect the guarantees provided by its operating
subsidiary VimpelCom OJSC. S&P do not assume any additional
value from operating subsidiary PJSC Kyvistar, because its
guarantees do not benefit the noteholders. However, the recovery
prospects for three sets of notes issued by VimpelCom Holdings--
US$600 million notes due 2019, US$1 billion notes due 2023, and
Russian ruble (RUB) 12 billion notes due 2018--could become
materially weaker than the company's other rated debt.
This is because the option in the notes' documentation for the
guarantees from VimpelCom OJSC would be removed in certain
conditions. S&P believes that if the guarantees were removed, it
would likely lower the issue rating and revise downward the
recovery rating on the aforementioned three sets of notes by up
to two notches relative to the other notes. This is because the
removal of the guarantee would make these notes structurally
subordinate to debt issued at VimpelCom OJSC and contractually
subordinate to the other existing notes issued by VimpelCom
Holdings.
S&P understands that the documentation for the three sets of
notes allows the noteholders to exercise a put in the event that
the issue rating on the notes is lowered as a direct result of
the withdrawal of the guarantees (this put option is guaranteed
by VimpelCom OJSC). However, in the event that the guarantees on
the three sets of notes are removed, S&P would likely not factor
the exercise of this put into its recovery analysis.
In order to determine recoveries, S&P simulates a default
scenario. S&P's scenario assumes a weakening operating
performance due to increased competition, a deterioration of
global economic conditions, and an aggressive expansion program,
including acquisitions in new markets. Under this hypothetical
scenario, S&P believes that VimpelCom's business model would
still be viable after default and that the group would likely
reorganize.
At S&P's hypothetical point of default in 2016, it estimates
EBITDA at US$1.75 billion, with a stressed enterprise value of
US$8.7 billion. After deducting enforcement costs and prior-
ranking claims totaling US$900 million, S&P assumes US$12.6
billion of senior unsecured debt outstanding at default, leaving
sufficient value for recovery in the 50%-70% range for all debt
instruments, assuming that all debt remains guaranteed on a pari
passu basis.
RATINGS LIST
Ratings Affirmed; Revised Upward
To From
VimpelCom Holdings B.V.
Senior Unsecured* BB BB
Recovery Rating 3 4
Note: This list does not include all ratings affected.
* Guaranteed by Vimpel-Communications OJSC.
===========
P O L A N D
===========
CENTRAL EUROPEAN: ING Otwarty No Longer Owns Stock at Apr. 19
-------------------------------------------------------------
In an amended Schedule 13G filing with the U.S. Securities and
Exchange Commission, ING Otwarty Fundusz EmeryTalny represented
by ING Powszechne Towarzystwo Emerytalne S.A. disclosed that, as
of April 19, 2013, it does not beneficially owned shares of
common stock of Central European Distribution Corporation. ING
Otwarty previously reported beneficial ownership of 5,309,203
common shares or a 6.51% equity stake as of Dec. 31, 2012. A
copy of the amended regulatory filing is available at
http://is.gd/F6yjkJ
About CEDC
Mt. Laurel, New Jersey-based Central European Distribution
Corporation is one of the world's largest vodka producers and
Central and Eastern Europe's largest integrated spirit beverages
business with its primary operations in Poland, Russia and
Hungary.
On April 7, 2013, CEDC and two subsidiaries sought bankruptcy
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.
Del. Lead Case No. 13-10738) in the United States with a
prepackaged Chapter 11 plan that reduces debt by US$665.2
million.
Attorneys at Skadden, Arps, Slate, Meagher & Flom LLP serve as
legal counsel to the Debtor. Houlihan Lokey is the investment
banker. Alvarez & Marsal will provide the chief restructuring
officer. GCG Inc. is the claims and notice agent.
===============
P O R T U G A L
===============
* PORTUGAL: Derivative Losses May Weaken EUR78BB Bailout Bid
------------------------------------------------------------
Peter Wise at The Financial Times reports that Lisbon is to take
court action against JP Morgan and Spain's Banco Santander over
what it says were "toxic" derivatives sold to public sector
companies.
The move is part of a government effort to stem potential losses
of up to EUR3 billion from complex hedging products, the FT
notes.
In Portugal, heavy losses by state-owned companies from
derivatives supposed to protect them from rising interest rates
would weaken government efforts to keep the country's EUR78
billion bailout program on track, the FT discloses.
According to the FT, a report, which identifies 57 of 140 hedging
products examined as "highly speculative", is to be sent to the
public persecutor, who will decide whether to begin criminal
proceedings against managers in the state-owned companies
involved.
Maria Luis Albuquerque, Treasury secretary, said the government
had decided to take legal action against JPMorgan and Banco
Santander Totta, a Portuguese subsidiary of the Spanish group,
after two months of negotiations failed to produce an agreement,
the FT relates.
The government, which had set a deadline of Friday for the banks
to renegotiate the contracts, would "proceed to defend its
interests by taking action in the competent courts," the FT
quotes Ms. Albuquerque as saying.
Santander Totta is understood to have sold derivatives that the
government believes could result in potential losses for the
state of about EUR1.3 billion, the FT says. Contracts sold by
JPMorgan are estimated to involve potential liabilities of about
EUR300 million, according to the FT.
An agreement was reached with some lenders, which the government
said would enable it to save about EUR600 million in potential
liabilities and EUR170 million in interest rates over the next
few years, the FT relates. The banks involved in this deal were
identified in the Portuguese media as Nomura, Credit Suisse and
Barclays, the FT says.
Three other banks, reported in Portugal to be Goldman Sachs, BNP
Paribas and Deutsche Bank, have asked for a few more days to
attempt to reach an agreement with the government, the FT notes.
The contracts sold by these three banks are understood to involve
potential liabilities of about EUR800 million, the FT says.
Lisbon estimates that the potential liabilities from what has
been identified as "toxic" hedging contracts sold to public
sector companies between 2003 and 2010 could reach a total of
EUR3 billion, according to the FT.
===========
R U S S I A
===========
BANK VTB: 2012 Accounts Highlight Weak Performance, Fitch Says
--------------------------------------------------------------
Fitch Ratings says that Bank VTB's ('BBB'/Negative) 2012 IFRS
accounts highlight continued weaknesses in the bank's
performance, with a strong dependence on low quality revenues,
and only moderate core earnings. Weak and volatile profitability
was one factor leading to a downgrade of VTB's Viability Rating
(VR) to 'bb-' in July 2012. Further poor performance, if combined
with still tight capital and increases in high-risk asset
exposures, could result in renewed downward pressure on the VR.
VTB reported a significant increase in earnings in Q412, with net
income of RUB30.4bn comparable to that recorded in Q112 and Q212
combined. However, in Fitch's view, the bulk of these earnings
were derived from non-recurring, non-cash or non-core revenues,
including:
-- About RUB12.5 billion of income from bad loan recoveries in
subsidiary Bank of Moscow (BOM), of which RUB5.1 billion was
reported as interest income, and about RUB7.5 billion received
in non-cash form (possibly as a result of collateral
foreclosures) and booked as recoveries of initially recognized
losses on the exposures.
-- RUB13.5 billion gain on financial instruments, which
represented a sharp reversal after a RUB3.4 billion loss in
9M12. It is represented a sharp reversal after a RUB3.4
billion loss in 9M12. It is not clear how VTB managed to
achieve this, given that the bank was reportedly unwinding its
proprietary trading book at that time.
-- RUB8.3 billion earned on non-banking business (this may
include revaluation of investment property).
For 2012 as a whole, VTB reported pre-impairment profit of RUB179
billion (a 20% increase over 2011), with impairment charges
almost doubling to RUB64 billion (RUB33 billion in 2011) and
absorbing 35% of this. The reported pre-tax profit of RUB115
billion was equal to a reasonable 1.6% of average assets, but
Fitch estimates that some RUB76bn, or almost 70% of this, came
from weaker quality revenues. The latter figure includes:
-- RUB22.2 billion of bad loan recoveries at BOM and reversals of
initially recognized losses on other exposures.
-- RUB14.1 billion of accrued interest not received in cash.
Fitch notes that VTB's management confirmed that the RUB5.1
billion of BOM loan recoveries which were booked as interest
income were received in cash, so there does not seem to be
overlap between the BOM recoveries and the accrued interest.
-- An estimated RUB18 billion non-client related FX trading gain
in Q112 (which in turn raised concerns about underlying risk
exposures).
-- RUB11.4bn revaluation of investment property (part of non-
banking income).
-- RUB10.1 billion net gain on financial instruments (no
breakdown available).
In Fitch's view, given the relatively weak core earnings in 2012,
it will be challenging for VTB to significantly improve
profitability in 2013. This in turn may make it more imperative
that the bank is successful in raising new equity from its
planned secondary public offering of shares, in order to support
capitalization. Fitch believes that without raising new equity or
receiving significant dividend payments from its subsidiaries,
VTB will find it challenging at the parent bank level to achieve
the expected new regulatory Tier 1 (7.5%) and core Tier 1 (5.6%)
ratios.
Profitability aside, the reported non-performing loans ratio was
flat at 5.4% of gross loans in 2012, although Fitch believes this
may understate the real level of problems due to non-inclusion of
90+ overdue loans, which VTB's management does not consider
impaired. Fitch is specifically concerned about large-ticket M&A
and project financing, and construction lending (12% of gross
loans), including a large and significantly increased exposure to
a bailed-out developer.
The loans to deposits ratio remains elevated at over 130%,
reflecting a high share of wholesale funding. The refinancing
requirement this year is moderate, at about USD7bn (3% of
liabilities), and this should not be onerous given the solid
stock of liquid assets and potential state support.
VTB's 'BBB' Long-term IDRs continue to be underpinned by Fitch's
view of the high probability of support for the bank from the
Russian authorities, in case of need, given the current majority
state ownership, VTB's systemic importance and the track record
of capital and funding support. The Negative Outlook on the IDRs
reflects Fitch's expectation of a moderate reduction in
government support as the bank's privatization progresses,
although any downgrade would likely be limited to one notch, to
'BBB-'.
RUSSIAN HELICOPTERS: Moody's Rates Proposed Eurobond '(P)B1'
------------------------------------------------------------
Moody's Investors Service assigned a provisional rating of (P)B1,
with a loss given default assessment of LGD5/89%, and a negative
outlook to the proposed issuance of notes by Russian Helicopters
Finance Limited, the sole purpose of which is to finance a loan
to Russian Helicopters JSC (Ba2 negative). Russian Helicopters
will use the proceeds from the notes placement to refinance part
of its existing debt.
Ratings Rationale:
The (P)B1 rating assigned to the proposed notes is two notches
below Russian Helicopters' corporate family rating , reflecting
Moody's expectation that the notes (1) will be issued for the
sole purpose of financing a loan to Russian Helicopters (which is
a holding company of the group), and therefore the noteholders
will rely solely on the latter's creditworthiness to service and
repay the debt; and (2) will be structurally subordinated to debt
located at the level of operating companies of Russian
Helicopters group, which represents a dominant portion of the
group's total debt (including state-guaranteed loans).
As Russian Helicopters is fully owned by the state-controlled
Corporation Oboronprom, Moody's applies its rating methodology
for government-related issuers (GRIs) in determining the
company's CFR. According to this methodology, the rating is
driven by a combination of (1) Russian Helicopters' BCA of b2;
(2) the Baa1 local currency rating of the Russian government; (3)
the very high default dependence between the company and the
government; and (4) the strong probability of state support in
the event of financial distress.
The b2 BCA is weakly positioned and factors in (1) Russian
Helicopters' weak liquidity, with internal sources being
insufficient to cover the company's significant working capital
needs and debt repayments (as of year-end 2012), leading to
strong reliance on continuing external funding; (2) significant
customer concentration, with nearly a half of the company's 2012
revenues derived from state orders, which, however, provides for
some revenue stability; (3) a weaker global service network and
aftermarket business segment compared with that of competitors;
(4) uncertainty related to potential changes in the shareholder
structure, as the company may conduct an IPO over the next few
years; and (5) the company's overall exposure to an emerging
market operating environment with a less developed regulatory,
political and legal framework.
At the same time, the BCA reflects Russian Helicopters' (1)
leading competitive position in its core Russian market and
strong positions in India and China, based on the company's
offerings in the medium-lift segment (Mi-8/17) and attack segment
(Mi-24/35, Mi-28, Ka-52); (2) wide product range and solid order
book, based on long-term contracts with the Russian Ministry of
Defence along with commercial and military export orders; and (3)
potential for growth due to the development of new and upgraded
helicopter models on the back of increasing global demand.
The negative outlook on Russian Helicopters' CFR reflects the
company's weak credit metrics for its current CFR and baseline
credit assessment (BCA). The outlook also reflects the
uncertainty over the company's ability to demonstrate a clear and
sustainable improvement trend with regard to its financial
metrics over the next 12 months, and leverage in particular, with
debt/EBITDA trending below 8.0x (calculated including state-
guaranteed loans) and 4.0x (excluding state-guaranteed loans).
What Could Change The Rating Up/Down
Moody's does not envisage any positive pressure being exerted on
Russian Helicopters' ratings over the next 12-18 months. However,
the rating agency could raise Russian Helicopters' BCA by one
notch if the company's debt/EBITDA declines below 6.0x
(calculated including state-guaranteed loans) and 2.5x (excluding
state-guaranteed loans) on a sustainable basis, while at the same
time the company improves its liquidity profile.
Moody's could downgrade the ratings if Russian Helicopters fails
to demonstrate a clear improvement trend with regard to its
leverage over the next 12 months, with debt/EBITDA trending below
8.0x (calculated including state-guaranteed loans) and 4.0x
(excluding state-guaranteed loans). In addition, negative
pressure could be exerted on the ratings in the event of a
material deterioration in the company's liquidity. A one-notch
downgrade of the sovereign rating would not in itself trigger a
downgrade of Russian Helicopters' rating, provided that all the
other GRI inputs remain unchanged.
Principal Methodology
The principal methodology used in these ratings was the Global
Aerospace and Defense published in June 2010. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009, and the Government-Related Issuers: Methodology Update
published in July 2010.
Russian Helicopters JSC is the sole Russian designer and
manufacturer of helicopters and one of the few companies
worldwide with the capability to design, manufacture, service and
test modern civilian and military helicopters. Russian
Helicopters is a vertically integrated holding company comprising
five helicopter assembly plants, two design bureaus, two
components production plants, one overhaul plant and one
helicopter service company providing aftermarket services in
Russia and abroad. In 2012, Russian Helicopters generated
revenues of RUR126 billion (US$4 billion).
RUSSIAN HELICOPTERS: Fitch Assigns 'BB-' Sr. Unsecured Rating
-------------------------------------------------------------
Fitch Ratings has assigned Russian Helicopters JSC (RH) a senior
unsecured rating of 'BB-' and the company's proposed 2018 bond of
up to US$500 million an expected rating of 'BB-(EXP)'. The final
rating on the notes is contingent upon the receipt of final
documentation conforming to information already received.
The proceeds of the notes will be used for refinancing existing
debt and for general corporate purposes. The notes will
constitute direct, unsecured and unconditional obligations of the
issuer, Russian Helicopters Finance Limited, and its parent
company guarantor, RH.
Fitch has assigned the expected new bond rating one notch below
that of the Issuer Default Rating (IDR) as a result of structural
subordination. Given the significant level of secured debt on the
company's balance sheet (approximately 70% of total debt at end-
2012), and the high overall leverage position of the group, Fitch
believes that a one-notch differential between the IDR and the
unsecured debt is appropriate. Furthermore, as the new bonds will
not benefit from upstream guarantees of any of the groups
operating companies, the notes will rank behind other unsecured
debt issued by these entities.
KEY RATING DRIVERS:
Downgrade of IDR
On April 25, 2013 Fitch downgraded RH's Long-Term IDR to 'BB',
from 'BB+'. The downgrade reflected Fitch's view that contrary to
our prior expectations, the company failed to reduce leverage
below the downgrade guideline of 3.5x at end-2012. Furthermore,
Fitch believes the company's leverage is unlikely to improve
materially in the short term and is no longer consistent with the
expectations of a 'BB' standalone rating for this sector.
State Support
RH's IDR benefits from a one-notch uplift from the standalone
rating of 'BB-', based on the support given to the company by the
Russian state. Any change to the nature of that support, whether
real or perceived, may have a rating impact.
Mixed Financial Profile
RH's financial profile, on balance, is indicative of a mid-
strength non-investment grade company. Whilst earnings and FFO
margins are in line with industry peers, FCF generation, leverage
and liquidity are weak. These financial metrics will be key
drivers of future rating actions.
Average Business Profile
The company maintains a strong market position, with a globally
dominant role in some segments, such as attack or heavy-lift
helicopters. These are high-priced items on which RH is able to
generate good returns owing to its efficient production and low
labor costs. Nevertheless, the company is only strong in certain
types of helicopters, remains heavily reliant on the Russian
Ministry of Defence for a significant portion of its business,
and its service business is underdeveloped compared to its peers.
RATING SENSITIVITIES
Positive: Future developments that could lead to positive rating
actions include:
-- Evidence of a greater level of state support, for example
with the provision of state guarantees for external debt
issued by non-state controlled banks
-- FFO margin remaining above 10%
-- FCF margin over 1% on a sustained basis
-- FFO adjusted gross leverage improving to below 3.5x
Negative: Future developments that could lead to negative rating
action include:
-- A visible reduction in, or elimination of, state support to
Russian Helicopters
-- FFO margin declining below 8% on a sustained basis
-- FFO adjusted leverage deteriorating above 4.5x
RUSSIAN HELICOPTERS: Moody's Affirms National Scale Rating
----------------------------------------------------------
Moody's Interfax Rating Agency affirmed the Aa2.ru long-term
national scale issuer rating (NSR) of Russian Helicopters JSC.
Ratings Rationale:
The affirmation of Russian Helicopters' NSR follows the
affirmation its global scale corporate family rating by MIS.
Principal Methodology
The principal methodology used in this rating was the Global
Aerospace and Defense published in June 2010. Other methodologies
used include the Government-Related Issuers: Methodology Update
published in July 2010.
Russian Helicopters JSC is the sole Russian designer and
manufacturer of helicopters and one of the few companies
worldwide with the capability to design, manufacture, service and
test modern civilian and military helicopters. Russian
Helicopters is a vertically integrated holding company comprising
five helicopter assembly plants, two design bureaus, two
components production plants, one overhaul plant and one
helicopter service company providing aftermarket services in
Russia and abroad. In 2012, Russian Helicopters generated
revenues of RUR126 billion ($4 billion).
Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia.
* NOVOSIBIRSK: S&P Affirms 'BB' Long-Term Issuer Credit Rating
--------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BB' long-term
issue credit rating on the Russian city of Novosibirsk. The
outlook remains positive. At the same time, S&P affirmed the
'ruAA' Russia national scale rating on the city.
S&P affirmed the rating because Novosibirsk has improved its
budgetary performance and maintained moderate debt and a
"neutral" liquidity position. S&P kept the outlook positive
because it thinks Novosibirsk will continue its existing
financial policies over the next 18-24 months. S&P also thinks
that improved budgetary performance could improve the city's
liquidity position.
The ratings on Novosibirsk are constrained by what S&P sees as
limited financial flexibility and predictability, mostly
resulting from Russia's developing and unbalanced public finance
system, and low economic productivity. These constraints are
mitigated by Novosibirsk's moderate debt, moderate liquidity
supported by prudent debt management, and the city's improved
budgetary performance achieved through cost discipline.
The positive outlook reflects S&P's opinion of the increased
likelihood that Novosibirsk will continue its budgetary and
liquidity policies over the next 18-24 months, despite spending
pressure and upcoming elections cycle starting in 2014. The
outlook also factors in the higher chances of improving liquidity
thanks to the city's stronger cash generation capacity.
S&P could consider an upgrade if it was to get more certainty
that the city is continuing its currently prudent debt and
expenditure policies over the next 18-24 months, in particular
after the upcoming mayoral elections. In the shorter term,
stronger operating margins envisaged in S&P's upside-case
scenario could trigger positive actions. Stronger margins would
likely mitigate low cash holdings and improve S&P's assessment of
Novosibirsk's liquidity position.
S&P would revise the outlook to stable if it saw that the city's
management might change its existing financial policies over the
next 18-24 months. Weakening budgetary performance that
prevented improvements in the city's liquidity position could
also result in negative rating actions.
=========
S P A I N
=========
FTPYME BANCAJA 6: S&P Affirms 'D' Ratings on 3 Note Classes
-----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in FTPYME Bancaja 6, Fondo de Titulizacion de Activos.
Specifically, S&P has:
-- Lowered to 'A (sf)' from 'AA- (sf)' and removed from
CreditWatch negative its rating on the class A3(G) notes;
-- Affirmed and removed from CreditWatch negative its 'AA-
(sf)' rating on the class A2 notes; and
-- Affirmed its 'D (sf)' ratings on the class B, C, and D
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 its
assessment of the transaction's performance using the latest
available investor report and portfolio data from the servicer.
On Jan. 17, 2013, when S&P's updated European SME CLO criteria
became effective, it placed on CreditWatch negative its ratings
on the class A2 and A3(G) notes.
CREDIT ANALYSIS
S&P has applied its updated European SME CLO criteria to
determine the scenario default rates (SDRs) for this transaction.
Because of the lack of data provided, S&P's qualitative
originator assessment is moderate. Taking into account Spain's
Banking Industry Country Risk Assessment (BICRA) of 6 and a
moderate qualitative assessment, 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
three notches due to the transaction's continued deteriorating
performance. As a result, S&P's average credit quality
assessment of the portfolio is 'ccc'.
The cumulative defaults over the original balance (defined in the
transaction documents as loans that are in arrears for more than
18 months) is still increasing, up to 6.87% in January 2013 from
4.61% in March 2011.
The class B, C, and D notes have continued to experience interest
shortfalls since S&P's previous February 2013 review. Therefore,
S&P has affirmed its 'D (sf)' ratings on the class B, C, and D
notes.
The originator did not provide S&P with internal credit scores,
therefore, it assumed that each loan in the portfolio had 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 86.95%.
S&P has reviewed historical originator default data, and assessed
market trends and developments, macroeconomic factors, 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 8%.
The SDRs for rating levels between 'B' and 'AAA' are interpolated
in accordance with S&P's European SME CLO criteria.
COUNTRY RISK
Given that S&P's long-term rating on the Kingdom of Spain is
'BBB-', according to S&P's non-sovereign ratings criteria, it has
affirmed and removed from CreditWatch negative its 'AA- (sf)'
rating on the class A2 notes.
The structure has significantly deleveraged, with only 5% of the
class A2 notes remaining outstanding. This has increased
available credit enhancement for these notes to 83%.
RECOVERY RATE ANALYSIS
At each liability rating level, S&P assumed a weighted-average
recovery rate (WARR) by taking into consideration observed
historical recoveries.
As a result of this analysis, S&P's WARR assumptions in 'AA' and
'A' scenarios were 20% and 22%, 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 its 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-paying loans more than others, the pool's
yield would tend to 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.
S&P's cash flow analysis indicates that the level of credit
enhancement available to the class A3(G) notes is commensurate
with a 'A (sf)' rating. Therefore, S&P has lowered to 'A (sf)'
from 'AA- (sf)' and removed from CreditWatch negative its rating
on the class A3(G) notes.
SUPPLEMENTAL TESTS
S&P's ratings on the class A2, A3(G), B, C, and D notes were not
constrained by the application of any of its supplemental tests.
FTPYME Bancaja 6 closed in September 2007 and is collateralized
by loans granted to Spanish SMEs. The originator is Bankia S.A.
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
FTPYME Bancaja 6, Fondo de Titulizacion de Activos
EUR1.028 Billion Mortgage-Backed Floating-Rate Notes
Rating Affirmed and Removed From CreditWatch Negative
A2 AA- (sf) AA- (sf)/Watch Neg
Rating Lowered and Removed From CreditWatch Negative
A3(G) A (sf) AA- (sf)/Watch Neg
Ratings Affirmed
B D (sf)
C D (sf)
D D (sf)
IM PASTOR 2: Moody's Lowers Rating on Class D Notes to 'B3'
-----------------------------------------------------------
Moody's Investors Service downgraded by three to six notches the
ratings of 3 junior notes and by one notch the ratings of 2
senior notes in four Spanish residential mortgage-backed
securities (RMBS) transactions: IM PASTOR 2, FTH; IM PASTOR 3,
FTH; IM PASTOR 4, FTA and IM BANCO POPULAR MBS 2, FTA. At the
same time, Moody's confirmed the rating of two senior securities
in IM PASTOR 2, FTH and IM Banco Popular MBS 2, FTA.
Insufficiency of credit enhancement to address sovereign risk and
exposure to counterparty risk have prompted the downgrade action.
The rating action concludes the review of two Spanish RMBS
transactions placed on review on July 2, 2012, following Moody's
downgrade of Spanish government bond ratings to Baa3 from A3 on
June 13, 2012 This rating action also concludes the review of two
Spanish RMBS transactions placed on review on November 23, 2012,
following Moody's revision of key collateral assumptions for the
entire Spanish RMBS market.
Ratings Rationale:
This rating action primarily reflects the insufficiency of credit
enhancement to address sovereign risk. Moody's confirmed the
ratings of securities whose credit enhancement and structural
features provided enough protection against sovereign and
counterparty risk.
The determination of the applicable credit enhancement driving
the rating actions reflects the introduction of additional
factors in Moody's analysis to better measure the impact of
sovereign risk on structured finance transactions.
Additional Factors Better Reflect Increased Sovereign Risk:
Moody's has supplemented its analysis to determine the loss
distribution of securitized portfolios with two additional
factors, the maximum achievable rating in a given country (the
Local Currency Country Risk Ceiling) and the applicable portfolio
credit enhancement for this rating. With the introduction of
these additional factors, Moody's intends to better reflect
increased sovereign risk in its quantitative analysis, in
particular for mezzanine and junior tranches.
The Spanish country ceiling, and therefore the maximum rating
that Moody's will assign to a domestic Spanish issuer including
structured finance transactions backed by Spanish receivables, is
A3. Moody's Individual Loan Analysis Credit Enhancement (MILAN
CE) represents the required credit enhancement under the senior
tranche for it to achieve the country ceiling. By lowering the
maximum achievable rating for a given MILAN, the revised
methodology alters the loss distribution curve and implies an
increased probability of high loss scenarios.
In all four affected transactions, Moody's maintained the current
expected loss and MILAN CE assumptions. Expected loss assumptions
remain at 0.68% for IM PASTOR 2, FTH, 5.00% for IM PASTOR 3, FTH,
6.00% for IM PASTOR 4, FTA and 6.00% for IM Banco Popular MBS 2,
FTA. The MILAN CE assumptions remain at 10.00% for IM PASTOR 2,
FTH, 22.70% for IM PASTOR 3, FTH, 20.00% for IM PASTOR 3, FTH and
22.50% for IM BANCO POPULAR MBS 2, FTA.
Exposure to Counterparty Risk:
The conclusion of Moody's rating review takes also into
consideration the exposure to Banco Popular Espanol, S.A (Ba1 on
review for possible downgrade/NP) acting as servicer, Cecabank
(Ba1 on review for possible downgrade/NP) acting as swap
counterparty and Banco de Espana acting as reinvestment account
bank in IM PASTOR 2, FTH, IM PASTOR 3, FTH, IM PASTOR 4, FTA and
Banco Santander S.A. (Baa2/P-2) acting as reinvestment account
bank in IM Banco Popular MBS 2, FTA. The exposure to these
counterparties does not drive the downgrade action. The senior
notes in IM PASTOR 2, FTH and IM Banco Popular MBS 2, FTA have
sufficient credit enhancement to mitigate this exposure.
Other Developments May Negatively Affect the Notes:
In consideration of Moody's new adjustments, any further
sovereign downgrade would negatively affect structured finance
ratings through the application of the country ceiling or maximum
achievable rating, as well as potentially increased portfolio
credit enhancement requirements for a given rating.
As the euro area crisis continues, the ratings of structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could further
negatively affect the ratings of the notes.
Moody's describes additional factors that may affect the ratings
in "Approach to Assessing Linkage to Swap Counterparties in
Structured Finance Cashflow Transactions: Request for Comment."
The methodologies used in these ratings were Moody's Approach to
Rating RMBS Using the MILAN Framework, published in March 2013
and The Temporary Use of Cash in Structured Finance Transactions:
Eligible Investment and Bank Guidelines, published in March 2013.
In reviewing these transactions, Moody's used ABSROM to model the
cash flows and determine the loss for each tranche. The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default scenario,
Moody's calculates the corresponding loss for each class of notes
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss or EL for each tranche is the sum product of (1)
the probability of occurrence of each default scenario; and (2)
the loss derived from the cash flow model in each default
scenario for each tranche.
As such, Moody's analysis encompasses the assessment of stressed
scenarios.
In the context of the rating review, the transactions have been
remodeled and some inputs have been adjusted to reflect the new
approach. In addition, the following model inputs have been
corrected during the review: for IM PASTOR 2, FTH, IM PASTOR 3,
FTH and IM PASTOR 4, FTA the swap modeling has been corrected;
for IM BANCO POPULAR MBS 2, FTA the cash reserve mechanism have
been corrected as well.
List of Affected Ratings:
Issuer: IM Banco Popular MBS 2, FTA
EUR596M A Notes, Confirmed at A3 (sf); previously on Jul 2, 2012
Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
Issuer: IM PASTOR 2, Fondo de Titulizacion Hipotecaria
EUR962M A Notes, Confirmed at A3 (sf); previously on Jul 2, 2012
Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
EUR17.3M B Notes, Downgraded to Baa3 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
EUR14.2M C Notes, Downgraded to Ba3 (sf); previously on Jul 2,
2012 Baa1 (sf) Placed Under Review for Possible Downgrade
EUR6.5M D Notes, Downgraded to B3 (sf); previously on Jul 2, 2012
Baa3 (sf) Placed Under Review for Possible Downgrade
Issuer: IM PASTOR 3 Fondo de Titulizacion Hipotecaria
EUR961M A Notes, Downgraded to B2 (sf); previously on Nov 23,
2012 Downgraded to B1 (sf) and Remained On Review for Possible
Downgrade
Issuer: IM PASTOR 4 Fondo de Titulizacion de Activos
EUR886M A Notes, Downgraded to B2 (sf); previously on Nov 23,
2012 Downgraded to B1 (sf) and Remained On Review for Possible
Downgrade
IM PASTOR 2: S&P Lowers Rating on Two Note Classes to 'BB+'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
IM PASTOR 2, Fondo de Titulizacion Hipotecaria's class B, C, and
D notes. At the same time, S&P has raised its rating on the
class A notes.
On Nov. 23, 2012, S&P lowered its long- and short-term ratings on
Cecabank S.A. (BB+/Negative/B), the swap counterparty for this
transaction. The remedy period to replace itself, which under
the transaction documents is 30 days, began after this downgrade
as it became an ineligible counterparty. The remedy period has
now expired, with Cecabank being unable to find an eligible
replacement. As such, under S&P's 2012 counterparty criteria, it
has analyzed these transactions without giving benefit to the
swap.
Under S&P's 2012 counterparty criteria, the maximum potential
ratings in IM PASTOR 2 will be the higher of its credit and cash
flow ratings results without the support of the swap
counterparty, and the long-term issuer credit rating (ICR) on the
swap counterparty. This is with the exception of those cases in
which, due to the transaction's performance, even with the swap
in place, the ratings from S&P's credit and cash flow analysis
are below the long-term ICR on the swap counterparty. As a
result, using the latest available portfolio and structural
features information, S&P has conducted a credit, cash flow, and
structural analysis--with and without giving benefit to the swap
agreement.
Delinquencies have slightly increased since 2012. As of February
2013, arrears up to default (defined in this transaction as loans
in arrears for more than 18 months) represented 2.77% of the
outstanding balance of the pool, compared with 2.55% in February
2012. Cumulative defaults now represent 0.62% of the pool's
initial balance. Although the portfolio contains certain
characteristics that S&P considers trigger higher probabilities
of default (such as broker-originated loans or second homes), S&P
believes that the transaction's performance is good and the
reserve fund is at its required level. The pool factor (the
percentage of the original principal that is left to be
distributed in the transaction) currently represents 25.45%.
The swap agreement in this transaction provides a significant
amount of support to the structure. The swap counterparty pays
three-month EURIBOR (Euro Interbank Offered Rate), plus the
weighted-average margin of the notes, plus a margin of 40 basis
points (bps). While in the scenarios where S&P assumes that
there is no swap agreement, interest income (in addition to
three-month EURIBOR) is limited to the margin on the pool, which
as of March 2013 was 65 bps--after assuming margin compression
and further stresses.
In S&P's cash flow analysis without giving benefit to the swap
agreement, only the class A and B notes experienced a sufficient
increase in credit enhancement to support ratings that are higher
than the long-term 'BB+' ICR on the swap counterparty. Since S&P
first rated this transaction (June 2004), the credit enhancement
for the class A notes has increased to 16.09% from 4.90% and for
the class B notes to 10.10% from 3.17%. The maximum ratings that
the class A and B notes can achieve in scenarios without giving
benefit to the swap agreement are 'AA- (sf)' and 'A- (sf)',
respectively. S&P has therefore raised to 'AA- (sf)' from 'A
(sf)' its rating on the class A notes and has lowered to 'A-
(sf)' from 'A (sf)' its rating on the class B notes.
The maximum rating that the class C and D notes can achieve
without giving benefit to the swap agreement is 'BB+ (sf)', which
is the long-term ICR on the swap counterparty, Cecabank. S&P has
therefore lowered to 'BB+ (sf)' from 'BBB+ (sf)' its rating on
the class C notes and to 'BB+ (sf)' from 'BBB- (sf)' its rating
on the class D notes.
Should the remedy actions under the transaction documents be
amended to comply with S&P's 2012 counterparty criteria and an
eligible counterparty be found, S&P would conduct further
analysis giving benefit to the swap and take rating actions
accordingly. Currently, only the class A and B notes can achieve
a rating that is higher than S&P's long-term ICR on the swap
counterparty.
IM PASTOR 2 is a Spanish residential mortgage-backed securities
(RMBS) transaction originated by Banco Pastor that closed in June
2004.
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
IM PASTOR 2, Fondo de Titulizacion Hipotecaria
EUR1 Billion Mortgage-Backed Floating-Rate Notes
Rating Raised
A AA- (sf) A (sf)
Ratings Lowered
B A- (sf) A (sf)
C BB+ (sf) BBB+ (sf)
D BB+ (sf) BBB- (sf)
TDA CAM 4: S&P Lowers Rating on Class C Notes to 'D'
----------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from
'CCC- (sf)' its credit rating on FTPYME TDA CAM 4, Fondo de
Titulizacion de Activos' class C notes.
The level of cumulative defaults over the original portfolio
balance has increased to 5.59% in February 2013 from 3.63% a year
before. Under the transaction documents, the interest deferral
trigger for the class C notes, which is based on the level of
cumulative defaults over the original balance of the assets
securitized at closing, is 4.85%. Due to the considerable
increase in the level of cumulative defaults over the past year
and the full depletion of the reserve fund on the March 2013
payment date, the class C notes has breached its interest
deferral trigger on the March 2013 payment date. Consequently,
interest on the class C notes has not been paid. S&P's ratings
on FTPYME TDA CAM 4's notes addresses timely payment of interest
and payment of principal during the life of the transaction. S&P
has therefore lowered to 'D (sf)' from 'CCC- (sf)' its rating on
FTPYME TDA CAM 4's class C notes.
FTPYME TDA CAM 4 closed in December 2006 and securitizes secured
and unsecured loans granted to small and midsized enterprises.
Banco CAM S.A.U., which has merged with Banco de Sabadell S.A.,
is the originator of the transaction.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an residential mortgage-backed security
as defined in the Rule, to include a description of the
representations, warranties and enforcement mechanisms available
to investors and a description of how they differ from the
representations, warranties and enforcement mechanisms in
issuances of similar securities. The Rule applies to in-scope
securities initially rated (including preliminary ratings) on or
after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
TDA CAM 9: S&P Lowers Rating on Class B Notes to 'D'
----------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from
'CCC- (sf)' its credit rating on TDA CAM 9, Fondo de Titulizacion
de Activos' class B notes.
The level of cumulative defaults over the original portfolio
balance has increased to 10.07% in January 2013 from 7.11% a year
before. Under the transaction documents, the interest deferral
trigger for the class B notes, which is based on the level of
cumulative defaults over the original balance of the assets
securitized at closing, is 9.5%. Due to the considerable
increase in the level of cumulative defaults over the past year,
the class B notes has breached its interest deferral trigger on
the January 2013 payment date. Consequently, interest on the
class B notes has not been paid. S&P's ratings on TDA CAM 9's
notes address timely payment of interest and payment of principal
during the life of the transaction. S&P has therefore lowered to
'D (sf)' from 'CCC- (sf)' its rating on TDA CAM 9's class B
notes.
TDA CAM 9 closed in July 2007 and securitizes residential
mortgage loans granted to individuals to purchase a property.
Banco CAM, which has merged with Banco de Sabadell S.A., is the
originator of the transaction.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an residential mortgage-backed security
as defined in the Rule, to include a description of the
representations, warranties and enforcement mechanisms available
to investors and a description of how they differ from the
representations, warranties and enforcement mechanisms in
issuances of similar securities. The Rule applies to in-scope
securities initially rated (including preliminary ratings) on or
after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
* SPAIN: Moody's Sees Increase in Bond Issuance for Midsize Firms
-----------------------------------------------------------------
More medium-sized Spanish corporates are likely to issue high-
yield bonds in the coming months so they can diversify their
funding sources and reduce their refinancing risk, says Moody's
in its report on Spanish speculative-grade issuers entitled
"Surge in Spanish High-Yield Corporate Bond Issuance Diversifies
Funding, Reduces Refinancing Risks." Spanish corporates have
historically relied on bank lending more than their peers in
other countries.
"We see the shift to the bond markets as credit positive for
Spanish high-yield corporates because it enables them diversify
their sources of funding and reduce reliance on bank lending.
Companies can take advantage of the current low interest rates to
lock-in long-term financing at cheap rates, and extend debt
maturities to reduce their refinancing risks," says Ivan
Palacios, a Vice President - Senior Credit Officer in Moody's
Corporate Finance Group.
Gestamp Automocion S.A. ((P) Ba3 stable), ENCE Energia y Celulosa
S.A. (Ba3 stable) and Atento Inversiones y Teleservicios S.A.U.
(Ba3 stable), three high-yield issuers that Moody's has recently
rated for the first time, are good examples of the type of
Spanish corporates that are attracting global investor interest.
They are medium-sized companies, with leading regional market
positions, a good track record in terms of operating performance
in recent years, geographically diversified cash flows, with
moderate to low reliance on sales generated in Spain, and
moderate leverage. Moody's expects that other medium-sized
Spanish companies with this type of profile will try to access
the bond markets in the coming months.
===========
T U R K E Y
===========
BOSPHORUS 1 RE: S&P Gives 'BB+' Rating to US$400MM Cl. A Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'BB+ (sf)' issue credit ratings to the US$400 million variable-
rate principal-at-risk series 2013-1 class A notes issued by
Bosphorus 1 Re Ltd., sponsored by Turkish Catastrophe Insurance
Pool (TCIP), the ceding insurer.
The notes are exposed to earthquakes affecting the Istanbul
region within Turkey between April 26, 2013 and April 25, 2016,
as modeled by Risk Management Solutions Inc. This is the first
time S&P has rated a transaction using RMS's Europe Earthquake
Model for Turkey.
The funds in the collateral account were initially invested in a
money market fund, MEAG Bosphorus 1/I, set up especially for this
transaction and managed by MEAG MUNICH ERGO
Kapitalanlagegesellschaft mbH.
The rating is based on the lower of the rating on the catastrophe
risk ('BB+'), the principal stability fund rating on the assets
in the collateral accounts ('AAAm'), and the risk of nonpayment
by the ceding insurer. As the TCIP is unrated, it funds a
periodic payment deposit account--initially with 190 days' worth
of premium--to mitigate the risk of nonpayment of the quarterly
premium payment. The deposit account ensures that scheduled
interest for two accrual periods can be paid, even if the
transaction terminates early because the ceding insurer has
failed to pay its reinsurance premium.
=============
U K R A I N E
=============
LEMTRANS LLC: S&P Assigns 'B' Corp. Credit Rating; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'B' long-term corporate credit ratings to Ukrainian freight rail
operator Lemtrans LLC and its holding company Lemtrans Ltd. The
outlook is negative.
S&P's rating on Lemtrans Ltd. is equalized with its rating on its
main Ukraine-based operating subsidiary, Lemtrans LLC, in
accordance with S&P's parent-subsidiary methodology. This is
because, in S&P's view, Lemtrans LLC represents the holding
company's core asset and, as S&P understand it, Lemtrans Ltd. has
no outstanding financial obligations other than the debt held at
the operating company level.
The rating on Lemtrans LLC reflects S&P's assessment of its
business risk profile as "weak" and its financial risk profile as
"aggressive," under its criteria.
Lemtrans LLC generates most of its earnings in its domestic
market of Ukraine. S&P therefore considers that the company's
country risk exposure to Ukraine's transitional economy
represents a substantial risk to its credit quality. In
particular, Lemtrans LLC is vulnerable to Ukraine's complex and
still-developing regulatory framework, weak institutions, and
lack of administrative transparency and predictability. The
possible restrictions on access to foreign exchange in Ukraine,
as well as the country's weak banking sector and relatively high
inflation pose further risks, in S&P's opinion. The rating is
also constrained by the underlying revenue volatility inherent in
freight transportation, which is closely linked to the volatility
of the generally commodity-dependent Ukrainian economy and a high
customer base concentration. The company's top three customers
accounted for more than 85% of its revenues in 2012.
S&P views Lemtrans' growth strategy as ambitious. It plans to
renew and considerably expand its fleet of gondola rail cars by
about 10,000 in the next few years from about 13,500 currently.
This will likely result in significant negative free operating
cash flow and increase the group's reliance on external
financing, in light of the limited medium- and long-term
financing available in Ukraine's capital markets.
Lemtrans' business risk profile is supported, however, by its
solid market position in the gondola rail freight market; it
operates the largest fleet among private freight rail operators
in Ukraine. The country's gradual economic recovery over the
past two years and a deficit of gondola rail cars in the market
have allowed Lemtrans to increase its prices, which resulted in a
strong EBITDA margin of more than 37% in 2011-2012. This enabled
the company to prevent a rise in debt, despite taking on growth
investments over the period. Lemtrans' reported year-end 2012
debt was about Ukrainian hryvnia (UAH) 3.1 billion (about
$390 million) and its debt-to-EBITDA ratio was about 1.3x, which
S&P views as moderate for the current rating level.
Under S&P's base-case operating scenario for 2013, it forecasts
that revenues will fall by about 20%, mainly because Lemtrans
plans to stop selling rail cars, which is one of its non-core
businesses and generated about 10% of revenues in 2012. On the
other hand, S&P expects the price of transportation services to
normalize from very high levels in 2012; S&P assumes that
profitability per rail car per day in 2013 will decrease by about
30% as capacity in the market increases. The negative outlook on
Lemtrans mirrors that on Ukraine. Under S&P's criteria, the
long-term sovereign credit rating and transfer and convertibility
assessment on Ukraine constrain the rating on Lemtrans, based on
S&P's view that the group's cash flow generation is sensitive to
country risk.
A downgrade of Ukraine by one or more notches would likely
trigger a similar downgrade of Lemtrans. Further downward
pressure on Lemtrans' ratings may result from:
-- Deterioration in the company's profitability and credit
metrics including leverage of debt to EBITDA of more than
4x. This could occur if the company is unable to sustain
its assumed profitability of $40 per day per gondola rail
car as a result of pricing pressure on the market, for
example, implying that Lemtrans' 2013 EBITDA falls by over
45% from its 2012 level; or if it loses one of its
main customers.
-- Higher debt-financed expansion investments than S&P
currently assumes, alongside the company adopting a more
shareholder-friendly approach, or if these investments are
financed using short-term rather than medium- to long-term
debt as S&P currently assumes, thus jeopardizing the
company's liquidity position.
S&P could revise the outlook on Lemtrans to stable if it was to
revise the outlook on Ukraine to stable, all else being equal.
===========================
U N I T E D K I N G D O M
===========================
DECO 11-UK: S&P Lowers Rating on Class E Notes to 'CCC-'
--------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on DECO 11 - UK Conduit 3 PLC's classes of notes.
Specifically, S&P has:
-- Lowered and removed from CreditWatch negative its ratings
on the class A-1B, A-2, B, and C notes;
-- Lowered its ratings on the class D and E notes; and
-- Affirmed its ratings on the class A-1A and F notes.
The rating actions follow S&P's review of the loan pools and the
application of its updated European commercial mortgage-backed
Securities (CMBS) criteria.
On Dec. 6, 2012, S&P placed on CreditWatch negative its ratings
on DECO 11 - UK Conduit 3's class A-1B, A-2, B, and C notes
following an update to its criteria for rating European CMBS
transactions.
THE MAPELEY GAMMA LOAN (57.7% OF THE POOL BY LOAN BALANCE)
The Mapeley Gamma Loan is the largest loan outstanding within the
transaction. The loan is secured against 24 office properties in
either prime or secondary locations in regional and U.K.
provincial towns.
The current loan balance is GBP217 million and the maturity date
is January 2017.
The loan was accelerated and transferred to special servicing on
Oct. 25, 2012 due to a loan-to-value (LTV) trigger breach
following a revaluation of the loan in August 2012. The special
servicer reported a securitized LTV ratio of 188% (based on an
August 2012 valuation), up from 75% at closing.
Receivers were appointed on the asset portfolio in December 2012
after the sponsor indicated that it was not prepared to invest
any further equity in the borrowers. The special servicer has
reported that it is in the process of appointing an asset manager
in order to maintain and increase the value of the portfolio.
In S&P's opinion, this loan is likely to experience significant
losses.
WILDMOOR NORTHPOINT LTD. (10.3% OF THE POOL BY LOAN BALANCE)
A suburban shopping center approximately 4.5 miles to the north
of Hull backs this loan.
The center is let mainly to discount retailers and has displayed
deteriorating performance since closing.
The loan has a current securitized loan balance of GBP38,857,992.
It was transferred to special servicing on March 25, 2010
following an LTV trigger breach. An additional default occurred
in July 2010 when the loan failed to repay at maturity.
In December 2012, the special servicer reported a securitized LTV
ratio of 164%, based on a July 2012 valuation of GBP23.8 million.
S&P anticipates that a sale of the asset, given its secondary
retail nature, will be particularly difficult to facilitate given
difficult secondary property market conditions. As a result, in
S&P's opinion, the securitized loan will likely suffer principal
losses.
UBRIQUE HOLDINGS LTD. (9.7% OF THE POOL BY LOAN BALANCE)
The Ubrique Holdings loan has an outstanding loan balance of
GBP36.6 million. The loan is collateralized by two student
accommodation buildings at the University of Huddersfield.
The loan is performing in accordance with the terms of the loan
agreement and financial covenants. In January 2013, the servicer
reported an LTV ratio of 75.1% and a securitized interest
coverage ratio (ICR) of 1.58x.
The loan is due to mature in July 2013. S&P understands that the
subservicer has started to discuss possible refinancing options
with the borrower. However, given the current restricted lending
market, S&P considers that whole-loan refinancing may be
difficult to achieve.
S&P do not currently anticipates principal losses on this loan.
STARCHARM LTD. LOAN (9.4% OF THE POOL BY LOAN BALANCE)
The Starcharm loan is due to mature in October 2013 and has an
outstanding loan balance of GBP35.3 million as reported in the
January 2013 servicer report. The loan is performing in
accordance with the terms of the loan agreement and financial
covenants.
The underlying asset comprises three warehouse units. The
property is situated on the outskirts of Oxford and is currently
let in its entirety to Unipart Group Ltd., with an unexpired
lease term of 9.56 years.
In January 2013, the servicer reported an LTV ratio of 75.9% and
a securitized ICR of 1.63x. The property has not been revalued
since an original valuation in July 2006.
Following considerable property market declines, particularly to
assets of a secondary nature such as the underlying asset, S&P
considers that the loan will likely suffer principal losses.
THE MILL LOAN (0.9% OF THE POOL BY LOAN BALANCE)
S&P understands that the underlying property secured against the
Mill loan has now been sold, but principal has yet to be
distributed to the noteholders. Based upon the current
outstanding balance for this loan, S&P understands that this sale
will result in a shortfall in the loan repayment.
OTHER LOANS
The remaining six loans are backed by U.K. properties. S&P has
reviewed each loan individually, based on reported data. In
S&P's view, the majority of the loans are of below-average credit
quality as they have either matured or have a short period until
maturity. They are also backed by a combination of dated
properties with average-quality tenants in secondary locations.
S&P expects losses on four of the six loans.
RATING RATIONALE
S&P's expectation of principal losses on the loans has increased,
mainly as a result of its view that the Mapeley Gamma loan is
likely to experience significant potential losses.
S&P's analysis indicates that the available credit enhancement
for the class A-1A notes is sufficient to maintain its current
rating on this class. Therefore, S&P has affirmed its 'A (sf)'
rating on the class A-1A notes. However, the amount of available
credit enhancement for the class A-1B notes is no longer
sufficient to cover its expectation of principal losses under
their current rating scenario. S&P has therefore lowered to 'B+
(sf)' from 'A (sf)' and removed from CreditWatch negative its
rating on the class A-1B notes.
In S&P's opinion, the class A-2 to E notes are vulnerable to
principal losses. S&P has therefore lowered its ratings on the
class A-2, B, C, D, and E notes and has removed from CreditWatch
negative its ratings on the class A-2, B, and C notes.
The class F notes are currently rated 'D (sf)' following interest
shortfalls and expected principal losses on this class of notes.
S&P has affirmed its 'D (sf)' rating on the class F notes.
DECO 11 - UK Conduit 3 is a U.K. multiloan CMBS transaction that
closed in December 2006. It was originally backed by 17 loans,
of which six have now repaid.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
DECO 11 - UK Conduit 3 PLC
GBP444.387 Million Commercial Mortgage-Backed Floating Rate Notes
Class Rating
To From
Ratings Lowered and Removed From CreditWatch Negative
A-1B B+ (sf) A (sf)/Watch Neg
A2 B- (sf) BBB- (sf)/Watch Neg
B B- (sf) BB- (sf)/Watch Neg
C CCC+ (sf) B+ (sf)/Watch Neg
Ratings Lowered
D CCC (sf) B- (sf)
E CCC- (sf) B- (sf)
Ratings Affirmed
A-1A A (sf)
F D (sf)
DONCASTERS GROUP: Moody's Assigns 'B3' CFR; Outlook Stable
----------------------------------------------------------
Moody's Investors Service assigned a definitive B3 corporate
family rating and, in addition, has assigned a B3-PD probability
of default rating to Doncasters Group Limited (Doncasters), a
manufacturer of superalloy and superalloy-based precision
components for aero engines, industrial gas turbines or
turbochargers.
Concurrently, Moody's has also assigned a definitive B2 rating to
the US$876 million equivalent first-lien term loan and a
definitive Caa2 rating to the US$290 million second-lien term
loan, both co-borrowed at Doncasters Finance US LLC and
Doncasters Finance US Borrower LLC. The outlook on all ratings is
stable.
The definitive ratings are in line with the provisional ratings
assigned March 13, 2013 and reflect the successful execution of
the refinancing and Moody's view that the final terms and
conditions of the facilities are in line with expectations.
Ratings Rationale:
The rating primarily reflects Doncasters' high leverage following
the contemplated refinancing. It also reflects (1) the
competitive environment in which Doncasters operates, with the
company competing with much larger component manufacturers in
Europe and North America; (2) the company's small size, despite
its broad scope of activity, which may limit margin benefits from
synergies and scale while the company focuses on improving
operating efficiency; and (3) the need to differentiate itself
from competitors through quality and service. Moody's also notes
that there is a degree of concentration in Doncasters' customer
base on original equipment manufacturers (OEMs), particularly in
the industrial gas turbine (IGT) and aero engine markets, and
Doncasters' challenge to generate revenue growth despite solid
outlooks for its key end markets.
More positively, the rating also reflects that Doncasters
benefits from supplying diversified end markets including energy,
aerospace, on/off highway commercial vehicles, construction and
petrochemical industries, which also exhibit different levels of
exposure to macroeconomic cycles, particularly in the aftermarket
business. In addition, Doncasters benefits from its long-term
contracts in its key segments, aerospace and IGT. These contracts
typically allow for raw material price increases to be passed
through to end customers and provide some revenue visibility.
Moreover, Moody's expects Doncasters to reap benefits from price
increases negotiated in 2012 and its continued focus on improving
operating efficiency in 2013. Moody's would expect these factors
to support the company's profitability going forward.
The Caa2 rating assigned to the US$290 million second-lien term
loan reflects its priority within Doncasters' capital structure,
ranking behind the company's substantial first-lien debt,
including its US$876 million equivalent first-lien term loan --
rated B2 to reflect the cushion of the second-lien debt -- and
its GBP110 million asset-backed revolving credit facility.
What Could Change The Rating Up/Down
Positive pressure could be exerted on the ratings if Doncasters'
Moody's-adjusted debt/EBITDA falls sustainably below 6.0x and
EBITA/interest reaches around 1.75x, while at the same time
generating sustained free cash flow.
Conversely, negative rating pressure could develop if Doncasters'
Moody's-adjusted debt/EBITDA reaches 7.0x or Moody's becomes
increasingly concerned about the company's liquidity, as a result
of negative free cash flow, for example.
The principal methodology used in this rating was the Global
Manufacturing Industry published in December 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
Doncasters Group Limited is a manufacturer of superalloy and
superalloy-based precision components for aero engines,
industrial gas turbines or turbochargers. As such, it serves as
tier 1/2 supplier to mainly the aerospace, energy and commercial
vehicle markets. Doncasters operates 33 principal facilities, of
which 12 are in the UK, 16 are in the US, three are in Europe,
and one each in China and Mexico. The company is owned by Dubai
International Capital.
FAIRHOLD SECURITISATION: Moody's Reviews B1 Rating for Downgrade
----------------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
the following classes of Notes issued by Fairhold Securitisation
Limited (the "Issuer") (amounts reflect initial outstanding):
GBP329M Class A Notes, Baa3 (sf) Placed Under Review for Possible
Downgrade; previously on May 23, 2012 Downgraded to Baa3 (sf)
GBP24M Class B Notes, B1 (sf) Placed Under Review for Possible
Downgrade; previously on May 23, 2012 Downgraded to B1 (sf)
GBP84.7M Class A(N) Notes, Baa3 (sf) Placed Under Review for
Possible Downgrade; previously on May 23, 2012 Downgraded to Baa3
(sf)
GBP5.8M Class B(N) Notes, B1 (sf) Placed Under Review for
Possible Downgrade; previously on May 23, 2012 Downgraded to B1
(sf)
Ratings Rationale:
The action reflects Moody's increased concerns regarding the
refinancing of the loan due in 2015. The Notes have already been
downgraded in May 2012 as a result of the increased leverage, due
in particular to a rising swap mark to market ("MtM") valuation.
Although no updated MtM has been received by Moody's since the
last rating action, concerns remain of a further increase in
refinancing risk due to a number of factors, including (i)
sustained low long term interest rates and increased risk of
higher inflation rates in the foreseeable future, (ii) loan
maturity date approaching, (iii) in another transaction rated by
Moody's, a similar loan with the same sponsor failed to repay at
its maturity date in January 2013.
Moody's will review the transaction based on both the updated
swap MtM valuation and asset valuation provided by the servicer
and its own assessment of the expected transaction cash flows
during the remaining term until the Notes final maturity date in
2017.
In general, Moody's analysis reflects a forward-looking view of
the likely range of commercial real estate collateral performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside an acceptable range of the key parameters such as
property value or loan refinancing probability for instance, may
indicate that the collateral's credit quality is stronger or
weaker than Moody's had anticipated when the related securities
ratings were issued. Even so, a deviation from the expected range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions . There may
be mitigating or offsetting factors to an improvement or decline
in collateral performance, such as increased subordination levels
due to amortization and loan re- prepayments or a decline in
subordination due to realized losses.
Primary sources of assumption uncertainty are the current
stressed macro-economic environment and continued weakness in the
occupational and lending markets. Moody's anticipates (i) delayed
recovery in the lending market, while remaining subject to strict
underwriting criteria and heavily dependent on the underlying
property quality, (ii) strong differentiation between prime and
secondary properties, with further value declines expected for
non-prime properties, and (iii) occupational markets will remain
under pressure in the short term and will only slowly recover in
the medium term in line with anticipated economic recovery.
Overall, Moody's central global macroeconomic scenario for the
world's largest economies is for only a gradual strengthening in
growth over the coming two years. Fiscal consolidation and
volatility in financial markets will continue to weigh on
business and consumer confidence, while heightened uncertainty
hampers spending, hiring and investment decisions. In 2013,
Moody's expects no growth in the Euro area and only slow growth
in the UK.
Rating Methodology
The principal methodology used in this rating was Moody's
Approach to Real Estate Analysis for CMBS in EMEA: Portfolio
Analysis (MoRE Portfolio) published in April 2006.
Other factors used in this rating are described in European CMBS:
2013 Central Scenarios published in February 2013.
The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. The last Performance Overview for this transaction
was published on December 12, 2012.
In rating this transaction, Moody's used both MoRE Portfolio and
MoRE Cash Flow to model the cash-flows and determine the loss for
each tranche. MoRE Portfolio evaluates a loss distribution by
simulating the defaults and recoveries of the underlying
portfolio of loans using a Monte Carlo simulation. This portfolio
loss distribution, in conjunction with the loss timing calculated
in MoRE Portfolio is then used in MoRE Cash Flow, where for each
loss scenario on the assets, the corresponding loss for each
class of notes is calculated taking into account the structural
features of the notes. As such, Moody's analysis encompasses the
assessment of stressed scenarios.
Moody's ratings are determined by a committee process that
considers both quantitative and qualitative factors. Therefore,
the rating outcome may differ from the model output.
INEOS GROUP: S&P Raises Corporate Credit Rating to 'B+'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Swiss chemicals producer Ineos Group Holdings
S.A. (Ineos) and its U.K. subsidiary Ineos Holdings Ltd. to 'B+'
from 'B'.
At the same time, S&P raised its issue ratings on Ineos' existing
senior secured debt to 'BB-' from 'B+' and S&P's ratings on the
existing unsecured debt to 'B-' from 'CCC+'. The recovery
ratings remain at '2' and '6', respectively, indicating S&P's
expectation of substantial (70%-90%) and negligible (0%-10%)
recovery to creditors in the event of a payment default.
S&P has also assigned its 'BB-' issue ratings to Ineos' proposed
US$570 million and EUR300 million term loan B add-on. The
recovery rating on these debt issues is '2', indicating S&P's
expectation of substantial (70%-90%) recovery for creditors in
the event of payment default.
The coverage for the secured facilities is at the lower end of
the range. S&P could revise the recovery ratings if Ineos
decided to upsize the transaction.
The rating action reflects S&P's view that Ineos' performance was
resilient in 2012, when it reported EBITDA of EUR1.5 billion,
slightly above its expectations of EUR1.45 billion for the year.
The rating action also follows Ineos' proposed refinancing. Ineos
plans to reprice its existing US$2 billion and EUR500 million
term loan B facility due 2018, as well as its US$375 million term
loan B facility due 2015, and to issue an add-on tranche to the
term loan B to fully refinance its existing US$570 million and
EUR300 million senior secured notes due 2015. S&P believes that,
if this refinancing is executed as planned, it could lower the
company's debt servicing costs by about EUR90 million from 2014,
and extend its maturity profile, thus providing further support
to the company's already "strong" liquidity.
In S&P's view, the strong performance of Ineos' O&P (olefins and
polyolefins) North America division provided significant support
to Ineos' 2012 results. The division benefited from healthy
demand for its products, access to low-cost ethane feedstock, and
favorable exchange rates--U.S. dollars appreciated against the
euro by more than 8% during the year. These results largely
offset the notable weakening of performance at the O&P Europe
division, which was affected by weak demand for Ineos' key
products and multiple one-off events.
S&P anticipates that Ineos' operating performance will remain
resilient, underpinned by S&P's forecast of stable year-on-year
EBITDA of about EUR1.4 billion-EUR1.5 billion in 2013. In S&P's
view, the company should continue to benefit from its
diversification into the U.S. and access to low-priced U.S.-
ethane. S&P assumes this will largely offset the expected lack
of material recovery in demand for olefins and polyolefins in
Europe, and the ongoing, less-favorable, global environment for
its chemical intermediates.
S&P also considers that management's focus on performance
improvement and cost reduction initiatives in the near term
partially addresses the risk of a protracted and more severe
recession in Europe. From 2015, S&P anticipates that Ineos' cost
position will benefit further from its project to import U.S.
ethane to its north European gas-based crackers.
These positives are partly tempered by S&P's forecast that much
of Ineos' FFO in 2013, estimated at EUR0.7 billion-EUR0.8
billion, could be consumed by capital expenditure of about EUR0.5
billion and working capital outflows of about EUR0.1 billion.
This will lead to only modest positive free operating cash flow
(FOCF), in S&P's view, and thus no deleveraging. S&P estimates
that Ineos' adjusted debt-to-EBITDA ratio will be about 4.5x in
2013, almost unchanged from 4.4x in 2012. However, with lower
interest costs, S&P anticipates that adjusted EBITDA interest
coverage could improve to about 3.0x, which S&P considers strong
for the rating.
"We view Ineos business risk profile as "fair," taking into
account the group's cost-competitive large-scale integrated
petrochemical sites in the U.S. and Europe, access to low-priced
ethane for its U.S. cracker and polyolefin plants, and its
sizable and diversified chemical intermediate segment (phenols,
nitriles, oxides, and oligomers). Key business weaknesses
include the cyclicality of petrochemical profits, the exposure to
difficult macroeconomic conditions in Europe, and the unfavorable
cost position of its European petrochemical assets, which it aims
to improve in the medium term by importing U.S. ethane," S&P
said.
"We revised upward Ineos' financial risk profile to "aggressive"
from "highly leveraged," reflecting the company's "strong"
liquidity and our expectation of a healthy EBITDA cover ratio of
3.0x in 2013. Key negatives for Ineos' financial risk profile
include its sizable gross debt of EUR7.3 billion and a weak
FFO/debt ratio of 7% at year-end 2012. Other risk factors are
concentrated ownership, group complexity, and limited disclosure
on the ultimate parent company," S&P added.
"The stable outlook reflects our view of Ineos' strong liquidity,
and the benefit of its longer-term debt maturity profile
following the refinancing, as well as our forecast that Ineos'
operating performance in the U.S. will remain strong over the
near-to-medium term, largely offsetting weaker performance in
Europe. Furthermore, it assumes modest FOCF and no deleveraging
in 2013, followed by reasonable deleveraging from 2014 onward as
FOCF becomes stronger. In our base-case scenario, we assume this
could occur because we expect to see stable EBTIDA and lower
interest and capital spending. At the current rating level, we
see a ratio of adjusted debt to EBITDA of 4.0x-4.5x as adequate,"
S&P noted.
S&P could raise the ratings if Ineos were to generate sustainably
strong positive FOCF over the medium term, such that its adjusted
debt-to-EBITDA ratio was to approach 3.0x-3.5x range.
Management's financial policies, notably on future spending on
investments, acquisitions, and dividends, would be important in
any rating upgrade considerations.
S&P could lower the ratings if Ineos' EBITDA in 2013 declined to
about EUR1.3 billion without realistic prospects of recovery in
2014, while capital expenditure continued as planned, leading to
substantial negative FOCF and increase in adjusted debt to EBITDA
to 4.5x-5.0x.
LLANELLI AFC: In Administration, Owes Thousands
-----------------------------------------------
Wales Online reports that players for Welsh Premier League outfit
Llanelli AFC have lost substantial amounts following the club's
collapse into administration in the High Court
Llanelli AFC was put into administration in a High Court hearing
in London, according to Wales Online. The report relates that
players at a collapsed Welsh Premier League football club are
owed more than GBP30,000.
Wales Online says that the owner is appealing the court's
decision over GBP21,000 unpaid tax Her Majesty's Revenue and
Customs is demanding.
But the players claim they have been "left in limbo" and fobbed
them off with excuses about payments for months prior to the
latest court hearing, the report notes.
The report discloses that former team captain Lloyd Grist said
they had been massively let down.
Lawyers for the club said the debt's size had been disputed since
last August, the report relays.
However, the report adds that Her Majesty's Revenue and Customs
(HMRC) said no attempt was made to pay GBP3,000, which was
undisputed.
ROWECORD ENGINEERING: In Administration, 400 Jobs at Risk
---------------------------------------------------------
WalesOnline reports that Rowecord Engineering is to go into
administration, putting 400 jobs at risk. The company announced
that administrators will be appointed.
Other companies within the Rowecord Group remain unaffected by
this development, according to WalesOnline.
"It is with great regret we have had to come to the decision to
place the business in the hands of administrators. Working with
key business partners and the Welsh Government, we have exhausted
every option to sustain the business for the future. . . . We
will be looking to mitigate how this development may impact on
the workforce. We are proud of all we have achieved over 40
years' of trading and I'd like to take this opportunity to thank
our customers, suppliers and other business partners," the report
quoted Andrew Hoppe, managing director, as saying.
Rowecord Engineering is a Newport-based engineering company which
built the roof or the Olympics Aquatics Centre as well as a host
of Welsh landmarks.
TAYLOR WIMPEY: S&P Raises Corporate Credit Rating to 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB' from 'BB-' its
long-term corporate credit rating on U.K. housebuilder Taylor
Wimpey PLC. The outlook is stable.
At the same time, S&P is raising its issue rating on Taylor
Wimpey's bonds due 2015 to 'BB'. The recovery ratings on these
bonds remain unchanged at '3', indicating S&P's expectation of
"meaningful" (50%-70%) recovery in the event of a payment
default.
The rating action reflects Taylor Wimpey's credit metrics, which
were significantly better than those forecast in S&P's base-case
scenario for 2012 and are likely to be maintained at these levels
over the medium term. S&P believes that Taylor Wimpey is well
positioned to generate sufficient cash flows from home sales to
keep cash flow leverage metrics in line with a "significant"
financial risk profile. S&P forecasts lower, but positive, free
cash flow generation and stable debt levels in 2013.
Higher operating profit and lower interest expenses should help
offset rising working capital needs caused by increased work-in-
progress and land acquisitions, in S&P's view. S&P understands
that Taylor Wimpey will also continue to use deferrable payments
to landowners (land creditors) as a means of controlling working
capital. In S&P's base-case scenario for 2013, it expects free
operating cash flow (FOCF) to be slightly positive at around
GBP20 million. This will enable the company to limit large
drawings under the revolving credit facility (RCF) through the
year to fund the working capital. Hence, Standard & Poor's-
adjusted debt levels should remain stable at around
GBP500 million (excluding land creditors). Leverage should thus
remain at current levels, that is, debt-to-capital of around 20%
and debt to EBITDA of 2.0x-2.5x.
S&P's base-case scenario for 2013 involves revenue growing by
6.5%, based on a rise of around 5% in completions and a stable
average selling price. S&P considers that the recent increase in
mortgage accessibility via government-sponsored schemes should
help volumes rise in 2013. S&P also factors in the stable
GBP1.2 billion order book as at April 2013 (worth six months of
2012 sales). S&P thinks the EBITDA margin should increase by 100
basis points (bps) in 2013, to 12.7%. This margin improvement
reflects stable build costs as the company has good bargaining
power on labor and materials due to its size. It also reflects
the rising share of new developments being built on land acquired
at low prices in recent years.
Taylor Wimpey's "fair" business risk profile is underpinned by
its position as the second-largest U.K. housebuilder by volume.
It built and sold around 11,000 homes in 2012, its sales coverage
is well-spread geographically, and it has a large land bank (six
years of supply) and a solid order book worth GBP1.2 billion (at
April 2013). Its size of operations enables it to generate
economies of scale in labor and materials sourcing. The product
mix is focused on midpriced one- to three-bedroom houses, rather
than flats, and it has stable reservation (0.67 homes per outlet
per week in 2013) and cancellation rates (13.6%). S&P is
nevertheless cautious about the company's push to increase the
number of developments and land purchases it pursues, at a time
when medium-term growth prospects are unpredictable and, in S&P's
view, likely to remain so this year.
The stable outlook reflects S&P's view that Taylor Wimpey's
operating margins should continue to slightly improve in 2013
thanks to stable sales and build costs and declining land
expenses. S&P thinks the company should be able to limit
releveraging its capital structure to fund rising working
capital.
S&P's base-case scenario for 2013 assumes a stable level of
demand for new homes constrained by low consumer confidence. S&P
anticipates a moderate increase in mortgage availability. S&P
forecasts revenue growth of around 6.5% for 2013, based on the
solid order book. The EBITDA margin should improve by around 100
bps, mainly due to more homes being sold that are on land bought
at lower prices during the recent downturn. Providing that
Taylor Wimpey continues to manage its work-in-progress and land
acquisitions prudently, S&P expects the company to maintain an
interest coverage ratio of more than 3x and a debt-to-capital
ratio of around 30%.
S&P could raise the ratings if it sees a substantial improvement
in market demand for new homes, with a clear recovery in mortgage
accessibility. S&P would view positively high and stable
positive FOCF and most land expansion being funded by cash from
home sales, rather than debt. This could occur if the company
maintains volume growth and sustains slightly higher operating
margins.
Conversely, S&P would lower the rating if Taylor Wimpey
aggressively expanded its working capital, leading to large
negative free cash flow combined with high utilization of the
revolving credit facilities. S&P would also view negatively
delays in refinancing the RCF that expires in November 2014.
TRANSEUROPA FERRIES: In Administration, Jobs at Risk
----------------------------------------------------
BBC News reports that TransEuropa Ferries has gone into
administration, putting 25 jobs at risk in Kent.
TransEuropa suspended all sailings between Ramsgate and Ostend
amid fears over its future, according to BBC News.
The report notes that Thanet District Council, which owns the
Kent port, said it had confirmation. It is understood the
company owes the council money, the report relates.
"The council . . . will continue to be actively seeking to re-
establish the route across to Ostend because that is workable,
despite the problems encountered by TransEuropa Ferries," the
report quoted Mark Seed, who is director of operations at Thanet
District Council, as saying.
TransEuropa had run passenger and freight services between
Ramsgate and Ostend for the last 15 years.
===============
X X X X X X X X
===============
* Fitch: CLO Loan Maturity Extensions Offset by Rising Spreads
--------------------------------------------------------------
Fitch Ratings expects European leveraged loan collateralized loan
obligations (CLOs) to maintain rating stability throughout the
rest of 2013.
Fitch's April 2013 European Leveraged Loan CLO Tracker Excel file
(CLO Tracker) reveals that the 'CCC' and below bucket has
remained stable at 9.2% since October 2012. There have been 13
reported defaults since March 2012. Defaults have tended to come
from cyclical industries with Broadcasting and Media, Building
and Materials and Retail among the sectors experiencing defaults.
The current average defaulted balance has increased to 2.6% from
2.2% this time last year.
Average over-collateralization (OC) test cushions for both senior
and junior OC tests improved over the last year. These
improvements were driven by; excess spread diversion to cure
failing tests; manager action in building par and improving
pricing on CCC assets (where market price is a driver in the OC
test calculation). These trends indicate that the senior notes
are well protected against a foreseeable level of defaults while
the mezzanine and junior notes remain exposed to a clustering of
defaults and negative rating migration.
The agency recently completed its review of its 27 rated European
leverage loan CLOs with all but two transactions being affirmed.
The affirmations were predominantly driven by increased credit
protection for the notes coupled with stable asset performance
over the past year. The Outlooks on some of the mezzanine and
junior notes were revised to Stable from Negative to reflect
their reduced vulnerability to refinancing risk over the next 18
months as the average maturity profiles have been pushed out
largely because of amending and extending of underlying loans,
companies tapping the bond market and, to a certain extent,
manager trading activity.
The mezzanine and junior notes of Harbourmaster CLO 4 B.V. were
downgraded due to the excess spread compression in the
transaction magnified by the expiration of the interest rate
hedge between fixed-rate liabilities and floating-rate assets.
The junior notes of Cheyne Credit Opportunity CDO I were upgraded
due to increased credit enhancement levels resulting from
structural deleveraging.
The reviews further revealed continued amend and extend activity
on the underlying collateral across the Fitch-rated European CLO
universe driven primarily by lack of refinancing options for
certain companies and reluctance on part of the lenders to incur
impairments. These extensions have resulted in a stable weighted
average life across transactions and a corresponding steady
increase in the weighted average spread (WAS) across
transactions. The higher WAS is a critical driver for the ratings
of mezzanine and junior tranches because they rely on the
diversion of excess spread to build up credit enhancement through
deleveraging.
Fitch observes that structural features have helped the average
CLO perform largely as expected with excess spread providing
support to the senior rated notes. For instance, an increase in
the 'CCC' bucket or defaulted assets could be mitigated by the
breaching of OC tests, which diverts excess spread for
reinvestment or to redeem the senior rated notes. This is
evidenced in the average net portfolio loss percentage of 1.6%
across the transactions. The net portfolio loss looks to the
change in CLO assets versus CLO liabilities in order to ascertain
the loss net of; excess spread diversion and par building on
behalf of the manager.
Fitch considered the sensitivity of the notes' ratings to the
transaction's exposure to countries where Fitch has imposed a
country rating cap less than the ratings on any notes in the
transaction. These countries are currently Spain, Ireland,
Portugal and Greece, but may include additional countries if
there is sovereign rating migration. Fitch believes that an
average exposure of up to 15% of the total investment amount to
these countries, under the same average portfolio profile and
assuming the current ratings on the UK and eurozone countries are
stable, would not have a material negative impact on the notes'
ratings.
* S&P Takes Various Rating Actions on European CDO Tranches
-----------------------------------------------------------
After running its month-end SROC (synthetic rated
overcollateralization) figures, Standard & Poor's Ratings
Services took various rating actions on 32 European synthetic
collateralized debt obligation (CDO) tranches.
Specifically, S&P:
-- Placed on CreditWatch negative its ratings on two tranches;
-- Lowered and removed from CreditWatch negative its ratings
on two tranches;
-- Placed on CreditWatch positive its ratings on three
tranches;
-- Raised and removed from CreditWatch positive its ratings on
six tranches;
-- Affirmed its ratings on 11 tranches; and
-- Lowered its ratings to 'D' on eight tranches.
For the full list of rating actions see "European Synthetic CDO
Rating Actions At April 2013."
The rating actions are part of S&P's regular monthly review of
European synthetic CDOs. The actions incorporate, among other
things, the effect of recent rating migration within reference
portfolios and recent credit events on corporate entities.
WHERE S&P HAS PLACED ITS RATINGS ON CREDITWATCH NEGATIVE
The SROC (synthetic rated overcollateralization; see "What Is
SROC?" below) has fallen below 100% during the March 2013 month-
end run. This indicates to S&P that the current credit
enhancement may not be sufficient to maintain the current tranche
rating.
WHERE S&P HAS REMOVED ITS RATINGS FROM CREDITWATCH NEGATIVE
The SROC has risen above 100% during the March 2013 month-end
run. This indicates to S&P that the current credit enhancement is
sufficient to maintain the current tranche rating.
WHERE S&P HAS PLACED ITS RATINGS ON CREDITWATCH POSITIVE
The tranche's current SROC exceeds 100%, which indicates to S&P
that the tranche's credit enhancement is greater than that
required to maintain the current rating. Additionally, S&P's
analysis indicates that the current SROC would be greater than
100% at a higher rating level than currently assigned.
WHERE S&P HAS LOWERED ITS RATINGS
S&P has run SROC for the current portfolio and has projected SROC
90 days into the future, while assuming no asset rating
migration.
S&P has lowered its ratings to the level at which SROC is above
or equal to 100%. However, if the SROC is below 100% at a
certain rating level but greater than 100% in the projected 90-
day run, S&P may leave the rating on CreditWatch negative at the
revised rating level.
WHERE S&P HAS RAISED ITS RATINGS
S&P has raised its ratings to the level at which SROC exceeds
100% and meets S&P's minimum cushion requirement. For further
details of S&P's upgrade guidelines, see "Revised Methodologies
And Assumptions For Global Synthetic CDO Surveillance," published
on Sept. 30, 2010.
WHERE S&P HAS AFFIRMED ITS RATINGS
S&P has affirmed its ratings on those tranches for which credit
enhancement is, in S&P's opinion, still at a level commensurate
with their current ratings.
WHERE S&P HAS LOWERED ITS RATINGS TO 'CC'
Where losses in a portfolio have already exceeded the available
credit enhancement or where, in S&P's opinion, it is highly
likely that this will occur once final valuations are known, S&P
has lowered its ratings to 'CC'. S&P has done so as it considers
the likelihood that the noteholders will not receive their full
principal to be high.
WHERE S&P HAS LOWERED ITS RATINGS TO 'D'
S&P has lowered its ratings to 'D' where it has received
confirmation that losses from credit events in the underlying
portfolio have exceeded the available credit enhancement and
partially reduced the notes principal amount. This means the
noteholders did not receive interest based on the full notional
of the notes.
ANALYSIS
For those transactions where S&P's September 2009 CDO criteria
are not applicable, it has run its analysis on CDO Evaluator
models 2.7 and 4.1. For the transactions where S&P's September
2009 criteria are applicable, it has run its analysis on CDO
Evaluator model 6.0.1, which includes the top obligor and
industry test SROCs.
In addition to the obligor and industry tests, and the Monte
Carlo default simulation results, S&P may consider certain
factors such as credit stability and rating sensitivity to
modeling parameters when assigning ratings to CDO tranches. S&P
assess these factors case-by-case and may adjust the ratings to a
rating level that is different to that indicated by the
quantitative results alone.
WHAT IS SROC?
One of the main steps in S&P's rating analysis is the review of
the credit quality of the portfolio referenced assets. SROC is
one of the tools S&P uses when surveilling its ratings on
synthetic CDO tranches with reference portfolios.
SROC is a measure of the degree by which the credit enhancement
(or attachment point) of a tranche exceeds the stressed loss rate
assumed for a given rating scenario. SROC helps capture what S&P
considers to be the major influences on portfolio performance:
Credit events, asset rating migration, asset amortization, and
time to maturity. It is a comparable measure across different
tranches of the same rating.
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
* 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
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DENMARK
-------
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FRANCE
------
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GEORGIA
-------
DEVELICA DEUTSCH D4B GR -79827494.88 1139643575
DEVELICA DEUTSCH DDE IX -79827494.88 1139643575
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GERMANY
-------
AGOR AG DOO S1 -482449.8788 144432986.2
AGOR AG NDAGF US -482449.8788 144432986.2
AGOR AG DOO EU -482449.8788 144432986.2
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AGOR AG-RTS 2301918Z GR -482449.8788 144432986.2
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GREECE
------
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ITALY
-----
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SEAT PAGINE PG BQ -741904802.3 3755632231
SEAT PAGINE PG1 NR -741904802.3 3755632231
SEAT PAGINE PG1USD EO -741904802.3 3755632231
SEAT PAGINE PG1GBX EO -741904802.3 3755632231
SEAT PAGINE PG1 TQ -741904802.3 3755632231
SEAT PAGINE PG1GBP EO -741904802.3 3755632231
SEAT PAGINE PG1 EO -741904802.3 3755632231
SEAT PAGINE PG1 EU -741904802.3 3755632231
SEAT PAGINE-ADR SPGMY US -741904802.3 3755632231
SEAT PAGINE-RSP SPGBF US -741904802.3 3755632231
SEAT PAGINE-RSP PGR EO -741904802.3 3755632231
SEAT PAGINE-RSP PGR EU -741904802.3 3755632231
SEAT PAGINE-RSP PGR IX -741904802.3 3755632231
SEAT PAGINE-RSP PGR IM -741904802.3 3755632231
SEAT PAGINE-RSP PGR PZ -741904802.3 3755632231
SEATPG AXA PGAXA IM -741904802.3 3755632231
SNIA BPD SN GR -141933895.2 150445252.4
SNIA BPD-ADR SBPDY US -141933895.2 150445252.4
SNIA SPA SSMLF US -141933895.2 150445252.4
SNIA SPA SIAI IX -141933895.2 150445252.4
SNIA SPA SIAI PZ -141933895.2 150445252.4
SNIA SPA SN EO -141933895.2 150445252.4
SNIA SPA SN IM -141933895.2 150445252.4
SNIA SPA SN EU -141933895.2 150445252.4
SNIA SPA SNIB GR -141933895.2 150445252.4
SNIA SPA SNIXF US -141933895.2 150445252.4
SNIA SPA SBPDF US -141933895.2 150445252.4
SNIA SPA SN TQ -141933895.2 150445252.4
SNIA SPA SNIA GR -141933895.2 150445252.4
SNIA SPA - RTS SNAAW IM -141933895.2 150445252.4
SNIA SPA- RTS SNAXW IM -141933895.2 150445252.4
SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
SNIA SPA-CONV SA SPBDF US -141933895.2 150445252.4
SNIA SPA-DRC SNR00 IM -141933895.2 150445252.4
SNIA SPA-NEW SN00 IM -141933895.2 150445252.4
SNIA SPA-NON CON SPBNF US -141933895.2 150445252.4
SNIA SPA-RCV SNR IM -141933895.2 150445252.4
SNIA SPA-RCV SNIVF US -141933895.2 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933895.2 150445252.4
SNIA SPA-RNC SNRNC IM -141933895.2 150445252.4
SNIA SPA-RNC SNIWF US -141933895.2 150445252.4
SNIA SPA-RTS SNAA IM -141933895.2 150445252.4
SNIA SPA-RTS SNSO IM -141933895.2 150445252.4
SOPAF SPA SPF TQ -24220971.66 153763906.2
SOPAF SPA SPF EU -24220971.66 153763906.2
SOPAF SPA SPF IM -24220971.66 153763906.2
SOPAF SPA SOPAF US -24220971.66 153763906.2
SOPAF SPA SPF PZ -24220971.66 153763906.2
SOPAF SPA SPF BQ -24220971.66 153763906.2
SOPAF SPA SPF QM -24220971.66 153763906.2
SOPAF SPA SPF EB -24220971.66 153763906.2
SOPAF SPA SOCAF US -24220971.66 153763906.2
SOPAF SPA SPF EO -24220971.66 153763906.2
SOPAF SPA SSZ HK Equity -24220971.66 153763906.2
SOPAF SPA SPFI IX -24220971.66 153763906.2
SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
SOPAF SPA-RNC SPFN IM -24220971.66 153763906.2
SOPAF SPA-RNC SOPCF US -24220971.66 153763906.2
SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TISAAW IM -167327246 362728538.3
TISCALI - RTS TIQA GR -167327246 362728538.3
TISCALI SPA TIS TQ -167327246 362728538.3
TISCALI SPA TIS VX -167327246 362728538.3
TISCALI SPA TISGBX EO -167327246 362728538.3
TISCALI SPA TIS EO -167327246 362728538.3
TISCALI SPA TIS EU -167327246 362728538.3
TISCALI SPA TISN FP -167327246 362728538.3
TISCALI SPA TISGBP EO -167327246 362728538.3
TISCALI SPA TIS IX -167327246 362728538.3
TISCALI SPA TIQG IX -167327246 362728538.3
TISCALI SPA TISN IX -167327246 362728538.3
TISCALI SPA TIS EB -167327246 362728538.3
TISCALI SPA TIS FP -167327246 362728538.3
TISCALI SPA TIS IM -167327246 362728538.3
TISCALI SPA TISN VX -167327246 362728538.3
TISCALI SPA TISN IM -167327246 362728538.3
TISCALI SPA TIS NA -167327246 362728538.3
TISCALI SPA TISM IX -167327246 362728538.3
TISCALI SPA TSCXF US -167327246 362728538.3
TISCALI SPA TISGBX EU -167327246 362728538.3
TISCALI SPA TIQ1 GR -167327246 362728538.3
TISCALI SPA TISN NA -167327246 362728538.3
TISCALI SPA TIS QM -167327246 362728538.3
TISCALI SPA TIS NQ -167327246 362728538.3
TISCALI SPA TIS NR -167327246 362728538.3
TISCALI SPA TIS PZ -167327246 362728538.3
TISCALI SPA TIS BQ -167327246 362728538.3
TISCALI SPA TIQ GR -167327246 362728538.3
TISCALI SPA- RTS 3391621Q GR -167327246 362728538.3
TISCALI SPA- RTS TISAXA IM -167327246 362728538.3
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT GLOBAL 0440101D US -1168589952 17400967168
INTELSAT GLOBAL I US -1168589952 17400967168
INTELSAT INVESTM ILMA GR -1199357056 17465319424
INTELSAT SA 2237Z US -1199357056 17465319424
NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
AVAST SOFTWARE B 0112793D US -15842000 132342000
AVAST SOFTWARE N AVST US -15842000 132342000
AVG TECHNOLOGIES 0119253D US -52030000 377521984
AVG TECHNOLOGIES 3164852Z NA -52030000 377521984
AVG TECHNOLOGIES AVG US -52030000 377521984
AVG TECHNOLOGIES 1VA GR -52030000 377521984
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN EO -7854715.264 609871188.9
BAAN COMPANY NV BAAN PZ -7854715.264 609871188.9
BAAN COMPANY NV BAAN GR -7854715.264 609871188.9
BAAN COMPANY NV BNCG IX -7854715.264 609871188.9
BAAN COMPANY NV BAAVF US -7854715.264 609871188.9
BAAN COMPANY NV BAAN EU -7854715.264 609871188.9
BAAN COMPANY-NY BAANF US -7854715.264 609871188.9
BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
CEVA LOGISTICS 882197Z NA -538665968.2 5318491121
CLATES HOLDING B 4043429Z NA -34881.25205 221495950.5
COOPERATIE VOEDI 4378105Z NA -216576.9882 680962157.8
EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
EUROPEAN MARITIM 4523543Z NA -34803118.05 347300069.4
FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
HE INVESTMENTS B 3813216Z NA -1780665.857 195483088
HUISVUILCENTRALE 4777713Z NA -87789.23965 1412526184
IEOC EXPLORATION 4523879Z NA -3196000 112429000
INFOR GLOBAL SOL 4778481Z NA -332427172.9 500602423.6
ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
ING REIM DEVELOP 3811140Z NA -231041485.9 383323356.5
KONINKLIJKE HASK 4037221Z NA -69259.20141 230145390.9
KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
LINO MANAGEMENT 3774416Z NA -330305248.1 752471513.7
MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
MAGYAR TELECOM B 363945Z HB -9411153.408 462039674.5
MITSUBISHI MOTOR 3893974Z NA -236634746.2 588105612.9
MSREF ELBA BV 4043045Z NA -89889.60183 584994172.5
MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
NORFOLK HOLDINGS 779151Z NA -199512.5928 813430683.8
RIVA NV 3797916Z NA -852952.1165 111411542.1
SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
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UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -12602392978 14238054163
VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.7768 799874848.4
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
AKER BUSINESS SE 4400969Z NO -1678208.862 125911965.2
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP BY -16100000 765200000
AKER FLOATING PR AKFP EO -16100000 765200000
AKER FLOATING PR AKFP PZ -16100000 765200000
AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
AKER FLOATING PR AKFPEUR EU -16100000 765200000
AKER FLOATING PR AKFPEUR EO -16100000 765200000
AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
BAKERS AS 4527631Z NO -2100773.812 130412660.1
BKK VARME AS 4445833Z NO -4191315.792 139898061.1
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CIA LA GOMERA AS 4401057Z NO -14188999.46 111542577.2
GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
HEEGH AUTOLINERS 4389209Z NO -13894016.15 253537334.9
HELI-ONE NORWAY 4632761Z NO -27084593.22 759455442.9
ICA NORGE AS 4511499Z NO -132832574.9 702347848.8
INFRATEK ENTREPR 4402489Z NO -33504101.18 160698348.1
INTEROIL EXPLORA IOX NO -21010000 139828992
INTEROIL EXPLORA IOX EO -21010000 139828992
INTEROIL EXPLORA IOX PZ -21010000 139828992
INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
NCC ROADS AS 4401305Z NO -11149611.36 135425117.2
NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
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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
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FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
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FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
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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
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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
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HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
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NYESA VALORES CO 7NY GR -208568793.8 658498551.2
NYESA VALORES CO BES SM -208568793.8 658498551.2
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PANRICO SAU 1087Z SM -372238069.5 1219319614
PULLMANTUR SA 301590Z SM -74071248.87 168349823.1
RANDSTAD EMPLEO 4285885Z SM -27469291.1 318454508.5
REAL ZARAGOZA SA 4285533Z SM -5769281.747 168572641.9
RENTA CORP REN1USD EO -40378516.38 216503337.5
RENTA CORP REN SM -40378516.38 216503337.5
RENTA CORP REN1 TQ -40378516.38 216503337.5
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RENTA CORP REN1 EU -40378516.38 216503337.5
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RENTA CORP REN1GBX EU -40378516.38 216503337.5
RENTA CORP RTACF US -40378516.38 216503337.5
RENTA CORP REN1GBX EO -40378516.38 216503337.5
RENTA CORP REN1GBP EO -40378516.38 216503337.5
RENTA CORP REAL REN/D SM -40378516.38 216503337.5
RESIDENCIAL MARL 4498347Z SM -8851230.872 106007591.2
REYAL URBIS SA REY1 EU -1160391779 4576859229
REYAL URBIS SA REYU PZ -1160391779 4576859229
REYAL URBIS SA REY SM -1160391779 4576859229
REYAL URBIS SA REY1 IX -1160391779 4576859229
REYAL URBIS SA REY1 EO -1160391779 4576859229
REYAL URBIS SA REY EB -1160391779 4576859229
SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
SEDESA OBRAS Y S 4285693Z SM -33624032.31 180977629
SHELL ESPANA SA 4514247Z SM -62380994.38 292408739.1
SPANAIR 1174Z SM -224915085.6 350111493.1
SUZLON WIND ENER 3809140Z SM -2806837.606 127085865.7
TELEVISION AUTON 3772924Z SM -114641099.5 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225.3 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
URBANIZADORA SEV 4286693Z SM -10314851.8 487333641
VIA OPERADOR PET 4510507Z SM -19240934.52 114265353.9
XFERA MOVILE SA 1236Z SM -93151786.57 1220956633
SWEDEN
------
ATTENDO AB 4452873Z SS -58148252.61 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
NOBINA 1099Z SS -302162.7367 854969434.4
PANAXIA AB PAXA EO -13977223.06 102375741.8
PANAXIA AB PAXAEUR EO -13977223.06 102375741.8
PANAXIA AB PAXA PZ -13977223.06 102375741.8
PANAXIA AB PAXA EU -13977223.06 102375741.8
PANAXIA AB PAXA BY -13977223.06 102375741.8
PANAXIA AB PAXAEUR EU -13977223.06 102375741.8
PANAXIA AB PAXA SS -13977223.06 102375741.8
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PANAXIA AB-NEW PAXABT SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR BY -13977223.06 102375741.8
PANAXIA-NEW 8292193Q SS -13977223.06 102375741.8
PANAXIA-RTS 8292189Q SS -13977223.06 102375741.8
SWEDISH MA-RE RT SWMASR SS -267565377.7 2184130566
SWEDISH MAT-ADR 3053566Q US -267565377.7 2184130566
SWEDISH MAT-ADR SWMA GR -267565377.7 2184130566
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SWEDISH MATCH AB SWMAEUR EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA BY -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA NR -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA IX -267565377.7 2184130566
SWEDISH MATCH AB SWM TH -267565377.7 2184130566
SWEDISH MATCH AB SWMA GK -267565377.7 2184130566
SWEDISH MATCH AB SWMDF US -267565377.7 2184130566
SWEDISH MATCH AB SWMA NQ -267565377.7 2184130566
SWEDISH MATCH AB SWMA SS -267565377.7 2184130566
SWEDISH MATCH AB SWMA TQ -267565377.7 2184130566
SWEDISH MATCH AB SWM GR -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA QM -267565377.7 2184130566
SWEDISH MATCH AB SWMA EB -267565377.7 2184130566
SWEDISH MATCH AB SWMA PZ -267565377.7 2184130566
SWEDISH MATCH AB SWM VX -267565377.7 2184130566
SWEDISH MATCH AB SWMA S1 -267565377.7 2184130566
SWEDISH MATCH AB SWMA LI -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBP EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA BQ -267565377.7 2184130566
SWEDISH MATCH- B SWMWF US -267565377.7 2184130566
SWEDISH MATCH-B 3033P US -267565377.7 2184130566
SWEDISH MAT-RTS SWMYR US -267565377.7 2184130566
SWEDISH M-UN ADR SWMAY US -267565377.7 2184130566
SWITZERLAND
-----------
ETRION CORP 4QP GR -1431000 449615008
ETRION CORP PFCXF US -1431000 449615008
ETRION CORP ETX2EUR EU -1431000 449615008
ETRION CORP ETX2USD EO -1431000 449615008
ETRION CORP ETX2USD EU -1431000 449615008
ETRION CORP ETRXF US -1431000 449615008
ETRION CORP ETX2EUR EO -1431000 449615008
ETRION CORP ETX SS -1431000 449615008
ETRION CORP ETX CN -1431000 449615008
ETRION CORP ETX2SEK EO -1431000 449615008
ETRION CORP ETXSEK BY -1431000 449615008
ETRION CORP ETX2SEK EU -1431000 449615008
PRETIUM INDUSTRI PIIMF US -1431000 449615008
VISUALAB INC VSLBF US -1431000 449615008
VISUALABS INC VLI CN -1431000 449615008
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.103 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.103 147075077.7
GALATASARAY SPOR GSRAY TI -134837791.7 312345232.8
GALATASARAY SPOR GALA IX -134837791.7 312345232.8
GALATASARAY SPOR GSRAYR TI -134837791.7 312345232.8
GALATASARAY SPOR GSY GR -134837791.7 312345232.8
GALATASARAY SPOR GATSF US -134837791.7 312345232.8
GALATASARAY-NEW GSRAYY TI -134837791.7 312345232.8
IKTISAT FINAN-RT IKTFNR TI -46900666.64 108228233.6
IKTISAT FINANSAL IKTFN TI -46900666.64 108228233.6
KEREVITAS GIDA KVTGF US -17661319.95 159849621.7
KEREVITAS GIDA KERVT TI -17661319.95 159849621.7
MUDURNU TAVUKC-N MDRNUN TI -64935052.1 160420187.4
MUDURNU TAVUKCUL MDRNU TI -64935052.1 160420187.4
SIFAS SIFAS TI -15439194.7 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
ZORLU ENERJI ELE ZORENM TI -2128989.458 1841396734
ZORLU ENERJI ELE ZORENR TI -2128989.458 1841396734
ZORLU ENERJI ELE ZRLUF US -2128989.458 1841396734
ZORLU ENERJI ELE ZOREN TI -2128989.458 1841396734
ZORLU ENERJI ELE ZORENY TI -2128989.458 1841396734
ZORLU ENERJI-ADR ZRLUY US -2128989.458 1841396734
ZORLU ENERJI-RTS 0405413D TI -2128989.458 1841396734
UKRAINE
-------
CHERNIGIVS MAN-M CHIM UZ -19979000 106551872
CHERNIGIVS M-GDR CKU GR -19979000 106551872
DNIP METAL-Y Z-D DMZK UZ -1689000 100894624
DNIPROVSKY IRON DMKD UZ -85795248 2345518080
DONETSKOBLENERGO DOON UZ -350758285.3 246202249.5
KRYMENERGO KREN UZ -34125639.53 127185486.6
LUGANSKOBLENERGO LOEN UZ -28469656.82 196711929.2
MARIUP-GDR REG S MZVM IX -11661586.28 260791838.5
MARIUP-GDR REG S M9X GR -11661586.28 260791838.5
MARIUPOL HEAVY M MZVM UZ -11661586.28 260791838.5
NAFTOKHIMIK PRIC NAFP UZ -25147613.11 203369540.7
NAFTOKHIMIK-GDR N3ZA GR -25147613.11 203369540.7
ODESSA OIL REFIN ONPZ UZ -333080256 155962496
RIVNEAZOT RAZT UZ -32846124 548777856
ZALK - PFTS ZALK UZ -94493504 126238624
UNITED KINGDOM
--------------
600 UK LTD 1282018Z LN -731250.5356 123671540.8
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THALES CORPORATE 1083706Z LN -65658884.46 829798983.7
THALES RAIL SIGN 2812334Z LN -29298137.36 106623580
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TOPPS TILES PLC TPT EU -36503224.29 140534295.2
TOPPS TILES PLC TPT BQ -36503224.29 140534295.2
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TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
TOPPS TILES PLC TPT VX -36503224.29 140534295.2
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TOPPS TILES PLC TPT5 EO -36503224.29 140534295.2
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TOPPS TILES PLC TPT IX -36503224.29 140534295.2
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TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT S1 -36503224.29 140534295.2
TOPPS TILES PLC TPT TQ -36503224.29 140534295.2
TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
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TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
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UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
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UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7
VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
VIRGIN MOBILE VMOB PO -392165409.3 166070003.7
VIRGIN MOBILE VMOB VX -392165409.3 166070003.7
VIRGIN MOBILE UEM GR -392165409.3 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
WARNER ESTATE WNER PZ -80276070.4 344291592.8
WARNER ESTATE WNEHF US -80276070.4 344291592.8
WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
WARNER ESTATE WNERGBP EO -80276070.4 344291592.8
WARNER ESTATE WNER PO -80276070.4 344291592.8
WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter
A. Chapman, Editors.
Copyright 2013. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *