/raid1/www/Hosts/bankrupt/TCREUR_Public/130507.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, May 7, 2013, Vol. 14, No. 89
Headlines
F R A N C E
SYSTEME U: Online Operator in Receivership, Seeks Buyer
G E R M A N Y
ADAM OPEL: Losses Drag General Motors' Profits
HEAT MEZZANINE: Fitch Affirms 'C' Rating on Class B1 Notes
JUNO LTD: S&P Lowers Rating on Class B Notes to 'B'
NAVIOS MARITIME: Moody's Revises Outlook on B2 CFR to Negative
SCHLECKER: Attempts for Rescue Fails, to Close for Good
TAURUS 2013: Fitch to Rate 3 Note Classes 'CCC' on Shift
I C E L A N D
* ICELAND: Foreign Creditors of Failed Banks Brace Likely Losses
I R E L A N D
CORDATUS LOAN: S&P Affirms 'BB' Rating on Class E Notes
DECO 2005-PAN EUROPE 1: S&P Lowers Rating on Class G Notes to B-
* IRELAND: Resolves Standoff with Int'l Lenders Over Stress Test
I T A L Y
QUADRIVIO RMBS: Fitch Says Hedging Amendment No Rating Impact
SISAL HOLDING: S&P Assigns 'B' Corp. Credit Rating; Outlook Pos.
K A Z A K H S T A N
SB ALFA-BANK: S&P Assigns 'B+/B' Counterparty Credit Ratings
L U X E M B O U R G
AI CHEM: S&P Assigns 'B+' Corp. Credit Rating; Outlook Stable
LECTA SA: Moody's Changes Outlook on 'B1' CFR to Negative
N E T H E R L A N D S
LEO-MESDAG BV: S&P Lowers Rating on Class C Notes to 'B+'
MESDAG CHARLIE: Fitch Lowers Rating on Class D Notes to 'D'
P O L A N D
HUTA CZESTOCHOWA: Needs to Lay Off Workers to Avoid Bankruptcy
* POLAND: 88 Companies Go Bust in April 2013
P O R T U G A L
* PORTUGAL: Bailout Creditors to Assess Austerity Measures Today
S L O V E N I A
* SLOVENIA: Set to Present Bailout Measures to EU Commission
S P A I N
AYT ANDALUCIA: Fitch Affirms 'BB' Rating on EUR21MM Class D Notes
BBVA LEASING: Fitch Affirms 'C' Rating on EUR61.3MM Class C Notes
BEFESA ZINC: Moody's Changes 'B2' Rating Review for Downgrade
IM SABADELL 3: Moody's Lifts Rating on EUR121.8MM Notes to 'Ba1'
PYME VALENCIA 2: Moody's Lowers Rating on Class C Notes to 'Ba2'
TDA CAM 7: Moody's Upgrades Rating on Class C Notes to 'Caa2'
TDA IBERCAJA 3: Moody's Lowers Rating on Class D Notes to 'Ca'
* SPAIN: Fitch Sees Unemployment Peak, Mortgages Delinquencies
S W E D E N
DOMETIC GROUP: S&P Lowers Corporate Credit Rating to 'CCC+'
U K R A I N E
UKRAINE MORTGAGE: Fitch Affirms 'B' Rating on Class B Certs
U N I T E D K I N G D O M
CORNERSTONE 2006-1: S&P Affirms 'D' Ratings on 3 Note Classes
MORTGAGES NO.6: S&P Downgrades Rating on Class E Notes to 'B-'
SUPERGLASS: Raised More Than GBP12.2-Mil. From Share Placing
* UK: Company Liquidations in England & Wales Down 15.8% in Q1
X X X X X X X X
* Fitch Says Economics of European SME Securitization Not Working
* Large Companies with Insolvent Balance Sheets
*********
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F R A N C E
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SYSTEME U: Online Operator in Receivership, Seeks Buyer
-------------------------------------------------------
IGD Retailer Analysis reports that Systeme U's online operator
Telemarket has been placed into receivership.
The company will have a one-month observation period allowing it
to seek buyers, according to IGD Retailer Analysis.
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G E R M A N Y
=============
ADAM OPEL: Losses Drag General Motors' Profits
----------------------------------------------
BBC News reports that General Motors has reported a 14% fall in
net profits during the first three months of 2013.
According to BBC, stubborn losses at its European subsidiary
Opel, which also owns the Vauxhall marque in the UK, pulled
profits lower.
A 12.5% fall in income in North America also contributed to
profits falling to US$865 million (GBP555 million), BBC
discloses.
Income fell in spite of a 3.6% rise in the number of vehicles
sold, to 2.3 million, BBC notes.
GM has long insisted that Opel will break even by the middle of
the decade, thus ending more than 10 years of losses, BBC
relates.
Efforts to cut costs are well underway, but the continuing
economic crisis in Europe is making matters more difficult, and
it is too early to "call the bottom in the European downturn",
BBC quotes chief financial officer Daniel Ammann as saying.
Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary. Opel started making cars
in 1899. Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano).
Its high-performance VXR range includes souped-up versions of
Opel models like the Meriva minivan, the Corsa hatchback, and the
Astra sports compact. Opel is GM's largest subsidiary outside
North America.
HEAT MEZZANINE: Fitch Affirms 'C' Rating on Class B1 Notes
----------------------------------------------------------
Fitch Ratings has affirmed H.E.A.T Mezzanine S.A. Compartment 2's
class B1 notes as follows:
EUR30.8 million class B1 notes (ISIN: XS02512933261): affirmed
at 'Csf', assigned a Recovery Estimate (RE) of 'RE0%'
Key Rating Drivers
The affirmation reflects Fitch's view that a default of the note
appears inevitable by the legal final maturity date.
The portfolio securitizes bullet loans maturing on April 13,
2013. Fitch notes that 12 loans with a total amount of EUR56.25
million did not repay on the scheduled maturity date. Even if the
full outstanding amount of EUR56.25 million is repaid by the
transaction's legal final maturity on April 13, 2014, the cash
will be insufficient to fully redeem the class B principal which
will be paid after class A principal (currently EUR58.5 million).
Fitch notes that from scheduled maturity onwards, the priority of
payments is accelerated to the benefit of the class A
noteholders. Class A principal repayments become superior to
class B interest payments. Consequently, class B noteholders will
receive interest only after the class A principal was fully
repaid. In Fitch's view, it is highly unlikely that class B
investors will receive any payments until the legal final
maturity.
However, the agency understands that according to the
transaction's documentation, non-paid interest can be deferred
until the legal final maturity. If there is no cash to repay the
non-paid interest on the legal final maturity, the claims towards
these interest payments will extinguish.
Rating Sensitivities
The transaction is sensitive to recoveries from the outstanding
loans that did not repay on the scheduled maturity date. Fitch
regards these loans as non-performing. As they are subordinated,
the agency assumes no recovery in its analysis.
Fitch assigns 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.
The transaction is a cash securitisation of subordinated loans to
German medium-sized enterprises. The portfolio companies were
selected by HSBC Trinkaus & Burkhardt AG ('AA-'/Stable/'F1+'),
the transaction advisor.
JUNO LTD: S&P Lowers Rating on Class B Notes to 'B'
---------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on JUNO (ECLIPSE 2007-2)
Ltd.'s class A and B notes. At the same time, S&P has affirmed
its ratings on the class C, D, and E notes.
The rating actions follow S&P's review of the transaction's
portfolio and the application of its updated criteria for rating
European commercial mortgage-backed securities (CMBS)
transactions.
On Dec. 6, 2012, S&P placed its ratings on the class A and B
notes on CreditWatch negative following the update to its
European CMBS criteria.
NEUMARKT (32% OF THE POOL)
The securitized loan (EUR122.3 million) represents the senior
portion of a whole loan. The whole loan was originally secured
on a shopping center and office complex in central Cologne,
Germany.
The security has been liquidated following the sale of the
property in August 2011. The cash manager has yet to distribute
the final recoveries and apply losses (toward the notes) as S&P
understands the liquidation loss amount cannot be finalized until
the collection of late recoveries.
S&P has assumed losses on this loan in its base case scenario.
PETERSBOGEN (19% OF THE POOL)
The securitized loan (EUR69.4 million) represents the senior
portion of a whole loan. The whole loan is secured on a shopping
center and office complex in Leipzig, Germany, and matures in
November 2013.
The property is multitenanted. Of the asset, 97.19% is occupied.
The largest tenant, and the top five tenants, account for about
33% and 64% of the overall income, respectively. The reported
weighted-average lease term until the next break is about eight
years.
In February 2013, the servicer reported a securitized loan-to-
value (LTV) ratio of 77.07% based on a September 2010 valuation
and a securitized interest coverage ratio (ICR) of 1.40x. The
whole loan is on the servicer's watch list due to covenant
breaches, as the whole loan value is reported to be greater than
85%, and the reported whole loan debt service coverage (DSCR)
ratio is less than 1.03x.
S&P has assumed losses on this loan in its base case scenario.
OBELISCO PORTFOLIO (18% OF THE POOL)
The securitized loan (EUR82.1 million) was fully securitized at
closing. The loan is now secured on 10 Italian office
properties. Most of the assets are located in Rome. The loan
matures in December 2015.
The portfolio is multitenanted. Its weighted-average occupancy
rate is reported to be 82.55%. The largest tenant and the top
five tenants account for about 19% and 55% of the portfolio's
income, respectively. The reported weighted-average lease term
until the next break is about three years. Based on a projected
net operating income, the value reflects a 2.3% net initial
yield.
In February 2013, the servicer reported a LTV ratio of 38.72%
based on a June 2012 valuation, and a projected ICR of 1.44x.
S&P has assumed losses on this loan in its base case scenario.
PYRUS (8% OF THE POOL)
The securitized loan (EUR34.6 million) was fully securitized at
closing. The loan is secured against six German multifamily
properties. The loan matures in November 2014.
In February 2013, the servicer reported a LTV ratio of 64.14%
based on an October 2006 valuation and a projected ICR of 1.52x.
S&P has assumed losses on this loan in its base case scenario.
REMAINING LOANS (23% OF THE POOL)
The six remaining loans are secured on assets located in Germany
and Belgium. S&P has assumed losses on all of these loans in its
base case scenario.
RATING ACTIONS
Standard & Poor's ratings address timely payment of interest and
payment of principal no later than legal final maturity (November
2022).
Following S&P's review, it believes that the credit enhancement
available to the class A and B notes is insufficient to mitigate
the risks of losses from the underlying loans at the currently
assigned rating levels. S&P has therefore lowered and removed
from CreditWatch negative its ratings on the class A and B notes.
S&P has affirmed its 'CCC- (sf)' on the class C notes, as it
believes this class of notes will likely experience losses in the
near term once the calculation agent determines the liquidation
loss amount on the Neumarkt and Den Tir loans.
S&P has affirmed its 'D (sf)' ratings on the class D and E notes
because they experienced losses on previous payment dates.
JUNO (Eclipse 2007-2) is a 2007-vintage synthetic transaction
backed by 10 loans (down from 17 at closing) secured on mixed-use
commercial properties in Germany, Belgium, and Italy.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
JUNO (ECLIPSE 2007-2) Ltd.
EUR867.95 Million Commercial Mortgage-Backed Floating-Rate Notes
Class Rating
To From
Ratings Lowered and Removed From CreditWatch Negative
A A (sf) AA- (sf)/Watch Neg
B B (sf) BBB- (sf)/Watch Neg
Ratings Affirmed
C CCC- (sf)
D D (sf)
E D (sf)
NAVIOS MARITIME: Moody's Revises Outlook on B2 CFR to Negative
--------------------------------------------------------------
Moody's Investors Service changed the outlook on the corporate
family rating of Navios Maritime Holdings, Inc. to negative from
stable. Concurrently, Moody's has affirmed Navios Holdings' B2
CFR and B2-PD Probability of Default Rating as well as the B1
rating of its senior secured notes (due in 2017) and the Caa1
rating of its senior unsecured notes (due in 2019).
"[The] rating action reflects our view that freight rates will
remain weak in 2013. As a result, Navios Holding may not perform
according to our previous expectations and could fail to retain a
consolidated financial profile commensurate with a B2 rating,"
says Marco Vetulli, a Moody's Vice President - Senior Credit
Officer and lead analyst for the company.
Ratings Rationale:
Moody's had previously indicated that for Navios Holdings to
retain its B2 rating, it would need to maintain its operating and
credit profile by demonstrating a combination of debt/EBITDA
below 7.0x and/or EBIT/interest coverage above 1.0x. However,
these metrics are at risk from still challenging conditions in
the dry-bulk shipping market and freight rates that are unlikely
to recover in 2013 due to the inability of the market to absorb
current oversupply.
To date, Navios Holdings has not been significantly affected by
the aforementioned conditions thanks to its portfolio of long-
term contracts agreed to at higher freight rates. However, this
revenue protection has diminished over time and the company will
likely come under pressure to offer low freight rates in order to
contract-out a sizable amount of vessels in 2013 and 2014.
Moreover, the challenging conditions in the dry bulk market add
risks of some current charterers asking to renegotiate current
contracts.
Moody's notes positively that Navios Holdings' CFR is supported
by the company's relatively moderate business risk, stemming from
a combination of the following: (1) the company's charter policy,
based predominantly on long-term contracts; (2) a strong customer
base; (3) operating costs that are among the lowest in the
industry, as a result of both the low average age of Navios
Holdings' fleet (6.1 years) and its efficient in-house fleet
management strategy; (4) the company's strong asset base (albeit
largely encumbered); and (5) its solid liquidity.
Whilst Moody's expects Navios' operating profile to weaken over
the coming months in conjunction with the challenging trading
environment, the rating agency notes that the company remains one
of the most competitive player in the shipping markets with a
relatively low cost base and an efficient fleet of vessels. The
agency also expects the company to maintain its liquidity
profile. A weakening in the company's liquidity and cash cushion
on balance sheet as of the end of December could trigger a
downgrade.
Moody's considers the recent announcement of a joint venture
together with Navios Maritime Acquisition Corporation and the
acquisition of 10 vessels as credit neutral for Navios Holdings
insofar as the new entity will not be consolidated in the
company, and has been structured to minimize the risks for
Navios. However, should the accounting treatment for the joint
venture differ from what was previously announced, the
transaction could have an impact on the company's credit profile.
What Could Change The Ratings Down/Up
Navios Holdings' ratings could come under downward pressure if
the company were to record any of the following: (1) debt/EBITDA
trending towards 7.0x; and/or (2) EBIT/interest coverage trending
towards 1.0x. Furthermore, the ratings would face immediate
downward pressure if Moody's identified any weaknesses in Navios
Holdings' liquidity profile.
Conversely, Navios Holdings' CFR and PDR could be positively
affected -- albeit only in the longer term -- if the company
demonstrated its ability to achieve, on a sustainable basis, the
following credit metrics: (1) adjusted EBIT/interest above 1.5x;
and (2) debt/EBITDA below 6.0x.
Principal Methodology
The principal methodology used in this rating was the Global
Shipping Industry published in December 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.
Navios Maritime Holdings, Inc. is a vertically integrated global
seaborne shipping company, specializing in the worldwide
carriage, trade, storage and other related logistics of
international dry-bulk cargo transportation. As of end of
December 2012, the company controlled a fleet of 48 vessels with
an aggregate carrying capacity of 4.7 million deadweight tons
(dwt) and an average age of 6.1 years. The group's revenues
totaled US$616 million as of the end of December 2012.
SCHLECKER: Attempts for Rescue Fails, to Close for Good
-------------------------------------------------------
Andreas Beck at dw.de reports that attempts to rescue the
bankrupt drugstore chain Schlecker have failed.
The remaining 3200 stores will close, and the last 13,200
employees will lose their jobs, according to dw.de.
The report relates that when the deadline passed, there were no
offers from potential investors ready to be signed. dw.de relays
that the creditors gave the thumbs-down: the bankrupt drugstore
chain will close.
The report notes that originally, administrator Arndt Geiwitz
wanted to present a solution. But because even then, no
"suitable offers" were received by investors, the creditors
extended the deadline, the report says.
After examining the situation, Mr. Geiwitz could see "no
prospects for the economically viable continuation of Schlecker
or sale of the entire group to an investor," the report
discloses.
The closure of Schlecker will begin this month, Mr. Geiwitz said.
In early 2010, the report recalls that the company said it would
have to close 500 stores because of "business problems." In
January 2012, Schlecker finally had to file for bankruptcy, the
report notes.
The report notes that as part of the reorganization,
administrator Mr. Geiwitz closed about 2,000 branches in Germany
at the end of March and fired more than 10,000 employees. Almost
half of those dismissed contested the action, the report adds.
The report discloses that sources close to the administration
process say these dismissal complaints made the search to find a
buyer for the entire company more difficult. After several
interested parties pulled out, Geiwitz was down to negotiating
with two investors, the report adds.
The Schlecker drugstore chain was founded in 1975 by Anton
Schlecker in Ehingen in southern Germany. Later, the company
expanded abroad. In 2008, it had around 14,000 branches, 50,000
employees and annual sales of more than seven billion euros,
making it the largest drugstore chain in Europe.
TAURUS 2013: Fitch to Rate 3 Note Classes 'CCC' on Shift
--------------------------------------------------------
Fitch Ratings has assigned Taurus 2013 (GMF1) PLC expected
ratings, as follows:
EUR710m class A due May 2024 (ISIN TBC): 'AAAsf(EXP)'; Outlook
Stable
Deferred Arrangement Fee Certificates (DACs) due May 2024 and
referenced to the notional balance of the class A notes:
'Asf(EXP)'; Outlook Stable
EUR130m class B due May 2024 (ISIN TBC): 'AAsf(EXP)'; Outlook
Stable
EUR120m class C due May 2024 (ISIN TBC): 'Asf(EXP)'; Outlook
Stable
EUR95m class D due May 2024 (ISIN TBC): 'BBBsf(EXP)'; Outlook
Stable
EUR19.81m class E due May 2024 (ISIN TBC): 'BBBsf(EXP)';
Outlook Stable
The final ratings are contingent upon the receipt of final
documents and legal opinions conforming to the information
already received.
Key Rating Drivers
The expected ratings are based on Fitch's assessment of the
underlying collateral, available credit enhancement and the
transaction's sound legal structure.
The transaction is a multi-family (MFH) CMBS arranged for the
refinancing of the WOBA mortgage loan, previously securitised and
syndicated within the Windermere IX (Multifamily) S.A. and Deco
XIV Pan Europe 5 B.V. transactions. The issuer will apply the
issuance proceeds to repay a term loan advanced to it by Bank of
America N.A. in February 2013, in order to allow lending to the
transaction's underlying borrower, the WOBA group.
Almost all of the collateral (97.5%) securing the loan is located
in Dresden, exposing the transaction to concentration risk. Fitch
considers the collateral quality to be comparable with other MFH
portfolios in Germany. The portfolio's performance is on an
upward trajectory, with occupancy having increased to 94% from
90% in 2007. Over the same period, the portfolio's net cold rent
per sq m has also increased to EUR4.86 from EUR4.38. Minimum
capital expenditure requirements agreed with the city of Dresden
should also benefit the portfolio.
The loan benefits from a moderate reported LTV of 60.3%, while
annual scheduled amortization of 1% per annum further reduces the
loan's exit LTV. The Fitch LTV of 80% derives from a 5.75% base
case cap rate, stressed costs and vacancy assumptions. These
stress assumptions were increased for all rating categories above
'Bsf'.
The transaction benefits from a six-year tail period between loan
scheduled maturity (2018, with a one-year extension option) and
legal final maturity of the notes (2024). This protects against
the risk of an uncompleted workout, particularly given the
borrower-level complexity. The borrowers are pre-existing non SPV
entities with contingent liabilities. While negative covenants
prevent them from acquiring additional debt and the future
business activities are limited to the residential real estate
sector, Fitch has analyzed the group's liabilities as part of its
analysis and has taken partial comfort from the proven commitment
and capability as operators of German MFH.
Elavon Financial Services Limited (AA-/F1+/Stable) will be issuer
account bank, while HSBC Bank PLC (AA-/F1+/Stable) will perform
be liquidity facility provider and hedge provider. While hedging
expires at the loan's scheduled maturity in 2018, the notes will
benefit from a cap on EURIBOR at 8% from this point, a mechanism
that partially mitigates interest rate risk after the expiry of
the interest rate hedging.
Some structural features include controlling class set at the
most junior level subject to valuation events; combined issuer
waterfall after loan maturity (where interest on the classes A
and B rank ahead of principal on the same classes but remaining
funds are allocated on an IPIP basis for classes C to E); the
DACs are referenced to the notional of the class A notes and pay
interest ahead of classes B to E for the first three years and
zero after. Fitch understands there is uncertainty as to whether
the issuer has to withhold income tax from payments to the DACs
holders. The rating analysis doesn't address this risk.
While a sudden deterioration in counterparties' ratings could
negatively affect the notes' ratings, the triggers set in the
transaction documents are in line with Fitch's counterparty
criteria.
Rating Sensitivities
Expected impact upon the note rating of shift in capitalisation
rates (Class A / Class B/Class C/Class D/Class E):
Original Rating: 'AAAsf'/'AAsf'/'Asf/'BBBsf'/'BBBsf'
Increase of 10% in capitalisation rate:
'AA+sf'/'A+sf'/'BB+sf'/'BBsf'/'BBsf'
Increase of 20% in capitalisation rate: 'AA-
sf'/'BBB+sf'/'B+sf'/'B-sf'/'CCCsf'
Expected impact upon the note rating of shift in cost assumptions
(Class A / Class B/Class C/Class D/Class E):
Original Rating: 'AAAsf'/'AAsf'/'Asf/'BBBsf'/'BBBsf'
Increase of 10% in costs: 'AAAsf'/'A+sf'/'BBB-sf'/'BB-sf'/'BB-sf'
Increase of 20% in costs: 'AA+sf'/Asf'/'BBsf'/'B+sf'/'Bsf'
Expected impact upon the note rating of shift in vacancy (Class A
/ Class B/Class C/Class D/Class E):
Original Rating: 'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBBsf'
Increase of 10% in vacancy: 'AAAsf'/'AA-sf'/'A-
sf'/'BBBsf'/'BBBsf'
Increase of 20% in vacancy: 'AA+sf'/'A+sf'/'BBB+sf'/'BB-sf'/'BB-
sf'
Expected impact upon the note rating of shift in capitalisation
rate, cost and vacancy assumptions (Class A/Class B/Class C/Class
D/Class E):
Original Rating: 'AAAsf'/'AAsf'/'Asf/'BBBsf'/'BBBsf'
Deterioration in all factors by 10%: 'AA-sf'/'A-sf'/'BB-sf'/'B-
sf'/'CCCsf'
Deterioration in all factors by 20%: 'A-
sf'/'BB+sf'/'CCCsf'/'CCCsf'/'CCCsf'
=============
I C E L A N D
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* ICELAND: Foreign Creditors of Failed Banks Brace Likely Losses
----------------------------------------------------------------
Richard Milne at The Financial Times reports that the foreign
creditors of Iceland's failed banks are increasingly keen to open
negotiations with the winners of the country's recent elections
as they brace themselves for likely losses.
According to the FT, the leaders of the two biggest parties in
Iceland after Saturday's elections have both said that creditors
need to suffer a big "haircut" of perhaps up to 75% on the ISK447
billion (EUR2.9 billion) of claims that are denominated in krona.
Mar Gudmundsson, Iceland's central bank governor, last week also
warned the creditors of Landsbanki, Kaupthing and Glitnir that
they would have to accept losses, the FT recounts.
"The foreign creditors are organized, the banks have not been
able to distribute their money for four years, and clearly there
is a negotiation to be had between the creditors and whoever
forms the new Icelandic government. The eyes of the
international financial community will be on that negotiation,"
the FT quotes a person close to the creditors as saying.
Some foreign economists and Icelandic bankers warn that imposing
losses on the creditors could hurt the country's reputation
abroad, the FT notes.
Many of the current creditors of the failed banks are hedge or
vulture funds that bought the claims off their original owners
such as banks for a fraction of the price, the FT says, citing
Icelandic politicians and financial sources. The creditors are
keen to get their hands on the ISK2,000 billion the failed banks
hold in foreign currencies, the FT states.
But there is likely to be a bigger debate over the remaining
ISK447 billion, which is made up of Icelandic assets and stakes
in the new lenders that replaced the failed banks, according to
the FT. The creditors are likely to start negotiations by
insisting there should be no haircut -- but there is also a
realization that Iceland's politicians have made imposing losses
one of their key campaign pledges, the FT says.
According to the FT, dealing with the foreign creditors will be
one of the hardest tasks for Iceland's new government, as it is
seen as essential to lift the "temporary" capital controls the
country put in place to protect the krona from too sharp a fall
in 2008.
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I R E L A N D
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CORDATUS LOAN: S&P Affirms 'BB' Rating on Class E Notes
-------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Cordatus Loan Fund I PLC's class B, C, and D notes. At the same
time, S&P has affirmed its ratings on the class VFN, A1, A2, and
E notes.
Cordatus Loan Fund I is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in
January 2007 and its reinvestment period ends in January 2014.
CVC Cordatus Group Ltd. is the transaction manager.
The rating actions follow S&P's assessment of the transaction's
performance using data from the latest available trustee report,
in addition to S&P's credit and cash flow analysis. S&P has
taken into account recent transaction developments, and has
applied its 2012 counterparty criteria.
The February 2013 trustee report shows that the transaction's
aggregate collateral balance has decreased by EUR3.8 million,
while the drawings on VFN notes have only decreased by
EUR1.8 million since S&P previously reviewed the transaction on
Jan. 17, 2012. As a result, the transaction's available credit
enhancement has marginally decreased.
At the same time, the weighted-average spread earned on the
collateral pool has increased to 4.03% from 3.63%. The weighted-
average recovery rates have slightly decreased due to a smaller
proportion of senior secured loans and the inclusion of junior
structured finance assets, which benefit from relatively lower
recovery assumptions.
"In addition, since our last review, our analysis indicates that
the portfolio's weighted-average maturity has decreased, which
has led to lower scenario default rates (SDRs) for all rating
categories. We have also observed an improvement in the
portfolio's credit quality, with a decrease in the proportion of
assets that we consider to be defaulted (rated 'CC', 'C', 'SD'
[selective default], or 'D') to 3.61% from 3.96%. The assets
rated in the 'CCC' category (rated 'CCC+', 'CCC', or 'CCC-') have
remained at about the same level," S&P said.
S&P has subjected the capital structure to a cash flow analysis
to determine the break-even default rate (BDR) for each rated
class, which S&P then compared against its respective SDR to
determine the rating level for each class of notes. In S&P's
analysis, it used the reported portfolio balance that it
considers to be performing, the weighted-average spread, and the
weighted-average recovery rates that it considered appropriate.
S&P incorporated various cash flow stress scenarios using its
standard default patterns, levels, and timings for each rating
category assumed for all classes of notes, in conjunction with
different interest stress scenarios.
S&P has observed that British pound sterling-denominated assets
currently comprise 18.5% of the portfolio. These assets are
hedged by the class VFN and A2 notes' sterling-denominated
liabilities. Currency options with The Royal Bank of Scotland
PLC hedge any mismatches if those assets default. A cross-
currency swap agreement hedges Danish kroner-denominated assets,
which comprise 2.2% of the portfolio.
"Following the application of our 2012 counterparty criteria, we
consider that the transaction participants are appropriately
rated to support our ratings on the class B, C, D, and E notes.
Our long-term ratings on the swap counterparties for the class
VFN, A1, A2, and B notes (JP Morgan Chase Bank N.A. and the
option provider, The Royal Bank of Scotland) only support ratings
up to 'AA- (sf)' and 'A+ (sf)', respectively. We have therefore
stressed noneuro-denominated assets in 'A+' scenarios and above,
in line with our 2012 counterparty criteria. Our analysis shows
that the class VFN, A1, and A2 notes can withstand stresses at
the currently assigned rating levels in scenarios where we do not
give credit to the foreign exchange options and cross-currency
swap agreements. The class B notes can withstand stresses at a
'AA-' rating level," S&P noted.
Overall, in S&P's opinion, the transaction's positive
developments have more than offset the negative ones. S&P has
raised its ratings on the class B, C, and D notes because its
credit and cash flow analysis indicates that the available credit
enhancement is consistent with higher ratings than previously
assigned.
S&P has affirmed its ratings on the class VFN, A1, A2, and E
notes because it considers the available credit enhancement to be
commensurate with the currently assigned ratings.
The application of the largest obligor default test did not
constrain S&P's ratings in this transaction. The largest obligor
default test is a supplemental stress test that S&P introduced in
its 2009 criteria update for corporate collateralized debt
obligations (CDOs).
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
Cordatus Loan Fund I PLC
EUR416.25 Million, GBP22.635 Million Secured Floating-Rate Notes
and Subordinated Notes
Ratings Raised
B AA- (sf) A+ (sf)
C A (sf) BBB+ (sf)
D BBB- (sf) BB+ (sf)
Ratings Affirmed
VFN AA+ (sf)
A1 AA+ (sf)
A2 AA+ (sf)
E BB (sf)
DECO 2005-PAN EUROPE 1: S&P Lowers Rating on Class G Notes to B-
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B- (sf)' from
'BB- (sf)' its credit rating on DECO Series 2005-Pan Europe 1
PLC's class G notes. At the same time, S&P has affirmed its
'CCC- (sf)' rating on the class H notes.
The rating actions follow S&P's review of the credit quality of
the sole remaining loan under its updated criteria for rating
European commercial mortgage-backed securities (CMBS)
transactions and reflects S&P's opinion of cash flow disruptions
in the transaction.
DECO Series 2005-Pan Europe 1 is a CMBS transaction currently
secured by the single remaining loan (the AWOBAG loan). The
EUR7.184 million securitized loan forms part of a larger loan.
The whole loan is backed by a multifamily housing portfolio in
Kiel, Germany. The loan matured in July 2012 and was
subsequently transferred to special servicing due to a payment
default at maturity.
The portfolio was due to be sold, with a purchase agreed in July
2012. However, following certain delays, a notice was published
in February 2013 stating that the transaction had fallen through
as the purchasers were no longer willing to proceed.
In January 2013, the servicer reported a securitized interest
coverage ratio of 5.67x. The special servicer has recently
received an updated market valuation for the subject property
portfolio. This valuation, dated March 1, 2013, reflects a
securitized loan-to-value ratio of 36%.
Following the collapse of the proposed property sale, the risk of
a nonrepayment of the loan before the transaction legal maturity
date has increased, in S&P's view.
CASH FLOW ANALYSIS
Although the remaining loan paid full interest (three-month
EURIBOR [Euro Interbank Offered Rate] plus a loan margin), the
weighted-average cost of the remaining notes' coupon exceeded the
weighted-average loan coupon on the January 2013 interest payment
date (IPD).
S&P understands that the cash manager has used the liquidity
facility to cover interest shortfalls on the class G notes.
The class H notes have experienced interest shortfalls. The
class H notes are subject to an available fund cap (AFC). Any
shortfall in interest covered by the AFC on the class H notes is
not paid and does not accrue (and is therefore extinguished).
From a rating perspective, S&P is able to treat the interest
payments on a class of notes with an AFC mechanism as a pass-
through by the issuer of what it has available to it and so meets
S&P's requirements for the timely payment of interest (to the
extent that the AFC mechanism does not cover any default risk).
RATING ACTION
S&P's ratings address timely payment of interest, payable
quarterly in arrears, and payment of principal not later than the
legal final maturity date, in July 2014.
Given the approaching legal maturity date, S&P considers that
there is a risk that repayment of principal may not occur before
the legal final maturity date.
Although the level of available credit enhancement for the class
G notes remains adequate to absorb the amount of losses that the
underlying assets would suffer in higher stress scenarios, S&P
took into account the potential risk of a payment default at the
note maturity date. Therefore, S&P has lowered to 'B- (sf)' from
'BB- (sf)' its rating on the class G notes.
In S&P's opinion, the class H notes remain vulnerable to
principal losses. S&P has therefore affirmed its 'CCC- (sf)'
rating on the class H notes. Current interest shortfalls are
covered under the AFC mechanism.
DECO Series 2005-Pan Europe 1 is a commercial mortgage backed
securities (CMBS) transaction, which closed in August 2005. The
transaction was originally secured by seven loans. Since
closing, six loans have fully repaid. The remaining AWOBAG loan
is secured against a multifamily housing portfolio in Kiel,
Germany. The loan failed to repay at loan maturity and is
currently in special servicing.
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
DECO Series 2005-Pan Europe 1 PLC
EUR897.066 Million Commercial Mortgage-Backed Variable and
Floating Rate Notes
Rating Lowered
G B- (sf) BB- (sf)
Rating Affirmed
H CCC- (sf)
* IRELAND: Resolves Standoff with Int'l Lenders Over Stress Test
----------------------------------------------------------------
Reuters reports that Ireland has resolved a standoff with
international lenders over the timing of so-called "stress tests"
of its bailed-out banks that threatened to cloud its exit from an
EU-IMF rescue deal at the end of the year.
According to Reuters, the government has agreed the tests --
aimed at gauging banks' resilience to economic shocks -- could
take place ahead of a Europe-wide exercise, in line with the
European Union and International Monetary Fund's desire for the
banks to be checked before the end of Ireland's sovereign bailout
deal in December.
Dublin had wanted the tests carried out in conjunction with a
European-wide exercise, expected in early 2014, Reuters notes.
"The situation has been defused," one of the four sources close
to the matter told Reuters.
Ireland's banks have not been stress-tested since 2011 when
consultants Blackrock identified a EUR24 billion capital hole,
Reuters discloses.
Poor results from a new set of tests could result in the
government having to funnel more capital into state-backed
lenders, on top of EUR64 billion already poured in, potentially
complicating Ireland's ability to fund itself from international
bond markets, Reuters says.
The deal paves the way for Ireland to run its tests in late 2013,
though the exact timing is unclear since it depends on the date
of the European exercise, which has not yet been set, Reuters
states.
At a review of the Irish bailout last week, Irish officials told
representatives from the European Commission, the European
Central Bank and the IMF that they had already begun preparatory
work with the banks and Blackrock, and were ready to hold stress
tests by the end of the year, Reuters recounts.
Two sources, as cited by Reuters, said Ireland's central bank
will rely more on its internal models to assess banks' mortgages
and small business loan portfolios, using BlackRock to verify the
results rather than carry out the entire review, as they did in
2011.
Central Bank governor Patrick Honohan said last week the
country's banks would need more capital before 2019, when tougher
international rules on the sort of capital banks can use come
into effect, Reuters relates. He did not quantify the amount of
capital that would be required, Reuters notes.
According to Reuters, Mr. Honohan also said that no decision had
been made on the timing of stress tests but he expected to
oversee them in the latter part of this year.
=========
I T A L Y
=========
QUADRIVIO RMBS: Fitch Says Hedging Amendment No Rating Impact
-------------------------------------------------------------
Fitch Ratings says there is no rating impact on Quadrivio RMBS
2011 S.r.l. (Quadrivio 2011 or the issuer) following the
amendments to the hedging agreement, the appointment of a back-up
servicer (BUS) and the removal of the principal lock-out period
on the notes, made by the issuer in the first months of 2013.
On 18 April 2013, the issuer appointed Banca Popolare di Vicenza
('BB+'/Negative/'B') as BUS. This follows the downgrade of CreVal
to below investment grade at end-August 2012 and the breach of
the rating trigger envisaged by the transaction's legal
documentation for the appointment of a third-party BUS. In
Fitch's view, the presence of a BUS mitigates the risk of
servicing discontinuity, as it would make the servicer
replacement process, if any, smooth.
The original 18-month lock-out period, whereby no principal
redemptions could have occurred on the notes before July 2013,
was removed and principal repayment started on the interest
payment date (IPD) of January 2013, after the issuer had received
a tax opinion to the effect that no tax payment would be due as a
result of the early redemption.
Although in Fitch's view the removal of the lock-out period is
beneficial to the transaction thanks to the lower negative carry
coming from the earlier redemption of the notes, the agency has
carefully analyzed its potential fiscal implications. Fitch has
taken comfort from the fact that the issuer can draw the EUR22.5m
reserve fund to address unexpected fiscal contingencies, if any,
which Fitch has conservatively quantified in a maximum amount of
about EUR115,000 as part of its stressed scenarios.
At end-January 2013, J.P. Morgan Securities PLC, one of the
hedging providers of the transaction alongside Banca IMI (BIMI),
replaced the latter. BIMI used to be the only provider with
respect to the ECB interest rate cap and the ECB basis swap and
now the ECB basis swap/cap has been replaced by one-month Euribor
basis swap/cap.
Fitch notes that the new hedging strategy does not fully match
the portfolio features as floating-rate loans (with or without
cap) indexed to the ECB rate have been hedged as if they were
indexed to one-month Euribor, thus adding basis risk to the
transaction. However, in Fitch's view, this risk is mitigated by
the limited percentage of the pool indexed to the ECB rate (6.1%
as of 31 March 2013), the increased credit enhancement since
closing (21.9% compared to 17.1%) and the lower negative carry
resulting from the removal of the lock-out period.
SISAL HOLDING: S&P Assigns 'B' Corp. Credit Rating; Outlook Pos.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' long-term corporate credit rating to Italy-based gaming group
Sisal Holding Istituto di Pagamento S.p.A. The outlook is
positive.
At the same time, S&P assigned its 'B' issue rating to Sisal's
proposed EUR275 million senior secured notes due 2017. The
recovery rating on these notes is '3', indicating S&P's
expectation of meaningful (50%-70%) recovery in the event of a
payment default.
The rating on Sisal is mainly constrained by S&P's view of the
group's financial risk profile as "highly leveraged". S&P assess
Sisal's capital structure at the level of its holding company,
Gaming Invest s.a.r.l., in order to encompass the group's total
external debt, which includes shareholder loans, and amounts
to nearly EUR1.6 billion.
The pace of Sisal's future deleveraging depends on the company's
capacity to resume historic earnings growth. S&P's base case is
based on marginal top-line growth, while the company's
profitability should at least stabilize at the mentioned level.
Under this scenario, S&P sees a marginally improving leverage to
around the mentioned levels for the next 12 months.
The rating on Sisal is further constrained by S&P's view of its
liquidity under its current capital structure as "less than
adequate", as defined in its criteria, as S&P believes the group
may not be able to fund all of its debt maturities through
internal cash sources over the next 12 months if earnings decline
substantially. After the transaction, however, S&P will likely
revise its view of Sisal's liquidity to "adequate".
S&P considers Sisal's business risk profile as "fair". S&P
considers Sisal's business risk profile to be constrained by its
lack of diversity and sole exposure to the waning Italian economy
and declining consumer spending. S&P's view of the maturing
Italian gaming market after years of solid growth, as well as
risks of increasing tax pressure from the Italian gaming
regulator, are additional constraints.
Partly offsetting these factors are Sisal's strong position as
the second-largest gaming group in Italy, which is the largest
gaming market in Europe, as well as its good product
diversification, which has enabled the group to reduce its
dependence on the lottery business. Further strengths include a
retail network that encompasses 46,000 points of sale.
The positive outlook reflects S&P's view that, subject to a
successful lengthening of its debt maturity profile, a faster-
than-anticipated recovery of Sisal's earnings generation could
enhance the company's free cash flow generation and interest
cover capacity. Under S&P's base-case scenario of earnings
stabilization, it considers a ratio of adjusted EBITDA to cash
interest coverage of over 1.5x--equivalent to 2.0x excluding the
mezzanine's and shareholder loan's accruing interest--to be in
line with the current 'B' issuer credit rating. This scenario
excludes any material adverse changes in gaming regulation,
taxes, or litigation.
S&P could therefore raise the rating if the group manages to
satisfactorily lengthen its debt maturity profile over the next
few months, and if nominal EBITDA growth resumes beyond S&P's
base-case assumptions over the next 12 months. S&P would see
continuing positive free cash flow generation and a ratio of
adjusted EBITDA to cash interest coverage of about 2.2x--
equivalent to 3.0x excluding the mezzanine's and shareholder
loan's accruing interest--as commensurate with a 'B+' rating.
Under S&P's upgrade scenario, adjusted leverage would also reduce
to under 6x in 2013, excluding shareholder loans, or to 9x
including them.
S&P could revise the outlook to stable if the group were unable
to improve liquidity from S&P's current "less than adequate"
assessment over the short term, but in any case before year-end
2013. In addition, downward rating pressure could arise if the
group proved unable to stabilize nominal EBITDA from 2012 levels,
causing FOCF to turn negative, or if the group were to engage in
significant acquisitions or capital investments that resulted in
weaker credit metrics.
===================
K A Z A K H S T A N
===================
SB ALFA-BANK: S&P Assigns 'B+/B' Counterparty Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+/B'
long- and short-term counterparty credit ratings to Kazakhstan-
based JSC SB Alfa-Bank. The outlook is stable. S&P also
affirmed its 'kzBBB' local scale rating on the bank.
The ratings reflect S&P's 'bb-' anchor for a bank operating
primarily in Kazakhstan, as well as ABK's' "moderate" business
position, capital and earnings, and risk position, "average"
funding and "adequate" liquidity, as S&P's criteria define these
terms. The stand-alone credit profile (SACP) is 'b'. The long-
term rating factors in one notch of uplift above the SACP to
reflect ABK's moderately strategic importance to its parent,
Russia-based Alfa banking group (main operating entity Alfa-Bank
OJSC) and the likelihood of extraordinary parental support.
The ratings on ABK also reflect strengths in the form of good
asset quality indicators, absence of reliance on wholesale
funding, and an ample liquidity cushion. Among its weaknesses
are its aggressive loan growth strategy and small domestic
customer franchise concentrated in corporate banking.
S&P's assessment of ABK's business position as moderate reflects
its view of its small domestic franchise concentrated in
corporate banking, and execution risk related to its fast growth
strategy. Nevertheless, S&P recognizes that ABK benefits from the
operational, managerial, product, and funding support it receives
from Alfa-Bank, and its parent's strong brand name. These
elements clearly support ABK's' customer franchise and business
stability.
ABK is the sixteenth largest bank among 38 commercial banks
operating in Kazakhstan with a market share of about 1% by assets
totaling Kazakh tenge (KZT)131 billion (US$870 million) at year-
end 2012. S&P considers as risky the bank's' planned aggressive
loan growth with average annual growth rates of about 50%, higher
than the system average. ABK wants to further diversify its
business by developing higher margin consumer lending. S&P
believes, however, that Alfa Bank's expertise could help ABK in
retail business development, although competition in this segment
in Kazakhstan remains high.
S&P's assessment of the bank's capital and earnings as moderate
reflects a gradual decline of its capital position from solid
levels because of strong asset growth not matched by similar
growth in retained earnings. S&P expects a gradual weakening of
its risk-adjusted capital (RAC) ratio before adjustments to about
6.0%-6.5% over the next 18-24 months. S&P's projection
incorporates higher-than-system-average loan growth with annual
average growth rates of about 50%, capital injection of
US$40 million in 2014, and planned dividends payouts of around
US$1 million annually.
S&P assess earning capacity as adequate. The bank remained
profitable during the last financial crisis in Kazakhstan despite
a large increase in provision in 2009. Its interest margin
exceeded 5% in 2012 and fees and commission are growing steadily,
providing a good buffer against credit losses. S&P expects ABK's
net interest margins to increase as the bank develops higher
marginal retail business operations. Its below 40% cost-to-
income ratio might slightly deteriorate due to business expansion
plans, while remaining adequate.
The stable outlook reflects S&P's view that ABK will be able to
adequately manage the rapid growth of its franchise, while
maintaining moderate capitalization and adequate liquidity in the
next 12 months. It also assumes availability of continued
operational, managerial, and financial support from parent.
S&P might consider a negative rating action if the bank's rapid
growth strategy led to a significant increase in credit losses or
eroded its capital base. A substantial weakening of the bank's
links with and support from Alfa Group would trigger a review of
its moderately strategic importance and could lead to a negative
rating action.
S&P might consider a positive rating action if the bank
significantly improved its competitive position in the local
market by gaining greater pricing power, business diversity and
growth without impairing asset quality. S&P might also consider
an upgrade if it saw a substantial improvement in the bank's
capital position, with its projected RAC ratio before adjustments
exceeding 10% either through a decrease in lending growth or
additional capital increases.
===================
L U X E M B O U R G
===================
AI CHEM: S&P Assigns 'B+' Corp. Credit Rating; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+'
long-term corporate credit rating to Luxembourg-registered
coating resins producer AI Chem (Luxembourg) Intermediate Sarl.
The outlook is stable.
S&P also assigned its 'B+' issue rating to AI Chem's US$120
million revolver and US$655 million first-lien term loan, and
S&P's 'B-' issue rating to its US$150 million second-lien term
loan.
The ratings are in line with the preliminary ratings S&P assigned
on Feb. 21, 2013.
The ratings on AI Chem are at the same level as the preliminary
ratings S&P assigned on Feb. 21, 2013, reflecting its view of the
company's broadly unchanged financial risk profile under its
final capital structure.
AI Chem's gross debt is US$40 million higher than S&P assumed in
its preliminary scenario. The acquisition of AI Chem by Advent
International was funded through the issuance by AI Chem of a
US$655 million first-lien term loan--US$90 million more than in
S&P's preliminary scenario, and US$150 million second lien term
loan--US$50 million less.
As per S&P's initial assessment, the 'B+' corporate credit rating
on AI Chem continues to reflect S&P's view of its business risk
profile as "weak," and its financial risk profile as
"aggressive."
"We view the business risk profile as weak because of the
company's large exposure to cyclical end markets, including
automotive, industrial, and construction segments, which account
for about 70% of revenues. The company is exposed to raw
material price volatility mostly related to propylene, and the
fragmented nature of the coating resin market, which makes it
competitive. We also note the company's moderate customer
concentration--its top 10 customers represent about 37% of
revenues. In light of AI Chem's acquisition by Advent
International and spin off from Cytec Industries Inc., we see
risks associated with operating as a stand-alone entity," S&P
said.
These weaknesses are mitigated, in S&P's view, by AI Chem's
leading market positions in the segments from which the company
derives over 60% of its revenues. S&P views as positive the
company's geographic diversification--18% of its revenues come
from the U.S. market and nearly 25% from the higher-growth Asia-
Pacific region. That said, approximately 50% of revenues come
from the European, Middle Eastern, and African (EMEA) markets,
notably Germany and Sweden with low exposure to southern Europe,
which we expect to remain sluggish in 2013. S&P expects AI
Chem's profitability to benefit from restructuring actions, an
improved product mix, and pricing initiatives it has undertaken
since the 2009 economic downturn 2009. Although volumes have
declined to 371 thousand metric tons (kMT) in 2012 from 416 kMT
in 2010, reported EBITDA improved to Us$177 million from US$142
million over the same period.
S&P assess AI Chem's financial risk profile as aggressive because
S&P calculates that the adjusted debt to EBITDA ratio post
transaction was close to 5x, based on reported EBITDA of
US$177 million in 2012, after adjusting for US$2.4 million
restructuring costs.
S&P factors into the rating its expectation that AI Chem will
continue to generate consistently positive free operating cash
flow (FOCF), despite S&P's forecast that the European market will
remain soft in 2013. S&P anticipates EBITDA of US$180 million-
US$190 million in 2013, helped by various cost efficiency
measures undertaken in the past and resulting from the transition
to operations as a stand-alone entity. S&P assumes higher
capital expenditure (capex) of about US$70 million in the next
two years versus US$35 million in 2012, of which about US$35
million is for maintenance and the rest for investments related
to the spin off AI Chem from its parent. S&P therefore
anticipates leverage of about 4.9x at the end of 2013, gradually
declining in the following years on the back of anticipated
modest recovery in Europe.
The stable outlook reflects S&P's expectation that AI Chem will
continue to generate positive FOCF and maintain adequate
liquidity in 2013-2014. Although S&P expects the European
operating environment to be difficult, it anticipates that this
will be partly offset by AI Chem's substantial global diversity
and cost savings. S&P also expects that over the next one to two
years the company will be able to maintain credit metrics that it
considers appropriate for the current rating, including debt to
EBITDA of between 4x and 5x excluding preferred stock.
S&P might lower the ratings if profitability declined
significantly, notably as a result of worse-than-expected
macroeconomic contractions in the European construction and
automotive industries. Given that S&P currently sees limited
headroom under the rating, it thinks the rating could come under
pressure if the company were to generate negative FOCF, and its
leverage increased to 5.5x-6.0x excluding preferred stock,
without near-term prospect of recovery.
Rating upside is constrained by the cyclical nature of the
business, due to a meaningful portion of its revenues coming from
cyclical end markets. The company's substantial leverage and
private equity ownership also limit rating upside, as per S&P's
criteria on financial sponsors.
LECTA SA: Moody's Changes Outlook on 'B1' CFR to Negative
---------------------------------------------------------
Moody's Investors Service changed the outlook on all ratings of
Lecta S.A. to negative from stable. Concurrently Lecta's B1
Corporate Family Rating and B1-PD Probability of Default Rating
as well as the B1 rating on the group's senior secured notes were
affirmed.
Ratings Rationale:
"The outlook change to negative reflects Lecta's weakened
performance in 2012 and our view that the company is likely to
find it challenging to turnaround profitability and allow for
credit metrics more appropriate for its B1 rating over the coming
quarters" says Anke Rindermann, Moody's lead analyst for Lecta.
This also takes into account the weak industry environment in
Europe due to structural and cyclical pressures, intense
competition and rising input costs.
In 2012, Lecta reported weaker-than-expected operating
profitability with its EBITDA (as reported by the company)
dropping by about 14% to EUR 139 million. While volume
performance continued on a solid level (up 2.3%), which was
clearly better than the general market albeit helped by
acquisitions, higher production costs, in particular for energy
consumption, resulted in overall declining profitability.
Weaker profitability and moderately negative free cash flow
generation (as defined by Moody's), largely a result of negative
working capital movements, resulted in credit metrics that are
weak for the current rating category as exemplified by
Debt/EBITDA of above 6x as of December 2012 (4.8 times on a net
debt basis, all as adjusted by Moody's) and an EBITDA margin of
7.3%.
Moody's expects profitability to remain on a weak level in H1
2013, considering pressure from changes to energy regulation in
Spain, which will have a negative impact on Lecta's EBITDA, and
implementation costs related to the group's restructuring
programme, which includes the shutdown of a paper machine in
France as well as further cost savings measures. The affirmation
of the B1 rating incorporates Moody's expectation that
performance and cash flow contribution will improve during H2
2013, offsetting the weak first half. This should be driven by
price increases, benefits from the restructuring of its business,
and, possibly, somewhat reduced pulp prices. While Moody's notes
that Lecta and some of its peers have meanwhile announced price
increases for coated fine paper in Europe, it cautions that
looming overcapacity will make it challenging to achieve and
sustain higher prices sufficient to allow for a marked turnaround
in profitability. While cost saving benefits and Lecta's aim to
strengthen its higher-margin specialty paper production should
result in improving profit generation beyond 2013, Moody's notes
that execution risk related to these measures and the uncertain
industry environment make it difficult to gauge the extent of
improvements at this point in time.
The negative outlook on the ratings therefore reflects Moody's
concerns about Lecta's ability to overcome operational pressure
in an industry environment that it expects to remain difficult.
This may lead to a prolonged weakness in credit metrics such that
they are sustainably below Moody's expectations for the B1
rating, i.e., EBITDA margins below the high single digit
percentages, RCF/Debt below 10%, and debt/EBITDA to remain above
6.0x.
Moody's views Lecta's liquidity as solid, which is one of the
positive rating drivers. This assumes, however, that free cash
flow generation will return to at least break-even territory
after 2013. Lecta's two main internal liquidity sources are cash
and cash equivalents of EUR178 million as of December 2012 and
adjusted funds from operations of approximately EUR78 million in
2012. In addition, the company has access to an undrawn EUR80
million revolving credit facility maturing in 2018. The facility
does not contain any material conditionality language such as
maintenance financial covenants. There are no material debt
maturities before 2018 when both the RCF and the secured notes
mature.
Negative pressure could be exerted on the ratings as a result of
a prolonged weakness in operating performance, such as that Lecta
is unable to mitigate rising input costs by cost savings and
higher prices. Quantitatively, Moody's could downgrade the
ratings if Lecta's EBITDA margin were to remain below the high
single digit percentages, its RCF/Debt below 10% for a prolonged
period and the debt/EBITDA ratio to remain above 6.0x.
Moody's could stabilize the outlook if Lecta's operating
performance improves and the company successfully executes its
commercial strategy and cost cutting plans, resulting in stable
EBITDA in 2013 and visibility for marked improvements thereafter,
allowing for a trend to achieve debt protection metrics that are
more in line with the B1 rating category.
Outlook Actions:
Issuer: Lecta S.A.
Outlook, Changed To Negative From Stable
Affirmations:
Issuer: Lecta S.A.
Probability of Default Rating, Affirmed B1-PD
Corporate Family Rating, Affirmed B1
Senior Secured Regular Bond/Debenture May 15, 2019, Affirmed B1
The principal methodology used in this rating was the Global
Paper and Forest Products Industry published in September 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.
Lecta, with legal headquarters in Luxembourg, is a leading coated
fine paper manufacturer in Spain, Italy and France. The company
also has a specialty paper division and a distribution business
in Spain, Portugal, France, Italy and Argentina. During 2012,
Lecta generated sales of approximately EUR1.6 billion. The
company is controlled by private equity funds managed by CVC
Capital Partners.
=====================
N E T H E R L A N D S
=====================
LEO-MESDAG BV: S&P Lowers Rating on Class C Notes to 'B+'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on LEO-MESDAG B.V.'s
class A, B, and C notes. At the same time, S&P has affirmed its
'B- (sf)' ratings on the class D and E notes.
The rating actions follows S&P's review of the credit quality of
the A1 and A2 loans by applying its updated criteria for rating
European commercial mortgage-backed securities (CMBS)
transactions. S&P considers that the refinancing risks
associated with these loans have increased, and that these
factors may result in principal losses.
On Dec. 6, 2012, S&P placed its ratings on LEO-MESDAG's class A,
B, and C notes on CreditWatch negative, following the update to
S&P's European CMBS criteria.
THE A1 AND A2 LOANS
LEO-MESDAG is a Dutch CMBS transaction that closed in September
2006. It is backed by two interest-only loans totaling
EUR1.05 billion, which are secured on a portfolio of 74
properties. Of these properties, 71 are retail properties and
three are multi-storey car parks. The A1 loan has a total
commitment of EUR1.00 billion, and its legal final maturity date
is in August 2016. The A2 loan has a total commitment of
EUR50.00 million. It is fully subordinated to the A1 loan, and
its legal final maturity date is in August 2017. The issuer used
the issuance of the unrated class Y notes (EUR50 million) to fund
the A2 loan. The legal final maturity date for all of the
transaction's notes is in August 2019.
The interest-only A1 and A2 loans pay a fixed margin over Euro
Interbank Offered Rate (EURIBOR) until August 2014, which is the
first optional redemption date. At this point, the loan margins
step up, and the issuer uses any surplus cash flow to pay
outstanding interest and principal on the A1 loan facility. Any
reduction in loan principal leads to a corresponding sequential
redemption of the transaction's notes.
As of the February 2013 interest payment date (IPD), the A1
loan's reported forward-looking interest coverage ratio (ICR) is
1.69x, and the backward-looking ICR is 1.66x. At the time, the
servicer reported that the A1 loan-to-value (LTV) ratio was
68.54%, down from 72.9% at closing. The LTV ratio is based on a
December 2012 valuation.
The A1 loan facility includes a cash-trap trigger at 1.30x for
both the forward and backward-looking ICR, and an 85% LTV ratio
to amortize the loan. The A1 loan's forward and backward-looking
ICR default covenant is 1.10x, and the A1 LTV ratio default
covenant is 90%. None of the covenants have been breached since
closing.
The servicer does not report ratio information on the A2 facility
loan.
THE COLLATERAL
The collateral securing both the A1 and A2 loans currently
consists of 71 Dutch retail and department store properties and
three multistorey car parks. The properties are located in major
retail centers in Amsterdam, Rotterdam, the Hague, and Utrecht,
as well as in towns and cities throughout the rest of the
Netherlands.
The portfolio's weighted-average remaining lease term is
approximately 14 years.
Except for a property representing 0.4% of the portfolio's total
value, all of the properties are occupied by HEMA, Bijenkorf, or
Vroom & Dreesmann (V&D). HEMA is the largest tenant, a Dutch
department store contributing 43% of the portfolio's total rent.
It is a budget retailer, selling own-brand baby clothes, general
apparel, hardware, and bakery items. The stores typically trade
from two-storey premises in or close to prime locations. De
Bijenkorf is the second-largest tenant, contributing 35% of the
total portfolio rent. It is a high-end department store.
V&D is the smallest tenant, contributing 22% of the total
portfolio rent. It is a mid-market department store that trades
throughout the country and was founded in 1887. The stores are
generally well-located, in S&P's view. However, some of the
retail accommodation is not at street level.
Since closing, one small property (0.3% of the total portfolio
value) has been added to the portfolio. It was acquired using
the disposal proceeds from the sale of a separate part of one of
the De Bijenkorf properties.
The servicer reported a net annual rent of EUR79.3 million in
February 2013, up from EUR62.4 million at closing due to rents
being indexed to the consumer price index.
RATING ACTIONS
Although the transaction's performance has been stable since
closing, S&P considers that the risk of principal losses has
increased in light of the significant combined loan size of the
A1 and A2 facilities, as well as difficult commercial real estate
market and lending conditions, which could further depress
property values and make refinancing difficult. Consequently,
although S&P do not see the risk of losses as imminent, it
considers that the notes' creditworthiness has deteriorated.
Under S&P's updated European CMBS criteria, its analysis
indicates that the current ratings on the class, A, B, and C
notes cannot be maintained at the currently assigned levels. S&P
has lowered and removed from CreditWatch negative its ratings on
the class A, B, and C notes because S&P found the available
credit enhancement to be commensurate with lower ratings when it
ran its stress scenarios.
S&P has affirmed its 'B- (sf)' ratings on the class D and E
notes, as it considers the currently assigned ratings to be
commensurate with the related refinance risk of the loan and
leverage for these notes. S&P expects these notes to experience
principal losses, but not in the near term.
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
LEO-MESDAG B.V.
EUR1.05 Billion Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
A BBB- (sf) A (sf)/Watch Neg
B BB+ (sf) BBB+ (sf)/Watch Neg
C B+ (sf) BB (sf)/Watch Neg
Ratings Affirmed
D B- (sf)
E B- (sf)
MESDAG CHARLIE: Fitch Lowers Rating on Class D Notes to 'D'
-----------------------------------------------------------
Fitch Ratings has affirmed Mesdag (Charlie) B.V.'s class A and E
notes due 2019 and downgraded classes B, C and D as follows:
EUR134.4m Class A (XS0289819889) affirmed at 'AAsf'; Outlook
Negative
EUR40.3m Class B (XS0289822677) downgraded to 'BBBsf' from
'Asf'; Outlook Negative
EUR40.3m Class C (XS0289823568) downgraded to 'CCCsf' from
'Bsf'; Recovery Estimate RE60%
EUR0m Class D (XS0289824533) downgraded to 'Dsf' from 'Csf';
RE0%
EUR0m Class E (XS0289824889) affirmed at 'Dsf'; RE0%
Key Rating Drivers
The affirmation of the class A reflects the on-going stable
performance of the remaining loans in primary servicing, namely
the EUR116.5 million Berlin, EUR33.6 million Tommy, EUR8.5
million Sparkasse and EUR3.2 million Derrick loans. Three of the
loans are amortizing while Tommy is redeemed (prepaid)
periodically with sales proceeds. The downgrade of the class C
reflects the increased principal deficiency ledger balances
resulting from the distressed sale of the collateral of EUR191.7
million TOR (expected to write off class E in full and all but
EUR3.4 million of class D) and the increased likelihood of losses
from the workout of the defaulted EUR31.8m Dutch Offices I and
EUR25 million Dutch Offices II loans. Uncertainty over a
protracted workout of these two loans also explains the downgrade
of the class B.
Berlin and Tommy are secured on German multifamily housing
portfolios located predominantly in Berlin and western Germany.
With reported loan-to-value ratios (LTV) at 62% (Berlin) and
35.2% (Tommy) the lowest-leveraged loans in the portfolio.
Although Fitch estimates the LTVs to be slightly higher, the
agency expects both loans to repay in full at their respective
maturities in July and April 2016.
Sparkasse and Derrick, the two smallest loans in the portfolio,
are secured on predominantly office properties located in
Germany, let to strong single tenants (a savings bank in
Sparkasse and a German government entity in Derrick). Although
the asset values rely heavily on the contracted income as the
assets are located in non-prime locations, the remaining term on
all in-place leases is above seven years, far exceeding the
remaining loan terms (0.8 years and 0.3 years). However, the
Sparkasse collateral valuation is dated and an insufficient
equity protection could lead to failure to repay at maturity.
Dutch Offices I and II are in special servicing due to borrower
insolvency and uncured LTV covenant breaches. With LTV ratios of
132% and 100%, respectively, a sale in the current market would
result in losses on both loans. Furthermore, the reported
occupancy ratios dropped since the last rating action in May
2012, particularly in Dutch offices II where approximately 25% of
the in-place rent expired when tenants vacated the collateral.
Finding new tenants is expected to be a priority for the special
servicer who intends to enhance asset values via asset management
prior to disposal.
Rating Sensitivities
Any significant deterioration of the performance of the four
current loans could affect the ratings of the class A, B and C
notes. Fitch will also monitor the special servicing of the Dutch
Offices loans and respond to updates on strategy and ultimately
recoveries accordingly.
===========
P O L A N D
===========
HUTA CZESTOCHOWA: Needs to Lay Off Workers to Avoid Bankruptcy
-----------------------------------------------------------------
Warsaw Business Journal reports that ISD Polska a subsidiary of
Donbas, Ukrainian owner of ISD Huta Czestochowa, claims that a
serious restructuring of employment needs to be carried out at
the steel plant or else it will go bankrupt.
According to WBJ, Jacek Leski, Huta Czestochowa's spokesperson,
said the company spends approximately PLN20 million each month to
help the loss-generating steel plant survive. Since the crisis
hit the steel sector, roughly PLN1 billion has been spent in this
way, WBJ notes.
Huta Czestochowa can't launch an effective restructuring as the
vast majority of its workers are protected by the social package
that was negotiated by the trade unions during the privatization
of the plant in 2005, WBJ discloses.
Until 2015, the company can't lay them off or reduce their
salaries, WBJ says. The board has been trying to reduce
employment by launching voluntary separation schemes, but very
few workers have signed up for them, according to WBJ.
"The situation is critical. The plant was given three months to
carry out a necessary restructuring. In order to rescue ISD Huta
Czestochowa, almost half of its employees need to be let go," WBJ
quotes Mr. Leski, as saying.
ISD Polska has already informed trade unions of how serious the
current situation is, WBJ relates. The unions were also asked to
submit a proposal regarding a way to solve the problem without
breaking the provisions of the social package signed in 2005, WBJ
recounts. The company says it needs to lay off 1,000 employees
in order to become profitable again, WBJ notes.
* POLAND: 88 Companies Go Bust in April 2013
--------------------------------------------
According to Warsaw Business Journal, a report published by Euler
Hermes Collections shows that as many as 88 companies in Poland,
employing a total of approximately 4,200 people, went bankrupt
last month.
WBJ relates that Rzeczpospolita said the number of bankruptcies
temporarily stabilized in both February and March, but in April
it was some 22% higher than a year ago.
Since the beginning of 2013, a total of 328 companies have gone
bankrupt, which is 9% more than in the corresponding period of
the last year, WBJ discloses.
The sectors most affected by the crisis were heavy industry (34%
more bankruptcies in Q1), wholesale (32%) and services (32%), WBJ
notes. The regions with the highest number of bankruptcies were
the Silesia and Kujawsko-Pomorskie voivodships, WBJ states.
Experts predict that in upcoming months, film, tourism and work
agencies will be hit the hardest, WBJ says.
===============
P O R T U G A L
===============
* PORTUGAL: Bailout Creditors to Assess Austerity Measures Today
----------------------------------------------------------------
The Associated Press reports that inspectors from Portugal's
bailout creditors are returning to Lisbon to assess whether the
government's latest austerity measures merit unblocking a due
disbursement of rescue funds.
Portugal's EUR78 billion (US$102 billion) bailout two years ago
spared the country from bankruptcy, but in return it must slash
spending and debt, the AP notes.
In what was seen as a warning over lack of compliance, the
bailout lenders last month halted payouts after Portugal's
Constitutional Court disallowed some of the government's pay and
pension cuts, the AP recounts.
The government drew up alternative measures and last week
announced plans to cut another EUR4.8 billion over three years,
the AP relates.
The Finance Ministry said in a statement the inspectors will be
back in Lisbon today, the AP discloses.
According to BBC News, Portugal is planning to cut 30,000 civil
service jobs and to raise the retirement age by one year to 66 as
it tries to meet the terms of a bailout.
Prime Minister Pedro Passos Coelho said civil servants would also
be required to work 40 hours a week instead of 35, BBC relates.
Mr. Coelho, as cited by BBC, said that the proposals, which would
be applied mostly from next year, would save 4.8bn euros (œ4bn)
over three years.
Austerity measures have proved deeply unpopular and have
triggered large protests, BBC notes.
Portugal received a EUR78 billion bailout from the European
Union, the European Central Bank and the International Monetary
Fund in 2011, BBC recounts.
===============
S L O V E N I A
===============
* SLOVENIA: Set to Present Bailout Measures to EU Commission
------------------------------------------------------------
Boris Cerni at Bloomberg News reports that Slovenia postponed a
parliamentary debate over adding a debt ceiling to the country's
constitution and limiting the scope of a referendum over the
amendment after party leaders on Sunday night failed to reach an
agreement.
According to Bloomberg, the Cabinet said in an e-mailed statement
on Sunday that Prime Minister Alenka Bratusek's Positive Slovenia
party withdrew the request for a session that was set to be held
yesterday. She also called on the largest opposition party, led
by former Premier Janez Jansa, to withdraw its request for a
debate today, Bloomberg discloses.
Ms. Bratusek, as cited by Bloomberg, said that Slovenia would
need to cut budget spending by EUR1.5 billion (US$1.97 billion)
to include the so-called fiscal rule into the constitution by
2015 as demanded by Jansa's SDS party. She said that would mean
reductions of about 30 percent in pensions and public workers'
wages and cutting welfare transfers by half, Bloomberg notes.
The Adriatic nation is set to present a package of measures to
the European Commission by May 9 as premier Bratusek works to
avoid asking for a bailout, Bloomberg discloses.
=========
S P A I N
=========
AYT ANDALUCIA: Fitch Affirms 'BB' Rating on EUR21MM Class D Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed AyT Andalucia FTEMPRESAS Cajamar,
FTA's notes, as follows:
EUR68.5m Class A(G) (ISIN ES0311997011): affirmed at 'A+sf';
Outlook Stable
EUR27.5m Class B (ISIN ES0311997029): affirmed at 'A+sf'; Outlook
Stable
EUR27.5m Class C (ISIN ES0311997037): affirmed at 'Asf; Outlook
Stable
EUR21.0m Class D (ISIN ES0311997045): affirmed at 'BBsf'; Outlook
Stable
KEY RATING DRIVERS
The affirmation reflects the adequate levels of credit
enhancement (CE) available to the notes. Additional CE due to
deleveraging offsets the deterioration in performance over the
past year. Loans more than 90 days in arrears have increased to
5.4% of the portfolio from 3.6% in March 2012. Defaulted loans
currently in the portfolio have increased to EUR8.9 million from
EUR2.2 million in March 2012.
The transaction has achieved limited recoveries due to its short
seasoning and the long default definition. The transaction closed
in March 2010. According to the transaction documents, loans are
considered defaulted after 12 months of delinquency. Fitch
expects the weighted average recovery rate to increase from its
current 5.5% as the servicer completes lengthy foreclosure
proceedings on defaulted loans.
The highest note rating in the transaction is limited to 'A+sf'
due to the exposure to the treasury account bank, Banco Espanol
de Credito (BBB+/Negative/F2).
The transaction is exposed to a low-rated servicer (Cajas Rurales
Unidas, BB/Stable/B). The resulting payment interruption risk is
mitigated by the reserve fund (RF) in the structure. The RF
balance is currently EUR23.6 million, down from EUR29.3 million
in March 2012.
RATING SENSITIVITIES
Applying a 1.25x default rate multiplier to all assets in the
portfolio would not result in a downgrade for the notes.
Applying a 0.75x recovery rate multiplier to all assets in the
portfolio would result in a downgrade of zero to two notches for
the notes.
AyT Andalucia FTEMPRESAS Cajamar, F.T.A. is a granular cash flow
securitisation of a static portfolio of secured and unsecured
loans granted to Spanish small- and medium-sized enterprises by
Cajamar (now part of Cajas Rurales Unidas).
BBVA LEASING: Fitch Affirms 'C' Rating on EUR61.3MM Class C Notes
-----------------------------------------------------------------
Fitch Ratings has upgraded BBVA Leasing 1, FTA's class A1 and A2
notes and affirmed the class B and C notes as follows:
EUR78.7m Class A1 notes upgraded to 'BB+sf' from 'BBsf'; Outlook
Stable
EUR 168.6m Class A2 notes upgraded to 'BB+sf' from 'BBsf';
Outlook Stable
EUR82.5m Class B notes affirmed at 'CCCsf'; Recovery Estimate
80%
EUR61.3m Class C notes affirmed at 'Csf'; Recovery Estimate 0%
Key Rating Drivers
The rating actions reflect the signs of stabilization and
improvement in the transaction's performance over the past year,
following historically poor performance. The outstanding
principal deficiency ledger (PDL), which is significant at EUR56
million, has stabilized over the past three quarters, even
dropping slightly at the last interest payment date. This was the
first time since May 2009 that excess spread was sufficient to
fully cover the losses in the period.
The delinquency rate remains high and as per the latest reporting
date (March 2013) equalled 8.5% of the outstanding portfolio.
Cumulative defaults amount to 4.2%. The cumulative recovery rate
on defaulted loans currently stands at 20%.
The transaction reserve fund was fully drawn in 2010 and with a
large PDL, this is unlikely to be cleared. In the last period,
net excess spread of EUR450,000 was available after clearing
losses for the period. A slight increase in early period recovery
is the likely reason for this improvement, and with few loans due
to mature in 2013 this may also prove positive.
Rating Sensitivities
In Fitch's rating sensitivity analysis, the expected remaining
defaults were increased in line with Fitch's negative view on the
Spanish sector to 7% per annum with a weighted average life of
three years. Based on the original principal balance plus new
purchases, this would result in an updated lifetime expectation
of 6.2%.
BBVA Leasing 1 FTA is a securitization of a pool of leasing
contracts (real estate leases and chattel finance leases)
originated by Banco Bilbao Vizcaya Argentaria S.A. (seller,
servicer, account bank, paying agent and swap provider;
'BBB+'/Negative/'F2') and extended to non-financial small and
medium enterprises domiciled in Spain.
BEFESA ZINC: Moody's Changes 'B2' Rating Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service changed the direction of the review of
Befesa Zinc S.A.U's B2 Corporate Family Rating and of the B2-PD
Probability of Default Rating to review for downgrade from review
with direction uncertain.
Concurrently, Moody's has placed under review for downgrade the
B2 rating of Befesa Zinc's EUR300 million senior secured notes
due 2018, issued by Zinc Capital S.A, a finance vehicle of Befesa
Zinc.
The ratings were previously placed under review with direction
uncertain on April 22, 2013 prompted by Abengoa S.A.'s
announcement that it has entered into an agreement to sell its
complete interest in Befesa Medio Ambiente S.A., the parent
company of Befesa Zinc, to investment firm Triton for an
enterprise value of EUR1,075 million.
On Review for Possible Downgrade:
Issuer: Befesa Zinc, S.A.U
Probability of Default Rating, Placed on Review for Possible
Downgrade, currently B2-PD
Corporate Family Rating, Placed on Review for Possible
Downgrade, currently B2
Issuer: Zinc Capital S.A
Senior Secured Regular Bond/Debenture May 15, 2018, Placed on
Review for Possible Downgrade, currently B2
Ratings Rationale:
The change in the rating review to review for downgrade reflects
the increased possibility that Befesa Zinc's leverage and
liquidity profile might weaken as a result of the sale of Befesa
Medio Ambiente, the parent company of Befesa Zinc, to investment
firm Triton. Consequently, Moody's sees a high likelihood that
Befesa Zinc's B2 ratings either face downward pressure or will be
confirmed at the current rating level if the transaction closes
successfully.
The rating review with direction uncertain also considered the
possibility of an upgrade of Befesa Zinc's credit ratings upon
closing of the transaction, which Moody's regards now as
unlikely.
On April 29, 2013, Befesa Zinc has solicited bondholders of its
EUR300 million senior secured notes for consent to waive the
change of control clause in the bond documentation. The consent
solicitation statement also outlaid potential changes to Befesa
Zinc's capital structure that may be implemented upon closing of
the transaction.
First, the sale of Befesa Medio Ambiente to Triton will likely
result in the termination of the cash pooling agreement between
Befesa Medio Ambiente and its parent company Abengoa S.A. As a
consequence, Befesa Zinc's reported leverage may increase to
3.36x net debt/EBITDA from 2.77x at December 31, 2012 and Befesa
Zinc's cash position would be limited to EUR20 million as per
December 31, 2012 on a pro-forma basis as around EUR48 million in
cash would fall away. Befesa Zinc has currently no revolving
credit facility in place and the lower cash balance would reduce
the company's liquidity cushion. However, under the bond
documentation Befesa Zinc still has the option to incur
additional indebtedness of EUR20 million under certain conditions
for instance in the form of a revolving credit facility.
Moody's understands that Befesa Zinc might instead of incurring
debt under the EUR20 million general basket in the bond
documentation issue around EUR20 million up to a maximum of EUR40
million additional senior unsecured notes in compliance with the
bond documentation which would help to bolster Befesa Zinc's cash
position but would also increase gross leverage and would likely
be required to fund Befesa Zinc's ongoing expansion in Turkey and
South Korea.
The rating review will also focus on the possibility of
additional subordinated holding company debt with interest to be
paid-in-kind at the level of Befesa Medio Ambiente, which would
be issued outside of the restricted group. In this respect,
Moody's will also review the current assumption incorporated in
Befesa Zinc's ratings that the company is effectively ring-fenced
vis-a-vis its owner.
The rating review will also focus on Befesa Zinc's future hedging
policy. If the hedging agreements would be terminated, this would
have negative effects on Befesa Zinc's performance, and hence,
leverage, as current Zinc prices are below the prices which
Befesa Zinc has hedged for. According to the consent solicitation
statement Triton does not seek to change Befesa Zinc's existing
hedging policy.
The review will also consider the type of business plan that the
new owner will have for Befesa Medio Ambiente S.A. and its
subsidiary Befesa Zinc and its ability to execute the plan. It is
currently expected that Befesa Zinc's current management team
will remain in place.
Befesa Zinc's B2 CFR reflects that Befesa Zinc has hedging
agreements in place for approximately 70% of its expected zinc
equivalent volumes until end of Q2 2014 (at a hedged price of
around EUR1,700/ton for 2012 and 2013, of EUR1,550/ton for Q1
2014 and of EUR1,500/ton for Q2 2014). These hedges, combined
with the fact that the sale of the company's Waelz Oxide (WOX)
production for 2013 is to a large extent already secured by
existing contracts with zinc smelters, provide good visibility on
earnings and cash flow generation until Q2 2014.
The B2 CFR considers Moody's expectation of stable credit metrics
over the next 12 months compared to 2012 and 2011 (debt/EBITDA
4.3x in 2011, EBITDA margin 35.9%) despite a potential lower zinc
price for any unhedged volumes (around 30% of expected volumes)
and a continued weak outlook for Western European crude steel
production. In addition, the B2 rating assumes that management
will scale back expansionary capital expenditures if needed in
order to preserve an adequate liquidity cushion and financial
flexibility.
Other factors considered in the B2 rating are the company's
leading market position in its niche in Europe benefiting from
high barriers to entry due to a favorable regulatory environment
as well as high investment needs and technological expertise
required to enter the market. The company's relatively small
scale and concentrated customer base leave it, however, exposed
to a potential future loss of a key customer or a shift of steel
and zinc production to emerging markets which could result in
significant operating volatility. This is mitigated by the
group's long standing customer relationships and its demonstrated
ability to reach out to different customers in Asia during the
downturn in 2009.
What Could Change The Rating Up/Down
Negative rating pressure could arise if the company's EBITDA
margin weakened below 30% for a prolonged period of time as a
result of depleted zinc prices or deterioration in demand,
leading to leverage above 5.0x debt/EBITDA. Failure to maintain
adequate liquidity cushion or deviate from its policy to hedge
its Zinc exposure could also result in a downgrade of the
ratings.
In order to consider an upgrade to B1, Moody's would expect to
see a debt/EBITDA of around 3.0x, a return to positive free cash
flow generation as well as a solid liquidity cushion as reflected
by a cash/debt level of around 25% or committed external sources
of liquidity at a similar size. In addition, Moody's would also
expect to have mid-term visibility for the next 24 months with
regard to the availability of favorable hedging contracts.
Befesa Zinc, S.A.U and Zinc Capital S.A'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 Befesa Zinc, S.A.U and Zinc Capital S.A's core industry
and believes Befesa Zinc, S.A.U and Zinc Capital S.A'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.
Befesa Zinc, S.A.U is a leading steel dust recycler in Europe.
The company generates revenues by: (1) charging steel
manufacturers a fee for taking their generated crude steel dust;
(2) selling the Waelz Oxide (WOX) produced in the recycling
process to zinc smelters in Europe at a price reflecting the
prevailing market price of zinc and (3) processing stainless
steel dust and returning recovered metals to customers, for which
the company charges a tolling fee. In 2012, Befesa Zinc had
revenues of EUR252 million.
Befesa Zinc is a wholly owned indirect subsidiary of Befesa Medio
Ambiente S.A., an industrial group involved in the industrial
waste recycling and water sectors. Befesa Medio Ambiente is 100%
owned by Abengoa S.A., a vertically integrated environment and
energy group (rated B2 stable).
IM SABADELL 3: Moody's Lifts Rating on EUR121.8MM Notes to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service upgraded the Class B notes in IM
Sabadell Empresas 1, FTA (Sabadell 1) and the class C notes in IM
Sabadell Empresas 3, FTA (Sabadell 3). At the same time, the
rating agency confirmed the rating of the Class A2 and C notes in
Sabadell 1 and the Class A and B notes in Sabadell 3. Sabadell 1
and Sabadell 3 are Spanish asset-backed securities transactions
backed by loans to small and medium-sized enterprises (SME ABS)
originated by Banco Sabadell (Ba1). Sufficient levels of credit
enhancement, which protect against sovereign and counterparty
risk, primarily drove the rating actions. These actions conclude
the review for downgrade initiated by Moody's on July 2, 2012.
Ratings Rationale:
The rating actions primarily reflect the availability of
sufficient credit enhancement to address sovereign and increased
counterparty risk. The current credit enhancement levels in
Sabadell 1 are 38.2%, 23.9% and 3.3% for the Class A2, B and C
notes, respectively. The current credit enhancement levels in
Sabadell 3 are 103.1%, 66.0% and 44.4% for the Class A, B and C
notes, respectively. Credit enhancement has built up to these
levels as a result of the deleveraging of these two transactions.
In assessing the benefit of the increased credit enhancement
levels, Moody's also took into account the high borrower
concentration existing in these deals, in particular in Sabadell
3. In Moody's view, the benefit of the high credit enhancement of
the Class C notes in Sabadell 3 is partly offset by the fact that
the reserve fund, which represents the only credit enhancement
for this class of notes, is held by Banco Sabadell and covers the
top 10 borrower exposure only. The pool in Sabadell 1 has a top
10 borrower exposure of 15.6% whereas the pool in Sabadell 3 has
a top 10 borrower exposure of 45.0%.
The introduction of new adjustments to Moody's modeling
assumptions to account for the effect of deterioration in
sovereign creditworthiness has had no negative effect on the
ratings in both 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 is A3, which is the maximum rating
that Moody's will assign to a domestic Spanish issuer including
structured finance transactions backed by Spanish receivables.
The portfolio credit enhancement represents the required credit
enhancement under the senior tranche for it to achieve the
country ceiling. By lowering the maximum achievable rating, the
revised methodology alters the loss distribution curve and
implies an increased probability of high loss scenarios.
Under the updated methodology incorporating sovereign risk on ABS
transactions, loss distribution volatility increases to capture
increased sovereign-related risks. Given the expected loss of a
portfolio and the shape of the loss distribution, the combination
of the highest achievable rating in a country for structured
finance and the applicable credit enhancement for this rating
uniquely determine the volatility of the portfolio distribution,
which the coefficient of variation (CoV) typically measures for
ABS transactions. A higher applicable credit enhancement for a
given rating ceiling or a lower rating ceiling with the same
applicable credit enhancement both translate into a higher CoV.
Moody's Revises Key Collateral Assumptions
Following Moody's update of its methodology, the rating agency
increased Sabadell 1's CoV, which is a measure of volatility, to
75.9% from 42.1%. Together with the unchanged assumptions on the
mean default probability of 14.2% on current pool balance and the
recovery rate of 45.0%, this volatility increase corresponds to a
portfolio credit enhancement of 23.7%.
Moody's increased its CoV for Sabadell 3 to 67.1% from 45.0%.
Together with the unchanged assumptions on the mean default
probability of 15.0% on current pool balance and the recovery
rate of 45.0%, this volatility increase corresponds to a
portfolio credit enhancement of 21.1%. In addition, Moody's
incorporated stress scenarios in its analysis to cover for the
fact that the pool in Sabadell 3 is highly concentrated and that
this concentration level is not embedded in its CoV and portfolio
credit enhancement levels, which assume a granular portfolio.
Moody's maintained its default and recovery rate assumptions for
this transaction, which it updated on December 18, 2012.
Counterparty Exposure Has Increased
The conclusion of Moody's rating review also takes into
consideration the increased counterparty exposure due to weakened
counterparty creditworthiness. Banco Sabadell acts as servicer
and swap counterparty in both transactions.
In Sabadell 1, it transfers collections every two days to the
issuer account at Banco Santander (Baa2/P-2). The reserve fund
also resides at Banco Santander. The reserve fund represents 3.3%
of the current pool balance.
In Sabadell 3, the servicer transfers collections daily to the
issuer account bank, which is also located at Banco Sabadell. The
reserve fund also resides at Banco Sabadell. The reserve fund
represents 44.4% of the current pool balance, which constitutes a
strong linkage between the rating of the notes and the rating of
Banco Sabadell.
Moody's has incorporated into its analysis the potential default
of the servicer and the issuer account bank, which could expose
the transactions to a commingling loss on the collections and to
a loss of the monies held in the reserve account.
The rating agency also assessed the exposure to the swap
counterparties, which in both transactions do not have a negative
effect on the rating levels at this time.
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.
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 inverse-normal distribution
assumed for the portfolio default rate. In each default scenario,
Moody's calculates the corresponding loss for each class of notes
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss for each tranche is the sum product of the
probability of the occurrence of each default scenario and 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.
When remodeling these transactions affected by the rating action,
Moody's adjusted some inputs to reflect the new approach.
Methodologies
The methodologies used in these ratings were "Moody's Approach to
Rating CDOs of SMEs in Europe", published in February 2007 and
"The Temporary Use of Cash in Structured Finance Transactions:
Eligible Investment and Bank Guidelines", published in March
2013.
The revised approach to incorporating country risk changes into
structured finance ratings forms part of the relevant asset class
methodologies, which Moody's updated and republished or
supplemented on March 11, 2013, along with the publication of its
Special Comment "Structured Finance Transactions: Assessing the
Impact of Sovereign Risk".
List Of Affected Ratings
Issuer: IM Sabadell Empresas 1, Fondo de Titulizacion de Activos
EUR739M A2 Notes, Confirmed at A3 (sf); previously on Jul 2, 2012
Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
EUR25M B Notes, Upgraded to Baa1 (sf); previously on Jul 2, 2012
Ba3 (sf) Placed Under Review for Possible Downgrade
EUR36M C Notes, Confirmed at Caa3 (sf); previously on Jul 2, 2012
Caa3 (sf) Placed Under Review for Possible Downgrade
Issuer: IM Sabadell Empresas 3, Fondo de Titulizacion de Activos
EUR1409.4M A Notes, Confirmed at A3 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
EUR208.8M B Notes, Confirmed at A3 (sf); previously on Jul 2,
2012 A3 (sf) Placed Under Review for Possible Downgrade
EUR121.8M C Notes, Upgraded to Ba1 (sf); previously on Jul 2,
2012 Ba2 (sf) Placed Under Review for Possible Downgrade
PYME VALENCIA 2: Moody's Lowers Rating on Class C Notes to 'Ba2'
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of two notes in
one Spanish asset backed securities (ABS) transaction, UniCaja
AyT Empresas I, FTA, backed by loan receivables granted to small
and medium sized enterprises (SME) and originated by Unicaja
Banco (Ba1/NP). At the same time Moody's upgraded the mezzanine
note of PYME Valencia 1, FTA as well as the junior note in PYME
Valencia 2, FTA, backed by loan receivables granted to small and
medium sized enterprises (SME) and originated by Banco de
Valencia S.A. (Ba3/NP). Finally, Moody's confirmed five
additional tranches of these three ABS SME transactions.
Insufficient credit enhancement to address sovereign risk and,
especially for UniCaja AyT Empresas I, FTA, exposure to
counterparty risk, has prompted these actions.
Ratings Rationale:
The rating action reflects primarily the credit enhancement
available to address sovereign risk. All Spanish ABS SME affected
by the rating action are impacted by the introduction of new
adjustments to Moody's modeling assumptions accounting for the
impact of the deterioration of the sovereign's credit condition.
In case of UniCaja AyT Empresas I, FTA, the rating action
reflects in addition the relatively high exposure of the rated
notes (by way of credit enhancement provided via the reserve
fund) to the relatively lowly rated issuer account bank.
The determination of the applicable credit enhancement that
drives these rating actions reflects the introduction of
additional risk 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, or "LCC") 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 ("SF") backed by Spanish
receivables is A3. The portfolio credit enhancement represents
the required credit enhancement under the senior tranche for it
to achieve the country ceiling. By lowering the maximum
achievable rating, the revised methodology alters the loss
distribution curve and implies an increased probability of high
loss scenarios.
Under the updated methodology incorporating sovereign risk on ABS
SME transactions, the loss distribution volatility increases to
capture the increased sovereign-related risks. Given the expected
loss of a portfolio and the shape of the loss distribution, the
combination of the highest achievable rating in a country for SF
and the applicable credit enhancement ("CE") for this rating
uniquely determine the volatility of the portfolio distribution,
which is typically measured as the coefficient of variation
("COV") for ABS SME transactions. All things equal, (i) a higher
applicable CE for a given rating ceiling or, alternatively, (ii)
a lower rating ceiling with the same applicable CE, translate
into a higher COV according to the updated methodology
Revision Of Key Collateral Assumptions
Moody's maintained its default and recovery rate assumptions for
the three transactions, which it updated on December 18, 2012.
Moody's increased its volatility assumption in accordance with
the updated methodology to account for sovereign risk in SF
transactions.
For PYME Valencia 1, FTA, Moody's increased its volatility (CoV)
assumption to 59.4% (from 46.5%), which together with a mean DP
of 25% (as percentage of current balance) and a fixed recovery
rate of 45%, results into a portfolio credit enhancement of
34.4%.
For PYME Valencia 2, FTA, Moody's increased its CoV assumption to
49.8% (from 42%), which results into a portfolio credit
enhancement of 33.9% taking into account the mean DP of 25% (as
percentage of current balance) and a fixed recovery rate of 40%.
For UniCaja AyT Empresas I, FTA the CoV was increased to 101.9%
(from 45.5%), which together with a mean DP of 12.3% (as
percentage of current balance) and a fixed recovery rate of 45%,
results into a portfolio credit enhancement of 24.5%.
Exposure To Counterparty Risk
The conclusion of Moody's rating review also takes into
consideration the exposure to weakened counterparties acting
either as servicer, collection agent, issuer account bank or swap
counterparty in the transactions.
For PYME Valencia 1, FTA and PYME Valencia 2, FTA, The rating
action incorporates the very limited exposure to commingling
risk. As servicer, Banco de Valencia (Ba3/NP) transfers the
collections from the portfolios daily from the collection account
to the issuer account bank, i.e. Barclays Bank plc (A2/P-1).
For UniCaja AyT Empresas I, FTA, the rating action incorporates
the high exposure to commingling risk because of weakened
counterparty credit worthiness. Unicaja Banco (rated Ba1 / NP,
under review for possible downgrade) acts as servicer and
issuer's account bank. The high exposure results from: (i)
collections currently transferred every second day from the
servicer's (Unicaja Banco) collection account to the issuer's
treasury account held at the issuer account bank, where the
amount is accumulated until next quarterly payment date, and (ii)
the reserve fund representing 20.6% of current pool balance being
also held by Unicaja Banco as issuer account bank.
As part of its analysis, Moody's also assessed the exposure to
(i) Banco Bilbao Vizcaya Argentaria S.A. (Baa3 / P-3) acting as
swap counterparty in PYME Valencia 1, FTA and (ii) to Unicaja
Banco (Ba1 / NP, under review for possible downgrade) acting as
swap counterparty in UniCaja AyT Empresas I, FTA, which does not
have a negative effect on the rating levels. There is no swap in
PYME Valencia 2, FTA.
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 increase portfolio
credit enhancement requirements for a given rating level.
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.
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 normal inverse distribution
assumed for the portfolio default rate. In each default scenario,
the corresponding loss for each class of notes is calculated
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario; and (ii)
the loss derived from the cash flow model in each default
scenario for each tranche.
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.
Principal Methodologies
The methodologies used in these ratings were "Moody's Approach to
Rating CDOs of SMEs in Europe", published in February 2007 and
"The Temporary Use of Cash in Structured Finance Transactions:
Eligible Investment and Bank Guidelines", published in March
2013.
The revised approach to incorporating country risk changes into
structured finance ratings forms part of the relevant asset class
methodologies, which Moody's updated and republished or
supplemented on March 11, 2013 ("Incorporating Sovereign risk to
Moody's Approach to Rating CDOs of SMEs in Europe"), along with
the publication of its Special Comment "Structured Finance
Transactions: Assessing the Impact of Sovereign Risk".
Moody's describes additional factors that may affect the ratings
in its Request for Comment, "Approach to Assessing Linkage to
Swap Counterparties in Structured Finance Cashflow Transactions:
Request for Comment", July 2, 2012.
Issuer: PYME VALENCIA 1, FTA
EUR574.8M A2 Notes, Confirmed at A3 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
EUR47.6M B Notes, Upgraded to Baa3 (sf); previously on Jul 2,
2012 Ba3 (sf) Placed Under Review for Possible Downgrade
EUR34M C Notes, Confirmed at Caa3 (sf); previously on Jul 2, 2012
Caa3 (sf) Placed Under Review for Possible Downgrade
Issuer: PYME VALENCIA 2, FONDO DE TITULIZACION DE ACTIVOS
EUR407.5M A Notes, Confirmed at A3 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Remained On Review for Possible
Downgrade
EUR17.5M B Notes, Confirmed at A3 (sf); previously on Jul 2, 2012
Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
EUR75M C Notes, Upgraded to A3 (sf); previously on Jul 2, 2012
Baa3 (sf) Placed Under Review for Possible Downgrade
Issuer: Unicaja AyT Empresas 1, Fondo de Titulizacion de Activos
EUR213.7M A Notes, Confirmed at A3 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
EUR17.5M B Notes, Downgraded to Baa3 (sf); previously on Jul 2,
2012 A3 (sf) Placed Under Review for Possible Downgrade
EUR18.8M C Notes, Downgraded to Ba2 (sf); previously on Jul 2,
2012 Baa3 (sf) Placed Under Review for Possible Downgrade
TDA CAM 7: Moody's Upgrades Rating on Class C Notes to 'Caa2'
-------------------------------------------------------------
Moody's Investors Service downgraded the ratings of the senior
notes to Baa1(sf) from A3(sf) and upgraded the rating of the
junior notes to Caa2(sf) from Caa3(sf), which were issued by
FTPYME TDA CAM 7, FTA (CAM 7). CAM 7 is a Spanish asset-backed
securities transaction backed by loans to small and medium-sized
enterprises (SME ABS) originated by Banco CAM (rated Baa3).
The rating action follows an internal review after correction to
an error with respect to the Coefficient of Variation (CoV) of
the loss distribution. Considering the corrected CoV level,
insufficient credit enhancement to address sovereign risk and
exposure to counterparty risk has prompted this action. At the
same time, the rating agency affirmed the class B notes at
B1(sf).
Ratings Rationale:
Following the rating review resulting from the introduction of
additional factors in Moody's analysis to better measure the
impact of sovereign risk on structured finance transactions, on
March 20, 2013, Moody's initially confirmed the senior notes at
A3(sf) and downgraded the Class C junior note to Caa3(sf).
However, subsequent to its confirmation and downgrade of the
ratings, Moody's discovered that one of the key collateral
assumption, the CoV, has been incorrectly determined.
As a result, Moody's conducted an internal review of the ratings.
The rating agency has reviewed its volatility assumption to 86.6%
from 61.0%. Together with mean default rate of 23.5% and fixed
recovery of 55%, this corresponds to a portfolio credit
enhancement of 29.0% (vs. 26.5% previously).
The rating action primarily reflects the insufficiency of credit
enhancement to address sovereign risk. This Spanish SME ABS
affected by the rating action is negatively affected by the
introduction of new adjustments to Moody's modeling assumptions
to account for the effect of deterioration in sovereign
creditworthiness. This action also reflects the revision of key
collateral assumptions and increased exposure to lowly rated
counterparties. Moody's confirmed the ratings of securities whose
credit enhancement and structural features provided enough
protection against sovereign and counterparty risk.
In summary, the negative effect of the input error leads to the
one-notch downgrade of the three senior notes as well as the one-
notch upgrade of the Class C junior note.
The determination of the applicable credit enhancement that
drives these rating actions reflects the introduction of
additional factors in Moody's analysis to better measure the
impact of sovereign risk on structured finance transactions.
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 the Request for Comment, "Approach to Assessing Linkage to
Swap Counterparties in Structured Finance Cashflow Transactions:
Request for Comment."
In reviewing this transaction, Moody's used ABSROM to model the
cash flows and determine the loss for each tranche. The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the inverse normal distribution
assumed for the portfolio default rate. In each default scenario,
Moody's calculates the corresponding loss for each class of notes
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss for each tranche is the sum product of the
probability of occurrence of each default scenario; and 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.
When remodeling the transactions affected by the rating action,
some inputs have been adjusted to reflect the new approach.
Principal Methodology
The methodologies used in these ratings were "Moody's Approach to
Rating CDOs of SMEs in Europe", published in February 2007 and
"The Temporary Use of Cash in Structured Finance Transactions:
Eligible Investment and Bank Guidelines", published in March
2013.
The revised approach to incorporating country risk changes into
structured finance ratings forms part of the relevant asset class
methodologies, which Moody's updated and republished or
supplemented on March 11, 2013 ("Incorporating Sovereign risk to
Moody's Approach to Rating CDOs of SMEs in Europe"), along with
the publication of its Special Comment "Structured Finance
Transactions: Assessing the Impact of Sovereign Risk".
List of Affected Ratings
Issuer: FTPYME TDA CAM 7, FTA
EUR603.5M A1 Notes, Downgraded to Baa1 (sf); previously on Mar
20, 2013 Confirmed at A3 (sf)
EUR170M A2(CA) Notes, Downgraded to Baa1 (sf); previously on Mar
20, 2013 Confirmed at A3 (sf)
EUR123.5M A3 Notes, Downgraded to Baa1 (sf); previously on Mar
20, 2013 Confirmed at A3 (sf)
EUR63M B Notes, Affirmed B1 (sf); previously on Mar 20, 2013
Downgraded to B1 (sf)
EUR40M C Notes, Upgraded to Caa2 (sf); previously on Mar 20, 2013
Downgraded to Caa3 (sf)
TDA IBERCAJA 3: Moody's Lowers Rating on Class D Notes to 'Ca'
--------------------------------------------------------------
Moody's Investors Service downgraded the ratings of 7 junior and
3 senior notes in two Spanish residential mortgage-backed
securities (RMBS) transactions: TDA Ibercaja 3, FTA and TDA
Ibercaja 4, FTA. At the same time, Moody's confirmed the ratings
of Class A3PAC in TDA Ibercaja 4 and of Class A (G) in TDA
Ibercaja ICO-FTVPO, FTH. Insufficiency of credit enhancement to
address sovereign risk prompted the downgrade action.
The rating action concludes the review of 2 notes placed on
review on December 16, 2011, following increase of expected loss
assumption and expectations that credit enhancement could be
insufficient to offset this increase. This rating action also
concludes the review of 5 notes placed on review on July 2, 2012,
following Moody's downgrade of Spanish government bond ratings to
Baa3 from A3 on June 2012 and of 5 notes placed on review on
November 23, 2012, following Moody's revision of key collateral
assumptions for the entire Spanish RMBS market.
Ratings Rationale:
The rating action primarily reflects the insufficiency of credit
enhancement to address sovereign risk.
The determination of the applicable credit enhancement driving
these rating actions reflect 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.
Moody's has not revised the key collateral assumptions for any of
the deals. Expected loss assumptions as a percentage of original
pool balance remain at 1% for TDA Ibercaja 3; 1.5% for TDA
Ibercaja 4 and 2.4% for TDA Ibercaja ICO-FTVPO. The MILAN CE
assumptions remain at 10% for the TDA Ibercaja 3 and 4 and 12.5%
for TDA Ibercaja ICO-FTVPO.
Pro-rata vs. current amortization of Classes A1, A2 and A3PAC in
TDA Ibercaja 4
The rating action takes into account the relative priority of
principal payments within the A notes of TDA Ibercaja 4. The
performance conditions for current amortization between the A
sub-classes (scheduled amortization for Class A3PAC, with 30% of
the remaining principal available funds allocated to Class A1 and
70% to Class A2) currently hold, and the notes are not
anticipated to amortize pro-rata in Moody's expected scenario.
This leads to a one notch difference in the Class A3PAC rating
compared to the ratings of Classes A1 and A2 in this transaction.
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.
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 its cash flow
model, ABSROM, to determine the loss for each tranche. The cash
flow model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default scenario,
Moody's calculates the corresponding loss for each class of notes
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss for each tranche is the sum product of (1) the
probability of occurrence of each default scenario and (2) the
loss derived from the cash flow model in each default scenario
for each tranche.
As such, Moody's analysis encompasses the assessment of stressed
scenarios.
In the context of the rating review, the transactions have been
remodeled and some inputs have been adjusted to reflect the new
approach. In addition, the following have been corrected during
the review: notes margins, PDL mechanism, use of reserve fund
release amounts and interest deferral triggers were corrected in
TDA Ibercaja 3; notes margins, PDL mechanism, use of reserve fund
release amounts, triggers switching the priority of payments and
reserve fund amortization triggers were corrected in TDA Ibercaja
4; use of reserve fund release amounts and reserve fund
amortization triggers were corrected in TDA Ibercaja FT-VPO.
List of Affected Ratings
Issuer: TdA Ibercaja 3, Fondo de Titulizacion de Activos
EUR960M A Notes, Downgraded to Baa1 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Remained On Review for Possible
Downgrade
EUR32.5M B Notes, Downgraded to B1 (sf); previously on Nov 23,
2012 Downgraded to Baa2 (sf) and Remained On Review for Possible
Downgrade
EUR7.5M C Notes, Downgraded to Caa1 (sf); previously on Nov 23,
2012 Downgraded to B2 (sf) and Remained On Review for Possible
Downgrade
EUR7M D Notes, Downgraded to Ca (sf); previously on Nov 23, 2012
Downgraded to Caa2 (sf) and Remained On Review for Possible
Downgrade
Issuer: TdA Ibercaja 4, Fondo de Titulizacion de Activos
EUR250M A1 Notes, Downgraded to Baa1 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Remained On Review for Possible
Downgrade
EUR819.4M A2 Notes, Downgraded to Baa1 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Remained On Review for Possible
Downgrade
EUR270.4M A3PAC Notes, Confirmed at A3 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Remained On Review for Possible
Downgrade
EUR14M B Notes, Downgraded to Ba2 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade
EUR28M C Notes, Downgraded to B2 (sf); previously on Nov 23, 2012
Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade
EUR11.2M D Notes, Downgraded to Caa1 (sf); previously on Dec 16,
2011 Baa1 (sf) Placed Under Review for Possible Downgrade
EUR7M E Notes, Downgraded to Caa3 (sf); previously on Dec 16,
2011 Ba1 (sf) Placed Under Review for Possible Downgrade
Issuer: TDA IBERCAJA ICO-FTVPO, FTH
EUR409.5M A (G) Notes, Confirmed at A3 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Remained On Review for Possible
Downgrade
* SPAIN: Fitch Sees Unemployment Peak, Mortgages Delinquencies
--------------------------------------------------------------
Spain's unemployment rate is likely to average 27.5% this year
and next, peaking at 28.5% in Q114, but the lagging impact on the
housing market means mortgage delinquencies will continue to rise
beyond then, according to Fitch Ratings.
The depth of the Spanish recession means unemployment is
increasingly affecting 30-50 year old, higher-educated nationals
on permanent contracts, who are far more likely to own a house.
The jump in the percentage of households with no employed adults
to 16% last year from 14% in 2011 also makes delinquencies more
likely, although Spain is less of an outlier on this measure.
Increasing long-term joblessness (12% of the workforce has been
out of work for a year or more) will also feed through to
mortgage delinquencies because contributory unemployment benefits
expire after two years. The number of people receiving such
benefits has plateaued over the past two years as the long-term
unemployed lose these rights.
"However, we expect unemployment to stabilize below 30% next year
as government measures to support employment take effect and
output contraction comes to an end. A material fall in real
wages, which is likely to be partly attributable to the
government's wage-setting reforms, should also tilt the economy
towards labor retention. An increase in foreign investment, such
as the recently announced initiative to promote German investment
in Spanish SMEs, could also provide some support to employment,
provided the inflows are significant," Fitch says.
Spain's National Reform Programme outlines the government's
strategy to tackle unemployment. Although there is still no sign
of a single contract to tackle labor market duality, the outlined
measures should -- if effectively implemented -- help increase
labor participation and lower the structural rate of unemployment
over the long term. Meanwhile, some provisions, such as a
reduction in employers' social security for hiring young workers,
are intended to tackle the current high unemployment rate.
The slow pace of household deleveraging means Spanish homeowners
will remain exposed to worsening economic conditions for longer
than homeowners in other markets that experienced a housing boom,
such as the US and UK. In Spain household indebtedness was 133%
of disposable income in 2012, down just 7 percentage points from
the peak compared with an average drop of 26 percentage points
from peak levels in the UK and US.
===========
S W E D E N
===========
DOMETIC GROUP: S&P Lowers Corporate Credit Rating to 'CCC+'
-----------------------------------------------------------
Standard & Poor's Ratings Services said it had lowered its long-
term corporate credit rating on Sweden-based leisure-product
maker Dometic Group AB and its subsidiary Dometic Holding AB to
'CCC+' from 'B-'. The outlook is negative.
At the same time, S&P lowered its issue rating on Dometic's
EUR202 million payment-in-kind (PIK) notes to 'CCC-' from 'CCC'.
The recovery rating on these notes is '6', reflecting S&P's
expectation of negligible (0%-10%) recovery in the event of a
payment default.
The downgrade reflects S&P's opinion that given weak operating
results, owing to tough economic conditions in Europe, Dometic's
liquidity will remain tight this year and possibly also in 2014.
S&P considers that the group's overall debt commitments may be
unsustainable in the long term if working capital investments are
not lowered and free cash flow improved.
S&P's economists expect Europe to rebound from its recession by
2014 and show modest 0.8% economic growth. This should help
improve the company's sales and potentially ease the liquidity
situation. S&P is also concerned about covenant headroom under
Dometic's senior term facilities and the risk of a possible
breach in the coming quarters. S&P expects that the company will
be able to make debt payments in May 2013, and under its base-
case scenario, S&P assumes that working capital dynamics will
follow the normal pattern, with solid cash generation in the
second half of the year as working capital is released. If this
does not happen, the company would again most probably need an
equity injection to meet scheduled interest and amortization
payments in late 2013. In November last year, Dometic received
an equity injection of Swedish krona (SEK) 225 million.
Although Dometic's underlying margins have historically proven
fairly resilient against swings in demand and have consequently
been the main supportive rating factor, the group's very high
debt burden makes it sensitive to small changes in profits and
cash flow. Dometic has a total of about SEK1 billion (about
EUR115 million) yearly of interest payments and amortizations,
and about SEK200 million of capital expenditures, as well as
fairly high seasonality in cash flow generation. This compares
with the last 12 months' rolling EBITDA of about SEK1.1 billion,
which indicates very little leeway for the company.
As of March 31, 2013, Dometic had about SEK680 million of cash
and available credit facilities. This provides little headroom
for the company to meet its financial obligations if
profitability or cash flow were to decline further. This,
coupled with S&P's expectation of continued pressures on
operating performance and working capital swings, could trigger a
covenant breach or a liquidity crisis.
In S&P's base-case scenario for 2013, it assumes that Dometic
will continue to face some headwind in its core European market,
which in S&P's view will not be fully offset by a more stable
trend in North America and Asia, or by the group's current
restructuring measures.
The generally depressed European economic environment has led S&P
to conclude that Dometic could report funds from operations (FFO)
of SEK400 million-SEK500 million in 2013 and 2014. This,
combined with the company's high leverage, results in S&P's
forecast of an FFO-to-debt ratio in the mid-single-digit range
and debt to EBITDA of about 9x. Nonetheless, S&P anticipates
positive free operating cash flows for both 2013 and 2014,
although this is primarily dependent on working capital
improvements, which are difficult to predict. S&P have not
factored in any equity injections into its base-case forecasts.
Dometic is a leading manufacturer of comfort products for the
recreational vehicle, automotive, and marine leisure market. In
S&P's view, both Dometic Group and Dometic Holding have "weak"
business risk profiles and "highly leveraged" financial risk
profiles.
The ratings on Dometic are constrained by S&P's view of the
group's high leverage, which S&P believes will keep its credit
measures within the "highly leveraged" category for at least the
medium term.
The negative outlook reflects S&P's opinion that Dometic's
liquidity and headroom under covenants may be under further
pressure if market conditions don't improve as S&P anticipates.
In S&P's base case, it assumes some positive economic growth for
Europe in 2014. An extended recession could cause margins and
cash flow to weaken further, impairing Dometic's credit quality.
Given the tight liquidity, a covenant breach in 2013 could lead
to a downgrade. A negative rating action could also be prompted
by lower-than-anticipated operating cash flows causing further
liquidity pressure and endangering debt service in November 2013
or May 2014. This may result, among other things, from ongoing
weakness in the group's end markets.
S&P could revise the outlook to stable if the company improved
its operating cash flows beyond its expectations, to a level that
showed an improved capacity to cover annual debt amortizations
and maintenance capital investments and sustain the current debt
burden. This would require FFO in excess of SEK600 million and
EBITDA of at least SEK1.2 billion per year, other factors
remaining unchanged. A significant equity injection that
improved the capital structure could also lead to a positive
rating action.
=============
U K R A I N E
=============
UKRAINE MORTGAGE: Fitch Affirms 'B' Rating on Class B Certs
-----------------------------------------------------------
Fitch Ratings has affirmed Ukraine Mortgage Loan Finance No.1
plc, as follows:
Class B (ISIN: XS0285819123): affirmed at 'Bsf'; Outlook Stable;
The transaction comprises a portfolio of USD-denominated mortgage
loans originated by PJSC CB PrivatBank ('B'/Stable/'B').
Key Rating Drivers
Performance Within Expectations
Delinquent loans excluding defaults (which are defined as loans
in arrears by more than three months) showed a stable trend in
the past year. On October 2011, PrivatBank repurchased
approximately USD12m of underperforming assets from the pool for
restructuring purposes, which has improved the performances of
the pool with delinquent loans now standing at 3.2% of current
balance on the April 2013 payment date. Meanwhile, cumulative
defaults as at April 2013 were 4.5% of the initial portfolio.
Robust Excess Spread Levels
Given the risky nature of the market, the loans originated in the
portfolio are fixed with a weighted average interest rate of
11.6%. The interest paid to the noteholders is 5.9%. Given that
the structure is not hedged, this leaves 5.7% of revenue to cover
other senior fees and other expenses generated by the structure,
among which are provisions for defaulted loans. To date, the
period gross excess spread generated by the structure has been
sufficient for provisioning purpose and thus no reserve fund draw
has been reported to date. Given the current pipeline of late-
stage arrears, Fitch expects this to remain the case in the near
future.
Sufficient Credit Enhancement (CE)
Due to repurchases of loans in the portfolio, as well as high
prepayments of loans, the notes in this transaction have de-
levered significantly. As a result, CE on the class B notes has
increased to 66% compared with 9.65% at transaction close. Given
the fully sequential amortization of the notes and a non-
amortizing fully funded reserve fund, Fitch expects a further
build-up of CE on the notes.
Rating Sensitivities
Ratings Capped At Country Ceiling
As the class B notes do not benefit from structural features that
would mitigate the transfer and convertibility risk, the rating
on the notes remains susceptible to both the Issuer Default
Rating of Ukraine ('B'/Stable/'B'), as well as any change in the
Country Ceiling. The rating is capped at the Country Ceiling of
Ukraine ('B').
Currency Devaluation Risk
Although the loans in the portfolio are USD-denominated, the
majority of borrowers generate income in local currency, and thus
depreciation of local currency in relation to USD may put
pressure on the transaction.
===========================
U N I T E D K I N G D O M
===========================
CORNERSTONE 2006-1: S&P Affirms 'D' Ratings on 3 Note Classes
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed and removed from
CreditWatch negative its credit ratings on Cornerstone Titan
2006-1 PLC's class B and C notes. At the same time, S&P has
affirmed its ratings on the class D, E, F, G, H, and J notes, and
has withdrawn its 'A (sf)/Watch Neg' rating on the class A notes.
The rating actions follows S&P'sreview of the underlying loans'
credit quality and the application of our updated criteria for
rating European commercial mortgage-backed securities (CMBS)
transactions.
On Dec. 6, 2012, S&P placed on CreditWatch negative its ratings
on the class A, B, and C notes following the update to its
European CMBS criteria.
Cornerstone Titan 2006-1 is a U.K. CMBS transaction that closed
in July 2006, initially comprising 10 mixed-use loans that Credit
Suisse AG and Capmark Bank Europe PLC originated, which were
secured on 35 properties. Since closing, eight loans have
repaid. The transaction now consists of two Credit Suisse-
originated loans secured on U.K. properties. Both loans are in
special servicing after failing to repay at maturity. The notes'
maturity date falls in April 2015.
Prepayment on the notes has switched to sequential from pro rata.
The class A notes fully repaid after three loans repaid on the
January 2013 interest payment date (IPD).
Losses on the notes are allocated in reverse sequential order.
The Peacock loan has experienced losses, which the cash manager
has applied as net accrued interest (NAI) to the class G, H, and
J notes.
THE LLOYDS CHAMBER LOAN (60% OF THE POOL)
The loan matured in October 2011 and is currently secured on a
single office property in the City of London. The loan has been
transferred to special servicing due to default. The loan's
outstanding balance on the previous IPD was GBP74.0 million for
the senior debt and GBP10.8 million for the junior debt.
The property (17,937 square meters) was completed in 1983, and is
let to AON Holding UK Ltd. (owned by AON Corp.) for a term
expiring in June 2018, with no lease breaks. AON sublets the
building. The current income for the property is GBP7.1 million
per year. There has been no change in the lease or the tenant
profile since closing. The property is located on the eastern
fringe of the City of London.
In S&P's opinion, the property is over-rented. The weighted-
lease term is five years and four months. The special servicer
has confirmed that the property is being marketed for sale.
As of the January 2013 IPD, the securitized loan's reported loan-
to-value (LTV) ratio is 95.23%, and the whole loan's LTV ratio is
106.28%. The ICR has not been reported for the January 2013 IPD.
As of the October 2012 IPD, the securitized loan's interest
coverage ratio (ICR) was 2.16x, and the whole loan's ICR was
1.96x. The ICR ratios improved after the swap agreement expired
at loan maturity, benefiting from low interest rates. The loan
is amortizing through a cash sweep.
In S&P's base case scenario, it expects losses on this loan.
THE ARGOS LOAN (40% OF THE POOL)
The whole loan's balance is GBP56.7 million, of which
GBP49.4 million is securitized. The loan matured in January 2013
and failed to repay. The loan has since been transferred to
special servicing.
As of the January 2013 IPD, the securitized loan's reported LTV
ratio was 76.13%, and the whole loan's reported LTV ratio was
87.32%. The ICR has not been reported for the January 2013 IPD.
The loan is secured on a 661,652 sq. ft. purpose-built
warehouse/distribution center five miles southwest of Bedford,
U.K. The property is let to a single tenant, Argos Ltd., which
is part of the Home Retail Group, one of the U.K.'s leading
retailers. The lease has a remaining term of nine years and 10
months, and is not subject to breaks. The lease is subject to
upward only rent reviews.
The loan's performance has been stable since closing. However,
in S&P's base case scenario, it expects losses on this loan.
RATING ACTIONS
S&P's ratings in Cornerstone Titan 2006-1 address timely payment
of interest, payable quarterly in arrears, and payment of
principal no later than legal final maturity (in April 2015).
Given the approaching legal final maturity date, S&P considers
that this transaction is exposed to refinance risk.
S&P has withdrawn its 'A (sf)/Watch Neg' rating on the class A
notes, as they fully repaid on the January 2013 IPD.
The level of credit enhancement available to the class B and C
notes remains adequate to absorb the calculated losses at the
currently assigned rating levels. It likely to increase due to
the sequential allocation of loan prepayments. However, S&P
considers that there is a risk of a payment default on the note
maturity date, since the transaction has now entered its tail
period. Therefore, S&P has affirmed and removed from CreditWatch
negative its ratings on the class B and C notes.
The class D notes could experience principal losses in higher
stress scenarios, but S&P believes the rating on these notes
remains commensurate with the related refinance risk and leverage
levels for these notes. S&P has therefore affirmed its 'B (sf)'
rating on the class D notes.
S&P anticipates principal losses on the class E and F notes. As
the currently assigned ratings on these notes already reflect the
risk of principal losses, S&P has affirmed its ratings on these
notes.
The cash manager has applied principal losses to the class G, H,
and J notes through an NAI, leading to interest shortfalls. S&P
has therefore affirmed its 'D (sf)' ratings on the class G, H,
and J notes.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Cornerstone Titan 2006-1 PLC
GBP564.266 Million Commercial Mortgage-Backed Floating-Rate Notes
Rating Withdrawn
A NR A (sf)/Watch Neg
Ratings Affirmed and Removed From CreditWatch Negative
B BB+ (sf) BB+ (sf)/Watch Neg
C BB- (sf) BB- (sf)/Watch Neg
Ratings Affirmed
D B (sf)
E B- (sf)
F CCC (sf)
G D (sf)
H D (sf)
J D (sf)
MORTGAGES NO.6: S&P Downgrades Rating on Class E Notes to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Mortgages No. 6 PLC and Mortgages No. 7 PLC.
Specifically, S&P has:
-- Affirmed its ratings on Mortgages No. 6's class A2, B, C,
and D notes;
-- Lowered its rating on Mortgages No. 6's class E notes;
-- Affirmed its ratings on Mortgages No. 7's class A2, B, and
C notes; and
-- Lowered its ratings on Mortgages No. 7's class D and E
notes.
The rating actions follows S&P's review of the transactions'
performance. S&P has applied its U.K. residential mortgage-
backed securities (RMBS) criteria and its 2012 counterparty
criteria. S&P has based its review on loan-level data provided
for January 2013.
MORTGAGES NO. 6
The performance of the loans in Mortgages No. 6's collateral pool
has deteriorated since S&P's May 28, 2012 review. In particular,
90+ days delinquencies have been increasing steadily since
October 2010, rising to 20.62% from 14.40% during the period.
The increase since S&P's previous review has resulted in the
transaction breaching its documented pro rata trigger.
The collateral pool comprises of a high percentage of interest-
only loans (65.21%), which have slowed the pool's deleveraging
due to a generally low prepayment rate and caused a limited
build-up of credit enhancement--particularly for the junior
classes of notes. The pool also comprises 29.25% self-certified
loans and 66.23% remortgaged loans.
S&P's weighted-average foreclosure frequency (WAFF) assumption
has increased slightly due to the increased delinquencies being
mitigated by the increased seasoning of the loans in the pool.
S&P's weighted-average loss severity (WALS) assumption has
remained similar to its previous review due to the relatively
stable U.K. house price index.
Rating WAFF WALS
(%) (%)
AAA 41.38 21.58
AA 37.56 17.55
A 32.81 10.85
BBB 28.27 7.67
BB 25.03 5.77
WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
In S&P's credit and cash flow analysis, it considers the class
A2, B, and C notes to have sufficient available credit
enhancement to achieve higher ratings than those currently
assigned. However, the liquidity facility and bank account
provider (Barclays Bank PLC; A+/Negative/A-1) breached the 'A-1+'
downgrade trigger specified in the transaction documents,
following S&P's lowering of its long- and short-term issuer
credit ratings (ICRs) in November 2011. Because no remedy
actions have been taken since the downgrade, S&P's 2012
counterparty criteria cap the maximum potential rating on the
notes in this transaction to its 'A+' long-term ICR on Barclays
Bank.
Taking into account S&P's view of the transaction's stable
performance since its previous review, and the maximum potential
rating achievable under its 2012 counterparty criteria, it has
affirmed its ratings on the class A2, B, C, and D notes.
S&P has also lowered to 'B- (sf)' from 'BB- (sf)' its rating on
the class E notes based on the results of its cash flow analysis.
In S&P's view, the available credit enhancement and the
transaction's sequential payment structure constrain its rating
on this class of notes.
MORTGAGES NO. 7
The performance of the loans in Mortgages No. 7's collateral pool
has remained relatively stable since S&P's May 28, 2012 review.
However, due to a change in the issuer's interpretation of the
documented reserve fund required amount, the reserve fund has
reduced to GBP5.3 million from GBP7.5 million, reducing the
available credit enhancement within the transaction. This
transaction also has high 90+ days delinquencies (23.38%) and is
consequently paying principal to the notes sequentially.
The pool has a high percentage of interest-only loans (72.79%),
which have slowed the pool's deleveraging due to a generally low
prepayment rate and caused a limited build-up of credit
enhancement--particularly for the junior classes of notes. The
collateral pool also comprises 72.7% self-certified loans and
68.76% remortgaged loans.
S&P's WAFF assumption has decreased due to the decrease in
delinquencies from the previous review and the increased
seasoning of the pool. S&P's WALS assumption has remained
similar to its previous review due to the relatively stable U.K.
house price index.
Rating WAFF WALS
(%) (%)
AAA 44.57 29.82
AA 39.64 25.61
A 34.36 18.06
BBB 30.00 14.14
BB 25.87 11.48
WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
In S&P's credit and cash flow analysis, it considers the class A2
and B notes to have sufficient available credit enhancement to
achieve higher ratings than those currently assigned. However,
they are capped at S&P's 'A+' long-term ICR on Barclays Bank for
counterparty reasons, as is the case for Mortgages No. 6's class
A2, B, and C notes.
Taking into account S&P's view of the transaction's stable
performance since its previous review, and the maximum potential
rating achievable under its 2012 counterparty criteria, S&P has
affirmed its ratings on the class A2, B, and C notes.
However, due to the reduced available credit enhancement from the
reduced reserve fund, S&P's cash flow analysis results have
deteriorated. S&P has therefore lowered its ratings on the class
D and E notes.
Mortgages No. 6 and No. 7 are U.K. nonconforming RMBS
transactions with collateral comprising pools of first-ranking
mortgages over freehold and leasehold owner-occupied properties.
They closed in December 2004 and August 2005 respectively.
RATINGS LIST
Class Rating
To From
Mortgages No. 6 PLC
GBP595.9 Million Mortgage-Backed Floating-Rate Notes
Ratings Affirmed
A2 A+ (sf)
B A+ (sf)
C A+ (sf)
D BBB (sf)
Rating Lowered
E B- (sf) BB- (sf)
Mortgages No. 7 PLC
GBP757.7 Million Mortgage-backed Floating-Rate Notes
Ratings Affirmed
A2 A+ (sf)
B A+ (sf)
C A- (sf)
Ratings Lowered
D BB (sf) BBB- (sf)
E B- (sf) B+ (sf)
SUPERGLASS: Raised More Than GBP12.2-Mil. From Share Placing
------------------------------------------------------------
Dominic Jeff at The Scotsman reports that Superglass
"comfortably" completed its planned share placing on Thursday,
raising more than the GBP12.2 million it needed to stay afloat.
According to the Scotsman, the company, which earlier last week
warned that it would go into administration if it could not
complete its second re-financing in as many years, said it was
issuing GBP12.9 million of new shares in a move that also allows
it to convert about half of its debt into equity.
"We are delighted with the support from investors, with the
placing proceeds comfortably exceeding the minimum required for
the restructuring, which will provide Superglass with a
considerably strengthened and sustainable long-term capital
structure," the Scotsman quotes Chairman John Colley as saying.
As part of the plan to slash its debt and reduce overheads, the
company will now change its listing from the main market to the
junior Aim, the Scotsman notes.
According to the Scotsman, all the measures are subject to
shareholder approval at a meeting on May 20. The firm, as cited
by the Scotsman, said that, if its proposals are not accepted, it
will be in breach of its banking term with Clydesdale Bank and
the group "would enter into some form of formal insolvency
proceedings as soon as practicable following the meeting", with
the existing shares consequently having no value.
The company, which employs about 170 at its factory in the city,
reported a pre-tax loss of GBP2.9 million in the six months to
the end of February, as sales shrank by a fifth in the face of
the on-going construction slump, the Scotsman relates.
The latest deal will see Clydesdale convert GBP5.7 million of
debt into shares, while GBP3 million will be paid off, leaving
the group in a cash positive position, the Scotsman discloses.
Superglass is a Stirling-based insulation maker.
* UK: Company Liquidations in England & Wales Down 15.8% in Q1
--------------------------------------------------------------
Bdaily reports that the number of company liquidations in England
and Wales has decreased to 3,619 in the first quarter of 2013.
The figure represents a 5.3% change on the previous quarter, and
is 15.8% less than the first quarter of 2012, Bdaily notes.
A further 935 corporate insolvencies occurred in Q1 2013,
comprising 236 receiverships, 557 administrations and 142 company
voluntary arrangements, a decrease of 27.5% on the same period
last year, Bdaily discloses.
According to Bdaily, Steve Ross, chair of insolvency trade body
R3 in the North East and partner in the Restructuring department
at RSM Tenon, said: "Today's drop in corporate insolvency could
signal that pressure on businesses may be starting to ease,
supported by R3's research recording fewer distress signs from
business owners. The total number of Company Liquidations in the
first quarter of 2013 has fallen 5.3% from the previous quarter
and 15.8% year on year. Administrations are also down 28.5% year
on year.
"R3's research also indicates that the number of businesses
reporting distress declined significantly this quarter from 54%
in November 2012, to 40% in April 2013. However, growth remains
hesitant and businesses are still facing significant issues.
According to R3's latest research 53% of businesses reported no
signs of growth (for example increased sales or profits).
"Over a third (34%) of north east businesses report that the
biggest problem they currently face is the rising cost of fuel
and utilities, followed by reduced consumer spend (27%).
Concerns over utility bills as well as revenue show that
businesses are being squeezed on both sides.
"While things may not be getting worse, there are still
challenges to overcome."
===============
X X X X X X X X
===============
* Fitch Says Economics of European SME Securitization Not Working
-----------------------------------------------------------------
The market for European SME securitizations remains shut, despite
significant spread contraction, Fitch Ratings says. The main
reason is that securitizations of loans to SMEs, if placed with
investors, are uneconomic from the lenders' perspective.
Investors tend to perform relative pricing when evaluating an
investment. The prevailing view is that SME securitization due to
the lack of liquidity in the market as well as the perceived
additional risk should yield a premium over more liquid reference
RMBS.
The last significant placement in the primary market was Sandown
Gold 2012-1 from Lloyds with a spread of 200bp over Libor for the
'AAA'-rated tranche. The transaction closed in early 2012 and
spreads have tightened significantly since. Based on investor
meetings and roundtable discussions, Fitch estimates that the
minimum primary market spread for 'AAA' rated SME securitizations
would be between 80bp to 100bp over Euribor for core European
jurisdictions in the current environment.
Conversely, loan spreads charged by the lenders range between
1.2% to 2.5%, depending on jurisdiction, but have been increasing
slowly. Surprisingly, the asset spreads in Italy and Spain are at
the lower end of the range.
As a result, for SME securitizations to be economically viable,
either the spreads demanded by investors have to decrease further
or assets spread charged by lenders will have to rise.
An interesting comparison is leveraged loan CLOs, which have
recently seen a revival in Europe. These structures place the
entire capital stack with investors including equity. With a
similar level of credit enhancement as SME CLOs the 'AAA'-spreads
recently priced at 140bp of Euribor. However, asset spreads on
the underlying loans are on average 400bp.
Not surprisingly SME lenders prefer to access ECB liquidity,
which is significantly cheaper compared to selling to investors.
In 2012 Fitch was aware of a total of 27 SME securitization
transactions. All but one were retained for ECB repo and 15 came
from Italy. The total volume of rated notes was around EUR35
billion. The amount of SME loans included in these transactions
totalled around EUR45 billion.
The spread on the rated tranches was around 50bp or lower. This
is significantly below the level demanded by investors,
especially considering the ratings of retained tranches was
typically in the 'A' category. Recent leveraged loan CLOs priced
the 'A' rated tranches in the range of 300bp.
To break the deadlock, Commerzbank recently offered a novel SME
covered bond structure, which was a senior unsecured obligation
of Commerzbank guaranteed by an SPV with cash flows generated by
a portfolio of SME loans. The final pricing of the 'AA' rated
tranche was well inside the senior unsecured funding spread of
Commerzbank.
The pricing suggests that investors did indeed view this product
as a covered bond rather than SME securitization. The recourse to
Commerzbank provides a basis to hedge the risk if the asset
quality of the underlying SME portfolio should deteriorate, an
issue often raised by investors in the context of lacking
liquidity of SME securitizations.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
OBTEC OBTEC DC -17139908.33 134988548.1
OBTEC OBT DC -17139908.33 134988548.1
OBTEC-NEW SHARES OBTECN DC -17139908.33 134988548.1
OBTEC-OLD OBTN DC -17139908.33 134988548.1
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
ROSKILDE BANK ROSK DC -532868894.9 7876688188
ROSKILDE BANK RSKC IX -532868894.9 7876688188
ROSKILDE BANK ROSK EO -532868894.9 7876688188
ROSKILDE BANK RKI GR -532868894.9 7876688188
ROSKILDE BANK ROSKF US -532868894.9 7876688188
ROSKILDE BANK ROSBF US -532868894.9 7876688188
ROSKILDE BANK ROSK EU -532868894.9 7876688188
ROSKILDE BANK ROSK PZ -532868894.9 7876688188
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876688188
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876688188
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876688188
SCANDINAVIAN BRA SBS1 EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 BY -17139908.33 134988548.1
SCANDINAVIAN BRA SBSD PZ -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS DC -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
SCANDINAVIAN BRA SBSC IX -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 EU -17139908.33 134988548.1
SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.29 330011633.6
ADP INGENIERIE S 4519911Z FP -9312265.78 111844575.6
AIR COMMAND SYST 4470055Z FP -24012413.92 236706831.5
AKERYS SERVICES 4685937Z FP -22410493.42 137981683.2
ALCATEL-LUCENT E 3642975Z FP -33252970.32 441703998.1
ALCATEL-LUCENT F 3647063Z FP -794569718.3 4984960531
AL-KHATTIYA LEAS 4783713Z FP -13423803.21 109623566.3
ALUMINIUM PECHIN 3650903Z FP -469114028.7 1322244624
ATOS ORIGIN INTE 4519607Z FP -15552541.61 353365367
AUTOMOBILES CITR 3648863Z FP -298695778.9 1879542934
AUTOROUTES PARIS ARR1 BQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EO -251756893.2 10625026266
AUTOROUTES PARIS RK9 TH -251756893.2 10625026266
AUTOROUTES PARIS ARR EU -251756893.2 10625026266
AUTOROUTES PARIS ARR FP -251756893.2 10625026266
AUTOROUTES PARIS ARRGBX EU -251756893.2 10625026266
AUTOROUTES PARIS ARR IX -251756893.2 10625026266
AUTOROUTES PARIS ARR S1 -251756893.2 10625026266
AUTOROUTES PARIS ARR QM -251756893.2 10625026266
AUTOROUTES PARIS ARR LI -251756893.2 10625026266
AUTOROUTES PARIS ARR TQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EB -251756893.2 10625026266
BELVEDERE - RTS 554451Q FP -256191005.4 927737997.9
BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
BELVEDERE SA BVD EU -256191005.4 927737997.9
BELVEDERE SA BELV FP -256191005.4 927737997.9
BELVEDERE SA BELV NM -256191005.4 927737997.9
BELVEDERE SA BEVD IX -256191005.4 927737997.9
BELVEDERE SA BVD PW -256191005.4 927737997.9
BELVEDERE SA BED GR -256191005.4 927737997.9
BELVEDERE SA BVD EO -256191005.4 927737997.9
BELVEDERE SA BVD S1 -256191005.4 927737997.9
BELVEDERE SA BVDRF US -256191005.4 927737997.9
BELVEDERE SA BED TH -256191005.4 927737997.9
BELVEDERE SA BVD FP -256191005.4 927737997.9
BELVEDERE SA BVD PZ -256191005.4 927737997.9
BELVEDERE SA-NEW BVDNV FP -256191005.4 927737997.9
BELVEDERE SA-NEW 946529Q FP -256191005.4 927737997.9
BELVEDERE SA-NEW 8198283Q FP -256191005.4 927737997.9
BELVEDERE SA-RTS BVDDS FP -256191005.4 927737997.9
BROSTROM TANKERS 3641643Z FP -115599.3207 311104377.9
BUT INTERNATIONA 3648871Z FP -5859572.435 1100621152
CADES 211430Z FP -1.16E+11 23006745556
CARCOOP FRANCE 4690569Z FP -531951.7338 185621693.8
CARNAUDMETALB-N JJNN FP -239071932.4 6870067181
CARNAUDMETALB-N 84433Q FP -239071932.4 6870067181
CARREFOUR HYPERM 3897338Z FP -713257900.6 3939173302
CARRERE GROUP CAR2 EO -9829531.944 279906700
CARRERE GROUP CRRHF US -9829531.944 279906700
CARRERE GROUP CRGP IX -9829531.944 279906700
CARRERE GROUP CAR2 EU -9829531.944 279906700
CARRERE GROUP CARG FP -9829531.944 279906700
CARRERE GROUP CAR FP -9829531.944 279906700
CARRERE GROUP CARF PZ -9829531.944 279906700
CARRERE GROUP XRR GR -9829531.944 279906700
CDISCOUNT SA 4690913Z FP -14710509.37 442569172
CMA CGM AGENCES 4746849Z FP -8208944.552 191538369.1
CO PETROCHIMIQUE 4682369Z FP -111509362.4 364674090.9
CROWN EUROPEAN H 3394476Q LI -239071932.4 6870067181
CROWN EUROPEAN H CAMBF US -239071932.4 6870067181
CROWN EUROPEAN H JJ FP -239071932.4 6870067181
CROWN EUROPEAN H 1049Q LN -239071932.4 6870067181
DESCAMPS SAS 4503139Z FP -2912961.458 104843475.7
DOCTISSIMO 2916489Q EU -1690819.009 135171143.2
DOCTISSIMO 0602303D GR -1690819.009 135171143.2
DOCTISSIMO DOC FP -1690819.009 135171143.2
DOCTISSIMO MDCF PZ -1690819.009 135171143.2
DOCTISSIMO MCOS IX -1690819.009 135171143.2
DOCTISSIMO 2916493Q EO -1690819.009 135171143.2
DOCTISSIMO MDC FP -1690819.009 135171143.2
EADS SECA 4706441Z FP -44481565.35 121822000.7
EDENRED QSV GR -1310250942 5470394799
EDENRED EDEN FP -1310250942 5470394799
EDENRED EDEN QM -1310250942 5470394799
EDENRED QSV TH -1310250942 5470394799
EDENRED EDEN S1 -1310250942 5470394799
EDENRED EDEN TQ -1310250942 5470394799
EDENRED EDENUSD EO -1310250942 5470394799
EDENRED EDNMF US -1310250942 5470394799
EDENRED EDENUSD EU -1310250942 5470394799
EDENRED EDEN EO -1310250942 5470394799
EDENRED EDEN EU -1310250942 5470394799
EDENRED EDEN BQ -1310250942 5470394799
EDENRED EDEN EB -1310250942 5470394799
EDENRED EDEN IX -1310250942 5470394799
EDENRED EDEN PZ -1310250942 5470394799
EDENRED-NEW EDENV FP -1310250942 5470394799
EDF EN OUTRE MER 4679713Z FP -2598508.843 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.43 175501799.4
FACONNABLE SA 226782Z FP -19616230.99 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GEC 4 SAS 4518255Z FP -91410336.97 541462091
GPN SA 4509659Z FP -35080424.69 568887551
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GROUPE MONITEUR 317840Z FP -116707395.4 610106709.3
GROUPE PROGRES S 4734137Z FP -106637565.8 154665494
HIPPO GESTION ET 4732841Z FP -606512.6987 113032204.7
HITACHI EUROPE S 4681417Z FP -9927515.772 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.37 116383810.4
I BASE 757542Z FP -6019481.253 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.49 363058830.9
ITM REGION PARIS 4681817Z FP -49662079.76 124321085.9
JTEKT AUTOMOTIVE 4505819Z FP -25670106.66 171962119.7
JTEKT AUTOMOTIVE 4504595Z FP -17492036.59 163375360
JUNGHEINRICH FIN 4635025Z FP -14429677.13 223424949.4
LAB DOLISOS LADL FP -27752176.19 110485462.4
LAB DOLISOS DOLI FP -27752176.19 110485462.4
MATUSSIERE & FOR MTUSF US -77896689.09 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.09 293868350.8
MEDCOST SA MEDC NM -1690819.009 135171143.2
MEDCOST SA MEDC FP -1690819.009 135171143.2
MEDCOST SA-NEW MDCNV FP -1690819.009 135171143.2
MILLIMAGES 8131905Q FP -1006050.249 113454378.9
MILLIMAGES MIL1 EU -1006050.249 113454378.9
MILLIMAGES MLMG IX -1006050.249 113454378.9
MILLIMAGES MIL1 PZ -1006050.249 113454378.9
MILLIMAGES MIL FP -1006050.249 113454378.9
MILLIMAGES MG6 GR -1006050.249 113454378.9
MILLIMAGES MIL S1 -1006050.249 113454378.9
MILLIMAGES MIL1 EO -1006050.249 113454378.9
MILLIMAGES MLIGF US -1006050.249 113454378.9
MILLIMAGES MILI FP -1006050.249 113454378.9
MILLIMAGES MILF PZ -1006050.249 113454378.9
MILLIMAGES - RTS 0134468D FP -1006050.249 113454378.9
MILLIMAGES-RTS MILDS FP -1006050.249 113454378.9
MILLIMAGES-RTS 760037Q FP -1006050.249 113454378.9
M-REAL ALIZAY SA 4670721Z FP -19839749.29 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863949.8 221936730.6
NESTLE WATERS SU 3634879Z FP -183402272.8 254740466.9
NESTLE WATERS SU 3634887Z FP -11147903.4 186832176.9
NEXANS COPPER FR 4744809Z FP -22662074.82 308626962.2
NEXTIRAONE 500526Z FP -1983210.371 311827703.4
NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
NOVASEP HOLDING 3736443Z FP -217561272.1 476949466.1
NOVELIS FOIL FRA 4678593Z FP -21912360.22 126180343.3
NRJ 12 4681713Z FP -59306529.9 110796872.5
O-I MANUFACTURIN 226230Z FP -101494197.2 1150890693
OROSDI OROS EO -51389802.68 181267113.2
OROSDI OROS FP -51389802.68 181267113.2
OROSDI OROS EU -51389802.68 181267113.2
OROSDI OROS S1 -51389802.68 181267113.2
OROSDI OROS PZ -51389802.68 181267113.2
OROSDI-BACK BACK IX -51389802.68 181267113.2
OROSDI-BACK ORBA FP -51389802.68 181267113.2
OROSDI-RTS ORODS FP -51389802.68 181267113.2
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SOLON SE SOO1 GR -138663225.9 627116116.4
SOLON SE SOO1USD EO -138663225.9 627116116.4
SOLON SE SOO1 TH -138663225.9 627116116.4
SOLON SE SGFRF US -138663225.9 627116116.4
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SOLON SE SOO1 S1 -138663225.9 627116116.4
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SPAR HAND-PFD NV SPA3 GR -442426239.7 1433020961
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TA TRIUMPH-ADLER TTZAF US -124667889.5 375247226.8
TA TRIUMPH-ADLER TWNG IX -124667889.5 375247226.8
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TA TRIUMPH-ADLER 0292922D GR -124667889.5 375247226.8
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TA TRIUMPH-ADLER TWN EO -124667889.5 375247226.8
TA TRIUMPH-A-RTS 1018916Z GR -124667889.5 375247226.8
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TA TRIUMPH-RTS 3158577Q GR -124667889.5 375247226.8
GREECE
------
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T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
T BANK ASPT EO -46224213.41 3486115450
T BANK TBANK EU -46224213.41 3486115450
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T BANK TBANK GA -46224213.41 3486115450
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HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
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IRELAND
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WATERFORD-SUB 3001875Z ID -505729895.2 820803256
ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780368 2277882368
ITALY
-----
AS ROMA SPA ASRO IX -66248672.26 227606539.7
AS ROMA SPA ASR EB -66248672.26 227606539.7
AS ROMA SPA ASR PZ -66248672.26 227606539.7
AS ROMA SPA ASR QM -66248672.26 227606539.7
AS ROMA SPA ASR IX -66248672.26 227606539.7
AS ROMA SPA ASRAF US -66248672.26 227606539.7
AS ROMA SPA ASR EU -66248672.26 227606539.7
AS ROMA SPA ASR BQ -66248672.26 227606539.7
AS ROMA SPA ASR IM -66248672.26 227606539.7
AS ROMA SPA ASR TQ -66248672.26 227606539.7
AS ROMA SPA ASR EO -66248672.26 227606539.7
AS ROMA SPA RO9 GR -66248672.26 227606539.7
AS ROMA SPA-RTS ASRAA IM -66248672.26 227606539.7
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GABETTI SPA GABI IX -11268334.91 224454564
GUERRINO PIVATO 4292565Z IM -41218066.44 397216267.9
I VIAGGI DEL VEN VVE EU -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IM -209436890.3 202705179.9
I VIAGGI DEL VEN VVE TQ -209436890.3 202705179.9
I VIAGGI DEL VEN VVE EO -209436890.3 202705179.9
I VIAGGI DEL VEN VVE PZ -209436890.3 202705179.9
I VIAGGI DEL VEN IVGIF US -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IX -209436890.3 202705179.9
I VIAGGI DEL VEN IV7 GR -209436890.3 202705179.9
I VIAGGI-RTS VVEAA IM -209436890.3 202705179.9
INDUSTRIE FINCUO 4270053Z IM -15676157.12 111118283.9
MAIRE TECNIM-ADR MTRCY US -18172040.27 3401620362
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MAIRE TECNIMONT MT1USD EO -18172040.27 3401620362
MAIRE TECNIMONT MT1 S1 -18172040.27 3401620362
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MAIRE TECNIMONT MT1 TQ -18172040.27 3401620362
MAIRE TECNIMONT MT1 BQ -18172040.27 3401620362
MAIRE TECNIMONT MT1 NQ -18172040.27 3401620362
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OLCESE SPA O IM -12846689.89 179691572.8
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PRAMAC SPA PRAM PZ -87225647.28 314935866.6
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RISANAMENTO -OPA RNOPA IM -182584482.9 2453594767
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RISANAMENTO SPA RNGBX EO -182584482.9 2453594767
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RISANAMENTO SPA RN EO -182584482.9 2453594767
RISANAMENTO SPA RNGBX EU -182584482.9 2453594767
RISANAMENTO SPA RSMNF US -182584482.9 2453594767
RISANAMENTO SPA RN EU -182584482.9 2453594767
RISANAMENTO SPA RN TQ -182584482.9 2453594767
RISANAMENTO SPA RN BQ -182584482.9 2453594767
RISANAMENTO SPA RN IM -182584482.9 2453594767
RISANAMENTO SPA RN5 GR -182584482.9 2453594767
RISANAMENTO SPA RNGBP EO -182584482.9 2453594767
RISANAMENTO-RTS RNAA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXO IM -182584482.9 2453594767
SEAT PAGINE PG1 EB -741904802.3 3755632231
SEAT PAGINE SP7A GR -741904802.3 3755632231
SEAT PAGINE PG1 NQ -741904802.3 3755632231
SEAT PAGINE SP7 GR -741904802.3 3755632231
SEAT PAGINE PG PZ -741904802.3 3755632231
SEAT PAGINE PG1USD EU -741904802.3 3755632231
SEAT PAGINE PG1 QM -741904802.3 3755632231
SEAT PAGINE SEEA LN -741904802.3 3755632231
SEAT PAGINE PG IM -741904802.3 3755632231
SEAT PAGINE 283147Q IM -741904802.3 3755632231
SEAT PAGINE PG VX -741904802.3 3755632231
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SEAT PAGINE SPGMF US -741904802.3 3755632231
SEAT PAGINE PG BQ -741904802.3 3755632231
SEAT PAGINE PG1 NR -741904802.3 3755632231
SEAT PAGINE PG1USD EO -741904802.3 3755632231
SEAT PAGINE PG1GBX EO -741904802.3 3755632231
SEAT PAGINE PG1 TQ -741904802.3 3755632231
SEAT PAGINE PG1GBP EO -741904802.3 3755632231
SEAT PAGINE PG1 EO -741904802.3 3755632231
SEAT PAGINE PG1 EU -741904802.3 3755632231
SEAT PAGINE-ADR SPGMY US -741904802.3 3755632231
SEAT PAGINE-RSP SPGBF US -741904802.3 3755632231
SEAT PAGINE-RSP PGR EO -741904802.3 3755632231
SEAT PAGINE-RSP PGR EU -741904802.3 3755632231
SEAT PAGINE-RSP PGR IX -741904802.3 3755632231
SEAT PAGINE-RSP PGR IM -741904802.3 3755632231
SEAT PAGINE-RSP PGR PZ -741904802.3 3755632231
SEATPG AXA PGAXA IM -741904802.3 3755632231
SNIA BPD SN GR -141933895.2 150445252.4
SNIA BPD-ADR SBPDY US -141933895.2 150445252.4
SNIA SPA SSMLF US -141933895.2 150445252.4
SNIA SPA SIAI IX -141933895.2 150445252.4
SNIA SPA SIAI PZ -141933895.2 150445252.4
SNIA SPA SN EO -141933895.2 150445252.4
SNIA SPA SN IM -141933895.2 150445252.4
SNIA SPA SN EU -141933895.2 150445252.4
SNIA SPA SNIB GR -141933895.2 150445252.4
SNIA SPA SNIXF US -141933895.2 150445252.4
SNIA SPA SBPDF US -141933895.2 150445252.4
SNIA SPA SN TQ -141933895.2 150445252.4
SNIA SPA SNIA GR -141933895.2 150445252.4
SNIA SPA - RTS SNAAW IM -141933895.2 150445252.4
SNIA SPA- RTS SNAXW IM -141933895.2 150445252.4
SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
SNIA SPA-CONV SA SPBDF US -141933895.2 150445252.4
SNIA SPA-DRC SNR00 IM -141933895.2 150445252.4
SNIA SPA-NEW SN00 IM -141933895.2 150445252.4
SNIA SPA-NON CON SPBNF US -141933895.2 150445252.4
SNIA SPA-RCV SNR IM -141933895.2 150445252.4
SNIA SPA-RCV SNIVF US -141933895.2 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933895.2 150445252.4
SNIA SPA-RNC SNRNC IM -141933895.2 150445252.4
SNIA SPA-RNC SNIWF US -141933895.2 150445252.4
SNIA SPA-RTS SNAA IM -141933895.2 150445252.4
SNIA SPA-RTS SNSO IM -141933895.2 150445252.4
SOPAF SPA SPF TQ -24220971.66 153763906.2
SOPAF SPA SPF EU -24220971.66 153763906.2
SOPAF SPA SPF IM -24220971.66 153763906.2
SOPAF SPA SOPAF US -24220971.66 153763906.2
SOPAF SPA SPF PZ -24220971.66 153763906.2
SOPAF SPA SPF BQ -24220971.66 153763906.2
SOPAF SPA SPF QM -24220971.66 153763906.2
SOPAF SPA SPF EB -24220971.66 153763906.2
SOPAF SPA SOCAF US -24220971.66 153763906.2
SOPAF SPA SPF EO -24220971.66 153763906.2
SOPAF SPA SSZ HK Equity -24220971.66 153763906.2
SOPAF SPA SPFI IX -24220971.66 153763906.2
SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
SOPAF SPA-RNC SPFN IM -24220971.66 153763906.2
SOPAF SPA-RNC SOPCF US -24220971.66 153763906.2
SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TISAAW IM -167327246 362728538.3
TISCALI - RTS TIQA GR -167327246 362728538.3
TISCALI SPA TIS TQ -167327246 362728538.3
TISCALI SPA TIS VX -167327246 362728538.3
TISCALI SPA TISGBX EO -167327246 362728538.3
TISCALI SPA TIS EO -167327246 362728538.3
TISCALI SPA TIS EU -167327246 362728538.3
TISCALI SPA TISN FP -167327246 362728538.3
TISCALI SPA TISGBP EO -167327246 362728538.3
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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
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TISCALI SPA TSCXF US -167327246 362728538.3
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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
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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
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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
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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
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AKER FLOATING PR AKFP BY -16100000 765200000
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AKER FLOATING PR AKFP NO -16100000 765200000
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AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
BAKERS AS 4527631Z NO -2100773.812 130412660.1
BKK VARME AS 4445833Z NO -4191315.792 139898061.1
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CIA LA GOMERA AS 4401057Z NO -14188999.46 111542577.2
GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
HEEGH AUTOLINERS 4389209Z NO -13894016.15 253537334.9
HELI-ONE NORWAY 4632761Z NO -27084593.22 759455442.9
ICA NORGE AS 4511499Z NO -132832574.9 702347848.8
INFRATEK ENTREPR 4402489Z NO -33504101.18 160698348.1
INTEROIL EXPLORA IOX NO -21010000 139828992
INTEROIL EXPLORA IOX EO -21010000 139828992
INTEROIL EXPLORA IOX PZ -21010000 139828992
INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
NCC ROADS AS 4401305Z NO -11149611.36 135425117.2
NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO BES EO -208568793.8 658498551.2
NYESA VALORES CO 7NY GR -208568793.8 658498551.2
NYESA VALORES CO BES SM -208568793.8 658498551.2
NYESA VALORES CO BES EU -208568793.8 658498551.2
NYESA VALORES CO BES TQ -208568793.8 658498551.2
PANRICO SAU 1087Z SM -372238069.5 1219319614
PULLMANTUR SA 301590Z SM -74071248.87 168349823.1
RANDSTAD EMPLEO 4285885Z SM -27469291.1 318454508.5
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SOUTHERN CROSS SCHE EB -456945463.9 226544692
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SOUTHERN CROSS SCHEGBP EO -456945463.9 226544692
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SQUARE ENIX LTD 1826770Z LN -223995033.8 278955082.2
SR TECHNICS UK L 2900250Z LN -143296142.1 116171355.3
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STV GROUP PLC STVG VX -44693985.16 126240905.5
STV GROUP PLC STVGGBP EO -44693985.16 126240905.5
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STV GROUP PLC STVG EU -44693985.16 126240905.5
STV GROUP PLC STVG LN -44693985.16 126240905.5
STV GROUP PLC SMG PZ -44693985.16 126240905.5
STV GROUP PLC SMG IX -44693985.16 126240905.5
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SUNDERLAND ASSOC 1274418Z LN -30559441.44 144949782.5
SUNSAIL LTD 1092666Z LN -37047891.81 193976501.7
SUNSEEKER INTERN 820741Z LN -7756394.619 227371284.6
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TATA CMMNCTNS UK 2534722Z LN -43763935.47 114567535.7
TDL INFOMEDIA 3362Z LN -25723860.05 136762955.6
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
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TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
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TELEWEST COMMUNI 1646328Z LN -287113015.3 868389208
TELEWEST COMMUNI 1608194Z LN -113079709.6 9113744374
THALES CORPORATE 1083706Z LN -65658884.46 829798983.7
THALES RAIL SIGN 2812334Z LN -29298137.36 106623580
THALES TELECOMMU 1163839Z LN -5826263.267 245379695.8
THORN EMI PLC THNE FP -2265916257 2950021937
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THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIMES NEWSPAPERS 2343939Z LN -719564696.3 649314828.6
TOPPS TILES PLC TPT8 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJY US -36503224.29 140534295.2
TOPPS TILES PLC TPT EU -36503224.29 140534295.2
TOPPS TILES PLC TPT BQ -36503224.29 140534295.2
TOPPS TILES PLC TPT10 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT2 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT1 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2
TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
TOPPS TILES PLC TPT VX -36503224.29 140534295.2
TOPPS TILES PLC TPT7 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EO -36503224.29 140534295.2
TOPPS TILES PLC TPT5 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT3 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT IX -36503224.29 140534295.2
TOPPS TILES PLC TPT EO -36503224.29 140534295.2
TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT S1 -36503224.29 140534295.2
TOPPS TILES PLC TPT TQ -36503224.29 140534295.2
TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.82 120867289.2
UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7
VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
VIRGIN MOBILE VMOB PO -392165409.3 166070003.7
VIRGIN MOBILE VMOB VX -392165409.3 166070003.7
VIRGIN MOBILE UEM GR -392165409.3 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
WARNER ESTATE WNER PZ -80276070.4 344291592.8
WARNER ESTATE WNEHF US -80276070.4 344291592.8
WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
WARNER ESTATE WNERGBP EO -80276070.4 344291592.8
WARNER ESTATE WNER PO -80276070.4 344291592.8
WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter
A. Chapman, Editors.
Copyright 2013. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *