/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/130716.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, July 16, 2013, Vol. 14, No. 139 Headlines A U S T R I A UNICREDIT BANK: S&P Affirms 'BB+' Rating on Class B2 Notes B E L A R U S * BELARUS: Moody's Says External Debt Reliance Constrains Ratings C Y P R U S ABH FINANCIAL: Fitch Affirms 'BB+' LT Issuer Default Rating * CYPRUS: Moody's Says Default Risk Remains Elevated F R A N C E LAFARGE SA: Fitch Affirms 'BB+' Long-Term Issuer Default Rating G E R M A N Y PRAKTIKER AG: Christopher Seagon to Oversee Insolvency of Units REFLEX PREMIUM: Files for Self-Administered Insolvency in Aachen G R E E C E EMPORIKI BANK: Moody's Withdraws 'Caa2' Ratings, 'E' BFSR FREESEAS INC: Agrees to Sell US$10.5 Million Debt to Hanover H U N G A R Y E-STAR ALTERNATIVE: Budapest Court Ends Bankruptcy Protection I R E L A N D EUROMAX V ABS: S&P Lowers Rating on Class A3 Notes to 'CCC-' MAEXIM SECURED: Fitch to Rate EUR20MM Class A2 Notes 'BB+(EXP)' I T A L Y ATLANTE FINANCE: S&P Puts 'BB' Rating on CreditWatch Negative BANCA CARIGE: S&P Cuts ST Counterparty Credit Rating to 'B' UNIPOL GRUPPO: S&P Cuts Counterparty Credit Rating to 'BB+' * Moody's Lowers Ratings on Three Italian ABS Transactions L I T H U A N I A * CITY OF VILNIUS: May Declare Bankruptcy Absent Government Aid L U X E M B O U R G EUROPEAN ENHANCED: Moody's Cuts Ratings on Two Tranches to 'Ba3' N E T H E R L A N D S NEW WORLD: S&P Lowers CCR to 'B-' & Revises Outlook to Negative * NETHERLANDS: Company Bankruptcies Hit Record High in First Half P O R T U G A L HIPOTOTTA 5: Moody's Lowers Rating on EUR24MM C Notes to 'B2' R U S S I A RUSSIAN MAGNESIUM: Court Installs External Administration S P A I N FONCAIXA FTGENCAT: Fitch Affirms Rating on Series E Notes at 'CC' FTPYME BANCAJA: Fitch Affirms 'Csf' Rating on Class D Notes S W E D E N NORTHLAND RESOURCES: Creditors Approve Reorganization Plan S W I T Z E R L A N D * Swiss Private Banks Continue to Face Headwinds, Fitch Says T U R K E Y ANADOLUBANK AS: Fitch Raises LT Issuer Default Ratings to 'BB+' U K R A I N E * Fitch Revises Rating Outlooks on 7 Ukrainian Banks to Negative U N I T E D K I N G D O M CODAEX UK: Goes Into Administration MODELZONE: Concerns For Jobs After Firm Goes Into Administration * UK Floats New Client Money Rules For Collapsed Firms U Z B E K I S T A N KAPITALBANK: S&P Lowers LT Counterparty Credit Rating to 'B-' * Fitch-Rated Uzbek Banks Foreign-Currency IDRs Remain at 'B-' X X X X X X X X * Fitch: EMEA Unsecured Real Estate Debt Risks Low Recoveries * Single Bank Resolution Fund Positive for Sovereign Credit * Large Companies with Insolvent Balance Sheets ********* ============= A U S T R I A ============= UNICREDIT BANK: S&P Affirms 'BB+' Rating on Class B2 Notes ---------------------------------------------------------- Standard & Poor's Ratings Services has lowered its credit ratings on EuroConnect Issuer SME 2007 Ltd.'s class A notes, UniCredit Bank Austria AG's BA-CA class A2 credit-linked notes (CLNs), and UniCredit Bank AG's HVB class A2 and B2 CLNs. At the same time, S&P has affirmed its ratings on EuroConnect Issuer SME 2007's class B and C notes and UniCredit Bank Austria's BA-CA class B2 CLNs. The downgrades follows S&P's May 28, 2013 downgrade of UniCredit Bank to 'A-/A-2' from 'A/A-1' and its counterparty risk analysis of EuroConnect Issuer SME 2007--and the related Unicredit Bank's HVB CLNs and UniCredit Bank Austria's BA-CA CLNs--under S&P's current counterparty criteria. UniCredit Bank Austria is the cash deposit provider for EuroConnect Issuer SME 2007 and UniCredit Bank's HVB floating- rate CLNs. It provides direct substantial support for UniCredit Bank Austria's BA-CA CLNs. EuroConnect Issuer SME 2007 and UniCredit Bank's HVB CLNs In both transactions, the issuers have invested proceeds from the issuance of the CLNs in a cash deposit with UniCredit Bank Austria. Thus, the principal of the rated notes is cash- collateralized. According to our current counterparty criteria, applicable to bank account providers in funded synthetic transactions, the maximum rating on the notes is equivalent to S&P's long-term issuer credit rating (ICR) on the bank account provider, if it is rated 'A-'. Consequently, S&P has lowered to 'A- (sf)' from 'A (sf)' its rating on EuroConnect Issuer SME 2007's class A notes. At the same time, S&P has lowered to 'A- (sf) from 'A (sf)' its ratings on UniCredit Bank's HVB class A2 and B2 CLNs. S&P has affirmed its ratings on EuroConnect Issuer SME 2007's class B and C notes as it considers their ratings to be commensurate with the available credit enhancement for these notes, and the rating levels are in line with the application of S&P's current counterparty criteria. UniCredit Bank Austria's BA-CA CLNs While the issuer has deposited the proceeds of the class A2 and B2 CLNs with UniCredit Bank, UniCredit Bank Austria pays the interest due on the CLNs, which S&P considers to be providing direct substantial support to the CLNs. Under S&P's current counterparty criteria, the maximum rating on the notes is therefore equivalent to S&P's long-term ICR on the substantial support provider, if it is rated 'A-'. Therefore, S&P has lowered to 'A- (sf)' from 'A (sf)' its rating on the class A2 CLNs to equalize its rating with its long-term ICR on UniCredit Bank Austria. S&P has affirmed its 'BB+ (sf)' rating on the class B2 CLNs as its rating is commensurate with the available credit enhancement, and the rating level is in line with the application of its current counterparty criteria. EuroConnect Issuer SME 2007 is a partially funded synthetic balance sheet transaction, referencing a portfolio of bank loans granted to mainly German and Austrian small and midsize enterprises (SMEs) (90% of the portfolio balance) and to larger corporates (10% of the portfolio balance), originated by Unicredit Bank and UniCredit Bank Austria. The transaction closed in December 2007. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7 Disclosure Reports included in this credit rating report are available at: http://standardandpoorsdisclosure-17g7.com RATINGS LIST Class Rating Rating To From EuroConnect Issuer SME 2007 Ltd. EUR216.3 Million Credit-Linked Floating-Rate Notes Rating Lowered A A- (sf) A (sf) Ratings Affirmed B A- (sf) C BBB- (sf UniCredit Bank AG EUR0.2 Million HVB Floating-Rate Credit-Linked Notes Ratings Lowered A2 A- (sf) A (sf) B2 A- (sf) A (sf) UniCredit Bank Austria AG EUR0.2 Million BA-CA Floating-Rate Credit-Linked Notes Rating Lowered A2 A- (sf) A (sf) Rating Affirmed B2 BB+ (sf) ============= B E L A R U S ============= * BELARUS: Moody's Says External Debt Reliance Constrains Ratings ----------------------------------------------------------------- Moody's Investors Service says that Belarus's B3 rating is constrained by the economy's reliance on external debt to fuel domestic credit and investment. The rating agency's report is an annual update to the markets and does not constitute a rating action. Moody's determines a country's sovereign rating by assessing it on the basis of four key factors -- economic strength, institutional strength, government financial strength and susceptibility to event risk -- as well as the interplay between them. Over the last two years, financial assistance from the EurAsian Economic Community's (EEC) Anti-Crisis Fund, along with petroleum imports from Russia at prices below international market rates have been crucial in supporting both growth and foreign-currency debt repayments. However, current foreign-currency reserves of about US$5.5 billion are low relative to its debt-repayment obligations of around US$2 billion annually until 2015. Moreover, Moody's notes that growth has slowed over the last few months, spurring policy loosening that could potentially reignite inflation and balance of payments pressures, just as the period covered by the EEC loan agreement comes to an end in 2013. A subsequent funding arrangement is not yet in place. These factors are partially offset by the fact that the economy is well-diversified compared to its regional and rating peers, and has strong average growth rates, a fairly skilled workforce, relatively developed infrastructure, low inequality and high per capita incomes. Moody's says that the negative outlook on the rating reflects the risk that policy easing to combat the current growth downturn will renew balance of payments pressures. It also incorporates the likelihood that the government's ability to meet its relatively large debt repayments in 2013-15 could be severely constrained by any decline in export earnings or foreign capital inflows over the next two years. =========== C Y P R U S =========== ABH FINANCIAL: Fitch Affirms 'BB+' LT Issuer Default Rating ----------------------------------------------------------- Fitch Ratings has affirmed Russia-based OJSC Alfa-Bank's (Alfa) Long-term Issuer Default Rating (IDR) at 'BBB-'. Fitch has also affirmed Alfa's Cyprus-based parent entity, ABH Financial Limited's (ABHFL) Long-term IDR at 'BB+'. Both ratings have Stable Outlooks. KEY RATING DRIVERS - ALFA'S RATINGS The affirmation of Alfa's ratings reflects little change in the credit profile since the last review. At the same time the completion of the sale by Alfa's shareholders of their stake in TNK-BP to Rosneft for US$14 billion in Q113 has considerably strengthened the financial position of the shareholders, improving their ability to support the bank, in case of need, and reducing contingent risks for the bank from other group assets. More broadly, the ratings reflect the bank's solid franchise, its good management and track record of navigating through successive crises in the Russian market and its currently strong balance sheet and performance metrics. At the same time, Alfa's ratings also consider its still moderate market shares in a sector dominated by state-owned banks, and the likelihood of continued significant cyclicality in the performance of the Russian economy and the bank. Performance is sound, and earnings have been boosted in recent years by cyclically low impairment charges or reversals. Alfa's return on equity (ROE) was a high 22% in 2012, but given the decelerating economy and margin compression Fitch expects this to moderate slightly in 2013. Profitability is supported by the considerable share of low cost or interest-free current accounts (25% of end-2012 liabilities), which gives Alfa a significant cost advantage and the ability to lend to better quality credits. Alfa's corporate loan book is relatively concentrated compared to most international investment grade peers, with the largest 25 exposures comprising 30% of gross loans. Importantly, Alfa's primary focus in underwriting is on companies' cash flows and or some form of state support/backing, although for some riskier exposures (eg construction) collateral is also strong. However, among the largest exposures there is a significant share of unseasoned loans with bullet repayments, so asset quality may be volatile, especially in times of stress, although robust problem loan workouts in the last crisis give some comfort. Non-performing loans (NPLs; more than 90 days overdue) were a low 1.1% of gross loans at end-2012. A further 2.7% of loans were restructured but performing, according to management. The overall impairment reserve level of 4.0% provides a significant buffer, comparable to cumulative loan write-offs for 2009-2012. In retail lending (15% of the total portfolio) Alfa is mostly expanding in cash loans, credit cards and consumer finance. There was a moderate uplift in retail NPL origination (the ratio of net increase in NPLs plus write-offs divided by average performing loans) to 3.8% in 2012 from 3.1% in 2011, which is moderate relative to other large players, although for consumer loans (30% of retail loans) this ratio was a higher 7.1% in 2012, which is more in line with the market. The bank plans to continue with retail expansion, which may translate into higher impairment charges, although there is a considerable safety margin due to high lending rates of up to 35%. Investment banking is opportunistic and therefore potentially volatile. On the positive side, Alfa has a good track record of being able to find deals and earn money even in the down cycle. Liquidity is adequate, with liquid assets net of potential near- term wholesale funding repayments sufficient to repay about one- third of customer accounts. TNK-BP's were insignificant at end- 2012 (1% of liabilities) and on market terms, so the risk of them being withdrawn is negligible. Medium-term refinancing requirements are low, in total comprising about US$400 million in H213-2014, equal to only 1% of end-2012 liabilities. Basel capitalization reduced slightly with Tier 1 and total capital ratios (CAR) of 10.2% and 15.6%, respectively, at end- 2012 (11.9% and 16.7% at end-2011) due to 37% loan growth and US$182 million of dividends paid by ABHFL in 2012. As dividends were declared by the holdco and not Alfa, the latter's regulatory capitalization actually slightly improved (N1 ratio of 12.4% at end-5M13; 11.5% at end-2011). Fitch also estimates that Alfa would not need new equity to comply with Basel III regulations, which will be introduced by 1 January 2014, as today confirmed by the new Head of the Central Bank Elvira Nabiullina, because the requirements were significantly relaxed compared to those initially indicated by the regulator. The agency had previously estimated that due to the significant (45%) Tier 2 component of regulatory capital, Alfa would need about USD0.5bn of new equity to comply, although even this was not a significant concern given the bank's capacity to release reserves in statutory accounts and the owners' apparent ability to provide new capital. Fitch considers Alfa's management to be strong, and in general views positively the close shareholder oversight of management, which helps to keep the latter focused and reduces the risk of unexpected losses. The risk of Alfa becoming highly exposed to non-banking assets within the broader Alfa Group is moderate, in Fitch's view, due to the policy of managing these companies independently and their generally quite strong credit profiles and cash generation. Related party lending has been at a reasonable level (about 30% of equity at end-2012; reportedly materially reduced in Q113) and usually of solid quality. Fitch also believes there is some degree of political risk related to Alfa Group's investments and operations, as is true for other large financial industrial conglomerates in Russia. However, the agency notes Alfa Group's long track record of maintaining acceptable relationships with the authorities, and therefore the base case expectation is for the status quo to remain. Also, given Alfa's franchise and importance to the Russian banking system, there is some probability of support from the Russian authorities. For instance, Alfa was one of the few private banks to receive subordinated debt from state Vnesheconombank, as a part of the government's program to support larger banks' capitalization in the last crisis. RATING SENSITIVITIES - ALFA'S RATINGS A further upgrade of Alfa is unlikely in the near term given the current level of Russia's sovereign ratings (BBB/Stable); the expected cyclicality in the performance of the Russian economy, and hence also of the bank; and Alfa's still moderate market shares. A deep and prolonged recession in Russia could put downward pressure on Alfa's ratings. However, in light of the bank's track record of managing through previous crises, Fitch would probably only downgrade the bank to sub-investment grade level in case of considerable impairment to the bank's financial position. Alfa could also be downgraded if the broader Alfa Group increases leverage to the extent that this represents, in the agency's view, a major contingent risk for the bank (unlikely given the current strong cash position), or in case of a marked deterioration in relations of the bank or its shareholders with the Russian authorities. KEY RATING DRIVERS - ABHFL's RATINGS The affirmation of ABHFL's ratings above the Cyprus Country Ceiling of 'B' reflects Fitch's view that the capital controls do not hamper ABHFL's ability to service its obligations. More generally, the 'BB+' Long-term IDR assigned to ABHFL reflects Fitch's view that default risk at the bank and the holding company are likely to be highly correlated in view of the high degree of fungibility of capital and liquidity within the group, which is managed as a single entity. The currently limited volume of holding company debt to non-related parties also supports the close alignment of its ratings with Alfa. The one-notch difference between the bank and holding company ratings reflects the absence of any regulation of the consolidated group, the fact that the holding company is incorporated in a different jurisdiction and the high level of double leverage at the holding company. The latter, defined by Fitch as equity investments in subsidiaries divided by holdco equity, stood at a reported 192% at end-2012, although this primarily reflects related party liabilities at the ABHFL level. RATING SENSITIVITIES - ABHFL'S RATINGS An upgrade or downgrade of Alfa would be likely to result in a similar rating action on ABHFL. In addition, ABHFL could be downgraded if its planned future debt issuance results in a further marked increase in double leverage or gives rise to significantly increased liquidity risks at the holdco level. The rating actions are: Alfa Long-term IDR: affirmed at 'BBB-'; Stable Outlook Short-term IDR: affirmed at 'F3' Viability Rating: affirmed at 'bbb-' Support Rating: affirmed at '4' Support Rating Floor: affirmed at 'B' National Long-term rating: affirmed at 'AA+(rus)'; Stable Outlook Senior unsecured debt: affirmed at 'BBB-' Senior unsecured debt (on the National scale): affirmed at 'AA+(rus)' Subordinated debt: affirmed at 'BB+' ABHFL Long-term IDR: affirmed at 'BB+'; Stable Outlook Short-term IDR: affirmed at 'B' * CYPRUS: Moody's Says Default Risk Remains Elevated ---------------------------------------------------- In its annual credit report on Cyprus, Moody's Investors Service says that the country's risk of another default over the coming years remains elevated due to very substantial risks to the country's economic performance and, as a result, the government's finances. This is reflected in the negative outlook on the Caa3 rating of the government. Although it is not the rating agency's central scenario, Moody's sees a material risk of a Cypriot exit from the euro area, which is captured in the Caa2 country ceiling. The rating agency's report is an annual update to the markets and does not constitute a rating action. Moody's determines a country's sovereign rating by assessing it on the basis of four key factors -- economic strength, institutional strength, government financial strength and susceptibility to event risk -- as well as the interplay between them. Moody's says that its low assessment of Cyprus's economic strength reflects the country's narrow economic base and weak growth prospects. The rating agency anticipates the resolution mechanism for the Cypriot banking sector will result in a significant downsizing of the activities of domestic banks, which will severely affect the economic performance of the island from 2013 onwards. Moreover, the recession and the extended economic restructuring will have a lasting and profound impact on investor sentiment and on Cyprus's attractiveness as a financial and business center, which will overshadow its traditional competitive advantages over the coming years. In the absence of identified strong sources of growth, Moody's central scenario anticipates that the Cypriot economy will not return to positive growth before 2016. The rating agency also attach significant downside risks to this scenario. The possible exploitation of gas fields as well as a restoration of price and non-price competiveness in key export sectors carry some upside potential, but only over the long term. Institutional strength is considered by Moody's to be low, reflecting significant deficiencies in the decision-making process, substantial shortcomings in the regulation and supervision of financial institutions, and passive fiscal-policy management. The significant delays observed in securing the Troika's financial assistance have, in Moody's view, exacerbated the precarious position of the country's financial sector, thereby increasing Cyprus's need for financial assistance. The rating agency's assessment is also supported by (1) the significant weaknesses identified by the European Commission with respect to the regulation of cooperative credit institutions and the supervision of credit risks in the banking sector; as well as (2) the poor track record of fiscal policy management, as highlighted by tax compliance concerns as well as forecasts that have proven to be overly optimistic. Moody's assesses Cyprus's government financial strength as very low, given its already high debt burden and the substantial size of its projected fiscal needs. Immediate sovereign liquidity risks have been alleviated by the EUR10 billion funding program that was agreed in April between the Cypriot government and the Troika, and the exchange of domestic sovereign debt (which Moody's considered to be a default). Nevertheless, the rating agency continues to believe that the sustainability of Cyprus's public finances is far from assured despite the measures taken in the fiscal, financial and economic domains (as required by the program). In particular, the country's sharp economic recession, which is likely to be lengthy, underpins Moody's view that the government is highly likely to miss the program's fiscal targets. This is likely to also perpetuate a negative feedback loop for the economy. Given the importance of public services, this may also challenge future consensus on fiscal strategy. Moody's says that Cyprus's susceptibility to event risk is very high and mainly stems from the crystallization of contingent liabilities as well as the country's capital control policy. Moody's still considers that there remain uncertainties regarding the magnitude of further recapitalization needs for the financial sector given (1) the expected sharp deterioration in the operating environment which will erode asset quality; and (2) the behavioral responses of all economic actors to the shocks experienced by the financial sector, including the risk of financial disruption surrounding the timing and approach for lifting capital controls. =========== F R A N C E =========== LAFARGE SA: Fitch Affirms 'BB+' Long-Term Issuer Default Rating --------------------------------------------------------------- Fitch Ratings has affirmed Lafarge SA's Long-term Issuer Default Rating (IDR) at 'BB+' and senior unsecured rating at 'BB+'. The Outlook on the Long-term IDR is Stable. The affirmation reflects Fitch's expectation that Lafarge will be able to deleverage quickly in 2013 reaching credit metrics in line with the current rating, despite debt in 2012 being higher than Fitch's expectations and leverage being stretched for the current rating level. Recovery in the US, positive trends in emerging markets and ramp-up of cost-cutting measures should sustain margins, despite the western European market remaining very difficult. The revamping of the disposal process should support debt reduction. KEY RATING DRIVERS Accelerating Cost Cutting The measures adopted by Lafarge to gain efficiency are gaining traction and should deliver EUR600 million additional EBITDA in 2013, including the expected contribution of innovation initiatives. Eased cost inflation and a positive trend on pricing in most markets should also support margins. Fitch expects part of these benefits to be offset by lower volumes in western Europe but operating performance to improve, with EBITDA growth at mid- single digit rates in both 2013 and 2014. Capex Strictly Managed As part of its cash preservation strategy, Lafarge has reduced its capex in the past few years to less than EUR800m in 2012 through a combination of reduced maintenance capex and an extremely prudent expansion policy. The capex target for 2013 is EUR800 million, although this level could be exceeded if divestments support it. Fitch expects capex to remain tight in 2014 at EUR1.0 billion-EUR1.1 billion, while growth in cement markets in emerging countries could drive an acceleration in expansion capex from 2015. Disposals Back On Track Following a slowdown in 2012, when proceeds from non-core assets sales were only EUR400 million compared with a EUR1.0 billion target, the disposal process has been revamped in 2013. Circa EUR1.0 billion disposals have been already secured in 2013, including the US gypsum division. Disposals remain a key driver in the deleveraging process. Stretched Credit Metrics FFO gross leverage at 5.7x in 2012 (4.8x on a net basis) is high for the current rating, but Fitch expects deleveraging to accelerate, driven by both operating performance improvement and the acceleration in the non-core assets disposal process. In particular, Fitch forecasts FFO gross leverage to return to 4.0x in the next 18 months, a level in line with the current rating. Solid Business Profile Fitch views Lafarge's business profile as strong, and compatible with an investment grade rating. Major positive traits are Lafarge's solid global market position in the cement industry, its above-average profitability and its wide geographical diversification, with a presence in more than 60 countries. Rating Sensitivities Fitch expects Lafarge's management to remain focused on deleveraging and to maintain a strong commitment to restoring credit metrics. Any evidence of a relaxation on this policy, such as further delays in the disposal process, sustained deterioration in working capital or increase of capex above the expected levels could lead to a negative rating action. Positive: Future developments that could lead to positive rating actions include: -- Faster/stronger deleveraging, achieved via both operating cash-flow, extraordinary measures or disposals, with FFO gross leverage ratio improving to around or below 3.5x. -- Positive FCF on a sustained basis. -- FFO fixed charge cover above 3.5x on a sustained basis. Negative: Future developments that could lead to negative rating action include: -- A deterioration of the trading activity affecting operating cash flow generation and resulting in FFO gross leverage in excess of 4.5.x on a sustained basis. -- Consistently negative FCF. -- FFO fixed charge cover below 3.0x on a sustained basis. ============= G E R M A N Y ============= PRAKTIKER AG: Christopher Seagon to Oversee Insolvency of Units --------------------------------------------------------------- Angela Maier at Bloomberg News reports that Christopher Seagon of Wellensiek Rechtsanwaelte law partnership will oversee the insolvency dealings of the eight Praktiker divisions that filed for insolvency on Thursday. According to Bloomberg, Praktiker spokesman Harald Guenter said the court may assign another administrator for the parent company. Separately, Bloomberg News' Cornelius Rahn, citing Handelsblatt, reports that home-improvement retailer Hagebau is interested in acquiring some stores from Praktiker. The news source said Hagebau wouldn't buy the store outlets as a package but also declined to say how many of the stores it would buy. According to Handelsblatt, rival chain Obi is also interested in some Praktiker stores. Praktiker AG is a German home-improvement retailer. REFLEX PREMIUM: Files for Self-Administered Insolvency in Aachen ---------------------------------------------------------------- EUWID reports that Reflex Premium Papier has filed for self- administered insolvency at the district court of Aachen. According to EUWID, a company announcement said the filing affects around 102 employees. The formal procedure gives the management three months to draw up a feasible and sustainable business continuation scenario, EUWID discloses. Operations at the company's site in Dueren will therefore continue uninterrupted, EUWID notes. Based in Dueren, Germany, Reflex Premium Papier produces graphic papers for end-uses such as letterhead, brochures, books, calendars and envelopes. =========== G R E E C E =========== EMPORIKI BANK: Moody's Withdraws 'Caa2' Ratings, 'E' BFSR --------------------------------------------------------- Moody's Investors Service has withdrawn all ratings assigned to Emporiki Bank of Greece, and affirmed the Caa2 debt rating assigned to Emporiki Group Finance plc. Rating Rationale: The rating withdrawal for Emporiki Bank of Greece follows the completion of the takeover by Alpha Bank (deposits Caa2 negative, Bank Financial Strength Rating E/Baseline Credit Assessment caa3 stable), which was first announced in October 2012. As a result, the legal entity of Emporiki Bank of Greece has been dissolved and no longer exists. Moody's also said that it has concurrently affirmed the Caa2 rating (negative outlook) assigned to outstanding senior debt issued by the funding subsidiary Emporiki Group Finance plc, which will now form a fully owned subsidiary of Alpha Bank with the debt of the subsidiary unconditionally guaranteed by Alpha Bank. Emporiki Group Finance plc's debt rating of Caa2 (negative outlook) is in line with Alpha Bank's senior debt rating of Caa2 (negative outlook). The withdrawn ratings of Emporiki Bank of Greece are as follows: - Standalone Bank Financial Strength Rating (BFSR): E (stable outlook), equivalent to a Baseline Credit Assessment (BCA) of caa3 - Local and Foreign Currency Deposit Ratings: Caa2/Not Prime (negative outlook) The principal methodology used in these ratings was Global Banks published in May 2013. Headquartered in Athens, Emporiki Bank of Greece had total assets of EUR19.5 billion as of December 2012, in accordance with audited IFSR financial statements. FREESEAS INC: Agrees to Sell US$10.5 Million Debt to Hanover ------------------------------------------------------------ FreeSeas Inc. on July 12 said it has entered into a Debt Purchase and Settlement Agreement with Deutsche Bank Nederland N.V., Hanover Holdings I., LLC, and the Company's wholly-owned subsidiaries: Adventure Two S.A., Adventure Three S.A., Adventure Seven S.A. and Adventure Eleven S.A. Pursuant to the terms of the Agreement, Hanover has agreed to purchase US$10,500,000 of outstanding indebtedness owed by the Company to Deutsche Bank, out of a total outstanding amount owed of US$29,958,205, subject to the satisfaction of a number of conditions. Upon payment in full of the purchase amount of US$10,500,000 by Hanover to Deutsche Bank in accordance with the terms and conditions of the Agreement, the remaining outstanding indebtedness of the Company and its subsidiaries to Deutsche Bank will be forgiven, and the mortgages of both of its two security vessels will be discharged. The Agreement does not become effective until Hanover deposits in escrow an amount of US$2,500,000 plus all reasonably incurred legal fees and expenses and the parties enter into an escrow agreement. In the event that the funds are not deposited or the escrow agreement is not entered into within 20 trading days, the Agreement dissolves immediately. In addition, the Agreement will automatically terminate upon the occurrence of certain events set forth in the Agreement. Mr. Ion G. Varouxakis, chairman, president and chief executive officer of the Company made the following comments: "After a prolonged period of tortured uncertainty, we are particularly pleased to enter into this Agreement, which will remove approximately USD 30 million of secured debt from our books. In conjunction with action taken since the beginning of the year, the majority of our trade debt and a third of our bank debt will have been exchanged for equity upon completion of this Agreement. This development shall, we hope, accelerate our discussions with our other Lenders for a similar realistic relief and a continued support of our efforts. Most importantly, under the extremely adverse circumstances we have been facing, we firmly believe this development is optimal for our shareholders for whom we are striving to extract maximum value; it also is the least onerous for our lending partners." Mr. Varouxakis added: "We would like to thank Deutsche Bank for their frank cooperation and realistic vision, our remaining banking partners, as well as our numerous trade and business partners who have provided us with their invaluable support and their dedicated patience throughout this long period." Mr. Alexandros Mylonas, chief financial officer of the Company, added: "Since the beginning of the year we have already swapped US$4.8 million of trade debt into equity. This time, the significance of this transaction on our balance sheet is substantial. Upon completion of this Agreement, our total bank debt is expected to be reduced from approximately US$89.2 million on December 31, 2012 to US$59.7 million, two of our vessels will be debt free, and US$1 million in interest charges are expected to be reduced per year. We also expect to post significant one- off gains from the US$419.5 million debt forgiveness. Based upon our improved balance sheet after this transaction, we intend to seek funding for additional working capital in order to weather the adverse conditions still present in our industry." Mr. Joshua Sason, founder and chief executive officer of Magna Group, noted: "We approach this transaction and the work we've done with the management of FreeSeas with great pride, and view the agreement with Deutsche Bank as a significant milestone in the restructuring and advancement of the company. The expected material reduction in debt, release of two vessels from mortgage encumbrance upon full payment of the settlement amount and annual interest expense savings should enable FreeSeas to be in a substantially stronger business position." A copy of the Debt Purchase and Settlement Agreement is available for free at http://is.gd/pnr1hF About FreeSeas Inc. Headquartered in Athens, Greece, FreeSeas Inc., formerly known as Adventure Holdings S.A., was incorporated in the Marshall Islands on April 23, 2004, for the purpose of being the ultimate holding company of ship-owning companies. The management of FreeSeas' vessels is performed by Free Bulkers S.A., a Marshall Islands company that is controlled by Ion G. Varouxakis, the Company's Chairman, President and CEO, and one of the Company's principal shareholders. The Company's fleet consists of six Handysize vessels and one Handymax vessel that carry a variety of drybulk commodities, including iron ore, grain and coal, which are referred to as "major bulks," as well as bauxite, phosphate, fertilizers, steel products, cement, sugar and rice, or "minor bulks." As of Oct. 12, 2012, the aggregate dwt of the Company's operational fleet is approximately 197,200 dwt and the average age of its fleet is 15 years. Freeseas disclosed a net loss of US$30.88 million in 2012, a net loss of US$88.19 million in 2011, and a net loss of US$21.82 million in 2010. The Company's balance sheet at Dec. 31, 2012, showed US$114.35 million in total assets, $106.55 million in total liabilities and US$7.80 million in total shareholders' equity. RBSM LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2012. The independent auditors noted that the Company has incurred recurring operating losses and has a working capital deficiency. In addition, the Company has failed to meet scheduled payment obligations under its loan facilities and has not complied with certain covenants included in its loan agreements. It has also failed to make required payments to Deutsche Bank Nederland as agreed to in its Sept. 7, 2012, amended and restated facility agreement and received notices of default from First Business Bank. Furthermore, the vast majority of the Company's assets are considered to be highly illiquid and if the Company were forced to liquidate, the amount realized by the Company could be substantially lower that the carrying value of these assets. These conditions, among others, raise substantial doubt about the Company's ability to continue as a going concern. ============= H U N G A R Y ============= E-STAR ALTERNATIVE: Budapest Court Ends Bankruptcy Protection ------------------------------------------------------------- MTI-Econews reports that E-Star Alternative on Friday said the Budapest Municipal Court had rejected a request to approve an agreement the company reached with its creditors and ended its bankruptcy protection. According to MTI-Econews, the company's latest report shows E-Star had total assets of EUR57.5 million on March 31. Liabilities came to EUR57.8 million, MTI-Econews discloses. E-Start filed for bankruptcy protection in December 2012, MTI- Econews recounts. E-Star Alternative is a Hungarian energy services company. ============= I R E L A N D ============= EUROMAX V ABS: S&P Lowers Rating on Class A3 Notes to 'CCC-' ------------------------------------------------------------ Standard & Poor's Ratings Services lowered its credit ratings on EUROMAX V ABS PLC's class A1, A2, and A3 notes. At the same time, S&P has affirmed its rating on the class A4 notes. The rating actions follow S&P's assessment of the transaction's performance since its 2012 review. "We have considered recent transaction developments, using data from the June 2013 trustee report, from our ratings database, and from our cash flow analysis. We have applied our current counterparty criteria and our 2009 corporate cash flow collateralized debt obligation (CDO) criteria," S&P said. CREDIT ANALYSIS Since S&P's 2012 review, it has observed a negative rating migration of the performing portfolio. The assets rated in the 'CCC' category (assets rated 'CCC+', 'CCC', or 'CCC-') have increased to 23% from 18%. This has led to a higher scenario default rate for all classes of notes compared with S&P's 2012 review, as shown by its CDO Evaluator (Version 6.0.1) model. The transaction started its post-reinvestment period in February 2013. However, due to the failure of the overcollateralization tests, the structure already started to deleverage. The class A1 notes have amortized by about EUR26 million over the last 12 months, and by about EUR84 million since closing. Nevertheless, the positive effect of the structure's deleveraging has largely been mitigated by the increase of defaulted assets ('CC', 'C', 'SD' [selective default], or 'D') to EUR39 million from EUR12 million, and therefore a lower aggregate collateral balance. This has led to a significant decrease of the available credit enhancement for all classes of notes. CASH FLOW ANALYSIS Following S&P's credit analysis, it subjected the transaction's capital structure to a cash flow analysis, to determine the break-even default rate for each rated class of notes at each rating level. In S&P's analysis, it used the portfolio balance that it considered to be performing, the reported weighted-average spread (which has not changed at 1.55%), and the weighted-average recovery rates, in accordance with S&P's 2009 corporate cash flow CDO criteria. S&P incorporated various cash flow stress scenarios using our standard default patterns in conjunction with different interest rate and currency stress scenarios. Following S&P's credit and cash flow analysis, it considers the available credit enhancement for the class A1, A2, and A3 notes to be commensurate with lower ratings. S&P has therefore lowered its ratings on these classes of notes. S&P considers the available credit enhancement for the class A-4 notes to be commensurate with the currently assigned rating. S&P has therefore affirmed its 'CCC- (sf)' rating on this class of notes. SUPPLEMENTAL STRESS TESTS None of S&P's ratings in this transaction is constrained by the application of the largest obligor default test, a supplemental stress test that S&P introduced in its 2009 corporate cash flow CDO criteria. EUROMAX V ABS is a cash flow mezzanine structured finance CDO of a portfolio that comprises predominantly residential mortgage- backed securities (RMBS) and commercial mortgage-backed securities (CMBS), and, to a lesser extent, CDOs of corporates and CDOs of asset-backed securities. The transaction closed in November 2006 and is managed by Collineo Asset Management GmbH. 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 EUROMAX V ABS PLC EUR320 Million Floating-Rate Notes Ratings Lowered A1 B+ (sf) BB- (sf) A2 CCC+ (sf) B+ (sf) A3 CCC- (sf) B- (sf) Rating Affirmed A4 CCC- (sf) MAEXIM SECURED: Fitch to Rate EUR20MM Class A2 Notes 'BB+(EXP)' --------------------------------------------------------------- Fitch Ratings expects to rate the proposed series 1-2013 notes issuance by MAEXIM Secured Funding Limited (MAEXIM) as follows: -- EUR380 million class A1 notes 'AAA(EXP)'; -- EUR20 million class A2 notes 'BB+(EXP)'. The Rating Outlook on the expected ratings is Stable. The proposed transaction is backed by 400 million euro- denominated notes (collateral securities) to be issued by the Hungarian Export-Import Bank (Eximbank) under its EUR2 billion Global Medium Term Note Programme (MTN Programme). The Multilateral Investment Guarantee Agency (MIGA) has provided a guarantee to MAEXIM in respect of 95% of the scheduled payments due under collateral securities. The expected ratings address the timely payment of interest on a semi-annual basis and payment of principal at legal maturity. Key Rating Drivers The collateral securities are unconditionally and irrevocably guaranteed by the government of Hungary ('BB+'). In addition, MIGA will guarantee 95% of the scheduled amounts due in respect of the underlying collateral securities following Hungary's failure to honor the sovereign guarantee. Amounts received by MAEXIM under the MIGA guarantee will only be available to make payments to the class A1 noteholders. The MIGA contract of guarantee only relates to the collateral securities, but as the scheduled coupon and principal payments on the class A1 notes represent 95% of the scheduled payments of the collateral securities, the class A1 notes will be fully covered by the payments received under the MIGA contract of guarantee. The 'AAA(EXP)' rating assigned to the class A1 notes reflects the characteristics of the contract of guarantee, the credit quality of MIGA, and the structural features of the transaction. Fitch reviewed the contract of guarantee and determined the class A1 notes can be viewed equivalent to the credit quality of MIGA. A member of the World Bank Group (WBG), MIGA has access to private and public sector players and has considerable experience and expertise in situations involving political risk. MIGA's strength stems from: (a) its standing as a member of the WBG, its governance structure, and close relationship with other WBG institutions, (b) an organizational structure with shareholders that include 179 countries in the world -- MIGA's key shareholders are mostly investment grade sovereigns, the majority of them rated in the 'AA' category and higher, (c) strong capitalization, and (d) its de-facto preferred creditor status. The expected rating assigned to the class A2 notes is linked to the 'BB+' rating assigned to the collateral securities, which benefit from the unconditional and irrevocable guarantee by Hungary. At closing, an expense reserve account will be funded in an amount equal to EUR1.9 million to cover any costs expected to be incurred during the life of the transaction. Fitch considers the reserve size sufficient to cover future expenses, including potential liquidation costs. Eximbank ('BB+') plays a strategic role within the government's economic growth plan. The rating of Eximbank reflects the strong support from the Hungarian state. A full report on Eximbank is available at 'www.fitchratings.com'. Rating Sensitivities The expected rating of the class A1 notes is directly linked to the credit quality of MIGA, the guarantee provider. A change in Fitch's assessment of the credit quality of MIGA would automatically result in a change in the rating on the class A1 notes. The expected rating of the class A2 notes reflects the credit quality of the collateral securities. Any change to the Issuer Default Rating (IDR) of Hungary and as a consequence to Eximbank's IDR or the notes issued under Eximbank's MTN program would cause a change to the rating of the class A2 notes. ========= I T A L Y ========= ATLANTE FINANCE: S&P Puts 'BB' Rating on CreditWatch Negative ------------------------------------------------------------- Standard & Poor's Ratings Services placed on CreditWatch negative its 'BB (sf)' credit rating on Atlante Finance S.r.l.'s class C notes. The rating action follows S&P's performance review of the transaction, as of the April 2013 payment date. According to the last investor and servicer report as of April 2013, the class C notes' credit enhancement has decreased to 4.1% from 6.6% in April 2012. At the same time, the principal delinquency ledger has increased to EUR80.3 million from EUR68.1 million due to the default of large loans in the securitized pool. Although the concentration in the whole pool remained stable, the concentration in the small and midsize enterprise sub-pool has increased substantially: The top four borrowers now represent 56.5% of the sub-pool's balance, from 35.3% one year ago. S&P aims to resolve this CreditWatch placement within six months. If the class C notes' credit enhancement erodes further, S&P may lower its rating. Atlante Finance is an Italian asset-backed securities (ABS) transaction. Unipol Banca SpA originated the mixed portfolio of small and midsize enterprise and residential loans, which backs the transaction. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an 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 BANCA CARIGE: S&P Cuts ST Counterparty Credit Rating to 'B' ----------------------------------------------------------- Standard & Poor's Ratings Services said that it has taken various rating actions on Italian banks. The rating actions follow the lowering of the unsolicited long-term sovereign credit rating on the Republic of Italy to 'BBB' from 'BBB+' on July 9, 2013. In S&P's opinion, the rating action on Italy has direct negative rating implications for the banks that S&P currently rates above its 'BBB' long-term rating on Italy. These are: UniCredit SpA and its core subsidiary UniCredit Leasing SpA, Intesa Sanpaolo SpA and its core subsidiary Banca IMI SpA, Banca Fideuram, Mediobanca SpA, Cassa di Risparmio di Parma e Piacenza SpA (Cariparma), Banca Nazionale del Lavoro SpA (BNL), and Istituto del Credito Sportivo (ICS). S&P has also lowered its issue ratings on the nondeferrable subordinated and hybrid instruments on UniCredit, Intesa, and Mediobanca. According to S&P's criteria, it derives the ratings on a bank's subordinated debt and hybrid instruments by notching down from either the bank's issuer credit rating (ICR) or the stand-alone credit profile (SACP), whichever is lower. UniCredit, Intesa, and Mediobanca now have lower ICRs than SACPs. S&P therefore bases its issue ratings on those banks' nondeferrable subordinated and hybrid securities on their 'BBB' ICR rather than the SACP. As a result of the rating action on Italy, S&P has lowered the long-term rating on UniCredit and its core subsidiary, UniCredit Leasing, to 'BBB' from 'BBB+'. Despite UniCredit's diversification outside Italy, under S&P's criteria it rarely rates financial institutions above the foreign currency rating on the sovereign when, as in the case of UniCredit, they have more than 40% of their assets in that country. This reflects S&P's view of the interconnection between a banking system and its related sovereign. "We have also placed our 'A/A-1' long- and short-term counterparty credit ratings on UniCredit Bank AG and our 'A-' long-term counterparty credit rating on UniCredit Bank Austria AG, as well as all our ratings on both banks' subordinated debt and hybrid instruments, on CreditWatch with negative implications. These actions reflect our view that the ongoing deteriorating creditworthiness of their parent, UniCredit, could weaken its subsidiaries' credit profiles. In our opinion, any weakening of the UniCredit group's creditworthiness could constrain our view of the two subsidiaries' business positions, capital, and funding and liquidity positions, as well as their systemic importance and the regulatory environment in their respective countries. We expect to resolve the CreditWatch on these entities in the next three months. We are also placing on CreditWatch with negative implications our 'BBB/A-2' long- and short-term counterparty credit ratings on Bank Austria's subsidiaries, Zao UniCredit Bank and UniCredit Bulbank AD. The CreditWatch mirrors that on the parent," S&P said. "We have also lowered the long-term rating on Intesa, and its core subsidiary, Banca IMI, to 'BBB' from 'BBB+', in line with the rating action on Italy. In our view, Intesa is also highly exposed to developments in Italy because more than 80% of its assets are based there and it has a large exposure to Italian government bonds. We also lowered the long-term counterparty credit ratings on Mediobanca and Banca Fideuram to 'BBB' from 'BBB+', as most of their operations are in Italy. We also lowered the rating on government-related entity ICS, as it mainly operates in Italy and has a "very strong" link, according to our criteria, with the Italian government," S&P added. "We have also lowered the long-term counterparty credit rating on the Italian subsidiaries of BNP Paribas and Credit Agricole--BNL and Cariparma, respectively. We consider these two entities to be "core" to their parents and therefore, as per our criteria, we could rate them at the same level. However, according to our criteria, the long-term rating on a subsidiary is capped by the foreign currency rating on the sovereign where the subsidiary is domiciled, if, in our view, the parent has not demonstrated its capacity and willingness to provide it with sufficient support to withstand the stress associated with a sovereign default. We therefore cap the ratings on both Cariparma and BNL at the level of the Italian long-term rating," S&P noted. The lowering of the long-term sovereign credit rating on Italy has not affected the amount of extraordinary government support that S&P currently incorporates into its ratings on Italian banks. As the current Italian sovereign credit rating is 'BBB', S&P continues to incorporate one notch of uplift for extraordinary government support in the ratings on Banco Popolare Societa Cooperativa, reflecting S&P's view of its high systemic importance, and on Banca Carige, based on S&P's view of its moderate systemic importance. "In our opinion, the factors that led to the one-notch lowering of the Italian long-term sovereign credit rating to 'BBB' could potentially affect our view of economic and industry risks affecting the Italian banking industry. As a result, we could also revise our view of some of the specific factors that we take into consideration when assessing Italian banks' creditworthiness--namely business position, capital and earnings, risk position, and funding and liquidity. The action on the Italian sovereign rating reflects our view of a further worsening of Italian economic prospects coming on top of a decade of real growth averaging minus 0.04%. We expect that 2013 per capita GDP will be an estimated EUR25,000 or US$33,000, which is somewhat below 2007 levels," S&P noted. While S&P continues assessing the potential implications of the factors behind the Italian sovereign rating action on S&P's bank ratings, S&P has placed on CreditWatch with negative implications its long-term ratings on 23 banks in Italy, and on the issue ratings on those banks' nondeferrable subordinated debt and hybrids. In addition, S&P has placed on CreditWatch with negative implications the short-term ratings on 15 Italian banks, taking into account the typical correlation with the banks' long- term rating. The long-term ratings on Banca Carige and Agos- Ducato remain on CreditWatch with negative implications where they were placed on March 22, 2013 and March 12, 2013, respectively. S&P expects to resolve the CreditWatch placements over the coming weeks once it has concluded its review of the wider impact of the factors behind the sovereign rating action on economic and industry risk in Italy, and how this affects the specific factors that S&P takes into consideration when assessing Italian banks' creditworthiness. S&P has also affirmed the short-term ratings on 16 banks. This is because S&P do not expect its upcoming review of the Italian banking sector to affect the long-term ratings to such an extent that its criteria would indicate a different correlation with the short-term ratings on those banks. The outlooks on the long-term ratings on UniCredit and its subsidiary UniCredit Leasing and Intesa and its subsidiary Banca IMI remain negative. S&P has not placed the long-term ratings on these entities on CreditWatch negative as it considers it unlikely that it would revise downward their SACPs--currently 'bbb+'--by more than one notch as a result of S&P's upcoming review of the Italian banking sector. The negative outlooks on these entities mirror that on the long-term rating on Italy. RATINGS LIST Downgraded To From UniCredit SpA UniCredit Leasing SpA Intesa Sanpaolo SpA Banca IMI SpA Cassa di Risparmio di Parma e Piacenza SpA Banca Nazionale del Lavoro SpA Counterparty Credit Rating BBB/Neg/A-2 BBB+/Neg/A-2 CreditWatch Action To From UniCredit Bank Austria AG Long-Term Counterparty Credit Rating A-/Watch Neg A-/Negative UniCredit Bank AG Unicredit Luxembourg S.A. Counterparty Credit Rating A/Watch Neg/A-1 A/Neg/A-1 UniCredit Bulbank AD ZAO UniCredit Bank Counterparty Credit Rating BBB/Watch Neg/A-2 BBB/Stable/A- 2 Credito Emiliano SpA Unione di Banche Italiane Scpa Counterparty Credit Rating BBB/Watch Neg/A-2 BBB/Negative/A- 2 MedioCredito Centrale SpA Iccrea Holding SpA Iccrea Banca SpA Iccrea BancaImpresa SpA Banca Popolare dell'Alto Adige Istituto Centrale delle Banche Popolari Italiane SpA CartaSi SpA FGA Capital SpA Counterparty Credit Rating BBB-/Watch Neg/A-3 BBB-/Neg/A-3 Banca Popolare di Milano SCRL Banca Akros SpA Veneto Banca SCPA Banca Popolare di Vicenza ScpA Banca Popolare dell'Emilia Romagna S.C. Banco Popolare Societa Cooperativa SCRL Banca Aletti & C. SpA Credito Bergamasco Long-Term Counterparty Credit Rating BB+/Watch Neg BB+/Negative Unipol Banca SpA Counterparty Credit Rating BB/Watch Neg/B BB/Negative/B Dexia Crediop SpA Counterparty Credit Rating B+/Watch Neg/B B+/Negative/B Downgraded; CreditWatch Action To From Banca Fideuram Mediobanca SpA Istituto per il Credito Sportivo Counterparty Credit Rating BBB/Watch Neg/A-2 BBB+/Neg/A-2 Ratings Affirmed UniCredit Bank Austria AG Short-Term Counterparty Credit Rating A-2 Banca Popolare di Milano SCRL Banca Akros SpA Veneto Banca SCPA Banca Popolare di Vicenza ScpA Banca Popolare dell'Emilia Romagna S.C Banco Popolare Societa Cooperativa SCRLBanca Aletti & C. SpA Credito Bergamasco Agos-Ducato Spa Banca Carige Spa Short-Term Counterparty Credit Rating B Ratings Remain On CreditWatch Banca Carige SpA Long-Term Counterparty Credit Rating BB/Watch Neg Agos-Ducato SpA Long-Term Counterparty Credit Rating BB+/Watch Neg N.B. - This list does not include all ratings affected. UNIPOL GRUPPO: S&P Cuts Counterparty Credit Rating to 'BB+' ----------------------------------------------------------- Standard & Poor's Ratings Services said it has taken the following rating actions on Italian insurers: -- S&P lowered its long-term counterparty credit and insurer financial strength ratings on Assicurazioni Generali SpA and its core subsidiaries (Generali) to 'A-' from 'A', and on Allianz SpA to 'A' from 'A+'. The outlooks are negative. -- S&P affirmed its long-term counterparty credit and insurer financial strength ratings on the core operating entities of Unipol group (Unipol) and on Societa Cattolica di Assicurazione SpA (Cattolica) at 'BBB', on marine insurer SIAT - Societa Italiana Assicurazione e Riassicurazione SpA (SIAT) at 'BBB-'. The outlooks on Unipol and Cattolica are negative. -- The outlook on SIAT is stable. The ratings actions comprise a one-notch downgrade of the Italy- based insurers that S&P rates higher than the Republic of Italy, and affirmations of the ratings on domestic insurers that are rated at the same level or below the rating on the Republic of Italy. The rating actions on Generali and Allianz SpA reflect S&P's view that these companies' high exposure to Italy limits their potential insulation from domestic sovereign risk. The long-term rating on Generali is two notches above the rating on the Italian sovereign, compared with a possible maximum cap of three notches according S&P's criteria. S&P limited the notching because, in its view, although Generali has a very strong business risk profile with wide international diversification, it considers Generali's capitalization to be a relative weakness. Potential volatility in capitalization exposes Generali to deterioration in operating and financial conditions in Italy. The negative outlook on Generali primarily reflects that on Italy. In addition, the negative trend of the operating and financial conditions in Generali's key Italian market could delay capital rebuilding and reduce Generali's ability to successfully execute its strategy. S&P could revise the outlook to stable if it revised the outlook on Italy to stable or if it anticipated that Generali would sustainably meet or exceed its base-case assumptions. The downgrade of Allianz SpA reflects S&P's view of its domestic focus and high exposure to Italian assets, mitigated by Allianz SpA's core status to Germany-based insurer Allianz SE. Under S&P's group rating methodology, it caps its rating on a core insurance subsidiary with 10% exposure or higher to the jurisdiction of domicile at three notches above S&P's rating on the related sovereign. S&P also factors in Allianz SE's willingness and ability to support Allianz SpA, including in cases of sovereign stress. The outlook on Allianz SpA mirrors that on the Republic of Italy. Any movement in S&P's ratings on Italy would likely trigger an equal change to the ratings on Allianz SpA. The rating affirmations on Unipol and Cattolica reflect S&P's view that the downgrade of the Republic of Italy has a limited immediate effect on these entities' business risk and financial risk profiles. S&P's assessment of Italy's property/casualty and life insurance industry and country risk as moderate is not affected by the sovereign downgrade or any potential increase in banking industry risks in Italy. Furthermore, S&P believes that any potential deterioration in the creditworthiness of the Italian banking system following the sovereign downgrade would have only a limited immediate effect on the financial risk profiles of Unipol and Cattolica, given the relatively modest share of Italian bank bonds in their respective investment portfolios. The outlooks on Unipol and Cattolica primarily reflect the negative outlook on Italy. A negative rating action on Italy would likely prompt the same rating actions on Unipol and Cattolica. The sovereign downgrade has no direct impact on our 'BBB-' ratings on SIAT. The rating on Italy, at its current level, does not constrain the ratings on SIAT. S&P continues to factor in its view of SIAT's "upper adequate" financial risk profile, built on a moderately strong capital and earnings. The stable outlook on SIAT incorporates S&P's expectations that it will preserve its market share and grow at least in line with the Italian marine market, while maintaining a stable financial risk profile over 2013-2015. RATINGS LIST Downgraded To From Allianz SpA Counterparty Credit Rating Local Currency A/Negative/-- A+/Negative/-- Financial Strength Rating Local Currency A/Negative/-- A+/Negative/-- Assicurazioni Generali SpA Generali Vie Generali Versicherung AG Generali Versicherung AG Generali Lebensversicherung AG Generali Italia SpA Generali IARD Generali Deutschland Pensionskasse AG Envivas Krankenversicherung AG Cosmos Versicherung AG Cosmos Lebensversicherungs AG Central Krankenversicherung AG Alleanza Toro S.p.A Advocard Rechtsschutzversicherung AG AachenMuenchener Versicherung AG AachenMuenchener Lebensversicherung AG Counterparty Credit Rating Local Currency A-/Negative/-- A/Negative/-- Assicurazioni Generali SpA Generali Vie Generali Versicherung AG Generali Versicherung AG Generali Lebensversicherung AG Generali Italia SpA Generali IARD Generali Deutschland Pensionskasse AG Generali (U.S. branch) Envivas Krankenversicherung AG Cosmos Versicherung AG Cosmos Lebensversicherungs AG Central Krankenversicherung AG Alleanza Toro S.p.A Advocard Rechtsschutzversicherung AG AachenMuenchener Versicherung AG AachenMuenchener Lebensversicherung AG Financial Strength Rating Local Currency A-/Negative/-- A/Negative/-- Generali Holding Vienna AG Generali Rueckversicherung AG Counterparty Credit Rating Local Currency BBB/Neg/-- BBB+/Neg/-- Financial Strength Rating Local Currency BBB/Neg/-- BBB+/Neg/-- Ratings Affirmed; CreditWatch/Outlook Action To From Ceska pojistovna a.s. Counterparty Credit Rating Local Currency A-/Negative/-- A-/Stable/- - Financial Strength Rating Local Currency A-/Negative/-- A-/Stable/- - Generali PanEurope Ltd. Counterparty Credit Rating Local Currency BBB+/Negative/-- BBB+/Stable/- - Financial Strength Rating Local Currency BBB+/Negative/-- BBB+/Stable/- - Deutsche Bausparkasse Badenia AG Counterparty Credit Rating BBB+/Negative/A-2 BBB+/Stable/A- 2 Ratings Affirmed SIAT - Societa Italiana Assicurazioni e Riassicurazioni SpA Counterparty Credit Rating Local Currency BBB-/Stable/-- Financial Strength Rating Local Currency BBB-/Stable/-- Societa Cattolica di Assicurazione Counterparty Credit Rating Local Currency BBB/Negative/-- Financial Strength Rating Local Currency BBB/Negative/-- Unipol Assicurazioni SpA Milano Assicurazioni SpA Fondiaria-SAI SpA Counterparty Credit Rating Local Currency BBB/Negative/-- Financial Strength Rating Local Currency BBB/Negative/-- Unipol Gruppo Finanziario SpA Counterparty Credit Rating Local Currency BB+/Negative/-- Unipol Assicurazioni SpA Subordinated* BB+ Unipol Gruppo Finanziario SpA Senior Unsecured BB+ * Guaranteed by Unipol Gruppo Finanziario SpA. N.B. - This does not include all ratings affected. * Moody's Lowers Ratings on Three Italian ABS Transactions ---------------------------------------------------------- Moody's Investors Service has downgraded by one to four notches the ratings of the senior and mezzanine tranches issued by Italfinance Securitization Vehicle (ITA 8), Italfinance Securitization Vehicle 2 (ITA 9) and Leasimpresa Finance (LF 2). The rating agency has also downgraded the junior rated tranches in ITA 9 and LF 2 by one notch while confirming those in ITA 8. At the same time, Moody's affirmed the ratings of the notes issued by Italease Finance Series 2005-1 (ITA 7). Insufficient credit enhancement, which protects against sovereign and counterparty risk, primarily drove the rating downgrade. The rating action concludes the review for downgrade initiated by Moody's on 1) August 2, 2012, following Italy's downgrade, and 2) December 11, 2012, following the placement of Banca Italease on review for downgrade. These transactions are asset-backed securities transactions backed by financial leases originated by Banca Italease S.p.a (B2/NP) for equipment, auto and real-estate leases. Ratings Rationale: The rating downgrade primarily reflects the insufficient credit enhancement to address sovereign and increased counterparty risk following the downgrade of Banca Italease. Moody's downgraded Banca Italease from Ba1/NP to B2/NP on July 8, 2013. The introduction of new adjustments to Moody's modeling assumptions to account for the effect of deterioration in sovereign creditworthiness and the exposure to lowly rated counterparties has had a negative effect on the ratings of some notes in ITA 8, ITA 9 and LF 2. ITA 8, ITA 9 and LF 2 have a strong linkage with the originator, Banca Italease. The observed performance of these transactions, which is so far in line with Moody's assumptions, is conditioned by the ability of the originator to repurchase delinquent loans and by its obligation to repurchase defaulted loans (for a minimum price of 75% of their outstanding amount). Following the four notch downgrade of Banca Italease on July 8, 2013, the likelihood of the repurchase performance diminished, resulting in a rating impact on all tranches but the junior tranche of ITA 8. When modeling cash flows, Moody's maintained the recovery rate assumptions of ITA 8, ITA 9 and LF 2 at 75% based on Banca Italease repurchase obligation. However, Moody's assumed the recovery rate to go down to 15% upon Banca Italease's default. Legal uncertainty on the rights of the special purpose vehicles (SPVs) to recover amounts on the lease contracts upon originator's default drive this assumption. This feature creates additional linkage between the rating of the notes and the rating of Banca Italease. The rating of the Class D note of ITA 8 is confirmed at B3 (sf), as the credit enhancement available under the tranche (12%) is sufficient to balance the increase counterparty and sovereign risks at this rating level. In ITA 7, the credit enhancement available in the form of subordination and reserve fund under tranche A2 (55%), tranche B (49%) and tranche C (46%) is sufficient to address the sovereign and counterparty risks. In addition, in ITA 7, the rating of the notes is less linked to the rating of the originator, as there is no such repurchase obligation of defaulted loans. Borrower concentration was also taken into account in Moody's analysis given that the 10 biggest debtors represent between 10% and approximately 20% of the pool balance in the 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 Italian country ceiling is A2, which is the maximum rating that Moody's will assign to a domestic Italian issuer including structured finance transactions backed by Italian receivables. The portfolio credit enhancement represents the required credit enhancement under the senior tranche for it to achieve the country ceiling. By lowering the maximum achievable rating, the revised methodology alters the loss distribution curve and implies an increased probability of high loss scenarios. Under the updated methodology incorporating sovereign risk on ABS transactions, loss distribution volatility increases to capture increased sovereign-related risks. Given the expected loss of a portfolio and the shape of the loss distribution, the combination of the highest achievable rating in a country for structured finance and the applicable credit enhancement for this rating uniquely determines 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 these transactions, which it updated on December 18, 2012. According to the updated methodology, Moody's increased the CoV, which is a measure of volatility. In ITA 7, the current default assumption is 7.0% of the current portfolio and the assumption for the fixed recovery rate is 50.0%. Moody's has increased the CoV to 93.2% from 49.0%, which, combined with the key collateral assumptions, resulted in a portfolio credit enhancement of 20.0%. In ITA 8, the current default assumption is 13.0% of the current portfolio and the assumption for the fixed recovery rate is 75.0% based on the originator repurchase obligation. Moody's has increased the CoV to 63.7% from 45.0%, which, combined with the key collateral assumptions, resulted in a portfolio credit enhancement of 21.0%. In ITA 9, the current default assumption is 14.0% of the current portfolio and the assumption for the fixed recovery rate is 75.0% based on the originator repurchase obligation. Moody's has increased the CoV to 74.0% from 59.7%, which, combined with the key collateral assumptions, resulted in a portfolio credit enhancement of 22.5%. In LF 2, the current default assumption is 10.0% of the current portfolio and the assumption for the fixed recovery rate is 75.0% based on the originator repurchase obligation. Moody's has increased the CoV to 83.3% from 79.9%, which, combined with the key collateral assumptions, resulted in a portfolio credit enhancement of 20.0%. Moody's Has Considered Exposure to Counterparty Risk During its review, Moody's also considered potential risk arising from counterparties to the transaction in the role of issuer account bank (BNP Paribas (A2/P-1)) and swap provider (BNP Paribas). None of the reviewed transactions is currently exposed to further risk arising from the counterparties acting in these roles. The risk of servicing disruption increased following the downgrade of Banca Italease from Ba1/NP to B2/NP. However, the appointment of Selmabipiemme as back-up servicer and the significant liquidity available in the form of cash reserve or liquidity facility in each transaction mitigate this risk. 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 Request for Comment, "Approach to Assessing Linkage to Swap Counterparties in Structured Finance Cashflow Transactions: Request for Comment", July 2, 2012. The methodologies used in these ratings were "Moody's Approach to Rating Multi-Pool Financial Lease-Backed Transactions in Italy", published in June 2006, "Moody's Approach to Rating EMEA SME Balance Sheet Securitizations", 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, which Moody's updated and republished or supplemented on March 11, 2013 ("Incorporating Sovereign Risk into Multi-Pool Financial Lease-Backed Transactions in Italy"), along with the publication of its Special Comment "Structured Finance Transactions: Assessing the Impact of Sovereign Risk". In reviewing this transaction, Moody's used ABSROM to model the cash flows and determine the loss for each tranche. The cash flow model evaluates all default scenarios that are then weighted considering the probabilities of the inverse normal distribution assumed for the portfolio default rate. In each default scenario, Moody's calculates the corresponding loss for each class of notes given the incoming cash flows from the assets and the outgoing payments to third parties and noteholders. Therefore, the expected loss for each tranche is the sum product of the probability of occurrence of each default scenario and the loss derived from the cash flow model in each default scenario for each tranche. As such, Moody's analysis encompasses the assessment of stressed scenarios. When remodeling the transactions affected by these rating actions, some inputs have been adjusted to reflect the new approach. List of Affected Ratings: Issuer: Italease Finance S.p.A. Series 2005-1 (ITA 7) EUR447.9M A2 Notes, Affirmed A2 (sf); previously on Aug 2, 2012 Downgraded to A2 (sf) EUR45.4M B Notes, Affirmed A2 (sf); previously on Aug 2, 2012 Downgraded to A2 (sf) EUR18.7M C Notes, Affirmed A3 (sf); previously on Sep 7, 2010 Confirmed at A3 (sf) Issuer: Italfinance Securitization Vehicle S.r.l. (ITA 8) EUR959M A Notes, Downgraded to Baa2 (sf); previously on Aug 2, 2012 Downgraded to A2 (sf) EUR83M B Notes, Downgraded to Ba3 (sf); previously on Dec 11, 2012 Downgraded to Baa2 (sf) and Remained On Review for Possible Downgrade EUR56M C Notes, Downgraded to B2 (sf); previously on Aug 2, 2012 Ba3 (sf) Placed Under Review for Possible Downgrade EUR18.5M D Notes, Confirmed at B3 (sf); previously on Aug 2, 2012 B3 (sf) Placed Under Review for Possible Downgrade Issuer: Italfinance Securitization Vehicle 2 S.r.l. (ITA 9) EUR1442.4M A Notes, Downgraded to Baa3 (sf); previously on Dec 11, 2012 Downgraded to A3 (sf) and Placed Under Review for Possible Downgrade EUR125M B Notes, Downgraded to Ba3 (sf); previously on Dec 11, 2012 Downgraded to Baa3 (sf) and Remained On Review for Possible Downgrade EUR84.3M C Notes, Downgraded to B2 (sf); previously on Dec 11, 2012 Downgraded to Ba2 (sf) and Remained On Review for Possible Downgrade EUR27.9M D Notes, Downgraded to B3 (sf); previously on Dec 11, 2012 Downgraded to B2 (sf) and Remained On Review for Possible Downgrade Issuer: Leasimpresa Finance S.r.l. (LF 2) EUR931.5M A Notes, Downgraded to Baa2 (sf); previously on Dec 11, 2012 Downgraded to Baa1 (sf) and Remained On Review for Possible Downgrade EUR57.2M B Notes, Downgraded to Ba1 (sf); previously on Dec 11, 2012 Downgraded to Baa3 (sf) and Remained On Review for Possible Downgrade EUR10.3M C Notes, Downgraded to Ba2 (sf); previously on Dec 11, 2012 Downgraded to Ba1 (sf) and Remained On Review for Possible Downgrade ================= L I T H U A N I A ================= * CITY OF VILNIUS: May Declare Bankruptcy Absent Government Aid --------------------------------------------------------------- According to Baltic Business News's Toomas Hobemagi, Lithuanian Prime Minister Algirdas Butkevicius said last week that without the financial assistance of the central government, the City of Vilnius would have to declare bankruptcy by autumn. "The government had to take specific steps to avoid the city going bankrupt. Staff of the local government has not received wages for four months," BBN quotes Hobemagi as saying. Last week, Mr. Butkevicius promised to extend the capital of Lithuania EUR3.5 million in loan, BBN relates. In addition, the central government will increase the percentage of personal income tax paid to Vilnius from 40 to 50%, BBN discloses. The debts of Vilnius amount to LTL1.1 billion (EUR310 million), BBN notes. =================== L U X E M B O U R G =================== EUROPEAN ENHANCED: Moody's Cuts Ratings on Two Tranches to 'Ba3' ---------------------------------------------------------------- Moody's Investors Service has taken the following rating actions on the notes issued by European Enhanced Loan Fund S.A.: EUR27M Class B-1 Secured Floating Rate Notes, due 2022, Upgraded to Aa1 (sf); previously on May 18, 2012 Upgraded to Aa2 (sf) EUR5M Class B-2 Secured Fixed Rate Notes, due 2022, Upgraded to Aa1 (sf); previously on May 18, 2012 Upgraded to Aa2 (sf) EUR12.98M Class D-1 Deferrable Mezzanine Secured Floating Rate Notes, due 2022, Downgraded to Ba1 (sf); previously on Sep 6, 2011 Upgraded to Baa3 (sf) EUR3.25M Class D-2 Deferrable Mezzanine Secured Floating Rate Notes, due 2022, Downgraded to Ba1 (sf); previously on Sep 6, 2011 Upgraded to Baa3 (sf) EUR1.15M Class D-3 Deferrable Mezzanine Secured Floating Rate Notes, due 2022, Downgraded to Ba1 (sf); previously on Sep 6, 2011 Upgraded to Baa3 (sf) EUR1.62M Class D-4 Deferrable Mezzanine Secured Floating Rate Notes, due 2022, Downgraded to Ba1 (sf); previously on Sep 6, 2011 Upgraded to Baa3 (sf) EUR13.5M Class E-1 Deferrable Mezzanine Secured Floating Rate Notes, due 2022, Downgraded to Ba3 (sf); previously on Sep 6, 2011 Upgraded to Ba2 (sf) EUR0.9M Class E-2 Deferrable Mezzanine Secured Floating Rate Notes, due 2022, Downgraded to Ba3 (sf); previously on Sep 6, 2011 Upgraded to Ba2 (sf) EUR0.6M Class E-3 Deferrable Mezzanine Secured Floating Rate Notes, due 2022, Downgraded to Ba3 (sf); previously on Sep 6, 2011 Upgraded to Ba2 (sf) Moody's also affirmed the ratings of the following notes issued by European Enhanced Loan Fund S.A.: EUR149M Class A-1 Secured Floating Rate Notes, due 2022, Affirmed Aaa (sf); previously on May 18, 2006 Assigned Aaa (sf) EUR7M Class A-2 Secured Fixed Rate Notes, due 2022, Affirmed Aaa (sf); previously on May 18, 2006 Assigned Aaa (sf) EUR94.5M Class A-3A Secured Floating Rate Notes, due 2022, Affirmed Aaa (sf); previously on May 18, 2006 Assigned Aaa (sf) EUR10.5M Class A-3B Secured Floating Rate Notes, due 2022, Affirmed Aaa (sf); previously on Sep 6, 2011 Upgraded to Aaa (sf) EUR25M Class C Deferrable Secured Floating Rate Notes, due 2022, Affirmed Baa1 (sf); previously on Sep 6, 2011 Upgraded to Baa1 (sf) EUR5M (with current rated balance outstanding EUR2.4M) Class M Combination Notes, due 2022, Affirmed Baa3 (sf); previously on Sep 6, 2011 Upgraded to Baa3 (sf) EUR3M (with current rated balance outstanding EUR1.3M) Class O Combination Notes, due 2022 Notes, Affirmed Baa3 (sf); previously on Sep 6, 2011 Upgraded to Baa3 (sf) European Enhanced Loan Fund S.A., issued in May 2006, is a multi- currency Collateralized Loan Obligation ("CLO") backed by a portfolio of mostly high yield European and US loans. The portfolio is managed by PIMCO Europe Ltd. This transaction entered the amortization period in May 2012. It is predominantly composed of senior secured loans. Ratings Rationale: According to Moody's, the upgrade of Class B notes is primarily a result of continued deleveraging of the Class A notes and subsequent increase in the Class A/B overcollateralization (the "OC") ratio since the last rating action in May 2012. The downgrades of the Class D and Class E notes are driven by credit deterioration of the underlying pool together with the reduction in the diversity score and portfolio weighted average spread. Moody's notes that the Class A notes have paid down by approximately EUR 123 million (or 47% of the original rated balance) since the last rating action in May 2012. As a result of the deleveraging, the OC ratio for the senior notes (namely, Class A and Class B) have increased. However, the Class A amortization didn't significantly increase the OC of the junior tranches which signifies increased defaults without significant recoveries. As of the latest trustee report dated June 2013, the Class A/B, Class C, Class D and Class E OC ratios are 140.6%, 122%, 112.6% and 107.8% respectively versus April 2012 levels of 127.3%, 117.1%, 111.5% and 108.4%, respectively. At the same time, the trustee reported Weighted Average Rating Factor (the "WARF") has slightly deteriorated to 2,872 from 2,734 between April 2012 and June 2013, together with reduction in the diversity score as the portfolio amortizes. The ratings of the Combination Notes address the repayment of the Rated Balance on or before the legal final maturity. For Classes M and O, the 'Rated Balance' is equal at any time to the principal amount of the Combination Note on the Issue Date minus the aggregate of all payments made from the Issue Date to such date, either through interest or principal payments. The Rated Balance may not necessarily correspond to the outstanding notional amount reported by the trustee. In its base case, Moody's analyzed the underlying collateral pool to have a performing par and principal proceeds balance of EUR 225.1 million, defaulted par of EUR 3.1 million, a weighted average default probability of 19.34% over 3.2 years (consistent with a WARF of 3,175.4), a weighted average recovery rate upon default of 47.41% for a Aaa liability target rating, a diversity score of 27 and a weighted average spread of 3.15%. The default probability is derived from the credit quality of the collateral pool and Moody's expectation of the remaining life of the collateral pool. The average recovery rate to be realized on future defaults is based primarily on the seniority of the assets in the collateral pool. For a Aaa liability target rating, Moody's assumed that 92.61% of the portfolio exposed to senior secured corporate assets would recover 50% upon default and 7.39% non first-lien loan corporate assets would recover 15%. In each case, historical and market performance trends and collateral manager latitude for trading the collateral are also relevant factors. These default and recovery properties of the collateral pool are incorporated in cash flow model analysis where they are subject to stresses as a function of the target rating of each CLO liability being reviewed. In addition to the base case analysis, Moody's also performed sensitivity analyses on key parameters for the rated notes: Deterioration of credit quality to address the refinancing and sovereign risks -- Approximately 16.39% of the portfolio is rated B3 and below with maturities between 2014 and 2016, which may create challenges for issuers to refinance. The portfolio is also exposed 11.2% to obligors located in Spain, Ireland and Italy. Moody's considered the scenario where the WARF of the portfolio was increased to 3,737by forcing to Ca the credit quality of 25% of such exposures subject to refinancing or sovereign risks. This scenario generated model outputs that were up to two notches lower than the base case results. Moody's notes that this transaction is subject to a high level of macroeconomic uncertainty, which could negatively impact the ratings of the notes, as evidenced by 1) uncertainties of credit conditions in the general economy and 2) the large concentration of speculative-grade debt maturing between 2014 and 2016 which may create challenges for issuers to refinance. CLO notes' performance may also be impacted either positively or negatively by 1) the manager's behavior and 2) divergence in legal interpretation of CDO documentation by different transactional parties due to embedded ambiguities. Sources of additional performance uncertainties: 1) Deleveraging: The main source of uncertainty in this transaction is the pace of amortization of the underlying portfolio. Pace of amortization could vary significantly subject to market conditions and this may have a significant impact on the notes' ratings. In particular, amortization could accelerate as a consequence of high levels of prepayments in the loan market or collateral sales by the Collateral Manager or be delayed by rising loan amend-and-extent restructurings. Fast amortization would usually benefit the ratings of the notes. 2) Large Exposure to Credit Estimates: Moody's also notes that around 31.5% of the collateral pool consists of debt obligations whose credit quality has been assessed through Moody's credit estimates. Large single exposures to obligors bearing a credit estimate have been subject to a stress applicable to concentrated pools as per the report titled "Updated Approach to the Usage of Credit Estimates in Rated Transactions" published in October 2009. 3) Recovery of defaulted assets: Market value fluctuations in defaulted assets reported by the trustee and those assumed to be defaulted by Moody's may create volatility in the deal's overcollateralization levels. Further, the timing of recoveries and the manager's decision to work out versus sell defaulted assets create additional uncertainties. Moody's analyzed defaulted recoveries assuming the lower of the market price and the recovery rate in order to account for potential volatility in market prices. Realization of higher than expected recoveries would positively impact the ratings of the notes. The principal methodology used in this rating was "Moody's Global Approach to Rating Collateralized Loan Obligations" published in May 2013. Moody's modeled the transaction using the Binomial Expansion Technique, as described in Section 2.3.2.1 of the "Moody's Global Approach to Rating Collateralized Loan Obligations" rating methodology published in May 2013. Under this methodology, Moody's used its Binomial Expansion Technique, whereby the pool is represented by independent identical assets, the number of which is being determined by the diversity score of the portfolio. The default and recovery properties of the collateral pool are incorporated in a cash flow model where the default probabilities are subject to stresses as a function of the target rating of each CLO liability being reviewed. The default probability range is derived from the credit quality of the collateral pool, and Moody's expectation of the remaining life of the collateral pool. The average recovery rate to be realized on future defaults is based primarily on the seniority of the assets in the collateral pool. The cash flow model used for this transaction is Moody's EMEA Cash Flow Model. This model was used to represent 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 binomial distribution assumed for the portfolio default rate. In each default scenario, the corresponding loss for each class of notes is calculated given the incoming cash flows from the assets and the outgoing payments to third parties and noteholders. Therefore, the expected loss or EL for each tranche is the sum product of (i) the probability of occurrence of each default scenario; and (ii) the loss derived from the cash flow model in each default scenario for each tranche. Therefore, Moody's analysis encompasses the assessment of stressed scenarios. In addition to the quantitative factors that are explicitly modeled, qualitative factors are part of the rating committee considerations. These qualitative factors include the structural protections in each transaction, the recent deal performance in the current market environment, the legal environment, specific documentation features, the collateral manager's track record, and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, may influence the final rating decision. On March 12, 2013, Moody's released a report, which describes how sovereign credit deterioration impacts structured finance transactions and the rationale for introducing two new parameters into its general analysis of such transactions. In the coming months, Moody's will update its methodologies relating to multi- country portfolios including the one for collateralized loan obligations (CLOs) as well as for other types of collateralized debt obligations (CDO), asset-backed commercial paper (ABCP) and commercial mortgage-backed securities (CMBS). Once those methodologies are updated and implemented, the rating of the notes affected by these rating actions may be negatively affected. ===================== N E T H E R L A N D S ===================== NEW WORLD: S&P Lowers CCR to 'B-' & Revises Outlook to Negative --------------------------------------------------------------- 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'. At the same time, S&P revised the outlook on NWR to negative from stable. In addition, S&P lowered its issue ratings on NWR's senior secured notes to 'B-' from 'B' and on NWR's senior unsecured notes to 'CCC' from 'CCC+'. "The downgrades follow our downward revision of coal prices to $140-150 per ton in 2013-2014 from our previous assumption of $150-160 per ton to reflect currently low prices. This results in NWR generating more negative free cash flow in the second half of 2013 and 2014 than we previously assumed, even if management targets neutral free cash flow. The currently low coal prices also underscore NWR's high cost profile and are forcing the company to take aggressive measures to preserve its cash flow, including divesting and closing some of its assets. Consequently, we have revised our assessment of NWR's business risk profile to "vulnerable" from "weak"," S&P said In S&P's view, NWR's liquidity position over the next 6-12 months will depend on its ability to divest its coke facility and obtain a covenant waiver in relation to its outstanding EUR78 million export credit agency (ECA) facility. Absent this disposal and waiver, S&P estimates that NWR's significant cash balances of EUR193 million at end-March 2013 could erode to or below EUR50 million by early 2014. Moreover, S&P projects further negative cash flow in 2014. S&P is therefore revising its assessment of the company's liquidity downward to "less than adequate" from "adequate." There is a possibility of a downgrade in the coming quarters if NWR fails to sell its coke facility and secure a covenant waiver from its banks by early 2014. A downgrade could also occur if NWR's cash burn continues in the second half of 2013 because of weaker prices, its inability to fully meet its cost-cutting targets, and high restructuring costs. S&P could revise the outlook to stable if NWR is able to limit negative free cash flow in the second half of 2013 and in 2014. Ultimately, S&P sees that NWR's maintenance of an adequate cash cushion depends on continued support from the ECA lenders. Stabilization of the outlook would require a substantial recovery in coking coal prices, leading to a sustainable improvement in NWR's profitability and liquidity. * NETHERLANDS: Company Bankruptcies Hit Record High in First Half ----------------------------------------------------------------- Xinhua reports that the Dutch Central Bureau of Statistics said on Thursday in the first half year of 2013, a record number of companies and institutions went bankrupt in the Netherlands, with especially construction and trade affected. According to Xinhua, in the first half of 2013, a total of 4,983 Dutch companies and institutions were declared bankrupt, which is 14% more than in the same period of 2012. The amount is the highest since the beginning of measuring bankruptcies by the CBS in 1981, Xinhua notes. For sole proprietorships the increase in the number of bankruptcies was limited to 1%, but for other companies and institutions the increase was 16%, Xinhua discloses. The number of bankruptcies of companies in trade (1,040) and construction (985) was the highest, Xinhua states. In trade, mainly the trade in clothing, construction materials and home furnishings stores were affected, Xinhua says. Compared to the first half of 2012 the number of bankruptcies rose in all provinces, according to Xinhua. The increase was the highest in the northern province of Groningen, with a growth of 69%, Xinhua notes. =============== P O R T U G A L =============== HIPOTOTTA 5: Moody's Lowers Rating on EUR24MM C Notes to 'B2' ------------------------------------------------------------- Moody's Investors Service has downgraded the ratings of three mezzanine notes in Hipototta No.1 Plc (Hipototta 1) and Hipototta No.5 Plc (Hipototta 5). At the same time, Moody's confirmed the ratings of the senior notes in all three transactions and three mezzanine notes in Hipototta 1 and 5. Insufficiency of credit enhancement to address sovereign risk and counterparty exposure has prompted the downgrade. The rating action concludes the review of seven notes placed on review on September 11, 2012, following Moody's decision to adjust the Portuguese country ceiling to Baa3 on September 5, 2012 and of two notes placed on review on November 28, 2012, following Moody's revision of key collateral assumptions for the entire Portuguese RMBS market. Ratings Rationale: The rating action primarily reflects the insufficiency of credit enhancement to address sovereign risk and counterparty exposure. 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. Moody's has not revised the key collateral assumptions for any of the deals. Expected loss assumptions as a percentage of original pool balance remain at 0.7% for Hipototta 1; 2.7% for Hipototta 4 and 1.8% for Hipototta 5. The MILAN CE assumptions remain at 10% for Hipototta 1, and at 12.5% for Hipototta 4 and 5. 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 Portuguese country ceiling, and therefore the maximum rating that Moody's will assign to a domestic Portuguese issuer including structured finance transactions backed by Portuguese receivables, is Baa3. 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. Exposure to Counterparty Risk The downgrades of the mezzanine notes take into account the set- off risk due to the exposure to Banco Santander Totta S.A. (Ba1) acting as originator in all three deals. Set-off exposure has been taken into account in the downgrade of the notes by reducing the amount of available credit support with the expected loss due to set-off. The downgrades also take into account commingling risk due to the exposure to Banco Santander Totta acting as servicer in all three deals. Mortgages receipts in all three deals are received into a collection account in the servicer's name with Deutsche Bank AG, London branch and are transferred daily to the issuer account at the same entity. Moody's' assumed that one month of collections will be lost upon Banco Santander Totta's default. Other Developments May Negatively Affect The Notes In consideration of Moody's new adjustments, any further sovereign downgrade would negatively affect structured finance ratings through the application of the country ceiling or maximum achievable rating, as well as potentially increased portfolio credit enhancement requirements for a given rating. As the euro area crisis continues, the ratings of structured finance notes remain exposed to the uncertainties of credit conditions in the general economy. The deteriorating creditworthiness of euro area sovereigns as well as the weakening credit profile of the global banking sector could further negatively affect the ratings of the notes. The methodologies used in these ratings were Moody's Approach to Rating RMBS Using the MILAN Framework published in May 2013, and The Temporary Use of Cash in Structured Finance Transactions: Eligible Investment and Bank Guidelines published in March 2013. In reviewing these transactions, Moody's used ABSROM to model the cash flows and determine the loss for each tranche. The cash flow model evaluates all default scenarios that are then weighted considering the probabilities of the lognormal distribution assumed for the portfolio default rate. In each default scenario, the corresponding loss for each class of notes is calculated given the incoming cash flows from the assets and the outgoing payments to third parties and noteholders. Therefore, the expected loss or EL for each tranche is the sum product of (i) the probability of occurrence of each default scenario; and (ii) the loss derived from the cash flow model in each default scenario for each tranche. As such, Moody's analysis encompasses the assessment of stressed scenarios. In the context of the rating review, the transactions have been remodeled and some inputs have been adjusted to reflect the new approach. List of Affected Ratings: Issuer: HIPOTOTTA NO. 1 PLC EUR1053.2M A Notes, Confirmed at Baa3 (sf); previously on Sep 11, 2012 Downgraded to Baa3 (sf) and Placed Under Review for Possible Downgrade EUR32.5M B Notes, Confirmed at Ba1 (sf); previously on Nov 28, 2012 Downgraded to Ba1 (sf) and Remained On Review for Possible Downgrade EUR14.3M C Notes, Downgraded to Ba2 (sf); previously on Sep 11, 2012 Ba1 (sf) Placed Under Review for Possible Downgrade Issuer: HIPOTOTTA NO. 4 PLC EUR2349.6M A Notes, Confirmed at Baa3 (sf); previously on Sep 11, 2012 Downgraded to Baa3 (sf) and Placed Under Review for Possible Downgrade Issuer: HIPOTOTTA NO. 5 PLC EUR1693M A2 Notes, Confirmed at Baa3 (sf); previously on Sep 11, 2012 Downgraded to Baa3 (sf) and Remained On Review for Possible Downgrade EUR26M B Notes, Downgraded to Ba3 (sf); previously on Nov 28, 2012 Downgraded to Ba1 (sf) and Remained On Review for Possible Downgrade EUR24M C Notes, Downgraded to B2 (sf); previously on Sep 11, 2012 Ba2 (sf) Placed Under Review for Possible Downgrade EUR26M D Notes, Confirmed at B3 (sf); previously on Sep 11, 2012 B3 (sf) Placed Under Review for Possible Downgrade EUR31M E Notes, Confirmed at Caa2 (sf); previously on Sep 11, 2012 Caa2 (sf) Placed Under Review for Possible Downgrade =========== R U S S I A =========== RUSSIAN MAGNESIUM: Court Installs External Administration --------------------------------------------------------- Interfax reports that court materials show the Sverdlovsk Region Arbitration Court has installed external administration at OJSC Russian Magnesium for a period of 18 months as part of the company's bankruptcy proceedings. Dmitry Seleznev, a member of the Euro-Siberian Self-regulating Organization of Arbitration Managers, has been appointed as external administrator, Interfax relates. According to Interfax, the court has asked him to draft an external management plan by Aug. 3 and present it to a meeting of creditors for approval. Interfax notes that the register of claims state the company does not have any first- or second-priority creditors. The claims of third-priority creditors totaled RUR2.261 billion as of June 25, while the book value of the company's assets stood at RUR3.29 billion as of June 30, Interfax discloses. Russian Magnesium filed for bankruptcy on Sept. 5, 2012, due to a shareholder dispute and heavy debt burden, Interfax recounts. According to Interfax, CEO and co-owner Alexei Ginzburg said the company's debt totaled about 2.3 billion rubles. The Sverdlovsk Region Arbitration Court began monitoring procedures at Russian Magnesium in January 2013, Interfax relates. The regional government, which owns a 25% stake in the company, objected to the controlling shareholder's decision to file for bankruptcy, Interfax discloses. ========= S P A I N ========= FONCAIXA FTGENCAT: Fitch Affirms Rating on Series E Notes at 'CC' ----------------------------------------------------------------- Fitch Ratings has downgraded Foncaixa FTGENCAT 4 F.T.A as follows: Series A(G) notes (ISIN ES0338013016): downgraded to 'BBBsf' from 'A-sf', Stable Outlook Series B notes (ISIN ES0338013024): downgraded to 'BBsf' from 'BB+sf', Stable Outlook Series C notes (ISIN ES0338013032): downgraded to 'Bsf' from 'B+sf', Negative Outlook Series D notes (ISIN ES0338013040): affirmed at 'CCCsf', RE0% Series E notes (ISIN ES0338013057): affirmed at 'CCsf', RE0% KEY RATING DRIVERS: The downgrades were driven by an upward revision of Fitch's commercial and residential market value decline (MVD) assumptions for Spain. The higher MVD assumptions led to lower expected recoveries and the notes were not able to withstand the applicable rating stresses with the current credit enhancement levels. In terms of performance, 90+ delinquency rate has risen to 2.2% as of the May 2013 investor report compared with 1.9% at the previous review in July 2012. Current defaults increased by EUR1.1m since the previous review to EUR4.8m or 2.67% of the outstanding portfolio balance. The reserve fund is at the required level of EUR5.04 million. The portfolio as of April 30, 2013, is granular in terms of borrower concentration with the top 20 borrowers accounting for 7.94% of the outstanding portfolio balance. Exposure to real estate and construction sectors stands at 24.5% of the outstanding portfolio balance and 100% of the assets were originated in Catalonia which increases the portfolio's credit risk. Fitch addressed the industry and regional concentrations through its correlation assumptions within the Fitch Portfolio Credit Model. The portfolio has high security coverage with 84% of the assets backed by first-lien residential and commercial mortgages. The weighted average recovery rate on worked out defaults in the transaction is relatively high at 56% when compared with the Fitch rated Spanish SME CLO universe but certainly not commensurate with 84% security coverage the portfolio benefits from. 63% of the outstanding portfolio balance comprises flexible loans that offer the borrower the option of further advances up to a maximum limit. The additional draws will not be securitized and will remain on the originator's balance sheet but will rank pari passu with the securitized portion of the total exposure in the event of the borrower defaulting. Fitch assumed in its recovery analysis that all flexible loans are drawn to the maximum limit on the existing security coverage. The impact of this adjustment on loans in the portfolio is collateral dilution -- the pari passu share of the related mortgage collateral is reduced. The Negative Outlook on series C notes and the affirmation of series D notes reflects their subordinated position in the capital structure and their vulnerability to a sudden spike in defaults. Series E notes are not asset backed and were issued to fund the reserve fund at transaction closing and their repayment is entirely dependent on the recovery proceeds from defaulted assets. Rating Sensitivities Applying a 1.25x default rate multiplier to all assets in the portfolio would result in a downgrade of one rating category for all the notes. Applying a 0.70x recovery rate multiplier to all assets in the portfolio would result in a downgrade of one rating category for all the notes. FTPYME BANCAJA: Fitch Affirms 'Csf' Rating on Class D Notes ----------------------------------------------------------- Fitch Ratings has affirmed FTPYME Bancaja 6 FTA's notes as follows: Class A2 notes (ES0339735013): affirmed at 'Asf ', Outlook Negative Class A3 notes (ES0339735021): affirmed at 'Asf', Outlook Negative Class B notes (ES0339735039): affirmed at 'B-sf', Outlook revised to Negative from Stable Class C notes (ES0339735047): affirmed at 'CCsf', Recovery Estimate 20% Class D notes (ES0339735054): affirmed at 'Csf', Recovery Estimate 0% Key Rating Drivers The affirmation of the notes' ratings reflects the sufficiency of available credit enhancement (CE) to allow the notes withstanding current rating stresses. The class B notes' Outlook has been revised to Negative from Stable due to the volatile performance of the transaction and expected further deterioration. The transaction has faced deterioration in performance over the past year that Fitch believes this is likely to continue. The longer dated buckets of delinquencies have increased as have defaults. The increase in defaults led to the depletion of the reserve fund in December 2012 and the appearance of principal deficiency ledger (PDL) balance, increased since then, accumulating EUR2.2m as of May 2013's investor report. Delinquencies over 90 days and 180 days have increased to 13.9% and 12.7% respectively since the previous annual review in July 2012, while defaults also increased to 21%. The transaction's portfolio has deleveraged since the previous review to 16.4% of the balance at closing offsetting the deterioration in performance, and allowing class A to amortize to 3.6% of its initial balance being likely to pay in full in the next three payment dates. The largest borrower now represents 2.4% and 32 borrowers accounted for more than 0.5% as of May 2013. Real estate sector exposure is moderate at 33.5% of the current portfolio balance. The class A notes' rating is constrained by the exposure to the transaction's payment interruption risk as no source of liquidity is available for the notes while the reserve fund is depleted and no other dedicated liquidity is in place. Therefore in case of a default of the servicer Bankia (BBB/Rating Watch Negative/F2) the notes would be exposed to a potential disruption in the collection of cash flows from the pool that could affect the timely payments on the notes. FTPYME Bancaja 6 is a cash flow securitization of loans to small- and medium-sized Spanish enterprises (SMEs) granted by former Caja de Ahorros de Valencia, Castellon y Alicante, now Bankia S.A. Rating Sensitivities As part of its analysis, Fitch considered the sensitivity of the notes' ratings to the stresses on defaults and recovery rates. These stresses had no material negative impact on the ratings. An increase in defaults of 25% or a haircut in recovery rates of 25% would have negative impact on the rating of the notes of at most one notch for the senior notes. =========== S W E D E N =========== NORTHLAND RESOURCES: Creditors Approve Reorganization Plan ---------------------------------------------------------- Peter Pernlof, Acting CEO and COO of Northland Resources S.A., disclosed that the Lulea District Court approved on July 12 the reorganization plan for the Company's Swedish subsidiaries. As previously disclosed, the Lulea District Court held composition proceedings on July 12 in connection with the reorganization of companies Northland Resources AB (publ), Northland Sweden AB and Northland Logistics AB. During the proceedings the companies' creditors approved the terms of the proposed composition. The District Court held in accordance with this and approved the reorganization plan and composition. Norwegian subsidiary Northland Logistics AS is not going through formal reorganization, but has previously agreed with all of its creditors on a payment plan identical to that of the other subsidiaries. [Fri]day's decision by the Lulea District Court becomes legally binding in three weeks. The next step will then be the court's decision on terminating the reorganization. "[Fri]day's decision is another important step on the path to normalcy for Northland. This is good news for all of our employees, and also good news for the region," Mr. Pernlof said. About Northland Headquartered in Luxembourg, Northland Resources S.A. is a producer of iron ore concentrate, with a portfolio of production, development and exploration mines and projects in northern Sweden and Finland. The first construction phase of the Kaunisvaara project is complete and production ramp-up started in November 2012. The Company expects to produce high-grade, high-quality magnetite iron concentrate in Kaunisvaara, Sweden, where the Company expects to exploit two magnetite iron ore deposits, Tapuli and Sahavaara. Northland has entered into off-take contracts with three partners for the entire production from the Kaunisvaara project over the next seven to ten years. The Company is also preparing a Definitive Feasibility Study for its Hannukainen Iron Oxide Copper Gold project in Kolari, northern Finland and for the Pellivuoma deposit, which is located 15 km from the Kaunisvaara processing plant. * * * As reported by the Troubled Company Reporter-Europe on April 1, 2013, Moody's Investors Service affirmed the Caa3 corporate family rating and bond rating of Northland Resources AB. Concurrently, Moody's has applied the 'limited default' ('/LD') indicator to the company's Ca-PD probability of default rating (PDR), to reflect the recently missed interest payment on its outstanding notes, which the rating agency considers a default according to its definition of default. As a result, Moody's PDR for Northland has been affirmed at Ca-PD/LD. In addition, the outlook on all ratings remains negative. ===================== S W I T Z E R L A N D ===================== * Swiss Private Banks Continue to Face Headwinds, Fitch Says ------------------------------------------------------------ Fitch Ratings says in a new report that Swiss private banks will continue to face headwinds from challenging markets, increasing regulatory costs and elevated litigation risk. However, the rated Swiss private banks are well-placed to withstand this pressure and their ratings remain underpinned by their low overall risk appetite, sound funding and capital position and stable and high- quality earnings base. On July 5, 2013, Fitch affirmed three Swiss private banks, Pictet & Cie (AA-/Stable/aa-), Lombard Odier & Cie (AA-/Stable/aa-) and EFG International AG (A/Stable/a) as part of a peer review. Private banks continue to operate in a challenging environment, with low transaction-based revenues and a significant cash bias in client portfolios putting pressure on gross asset under management margins. Given the three rated Swiss banks' solid franchises and the scalability of their business models, any improvement in their operating environment should translate into a gross margin recovery and better profitability. Changing regulatory requirements, notably regarding European and US cross-border private banking, remain among the banks' main challenges. All three banks are trying to mitigate the pressure on Western European offshore private banking by improving their non-European private banking, European onshore and to some extent asset management franchises. While pressure on Western European offshore private banking is likely to continue in the medium term, the three Swiss banks' size and diversification make them better placed than many peers to withstand this pressure. Given tighter regulation and the banks' increasingly global footprint, Fitch believes litigation risk will remain high. However, sound risk management and compliance practices at all banks support Fitch's assumption that litigation costs will remain of a manageable size and absorbable by the banks' still adequate operating profitability. =========== T U R K E Y =========== ANADOLUBANK AS: Fitch Raises LT Issuer Default Ratings to 'BB+' --------------------------------------------------------------- Fitch Ratings has upgraded Anadolubank A.S.'s Long-Term IDRs to 'BB+' from 'BB', with a Stable Outlook, and Viability Rating (VR) to 'bb+' from 'bb'. KEY RATING DRIVERS - VR AND IDRS The upgrade reflects the bank's extended track record of consistently good performance with sound asset quality and comfortable capital levels. The ratings are also supported by the bank's comfortable liquidity and conservative management. However, the ratings also reflect the bank's limited franchise, some uncertainty regarding the long-term sustainability of its business model, and the potential for some moderate near-term deterioration in performance and asset quality. Anadolubank's performance improved in 2012, as margins increased in a falling rate environment, and in Q113, operating return on average assets reached a high 3.3% (well above the peer average of 2%). However, Fitch expects margins to contract in 2013 as repricing continues and competition increases, which will put pressure on banks' profitability. To date, Anadolubank has consistently reported sound asset quality metrics that outperform its immediate peers: impaired loans at end-Q113 were a low 3.5% of gross loans (peer average: 4.4%) and were fully covered by reserves. In Fitch's view, asset quality is likely to deteriorate moderately as loan portfolios season following recent growth. Capitalization is also a rating positive for the bank, with a robust Fitch core capital/weighted risks ratio of 18%. Anadolubank is primarily funded by customer deposits, which account for over two-thirds of its liabilities. The bank's comfortable liquidity is underpinned by the historical stability of the deposit base, the relatively short-term nature of the loan book and a reasonable stock of liquid assets held on its balance sheet. In Fitch's view, contagion risks from the bank's majority owner, Habas Sinai ve Tibbi Gazlar Istihsal Endustri A.S. (Habas; B+/Stable), a corporate with its main operations in the steel industry, are moderate, permitting a three-notch difference between the subsidiary and parent ratings. This view is based on (i) the fact that the two companies have operated independently of each other to date; and (ii) Habas's moderate debt levels and limited investment plans, in light of which any potential refinancing needs are also likely to be contained. At end-2012, Habas had total debt of approximately TRY300 million (comprising loans from local banks), which was equal to just 25% of Anadolubank's Fitch core capital. RATING SENSITIVITIES - VR AND IDRS The bank's modest franchise and the current level of Turkey's sovereign ratings (BBB-/Stable) mean that any further upward movement of the ratings is unlikely. A marked deterioration in Anadolubank's financial metrics -- including a greater than anticipated deterioration in asset quality as loans season -- could put downward pressure on the VR. A substantial increase in Habas's leverage, or greater involvement of Anadolubank in funding its parent, could also result in a downgrade. KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR The downgrade of Anadaolubank's Support Rating to '5' from '4' reflects a reassessment by Fitch of Habas's ability to support the bank given the relative size of the two entities. The Support Rating Floor of 'No Floor' reflects Fitch's view that sovereign support for the bank, although possible, cannot be relied on. RATING SENSITIVITIES - SUPPORT RATING The Support Rating could be upgraded if Anadolubank was acquired by a higher rated entity. The rating actions are: Long-term foreign and local currency IDRs: upgraded to 'BB+' from 'BB'; Outlook Stable Short-term foreign and local currency IDRs: affirmed at 'B' Viability Rating: upgraded to 'bb+' from 'bb' Support Rating: downgraded to '5' from '4' Support Rating Floor: assigned at 'NF' National Long-term Rating: affirmed at 'AA(tur)'; Outlook Stable ============= U K R A I N E ============= * Fitch Revises Rating Outlooks on 7 Ukrainian Banks to Negative ---------------------------------------------------------------- Fitch Ratings has affirmed the Long-term foreign currency Issuer Default Ratings (IDRs) of Ukraine-based Public Joint Stock Company UkrSibbank, Ukrsotsbank (Ukrsots), PJSC VTB Bank (Ukraine) (VTBU), ProCredit Bank (Ukraine), PJSCCB Pravex-Bank (Pravex) and PJSC Credit Agricole Bank's (CAB) at 'B', and revised their Outlooks to Negative from Stable. At the same time, the agency has affirmed the Long-term IDRs of PJSC Alfa-Bank (ABU) at 'B-' with a Stable Outlook. KEY RATING DRIVERS - IDRS, NATIONAL RATINGS, SENIOR DEBT, SUPPORT RATINGS The rating actions follow the agency's revision of the Outlooks on Ukraine's Long-term foreign and local currency IDRs to Negative from Stable. The revision of the Outlooks on the Long-term IDRs of UkrSibbank, Ukrsots, VTBU, ProCredit Bank (Ukraine), Pravex and CAB reflects the increased likelihood of a downgrade of Ukraine's Country Ceiling ('B') following the revision of the sovereign Outlook. The six banks' IDRs, Support, Senior Debt and National Ratings are driven by the likelihood of support the banks may receive from their majority shareholders. UkrSibbank is 85%-owned by BNP Paribas (A+/Stable); Ukrsotsbank is 98.4%-owned by UniCredit S.p.A. (BBB+/Negative) through its Vienna subsidiary UniCredit Bank Austria AG (A/Stable); VTB Ukraine is more than 99%-owned by Russia's JSC Bank VTB (BBB/Negative); ProCredit Ukraine is controlled (60% of voting stock) by Germany's ProCredit Holding AG & Co. KGaA. (BBB-/Stable); Pravex is 100%-owned by Intesa Sanpaolo S.p.A. (BBB+/Negative); and CAB is fully owned by Credit Agricole S.A. (A+/Negative). Ukraine's 'B' Country Ceiling, which reflects transfer and convertibility risks, constrains the banks' Long-term foreign currency IDRs as it limits the extent to which support from the majority foreign shareholders of these banks can be factored into the ratings. Their 'B+' Long-term local currency IDRs also take into account Ukrainian country risks. ABU's IDRs, senior debt and National Ratings are driven by Fitch's view on potential support the bank may receive from other assets controlled by its main shareholders, including from its sister bank, Russia-based OJSC Alfa-Bank (AB; BBB-/Stable), which also holds a minority 19.9% stake in ABU. AB provided US$248 million subordinated loans to ABU in 2010 (partially repaid since then) and recently in Q113 certain companies controlled by the ultimate shareholders placed US$210 million (nearly equal to ABU's end-2012 equity) with AB as a guarantee deposit, which may be used to cover potential losses from a pool of identified problematic assets and potential hryvna devaluation. At the same time, the extent to which support is factored into the ratings is limited because (i) AB holds shares in ABU on behalf of ABH Ukraine Limited, the Alfa Group's holdco for Ukrainian banking subholding, to which it has ceded control and voting rights through a call option; (ii) the indirect nature of support provided from other sources and the uncertainty over its sufficiency (iii) the fact that shareholder support was insufficient to prevent a restructuring of the bank's debt in 2009. RATING SENSITIVITIES - IDRS, NATIONAL RATINGS, SENIOR DEBT, SUPPORT RATING The Long-term IDRs, senior debt and Support Ratings of each of the banks, except ABU, could be downgraded if Ukraine's sovereign ratings and Country Ceiling were downgraded. A revision of the sovereign Outlook to Stable would help the banks' ratings to stabilize at their current levels Any clear indication from any of the banks' shareholders that they plan to exit the Ukrainian market could result in negative rating action. A downgrade of ABU's ratings is currently not expected, as reflected by the Stable Outlook, but may be triggered if the bank suffers large losses as a result of deterioration in the quality of restructured loans or a potential UAH devaluation, and this was not offset by proper equity injections. An upgrade of ABU's IDRs and Support Rating would require both (i) more clarity and strengthening of support framework for the bank; and; and (ii) the Country Ceiling to stabilize at its current level. KEY RATING DRIVERS - VIABILITY RATINGS (VRS) The downgrade of UkrSibbank's VR to 'cc' from 'ccc' reflects further weakening of the bank's financial performance and its still very weak capital position. The bank was loss-making on a pre-impairment basis in 2012 due to lower revenue generation as a result of continued deleveraging, which has not been fully matched by cost base adjustments. The Fitch core capital/weighted risks ratio remained very low, at 1.5% at end-2012, while regulatory capital ratio of 20% is supported by significant deferred-tax assets (48% of regulatory Tier 1 capital at end- Q113), which could be partially or fully derecognized in case of adverse changes in profitability forecasts or regulatory treatment. NPLs (loans overdue by more than 90 days) of 30% at end-2012 were almost fully covered by reserves, but restructured loans equal to 33% of the portfolio represent a source of potential further losses. The 'ccc' VRs of Ukrsots, VTBU, Pravex and ABU reflect still significant volumes of loan impairment with progress in loan work-outs proving to be slow. Each of the reviewed banks has reported high levels of NPLs and/or prolonged/restructured loans. While each of the banks has significant loss absorption capacity to sufficiently reserve for currently recognized NPLs, impairment in restructured portfolios could result in them needing further capital support. ProCredit Ukraine's higher VR of 'b-' reflects the bank's materially lower level of NPLs (4%) and smaller volumes of restructured loans compared with peers, and better financial performance. CAB's 'b' VR was not reviewed as part of the current review, but continues to be driven by the bank's solid financial metrics (in particular its moderate NPLs and reasonable capital position) and the low-risk nature of the bank's business with group clients. Pre-impairment profitability has remained under pressure at most of the banks due to a combination of weak loan book performance, scale reduction and higher funding costs driven by volatility in sector UAH-liquidity in H212. Bottom line results have also been hit by high provisioning costs. UAH-devaluation risks remain considerable given the still high, albeit decreased, share of FX-lending (in the range of 37%-59% for each of the seven banks at end-Q113). Direct FX-risk has now abated with most of these banks reducing open economic currency positions to relatively low levels. Strong deposit inflow from Q309 has strengthened liquidity positions and reduced dependence on parent funding (the latter was to a lesser extent for Ukrsots and VTBU). RATING SENSITIVITIES - VRS Upside potential for VRs is limited but could arise from a strengthening of banks' capital positions and significant progress with workouts of problem loan exposures. Stabilization of the sovereign's credit profile and the country's economic prospects would reduce downward pressure on the VRs. The VRs could be downgraded if additional loan impairment recognition further undermines capital positions. The rating actions are: PJSC UkrSibbank: Long-Term Foreign Currency IDR affirmed at 'B', Outlook revised to Negative from Stable Short-Term Foreign Currency IDR affirmed at 'B' Local Currency Long-Term IDR affirmed at 'B+', Outlook revised to Negative from Stable National Long-Term rating affirmed at 'AAA(ukr)', Outlook 'Stable' Viability Rating downgraded to 'cc' from 'ccc' Support Rating affirmed at '4' Senior unsecured notes affirmed at 'AAA(ukr)'/'B+'/'RR4' Ukrsotsbank: Long-term foreign currency IDR: affirmed at 'B'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'B+'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'B' Support Rating: affirmed at '4' Viability Rating: affirmed at 'ccc' National Long-term rating: affirmed at 'AAA(ukr)'; Outlook Stable Senior unsecured debt affirmed at 'B+'/RR4/'AAA(ukr)' Senior unsecured debt affirmed at 'B+' (EXP)'/'RR4'/'AAA(ukr) (EXP)' PJSC VTB Bank (Ukraine): Long-term foreign currency IDR: affirmed at 'B'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'B+'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'B' Support Rating: affirmed at '4' Viability Rating: affirmed at 'ccc' National Long-term rating: affirmed at 'AAA(ukr)'; Outlook Stable Senior unsecured local currency debt: affirmed at 'B+'/'AAA(ukr)'; Recovery Rating 'RR4' ProCredit Bank (Ukraine): Long-Term foreign currency IDR affirmed at 'B', Outlook revised to 'Negative' from 'Stable' Short-Term foreign currency IDR affirmed at 'B' Long-term local currency IDR affirmed at 'B+', Outlook revised to 'Negative' from 'Stable' Short-term local currency IDR affirmed at 'B', National Long-Term rating affirmed at 'AAA(ukr)', Outlook 'Stable' Viability Rating affirmed at 'b-' Support Rating affirmed at '4' Senior unsecured notes affirmed at 'AAA(ukr)'/'B+'/'RR4' Pravex: Long-term foreign currency IDR: affirmed at 'B'; Outlook revised to 'Negative' from 'Stable' Long-term local currency IDR: affirmed at 'B+'; Outlook revised to 'Negative' from 'Stable' Short-term foreign currency IDR: affirmed at 'B' Support Rating: affirmed at '4' Viability Rating: affirmed at 'ccc', National Long-term rating: affirmed at 'AAA(ukr)'; Outlook Stable CAB: Longterm foreign currency IDR: affirmed at 'B', Outlook revised to 'Negative' from 'Stable' Long -term local currency IDR: affirmed at 'B+', Outlook revised to 'Negative' from 'Stable' Short-term foreign and local currency IDRs: affirmed at 'B' Support Rating: affirmed at '4' National Long-term Rating: affirmed at 'AAA(ukr)', Outlook Stable Viability Rating 'b': unaffected PJSC Alfa-Bank: Long-term foreign currency IDR: affirmed at 'B-', Outlook Stable Short-term IDR: affirmed at 'B' Long-term local currency IDR: affirmed at 'B-', Outlook Stable Viability Rating: affirmed at 'ccc' Support Rating: affirmed at '5' National Long-term rating: affirmed at 'BBB-(ukr)', Outlook Stable Senior unsecured debt of Alfa Ukrfinance: affirmed at 'B-'; Recovery Rating 'RR4' =========================== U N I T E D K I N G D O M =========================== CODAEX UK: Goes Into Administration ----------------------------------- Eleanor Ward at Business Sales Report relates that Codaex UK, a classical music recording distributor in the UK, has entered administration following the collapse of its international parent company. Codaex UK entered administration after several of its clients lost faith in its future following the collapse of its Benelux- based parent, Codaex, according to Business Sales Report. The report notes that Ginny Cooper, managing director of the UK company, explained in a letter to clients that the company's decision to put itself into administration came about after several of its labels decided to switch to other distributors. At its peak, the firm distributed about 100 labels but, while it remained profitable, concerned suppliers began to desert the business upon learning of Codaex' fate, the report relates. The report says that the industry is keen not to lose a British distributor, however, and there is some talk of a new company being formed if Codaex is bought out of administration. The report discloses that Challenge Classics, a producer and distributor, is thought to be among the potential suitors for the distressed business or at least some of its assets. The report notes that Challenge has now announced that it is in negotiations to buy out Codaex's share of NAI. A statement from the firm explained that the group is likely to work with Proper Note, while the business' operations in Benelux will see the firm sell directly to consumers, the report relays. Business Sales Report adds that Codaex UK noted their frustration at the situation, which they have said was exacerbated by the rumours that spread through the close-knit recording industry. MODELZONE: Concerns For Jobs After Firm Goes Into Administration ---------------------------------------------------------------- Kate O'Neill at Evening Express reports that Modelzone could close if nobody steps in. Staff at an Aberdeen model shop could lose their jobs if a buyer for the business is not found, according to Evening Express. The report notes that six workers at Modelzone in the Bon Accord Centre could be axed after the toy firm went into administration. Evening Express relates that a spokeswoman for administrators Deloitte said the Bon Accord Centre branch will begin to wind down by late August if nobody steps in. * UK Floats New Client Money Rules For Collapsed Firms ------------------------------------------------------ Stewart Bishop of BankruptcyLaw360 reported that the U.K.'s financial services regulator proposed new rules aimed at protecting client accounts after the collapse of such investment firms as Lehman Brothers International Europe and MF Global Holdings Ltd. revealed shortcomings in the current regulatory regime. According to the report, the Financial Conduct Authority said it was seeking feedback from the industry on whether to permit speedier recovery of money by clients in the event of an investment firm's bankruptcy by allowing distribution of client money based on the firm's records. =================== U Z B E K I S T A N =================== KAPITALBANK: S&P Lowers LT Counterparty Credit Rating to 'B-' ------------------------------------------------------------- Standard & Poor's Ratings Services said it had lowered its long- term counterparty credit rating on Uzbekistan-based Kapitalbank to 'B-' from 'B'. The outlook is stable. At the same time, S&P affirmed its 'C' short-term counterparty credit rating on the bank. The rating actions reflect S&P's view that Kapitalbank's capital position is unlikely to improve as S&P previously expected. Earnings generation is likely to continue lagging asset growth, gradually eroding the capital base. In S&P's opinion, the bank's current capital buffer may be insufficient to absorb potential risks associated with anticipated annual lending growth of 30%- 35%, especially if the share of riskier retail loans increases. On Dec. 31, 2012, our risk-adjusted capital (RAC) ratio for Kapitalbank decreased to a low 2.1% (before adjustments), and S&P do not expect any improvement in 2013. S&P has therefore revised its assessment of Kapitalbank's capital to "very weak" from "weak", as its criteria define these terms. S&P's assessment reflects the bank's very low capitalization and constrained loss absorption capacity. In S&P's opinion it's very unlikely that the RAC ratio will exceed 3% over the next 12-18 months, which is the minimum to support a rating-neutral assessment of "weak" capital. Although Kapitalbank demonstrates adequate core business performance, S&P believes capitalization will remain a key rating constraint that will likely suppress business growth over the next two years. S&P projects that the bank's RAC ratio, before adjustments for diversification, will remain within the 2%-2.5% range over the next 12-18 months. This calculation factors in a planned Tier 1 capital increase of Uzbek sum 4 billion (about $2 million) in 2013 and a partial disposal of equity investments, which currently weighs on S&P's assessment of the bank's capital. Nevertheless, Kapitalbank's anticipated level of capitalization is subject to adequate performance of its loan portfolio, as any increase in risk could put additional pressure on capital. S&P believes that in the medium term Kapitalbank's sound and still expanding franchise and client base may improve its business position. Kapitalbank is one of the leading agencies offering money transfers in Uzbekistan, with a market share of about 25%. S&P notes that in Uzbekistan's still-developing financial and banking market, money transfer services play an essential role in the monetary system, representing 5%-7% of the country's GDP. Kapitalbank is also the leader in retail foreign currency deposits, serving about 1.7 million depositors. S&P views these factors as key strengths that contribute to revenues and the stability of the client base. The ratings on Kapitalbank reflect the 'b+' anchor S&P uses for financial institutions operating in Uzbekistan. The anchor is S&P's starting point in assigning an issuer credit rating. The ratings also reflect the bank's "moderate" business position, "very weak" capital and earnings, "adequate" risk position, "average" funding, and "adequate" liquidity. The bank's stand- alone credit profile is 'b-'. The stable outlook reflects S&P's view that over the next two years Kapitalbank's core business performance and sound market positions in Uzbekistan should balance its persistently weak capital, which makes it vulnerable to credit shocks and threatens its ability to sustain its business model. S&P could lower the ratings if the bank's already very weak RAC ratio (before adjustments) were to decrease below 2% as a result of insufficient self-sustained capital generation to match asset growth, or higher-than-expected losses that hampered profit generation. In such a scenario, S&P would regard Kapitalbank as being at high risk of solvency issues. Despite Kapitalbank's short-term deposit base, S&P expects it to maintain good liquidity cushions. Inability to do so could also put pressure on the ratings. S&P could raise the ratings if Kapitalbank were to demonstrate material and sustainable improvements in its capitalization, such that its RAC ratio (before adjustments) rose well above 3%. In S&P's view, this would require a change in the bank's currently very aggressive capital management. If the bank were able to gain momentum and successfully strengthen its business position it may also lead to positive rating action. * Fitch-Rated Uzbek Banks Foreign-Currency IDRs Remain at 'B-' -------------------------------------------------------------- Fitch Ratings says in a newly-published sector report that Uzbekistan's banks have demonstrated stable growth rates (albeit from a quite low base), relying mostly on domestic savings. Sector performance is supported by consistently strong economic growth resulting from favorable export markets and the sovereign's currently strong fiscal position that underpins the largely centralized economy. At the same time, the banks' credit profiles remain undermined by significant directed lending and investments, constraints on currency conversion and cash operations, weak corporate governance and heightened credit risks from the poor transparency of SME borrowers. Uzbekistan's GDP continued to register strong growth, close to 8% in 2012, supported by commodity export revenues, foreign remittances (largely from Russia) and the government's large investments program. At end-2012, the sovereign balance sheet remained strong, with government debt an estimated 8.6% of GDP, a fiscal surplus of 4.7% of GDP and a positive current account balance of 2.7% of GDP. Accumulated foreign currency reserves estimated by the IMF were close to US$18 billion (40% of GDP). However, the economy is vulnerable to external commodity shocks as well as to potential deterioration in its major trading partners (Russia, China and Kazakhstan). Moreover, institutional reforms remain dormant, and there is no visible progress in improvement of the currently difficult business climate. Growth rates in the banking sector have moderated to 16%-20% (inflation-adjusted) in 2011-2012 and are likely to remain in this range during 2013. This, together with still low credit penetration (the loans/GDP ratio was 23% at end-2012), partly alleviates pressure on asset quality. The proportion of impaired loans in the sector portfolio has been diluted by new lending to an estimated 8.3% at end-2012 from 11.9% at end-2011. That said, asset quality metrics remain highly cyclical, and there could be notable downside risks in case of an economic slowdown. Liquidity risks in the system are mitigated by its conservative asset structure and predominately domestic funding base. Almost three quarters of non-equity funding comprised customer accounts (mostly corporate) and facilities provided by the Uzbekistan Fund for Reconstruction and Development (UFRD). The ratio of loans to these two stable funding sources was comfortably below 90% at end-2012. The role of UFRD in banking sector funding may rise as its charter capital is set to reach US$15 billion by 2015, a volume comparable with the current size of the banking sector. External borrowings remain below 10% of the sector liabilities, and they are largely provided by international development institutions for government-assisted project finance transactions, which typically benefit from faster foreign currency conversion. Off-balance sheet foreign currency liabilities (letters of credit), which may experience longer conversion time, were estimated at US$2 billion at end-2012. Capitalization has been declining from the previous conservative levels, but remained adequate at end-2012 with equity/assets at an estimated 11% and equity/loans at 19%. The quality of capital is somewhat undermined by investments in non-core/non-financial assets, although overall these remained manageable. According to Fitch estimates, the available capital and impairment reserves combined provided maximum loss absorption capacity at 12% of the sector loan book at end-2012, indicating only low resilience of the system to stress scenarios. Internal capital generation remained low, at about 10% of average equity, which is incommensurate with the asset growth rates and signals sector dependence on regular equity injections. The foreign-currency IDRs of Fitch-rated banks in Uzbekistan remained constrained at the 'B-' level, which captures restrictions in foreign exchange regulation. State-owned banks' local currency Long-term IDRs are a notch higher, at 'B', reflecting the greater probability of state support in UZS, and these ratings are likely to move in tandem with Fitch's assessment of the sovereign credit profile. The potential for upgrades of banks' Viability Ratings (which are also mostly at 'b-') is currently limited, while downward pressure could arise from a deterioration in banks' asset quality (particularly in case of economic slowdown), losses from operational risks or increases in non-core assets, if not offset by fresh equity injections. =============== X X X X X X X X =============== * Fitch: EMEA Unsecured Real Estate Debt Risks Low Recoveries ------------------------------------------------------------- Unsecured debt raised by some EMEA real estate companies, attracted by low funding costs and migration from bank funding, could be vulnerable to low recovery rates because of subordination to legacy secured debt, Fitch Ratings says. "If we were to rate these transactions, this risk could lead us to notch the rating of unsecured debt down from the issuer's IDR," Fitch says. "Unrated or recent debut EMEA real estate issuers have traditionally been dependent on secured funding from either the banking sector or structured products such as CMBS. The move towards unsecured debt is typically a funding cost arbitrage strategy to the benefit of equity investors. But recoveries may be low if there is not a suitable level of unencumbered assets and income cover to support unsecured bondholders. We look for unencumbered assets to be at least double an issuer's unsecured debt before assigning an investment-grade rating. The possibility that unsecured bondholder proceeds could be used to fund equity injections into poorly funded secured structures is also a risk. "In the recent debut unsecured bond issuance by Atrium (BBB- /Stable), which previously used secured funding, subordination risk was mitigated by the size of the unencumbered asset pool and by low financial gearing (loan-to-value of around 20%). The switch to unsecured funding also increased operational and financial flexibility through a release of encumbered assets, which freely allows for development and asset recycling of the property portfolio. "We expect the focus on subordination and recovery to increase as new, weaker unrated entities look to switch to unsecured funding. They typically have higher leverage, complex structures and weaker pools of unencumbered assets. In addition, it is difficult for issuers to convince existing secured lenders to unwind their funding structures. There may be prepayment penalties as interest rate derivatives were attached to the bespoke funding and secured lenders will not want to relinquish overcollateralization. "Once companies have made the switch to unsecured funding, they may be averse to taking secured funding again, even if it were to become cheaper and more widely available. Companies in Fitch's UK rated property portfolio, where unsecured funding predominates, did not take the easy option of accessing secured debt when values plummeted in 2009 and they were in danger of breaching valuation covenants. They knew that they had built up trust with unsecured debt holders and 1992's equivalent textbook response of procuring a lifeboat of secured funding would have been unnecessarily costly and hard to unwind later." * Single Bank Resolution Fund Positive for Sovereign Credit ----------------------------------------------------------- The European Commission's proposal for a single resolution mechanism (SRM) to increase objectivity and effectiveness in resolving weak banks, and pool some of the costs would be credit positive for sovereigns, Fitch Ratings says. It will reduce the potential costs to a single sovereign of a bank failure -- but will not have as great an impact on sovereigns' contingent liabilities as the proposed minimum bail-in requirement under the Bank Recovery and Resolution Directive (BRRD). A single resolution board making objective and balanced decisions could reduce hesitation in the intervention and resolution of a bank. A more efficient process may reduce total costs so the burden can be borne by shareholders and bondholders, followed by the resolution fund if necessary, limiting costs for the sovereign. However, the complexity of European banks means that resolution is unlikely to be clear cut in practice. For example, where group resolution involves banking subsidiaries or parents not in the banking union, the process could be complicated by the involvement of more national authorities. A single resolution fund would benefit from pooled resources, so shortfall risks are lowered compared to smaller national funds that would have to negotiate borrowing from others if necessary. This would likely be most beneficial to smaller countries. A common funding arrangement, pre-financed by the banks, would lessen the burden on individual sovereigns if a single bank fails, but funds are unlikely to be sufficient to make much of a dent in capital or liquidity needs in the case of another systemic crisis in European banks. Under the proposals, it would still be possible for an individual state to decide to support a bank directly, in agreement with the resolution board, if losses are exceptionally large or resolution funds insufficient. The resolution fund would then raise additional contributions to repay public funding where this cannot be recouped from the failed bank. This would also apply to the European Stability Mechanism's (ESM) EUR60 billion funds set aside for bank recapitalization. The SRM is designed to ensure that the ESM backstop is fiscally neutral in the medium term, which could be of some benefit to sovereign ratings. This mutualization of the cost of the bank-financed resolution fund is likely to be subject to active political debate when the proposal is discussed by the European Council and Parliament later this year. Banks in the banking union would need to contribute over EUR55 billion over time to the fund under this proposal. Those with riskier profiles and more wholesale funding would pay more. But there could be substantial changes to the SRM before it is finalized. "We view progress towards banking union as positive for investor confidence in eurozone sovereigns, Europe's banking sector and the vast majority of banks. The SRM is the second and probably final pillar of the union now that some form of depositor preference will be built into the final BRRD. The first pillar, the single supervisory mechanism (SSM) centred on the ECB, should enhance consistency and comparability of risk measurement and reporting," Fitch says. Final decisions on SSM, SRM and BRRD are scheduled to be reached by year-end. Increased regulatory certainty could then help restore investor confidence in banks, although investors are likely to differentiate more between weak and strong banks, if proposals mean sovereign support is weakening. The Commission proposes that the SRM would be directly responsible for the resolution of all banks in countries participating in the banking union. 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2453594767 RISANAMENTO SPA RN EU -182584482.9 2453594767 RISANAMENTO SPA RN TQ -182584482.9 2453594767 RISANAMENTO SPA RN BQ -182584482.9 2453594767 RISANAMENTO SPA RN IM -182584482.9 2453594767 RISANAMENTO SPA RN5 GR -182584482.9 2453594767 RISANAMENTO SPA RNGBP EO -182584482.9 2453594767 RISANAMENTO-RTS RNAA IM -182584482.9 2453594767 RISANAMENTO-RTS RNAXA IM -182584482.9 2453594767 RISANAMENTO-RTS RNAXO IM -182584482.9 2453594767 SEAT PAGINE PG1 EB -741904802.3 3755632231 SEAT PAGINE SP7A GR -741904802.3 3755632231 SEAT PAGINE PG1 NQ -741904802.3 3755632231 SEAT PAGINE SP7 GR -741904802.3 3755632231 SEAT PAGINE PG PZ -741904802.3 3755632231 SEAT PAGINE PG1USD EU -741904802.3 3755632231 SEAT PAGINE PG1 QM -741904802.3 3755632231 SEAT PAGINE SEEA LN -741904802.3 3755632231 SEAT PAGINE PG IM -741904802.3 3755632231 SEAT PAGINE 283147Q IM -741904802.3 3755632231 SEAT PAGINE PG VX -741904802.3 3755632231 SEAT PAGINE PGI1 IX -741904802.3 3755632231 SEAT PAGINE SPGMF US -741904802.3 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140534295.2 TOPPS TILES PLC TPT10 EO -36503224.29 140534295.2 TOPPS TILES PLC TPT2 EO -36503224.29 140534295.2 TOPPS TILES PLC TPT1 EO -36503224.29 140534295.2 TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2 TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2 TOPPS TILES PLC TPT PO -36503224.29 140534295.2 TOPPS TILES PLC TPT VX -36503224.29 140534295.2 TOPPS TILES PLC TPT7 EO -36503224.29 140534295.2 TOPPS TILES PLC TPTEUR EO -36503224.29 140534295.2 TOPPS TILES PLC TPT5 EO -36503224.29 140534295.2 TOPPS TILES PLC TPT3 EO -36503224.29 140534295.2 TOPPS TILES PLC TPT IX -36503224.29 140534295.2 TOPPS TILES PLC TPT EO -36503224.29 140534295.2 TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2 TOPPS TILES PLC TPT LN -36503224.29 140534295.2 TOPPS TILES PLC TPT PZ -36503224.29 140534295.2 TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2 TOPPS TILES PLC TPT S1 -36503224.29 140534295.2 TOPPS TILES PLC TPT TQ -36503224.29 140534295.2 TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2 TOPPS TILES PLC TPTJF US -36503224.29 140534295.2 TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2 TOTAL UK LTD 3897130Z LN -61225906.13 2907445594 TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919 TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472 TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625 TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672 TUI UK LTD 1653824Z LN -913811298.8 5088088830 TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519 UNILEVER UK CENT 1273034Z LN -1509554086 6927634057 UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3 UNITED BISCUITS 3193858Z LN -273729428.4 3257147468 UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2 UNIVERSAL PICTUR 1083202Z LN -42445816.82 120867289.2 UTC GROUP UGR LN -11904428.42 203548565 VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2 VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6 VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7 VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7 VIRGIN MOBILE VMOB LN -392165409.3 166070003.7 VIRGIN MOBILE VGMHF US -392165409.3 166070003.7 VIRGIN MOBILE VMOB PO -392165409.3 166070003.7 VIRGIN MOBILE VMOB VX -392165409.3 166070003.7 VIRGIN MOBILE UEM GR -392165409.3 166070003.7 VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566 VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8 VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624 WARNER ESTATE WRL GR -80276070.4 344291592.8 WARNER ESTATE WNER PZ -80276070.4 344291592.8 WARNER ESTATE WNEHF US -80276070.4 344291592.8 WARNER ESTATE WNER VX -80276070.4 344291592.8 WARNER ESTATE WNER EO -80276070.4 344291592.8 WARNER ESTATE WNER LN -80276070.4 344291592.8 WARNER ESTATE WNERGBP EO -80276070.4 344291592.8 WARNER ESTATE WNER PO -80276070.4 344291592.8 WARNER ESTATE WNER IX -80276070.4 344291592.8 WARNER ESTATE WNER EU -80276070.4 344291592.8 WATSON & PHILIP WTSN LN -120493900 252232072.9 WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2 WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189 WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1 WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831 WHITE HART LANE 2004631Z LN -2707112.668 144247464.4 WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6 WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688 WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688 WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4 WINCANTON PLC WIN1 S1 -429205125.4 907823159.4 WINCANTON PLC WIN IX -429205125.4 907823159.4 WINCANTON PLC WIN12 EO -429205125.4 907823159.4 WINCANTON PLC WIN LN -429205125.4 907823159.4 WINCANTON PLC WIN10 EO -429205125.4 907823159.4 WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4 WINCANTON PLC WIN1 TQ -429205125.4 907823159.4 WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4 WINCANTON PLC WIN1 EU -429205125.4 907823159.4 WINCANTON PLC WIN1 EO -429205125.4 907823159.4 WINCANTON PLC WIN1USD EU -429205125.4 907823159.4 WINCANTON PLC WIN PO -429205125.4 907823159.4 WINCANTON PLC WIN9 EO -429205125.4 907823159.4 WINCANTON PLC WIN6 EO -429205125.4 907823159.4 WINCANTON PLC WIN13 EO -429205125.4 907823159.4 WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4 WINCANTON PLC WIN1 QM -429205125.4 907823159.4 WINCANTON PLC WIN4 EO -429205125.4 907823159.4 WINCANTON PLC WIN5 EO -429205125.4 907823159.4 WINCANTON PLC WIN11 EO -429205125.4 907823159.4 WINCANTON PLC WIN7 EO -429205125.4 907823159.4 WINCANTON PLC WNCNF US -429205125.4 907823159.4 WINCANTON PLC WIN1 BQ -429205125.4 907823159.4 WINCANTON PLC WIN1 EB -429205125.4 907823159.4 WINCANTON PLC WIN VX -429205125.4 907823159.4 WINCANTON PLC WIN1 NQ -429205125.4 907823159.4 WINCANTON PLC WIN PZ -429205125.4 907823159.4 WINCANTON PLC WIN1USD EO -429205125.4 907823159.4 WINCANTON PLC WIN8 EO -429205125.4 907823159.4 WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9 WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274 XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3 XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1 YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5 YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8 YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8 ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman, Editors. Copyright 2013. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200. * * * End of Transmission * * *