/raid1/www/Hosts/bankrupt/TCREUR_Public/130528.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 28, 2013, Vol. 14, No. 104
Headlines
A U S T R I A
EUROCONNECT SME 2008: S&P Cuts Rating on Class B2 Notes to CCC+
C Y P R U S
SOLWAY INVESTMENT: S&P Assigns 'B+' Rating; Outlook Negative
SONGA OFFSHORE: S&P Affirms B- Corp. Credit Rating; Outlook Neg.
G E R M A N Y
ATU AUTO-TEILE: S&P Lowers Corporate Credit Rating to 'CCC-'
CONTINENTAL AG: S&P Raises Corp. Credit Rating to 'BB'
QUOKKA FINANCE: S&P Affirms 'B-' Rating on Class E Notes
SAPPI PAPIER: Moody's Affirms 'Ba2' Rating on Sr. Secured Notes
SEMPER FINANCE 2007-1: Fitch Affirms 'B' Rating on Class E Notes
TALISMAN-4 FINANCE: S&P Cuts Ratings on Three Note Classes to D
TALISMAN-7 FINANCE: S&P Lowers Rating on Class H Notes to CCC-
TAURUS CMBS 2007-1: S&P Lowers Rating on Class F Notes to D
WEPA HYGIENEPRODUKTE: Moody's Assigns B1 CFR After Refinancing
WGF: Private Investors Fail to Unseat CEO Pino Sergio
I R E L A N D
CAVENDISH SQUARE: S&P Lowers Rating on Class C Notes to BB
STAGE MEZZANINE 2006: Trust Pact Amendment No Impact on Ratings
VERTICAL ABS 2006-2: Cessation of Posting No Impact on Ratings
I T A L Y
GRUPPO RIVA: Italian Prosecutors Order Seizure of EUR8.1BB Assets
LOCAT SV: S&P Lowers Rating on Class C Notes to CCC
SAFILO SPA: Moody's Lifts CFR to B2; Outlook Remains Positive
K A Z A K H S T A N
ALLIANCE BANK: Fitch Cuts LT Issuer Default Ratings to 'CCC'
TSESNA BANK: S&P Affirms 'B' Counterparty Ratings; Outlook Pos.
L U X E M B O U R G
STAGE MEZZANINE: Fitch Lowers Rating on Class B Notes to 'CC'
M A C E D O N I A
* MACEDONIA: S&P Lowers Sovereign Credit Ratings to 'BB-'
N E T H E R L A N D S
CEVA GROUP: S&P Raises LongTerm Corporate Credit Rating to CCC+
E-MAC NL 2007-IV: S&P Lowers Rating on Class D Notes to BB
NEW WORLD: S&P Lowers Corp. Credit Rating to 'B'; Outlook Stable
OAK LEAF: Moody's Assigns 'Ba3' Rating Following DEMB Offer
R U S S I A
EURASIA DRILLING: Fitch Affirms 'BB' LT Issuer Default Ratings
KHABAROVSKY AIRPORT: S&P Assigns 'B+' CCR; Outlook Stable
MOSENERGO OJSC: Fitch Assigns 'BB+' LT Issuer Default Ratings
S P A I N
BANKINTER 2: Moody's Lowers Rating on EUR27.5M C Notes to 'B1'
BCL MUNICIPIOS 1: Moody's Cuts Rating on EUR60MM B Notes to Ba1
GAT FTGENCAT 2006: Moody's Cuts Rating on EUR13.2MM D Notes to Ca
GC FTPYME 4: S&P Lowers Rating on Class C Notes to 'B+'
INMOBILIARIA COLONIAL: Grupo Villar Mir Mulls Stake Acquisition
OBRASCON HUARTE: Fitch Affirms 'BB-' Senior Unsecured Ratings
RIVOLI PAN: S&P Lowers Rating on Class C Notes to 'B-'
TDA 22: Moody's Lowers Rating on Class C1 Notes to 'Caa2'
T U R K E Y
ING BANK: Fitch Upgrades Viability Rating to 'bb+'
U N I T E D K I N G D O M
AMERICAS DIAMOND: Incurs US$99.6K Net Loss in Year Ended Jan. 31
CO-OPERATIVE BANK: Launches Wide-Ranging Review Into Business
FIRST QUANTUM: Moody's Cuts Senior Notes Rating to 'B2'
HIBU PLC: Creditors Set to Take Control in Debt-for-Equity Plan
LITTLE CHEF: Brand May Disappear, Owners Warn
RMAC 2004-NSP2: Moody's Upgrades Two RMBS Note Classes From Ba1
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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A U S T R I A
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EUROCONNECT SME 2008: S&P Cuts Rating on Class B2 Notes to CCC+
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and removed from
CreditWatch negative its credit ratings on EuroConnect SME 2008
Ltd.'s class A, B, and C notes. At the same time, S&P has
lowered and removed from CreditWatch negative its rating on
UniCredit Bank Austria AG BA-CA's class A2 and B2 credit-linked
notes (CLNs), and UniCredit Bank AG HVB's class A2 and B2 CLNs.
The rating actions follows the application of S&P's updated
European criteria for collateralized loan obligations (CLOs)
backed by small and midsize enterprises (SMEs) and its 2012
counterparty criteria, as well as S&P's assessment of the
transaction's performance using the latest available investor
report and portfolio data from the servicer.
On Jan. 17, 2013, when S&P's updated European SME CLO criteria
became effective, it placed on CreditWatch negative its ratings
on EuroConnect's class A, B, and C notes, and UniCredit Bank
Austria BA-CA's and UniCredit Bank HVB's class A2 and B2 CLNs.
EUROCONNECT SME 2008'S PERFORMANCE
Since S&P's previous review of the transaction on Feb. 23, 2012,
the portfolio has continued to amortize nearly linearly, leading
to a further deleveraging of the capital structure. The pool
factor (the percentage of original principal left to be
distributed) equals 41.87%, and the weighted-average life is 3.96
years. Following the April 2013 interest payment date (IPD), the
senior notional outstanding amount, which is repaid before any
payments to the CLNs, equals 35.08% of its original balance.
Cumulative credit events (defined in the transaction documents as
bankruptcy or failure to pay for 90 days or more) amount to 1.33%
of the combined initial and replenished amount, respectively.
This indicates robust performance against the recessions
experienced in Germany and Austria, and a difficult economic
environment immediately after closing. Cumulative realized
losses increased marginally to 0.18% of the initial portfolio
amount. To date, the periodic available excess spread has
absorbed these losses, leaving the excess spread ledger balance
at its maximum level of EUR4.48 million.
The transaction currently contains EUR42.12 million of defaulted
reference obligations (compared with EUR33.69 million at S&P's
last review). The completion of the workout procedures related
to these loans will likely deplete the excess spread ledger
balance when the quarterly available excess spread is
insufficient to cure the quarterly realized losses.
In addition to the current amount of defaulted reference
obligations, there are EUR39.4 million of loans--representing
3.8% of the current portfolio balance, which S&P has considered
as defaulted in its analysis. These loans are classified as
defaulted on the originator's internal rating scale. To date,
they have not triggered a credit event under the transaction
documents. However, S&P believes they risk triggering further
credit events.
CREDIT ENHANCEMENT[1]
Class Credit enhancement (%)
A 9.97
B 6.42
C 3.89
[1] A total of EUR81.5 million of loans are considered as
defaulted.
UNICREDIT BANK'S HVB SUBPOOL AND UNICREDIT BANK AUSTRIA'S
BA-CA SUBPOOL
The current pool factor of the BA-CA subpool equals about 35.67%,
while for the HVB subpool it stands at 44.78%. Of the total
amount of defaulted reference obligations, EUR14.01 million are
referenced in the BA-CA subpool (equivalent to 4.95% of its
outstanding portfolio amount), and EUR28.12 million are
referenced in the HVB subpool (equivalent to 3.70% of its
outstanding portfolio amount). S&P also notes that an additional
11.23% of loans in the BA-CA subpool are classified as defaulted
on the originator's internal rating scale, as are 1.01% in the
HVB subpool. S&P has therefore considered them as defaulted in
its analysis. Furthermore, the BA-CA subpool continues to
exhibit relatively high levels of obligor concentration, which
has risen further as a result of portfolio amortization. The
largest 10 obligor groups now account for about 34.5% of the BA-
CA subpool. Compared with the BA-CA subpool, the larger HVB
subpool exhibits much lower concentration levels with the largest
10 obligor groups accounting for about 8.4% of the HVB subpool.
At the subpool level, the credit enhancement for the class A2 and
B2 CLNs referencing the distinct BA-CA and HVB subpools has
increased since closing.
CREDIT ENHANCEMENT: BA-CA SUBPOOL
Class Credit enhancement (%)[2]
A2 12.02
B2 8.80
[2] A total of EUR45.8 million are considered as defaulted.
CREDIT ENHANCEMENT: HVB SUBPOOL
Class Credit enhancement (%)[3]
A2 19.79
B2 13.56
[3] A total of EUR35.7 million of loans are considered as
defaulted.
CREDIT ANALYSIS
S&P has applied its updated European SME CLO criteria using its
CDO Evaluator model to determine the 'AAA' scenario default rates
(SDRs) for the overall EuroConnect portfolio, and the BA-CA and
HVB subpools. S&P based its SDR calculations on the weighted-
average life of each of the portfolios. S&P further assumed a
target portfolio rating of 'BB-' for each of the three
portfolios, which S&P derived from three factors:
-- Germany's Banking Industry Country Risk Assessment (BICRA)
of 2 for the HVB subpool;
-- Austria's Banking Industry Country Risk Assessment (BICRA)
of 2 for the BA-CA subpool;
-- The five-year average observed default frequency of each of
the originators' overall SME loan books; and
-- The credit quality of the BA-CA and HVB subpools,
considering the credit quality of UniCredit Bank Austria's
and UniCredit Banks' overall SME loan books, respectively.
S&P has not been provided with sufficient information to enable
it to assess the rank ordering power of each of the originators'
internal scoring systems applicable to the SME segment.
Therefore, S&P assumed that each performing SME loan in the
portfolio had a credit quality that is equal to S&P's average
credit quality assessment of the portfolio.
S&P further derived the rating inputs for the exposure to larger
corporates, which equals 4.7% of the portfolio amount, by mapping
the originators' internal rating scale applicable to larger
corporates to Standard & Poor's rating scale. S&P then used CDO
Evaluator to determine the 'AAA' SDR for each portfolio: 42.60%
for the EuroConnect portfolio, 45.59% for the HVB subpool, and
41.67% for the BA-CA subpool.
In order to determine S&P's 'B' SDR for the EuroConnect portfolio
and the HVB subpool, it has reviewed the historical performance
of the portfolios while considering recent trends. As a result,
S&P's 'B' SDRs for the EuroConnect portfolio and the HVB subpool
are both 5.4%. Furthermore, the SDRs for rating levels between
'B' and 'AAA' are interpolated for both portfolios in accordance
with S&P's European SME CLO criteria.
For the BA-CA subpool, as a result of the portfolio's high
obligor
concentration, S&P has determined the subpool's SDRs at all
rating levels using its CDO Evaluator model. The resulting SDRs
at the rating levels assigned to BA-CA's class A2 and B2 CLNs are
16.20% at a 'B+' rating level and 11.79% at a 'CCC+' rating
level.
RECOVERY RATE ANALYSIS
At each liability rating level, S&P assumed a weighted-average
recovery rate (WARR) by taking into consideration the asset type,
its seniority, and the country recovery grouping.
The portfolios include senior-secured and senior-unsecured loans.
Losses on defaulted loans include enforcement costs and foregone
interest. S&P has taken these factors into account in its
analysis and has consequently determined its recovery assumptions
for the transactions at various rating scenarios.
WARR ASSUMPTIONS
Rating level EuroConnect (%) HVB (%) BA-CA (%)
AAA 22.31 24.08 17.59
AA 25.56 27.44 20.51
A 29.21 31.15 23.99
BBB 33.34 35.41 27.80
BB 41.08 43.70 34.08
B 44.18 46.91 36.85
CCC 44.24 46.97 36.91
S&P applied the recovery rates to the SDRs at each rating level
to calculate the scenario loss rates (SLRs) applicable to each of
the portfolios.
RATING-SPECIFIC SCENARIO LOSS RATES (%)
Rating level EuroConnect (%) HVB (%) BA-CA (%)
AAA 33.09 34.61 34.34
AA 21.83 22.67 27.63
A+ 15.12 15.58 22.86
A 13.24 13.61 22.02
A- 11.36 11.63 20.54
BBB+ 8.04 8.13 18.55
BBB- 6.27 6.28 16.14
BB- 4.37 4.26 11.64
B+ 3.40 3.26 10.23
B 3.03 2.88 9.46
SUPPLEMENTAL TESTS
In line with S&P's European SME CLO criteria, it applied its
largest obligor default test to EuroConnect's class A, B, and C
notes, and to HVB's and BA-CA's class A2 and B2 CLNs.
The application of this test did not constrain S&P's ratings on
EuroConnect's class A, B, and C notes, or its ratings on HVB's
class A2 and B2 CLNs. However, the application of this test did
constrain S&P's ratings on BA-CA's class A2 and B2 CLNs at 'B+
(sf)' and 'CCC+ (sf)' respectively.
The credit enhancement as calculated for EuroConnect's class A,
B, and C notes exceeds the SLRs at 'BBB+', 'BBB-', and 'B+'
rating levels, respectively. S&P has therefore lowered to 'BBB+
(sf)' from 'A (sf)' and removed from CreditWatch negative its
rating on the class A notes, lowered to 'BBB- (sf)' from 'BBB
(sf)' and removed from CreditWatch negative its rating on the
class B notes, and lowered to 'B+ (sf)'from 'BB (sf)' and removed
from CreditWatch negative its rating on the class C notes.
The credit enhancement as calculated for BA-CA's class A2 and B2
CLNs exceeds the SLRs at 'BB-' and 'B-' rating levels,
respectively. However, the application of S&P's largest obligor
default test limits the maximum achievable rating on the class A2
CLNs at 'B+ (sf)', and on the class B2 CLNs at 'CCC+ (sf)'. S&P
has therefore lowered to 'B+ (sf)' from 'BBB+ (sf)' and removed
from CreditWatch its rating on the class A2 CLNs, and lowered to
'CCC+ (sf)' from 'BB+ (sf)', and removed from CreditWatch
negative its rating on the class B2 CLNs.
The credit enhancement as calculated for HVB's class A2 and B2
CLNs exceeds the SLRs at 'A+ (sf)' and 'A- (sf)' rating levels,
respectively. However, the application of S&P's 2012
counterparty criteria limits the maximum achievable rating on the
class A notes at 'A'--the long-term issuer credit rating on both
UniCredit Bank and UniCredit Bank Austria, which are both deposit
providers for the issuance proceeds of the rated notes. S&P has
therefore lowered to 'A (sf)' from 'AA (sf)' and removed from
CreditWatch negative its rating on the class A2 CLNs. At the
same time, S&P has lowered to 'A- (sf)' from 'A (sf)' and removed
from CreditWatch negative its rating on the class B2 CLNs.
EuroConnect SME 2007 is a partially funded synthetic balance
sheet transaction, referencing a portfolio of bank loans granted
to mainly German and Austrian SMEs (90% of the portfolio balance)
and to larger corporates (4.7% of the portfolio balance),
originated by Unicredit Bank and UniCredit Bank Austria. The
transaction closed in September 2008. Subordination and excess
spread provide credit enhancement for the rated notes. The
repayment of the liabilities follows a fully sequential order,
starting with the senior notional amount, followed by the class A
notes (comprising unrated class A1 notes and rated class A2 HVB
and BA-CA CLNs, both ranking pari passu with each other), the
class B notes (comprising unrated class B1 notes and rated class
B2 HVB and BA-CA CLNs, both ranking pari passu with each other),
and EuroConnect's class A, B, C, and D notes.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
EuroConnect SME 2008 Ltd.
EUIR181.75 Million Credit-Linked Floating-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
A BBB+ (sf) A (sf)/Watch Neg
B BBB- (sf) BBB (sf)/Watch Neg
C B+ (sf) BB (sf)/Watch Neg
UniCredit Bank AG
EUR0.2 Million HVB Floating-Rate Credit-Linked Notes
(EuroConnect SME 2008 Ltd.)
Rating Lowered And Removed From CreditWatch Negative
A2 A (sf) AA (sf)/Watch Neg
B2 A- (sf) A (sf)/Watch Neg
UniCredit Bank Austria AG
EUR0.2 Million BA-CA Floating Rate Credit-Linked Notes
(EuroConnect SME 2008 Ltd.)
Ratings Lowered And Removed From CreditWatch Negative
A2 B+ (sf) BBB+ (sf)/Watch Neg
B2 CCC+ (sf) BB+ (sf)/Watch Neg
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C Y P R U S
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SOLWAY INVESTMENT: S&P Assigns 'B+' Rating; Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B+' rating to the
Cyprus-registered metals and mining company Solway Investment
Group Ltd. S&P also assigned a 'B+' rating to Solway Capital
Markets Ltd.'s proposed medium-term note program and a 'B+'
rating to the proposed notes to be issued under the program,
which is guaranteed by Solway.
Solway is a metals and mining company with 2012 EBITDA (as
adjusted by Standard & Poor's) of US$112 million. Its largest
assets include a ferronickel plant in the Ukraine; lead, copper,
zinc, and gold mines in Macedonia; mining assets in Indonesia;
and Fenix, a large brownfield ferronickel project in Guatemala.
Solway also has a large portfolio of real estate and financial
investments in various businesses, mostly in Russia.
The rating reflects S&P's view of Solway's business risk profile
as weak, financial risk profile as aggressive, and liquidity as
less than adequate. The rating on the notes is at the same level
as the issuer credit rating. Although Solway has secured debt
that will rank ahead of the proposed medium-term notes, the share
of priority liabilities in total assets will be below 15% because
the priority debt is amortizing and because Solway is an asset-
rich company with manageable leverage at this stage.
The key constraint on the rating is the company's large
investment in Fenix, which is scheduled to start later in 2013
and which will put pressure on free operating cash flow (FOCF)
and liquidity next year. The total project cost is above $500
million, of which over US$300 million has been already spent.
Solway has no sizable committed lines and a significant part of
its noncore assets held for sale is not very liquid, S&P
understands. S&P views the company's financial policy to be
quite opportunistic, as illustrated by a high US$92 million
dividend paid in 2012 and a further US$102.5 million dividend
accrued on the balance sheet as of year-end 2012. In addition,
Solway is a relatively small player in the highly volatile and
competitive mining and metals industry, with only fair quality of
key assets and exposure to relatively high country risks in the
Ukraine, Indonesia, and Guatemala.
However, the rating is supported by the company's relatively
manageable level of adjusted debt (US$278 million at year-end
2012, adjusted for asset-retirement obligations, off-balance
sheet guarantees, and derivatives), the presence of noncore
assets that can be sold to support liquidity, and a fair degree
of diversification by product and by country, which is quite
unusual for a company of Solway's size.
In 2013, S&P expects Solway's FOCF to be negative, at about
US$200 million, before the second phase of Fenix is commissioned
in early 2014. However, S&P understands that Solway managed to
sell about US$90 million of noncore assets in early 2013 and
expects to sell more, including about US$30 million already
contracted. S&P expects Solway to pay dividends of about $10
million only. Although US$102.5 million is accrued on the balance
sheet, S&P understands from the management and from the
shareholders that no large dividend is likely to be paid before
Fenix is commissioned. S&P expects 2013 EBITDA to be about US$150
million-US$170 million under its standard metal price
assumptions. As a result, S&P expects adjusted debt to EBITDA to
remain at a still comfortable level of below 2x in 2013-2014.
S&P understands that once Fenix is completed, maintenance capital
expenditure will be low. In S&P's view, future deleveraging
prospects will depend on the company's policy regarding any new
large investments and shareholder distributions once FOCF
rebounds to a positive level.
The negative outlook reflects the possibility of a downgrade in
case of liquidity pressures. Such pressures may emerge if Solway
faces difficulties in arranging financing or selling its noncore
assets. Other reasons could include substantial delays, cost
overruns, or working capital pressures at Solway's key investment
project, Fenix, or in case of a large extraordinary dividend.
Risk of a downgrade could also emerge in case of a material
deterioration in the metal industry (for example, very low nickel
prices) or in the business environment in countries where Solway
operates.
S&P could revise the outlook to stable if Solway improves
liquidity by selling assets and/or raising new financing while
avoiding any extraordinary shareholder distributions. The stable
outlook would also require the Fenix project to proceed without
any material delays or cost overruns.
SONGA OFFSHORE: S&P Affirms B- Corp. Credit Rating; Outlook Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B-'
long-term corporate credit rating on Cyprus-domiciled drilling
company Songa Offshore S.E. The outlook is negative.
At the same time, S&P removed the rating from CreditWatch, where
it was placed with negative implications on March 5, 2013.
The affirmation reflects S&P's understanding that Songa is highly
likely to receive a temporary waiver at the bondholder meeting on
June 3, 2013, for breaching its leverage ratio covenant specified
under the bond documentation. The waiver will be effective from
March 31, 2013, when Songa committed the breach, to Sept. 30,
2013, assuming the financing of the first two Cat D rigs is close
to being completed and approved by the bondholders' advisors.
The company has already received firm commitments from the
majority of its bondholders, indicating that the waiver will most
likely be granted.
However, S&P still considers that there is a high risk that Songa
will have another covenant breach, once the waiver has expired.
S&P also perceives Songa's liquidity position to be "weak" under
S&P's criteria, in light of what S&P sees as management's
retroactive rather than proactive response to liquidity risks.
These include waivers obtained after covenant breaches and the
dependency on obtaining external funding for its committed capex
needs.
The rating on Songa continues to reflect S&P's assessment of the
company's "highly leveraged" financial risk profile and "weak"
business risk profile. It is constrained by S&P's assessment of
Songa's "weak" liquidity, highly leveraged balance sheet, and
aggressive growth and funding strategies.
Further risks are the company's presence in the highly cyclical
and competitive offshore drilling industry and S&P's view that
its management and corporate governance is "weak" under its
criteria.
"More positively, we forecast that Songa's operating performance
will improve in the medium term. This is largely because all
five of the company's rigs have been fully operational at full-
day and high utilization rates in the past few weeks, and it has
four Cat D rigs scheduled to be delivered between June 2014 and
May 2015. That said, we estimate that 2013 EBITDA will be
slightly higher than that in 2012--about US$200 million--US$220
million--mainly because the anticipated stronger performance of
the current fleet should offset Songa's sale of the Eclipse rig
in January 2013, assuming that there are no major yard stays or
rig upgrades for the rest of the year," S&P said.
"We estimate that Songa's capital spending will be about
US$170 million in the full-year 2013 (ending Dec. 31, 2013),
before increasing significantly to slightly less than $1 billion
in 2014 and 2015, following delivery of the Cat D rigs. We
understand that Songa is actively discussing funding options for
at least the first two Cat D rigs it has on order. However, we
see a risk that liquidity will become heavily constrained if
Songa is not able to secure committed funding by the end of the
third quarter of 2013," S&P noted.
"We forecast that Songa's Standard & Poor's-adjusted funds from
operations (FFO) to debt will be 10%-15% in full year 2013--
higher than in 2012 (7.2%)--and that adjusted debt to EBITDA will
be about 5.0x for full-year 2013 (7x in 2012). In view of
meaningful contracted capital expenditure (capex) requirements
over the next two years, we do not net any surplus cash from the
company's debt. This is because we believe that capex spending
will use up most of the company's available cash balance. We do,
however, anticipate that Songa's credit ratios will improve
gradually from late 2014, after the first two Cat D rigs have
been delivered. Songa has signed an eight-year contract (plus
options to extend) for the four Cat D rigs with Norway-based oil
and gas producer Statoil ASA," S&P added.
S&P notes that Songa has had substantial management turnover in
the past months. For instance, Songa appointed a new CEO in May
2013, following the unexpected resignation of the previous one in
October 2012. The board composition has also changed since the
beginning of the year, with the appointment of a new chairman and
directors. S&P views this high turnover as a credit risk for the
company's corporate governance. This, together with management's
demonstrated inability to realize its own strategy and
operational plans, is the main contributor to S&P's assessment of
"weak" management and governance at Songa.
The negative outlook reflects S&P's view that there is a risk
that Songa may again breach its financial covenants on or after
Sept. 30, 2013, which, if not properly addressed, could trigger
early repayment on both the bond and the loan. The outlook also
reflects the still-uncertain improvement in operating and
financial performance.
S&P could lower the rating if it believes that the company will
not have in place financing to fund committed capex for the
delivery of the first two Cat D rigs by the end of the third
quarter of 2013. This, however, is not S&P's base case. S&P
could also lower the rating if Songa's operating performance
weakens further; its financial flexibility is constrained; or if
S&P perceives further signs of deterioration in Songa's liquidity
or corporate governance.
S&P could revise the outlook to stable if Songa receives firm
financing for the rigs in a timely manner and regains an adequate
cushion under all of its financial covenants. A revision of the
outlook to stable would also likely depend on S&P's view of
Songa's consistent operating performance prospects being
commensurate with the rating.
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G E R M A N Y
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ATU AUTO-TEILE: S&P Lowers Corporate Credit Rating to 'CCC-'
------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Germany-based auto parts retailer and
integrated workshop operator A.T.U Auto-Teile Unger Handels GmbH
& Co. KG (ATU) to 'CCC-' from 'CCC+' and placed it on CreditWatch
with negative implications.
At the same time, S&P lowered its issue rating on ATU's
EUR450 million senior secured notes due May 2014 to 'CCC-' from
'CCC+'. The recovery rating on these notes is unchanged at '4',
indicating S&P's expectation of average recovery in the 30%-50%
range in the event of a payment default. S&P also placed the
issue rating on CreditWatch with negative implications.
The downgrade follows continued weakening of ATU's liquidity
position. The company reported a low cash balance of
EUR14.6 million on March 31, 2013, down from EUR22.8 million on
Dec. 31, 2012, and had already drawn down EUR30 million of its
EUR45 million revolving credit facility (RCF), which matures in
March 2014 and was previously undrawn. In addition, S&P
understands that the company has since drawn the full
EUR45 million. S&P believes that this diminished liquidity makes
the company vulnerable to non-payment of near-term obligations,
including a coupon payment on its senior secured notes of
EUR25 million due in early June 2013.
The depleted cash position essentially follows ATU's continued
weak performance in its third quarter (ended March 31, 2013) in a
difficult market environment. Some weather effects aggravated
the company's performance, such as winter road conditions that
stretched into late March, pushing back the summer tire switching
season into the current fourth quarter. More specifically, sales
deteriorated by an unprecedented 23% year on year in the third
quarter. Lower volumes and a change in product mix caused the
company's Standard & Poor's adjusted EBITDA to decline
significantly to about EUR93 million (or 8% of revenues) for the
12 months ended March 31, 2013, from EUR127 million (or 10% of
revenues) for the 12 months ended Dec. 31, 2012.
S&P believes that some company sales are likely to shift over
onto the current quarter, enabling ATU to catch up to a degree
after the poor third quarter. Over time, ATU should also see
some benefit from its headcount reductions. Still, the company
will likely have a hard time restoring profitability in the near
term to levels in line with historical performances (such as a
Standard & Poor's-adjusted EBITDA margin of between 11.0% and
12.0%), given the difficult market environment in which ATU
operates.
The CreditWatch placement reflects an at least one-in-two
likelihood that S&P could downgrade ATU to 'CC' or below at the
time of its next review.
S&P aims to resolve the CreditWatch listing within the next 90
days, once it has greater visibility on the company's near-term
liquidity planning and following the next main coupon payment.
S&P could lower the issue and issuer ratings to 'D' if ATU failed
to pay its coupon in June 2013. S&P could lower the rating to
'CC' if the company announced a financial restructuring.
S&P could affirm the ratings and assign a stable outlook if ATU
was able to undertake a timely and sustainable refinancing of its
upcoming debt maturities and improve its debt maturity profile.
Until then, an affirmation or a stable outlook is highly
unlikely.
CONTINENTAL AG: S&P Raises Corp. Credit Rating to 'BB'
------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
corporate credit rating on German automotive supplier Continental
AG to 'BB' from 'BB-'. The outlook is stable.
The upgrade reflects Continental's improved credit metrics and
financial risk profile, particularly as a result of solid free
operating cash flow (FOCF) generation and only modest dividend
payments. As of Dec. 31, 2012, Continental reported debt
coverage ratios in line with S&P's base case, such as funds from
operations (FFO) to debt of 35% and debt to EBITDA of 1.9x.
S&P's base case that further deleveraging will continue from 2013
is unchanged, and was confirmed by Continental's first-quarter
2013 results. For 2013, S&P believes FFO to debt will further
improve to 35%-40% and debt to EBITDA to about 1.8x. S&P' also
envisage further improvements in 2014.
For 2013, S&P expects moderate sales growth of 2%-3% and an
adjusted EBIT margin of about 10%. S&P's forecast is slightly
more cautious than Continental's guidance for 2013 and reflects
S&P's more prudent view of the developments of the global
replacement tire markets, particularly those in Europe. S&P's
base case also foresees FOCF of about EUR800 million in 2013
including the reversal of a positive working capital swing of
EUR0.6 billion from 2012. In view of Continental's recent
dividend payment, S&P expects discretionary cash flow to be
positive in 2013.
S&P has raised its assessment of Continental's stand-alone credit
profile (SACP) to 'bbb' to reflect the improved financial risk
profile. On a stand-alone basis, S&P views Continental's
financial risk profile as "intermediate." The SACP is not a
rating but a rating component that reflects S&P's opinion of a
company's creditworthiness absent any extraordinary intervention
from its parent.
S&P's 'BB' corporate credit rating on Continental remains
dependent on the application of S&P's parent-subsidiary criteria.
Although Continental's bank facility agreements include covenants
protecting creditors and bond indentures that include incurrence
covenants protecting Continental, S&P incorporates the parent
company Schaeffler's influence over Continental's strategic
actions into S&P's rating assessment on Continental.
Schaeffler holds a 49.9% stake in Continental and has four
representatives on its supervisory board. S&P continues to
ncorporate its weaker credit rating on Schaeffler into
Continental's financial risk profile. S&P assess Continental's
financial risk profile as "aggressive" when including
Schaeffler's influence, under S&P's parent-subsidiary criteria.
S&P continues to view Continental's business risk profile as
"satisfactory," underpinned by solid market shares; sustainable
market positions, size, diversity, and technological
capabilities; and an ability to generate above-industry-average
profitability. S&P's management and governance assessment for
Continental is "strong" under its criteria, supported by the
company's comprehensive risk management and strategic planning
processes.
The stable outlook reflects S&P's belief that Continental will
slightly improve its credit profile from 2013, notably its FFO to
debt to 35%-40% and debt to EBITDA to about 1.8x.
However, improved stand-alone credit metrics will not
automatically lead to an upgrade because the rating primarily
reflects Continental's relationship with Schaeffler. S&P could
upgrade Continental if S&P raised its rating on Schaeffler,
although S&P currently do not envisage this. S&P could also
consider raising the rating on Continental if Schaeffler's
influence were to diminish. S&P might consider a negative rating
action if Continental's operating performance were to weaken.
QUOKKA FINANCE: S&P Affirms 'B-' Rating on Class E Notes
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed and removed from
CreditWatch negative its credit ratings on Quokka Finance PLC's
class A, B, C, and D notes. At the same time, S&P has affirmed
its rating on the class E notes.
The rating actions follows S&P's review of the underlying loan's
credit quality by applying its updated European commercial
mortgage-backed securities (CMBS) criteria.
On Dec. 6, 2012, S&P placed its ratings on Quokka Finance's class
A, B, C, and D notes on CreditWatch negative, following the
update to its European CMBS criteria.
Quokka Finance is a secured-loan CMBS transaction backed by 11
loans. The loans are all secured by German multifamily housing
properties. The loans are scheduled to mature in August 2013 and
the notes' final legal maturity is in September 2016.
Note repayments have predominantly benefited the class A
noteholders, with less than 10% applied pro rata to all of the
notes. The servicer reported, in the March 2013 investor report,
that the borrower received EUR89,050 of principal payments as a
mandatory loan repayment following the sale of three properties.
The loan administrator has indicated that the payments were
erroneously allocated entirely to the Class A notes; the
principal payment allocation should have been allocated pro rata
across the five note classes. The cash manager will correct the
payment allocation in the next quarter's distribution.
The original combined loan pool balance was EUR617.5 million and
has paid down to EUR555.5 million.
In March 2013, the servicer reported a weighted-average debt
service coverage ratio of 11.18x, which had increased from 3.6x
in the previous quarter. The calculation includes non-recurring
amounts such as disposal proceeds and cash in the rental income
account. The weighted-average reported loan-to-value (LTV) ratio
for the property portfolio is currently 69.2% (based on an
initial valuation of portfolio). The borrower most recently
valued the property in December 2012 at a total value of EUR1.02
billion (EUR804 per square meter). The servicer has not used
this valuation to calculate the LTV ratio as they did not
instruct it. Therefore, it is not a formal valuation as defined
under the terms of the documents.
PROPERTY PORTFOLIO
The loans are secured by a portfolio of 25,408 residential,
commercial, parking, and other units. Of the property portfolio,
34% (by reported market value) are in Salzgitter, Lower Saxony.
The portfolio's performance has remained stable over the past
year, although maintenance and capital expenditure costs have
remained high. As a result, the overall net rental income for
the property portfolio has decreased. The servicer currently
reports a weighted-average vacancy rate of 13.44%.
RATING RATIONALE
S&P's analysis indicates that the available credit enhancement
for the class A, B, C, and D notes is sufficient to maintain its
current ratings on these classes of notes. S&P has therefore
affirmed and removed from CreditWatch negative its ratings on
these classes of notes.
S&P's analysis, in which it applied its updated European CMBS
Criteria, indicates that under its stress scenarios, the credit
characteristics for the class E notes is commensurate with S&P's
current rating on the notes. S&P has therefore affirmed its 'B-
(sf)' rating on this class of notes.
Quokka Finance is a secured-loan CMBS transaction backed by 11
multifamily housing loans in Germany. The transaction closed in
August 2006 and legal final maturity of the notes is September
2016.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an property-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
Quokka Finance PLC
EUR617.5 Million Secured Floating-Rate Notes
Ratings Affirmed And Removed From CreditWatch Negative
A A+ (sf) A+ (sf)/Watch Neg
B BBB (sf) BBB (sf)/Watch Neg
C BB+ (sf) BB+ (sf)/Watch Neg
D B+ (sf) B+ (sf)/Watch Neg
Rating Affirmed
E B- (sf)
SAPPI PAPIER: Moody's Affirms 'Ba2' Rating on Sr. Secured Notes
---------------------------------------------------------------
Moody's Investors Service changed to stable from positive the
outlook on the Ba3 corporate family rating and Ba3-PD probability
of default rating of Sappi Limited. Concurrently, Moody's has
affirmed these ratings. In addition, Moody's has affirmed the Ba2
rating on the senior secured notes and the B2 rating on the
senior unsecured notes issued by Sappi Papier Holding GmbH.
The key drivers behind the outlook change are (i) the material
decline in Sappi's operating profit during H1 2013 (ending
March), and (2) the ongoing difficult trading conditions in the
European and South African paper markets.
The affirmation of Sappi's ratings reflect (1) Moody's
expectation that the company will be able to maintain financial
ratios in line with a Ba3 CFR as Moody's expects profitability to
recover from Q4 2013 onwards as the group's two chemical
cellulose projects come on stream and (2) Sappi's good liquidity
profile.
Ratings Rationale:
Change of Outlook To Stable From Positive
"Given the decline in its operating profit in the first half of
2013 on the back of challenging trading conditions for paper
products in Europe and South Africa, we have changed the outlook
on Sappi's Ba3 CFR to stable from positive because we do not
expect the company to meet the requirements for a rating upgrade
in the short term," says Anke Rindermann, a Moody's Assistant
Vice President and lead analyst for Sappi. "Even when considering
incremental profitability from Sappi's two chemical cellulose
expansion projects, in our view it will take several quarters for
the company to rebuild headroom in the Ba3 rating category," adds
Ms. Rindermann.
Sappi's results for H1 2013 (ending March) have been materially
weaker than Moody's expectations. This is a result of declining
demand for paper, looming overcapacity and negligible pricing
power in Europe and South Africa, taking a toll on the company's
profitability and cash flow generation. These factors have led to
credit metrics, such as retained cash flow (RCF)/debt at around
12%-13%, that are in line with, but not particularly strong for,
the current rating category. In addition, higher production costs
related to pulp and energy have further contributed to Sappi's
declining profitability in Europe. As a result, the company's
reported EBITDA excluding special items dropped by around 30% to
$290 million and its EBITDA margin to around 10% (from 12.8% in
H1 2012).
The short-term outlook for Sappi's third quarter is bleak, given
that market conditions remain challenging and that the company
will come under further pressure as a result of ramp-up costs
related to its two strategic expansion projects. Therefore,
Moody's expects the company's credit metrics to deteriorate
further in Q3 2013. However, incremental profitability from its
two strategic projects as well as non-recurrence of ramp-up costs
should allow Sappi to post sequentially improving results from Q4
2013 onwards. In addition, significantly lower capex once the two
expansion projects are finalized should lead to positive free
cash flow generation and lower nominal debt levels in 2014.
The stable rating outlook is therefore based on Moody's
expectation that Sappi will retain credit metrics in line with
the requirements for the Ba3 rating, as indicated by EBITDA
margins above 10% and RCF/debt in the low teens in percentage
terms. The inability to turnaround Sappi's performance, and hence
leverage ratios, could lead to increasingly negative pressure on
the company's ratings.
Rating Affirmation
The affirmation of Sappi's ratings reflects Moody's expectation
that the company will be able to maintain financial ratios in
line with a Ba3 CFR, despite difficult trading conditions in the
European and South African paper markets. The rating affirmation
also considers Sappi's good liquidity profile, with the company
holding around EUR400 million of cash on the balance sheet at
March 2013 and benefiting from full availability under its EUR350
million long-term committed revolving credit facility as well as
a ZAR1 billion revolving line. Alongside operating cash flow
generation of approximately EUR350 million for the next 12
months, this should be more than sufficient to cover Sappi's main
liquidity needs, which comprise working cash, capital
expenditure, working capital requirements and limited scheduled
debt maturities.
What Could Change The Rating Up/Down
Upward rating pressure could occur if Sappi improves in its
credit metrics again, as reflected in RCF/debt above 15% and
EBITDA margins above 12%, as well as positive free cash flow
generation. In addition, following recent refinancing activities
over 2012, Moody's would expect to see an improvement in Sappi's
interest coverage, reflected by an EBIT/interest expense ratio
approaching 2.0x, before considering a rating upgrade to Ba2.
The ratings could experience downward pressure over the coming
quarters in case of a further material weakening of profitability
or the inability to sustain current credit metrics, reflected in
EBITDA margins dropping to the single digits in percentage terms,
RCF/debt falling towards the single digits, or EBITDA-
capex/interest expense deteriorating below 1.0x. Also, the rating
could come under pressure in case Sappi makes sizable debt-funded
acquisitions or pays out material amounts of cash to
shareholders.
Principal Methodology
The principal methodology used in this rating was the Global
Paper and Forest Products Industry rating methodology, 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.
Domiciled in Johannesburg, South Africa, and with group sales of
$6.1 billion in the last 12 months ending March 2013, Sappi
Limited is among the leading global producers of coated fine
paper and chemical cellulose. The company has operations across
Europe, southern Africa and North America.
SEMPER FINANCE 2007-1: Fitch Affirms 'B' Rating on Class E Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Semper Finance 2006-1 Ltd.'s senior
swap and class A to E notes and Semper Finance 2007-1 GmbH's
class A1+ to E notes.
Rating Drivers
The affirmation is driven by strong collateral performance,
scheduled amortization and loan repayments. As a result, the
Semper Finance 2006-1 reference pool has reduced in balance to
EUR538.5 million from EUR604.3 million (EUR1.85 billion at
closing) and the Semper Finance 2007-1 pool to EUR294.0 million
from EUR351.4 million (EUR1.00 billion at closing) since July
2012. Credit enhancement available to each class has increased
through sequential repayment. Fitch believes that the risk
profile of both remaining reference pools has stayed largely
stable.
SEMPER FINANCE 2006-1
While the WA (weighted average) vacancy across the reference pool
has remained broadly unchanged since July 2012 at around 7.6% (up
slightly since closing), the WA loan-to-value ratio (LTV) has
fallen to 45.3% from 46.9% (64.7% at closing); and over the same
period, interest coverage has improved to 4.0x from 3.7x (2.7x at
closing). Furthermore, there have been no credit events (defined
as bankruptcy of the relevant borrower or failure to pay) since
the transaction closed in 2006.
SEMPER FINANCE 2007-1
The reported WA LTV has declined slightly to 66% from 67% since
July 2012. The portfolio has also seen an improvement in its WA
vacancy rate to 3.7% from 4.1% (6.9% at closing). At the same
time the, the portfolio's WA debt service coverage ratio (DSCR)
has been stable at around 1.4x.
Despite these improvements, defaulted reference claims on the
reference portfolio have risen slightly to 7.8% from 7.7% of the
pool by loan balance, and are now attributable to 21 loans, down
from 24 a year ago. Fitch believes that the potential losses from
defaulted reference claims are largely offset by the protection
offered by unrated junior classes (EUR27.7 million) and by the
significant portfolio amortization, which increases credit
enhancement and mitigates the risk of collateral
underperformance.
Rating Sensitivities
Should the number of credit events in either reference pool
increase unexpectedly the Outlook on the Semper Finance 2006-1
class E and D notes may be revised or the class E rating of
Semper Finance 2007-1 be downgraded.
The rating actions are:
Semper Finance 2006-1 Ltd.:
EUR48.3m Senior Swap affirmed at 'Asf'; Outlook Stable
EUR0.02m Class A+ (XS0274873941) affirmed at 'Asf'; Outlook
Stable
EUR138.0m Class A (XS0274874246) affirmed at 'Asf'; Outlook
Stable
EUR111.5m Class B (XS0274874592) affirmed at 'Asf'; Outlook
Stable
EUR92.5m Class C (XS0274874832) affirmed at 'Asf'; Outlook Stable
EUR83.0m Class D (ISIN: XS0274875052) affirmed at 'BBB+sf';
Outlook Positive
EUR32.7m Class E (ISIN: XS0274875565) affirmed at 'BB+sf';
Outlook Positive
EUR7.4m Class F (XS0276247748): not rated
EUR25.1m Threshold Amount: not rated
Semper Finance 2007-1 GmbH:
EUR0.05m A1+ (XS0305670647) affirmed at 'Asf'; Outlook Stable
EUR10.0m Class A2 (XS0305670993) affirmed at 'Asf'; Outlook
Stable
EUR51.8m Class B (XS0305671298) affirmed at 'Asf'; Outlook Stable
EUR51.7m Class C (XS0305671454) affirmed at 'BBBsf'; Outlook
Stable
EUR49.1m Class D (XS0305672262) affirmed at 'BBsf'; Outlook
Stable from Negative
EUR20.3m Class E (XS0305672692) affirmed at 'Bsf'; Outlook
Negative
EUR8.7m Class F (XS0305672858): not rated
EUR11.4m Class G (XS0305673070): not rated
EUR7.6m Threshold Amount: not rated
TALISMAN-4 FINANCE: S&P Cuts Ratings on Three Note Classes to D
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Talisman-4 Finance
PLC's class A, B, C, and D notes. At the same time, S&P has
lowered its ratings on the class E, F, and G notes.
The rating actions follow S&P's review of the performance of the
three remaining loans in Talisman-4 Finance. S&P has applied its
updated European commercial mortgage-backed securities (CMBS)
criteria.
On Dec. 6, 2012, S&P placed on CreditWatch negative its ratings
on the class A, B, C, and D notes following the update to its
European CMBS criteria.
There are three loans remaining in the transaction. All three
loans, which mature in July 2013, are currently in default and
recent market valuations indicate that losses are likely to be
realized on each of the loans. S&P notes that at the time of
loan maturity, there will be two years until legal final maturity
of the notes. S&P's analysis considers that this amount of time
could limit the special servicer's ability to maximize
recoveries.
On the January 2013 interest payment date (IPD), the DIV
Dandelion loan was repaid and losses resulted in Principal Amount
Outstanding reduction amounts for the class E, F, and G notes.
On the April 2013 IPD, the DC Properties loan was repaid in full
and funds were applied to reduce the balance on the class A
notes.
DT-12 (49% OF THE POOL)
The DT-12 loan is the largest loan in the transaction. It is
secured by 12 office properties located in Germany. All
properties are fully let to GMG Generalmietgesellschaft mbH (a
Deutsche Telekom subsidiary).
The portfolio has a weighted-average unexpired lease term of 4
years and a 1.67x interest coverage ratio (ICR).
The seven-year loan matures in July 2013 and is cross defaulted
with the Valentine loan. In December 2012, the loan entered
special servicing following a loan-to-value (LTV) ratio breach.
A November 2012 market valuation of EUR132,820,000 reflected an
LTV ratio of 127%.
As a result of the LTV breach, excess cash is being trapped.
According to the April 2013 servicer report, trapped funds
currently total EUR1 million.
S&P assumes losses on this loan in its base case scenario.
BARTHONIA (29% OF THE POOL)
The Barthonia loan is secured by a single property, the Barthonia
Forum, which is located in the Ehrenfeld district of Cologne.
The loan matures in July 2013.
The current securitized loan balance is EUR113.39 million and the
loan features a EUR14.75 million junior ranking B-note.
The servicer has reported a 1.30x ICR and a 111% LTV ratio based
on a March 2013 value of EUR102 million. The estimated
realization price within 12 months is EUR89 million.
The loan was transferred to Special Servicing on 1 February 2011
due to a breach of the LTV Covenant. The income is sufficient to
pay debt service and the special servicer retains all excess
cash, given the LTV covenant breach. The loan has a EUR4.6
million cash balance. The servicer indicates that these funds
will be applied toward capex required at the property.
S&P assumes losses on this loan in its base case scenario.
VALENTINE LOAN (22% OF THE POOL)
This loan is secured by 11 office and retail properties in
Germany. It matures in July 2013 and is cross collateralized
with the DT-12 loan.
The servicer has reported a 126% LTV ratio and a 1.47x ICR, just
below the default covenant of 1.50x. The loan triggered an LTV
breach following the November 2012 valuation of EUR59.3 million.
The loan then entered special servicing and remains in default.
S&P assumes losses on this loan in its base case scenario.
RATING RATIONALE
S&P's ratings in Talisman-4 Finance address timely payment of
interest, payable quarterly in arrears, and payment of principal
not later than the July 2015 legal final maturity date.
"Following our review, we believe that the available credit
enhancement for the class A and B notes is insufficient to
mitigate the risk of losses from the underlying loans at the
current assigned rating levels. We believe that the class C and
D notes are likely to incur principal losses. Taking these
factors into account, we have lowered and removed from
CreditWatch negative our ratings on the class A, B, C, and D
notes. We have lowered to 'D (sf)' our ratings on the class E,
F, and G notes as these notes have incurred principal losses,"
S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an property-backed security as defined
in the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Talisman-4 Finance PLC
EUR739 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered And Removed From CreditWatch Negative
A BBB- (sf) A+ (sf)/Watch Neg
B BB- (sf) A- (sf)/Watch Neg
C B- (sf) BBB (sf)/Watch Neg
D CCC- (sf) BB (sf)/Watch Neg
Ratings Lowered
E D (sf) CCC- (sf)
F D (sf) CCC- (sf)
G D (sf) CCC- (sf)
TALISMAN-7 FINANCE: S&P Lowers Rating on Class H Notes to CCC-
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Talisman-7 Finance
Ltd.'s class A, B, and C notes. At the same time, S&P has
lowered its ratings on the class E, F, G, and H notes and has
affirmed its ratings on the class D, I, and J notes.
The rating actions follows S&P's review of the underlying loans'
credit quality by applying its updated European commercial
mortgage-backed securities (CMBS) criteria.
On Dec. 6, 2012, S&P placed its ratings on the class A, B, and C
notes on CreditWatch negative following the update to its
European CMBS criteria.
Eight of the nine remaining loans are in special servicing. In
S&P's base case scenario, all of the loans are likely to suffer
losses, except for the Bach loan.
THE MOZART LOAN (55% OF THE POOL BALANCE)
The whole loan balance is EUR670.1 million, with the senior loan
being EUR557.6 million and the portion of the senior loan
securitized in this transaction being EUR418.2 million. The loan
was restructured in 2011 and the special servicer extended the
maturity date to April 2015.
The loan is currently secured on 61 German properties (mainly
office). At closing, there were 107 properties. The special
servicer has sold 46 properties since 2010. The portfolio's
reported occupancy is 66.1%, down from 71.3% at closing in June
2007.
Based on an October 2012 EUR460.4 million valuation, the whole
loan loan-to-value (LTV) ratio is 146%.
In S&P's opinion, losses are likely to occur on this loan in its
base case scenario.
THE HAYDN LOAN (9% OF THE POOL BALANCE)
The whole loan and securitized balance is EUR69.7 million. The
loan failed to repay at maturity in January 2012 and the borrower
filed for insolvency in May 2012.
Two offices and one hotel in Germany secure the loan. The
portfolio's current reported occupancy is 53.0%, down from 93.7%
at closing. The EUR3.7 million sale of the hotel, which was
signed in April 2013, is expected to complete in Q2 2013, and the
sale of one of the office properties is ongoing.
Based on a EUR36.1 million December 2012 valuation, the whole
loan LTV ratio is 193%.
In S&P's opinion, losses are likely to occur on this loan in its
base case scenario.
THE WAGNER LOAN (9% OF THE POOL BALANCE)
The whole loan balance is EUR89.7 million, with the securitized
loan being EUR66.8 million. The loan has been in special
servicing since August 2010 and matured in January 2012. The
property is under forced administration and the special servicer
plans to sell the asset in early 2014.
The loan is secured on a 36-building technology park located in
Bergisch-Gladbach, Germany, with a currency occupancy of 73.5%,
down from 100.0% at closing.
Based on a EUR36.3 million December 2012 valuation, the whole
loan LTV ratio is 247%.
In S&P's opinion, losses are likely to occur on this loan in its
base case scenario.
THE BRUCKNER LOAN (7% OF THE POOL BALANCE)
The whole loan and securitized balance is EUR52.7 million. The
loan has been in special servicing since January 2013 after an
LTV ratio breach.
The loan is secured by 36 multifamily properties, mainly located
in eastern Germany. The portfolio's occupancy is 86.9%, which is
in line with 88.5% occupancy at closing.
Based on an August 2012 valuation of EUR44.4 million, the whole
loan LTV ratio is 119%.
In S&P's opinion, losses are likely to occur on this loan in its
base case scenario.
THE HANDEL LOAN (7% OF THE POOL BALANCE)
The whole loan and securitized balance is EUR52.3 million. The
loan failed to repay at its extended maturity date in 2012. A
restructuring agreement was agreed between the borrower and the
special servicer in January 2013 with the aim of selling all of
the properties by January 2015.
Seven properties originally secured the loan, but due to property
sales, the loan is now secured by two office properties and two
residential portfolios in Germany. Occupancy for the remaining
properties is 84.9%, which is in line with the 85.9% occupancy
rate at closing.
The current whole loan LTV ratio is 100%, based on a
EUR52.2 million June 2012 valuation.
In S&P's opinion, losses are likely to occur on this loan in its
base case scenario.
THE BRAHMS LOAN (6% OF THE POOL BALANCE)
The whole loan balance is EUR56.4 million, with the securitized
loan being EUR46.9 million. The loan entered special servicing
in November 2011 following a breach of the LTV ratio covenant and
failed to repay at maturity in January 2012.
One office property in Eschborn, Germany, secures the loan. This
is let predominantly to Ernst & Young with a short remaining 2.5-
year lease term.
The whole loan LTV ratio is 191%, based on a December 2012
EUR29.6 million valuation.
In S&P's opinion, losses are likely to occur on this loan in its
base case scenario.
THE BACH LOAN (6% OF THE POOL BALANCE)
The whole loan balance is EUR65.4 million, with the securitized
loan being EUR44.2 million. The loan entered special servicing
after failing to repay at maturity in January 2012.
The loan is secured by 13 office properties located in mostly
secondary locations in Germany. The portfolio's occupancy has
been at 83.0% since closing. There have been 24 property sales
since closing.
The whole loan LTV ratio is 99%, based on a EUR65.9 million
December 2012 valuation.
In S&P's opinion, full recovery of this loan appears likely in
its base case scenario.
REMAINING LOANS (2% OF THE POOL BALANCE)
The Schubert loan (1% of the pool balance) entered special
servicing in April 2013 after breaching its LTV ratio covenant.
The loan is secured by a single-let office property located in
Chemnitz, Germany.
The Hof loan (1% of the pool balance) breached its LTV ratio
covenant in January 2013 due to an updated valuation. However,
the loan did not enter special servicing because the servicer
considered this event of default to not be material. A car
dealership in central Neuss secures the loan.
In S&P's opinion, full recovery of these loans appear unlikely in
its base case scenario.
RATING ACTIONS
Following S&P's review and the application of its updated
European CMBS criteria, its analysis indicates that the available
credit enhancement for the class A and B notes is insufficient to
absorb the underlying properties' potential losses at the
currently assigned rating levels. Therefore, S&P has lowered and
removed from CreditWatch negative its ratings on the class A and
B notes.
S&P believes that it is highly likely that the class C to J notes
will suffer principal losses under its base case scenario.
For the class C and D notes, principal losses will likely occur
in the medium term. Therefore, S&P has lowered to 'B- (sf)' from
'B+ (sf)' and removed from CreditWatch negative its rating on the
class C notes. S&P has affirmed its 'B- (sf)' rating on the
class D notes as its rating already reflects this risk.
S&P has also lowered its ratings on the class E, F, G, and H
notes by one notch to reflect its view that these classes are
likely to suffer principal losses in the near term. S&P has
affirmed its 'CCC- (sf)' ratings on the class I and J notes
because it considers its ratings on these notes to already
reflect the potential near-term principal losses.
Talisman-7 Finance closed in June 2007 with notes totaling
EUR1.826 billion. The notes have an April 2017 legal final
maturity date and a current balance of EUR766.6 million.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an property-backed security as defined
in the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating Rating
To From
Talisman-7 Finance Ltd.
EUR1.826 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) B+ (sf)/Watch Neg
Ratings Affirmed
D B- (sf)
I CCC- (sf)
J CCC- (sf)
Ratings Lowered
E CCC+ (sf) B- (sf)
F CCC+ (sf) B- (sf)
G CCC (sf) CCC+ (sf)
H CCC- (sf) CCC (sf)
TAURUS CMBS 2007-1: S&P Lowers Rating on Class F Notes to D
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Taurus CMBS (Pan-
Europe) 2007-1 Ltd.'s class A1, A2, B, and C notes. At the same
time, S&P has lowered its ratings on the class D, E, and F notes.
The rating actions follows S&P's review of the credit quality of
the remaining underlying loans under its updated European
commercial mortgage-backed securities (CMBS) criteria.
On Dec. 6, 2012, S&P placed its ratings on the class A1, A2, B,
and C notes on CreditWatch negative, following the update to its
European CMBS criteria.
Taurus CMBS (Pan-Europe) 2007-1 is a pan-European conduit
transaction that closed in August 2007. The transaction is
currently backed by six loans, down from 13 at closing.
FISHMAN JEC LOAN (57.3% OF THE POOL)
The Fishman loan, which matures in July 2014, is the largest loan
in the pool. The securitized loan has an outstanding balance of
EUR134 million. There is no additional debt for this loan.
The property portfolio consisted of 20 properties at closing, and
18 assets now remain. The assets are a mixture of secondary
office, industrial, and retail units. The portfolio is currently
86% let, with about 85% of income coming from investment-grade
tenants, including the French government.
The top five tenants account for 79% of the income, with the
largest tenant accounting for 38% of the income. The weighted-
average unexpired lease term-to-break option is three years and
seven months.
In May 2013, the servicer reported a securitized loan-to-value
(LTV) ratio of 84.9%, based on a December 2012 valuation, and a
securitized interest coverage ratio (ICR) of 1.29x.
HUTLEY LOAN (16.8% OF THE POOL)
Hutley is the second-largest loan in the pool. It has a
securitized balance of EUR39.2 million and matures in July 2014.
The portfolio consists of 11 commercial mixed use properties in
Germany, including offices, retail, industrial, workshops, and
leisure.
The top five tenants account for 64% of the income, with the
largest tenant accounting for 26% of the income. The properties
are currently 81% occupied, with a weighted-average lease term of
five years and 10 months until lease break.
In May 2013, the servicer reported a securitized LTV ratio of
85.8%, based on a December 2010 valuation, and a securitized ICR
of 7.41x.
SATURN LOAN (10.4% OF THE POOL)
Saturn is the third-largest loan in the pool and has a
securitized balance of EUR24.4 million and matures in April 2014.
The loan has an A/B note structure, with the securitized portion
representing approximately 90% of the whole loan.
The loan is secured on a single asset located around a kilometer
from central Frankfurt. It comprises three basement and five
upper floors. It is predominantly used for retail purposes, with
the remaining space consisting of apartments and a small leisure
center.
The largest tenant accounts for 97% of the income. The portfolio
is currently 89% occupied, with a weighted-average lease term of
eight months until lease break.
In May 2013, the servicer reported a securitized LTV ratio of
64.6%, based on a January 2011 valuation, and a securitized ICR
of 7.67x.
REMAINING LOANS (15.6% OF THE POOL)
The three remaining loans account for about 15.6% of the
remaining pool. Four office and industrial properties secure the
loans, situated in Germany and France.
RATING ACTIONS
S&P's ratings on Taurus CMBS (Pan-Europe) 2007-1's notes address
timely interest payments and principal repayments not later than
the February 2020 legal final maturity date.
In S&P's opinion, the available credit enhancement for the class
A1, A2, B, C, and D notes is insufficient to absorb the
calculated losses at their currently assigned rating levels. S&P
has therefore lowered its ratings on these classes of notes. At
the same time S&P has removed from CreditWatch negative its
ratings on the class A1, A2, B, and C notes.
The class E and F notes have experienced losses from previous
interest shortfalls. Subsequently, the interest shortfall on the
class E notes was repaid. S&P has lowered its rating on this
class of notes to 'CCC- (sf)' as it believes this class of notes
remains susceptible to interest shortfalls in the future.
The interest shortfall on the class F notes remains outstanding,
and S&P expects principal losses on this class of notes. S&P has
therefore lowered to 'D (sf)' from 'B- (sf)' its rating on the
class F 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 property-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
Taurus CMBS (Pan-Europe) 2007-1 Ltd.
CHF.1 Million, EUR549.95 Million Commercial Mortgage-Backed
Floating-Rate Notes
Ratings Lowered And Removed From CreditWatch Negative
A1 BB+ (sf) A+ (sf)/Watch Neg
A2 BB- (sf) A (sf)/Watch Neg
B B (sf) BBB (sf)/Watch Neg
C B- (sf) BB- (sf)/Watch Neg
Ratings Lowered
D B- (sf) B (sf)
E CCC- (sf) B- (sf)
F D (sf) B- (sf)
WEPA HYGIENEPRODUKTE: Moody's Assigns B1 CFR After Refinancing
--------------------------------------------------------------
Moody's assigned a definitive B1 corporate family rating and B1-
PD probability of default rating to WEPA Hygieneprodukte GmbH
following the successful execution of the group's refinancing
exercise and review of final credit documentation. Concurrently,
Moody's has assigned a definitive B2 (LGD 4, 66%) rating to the
EUR275 million senior secured notes issued by WEPA. The stable
outlook remains unchanged.
Ratings Rationale:
Moody's definitive ratings are in line with the provisional
ratings assigned on April 29, 2013.
WEPA's B1 CFR is supported by the group's solid market positions
in the production of private label consumer tissue products,
which benefit from stable demand due to the largely non-
discretionary nature of the products. Strong ties with leading
European retailers including joint product development support
WEPA's market position. The group's focus on private label
products is seen as a strength in the currently challenging
macroeconomic environment as it could allow WEPA to gain market
share at the expense of branded products. The rating also
considers the earnings recovery since 2012 and Moody's assumes
that these improvements can largely be sustained on the back of
portfolio optimization measures and improved internal
efficiencies.
On a more negative note, the rating is constrained by the fairly
small scale of WEPA as indicated by sales of about EUR850 million
in 2012 as well as limited geographic diversification. In
addition, the relatively narrow product portfolio and dependency
on a couple of large retailers makes WEPA vulnerable to changes
in these markets. Moody's also cautions that the price
competitive nature of the industry with strong bargaining power
of retailers and susceptibility of profitability to volatile
input costs leave the company exposed to potential margin
volatility. Given these factors, WEPA's leverage is considered
relatively high at this point in time, as evidenced by
Debt/EBITDA as adjusted by Moody's (incl. Off-Balance-Financing)
of 4.7x as of yearend 2012.
Following the refinancing, WEPA's liquidity profile is adequate.
Internal sources include cash on hand of EUR6 million as pro
forma for the refinancing. In addition, Moody's notes that WEPA
has access to a new revolving credit facility amounting to EUR 90
million as well as to a about EUR90 million of
factoring/securitization agreement. These sources should be
sufficient to fund working cash requirements as well as capex
forecasted at around EUR 30 million per year, with the RCF in
place to support seasonal working capital swings. Moody's expects
WEPA to continue to generate positive free cash flows.
Moody's would consider a positive rating action if Moody's
adjusted Debt/EBITDA (incl. Off-balance-financing) were to
decline to materially below 4 times with EBITDA margins around
12% (9.9% per 2012) on a sustained basis and consistently
positive free cash flow generation.
Negative pressure would build should WEPA not be able to achieve
further improvements in profitability, as exemplified by
Debt/EBITDA staying materially above 4.5x on a Moody's adjusted
basis (incl. Off-balance-financing). A negative rating action
could also be triggered by a weakening liquidity profile due to
WEPA incurring material amounts of negative free cash flow and/or
tightening covenant headroom.
The B2 rating assigned to the EUR275 million senior secured notes
is one notch below the group's corporate family rating. The
rating on this instrument reflects its junior ranking behind the
EUR 90 million super senior revolving credit facility (RCF) and
Moody's assumption of preferred treatment of trade payables in a
going concern scenario. The RCF and the senior secured notes
share the same collateral package, consisting of a pledge over
materially all of the group's assets as well as upstream
guarantees from most of the group's operating subsidiaries,
representing more than 85% of aggregate assets and EBITDA.
However, RCF lenders benefit from priority treatment in a default
scenario as their claims will be discharged before any remaining
proceeds will be distributed to the holders of the proposed
senior secured notes.
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.
WEPA Hygieneprodukte GmbH, based in Arnsberg (Germany), is a
leading producer and supplier of tissue paper products in Europe.
The company employs approximately 2,600 staff, which generated
about EUR850 million of sales in 2012.
WGF: Private Investors Fail to Unseat CEO Pino Sergio
----------------------------------------------------
Property Investor Europe reports that private investors in high-
yielding corporate bonds of German privately-held WGF, which
entered voluntary bankruptcy last year, failed to push through
motions at a creditor meeting to unseat CEO and Founder Pino
Sergio.
According to PEI, administrators said Mr. Sergio is needed to
salvage current developments and investments.
WGF is a Dusseldorf private real estate group.
In December 2012, WGF filed for insolvency in the form of debtor-
in-possession -- management remains but under court-appointed
supervision -- after reporting a EUR71 million loss for 2011.
=============
I R E L A N D
=============
CAVENDISH SQUARE: S&P Lowers Rating on Class C Notes to BB
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Cavendish Square Funding PLC's class A2 and C notes. At the same
time, S&P has affirmed its ratings on the class A1-N and B notes.
The rating actions follows S&P's assessment of the transaction's
performance using data from the latest April 30, 2013 monthly
trustee report and the May 13, 2013 payment date report.
From S&P's analysis, it observed that the aggregate performing
collateral balance has decreased to EUR257.6 million from
EUR290.5 million since its April 19, 2012 review. In S&P's view,
this was mainly due to the assets' deleveraging during the
amortization period and, to some extent, due to higher defaults.
Since S&P's April 2012 review, the pool's credit quality has
deteriorated due to negative rating migration. The proportion of
'CCC' rated assets has increased to EUR34.5 million (13.42% of
the pool) from EUR16.2 million (5.62%) as of S&P's previous
review. The portfolio's deterioration has increased the scenario
default rate (SDR) at each rating level. Defaults have also
increased to 5.65% from 4.35%.
Less than 5% of the loans in the pool pay interest less
frequently (biannually) than the notes, which pay quarterly.
Under 4% of the British pound sterling denominated assets are
hedged with an asset swap counterparty. The weighted-average
spread has increased to 144 basis points (bps) from 126 bps since
April 2012. The class C notes' par value is currently 102.63%.
They are therefore now failing the transaction documents' 102.8%
trigger level. In 2012, the class C notes were passing the par
value test, at 103.14%.
"We subjected the capital structure to our cash flow analysis to
determine the break-even default rate (BDR) at each rating level.
In our analysis, we used the reported portfolio balance that we
consider to be performing, the current weighted-average spread,
and the weighted-average recovery rates that we calculated in
accordance with our criteria for rating collateralized debt
obligations (CDOs) of structured finance assets. We applied
various cash flow stress scenarios, using different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category," S&P said.
Overall, although the transaction is overcollateralized compared
with other CDO transactions that S&P rates and the senior notes
are amortizing, the pool's negative rating migration has resulted
in higher SDRs. The class A2 and C notes pass their SDRs at
lower ratings than currently assigned. The class A1-N and B
notes pass their SDRs at the currently assigned rating levels.
S&P has affirmed its ratings on the class A1-N and B notes
because, in its opinion, the results of its credit and cash flow
analysis show that the credit enhancement available to these
notes is commensurate with the currently assigned ratings.
S&P's credit and cash flow analysis of the class A2 and C notes
indicates that the available credit enhancement is commensurate
with lower ratings than previously assigned. This is mainly due
to higher scenario default rates (SDRs) due to the higher
proportion of 'CCC' rated assets and overall negative rating
migration in the pool. S&P has therefore lowered its ratings on
the class A2 and C notes.
Cavendish Square Funding is a cash flow mezzanine structured
finance CDO of pooled structured finance assets. The transaction
closed in February 2006 and is currently amortizing period.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating Rating
To From
Cavendish Square Funding PLC
EUR297.45 Million Secured Floating-Rate Notes Revolving Credit
Facility Secured
Fixed-Rate Notes And Subordinated Notes
Ratings Lowered
A2 BB+ (sf) BBB- (sf)
C BB (sf) BB+ (sf)
Ratings Affirmed
A1-N BBB+ (sf)
B BB+ (sf)
STAGE MEZZANINE 2006: Trust Pact Amendment No Impact on Ratings
---------------------------------------------------------------
Moody's announced that an amendment to the Trust Agreement would
not, in and of itself and as of this time, result in the
downgrade or withdrawal of the rating of notes issued by StaGe
Mezzanine 2006. The amendment would extend the period available
for initiating the disposal of profit participation agreements
which have not been redeemed on the scheduled maturity date from
three months to six months.
Moody's has determined that the amendment, in and of itself and
at this time, will not result in the downgrade or withdrawal of
the notes rating currently assigned to StaGe Mezzanine 2006.
However, Moody's opinion addresses only the credit impact
associated with the proposed amendment, and Moody's is not
expressing any opinion as to whether the amendment has, or could
have, other non-credit related effects that may have a
detrimental impact on the interests of note holders and/or
counterparties.
The last rating action for Stage Mezzanine was taken on
November 1, 2012:
[EUR20M B Notes, Downgraded to Caa3 (sf); previously on Aug 26,
2011 Downgraded to Caa1 (sf)]
The methodologies used in this rating were "Moody's Approach to
Rating CDOs of SMEs in Europe" published in February 2007, and
"Moody's Approach to Rating Collateralized Loan Obligations"
published in June 2011.
Moody's will continue monitoring the ratings. Any change in the
ratings will be publicly disseminated by Moody's through
appropriate media.
VERTICAL ABS 2006-2: Cessation of Posting No Impact on Ratings
--------------------------------------------------------------
Moody's Investors Service determined that cessation of collateral
posting by UBS AG, London Branch as Credit Default Swap
Counterparty under the terms of the credit default swap ISDA
Master Agreement and Schedule entered into between UBS AG, London
Branch and Vertical ABS CDO 2006-2, Ltd. (the "Issuer"), an SF
CDO, dated as of June 30, 2006 will not in and of itself and at
this time result in the withdrawal, reduction or other adverse
action with respect to any current rating by Moody's of any Class
of Notes issued by the Issuer. Moody's does not express an
opinion as to whether the cessation of collateral posting by UBS
AG, London Branch as Credit Default Swap Counterparty could have
non-credit-related effects.
The Agreement governs the entering into Synthetic Securities in
the form of credit default swap transactions under which the
Issuer is a seller of credit protection and acquires a "long"
synthetic exposure to a related Reference Obligation or hedges
such exposure by purchasing credit protection. The Agreement
provides that, following a downgrade whereby the Credit Default
Swap Counterparty no longer has the required ratings set forth in
the Agreement, the Credit Default Swap Counterparty must
implement one of several permitted courses of action. Following a
rating downgrade in late 2008, the Credit Default Swap
Counterparty posted collateral to a dedicated account held with
the Trustee under the terms of the Agreement. Now, the
Counterparty proposes that Moody's determine whether cessation of
collateral posting satisfies the Rating Condition.
In reaching its determination, Moody's considered, among other
factors, the current Moody's ratings of the Notes issued by the
Issuer and the Moody's rating of the Credit Default Swap
Counterparty. The principal methodology used in reaching its
conclusion and in monitoring the ratings of the Notes issued by
the Issuer is "Moody's Approach to Rating SF CDOs", published in
May 2012.
Other methodologies and factors that may have been considered in
the process of rating the Certificates issued by the Issuer can
also be found in the Rating Methodologies sub-directory on
Moody's website. Moody's Investors Service did not receive or
take into account a third-party due diligence report on the
underlying asset or financial instruments related to the
monitoring of the transaction in the past six months.
Moody's will continue monitoring the ratings of the Notes issued
by the Issuer. Any change in the ratings will be publicly
disseminated by Moody's through appropriate media.
On April 24, 2009, Moody's took these rating actions on Notes
issued by Vertical ABS CDO 2006-2, Ltd.:
Class A1, Downgraded to C; previously on 12/16/2008 Downgraded to
Ca
Class A2, Downgraded to C; previously on 12/16/2008 Downgraded to
Ca
Class A3, Downgraded to C; previously on 5/9/2008 Downgraded to
Ca
Class A-S1VF, Downgraded to C; previously on 12/16/2008
Downgraded to Caa3 and remains on Review for Possible Downgrade
=========
I T A L Y
=========
GRUPPO RIVA: Italian Prosecutors Order Seizure of EUR8.1BB Assets
-----------------------------------------------------------------
Alessandra Migliaccio at Bloomberg News reports that Italian
prosecutors ordered the seizure of EUR8.1 billion (US$10.5
billion) of assets belonging to the Riva family, one of Europe's
wealthiest industrial families and owners of Ilva, Europe's
largest steel plant.
According to Bloomberg, spokesmen for Ilva in Taranto, Italy, and
Italian financial police in Rome said a seizure order was issued,
though they declined to give additional details.
Emilio Riva, the chairman of closely held Gruppo Riva SpA, which
controls Ilva, is facing accusations of causing an "environmental
disaster" at the Ilva plant in Taranto, Bloomberg says, citing
court documents. The company has said it's fighting the charges,
Bloomberg relates.
Separately, Italian financial police on May 22 ordered the
seizure of eight trust funds for a total of EUR1.2 billion linked
to a "famous Italian family" operating in the steelmaking
industry, Bloomberg discloses.
As reported by the Troubled Company Reporter-Europe on Jan. 22,
2013, Bloomberg News related that Prime Minister Mario Monti's
government issued a decree in December reopening the Ilva
steelworks plant. The prosecutors have appealed to the country's
Constitutional Court, Bloomberg disclosed. A Riva official, who
declined to be identified because the company's finances are
private, said the company, which has been paying its 12,000
workers since production ceased, is now running out of cash. It
may be forced to close the plant if it can't reach an agreement
with its labor unions, Bloomberg noted. The Riva fortune first
came under threat in July, when Patrizia Todisco, a judge in
Taranto, accused the family of not installing filters and other
safety measures that would have prevented the release of toxins
that induced some kinds of cancer into the air, Bloomberg
recounted. In court documents, Judge Todisco, as cited by
Bloomberg, said the company had not lived up to earlier promises
to clean up its operations. She shut down the plant, Bloomberg
related. Judge Todisco has asked the company to pay EUR3 billion
to clean up the Taranto air, Bloomberg disclosed. A Riva
official said that the company, which is fighting the charges,
has made a counter offer to the court for the environmental clean
up, Bloomberg noted. The closing of the plant, which supplies a
third of the country's steel, has set off a conflict in the city
of 190,000 between the unions, who are worried about job losses,
and the community groups, who are concerned about public health,
Bloomberg noted. It also ignited a fight between Mr. Monti and
Italian prosecutors, who want to keep the plant closed, Bloomberg
said.
Gruppo Riva SpA is Italy's largest steel producer.
LOCAT SV: S&P Lowers Rating on Class C Notes to CCC
---------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Locat SV S.r.l. series 2006's class B and C notes, and affirmed
those on the class A2 notes.
The rating actions follows S&P's credit and cash flow analysis of
the transaction's outstanding collateral.
Locat SV series 2006 is an Italian asset-backed securities (ABS)
transaction that closed in December 2006. Its portfolio
comprises mainly real estate receivables, which account for 94.5%
of the outstanding collateral balance and have a weighted-average
term of 86 months. It is less granular than similar Italian ABS
transactions that S&P rates. Its top lessee represents 1.8% of
the outstanding collateral balance and its top 10 lessees
represent 12.8%.
According to the March 2013 investor report, at the end of the
latest collection period in March 2013, 3.9% of the pool of real
estate leasing receivables had been in arrears for more than 30
days. Considering the high seasoning of the securitized
portfolio (84 months), periodic gross defaults have been
relatively high. On the past four interest payment dates,
approximately 6.9% of the performing portfolio had defaulted. In
2012, the funds available in the priority of payments were not
sufficient to cure defaults, and the principal deficiency ledger
is now EUR37 million. As a result, the transaction is
undercollateralized, as EUR398.7 million of performing principal
backs EUR424.0 million of rated notes.
In S&P's view, the weakening Italian economy is causing the
performance of Italian leasing transactions such as Locat SV's
series 2006 to deteriorate. In light of the transaction's
deteriorating performance, S&P has revised its credit
assumptions--increasing its base-case default assumption to 14.8%
of the outstanding collateral. Under S&P's multiples-based
rating methodology, it assumes that 55.4% and 18.1% of gross
defaults are adequate stresses for 'AA+' and 'BBB-' rating
scenarios.
INTEREST DEFERRAL TRIGGERS
The transaction features an interest-deferral trigger for the
class B and C notes, based on the cumulative net defaults ratio.
S&P defines this ratio as cumulative defaulted receivables, minus
cumulative recoveries on the initial portfolio, plus subsequent
purchases in the revolving period. In March 2013, the cumulative
net defaults ratio reached 5.9%, up from 5.6% in December 2012.
According to the transaction documents, when the net defaults
ratio exceeds 6.5%, the issuer does not pay interest on the class
C notes. It defers interest on the class B notes only if net
defaults ratio exceeds 11.5%. Having the trigger based on the
net cumulative defaults means that an improvement in performance
could reduce the trigger level as cumulative defaults are offset
by recoveries.
CLASS A2 AND B NOTES
Taking into account the available credit enhancement for the
class A2 and B notes, S&P's analysis indicates that these classes
of notes can achieve 'AA+ (sf)' and 'BBB- (sf)' ratings,
respectively. Accordingly, S&P has affirmed its 'AA+ (sf)'
rating on the class A2 notes and downgraded the class B notes to
'BBB- (sf)'. In S&P's 'BBB-' scenario, the risk of the class B
interest trigger being hit is remote.
CLASS C NOTES
S&P considers it more likely that the cumulative net defaults
ratio will reach the 6.5% trigger level in the next 12 months.
Consequently, the issuer is more likely to defer paying interest
on the class C notes. Moreover, the transaction is currently
undercollateralized by EUR25.3 million. In every rating scenario
this represents a threat to the ultimate repayment of principal
on the class C notes. S&P has therefore lowered its rating on
the class C notes to 'CCC (sf)' from 'B+ (sf)'.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating Rating
To From
Locat SV S.r.l.
EUR1.973 Billion Asset-Backed Floating-Rate Notes Series 2006
Ratings Lowered
B BBB- (sf) A- (sf)
C CCC (sf) B+ (sf)
Ratings Affirmed
A AA+ (sf)
SAFILO SPA: Moody's Lifts CFR to B2; Outlook Remains Positive
-------------------------------------------------------------
Moody's Investors Service upgraded Safilo S.p.A.'s corporate
family rating to B2 from B3 and probability of default rating to
B2-PD from B3-PD. The outlook on the ratings remains positive.
Ratings Rationale:
"We have upgraded Safilo's ratings to reflect its success in
weathering the impact of the loss of its license agreement with
Armani and in improving its liquidity profile in recent weeks,"
says Paolo Leschiutta, a Moody's Vice President - Senior Credit
Officer and lead analyst for Safilo. "We recognize that Safilo
has been able to maintain its profitability at satisfactory
levels during 2012 and the first three months of 2013,
notwithstanding the negative impact of the expiry of the license
agreement with Armani and the difficult macroeconomic environment
across key markets," adds Mr. Leschiutta.
In Moody's view, Safilo's fairly stable top line and its current
adjusted EBITA margin of 7.4% as of March 2013 (calculated on a
last-12-months basis) reflect the group's success in compensating
for the loss of the Armani contract with the acquisition of
Polaroid (consolidated into Safilo's accounts since April 2012)
and growth of house brands. These also indicate the group success
in reducing its fixed costs improving its operating leverage.
While Moody's notes that Safilo's 2012 results were helped by the
presence of Armani products within its top line, the
profitability of these products was below their historical level.
Safilo's current credit metrics position strongly the company in
the current rating category. These metrics include debt/EBITDA of
3.5x and retained cash flow (RCF)/net debt of 16.6% as at March
2013 on a last-12-months basis.
This upgrade also reflects Moody's view that Safilo has
strengthened its liquidity profile over recent weeks. In
particular, on May 6, 2013 the group announced the closing of two
new revolving credit facilities for an aggregate amount of EUR100
million. Both facilities are due in June 2015, in line with the
group's pre-existing EUR200 million main revolving credit
facility. Availability under these lines sufficiently covered the
maturity of the group's EUR127 million worth of notes that was
due on May 15, 2013. Although Moody's understands that Safilo has
fully drawn on the EUR200 million revolving facility to repay the
notes, the recently signed EUR100 million of credit lines remain
available to the group.
The rating agency considers these lines to be sufficient to cover
the group's expected working capital needs and its modest amount
of amortizing debt. At the same time, however, Moody's notes that
these facilities are covenanted with an expected step down in
financial covenant requirements at June 2013 which is expected to
reduce headroom though remaining adequate under Moody's base
performance scenario. Furthermore most of the group capital
structure is now due in June 2015, posing some refinancing risk.
The positive outlook on the ratings reflects Moody's view that
Safilo is likely to exhibit a fairly stable operating performance
over the coming months, marking the group's complete exit from
the Armani contract. Success in stabilizing its operating
performance and addressing its refinancing needs comfortably
ahead of scheduled maturity could lead to a further rating
upgrade.
What Could Change The Rating Up/Down
Evidence of sustainability of the current profitability, together
with a proactive management of the company's refinancing needs,
could result in a rating upgrade. Upward rating pressure could
result if the group were able to maintain over time (1) an EBITA
margin above 7%; and (2) a debt/EBITDA ratio below 4.0x on a
sustainable basis.
The ratings could come under negative pressure if Safilo's EBITA
margin were to fall to the mid-single-digit range in percentage
terms, or if its debt/EBITDA ratio were to increase above 5.0x.
Moody's would also consider downgrading the ratings if there were
a deterioration in Safilo's liquidity profile or a negative
development in the group's competitive position.
Principal Methodology
The principal methodology used in rating Safilo was the "Global
Consumer Durables" rating methodology, updated and published in
October 2010.
Headquartered in Padua, Italy, Safilo is a global leading
manufacturer and seller in the premium eyewear sector, offering a
strong portfolio of both owned and licensed brands. The group
sells sunglasses, prescription glasses and sport-specific eyewear
in more than 130 countries. During 2012, Safilo had revenues of
EUR1.174 billion and EBITDA of EUR115.1 million.
===================
K A Z A K H S T A N
===================
ALLIANCE BANK: Fitch Cuts LT Issuer Default Ratings to 'CCC'
------------------------------------------------------------
Fitch Ratings has downgraded Kazakhstan-based JSC Alliance Bank's
Long-Term Issuer Default Ratings (IDRs) to 'CCC' from 'B-'.
KEY RATING DRIVERS - IDRS, SUPPORT RATING, SUPPORT RATING FLOOR
AND SENIOR DEBT
The downgrade of the IDRs, Support Rating Floor and senior debt
rating reflects Fitch's view that a new restructuring of the
bank's debt now appears a real possibility. This view is based on
(i) the plan of the major shareholder, National Wealth Fund
Samruk Kazyna (SK), to sell the bank, (ii) Fitch's understanding
that SK is unlikely to inject capital into Alliance prior to any
sale in order to support the bank's viability; and (iii) the
agency's understanding that regulatory forbearance in respect to
the bank's capitalization is unlikely to be extended beyond the
near term, meaning that a restructuring of the bank is likely if
a buyer is not found in reasonably short order.
The 'CCC' Long-Term IDRs and senior debt rating are based on the
'CCC' Support Rating Floor and remain one notch above the bank's
'cc' Viability Rating. This reflects the limited support benefits
still available to Alliance as a result of its government
ownership, in particular (i) considerable funding made available
to the bank from SK and the National Bank of Kazakhstan (NBK),
(ii) the readiness of SK to support the sale and viability of
Alliance by promoting a merger with the better capitalized
Temirbank (unrated), which is also majority owned by SK, and
(iii) likely continued regulatory forbearance in the near term,
while sale negotiations are ongoing.
The plan to sell Alliance follows an instruction given by
President Nazarbayev at the start of this year that SK should
exit the capital of all three Kazakh restructured banks -
Alliance, Temirbank and BTA Bank ('CCC'/ Rating Watch Positive) -
by end-2013. In Fitch's view, it will likely be challenging to
find a buyer for Alliance due to its weak solvency.
SK has indicated that it may seek to sell Alliance and Temir
together to a single buyer. However, Fitch understands that SK is
unlikely to merge the banks prior to disposal (in order not to
potentially delay the sale process long after the end-2013
deadline), and instead may try to make a subsequent merger a
condition of any sale. Fitch calculates that a merged bank would
be likely to meet minimum regulatory capital requirements (even
after bringing statutory reserves into line with those under
IFRS), making a combined sale of the two banks potentially more
attractive than that of Alliance alone. However, considerable
uncertainty remains as to whether any such sale will go ahead,
given the still weak financial position of any merged bank,
limited overall demand for Kazakh banking assets and considerable
operational hurdles related to necessary approvals from creditors
and minority shareholders of both banks.
In Fitch's view, if SK has not made significant progress towards
a sale by the end-2013 deadline, then it will likely seek to
restore Alliance's solvency through a restructuring of the bank's
liabilities.
KEY RATING DRIVERS - VR
Alliance's 'cc' VR reflects the bank's weak stand-alone financial
strength, including (i) still negative Fitch Core Capital (FCC)
at end-2012, (ii) the high level of impaired non-earning assets
and significant restructured loans, the latter potentially
resulting in further pressure on capital, (iii) weak pre-
impairment profitability, and (iv) increasing refinancing risk.
Alliance's reported Basel I Tier I and total capital adequacy
ratios (CARs) were a low 2.7% and 4.1%, respectively, at end-
Q113, while FCC remained negative due to deduction of deferred
tax assets. At the same time, the bank's regulatory CARs were,
respectively, 13.2% and 18.6%. The difference is primarily
explained by an additional KZT31 billion of loan impairment
reserves in the IFRS accounts, and the KZT22 billion liability
recorded in the IFRS statements on the recovery notes. During
2013, the NBK plans to bring into force a new regulation
requiring banks to align their statutory provisions with those
under IFRS; this will result in Alliance breaching minimum
regulatory capital ratios, which will likely further increase the
urgency of a resolution of the bank.
The persistently high non-performing loans (NPLs; loans more than
90 days overdue; 49% of the portfolio at end-2012 and end-Q113)
reflect minimal recoveries since Alliance's default in 2009.
Reserve coverage of NPLs was a reasonable 85% at end-2012 (84% at
end-Q113). Restructured loans were a significant 24% of gross
loans at end-2012, but Fitch is informed that some of these are
already classified as NPLs, making it difficult to assess the
extent of any potential further pressure on capital from these
exposures. Moreover, the quality of the bank's unsecured consumer
loans (the main source of recent growth) has weakened, with
consumer NPL origination equal to 9% of the average performing
portfolio in 2012 and 11% (annualized) in Q113.
Core profitability was weak in 2012, in particular due to strong
inflow of quite expensive retail deposits, which were the main
driver of a 38% reduction in net interest income. As a result,
Alliance reported a KZT4.3 billion net pre-impairment loss for
2012, although the bank achieved marginally positive pre-
impairment profit (KZT0.2 billion) in Q113 due to earning assets
growth and the higher coupon yield on SK bonds.
Alliance's liquidity position remains fragile in view of upcoming
external debt principal repayments of USD74 million in 2014,
USD148 million in 2015, USD148 million in 2016 and USD103 million
in 2017 (all figures net of bonds repurchased by the bank).
USD419 million of liquid assets at end-Q113, including USD112
million of cash and deposits and USD307 million of repoable SK
and sovereign bonds, covered these repayments by 88%. Alliance
also had USD1 billion of loans maturing in less than 12 months at
end-2012, suggesting that additional liquidity could be generated
through a slowdown in issuance of new consumer loans, although
this would further undermine profitability.
RATING SENSITIVITIES
The IDRs could ultimately be downgraded to 'RD' and the VR to 'f'
if SK fails to find a buyer for Alliance and announces that it
will seek to resolve the bank through a restructuring of its
liabilities. The IDRs could also be downgraded if the bank is
sold to a weak new shareholder without measures being taken to
strengthen the bank's capitalization by either SK or the new
owner.
The ratings could stabilize at their current levels, or be
moderately upgraded, if the bank's capitalization is strengthened
as a result of the sale and/or merger process.
KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT
The 'C' subordinated debt rating is notched down from the bank's
VR. The 'RR6' Recovery Rating reflects weak recovery prospects in
case of default.
The rating actions are:
Long-Term foreign currency IDR downgraded to 'CCC' from 'B-'
Short-Term foreign currency IDR downgraded to 'C' from 'B'
Long-Term local currency IDR downgraded to 'CCC' from 'B-'
Viability Rating affirmed at 'cc'
Support Rating affirmed at 5
Support Rating Floor revised to 'CCC' from 'B-'
Senior debt rating downgraded to 'CCC' from 'B-'; Recovery Rating
at RR4
Subordinated debt rating downgraded to 'C' from 'CC'; Recovery
Rating at RR6
TSESNA BANK: S&P Affirms 'B' Counterparty Ratings; Outlook Pos.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Kazakhstan-based Tsesna Bank to positive from stable
and affirmed its 'B' long- and short-term counterparty credit
ratings. At the same time, S&P raised its Kazakhstan national
scale rating on the bank to 'kzBBB-' from 'kzBB+'.
The rating actions reflect S&P's view that Tsesna Bank's systemic
importance in the Kazakhstan banking system has been increasing.
Over the past three years, Tsesna Bank has improved its overall
market position to No. 7 among Kazakhstan's 38 commercial banks
by assets, with a market share of 4.5% as of April 1, 2013. It
is currently the seventh largest domestic bank by retail
deposits, and the sixth largest by net loans and corporate
deposits, including those of many flagship state-owned companies.
In both net loans and corporate deposits, Tsesna Bank holds a 6%
market share.
In S&P's view, Tsesna Bank's increasing leadership role in the
Kazakh banking sector is reflected in its active participation in
Business Road Map 2020, the government's development program for
the Kazakh economy. As of April 1, 2013, Tsesna Bank was fourth
among domestic banks in terms of total volume of approved loan
applications under the program.
Although the bank has a notable position in a national context,
S&P views it as having a particularly strong position in Central
and Northern Kazakhstan, a region that includes the capital city,
Astana. As the only bank in the top 10 headquartered in Astana,
Tsesna Bank benefits from a 19% market share in retail deposits
in the capital and a 12% market share in retail term deposits in
north and central Kazakhstan. Astana's growth rates have been
the highest in the country, and an increasing number of large
Kazakh companies are moving there from Almaty.
These factors, in S&P's view, are signs that Tsesna Bank is
becoming increasingly important to the Kazakh banking system.
S&P also considers that the bank has solid prospects to further
improve its market position. As a result, over the next 12
months Tsesna Bank's systemic importance, under S&P's criteria,
could improve to moderate from low currently. In S&P's view, it
would then have a moderate likelihood of receiving extraordinary
support from the government if needed. S&P considers that the
likelihood of government support may increase if the bank were to
achieve a demonstrably solid franchise that is positioned for
long-term success.
The ratings reflect S&P's view of Tsesna Bank's better asset
quality and profitability than its domestic peers, and its stable
deposit-based funding profile. Less supportive features include
its weak capitalization, as measured by S&P's risk-adjusted-
capital (RAC) ratio, our expectation of rising credit costs in
the rapidly growing loan portfolio, and high lending and deposit
concentrations.
The positive outlook reflects S&P's view that Tsesna Bank's
franchise has grown in importance in the Kazakh banking sector
over the past three years, as shown by an increased market share
and maintenance of a strong position in northern and central
Kazakhstan, including the capital Astana. It also reflects S&P's
expectations that Tsesna Bank's asset quality will not worsen
materially and its liquidity will likely stay at current levels.
S&P could raise the ratings if the bank demonstrated evidence of
genuine franchise strength arising from its rapidly expanding
asset base and it also maintains capitalization with a sufficient
margin above the minimum regulatory levels. The increase and
maintenance of S&P's projected RAC ratio (before adjustments for
diversification) to well over 5%, supported by higher shareholder
capital injections, higher retained earnings, or lower growth
targets than currently planned would also be positive for the
rating. However, such an increase in our RAC ratio is not S&P's
base-case scenario.
S&P could take a negative rating action if aggressive loan growth
resumed or if it saw a material deterioration of asset quality.
These factors could materially weaken capitalization or lead S&P
to adjust its assessment of the bank's exposure to unexpected
losses.
===================
L U X E M B O U R G
===================
STAGE MEZZANINE: Fitch Lowers Rating on Class B Notes to 'CC'
-------------------------------------------------------------
Fitch Ratings has downgraded StaGe Mezzanine Societe en
Commandite Simple's class B notes, due December 2013, as follows:
-- EUR2.69m class B notes (ISIN: XS0258004190): downgraded to
'CCsf' from 'CCCsf'; assigned a Recovery Estimate (RE) of 50%
KEY RATING DRIVERS
The downgrade reflects Fitch's view of a high level of default
risk on the note.
The transaction's scheduled maturity was reached in December
2012. Although the available funds were sufficient to redeem the
senior class A notes, they were not sufficient to fully redeem
the class B notes. If the class B notes are not fully repaid
until the legal final maturity in December 2013, they will
default.
According to the investor report as of March 2013, there are five
companies which could make some payments on their loan agreements
to the SPV. Fitch regards these companies as defaulted on their
loan agreements as they were not able to repay the outstanding
debt on the scheduled maturity date.
Given the junior and unsecured debt associated with these loan
agreements, the agency expects no recoveries until the legal
final maturity. However, the agency received an indication from
the portfolio manager that some of these companies may make
payments on their loan agreements as a result of bilateral
negotiations. Additionally, a bidding process for the outstanding
loan agreements will commence by beginning of July 2013. This may
also result in additional cash to the SPV. If this happens, the
current class B note balance may be further reduced. However,
there is no certainty that class B notes will be fully repaid by
the legal final maturity.
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 assigned a Recovery Estimate (RE) to the class B note. REs
are forward-looking, taking into account Fitch's expectations for
principal repayments on a distressed structured finance security.
The transaction is a cash securitization of subordinated loans to
German medium-sized enterprises arranged and monitored by
Portigon AG (formerly WestLB AG) ('A+'/'F1+'/Stable). The
portfolio companies were selected by the issuer based on
recommendations of Deloitte & Touche Corporate Finance GmbH
acting as financial advisor to the issuer.
=================
M A C E D O N I A
=================
* MACEDONIA: S&P Lowers Sovereign Credit Ratings to 'BB-'
---------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
foreign and local currency sovereign credit ratings on the
Republic of Macedonia to 'BB-' from 'BB'. S&P also affirmed its
'B' short-term ratings on Macedonia. The outlook is stable.
At the same time, S&P revised down its transfer and
convertibility assessment to 'BB' from 'BB+'.
The downgrade reflects S&P's view of Macedonia's less predictable
growth and fiscal policy outcomes owing to:
-- Regional economic pressures;
-- Constrained foreign parents of domestic banks;
-- Difficulties in managing government arrears; and
-- Recent increases in public capital expenditure on non-
productive assets.
Consequently, S&P has revised down its expectation of annual
average Macedonian GDP growth over 2013-2015 to 2%, or less than
half of average growth before the 2008-2009 financial crisis.
This growth rate is unlikely to generate the job creation
required to markedly reduce Macedonia's reported 31% unemployment
rate, and raises questions about the viability of the current
policy mix.
"We anticipate that the Macedonian economy will expand at close
to 1% in 2013, with public spending providing most of the
impetus, following a 0.3% contraction in 2012. In our opinion,
poor external demand will dampen Macedonia's net exports, taking
into account that about 60% of Macedonia's exports are directed
to the EU. At the same time, we believe that constrained
domestic credit conditions will limit private investment. We
anticipate the current account deficit will widen to over 6% of
GDP in 2014 from an estimated 5% in 2013 and will be financed by
external debt accumulation, foreign direct investment inflows,
and some moderate drawdowns in foreign currency reserves," S&P
said.
In S&P's view, political institutions are increasingly weakened
by inadequate checks and balances. This appears to be raising
the hidden costs of public investment. S&P anticipates that
investment in non-productive assets will weigh on Macedonia's
potential growth prospects. S&P sees the business environment as
friendly to large foreign investors, but less encouraging to
domestic small and midsize enterprises.
"Between September 2012 and February 2013, the government
contracted external debt in part to pay down accumulated arrears
and refund value added taxes to corporate entities. In our
opinion, there is a risk of budgetary revenue shortfalls during
the remainder of 2013, and consequently further accumulation of
government arrears later in the year, especially if there are
expenditure overruns (Macedonia reports government finances on a
cash basis whereas Standard & Poor's assessment is on an accrual
basis). We expect general government debt to rise to 37% of GDP
by the end of 2016 from about 34% currently. We further expect
general government guarantees to increase from the current 4.7%
of GDP in the same period," S&P added.
Macedonia has been an EU candidate since 2005. A dispute with
Greece over its constitutional name has hampered progress on EU
entry talks. In December 2012, members of opposition parties
were ousted from parliament following a debate over increased
government borrowing. The European Commission has requested a
Committee of Inquiry to be formed to report on this
confrontation. S&P believes this further complicates Macedonia's
prospects of eventual EU accession.
The Macedonian banking system is largely funded by domestic
deposits and appears well capitalized (the reported capital
adequacy ratio averaged 17.1% in December 2012). Two of the
three banks that S&P views as systemically important in the
domestic banking sector have weak foreign parents, however,
exposing these subsidiaries to parent-level disruptions.
Stopanska Banka AD's parent is Greece-based National Bank of
Greece S.A. and NLB Tutunska Banka AD's parent is Slovenia-based
Nova Ljubljanska banka. Loan growth in Macedonia decelerated to
5% in 2012, versus 31% on average between 2005 and 2008,
contributing to weakening GDP growth. In S&P's opinion, the
Macedonian regulatory and supervisory framework has appropriate
policies in place to address liquidity risks associated with
potential withdrawals by parent banks.
The stable outlook balances S&P's view of Macedonia's structural
and monetary rigidities and vulnerabilities to external shocks
against its relatively low external and fiscal indebtedness. S&P
could raise the ratings if reforms directed toward higher growth,
were matched with increasing effectiveness and accountability of
public institutions. On the other hand, S&P could lower the
ratings if a weakening of growth, compounded by continuing
government capital expenditure on non-productive assets, led to
rising public and private debt.
=====================
N E T H E R L A N D S
=====================
CEVA GROUP: S&P Raises LongTerm Corporate Credit Rating to CCC+
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit rating on Netherlands-based integrated
logistics services provider CEVA Group PLC (CEVA) to 'CCC+' from
'SD' (selective default).
At the same time, S&P assigned its issue rating of 'CCC+' to
CEVA's new first-lien secured notes due 2018. The recovery
rating on these notes is '4', indicating S&P's expectation of
average (30%-50%) recovery prospects in the event of a payment
default.
In addition, S&P raised its issue rating on CEVA's existing
first-lien senior secured debt to 'CCC+' from 'CC'. S&P revised
its recovery rating on this debt downward to '4' from '3',
indicating its expectation of average (30%-50%) recovery
prospects in the event of a payment default.
S&P also raised its issue ratings on CEVA's 1.5-lien secured
notes due 2016 and senior unsecured notes due 2014 to 'CCC-' from
'C'. S&P revised its recovery rating on these notes downward to
'6' from '5', indicating its expectation of negligible (0%-10%)
recovery prospects in the event of a payment default.
Finally, S&P raised its issue rating on CEVA's junior-priority
senior secured notes due 2018 and senior unsecured notes due 2020
to 'CCC-' from 'D' (default). S&P revised its recovery rating on
these notes downward to '6' from '5', indicating its expectation
of negligible (0%-10%) recovery prospects in the event of a
payment default.
The rating actions follow S&P's review of CEVA's business and
financial risk profiles following the company's financial
restructuring. S&P had previously downgraded the group to 'SD'
on April 5, 2013. At that time, S&P lowered the ratings to 'SD'
because CEVA had missed its scheduled interest payment due on
April 1, 2013, on its EUR532 million of then-outstanding 11.5%
junior-priority senior secured notes due 2018 and EUR470 million
of then-outstanding 12.75% senior unsecured notes due 2020.
On May 2, 2013, CEVA completed a recapitalization, which included
debt-for-equity swaps, EUR165 million of equity from new
shareholders, and access to additional liquidity of up to
EUR65 million.
S&P understands that the holders of CEVA's former junior-priority
and unsecured debt exchanged about EUR1,050 million of the debt
for equity-like instruments of CEVA Holdings, CEVA's new parent
company. S&P further understands that CEVA Holdings released
junior-priority debt and received a like amount of payment-in-
kind (PIK) notes, and also released all the unsecured debt. This
has supported CEVA's balance sheet by reducing gross debt by
about EUR525 million and converting a further EUR538 million of
debt into an intercompany PIK loan to CEVA Holdings. S&P treats
this intercompany PIK loan as debt.
In S&P's opinion, CEVA's capital structure remains highly
leveraged and it sees risks associated with the company's
liquidity position. S&P believes that CEVA will find it
challenging to materially improve its free cash flow generation
in the current difficult market conditions, despite the recent
recapitalization reducing the company's cash interest costs by
approximately EUR130 million in 2013.
In S&P's view, following the capital restructuring, CEVA's
liquidity is sufficient for it to meet its financing needs over
the next 12 months.
S&P could raise the rating on CEVA if we believe that its ongoing
restructuring programs will lead to a sustainable improvement in
absolute profitability; and that it could achieve break-even free
cash flow, while maintaining sufficient liquidity for its
financing needs.
S&P believes that rating downside is most likely to arise if
liquidity weakens materially, for example, because of greater
negative free operating cash flow than it currently forecasts.
This could stem from further deterioration in the global supply
chain industry or excessive capex. S&P could also lower the
rating if CEVA announces another distressed debt exchange as part
of another refinancing and recapitalization.
E-MAC NL 2007-IV: S&P Lowers Rating on Class D Notes to BB
----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in E-MAC NL 2006-II B.V. (E-MAC 2006-II), E-MAC Program
B.V. Compartment NL 2006-III (E-MAC 2006-III), and E-MAC Program
II B.V. Compartment NL 2007-IV (E-MAC 2007-IV).
Specifically, S&P has:
-- Affirmed its ratings on E-MAC 2006-II's class A, B, C, D,
and E notes;
-- Affirmed its ratings on E-MAC 2006-III's class A2, B, C, D,
and E notes;
-- Lowered its ratings on E-MAC 2007-IV's class A, B, and D
notes; and
-- Affirmed its rating on E-MAC 2007-IV's class C notes.
The rating actions follows S&P's performance review, its credit
and cash flow analysis using information from the servicer (as of
January 2013), and the application of its Dutch residential
mortgage-backed securities (RMBS) criteria.
With the exception of E-MAC 2006-III, arrears in these
transactions increased in 2012. This reflects the overall
deteriorating performance of E-MAC transactions, in which 90+
days delinquencies are higher than those in S&P's Dutch RMBS
index.
E-MAC 2006-II and E-MAC 2006-III's reserve funds are amortizing.
E-MAC 2007-IV's reserve fund has amortized to the required level
under the transaction documents.
A key factor in S&P's analysis is the decline in Dutch house
prices, which S&P believes has been most significant over the
past nine months. S&P's calculations show that the weighted-
average indexed loan-to-value (LTV) ratio has increased for all
three transactions since its previous full credit and cash flow
review in October 2011.
S&P has incorporated the Dutch house price decline into its
analysis, which has consequently increased its weighted-average
foreclosure frequency (WAFF) and weighted-average loss severity
(WALS) assumptions for all three transactions.
E-MAC NL 2006-II, 2006-III, and 2007-IV are backed by Dutch
residential mortgages originated by GMAC RFC Nederland B.V.,
which stopped originating Dutch mortgage loans in 2008. CMIS
Nederland B.V. is the current servicer of all E-MAC NL
transactions.
E-MAC 2006-II
Since S&P's October 2011 review, the available credit enhancement
has increased for the class A, B, and C notes. However, the
available credit enhancement for the class D notes has remained
the same at 0.40% due to the amortizing reserve fund.
"Since our previous review, 90+ days arrears have decreased to
0.59% from 0.80%. However, total arrears have increased by 11
basis points (bps) to 1.13%. The slight decrease in severe
arrears has not been sufficient to reduce the required credit
coverage at each rating level in our analysis. This is due to
the Dutch house price declines observed in 2012. Nevertheless,
the available credit enhancement for the class A, B, C, D, and E
notes is commensurate with the assigned rating levels. We have
therefore affirmed our ratings on E-MAC 2006-II's class A, B, C,
D, and E notes," S&P said.
S&P's ratings on the notes in this transaction are constrained by
its long-term issuer credit rating (ICR) on The Royal Bank of
Scotland (RBS; A/Stable/A-1) as the liquidity facility and
guaranteed investment contract (GIC) provider. This is because
the documentation does not comply with S&P's 2012 counterparty
criteria. Therefore, S&P's 2012 counterparty criteria cap at 'A
(sf)' the maximum potential ratings in this transaction to
reflect its 'A' long-term ICR on RBS.
Rating WAFF (%) WALS (%)
AAA 12.67 24.34
AA 10.11 21.13
A 7.40 16.84
BBB 4.64 14.29
BB 3.33 10.56
E-MAC 2006-III
Since S&P's previous review, the available credit enhancement for
the class A2, B, and C notes has increased slightly, but has
remained at 0.40% for the class D notes due to the amortizing
reserve fund.
Since S&P's previous review, total arrears have increased by
0.28% to 1.5%, of which 0.96% are 90+ days delinquent. This
increase in arrears, combined with the observed Dutch house price
declines, has resulted in an increase in the required credit
coverage at each rating level. However, the available credit
enhancement at each rating level is sufficient to mitigate S&P's
increased WAFF and WALS assumptions. S&P has therefore affirmed
its ratings on E-MAC 2006-III's A2, B, C, D, and E notes.
S&P's ratings on the class A2 and B notes are constrained by its
long-term ICRs on Credit Suisse AG (A+/Negative/A-1) as swap
provider, and Cooperatieve Centrale Raiffeisen-Boerenleenbank
B.A. (Rabobank Nederland; AA-/Stable/A-1+) as the transaction
account and liquidity facility provider.
Rating WAFF (%) WALS (%)
AAA 16.68 34.88
AA 13.07 31.43
A 9.22 26.59
BBB 6.08 23.52
BB 4.28 18.66
E-MAC 2007-IV
Since S&P's previous review, the available credit enhancement for
all classes of notes has increased. The reserve fund is
currently at its required level of 0.4% of the closing balance.
Delinquencies of more than 90 days have increased by 0.40% to
1.16% and total arrears are just below 2.00%, representing the
largest deterioration that S&P has seen in all three
transactions.
E-MAC 2007-IV's class A and B notes have sufficient credit
enhancement to pass S&P's cash flow stress tests above their
current rating levels. However, S&P's ratings on these classes
of notes are constrained by its long-term ICR on Rabobank
Nederland as the GIC and liquidity facility provider. On Nov.
16, 2012, S&P lowered its long-term ICR on Rabobank Nederland.
Following this rating action, S&P should have lowered its ratings
on E-MAC 2007-IV's class A and B notes within three months.
However, S&P did not lower its ratings at that time. S&P has
corrected the error arising from this delay by lowering to 'AA-
(sf)' from 'AA (sf)' its ratings on the class A and B notes,
which is in line with S&P's long-term ICR on Rabobank Nederland.
This correction does not affect S&P's ratings in any of the other
transactions that it has reviewed.
In addition, S&P has affirmed its 'A (sf)' rating on the class C
notes and has lowered to 'BB (sf)' from 'BB+ (sf)' its rating on
the class D notes based on the results of S&P's cash flow
analysis. The lowering of S&P's rating on the class D notes
reflects the transaction's deteriorating performance and the
effect of falling Dutch house prices, together with the
relatively small increase in credit enhancement.
Rating WAFF (%) WALS (%)
AAA 17.82 43.20
AA 14.40 39.64
A 10.66 34.53
BBB 6.83 31.24
BB 5.06 25.80
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
E-MAC NL 2006-II N.V.
EUR456.131 Million Residential Mortgage-Backed Floating-Rate
Notes
Ratings Affirmed
A A (sf)
B A (sf)
C A (sf)
D BB (sf)
E CCC (sf)
E-MAC Program B.V. Compartment NL 2006-III
EUR803.2 Million Residential Mortgage-Backed Floating-Rate Notes
Ratings Affirmed
A2 AA- (sf)
B AA- (sf)
C BBB (sf)
D BB- (sf)
E CCC (sf)
E-MAC Program II B.V. Compartment NL 2007-IV
EUR702.8 Million Residential Mortgage-Backed Notes
Ratings Lowered
A AA- (sf) AA (sf)
B AA- (sf) AA (sf)
D BB (sf) BB+ (sf)
Rating Affirmed
C A (sf)
NEW WORLD: S&P Lowers Corp. Credit Rating to 'B'; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on The Netherlands-headquartered
coal miner New World Resources N.V. (NWR) to 'B' from 'B+'. The
outlook is stable.
In addition, S&P lowered its issue rating on NWR's senior secured
notes to 'B' from 'B+' and its issue rating on NWR's senior
unsecured notes to 'CCC+' from 'B-'.
The downgrade reflects S&P's downward revision of the company's
financial risk profile to "highly leveraged" from "aggressive."
The revision reflects S&P's forecast that NWR will report weak
results in the rest of 2013 and 2014, due to weak coal prices in
the second half of 2013 and a drop in coal production. Under
S&P's revised base-case scenario, it forecasts that NWR's
Standard & Poor's-adjusted debt to EBITDA may increase to more
than 10x in 2013 and improve only to about 5x in 2014, compared
with 4.0x-4.5x that S&P sees as commensurate with the previous
rating of 'B+'. In addition, S&P foresees that negative free
operating cash flow (FOCF) in the coming quarters could increase
if some of NWR's EUR100 million of short-term cash-optimization
measures take more time to achieve than it plans.
The ratings continue to be supported by S&P's assessment of NWR's
"adequate" liquidity under S&P's criteria, thanks to its
EUR193 million cash balance as of March 31, 2013, and minimal
debt maturities in the next couple of years. However, NWR's
liquidity may weaken if cash burn continues in 2013 and 2014; if
there are delays in NWR's execution of its short-term cash-
optimization measures; or if NWR is unable to roll over its $100
million revolving credit facility (RCF) that matures in early
2014. Liquidity could also weaken if the company fails to receive
a covenant waiver for its export credit agency (ECA) facility.
Moreover, NWR could use the cash on its balance sheet to finance
its long-term sales target of 10 million tons (Mt) of coking coal
by 2017.
In response to an EBITDA loss of EUR22 million in the first
quarter of 2013, and with no sign of a recovery in coking coal
prices, management plans to undertake short-term cash-
optimization measures. These measures include:
-- A wage reduction of 10% across the whole company. NWR is
yet to sign an agreement for this with the union.
-- A limit on capital expenditure (capex) to the maintenance
level of EUR100 million a year, of which NWR spent
EUR60 million in the first quarter of 2013.
-- The release of about EUR55 million of working capital.
-- A plan to sell its coke operations, which contributed
EUR12 million to EBITDA in 2012.
In S&P's view, NWR should be able to complete its short-term
cash-optimization measures and achieve breakeven FOCF in 2014,
while maintaining "adequate" liquidity. S&P also factors in a
slight recovery in coal prices in 2014 that should allow the
company to achieve adjusted debt to EBITDA of 4.5x-5.0x, which
S&P sees as commensurate with the rating.
The ratings could come under pressure if NWR's cash burn
continues in the rest of 2013 because of weaker results, a capex
overrun, and high restructuring costs. Further pressure on the
rating could occur if NWR cannot extend its RCF and obtain an
additional waiver for its ECA facility.
S&P could take a positive rating action if a substantial recovery
in coking coal prices leads to a sustainable improvement in NWR's
profitability and credit metrics, including debt to EBITDA of
4.0x-4.5x.
OAK LEAF: Moody's Assigns 'Ba3' Rating Following DEMB Offer
-----------------------------------------------------------
Moody's Investors Service assigned a Ba3 corporate family rating
and a B1-PD probability of default rating (PDR) to OAK Leaf B.V.,
an acquisition vehicle set up by a Joh. A. Benckiser-led
investment group to acquire D.E MASTER BLENDERS 1753 N.V. ("DEMB"
or "the company"), and which will merge into DEMB within a
reasonable timeframe following completion, leaving DEMB as the
surviving entity.
In addition, Moody's has assigned a provisional (P)Ba3 rating and
loss given default assessment of LGD3 to the EUR3.3 billion of
senior secured debt issued by Oak. Oak's debt is guaranteed by
DEMB. The outlook on the ratings is stable. The Baa2 rating on
the EUR750 million of senior unsecured guaranteed bank debt of
D.E MASTER BLENDERS 1753 N.V. remains unchanged at this point
until successful conclusion of the acquisition transaction, at
which time Oak's new debt package will refinance and replace this
bank facility and Moody's will likely withdraw its rating.
This action follows the announcement by JAB on April 12, 2013
that it has made a EUR7.5 billion cash offer to acquire DEMB.
DEMB's board fully supports and unanimously recommends the offer.
To finance the acquisition, JAB has raised EUR3.0 billion of
committed acquisition term debt facilities (subject to customary
closing conditions) and EUR4.9 billion of committed equity
financing from its equity partners. In addition to the
acquisition debt, JAB has secured a EUR300 million committed
revolving credit facility. JAB's Offering Memorandum is expected
to be published in June and the transaction remains subject to
relevant competition clearances, amongst other things. Moody's
expects the transaction to complete during the second half of
calendar 2013.
Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, Moody's will endeavor to
assign a definitive rating to the senior secured acquisition debt
facilities. A definitive rating may differ from a provisional
rating.
Ratings Rationale:
Assignment of Ba3 ratings to DEMB's acquisition vehicle, Oak Leaf
B.V.
"We have assigned a Ba3 Corporate Family Rating to OAK LEAF B.V.,
the entity set up by JAB to acquire DEMB, largely because of the
negative impact that the leveraged acquisition has on the
company's key credit metrics and financial flexibility, given
that the acquisition is being financed with a significant amount
of debt relative to earnings," says Andreas Rands, a Moody's Vice
President - Senior Analyst and lead analyst for DEMB and Oak. "It
also reflects our expectation that, going forward, DEMB will be
used as a vehicle to consolidate the fragmented tea and coffee
categories over time," explains Mr. Rands. "This view is based on
JAB's press release in relation to its offer, although there are
contractual restrictions to additional debt incurrence in this
regard."
Whilst the acquisition is not expected to close for some time,
Moody's expects it to result in DEMB's financial leverage (gross
debt/EBITDA, as adjusted by Moody's) increasing significantly
above 7.0x, assuming closing is near to the financial year (FY)
2012/13 (ending 30 June), from 1.7x in FY2011/12. The increase in
leverage is a result of the EUR3.0 billion of term debt JAB has
raised to finance the transaction, with the balance to be funded
with EUR4.9 billion of common equity and preference shares. The
company generates around EUR300 million in free cash flow per
annum (on a Moody's adjusted basis) enabling rapid deleveraging.
Nevertheless, Moody's expects DEMB's financial leverage to remain
at or above 6.0x for the next 12-18 months (which remains high
for a Ba3 rating), given the very high opening financial leverage
position (assuming the transaction progresses and the company
performs as planned). Moody's anticipates that management will be
focused on delivering a fast de-leveraging path post-acquisition.
At the same time, Moody's notes JAB's comments that it will use
DEMB as a vehicle to consolidate the tea and coffee categories
over time. The rating agency assumes that any acquisitions will
be bolt-on in nature given the controls in the acquisition debt
documentation and that JAB's primary focus is on deleveraging
DEMB after the transaction has completed.
Nevertheless, Moody's understands that over the near-term JAB is
targeting a major reduction in working capital (as a % of sales),
as well as cost savings, to drive improved cash generation and
therefore de-leveraging prospects of the company. Moody's notes
that the senior partners of JAB bring significant experience of
executing successful cost and working capital improvement
programs in prior roles and whilst at JAB. Moody's will monitor
progress on the strategic and operating initiatives that underpin
deleveraging prospects for the company over the next 12-36
months.
Moody's considers that further changes to DEMB's operational
structure could lead to 'change-fatigue' within the company, and
result in elevated execution risk which could further challenge
cost savings and process improvement initiatives. This is because
the transaction comes soon after DEMB's spin-off from Sara Lee,
from which the former reports that there was a greater-than-
anticipated distraction. As a result, the speed of organizational
change at DEMB has been slow, with a lack of clarity on the
operational structure leading to a delay in executing key
projects. Moody's notes that around 60% of the company's 150
senior-most employees have been changed in the past 24 months,
with 72% of those appointments being external recruits. The CFO,
Michel Cup, has been affiliated with the company for less than 18
months and a new CEO is being recruited by JAB. Bart Becht
(senior partner at JAB) will become chairman post-acquisition by
JAB. Notwithstanding the depth of relevant experience in the
fast-moving consumer goods sector that the new executives bring
to DEMB.
Moody's further notes that DEMB recently downgraded its guidance
for FY2012/13 sales growth and underlying EBIT margin
improvement, driven by performance trends in H1 FY2012/13 and
continued pricing pressure in western Europe. DEMB reports that
raw material pricing is creating strong competitive pressure,
particularly from Mondelez International (ex Kraft Foods) and
private-label products.
Offsetting some of these concerns is (1) the trend of
premiumisation (single-serve products) within the coffee sector,
which should help improve DEMB's margins over time; (2) declining
green bean coffee prices; and (3) the company's focus on cost
savings. To date, the company has announced EUR75 million of cost
savings, mainly from IT optimization, procurement and blend
optimization and organizational efficiency improvements. DEMB
expects to save EUR25-30 million in FY2012/13 and reports that it
achieved EUR13 million of savings in H1 2012/13.
DEMB has a solid business profile, a result of (1) the company's
established leading position in some large coffee markets; (2)
the traction it has gained in emerging markets, particularly
Brazil; and (3) it being able to pass on the majority of recent
increases in green bean coffee prices (which have subsequently
fallen). An additional positive consideration is DEMB's good
liquidity profile pro-forma for the JAB transaction, with debt
maturities for financial liabilities well spread and no
refinancing needs over the next 12-18 months.
The Ba3 CFR, assigned to Oak, reflects the fact that JAB's
proposed leveraged acquisition of DEMB will weaken its credit
metrics, which Moody's expects to remain in deep high-yield
territory for at least the next 12-18 months. Further, the
transaction comes soon after DEMB's separation from Sara Lee,
which resulted in significant senior management changes and the
exposure of accounting irregularities in Brazil (now resolved).
DEMB also recently downgraded its guidance for FY2012/13 sales
growth and underlying EBIT margin. This was driven by performance
trends in H1 FY2012/13 and continued pricing pressure in western
Europe. The company's small scale relative to some packaged goods
competitors, exposure to commodity price and currency volatility
also weigh on the rating.
However, more positively, the rating also reflects (1) DEMB's
high operating margins; (2) its strong brand equities; (3) the
company's good geographic diversity; (4) the attractiveness of
the global coffee category in terms of its trend towards higher
margin single-serve products; and (5) the company's high
innovation capacity. In addition, the rating factors in JAB's
strong operational experience in consumer-related businesses
(Anheuser-Busch InBev (A3 positive), Coty, SAB Miller (Baa1
stable), Reckitt Benckiser (A1 stable), Labelux and Peets Coffee
and Tea) and its rapid-deleveraging plan after the transaction
has completed.
(P)Ba3 Senior Secured Instrument Ratings And B1-PD PDR
Oak's (P)Ba3 senior secured instrument ratings for JAB's
acquisition debt are in line with the CFR. This reflects the fact
that the secured instruments principally rely on share pledges
and intellectual property rights for recovery purposes.
Nevertheless, all proposed facilities are senior secured and
share the same security and guarantee package. The guarantors
account for at least 85% of DEMB group turnover and EBITDA. The
facilities benefit from (1) a leverage covenant of 7.0x, stepping
down to 3.5x by September 2016; and (2) an interest coverage
covenant of 2.85x, stepping up to 3.5x by December 2014. The
first covenant test date is in December 2013 and covenants are
tested quarterly thereafter. Moody's expects that Oak will
maintain ample covenant headroom on an ongoing basis. The
company's probability of default (PDR) rating of B1-PD reflects
the use of a 65% family recovery rate, consistent with an all-
bank-debt capital structure.
Moody's structural analysis assumes that DEMB's current debt will
be repaid on completion of the JAB acquisition. This debt
comprises the $650 million of senior unsecured privately placed
notes (not rated) issued last May through a wholly owned
intermediate holding company, DE US, Inc. ("DE US"), and the
undrawn EUR750 million senior unsecured revolving credit facility
at DEMB (the only previously rated debt instrument, rated Baa2).
The debt instruments at DEMB and DE US, which are supported by
cross guarantees from both issuers, are ranked pari passu.
Rationale For Stable Outlook
The stable outlook on the rating reflects DEMB's solid business
profile and operating performance. It also reflects Moody's
expectation that the company's key credit metrics will weaken
considerably over the next 12-18 months pro-forma for the JAB
acquisition, but that management will be focused on delivering a
fast de-leveraging path post-the transaction.
What Could Change The Rating Up/Down
Positive rating pressure could develop if (1) adjusted
debt/EBITDA reduces sustainably below 5.0x; and (2) adjusted
retained cash flow (RCF)/net debt increases above high single-
digits in percentage terms, on the back of supportive industry
conditions.
Conversely, negative pressure could be exerted on the ratings if
DEMB's credit metrics remained weak and post-acquisition
deleveraging is delayed, resulting in (1) adjusted debt/EBITDA
remaining above 6.0x; and (2) its adjusted RCF/net debt ratio
remaining in the mid single digits in percentage terms. Although
not currently expected at this time, Moody's could also downgrade
the ratings if liquidity concerns emerged or if operational
challenges, a large debt-financed acquisition or a more
aggressive financial policy indicate that the company is willing
to tolerate higher leverage levels.
Principal Methodology
The principal methodology used in this rating was the Global
Packaged Goods published in December 2012. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009.
Headquartered in Amsterdam, the Netherlands, D. E MASTER BLENDERS
1753 N.V. ("DEMB") manufactures and sells coffee and tea products
in retail and out-of-home markets across Europe, Brazil,
Australia and Thailand. DEMB's key brands include Douwe Egberts,
Senseo, Pilao, L'Or, Moccona, and Merrild coffees, and Pickwick
and Hornimans teas. DEMB reported annual sales of EUR2.8 billion
for the financial year (FY) 2011/12 (ended 30 June 2012). As of
May 2013, the company operated 11 production facilities, employed
around 7,500 people and sold its products in more than 45
countries. OAK Leaf B.V. is an acquisition vehicle set up by a
Joh. A. Benckiser-led investment group to acquire D.E MASTER
BLENDERS 1753 N.V., and which will merge into DEMB within a
reasonable timeframe following completion, leaving DEMB as the
surviving entity.
===========
R U S S I A
===========
EURASIA DRILLING: Fitch Affirms 'BB' LT Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed Eurasia Drilling Company Limited's
(EDC) Long-term foreign currency Issuer Default Ratings (IDR) at
'BB' with a Stable Outlook. Fitch also affirmed the 'BB' senior
unsecured ratings of the RUB5 billion domestic bonds due in 2018
issued by EDC's fully owned subsidiary OOO Burovaya Kompaniya
Eurasia and USD600 million Eurobond due in 2020 issued by its
fully owned subsidiary EDC Finance Limited.
EDC is the largest oilfield drilling company in Russia with a
strong operational and financial profile. Fitch believes that EDC
will continue to benefit from a favorable business environment as
high oil prices enable Russian oil companies to finance their
upstream capex including exploration and production drilling. We
expect that EDC will maintain strong credit metrics in 2013-2016,
i.e., funds from operations (FFO) gross leverage of below 1.75x
and FFO interest coverage of above 10x. The company's ratings are
currently constrained by high customer concentration and limited
geographical diversification beyond Russia.
Key Rating Drivers
Russia's Largest Drilling Company:
EDC is the largest oilfield drilling company in Russia with a
market share of 29% in 2012 (by meters drilled, excluding
offshore drilling). It operates mostly in Russia's Western
Siberia, Volga-Urals, Timan Pechora and Eastern Siberia regions
and is predominantly involved in onshore drilling, although it
has begun to diversify geographically and stepped up offshore
drilling operations. Nonetheless, the company's operational scale
remains limited compared to that of larger, global oilfield
services companies, such as Halliburton Company ('A-'/Stable) and
Nabors Industries Inc. (Nabors, 'BBB'/Stable).
Positive Output Dynamics:
In 2012 EDC's drilling volumes increased to 6.1 million meters,
up 27% year-on-year, following consolidation in 2011 of Russia-
based assets of Schlumberger Ltd. and due to continued organic
growth. In 2012, EDC's consolidated revenue increased to USD3,237
million, up 17% yoy. A positive trend continued in Q113, as EDC's
both total drilling volume and revenue increased by 6% compared
to those in Q112. We expect that the company will report single-
digit growth rates in the medium term as the industry outlook
remains favorable.
Solid Asset Base:
The company's average fleet age of 12 years compares well with
the Russian industry average of 16 years (as estimated by
Douglas-Westwood). At end-2012, EDC operated 257 land drilling
and sidetracking rigs, 413 workover rigs, and two jack-up rigs
intended for offshore drilling. The company's relatively modern
asset base allows it to provide complex services, including
horizontal drilling. This has a positive impact on EDC's margins.
Caspian Offshore Drilling Intensifies:
EDC's aims to diversify its operations through developing
offshore drilling on the Caspian Sea shelf. At end-2012, EDC
operated two jack-up rigs there for offshore drilling, and two
more rigs are under construction. We expect that their
commissioning in 2013 and 2014 will strengthen EDC's position in
this region, the importance of which in terms of oil and gas
exploration is growing. In 2012, offshore drilling accounted for
5% and 15% of the company's consolidated revenue and net income,
respectively.
Stable Industry Outlook:
Fitch believes that the business environment will remain
favorable for EDC, as Russian oil majors will maintain high
upstream capex aimed at arresting production decline at Western
Siberian brownfields and developing greenfield sites. Based on
Fitch's price deck for Brent of USD100/bbl in 2013, USD92/bbl in
2014 and USD85/bbl in 2015, we forecast that Russian oil
companies will carry on with their ambitious upstream capex
budgets. Conversely, prolonged period of low oil prices may have
a lasting negative impact on the EDC's drilling volumes and
profit margins.
High Dependence on LUKOIL:
OAO LUKOIL ('BBB-'/Stable), Russia's largest private oil company,
remains EDC's top customer accounting for 57% of onshore drilling
volumes and 63% of total revenues in 2012. Fitch acknowledges the
long-term relations between EDC and LUKOIL as beneficial but
notes that the high customer concentration remains a key rating
constraint. Fitch expects that EDC's dependence on LUKOIL may
decrease over time as EDC attempts to diversify its customer
base, but this is unlikely to happen in the short to medium term.
Leverage to Remain Moderate:
In 2012 EDC's funds from operations (FFO) lease-adjusted gross
leverage was 1.2x and coverage was 14x. The company has some
additional leverage headroom at the current rating level before
its credit metrics go beyond Fitch's negative rating action
guidance of above 2x for leverage and below 8x for coverage. In
our base case we expect EDC to maintain a conservative financial
policy and forecast its FFO leverage at below 1.75x in 2013-2016
and coverage above 10x.
RATING SENSITIVITIES
Positive: Stable revenue growth, improved geographical
diversification, and lower share of revenues coming from LUKOIL
would be positive for EDC's ratings. An upgrade of LUKOIL's
ratings could also be positive for EDC.
Negative: Fitch would consider a negative rating action if the
company's FFO adjusted gross leverage rises above 2x and FFO
interest coverage falls below 8x on a sustained basis, due to
lower operating profits, higher dividends or capex.
DEBT AND LIQUIDITY
Comfortable Debt; Sufficient Liquidity:
At end-2012 EDC had total balance-sheet debt of USD700 million.
Its short-term debt of USD258 million was well covered by cash
and cash equivalents of USD305 million. We believe that EDC will
be able to refinance or repay its obligations from its cash flows
from operations when they are due.
Manageable FX Risks: Following the April 2013 Eurobond issue,
around half of EDC's debt portfolio is USD-denominated. The
company expects that its USD-denominated operating cash inflows
from offshore drilling are sufficient to cover its USD-
denominated debt servicing, including interest and principal.
Hence, Fitch assesses the company's currency risk as manageable.
Limited Exposure to Cyprus: EDC has intermediate holding
companies domiciled in Cyprus but no significant operations
there. The company has informed Fitch that these entities
typically do not have significant cash balances in Cyprus, and
that the company has no unavailable amounts held with Cypriot
banks. The company's oil drilling in Russia is unaffected by
events in Cyprus.
The rating actions are:
Eurasia Drilling Company Limited
Long-Term IDR: affirmed at 'BB', Outlook Stable
Short-Term IDR: affirmed at 'B'
Long-Term local currency IDR: affirmed at 'BB', Outlook Stable
Short-Term local currency IDR: affirmed at 'B'
National Long-Term Rating: affirmed at 'AA-(rus)', Outlook Stable
OOO Burovaya Kompaniya Eurasia
Senior unsecured rating: affirmed at 'BB'
National senior unsecured rating: affirmed at 'AA-(rus)'
EDC Finance Limited
Senior unsecured rating: affirmed at 'BB'
KHABAROVSKY AIRPORT: S&P Assigns 'B+' CCR; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
long-term corporate credit rating to Russian airport operator OAO
Khabarovsky Airport. The outlook is stable.
The rating on Khabarovsky Airport reflects S&P's assessment of
the company's "fair" business risk profile and "aggressive"
financial risk profile.
Khabarovsky Airport's "fair" business risk profile reflects the
company's exposure to domestic traffic, which accounts for more
than 80% of total passenger volumes. Khabarovsky Airport is
located in Khabarovsk Krai, in the Far East Federal District in
Russia. The company has a small catchment area in S&P's view,
with only 6.3 million inhabitants in the whole of the Far East
Federal District, and a population of only about 1.3 million in
Khabarovsk Krai. Khabarovsky Airport is also almost wholly
exposed to Russian airlines, which in S&P's view has relatively
weak credit quality.
These weaknesses are partially offset by Khabarovsky Airport's
strong position in its market as the hub airport for the region.
In S&P's view, Khabarovsky Airport has a good geographic location
in one of the largest cities in the Far East Federal District,
and underlying demand that makes it a good transfer point for
passengers and freight. In addition, air travel is crucial in
the
Far East Federal District, because in S&P's opinion, there are
limited alternative transport options. This is due to the
distance of commercial hubs in western Russia, a lack of high-
speed rail, and the harsh winter weather that can disrupt other
forms of transport.
Khabarovsky Airport's "aggressive" financial risk profile
reflects the company's expansion plans over the next two years,
which in S&P's view will weaken its financial ratios. S&P's
assessment of financial risk also reflects its view of the risk
associated with Khabarovsky Airport's potential extension of
further loans to its shareholders, which in S&P's opinion would
demonstrate "weak" corporate governance.
"In our view, in 2013, Khabarovsky Airport should be able to fund
its planned capex while maintaining Standard & Poor's-adjusted
debt to EBITDA at less than 3.5x. We base our view on our base
case, which sees passenger volumes growing and tariffs increasing
in 2013, in line with our macroeconomic forecast for Russia. We
also anticipate that the company will maintain "adequate"
Liquidity," S&P said.
"We could take a negative rating action if Khabarovsky Airport's
adjusted debt to EBITDA increases to more than 3.5x, or if we
assess its liquidity as "less than adequate." In 2013, we
believe that operational underperformance is unlikely to cause
debt to EBITDA to increase to more than 3.5x, since this would
require a combination of a 20% drop in passenger volumes and
higher capex than we anticipate. "Less than adequate" liquidity
could trigger a downgrade if the company is unable to offset
higher working capital outflows with new bank facilities or a
reduction in capex. A negative rating action could also result if
the company extends further material loans to its shareholders,
or if its corporate governance weakens," S&P noted.
S&P could take a positive rating action if it believes that
Khabarovsky Airport would maintain adjusted debt to EBITDA of
less than 3x in a period of high capex linked to the improvement
of the airport facilities, and maintain a commitment to clear
financial policies. This in S&P's view would require either an
increase in passenger volumes or an injection of equity.
Spreading capex over a longer timeframe could also make
Khabarovsky Airport's financial ratios stronger than in S&P's
current base case, because this would allow the company to use
more internally generated funds to finance its spending.
MOSENERGO OJSC: Fitch Assigns 'BB+' LT Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has assigned Russia-based OJSC Mosenergo Long-term
foreign and local currency Issuer Default Ratings (IDR) of 'BB+'
and a Short-term foreign currency IDR of 'B'. Fitch has
simultaneously assigned it a National Long-term rating of
'AA(rus)'. The Outlooks on the Long-term ratings are Stable.
Mosenergo's rating of 'BB+' benefits from a one notch uplift for
the parental support from its majority shareholder Gazprom
Energoholding, a 100% subsidiary of OAO Gazprom (BBB/Stable).
Mosenergo's standalone rating of 'BB' reflects its strong market
position in electricity and heat sales in Moscow and the Moscow
region, the most dynamically growing and lucrative region in
Russia, its solid financial profile, and conversely its exposure
to the wholesale electricity prices and heat tariffs, rising fuel
costs and uncertainty inherent in its operating environment in
the medium-term.
Key Rating Drivers
- Parental Support
Fitch considers the strategic, operational and, to a lesser
extent, legal ties between Mosenergo and its majority shareholder
- Gazprom Energoholding to be moderately strong and, as a result,
incorporates a one notch uplift for parental support into the
company's rating of 'BB+'. The strategic importance of Mosenergo
is underpinned by its integral role in Gazprom's strategy of
vertical integration and creation of the full value chain and
their operational interdependence in regard to gas
supplies/purchases. The strength of the operational links is
reflected in the fact that Mosenergo accounts for almost a half
of Gazprom Energoholding's EBITDA, about a third of its
electricity output and about two thirds of its heat production
and around 10% of Gazprom's domestic gas sales. We expect
Mosenergo's dividend payments to remain moderate.
Given Mosenergo's strong credit metrics, the financial support
from its majority shareholder was not needed in the past,
however, Fitch would expect the financial support to be available
if the need arises, which was evidenced in the example of another
Gazprom Energoholding's subsidiary -- OGK-2 having received a
capital injection for about RUB23 billion through additional
share issue, and partly by the payment terms extension for
Mosenergo's gas purchases from Gazprom during the economic
downturn.
- Strong Market Position
Mosenergo's standalone rating is supported by the company's
strong market position in Moscow and Moscow region and its
position as the largest regional power generating company in
Russia by volume, as well as its relatively modern and efficient
generation fleet compared to the Russian average. The company
represents 61% of total electricity generation market (including
capacity) and 43% of heat power market in Moscow and Moscow
region (70% of the heat market in Moscow), which reports the
strongest demand dynamics and is arguably the most lucrative in
respect of the customers' purchasing power reflected in higher
income per capita compared with the Russian average.
- Exposure to Wholesale Prices Volatility Partly Mitigated by CSA
Agreements
Fitch believes that the company's exposure to the volatility of
wholesale prices is only partly offset by its participation in
the long-term capacity supply agreements (CSA) for capacity
sales, which provide for a solid return on investments and are
estimated by Fitch to contribute about 15% to the group's EBITDA.
About half of the company's total 2012 revenue was generated on
the regulated markets for electricity and heat sales. However,
Fitch believes that the sales on the regulated markets are likely
to remain marginal in regard to their contribution to the group's
EBITDA (if not loss making). Therefore, we expect the CSA sales
along with the company's strong market position to remain the
main mitigant to its exposure to the fluctuations of the
wholesale power prices.
- Uncertainty in the Medium-term Regulatory Framework
Despite the recent steps towards liberalization of the
electricity market, the Russian regulatory framework for
electricity and heat power markets remains exposed to the
external, non-market influence, including political risk. In
addition, support of construction of new capacity through the CSA
framework is expected to cease in 2015 (albeit the 10-year
agreements for plants approved by that date are expected to run
until their expiration) and the new regulatory regime for
modernization and/or replacement of old facilities with new
assets is yet to be determined. The discussion of the cost
reflective regulation of the heat market is also underway. While
Fitch believes that achieved market-based and new capacity
support principles are unlikely to be completely abandoned post-
2015, the expected introduction of new rules for both electricity
and heat markets adds medium- and long-term uncertainty to the
regulatory framework.
- Rising Fuel Prices
Mosenergo's fuel mix is dominated by natural gas, which comprises
98% of total fuel consumption whereas coal and oil make up the
remaining 2%. The company is exposed to the supplier
concentration risk, even despite the new contract with OAO
Novatek ('BBB-'/Stable) expected to secure around 40% of
Mosenergo's gas consumption volumes. Gazprom (through its
subsidiary) is set to remain the largest gas supplier to
Mosenergo, but Fitch does not consider this risk to be
constraining Mosenergo's rating because the company is an
integral part of Gazprom Group, which underpins stability of gas
supplies and provides elements of vertical integration, including
support through extended payment terms. We also note that the
domestic gas prices are regulated and set by the Federal Tariff
Service (FTS).
In its forecasts Fitch assumes the domestic gas prices to rise at
15% per annum over 2013-2015 whereas electricity prices and heat
tariffs are expected to grow in line with Russia's inflation,
which is likely to put pressure on the company's margins. While
we believe that Mosenergo is better placed than its Russian peers
to withstand the downward pressure on its margins due to its
higher fuel efficiency, stable contribution from the CSA capacity
sales to the profitability and currently strong financial
profile, this is expected to affect the company's credit metrics
and thus represents one of the rating concerns.
- Relatively Diversified Customer Base
While Mosenergo's electricity operations are characterized by a
diversified customer base, its heat sales segment is exposed to
the customer concentration risk. We believe that this risk is
partly offset by the fact that the heat sales are carried out at
the regulated tariffs and OJSC Moscow Integrated Power Company
(MIPC; 'BB+'/Rating Watch Negative) and Mosenergo are
operationally interdependent, given that MIPC distributes and
purchases a large share of heat produced by Mosenergo. In
addition, Gazprom Energoholding is currently considering the
acquisition of the City of Moscow's majority stake in MIPC,
which, if exercised, could contribute to their operational
synergy effects. We do not expect that Mosenergo would contribute
to funding of the contemplated acquisition.
- Strong Financial Profile
Mosenergo's standalone rating is underpinned by its solid credit
metrics. Fitch expects some deterioration of the company's
financial profile over the next three years due to the forecast
margin erosion driven by expected growth of the domestic gas
tariffs not fully reflected in the electricity and heat prices
rise and ambitious capex program. The agency forecasts funds from
operations (FFO) net adjusted leverage to slightly exceed 2x by
2015 (0.4x in 2012) and FFO interest coverage to fluctuate
between 5x and 9x (18x in 2012) and FFO fixed charge cover to
remain within the range of 4x-7x (11x in 2012) over 2013-2015.
With that, the company will likely remain well placed compared
with its similarly rated Russian counterparts as well as some
international peers.
While we acknowledge that Mosenergo's forecast credit metrics are
strong for its rating, this, in our opinion, offsets the risks
inherent in the company's business profile, including exposure to
the wholesale electricity prices volatility and regulated heat
tariffs, which may not be fully economic, rise of the fuel prices
as well as uncertainty of the regulatory framework in the medium-
term and corporate governance limitations pertaining to the
operating environment in Russia.
Liquidity & Debt Structure
- Adequate Liquidity
Fitch views Mosenergo's liquidity position as adequate -- its
cash position of RUB17.1 billion at end-2012 was sufficient to
cover its short-term debt of RUB1.9 billion. Most of the
company's debt (57.5%) at end-2012 was long-term and its debt
maturity profile was not onerous. The only bulk repayment is
coming up in 2014 for RUB5 billion of domestic bonds and RUB500
million bank loan. Fitch expects the company to remain largely
free cash flow (FCF) negative over the next three years. In
addition, Fitch notes that the company is exposed to the currency
risk as 61% of its 2012 borrowings were in EUR whereas all of its
revenues were in RUB. The company is considering the possibility
of implementing a foreign exchange hedging policy and about a
quarter of its cash position is EUR-denominated.
The company's cash position at end-2012 was approximately evenly
split between three banks - Sberbank of Russia ('BBB'/Stable),
Gazprombank ('BBB-'/Stable) and OJSC Alfa-Bank ('BBB-'/Stable).
The company also had an available credit line from Credit
Agricole ('A+'/Negative) for EUR138.6 million at end-2012 due
2026, out of which EUR37.1 million can be used for refinancing.
Rating Sensitivities
Positive: Future developments that could lead to positive rating
actions include:
-- Stronger financial profile than forecast by Fitch due to,
among other things, higher than expected growth rate for
electricity and heat tariffs in comparison to the domestic
gas
prices increase (e.g. FFO net adjusted leverage below 1.5x
and
FFO interest coverage above 8x on a sustained basis) would be
positive for the ratings.
-- Stronger parental support may be positive for the ratings.
-- Increased predictability of the regulatory and operational
framework in Russia could also be supportive for the ratings.
Negative: Future developments that could lead to negative rating
action include:
-- Margin squeeze due to the rise of domestic gas pieces not
fully compensated by the electric and heat prices growth,
working capital drain, significant debt-funded acquisitions
and/or intensive capex program that would lead to a material
deterioration of the company's credit metrics (e.g. FFO net
adjusted leverage above 3x and FFO interest coverage below 5x
on a sustained basis) would be negative for the ratings.
-- Weakening of the parental support may result in a removal of
one notch uplift to Mosenergo's standalone rating.
-- Deterioration of the regulatory and operational environment
in
Russia could also be negative for the ratings.
=========
S P A I N
=========
BANKINTER 2: Moody's Lowers Rating on EUR27.5M C Notes to 'B1'
--------------------------------------------------------------
Moody's Investors Service confirmed the ratings of three senior
and one junior note, and upgraded the rating of one mezzanine
note issued by BANKINTER 4 FTPYME, FTA (Bankinter 4). At the same
time, the rating agency downgraded the ratings of two mezzanine
notes and affirmed the respective A3 (sf) and Caa2 (sf) ratings
of the senior and junior notes issued by BANKINTER 2 PYME, FTA
(Bankinter 2). While insufficient credit enhancement to address
sovereign and counterparty risk triggered the downgrade of some
tranches, the adequacy of credit enhancement levels primarily
drove the upgrade and confirmations.
This rating action concludes the review for downgrade initiated
by Moody's on July 2, 2012 for Bankinter 4 and the review on 13
March 2013 for Bankinter 2. Both affected transactions are
Spanish asset-backed securities (ABS) transactions backed by
loans to small and medium-sized enterprises (SME) originated by
Bankinter S.A. (Ba1/NP, not on watch).
Ratings Rationale:
These confirmations primarily reflect the availability of
sufficient credit enhancement to address sovereign and increased
counterparty risk. The introduction of new adjustments to Moody's
modeling assumptions to account for the effect of deterioration
in sovereign creditworthiness and the revision of key collateral
assumptions and increased exposure to lowly rated counterparties
has had no negative effect on the ratings of the senior notes and
the junior notes in these two transactions.
Furthermore, the current level of available credit enhancement
under the Series B notes of Bankinter 4 (26.0% as of April 2013)
is sufficient to support an upgrade to Ba1 (sf) from B1 (sf).
Conversely, the lack of credit enhancement affecting the two
mezzanine notes in Bankinter 2 (23.9% for the Series B notes and
9.9% for the Series C notes as of February 2013) has driven the
downgrade of Series B notes to Baa3 (sf) from Baa1 (sf) and
Series C notes to B1 (sf) from Ba3 (sf).
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 transactions 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
Moody's maintained its default and recovery rate assumptions for
both transactions, which it updated on 18 December 2012.
According to the updated methodology, Moody's increased the CoV,
which is a measure of volatility.
For Bankinter 2, the current default assumption is 10.0% of the
current portfolio and the assumption for the fixed recovery rate
is 55.0%. Moody's has increased the CoV to 140.0% from 115.0%,
which, combined with the mean default probability (DP) and
recovery assumptions, corresponds to a portfolio credit
enhancement of 24.0%.
For Bankinter 4, the current default assumption is 18.0% of the
current portfolio and the assumption for the fixed recovery rate
is 52.5%. Moody's has increased the CoV to 78.0% from 38.2%,
which, combined with the mean DP and recovery assumptions,
corresponds to a portfolio credit enhancement of 23.0%.
Moody's Has Considered Exposure to Counterparty Risk
The conclusion of Moody's rating review also takes into
consideration the increased exposure to commingling due to
weakened counterparty creditworthiness.
In both transactions, Bankinter S.A. acts as servicer and
collections account bank, and transfers collections daily to the
treasury accounts in the name of the funds at Barclays Bank plc
(A2/P-1). The reserve funds also reside at Barclays Bank plc.
Moody's has incorporated into its analysis the potential default
of Bankinter S.A., which could expose both transactions to a
commingling loss on approximately one month of collections.
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA, Baa3/P-3, not on
watch) acts as swap counterparty in both transactions. As part of
its analysis, Moody's also assessed the exposure of the
transactions to the swap counterparty. This exposure has not had
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.
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", 02 July 2012.
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 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.
In the context of the rating review, Moody's has remodeled the
transactions and adjusted a number of inputs to reflect the new
approach.
Methodologies
The methodologies used in these ratings were "Moody's Approach to
Rating EMEA SME Balance Sheet Securitisations", published in May
2013 and "The Temporary Use of Cash in Structured Finance
Transactions: Eligible Investment and Bank Guidelines", published
in March 2013.
List of Affected Ratings:
Issuer: Bankinter 2 PYME, FTA
EUR682M A2 Notes, Affirmed A3 (sf); previously on Nov 26, 2012
Confirmed at A3 (sf)
EUR16.2M B Notes, Downgraded to Baa3 (sf); previously on Mar 13,
2013 Baa1 (sf) Placed Under Review for Possible Downgrade
EUR27.5M C Notes, Downgraded to B1 (sf); previously on Mar 13,
2013 Ba3 (sf) Placed Under Review for Possible Downgrade
EUR10.7M D Notes, Affirmed Caa2 (sf); previously on Nov 26, 2012
Confirmed at Caa2 (sf)
Issuer: Bankinter 4 FTPYME, FTA
EUR160M Series A1 Notes, Confirmed at A3 (sf); previously on Jul
2, 2012 Downgraded to A3 (sf) and Remained On Review for Possible
Downgrade
EUR174.4M Series A2(G) Notes, Confirmed at A3 (sf); previously on
Jul 2, 2012 Downgraded to A3 (sf) and Remained On Review for
Possible Downgrade
EUR19.6M Series A3 Notes, Confirmed at A3 (sf); previously on Jul
2, 2012 Downgraded to A3 (sf) and Remained On Review for Possible
Downgrade
EUR30M Series B Notes, Upgraded to Ba1 (sf); previously on Jul 2,
2012 B1 (sf) Placed Under Review for Possible Downgrade
EUR16M Series C Notes, Confirmed at B3 (sf); previously on Jul 2,
2012 B3 (sf) Placed Under Review for Possible Downgrade
BCL MUNICIPIOS 1: Moody's Cuts Rating on EUR60MM B Notes to Ba1
---------------------------------------------------------------
Moody's Investors Service downgraded by four notches, to Ba1 (sf)
from A3 (sf), the ratings of the Class B notes issued by BCL
Municipios 1, FTA, a Spanish asset-backed securities transaction
backed by the loans to Spanish public entities. At the same time,
the rating agency confirmed the ratings of Class A2 notes at A3
(sf). The rating action reflects deterioration in the credit
quality of the portfolio backing the notes, following the
downgrade of the Government of Spain (Baa3/(P)P-3, Not on Watch)
on June 13, 2012. This rating action concludes the review for
downgrade initiated by Moody's on July 2, 2012.
Issuer: BCL MUNICIPIOS I, FONDO DE TITULIZACION DE ACTIVOS
EUR900M A2 Notes, Confirmed at A3 (sf); previously on Jul 2, 2012
Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
EUR60M B Notes, Downgraded to Ba1 (sf); previously on Jul 2, 2012
A3 (sf) Placed Under Review for Possible Downgrade
Ratings Rationale:
The rating action reflects deterioration in the quality of the
portfolio backing the Class A2 and B notes, as a result of the
Spanish sovereign downgrade in June 2012. This downgrade, in
turn, led to a worsening of the credit quality of Spanish sub-
sovereign entities including the city councils, which are
borrowers in this securitized portfolio and directly affected the
credit quality of the BCL Municipios 1 transaction. While the
insufficient credit enhancement of the Class B notes (33.6% as of
April 2013) to offset this deterioration in portfolio quality
triggered the downgrade, the adequacy of credit enhancement for
the Class A2 notes (100.6% as of April 2013) primarily drove the
rating confirmation.
Deterioration of Portfolio Credit Quality
Moody's has assessed the current credit quality of the portfolio
as being equivalent to a B1 rating, which corresponds to a
default probability of 12.4% assuming a 3.2 year weighted average
life. The rating agency derives this average credit quality from
recently updated credit estimates and Q scores, as none of these
borrowers are publicly rated by Moody's.
For the credit quality of the top six exposures, which
individually represent more than 3% of the portfolio and together
account for 24% of the current pool balance, the rating agency
downgraded by two notches the credit estimates in the central
scenario and performed several stress tests because credit
estimates do not carry credit indicators, such as rating reviews
and outlooks. For the top obligor (5.5% of the pool), its credit
estimate was not available. Moody's assume a Caa2 credit quality
and tested the sensitivity of ratings with various scenarios from
B1 to Caa1.
For the remaining borrowers representing less than 3% of the pool
(together making up 76% of the pool), the creditworthiness was
assessed with Q scores. Overall, 66.8% of the pool has a Q score
between Ba1 and Ba3. For the 4.5% of the pool where Q scores were
not available, Moody's assumed a credit quality of Caa1 for those
loans not in arrears (4.2% of the pool). For a loan already in
arrears by more than 90 days (0.3% of the pool), Moody's assumed
a Ca quality.
Moreover, the sub-sovereign profile for the bulk of debtors, who
are all domiciled in Spain, leads to a 100% correlation
assumption in Moody's model. The rating agency assumed a 45%
fixed recovery rate on defaulted assets, in order to model the
possible restructuring of defaulted loans. Moody's also took into
consideration the fact that the borrower concentration in the
portfolio has increased significantly with an effective number of
61 now, from 80 in January 2012. The top 10 borrowers account for
34% and the top 22 exposures now account for 50% of the pool in
March 2013.
Uncertainty of Performance
The performance of BCL Municipios 1 has been very good in terms
of 90+ day delinquencies and defaults. Since the second half of
2011, Moody's has noted a deterioration in the performance and a
quick increase of 90+ day delinquencies. However, the delinquency
level went down at the end of 2012. Only one of 442 loans in the
portfolio was 90+ days delinquent (0.3%) and the 3-month
cumulative delinquency rate remained stable at 0.23% in April
2013. Moody's also took into consideration the potential impact
of weakening performance due to high borrower concentration in
the portfolio.
Increased Counterparty Risk
The conclusion of Moody's rating review also takes into
consideration the increased exposure to commingling due to
weakened counterparty creditworthiness.
This transaction was originated by Banco de Credito Local de
Espana, S.A., which is now Banco Bilbao Vizcaya Argentaria, S.A.
(BBVA, Baa3/P-3). BBVA acts as servicer and collections account
bank, and transfers collections daily to the treasury accounts in
the name of the funds at BBVA. The reserve funds also reside at
BBVA. Moody's incorporated into its analysis the potential
default of BBVA as servicer and treasury account and considered
the strong linkage between the rating of the notes and the rating
of BBVA, which could expose the transaction to a commingling loss
on the quarterly collections and a loss on the reserve fund.
BBVA acts as swap counterparty in this transaction. As part of
its analysis, Moody's assessed the exposure to the swap
counterparty, which does not have a negative effect on the rating
levels at this time.
Methodologies
The methodologies used in this rating were "Moody's Global
Approach to Rating Collateralized Loan Obligations", published in
May 2013 and "The Temporary Use of Cash in Structured Finance
Transactions: Eligible Investment and Bank Guidelines", published
in March 2013.
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", published on July 2, 2012.
Moody's used its excel-based cash flow model, Moody's ABSROM(TM),
as part of its quantitative analysis of the transaction. Moody's
ABSROM(TM) model enables users to model various features of a
standard European ABS transaction including 1) the specifics of
the default distribution of the assets, their portfolio
amortization profile, yield or recoveries; and 2) the specific
priority of payments, triggers, swaps and reserve funds on the
liability side of the ABS structure. Moody's ABSROM(TM) User
Guide is available on Moody's website and covers the model's
functionality as well as providing a comprehensive index of the
user inputs and outputs. MOODY'S CDOROMv2.8(TM) was used to
estimate the default distribution.
GAT FTGENCAT 2006: Moody's Cuts Rating on EUR13.2MM D Notes to Ca
-----------------------------------------------------------------
Moody's Investors Service downgraded Class D of GAT FTGENCAT
2006, FTA (GAT FTGENCAT 2006), confirmed the Class A A3 ratings
in GAT FTGENCAT 2006 and GAT FTGENCAT 2009, FTA (GAT FTGENCAT
2009) and upgraded Class B to A3 and Class C to Ba2 in GAT
FTGENCAT 2006. The downgrade of Class D in GAT FTGENCAT 2006
reflects the high expected loss on this tranche, as well as the
high likelihood of a trigger breach that would result in interest
deferral of Class D over the coming year.
These upgrades and confirmations reflect sufficient credit
enhancement on the back of deleveraging, which enables the notes
to address sovereign risk and exposure to counterparty risk.
The rating action concludes the review for downgrade initiated by
Moody's on July 2, 2012, following Moody's downgrade of Spanish
government bond ratings to Baa3 from A3 on June 13, 2012. Both
affected transactions are Spanish asset-backed securities (ABS)
transactions primarily backed by loans to small and medium-sized
enterprises (SMEs), and benefitting from a guarantee from the
Generalitat de Catalunya (Ba3/NP). Caixa Catalunya (now Catalunya
Banc SA, B1 on watch for possible downgrade/NP) originated the
two transactions.
Ratings Rationale:
The downgrade of Class D to Ca from Caa3 in GAT FTGENCAT 2006
reflects the insufficiency of credit enhancement to address
sovereign risk, the high expected loss for the tranche and the
high likelihood of breach of the interest deferral trigger in the
short term.
These upgrades and confirmations reflect the presence of adequate
credit enhancement to address sovereign risk and performance
concerns. The introduction of new adjustments to Moody's modeling
assumptions to account for the effect of deterioration in
sovereign creditworthiness has, to varying degrees, affected all
of the Spanish SME ABS included in this rating action. This
action also reflects the revision of key collateral assumptions
and increased exposure to low rated counterparties. Moody's
upgraded or confirmed the ratings of securities whose credit
enhancement and structural features provided enough protection
against sovereign and counterparty risk.
The determination of the applicable credit enhancement that
drives this rating action reflects the introduction of additional
factors in Moody's analysis to better measure the impact of
sovereign risk on structured finance transactions.
Additional Factors Better Reflect Increased Sovereign Risk
Moody's has supplemented its analysis to determine the loss
distribution of securitized portfolios with two additional
factors, the maximum achievable rating in a given country (the
local currency country risk ceiling) and the applicable portfolio
credit enhancement for this rating. With the introduction of
these additional factors, Moody's intends to better reflect
increased sovereign risk in its quantitative analysis, in
particular for mezzanine and junior tranches.
The Spanish country ceiling, and therefore the maximum rating
that Moody's will assign to a domestic Spanish issuer including
structured finance transactions backed by Spanish receivables, is
A3. 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 transactions and the applicable credit enhancement for
this rating uniquely determine portfolio distribution volatility,
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
Moody's maintained the default rate assumption for GAT FTGENCAT
2009 and its recovery rate assumptions for both transactions,
which it updated on 18 December 2012. However, Moody's further
increased the default probability assumption in GAT FTGENCAT 2006
to reflect the deteriorating performance of the pool. According
to the updated methodology, Moody's increased the CoV, which is a
measure of volatility, in both transactions.
For GAT FTGENCAT 2006, the current default assumption is 20.0% of
the current portfolio and the assumption for the fixed recovery
rate is 50.0%. Moody's has increased the CoV to 62.15% from
42.5%, which, combined with the revised key collateral
assumptions, resulted in a portfolio credit enhancement of 25.8%.
For GAT FTGENCAT 2009, the current default assumption is 21.5% of
the current portfolio and the assumption for the fixed recovery
rate is 42.5%. Moody's has increased the CoV to 59.35% from
40.0%, which, combined with the revised key collateral
assumptions, resulted in a portfolio credit enhancement of 29.4%.
Moody's Has Considered Exposure to Counterparty Risk
The conclusion of Moody's rating review also takes into
consideration exposure to Catalunya Banc, which acts as the
servicer, swap counterparty (in GAT FTGENCAT 2006) and collection
account bank in all both transactions.
This rating action incorporates exposure to commingling risk with
Catalunya Banc. The collections of the portfolios are transferred
daily from Catalunya Banc to the transactions' accounts at
Barclays Bank PLC (A2/P-1), where the reserve funds are also
held. This mitigates the exposure to Catalunya Banc.
As part of its analysis, Moody's also assessed the exposure to
Catalunya Banc as swap counterparty in GAT FTGENCAT 2006. The
revised/confirmed ratings of the notes are consistent with this
exposure.
Other Developments May Negatively Affect the Notes
In consideration of Moody's new adjustments, any further
sovereign downgrade would negatively affect structured finance
ratings through the application of the country ceiling or maximum
achievable rating, as well as potentially increased portfolio
credit enhancement requirements for a given rating.
As the euro area crisis continues, the ratings of structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could further
negatively affect the ratings of the notes.
Moody's describes additional factors that may affect the ratings
in its Rating Methodology, "The Temporary Use of Cash in
Structured Finance Transactions: Eligible Investment and Bank
Guidelines", March 18, 2013; and the Request for Comment,
"Approach to Assessing Linkage to Swap Counterparties in
Structured Finance Cashflow Transactions: Request for Comment",
July 2, 2012.
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, which Moody's then weights
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. In the context of the rating review, Moody's has
remodeled the transactions and adjusted a number of inputs to
reflect the new approach. In addition, during its review the
rating agency corrected the spread inputs for the affected notes
in these two transactions.
Methodologies
The methodologies used in these ratings were "Moody's Approach to
Rating EMEA SME Balance Sheet Securitisations", published in May
2013 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 along with the publication of its Special Comment
"Structured Finance Transactions: Assessing the Impact of
Sovereign Risk" published in March 2013.
List of Affected Ratings:
Issuer: GAT FTGENCAT 2006, FONDO DE TITULIZACION DE ACTIVOS
EUR239.1M A2(G) Notes, Confirmed at A3 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
EUR5.1M B Notes, Upgraded to A3 (sf); previously on Jul 2, 2012
Ba1 (sf) Placed Under Review for Possible Downgrade
EUR12.3M C Notes, Upgraded to Ba2 (sf); previously on Jul 2, 2012
B3 (sf) Placed Under Review for Possible Downgrade
EUR13.2M D Notes, Downgraded to Ca (sf); previously on Jul 2,
2012 Caa3 (sf) Placed Under Review for Possible Downgrade
Issuer: GAT FTGENCAT 2009, FONDO DE TITULIZACION DE ACTIVOS
EUR284.8M Serie A1 (G) Notes, Confirmed at A3 (sf); previously on
Jul 2, 2012 Downgraded to A3 (sf) and Placed Under Review for
Possible Downgrade
EUR71.2M Serie A2 Notes, Confirmed at A3 (sf); previously on Jul
2, 2012 Downgraded to A3 (sf) and Placed Under Review for
Possible Downgrade
GC FTPYME 4: S&P Lowers Rating on Class C Notes to 'B+'
-------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos'
asset-backed floating-rate notes.
Specifically, S&P has:
-- Lowered to 'B+ (sf)' from 'BB (sf)' its rating on the class
C notes and lowered to 'CCC- (sf)' from 'CCC (sf)' its
rating on the class D notes;
-- Raised to 'A- (sf)' from 'BBB (sf)' its rating on the class
B notes; and
-- Affirmed its 'AA- (sf)' rating on the class A3(G) notes,
and its 'D (sf)' rating on the class E notes.
The rating actions follows S&P's assessment of the transaction's
performance using the latest available trustee reports (dated
March and April 2013) and portfolio data from the servicer, as
well as the application of S&P's updated criteria for European
collateralized loan obligations (CLOs) backed by small and
midsize enterprises (SMEs) and other relevant criteria.
CREDIT ANALYSIS
Based on S&P's review of the current pool and since its previous
review of the capital structure in July 2011, the pool has
experienced further defaults and the obligor concentration risk
has increased due to the continued deleveraging of loans. The
interest on the class E notes continues to be deferred as of the
April 2013 interest payment date report.
The underlying pool is highly seasoned with a pool factor (the
percentage of the pool's outstanding aggregate principal balance
compared with the closing date) of 12.03%. Loans originated in
2005 now represent the highest proportion of the current
outstanding pool. According to the March 2013 trustee report,
12+ months cumulative defaults account for 5.89% of the closing
pool balance (compared with 4.48% at S&P's July 2011 review).
The recovery rates reported on these defaults are in the range of
24% to 25%.
Even though the minimum required level of the reserve fund is
expected to be EUR12.6 million, it has not been replenished since
our July 2011 review and is still zero.
However, the full amortization of the class A2 notes and partial
amortization of class A3G notes since S&P's July 2011 review has
had a positive impact in credit enhancements in the transaction.
S&P has applied its updated European SME CLO criteria to
determine the scenario default rates (SDRs) for this transaction.
S&P categorizes the originator as moderate (based on tables 1, 2,
and 3 in S&P's criteria), which factored in Spain's Banking
Industry Country Risk Assessment (BICRA) of 6 (as the country of
origin for these SME loans is Spain). This resulted in a
downward adjustment of one notch to the 'b+' archetypical
European SME average credit quality assessment to determine loan-
level rating inputs and applying the 'AAA' targeted corporate
portfolio default rates. As a result, S&P's average credit
quality assessment of the pool is 'b'.
S&P further applied a portfolio selection adjustment of minus
three notches to the 'b' credit quality assessment, which S&P
based on its review of the current pool characteristics, compared
with the originator's other transactions. As a result, S&P's
average credit quality assessment of the pool to derive the
portfolio's 'AAA' SDR was 'ccc'.
S&P has applied this approach as the issuer did not provide the
internal credit scores upon request, therefore, it assumed that
each loan in the portfolio had a credit quality that is equal to
S&P's average credit quality assessment of the portfolio.
S&P has assessed Spain's current market trends and developments,
macroeconomic factors, and the way these factors are likely to
affect the loan portfolio's creditworthiness.
As a result of this analysis, S&P's 'B' SDR is 15% of the current
pool.
The SDRs for rating levels between 'B' and 'AAA' are interpolated
in accordance with S&P's European SME CLO criteria.
COUNTRY RISK
In S&P's cash flow analysis, the class A3(G) notes pass at a
higher rating level than the currently assigned rating. However,
given that S&P's long-term rating on the Kingdom of Spain is
'BBB-', according to S&P's nonsovereign ratings criteria, it has
affirmed its 'AA- (sf)' rating on the class A3(G) notes.
The class A3(G) notes benefit from a guarantee provided by the
Kingdom of Spain. The guarantee from the Kingdom of Spain can be
drawn either for interest or principal payments on the class
A3(G) notes under the priority of payments, when available funds
are insufficient. S&P's rating on the class A3(G) notes is on a
standalone basis (i.e., S&P gives no credit to this guarantee).
However, as of the April 2013 trustee report, the cumulative
amount drawn under the guarantee for the class A3(G) notes is
EUR12.25 million. Therefore, as the fund will need to repay the
amounts drawn under the guarantee to the guarantor (the Kingdom
of Spain), S&P has factored this into its cash flow analysis.
RECOVERY RATE ANALYSIS
At each liability rating level, S&P assumed a weighted-average
recovery rate (WARR) by considering the asset type
(secured/unsecured), its seniority (first lien/second lien), and
the country recovery grouping. S&P also factored in the actual
recoveries from the historical defaulted assets, to derive its
recovery rate assumptions to be applied in its cash flow
analysis.
As a result of this analysis, S&P's WARR assumption in a 'AA'
scenario was 19.92%. The recovery rates at more junior rating
levels were higher (in line with S&P's criteria).
CASH FLOW ANALYSIS
S&P subjected the capital structure to various cash flow
scenarios, incorporating different default patterns, recovery
timings, and interest rate curves to generate the minimum break-
even default rate (BDR) for each rated tranche in the capital
structure. The BDR is the maximum level of gross defaults that a
tranche can withstand and still fully repay the noteholders,
given the assets and structure's characteristics. S&P then
compared these BDRs with the SDRs outlined above.
SUPPLEMENTAL TESTS
S&P's rating on the class D notes was constrained by the
application of the largest obligor default test. Accordingly S&P
has lowered to 'CCC- (sf)' from 'CCC (sf)' its rating on the
class D notes.
COUNTERPARTY RISK
The transaction features an interest rate swap. CaixaBank S.A.
(BBB-/Negative/A-3) is the swap counterparty. Under S&P's 2012
counterparty criteria, it has defined it as a "derivative"
counterparty. S&P has reviewed the swap counterparty's downgrade
provisions, and, in its opinion, they do not fully comply with
S&P's 2012 counterparty criteria.
Since the Swap counterparty do not fully comply with S&P's
criteria, it has tested a scenarios where S&P gives no benefit to
the counterparty. For this S&P has applied a yield compression
stress in its cash flow analysis. S&P has observed that the
portfolio contains a wide range of spreads. S&P considers that
there is a risk that, should defaults affect the highest-paying
loans , the pool's yield would tend to decrease over time. This
could limit the transaction's ability to service the rated notes.
Following S&P's assessment of the transaction's performance and
the application of its relevant criteria, S&P's cash flow results
indicates that the available credit enhancement for the class C
notes supports a lower rating than currently assigned. S&P has
therefore lowered to 'B+ (sf)' from 'BB (sf)' its rating on the
class C notes.
The results of S&P's credit and cash flow analysis shows that the
credit enhancement available to the B notes is commensurate with
a higher rating. S&P has therefore raised to 'A- (sf)' from 'BBB
(sf)' its rating on the class B notes.
S&P's rating on the class E notes reflects the timely payment of
interest and ultimate payment of principal. S&P lowered its
rating on this class of notes to 'D (sf)' on March 7, 2013
following an interest shortfall. The class E notes are still
deferring interest. Consequently, S&P has affirmed its 'D (sf)'
rating on the class E notes.
GC FTPYME PASTOR 4 is a cash flow CLO transaction that
securitizes loans to SMEs. The collateral pool comprises both
secured and unsecured loans. The transaction closed in November
2006.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating Rating
To From
GC FTPYME PASTOR 4, Fondo de Titulizacion de Activos
EUR630 Million Asset-Backed Floating-Rate Notes
Ratings Lowered
C B+ (sf) BB (sf)
D CCC- (sf) CCC (sf)
Rating Raised
B A- (sf) BBB (sf)
Ratings Affirmed
A3(G) AA- (sf)
E D (sf)
INMOBILIARIA COLONIAL: Grupo Villar Mir Mulls Stake Acquisition
---------------------------------------------------------------
Manuel Baigorri and Todd White at Bloomberg News report that
Grupo Villar Mir, a company with interests ranging from
fertilizers to construction, is considering buying a stake in
debt-laden Inmobiliaria Colonial SA.
According to Bloomberg, a person familiar with the matter said
Villar Mir, the closely held owner of a shareholding in builder
Obrascon Huarte Lain SA, is weighing a purchase of as much as
29.99% of Barcelona-based Colonial via a capital increase.
Colonial has a market value of EUR209 million (US$270 million)
and its shareholders include Commerzbank AG, Credit Agricole SA
and Goldman Sachs Group Inc., Bloomberg discloses.
Colonial, whose assets include office properties in prime
locations of Madrid, Barcelona and Paris, has struggled with
mounting losses and debt from its expansion during the real-
estate boom in Spain, Bloomberg relates. Juan-Miguel Villar Mir,
chairman and owner of the Madrid-based holding company that bears
his name, said this month he's considering investing in Colonial,
Bloomberg recounts.
"It will all come down to price and I suspect he'll ask for a big
discount," Bloomberg quotes Francisco Salvador, a Madrid-based
strategist at FGA/MG Valores, as saying by telephone.
Mr. Salvador, as cited by Bloomberg, said Mr. Villar Mir is known
as a contrarian investor and has successfully restructured
businesses in the past.
In Spain, shareholders that acquire 30% or more of a company are
required by law to make a full takeover bid, Bloomberg states.
The person said that Mr. Villar Mir isn't interested in buying
individual assets owned by Colonial, Bloomberg notes.
Inmobiliaria Colonial SA is a Spanish property company.
OBRASCON HUARTE: Fitch Affirms 'BB-' Senior Unsecured Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed Obrascon Huarte Lain's (OHL) Long-term
Issuer Default (IDR) and senior unsecured ratings at 'BB-'. The
Short-term IDR is affirmed at 'B' and Outlook Stable.
OHL's business is split between construction activities financed
with unsecured facilities (recourse), its ring-fenced concession
activities (non-recourse) funded with senior project finance
loans and junior concession holding company debt collateralized
on the underlying equity value of its Abertis and OHL Mexico
stakes. Since exchanging part of its concession portfolio into an
Abertis stake, re-leveraging of this stake and subsequent up-
streaming of cash proceeds allowed for de-leveraging at the
recourse level at FY12. However Fitch expects net recourse
leverage to remain around 3.0x. With recourse cash flow stemming
from the relatively higher risk construction industry and
susceptible to operational risks such as cyclical demand and
project delays, 3.0x leverage is deemed comparatively high. OHL
has considerable equity value on its balance sheet from
concession assets, although senior unsecured bondholders remain
subordinated to non-recourse debt and potentially exposed to
inherent equity value cyclicality.
Abertis Stake Increases:
OHL reached a 19% stake in Abertis Infraestructuras, S.A.
('BBB+'/Negative) one of the world's largest toll road operators.
OHL exchanged its Brazilian and Chilean toll road concession
portfolio -- now owned by Abertis -- for this stake and further
used collateralized loans to fund a more sizeable stake than
originally obtained through the transaction.
Re-leveraging Concession Assets:
The 19% Abertis and 74% OHL Mexico stakes have been re-leveraged
and refinanced during 2012 and Q1 2013, now totaling around
EUR1.4 billion of collateralized funding and with more robust 3 -
5 year maturities. These stakes are held in the non-recourse
group and are leveraged to around 30% LTV with stable dividend
flow from Abertis comfortably covering associated debt funding
costs.
Lacklustre Recourse Performance:
Construction activities forming the large part of recourse cash
flow experienced a 12% EBITDA decline during 2012 with a number
of large international projects signed in 2011 and 2012 still in
ramp-up stage. Overall international activities continue to
offset the dismal Spanish market, accounting for 27% revenue of
this segment for FY12. Fitch expects single-digit growth from
construction going forward driven by a strong internationally
focused order book covering around 3.0x revenue. Strong growth in
EBITDA from other recourse activities helped offset an overall
decline y-o-y.
Strong International Order-Book:
OHL has outperformed other EMEA contractors with regards to
diversifying away from weak developed markets. Proactively,
management started this process well before the crisis. Continued
order-book growth provides potential upside for better-than-
expected working capital. However, downside risks would arise
from poor execution of the international order book that has an
element of concentration risk when compared to Fitch's investment
grade Engineering and Construction peers.
Recent De-leverage to Unwind:
Management prior year commitment to target less than 2.0x
recourse leverage for FY12 was successful in large part due to a
re-leveraging of the Abertis stake at the non-recourse level and
subsequent up-streaming of cash to the recourse group. During Q1
2013 this temporary up-streaming was reversed with a EUR436
million repayment back to the non-recourse group. Adjusting for
this, FY12 recourse leverage would have been closer to 2.5x -
3.0x.
Upward Revised Recourse-Leverage Target:
Fitch expects recourse leverage to remain around 3.0x, higher
than previously expected primarily due to management revising up
their target recourse leverage back to less than 3.0x for 2013
onwards. Furthermore, off balance sheet receivable factoring of
around 1.0x of recourse leverage used to fund working capital
requirements that would otherwise be financed by recourse cash
flow add to the group's overall debt quantum.
Solid Liquidity for Rating:
Recourse liquidity has a good track record of being maintained
through the crisis with around EUR2.0 billion of undrawn
committed facilities and cash available at FY12, comfortably
covering debt maturities until 2016. OHL have demonstrated solid
support from their banking group through-the-cycle maintaining
their credit lines roughly at similar levels.
Largely Bond Market Financed:
With EUR1.3 billion of recourse gross debt funded with medium-
term bonds, all other bank debt is primarily used for liquidity
needs arising from working capital fluctuation inherent in this
seasonally business. OHL has demonstrated good access to bond
markets in recent years including an 8-year EUR300 million 7.625%
bond due 2020 and increase in its RCF to EUR300 million pushing
our maturity to 2016.
RATING SENSITIVITY GUIDANCE:
Fitch adjusts leverage calculations to reflect the ring-fenced
nature of the concession business by excluding related EBITDA and
non-recourse debt but including sustainable dividends. Off
balance sheet drawn factoring lines are brought on balance and
included in Fitch's adjusted net debt.
Positive: Future developments that could lead to positive rating
actions include:
-- Recourse net leverage around 2.0x and EBITDA interest cover
above 3.0x on a sustainable basis.
-- A material increase in steady, reliable up-streamed dividends
from the concession operations without a re-leveraging of
assets.
Negative: Future developments that could lead to negative rating
action include:
-- Recourse net leverage above 4.0x and EBITDA interest cover
below 2.0x on a sustainable basis.
-- Increased stakes in Abertis that are detrimental to recourse
leverage metrics.
-- A LTV higher than 50% at the OHL Concession HoldCo level
(collateralized debt / stakes in OHL Mexico and Abertis) to
the extent that this may destabilize the standalone financial
strength and lead to material margin calls.
RIVOLI PAN: 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 RIVOLI Pan Europe 1
PLC's class A, B, and C notes.
The rating actions follows S&P's review of the underlying loan's
credit quality by applying its updated European commercial
mortgage-backed securities (CMBS) criteria.
On Dec. 6, 2012, S&P placed its ratings on RIVOLI Pan Europe 1's
class A, B, and C notes on CreditWatch negative, following the
update to its European CMBS criteria.
PARQUE PRINCIPADO (32% OF THE LOAN POOL)
A shopping center in Oviedo, Northern Spain secures the
EUR113 million loan. The loan matures in July 2013. The loan
was granted to the borrower for a maximum amount of EUR114.7
million and is divided into two tranches: A EUR113.4 million
tranche and a pari passu tranche of EUR1.3 million.
The center is multitenanted and comprises approximately 56,000
square meters of space. The current occupancy rate is 88%, with
a weighted-average unexpired lease term (WAULT) of three years
and six months until the first lease break. In February 2013,
the servicer reported a 68% securitized loan-to-value (LTV) ratio
(based on a January 2012 valuation) and a 7.04x securitized
interest coverage ratio (ICR).
SANTA HORTENSIA (29% OF THE LOAN POOL)
A single-tenanted office property of approximately 47,000 square
meters in Madrid secures the second-largest loan in the pool.
The loan has a senior balance of EUR104 million. The loan
matured in January 2013 and is currently in standstill as the
loan is being restructured. The borrower has decided to seek a
two-year extension to the loan maturity date, with an additional
potential extension of one-year, and another of 15 months. The
servicer has informed S&P that the noteholders have approved
these proposals, which are now in the process of being finalized.
The property's current occupancy is 100%, with a WAULT of
approximately two years and five months until the first lease
break. In February 2013, the servicer reported a 65% securitized
LTV ratio (based on a January 2013 valuation) and a 2.70x
securitized ICR.
BLUE YONDER (18% OF THE LOAN POOL)
The Blue Yonder loan (18% of the loan pool) has a senior balance
of EUR67 million and matures in August 2015. Five office
properties, an industrial property, and a mixed-use property
secure the loan. Office accommodation represents 44.2% of the
rental income, with warehouses representing 55.8%. The seven
properties are let entirely to KLM Royal Dutch Airlines under one
lease that matures in August 2018 (three years after loan
maturity). The portfolio is about 137,000 square meters, with a
WAULT of approximately five years and two months until the first
lease break. In February 2013, the servicer reported a 42%
securitized LTV ratio (based on a January 2013 valuation) and a
6.77x securitized ICR.
RIVE DEFENSE (21% OF THE LOAN POOL)
An office property outside Paris secures the Rive Defense loan
(21% of the loan pool). The loan has a senior balance of
EUR74 million and matured in January 2013. The property is about
43,500 square meters, with a WAULT of approximately four years
and five months until the first lease break. The current
occupancy rate is 100%. In February 2013, the servicer reported
an 82% securitized LTV ratio (based on a January 2013 valuation)
and a 3.08x securitized ICR.
RATING ACTIONS
S&P's analysis indicates that the credit enhancement available to
the class A and B notes is insufficient to maintain their current
ratings. S&P has therefore lowered and removed from CreditWatch
negative its ratings on the class A and B notes.
In addition, S&P's analysis indicates that the expected
recoveries under its 'B+' rating scenario is no longer sufficient
to cover principal payments due on the class C notes. Therefore,
S&P has lowered to 'B- (sf)' from 'B+ (sf)' and removed from
CreditWatch negative its rating on the class C notes.
RIVOLI Pan Europe 1 is a 2006-vintage CMBS transaction backed by
four loans secured on 10 European commercial properties. At
closing, it was backed by a pool of five loans secured on
24 mixed-use European commercial properties. The assets were
located in Spain, France, and the Netherlands.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an property-backed security as defined
in the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating Rating
To From
RIVOLI Pan Europe 1 PLC
EUR479.8 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered And Removed From CreditWatch Negative
A BBB- (sf) A (sf)/Watch Neg
B B (sf) BBB (sf)/Watch Neg
C B- (sf) B+ (sf)/Watch Neg
TDA 22: Moody's Lowers Rating on Class C1 Notes to 'Caa2'
---------------------------------------------------------
Moody's Investors Service downgraded the ratings of thirteen
notes in four Spanish residential mortgage-backed securities
(RMBS) transactions: TDA 15 MIXTO, FTA; TDA 18 MIXTO, FTA; TDA 20
MIXTO, FTA and TDA 22 MIXTO, FTA. At the same time, Moody's
confirmed the rating of one junior note in TDA 22 MIXTO, FTA.
The rating action concludes the review of five 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 seven
notes placed on review on November 23, 2012, following Moody's
revision of key collateral assumptions for the entire Spanish
RMBS market.
Ratings Rationale:
This downgrade action primarily reflects the insufficiency of
credit enhancement to address sovereign risk as well as linkage
to counterparty. Moody's confirmed the ratings of securities
whose credit enhancement and structural features provided enough
protection against sovereign and counterparty risk.
The determination of the applicable credit enhancement driving
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.
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.
Revision of Key Collateral Assumptions
Moody's has maintained its lifetime loss expectation (EL) as well
as its MILAN CE assumption in all four transactions.
Exposure to Counterparty Risk
The conclusion of Moody's rating review takes into consideration
the exposure to the relevant servicers acting as collection
account bank for the four transactions. Treasury Accounts are
held by Barclays Bank PLC for TDA 15 MIXTO, FTA, TDA 18 MIXTO,
FTA and TDA 20 MIXTO, FTA and BNP Paribas for TDA 22 MIXTO, FTA.
The sweeping frequency to the treasury account is monthly in TDA
15 MIXTO, FTA and TDA 20 MIXTO, FTA for both subpools, daily,
weekly or monthly depending on the entity in TDA 18 MIXTO, FTA
and TDA 22 MIXTO, FTA. Exposure to servicers acting as collection
account banks only has a negative impact on the final ratings for
TDA 15 MIXTO, FTA and TDA 20 MIXTO, FTA.
Moody's also notes that, there is no swap in place to protect the
transactions against interest rate risk for TDA 15 MIXTO, FTA and
TDA 18 MIXTO, FTA. TDA 18 MIXTO, FTA. benefits from a interest
rate cap. The revised rating of the notes are not negatively
impacted by this exposure given the high excess spread on the
pool.
Other Developments May Negatively Affect the Notes
In consideration of Moody's new adjustments, any further
sovereign downgrade would negatively affect structured finance
ratings through the application of the country ceiling or maximum
achievable rating, as well as potentially increased portfolio
credit enhancement requirements for a given rating.
As the euro area crisis continues, the ratings of structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could further
negatively affect the ratings of the notes.
Moody's describes additional factors that may affect the ratings
in "Approach to Assessing Linkage to Swap Counterparties in
Structured Finance Cashflow Transactions: Request for Comment."
The methodologies used in these ratings were "Moody's Approach to
Rating RMBS Using the MILAN Framework", published in March 2013
and "The Temporary Use of Cash in Structured Finance
Transactions: Eligible Investment and Bank Guidelines", published
in March 2013.
In reviewing these transactions, Moody's used 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.
List Of Affected Ratings:
Issuer: TDA 15 MIXTO FONDO DE TITULIZACION DE ACTIVOS
EUR9.5M B1 Notes, Downgraded to Ba1 (sf); previously on Nov 23,
2012 Downgraded to Baa2 (sf) and Remained On Review for Possible
Downgrade
EUR11.7M B2 Notes, Downgraded to Ba1 (sf); previously on Nov 23,
2012 Downgraded to Baa2 (sf) and Remained On Review for Possible
Downgrade
Issuer: TDA 18 MIXTO FONDO DE TITULIZACION DE ACTIVOS
EUR11.3M B1 Notes, Downgraded to Ba1 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade
EUR12.4M B2 Notes, Downgraded to Ba1 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade
Issuer: TDA 20-MIXTO, FONDO DE TITULIZACION DE ACTIVOS
EUR297.1M A1 Notes, Downgraded to Baa1 (sf); previously on Nov
23, 2012 Confirmed at A3 (sf)
EUR7.9M B1 Notes, Downgraded to Ba1 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade
EUR10.4M B2 Notes, Downgraded to Ba1 (sf); previously on Nov 23,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade
Issuer: TDA 22 - MIXTO, FONDO DE TITULIZACION DE ACTIVOS
EUR57.2M A1b Notes, Downgraded to Baa2 (sf); previously on Nov
23, 2012 Confirmed at A3 (sf)
EUR4.6M B1 Notes, Downgraded to B1 (sf); previously on Jul 2,
2012 Baa2 (sf) Placed Under Review for Possible Downgrade
EUR14.6M B2 Notes, Downgraded to Ba1 (sf); previously on Jul 2,
2012 Downgraded to A3 (sf) and Placed Under Review for Possible
Downgrade
EUR3.7M C1 Notes, Downgraded to Caa2 (sf); previously on Jul 2,
2012 Ba3 (sf) Placed Under Review for Possible Downgrade
EUR6M C2 Notes, Downgraded to B2 (sf); previously on Jul 2, 2012
Baa3 (sf) Placed Under Review for Possible Downgrade
EUR2.7M D1 Notes, Downgraded to Caa3 (sf); previously on Jul 2,
2012 Caa1 (sf) Placed Under Review for Possible Downgrade
EUR5.7M D2 Notes, Confirmed at Caa1 (sf); previously on Nov 23,
2012 Downgraded to Caa1 (sf) and Remained On Review for Possible
Downgrade
===========
T U R K E Y
===========
ING BANK: Fitch Upgrades Viability Rating to 'bb+'
--------------------------------------------------
Fitch Ratings has affirmed ING Bank A.S.'s (INGBT) Long-term
foreign currency Issuer Default Rating (IDR) at 'BBB' with a
Stable Outlook. At the same time, the agency has upgraded INGBT's
Viability Rating to 'bb+' from 'bb', reflecting improved
performance and continued sound asset quality despite a fast
growing loan book.
KEY RATING DRIVERS: IDRS, SUPPORT RATING AND NATIONAL RATING
INGBT's IDRs and Support Rating are driven by potential support
from its sole owner ING Bank NV (ING; 'A+'/Stable). The 'BBB'
Long-term foreign currency IDR is capped at the Country Ceiling,
and the 'BBB+' Long-term local currency IDR also takes into
account country risks. Fitch believes the Turkish subsidiary is
strategically important to ING, and the agency therefore factors
into its ratings a high probability of parent support.
INGBT's 'AAA(tur)' National Rating reflects the agency's opinion
that, on a relative scale, the issuer has one of the best credit
profiles in Turkey.
RATING SENSITIVITIES - IDRS, SUPPOT RATING AND NATIONAL RATINGS
INGBT's IDRs could be upgraded or downgraded if there were
changes to Turkey's Country Ceiling. The ratings could also be
downgraded if there was a multi-notch downgrade of ING, or a
sharp reduction in the parent's commitment to the subsidiary,
neither of which is currently anticipated by Fitch.
KEY RATING DRIVERS - VR
The upgrade of INGBT's VR reflects (i) improvements in the bank's
performance ratios, which are now closer to those of peers, (ii)
a somewhat more balanced funding profile, as a result of
expanding retail customer deposits, and (iii) a slowing of the
bank's growth to rates broadly in line with the sector as a
whole. The VR is also supported by sound asset quality,
reasonable capitalization and comfortable liquidity. However, the
bank's moderate franchise and still heavy reliance on parent
funding continue to weigh on the VR.
Key credit metrics for INGBT have improved in 2012; operating
performance is similar to peers, as the bank started benefiting
from the fast growing higher margin SME and retail portfolios.
Cost efficiency is still somewhat weaker than peers with a
cost/income ratio of 62% in 2012. Fitch believes as the bank
continues to strengthen its franchise, efficiency ratios will
also catch up with peers.
INGBT's impaired loan ratio has always been one of the lowest in
the sector, even before the acquisition by ING, and it stood at
2.2% at end-2012. Low formation of new non-performing loans
(NPLs), continued recoveries and loan growth contribute to the
impaired loan ratio remaining low, without major write-offs.
Amounts of restructured loans, foreclosed assets and watch-list
loans are negligible. Fitch expects growth in impaired loans in
2013 as the loan book seasons, however the agency does not expect
the impact to be material.
INGBT is becoming more deposit-funded (end-2012: 59% of
liabilities); however, funding from its parent, including long-
term facilities, was still significant at 28% of non-equity
funding. INGBT has taken strides to increase its retail customer
deposits and plans to gradually reduce its reliance on parental
funding, which will be positive for the VR. Fitch expects this
process to be gradual and challenging in light of strong
competition for deposits, and INGBT's significant funding
requirements given its loan growth plans.
Capitalization is adequate, with the Fitch Core Capital (FCC)
ratio standing at 11.8% at end-2012. In Fitch's opinion, pressure
on capitalization from planned growth of risk-weighted assets is
mitigated to some extent by the parent's willingness and
capability to support the bank's future growth plans.
RATING SENSITIVITIES - VR
The VR could be upgraded if performance improves further and
reliance on parent funding is significantly reduced, while other
credit metrics remain sound. The VR could be downgraded if there
is a marked slowdown in the economy, signs of significant
deterioration in the bank's asset quality or underwriting, or a
clear deterioration in leverage and/or performance as the bank
continues to grow.
The rating actions are:
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook Stable
Long-term local currency IDR: affirmed at 'BBB+'; Outlook Stable
Short-term foreign currency IDR: affirmed at 'F3'
Short-term local currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(tur)'; Outlook Stable
Viability Rating: upgraded to 'bb+' from 'bb'
Support Rating: affirmed at '2'
===========================
U N I T E D K I N G D O M
===========================
AMERICAS DIAMOND: Incurs US$99.6K Net Loss in Year Ended Jan. 31
----------------------------------------------------------------
Americas Diamond Corp. filed on May 16, 2013, its annual report
on Form 10-K for the year ended Jan. 31, 2013.
George Stewart, in Seattle, Washington, expressed substantial
doubt about Americas Diamond's ability to continue as a going
concern, noting that the Company has had no operations and has no
established source of revenue.
The Company reported a net loss of US$99,642 for the year ended
Jan. 31, 2013, compared with a net loss of US$22,662 for the year
ended Jan. 31, 2012.
The Company's balance sheet at Jan. 31, 2013, showed US$2.7
million in total assets, US$2.8 million in total liabilities, and
a stockholders' deficit of US$81,621.
A copy of the Form 10-K is available at http://is.gd/UBDsy4
London, United Kingdom-based Americas Diamond Corp. is an
exploration stage company. On April 12, 2011, the Company
received a geologists report on its Met 1 property. After
reviewing the report management decided to abandon the claim and
is currently pursuing additional exploration assets and were as
successful in acquiring SUDAM Diamonds Ltd. which holds rights to
Natal I and Natal II and a diamond processing plant.
CO-OPERATIVE BANK: Launches Wide-Ranging Review Into Business
-------------------------------------------------------------
Harry Wilson at The Telegraph reports that the Co-operative Bank
plc has launched a wide-ranging review into its banking business,
which will address all options, including a possible sale or wind
down, as it looks for ways to fill a capital black hole.
The mutual needs to raise as much as GBP1.8 billion to repair its
bank's balance sheet and said on Friday that it was "undertaking
an extensive review" of the business, the Telegraph relates.
Swiss investment bank UBS has been hired to advise the Co-op on
its options, which could range from the sale of more assets to
the winding down or sale of the entire bank, the Telegraph
discloses.
Euan Sutherland, the new chief executive of the Co-op, confirmed
that Co-op Bank had stopped making loans to new customers as it
looked for ways to raise new capital, the Telegraph notes.
"This decision is part of our commercial strategy to play to the
traditional strengths of the bank," the Telegraph quotes
Mr. Sutherland as saying.
The Co-op has already sold off large parts of its insurance
business, the Telegraph recounts.
However, depending on the eventual size of the capital hole, the
mutual could be forced to consider the sell-off of more
businesses as it attempts to raise new money, the Telegraph
notes.
The review of the bank follows a six-notch downgrade earlier this
month by Moody's, which cut the division's credit rating to junk
status, the Telegraph discloses.
Founded in 1863, the Co-op has more than six million members,
employs more than 100,000 people and has turnover of more than
GBP13 billion.
* * *
As reported by the Troubled Company Reporter-Europe on May 13,
2013, Moody's Investors Service downgraded the deposit and senior
debt ratings of Co-operative Bank plc to Ba3/Not Prime from
A3/Prime 2, following its lowering of the bank's baseline credit
assessment (BCA) to b1 from baa1. The equivalent standalone bank
financial strength rating (BFSR) is now E+ from C- previously.
FIRST QUANTUM: Moody's Cuts Senior Notes Rating to 'B2'
-------------------------------------------------------
Moody's Investors Service confirmed the Ba3 corporate family
rating and the Ba3-PD probability of default rating of First
Quantum Minerals Ltd., but has downgraded the rating on its
senior unsecured notes due 2019 to B2 from B1. The outlook was
changed to negative for all ratings. Concurrently, Moody's has
withdrawn the B1 CFR and B1-PD of Inmet Mining Corporation after
its recent amalgamation with FQM's sub-holding company FQM
(Akubra) Ltd ('FQM Akubra'), which has become the successor of
Inmet, and reaffirmed the B1 rating on its senior unsecured
notes, which also has a negative outlook.
These rating actions follow the completed acquisition of Inmet,
and take also into account the announcement made by FQM on 21 May
2013 indicating that only $10 million of Inmet's notes have been
tendered to the mandatory change of control offer.
These rating actions conclude the review of FQM initiated by
Moody's on December 19, 2012.
Ratings Rationale:
Moody's is confirming FQM's CFR and affirming Inmet's senior
unsecured note rating, an acknowledgment that many of the main
drivers of the former stand-alone ratings have not changed and
some, such as operating diversity, have improved as a result of
the transformational Inmet acquisition. However, the negative
rating outlook and the downgrade of FQM's senior unsecured notes
reflect some combination of higher leverage and weaker liquidity
for the combined company than was the case for the previous
stand-alone ratings. Notably, Inmet had pre-funded a substantial
portion of the development costs of the Cobre Panama project and
the resulting $3.6 billion of cash significantly mitigated the
execution and capex risk associated with that project. Now, that
cash may be used by FQM to repay the $2.5 billion bridge loan
used to finance approximately one-half of the Inmet acquisition.
FQM is reappraising the development of the Cobre Panama project,
which it believes can be developed more economically than
envisioned by Inmet. The company expects to complete this review
within the next three to six months. It is also working on more
permanent funding to replace the bridge loan, or a portion
thereof. While the details of both these important matters may
affect Moody's rating for FQM, Moody's does not expect the
underlying key drivers of the Ba3 rating to change, and
specifically that high capital expenditures for new projects will
lead to an increase in debt over at least the next two to three
years, which will in turn keep pressure on the company's funding
and liquidity position, while it remains exposed to volatile
commodity prices and uncertainties in the global economy.
Moody's also recognizes that the acquisition of Inmet will
contribute to counterbalance FQM's high operational concentration
risk in Zambia (B1 stable), given the sound strategic rationale
of acquiring (i) Inmet's three low cost copper mines in the more
stable EMEA region (Spain, Turkey, Finland) where FQM is
marginally present, and (ii) the large Cobre Panama copper
project in Panama, which will materially contribute to total
copper output of FQM once commercial production starts. However,
FQM's concentration risk in Zambia will remain high and most of
the improvements, in terms of size, operational and geographic
diversification, will be effective only after 2016 with Cobre
Panama's contribution, because the producing mining assets of
Inmet are relatively small. Moody's calculates that the
proportion of revenues and EBITDA of FQM combined with Inmet
which is derived from Zambia (Kansanshi mine) still represents
around 50% and 54% of total revenues and EBITDA respectively, on
a 2012 pro-forma basis (from 70% and 79% respectively on FQM's
stand-alone basis).
FQM's liquidity profile following the acquisition is adequate to
cover the large cash outflows expected over the next 18 to 24
months, including the full repayment of the bridge facility
within the next 12 months and the large capex outflows for FQM's
projects alone, while the substantial capex plan for Cobre Panama
remains under FQM's management review, and it will be mostly
rescheduled for 2014 and beyond according to management's
preliminary guidance. The liquidity is mainly supported by
Inmet's large cash balance (nearly $3.5 billion as of March
2013), which remains intact following the mandatory change of
control offer on Inmet's notes, and which will be accessible by
FQM for general corporate purposes, including the repayment of
the bridge facility, according to management guidance. FQM's
committed revolving and term loan facilities totaling c. $1.6
billion, entirely undrawn as of March 2013, provide further
liquidity to cover the funding gaps for the combined capex plan
over the next 12 to 18 months, which will drive substantial
negative free cash flows over the same timeframe. The adequate
liquidity assessment also assumes that FQM is able to normalize
its working capital requirements for its Zambian mining
operations during 2013, after they absorbed cash for c. $800
million in 2012, which resulted in a cash balance for FQM as of
December 2012 of $309 million, down from a peak cash position of
c. $1 billion in March 2012 after FQM received $740 million in
cash from ENRC (B1 UR for downgrade) as part of a settlement of
claims and sale of assets in the Democratic Republic of Congo.
Given this rating action, Moody's currently considers positive
rating actions to be unlikely in the near future. However, a
stabilization of the outlook could result from proactive
management of short term debt maturities and a preservation of a
solid liquidity position to comfortably execute the several large
projects in FQM's pipeline, as well as a smooth integration of
Inmet's operations within FQM. Positive pressure could build over
time if the group were able to successfully execute its ambitious
growth strategy, which would result in a stronger business
profile supported by wider operational and geographic
diversification, as well as in stronger credit metrics, including
a debt/EBITDA ratio, on a Moody's adjusted basis, sustainably
below 2.0x and free cash flow turning positive.
Conversely, Moody's would consider downgrading the rating if
there were a material deterioration in FQM's liquidity profile,
decline in the group's operating cash flow generation and/or
higher than anticipated capex due to overruns or delays at major
projects. Such a deterioration would be reflected by less robust
credit metrics, including debt/EBITDA in excess of 3x on a
sustained basis.
Structural Considerations
The one-notch downgrade of FQM's notes to B2 reflects the weaker
position of the instrument in the enlarged capital structure
following the acquisition of Inmet, given its structural
subordination at the FQM Limited holding level, and the limited
value of the guarantees provided on a subordinated basis by FQM's
Australian and Finnish subsidiaries, as opposed to the stronger
guarantees of the new acquisition bridge facility (provided by
FQM and by FQM Finance Ltd) and of the Inmet notes, which have
upstream guarantees from Inmet's operating subsidiaries.
As FQM offers no guarantee for Inmet's notes, the rating on these
notes, affirmed at B1, reflects a degree of structural
subordination compared to other liabilities of the enlarged
group, namely the senior secured debt available to the main
operating subsidiaries of FQM, which Moody's assumes will be
partially drawn in 2013 and beyond to support the increased
funding requirements of the enlarged group. However, the Inmet
notes remain supported by the assets and cash flows of its
operating subsidiaries providing upstream guarantees in the first
instance.
Moody's will be able to maintain the ratings on Inmet's notes as
long as the company continues to provide audited financial and
operating reports, sufficient to monitor the assets and operating
performance of the issuer and its operating subsidiaries. Inmet's
indentures include the requirement for the provision of such
information. Should the company stop providing audited
information, Moody's would have to withdraw the ratings on
Inmet's notes.
The principal methodology used in these ratings was the Global
Mining Industry published in May 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.
First Quantum Minerals Ltd (FQM), headquartered in Canada and
listed on the Toronto Stock Exchange and the London Stock
Exchange, is a medium size mining company with a large operation
in Zambia, where it manages Kansanshi, a large and low-cost
copper and gold deposit. FQM also operates a small copper and
gold mine in Mauritania, a junior nickel mine in Australia and a
junior nickel-copper mine in Finland. Following the acquisition
of Inmet, FQM has gained access to one of the world's largest
copper deposits, Cobre Panama, as well as to small copper and
zinc mining operations in the EMEA region. The pro-forma combined
revenues of FQM and Inmet in 2012 were just above $4.0 billion.
HIBU PLC: Creditors Set to Take Control in Debt-for-Equity Plan
---------------------------------------------------------------
Express & Star, citing The Sunday Times, reports that creditors
are poised to seize control of Hibu plc in a deal which would
wipe out shareholders and more than halve its GBP2 billion debt
pile.
According to Express & Star, the debt-for-equity plan would see
more than 300 creditors become new owners of the former FTSE 100
Index group, which last year changed its name from Yell.
The group has been hampered by slumping revenues amid intense
competition from internet search engines, while it staggers under
a heavy debt pile built up by an overseas acquisition spree,
Express & Star discloses.
Hibu had debts of more than GBP2 billion at the end of 2012, and
the deal with lenders is expected to see them write off as much
as GBP1.5 billion in return for ownership of the business,
Express & Star says. That would see the group, which has about
13,000 employees, quit the stock market, Express & Star notes.
According to Express & Star, much of its debt matures next April,
and Hibu has said its shares are likely to have "little or no
value". Its creditors reportedly include Soros Fund Management
and Deutsche Bank, Express & Star notes.
Hibu expects to announce the debt deal on the same day as it
announces results for the year to the end of March, Express &
Star discloses.
According to Express & Star, the group, which earned revenues of
GBP1.6 billion in the year to the end of March 2012, has a stock
market value of just GBP9.5 million.
Hibu Plc is a British Yellow Pages publisher.
* * *
As reported by the Troubled Company Reporter-Europe on March 5,
2013, Standard & Poor's Ratings Services said that it lowered to
'D' (default) from 'CC' its long-term corporate credit rating on
U.K.-based international publisher of classified directories hibu
PLC. The downgrade follows hibu's nonpayment of interest on its
2009 credit facility on the due date of Feb. 28, 2013.
LITTLE CHEF: Brand May Disappear, Owners Warn
---------------------------------------------
BBC News reports that the Little Chef restaurant chain's owners
have warned the brand may be about to disappear from the UK's
roadsides.
Turnaround specialists RCapital put the company up for sale in
April, BBC recounts. But the firm said the majority of bids have
since come from large fast-food chains intent on scrapping the
brand, BBC notes. Bidders are believed to include McDonald's,
KFC and Costa Coffee, BBC says.
Little Chef went into administration in 2007, and underwent
significant restructuring, BBC relates. That included cutting
the number of outlets from 234 to 83 and reducing staff number
from 4,000 to 1,100, BBC discloses.
According to BBC, RCapital says the business is now profitable,
but it suggested that bidders are uninterested in retaining the
brand.
Analysts suggest the locations of outlets and large car-parks are
the most attractive aspects of the real estate for potential
buyers, BBC states.
If the company name was to disappear, it would mark the end of
more than 50 years of trading in the UK, which began with an 11-
seat restaurant in Reading in 1958, according to BBC.
RMAC 2004-NSP2: Moody's Upgrades Two RMBS Note Classes From Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded Class A3 notes issued by
RMAC 2004-NSP2 PLC:
GBP150M A3 Notes, Upgraded to A1 (sf); previously on Jun 14, 2010
Downgraded to Ba1 (sf)
Underlying Rating: Upgraded to A1 (sf); previously on Jun 14,
2010 Downgraded to Ba1 (sf)
Ratings Rationale:
This rating action primarily reflects the elimination of
potential cross-currency exposure risk after the non-GBP
denominated notes in the transaction were fully repaid. It also
reflects performance of the collateral to date and the current
level of credit enhancement.
Repayment of Class A2 Eliminated Cross-Currency Exposure
The Ba1 rating of Class A3 was primarily driven by the linkage to
the credit quality of Ambac Financial Services LLC (NR) as the
cross-currency swap provider and Ambac Financial Services LLC
(rating withdrawn) as swap guarantor. On the interest payment
date falling in September 2012 Class A2, which was the only
remaining outstanding class comprising non-GBP denominated notes,
was fully repaid, eliminating the cross-currency exposure and the
associated linkage.
Collateral Performance
RMAC 2004 NSP2 has been performing largely in line with Moody's
expectations. Loans over 90 days in arrears amount to 8.8% of the
outstanding pool balance, while cumulative realized losses amount
to 0.37% of the pool balance at issuance. After considering the
current amounts of realized losses and completing a delinquency
roll rate analysis for the portfolio, Moody's increased its
lifetime expected loss assumption for RMAC 2004 NSP2 to 0.6% of
the original pool balance, equivalent to 2.1% of the current pool
balance, from the previous 0.51%, which was equivalent to 1.4% of
the current pool balance.
Moody's has assessed updated loan-by-loan information of the
outstanding portfolio and as a result has maintained the Milan
Aaa CE assumption of 17.19%.
Credit Enhancement
Credit enhancement to Class A3 is provided by
overcollateralization of GBP 7.5 million, or 5.25% of the note
balance. In addition to the overcollateralization, excess spread
provides considerable support to the transaction. The level of
excess spread available to cover losses has been stable over the
life of the transaction and is currently at around 2.3% per
annum. This level of support is consistent with the upgraded
rating, notwithstanding the increase in the expected loss
assumption.
Sensitivity Analysis
Moody's tested the sensitivity of the ratings to various stress
scenarios. The results show that the ratings would be able
withstand a simultaneous doubling of the expected loss assumption
and increase in the MILAN Aaa CE assumption of 70%, all other
parameters remaining constant.
Expected loss assumptions remain subject to uncertainties such as
the future general economic activity, interest rates and house
prices. If realized recovery rates were to be lower or default
rates were to be higher than assumed, the rating would be
negatively affected.
The methodology used in this rating was Moody's Approach to
Rating RMBS Using the MILAN Framework, 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.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
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
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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
PAGESJAUNES GRP PAJGBP EO -2572329208 1590596225
PAGESJAUNES GRP PAJ EB -2572329208 1590596225
PAGESJAUNES GRP PAJ TQ -2572329208 1590596225
PAGESJAUNES GRP PAJUSD EU -2572329208 1590596225
PAGESJAUNES GRP PAJ QM -2572329208 1590596225
PAGESJAUNES GRP PAJ GK -2572329208 1590596225
PAGESJAUNES GRP QS3 TH -2572329208 1590596225
PAGESJAUNES GRP PAJUSD EO -2572329208 1590596225
PAGESJAUNES GRP PAJ PZ -2572329208 1590596225
PAGESJAUNES GRP QS3 GR -2572329208 1590596225
PAGESJAUNES GRP PAJ EO -2572329208 1590596225
PAGESJAUNES GRP PAJ BQ -2572329208 1590596225
PAGESJAUNES GRP PAJ IX -2572329208 1590596225
PAGESJAUNES GRP PAJ FP -2572329208 1590596225
PAGESJAUNES GRP PGJUF US -2572329208 1590596225
PAGESJAUNES GRP PAJ VX -2572329208 1590596225
PAGESJAUNES GRP PAJGBX EO -2572329208 1590596225
PAGESJAUNES GRP PAJ EU -2572329208 1590596225
PAGESJAUNES GRP PAJP IX -2572329208 1590596225
PAGESJAUNES GRP PAJ LI -2572329208 1590596225
PAGESJAUNES GRP PAJ NQ -2572329208 1590596225
PAGESJAUNES GRP PAJ S1 -2572329208 1590596225
PAGESJAUNES GRP PAJGBX EU -2572329208 1590596225
PEUGEOT CITROEN 3637183Z FP -292685177.7 366568398.7
PRIDE FORAMER SA 271904Z FP -25977905.48 1062588005
REGIE PUBLICITAI 4691033Z FP -5262294.526 112402724.7
REGIONAL COMPAGN 3635823Z FP -37389129.61 595811276.3
RESEAU FERRE FRA 224063Z FP -1594878991 71610625888
RHODIA SA RHDI GR -72552001.48 7951699362
RHODIA SA RHAY IX -72552001.48 7951699362
RHODIA SA 2324015Q EO -72552001.48 7951699362
RHODIA SA 3218857Q IX -72552001.48 7951699362
RHODIA SA RHAUSD EO -72552001.48 7951699362
RHODIA SA RHA QM -72552001.48 7951699362
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GREECE
------
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AG PETZETAKIS SA PETZK EO -110812812.5 206429374.1
AG PETZETAKIS SA PETZK PZ -110812812.5 206429374.1
AG PETZETAKIS SA PTZ1 GR -110812812.5 206429374.1
AG PETZETAKIS SA PTZ GR -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EU -110812812.5 206429374.1
AG PETZETAKIS SA PETZK GA -110812812.5 206429374.1
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ALAPIS HOLDING I V2R GR -670700605.1 924332371.1
ALAPIS HOLDING I VTERF US -670700605.1 924332371.1
ALAPIS HOLDING I FFE GR -670700605.1 924332371.1
ALAPIS HOLDING I ALAPIS EU -670700605.1 924332371.1
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ALAPIS HOLDIN-RT ALAPISR GA -670700605.1 924332371.1
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ALAPIS R-R ALAPV10 GA -670700605.1 924332371.1
ALAPIS SA ALAPI EU -670700605.1 924332371.1
ALAPIS SA ALAPI EO -670700605.1 924332371.1
ALAPIS SA ALAPIS GA -670700605.1 924332371.1
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LAMBRAKIS PRESS DOL GA -39671021.31 225710342.6
LAMBRAKIS PRESS LA3 GR -39671021.31 225710342.6
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LAVIPHARM SA LAVI EU -5006040.333 167080549.6
LAVIPHARM SA LAVI EO -5006040.333 167080549.6
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MAILLIS -RTS MAIKR GA -2041887.566 401387790.4
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NUTRIART-RTS 3411089Q GA -84623057.15 115632796.2
PETZET - PFD-RTS PETZPD GA -110812812.5 206429374.1
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PETZETAKIS-AUC PETZKE GA -110812812.5 206429374.1
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PETZETAKIS-PFD PETZP GA -110812812.5 206429374.1
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RADIO KORASSIDIS RKC GR -100972173.9 244951680.3
RADIO KORASSI-RT KORAD GA -100972173.9 244951680.3
RADIO KORASS-RTS KORAR GA -100972173.9 244951680.3
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
T BANK TBANK EO -46224213.41 3486115450
T BANK ASPT PZ -46224213.41 3486115450
T BANK TBANK GA -46224213.41 3486115450
THEMELIODOMI THEME GA -55751173.78 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMER GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMED GA -55751173.78 232036822.6
UNITED TEXTILES NML1 GR -163114842.1 286539436.9
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UNITED TEXTILES UTEX GA -163114842.1 286539436.9
VETERIN - RIGHTS VETR GA -670700605.1 924332371.1
HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
INVITEL HOLD-ADR INVHY US -73723992 827192000
INVITEL HOLD-ADR 0IN GR -73723992 827192000
INVITEL HOLD-ADR IHO US -73723992 827192000
INVITEL HOLDINGS 3212873Z HB -73723992 827192000
IRELAND
-------
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MCINERNEY HLDGS MCIGBX EO -137972148.5 304108432.2
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START FUNDING NO 3816392Z ID -8410425.946 624257073.1
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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
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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
AUTOMOTIVE LIGHT 3895734Z IM -8797909.782 165588007.5
CANTIERI DI PISA 4313125Z IM -2611908.154 105466953.7
CIRIO FINANZIARI CRO IM -422095936.7 1583083044
CIRIO FINANZIARI FIY GR -422095936.7 1583083044
COGEME AXA COGAXA IM -77319804.75 102552226.7
COGEME AZXOBCV COGOB IM -77319804.75 102552226.7
COGEME SET SPA COG EO -77319804.75 102552226.7
COGEME SET SPA COG EU -77319804.75 102552226.7
COGEME SET SPA COG IM -77319804.75 102552226.7
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JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
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LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
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NETHERLANDS
-----------
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NORWAY
------
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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
REAL ZARAGOZA SA 4285533Z SM -5769281.747 168572641.9
RENTA CORP REN1USD EO -40378516.38 216503337.5
RENTA CORP REN SM -40378516.38 216503337.5
RENTA CORP REN1 TQ -40378516.38 216503337.5
RENTA CORP REN1USD EU -40378516.38 216503337.5
RENTA CORP RENS PZ -40378516.38 216503337.5
RENTA CORP REN1 EU -40378516.38 216503337.5
RENTA CORP REN1 EO -40378516.38 216503337.5
RENTA CORP REN1GBX EU -40378516.38 216503337.5
RENTA CORP RTACF US -40378516.38 216503337.5
RENTA CORP REN1GBX EO -40378516.38 216503337.5
RENTA CORP REN1GBP EO -40378516.38 216503337.5
RENTA CORP REAL REN/D SM -40378516.38 216503337.5
RESIDENCIAL MARL 4498347Z SM -8851230.872 106007591.2
REYAL URBIS SA REY1 EU -1160391779 4576859229
REYAL URBIS SA REYU PZ -1160391779 4576859229
REYAL URBIS SA REY SM -1160391779 4576859229
REYAL URBIS SA REY1 IX -1160391779 4576859229
REYAL URBIS SA REY1 EO -1160391779 4576859229
REYAL URBIS SA REY EB -1160391779 4576859229
SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
SEDESA OBRAS Y S 4285693Z SM -33624032.31 180977629
SHELL ESPANA SA 4514247Z SM -62380994.38 292408739.1
SPANAIR 1174Z SM -224915085.6 350111493.1
SUZLON WIND ENER 3809140Z SM -2806837.606 127085865.7
TELEVISION AUTON 3772924Z SM -114641099.5 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225.3 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
URBANIZADORA SEV 4286693Z SM -10314851.8 487333641
VIA OPERADOR PET 4510507Z SM -19240934.52 114265353.9
XFERA MOVILE SA 1236Z SM -93151786.57 1220956633
SWEDEN
------
ATTENDO AB 4452873Z SS -58148252.61 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
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STV GROUP PLC STVG VX -44693985.16 126240905.5
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STV GROUP PLC SMGPF US -44693985.16 126240905.5
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STV GROUP PLC STVG LN -44693985.16 126240905.5
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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
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TATA CMMNCTNS UK 2534722Z LN -43763935.47 114567535.7
TDL INFOMEDIA 3362Z LN -25723860.05 136762955.6
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TELEWEST COMM 715382Q LN -3702234581 7581020925
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TELEWEST COMMUNI 1646328Z LN -287113015.3 868389208
TELEWEST COMMUNI 1608194Z LN -113079709.6 9113744374
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THALES RAIL SIGN 2812334Z LN -29298137.36 106623580
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THORN EMI PLC THNE FP -2265916257 2950021937
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THORN EMI-ADR TORNY US -2265916257 2950021937
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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
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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
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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
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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
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VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
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VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
WARNER ESTATE WNER PZ -80276070.4 344291592.8
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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 * * *