/raid1/www/Hosts/bankrupt/TCREUR_Public/130723.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 23, 2013, Vol. 14, No. 144
Headlines
B U L G A R I A
* BULGARIA: Three Power Distributors Face De-Facto Bankruptcy
C R O A T I A
* CROATIA: Moody's Says EU Membership Credit Positive
G E R M A N Y
BACCHUS 2006-1: Moody's Raises Rating on Class E Notes to 'B3'
TITAN EUROPE 2007-2: Fitch Cuts Ratings on 3 Note Classes to 'C'
G R E E C E
PUBLIC POWER: S&P Raises Corporate Credit Rating to 'CCC'
I R E L A N D
BARNA WASTE: High Court Approves Rescue Scheme; 250 Jobs Secured
K A Z A K H S T A N
BTA-KAZAN: Fitch Lowers LT Issuer Default Rating to 'CCC'
L U X E M B O U R G
MAGNOLIA MIDCO: Moody's Assigns First-Time B2 CFR; Outlook Stable
ULTIMA LUX: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
N E T H E R L A N D S
ARES EUROPEAN: S&P Assigns Prelim. BB Rating to Class E Notes
CADOGAN SQUARE V: Moody's Rates EUR25MM Class E Notes '(P)Ba2'
GLOBAL TIP: S&P Assigns Preliminary 'BB' CCR; Outlook Stable
R U S S I A
ATON CAPITAL: Moody's Revises Outlook on B2 Ratings to Negative
S E R B I A & M O N T E N E G R O
* NOVI SAD: Moody's Lowers Issuer Rating to B1; Outlook Stable
S P A I N
BANKINTER: Moody's Affirms 'Ba1' Ratings; Outlook Negative
CAJA LABORAL: Moody's Reviews Ba1 Deposit Ratings for Downgrade
RURAL HIPOTECARIO XV: Fitch Rates EUR52.9MM Class B Notes 'CCC'
RURAL HIPOTECARIO XV: DBRS Assigns '(P)BB' Rating to B Notes
RURAL HIPOTECARIO XVI: Fitch Rates EUR16.5MM Class B Notes 'CCC'
SABADELL 8: DBRS Confirms 'BB' Rating on EUR200-Mil. Notes
SABADELL 9: DBRS Confirms 'B' Rating on EUR555-Mil. Notes
* SPAIN: EU Declares Shipbuilding Sector Subsidies Illegal
U K R A I N E
AGROTON PUBLIC: S&P Lowers Corporate Credit Rating to 'SD'
U N I T E D K I N G D O M
CO-OPERATIVE BANK: Two US Hedge Funds Take Controlling Stake
HIBU PLC: Creditors Set to Take Over Following Debt Woes
NICOLE FARHI: Rescued Out of Administration by Hargreaves-Adams
OPTICAL EXPRESS: Founder Rescues Business From Collapse
PALLETLINE LOGISTICS: Goes Into Administration
RESLOC UK 2007-1: S&P Affirms 'B-' Rating on Three Note Classes
TRAVELEX: Moody's Assigns 'B2' CFR; Outlook Stable
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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B U L G A R I A
===============
* BULGARIA: Three Power Distributors Face De-Facto Bankruptcy
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Novinite.com reports that the three power distributors operating
in Bulgaria, CEZ, EVN and Energo Pro, face de-facto bankruptcy
due to the decrease in electricity prices in effect since
March 2013, the new rules for purchasing renewable energy, and
the obstructions to the reimbursement of expenses by the State
Commission for Energy and Water Regulation, DKEVR.
The Confederation of Independent Trade Unions in Bulgaria, CITUB,
has warned that potential job losses in the mining sector caused
by the priority purchasing of renewable energy may cause people
to break solar panels and wind turbines, Novinite.com says,
citing Sega daily reports.
A sitting of the parliamentary energy committee revealed that the
situation at EVN was most problematic as the company had run up
losses of nearly BGN300 million since June 2012, Novinite.com
discloses.
"Energo Pro has accumulated losses of BGN15.7 million since the
beginning of 2013, and the sum is expected to reach BGN143
million by end-2013," Novinite.com quotes Plamen Stefanov, Chair
of the Management Board of Energo Pro Sales AD, as saying.
Meanwhile, CEZ is said to be facing a loss of nearly BGN200
million, Novinite.com notes.
The reduction in electricity rates introduced in March is
expected to result in losses of BGN35 million a year for EVN and
BGN24.6 million for Energo Pro, Novinite.com discloses.
Back in March 2013, EVN argued that it was facing the prospect of
bankruptcy due to the changes to the regulations governing
purchases of renewable energy introduced in the summer of 2012,
Novinite.com recounts.
According to Novinite.com, Joerg Sollfelner, CEO of EVN Bulgaria
explained that the three power distributors had started running
up losses after DKEVR amended the price formation model.
Prior to the changes, power distributors bought renewable energy,
sent the invoices to Bulgaria's National Electric Company, NEK,
and were reimbursed for the costs, Novinite.com notes.
However, the practice landed NEK in dire straits, causing it to
amass huge debts as a result of the fact that the green energy
output substantially exceeded the forecasts, Novinite.com states.
Under the new methodology, NEK pays power distributors on the
basis of forecasts, while the risk of connecting excessive
renewable capacity to the grid is at the expense of EVN, CEZ and
Energo Pro, Novinite.com says.
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C R O A T I A
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* CROATIA: Moody's Says EU Membership Credit Positive
-----------------------------------------------------
Croatia's EU membership will boost the funding granted to
Croatian sub-sovereigns by giving them access to the EU's
Cohesion and Structural Funds, says Moody's Investors Service in
a new Special Comment entitled " Croatian sub-sovereigns: EU
membership enhances funding opportunities, a credit positive.".
This increase in EU financing will particularly benefit the City
of Zagreb (Ba1 negative), which is expected to be a large
recipient of these funds.
Moody's notes that as a result of its EU membership, Croatia is
scheduled to receive EUR13.7 billion from these two funds during
the 2014-2020 period, compared with the EUR1.0 billion allocated
from 2007 to mid-2013 from EU Instrument for Pre-Accession Fund.
Moody's expects this increase in funding will: (1) support
regional and local governments' (RLGs) efforts to expand
infrastructure, stimulate local economic growth, and ultimately
strengthen their revenue bases; (2) diminish RLGs' need to issue
debt to fund their investments; and (3) incentivize RLGs to
improve their ability to prepare, plan, and implement complex,
multi-year investment projects and make appropriate use of
available funds.
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G E R M A N Y
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BACCHUS 2006-1: Moody's Raises Rating on Class E Notes to 'B3'
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the
following notes issued by Bacchus 2006-1 plc.:
EUR195.8M (EUR121.8M current amount outstanding) Class A-1 Senior
Secured Floating Rate Notes due 2022 Notes, Upgraded to Aaa (sf);
previously on Mar 1, 2013 Affirmed Aa1 (sf)
EUR7.5M Class A-2B Senior Secured Floating Rate Notes due 2022
Notes, Upgraded to Aaa (sf); previously on Mar 1, 2013 Upgraded
to Aa1 (sf)
EUR34M Class B Senior Secured Floating Rate Notes due 2022 Notes,
Upgraded to Aa3 (sf); previously on Mar 1, 2013 Affirmed A3 (sf)
EUR25.54M Class C Senior Secured Deferrable Floating Rate Notes
due 2022 Notes, Upgraded to Baa2 (sf); previously on Mar 1, 2013
Affirmed Ba1 (sf)
EUR19.66M Class D Senior Secured Deferrable Floating Rate Notes
due 2022 Notes, Upgraded to Ba2 (sf); previously on Mar 1, 2013
Affirmed B1 (sf)
EUR10M Class E Senior Secured Deferrable Floating Rate Notes due
2022 Notes, Upgraded to B3 (sf); previously on Mar 1, 2013
Affirmed Caa2 (sf)
EUR5M (EUR3.4M Rated Balance outstanding) Class W Combination
Notes, Upgraded to A2 (sf); previously on Mar 1, 2013 Upgraded to
Baa2 (sf)
EUR69M (EUR38.9M Rated Balance outstanding) Class Y Combination
Notes, Upgraded to Ba1 (sf); previously on Mar 1, 2013 Upgraded
to Ba2 (sf)
Moody's also affirmed the ratings of the following notes:
EUR67.5M (EUR39.2M current amount outstanding) Class A-2A Senior
Secured Floating Rate Notes due 2022 Notes, Affirmed Aaa (sf);
previously on Mar 1, 2013 Affirmed Aaa (sf)
EUR5.386M (EUR0.3M Rated Balance outstanding) Class Z Combination
Notes, Affirmed Aa1 (sf); previously on Mar 1, 2013 Downgraded to
Aa1 (sf)
Bacchus 2006-1 plc., issued in March 2006, is a Collateralized
Loan Obligation ("CLO") backed by a portfolio of mostly high
yield senior secured European and US loans. The portfolio is
managed by IKB Deutsche Industriebank AG. This transaction ended
the reinvestment period in April 2012.
Ratings Rationale:
According to Moody's, the rating actions taken on the notes are
primarily a result of significant deleveraging of the Class A
notes and subsequent improvement of the overcollateralization
ratios following amortization of the underlying portfolio since
the last rating action in March 2013. Moody's notes that the
Class A notes have been paid down by approximately EUR50.8
million (18.7%) since the last rating action and EUR102.3 million
(37.8%) since closing.
As a result of the deleveraging the overcollateralization ratios
have increased. As of the latest trustee report dated June 2013,
the Class AB and Class C overcollateralization ratios are
reported at 133.42% and 118.48% as compared to 126.46% and
114.87%, respectively, in the last rating action of March 2013.
The ratings of the combination notes address the repayment of the
rated balance on or before the legal final maturity. 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.
Moody's notes that the key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, diversity
score, and weighted average recovery rate, are based on its
published methodology and may be different from the trustee's
reported numbers. In its base case, Moody's analyzed the
underlying collateral pool to have a performing par and principal
proceeds balance of EUR241.4 million, a weighted average default
probability of 26.11% over a weighted average life of 3.57 years
(consistent with a WARF of 3649), a weighted average life of 3.57
years, a weighted average recovery rate upon default of 48.59%
for a Aaa liability target rating, a diversity score of 29.57 and
a weighted average spread of 3.77%.
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 95.97% of the portfolio exposed to first
lien senior secured corporate assets would recover 50% upon
default, while the remainder 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, which
includes deteriorating credit quality to address the refinancing
and sovereign risks. Approximately 28.40% of the portfolio are
European corporates rated B3 and below and maturing between 2014
and 2016 which may create challenges for issuers to refinance and
around 9.18% of the portfolio is exposed to obligors located in
Ireland, Spain and Italy. Moody's considered model runs where the
base case WARF was increased to 4314 and 4762 by forcing ratings
on 25% and 50% of refinancing and sovereign risk exposures to Ca.
These runs generated model outputs that were within three notches
from 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 2) the large concentration of
lowly rated 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 investment strategy and 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 senior notes but may
negatively impact the mezzanine and junior notes.
2) Moody's also notes that around 62.94% 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 CLO
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. As such, 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 11, 2013, Moody's released a special comment 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 CLOs as well as
for other types of Collateralized Debt Obligations (CDO), Asset-
Backed Commercial Paper (ABCP) and Commercial Mortgage-Backed
Securities (CMBS). Once updated methodologies are implemented,
the rating[s] of the notes affected by these actions may be
negatively impacted.
TITAN EUROPE 2007-2: Fitch Cuts Ratings on 3 Note Classes to 'C'
----------------------------------------------------------------
Fitch Ratings has downgraded Titan Europe 2007-2 Limited's class
A2, B, C, D and E notes due 2017 and affirmed the rest as
follows:
EUR343.1m Class A1 (XS0302915060) affirmed at 'AAsf'; Outlook
Negative
EUR227.9m Class A2 (XS0302916381) downgraded to 'Bsf' from
'BBBsf'; Outlook Negative
EUR154.3m Class B (XS0302917272) downgraded to 'CCsf' from
'CCCsf'; Recovery Estimate
(RE) RE25%
EUR115.2m Class C (XS0302917512) downgraded to 'Csf' from 'CCsf';
RE0%
EUR86.1m Class D (XS0302917868) downgraded to 'Csf' from 'CCsf';
RE0%
EUR37.9m Class E (XS0302919138) downgraded to 'Csf' from 'CCsf';
RE0%
EUR18.6m Class F (XS0302919641) affirmed at 'Dsf'; RE0%
EUR0m Class G (XS0302920730) affirmed at 'Dsf'; RE0%
Key Rating Drivers
The downgrades reflect the increased likelihood of further losses
to the notes on account of the prospect of delays to debt
recovery plans resulting from disputes various parties
(borrowers, tenants, and the issuer). The importance of
expeditious workouts will increase as more loans enter default
and the remaining term until legal bond maturity falls from its
current 44 months. The affirmation of the class A1 notes reflects
their senior claim against two large, above average loans,
Project Christie and Urbis. Should they repay in full, as
expected in the short to medium term, this tranche would be
retired.
Of the ten remaining loans, six were in special servicing at the
April 2013 interest payment date (IPD). As of today, nine are
past their original maturity dates (Toy Box loan fell due
yesterday).
The EUR78.5 million Cobalt loan (due in April 2014) entered
special servicing in February 2013 when the largest tenant
(accounting for 65% of the rent) vacated its space in 19 retail
properties across Finland, reportedly prior to actual lease
break. According to the special servicer, imminent payment
default has been averted by assignment to the borrower of in-
place sub-leases, as well as by signing new short-term leases.
However, with a revised loan-to-value ratio (LTV) of 156%,
significant losses will be incurred unless major increases in
occupancy and rent can be achieved prior to loan exit.
The largest loan, the EUR412.2 million MPC Portfolio, defaulted
at its extended maturity date in January 2012. Since then, only
five assets (out of 93) have been sold, and although an
additional eight properties are at various stages of the sales
process, only EUR19 million of principal has been returned from a
combination of sales and cash sweep. The remaining average lease
term is approximately three years, while a largely structural
vacancy rate accounts for 33% of space. Collateral comprises
secondary Dutch offices, which have experienced significant
declines in value, and Fitch expects a major loan loss capable of
wiping out debt junior to the class B notes.
The EUR52.9 million Skoduv Palace loan matured in April 2012 but
was extended until July 2013. The collateral is a single office
property located in the Czech capital fully let to the City of
Prague until 2027. The loan is performing, with a reported
securitized LTV and interest coverage ratio (ICR) of 60.9% and
18.1x, respectively. A currency swap that expired in April 2012
crystallized a breakage cost, which has been amortizing out of
surplus rent (EUR8.8 million was still due in April 2013).
However, the tenant has requested a rent reduction and possible
reimbursement of past "overpayment", which the borrower has
denied. While the outcome of the dispute may not be known for
some time, a significant rent reduction would reduce the value of
the collateral and with it the borrower's ability to redeem the
loan. A delay in resolving the dispute might push back credit
recovery until after bond maturity.
The second-largest loan, the EUR300 million Project Christie,
matured in April at which point a short-term extension was
granted to allow the borrower time to finalize seemingly advanced
negotiations regarding a sale of the four east German shopping
centers acting as collateral. The ICR stood at 7.7x in April
while the LTV was reported at 73%. Although Fitch views the
valuation as optimistic, it expects no losses from Project
Christie.
The EUR92.2 million Urbis loan was restructured at its maturity
in April 2012, which included a two-year extension subject to
certain conditions. These include repayment targets and revised
loan covenants. The speed of asset sales has been fairly constant
since closing, and as of April only 37 of the original 85-strong
German office, retail, residential and mixed-use property
portfolio were unsold. The reported securitized ICR and LTV stand
at 6.3x and 66.2%, respectively, although Fitch estimates the
senior LTV above 90%. However, Fitch's concerns are allayed by
the pace of sales, the full cash sweep in place, and the level of
commitment from the sponsor, including an equity injection of
EUR3 million as part of the restructuring. No loss is expected
from Urbis.
Five smaller loans make up the rest of the pool, and all but one,
Redbus, are expected to suffer a loss. The EUR7.9 million Nantes
loan has fallen foul of another dispute, this time between
borrower and issuer: the former has launched 'safeguard
proceedings' in the French courts, thus suspending the special
servicer's ability to proceed with enforcement. One workout
strategy proposed by the French courts envisages repayment four
years after bond maturity. An alternative is for 60% to be repaid
by 2017, with the remainder written off. Both have been appealed
by the issuer, alongside a so-called intrusion claim made by the
borrower. Fitch has not given any credit to recoveries due this
uncertainty.
Rating Sensitivities
A slowdown in sales (Urbis, MPC) or a failure to realize
repayment proceeds (Project Christie) could each trigger a
downgrade of the class A notes. The class A2 is exposed to
timing, seeing as bond maturity is now less than four years away
and 163 assets remained in the transaction as of April.
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G R E E C E
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PUBLIC POWER: S&P Raises Corporate Credit Rating to 'CCC'
---------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Greece-based utility Public Power Corp. S.A.
(PPC) to 'CCC' from 'CC'. The outlook is negative.
The rating action chiefly reflects S&P's view that the risk of
default on PPC's obligations has decreased because of PPC's
successful intermediate refinancing in June and because some
material external risks have substantially abated in the past 12
months. Default is no longer imminent or a virtual certainty, in
S&P's view.
"PPC and its Greek relationship banks put in place a bridge
syndicated facility, effective from June 28, 2013, and maturing
in April 2014, covering EUR1.229 billion of maturities from May
2013 until February 2014 that were previously under separate
bilateral loans. We do not consider this refinancing as a de
facto restructuring, which would have triggered a selective
default. The nearly 70-basis-point increase in spread over
Euribor (for the weighted average interest of the existing loans
refinanced) is in our view an appropriate compensation for the
lenders, whose cost of funding has decreased dramatically since
the switch from Emergency Liquidity Assistance to European
Central Bank (ECB) refinancing from January 2013. Moreover, as
reflected in the Memorandum of Understanding (MoU) signed with
PPC, Greek banks have shown willingness to refinance this bridge
facility through a medium-term loan that will likely smooth PPC's
debt maturity profile over a longer period and make it more
sustainable," S&P said.
The negative outlook reflects PPC's still high short-term debt
burden and refinancing risk, and the likelihood that S&P would
lower its issuer credit rating on PPC if it believed that PPC
would fail to repay or refinance its short-term financial
obligations; or if it assessed some of PPC's refinancing plans as
a de facto restructuring.
The negative outlook also reflects that PPC's liquidity position
will remain highly vulnerable to the capacity of Greek banks to
refinance its debt at least until the materialization of medium-
term refinancing, which will be under negotiation until year-end.
A downgrade of the Greek banks would likely pressure the ratings
on PPC. S&P could also lower its rating on PPC should its
fragile liquidity situation worsen as a result of, for example, a
spike in commodity prices that could not be passed onto
customers, or a surge in overdue receivables.
Conversely, a positive rating action would most likely hinge on
the group's ability to significantly and permanently improve its
liquidity position. This could result, in S&P's view, from:
-- Decreased refinancing risk, thanks to a smoother and longer
debt maturity profile.
-- Improved cash flow generation. This could be supported by
an effective liberalization of energy markets allowing PPC
to fully pass onto consumers its generation and supply
costs, from a redesign of Greece's energy regulations that
support PPC, or from an improvement in macroeconomic
conditions.
-- Reduced debt, which could result from some asset disposals
if the proceeds are not returned to PPC's shareholders.
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I R E L A N D
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BARNA WASTE: High Court Approves Rescue Scheme; 250 Jobs Secured
----------------------------------------------------------------
Galway Independent reports that the future of over 250 long-term
employees at Barna Waste has been secured, following approval of
a "scheme of arrangement" by the High Court.
The company entered examinership in April and court-appointed
examiner, Neil Hughes of Hughes Blake, last Thursday presented a
Scheme of Arrangement prepared on behalf of the Directors of
Bruscar Bhearna Teoranta, trading as Barna Waste, to the High
Court, which was approved by Judge Brian McGovern, Galway
Independent relates.
As part of the examinership process, Cognito Asset Management
Limited, an investment and corporate restructuring business, in
conjunction with the existing management team, successfully
completed the buyout of Barna Waste Group, Galway Independent
discloses.
According to Galway Independent, a spokesperson for the group
said that this investment puts Barna Waste on a firm financial
footing for the future and secures the employment of over 250
long-term employees.
As reported by the Troubled Company Reporter-Europe on April 23,
2013, The Irish Times said that the company's difficulties were
caused by factors including the economic downturn, increased
competition, increased costs and levies.
Barna Waste Group is a major employer in Connaught with over 250
employees and over 30,000 customers. It has an extensive base of
domestic customers across the region and provides a wide range of
waste management services to commercial customers including skip
hire, recycling, and sludge removal.
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K A Z A K H S T A N
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BTA-KAZAN: Fitch Lowers LT Issuer Default Rating to 'CCC'
---------------------------------------------------------
Fitch Ratings has downgraded BTA-Kazan's (BTAK) Long-term Issuer
Default Rating (IDR) to 'CCC' from 'B-' and withdrawn the bank's
ratings. At the same time, the agency has affirmed the Long-term
IDRs of Spurt Bank at 'B', and Probusinessbank (PBB),
Uraltransbank (UTB) and Bank Snezhinskiy (BS) at 'B-', all with
Stable Outlooks.
KEY RATING DRIVERS- BTAK
The downgrade of BTAK's ratings reflects the bank's weak asset
quality and capitalization, and operating losses. The bank's
marginal profitability on a pre-impairment basis is insufficient
to cover potential losses, in Fitch's view, given weakly reserved
non-performing and restructured loans. Asset and capital quality
are also weakened by large exposures, equal to a combined 1.9x
the bank's equity, to corporate promissory notes, which
represents a form of unsecured lending, and unquoted corporate
shares, mostly in businesses related to the bank's shareholders.
BTAK reported a RUB717 million loss under IFRS at end-2012, equal
to 35% of equity at the start of the period, as the quality of
its assets deteriorated. The IFRS loss could have been even
higher, as auditors calculated an additional RUB258 million of
income tax to be paid by the bank, not recognized by the bank.
The losses caused the bank's Fitch core capital (FCC) ratio to
fall to a low 7.5% at end-2012, and the statutory capital ratio
was also a low 11.1% at end-Q113, indicating very limited ability
to absorb additional losses. The bank could increase its
impairment reserves to only 7% from the actual level of 5% before
breaching minimum regulatory capital requirements. At the same
time, Fitch estimates that non-performing loans (NPLs, overdue by
90 days or more) stood at about 22% of gross loans at end-Q113,
and renegotiated loans comprised a further 22%. NPLs were about
40% covered by IFRS impairment reserves at end-Q113, while
coverage of NPLs and restructured loans combined was a low 20%.
BTAK's liquidity is also moderate. Liquid assets (cash, net
interbank placements and securities eligible for refinancing with
the CBR) were equal to only 11% of customer accounts at end-5M13.
The liquidity risks were somewhat mitigated by moderate
concentrations, with the top 20 depositors accounting for 13% of
customer accounts.
The ratings have been withdrawn as the bank has chosen to stop
participating in the rating process. Fitch will no longer provide
rating or analytical coverage of BTAK.
KEY RATING DRIVERS - Spurt
The affirmation of Spurt's ratings reflects its stable
performance over the past year and slightly improved pre-
impairment profitability, supported by higher revenues. The
ratings also factor in Spurt's reasonable asset quality and the
moderation of its retail loan growth. However, the ratings also
consider the bank's moderate capitalization and liquidity,
elevated concentrations and limited franchise.
At end-Q113, Spurt reported moderate NPLs of 3% of gross loans,
with reported restructured exposures comprising a further 2%.
However, Fitch understands that the latter could be somewhat
higher due to roll-overs on long-term investment loans. At same
time, the bank could increase its loan loss reserves to only a
moderate 8% of gross loans from the current 2%, before the
regulatory capital ratio would fall to the minimum 10% level. At
end-Q113, the FCC ratio stood at 9.6% and the regulatory total
capital adequacy at 13.9%. Related party exposures, represented
by loans to local petrochemical plant, were equal to a
significant 32% of FCC at end-Q113.
Spurt's liquid assets comprised a significant 35% of the balance
sheet at end-5M13, but net of non-deposit funding maturing within
a year was able to cover only 8% of customer accounts. The latter
are moderately concentrated, with the largest 20 depositors
comprising 30% of customer funding, although some of the largest
accounts were from public sector entities, which mitigates the
risk of outflows, taking into account Spurt's relations with
local authorities.
IFRS pre-impairment profitability improved somewhat in 2012,
supported by higher interest income from retail lending, but an
increase in loan impairment charges left the bank's net income
largely unchanged from the previous year.
RATING SENSITIVITIES - Spurt
The ratings could be downgraded in case of a significant
deterioration of asset quality, a marked increase in related
party lending or a weakening of the bank's relations with the
regional authorities, if this leads to significant deposit
outflows. Upside potential for the ratings is limited.
KEY RATING DRIVERS - PBB
The affirmation of PBB's 'B-' Long-term IDR reflects the bank's
weak capital position, burdened by high investments in non-
banking assets. However, the upgrade of the bank's National Long-
term Rating to 'BB+(rus)' from 'BB-(rus)' reflects PBB's solid
pre-impairment profitability, comfortable liquidity and wider
franchise compared with other 'B-' rated Russian banks.
On a consolidated level, PBB reported a modest FCC ratio of 7.8%
at end-2012, while the standalone regulatory capital ratio was a
tight 10.5% at end-5M13. PBB's ability to absorb losses is only
modest. The bank could increase impairment reserves only to 11.3%
of the loan book (from 9.9%) before the regulatory capital ratio
would fall to the minimum 10% level. Capitalization is further
undermined by (i) significant exposure to investment property and
real estate construction in progress, which accounted for 70% of
FCC at end-2012; and (ii) certain interbank placements (36% of
FCC) which could be of a fiduciary nature, in Fitch' view.
Positively, PBB's capitalization is underpinned by solid pre-
impairment profit, which was equal to 10.8% of average gross
loans in 2012. This comfortably exceeded the 5.3% level of NPLs
generated by the loan book (used by Fitch as an approximation of
final losses on loans) in same period. However, in case of market
stress, losses might be higher, causing safety margins to shrink.
NPLs represented 8.1% of gross loans at end-2012 and were fully
covered by impairment reserves, while restructured exposures made
up a further 1% of the book.
The liquidity position is comfortable: at end-5M13 the bank's
liquid assets (net of interbank placements treated by Fitch as
restricted) covered customer accounts by 30%.
RATING SENSITIVITIES - PBB
PBB's ratings could be upgraded if the capital position and its
quality improve, including through disposal of non-core assets.
Downward pressure could stem from asset quality deterioration if
internally generated capital is not sufficient to absorb losses
(related either to lending or property exposures).
KEY RATING DRIVERS - UTB
The revision of the Outlook on UTB's Long-term IDR to Stable
reflects the bank's moderate recent improvement in performance
and stabilization of assets quality. The ratings also reflect the
currently comfortable liquidity position and adequate
capitalization. However, weak asset quality and significant
related party lending are credit weaknesses.
NPLs accounted for 16.6% of total loans at end-2012 and were 1.4x
covered by impairment reserves. However, the bank also had RUB1
billion (11% of total loans, 60% covered by impairment reserves)
of exposures to collection companies which were reported as
performing, but in effect represented exposures to portfolios of
sold loans whose quality was close to that of NPLs, Fitch
understands. Restructured loans were a further 16.3% of the
portfolio. Reported related party exposures were equal to 8.4% of
FCC, but could be significantly higher, in Fitch's view.
The FCC ratio stood at 17.2% at end-2012, and the regulatory
capital ratio was 14.5% at end-5M13, allowing the bank to
increase impairment reserves to 26% from the actual level of 22%
before ratio would fall to the minimum 10% level. Pre-impairment
profit, which in 2012 was equal to 5.4% of average gross loans,
offers moderate additional loss absorption capacity.
UTB's liquidity is comfortable with liquid assets covering 40% of
total customer accounts (UTB's main source of funding
representing 95% of total liabilities) at end-5M13.
RATING SENSITIVITIES - UTB
UTB's ratings could be downgraded if asset quality and capital
come under renewed pressure or related party lending increases.
Upside potential is currently limited taking into account the
narrow franchise and weak asset quality.
KEY RATING DRIVERS - BS
The affirmation of BS's ratings reflects the bank's small and
concentrated franchise, potentially vulnerable liquidity position
and still relatively high, although improving, credit risks. At
the same time, the ratings also take into account the reasonable
capitalization and recent stability of the deposit base.
BS's related party lending is rather high, at least 64% of the
FCC at end-Q113, although broadly in line with that of peers.
NPLs slightly decreased to 12.9% in 2012 (end-2011: 14.7%) as a
result of work-outs, while restructured loans stood at 9.3%; most
problems relate to BS's corporate loan book, while the retail
portfolio consists primarily of residential mortgages and its
performance to date has been reasonable (NPLs of 3.4% at end-
Q113). The amount of uncollected accrued interest was
insignificant at end-2012, suggesting that the performance of the
loan book is in line with reported metrics.
Liquidity adequately covered 31% of customer accounts at end-
Q113, which mitigates the long-term nature of the bank's real
estate finance and residential mortgage exposures. At end-Q113,
BS reported a regulatory capital ratio of 17.4%, which was
sufficient to fully provision both NPLs and restructured
exposures without breaching the 10% regulatory minimum. At the
same time, the bank's capitalization should be viewed in the
context of its high lending concentrations (the largest 20
exposures were equal to 1.8x FCC at end-Q113).
RATING SENSITIVITIES - BS
Downward pressure on BS's ratings could result from a severe
liquidity squeeze, significant credit losses or increase in risk
appetite. Upward potential is limited given the bank's small and
concentrated franchise.
The rating actions are:
BTAK
Long-term foreign currency IDR downgraded to 'CCC'from 'B-';
withdrawn
Short-term IDR downgraded to 'C' from 'B'; withdrawn
Viability Rating downgraded to 'ccc' from 'b-'; withdrawn
Support Rating affirmed at '5'; withdrawn
Support Rating Floor affirmed at 'No Floor'; withdrawn
National Long-term rating downgraded to 'B-(rus)' from 'BB-
(rus)'; withdrawn
Spurt
Long-term foreign currency IDR affirmed at 'B'; Outlook Stable;
Short-term IDR affirmed at 'B';
Viability Rating affirmed at 'b';
Support Rating affirmed at '5';
Support Rating Floor affirmed at 'No Floor';
National Long-term rating affirmed at 'BBB-(rus)'; Outlook
Stable.
PBB
Long-term foreign currency IDR: affirmed at 'B-', Outlook Stable
Long-term local currency IDR: affirmed at 'B-', Outlook Stable
Short-term IDR: affirmed at 'B'
Viability Rating: affirmed at 'b-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
National Long-term rating: upgraded to 'BB+(rus)' from 'BB-
(rus)', Outlook Stable
Senior unsecured Long-term Rating: affirmed at 'B-'/RR4
Senior unsecured Short-term Rating: affirmed at 'B'
Senior unsecured Long-term Rating: affirmed at 'B-(EXP)'/RR4
Securities National Rating: upgraded to 'BB+(rus)' from
'BB-(rus)'
UTB
Long-term foreign currency IDR: affirmed at 'B-', Outlook
revised
to Stable from Negative
Short-Term IDR: affirmed at 'B'
Viability Rating: affirmed at 'b-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
National Long-term rating: affirmed at 'BB-(rus)', Outlook
revised to Stable from Negative
BS
Long-term foreign currency IDR affirmed at 'B-'; Outlook Stable;
Short-term IDR affirmed at 'B';
Viability Rating affirmed at 'b-';
Support Rating affirmed at '5';
Support Rating Floor affirmed at 'No Floor';
===================
L U X E M B O U R G
===================
MAGNOLIA MIDCO: Moody's Assigns First-Time B2 CFR; Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating and B1-PD probability of default rating to Magnolia
(BC) Midco S.a.r.l. ("LuxCo 3"), the direct parent company of the
issuer and ultimate holding company of Maisons du Monde S.A.S.
("MdM"). Concurrently, Moody's has assigned a provisional (P)B2
rating, with a loss given default (LGD) assessment of LGD5, 72%,
to the proposed EUR325 million worth of senior secured notes due
2020 to be issued by Magnolia (BC) S.A. The outlook on the
ratings is stable. This is the first time that Moody's has
assigned ratings to LuxCo 3 and the issuer.
The proceeds from the proposed issuance will be used to (1) repay
all existing debt, including mezzanine notes and bank facilities;
and (2) finance the acquisition by Bain Capital and certain
members of MdM management of the share capital of Ginkgo B.
Company S.A.S and other entities that form the Maisons du Monde
group, and related transaction costs. The financing of this
acquisition will be supplemented by ordinary and preferred
shares, a portion of which will be subscribed by the sellers, and
preferred equity certificates (PECs) issued to affiliates of Bain
Capital and certain members of MdM management.
"The assigned B2 CFR reflects MdM's small size in a fragmented
market, the fairly cyclical and low-growth nature of the
furniture and decoration segment, the very high seasonality of
the company's operations, its high leverage and limited
deleveraging prospects," says Yasmina Serghini-Douvin, a Moody's
Vice President - Senior Analyst and lead analyst for MdM. "The
rating nevertheless factors in MdM's good track record of
renewing its product assortment, its successful online platform
and pricing discipline. This has translated into earnings growth
and profitability that have generally been above those of the
company's competitors," adds Ms. Serghini-Douvin.
Moody's issues provisional ratings in advance of the final sale
of securities and these reflect Moody's credit opinion regarding
the transaction only. Upon a conclusive review of the final
documentation Moody's will endeavor to assign definitive ratings.
A definitive rating may differ from a provisional rating.
Ratings Rationale:
B2 CFR/B1-PD PDR
The assignment of the B2 CFR reflects (1) MdM's modest scale in
the very fragmented homeware market, with revenue and EBITDA of
EUR519 million and EUR72 million, respectively, in the financial
year ended December 31, 2012; (2) its reliance on its domestic
market, France, which represented approximately 73% of its
revenue in 2012; (3) the fairly cyclical and low-growth nature of
the homeware market, which is dependent upon consumers' spending
and the housing sector, although Moody's recognizes that small-
ticket items have been more resilient (53% of MdM's 2012
revenue); (4) the operating risks induced by the positioning of
MdM's "stylish" product range; and (5) the high seasonality of
the business (with the fourth quarter accounting for 58% of
yearly EBITDA).
Furthermore, Moody's cautions that there are execution risks
associated with MdM's strategy, which will involve the company
migrating to suburban stores, including certain destination
stores, and expanding internationally. Moody's expects that these
initiatives will result in higher capital investments, which are
likely to hamper MdM's deleveraging path. The rating agency
estimates that the company's adjusted (gross) debt/EBITDA ratio
will be high, in excess of 6.0x, after the current transaction
(on a pro-forma basis at the end of June 2013). For its
calculations, Moody's has treated the new convertible preferred
equity certificates issued by LuxCo 3 (top holding entity in the
restricted group) as 100% equity.
However, on May 14, 2013, Moody's published a Request for Comment
for a new proposed approach for assigning debt and equity
treatment to hybrid securities of speculative-grade non-financial
companies with a CFR of Ba1 or below. The RfC was closed on June
14, 2013 and Moody's will soon finalize its new methodology. At
this juncture, Moody's believes that the PECs issued by LuxCo 3
meet the criteria highlighted by the RfC for full equity credit.
That said, this assessment will remain preliminary until the new
methodology is implemented.
Additionally, Moody's cautions that the proposed acquisition will
create, at least temporarily, a certain accounting complexity:
the rating agency understands that MdM will report (1) the
issuer's and LuxCo 3's standalone audited financial statements
under IFRS; (2) consolidated audited accounts for the target
group under French GAAP; and (3) a pro-forma consolidated balance
sheet and income statement of LuxCo 3, together with an
explanation of the differences between French GAAP and IFRS.
Moody's understands that the company will try to transition to
IFRS as soon as reasonably practicable, which will support
greater earnings transparency and clarity, but no later than
December 31, 2014.
On a more positive note, the B2 rating acknowledges the diversity
of MdM's product range, which is often renewed, and the company's
complementary distribution channels, including a successful e-
commerce platform. Moody's also believes that the company has a
broadly positive track record at designing its products and
managing its supply chain and inventories as well as at
maintaining pricing discipline with limited markdowns. Moreover,
MdM's international ventures (the majority of which are in Italy
and Belgium) have delivered positive sales growth. These elements
have translated into like-for-like sales growth and profitability
that have been above those of MdM's competitors in recent years.
MdM's liquidity profile is adequate. Although MdM's free cash
flow generation will clearly be constrained by its expected high
investments in the next 12-18 months, it will have access to a
new EUR60 million revolving credit facility (RCF) with limited
conditionality, which Moody's believes will be very important
given the high seasonality inherent in the company's operations.
(P)B2 Rating On Senior Secured Notes
The (P)B2 rating (LGD5, 72%), in line with the CFR, assigned to
the company's proposed senior secured notes due 2020 reflects
their position behind certain operating subsidiaries' non-
financial debt, including trade payables, and a committed EUR60
million super senior RCF. The proposed notes and the RCF will
ultimately benefit from a similar maintenance guarantor package
including upstream guarantees from guarantor subsidiaries
representing approximately 89.5% of MdM's consolidated revenue
and 89.2% of its consolidated EBITDA. Both instruments will also
be secured, on a first-priority basis, by certain share pledges,
intercompany receivables and bank accounts. However, the notes
will be contractually subordinated to the RCF with respect to the
collateral enforcement proceeds.
Moreover, Moody's cautions that there are significant limitations
on the enforcement of the guarantees and collateral under
Luxembourg and French law, even though a portion of the notes'
proceeds (EUR278 million) will be lent (on an interest-bearing
basis) to certain subsidiaries to refinance existing debt.
Furthermore, the super-senior facility will have only one
maintenance covenant, which will be tested at year-end and only
when the RCF is drawn. In Moody's opinion, this is not a very
restrictive covenant. The PDR of B1-PD reflects the use of a 35%
family recovery assumption, consistent with an all-bond capital
structure.
Rationale For The Stable Outlook
The stable rating outlook reflects Moody's expectation that MdM
will pursue a disciplined approach to the expansion of its store
network and product launches, resulting in a reduction -- albeit
gradual -- of its financial leverage.
Considering the high leverage resulting from the acquisition (in
excess of 6.0x at the outset), Moody's expects MdM to improve its
credit metrics in the next 12 months to be more adequately
positioned in its rating category. Quantitatively, the outlook is
based on Moody's expectation that MdM will reduce and maintain
its adjusted (gross) debt/EBITDA ratio around 5.5x and an
adjusted EBITA/interest expense ratio above 1.5x.
In addition, the B2 CFR factors in an appropriate liquidity
profile.
What Could Change The Rating Up/Down
Moody's could downgrade the ratings if MdM's free cash flow
generation was negative for a sustained period of time as a
result of a weakened operating performance or higher-than-
expected capital expenditures. Quantitatively, an adjusted
(gross) debt/EBITDA ratio staying above 6.0x could trigger a
downgrade.
Conversely, Moody's could upgrade the ratings if MdM (1)
continues to grow and record above-peer profitability despite the
subdued economic environment in its main geographies; (2)
executes successfully its ongoing store repositioning and
continues to report positive returns in its international
businesses; and (3) sustains positive free cash flow.
Quantitatively, stronger credit metrics such as adjusted (gross)
debt/EBITDA trending comfortably below 5.0x and adjusted
EBITA/interest expense above 2.0x could trigger an upgrade.
Principal Methodology
The principal methodology used in these ratings was the Global
Retail Industry published in June 2011. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.
Maisons du Monde is a homeware retailer principally present in
France but with a growing presence in other European countries
(Italy, Belgium, Spain and Luxembourg). The company's product
categories include small and large decorative products and
furniture. The company generated EUR519 million in revenue and
EUR72 million in EBITDA in the financial year ended December 31,
2012.
ULTIMA LUX: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B' long-
term corporate credit rating to Ultima Lux S.a.r.l. (Armacell),
the holding company that recently acquired Armacell, a
Luxembourg-based manufacturer of engineered foams for insulation
and technical applications. The outlook is stable.
At the same time, S&P assigned its 'B' issue rating and '3'
recovery rating to the US$65 million revolving credit facility
(RCF) and US$340 million first-lien term loan. The '3' recovery
rating indicates S&P's expectation of meaningful (50%-70%)
recovery for investors in the event of a payment default.
S&P also assigned its 'CCC+' issue rating and '6' recovery rating
to the US$85 million second-lien term loan. The '6' recovery
rating indicates S&P's expectation of negligible recovery (0%-
10%) in the event of a payment default.
The ratings on Armacell are at the same level as the preliminary
ratings S&P assigned on June 11, 2013, reflecting its view of the
company's roughly unchanged financial risk profile under its
current capital structure.
"The acquisition of Armacell via the group's holding company and
private equity firm Charterhouse Capital Partners was funded as
initially presented to us--through the issue of $425 million new
debt (about EUR325 million). In addition, Charterhouse provided
funding in the form of preferred shares of EUR81.2 million and
preferred equity certificates (PEC) totaling EUR52.9 million,
which we add to our adjusted debt calculation. While Armacell
increased the euro tranche of its first-lien loan to
EUR120 million from EUR100 million, and reduced the US$ tranche
to US$185 million from US$210 million, total debt amounts
remained unchanged. Furthermore, as planned, Armacell signed a
US$65 million RCF comprising a springing financial maintenance
covenant, under which we see ample headroom. Armacell allocated
the loans at a higher interest margin than we initially assumed,
but we anticipate that the EBITDA cash interest coverage ratio
will remain close to 3.0x in 2013--assuming no cash interest
payments on preferred shares and PECs. We see this level as
commensurate with the 'B' rating," S&P said.
S&P's ratings on Armacell reflect its assessment of the company's
business risk profile as "fair" and financial risk profile as
"highly leveraged."
The business risk profile is supported, in S&P's view, by
Armacell's leading niche market position in engineered foams, and
its strong global presence. Although small in size, the company
reported it achieved about EUR57 million of EBITDA in 2012.
Armacell has roughly a 50% market share in its core markets in
Europe and the U.S. It is well diversified geographically:
approximately 39% of its sales are in Europe, 33% in U.S., and
28% in emerging markets. In S&P's view, this broad geographic
footprint exposes Armacell to different industry cycles in its
end-markets, which mitigates their volatility. Armacell has
demonstrated its ability to pass on fluctuations in raw material
prices, which S&P believes helps the company to contain EBITDA
declines in downturns and to sustain an EBITDA margin at about
12%-14%.
"Nevertheless, we consider Armacell's business risk to be
constrained by the group's limited scope of operations, its
exposure to raw material price volatility, and the cyclicality of
its end-markets. Armacell derives more than 60% of its
EUR425 million annual revenue from the construction industry.
This already negatively affected its results over 2009-2012, in
particular due to weakness in Southern Europe, and we expect that
this industry will remain weak in 2013. Armacell generates more
than 25% of its revenues from other industrial end-customers,
including the automotive and energy sectors. Nevertheless, 40%
of the company's construction revenues stem from the more stable
renovation segment. In addition, Armacell benefits from the
substitution trend of traditional insulation material by
Armacell's products, which is enabling the company to grow faster
than its underlying end-markets," S&P added.
"We assess Armacell's financial risk profile as highly leveraged
because we anticipate its adjusted debt-to-EBITDA to be about 8x-
9x, including the EUR134 million preferred shares and PECs.
Excluding those, we anticipate an adjusted debt-to-EBITDA ratio
of about 6.0x-6.5x in 2013, declining to 5.5x-6.0x in 2014.
These baseline ratios are based on Standard & Poor's forecast of
EBITDA of EUR60 million-EUR65 million in 2013, which would
represent a rise from EUR57 million achieved last year," S&P
noted.
The stable outlook reflects S&P's expectation that Armacell will
continue to generate positive FOCF in 2013-2014. This is because
S&P expects that the company will be able to withstand weakness
in the European economic and construction environment through its
global operations and exposure to more dynamic U.S. and emerging
markets. S&P also incorporates its view that Armacell will
achieve healthy EBITDA cash interest coverage ratios of about
3.0x and maintain adequate liquidity. S&P anticipates an
adjusted debt-to-EBITDA ratio of 6.0x-6.5x in 2013 and not
exceeding 6.0x in 2014 (excluding the preferred shares and PECs),
a level S&P views as commensurate with the 'B' rating.
S&P currently do not foresee rating upside, owing to the
company's highly leveraged capital structure. Any positive
rating action over the next few years would require a
sufficiently supportive financial policy, demonstrated positive
free cash flow, and an adjusted debt-to-EBITDA ratio improving to
about 5.0x, excluding the preferred shares and PECs.
S&P could consider a negative rating action if Armacell's
liquidity weakened, free cash flow turned negative, or EBITDA
eroded unexpectedly. This could materialize in the event of a
more severe recession in Europe, if not fully offset by
international operations. S&P could also consider lowering the
rating if Armacell's adjusted debt to EBITDA surpassed 7.0x
without near-term prospects of recovery.
=====================
N E T H E R L A N D S
=====================
ARES EUROPEAN: S&P Assigns Prelim. BB Rating to Class E Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to Ares European CLO VI B.V.'s floating-rate class
A, B, C, D, and E notes. At closing, Ares European CLO VI will
also issue an unrated subordinated class of notes.
"Our preliminary ratings reflect our assessment of the
preliminary collateral portfolio's credit quality. We consider
that the portfolio at closing will be diversified, primarily
comprising broadly syndicated speculative-grade senior secured
term loans and senior secured bonds," S&P said.
"Our preliminary ratings also reflect the credit enhancement
available to the rated notes through the subordination of cash
flows payable to the subordinated notes. We subjected the
preliminary capital structure to a cash flow analysis to
determine the break-even default rate (BDR) for each rated class
of notes," S&P added.
To determine the BDR for each rated class, S&P used the target
par amount, the covenanted weighted-average spread, the
covenanted weighted-average coupon, and the covenanted weighted-
average recovery rates. S&P applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.
S&P's preliminary ratings are commensurate with its assessment of
available credit enhancement following its credit and cash flow
analysis. S&P's analysis shows that the available credit
enhancement for each class of notes was sufficient to withstand
the defaults that it applied in its supplemental tests (not
counting excess spread) outlined in its corporate collateralized
debt obligation (CDO) criteria.
Following the application of S&P's non-sovereign ratings
criteria, it considers that the transaction's exposure to country
risk is sufficiently mitigated at the assigned preliminary rating
levels. This is because the concentration of the pool comprising
assets in countries rated lower than 'A-' is limited to 10% of
the aggregate collateral balance.
S&P expects that the transaction's legal structure will be
bankruptcy-remote, in accordance with its European legal
criteria.
Ares European CLO VI is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a
revolving pool, comprising euro-denominated senior secured loans
and bonds. Ares Management Ltd. is the collateral manager.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.
The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com/1670.pdf
RATINGS LIST
Ares European CLO VI B.V.
EUR310.5 Million Floating-Rate Notes
Including EUR46 Million Subordinated Notes
Class Prelim. Prelim.
rating amount
(mil. EUR)
A AAA (sf) 177.0
B AA (sf) 28.0
C A (sf) 25.0
D BBB (sf) 15.5
E BB (sf) 19.0
Subordinated NR 46.0
NR-Not rated.
CADOGAN SQUARE V: Moody's Rates EUR25MM Class E Notes '(P)Ba2'
--------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
rating to notes to be issued by Cadogan Square CLO V B.V.:
Issuer: Cadogan Square CLO V B.V.
EUR1,500,000 Class X Senior Secured Floating Rate Notes due 2025,
Assigned (P)Aaa (sf)
EUR142,500,000 Class A1 Senior Secured Floating Rate Notes due
2025, Assigned (P)Aaa (sf)
GBP25,500,000 Class A2 Senior Secured Floating Rate Notes due
2025, Assigned (P)Aaa (sf)
EUR10,000,000 Class B1 Senior Secured Floating Rate Notes due
2025, Assigned (P)Aa2 (sf)
EUR30,000,000 Class B2 Senior Secured Fixed Rate Notes due 2025,
Assigned (P)Aa2 (sf)
EUR17,250,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2025, Assigned (P)A2 (sf)
EUR15,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2025, Assigned (P)Baa2 (sf)
EUR24,750,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2025, Assigned (P)Ba2 (sf)
Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinion. Upon a conclusive review of a
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings. A definitive rating (if any) may
differ from a provisional rating.
Ratings Rationale:
Moody's provisional ratings of the rated notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in [August 2025]. The provisional ratings reflects the
risks due to defaults on the underlying portfolio of loans, the
transaction's legal structure, and the characteristics of the
underlying assets.
Cadogan Square CLO V B.V. is a managed cash flow CLO with a
target portfolio made up of EUR300,000,000 par value of mainly
European corporate leveraged loans. At least 85% of the portfolio
must consist of senior secured loans, floating rate notes or
senior secured bonds, and up to 15% of the portfolio may consist
of second-lien loans, unsecured loans, mezzanine obligations and
high yield bonds. The portfolio may also consist of up to 15% of
fixed rate obligations and between 5% and 15% of assets
denominated in GBP. The portfolio is expected to be 75% ramped up
as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe. The
remainder of the portfolio will be acquired during the six month
ramp-up period in compliance with the portfolio guidelines.
Credit Suisse Asset Management Limited ("CSAM") will actively
manage the collateral pool of the CLO. It will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four-year
reinvestment period. Thereafter, collateral purchases are
permitted using principal proceeds from unscheduled principal
payments and proceeds from sales of credit improved and credit
impaired obligations, and are subject to certain restrictions.
The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.
Moody's modeled the transaction using its European Cash Flow
Model, a cash flow model based on the Binomial Expansion
Technique, as described in Section 2.3 of the "Moody's Global
Approach to Rating Collateralized Loan Obligations" rating
methodology published in May 2013. 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. As such, Moody's encompasses the assessment of stressed
scenarios.
Moody's used the following base-case modeling assumptions:
Par amount: EUR300,000,000
Diversity Score: 41
Weighted Average Rating Factor (WARF): 2755
Weighted Average Spread (WAS): 3.90%
Weighted Average Coupon (WAC): 6.50%
Weighted Average Recovery Rate (WARR): 40.5%
Weighted Average Life (WAL): 8 years
Moody's also addressed the potential impact of further credit
deterioration in peripheral European countries. The underlying
portfolio is comprised of loans to obligors domiciled in several
countries with different local and foreign currency country
ceilings. Given that some of these countries currently have a
local abd foreign currency country ceiling below Aaa, the
portfolio was assessed based on its maximum exposure to such
countries. As part of the base case, Moody's has addressed the
transaction's limit on the percentage of total obligors domiciled
in countries with a foreign government bond rating below A3.
Given the portfolio constraints and the current government bond
ratings in Europe, such exposure may not exceed 10% of the total
portfolio being domiciled in Croatia, Italy, Iceland, Ireland,
Portugal and Spain with the rest of the portfolio domiciled in
countries which currently have a local and foreign currency
country ceiling of Aaa. For the Class X, Class A1 and Class A2
notes, Moody's modeled a portfolio par amount corresponding to
90% of the target par amount.
The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. CSAM's investment decisions
and management of the transaction will also affect the notes'
performance.
Together with the set of modeling assumptions, Moody's conducted
an additional sensitivity analysis, which was an important
component in determining the provisional rating assigned to the
rated notes. This sensitivity analysis includes increased default
probability relative to the base case.
Summary of the impact of an increase in default probability
(expressed in terms of WARF level) on each of the rated notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), holding all other factors equal:
Percentage Change in WARF: WARF + 15% (to 3168 from 2755)
Ratings Impact in Rating Notches: Class A1/A2 Notes: 0
Ratings Impact in Rating Notches: Class D Notes: -2
Percentage Change in WARF: WARF + 30% (to 3580 from 2755)
Ratings Impact in Rating Notches: Class A1/A2 Notes: -1
Ratings Impact in Rating Notches: Class D Notes: -3
The V Score for this transaction is Medium/High. Moody's assigned
this V Score in a manner similar to the Medium/High V score
assigned for the global cash flow CLO sector, as described in the
special report titled, "V Scores and Parameter Sensitivities in
the Global Cash Flow CLO Sector," dated July 6, 2009.
The score for the "Transaction Complexity," a sub-category of the
V Score, is Medium/High, higher than that of the benchmark CLO,
which is Medium. The raised score of Medium/High reflects the
fact that the transaction is potentially expose to FX risk due to
the natural hedging mechanism as oppose to the entry into FX
swaps. Also the score "Alignment of Interests", another sub-
category of the V Score, is Low/Medium, lower than that of the
benchmark CLO, which is Medium. The lowered score of Low/Medium
reflects the implementation of the risk retention rules for this
transaction. Overall, none of these, cause this transaction's
overall composite V Score of Medium/High to differ from that of
the CLO sector benchmark.
Moody's V Scores provide a relative assessment of the quality of
available credit information and the potential variability around
the various inputs to a rating determination. The V Score ranks
transactions by the potential for significant rating changes
owing to uncertainty around the assumptions due to data quality,
historical performance, the level of disclosure, transaction
complexity, the modeling and the transaction governance that
underlie the ratings. V Scores apply to the entire transaction,
rather than individual tranches.
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations," published in
May 2013.
GLOBAL TIP: S&P Assigns Preliminary 'BB' CCR; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'BB'
corporate credit rating to Netherlands-based trailer services
provider Global TIP Holdings One BV (TIP). The outlook is
stable.
At the same time, S&P assigned preliminary 'BB+' issue ratings to
the proposed EUR278 million senior secured term loan and
EUR55 million senior revolving credit facility (RCF) to be issued
by a Dutch limited liability company, a 100% subsidiary of Global
TIP Holdings Two BV (itself a 100% subsidiary of TIP).
The final ratings are subject to the successful completion of the
acquisition by Global TIP Holding One BV, controlled by HNA
Group, and to the following:
-- The placement of a seven-year senior secured term loan of
EUR278 million;
-- The placement of a six-year senior revolving credit
facility (RCF) of EUR55 million;
-- S&P's receipt and satisfactory review of all final
transaction documentation.
Accordingly, the preliminary ratings should not be construed as
evidence of the final rating. If Standard & Poor's does not
receive the final documentation within a reasonable time frame,
or if the final documentation departs from the materials S&P has
already reviewed, it reserves the right to withdraw or revise its
ratings.
The preliminary rating on TIP, post the acquisition of TIP
Trailer Services, reflects S&P's assessment of TIP's business
risk profile as "fair" and its financial risk profile as
"intermediate."
"Our assessment of TIP's business risk profile reflects the
company's relative small size in a fragmented and somewhat
cyclical industry. The European trailer operating lease industry
is closely linked to economic conditions. Therefore, the
company's strategy to materially reduce its fleet in the face of
muted demand and oversupply of trailers, which it began in 2009,
has resulted in weaker historical utilization rates and
profitability measures. Our assessment of the business is also
constrained by the significant amount of long-term contracts that
are due to expire in the next two years and the challenge to
renew or close new contracts under current economic conditions.
That said, we consider that TIP has in the past remained
resilient during economic downturns," S&P said.
"Partly mitigating these weaknesses is TIP's position as one of
the largest pan-European providers of trailer services, with
leading positions in the 16 European countries where it operates.
Furthermore, TIP benefits from a resilient and somewhat
predictable cash flow profile owing to the long-term nature of
its operating lease contracts. We believe that TIP's strategy to
focus on full-service long-term leases (that is, including
maintenance and other services) will further support the
company's visibility of future earnings, while a shift in the
fleet mix toward higher-value and more resilient trailer types
will gradually increase lease rates. Additional support stems
from its large and diversified customer base, which allows TIP to
avoid significant exposure to any single industry. However,
under our base-case credit scenario, we forecast that TIP will
strategically reduce the size of its fleet to about 45,000 from
about 48,000 currently in the next few years, and will maintain a
utilization rate of between 82%-85% due to tough economic
conditions. This could result in an operating margin of 6%-7%
within the same period," S&P added.
"Under our base-case scenario for 2013 and 2014, we project that
TIP will achieve credit metrics including adjusted debt to EBITDA
of between 2.2x-2.5x and Standard & Poor's-adjusted funds from
operations (FFO) to debt of between 30% and 35%. We consider
these metrics as commensurate with an "intermediate" financial
risk profile under our criteria. We do not anticipate
significant deleveraging over the next three years from 2013's
levels. Under our base case--which includes a stable or slightly
lower utilization rate than the current 84%, growth in the
services business, and a smaller fleet size--we consider that
TIP's financial ratios are likely to remain commensurate with an
"intermediate" financial risk profile in the near to medium term.
Our assessment also incorporates our understanding that the new
shareholder, HNA Group, one of the largest private conglomerates
in China, does not intend to take dividend payments out of TIP,
or to make any acquisition in the medium term, because it deems
that cash flows should be used instead to fund capital
expenditures (capex)," S&P noted.
TIP will finance the acquisition using a seven-year EUR278
million bullet term loan, which will make up 58% of the cost of
the transaction and which has significantly increased TIP's debt
leverage. S&P understands that shareholders are providing
EUR198 million (42% of the total cost) for the acquisition in the
form of equity.
The recovery rating on TIP's proposed senior bank loan and RCF is
'2', indicating S&P's expectation of substantial (70%-90%)
recovery in the event of a payment default. This corresponds to
an issue rating of 'BB+', one notch above the corporate credit
rating on the company.
The recovery rating is supported by a comprehensive security
package, including first-ranking security over the transportation
assets, share capital, and other tangible assets. In addition,
the loans benefit from TIP's strong market position and diverse
business services.
To calculate recoveries, S&P simulates a hypothetical default
scenario, which in the case of TIP S&P considers would occur in
2018 and be caused by a severe prolonged economic downturn
resulting in significantly lower utilization rates of TIP's
fleet. S&P anticipates that this would be in unison with TIP's
inability to grow revenues through tariff increases due to the
combination of the subdued competitive environment and increased
competition.
A key determinant of recovery, in S&P's view, is the age of the
fleet at the time of default. S&P assumes the average age would
somewhat increase in a distressed scenario, but a more
significant aging of the fleet could further depress resale value
compared with S&P's current assumptions.
The stable outlook reflects S&P's expectation that under its
base-case operating scenario, TIP will be able to maintain credit
metrics--such as adjusted FFO to debt of at least 30% and debt to
EBITDA of less than 3x--that are commensurate with the current
rating.
S&P could lower the rating if demand weakens, leading to a
decline in utilization and lease rates. S&P could also consider
a negative rating action if the expected growth in the service
business does not materialize, or if liquidity deteriorates as a
result of higher than expected capex or lower-than-anticipated
remarketing proceeds, resulting in FFO to debt declining to less
than 30% or debt to EBITDA exceeding 3x. S&P could also lower
the rating if HNA Group's new financial policy is more aggressive
than it anticipates, for example, if it involves a change in the
dividend policy.
An upgrade is unlikely at this point, but would primarily stem
from stronger demand and improved profitability, leading S&P to
revise its view of the business risk profile. A positive rating
action would also likely depend on stronger cash flow generation,
resulting in FFO to debt exceeding 40% and debt to EBITDA falling
to, and staying at less than, 2x.
===========
R U S S I A
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ATON CAPITAL: Moody's Revises Outlook on B2 Ratings to Negative
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the B2 long-
term foreign-and local-currency issuer ratings of Aton Capital
Group to negative from stable. Concurrently, the company's B2/Not
Prime long-term and short-term foreign-currency and local-
currency issuer ratings were affirmed.
Moody's assessment of the issuer's ratings is largely based on
Aton Capital Group's audited financial statements for 2012 and
its unaudited financial statements for Q1 2013, prepared under
IFRS.
Ratings Rationale:
Moody's decision to change the outlook on Aton Capital Group's
long-term ratings to negative is based on (1) the intensifying
risks in the Russian securities markets in which the group
operates, which provide fewer earnings opportunities; and (2)
evidence of sustained pressure on the company's weak and volatile
profitability.
The global financial crisis has had a long-lasting impact on
Russian securities markets which now provide fewer earning
opportunities. The securities market index (RTS) is still 45%
below the highest value recorded prior to the financial crisis
and this index is currently in stagnating mode. Competition in
brokerage and investment banking has intensified, and
decelerating economic activity (with GDP growth projected by
Moody's to contract to 2.5% in 2013 from 3.4% in 2012) continues
to pressurize investors' risk appetite and assets prices. Given
the forecast of deceleration of economic growth, Moody's believes
that the company will face greater challenges in its efforts to
sustain adequate profitability as the Russian securities industry
is highly susceptible to operating environment trends.
As a result of weaker earning opportunities in Russia's
challenging operating environment, Aton Capital Group struggles
to maintain positive profitability as reflected in the low and
volatile return on equity (ROE) which has not exceeded 3% for the
past three years (2012: less than 1%, and Q1 2013: 2.3%). Given
that a significant share of profits were generated from unstable
sources (e.g., private equity deals and other one-off
transactions) -- which accounted for 17% of revenues in 2012 --
Moody's expects any deterioration in the operating environment to
further pressure the company's earnings, thus rendering them more
volatile.
What Could Move The Ratings Up/Down
Given the negative outlook on the long-term ratings, Aton Capital
Group's ratings are unlikely to be upgraded in the next 12 to 18
months. However, outlook could be changed to stable in the event
of (1) improved core profitability stemming from continuous
franchise development; and (2) lower volatility of earnings due
to improved diversification in terms of asset-class instruments,
clients and geography.
Downwards pressure could be exerted on Aton Capital Group's
ratings as a result of any failure to improve core profitability.
Negative pressure could also stem from any significant
deterioration in liquidity and capital erosion.
Principal Methodologies
The principal methodology used in this rating was Global
Securities Industry Methodology published in May 2013.
Based in the Cayman Islands, Aton Capital Group is the holding
company which unites a number of sub-holding and operating
companies in various jurisdictions while the majority of business
is related to Russia. Aton Capital Group recorded total assets of
US$733 million and equity of US$255 million at year-end 2012
according to audited financial statements under IFSR.
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S E R B I A & M O N T E N E G R O
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* NOVI SAD: Moody's Lowers Issuer Rating to B1; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has downgraded the City of Novi Sad's
issuer rating to B1 from Ba3, and the City of Valjevo's issuer
rating to B2 from B1. The outlook on both ratings remains stable.
These rating actions reflect the more challenging operating
environment for Serbian local governments due to the country's
subdued growth prospects and the sovereign's rising fiscal
deficits. These challenges are encapsulated in the B1 rating
assigned to the Republic of Serbia on July 14, 2013.
Ratings Rationale:
The downgrades of Novi Sad and Valjevo reflect the more
challenging operating conditions for local governments, resulting
from the country's weakening macroeconomic prospects and the
sovereign's rising fiscal deficits. Both of these factors may
prompt the central government to consolidate its finances, and
Moody's notes that any austerity measures may be shared with
lower-tier governments in the form of lower state transfers and
tax revenues. This is credit negative for both cities, as they
are dependent on the central government for a substantial portion
of their revenue: 65% of Novi Sad's operating revenue and around
80% in case of Valjevo over the past few years.
In addition, Novi Sad and Valjevo, like all Serbian cities, do
not have sufficient spending flexibility to effectively offset
external or internal pressure for a prolonged period of time.
Rationale For Stable Outlook
The stable outlook on both ratings reflects the cities' balanced
budgets thus far and mirrors the stable outlook on the sovereign
rating.
What Could Change The Ratings Up/Down
Any upgrade in the sovereign rating would lead to upward pressure
on Novi Sad and Valjevo's ratings. Moreover, any improvement in
the local governments' expenditure flexibility and ability to
raise additional own source revenues would be considered
positively.
Any deterioration in Serbia's rating would likely lead to a
downgrade of Novi Sad's and Valjevo's ratings. In addition, any
significant deterioration in the operating margins of the cities
and a further increase in their debt exposure would exert
downward pressure on the current ratings.
Specific economic indicators as required by EU regulation are not
applicable for this entity.
On July 15, 2013, a rating committee was called to discuss the
ratings of the Novi Sad, City of and Valjevo, City of. The main
point raised during the discussion was: The systemic risk in
which the issuers operate has materially increased.
The principal methodology used in these ratings was Regional and
Local Governments published in January 2013.
The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.
=========
S P A I N
=========
BANKINTER: Moody's Affirms 'Ba1' Ratings; Outlook Negative
----------------------------------------------------------
Moody's Investors Service has affirmed Bankinter's debt and
deposit ratings at Ba1/Not Prime, and its standalone bank
financial strength rating (BFSR) at D+ (equivalent to a ba1
baseline credit assessment or BCA). All ratings have a negative
outlook.
The affirmation of the ratings reflects Bankinter's capacity to
maintain an adequate loss absorption capacity despite the weak
operating environment in Spain, driven by the bank's ability to
maintain asset quality indicators that compare favorably with its
domestic rated peers and outperform the banking system average.
Ratings Rationale:
Standalone BFSR and BCA
The rating action reflects Bankinter's ability to maintain an
adequate loss-absorption capacity, which is underpinned by its
solid asset quality indicators that outperform the system
averages across all asset classes. The bank has so far
demonstrated solid asset quality performance, both on an absolute
level (the bank's NPL ratio -- at 4.6% at end-March 2013 --
compares very favorably with the system average of 10.5%), or in
terms of a more moderate increasing trend (NPLs only increased by
1.1% in 2012 compared to 2.6% for the system, even after the
system metrics have benefited from the significant transfer of
problematic assets at year-end 2012 by some Spanish banks to the
SAREB (i.e., Spain's so-called "bad bank")). In addition, Moody's
notes the bank's ability to strengthen its loss-absorption
capacity via asset sales and other management actions.
Moody's also notes Bankinter's strong ranking relative to the
system with respect to other asset quality indicators monitored
by the rating agency. Real estate assets acquired from troubled
borrowers amounted to less than 1.4% of the total loan book at
year-end 2012, compared with a system-average ratio that Moody's
estimates at almost 7% of total loans. Furthermore, the volume of
restructured loans not classified as non-performing amounted to a
low 2% of total loans at year-end 2012. The aggregation of
refinanced loans (that are not already captured in the NPL
ratio), the acquired real estate assets and NPLs together
increased the overall problem loan ratio to 7.7% at year-end
2012, compared to Moody's estimated system average of close to
26%.
In this context, Moody's emphasizes that Bankinter's ability to
exhibit a stronger asset quality performance in relation to the
system has been a key consideration in the rating affirmation.
Moody's notes Bankinter's proven resilience to the negative
operating environment; however downward pressure would be exerted
on the ratings if this resilience weakens.
Debt and Deposit Ratings
Bankinter's long-term debt and deposit ratings were affirmed at
Ba1/Not Prime following the affirmation of the bank's BFSR.
Subordinated Debt And Hybrid Ratings
In line with the affirmation of the bank's BCA, Moody's has also
affirmed at (P)Ba2 the subordinated debt rating of Bankinter and
at B2 (hyb) the ratings of its preference shares, which are
notched off the standalone BCA.
Rationale For The Negative Outlook
The negative outlook that Moody's has assigned to Bankinter's
BFSR and the debt and deposit ratings incorporates the challenges
faced by the bank. Those challenges include the continuing weak
operating environment in Spain, which is characterized by the
recessionary domestic economy and overall low growth expectations
for the remainder of 2013 and 2014, the ongoing real-estate
crisis, the very high unemployment rate and the broader euro area
sovereign and banking crisis. These conditions will likely lead
to further asset-quality deterioration across the banking system
and pose risks to the already fragile confidence of funding
providers.
What Could Change The Rating Up/Down
There is currently no visible upward pressure on the ratings
given the current negative outlook of Bankinter's ratings.
Downward pressure on Bankinter's ratings could ultimately result
from (1) worse-than-expected deterioration in operating
conditions, i.e., a broader economic recession beyond Moody's
current GDP forecasts of a 1.4% contraction for 2013, and a GDP
growth forecast between 0% and 1% for 2014; (2) failure to
maintain its positive asset-quality indicators; (3) inadequate
risk-absorption capacity compared with Moody's estimated credit
losses; and/or (4) a decline in the bank's relative size and
therefore franchise value as a result of ongoing consolidation in
the domestic financial system.
The principal methodology used in this rating was Global Banks
published in May 2013.
CAJA LABORAL: Moody's Reviews Ba1 Deposit Ratings for Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
Ba1 long-term deposit ratings of Caja Laboral Popular Coop. de
Credito, and its D+ standalone bank financial strength rating
(BFSR; equivalent to a ba1 baseline credit assessment or BCA).
The rating review of the standalone BFSR reflects Moody's
concerns over the bank's asset quality, particularly in the
corporate segment, where the rating agency expects further asset
quality deterioration, not only affecting real-estate companies
but also those operating in other economic sectors.
Ratings Rationale:
Review of Standalone BFSR
The review of Caja Laboral's D+ standalone BFSR is driven by
Moody's concerns over the bank's asset quality, with problem
loans having shown a significant increase in 2012 and the first
quarter of 2013 -- the problem loan ratio increased from 4.8% at
year-end 2011 to 7.8% at end-March 2013 --, even if they still
compare well to the Spanish banking system average. The increase
in its problem loans has been chiefly driven by the deterioration
of the corporate loan book (24% of total lending as of end-March
2013), not only on those exposures related to the real estate and
construction sectors, but also affecting loans extended to
companies in other economic sectors.
Moody's expects Caja Laboral to experience further asset quality
deterioration within its corporate loan book. Moody's believes
that the deterioration will continue to go beyond the real-estate
related exposures, where risks persist given the still ongoing
adjustment of the Spanish housing market, but that it will also
affect other types of corporate loans. The deterioration is
increasingly driven by the weak performance of the domestic
economy and subdued domestic consumption and investment, only
offset to a lesser extent by the good performance of the export
sector.
Furthermore, Moody's notes that the negative conditions in the
Spanish economy and the very high unemployment rate will continue
to drive a deterioration in loans granted to individuals, which
at 75% represent the bulk of Caja Laboral's loan book.
Moody's acknowledges that Caja Laboral's total non-performing
loan ratio compares well with those of domestic peers -- even
considering other type of non-earning assets like repossessed
real estate properties, which amounted to 4.3% of the bank's
total loan book at end 2012 compared to a system-average that
Moody's estimates at almost 7% of total loans. However, in light
of the actual - and anticipated - deterioration, the rating
agency notes that the bank's credit profile may no longer be
consistent with a standalone BCA of ba1, which is at the top end
among Spanish rated banks.
In its review, Moody's will focus on the ability of Caja Laboral
to generate sufficient earnings to offset any increase in
provisioning requirements and to ensure a sufficiently resilient
capital base.
Review of the Deposits Ratings
The review for downgrade of Caja Laboral's deposit ratings was
triggered by the review for downgrade of its standalone BFSR,
without any visibility that external support could potentially
compensate for a weaker intrinsic credit profile.
What Could Change The Rating Up/Down
The ratings have been placed on review for downgrade, indicating
downward pressure. This pressure may intensify if the economic
conditions in Spain deviate significantly from Moody's current
GDP growth projections for 2013 and 2014, a GDP decline of 1.4%
in 2013 and very weak growth of less than 1% in 2014.
Given the review for downgrade, Moody's currently does not expect
any upward rating pressure.
Headquartered in Mondragon, Spain, Caja Laboral reported total,
audited consolidated assets of EUR25 billion at the end of 2012.
The principal methodology used in this rating was Global Banks
published in May 2013.
RURAL HIPOTECARIO XV: Fitch Rates EUR52.9MM Class B Notes 'CCC'
---------------------------------------------------------------
Fitch Ratings has assigned Rural Hipotecario XV F.T.A.'s
mortgage-backed floating-rate notes due May 2058 final ratings,
as follows:
EUR476,100,000 class A notes 'Asf'; Outlook Negative
EUR52,900,000 class B notes: 'CCCsf'; Recovery Estimate of 90%
The transaction is a multi-originator securitization of a EUR529
million static pool of Spanish residential mortgage loans,
originated and serviced by Caja Rural de Asturias, Caja Rural de
Granada, and Caja Rural de Albacete, Ciudad Real y Cuenca (the
originators, unrated). The final ratings address timely payment
of interest and ultimate payment of principal on the class A
notes, and ultimate payment of interest and principal on the
class B notes by the legal final maturity date of the notes in
May 2058.
Key Rating Drivers
In deriving the lifetime default rate of the securitized
portfolio under a base case scenario, Fitch has adjusted the
observed default rates upwards by a factor of 1.3x. This
adjustment captures our opinion that the actual roll rates into
default are unsustainable and cannot be relied on. Fitch received
historical cumulative arrears data covering 2004 to 2012 from the
originators based on their past RMBS securitizations.
Fitch believes the securitized portfolio has prime
characteristics with 100% first lien positions, all residential
mortgage loans with a moderate weighted average (WA) OLTV of
65.24%, and an indexed WA CLTV of 66.13% estimated by the agency
taking into consideration the almost six years of seasoning. The
pool is mainly concentrated in three regions Andalucia (31.5%),
Asturias (28.5%) and Castilla La Mancha (35%).
Fitch believes that servicer disruption risk, caused by the
default of one servicer, is adequately mitigated by the
incorporation of purpose specific liquidity reserves and the
appointment of a cold back-up servicer, Banco Cooperativo Espanol
(BCE, BBB/Negative/F3). BCE provides the Spanish Credit
Cooperative Group with a common range of services and uses the
same IT systems.
Fitch has incorporated potential stresses derived from basis and
reset risks into the cash flow analysis, as the structure is
unhedged. The notes are referenced to three-month EURIBOR with
quarterly resets, while most loans are referenced to 12-month
EURIBOR with annual, bi-annual and quarterly resets.
In analyzing recovery timing, as a consequence of the recently
approved Decree Law 6/2013 in Andalucia, Fitch has increased the
recovery timing in this region by up to a maximum of three years
for first homes. Additionally, Fitch believes that the structure
adequately mitigates the risk of recovery cash flows being
obtained after the legal maturity of the notes, as there is a
difference of 6.5 years between the final scheduled maturity date
of the loans and that of the notes.
Rating Sensitivities
Fitch believes the key risks that that could introduce volatility
to the ratings are home price declines beyond expectations, as
these could limit recoveries, and a change of the current legal
framework materially, weakening the full recourse nature of the
Spanish mortgage market, as this scenario could change borrower
payment behavior. The Negative Outlook on the notes rated above
'CCCsf' reflects the uncertainty associated with changes to the
mortgage enforcement framework.
Fitch's expectation under a 'Bsf' stress scenario is linked to a
WA lifetime loss rate of 4.1%, which results from a WA
foreclosure frequency assumption of 7.6% and a WA recovery rate
expectation of 46.1%. The assumed WA loss rate in an 'A' rating
scenario is of 11.3%.
RURAL HIPOTECARIO XV: DBRS Assigns '(P)BB' Rating to B Notes
------------------------------------------------------------
DBRS Ratings Limited has assigned a provisional 'A' (sf) rating
to the Series A notes and a provisional BB (sf) rating to the
Series B notes issued by Rural Hipotecario XV, Fondo de
Titulizacion de Activos.
RH XV is the securitisation of first-ranking mortgage loans
originated by Caja Rural de Albacete, Ciudad Real y Cuenca
S.C.C., Caja Rural de Asturias S.C.C. and Caja Rural de Granada
S.C.C. The mortgage portfolio is seasoned 4.82 years and is
serviced by the three saving banks.
The credit enhancement for the Series A notes is provided by the
subordination of Series B and an amortizing reserve fund. The
Series A notes benefits from a fully sequential amortization
structure. The credit enhancement for Series B is provided by
the amortizing reserve fund.
The Series B notes allow for deferment of interest to be paid
based on specific trigger conditions.
The ratings are based upon DBRS review of the following
analytical considerations:
-- The transaction's capital structure and the form and
sufficiency of available credit enhancement. Relevant
credit enhancement is in the form of subordination, a
reserve fund, and excess spread.
-- The credit quality of the mortgages backing the notes and
the ability of the servicer to perform collection
activities on the collateral.
-- The transaction parties' capabilities with respect to
originations, underwriting, servicing and financial
strength.
-- The ability of the transaction to withstand stressed cash
flow assumptions and repay investors according to the terms
of the transaction documents.
-- The legal structure and presence of legal opinions
addressing the assignment of the assets to the issuer and
the consistency with the DBRS Legal Criteria for European
Structured Finance Transactions.
RURAL HIPOTECARIO XVI: Fitch Rates EUR16.5MM Class B Notes 'CCC'
----------------------------------------------------------------
Fitch Ratings has assigned Rural Hipotecario XVI F.T.A.'s
mortgage-backed floating-rate notes due April 2055 expected
ratings, as follows:
EUR133,500,000 class A notes 'Asf(EXP)'; Outlook Negative
EUR16,500,000 class B notes: 'CCCsf(EXP)'; Recovery Estimate
of 90%
The transaction is a multi-originator securitization of a EUR150
million static pool of Spanish residential mortgage loans,
originated and serviced by Caja Rural de Soria, Caja Rural de
Teruel, and Caja Rural de Zamora (the originators, unrated). The
expected ratings address timely payment of interest and ultimate
payment of principal on the class A notes, and ultimate payment
of interest and principal on the class B notes by the legal final
maturity date of the notes in April 2055.
Key Rating Drivers
In deriving the lifetime default rate of the securitized
portfolio under a base case scenario, Fitch has adjusted upwards
the observed default rates by a factor of 1.1x. This upward
adjustment captures our opinion that the historical default rates
do not entirely reflect the risk attributes of the securitized
pool which is linked to younger vintages (2009 to 2012). Fitch
received historical cumulative arrears data covering 2004 to 2012
from the originators based on their past RMBS securitization
transactions.
Fitch believes the securitized portfolio has prime
characteristics with 100% first lien positions, all residential
mortgage loans with a moderate weighted average (WA) OLTV of
70.42%, and an indexed (WA) CLTV of 71.91% estimated by the
agency taking into consideration the almost 5.5 years of
seasoning. Fitch believes a key risk attribute of the portfolio
is its high geographical concentration in the two regions of
Castilla Leon (60.6%) and Aragon (29.4%), and has consequently
incorporated into its analysis a probability of default hit of
1.15x for these loans.
Fitch believes that servicer disruption risk, caused by the
default of one servicer, is adequately mitigated by the
incorporation of purpose-specific liquidity reserves and the
appointment of a cold back up servicer, Banco Cooperativo Espanol
(BCE; BBB/Negative/F3). BCE provides the Spanish Credit
Cooperative Group with a common range of services and uses the
same IT systems.
Fitch has incorporated potential stresses derived from basis and
reset risks within the cash flow analysis, as the structure is
unhedged. The notes are referenced to EURIBOR with quarterly
resets, while most loans are referenced to 12-month EURIBOR with
annual, bi-annual and quarterly resets.
RATING SENSITIVITIES
Fitch believes the key risks that can introduce volatility in the
ratings are home price declines beyond Fitch's expectations, as
these could limit recoveries, and a change of the current legal
framework materially, weakening the full recourse nature of the
Spanish mortgage market, as such scenario, could change borrower
payment behavior. The Negative Outlook on the class A notes
reflects the uncertainty associated with changes to the mortgage
enforcement framework.
Fitch's expectation under a 'Bsf' stress scenario is linked to a
weighted average (WA) lifetime loss rate of 4.3%, which results
from a WA foreclosure frequency assumption (WAFF) of 7.6% and a
WA recovery rate (WARR) expectation of 44.0%. The assumed WA loss
rate in an 'A' rating scenario is of 11.3%.
SABADELL 8: DBRS Confirms 'BB' Rating on EUR200-Mil. Notes
----------------------------------------------------------
DBRS Ratings Limited has confirmed and removed from Under Review
with Developing Implications status the ratings on the following
Notes issued by GC FTPYME SABADELL 8, FTA:
-- EUR39,522,650 Series A1(G) Notes: Confirm at A (high) (sf)
-- EUR74,284,002 Series A2(G) Notes: Confirm at A (high) (sf)
-- EUR160,000,000 Series A3 Notes: Confirm at A (high) (sf)
-- EUR200,000,000 Series B Notes: Confirm at BB (high) (sf)
The transaction is a cash flow securitization collateralized
primarily by a portfolio of bank loans originated by Banco de
Sabadell, S.A. to Spanish enterprises, small and medium-sized
enterprises ("SMEs") and self-employed individuals. The DBRS
ratings on the Series A1(G) Notes, the Series A2(G) Notes and the
Series A3 Notes address the timely payment of interest and
ultimate payment of principal on or before the Final Date on 30
June 2039. The DBRS rating on the Series B Notes addresses the
ultimate payment of interest and principal on or before the Final
Date.
While DBRS does not currently maintain a rating on the Bank of
Spain, it is our opinion, consistent with our Legal Criteria for
European Structured Finance Transactions, that it is an
institution of sufficient credit quality to comply with the
Minimum Institution Rating required to support the current rating
of the Notes and to fulfill its payment obligations as Account
Bank.
SABADELL 9: DBRS Confirms 'B' Rating on EUR555-Mil. Notes
---------------------------------------------------------
DBRS Ratings Limited has confirmed and removed from Under Review
with Developing Implications the following Notes issued by IM
FTPYME SABADELL 9, F.T.A.:
-- EUR451,423,570 Series A2 (G) Notes: Confirm at AAA (sf)
-- EUR555,000,000 Series B Notes: Confirm at B (high) (sf)
The transaction is a cash flow securitization collateralized
primarily by a portfolio of bank loans originated by Banco de
Sabadell, S.A. to Spanish large corporations and small and
medium-sized enterprises ("SMEs"). The rating on the Series A2
(G) Notes addresses the timely payment of interest and ultimate
payment of principal on or before the Final Date on 17 January
2046. The rating on Series B Notes addresses an ultimate payment
of interest and principal on or before the Final Date on 17
January 2046.
While DBRS does not currently maintain a rating on the Bank of
Spain, it is our opinion, consistent with our Legal Criteria for
European Structured Finance Transactions, that it is an
institution of sufficient credit quality to comply with the
Minimum Institution Rating required to support the current rating
of the Notes and to fulfill its payment obligations as Account
Bank.
* SPAIN: EU Declares Shipbuilding Sector Subsidies Illegal
----------------------------------------------------------
Alex Barker at The Financial Times reports that Brussels declared
Spanish state subsidies for shipbuilders illegal on July 17, but
offered the struggling sector a reprieve by limiting the
repayments required.
This is a highly sensitive political case given the stricken
state of the industry and the fact that Joaquin Almunia, the EU's
competition enforcer overseeing the probe, is also the
commissioner from Spain, the FT notes.
The looming decision had sparked an unusually intense lobbying
effort by the Spanish government, amid fears that an order to pay
back billions in state aid could lead to company closures and
further aggravate the country's already dramatic unemployment
problem, the FT relates.
Mariano Rajoy, the Spanish prime minister, on July 15 called the
president of the European Commission in a last-minute attempt to
change the regulator's stance, the FT recounts.
Spanish shipbuilders had warned repeatedly in recent weeks that a
negative ruling from Brussels would put at risk as many as 87,000
jobs, the FT relates. In a first response to Mr. Almunia's
decision, the association of small shipbuilders attacked the
ruling as "injust", according to the FT. It also urged the
Spanish government to do everything possible to cushion the blow
to the industry, the FT recounts.
According to the FT, in a complex ruling, the commission found
that Spain failed to notify the scheme as required and broke
state aid rules by favoring certain groups and investors over
their rivals. Under EU rules the illegal support should be
repaid, the FT states.
However, Mr. Almunia concluded that there was legal uncertainty
over the rules for permitted subsidies and for this reason all
support received between 2002 and 2007 would not be repaid, the
FT discloses. Investors who are obliged to repay tax breaks are
not permitted to pass on that cost to shipyards, the FT states.
Spain is also left to calculate the exact repayments, the FT
notes.
Mr. Almunia also pointed to the potential for the industry to use
alternative subsidy schemes in future, which were compatible with
EU rules, the FT relates.
Shipbuilders in other member states complained about the Spanish
scheme and the commission launched a probe in 2011, the FT
recounts. The scheme allowed companies to buy ships via an
investment vehicle, which was structured to reduce the tax paid
by investors when compared with purchasing the ship directly, the
FT notes.
The complex leasing structure allows the investors to eventually
sell the ship to the maritime company with a final reduction in
the price ranging from 20-30%, the FT says. According to the FT,
the Commission found that this price reduction was not strictly
state support, because it was granted by the investors rather
than the state.
The investors must repay the tax subsidies to Spain, the FT says.
An unspecified portion of the grants, however, was deemed
compatible with the EU guidelines on support to shipbuilders, the
FT states.
=============
U K R A I N E
=============
AGROTON PUBLIC: S&P Lowers Corporate Credit Rating to 'SD'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'SD'
(selective default) from 'CCC' its long-term corporate credit
rating on Ukrainian agricultural producer Agroton Public Ltd.
(Agroton). At the same time, S&P removed the corporate credit
rating from CreditWatch, where it placed it with negative
implications on April 15, 2013.
In addition, S&P lowered its issue rating on the US$50 million
senior notes to 'D' (default) from 'CCC'. S&P removed the issue
rating from CreditWatch, where it placed it with negative
implications on April 15, 2013. The recovery rating on the
senior notes is unchanged at '4', indicating S&P's expectation of
average (30%-50%) recovery in the event of a payment default.
Finally, S&P withdrew all the aforementioned ratings at the
issuer's request.
The downgrades follow Agroton's failure to pay the interest on
its US$50 million senior notes on the due date of July 14, 2013.
The company announced on July 17, 2013, that it would propose a
postponement of the interest payment due on July 14, 2013, to
Jan. 14, 2014.
According to S&P's criteria, it considers the extension of a due
payment as tantamount to a default scenario if the payment falls
later than five business days after the scheduled due date. S&P
do not think that Agroton will make the interest payment, which
is the fifth business day after the scheduled due date, because
the company has asked for the noteholders' consent to amend the
notes' terms and conditions of the notes, extend their maturity
until 2019, and lower the coupon interest rate.
Agroton's decision not to pay the interest on the 2014 notes
follows further deterioration in the company's operating
environment in 2013. The deterioration is mostly due to poor
weather conditions in the 2012-2013 agricultural year compared
with the previous year. This led to a fall in the number of
hectares planted and a drop in expected yields for the company's
sunflower crop. Agroton presently lacks sufficient operating
cash flow to finance the current 12.5% coupon on its senior
notes. The company's decision not to make the latest interest
payment on its notes is part of its attempt to refinance its
short-term debt maturities and address the sustainability of its
capital structure.
S&P continues to believe that Agroton's information flow and
transparency remain subpar, and S&P assess company's management
and corporate governance as "weak" under its criteria.
===========================
U N I T E D K I N G D O M
===========================
CO-OPERATIVE BANK: Two US Hedge Funds Take Controlling Stake
------------------------------------------------------------
Josephine Cumbo at The Financial Times reports that two US hedge
funds have taken a controlling stake in part of the troubled
Co-operative Bank's debt.
According to the FT, Aurelius Capital Management and Silver Point
Capital are understood to have built the stake in one set of the
bank's loans, putting them in a strong position as the lender
works to fill a GBP1.5 billion capital hole.
The Co-op Bank was forced to launch a sweeping debt restructuring
after the Prudential Regulatory Authority identified a GBP1.5
billion shortfall at its banking arm, the FT recounts.
The rescue plan, announced in June, involves wiping out existing
equity in the bank, which is wholly owned by the broader Co-
operative Group -- a holding company for a diverse range of
businesses spanning supermarkets, a pharmacy chain and a network
of funeral parlors, the FT notes.
The Co-op Group would then raise an expected GBP500 million of
debt which would be injected into the bank as fresh equity -- but
further capital would be generated by converting some of the
existing bonds into equity, the FT discloses.
Thousands of Co-op Bank investors, many retail, are facing large
losses on the lender's subordinated bonds and preference shares
as part of the debt restructuring, the FT states.
It is understood that Aurelius and Silver Point could use their
controlling stake, in the lower-tier 2 bonds, to force losses on
small investors, whose securities are lower ranked, according to
the FT.
Moelis & Co, the investment banking firm, is believed to be
advising the two American funds, the FT says.
Co-op Bank -- part of the mutually owned food-to-funerals
conglomerate Co-operative Group -- traces its history back to
1872. The bank gained prominence for specializing in ethical
investment. It refuses to lend to companies that test their
products on animals, and its headquarters in Manchester is
powered by rapeseed oil grown on Co-operative Group farms.
Founded in 1863, the Co-op Group has more than six million
members, employs more than 100,000 people and has turnover of
more than GBP13 billion.
* * *
As reported by the Troubled Company Reporter-Europe on May 13,
2013, Moody's Investors Service downgraded the deposit and senior
debt ratings of Co-operative Bank plc to Ba3/Not Prime from
A3/Prime 2, following its lowering of the bank's baseline credit
assessment (BCA) to b1 from baa1. The equivalent standalone bank
financial strength rating (BFSR) is now E+ from C- previously.
HIBU PLC: Creditors Set to Take Over Following Debt Woes
--------------------------------------------------------
Emily Gosden at The Telegraph reports that Hibu plc is preparing
to hand control of the company to its creditors, wiping out its
beleaguered shareholders, in a deal that could be announced as
soon as this week.
The former FTSE 100 giant has been crippled by interest payments
on a GBP2.3 billion debt pile, amassed in the last decade when it
embarked on overseas acquisitions spree, the Telegraph notes.
The company, previously known as Yell, has seen its profits eaten
away by online competition from the likes of Google and its
market value slump from more than GBP5 billion to less than GBP7
million as of Friday, the Telegraph discloses.
According to the Telegraph, its management, led by chief
executive Mike Pocock, is now understood to be close to
finalizing a complex debt-for-equity swap with its 300 lenders.
The deal is expected to more than halve its debt, reducing it to
less than GBP1 billion, with the creditors, including Ares, Soros
Fund Management and Deutsche Bank, taking control, the Telegraph
says.
Hibu's investors -- whose shares are now worth just 0.28p each --
would be wiped out under the deal as the company would exit the
stock market, the Telegraph states.
An agreement, which has been under negotiation since last autumn,
could be ready by Thursday, when Hibu is scheduled to release its
full-year results for the year to March 2013 and its first-
quarter results, according to the Telegraph.
The creditors are being advised by US restructuring firm Houlihan
Lokey, while Hibu is being advised by Greenhill and Goldman
Sachs, the Telegraph discloses.
The future for Hibu's 13,000 employees remains unclear, the
Telegraph notes.
According to the Telegraph, the root of Hibu's crippling debt
pile lies in former chief executive John Condron's ambitious and
ultimately ill-fated expansion overseas in the mid-2000s, when he
took over companies in Spain, the US and Latin America.
Hibu Plc is a British Yellow Pages publisher.
* * *
As reported by the Troubled Company Reporter-Europe on March 5,
2013, Standard & Poor's Ratings Services said that it lowered to
'D' (default) from 'CC' its long-term corporate credit rating on
U.K.-based international publisher of classified directories hibu
PLC. The downgrade follows hibu's nonpayment of interest on its
2009 credit facility on the due date of Feb. 28, 2013.
NICOLE FARHI: Rescued Out of Administration by Hargreaves-Adams
---------------------------------------------------------------
Peter Ranscombe at The Scotsman reports that Nicole Farhi was
plucked out of administration on Sunday by Maxine Hargreaves-
Adams, the daughter of Matalan founder John Hargreaves.
According to The Scotsman, accountancy firm Zolfo Cooper, which
was appointed as the company's administrator on July 3, said the
disposal consisted of six stores, nine concessions and the
wholesale and e-commerce businesses. Zolfo Cooper refused to
disclose the financial details of the deal, The Scotsman notes.
As reported by the Troubled Company Reporter-Europe on July 4,
2013, The New York Times said Nicole Farhi ran into trouble
because of dwindling demand from consumers as some opted for less
expensive fashion items during a difficult economic environment.
Nicole Farhi is an upmarket fashion chain.
OPTICAL EXPRESS: Founder Rescues Business From Collapse
-------------------------------------------------------
Martin Flanagan at The Scotsman reports that Optical Express has
been saved from the fate of a flurry of collapsed retailers by an
eleventh-hour cash injection from its Scottish chairman and
founder.
David Moulsdale, the son of a Glasgow taxi driver, mounted the
rescue after Royal Bank of Scotland refused a request for more
loans, The Scotsman relates. His move is seen as safeguarding
1,600 Optical Express jobs in the UK and Ireland, The Scotsman
says.
According to The Scotsman, reports said that last week the
company asked for a multi-million pound loan to pay staff.
However, the business owed RBS more than GBP30 million, and it is
understood the bank threatened to call in its debt and sell the
business on to new investors, The Scotsman notes.
"David has agreed to acquire the entire debt owed to RBS by
Optical Express and will inject significant working capital into
the group, positioning it in a highly secure position for
continued growth. We anticipate completing the transaction by
[yester]day morning. However, it's business as usual in our
stores and clinics as we work through the final documentation,"
The Scotsman quotes a spokesman for Optical Express as saying.
Moulsdale's fortune is estimated at GBP60 million, The Scotsman
discloses.
It is understood the entrepreneur has bought the bank's loans at
a fraction of their face value, averting administration, The
Scotsman states.
Optical Express's parent group, Cumbernauld-based DCM (Optical
Holdings), slumped to a GBP1.5 million pre-tax loss in 2011 --
the last year for which figures are available -- from a profit of
GBP6.8 million in 2010 as sales fell 8% to GBP188 million from
GBP205 million, The Scotsman relates.
Optical Express announced it was closing 40 stores last October
after a subsidiary went into administration, The Scotsman
recounts.
Optical Express has 93 stores and 54 consultation centers, as
well as operations in the US and mainland Europe.
PALLETLINE LOGISTICS: Goes Into Administration
----------------------------------------------
logisticsmanager.com reports that Birmingham haulier Palletline
Logistics, a separate legal entity to pallet network Palletline,
has gone into administration.
The haulier had been a member of Palletline's network, so the
network has asked existing members Taskforce Movement and Storage
and Panic Transport to cover the defunct haulier's delivery areas
in Birmingham, according to logisticsmanager.com.
RESLOC UK 2007-1: S&P Affirms 'B-' Rating on Three Note Classes
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all of ResLoC U.K. 2007-1 PLC's classes of notes.
The affirmations follow S&P's credit and cash flow analysis of
the transaction information that it has received from the
servicer (dated March 2013). S&P has applied its U.K.
residential mortgage-backed securities (RMBS) criteria and
current counterparty criteria.
The transaction is currently paying down the notes pro rata,
which has limited the build-up of credit enhancement since S&P's
June 8, 2012 review.
Delinquencies of more than 90 days remain low compared with other
U.K. nonconforming transactions that S&P rates, and has decreased
since its previous review to 9.8% from 10.8%. Total
delinquencies have declined to 16.3% from 18.1% since June 2012.
The liquidity facility documentation does not comply with S&P's
current counterparty criteria. Giving benefit to the liquidity
facility, S&P's ratings on the notes in this transaction are
capped at its long-term issuer credit rating (ICR) on the
liquidity facility provider, Lloyds TSB Bank PLC (A/Negative/A-
1).
In addition, the currency and basis swap agreements do not comply
with S&P's current counterparty criteria. The noncompliance of
the currency swap documents results in S&P's ratings on the notes
also being capped at its long-term ICR on the swap provider,
Morgan Stanley & Co. International PLC (A/Negative/A-1), plus one
notch.
The liquidity facility will be unavailable for the transaction if
90+ days arrears exceed 19%. Under S&P's 2011 U.K. RMBS
criteria, it assumes recession timing at inception and at the end
of year three. As defaults are applied to the transaction at the
start of the recession, it is likely that this trigger could be
breached when it assumes the recession starts at the end of year
three--even at lower rating categories.
Based on S&P's credit and cash flow analysis, it has affirmed its
ratings on all classes of notes in this transaction. Although
S&P's weighted-average foreclosure frequency (WAFF) assumptions
have improved since its previous review, reflecting falling
arrears, the restrictions on the use of the liquidity facility,
should 90+ days arrears exceed 19%, constrain S&P's ratings to
their current levels. S&P's weighted-average loss severity
(WALS) assumptions are relatively unchanged at each rating level
since its last review.
WAFF AND WALS ASSUMPTIONS
Rating WAFF WALS
(%) (%)
AAA 37.98 46.15
AA 30.17 42.23
A 24.25 34.71
BBB 19.25 30.40
BB 14.21 27.26
B 12.27 24.28
ResLoC U.K. 2007-1 is backed by nonconforming residential
mortgage loans secured over U.K. freehold and leasehold
properties. The mortgage loans were originated by Advantage (the
trading name of Morgan Stanley Bank International Ltd.), GMAC
Residential Funding Co. LLC, Amber Homeloans Ltd., and Victoria
Mortgage Funding Ltd.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.
The Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
ResLoC U.K. 2007-1 PLC
EUR395.5 Million, œ485.795 Million,
and $303.7 Million Mortgage-Backed
Floating-Rate Notes
Ratings Affirmed
Class Rating
A3a BBB- (sf)
A3b BBB- (sf)
A3c BBB- (sf)
M1a BB (sf)
M1b BB (sf)
B1a BB- (sf)
B1b BB- (sf)
C1a B (sf)
C1b B (sf)
D1a B- (sf)
D1b B- (sf)
E1b B- (sf)
E2b CCC (sf)
F1b Defer CCC (sf)
TRAVELEX: Moody's Assigns 'B2' CFR; Outlook Stable
--------------------------------------------------
Moody's has assigned a corporate family rating of B2 and a
probability of default rating of B2-PD to TP Financing 3 Limited.
Concurrently, Moody's has assigned a provisional rating of (P)Ba2
to the planned GBP90 million revolving credit facility and a
provisional rating of (P)B2 to the proposed GBP350 million senior
secured notes due 2018 to be issued by Travelex Financing PLC.
The outlook on the ratings is stable.
Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, including any possible changes
during the syndication process, Moody's will endeavor to assign a
definitive rating to the facilities. A definitive rating may
differ from a provisional rating.
Ratings Rationale:
Travelex's B2 CFR reflects the company's (i) strong brand
recognition, its business profile and its position as the leading
global retail foreign exchange provider supported by a
geographically diverse network of points of sale; (ii) strong
relationships with key central banks, reserve banks and large
commercial banks providing it with ease of access to foreign bank
notes, and long-dated relationships with outsourcing and
wholesale customers; (iii) adequate liquidity on the basis of a
large "useable cash" balance and adequate availability under its
RCF; (iv) prudent management of its inventory of currencies and
its hedging policy for any currencies stocked in large
quantities.
The B2 CFR also reflects (i) the high adjusted debt to EBITDA of
around 6.0x and weak free cash flow generation in the next two
years as a result of the "One Platform" project; (ii) the complex
corporate structure of the group and the complex financial and
methodological adjustments that arise from the travelers' cheques
business; (iii) the risk that retail cash foreign exchange
services could experience pronounced diminishing demand as debit
card usage grows in emerging markets to the detriment of cash
payments (iv) the low client diversification in the Partners and
Wholesale businesses although this is partly mitigated by a
strong track-record of client retention.
The proceeds from the proposed senior secured notes will be used
to refinance all outstanding indebtedness under Travelex's senior
PIK Loan Facility together with accrued interest and related
costs. As part of this transaction, the company will also replace
its existing revolving credit facility ("RCF") with a new Super
Senior GBP90 million RCF expiring in 2018. The notes will benefit
from guarantees from all material subsidiaries of the company to
the extent this is applicable and feasible under local
jurisdictions where these subsidiaries are located.
At the same time, the company has announced the inception of an
insurance policy with AmTrust which effectively transfers the
risk of excess encashment of outstanding travelers' cheques from
the company to the insurer. This will allow Travelex to simplify
its complex corporate structure and to unwind and substantially
cancel around GBP450 million of legacy intercompany loans owed by
the main group to the travelers' cheques business before this
business is finally fully transferred to AmTrust in 2014. The
company expects the total cost of this transaction to the
Restricted Group to be in the region of GBP51 million (to be paid
in installments), and Moody's anticipates that the intercompany
loan will be substantially eliminated in Q3 2013.
While the cash outflows related to this transaction are not
immaterial, Travelex retains an adequate liquidity profile.
Moody's notes however that Travelex is likely to remain free cash
flow negative for the next 18 months. In that context, Moody's
also notes that EBITDA for Q1 2013 was materially below that for
Q1 2012 (in percentage terms, although absolute amounts are low)
whilst also noting that Q1 has historically not been an important
contributor to Travelex's full year results.
Moody's notes that the bond prospectus breaks down the level of
"useable cash", and assumes that this figure will continue to be
provided on a comparable basis going forward in audited accounts.
Given the separation plans for the travelers' cheques group,
Moody's has excluded this entity's EBITDA from the calculation of
Travelex's leverage. Moody's has also adjusted Travelex's EBITDA
to include the proportionate share of dividends received from
some Joint Ventures which are not reported under IFRS as
subsidiaries. This treatment reflects Moody's understanding of
the relationship the company has with these JVs, and the very
limited input of the main JV partners in the management of those
JVs. Any change in this view could lead to a change in this
adjustment.
Travelex's ratings are constrained by these adjustments as well
as by the uncertainty over the successful and timely
implementation of the company's ongoing cost saving
reorganization and the One Platform project. In addition, while
Travelex's recent acquisition of Brazil's Grupo Confidence allows
the group to enter a new geography with an established network of
points of sale, execution and event risks could put pressure on
the performance of this entity.
Travelex's CFR and PDR are aligned reflecting Moody's assumption
of a 50% recovery rate as is customary for capital structures
including both bank debt and bonds. The ratings on the other
instruments reflect their relative ranking as set out in the
intercreditor agreement with the RCF ranking senior to the senior
secured notes in the waterfall, which is reflected in the three
notch differential in their ratings.
Upwards rating pressure could arise if the company reduces
adjusted leverage sustainably below 5.5x. The company would also
need to have concluded the disposal of the travelers' cheques
business, and free cash flow should have turned positive.
Downwards rating pressure could arise if adjusted leverage rises
towards 6.5x, and/or liquidity concerns arise. Negative pressure
could also arise if the intercompany loans are not essentially
eliminated during Q3 2013
In assessing Travelex's credit profile, Moody's has also taken
into account the framework of the Moody's Global Business and
Consumer Service Rating Methodology, published in October 2010.
The indicated rating from the methodology grid is B3 (based on
2013 expectations).
Rating grids are an analytical tool only and the ultimate rating
outcome is based on additional factors that may not be
incorporated in these. The one notch differential between the
grid outcome and the B2 CFR assigned reflects the strong business
profile of the company and its position as the leading global
foreign exchange service provider.
The principal methodology used in these ratings was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
OBTEC OBTEC DC -17139908.33 134988548.1
OBTEC OBT DC -17139908.33 134988548.1
OBTEC-NEW SHARES OBTECN DC -17139908.33 134988548.1
OBTEC-OLD OBTN DC -17139908.33 134988548.1
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
ROSKILDE BANK ROSK DC -532868894.9 7876688188
ROSKILDE BANK RSKC IX -532868894.9 7876688188
ROSKILDE BANK ROSK EO -532868894.9 7876688188
ROSKILDE BANK RKI GR -532868894.9 7876688188
ROSKILDE BANK ROSKF US -532868894.9 7876688188
ROSKILDE BANK ROSBF US -532868894.9 7876688188
ROSKILDE BANK ROSK EU -532868894.9 7876688188
ROSKILDE BANK ROSK PZ -532868894.9 7876688188
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876688188
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876688188
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876688188
SCANDINAVIAN BRA SBS1 EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 BY -17139908.33 134988548.1
SCANDINAVIAN BRA SBSD PZ -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS DC -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
SCANDINAVIAN BRA SBSC IX -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 EU -17139908.33 134988548.1
SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.29 330011633.6
ADP INGENIERIE S 4519911Z FP -9312265.78 111844575.6
AIR COMMAND SYST 4470055Z FP -24012413.92 236706831.5
AKERYS SERVICES 4685937Z FP -22410493.42 137981683.2
ALCATEL-LUCENT E 3642975Z FP -33252970.32 441703998.1
ALCATEL-LUCENT F 3647063Z FP -794569718.3 4984960531
AL-KHATTIYA LEAS 4783713Z FP -13423803.21 109623566.3
ALUMINIUM PECHIN 3650903Z FP -469114028.7 1322244624
ATOS ORIGIN INTE 4519607Z FP -15552541.61 353365367
AUTOMOBILES CITR 3648863Z FP -298695778.9 1879542934
AUTOROUTES PARIS ARR1 BQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EO -251756893.2 10625026266
AUTOROUTES PARIS RK9 TH -251756893.2 10625026266
AUTOROUTES PARIS ARR EU -251756893.2 10625026266
AUTOROUTES PARIS ARR FP -251756893.2 10625026266
AUTOROUTES PARIS ARRGBX EU -251756893.2 10625026266
AUTOROUTES PARIS ARR IX -251756893.2 10625026266
AUTOROUTES PARIS ARR S1 -251756893.2 10625026266
AUTOROUTES PARIS ARR QM -251756893.2 10625026266
AUTOROUTES PARIS ARR LI -251756893.2 10625026266
AUTOROUTES PARIS ARR TQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EB -251756893.2 10625026266
BELVEDERE - RTS 554451Q FP -256191005.4 927737997.9
BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
BELVEDERE SA BVD EU -256191005.4 927737997.9
BELVEDERE SA BELV FP -256191005.4 927737997.9
BELVEDERE SA BELV NM -256191005.4 927737997.9
BELVEDERE SA BEVD IX -256191005.4 927737997.9
BELVEDERE SA BVD PW -256191005.4 927737997.9
BELVEDERE SA BED GR -256191005.4 927737997.9
BELVEDERE SA BVD EO -256191005.4 927737997.9
BELVEDERE SA BVD S1 -256191005.4 927737997.9
BELVEDERE SA BVDRF US -256191005.4 927737997.9
BELVEDERE SA BED TH -256191005.4 927737997.9
BELVEDERE SA BVD FP -256191005.4 927737997.9
BELVEDERE SA BVD PZ -256191005.4 927737997.9
BELVEDERE SA-NEW BVDNV FP -256191005.4 927737997.9
BELVEDERE SA-NEW 946529Q FP -256191005.4 927737997.9
BELVEDERE SA-NEW 8198283Q FP -256191005.4 927737997.9
BELVEDERE SA-RTS BVDDS FP -256191005.4 927737997.9
BROSTROM TANKERS 3641643Z FP -115599.3207 311104377.9
BUT INTERNATIONA 3648871Z FP -5859572.435 1100621152
CADES 211430Z FP -1.16E+11 23006745556
CARCOOP FRANCE 4690569Z FP -531951.7338 185621693.8
CARNAUDMETALB-N JJNN FP -239071932.4 6870067181
CARNAUDMETALB-N 84433Q FP -239071932.4 6870067181
CARREFOUR HYPERM 3897338Z FP -713257900.6 3939173302
CARRERE GROUP CAR2 EO -9829531.944 279906700
CARRERE GROUP CRRHF US -9829531.944 279906700
CARRERE GROUP CRGP IX -9829531.944 279906700
CARRERE GROUP CAR2 EU -9829531.944 279906700
CARRERE GROUP CARG FP -9829531.944 279906700
CARRERE GROUP CAR FP -9829531.944 279906700
CARRERE GROUP CARF PZ -9829531.944 279906700
CARRERE GROUP XRR GR -9829531.944 279906700
CDISCOUNT SA 4690913Z FP -14710509.37 442569172
CMA CGM AGENCES 4746849Z FP -8208944.552 191538369.1
CO PETROCHIMIQUE 4682369Z FP -111509362.4 364674090.9
CROWN EUROPEAN H 3394476Q LI -239071932.4 6870067181
CROWN EUROPEAN H CAMBF US -239071932.4 6870067181
CROWN EUROPEAN H JJ FP -239071932.4 6870067181
CROWN EUROPEAN H 1049Q LN -239071932.4 6870067181
DESCAMPS SAS 4503139Z FP -2912961.458 104843475.7
DOCTISSIMO 2916489Q EU -1690819.009 135171143.2
DOCTISSIMO 0602303D GR -1690819.009 135171143.2
DOCTISSIMO DOC FP -1690819.009 135171143.2
DOCTISSIMO MDCF PZ -1690819.009 135171143.2
DOCTISSIMO MCOS IX -1690819.009 135171143.2
DOCTISSIMO 2916493Q EO -1690819.009 135171143.2
DOCTISSIMO MDC FP -1690819.009 135171143.2
EADS SECA 4706441Z FP -44481565.35 121822000.7
EDENRED QSV GR -1310250942 5470394799
EDENRED EDEN FP -1310250942 5470394799
EDENRED EDEN QM -1310250942 5470394799
EDENRED QSV TH -1310250942 5470394799
EDENRED EDEN S1 -1310250942 5470394799
EDENRED EDEN TQ -1310250942 5470394799
EDENRED EDENUSD EO -1310250942 5470394799
EDENRED EDNMF US -1310250942 5470394799
EDENRED EDENUSD EU -1310250942 5470394799
EDENRED EDEN EO -1310250942 5470394799
EDENRED EDEN EU -1310250942 5470394799
EDENRED EDEN BQ -1310250942 5470394799
EDENRED EDEN EB -1310250942 5470394799
EDENRED EDEN IX -1310250942 5470394799
EDENRED EDEN PZ -1310250942 5470394799
EDENRED-NEW EDENV FP -1310250942 5470394799
EDF EN OUTRE MER 4679713Z FP -2598508.843 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.43 175501799.4
FACONNABLE SA 226782Z FP -19616230.99 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GEC 4 SAS 4518255Z FP -91410336.97 541462091
GPN SA 4509659Z FP -35080424.69 568887551
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GROUPE MONITEUR 317840Z FP -116707395.4 610106709.3
GROUPE PROGRES S 4734137Z FP -106637565.8 154665494
HIPPO GESTION ET 4732841Z FP -606512.6987 113032204.7
HITACHI EUROPE S 4681417Z FP -9927515.772 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.37 116383810.4
I BASE 757542Z FP -6019481.253 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.49 363058830.9
ITM REGION PARIS 4681817Z FP -49662079.76 124321085.9
JTEKT AUTOMOTIVE 4505819Z FP -25670106.66 171962119.7
JTEKT AUTOMOTIVE 4504595Z FP -17492036.59 163375360
JUNGHEINRICH FIN 4635025Z FP -14429677.13 223424949.4
LAB DOLISOS LADL FP -27752176.19 110485462.4
LAB DOLISOS DOLI FP -27752176.19 110485462.4
MATUSSIERE & FOR MTUSF US -77896689.09 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.09 293868350.8
MEDCOST SA MEDC NM -1690819.009 135171143.2
MEDCOST SA MEDC FP -1690819.009 135171143.2
MEDCOST SA-NEW MDCNV FP -1690819.009 135171143.2
MILLIMAGES 8131905Q FP -1006050.249 113454378.9
MILLIMAGES MIL1 EU -1006050.249 113454378.9
MILLIMAGES MLMG IX -1006050.249 113454378.9
MILLIMAGES MIL1 PZ -1006050.249 113454378.9
MILLIMAGES MIL FP -1006050.249 113454378.9
MILLIMAGES MG6 GR -1006050.249 113454378.9
MILLIMAGES MIL S1 -1006050.249 113454378.9
MILLIMAGES MIL1 EO -1006050.249 113454378.9
MILLIMAGES MLIGF US -1006050.249 113454378.9
MILLIMAGES MILI FP -1006050.249 113454378.9
MILLIMAGES MILF PZ -1006050.249 113454378.9
MILLIMAGES - RTS 0134468D FP -1006050.249 113454378.9
MILLIMAGES-RTS MILDS FP -1006050.249 113454378.9
MILLIMAGES-RTS 760037Q FP -1006050.249 113454378.9
M-REAL ALIZAY SA 4670721Z FP -19839749.29 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863949.8 221936730.6
NESTLE WATERS SU 3634879Z FP -183402272.8 254740466.9
NESTLE WATERS SU 3634887Z FP -11147903.4 186832176.9
NEXANS COPPER FR 4744809Z FP -22662074.82 308626962.2
NEXTIRAONE 500526Z FP -1983210.371 311827703.4
NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
NOVASEP HOLDING 3736443Z FP -217561272.1 476949466.1
NOVELIS FOIL FRA 4678593Z FP -21912360.22 126180343.3
NRJ 12 4681713Z FP -59306529.9 110796872.5
O-I MANUFACTURIN 226230Z FP -101494197.2 1150890693
OROSDI OROS EO -51389802.68 181267113.2
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SOLON SE SOO1 GR -138663225.9 627116116.4
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SOLON SE SOO1 TH -138663225.9 627116116.4
SOLON SE SGFRF US -138663225.9 627116116.4
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TA TRIUMPH-ADLER 0292922D GR -124667889.5 375247226.8
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TA TRIUMPH-RTS 3158577Q GR -124667889.5 375247226.8
GREECE
------
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T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
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T BANK TBANK GA -46224213.41 3486115450
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HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
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IRELAND
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WATERFORD WE-RTS WTFF ID -505729895.2 820803256
WATERFORD WE-RTS WTFN VX -505729895.2 820803256
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WATERFORD WE-RTS WTFF LN -505729895.2 820803256
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WATERFORD-SUB 3001875Z ID -505729895.2 820803256
ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780368 2277882368
ITALY
-----
AS ROMA SPA ASRO IX -66248672.26 227606539.7
AS ROMA SPA ASR EB -66248672.26 227606539.7
AS ROMA SPA ASR PZ -66248672.26 227606539.7
AS ROMA SPA ASR QM -66248672.26 227606539.7
AS ROMA SPA ASR IX -66248672.26 227606539.7
AS ROMA SPA ASRAF US -66248672.26 227606539.7
AS ROMA SPA ASR EU -66248672.26 227606539.7
AS ROMA SPA ASR BQ -66248672.26 227606539.7
AS ROMA SPA ASR IM -66248672.26 227606539.7
AS ROMA SPA ASR TQ -66248672.26 227606539.7
AS ROMA SPA ASR EO -66248672.26 227606539.7
AS ROMA SPA RO9 GR -66248672.26 227606539.7
AS ROMA SPA-RTS ASRAA IM -66248672.26 227606539.7
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GABETTI AXA+W GABAAW IM -11268334.91 224454564
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GABETTI SPA GABH IM -11268334.91 224454564
GABETTI SPA GABI IX -11268334.91 224454564
GUERRINO PIVATO 4292565Z IM -41218066.44 397216267.9
I VIAGGI DEL VEN VVE EU -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IM -209436890.3 202705179.9
I VIAGGI DEL VEN VVE TQ -209436890.3 202705179.9
I VIAGGI DEL VEN VVE EO -209436890.3 202705179.9
I VIAGGI DEL VEN VVE PZ -209436890.3 202705179.9
I VIAGGI DEL VEN IVGIF US -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IX -209436890.3 202705179.9
I VIAGGI DEL VEN IV7 GR -209436890.3 202705179.9
I VIAGGI-RTS VVEAA IM -209436890.3 202705179.9
INDUSTRIE FINCUO 4270053Z IM -15676157.12 111118283.9
MAIRE TECNIM-ADR MTRCY US -18172040.27 3401620362
MAIRE TECNIMONT MT1 EB -18172040.27 3401620362
MAIRE TECNIMONT MTCM PZ -18172040.27 3401620362
MAIRE TECNIMONT MT1USD EO -18172040.27 3401620362
MAIRE TECNIMONT MT1 S1 -18172040.27 3401620362
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MAIRE TECNIMONT MT1 TQ -18172040.27 3401620362
MAIRE TECNIMONT MT1 BQ -18172040.27 3401620362
MAIRE TECNIMONT MT1 NQ -18172040.27 3401620362
MAIRE TECNIMONT MT IX -18172040.27 3401620362
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MONTE MARE GRADO 4359985Z IM -535776.0315 100534744.7
NEXANS ITALIA SP 3636695Z IM -19973174.81 139448244.4
OLCESE SPA O IM -12846689.89 179691572.8
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OMNIA SERVICE CE 3401139Z IM -9159816.788 165737571.5
PARMALAT FINANZI FICN AV -18419396969 4120687886
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PRAMAC SPA 6PA GR -87225647.28 314935866.6
PRAMAC SPA PRAM PZ -87225647.28 314935866.6
PRAMAC SPA PRA2 EO -87225647.28 314935866.6
RISANAMEN-RNC OP RNROPA IM -182584482.9 2453594767
RISANAMENTO -OPA RNOPA IM -182584482.9 2453594767
RISANAMENTO -RNC RNR IM -182584482.9 2453594767
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RISANAMENTO SPA RNGBX EO -182584482.9 2453594767
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RISANAMENTO SPA RN EO -182584482.9 2453594767
RISANAMENTO SPA RNGBX EU -182584482.9 2453594767
RISANAMENTO SPA RSMNF US -182584482.9 2453594767
RISANAMENTO SPA RN EU -182584482.9 2453594767
RISANAMENTO SPA RN TQ -182584482.9 2453594767
RISANAMENTO SPA RN BQ -182584482.9 2453594767
RISANAMENTO SPA RN IM -182584482.9 2453594767
RISANAMENTO SPA RN5 GR -182584482.9 2453594767
RISANAMENTO SPA RNGBP EO -182584482.9 2453594767
RISANAMENTO-RTS RNAA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXO IM -182584482.9 2453594767
SEAT PAGINE PG1 EB -741904802.3 3755632231
SEAT PAGINE SP7A GR -741904802.3 3755632231
SEAT PAGINE PG1 NQ -741904802.3 3755632231
SEAT PAGINE SP7 GR -741904802.3 3755632231
SEAT PAGINE PG PZ -741904802.3 3755632231
SEAT PAGINE PG1USD EU -741904802.3 3755632231
SEAT PAGINE PG1 QM -741904802.3 3755632231
SEAT PAGINE SEEA LN -741904802.3 3755632231
SEAT PAGINE PG IM -741904802.3 3755632231
SEAT PAGINE 283147Q IM -741904802.3 3755632231
SEAT PAGINE PG VX -741904802.3 3755632231
SEAT PAGINE PGI1 IX -741904802.3 3755632231
SEAT PAGINE SPGMF US -741904802.3 3755632231
SEAT PAGINE PG BQ -741904802.3 3755632231
SEAT PAGINE PG1 NR -741904802.3 3755632231
SEAT PAGINE PG1USD EO -741904802.3 3755632231
SEAT PAGINE PG1GBX EO -741904802.3 3755632231
SEAT PAGINE PG1 TQ -741904802.3 3755632231
SEAT PAGINE PG1GBP EO -741904802.3 3755632231
SEAT PAGINE PG1 EO -741904802.3 3755632231
SEAT PAGINE PG1 EU -741904802.3 3755632231
SEAT PAGINE-ADR SPGMY US -741904802.3 3755632231
SEAT PAGINE-RSP SPGBF US -741904802.3 3755632231
SEAT PAGINE-RSP PGR EO -741904802.3 3755632231
SEAT PAGINE-RSP PGR EU -741904802.3 3755632231
SEAT PAGINE-RSP PGR IX -741904802.3 3755632231
SEAT PAGINE-RSP PGR IM -741904802.3 3755632231
SEAT PAGINE-RSP PGR PZ -741904802.3 3755632231
SEATPG AXA PGAXA IM -741904802.3 3755632231
SNIA BPD SN GR -141933895.2 150445252.4
SNIA BPD-ADR SBPDY US -141933895.2 150445252.4
SNIA SPA SSMLF US -141933895.2 150445252.4
SNIA SPA SIAI IX -141933895.2 150445252.4
SNIA SPA SIAI PZ -141933895.2 150445252.4
SNIA SPA SN EO -141933895.2 150445252.4
SNIA SPA SN IM -141933895.2 150445252.4
SNIA SPA SN EU -141933895.2 150445252.4
SNIA SPA SNIB GR -141933895.2 150445252.4
SNIA SPA SNIXF US -141933895.2 150445252.4
SNIA SPA SBPDF US -141933895.2 150445252.4
SNIA SPA SN TQ -141933895.2 150445252.4
SNIA SPA SNIA GR -141933895.2 150445252.4
SNIA SPA - RTS SNAAW IM -141933895.2 150445252.4
SNIA SPA- RTS SNAXW IM -141933895.2 150445252.4
SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
SNIA SPA-CONV SA SPBDF US -141933895.2 150445252.4
SNIA SPA-DRC SNR00 IM -141933895.2 150445252.4
SNIA SPA-NEW SN00 IM -141933895.2 150445252.4
SNIA SPA-NON CON SPBNF US -141933895.2 150445252.4
SNIA SPA-RCV SNR IM -141933895.2 150445252.4
SNIA SPA-RCV SNIVF US -141933895.2 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933895.2 150445252.4
SNIA SPA-RNC SNRNC IM -141933895.2 150445252.4
SNIA SPA-RNC SNIWF US -141933895.2 150445252.4
SNIA SPA-RTS SNAA IM -141933895.2 150445252.4
SNIA SPA-RTS SNSO IM -141933895.2 150445252.4
SOPAF SPA SPF TQ -24220971.66 153763906.2
SOPAF SPA SPF EU -24220971.66 153763906.2
SOPAF SPA SPF IM -24220971.66 153763906.2
SOPAF SPA SOPAF US -24220971.66 153763906.2
SOPAF SPA SPF PZ -24220971.66 153763906.2
SOPAF SPA SPF BQ -24220971.66 153763906.2
SOPAF SPA SPF QM -24220971.66 153763906.2
SOPAF SPA SPF EB -24220971.66 153763906.2
SOPAF SPA SOCAF US -24220971.66 153763906.2
SOPAF SPA SPF EO -24220971.66 153763906.2
SOPAF SPA SSZ HK Equity -24220971.66 153763906.2
SOPAF SPA SPFI IX -24220971.66 153763906.2
SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
SOPAF SPA-RNC SPFN IM -24220971.66 153763906.2
SOPAF SPA-RNC SOPCF US -24220971.66 153763906.2
SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TISAAW IM -167327246 362728538.3
TISCALI - RTS TIQA GR -167327246 362728538.3
TISCALI SPA TIS TQ -167327246 362728538.3
TISCALI SPA TIS VX -167327246 362728538.3
TISCALI SPA TISGBX EO -167327246 362728538.3
TISCALI SPA TIS EO -167327246 362728538.3
TISCALI SPA TIS EU -167327246 362728538.3
TISCALI SPA TISN FP -167327246 362728538.3
TISCALI SPA TISGBP EO -167327246 362728538.3
TISCALI SPA TIS IX -167327246 362728538.3
TISCALI SPA TIQG IX -167327246 362728538.3
TISCALI SPA TISN IX -167327246 362728538.3
TISCALI SPA TIS EB -167327246 362728538.3
TISCALI SPA TIS FP -167327246 362728538.3
TISCALI SPA TIS IM -167327246 362728538.3
TISCALI SPA TISN VX -167327246 362728538.3
TISCALI SPA TISN IM -167327246 362728538.3
TISCALI SPA TIS NA -167327246 362728538.3
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TISCALI SPA TSCXF US -167327246 362728538.3
TISCALI SPA TISGBX EU -167327246 362728538.3
TISCALI SPA TIQ1 GR -167327246 362728538.3
TISCALI SPA TISN NA -167327246 362728538.3
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TISCALI SPA TIS NQ -167327246 362728538.3
TISCALI SPA TIS NR -167327246 362728538.3
TISCALI SPA TIS PZ -167327246 362728538.3
TISCALI SPA TIS BQ -167327246 362728538.3
TISCALI SPA TIQ GR -167327246 362728538.3
TISCALI SPA- RTS 3391621Q GR -167327246 362728538.3
TISCALI SPA- RTS TISAXA IM -167327246 362728538.3
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT GLOBAL 0440101D US -1168589952 17400967168
INTELSAT GLOBAL I US -1168589952 17400967168
INTELSAT INVESTM ILMA GR -1199357056 17465319424
INTELSAT SA 2237Z US -1199357056 17465319424
NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
AVAST SOFTWARE B 0112793D US -15842000 132342000
AVAST SOFTWARE N AVST US -15842000 132342000
AVG TECHNOLOGIES 0119253D US -52030000 377521984
AVG TECHNOLOGIES 3164852Z NA -52030000 377521984
AVG TECHNOLOGIES AVG US -52030000 377521984
AVG TECHNOLOGIES 1VA GR -52030000 377521984
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN EO -7854715.264 609871188.9
BAAN COMPANY NV BAAN PZ -7854715.264 609871188.9
BAAN COMPANY NV BAAN GR -7854715.264 609871188.9
BAAN COMPANY NV BNCG IX -7854715.264 609871188.9
BAAN COMPANY NV BAAVF US -7854715.264 609871188.9
BAAN COMPANY NV BAAN EU -7854715.264 609871188.9
BAAN COMPANY-NY BAANF US -7854715.264 609871188.9
BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
CEVA LOGISTICS 882197Z NA -538665968.2 5318491121
CLATES HOLDING B 4043429Z NA -34881.25205 221495950.5
COOPERATIE VOEDI 4378105Z NA -216576.9882 680962157.8
EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
EUROPEAN MARITIM 4523543Z NA -34803118.05 347300069.4
FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
HE INVESTMENTS B 3813216Z NA -1780665.857 195483088
HUISVUILCENTRALE 4777713Z NA -87789.23965 1412526184
IEOC EXPLORATION 4523879Z NA -3196000 112429000
INFOR GLOBAL SOL 4778481Z NA -332427172.9 500602423.6
ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
ING REIM DEVELOP 3811140Z NA -231041485.9 383323356.5
KONINKLIJKE HASK 4037221Z NA -69259.20141 230145390.9
KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
LINO MANAGEMENT 3774416Z NA -330305248.1 752471513.7
MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
MAGYAR TELECOM B 363945Z HB -9411153.408 462039674.5
MITSUBISHI MOTOR 3893974Z NA -236634746.2 588105612.9
MSREF ELBA BV 4043045Z NA -89889.60183 584994172.5
MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
NORFOLK HOLDINGS 779151Z NA -199512.5928 813430683.8
RIVA NV 3797916Z NA -852952.1165 111411542.1
SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
SITA NEDERLAND B 874216Z NA -312079.8969 2324948031
UNITED PAN -ADR UPEA GR -5505478850 5112616630
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UNITED PAN-EUROP UPC VX -5505478850 5112616630
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UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -12602392978 14238054163
VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.7768 799874848.4
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
AKER BUSINESS SE 4400969Z NO -1678208.862 125911965.2
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP BY -16100000 765200000
AKER FLOATING PR AKFP EO -16100000 765200000
AKER FLOATING PR AKFP PZ -16100000 765200000
AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
AKER FLOATING PR AKFPEUR EU -16100000 765200000
AKER FLOATING PR AKFPEUR EO -16100000 765200000
AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
BAKERS AS 4527631Z NO -2100773.812 130412660.1
BKK VARME AS 4445833Z NO -4191315.792 139898061.1
CARGONET 81784Z NO -73487095.94 128859900.5
CIA LA GOMERA AS 4401057Z NO -14188999.46 111542577.2
GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
HEEGH AUTOLINERS 4389209Z NO -13894016.15 253537334.9
HELI-ONE NORWAY 4632761Z NO -27084593.22 759455442.9
ICA NORGE AS 4511499Z NO -132832574.9 702347848.8
INFRATEK ENTREPR 4402489Z NO -33504101.18 160698348.1
INTEROIL EXPLORA IOX NO -21010000 139828992
INTEROIL EXPLORA IOX EO -21010000 139828992
INTEROIL EXPLORA IOX PZ -21010000 139828992
INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
NCC ROADS AS 4401305Z NO -11149611.36 135425117.2
NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO BES EO -208568793.8 658498551.2
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DE LA RUE PLC DL1C GK -72920095.83 652922700.1
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DE LA RUE PLC DLARCHF EU -72920095.83 652922700.1
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DE LA RUE PLC DLAR VX -72920095.83 652922700.1
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DE LA RUE PLC DLAR EU -72920095.83 652922700.1
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JARVIS PLC JRVSEUR EU -64739862.73 130951086
JARVIS PLC JRVS LN -64739862.73 130951086
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SR TECHNICS UK L 2900250Z LN -143296142.1 116171355.3
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TATA CMMNCTNS UK 2534722Z LN -43763935.47 114567535.7
TDL INFOMEDIA 3362Z LN -25723860.05 136762955.6
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TELEWEST COMM 715382Q LN -3702234581 7581020925
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TELEWEST COMMUNI 1608194Z LN -113079709.6 9113744374
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THORN EMI PLC THNE FP -2265916257 2950021937
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TIMES NEWSPAPERS 2343939Z LN -719564696.3 649314828.6
TOPPS TILES PLC TPT8 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJY US -36503224.29 140534295.2
TOPPS TILES PLC TPT EU -36503224.29 140534295.2
TOPPS TILES PLC TPT BQ -36503224.29 140534295.2
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TOPPS TILES PLC TPT1 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2
TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
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TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
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TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
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UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
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VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
WARNER ESTATE WNER PZ -80276070.4 344291592.8
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 * * *