/raid1/www/Hosts/bankrupt/TCREUR_Public/130730.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 30, 2013, Vol. 14, No. 149
Headlines
C Y P R U S
BANK OF CYPRUS: Nears Deal on Terms of Depositor Losses
F R A N C E
BPCE SA: Fitch Upgrades Rating on Innovative Tier 1 From 'BB+'
TAURUS CMBS 2007-1: Fitch Cuts Ratings on 3 Note Classes to 'C'
TECH FINANCE: Moody's Assigns 'B3' Rating to Senior Term Loan
G E R M A N Y
PRAKTIKER AG: 4,000 Jobs at Risk Following Insolvency Filings
TALISMAN 1 FINANCE: S&P Withdraws 'D' Rating on Class G Notes
G R E E C E
* GREECE: Int'l Creditors Clear EUR2.5-Bil. Bailout Installment
I C E L A N D
LANDSVIRKJUN: Moody's Rates US$1-Bil. Note Program '(P)Ba2'
I R E L A N D
SMURFIT KAPPA: Fitch Cuts Senior Debt & Notes' Ratings to 'BB'
I T A L Y
BANCA MONTE: EU Commissioner Demands Tougher Penalties
* ITALY: Fitch Updates Residential Mortgage Criteria Assumptions
* Fitch Takes Rating Actions on Italian Mid-Sized Banks
K A Z A K H S T A N
* KAZAKHSTAN: S&P Applies Revised Insurance Criteria to Insurers
N O R W A Y
* NORWAY: Bankruptcy Figures Up 46% in Second Quarter 2013
P O L A N D
* CITY OF OLSZTYN: Fitch Affirms 'BB+' Long-Term Currency Ratings
R U S S I A
AK YAKUTSKENERGO: Fitch Affirms 'BB' LT Issuer Default Rating
S E R B I A & M O N T E N E G R O
* SERBIA: Fitch Affirms 'BB-' Long-Term Issuer Default Ratings
S P A I N
GC PASTOR HIPOTECARIO: S&P Lowers Rating on Class C Notes to CCC-
GESTAMP AUTOMOCION: Moody's Assigns 'Ba3' CFR; Outlook Stable
SANTANDER HIPOTECARIO 3: S&P Cuts Ratings on 4 Note Classes
U K R A I N E
* CITY OF KYIV: S&P Affirms 'B-' Issuer Credit Rating
U N I T E D K I N G D O M
APT MARKETING: Goes Into Liquidation; Assets Sold
DISCOVERY FOILS: KMPG Appointed as Administrators
EQUINITI CLEANCO: S&P Assigns 'B' CCR; Outlook Stable
GREENWOODS: In Administration, MP Says
HIBU PLC: US Shareholders Approach SEC Over Plan to File Suit
X X X X X X X X
* EUROPE: Turmoil in Textiles Recycling Industry
* Moody's Sees Low Repayments for European CMBS in 3rd Quarter
* Large Companies with Insolvent Balance Sheets
*********
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C Y P R U S
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BANK OF CYPRUS: Nears Deal on Terms of Depositor Losses
-------------------------------------------------------
Patrick Jenkins at The Financial Times reports that Cypriot
officials are close to finalizing the terms of losses for Bank of
Cyprus depositors, in a sign that the country's banking crisis
has panned out more benignly than feared.
Deposits at the lender in excess of the guaranteed limit of
EUR100,000 would be subject to a 47.5% haircut under the
agreement, the FT discloses. In March, policy makers had said
that 37.5% of deposits would be wiped out with a further 22.5%
held in escrow to cover unforeseen needs -- raising the prospect
of a 60% reduction in depositors' funds in all, the FT recounts.
The FT relates that people familiar with the matter said central
bank officials, advisers and politicians were on Sunday close to
agreeing that an escrow fund of only 10% would be needed.
Officials, who were keen to keep the total below 50%, remained
cautious about the timetable for returning depositors' money, the
FT discloses. Limits have applied to account withdrawals since
the spring, the FT notes.
So far, only 10% of funds have been returned to account holders
in cash, according to the FT.
Bank of Cyprus is a major Cypriot financial institution. In
terms of market capitalization of 350 million in March 2013, it
is the country's biggest bank. As of September 2012, the bank
held a 26.7% share of the Cypriot deposit market and a 22.5%
share of the Cypriot loan market, making it the largest bank in
Cyprus. The Bank of Cyprus Group employs 11,326 staff worldwide.
* * *
As reported by the Troubled Company Reporter-Europe on April 16,
2013, Moody's Investors Service downgraded Bank of Cyprus Public
Company Limited's deposit ratings to Ca, negative outlook, from
Caa3 and senior unsecured debt ratings to C, from Caa3. The
subordinated and junior subordinated debt ratings of BoC were
affirmed at C.
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F R A N C E
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BPCE SA: Fitch Upgrades Rating on Innovative Tier 1 From 'BB+'
--------------------------------------------------------------
Fitch Ratings has affirmed Groupe BPCE's (GBPCE), BPCE S.A.'s and
the group subsidiaries' Long-Term Issuer Default Ratings (IDRs)
at 'A' and Short-term IDRs at 'F1'. The Outlook on the Long-Term
IDRs is Stable. At the same time, Fitch has upgraded GBPCE's
Viability Rating (VR) to 'a' from 'a-'.
KEY RATING DRIVERS - IDRS, VR and SENIOR DEBT
The upgrade of GBPCE's VR reflects strengthened capital ratios as
GBPCE has been posting strong and recurring profits since Q309
and retaining most of its earnings since it fully repaid the
state aid received in 2008/2009. GBPCE's funding profile has also
been enhanced by a deleveraging plan, while at the same time
attracting more deposits and decreasing reliance on short-term
wholesale funding. In addition, legacy assets from the crisis
have been reduced to 12% of equity and have not incurred
significant losses since Q309.
Following the upgrade of the bank's VR to 'a', at the same level
as its Support Rating Floor (SRF), GBPCE's IDRs (and senior debt)
are now driven by its standalone financial strength. Therefore,
GBPCE's IDRs would be unaffected by either a downgrade of
France's IDRs or lower availability of support from the French
state.
The bank's IDRs and VRs reflect its strong retail franchise in
France, modest risk appetite, good loan quality and sound capital
ratios. They also factor in its dependence on wholesale funding.
BPCE S.A.'s IDRs (and senior debt) are aligned with those of
GBPCE as BPCE S.A. is part of GBPCE's cross-support mechanism.
KEY RATING DRIVERS - SUPPORT RATINGS, SUPPORT RATING FLOORS
GBPCE's Support Rating (SR) and SRF reflect its systemic
importance domestically given its size, significant deposit
market shares and the fact it is a core provider of credit and
other key financial services to the French economy. GBPCE is
considered a globally systemic financial institution according to
the Financial Stability Board. BPCE S.A.'s SR and SRF reflect its
integral role within GBPCE and Fitch's opinion that potential
state support to the group would flow through BPCE S.A.
RATING SENSITIVITY - IDRS, VR and SENIOR DEBT
The group's 'a' VR (and therefore 'A' IDR') is capped at its
current level by its dependence on wholesale funding. A downgrade
would likely result from an economic crisis in France that would
be severe enough to materially impact the group's capital ratios.
RATING SENSITIVITY - SUPPORT RATINGS, SUPPORT RATING FLOORS
GBPCE's and BPCE S.A.'s SRs and SRFs would be sensitive to a
decrease in Fitch's view of France's ability (as measured by its
rating) or willingness to support GBPCE. These ratings are also
sensitive to a change in Fitch's assumptions around the
availability of sovereign support for French financial
institutions. There is a clear political intention to ultimately
reduce the implicit state support for systemically important
banks in Europe, as demonstrated by a series of policy and
regulatory initiatives aimed at curbing systemic risk posed by
the banking industry. This might result in Fitch revising SRFs
down in the medium term, although the timing and degree of any
change would depend on ongoing developments and ongoing policy
discussions around support and 'bail in' for eurozone banks.
Until now, senior creditors in major global banks have been
supported in full, but resolution legislation is developing
quickly and the implementation of creditor "bail-in" is starting
to make it look more feasible for taxpayers and creditors to
share the burden of supporting large banks.
KEY RATING DRIVERS AND SENSITIVITY - IDRs OF SUBSIDIARIES
Under the affiliation, BPCE S.A. is legally committed to maintain
adequate liquidity and solvency for its subsidiaries. The
affiliation with BPCE S.A. concerns over 100 entities, including
the Banque Populaire and Caisse d'Epargne et de Prevoyance
networks, which are also part of the cross-support mechanism, as
well as the group's primary subsidiaries (Natixis, CFF, Banque
Palatine and BPCE International et Outre-Mer). The Long-and
Short-term IDRs of Natixis, Credit Foncier de France and Banque
Palatine are equalised with those of GBPCE as we view them as
core subsidiaries given their affiliation to BPCE S.A. The
affiliated subsidiaries' IDRs will therefore continue to move in
tandem with those of GBPCE unless there is a change in the
affiliation status, which Fitch views as extremely unlikely.
Natixis is GBPCE's largest subsidiary, as it represents slightly
less than half of its total assets. Natixis focuses on corporate
and investment banking, asset management and specialized
financial services products. It is highly integrated with its
parent in terms of management, balance sheet fungibility and
systems, meaning subsidiary and parent credit profiles are highly
correlated. Therefore, Fitch assigns common VRs to GBPCE and
Natixis. Given Credit Foncier de France's and Banque Palatine's
affiliation to and extremely strong integration within GBPCE,
they have not been assigned a VR.
KEY RATING DRIVERS AND SENSITIVITY - SUBORDINATED DEBT AND OTHER
HYBRID SECURITIES
Subordinated debt and other hybrid capital issued by the banks
are notched down from its VR in accordance with Fitch's
assessment of each instrument's respective non-performance and
relative loss severity risk profiles. Their ratings are primarily
sensitive to any change in the banks' VRs but also to any change
in Fitch's view of non-performance or loss severity risk relative
to the banks' viability.
The rating actions are:
Groupe BPCE
Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
Viability Rating: upgraded to 'a' from 'a-'
Support Rating: affirmed at '1'
Support Rating Floor: affirmed at 'A'
BPCE S.A.
Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
Support Rating: affirmed at '1'
Support Rating Floor: affirmed at 'A'
Senior unsecured debt: affirmed at 'A'
BMTN programme: affirmed at 'A'
EMTN programme: Long-term affirmed at 'A' and Short-term
affirmed at 'F1'
Short-term debt: affirmed at 'F1'
Innovative Tier 1: upgraded to 'BBB-' from 'BB+'
Non-innovative tier 1: upgraded to 'BBB-' from 'BB+'
Lower Tier 2: upgraded to 'A-' from 'BBB+'
Commercial paper: affirmed at 'F1'
Natixis
Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
Support Rating: affirmed at '1'
Viability Rating: assigned at 'a'
Senior unsecured debt: affirmed at 'A'
Market linked notes: affirmed at 'Aemr'
Lower Tier 2: upgraded to 'A-' from 'BBB+'
Hybrid capital instruments: upgraded to 'BBB-' from 'BB+'
BMTN programme: affirmed at 'A'
EMTN programme: Long-term affirmed at 'A' and Short-term
affirmed at 'F1'
Debt issuance programme guaranteed by Caisse des Depots et
Consignations (CDC): Long-term affirmed at 'AA+' and Short-term
affirmed at 'F1+'
Debt issuance programme guaranteed by BPCE S.A.: Long-term
affirmed at 'A' and Short-term affirmed at 'F1'
Senior unsecured debt guaranteed by Caisse des Depots et
Consignations (CDC): affirmed at 'AA+'
Certificate of deposit: affirmed at 'F1'
Commercial paper: affirmed at 'F1'
NBP Capital Trust I
Preferred stock: upgraded to 'BBB-' from 'BB+'
Credit Foncier de France
Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
Support Rating: affirmed at '1'
BMTN programme: affirmed at 'A'
EMTN programme: long-term affirmed at 'A' and short-term
affirmed at 'F1'
Senior unsecured debt: affirmed at 'A'
Certificate of deposits: affirmed at 'F1'
Banque Palatine
Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
Support Rating: affirmed at '1'
BMTN programme: affirmed at 'A'
Certificate of Deposits: affirmed at 'F1'
The following entities' Long-term IDRs have been affirmed at
'A'/Stable Outlook and their Short-term IDRs have been affirmed
at 'F1':
Banque Populaire Atlantique
Banque Populaire Bourgogne, Franche-Comte
Banque Populaire Aquitaine Centre Atlantique
Banque Populaire Cote d'Azur
Banque Populaire d'Alsace
Banque Populaire de l'Ouest
Banque Populaire de Lorraine-Champagne
Banque Populaire des Alpes
Banque Populaire du Massif-Central
Banque Populaire du Nord
Banque Populaire du Sud
Banque Populaire Loire et Lyonnais
Banque Populaire Occitane
Banque Populaire Provencale et Corse
Banque Populaire Rives de Paris
Banque Populaire Val-de-France
BRED - Banque Populaire
CASDEN - Banque Populaire
Groupe Credit Cooperatif
Credit Maritime Mutuel
Caisse d'Epargne et de Prevoyance d'Alsace
Caisse d'Epargne et de Prevoyance Aquitaine Poitou Charentes
Caisse d'Epargne et de Prevoyance d'Auvergne et du Limousin
Caisse d'Epargne et de Prevoyance de Bourgogne Franche-Comte
Caisse d'Epargne et de Prevoyance Bretagne-Pays de Loire
Caisse d'Epargne et de Prevoyance Cote d'Azur
Caisse d'Epargne et de Prevoyance Ile-de-France
Caisse d'Epargne et de Prevoyance du Languedoc Roussillon
Caisse d'Epargne et de Prevoyance Loire-Centre
Caisse d'Epargne et de Prevoyance Loire Drome Ardeche
Caisse d'Epargne et de Prevoyance de Lorraine Champagne-Ardenne
Caisse d'Epargne et de Prevoyance de Midi Pyrenees
Caisse d'Epargne et de Prevoyance Nord France Europe
Caisse d'Epargne et de Prevoyance Normandie
Caisse d'Epargne et de Prevoyance de Picardie
Caisse d'Epargne et de Prevoyance Provence Alpes Corse
Caisse d'Epargne et de Prevoyance de Rhone Alpes
Credit Cooperatif:
Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
BMTN Programme: affirmed at 'A'
Commercial paper: affirmed at 'F1'
TAURUS CMBS 2007-1: Fitch Cuts Ratings on 3 Note Classes to 'C'
---------------------------------------------------------------
Fitch Ratings has downgraded Taurus CMBS (Pan-Europe) 2007-1
Limited's class D to F notes and affirmed the others as follows:
EUR161.0m class A1 (XS0305732181) affirmed at 'BBB-sf'; Outlook
Negative
EUR10.9m class A2 (XS0309194248) affirmed at 'BBsf'; Outlook
Negative
EUR16.0m class B (XS0305744608) affirmed at 'Bsf'; Outlook
Negative
EUR23.3m class C (XS0305745597) affirmed at 'CCCsf'; Recovery
Estimate (RE) 80%
EUR18.4m class D (XS0305746215) downgraded to 'Csf' from 'CCsf';
RE0%
EUR2.5m class E (XS0309195567) downgraded to 'Csf' from 'CCsf';
RE0%
EUR1.9m class F (XS0309195997) downgraded to 'Csf' from 'CCsf';
RE0%
Key Rating Drivers
The affirmation of the class A1 to C notes is predominantly
driven by the stable performance of the Fishman JEC loan (57.3%
of the pool) and the switch to fully sequential paydown. Fishman
JEC, maturing in July 2014, is secured by 18 industrial office
and retail properties located across France. In December 2012,
the portfolio was revalued at EUR157.9 million, resulting in an
increased loan-to-value ratio (LTV) of 84.9%, against an LTV
covenant of 85%. Although performance is stable, the exit
strategy for this loan is uncertain, since Fitch estimates an
effective securitized leverage above 100% and there is a
possibility that the sponsor may file for French Safeguard
Procedure, as it did for the EUR14 million Fishman IBC loan in
July 2012. Once in safeguard, a workout could become lengthy and
costly.
The rest of the collateral has performed in line with Fitch's
expectations, except for the EUR16.8 million Ahouvi Leipzig loan
(7.2% of the pool). The loan is secured by a single let office
property in Leipzig, Germany and defaulted at maturity in January
2013. The collateral, which is highly over-rented (the estimated
rental value for the property is now approximately one-third of
current rent) and located outside the city center of Leipzig, was
revalued at EUR12.6 million in March 2013, down from EUR15.4
million in April 2012. As a result, the LTV ratio increased to
133% from 109.5% in April 2012 IPD.
The downgrades of the junior tranches reflect that expected
losses stemming from a seemingly inevitable workout of the Ahouvi
Leipzig loan (as well as the EUR5.7m WPC G&S loan) would result
in a full write-down of the class E and F notes and further
affect the class D notes.
Rating Sensitivities
Should the Fishman JEC borrower successfully file for safeguard
protection, delays to the recovery process may result in further
downgrades of the notes.
TECH FINANCE: Moody's Assigns 'B3' Rating to Senior Term Loan
-------------------------------------------------------------
Moody's Investors Service assigned a definitive B3 rating to the
senior secured term loans raised by Tech Finance & Co S.C.A. and
withdrew the provisional (P)B3 rating of the proposed senior
secured notes which Tech Finance & Co S.C.A decided not to issue.
Concurrently, Moody's affirmed Technicolor S. A.'s B3 Corporate
Family Rating (CFR) and B3-PD Probability of Default Rating
(PDR). The outlook on all ratings remains stable.
Ratings Rationale:
The new term loans contribute to improving Technicolor's
liquidity and to extend its debt maturity profile beyond 2016,
when the MPEG LA licensing pool, the group's largest profit
contributor, will expire.
Tech Finance & Co S.C.A., an independent, stand-alone special
purpose vehicle raised senior secured term loans of EUR838
million in tranches of US$830 million and EUR200million on July
11, 2013. The proceeds and part of Technicolor's cash balance
were ultimately used to purchase all of Technicolor's existing
bonds in an amount of EUR462 million and part of the group's
existing loans in an amount of EUR443 million through separate
tender and consent processes, which have been completed.
Technicolor expects to consolidate Tech Finance S.C.A. in its
consolidated financial statements.
The new debt structure aims at avoiding the structural
subordination of any new debt issued by Technicolor SA to its
outstanding debt that results from the previous debt
arrangements. The new debt structure should also provide the new
debt holders with a similar or even slightly stronger claim on
Technicolor's cash flows than under the legacy debt.
The existing debt of Technicolor S.A. acquired by Tech Finance &
Co S.C.A. will not be cancelled prior to its maturity in 2016/17
given the fact that the receivables of Tech Finance & Co S.C.A.
against the existing debt are pledged as collateral for the new
debt issued by Tech Finance & Co S.C.A., which gives the new debt
holders an indirect claim into the top holding company
Technicolor SA. In 2016/17 Moody's notes that the existing debt
comes due and Tech Finance & Co S.C.A.' claim against Technicolor
SA will be settled cashless through a string of different
intercompany transactions.
Moody's understands that the onlending of proceeds from and to
Tech Finance & Co S.C.A. via different intercompany transactions
is used to avoid an accumulation of cash within Tech Finance & Co
S.C.A. given the mismatch between the interest and principal
received by the Tech Finance & Co S.C.A. on the purchased
existing debt and the amounts owed on the new debt. However,
Moody's cautions that the implementation of various intercompany
onloans creates some complexity. For the instrument ratings
Moody's assumed that all onloans are enforceable, which is a
requirement for the transaction to work.
Based on the new capital structure, Moody's applies the following
ranking to Technicolor's debt instruments. Moody's might revisit
the relative ranking of Technicolor's debt instruments in 2016/17
once the group's existing debt comes due.
At the top of its debt waterfall Moody's ranks the new EUR100
million super senior revolving credit facility raised by Thomson
Licensing, the group's main cash generating subsidiary owning
substantially all of the groups' licenses in the Technology
segment. Moody's understands that the revolving credit facility
matures in 2018 and has essentially the same security package as
the new senior debt raised by Tech Finance & Co S.C.A. but on a
first priority basis. The security package predominantly consists
of the pledge on certain internal loans which are implemented as
part of this structure, share pledges and pledges over several
bank accounts. Moody's would also see an undrawn US$125 million
credit facility, provided by Wells Fargo at the top of Moody's
debt waterfall given that it is secured by a pledge of liquid
customer accounts receivables, generally from U.S. customers, and
certain bank accounts. Given that Moody's ranks trade creditors
in line with the most senior significant piece of debt Moody's
also ranks trade creditors at level one.
The new EUR838 million secured term loans raised by Tech Finance
& Co S.C.A is ranked in second position. Moody's understands that
the senior secured term loans are secured by the existing debt
owed by Technicolor SA to Tech Finance & Co S.C.A., the
receivables and other rights with respect to certain intercompany
loans as well as certain share pledges and bank accounts. The new
senior secured term loans rank junior to the super senior
revolving credit facility raised by Thomson Licensing. The new
senior secured term loans raised by Tech Finance & Co S.C.A. do
not directly benefit from upstream guarantees, but due to the
fact that the tendered legacy debt will not be cancelled, there
is an indirect claim on the upstream guarantees which the legacy
debt is benefiting from.
The remaining stub debt of EUR282 million issued by Technicolor
SA but not tendered benefits roughly from a similar collateral as
the new debt, but, due to the fact that Moody's assumes the
upstream guarantee from Thomson Licensing is of limited value to
legacy debt holders, and that the new debt has a direct claim on
Thomson Licensing, Moody's believes that the holders of the
legacy debt rank slightly below the holders of the new debt.
Therefore, Moody's ranks the legacy debt at three in Moody's debt
waterfall.
At the bottom of the debt waterfall Moody's ranks unfunded
pension obligations and lease rejection claims as they are
unsecured.
Positioning of the Corporate Family Rating
Technicolor's B3 corporate family rating reflects (i) the group's
high reliance on its Technology segment which accounts for around
two thirds of group EBITDA, (ii) Moody's expectation that the
licensing revenues generated by the Technology segment will drop
in 2016 when an important licensing agreement expires, and the
risk that the group may be unable to offset such loss with
revenues from other activities, (iii) Moody's expectation of
gradual decrease in demand for physical media, particularly DVDs,
in the longer-term which could lead to a decline of earnings
generated by the Entertainment Services segment which accounts
for one third of group EBITDA and (iv) the limited EBITDA and
cash flow contribution of the Connected Home segment.
On the positive side the rating takes into account (i) the
group's ability to generate positive free cash flow, (ii)
Technicolor's solid liquidity, (iii) the reduction of the group's
debt by EUR164 million in 2012 from the proceeds of an equity
injection and the disposal of its Broadcast business, as well as
(iv) low and gradually declining leverage relative to the rating
category. These factors contribute to position the rating solidly
in its category. However the operating cash-flow is expected to
decrease significantly in 2016/17 year-on-year with the expiry of
important licenses in the Technology segment and related
reduction in EBITDA. This is likely to lead to an increase in
leverage.
Moody's expects that the group will continue to generate positive
free cash flow over the next two to three years, which it expects
Technicolor to use to reduce gross debt whilst maintaining
adequate headroom under the covenants of its debt facilities.
Technicolor S.A.'s and Tech Finance & Co S.C.A.'s ratings were
assigned by evaluating factors that Moody's considers relevant to
the credit profile of the issuer, such as the company's (i)
business risk and competitive position compared with others
within the industry; (ii) capital structure and financial risk;
(iii) projected performance over the near to intermediate term;
and (iv) management's track record and tolerance for risk.
Moody's compared these attributes against other issuers both
within and outside Technicolor S.A.'s and Tech Finance & Co
S.C.A.'s core industry and believes Technicolor S.A.'s and Tech
Finance & Co S.C.A.'s ratings are comparable to those of other
issuers with similar credit risk. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.
Headquartered in Issy-les-Moulineaux, France, Technicolor is a
leading provider of solutions for the creation, management,
delivery and access of video for the Communication, Media &
Entertainment industries operating in three business segments.
Technicolor's smallest segment in terms of revenues, the
Technology segment, accounts for around two thirds of group
EBITDA in 2012 and generates revenues through the licensing of
patents and trademarks. The Entertainment Services segment
accounting for around one third of group EBITDA in 2012 mainly
provides creative services as well as services related to the
manufacturing and distribution of Blu-Ray and DVD discs for the
global media and entertainment industry. The Connected Home
segment, which achieved break-even EBITDA in 2012 provides set-
top boxes, gateways, managed wireless tablets and other connected
devices to Pay-TV operators and network service operators for the
delivery of digital entertainment, data, voice and smart home
services to their customers. In 2012 Technicolor generated
revenues of EUR3.6 billion.
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G E R M A N Y
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PRAKTIKER AG: 4,000 Jobs at Risk Following Insolvency Filings
-------------------------------------------------------------
According to Reuters' Andreas Cremer, Bild, citing Ulrich Kruse,
Praktiker AG's deputy board chairman, reported on Saturday that
as many as 4,000 jobs could be lost at Praktiker and its Max Bahr
chain following insolvency filings.
Reuters relates that Wirtschaftswoche reported about a dozen
Praktiker stores could shortly be closed, mainly shops that were
about to be converted to the Max Bahr brand which traditionally
had better profit margins.
Praktiker, as cited by Reuters, said on July 25 that its Max Bahr
unit would file for insolvency after a trade credit insurer,
named by unions as Coface, stopped providing coverage to
suppliers.
Praktiker, whose blue and yellow-branded stores selling paints,
tools and gardening products are a familiar sight in Germany's
out-of-town shopping centers, has been grappling with a decline
in sales and profitability since it ended a "20 percent off
everything" discount strategy, Reuters discloses.
As reported by the Troubled Company Reporter-Europe on July 29,
2013, Bloomberg News related that Praktiker's Max Bahr do-it-
yourself stores filed for insolvency after suppliers lost their
insurance cover, joining its home-improvement retailing parent
company in bankruptcy proceedings. Hamburg's higher regional
court said in a statement on July 26 that Attorney Jens-Soeren
Schroeder will be the insolvency administrator for three Max Bahr
units and Christopher Seagon will oversee proceedings for a
fourth, Bloomberg disclosed. Mr. Seagon is also the
administrator for the Praktiker-branded businesses that filed for
bankruptcy protection in mid-July, Bloomberg noted.
Praktiker AG is a German home-improvement retailer.
TALISMAN 1 FINANCE: S&P Withdraws 'D' Rating on Class G Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'D (sf)' credit
rating on Talisman 1 Finance PLC's class G notes, following their
redemption at a loss. These were the only outstanding notes that
S&P rated in this transaction.
S&P has withdrawn its rating on the class G notes following the
receipt of the cash manager's report, which confirms that the
notes redeemed at a loss on the July 2013 interest payment date.
The notes were scheduled to mature in January 2014.
Talisman 1 Finance was a German commercial mortgage-backed
securities (CMBS) transaction, which closed in 2005.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
===========
G R E E C E
===========
* GREECE: Int'l Creditors Clear EUR2.5-Bil. Bailout Installment
---------------------------------------------------------------
The Associated Press reports that Greece's international
creditors have cleared a EUR2.5 billion (US$3.3 billion)
installment of bailout loans following the approval of new
austerity measures by authorities in Athens.
European Commission spokesman Simon O'Connor said the decision
was made by deputy finance ministers of the 17-country eurozone
on Friday, the AP relates.
Mr. Connor, as cited by the AP, said that Greece will also get a
EUR1.5 billion payout stemming from profits on bonds bought by
the European Central Bank under a now-defunct bond-buying
program.
Greece has approved new debt reduction measures, including
thousands of public sector job cuts, to meet the conditions that
are part of its EUR240 billion rescue package from its EU
partners and the International Monetary Fund, the AP discloses.
=============
I C E L A N D
=============
LANDSVIRKJUN: Moody's Rates US$1-Bil. Note Program '(P)Ba2'
-----------------------------------------------------------
Moody's Investors Service has assigned a provisional long-term
senior unsecured rating of (P)Ba2 and short-term Not Prime (NP)
rating to a new US$1 billion euro medium-term note program of
Landsvirkjun. The outlook assigned to the ratings is stable.
Ratings Rationale:
The (P)Ba2/NP ratings reflect the standalone credit quality of
Landsvirkjun, expressed as a baseline credit assessment (BCA) of
b1 together with two notches of uplift to reflect the likelihood
of extraordinary support being provided by the Government of
Iceland (Baa3 stable) in the event this was needed to avoid a
payment default. This uplift reflects the high level of
commitment that Iceland has shown in the past by the provision of
guarantees of collection to support Landvirkjun's debt and the
strategic importance of Landsvirkjun to Iceland, given the
company's position as the country's dominant electric utility,
and the significant role it plays in the provision of electricity
to the aluminum smelting industry.
Moody's says that Landsvirkjun has until now issued debt that
benefits from a guarantee of collection from the Government of
Iceland, and the (P)Baa3/Baa3/(P)Prime-3 ratings assigned to
Landsvirkjun's US$2.5 billion backed EMTN program reflect this
additional credit support. Whilst the guarantees of collection
are not a timely payment guarantee and therefore do not offer
bondholders the same degree of protection as a direct payment
guarantee, Moody's expects that the state is highly likely to
intervene in a timely fashion and provide financial or other
assistance to support notes issued thereunder if needed to ensure
timely payment.
Given the absence of the guarantee of collection, the ratings
assigned to the new US$1 billion EMTN program are lower than that
assigned to the US$2.5 billion backed EMTN program. Nevertheless,
the rating agency recognizes that the Icelandic government has
strong incentives to provide support to Landsvirkjun to avoid a
potential default of the company on its unguaranteed obligations,
given cross-default provisions embedded in the terms of the two
programs, and hence the two notch uplift to Landsvirkjun's
standalone credit quality is warranted.
Given Landsvirkjun's 100% ownership by the Government of Iceland,
Moody's considers the company to be a government-related issuer.
Therefore, its rating is determined by an assessment of its
standalone credit quality (expressed as a baseline credit
assessment), and factors pertaining to the likelihood of
extraordinary support being provided by the Government of
Iceland.
Landsvirkjun's b1 BCA reflects (1) the company's high financial
leverage; (2) exposure to aluminum prices in a weak commodity
market; (3) concentrated exposure to a comparatively small number
of counterparties in the aluminum industry; (4) currency risk;
and (5) vulnerability to increases in funding costs in the event
of higher interest rates. However, these negatives are partially
offset by Landsvirkjun's dominant position in the Icelandic
energy market, supported by the company's low-cost renewable
generation asset base, albeit in a small and isolated market.
Given the support assumption embedded within its ratings, the
stable outlook on the ratings of Landsvirkjun reflects the stable
outlook on the Icelandic government's ratings.
What Could Change The Rating Up/Down
An improvement in the sovereign rating would be required before
Moody's would consider an upgrade of Landsvirkjun's ratings under
an assumption of a continued very high support from the
government.
Moody's would expect to downgrade Landsvirkjun's ratings (1)
following any downgrade of the sovereign rating; or (2) if it
were to perceive that there were a reduced likelihood of the
government providing timely support to Landsvirkjun. In addition,
a deterioration in the standalone credit quality of Landsvirkjun
could exert downward rating pressure.
The methodologies used in this rating were Unregulated Utilities
and Power Companies published in August 2009, and Government-
Related Issuers: Methodology Update published in July 2010.
Headquartered in Reykjavik, Landsvirkjun is Iceland's largest
electric utility. It owns the majority of Iceland's transmission
grid and is responsible for 70% of the country's total
electricity production of 17.5 terawatt hours (TWh). It provides
energy for domestic users via sales of electricity to public
utilities, although the bulk of sales are to power-intensive
industries for aluminum smelting. In 2012, Landsvirkjun's
revenues amounted to US$408 million.
=============
I R E L A N D
=============
SMURFIT KAPPA: Fitch Cuts Senior Debt & Notes' Ratings to 'BB'
--------------------------------------------------------------
Fitch Ratings has downgraded Smurfit Kappa Acquisitions and
Smurfit Kappa Treasury Funding's senior debt and notes to 'BB',
following the release of security. Smurfit Kappa Group's (SKG)
Long-term foreign currency Issuer Default Rating (IDR; BB/Stable)
is not affected by this rating action.
SKG has completed the refinancing of its secured credit facility
with a new unsecured bank facility. The release of the security
on the credit facility also triggered the release of the security
on all the outstanding bonds issued by the controlled companies
Smurfit Kappa Acquisitions and Smurfit Kappa Treasury Funding.
Fitch previously rated the secured notes one notch higher than
SKG's IDR, incorporating the benefit from the security and the
collateral. The agency placed the secured notes on Rating Watch
Negative (RWN) in June 2013, following the announcement of the
refinancing and pending its completion. Following the execution
of the refinancing and the release of the security on the bonds,
the one-notch uplift is no longer justified. Fitch has therefore
downgraded the instruments' ratings, equalizing them with the
IDR.
KEY RATING DRIVERS
-- Improved Debt Profile
Fitch views the refinancing as positive, as it completes the
transformation of the group's debt structure from a "leveraged
finance" style into a more simple structure, with all long-term
debt issued on an unsecured basis and ranking pari passu.
-- Rating Headroom
SKG continues to show steady deleveraging and improvement in its
credit metrics. Funds from operations gross leverage improved in
2012 to 3.9x from 4.3x in 2011. Fitch expects this metric to
further improve to 3.6x in 2013, notwithstanding the expected
increase in capex to a normalized level of 95%-100% of
depreciation. SKG's credit metrics have ample margins within the
current rating category.
Rating Sensitivities
Positive: Future developments that could lead to positive rating
actions include:
-- The continuation of the current path in debt reduction and
the improvement in credit metrics, with FFO adjusted leverage
improving to below 3.5x, free cash flow (FCF)/revenue
remaining above 1% and FFO interest coverage increasing to
above 3.0x.
Negative: Future developments that could lead to negative rating
action include:
-- A material deterioration in the operating performance, with
sustained negative FCF.
-- A re-leveraging of the group, due to either deterioration in
trading conditions or to M&A activity, with FFO adjusted
leverage worsening to above 4.5x.
Full List of Rating Actions:
The RWN on the following instruments' ratings has been removed
and the ratings have been downgraded to 'BB' from 'BB+':
Smurfit Kappa Acquisitions
EUR500m notes due 2017
EUR200m and USD300m notes due 2018
EUR500m notes due 2019 EUR400m and EUR250m notes due 2020
Smurfit Kappa Treasury Funding
USD292m notes due 2025
=========
I T A L Y
=========
BANCA MONTE: EU Commissioner Demands Tougher Penalties
------------------------------------------------------
Alex Barker, Guy Dinmore and Rachel Sanderson at The Financial
Times report that Brussels is demanding that Monte dei Paschi di
Siena be subjected to tougher penalties before it approves the
EUR3.9 billion state bailout of Italy's third-biggest bank by
assets.
According to private correspondence seen by the FT, the EU's
competition enforcer told Italy that the proposed restructuring
plan for the 500-year-old lender is too soft on executive pay,
cost-cutting and treatment of creditors.
Joaquin Almunia, the EU commissioner who polices bank bailouts,
told Italy's finance minister Fabrizio Saccomanni that without
"urgent" changes he would launch a full-blown EU probe, a six-
month process that could lead to imposed penalties or the forced
repayment of the EUR3.9 billion state loans, the FT discloses.
The FT relates that in a letter dated July 16, Mr. Almunia wrote
that his foremost concern was with the viability of the bank, but
added: "In order to allow the bank to restore its viability the
existing restructuring plan needs still to be improved."
Specific concerns listed include cost-cutting and expected
profitability, the lender's prudence in setting money aside for
losses, its trading activities, exposure to sovereign risk,
policies on buying back debt and excessive executive pay, the FT
discloses.
Close EU scrutiny of MPS could reignite concerns about the
Italian banking system, the FT says. While Rome extended
billions in loans that can be converted to equity, it has
doggedly avoided nationalization of MPS since corruption scandals
exploded 18 months ago about the bank's former management, the FT
notes.
Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector. It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts. In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services. The Company comprises more than 3,000
branches, and a structure of channels of distribution. Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa. It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.
* * *
As reported by the Troubled Company Reporter-Europe on June 19,
2013, Standard & Poor's Ratings Services said that it lowered its
long-term counterparty credit rating on Italy-based Banca Monte
dei Paschi di Siena SpA (MPS) to 'B' from 'BB', and affirmed the
'B' short-term rating. S&P also lowered its rating on MPS' Lower
Tier 2 subordinated notes to 'CCC-' from 'CCC+'. S&P affirmed
the ratings on MPS' junior subordinated debt at 'CCC-' and on its
preferred stock at 'C'. At the same time, S&P removed the
ratings from CreditWatch, where it placed them with negative
implications on Dec. 5, 2012.
* ITALY: Fitch Updates Residential Mortgage Criteria Assumptions
----------------------------------------------------------------
Fitch Ratings has updated its criteria assumptions for assessing
credit risk in Italian residential mortgage loan pools. The
updated criteria assumptions in themselves are not expected to
result in rating actions on existing RMBS transactions or Italian
covered bonds programs (CVBs). In particular, for CVBs Fitch will
re-calculate the breakeven asset percentage (AP) for the current
ratings within the next three months, which may marginally
increase.
The main changes relate to the low prepayment stresses assumed by
Fitch which have been reduced to reflect the fact that observed
prepayment rates have reached a historical minimum. Low interest
rates and credit tightening are expected to further curb
borrowers' incentive and ability to refinance. Therefore,
prepayments are expected to remain low in the near to medium
term.
The macroeconomic variables affecting default probability have
deteriorated. Foreclosure frequency and house price decline
assumptions remain unchanged given they incorporate an adequate
cushion to account for Fitch's forecasts for lower GDP growth and
higher unemployment. The agency has also maintained it rating
scenario multiplier for deriving higher rating level stresses but
increased its 'BB' multiplier to 1.3x from 1.1x to provide
greater differentiation among lower rating categories.
House price growth in Italy was lower than in other European
countries during the boom up to 2008. The decrease in nominal
house prices has been limited so far to 12% driven by the
deteriorating Italian macroeconomic situation and credit
tightening from lenders. Since the Italian economy is still under
pressure as a consequence of the ongoing eurozone debt crisis and
recovery is not expected before the second half of 2013, Fitch
believes there is room for further price falls of up to 11%.
The published criteria assumptions will be used for rating new
and existing RMBS transactions and CVBs. The market value decline
assumptions will also be used for SME CLOs secured by residential
real estate.
The updated criteria assumptions in themselves are not expected
to result in rating actions on existing RMBS transactions since
most rating actions taken to date already reflect the factors
that have been added to the criteria development process.
This report entitled "EMEA Criteria Addendum - Italy: Mortgage
Loss and Cash Flow Assumptions", replaces the "EMEA Criteria
Addendum - Italy" published on July 30, 2012, at
www.fitchratings.com. The report should be read together with the
reports entitled "EMEA RMBS Master Rating Criteria", "EMEA
Residential Mortgage Loss Criteria", and "EMEA RMBS Cash Flow
Analysis Criteria", published June 6, 2013, for a comprehensive
understanding of Fitch's approach for rating Italian RMBS.
* Fitch Takes Rating Actions on Italian Mid-Sized Banks
-------------------------------------------------------
Fitch Ratings has downgraded Banca Popolare di Sondrio's (BPS)
Long-term Issuer Default Ratings (IDR) to 'BBB' from 'BBB+',
Banca Popolare dell'Emilia Romagna's (BPER) to 'BB+' from 'BBB
and Banca Carige's (Carige) to 'BB' from 'BB+'. The agency has
also placed Banca Popolare di Milano's (BPM) 'BBB-' Long-term IDR
on Rating Watch Negative (RWN). Simultaneously, Fitch has
affirmed Banco di Desio e della Brianza's (BDB) and Credito
Emiliano's (Credem) Long-term IDRs at 'BBB+' and Banca Popolare
di Vicenza's (BPV) and Credito Valtellinese's (Creval) Long-term
IDRs at 'BB+'.
The Outlooks on the banks' Long-term IDRs are Negative, with the
exception of BPM, whose Long-term IDR is on RWN. The Negative
Outlooks on BDB, Credem, BPS, Creval and BPV's Long-term IDRs
reflect these banks' vulnerability to the recessionary domestic
environment. Fitch sees downside risk to its forecast for Italy's
GDP growth, and a further weakening of individual banks'
fundamentals could result in a downgrade of their IDRs. The
Negative Outlooks on BPER and Carige's Long-term IDRs, which are
at their respective Support Rating Floors (SRFs), relate to the
Negative Outlook on Italy's Long-term IDR and reflect Fitch's
view that a downgrade of Italy's sovereign rating could change
the agency's view on the availability of support for Italian
banks.
The rating actions follow a periodic review of the eight banking
groups. Fitch has published the main findings of this review in a
new report, ' Peer Review: Italian Mid-Sized Banks ', available
at www.fitchratings.com. Fitch concludes that the Italian mid-
sized banks are still vulnerable to a further deterioration of
the domestic economy. However, the agency believes that while
profitability will remain low, banks have stabilized their
funding and liquidity and some progress is being made to
strengthen capitalization. Fitch expects impaired loan ratios to
deteriorate further throughout 2013 and does not see an
improvement until signs of a domestic recovery become evident.
Fitch still sees the main risk for further assets quality
deterioration arising from the banks' exposure to the SME
segment. The real estate and construction and the manufacturing
sectors remain the most volatile. Rising unemployment represents
an additional threat to asset quality, but residential mortgage
loans have continued to perform well.
After the Italian banking regulator completed an inspection at
those banks that will likely be subject to European supervision,
reserve coverage ratios of impaired loans have remained stable
despite severe asset quality deterioration helped by significant
impairment charges in H212 and H113. The inspection resulted in a
more conservative valuation of collateral that underlies impaired
loans. Fitch considers it unlikely that the Italian mid-sized
banks' impaired loans coverage ratio will decrease significantly
over the coming quarters.
Over the medium-term capital ratios should increase to more
adequate levels given the risks of the banks' business models.
The losses reported by most of the rated Italian mid-sized banks,
combined with most of them being subject to supervision by the
European Central Bank, has made the need to increase capital more
pressing. Fitch expects more new share capital increases than
those already announced to take place. Initiatives to reduce
risk-weighted assets and plans to move to advanced internal
ratings based approach models continue.
Access to customer funding and longer-term refinancing operations
(LTROs) helped stabilize the mid-sized banks' funding profiles.
Funding plans for 2013 largely rely on issuance of long-term debt
through the branch networks but a number of banks are ready for
public institutional issues in preparation for LTROs maturities.
The weak demand for lending, ECB access, increasing customer
deposits and the absence of large wholesale market maturities
have helped Italian mid-sized banks maintain adequate liquidity
reserves.
Fitch expects the weak operating profitability of the Italian
mid-sized banks to remain under pressure throughout H213 and
until signs of a domestic recovery materialize. Operating
revenues are hurt by declining net interest income (NII), which
still represents their largest revenue source, and high loan
impairment charges (LICs). Higher net fees and commissions and
lower non-interest expenses should relieve some of the pressure
on operating profit.
KEY RATING DRIVERS - IDRs, VRs AND SENIOR DEBT
BDB's IDRs and VR have been affirmed as the bank's performance
has been resilient, despite the difficult operating environment.
Its results have continued to benefit from its prudent lending
policies and a well-diversified loan book - both by borrower and
by industry. During the recession, asset quality deterioration
has been moderate compared to most domestic peers (its impaired
loans ratio was equal to nearly 7% at end-2012 against an average
10% for peers) and the bank can rely on a large and stable
customer deposit base, its extremely low access to wholesale
funding, and sound capitalization (Fitch Core Capital (FCC) ratio
was equal to 12.5% at end-Q113).
Credem's IDRs and VR have been affirmed as the bank has been able
to generate positive returns despite the difficult operating
environment mainly thanks to lower than peers' LICs which reflect
its prudent credit risk approach and conservative underwriting
practices. Credem's credit risk management remains sound and its
attitude to credit risk prudent, which results in still adequate
asset quality ratios, with gross impaired loans accounting for
just 5% of gross loans at end-Q113, the lowest level among its
peers. The ratings affirmation also reflects Credem's adequate
capitalization in light of its asset quality and solid internal
capital generation capabilities. In Q313 Credem completed a
EUR500 million covered bond issue on the institutional market at
a pricing below that of Italian government debt with equivalent
maturity, demonstrating the bank's good market access, which
Fitch considers a valuable addition to its strong customer
funding base, also in anticipation of upcoming LTRO maturities.
BPS' IDR and VR have been downgraded to reflect its weakening
capital ratios and delays in adopting effective measures to
strengthen its capital in connection with Fitch's expectations
that the operating environment will remain difficult and LICs
high. Nonetheless, asset quality remains manageable and better
than at most domestic peers with gross impaired loans accounting
for 6.85% of gross loans at end-Q113, and the bank's performance
deteriorated less than at most peers'. Funding and liquidity
remain stable and benefit from the bank's solid customer base.
BPM's IDRs and VR have been placed on RWN to reflect Fitch's view
that the ratings would come under pressure if the bank is unable
to complete its reorganization by strengthening corporate
governance. BPM's ratings reflect Fitch's expectation that it
will raise EUR500 million fresh capital through a new share issue
to service the reimbursement of the government hybrid capital
received in 2009 and which took place in June 2013. BPM's
efficiency ratio has improved, which should help operating
profitability, and funding and liquidity are stable and
acceptable. BPM's ratings continue to reflect its deteriorating
asset quality, its above-average exposure to the real estate and
construction sectors and increasing impaired loans.
BPER's IDRs and VR have been downgraded to reflect its
deteriorated asset quality, which, in Fitch's view, represents
the bank's major weakness. BPER's level of impaired loans is the
highest among peers with end-Q113 gross impaired loans
representing a very high 15% of total gross loans. Consequently,
profitability is dented by high LICs, which in both Q113 and 2012
absorbed all of BPER's pre-impairment operating profit. Fitch
expects LICs to remain high throughout 2013, threatening
operating profitability and the effect of management progress in
reducing personnel and administrative expenses and sustaining
operating revenues. The high level of unreserved impaired loans,
accounting for more than 100% of FCC, means that BPER's
capitalization with a FCC ratio of 9.2% is, in Fitch's opinion,
tight. BPER's ratings reflect its adequate liquidity position
thanks to its customer deposit base, the large availability of
unencumbered eligible assets for refinancing operations and the
absence of wholesale bonds maturities in H213 and 2014.
BPV's IDRs and VR have been affirmed to reflect progress in
strengthening capital to more adequate levels through a EUR250
million new share issue in the process of being completed and the
issue of additional EUR250 million debt, convertible into equity
at the option of the bank during 2015, which allows the bank to
improve capitalization further in a reasonable time frame. BPV's
IDRs and VR continue to reflect its weak asset quality and modest
profitability -- although these remained more resilient than most
of its immediate peers during 2012. The ratings also factor in
the bank's improved funding and liquidity profile, which however
remains weaker than at most peers.
Creval's IDRs and VR have been affirmed as the asset quality
deterioration and weak performance experienced by the bank have
remained in line with Fitch's expectations. Creval's
capitalization remains modest compared to peers' despite actions
taken to improve it. Funding and liquidity are acceptable and in
line with peers.
Carige's Long-term IDR and VR have been downgraded and the latter
has been placed on RWN to reflect the execution risk in its
current capital strengthening plan to restore its tight
capitalization to more acceptable levels. Carige's FCC ratio
stood at 6.2% at end-Q113, which Fitch considers weak considering
the high level of unreserved impaired loans that account for more
than 100% of FCC. Carige needs to raise EUR800 million capital
through a combination of asset disposals and a new share issue,
whose implementation remains however uncertain under current
market conditions. Carige's IDRs and VRs reflect its weak
profitability, deteriorated asset quality, and some reliance on
ECB funding.
RATING SENSITIVITIES - IDRs, VRs AND SENIOR DEBT
BDB's IDRs and Outlook are in line with Italy's sovereign IDRs
and Outlook and are currently capped at that level. A downgrade
of the sovereign rating would result in a downgrade of BDB's
ratings, in line with Fitch's criteria. Greater-than-expected
asset quality deterioration, significant reported losses or a
weakening of BDB's funding and liquidity position would put
pressure on its ratings.
Credem's IDRs and Outlook are in line with Italy's sovereign IDRs
and Outlook and are currently capped at that level. A downgrade
of the sovereign rating would result in a downgrade of Credem's
ratings, in line with Fitch's criteria. At the same time,
material asset quality deterioration, which Fitch currently does
not expect given the bank's sound underwriting standards, or a
weakening of its funding and liquidity position would put
pressure on its ratings.
BPS's IDR and VR could be upgraded if the bank strengthened its
capitalization through the economic cycle, and if internal
capital generation was sufficient to maintain significant capital
buffers above the regulatory minimum despite the bank's high
dividend pay-out policy. Material asset quality deterioration,
material losses or a weakening of its funding and liquidity
position would put further pressure on BPS's ratings.
Fitch expects to resolve the RWN on BPM's IDRs and VR by early
2014, by when the bank's shareholders are expected to have taken
decisions on whether to continue the strengthening of BPM's
corporate governance. The ratings would come under pressure if
improvements in the bank's corporate governance were delayed,
which in Fitch's opinion would increase the risk that the bank
did not continue the progress made to date in improving cost
efficiency, strengthening loan underwriting standards and credit
risk monitoring procedures as well as strengthening capital
through a recently approved EUR500 million capital increase.
BPM's VR and IDRs would also come under pressure if asset quality
continued to deteriorate materially, or if liquidity and funding
weakened.
BPV's IDR and VR would come under pressure if operating
profitability deteriorated further or if the inflow of new
impaired loans rose materially above Fitch's current
expectations. An upgrade of the ratings would require evidence
that the bank can improve asset quality from its current weak
levels, which would likely require an improvement of the
operating environment.
BPER's Long-term IDR is based on the bank's 'bb+' VR. A downgrade
of BPER's VR would only trigger a downgrade of its Long-term IDR
if the bank's 'BB+' SRF was revised downwards.
BPER's VR would come under further pressure if the bank's
operating profitability failed to recover despite management's
efforts to improve efficiency and revenue generation. Failure to
slow the increase in the bank's stock of impaired loans, which
have to date required significant LICs and represent a burden to
be managed, or an unexpected material inflow of new impaired
exposure could trigger a downgrade of its 'bb+' VR. An upgrade of
the VR, which is unlikely in the short-term, would require
evidence that the bank can return to generate operating profit
and improve asset quality from its currently weak levels.
Creval's IDR and VR would come under pressure if asset quality
were to deteriorate further and capitalization got tighter. The
ratings are also sensitive to a deterioration of the bank's
funding structure. Upward pressure on the ratings would require a
material improvement of asset quality and a stronger
capitalization.
Carige's Long-term IDR is currently based on the bank's 'bb' VR.
A downgrade of Carige's VR to below its 'BB' SRF would not result
in a downgrade of its Long-term IDR as the latter is currently at
the same level as its SRF. The resolution of the RWN on Carige's
VR is subject to the successful completion of its capital
strengthening plan within the timeframe indicated by the bank by
year-end. Failure or substantial delays in raising the necessary
amount of capital would likely result in a downgrade of its VR,
potentially by more than one notch.
KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR
Fitch has affirmed the Support Ratings (SRs) and SRFs for the
eight banks. The SRs reflect Fitch's expectation of the
probability that the authorities would provide support to the
banks if needed. Fitch notes that the medium-sized banks have
strong local franchises and relatively large customer funding
bases. Customer funding from retail clients also includes senior
and, to a lesser extent, subordinated debt distributed through
the banks' branch network.
Fitch's assumptions for support are based on the expectation that
in the current difficult market environment the propensity to
support local banks remains high. The SRFs reflect Fitch's view
of the ranking of the banks by size and franchise. The SRs of all
banks is '3', with the exception of BDB, whose '4' SR and 'B+'
SRF reflects its ownership structure and its relatively small
size.
RATING SENSITVITIES - SUPPORT RATING AND SUPPORT RATING FLOOR
The SRs and SRFs are sensitive to any change in assumptions
around the propensity or ability of the Italian authorities to
provide timely support to the banks.
The Italian state's ability to provide such support is dependent
upon its creditworthiness, reflected in its 'BBB+/Negative' Long-
term IDR. A downgrade of Italy's sovereign rating could change
the agency's view on availability of support for Italian banks.
The SRs and SRFs are also sensitive to a change in Fitch's
assumptions around the availability of sovereign support for
Italian financial institutions. There is a clear political
intention to ultimately reduce the implicit state support for
banks in Europe, as demonstrated by a series of policy and
regulatory initiatives aimed at curbing systemic risk posed by
the banking industry. This may result in Fitch revising SRFs down
in the medium term, although the timing and degree of any change
would depend on ongoing developments and policy discussions
around support and "bail-in" for eurozone banks. Resolution
legislation is developing quickly and the implementation of
creditor "bail-in" is starting to make it look more feasible for
taxpayers and creditors to share the burden of supporting banks.
KEY RATING DRIVERS AND SENSITIVITIES - SUBORDINATED DEBT AND
OTHER HYBRID SECURITIES
Subordinated debt and other hybrid capital issued by Italian mid-
sized banks are all notched down from their respective VRs in
accordance with Fitch's assessment of each instrument's
respective non-performance and relative loss severity risk
profiles. Their ratings are primarily sensitive to any change in
the banks' VRs but also to any change in Fitch's view of non-
performance or loss severity risk relative to the banks'
viability.
The rating actions are:
Banco di Desio e della Brianza
Long-term IDR: affirmed at 'BBB+'; Outlook Negative
Short-term IDR: affirmed at 'F2'
Viability Rating: affirmed at 'bbb+'
Support Rating: affirmed at '4'
Support Rating Floor: affirmed at 'B+'
Credito Emiliano
Long-term IDR: affirmed at 'BBB+'; Outlook Negative
Short-term IDR: affirmed at 'F2'
Viability Rating: affirmed at 'bbb+'
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB'
Senior unsecured notes and EMTN programme: affirmed at 'BBB+'
Banca Popolare di Sondrio
Long-term IDR: downgraded to 'BBB' from 'BBB+'; Outlook Negative
Short-term IDR: downgraded to 'F3' from 'F2'
Viability Rating: downgraded to 'bbb' from 'bbb+'
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB'
Banca Popolare di Milano
Long-term IDR: 'BBB-' placed on RWN
Short-term IDR: 'F3' placed on RWN
Viability Rating: 'bbb-' placed on RWN
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB+'
Senior unsecured notes and EMTN programme: 'BBB-'/'F3' placed on
RWN
Subordinated Lower Tier 2 debt: 'BB+' placed on RWN
Preferred stock and hybrid capital instruments: affirmed at
'CCC'
Banca Popolare dell'Emilia Romagna
Long-term IDR: downgraded to 'BB+' from 'BBB'; Outlook Negative
Short-term IDR: downgraded to 'B' from 'F3'
Viability Rating: downgraded to 'bb+' from 'bbb'
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB+'
Senior unsecured notes and EMTN programme: long-term rating
downgraded to 'BB+' from 'bbb', short-term rating downgraded to
'B' from 'F3'
Subordinated notes: downgraded to 'BB' from 'BBB-'
Banca Popolare di Vicenza
Long-term IDR: affirmed at 'BB+'; Outlook Negative
Short-term IDR: affirmed at 'B'
Viability Rating: affirmed at 'bb+'
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB'
Senior unsecured notes and EMTN programme: affirmed at 'BB+'/'B'
Market-linked senior notes: affirmed at 'BB+emr'
Subordinated Lower Tier 2 notes: affirmed at 'BB'
Credito Valtellinese
Long-term IDR: affirmed at 'BB+'; Outlook Negative
Short-term IDR: affirmed at 'B'
Viability Rating: affirmed at 'bb+'
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB'
Senior unsecured notes, including notes guaranteed by Credito
Valtellinese, and EMTN programme: affirmed at 'BB+'/'B'
Banca Carige
Long-term IDR: downgraded to 'BB' from 'BB+'; Negative Outlook
Short-term IDR: affirmed at 'B'
Viability Rating: downgraded to 'bb' from 'bb+' and placed on
RWN
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB'
Senior unsecured notes: long-term rating downgraded to 'BB' from
'BB+'; short-term rating affirmed at 'B'
Subordinated notes: downgraded to 'BB-' from 'BB' and placed on
RWN
===================
K A Z A K H S T A N
===================
* KAZAKHSTAN: S&P Applies Revised Insurance Criteria to Insurers
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has reviewed its
ratings on six insurers based in Kazakhstan and Belarus, by
applying its new ratings criteria for insurers, which were
published on May 7, 2013.
S&P will publish individual analytical reports on the insurance
groups identified below, including a list of ratings on
affiliated entities.
RATINGS LIST
(All ratings are affirmed, except where a "from" rating is
indicated.)
Belarusian National Reinsurance Organization
Counterparty Credit Rating
Local Currency B-/Positive/--
Financial Strength Rating
Local Currency B-/Positive/--
To From
Eurasia Insurance Co.
Counterparty Credit Rating
Local Currency BB+/Stable/-- BB/Positive/--
Financial Strength Rating
Local Currency BB+/Stable/-- BB/Positive/--
Kazakhstan National Scale kzAA-/--/-- kzA/--/--
Grain Insurance Co. JSC
Counterparty Credit Rating
Local Currency B/Stable/--
Financial Strength Rating
Local Currency B/Stable/--
Kazakhstan National Scale kzBB+/--/--
Insurance Company Tsesna-Garant JSC
Counterparty Credit Rating
Local Currency B/Stable/--
Financial Strength Rating
Local Currency B/Stable/--
Kazakhstan National Scale kzBB+/--/--
To From
JSC Oil Insurance Co
Counterparty Credit Rating
Local Currency B+/Stable/-- B+/Positive/--
Financial Strength Rating
Local Currency B+/Stable/-- B+/Positive/--
Kazakhstan National Scale kzBBB/--/-- kzBBB/--/--
To From
Insurance Co. Kazkommerts-Policy JSC
Counterparty Credit Rating
Local Currency B+/Negative/-- B/Negative/--
Financial Strength Rating
Local Currency B+/Negative/-- B/Negative/--
Kazakhstan National Scale kzBBB-/--/-- kzBBB-/--/--
===========
N O R W A Y
===========
* NORWAY: Bankruptcy Figures Up 46% in Second Quarter 2013
----------------------------------------------------------
The Norway Post reports that the number of bankruptcies in Norway
continues to go up.
In the second quarter, the number of bankruptcies was 1,316, a
rise of 46% compared with the same quarter last year, the Norway
Post discloses.
According to the Norway Post, the largest increase in percentage
terms were in the counties of Oslo and Hedmark, with 125 and 93%
more bankruptcies respectively.
A total of 910 bankruptcies were related to enterprises (except
sole proprietorships), the Norway Post notes. Twenty-seven
percent of these were in construction, while 25% were in
wholesale and retail trade, the Norway Post states.
The remaining 406 bankruptcies were related to sole
proprietorships and personal bankruptcies, the Norway Post says.
Two out of five were in construction, the Norway Post discloses.
According to the Norway Post, during the first six months of this
year, 2, 500 bankruptcies were registered. This is an increase
of 26% compared with the same period in 2012, the Norway Post
states.
===========
P O L A N D
===========
* CITY OF OLSZTYN: Fitch Affirms 'BB+' Long-Term Currency Ratings
-----------------------------------------------------------------
Fitch Ratings has affirmed the Polish City of Olsztyn's Long-term
foreign and local currency ratings at 'BB+' with Stable Outlook
and Long-term National Rating at 'BBB+(pol)' with a Stable
Outlook.
Key Rating Drivers
The affirmation reflects Fitch's expectation that the city's
operating performance will stabilize, with an operating balance
that may satisfactorily exceed the debt service in 2013-2015. The
ratings reflect the lower pressure on Olsztyn's debt resulting
from EU co-financed investments and the city's management policy
to limit debt growth. The ratings also take into account the
expected growth in the debt of municipal companies.
Fitch forecasts that Olsztyn's operating balance could reach
PLN75 million in 2015 as a result of the continuation of the
operating cost rationalization and due to the city authorities'
efforts to support the local tax base expansion. For 2013-2015,
the operating balance should satisfactorily cover the annual debt
service of PLN38 million on average. It may also provide the city
with some room to repay its debt early, as declared by the city's
management.
In 2012, the operating balance was PLN72.8 million, which was
PLN14.6 million higher than budgeted by the city in its first
budget. The surplus was a result, among others, of the repayment
of PLN9 million of overdue property tax and fines. In addition,
the city improved the execution of local taxes and fees that
together could compensate for PLN13.5 million reduction in
revenue from income taxes. As a result, the operating margin
increased to 10% with the one-off revenue from property tax (or
8.9% without), up from 6.5% in 2011.
Fitch expects Olsztyn's direct debt to decrease to PLN240 million
in 2015 from PLN274.6 million at end-2012 and to remain moderate
accounting for 30%-35% of current revenue. The city's investments
-- mainly infrastructure and transport -- could total PLN640
million in 2013-2015 and account on average for 20% of total
annual expenditure. Capital revenue (mainly EU grants) and the
expected growth in the current balance could sufficiently finance
the investments and mean there is no pressure to raise debt until
2015.
In Fitch's view, the debt of municipal companies will grow to
PLN195 million in 2015 from PLN162 million in 2012. This will
result from the financing of the solid waste incineration plant
built by the company Zaklad Gospodarki Odpadami Komunalnymi Sp. z
o.o. (loan of PLN51 million). When construction is finished in
2015, the company should be able to repay the debt by itself,
limiting the risk for Olsztyn's budget.
Rating Sensitivities
The ratings could be upgraded if the city manages to improve the
operating margin sustainably above 10%, with direct and indirect
risk staying in line with Fitch's projections.
The ratings could be downgraded if the city's operating balance
was consistently insufficient to cover debt service.
===========
R U S S I A
===========
AK YAKUTSKENERGO: Fitch Affirms 'BB' LT Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Russia's OAO AK Yakutskenergo's Long-
Term foreign currency Issuer Default Rating (IDR) at 'BB'. The
Outlook on the Long-term IDR is Stable.
Yakutskenergo's ratings, a small power and heat generation and
distribution company located in the Far East of Russia, continue
to be driven by state support. We assess the company's standalone
credit profile in the 'B' rating category. At end-H113, JSC
RusHydro ('BB+'/Stable) controlled 29% of Yakutskenergo's
ordinary shares directly and 55.3% via RAO UES East, in which it
owned 65.6% of ordinary shares.
Key Rating Drivers
Ratings Driven by Parent
Fitch continues to assess Yakutskenergo's credit strength at
three notches below that of the Russian Federation
('BBB'/Stable), its ultimate shareholder, due to its strategic
importance to the economy of the Republic of Sakha (Yakutia)
('BBB-'/Stable), strong operational influence through tariff-
setting, direct state subsidization (that accounted for about 16%
of the company's 2012 revenue) and state-bank financing. The
agency expects that state support for Yakutskenergo will remain
in place, at least over the medium term.
Fitch assesses the strength of linkage between Yakutskenergo and
RusHydro, the parent of Yakutskenergo's majority shareholder JSC
RAO Energy Systems of East, as moderate, and maintains the one-
notch differential between their IDRs. Fitch will continue to
monitor the evolution of the legal, operational and strategic
ties between RusHydro and Yakutskenergo and may review its rating
approach if the linkage strengthens through e.g., equity capital
injections or large intra-group loans from RusHydro to improve
Yakutskenergo's liquidity and debt profile.
Financial Ratios Still Weak
An increased EBITDA margin to 18.1% in 2012 from 17.6% in 2011
resulting in higher funds from operation (FFO) led to an increase
in FFO gross interest coverage to 4.4x in 2012 from 4.1x in 2011,
and a reduction in FFO adjusted net leverage to 2.3x from 2.6x
over the same period. Fitch expects cash flow from operations
(CFO) to remain in 2013 roughly at the same level as in 2012,
however, free cash flow (FCF) will remain negative until 2015 due
to large capex.
'B' Category Standalone Profile
Yakutskenergo has weak liquidity. Its large short-term debt and
low cash balances lead to continuous refinancing needs. Its
leverage is relatively high due to high capex coupled with modest
profitability regulated by the state. Lack of geographical
diversification also constrains the standalone credit strength of
Yakutskenergo to the 'B' category.
Sector Outlook Stable
Fitch does not expect significant power volume growth in the next
few years. In Russia the growth of electricity generation has on
average been about 2x lower than that of real GDP since 2005, and
the agency expects this trend to continue in the medium term. In
2013 Fitch expects the average tariff for electricity sold by
Yakutskenergo to increase at the inflation level by about 6%, and
the company will continue to receive significant subsidies from
the state, as state-regulated tariffs are insufficient to cover
operating costs and capex.
Rating Sensitivities
Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- Strengthening ties between Yakutskenergo and RusHydro, and/or
Yakutskenergo and the Russian Federation, possibly manifested
by more tangible support received by Yakutskenergo in the form
of intra-group loans, equity injections and/or loan
guarantees.
-- An upgrade of the Russian Federation's rating, and/or
RusHydro.
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- A downgrade of the Russian Federation's rating, and/or
RusHydro.
-- Weakening ties between Yakutskenergo and RusHydro, and/or
Yakutskenergo and the Russian Federation.
LIQUIDITY AND DEBT STRUCTURE
High Short-term Debt
At end-2012 Yakutskenergo's total consolidated debt totaled
RUB9.9 billion, around 74% of which was short term (including
RUB3 billion domestic bonds), which the company plans to
refinance through a parent-company loan. Cash balances totaled
RUB289 million. All debt was denominated in Russian roubles and
unsecured.
Cooperation With State-Affiliated Banks
Besides RUB3 billion bonds, as of 1 April 2013 Yakutskenergo's
debt portfolio was dominated by loans issued by state-owned or
affiliated Sberbank of Russia (BBB/Stable), Gazprombank (BBB-
/Stable) and Bank of Moscow (BBB/Negative), accounting for 35% of
the consolidated debt portfolio (excluding the bond issue). Fitch
views the cooperation with state banks as important for the
company's financial stability, especially taking into account the
repayment of RUB3 billion bonds in September 2013.
The rating actions are:
Long-term foreign currency IDR: affirmed at 'BB'; Outlook Stable
Long-term local currency IDR: affirmed at 'BB'; Outlook Stable
Local currency senior unsecured rating: affirmed at 'BB'
National Long-term rating: affirmed at 'AA-(rus)'; Outlook Stable
National senior unsecured rating: affirmed at 'AA-(rus)'
=====================================
S E R B I A & M O N T E N E G R O
=====================================
* SERBIA: Fitch Affirms 'BB-' Long-Term Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed Serbia's Long-term foreign and local
currency Issuer Default Ratings (IDR) at 'BB-' with Negative
Outlook. The agency has also affirmed the Short-term foreign
currency IDR at 'B' and the Country Ceiling at 'BB-'.
Key Rating Drivers
The affirmation of Serbia's sovereign ratings reflects the
following factors:
-- The uncertain outlook for public finances. In 2012 the fiscal
deficit rose to 6.4% of GDP against the government's own
target of 3.6%, partly due to pre-election spending. The
government passed a supplementary budget in order to bring
public finances under control. Nonetheless, Fitch expects the
budget deficit to remain close to 6% of GDP in 2013 and 5% in
2014.
-- Public debt is rising fast, and Fitch projects it will reach
65% of GDP by 2014. Serbia's debt dynamics are vulnerable to
an exchange rate depreciation shock as 81.5% of public debt
is denominated in foreign currency thereby reducing Serbia's
debt tolerance.
-- Fragile economic recovery; Fitch expects the current account
deficit to narrow to 7.1% of GDP at end-2013 helped by
stronger export performance. Real GDP contracted 1.6% in 2012
and Fitch forecasts slow growth of 2% for this year and over
the medium term. Projections are however highly dependent on
the automobile sector.
-- The government has announced an ambitious restructuring plan
regarding state-owned enterprises (SOE) and public sector
entities, which is funded. However, Fitch notes that the
government has yet to demonstrate the political resolve
necessary to implement unpopular structural reforms, while no
progress has been yet made on a comprehensive pension system
reform.
-- Negotiations between the Serbian authorities and the IMF to
sign a Stand-By-Agreement (SBA) remain inconclusive. Fitch
believes that a precautionary arrangement would promote
investor confidence and guard against a reignition of global
risk aversion or a material re-assessment of country specific
risks.
-- While the authorities operate a flexible exchange rate regime,
interventions by the National Bank of Serbia (NBS) to stem
depreciation pressures on the dinar have continued. As a
result, official reserves at end-2012 were 8% lower yoy at
USD14.4bn. NBS has gradually raised private banks' RSD reserve
requirement to further contain dinar depreciation. Falling
inflation in early 2013 has allowed it to end a series of
interest rate hikes, cutting the policy rate to 11%.
-- Serbia's rating is supported by its high income per head,
superior human development and ease of doing business
indicators relative to rating peers and recent EU decision to
open accession talks with Serbia.
Rating Sensitivities
The Negative Outlook reflects the following risk factors that
may, individually or collectively, result in a downgrade of the
ratings:
-- Failure to implement sufficient fiscal consolidation to put
public debt on a sustainable path
-- A recurrence of balance of payments pressures leading to a
fall in reserves and a sharp fall in the exchange rate
-- An intensification of the eurozone crisis which has a
significant impact on the Serbian economy through trade
and financial channels
The current rating Outlook is Negative. Consequently, Fitch's
sensitivity analysis does not currently anticipate developments
with a material likelihood of leading to a rating upgrade.
However, future developments that may, individually or
collectively, lead to a stabilization of the Outlook include:-
-- Credible medium term fiscal consolidation program that
stabilizes public debt/GDP
-- Progress on structural reforms that lead to an acceleration of
economic recovery and a narrowing of external imbalances
Key Assumptions
The ratings and Outlooks are sensitive to a number of
assumptions.
Fitch assumes that the government's supplementary budget passed
in 2013 will promote further fiscal consolidation.
Fitch assumes that the Serbian economy grows at a rate of 2% per
annum over the medium term and that the external finances are not
subject to a severe exchange rate shock.
Fitch assumes that the US Federal Reserve exit from monetary
stimulus is orderly but given the uncertain process it is likely
to generate periodic bouts of market volatility. Fitch assumes
that Serbia retains domestic and external market access despite
higher international financial volatility.
Fitch assumes that there is no repetition of the policy hiatus
that followed the presidential and parliamentary elections in
2012.
=========
S P A I N
=========
GC PASTOR HIPOTECARIO: S&P Lowers Rating on Class C Notes to CCC-
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
GC Pastor Hipotecario 5, Fondo de Titulizacion de Activos' class
A2, B, and C notes. At the same time, S&P has affirmed its 'D
(sf)' rating on the class D notes.
The rating actions follows S&P's performance review of the
transaction. In S&P's view, the pool's credit quality has
deteriorated since its previous review on April 4, 2012.
Defaults significantly increased since S&P's previous review.
The transaction's reserve fund is fully depleted, and the class B
to D notes are undercollateralized. As a result, the available
credit enhancement for all classes of notes has deteriorated
since S&P's April 2012 review. Since S&P's last review,
cumulative defaults have continued to rise to 5.6% from 3.8%.
The speed of this increase has exceeded S&P's expectations for
this transaction and it is over the market's average
deterioration level.
The current level of cumulative defaults is still below the
documented interest deferral triggers for the class B and C
notes, set at 10% and 6.7%, respectively, of the closing balance
of the mortgage-backed notes. If the level of cumulative
defaults breaches the transaction's interest deferral triggers,
the notes' interest payments will be diverted toward amortizing
the most senior class of notes.
Under the swap, the issuer receives an amount equal to the
weighted-average coupon on the notes, plus a defined margin,
calculated on a notional equal to the performing balance of the
assets, which excludes short-term arrears. The reserve fund has
been fully depleted since September 2010. In light of this and
the lack of excess spread to pay for defaults, the rolling over
of long-term delinquencies into defaults has significantly
reduced the available credit enhancement for all classes of
notes.
In S&P's view, continued collateral deterioration and the lack of
excess spread to cure defaults due to the swap will further
reduce credit enhancement for all classes of notes.
Due to the transaction's deteriorating collateral performance and
structural features, it has lowered its ratings on GC Pastor
Hipotecario 5's class A2 and B notes. At the same time, S&P has
affirmed its 'D (sf)' rating on the class D notes, as they are
experiencing ongoing interest shortfalls. S&P has lowered to
CCC- (sf)' from 'CCC (sf)' its rating on the class C notes
reflecting the available credit enhancement and as, in S&P's
opinion, its interest will likely be deferred within the next 12
months toward the repayment of the class A2 notes.
GC Hipotecario Pastor 5 closed in June 2007 and securitizes a
portfolio of mortgages granted to individuals, self-employed
individuals, and small and midsize enterprises (SMEs) to buy
Spanish residential or commercial properties. Banco Pastor (now
Banco Popular) originated and currently services the portfolio.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
GC Pastor Hipotecario 5, Fondo de Titulizacion de Activos
EUR710.5 Million Floating-Rate Mortgage-Backed Notes
Ratings Lowered
A2 BB (sf) BBB+ (sf)
B CCC (sf) BB- (sf)
C CCC- (sf) CCC (sf)
Rating Affirmed
D D (sf)
GESTAMP AUTOMOCION: Moody's Assigns 'Ba3' CFR; Outlook Stable
-------------------------------------------------------------
Moody's assigned a definitive Ba3 Corporate Family Rating (CFR)
and Ba3-PD Probability of Default Rating (PDR) to Gestamp
Automocion, S.A. following the successful execution of the
group's measures to enhance its capital structure and after
review of the final credit documentation. Concurrently, Moody's
has assigned a definitive B1 (LGD4, 60%) rating to the senior
secured notes issuance by Gestamp Funding Luxembourg S.A. split
into a Euro denominated tranche of EUR500 million and a $-tranche
of $350 million. The stable outlook remains unchanged.
Ratings Rationale:
Gestamp's Ba3 CFR is supported by (i) Gestamp Automocion's solid
business profile with investment grade characteristics, (ii) a
track-record of successful expansion under an experienced
management team with a clear strategy and (iii) leverage and
interest cover ratios that are solid for the Ba3 rating category.
The rating is constrained by (i) the overall uncertain
macroeconomic environment, in particular in Europe which also
leads to uncertainty regarding the development of new car
registrations, (ii) a rather aggressive financial policy
resulting in negative free cash flow, in particular with ongoing
dividend payments despite the cash consuming expansion programs
and (iii) the complexity resulting from of Gestamp Automocion not
only being a subsidiary of Corporacion Gestamp S.L. but also a
guarantor and lender.
Moody's considers Gestamp's liquidity position to be solid. The
company's cash outflow for the twelve months period ending in
June 2014 including capital expenditure, dividends, working
capital and working cash required to run the business, adding up
to approximately EUR920 million, should be well covered by the
company's funds from operations estimated to exceed EUR450
million, the new EUR280 million 5-year working capital facility
maturing in April 2018 (initially undrawn) and more than EUR700
million cash on hand after consummation of the refinancing
transaction. Moody's notes that the revolver is subject to
financial covenants set with solid headroom at closing.
Upon completion of the security package, the senior secured notes
issued by Gestamp Funding Luxembourg S.A., a wholly owned
subsidiary of Gestamp Automocion S.A., will benefit from a parent
guarantee from Gestamp Automocion S.A., subsidiary guarantees
from group companies together representing 49% and 51.8% of
consolidated assets and EBITDA respectively (as of and for the
year ended December 31, 2012) as well as from a first-ranking
charge over the shares of the entities identified. This
collateral will be shared pari-passu with the senior facility
lenders, the bilateral facility lenders, and any additional
senior creditors.
The B1 rating assigned to the senior secured notes is one notch
below the group's corporate family rating. This reflects the fact
that subsidiaries representing just about 50% of 2012 EBITDA are
providing guarantees while the other subsidiaries are not, which
leads us to distinguish between these two groups, giving first
rank to financial and non-financial debt at non-guaranteeing
subsidiaries including trade payables and leasing liabilities
followed by debt at guaranteeing subsidiaries on the same level
with the senior facilities agreement and the notes. Finally,
Moody's sees a somewhat weaker position for EUR85 million related
party loans and EUR40 million other non-bank financial debt at
the level of Gestamp Automocion S.A. not participating in the
security package.
The outlook on the ratings is stable balancing the positive
effects from the strategic partnership agreed with Mitsui and the
strengthening of the debt and liquidity profile with the risks
from a still adverse economic environment for European Auto
suppliers and the diluting effect of the Mitsui transaction. An
upgrade of the CFR to Ba2 would be considered should Gestamp
Automocion manage to maintain an EBIT-margin of close to 6% and
reduce debt/EBITDA to below 3x based on a normalized cash
position of EUR500 million at year-end. Moreover, an upgrade
would require a Free Cash Flow not to fall below EUR -100 million
per annum despite the planned capital expenditures for further
growth, and visibility that Gestamp is able to achieve positive
Free Cash Flow on a sustainable basis. A rating downgrade would
be considered should Gestamp Automocion's leverage increase above
4.0x debt/EBITDA. Likewise, a deterioration of its liquidity
profile through negative Free Cash Flow could result in a
downgrade.
The principal methodology used in these ratings was the Global
Automotive Supplier Industry published in May 2013. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
SANTANDER HIPOTECARIO 3: S&P Cuts Ratings on 4 Note Classes
-----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Fondo de Titulizacion de Activos Santander Hipotecario
1, Fondo de Titulizacion de Activos Santander Hipotecario 2, and
Fondo de Titulizacion de Activos Santander Hipotecario 3.
Specifically, S&P has:
-- Affirmed and removed from CreditWatch negative its ratings
on Santander Hipotecario 1's class A, B, and C notes, and
raised and removed from CreditWatch negative its rating on
the class D notes;
-- Lowered and removed from CreditWatch negative its rating on
Santander Hipotecario 2's class A notes and lowered its
ratings on the class B, C, D, and E notes. At the same
time, S&P has affirmed its rating on the class F notes; and
-- Lowered and removed from CreditWatch negative its ratings
on Santander Hipotecario 3's class A1, A2, and A3 notes,
and lowered its ratings on the class B, C, D, and E notes.
At the same time, S&P has affirmed its rating on the class
F notes.
On Feb. 15, 2013, S&P placed on CreditWatch negative its ratings
on Santander Hipotecario 1's class A, B, C, and D notes,
Santander Hipotecario 2's class A notes, and Santander
Hipotecario 3's class A1, A2, and A3 notes for counterparty
reasons.
On July 16, 2013, the swap counterparty, Banco Santander S.A.
(BBB/Negative/A-2), amended the swap documents, which are in line
with S&P's current counterparty criteria after becoming
ineligible in October 2012. According to the amended documents,
when the swap counterparty is no longer eligible for the most
senior notes in the transactions to achieve the maximum
achievable rating, independent of S&P's long-term issuer credit
rating on the counterparty, it will have to post collateral and
if this is not sufficient, it will have to be replaced.
Currently, the maximum achievable rating for Spanish transactions
is 'AA- (sf)', which corresponds to six notches above our long-
term sovereign rating on Spain. This cap is only applicable to
Santander Hipotecario 1, as Santander Hipotecario 2 and 3's
credit quality is commensurate with lower rating levels. S&P has
therefore removed from CreditWatch negative its ratings on
Santander Hipotecario 1's class A, B, C, and D notes, Santander
Hipotecario 2's class A notes, and Santander Hipotecario 3's
class A1, A2, and A3 notes.
Santander Hipotecario 1
Santander Hipotecario 1, which closed in June 2004, has performed
better than Santander Hipotecario 2 and 3 due mainly to its
higher seasoning (16.4 months at closing). In addition, severe
delinquencies above 90 days (including defaults and
repossessions) are lower than in the other two transactions,
totaling 1.49% of Santander Hipotecario 1's outstanding balance
in April 2013, compared with 4.09% in Santander Hipotecario 2,
and 9.33% in Santander Hipotecario 3.
Due to this good performance, the reserve fund has not been used
since closing, which has increased the available credit
enhancement. In particular, if S&P takes into account the
performing balance up to 90 days in arrears, plus the cash
available in the transaction, available credit enhancement for
the class A, B, C, and D notes has increased to 29.2%, 20.1%,
12.1%, and 2.48%, respectively, as of the April 2013 payment date
from 9.85%, 7.0%, 4.5%, and 1.5%, respectively, at closing.
Taking into account S&P's assumptions for further economic
deterioration and delinquencies in S&P's analysis, it considers
the available credit enhancement to be commensurate with its
current ratings on the class A, B, and C notes, and with a one-
notch upgrade for the class D notes. S&P has therefore affirmed
its 'AA- (sf)' ratings on the class A, B, and C notes, and has
raised to 'A (sf)' from 'A- (sf)' its rating on the class D
notes.
Santander Hipotecario 2
Delinquencies of up to 90 days have decreased slightly to 1.18%
in April 2013 from 1.96% in January 2012. However, the reserve
fund has been depleted since 2009. Delinquencies of more than 90
days have rolled over into defaults, which totaled 1.50% in April
2013, up from 1.12% in January 2012. As a result, the available
credit enhancement has not increased as S&P would have expected
for a transaction with such high seasoning for the senior notes,
and has decreased for the subordinated notes. In particular, if
S&P takes into account the performing balance up to 90 days in
arrears, plus the available cash in the transaction, the
available credit enhancement for the class A, B, C, D, and E
notes was 14.05%, 7.85%, 3.99%, -1.96%, and -4.31%, respectively,
in April 2013, from 8.75%, 6.10%, 4.45%, 1.90%, and 0.90%,
respectively, at closing.
In S&P's view, any further rise in delinquencies could causes the
capital structure's creditworthiness to deteriorate.
Consequently, S&P has lowered to 'BBB (sf)' from 'A (sf)' its
rating on the class A notes. At the same time, S&P has lowered
its ratings on the class B, C, D, and E notes, and has affirmed
its 'D (sf)' rating on the class F notes as it continues to be in
default. Santander Hipotecario 2 closed in July 2006.
Santander Hipotecario 3
In S&P's view, Santander Hipotecario 3 is currently the weakest
residential mortgage-backed securities (RMBS) transaction
originated by Banco Santander that S&P rates. The reserve fund
has been depleted since October 2008 and 90+ days delinquencies
have rolled over into defaults, which totaled 4.57% in April
2013, up from 3.18% in January 2012. This has increased the
existing undercollateralization of this transaction and reduced
the available credit enhancement.
In S&P's view, any further rise in delinquencies could cause the
capital structure's creditworthiness to deteriorate.
Consequently, S&P has lowered to 'BBB- (sf)' from 'BBB+ (sf)' its
ratings on the class A1, A2, and A3 notes. At the same time, S&P
has lowered its ratings on the class B, C, D, and E notes. S&P
has lowered its rating on the class E notes to 'D (sf)' from
'CCC (sf)' as it defaulted on interest on the July 18, 2013
payment date after the interest deferral trigger was breached.
S&P has affirmed its 'D (sf)' rating on the class F notes as it
continues to be in default. Santander Hipotecario 3 closed in
April 2007.
Santander Hipotecario 1, 2, and 3 securitize residential mortgage
loans granted to individuals to buy a property. Banco Santander
is the originator of the transactions.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an residential mortgage-backed security
as defined in the Rule, to include a description of the
representations, warranties and enforcement mechanisms available
to investors and a description of how they differ from the
representations, warranties and enforcement mechanisms in
issuances of similar securities. The Rule applies to in-scope
securities initially rated (including preliminary ratings) on or
after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Fondo de Titulizacion de Activos Santander Hipotecario 1
EUR1.875 Billion Mortgage-Backed Floating-Rate Notes
RATINGS AFFIRMED AND REMOVED FROM CREDITWATCH NEGATIVE
A AA- (sf) AA- (sf)/Watch Neg
B AA- (sf) AA- (sf)/Watch Neg
C AA- (sf) AA- (sf)/Watch Neg
RATING RAISED AND REMOVED FROM CREDITWATCH NEGATIVE
D A (sf) A- (sf)/Watch Neg
Fondo de Titulizacion de Activos Santander Hipotecario 2
EUR1.973 Billion Mortgage-Backed Floating-Rate Notes And An
Overissuance of Floating-Rate Notes
RATING LOWERED AND REMOVED FROM CREDITWATCH NEGATIVE
A BBB (sf) A (sf)/Watch Neg
RATINGS LOWERED
B BB- (sf) BB (sf)
C B- (sf) B (sf)
D CCC+ (sf) B- (sf)
E CCC- (sf) CCC (sf)
RATING AFFIRMED
F D (sf)
Fondo de Titulizacion de Activos Santander Hipotecario 3
EUR2.822 Billion Mortgage-Backed Floating-Rate Notes And An
Overissuance of Floating-Rate Notes
RATINGS LOWERED AND REMOVED FROM CREDITWATCH NEGATIVE
A1 BBB- (sf) BBB+ (sf)/Watch Neg
A2 BBB- (sf) BBB+ (sf)/Watch Neg
A3 BBB- (sf) BBB+ (sf)/Watch Neg
RATINGS LOWERED
B CCC+ (sf) B- (sf)
C CCC- (sf) CCC (sf)
D CC (sf) CCC (sf)
E D (sf) CCC (sf)
RATING AFFIRMED
F D (sf)
=============
U K R A I N E
=============
* CITY OF KYIV: S&P Affirms 'B-' Issuer Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
issuer credit rating on the City of Kyiv. The outlook is stable.
RATIONALE
The rating on Kyiv reflects S&P's opinion of Ukraine's volatile
and underfunded public finance system, which S&P thinks
constrains the city's financial flexibility, as well as its
relatively weak management by international standards, very weak
liquidity, material debt burden, with associated foreign-exchange
risks, and high contingent liabilities. However, the rating is
supported by the city's position as Ukraine's administrative and
economic center and its fairly diversified economy, with wealth
levels exceeding the national average severalfold.
The city's fiscal flexibility remains severely constrained
because of very limited discretion over revenue sources and
spending policies, and what S&P regards as a weak, volatile, and
underfunded public finance system. The central government
relaxed some of Kyiv's urgent capital needs by investing in the
city's transport and energy infrastructure as it prepared for the
EURO 2012 football championship. However, the city's significant
investment requirements continue to constrain its spending
flexibility.
Economic recovery in 2014-2015 should fuel tax revenue growth
and, along with material central government grants and with the
city's cautious spending policies, will likely support the
consolidation of Kyiv's operating financial performance, which
started in 2012. That should allow the city to deliver operating
surpluses of 2%-4% of operating revenues in the medium term.
After a peak in investments related to Euro 2012, the city will
likely somewhat suppress its investment program and deficits
after capital accounts at 3% of operating revenues in 2013-2015.
According to S&P's base-case scenario, Kyiv's tax-supported debt,
which includes direct debt and debt of government-related
companies (including loans from multilaterals), will continue to
be exposed to foreign-exchange risks and stay above of 60% of
operating revenues within the outlook horizon to 2015. About 20%
of direct debt will continue to consist of central-government
loans, which are due only if the city's revenues outperform the
central government's targets. These loans have not been written
off so far, however. In S&P's view, the city's new borrowing
will mostly be dedicated to tackling refinancing needs.
Kyiv continues to benefit from being Ukraine's wealthiest and
most diversified local economy. The city's personal income
levels will likely remain twice the national average and the
unemployment rate will to continue to be the lowest in the
country.
After Kyiv's efforts to evaluate and settle its payables to
utility companies, which provide services at artificially low
tariffs, and strong earmarked grants from the central government,
the payables have somewhat diminished and stabilized. The
responsibility for setting utility and transport tariffs rests
with the central government. However, the still material size of
payables represents a significant contingent risk to the city's
budget.
Liquidity
S&P regards Kyiv's liquidity position as "very negative". The
city's free cash position will likely remain volatile and its
access to external liquidity "uncertain" against its continuous
exposure to material refinancing risks in the medium term.
In 2012, the city refinanced its US$250 million loan
participation note and almost US$2 billion of energy loans with a
domestic bond, which was in line with S&P's base-case
expectations. As of mid-July 2013, the city's liquidity had
improved; Kyiv had Ukrainian hryvnia (UAH) 1.2 million (US$0.15
million) in its general fund and UAH198 million (US$25 million)
in the special fund. This was more than debt service over the
next 12 months
However, the liquidity position is severely undermined by
material refinancing risks in in light of bullet repayments in
late 2014 and 2015, with debt service hitting 20% of operating
revenues in 2014 and about 30% in 2015. The refinancing plan for
the 2014 domestic bond maturity is not clear at the moment, and
so far S&P's base-case envisages refinancing similar to that
conducted in 2012.
Although Kyiv's liquidity is somewhat supported by its so far
uninterrupted and timely access to short-term liquidity loans
from the state treasury -- available for interest payments, but
not principal -- S&P considers the city's access to external
liquidity as "uncertain". The weaknesses of Ukraine's banking
sector are reflected in S&P's Banking Industry Country Risk
Assessment (BICRA), which classifies Ukraine in group '10'.
S&P's BICRA ranks risk relating to banking systems on a scale of
'1' to '10', with '1' being the lowest risk and '10' being the
highest risk.
OUTLOOK
The stable outlook reflects S&P's expectation that, despite
turbulent capital market conditions and a weak and volatile cash
position, Kyiv will be able to arrange refinancing for maturing
debts when necessary, as confirmed by its positive refinancing
track record. The outlook also factors in S&P's expectations of
operating surpluses through 2014-2015 of 2%-4% of operating
revenues, supported by cautious spending policies and continued
operating support from the sovereign, which should allow the city
to avoid further debt accumulation.
Positive rating actions would hinge on stronger budgetary
performance, with operating surpluses exceeding 5% of operating
revenues on average in 2013-2015 and a lower debt burden with
lower foreign-exchange risk, which would result from improved
borrowing terms or refinancing ahead of schedule. The structural
reduction of the payables of Kyiv's government-related entities,
which would lead to lower contingent risk, would also support
ratings upside.
S&P could take a negative rating action if the central
government's support diminished, leading to a weaker debt
repayment capacity for Kyiv. This would likely be reflected in
the negative deviations of the city's budgetary performance from
S&P's base-case scenario and restricted access to liquidity of
the state banks or the state treasury.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts. The chair
ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.
RATINGS LIST
Ratings Affirmed
Kyiv (City of)
Issuer Credit Rating B-/Stable/--
Senior Unsecured B-
Kyiv Finance PLC*
Senior Unsecured B-
===========================
U N I T E D K I N G D O M
===========================
APT MARKETING: Goes Into Liquidation; Assets Sold
-------------------------------------------------
Chris Campbell at The Citizen & Gloucestershire Echo reports that
APT Marketing and PR has gone into liquidation. K J Watkin & Co,
which is based in Walsall, has been appointed liquidator, the
report says.
The report relates that APT Marketing has been bought by Alpha
Papa Tango Marketing Limited but will continue to trade under its
current name, keeping its current managing director Angie
Petkovic in the same role.
Alpha Papa Tango Marketing Limited, formed in 2010, is owned by
Ms. Petkovic's daughter Victoria Petkovic-Short, who is an
account manager at APT Marketing and PR.
Ms. Petkovic, whose team will remain at Beechurst House, said the
company had faced a difficult couple of years, the Echo relays.
"The company will continue to operate as APT Marketing and PR.
This happened due to circumstances outside the business' control
and we have made sure it has affected as few amount of people as
possible," the report quotes Ms. Petkovic as saying.
APT Marketing and PR is a marketing and public relations company.
DISCOVERY FOILS: KMPG Appointed as Administrators
-------------------------------------------------
John Brazier at insolvencynews.com reports that Discovery Foils
Limited has entered administration, resulting in 69 redundancies.
William Wright and Mark Orton of KMPG were appointed as joint
administrators to the company on July 12, 2013.
"While the business faced cash flow difficulties, necessitating
the appointment of administrators, we are hopeful that a buyer
can be found for the business on a going concern basis," the
report quotes Mr. Wright, partner at KPMG, as saying. "The site
at Bridgnorth has now been closed and will continue to liaise
with key customers. As a result, we have made 69 staff redundant.
"12 Staff have been retained as we wind down the business. We
have had substantial interest in the business and we are
hopefully that we will be able to find a buyer who could restart
the plant."
Shropshire-based Discovery Foils Limited produces foil packaging
primarily for the confectionery industry and other customers in
the dairy and foil food containers industry.
EQUINITI CLEANCO: S&P Assigns 'B' CCR; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
long-term corporate credit rating to U.K.-based services provider
Equiniti Cleanco Ltd., a subsidiary of Equiniti Group Ltd.
(Equiniti). The outlook is stable.
At the same time, S&P assigned its 'B' issue rating to the
GBP440 million fixed- and floating-rate senior secured notes due
2018 issued by Equiniti Newco 2 PLC, a subsidiary of Equiniti
Cleanco. The recovery rating on the notes is '4', indicating
S&P's expectation of average (30%-50%) recovery for creditors in
the event of a payment default.
Finally, S&P is withdrawing its preliminary 'B' long-term
corporate credit rating on Equiniti BondCo PLC as this entity is
no longer the issuer of the aforementioned senior secured notes.
The ratings reflects S&P's assessment of Equiniti's "fair"
business risk profile and "highly leveraged" financial risk
profile. Equiniti has refinanced its debt facilities by way of a
GBP440 million senior secured notes issuance. S&P calculates
Equiniti's Standard & Poor's-adjusted debt at about GBP835
million post refinancing, comprising:
-- GBP440 million of senior notes;
-- A GBP125 million payment-in-kind (PIK) instrument;
-- GBP179 million of preferred shares;
-- GBP66 million of shareholder loans; and
-- GBP25 million of Standard & Poor's adjustments for
operating leases and pensions.
S&P treats the PIK instrument, preference shares, and shareholder
loan as debt under S&P's criteria because it do not view the
instruments as being a permanent feature of the group's capital
structure.
"We assess Equiniti's business risk profile at the higher end of
the "fair" category. Equiniti operates in niche segments of
shareholder solutions (largely comprising registrar services and
the administration of employee share plans) and pension solutions
to FTSE 350 companies and large public sector organizations in
the U.K. In our opinion, Equiniti has smaller operations and
weaker geographic diversity than larger business services
providers. Some segments of the group's services are subject to
financial regulatory oversight. Potential reputational risk
could arise from any deterioration in the group's service
standards, the improper disclosure of sensitive information, or
its failure to comply with regulatory requirements," S&P said.
"However, these risks are partly offset by Equiniti's strong
market positions, robust EBITDA margins, and good revenue
visibility. This visibility is due to the long-term nature of
Equiniti's contracts and its longstanding relationship with
leading FTSE 350 companies. We also view positively the
organization's corporate governance measures, which include
robust internal control systems, the appointment of industry
experts on the board of directors, and substantial training
initiatives. We therefore assess Equiniti's management and
governance as satisfactory," S&P added
In S&P's view, Equiniti will continue to steadily improve its
absolute profitability as it seeks to cross-sell its services to
its existing clients, and will generate free operating cash flow
(FOCF) of about GBP15 million-GBP20 million.
S&P could lower the ratings if Equiniti experiences severe margin
pressure, or if poorer cash flows weaken its credit metrics.
Substantial debt-financed acquisitions, and/or an increase in
shareholder distributions could also weaken credit metrics, which
could in turn lead S&P to lower the ratings.
If FOCF were to fall materially below S&P's current forecast for
a sustained period, it could lower the ratings.
S&P considers that rating upside is limited at this stage because
of the group's capital structure, relatively modest absolute cash
generation, and aggressive financial policies on leverage.
GREENWOODS: In Administration, MP Says
--------------------------------------
ITV.com news reports that Greenwoods, a leading independent
communications firm, has gone into administration according to
the North Warwickshire and Bedworth MP Dan Byles.
In administration, about 300 jobs at the firm have been
terminated, according to the report.
ITV.com News quotes MP Byles as saying, "Greenwoods
administration is a bitter blow. I've been working with them
since last yr to try to resolve issues & thought we'd turned
corner."
HIBU PLC: US Shareholders Approach SEC Over Plan to File Suit
-------------------------------------------------------------
Roland Gribben at The Telegraph reports that the Securities and
Exchange Commission, the powerful Wall Street regulator, has been
approached by US shareholders to investigate whether they can
take any action against Hibu plc.
America has been one of Hibu's main targets for expansion in its
digital businesses, but the drive has been accompanied by top
management rows and dismissals, the Telegraph notes.
US shareholders are co-operating with the main shareholders'
action group in the UK in mounting concerted action against the
Hibu board, the Telegraph discloses. The Hibu Shareholders Group
claims support from investors holding around 20% of the equity
and has set up a fighting fund to finance any legal action, the
Telegraph says.
According to the Telegraph, overtures are being made to
institutional investors to join the campaign to strengthen
opposition to a deal that will leave Hibu's bankers in control of
the business after completing a debt reduction program and the
loss of a stock market listing.
Several options are being reviewed by the shareholders group, the
Telegraph states. They range from calling an extraordinary
general meeting to legal action against the board and
representations to the court which has to sanction the Hibu
overhaul, the Telegraph notes.
As reported by the Troubled Company Reporter-Europe on July 26,
2013, The Telegraph related that Hibu confirmed that its shares
are worthless and ceased trading on the London Stock Exchange
after agreeing terms to restructure its GBP2.3 billion debt pile.
Hibu, formerly known as Yell, said it had agreed terms with a
committee of big lenders that will see the creditors take control
of the company in exchange for slimming its debt, the Telegraph
disclosed. The creditors, which include Soros Fund Management
and Deutsche Bank, have agreed to reduce Hibu's obligations by
around GBP800 million and agreed to reduced interest on some of
its remaining debt, according to the Telegraph. The agreement
comes after negotiations with a group of big creditors who own
32.8% of Hibu's debt, and must now be approved by lenders owning
75%, the Telegraph noted. Shares ceased trading on July 25,
putting an end to Hibu's tenure as a listed company, five years
after it dropped out of the FTSE 100, the Telegraph related.
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 non-payment of interest on its
2009 credit facility on the due date of Feb. 28, 2013.
===============
X X X X X X X X
===============
* EUROPE: Turmoil in Textiles Recycling Industry
------------------------------------------------
Tom Kenning at MRW reports that two more textile recycling
companies have ceased trading in the last month, while one has
been taken over following going into administration.
The Leicester branch of Ragtex UK, which graded, sorted and
exported clothing from the UK has gone into liquidation, but its
Nottingham branch continues trading, Ragtex UK told MRW in
interview.
Meanwhile, MRW notes that Kent-based textiles recycler Retrograde
has been taken over by Envirotex Recycling after going into
administration.
MRW relates that Ragtex UK and Retrograde were both members of
the Textiles Recycling Association (TRA).
The report says that collectively the businesses employed around
100 people and provided textile collection services for
retailers, charities and local authorities.
The report relays that Wolverhampton Textiles, which provided
textile cleaning products, has also ceased trading.
MRW understands from industry insiders that Retrograde, which
dealt mostly with the charity sector, owed considerable amounts
to their buying contracts, a number of whom are high street
charities.
"We had been working closely with Retrograde through this
difficult period in their trading hoping to find a long term
solution and return to our previously high quality service. We
are disappointed that the company has been put into
administration leaving us and other charities with outstanding
debt; we wait to hear from the administrator. . . . We have moved
our business to Envirotex Recycling and are pleased that the
service to our shops has continued efficiently," the report
quoted Charity Sue Ryder's retail recycling lead Katy Faulkner as
saying.
The report notes that David Elliott, joint administrator from
Moore Stephens, said: "Re-Grade Exports Limited t/a Retrograde
was placed into administration on 18 July 2013 due to historic
trading debts. David Elliott and Simon Paterson of Moore Stephens
LLP were appointed as joint administrators. . . . The business
and assets were purchased by Envirotex Recycling Limited on the
same day and as a result, the jobs of all staff employed by the
company have been saved. The purchaser has also made the
decision to move to new premises on the same trading estate."
Meanwhile, the report says that industry insiders also said that
Ragtex UK in Leicester lost the contracts for a number of textile
banks recently.
The report discloses that the news comes after six other textile
recyclers, who were TRA members, shut their doors in the last
year. This marked an extremely difficult period for the industry
to which overpricing, poorer quality materials, thefts from door-
to-door collections and unstable foreign markets have all
contributed, the report notes.
The report relays that industry insiders have also cited a
deterioration in the length and scope of contracts in the
industry as a major hindrance.
The report notes that president of the TRA, Ross Barry, told MRW
that textile recyclers are losing contracts at very short notice
and struggling to cope with the cost of redundancy periods for
their staff. He added that some recyclers aren't diverse enough
with their sales and rely too heavily on one customer. This can
expose the company if that customer is affected. Small to medium
sized companies are at greatest risk due to this.
The report relays that Martin Wilcox, director of textiles
recycler JMP Wilcox, told MRW: "The failure of these businesses
and other medium sized textile businesses has purely been that of
margin over turnover. It's an overvaluation of the price of used
clothing on the open market. People are paying too much for it -
then they are finding out they don't have a margin. . . . There's
a lack of margin in the entire industry and that's what's causing
the closures."
The report adds that Mr. Wilcox also claimed that the export
markets are not buoyant enough for the textile recyclers to
increase prices. This has overheated the buying market, which
has not been reciprocated in the sales market.
Mr. Wilcox told MRW that the merchants with the smallest
production volume and poorest sales and marketing strategies are
the most vulnerable.
MRW notes that in December last year resources management
minister Lord De Mauley introduced a 'Rags to Riches' campaign to
highlight the potential of the clothing recycling sector to help
reach a zero waste economy.
* Moody's Sees Low Repayments for European CMBS in 3rd Quarter
--------------------------------------------------------------
European commercial mortgage-backed security loan repayment rates
dropped to 25% in Q2 2013 and will remain low in Q3 2013, says
Moody's Investors Service in a new Special Comment published
entitled "Loan Repayment Rate Drops to 25% in Q2 2013 and Will
Remain Low in Q3 2013."
In line with Moody's expectations, the 24 loans (totaling EUR2.6
billion) with scheduled original maturity dates in Q2 2013 had a
low repayment rate, as signaled by both the higher Moody's loan-
to-value (LTV) ratios and lower Moody's debt yield projected for
these loans as compared to the loans that matured in Q1 2013. The
Moody's LTV ratio is the most relevant indicator for the outcome
at loan maturity.
Moody's expects that the loan repayment rate will remain low in
Q3 2012 when 44 loans with a total loan balance of EUR7.8 billion
will mature. The rating agency bases its expectations on the
characteristics of the loans with original scheduled maturity
dates in Q3 2013. On average, the Q3 2012 loans have only
slightly lower Moody's LTV ratio than that of the Q2 2013 loans
and the Moody's debt yield will remain at its current levels.
Moody's bases its expectations also on the weak European
macroeconomic outlook, which translates into overall weak
occupational markets, as well as the constrained lending
environment for secondary quality commercial real estate. The
entry of new non-bank lenders into the UK commercial real estate
lending market will not benefit most of the legacy CMBS loans, as
they do not meet the strict underwriting criteria of the new
lenders.
CMBS loan maturities peak in 2013 when a total of 135 loans
(totaling EUR16 billion) are originally scheduled to mature.
* 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
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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
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EDENRED EDEN QM -1310250942 5470394799
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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
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EDENRED EDEN BQ -1310250942 5470394799
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EDENRED EDEN PZ -1310250942 5470394799
EDENRED-NEW EDENV FP -1310250942 5470394799
EDF EN OUTRE MER 4679713Z FP -2598508.843 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.43 175501799.4
FACONNABLE SA 226782Z FP -19616230.99 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GEC 4 SAS 4518255Z FP -91410336.97 541462091
GPN SA 4509659Z FP -35080424.69 568887551
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GROUPE MONITEUR 317840Z FP -116707395.4 610106709.3
GROUPE PROGRES S 4734137Z FP -106637565.8 154665494
HIPPO GESTION ET 4732841Z FP -606512.6987 113032204.7
HITACHI EUROPE S 4681417Z FP -9927515.772 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.37 116383810.4
I BASE 757542Z FP -6019481.253 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.49 363058830.9
ITM REGION PARIS 4681817Z FP -49662079.76 124321085.9
JTEKT AUTOMOTIVE 4505819Z FP -25670106.66 171962119.7
JTEKT AUTOMOTIVE 4504595Z FP -17492036.59 163375360
JUNGHEINRICH FIN 4635025Z FP -14429677.13 223424949.4
LAB DOLISOS LADL FP -27752176.19 110485462.4
LAB DOLISOS DOLI FP -27752176.19 110485462.4
MATUSSIERE & FOR MTUSF US -77896689.09 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.09 293868350.8
MEDCOST SA MEDC NM -1690819.009 135171143.2
MEDCOST SA MEDC FP -1690819.009 135171143.2
MEDCOST SA-NEW MDCNV FP -1690819.009 135171143.2
MILLIMAGES 8131905Q FP -1006050.249 113454378.9
MILLIMAGES MIL1 EU -1006050.249 113454378.9
MILLIMAGES MLMG IX -1006050.249 113454378.9
MILLIMAGES MIL1 PZ -1006050.249 113454378.9
MILLIMAGES MIL FP -1006050.249 113454378.9
MILLIMAGES MG6 GR -1006050.249 113454378.9
MILLIMAGES MIL S1 -1006050.249 113454378.9
MILLIMAGES MIL1 EO -1006050.249 113454378.9
MILLIMAGES MLIGF US -1006050.249 113454378.9
MILLIMAGES MILI FP -1006050.249 113454378.9
MILLIMAGES MILF PZ -1006050.249 113454378.9
MILLIMAGES - RTS 0134468D FP -1006050.249 113454378.9
MILLIMAGES-RTS MILDS FP -1006050.249 113454378.9
MILLIMAGES-RTS 760037Q FP -1006050.249 113454378.9
M-REAL ALIZAY SA 4670721Z FP -19839749.29 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863949.8 221936730.6
NESTLE WATERS SU 3634879Z FP -183402272.8 254740466.9
NESTLE WATERS SU 3634887Z FP -11147903.4 186832176.9
NEXANS COPPER FR 4744809Z FP -22662074.82 308626962.2
NEXTIRAONE 500526Z FP -1983210.371 311827703.4
NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
NOVASEP HOLDING 3736443Z FP -217561272.1 476949466.1
NOVELIS FOIL FRA 4678593Z FP -21912360.22 126180343.3
NRJ 12 4681713Z FP -59306529.9 110796872.5
O-I MANUFACTURIN 226230Z FP -101494197.2 1150890693
OROSDI OROS EO -51389802.68 181267113.2
OROSDI OROS FP -51389802.68 181267113.2
OROSDI OROS EU -51389802.68 181267113.2
OROSDI OROS S1 -51389802.68 181267113.2
OROSDI OROS PZ -51389802.68 181267113.2
OROSDI-BACK BACK IX -51389802.68 181267113.2
OROSDI-BACK ORBA FP -51389802.68 181267113.2
OROSDI-RTS ORODS FP -51389802.68 181267113.2
PAGESJAUNES GRP PAJGBP EO -2572329208 1590596225
PAGESJAUNES GRP PAJ EB -2572329208 1590596225
PAGESJAUNES GRP PAJ TQ -2572329208 1590596225
PAGESJAUNES GRP PAJUSD EU -2572329208 1590596225
PAGESJAUNES GRP PAJ QM -2572329208 1590596225
PAGESJAUNES GRP PAJ GK -2572329208 1590596225
PAGESJAUNES GRP QS3 TH -2572329208 1590596225
PAGESJAUNES GRP PAJUSD EO -2572329208 1590596225
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PAGESJAUNES GRP PAJ IX -2572329208 1590596225
PAGESJAUNES GRP PAJ FP -2572329208 1590596225
PAGESJAUNES GRP PGJUF US -2572329208 1590596225
PAGESJAUNES GRP PAJ VX -2572329208 1590596225
PAGESJAUNES GRP PAJGBX EO -2572329208 1590596225
PAGESJAUNES GRP PAJ EU -2572329208 1590596225
PAGESJAUNES GRP PAJP IX -2572329208 1590596225
PAGESJAUNES GRP PAJ LI -2572329208 1590596225
PAGESJAUNES GRP PAJ NQ -2572329208 1590596225
PAGESJAUNES GRP PAJ S1 -2572329208 1590596225
PAGESJAUNES GRP PAJGBX EU -2572329208 1590596225
PEUGEOT CITROEN 3637183Z FP -292685177.7 366568398.7
PRIDE FORAMER SA 271904Z FP -25977905.48 1062588005
REGIE PUBLICITAI 4691033Z FP -5262294.526 112402724.7
REGIONAL COMPAGN 3635823Z FP -37389129.61 595811276.3
RESEAU FERRE FRA 224063Z FP -1594878991 71610625888
RHODIA SA RHDI GR -72552001.48 7951699362
RHODIA SA RHAY IX -72552001.48 7951699362
RHODIA SA 2324015Q EO -72552001.48 7951699362
RHODIA SA 3218857Q IX -72552001.48 7951699362
RHODIA SA RHAUSD EO -72552001.48 7951699362
RHODIA SA RHA QM -72552001.48 7951699362
RHODIA SA RHAGBX EO -72552001.48 7951699362
RHODIA SA RHA EU -72552001.48 7951699362
RHODIA SA RHAUSD EU -72552001.48 7951699362
RHODIA SA RHA BQ -72552001.48 7951699362
RHODIA SA RHDAF US -72552001.48 7951699362
RHODIA SA RHADF US -72552001.48 7951699362
RHODIA SA RHA EO -72552001.48 7951699362
RHODIA SA RHA VX -72552001.48 7951699362
RHODIA SA RHA S1 -72552001.48 7951699362
RHODIA SA RHA PZ -72552001.48 7951699362
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GREECE
------
AG PETZETAKIS SA PZETF US -110812812.5 206429374.1
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T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
T BANK ASPT EO -46224213.41 3486115450
T BANK TBANK EU -46224213.41 3486115450
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T BANK TBANK GA -46224213.41 3486115450
THEMELIODOMI THEME GA -55751173.78 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751173.78 232036822.6
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UNITED TEXTILES UTEX GA -163114842.1 286539436.9
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HUNGARY
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HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
INVITEL HOLD-ADR INVHY US -73723992 827192000
INVITEL HOLD-ADR 0IN GR -73723992 827192000
INVITEL HOLD-ADR IHO US -73723992 827192000
INVITEL HOLDINGS 3212873Z HB -73723992 827192000
IRELAND
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ICELAND
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AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
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EIMSKIPAFELAG HF AVION IR -223780368 2277882368
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ITALY
-----
AS ROMA SPA ASRO IX -66248672.26 227606539.7
AS ROMA SPA ASR EB -66248672.26 227606539.7
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AS ROMA SPA-RTS ASRAA IM -66248672.26 227606539.7
AUTOMOTIVE LIGHT 3895734Z IM -8797909.782 165588007.5
CANTIERI DI PISA 4313125Z IM -2611908.154 105466953.7
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JERSEY
------
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LUXEMBOURG
----------
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NETHERLANDS
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NORWAY
------
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STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO BES EO -208568793.8 658498551.2
NYESA VALORES CO 7NY GR -208568793.8 658498551.2
NYESA VALORES CO BES SM -208568793.8 658498551.2
NYESA VALORES CO BES EU -208568793.8 658498551.2
NYESA VALORES CO BES TQ -208568793.8 658498551.2
PANRICO SAU 1087Z SM -372238069.5 1219319614
PULLMANTUR SA 301590Z SM -74071248.87 168349823.1
RANDSTAD EMPLEO 4285885Z SM -27469291.1 318454508.5
REAL ZARAGOZA SA 4285533Z SM -5769281.747 168572641.9
RENTA CORP REN1USD EO -40378516.38 216503337.5
RENTA CORP REN SM -40378516.38 216503337.5
RENTA CORP REN1 TQ -40378516.38 216503337.5
RENTA CORP REN1USD EU -40378516.38 216503337.5
RENTA CORP RENS PZ -40378516.38 216503337.5
RENTA CORP REN1 EU -40378516.38 216503337.5
RENTA CORP REN1 EO -40378516.38 216503337.5
RENTA CORP REN1GBX EU -40378516.38 216503337.5
RENTA CORP RTACF US -40378516.38 216503337.5
RENTA CORP REN1GBX EO -40378516.38 216503337.5
RENTA CORP REN1GBP EO -40378516.38 216503337.5
RENTA CORP REAL REN/D SM -40378516.38 216503337.5
RESIDENCIAL MARL 4498347Z SM -8851230.872 106007591.2
REYAL URBIS SA REY1 EU -1160391779 4576859229
REYAL URBIS SA REYU PZ -1160391779 4576859229
REYAL URBIS SA REY SM -1160391779 4576859229
REYAL URBIS SA REY1 IX -1160391779 4576859229
REYAL URBIS SA REY1 EO -1160391779 4576859229
REYAL URBIS SA REY EB -1160391779 4576859229
SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
SEDESA OBRAS Y S 4285693Z SM -33624032.31 180977629
SHELL ESPANA SA 4514247Z SM -62380994.38 292408739.1
SPANAIR 1174Z SM -224915085.6 350111493.1
SUZLON WIND ENER 3809140Z SM -2806837.606 127085865.7
TELEVISION AUTON 3772924Z SM -114641099.5 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225.3 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
URBANIZADORA SEV 4286693Z SM -10314851.8 487333641
VIA OPERADOR PET 4510507Z SM -19240934.52 114265353.9
XFERA MOVILE SA 1236Z SM -93151786.57 1220956633
SWEDEN
------
ATTENDO AB 4452873Z SS -58148252.61 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
NOBINA 1099Z SS -302162.7367 854969434.4
PANAXIA AB PAXA EO -13977223.06 102375741.8
PANAXIA AB PAXAEUR EO -13977223.06 102375741.8
PANAXIA AB PAXA PZ -13977223.06 102375741.8
PANAXIA AB PAXA EU -13977223.06 102375741.8
PANAXIA AB PAXA BY -13977223.06 102375741.8
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STAGECOACH GROUP SGC LN -93023113.56 2711144845
STAGECOACH GROUP SGC1 NQ -93023113.56 2711144845
STAGECOACH GROUP SGC1 NR -93023113.56 2711144845
STAGECOACH GROUP SGC1 BQ -93023113.56 2711144845
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STJAMES'S PLACE 4451825Z LN -40027613.56 444219054.8
STV GROUP PLC SMG VX -44693985.16 126240905.5
STV GROUP PLC STVG EO -44693985.16 126240905.5
STV GROUP PLC STVGEUR EU -44693985.16 126240905.5
STV GROUP PLC STVG VX -44693985.16 126240905.5
STV GROUP PLC STVGGBP EO -44693985.16 126240905.5
STV GROUP PLC STVG S1 -44693985.16 126240905.5
STV GROUP PLC SMGPF US -44693985.16 126240905.5
STV GROUP PLC STVGEUR EO -44693985.16 126240905.5
STV GROUP PLC STVG EU -44693985.16 126240905.5
STV GROUP PLC STVG LN -44693985.16 126240905.5
STV GROUP PLC SMG PZ -44693985.16 126240905.5
STV GROUP PLC SMG IX -44693985.16 126240905.5
SUN CHEMICAL LTD 2569274Z LN -21504458.55 276424178.5
SUNDERLAND ASSOC 1274418Z LN -30559441.44 144949782.5
SUNSAIL LTD 1092666Z LN -37047891.81 193976501.7
SUNSEEKER INTERN 820741Z LN -7756394.619 227371284.6
SWIFT TECHNICAL 4287133Z LN -34723772.77 138665319.9
TATA CMMNCTNS UK 2534722Z LN -43763935.47 114567535.7
TDL INFOMEDIA 3362Z LN -25723860.05 136762955.6
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
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TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMMUNI 1646328Z LN -287113015.3 868389208
TELEWEST COMMUNI 1608194Z LN -113079709.6 9113744374
THALES CORPORATE 1083706Z LN -65658884.46 829798983.7
THALES RAIL SIGN 2812334Z LN -29298137.36 106623580
THALES TELECOMMU 1163839Z LN -5826263.267 245379695.8
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIMES NEWSPAPERS 2343939Z LN -719564696.3 649314828.6
TOPPS TILES PLC TPT8 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJY US -36503224.29 140534295.2
TOPPS TILES PLC TPT EU -36503224.29 140534295.2
TOPPS TILES PLC TPT BQ -36503224.29 140534295.2
TOPPS TILES PLC TPT10 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT2 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT1 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2
TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
TOPPS TILES PLC TPT VX -36503224.29 140534295.2
TOPPS TILES PLC TPT7 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EO -36503224.29 140534295.2
TOPPS TILES PLC TPT5 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT3 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT IX -36503224.29 140534295.2
TOPPS TILES PLC TPT EO -36503224.29 140534295.2
TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT S1 -36503224.29 140534295.2
TOPPS TILES PLC TPT TQ -36503224.29 140534295.2
TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.82 120867289.2
UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7
VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
VIRGIN MOBILE VMOB PO -392165409.3 166070003.7
VIRGIN MOBILE VMOB VX -392165409.3 166070003.7
VIRGIN MOBILE UEM GR -392165409.3 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
WARNER ESTATE WNER PZ -80276070.4 344291592.8
WARNER ESTATE WNEHF US -80276070.4 344291592.8
WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
WARNER ESTATE WNERGBP EO -80276070.4 344291592.8
WARNER ESTATE WNER PO -80276070.4 344291592.8
WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter
A. Chapman, Editors.
Copyright 2013. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *