/raid1/www/Hosts/bankrupt/TCREUR_Public/130910.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, September 10, 2013, Vol. 14, No. 179
Headlines
A R M E N I A
* ARMENIA: Fitch Rates Potential USD-Denominated Notes 'BB-(EXP)'
F R A N C E
* Fitch: French Pension Move Eases Burden, But Challenges Remain
G E R M A N Y
INFINITY 2007-1: S&P Lowers Rating on Class G Notes to 'CCC-'
* GERMANY: Business Insolvencies Up 1.8% in First Half 2013
H U N G A R Y
* HUNGARY: Gov't Officials Get List of Insolvent Companies
I R E L A N D
IRISH BANK: Sale of EUR22-Bil. Assets to Begin Next Week
N E T H E R L A N D S
HERMES XI: S&P Lowers Rating on Class D Notes to 'BB'
TELEFONICA EUROPE: Moody's Rates Proposed Hybrid Debt 'Ba1'
TELEFONICA EUROPE: S&P Rates New Sub. Hybrid Securities 'BB+'
P O L A N D
TVN SA: S&P Affirms 'B+' Corporate Credit Rating; Outlook Stable
R U S S I A
* SAKHA REPUBLIC: S&P Affirms 'BB+' LT Issuer Credit Rating
S L O V E N I A
MARIBOR ARCHDIOCESE: Graz Diocese Plans to Buy Real Estate
S P A I N
PRIVATE MEDIA: Incurs EUR670,000 Net Loss in Second Quarter
SNIACE: Files for Voluntary Bankruptcy to Restructure Debt
T U R K E Y
DOGAN YAYIN: Fitch Hikes Issuer Default Ratings to 'BB-'
HURRIYET GAZETECILIK: Fitch Ups LT Issuer Default Ratings to BB-
U N I T E D K I N G D O M
COVENTRY CITY: Wipes Out 10-Point Deduction Due to Administration
ENTERPRISE INNS: S&P Keeps B Corp. Credit Rating; Outlook Stable
LONDON TAXI: Production of Classic Black Cab to Resume Tomorrow
MG ROVER: Deloitte Faces GBP14-Mil. Fine Over Sale
OPERA FINANCE: Servicer Novation No Impact on Moody's Ratings
VICTORIA FUNDING: S&P Lowers Rating on Class E Notes to 'CC'
X X X X X X X X
* Corporate Insolvencies Up 2.6% in Western Europe & Scandinavia
* Large Companies with Insolvent Balance Sheets
*********
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A R M E N I A
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* ARMENIA: Fitch Rates Potential USD-Denominated Notes 'BB-(EXP)'
-----------------------------------------------------------------
Fitch Ratings has assigned the Republic of Armenia's potential
upcoming USD-denominated notes an expected 'BB-(EXP)' rating. The
final rating is contingent on the receipt of final documentation
conforming to information already received.
The expected rating is in line with Armenia's Long-Term foreign
currency Issuer Default Rating (IDR) of 'BB-'. The Outlook on the
rating is Stable.
Key Rating Drivers
Fitch affirmed Armenia's ratings on August 16, 2013, reflecting
the following factors:
The consolidated general government deficit fell to 1.4% of GDP
in 2012, down from 2.8% of GDP in 2011, outperforming the target
for the second successive year. The government succeeded in
meeting its goal of increasing tax revenues, although under-
execution of capital spending also contributed, by 1.2pp of GDP.
The deficit will increase again in 2014 due to the costs of
introducing a pension reform, estimated at 0.5% of GDP in the
first year.
General government debt rose 1.8pp of GDP to 44.1% of GDP in
2012, but Fitch expects it to stabilize from 2013 onwards.
Currency depreciation is a risk to solvency given that over 80%
of government debt is foreign currency-denominated. External
sovereign debt service is modest, but rising. The government aims
to deepen the local capital market.
Real GDP grew by 7.2% in 2012, faster than in any other rated
sovereign in Emerging Europe, driven by agriculture, mining and
services. Faster growth has accompanied a government drive to
improve the business climate, although qualitative weaknesses
persist. Growth slowed in Q213, but Fitch expects it to reach 5%
in 2013-15, higher than its previous forecasts. Consumption and
net trade are contributing, while investment is weak. Headwinds
will come from higher gas prices and slower growth in Russia.
A current account deficit (CAD) above 10% of GDP is still a
rating weakness, although it is gradually narrowing, driven by
exports. The CAD is forecast to fall below 10% of GDP in 2014,
with FDI accounting for an increasing share of CAD financing.
Reserves will be flat as Armenia starts to repay IMF lending.
Governance indicators are slightly below 'BB' medians. Serzh
Sargsyan won a second term as president in February 2013,
completing a smooth election cycle and pointing to policy
continuity. However, an angry popular response to a proposed rise
in public transport fares in Yerevan suggests dissatisfaction and
latent political risks.
Armenia's rating is supported by a relatively strong
macroeconomic framework and a good inflation track record in
comparison with the peer group of 'BB' rated sovereigns. However,
rising food prices and a 15.1% rise in energy tariffs (stemming
from higher gas import costs) pushed up inflation to 8.5% year on
year, in July 2013. By 2014 inflation should return to the target
range, below 5.5%. The Central Bank of Armenia (CBA) is allowing
greater exchange rate flexibility, although dollarization is high
at 63%.
Fitch previously highlighted the risks to the banking sector from
strong lending growth, albeit from a low base. Headline growth in
bank lending to the private sector slowed to 16% year on year in
May 2013, from 27% at end-2012. The CBA has moved to dampen
growth in foreign currency lending. Bank risks to sovereign
creditworthiness are mitigated by loss absorption capacity and
predominantly foreign ownership of the banks.
Rating Sensitivities
The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently well balanced.
Consequently, Fitch's sensitivity analysis does not currently
anticipate developments with a high likelihood of leading to a
rating change.
The main factors that, individually or collectively, could lead
to positive rating action are:
-- Ongoing improvement in the CAD and a stronger reserve
position.
-- Setting the debt/GDP ratio on a downward path. A track record
of sustainably low fiscal deficits while navigating the
challenges of the pension reform would improve
creditworthiness, especially given the forecast rise in
sovereign external funding costs.
The main factors that, individually or collectively, could lead
to negative rating action are:
-- A fall in reserves and pressure on the dram originating from
an external shock or inconsistent economic policies. A sharp
depreciation would worsen solvency risks given the
government's largely foreign currency-denominated debt, and
pose risks to the financial system in view of the high level
of dollarisation.
-- An upswing in political risk, which is less likely now that
the election cycle is complete.
-- Material slippage in the performance of public finances that
led to a rise in the debt/GDP ratio
===========
F R A N C E
===========
* Fitch: French Pension Move Eases Burden, But Challenges Remain
----------------------------------------------------------------
The French government's recent announcements on pension reform
are a credit-positive step that will ease immediate pressure on
the country's pensions system, though they do not fully address
the underlying fiscal burden of an ageing population, Fitch
Ratings says.
The measures are planned to help finance the funding gap of the
private pension system, which is expected to reach EUR7.6 billion
by 2020.
Among key measures announced is a rise in employee and employer
pension contributions by a total of 0.6 percentage points over
the next four years -- although the government's pledge that
total social contributions will not increase suggests cuts will
have to be made elsewhere. Other measures include postponing the
inflation-indexation of the basic pensions from April 1 to
October 1 each year and increasing the contribution period
required to earn a full pension by 18 months, to 43 years,
between 2020 and 2035.
The proposals are expected to yield EUR7.3 billion by 2020.
Additional savings after 2020 will yield EUR2.7 billion by 2030
and EUR5.4 billion by 2040, when the private pension system is
expected by the government to be in balance.
The estimates are sensitive to unemployment and growth
assumptions. In light of this, a steering committee will be
created to make recommendations if there are significant
discrepancies between observations and the baseline scenario,
based on a yearly assessment of indicators provided by the
Pensions Orientations Council. The measures will be put through
parliament in late September/early October. Fitch does not expect
any major changes to the draft proposals.
There are no major moves to bring public sector pensions, which
are expected to be in deficit by EUR8.7 billion in 2020, in line
with the private sector. Including this, along with the general
pension scheme and the supplementary regimes, the total pension
system funding gap -- barring any further reforms -- is set to
rise to an estimated EUR20.7 billion by 2020 and then stabilize
at around EUR27 billion by 2040, from around EUR14 billion in
2011.
However, the public sector pension scheme will be affected by the
announced rise in the social contribution rates, the increase in
the contribution period length, and the postponement of the
inflation-indexation of pensions. However, no official numbers
are available yet on the impact of the reforms on the total
pension system deficit.
Furthermore, the proposals do not encompass additional reforms,
such as those proposed by the European Commission in May. These
included increasing minimum and full-pension retirement ages,
adapting indexation, and reviewing the numerous exemptions to the
general pension scheme.
Therefore, the latest announcements, on their own, do not appear
to be sufficient to remove persistent deficits and make the
French pension system sustainable in the long-run.
In common with most advanced economies, the rising proportion of
elderly people in the French population will put pressure on
public spending in the future, although the projected increase in
the fiscal cost of an ageing population is lower in France than
in many European and OECD peers. This reflects more favorable
demographics and pension reforms over the last decade. Public
pension expenditure as a share of GDP will increase by 0.5pp for
France from 2010 to 2060, according to a European Commission
report last year. This compares with the 2.0pp average for the
eurozone and 2.6pp for Germany.
"When we reviewed France's rating in July, we did so in light of
the government's fiscal consolidation plans, which took into
account the impact of the then-unspecified pension system reforms
on the social security balance. Our review assumed that the
French government would stick closely to its plans. The pension
reform announcement therefore does not materially change any of
our fiscal assumptions. We expect France's headline deficit to
fall to around 1% of GDP by 2017, from 4.8% in 2012," Fitch says.
"The pension reforms are consistent with the gradualist approach
the government has taken in other areas since it took office,
such as competitiveness and labor market reform. The impact of
these reforms on the economy and public finances is uncertain.
We rate France 'AA+' with a Stable Outlook."
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G E R M A N Y
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INFINITY 2007-1: S&P Lowers Rating on Class G Notes to 'CCC-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Infinity 2007-1 "Soprano" FCC's class A, B, C, E, F, and G notes.
At the same time, S&P has affirmed its rating on the class D
notes.
The rating actions follows S&P's review of Infinity 2007-1
"Soprano" FCC's credit quality following the updated valuation of
the properties backing the EHE Pool 1A loan.
EHE - POOL 1A LOAN (62% OF THE POOL)
The EHE Pool 1A loan is the largest in the pool and has an
outstanding EUR371.7 million securitized balance (86% of the
whole loan). There is additional debt of EUR59.1 million, which
does not form part of this transaction.
The loan maturity date was initially scheduled for October 2011.
However, in July 2011, the servicer and the junior lenders agreed
to extend this to October 2013. This was so that the borrowers
could progressively sell down the assets backing the loan over
this extended period in order to repay the outstanding debt.
A portfolio of four shopping centers, two logistics warehouses,
and 34 retail properties secures the loan. Most properties are
in small-to-medium sized German cities. The portfolio is let to
over 300 tenants, and the top five tenants account for 32% of the
income. The occupancy rate has remained relatively stable since
closing (95% as of the August 2013 investor report). The
weighted-average unexpired lease term to break option is four
years and seven months.
The commercial real estate portfolio backing the loan was
revalued in May 2013 at EUR278.9 million (a 11.4% decline from
the November 2010 EUR314.8 million valuation).
In August 2013, the issuer reported a 133.27% securitized loan-
to-value (LTV) ratio, based on the aforementioned valuation.
This compares with a 118.71% securitized LTV ratio in May 2013.
The updated valuation triggered an LTV ratio covenant breach
under which the borrower committed to ensure a securitized LTV
ratio not to exceed 130%. The failure by the borrowers to comply
with the LTV ratio covenant is an event of default under the loan
agreement. As a result, the servicer has determined that a
servicing transfer event occurred. Accordingly, the EHE Pool 1A
loan entered special servicing on July 15, 2013.
As of August 2013, the servicer reported a 2.35x securitized
interest coverage ratio.
Although S&P's previous analysis assumed losses in its base-case
scenario, it now believes that the amount of losses is likely to
increase. The level of recoveries associated with this portfolio
is likely to be constrained by the updated valuation, as it may
create a benchmark for potential purchasers. Accordingly, S&P
considers that the securitized loan has become more exposed to
losses.
RATING ACTIONS
S&P's ratings on Infinity 2007-1 "Soprano" FCC's notes addresses
timely payment of interest and repayment of principal no later
than the legal final maturity date in November 2019.
Following S&P's review, it considers the available credit
enhancement for the class A, B, and C notes to be insufficient to
mitigate the risk of losses from the remaining underlying
reference loan pool, at the currently assigned rating levels.
S&P has therefore lowered its ratings on these classes of notes
to 'BB (sf)', 'B (sf)', and 'B- (sf)', respectively.
S&P has also lowered its ratings on the class E, F, and G notes
to 'CCC+ (sf)', 'CCC (sf)' and 'CCC- (sf)', respectively, as it
considers that these classes of notes are likely to experience
losses.
At the same time, S&P has affirmed its 'B- (sf)' rating on the
class D notes as it considers the available credit enhancement
for this class of notes to be commensurate with the currently
assigned rating.
Infinity 2007-1 "Soprano" FCC is a synthetic commercial mortgage-
backed securities (CMBS) transaction that closed in May 2007. It
was initially backed by a pool of 15 reference loans secured on
67 predominantly commercial properties. Five of the loans have
repaid since closing. The 10 outstanding loans are secured on 54
commercial properties in Germany, France, and Spain. The
outstanding notes' balance has decreased to EUR599.8 million from
EUR1.02 billion at closing.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an property-backed security as defined
in the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating Rating
To From
Infinity 2007-1 "Soprano" FCC
EUR1.028 Billion Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered
A BB (sf) BBB- (sf)
B B (sf) BB- (sf)
C B- (sf) B(sf)
E CCC+ (sf) B- (sf)
F CCC (sf) CCC+ (sf)
G CCC- (sf) CCC (sf)
Rating Affirmed
D B- (sf)
* GERMANY: Business Insolvencies Up 1.8% in First Half 2013
-----------------------------------------------------------
Deutsche Welle reports that the number of German businesses that
went bust in the first half of 2013 was higher than in the same
period last year.
Experts attribute the first rise in three years to sluggish
economic growth at the beginning of 2013, Deutsche Welle
discloses.
Between January and June this year 15,349 German businesses filed
for insolvency, which was 1.8% more than during the same period
last year, Deutsche Welle says, citing the Buergel company data
service.
According to the latest figures released by Buergel on Thursday,
the six-month increase was the first since 2009 and accounted for
commercial losses totaling EUR16.3 billion (US$21.4 billion),
Deutsche Welle notes.
Bankruptcies edged up especially in the manufacturing and
services sector, said Buergel Chief Executive Norbert Sellin in a
statement, as sluggish demand in the first quarter of this year
had forced companies to shelve investments, Deutsche Welle
relates. Moreover, uncertainty caused by the eurozone crisis had
clouded business in the period, Deutsche Welle notes.
Mr. Sellin also said that bankruptcies in the second half of 2013
were expected to continue rising, but at a slower pace,
Deutsche Welle relates. He estimated the total number of German
firms going bust in 2013 at about 30,000 -- some 900 or 3% more
than in 2012, Deutsche Welle states.
As in previous years, the percentage of new businesses that
failed was higher than the overall average, making up about a
quarter of all bankruptcies with a total number of 3,808 filings,
Deutsche Welle discloses.
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H U N G A R Y
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* HUNGARY: Gov't Officials Get List of Insolvent Companies
----------------------------------------------------------
MTI-Econews reports that daily Magyar Nemzet said on Monday a
comprehensive list of insolvent companies and private individuals
has been available to government officials since August 1.
According to MTI-Econews, Ferenc Csaszti, the deputy head of the
Hungarian Chamber of Liquidators, told the paper that the list
contains the names, addresses and amount owed by insolvent
companies and private individuals.
Names remain on the list for a period a ten years, MTI-Econews
notes.
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I R E L A N D
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IRISH BANK: Sale of EUR22-Bil. Assets to Begin Next Week
--------------------------------------------------------
Colm Keena at The Irish Times reports that the sale of assets
worth more than EUR22 billion by the liquidators of the Irish
Bank Resolution Corporation, which is to be completed by the end
of the year, kicks off on Monday of next week.
According to The Irish Times, parties that have expressed an
interest in the loans being sold and have signed confidentiality
agreements will start getting detailed information on the first
group of loans from that date, and will be given a short period
to make indicative bids.
The initiation of the sales process for the so-called Project
Evergreen loans will be quickly followed by the beginning of an
identical process in relation to three other loan types, The
Irish Times says.
Project Evergreen involves Irish-originated corporate loans to
trading entities such as Arnotts and Topaz with 50 "borrower
groups" and loans totaling EUR3.5 billion, The Irish Times
discloses.
The other three groups of loans have been called Rock, Sand and
Stone and involve, respectively, UK-originated commercial real
estate loans, mortgages associated with the former Irish
Nationwide, and Irish-originated commercial real-estate loans,
The Irish Times notes. The number of borrower groups and the
value of the loans, at par, are, respectively: 350 (EUR7.8
billion); 13,250 (EUR1.8 billion); and 2,150 (EUR9.3 billion),
according to The Irish Times.
After receiving indicative bids, potential purchasers will be
asked for best final bids, and any assets for which satisfactory
prices are offered, will then be sold, The Irish Times says. The
liquidators have already given some information that does not
identify borrowers to parties that have expressed an interest in
the assets they are charged with selling, The Irish Times states.
The Irish Times relates that the liquidators, Kieran Wallace and
Eamonn Richardson of KPMG, have been instructed by Minister for
Finance Michael Noonan to get confidential, independent
valuations of the assets by November 30. The assets must be sold
by the liquidators at or above these valuations, and any assets
not sold by the end of the year will be transferred to the
National Asset Management Agency, The Irish Times states.
The liquidators have already said that they have received strong
indications of interest in the assets they have been charged with
selling, The Irish Times notes. A spokesman for the liquidators,
as cited by The Irish Times, said that they will accept repayment
of all loans at par value from debtors who settle all their debts
and that they have been encouraging borrowers to do this since
soon after their appointment.
According to The Irish Times, Mr. Noonan has told the liquidators
to sell the assets as expeditiously as possible and not later
than December 31, 2013, "or as soon as practicable thereafter".
Anglo Irish Bank was an Irish bank headquartered in Dublin from
1964 to 2011. It went into wind-down mode after nationalization
in 2009. In July 2011, Anglo Irish merged with the Irish
Nationwide Building Society, with the new company being named the
Irish Bank Resolution Corporation.
As reported by the Troubled Company Reporter-Europe on Aug. 30,
2013, the liquidation vehicle for what was once one of Ireland's
largest banks filed a Chapter 15 petition (Bankr. D. Del. Case
No. 13-12159) on Aug. 26 to protect U.S. assets of the former
Anglo Irish Bank Corp. from being seized by creditors.
Bill Rochelle, the bankruptcy columnist for Bloomberg
News,reports that Irish Bank Resolution is seeking assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society. The two banks failed and were
merged into IBRC in July 2011. IBRC was tasked with winding them
down and liquidating their assets. In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.
IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion). About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing. Total
liabilities in June 2012 were about EUR50 billion, according to a
court filing.
* * *
Standard & Poor's Ratings Services said that it lowered its long-
and short-term counterparty credit ratings on Irish Bank
Resolution Corp. Ltd. (IBRC) to 'D/D' from 'B-/C'. S&P also
lowered the senior unsecured ratings to 'D' from 'B-'. S&P then
withdrew the counterparty credit ratings, the senior unsecured
ratings, and the preferred stock ratings on IBRC. At the same
time, S&P affirmed its 'BBB+' issue rating on three government-
guaranteed debt issues.
The rating actions follow the Feb. 6, 2013, announcement that the
Irish government has liquidated IBRC.
=====================
N E T H E R L A N D S
=====================
HERMES XI: S&P Lowers Rating on Class D Notes to 'BB'
-----------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in two Holland Mortgage Backed Series (Hermes)
transactions.
Specifically, S&P has:
-- Affirmed its 'A+ (sf)' rating on Hermes IX B.V.'s class A
notes;
-- Affirmed and removed from CreditWatch negative its
'A+ (sf)' rating on Hermes IX's class B notes;
-- Lowered and removed from CreditWatch negative its ratings
on Hermes IX's class C and D notes;
-- Affirmed its 'A+ (sf)' rating on Hermes XI B.V.'s class A
notes; and
-- Lowered and removed from CreditWatch negative its ratings
on Hermes XI's class B, C, and D notes.
The rating actions follows S&P's performance review, its credit
and cash flow analysis using the servicer's information as of
April 2013, and the application of its relevant criteria.
On May 15, 2013, S&P placed on CreditWatch negative its ratings
on the class B, C, and D notes in Hermes IX and XI.
In S&P's May 2013 review, Hermes IX and XI had breached the
documented assignment notification trigger of 'BBB+' for the
seller, SNS Bank N.V. At a 'BBB+' rating level, S&P considered
that this trigger served as a mitigant against the transactions'
exposure to deposit set-off and commingling risk. S&P has
received updated transaction documentation from SNS Bank, in
which it has lowered the trigger further to 'BBB' and added
mitigants to address commingling and deposit set-off risks. S&P
has therefore revised its assumptions for these risks.
The updated documentation outlines the extent to which SNS Bank
will post collateral within 30 days to mitigate deposit set-off
risk, if S&P's long-term issuer credit rating (ICR) on SNS Bank
falls below 'BBB+'. S&P gave partial credit to this amount in
its analysis, while considering the level of borrower deposits
over the past 18 months. At rating levels equal to and below
S&P's long-term 'BBB' ICR on SNS Bank, it did not apply any
losses for deposit set-off risk.
Regarding commingling risk, SNS Bank has provided updated
documentation for the collection foundation account. If S&P's
long-term ICR on SNS Bank falls below 'BBB', SNS Bank is required
to take remedy action under the transaction documents. The
documented remedy options do not fully address commingling risk
in these transactions. Therefore, S&P has given partial credit
to this structural feature in its analysis. S&P has applied a
commingling loss for notes rated 'BBB (sf)' and above. For notes
rated below 'BBB (sf)', S&P applied a liquidity stress.
In both transactions, neither the swap nor the guaranteed
investment contract (GIC) documents are in line with S&P's
current counterparty criteria. As such, S&P's current
counterparty criteria caps its ratings in these transactions at
one notch above its 'A' long-term ICR on the swap provider,
Credit Suisse.
Although arrears in both transactions remain relatively low in
absolute terms, severe delinquencies in Hermes IX have increased
to 3.04% from 1.76% in Q2 2011, while Hermes XI has seen an
increase of 0.94% to 2.35% over the same timeframe. The
transactions' severe delinquencies are considerably higher than
S&P's Dutch residential mortgage-backed securities (RMBS) index
(0.75%). The deterioration in arrears levels and Dutch house
prices has increased the required credit coverage at each rating
level in S&P's analysis. The transactions' structural features
do not sufficiently mitigate S&P's increased weighted-average
foreclosure frequency (WAFF) and weighted-average loss severity
(WALS) assumptions.
Dutch house prices have significantly declined over the past
year. S&P's calculations show that the weighted-average indexed
loan-to-value (LTV) ratio has increased in these transactions
since Q2 2011. In S&P's analysis, it has incorporated actual
house price declines and, given the current macroeconomic
environment in the Netherlands, its view of additional house
price declines. As a result, S&P's WAFF and our WALS assumptions
have increased for both transactions since 2011.
HERMES IX B.V.
S&P has lowered and removed from CreditWatch negative its ratings
on Hermes IX's class C and D notes due to deteriorating
collateral performance and its projection of increasing arrears
for the coming year. Since S&P's ratings on the class C and D
notes are either equal to, or below, its 'BBB' long-term ICR on
SNS Bank, S&P has not stressed deposit set-off risk. S&P also
therefore applied commingling stresses that were less severe (as
a liquidity stress as opposed to a loss) than those that S&P
applied to the notes rated above 'BBB (sf)'.
The available credit enhancement for the class A and B notes is
sufficient to offset the increase in S&P's WAFF and WALS
assumptions, despite its revised cash-flow assumptions for
deposit set-off and commingling risk. S&P has therefore affirmed
its 'A+ (sf)' rating on the class A notes, and affirmed and
removed from CreditWatch negative its 'A+ (sf)' rating on the
class B notes.
Rating level WAFF WALS
(%) (%)
AAA 18.88 37.12
AA 14.79 33.73
A 10.34 28.92
BBB 7.43 25.91
BB 5.46 21.01
HERMES XI B.V.
S&P has lowered and removed from CreditWatch negative its ratings
on the class C and D notes due to deteriorating collateral
performance and its projection of increasing arrears for the
coming year. Since S&P's ratings on the class C and D notes are
either equal to, or below, its 'BBB' long-term ICR on SNS Bank,
it has not stressed deposit set-off risk. S&P also therefore
applied commingling stresses that were less severe (as a
liquidity stress as opposed to a loss) than those that S&P
applied to the notes rated above 'BBB (sf)'.
The available credit enhancement for the class A notes is
sufficient to offset the increase in S&P's WAFF and WALS
assumptions, despite its revised cash-flow assumptions for
deposit set-off and commingling risk. S&P has therefore affirmed
its 'A+ (sf)' rating on the class A notes.
The available credit enhancement for the class B notes is
insufficient to maintain the currently assigned rating, given the
increase in the required credit coverage and our revised cash-
flow assumptions for deposit set-off and commingling risk.
Therefore, based on S&P's cash flow analysis, it has lowered to
'A- (sf)' and removed from CreditWatch negative its rating on the
class B notes.
Rating WAFF WALS
level (%) (%)
AAA 17.80 40.32
AA 14.87 36.93
A 11.69 32.07
BBB 7.69 28.99
BB 6.18 24.00
Hermes IX and XI are securitizations of SNS Bank's prime Dutch
residential mortgages, which ATC Financial Services B.V.
administers.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report are available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Holland Mortgage Backed Series (Hermes) IX B.V.
EUR1.5 Billion Residential Mortgage-Backed Floating-Rate Notes
Rating Affirmed
A A+ (sf)
Rating Affirmed And Removed From CreditWatch Negative
B A+ (sf) A+ (sf)/Watch Neg
Ratings Lowered And Removed From CreditWatch Negative
C BBB (sf) A (sf)/Watch Neg
D BB+ (sf) BBB (sf)/Watch Neg
Holland Mortgage Backed Series (Hermes) XI B.V.
EUR1.528 Billion Residential Mortgage-Backed Floating-Rate Notes
Rating Affirmed
A A+ (sf)
Ratings Lowered And Removed From CreditWatch Negative
B A- (sf) A+ (sf)/Watch Neg
C BBB (sf) A (sf)/Watch Neg
D BB (sf) BBB (sf)/Watch Neg
TELEFONICA EUROPE: Moody's Rates Proposed Hybrid Debt 'Ba1'
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba1 long-term rating to
Telefonica Europe B.V.'s proposed issuance of "Perpetual
Securities" (the "hybrid debt") fully and unconditionally
guaranteed by Telefonica S.A. on a subordinated basis. The
outlook on the rating is negative. The size of the hybrid
instrument remains subject to market conditions. All other
ratings of Telefonica and its guaranteed subsidiaries as well as
the negative outlook remain unchanged.
"The Ba1 rating we have assigned to the hybrid instrument is two
notches below Telefonica's senior unsecured rating of Baa2,
primarily because the instrument is deeply subordinated to other
debt in the company's capital structure", says Carlos Winzer, a
Moody's Senior Vice President and lead analyst for Telefonica.
Ratings Rationale:
The Ba1 rating assigned to the hybrid instrument is two notches
below the group's senior unsecured rating of Baa2. The two-notch
rating differential reflects the deeply subordinated nature of
the hybrid debt. The instrument (1) is a perpetual instrument;
(2) is senior only to common equity; (3) provides Telefonica with
the option to defer coupons on a cumulative basis; and (4) has no
step-up prior to year 10 and only 100 basis points (bps)
thereafter.
In Moody's view, the notes have equity-like features to allow
them to receive basket "C" treatment, i.e. 50% equity and 50%
debt for financial leverage purposes.
Moody's notes that the proposed issuance of the hybrid instrument
is done for general corporate purposes and to partially fund
Telefonica's recent announcement of an agreed deal for the
acquisition of a controlling equity stake in E-Plus, the German
subsidiary of Koninklijke KPN N.V. (Baa2 negative) for a total
consideration of EUR8.5 billion.
The transaction is subject to obtaining all regulatory and
shareholder approvals and is not expected to close before the end
of Q2 2014. Moody's expects the deal to be subject to a high
degree of scrutiny by regulators, since previous precedents of
mobile market consolidation in Europe have required substantial
remedies to be approved.
The transaction is structured in such a way that it avoids a
meaningful deterioration in Telefonica's credit metrics. In fact,
Moody's expects the transaction itself to have a neutral effect
on the company's credit metrics in 2014. The EUR5.0 billion cash
payment to KPN will be funded by a combination of (1) EUR900
million in cash from Telefonica Deutschland Holding AG's minority
shareholders via a rights issue; (2) 50% to 60% through the
hybrid instrument with a substantial equity component; (3) 20% to
30% through a mandatory convertible; and (4) the remaining amount
will be financed with debt. As a result, Telefonica's financial
ratios will be only marginally affected after globally
consolidating E-Plus.
Telefonica's Baa2 rating primarily reflects (1) the group's large
size and scale; (2) the diversification benefits associated with
its strong positions in many different markets; (3) management's
track record and ability in terms of executing a well-defined and
concise business strategy; and (4) its operating cash flow
generation and management's stated commitment to maintain its
reported net debt/EBITDA ratio below 2.35x.
Telefonica's Baa2 rating also continues to reflect the following
assumptions: (1) management's ability to continue to execute a
strategy that offsets Spain's challenging macroeconomic
environment and contraction in consumer spending, which will
continue to affect Telefonica's domestic revenues and exert
pressure on credit metrics; (2) the group will deliver the
financial policy (including cash preservation measures and a non-
core assets disposal program) that management has publicly
committed to, which supports its deleveraging and strategy to
strengthen its finances; and (3) Telefonica will maintain its
access to the debt capital markets and as such retain adequate
liquidity, supported by recent bond issuances and asset sales.
Telefonica does not have the undisputed domestic strength or the
geographic diversity to isolate itself completely from the
current and future credit environment implied by the sovereign
rating (Baa3 negative).
Rationale For Negative Outlook
The negative outlook on the ratings reflects Moody's expectation
that the group will continue to operate in a challenging domestic
market (Spain). Despite the fact that Telefonica's international
diversification enhances its credit profile, the group's exposure
to the Spanish market puts it at risk given the weak
macroeconomic conditions in Spain, exacerbated by the contraction
in consumer spending resulting from austerity measures.
What Could Change The Rating Up/Down
As the hybrid rating is positioned relative to another rating of
Telefonica, either (i) a change in the senior unsecured rating of
Telefonica or (ii) a re-evaluation of its relative notching could
affect the hybrid rating.
Although not currently expected in light of the negative outlook,
the weak macroeconomic conditions in Spain and constraints
related to the sovereign rating, Moody's could consider a rating
upgrade to Baa1 if Telefonica's credit metrics were to strengthen
significantly as a result of improvements in its operational cash
flows and a further reduction in debt. Provided sovereign-related
concerns were to abate, the rating could benefit from positive
pressure if it became clear that the group would achieve
sustainable improvements in its debt ratios, such as an adjusted
retained cash flow (RCF)/net debt ratio above the mid-twenties in
percentage terms and adjusted net debt/EBITDA comfortably below
2.5x.
Conversely, a rating downgrade could result if (1) Telefonica
deviates from its financial-strengthening plan, as a result of
weaker cash flow generation or the incurrence or assumption of
further substantial debt in conjunction with the pursuit of
acquisitions or more aggressive shareholder distribution
policies; and/or (2) the group's operating performance in Spain
and other key markets continues to deteriorate and there is no
likelihood of an improvement in underlying trends in the short
term. Resulting metrics would include deviation from management
target metrics or an RCF/net adjusted debt ratio of less than 18%
or a net adjusted debt/EBITDA ratio trending towards 3.0x. In
addition, a rating downgrade could result if Moody's were to
downgrade the sovereign rating.
Principal Methodologies
The principal methodology used in this rating was the Global
Telecommunications Industry published in December 2010 and
Updated Summary Guidance for Notching Bonds, Preferred Stocks and
Hybrid Securities of Corporate Issuers published in February
2007.
Telefonica S.A. is the leading integrated telecommunications
provider in Spain, delivering a full range of services and
products including telephony, data exchange, interactive content
and information and communications technology solutions.
Telefonica is also one of the world's leading telecommunications
carriers, with some 317 million customers worldwide.
Approximately 76.9% of group revenues (total reported revenues
amounted to EUR59.9 billion for the last twelve month period
ending June 2013) and 67.5% of group EBITDA (total reported
EBITDA amounted to EUR20.2 billion for the last twelve month
period ending June 2013) were generated outside Spain for the
last twelve month period ending June 2013.
TELEFONICA EUROPE: S&P Rates New Sub. Hybrid Securities 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'BB+' long-term issue rating to the proposed five-year non-call
and eight-year non-call, perpetual, optionally deferrable, and
subordinated hybrid securities to be issued by Telefonica Europe
B.V., the Dutch finance subsidiary of Spain-based telecom group
Telefonica S.A. (BBB/Negative/A-2), also the guarantor of the
securities.
The completion and size of the overall issue will be subject to
market conditions.
S&P classifies the proposed securities as having "intermediate"
equity content until their respective first call dates in 2018
and 2021, because they meet our criteria in terms of their
subordination, permanence, and optional deferability during this
period.
Consequently, in S&P's calculation of Telefonica's credit ratios,
it will treat 50% of the principal outstanding and accrued
interest under the hybrids as equity rather than as debt. S&P
will also treat 50% of the related payments on these securities
as equivalent to a common dividend. Both treatments are in line
with its hybrid capital criteria.
According to S&P's criteria, the two-notch difference between its
'BB+' rating on the proposed hybrid notes and its 'BBB' corporate
credit rating on Telefonica reflects:
-- One notch for the proposed notes' subordination because the
corporate credit rating on Telefonica is investment grade
('BBB-' or above); and
-- An additional notch for the optional deferability of
interest.
The notching of the proposed securities takes into account S&P's
view that there is a relatively low likelihood that Telefonica
will defer interest payments. Should S&P's view change, it may
significantly increase the number of downward notches that it
applies to the issue rating, and more quickly than it might take
a rating action on the corporate credit rating.
The interest to be paid on the two proposed securities will
increase by 25 basis points in 2023, and a further 75 basis
points in 2038 on the first tranche and in 2041 on the second
tranche. S&P considers the cumulative 100 basis points as a
material step-up, which provides an incentive for Telefonica to
redeem the instruments on the 2038 and the 2041 respective call
dates.
Consequently, in accordance with S&P's criteria, it will no
longer recognize the instruments as having intermediate equity
content after the first call dates in 2018 and in 2021, because
the remaining period until their economic maturity would, by
then, be less than 20 years.
KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S PERMANENCE
Although the securities are perpetual, Telefonica can redeem them
as of the first call dates in 2018 and 2021, and every coupon
payment date thereafter. If any of these events occur, the
company intends to replace the instrument, although it is not
obliged to do so.
KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S SUBORDINATION
The proposed securities will be deeply subordinated obligations
of Telefonica, ranking junior to all unsubordinated or
subordinated obligations, and only senior to common shares.
Also, the proposed instruments will rank pari passu with the
about EUR59 million still outstanding preferred securities issued
in 2002.
KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S DEFERABILITY
In S&P's view, Telefonica's option to defer payment of interest
on the proposed securities is discretionary. This means that the
group may elect not to pay accrued interest on an interest
payment date because it has no obligation to do so.
However, any outstanding deferred interest payment would have to
be settled in cash if Telefonica pays an equity dividend or
interest on equal-ranking securities, or if Telefonica
repurchases common shares or equal-ranking securities (except the
2002 preferred securities). This condition remains acceptable
under S&P's rating methodology because, once the issuer has
settled the deferred amount, it can choose to defer payment on
the next interest payment date.
Telefonica retains the option to defer coupons throughout the
instrument's life. The deferred interest on the proposed
securities is cash-cumulative and compounding.
===========
P O L A N D
===========
TVN SA: S&P Affirms 'B+' Corporate Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B+' long-term corporate credit rating on Poland-based private TV
broadcaster TVN S.A. The outlook is stable.
At the same time, S&P affirmed its 'B+' issue ratings on the
existing cumulative EUR593 million senior unsecured notes due
2017 (EUR558 million outstanding), issued by TVN Finance
Corporation II AB, and the EUR175 million senior unsecured notes
issued by TVN Finance Corporation III AB.
S&P assigned its 'B+' issue rating to the proposed EUR430 million
senior unsecured notes to be issued by TVN Finance Corporation
III AB.
The affirmation follows TVN's launch of the proposed
EUR430 million (approximately Polish zloty [PLN]1,862 million)
senior unsecured notes to be issued by TVN Finance Corporation
III. S&P understands TVN will use the proceeds from the proposed
notes, together with proceeds from the Onet disposal of about
EUR186 million, to repay the existing notes due 2017 and cover
make-whole premiums, accrued interest, and fees.
S&P anticipates that, upon successful closing of the transaction,
TVN's debt as adjusted by Standard & Poor's will amount to about
PLN2.9 billion, resulting in an adjusted debt-to-EBITDA ratio of
about 5.4x at Dec. 31, 2013. This is in line with S&P's
assessment of TVN's financial risk profile as highly leveraged.
While higher than S&P's previous expectation of about 5.0x, it
considers that the proposed transaction strengthens TVN's
liquidity position ahead of the 2016 and 2017 call options that
French TV broadcaster Canal+ has on the remaining stake it
doesn't hold in TVN.
In addition, the ratings will be underpinned by TVN's ability to
generate healthy free operating cash flow (FOCF) in 2013 and
beyond. S&P thinks FOCF will be lifted by TVN's deconsolidation
of the pay-TV platform "n" from November 2012, lower interest
payments associated with the proposed new notes, and an
anticipated recovery of the Polish advertising market. The
decline of advertising spend slowed in the second quarter of 2013
and S&P expects further improvement during the second half of the
year. S&P notes positively that in a still difficult
environment, TVN's earnings and profit margins have grown.
Supported by significant cost reductions, TVN reported an EBITDA
margin of 32.6% for the first six months of 2013, up from 28.5%
in the corresponding period of 2012.
TVN's leading position in TV in Poland, solid profitability in
free-to-air TV, and adequate programming cost control through
own-content production, support S&P's assessment of TVN's
business risk profile as fair.
The stable outlook primarily reflects S&P's view that TVN's high
leverage is likely to gradually decrease and that free cash flow
generation should improve as a result of the disposal of "n" as
well as an anticipated recovery of the Polish advertising market.
S&P also factors in its view that TVN will protect its adequate
liquidity position thanks to a balanced acquisition and dividend
policy. S&P thinks that TVN's adjusted gross debt to EBITDA will
decline toward 5.0x over the next 12 months, a level that S&P
considers commensurate with the 'B+' rating.
S&P could consider a negative rating action if TVN's operating
performance declined beyond its current expectations for broadly
flat revenues and adjusted EBITDA of at least PLN500 million in
2013, preventing a decrease in S&P's adjusted debt-to-EBITDA
ratio to below 5.5x and keeping FOCF negative in 2013. A
financial policy that is more aggressive than S&P anticipates,
especially in terms of shareholder remuneration, could also
result in a negative rating action.
S&P could consider an upgrade if TVN reported solidly positive
cash flows, resulting in adjusted FFO to debt of above 15% and
adjusted gross debt to EBITDA below 4.5x on a sustainable basis,
and if S&P perceived that TVN consistently maintained a well-
defined and moderate financial policy.
===========
R U S S I A
===========
* SAKHA REPUBLIC: S&P Affirms 'BB+' LT Issuer Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Republic of Sakha, a region in Russia's Far Eastern federal
district, to negative from stable. At the same time, S&P
affirmed its long-term issuer credit rating on Sakha at 'BB+' and
the Russia national scale rating at 'ruAA+'.
RATIONALE
S&P revised its outlook on Sakha to negative from stable because
it expects its budgetary performance to weaken owing to continued
expenditure growth and poor tax revenues.
The ratings on Sakha are constrained by S&P's view of Russia's
"developing and unbalanced" institutional framework and the
region's low budgetary flexibility under existing legislation.
Heavy economic concentration on extraction of natural resources,
which is exacerbated by high dependence on a single taxpayer,
further limits the predictability of Sakha's financials. S&P
also views Sakha's management as "negative" in an international
context, mostly owing to a lack of reliable medium-term financial
planning, a situation similar for most Russian peers. The
region's vast territory, remote location, and severe subarctic
climate increase costs and translate into moderately high
contingent liabilities. Budgetary performance, although
weakening, will likely remain moderate and will be neutral for
Sakha's creditworthiness. The ratings are supported by S&P's
view of Sakha's low debt and positive liquidity position.
Under Russia's "developing and unbalanced" institutional
framework, Sakha's budgetary performance depends heavily on the
federal government's decisions regarding revenue sources and
expenditure responsibilities. Federal regulation of the main tax
rates and the distribution and allocation of transfers leaves
very little revenue flexibility for the region. S&P estimates
federal transfers and state taxes will equal more than 95% of
Sakha's total revenues in the next three years, and the share of
federal transfers in budget revenues to remain higher than the
average for Russian regions.
At the same time, since 2012, the central government has imposed
significant spending mandates on regions without providing
relevant compensation, which will likely further reduce Sakha's
already limited expenditure flexibility and will pressure its
budgetary performance.
Sakha is relatively wealthy in terms of budget revenues per
capita and gross regional product per capita, which exceeded
$18,400 in 2012 and was above the average for Russian regions.
S&P expects that, in 2013-2015, sizable investments in local
infrastructure and the mining sector, and increasing oil and coal
extraction, will support continued modest economic growth.
However, Sakha's economy will remain heavily concentrated on
mining and will be exposed to the volatility of world commodity
markets and the performance of a few large taxpayers over the
medium to long term. On average, almost 30% of Sakha's tax
revenues comes from the world's largest diamond producer Alrosa
OJSC (BB-/Stable/B) and its subsidiaries. S&P estimates that the
region's second-largest industry--oil production and
transportation--and the second- and third-largest taxpayers,
pipeline operator OAO AK Transneft (foreign currency BBB/Stable/-
-; local currency BBB+/Stable/--) and oil producer OJSC
Surgutneftegas (not rated), provide up to 20% of tax revenues.
In 2013, weaker performance of the large taxpayers will likely
lead to a drop in Sakha's corporate profit tax and overall tax
evenues, after several years of rapid growth in 2010-2012. This
will likely lead to a more significant deterioration in budgetary
performance than S&P expected in its previous base-case scenario.
The hike in operating expenditures, which accelerated in the
second half of 2012 following a federally mandated increase in
public sector salaries, will continue in 2013-2015. S&P thinks
Sakha's management will likely seek ways to prioritize social
spending and redistribute funds within the budget, but it
believes its ability to curb expenditure growth will be limited.
Nevertheless, S&P expects that, in the next three years, the
federal government could provide additional support to Sakha, as
well as to most regional governments, to somewhat alleviate
spending pressure.
"We therefore anticipate that budgetary performance will dwindle,
but remain moderate on average in 2013-2015. The operating
balance will likely dip into the red in 2013, and then gradually
recover in 2014-2015, so that its five-year average will remain
marginally positive, although weaker than the average of 8% of
operating revenues achieved in 2010-2012. We also forecast the
deficit after capital accounts will widen beyond 5% of total
revenues in 2013, but gradually decrease to about 3.5% in 2014-
2015. This is because we think significant investments in local
infrastructure will continue from the federal budget, as well as
from the Republican Investment Company (RIC) OJSC (B/Stable/--;
Russia national scale 'ruA-'). Moreover, Sakha plans to sell
some of its assets, including up to 7% of its shares in Alrosa
and several other local enterprises, and use the proceeds to
finance its capital program," S&P said.
Consequently, S&P assumes in its base-case scenario that, in
2013-2015, Sakha's direct debt will gradually increase, but that
tax-supported debt will remain low, at less than 30% of
consolidated operating revenues. S&P includes the guaranteed and
nonguaranteed debt of Sakha's numerous government-related
entities that provide transport, utilities, and other public
services, and supply goods and fuel across its large territory,
in tax-supported debt. Hence, S&P views the outstanding
contingent liabilities as moderate.
S&P views Sakha's financial management as a "negative" factor for
its creditworthiness in an international context, as it do for
most Russian local and regional governments. In S&P's view, it
is relatively sophisticated, exceeding the Russian average, in
terms of debt, revenue, and expenditure management, but lacks
reliable long-term financial planning and doesn't have sufficient
mechanisms to protect the region's financials from the volatility
that stems from external risks related to its concentrated
economy.
Liquidity
S&P views Sakha's liquidity position as "positive" as defined in
its criteria, because it expects net average cash to exceed debt
service falling due in the next 12 months. At the same time, S&P
views Sakha's access to external liquidity as "limited", given
the weaknesses of the domestic capital market.
"In our base-case scenario, we forecast that, in 2013, Sakha will
spend a portion of cash to cover the deficit after capital
accounts, and in the second half of 2013 and the first half of
2014, its net average cash will equal about Russian ruble (RUB)
4.5 billion (about US$135 million). This will exceed the low
debt service of about 3% of operating revenues, which we think
Sakha will maintain, thanks to its reliance on medium-term
borrowing," S&P added.
In 2013, apart from issuing amortizing bonds, Sakha obtained
RUB600 million in one-year bank loans and RUB2 billion in three-
year bank loans. By the end of 2013, the region plans to
organize up to RUB5 billion more in medium-term committed bank
loans and will likely withdraw one-half of this amount, while the
remaining half will provide additional liquidity for 2014-2015.
OUTLOOK
The negative outlook reflects S&P's view of an at least one-in-
three likelihood of a downgrade within the next 12 months. It is
based on S&P's belief that Sakha's continued need to increase
social-related expenditures, along with sluggish revenue growth,
will result in only moderate budgetary performance and might lead
to faster direct debt accumulation and gradual cash depletion,
which could in turn undermine Sakha's liquidity, which S&P
currently views as "positive".
S&P could take a negative rating action within the next 12 months
if, in line with its downside scenario, Sakha's deficits after
capital accounts exceed 5% of total revenues in 2014-2015 and
result in higher borrowing needs and a decrease in net average
cash, so that the debt service coverage ratio falls below 100%.
This would likely drive tax-supported debt above 30% of
consolidated operating revenues and would lead S&P to change its
view of liquidity to "neutral".
S&P could revise the outlook to stable if continued federal
support and management's ability to curb expenditures resulted in
moderate budgetary performance and Sakha maintained its
"positive" liquidity, thanks to a gradual repayment schedule and
sufficient net average cash reserves.
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
CreditWatch/Outlook Action; Ratings Affirmed
Rating Rating
To From
Sakha (Republic of)
Issuer Credit Rating BB+/Negative/-- BB+/Stable/--
Ratings Affirmed
Sakha (Republic of)
Russia National Scale Rating ruAA+
Senior Unsecured BB+
Senior Unsecured ruAA+
===============
S L O V E N I A
===============
MARIBOR ARCHDIOCESE: Graz Diocese Plans to Buy Real Estate
----------------------------------------------------------
The Slovenia Times, citing Slovenian daily Dnevnik, reports that
the Diocese of Graz in Austria seems to be planning to help the
neighbouring Maribor Archdiocese avoid bankruptcy by buying some
of the real estate this Slovenian archdiocese holds in the center
of Maribor.
Dnevnik reported already at the beginning of the year that the
Maribor Archdiocese had asked many dioceses around Europe to help
out by buying its real estate, The Slovenia Times notes.
According to The Slovenia Times, The Austrian business paper
Wirtschaftsblatt said in August that the Graz-Seckau Diocese was
thinking about buying a couple of buildings in Maribor city
center with the help of a yet unknown partner.
The Maribor Archdiocese is EUR37 million in debt following the
financial collapse of its financial holdings, whose total debt is
estimated at around EUR800 million, The Slovenia Times discloses.
The debt of the archdiocese is expected to be repaid from real
estate proceeds, as the archdiocese says it has no other assets,
The Slovenia Times states.
The Slovenia Times relates that Graz Diocese business director
Herbert Beiglboeck told the Wirtschaftsblatt on Sept. 4 that they
were hoping for a debt settlement with banks, as this would allow
the archdiocese to maximize the proceeds. Negotiations among
creditor banks are still ongoing, The Slovenia Times says.
According to The Slovenia Times, the Austrian Catholic press
agency Kathweb said on Wednesday that it remains open which real
estate is being considered by the Graz Diocese. It added,
however, that Beiglboeck signaled in the past that Graz could bid
for the seat of the archdiocese, a small church nearby, and the
Andreanum, a building that houses the Theological Faculty,
several Church organizations and a few apartments for priests,
The Slovenia Times notes.
The proceeds from the properties would help the Maribor
Archdiocese pay off its creditors, whose patience is slowly
running out, The Slovenia Times states. The Slovenian branch of
Raiffeisen bank has already filed a lawsuit against the
archdiocese demanding the repayment of EUR7.5 million, according
to The Slovenia Times. Also suing the archdiocese is the Abanka
bank, which wants back EUR360,000, The Slovenia Times discloses.
=========
S P A I N
=========
PRIVATE MEDIA: Incurs EUR670,000 Net Loss in Second Quarter
-----------------------------------------------------------
Private Media Group, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of EUR670,000 on EUR1.41 million
of sales for the three months ended June 30, 2013, compared with
net income of EUR58,000 on EUR1.76 million of net sales for the
same period last year.
"Lower sales and higher selling, general and administrative costs
contributed to the net loss in the fiscal 2013 quarter."
The Company reported a net loss of EUR1.05 million on EUR2.90
million of net sales for the six months ended June 30, 2013,
compared with a net loss of EUR 863,000 on EUR3.46 million of net
sales for the corresponding period in 2012.
"Lower sales and higher selling, general and administrative costs
contributed to the increase in the net loss in the fiscal 2013
period."
The Company's balance sheet at June 30, 2013, showed EUR6.84
million in total assets, EUR7.70 million in total liabilities,
EUR8.0 million of EUR10.00 Series B 6% Convertible Redeemable
Preferred Stock, and a stockholders' deficit of EUR8.86 million.
"In each of the past three years, the Company has experienced
losses from operations. At June 30, 2013, the Company had cash
and cash equivalents of EUR117,000 and a working capital deficit
of EUR2,193,000. As a result of the Company's operating losses
and financial condition, there is substantial doubt as to its
ability to continue as a going concern."
A copy of the Form 10-Q is available at http://is.gd/mesmAP
Headquartered in Barcelona, Spain, Private Media Group, Inc.,
acquires worldwide rights to adult media produced for the Company
by independent producers and then processes this content into
products suitable for popular physical media formats such as
print publications, DVDs, digital media platforms (such as
internet websites, mobile telephony and transactional
television), and broadcasting (which includes cable, satellite
and IPTV).
SNIACE: Files for Voluntary Bankruptcy to Restructure Debt
----------------------------------------------------------
Borregaard ASA on Sept. 8 disclosed that Sniace, the supplier of
raw material to Borregaard's lignin plant in Spain, has decided
to file for voluntary bankruptcy in order to restructure its
debt. The pulp mill is currently not in operation, and it is
uncertain if and when it will be restarted.
The Board of the Spanish Sniace Group, including Celltech S.L.U.,
the pulp unit supplying raw material to LignoTech Iberica S.A.,
has decided to file for Voluntary Bankruptcy (a request to reach
a general agreement with its creditors under a court procedure
similar to the procedure of Chapter 11 of the US Bankruptcy Law)
at the Commercial Court of Madrid. This means that the attempts
to find a voluntary agreement to restructure the debt, initiated
by the Board of Sniace on June 25, have turned out to be
insufficient in light of the company's financial and legal
position. The Commercial Court of Madrid will, in accordance
with the established procedures, appoint a Court Administrator
who will examine the situation and decide on further steps.
===========
T U R K E Y
===========
DOGAN YAYIN: Fitch Hikes Issuer Default Ratings to 'BB-'
--------------------------------------------------------
Fitch Ratings has upgraded Dogan Yayin Holding's (DYH) Long-term
foreign and local currency Issuer Default Ratings (IDRs) to 'BB-'
from 'B+'. The Outlook is Stable.
The upgrade reflects DYH's improved operational performance,
namely within the well positioned broadcasting segment, as well
as the material reduction in leverage expected by Fitch by the
end of 2013 through the collection of receivables from asset
sales performed in recent years and the planned rights issue.
DYH's recently announced rights issue also supports the upgrade
as it provides additional evidence of support from the parent
company.
DYH's ratings reflect the group's market leading position in the
Turkish media sector, which is currently experiencing healthy
growth trends in advertising as well as increasing penetration
rates of pay-TV services. Nonetheless, the ratings remain
constrained by DYH's limited cash flow generation, its weak
liquidity profile and potential foreign currency exposure with
regards to its USD and EUR-denominated debt.
The Stable Outlook reflects the performance trends recorded by
the company in 2012 and H113, supported by the strong performance
of its rapidly growing pay-TV business, and Fitch's expectation
that this will underpin a return to positive FCF generation over
the medium term.
Fitch has not reflected DYH's recent bid for Digiturk into its
forecasts, as this potential M&A transaction is still in a
preliminary stage and would be treated as event risk.
Key Rating Drivers
Resilient Turkish Macro Outlook
A comparatively strong macro picture coupled with growth in
advertising spending (c. 12% in H113) has helped underpin solid
growth in DYH's market leading broadcasting businesses. The
upgrade reflects Fitch's belief that the business is in a
stronger position and able to withstand inevitable volatility
associated with cyclical Turkish media sector.
Strong Competitive Profile in Broadcasting
Broadcasting accounts for c. 60% of DYH's EBITDA and remains the
group's most important cash generator. Kanal D in particular
enhanced its leading entertainment position with strong prime
time content. Fitch gains comfort from the fact that following
the disposal of Star TV, the broadcasting's division EBITDA
growth profile has been strong, largely underpinned by continued
subscriber and ARPU growth of D-Smart. The agency expects D-Smart
to generate positive cash flow from H214 onwards and to
contribute meaningfully to cash flow growth thereafter through
economies of scale given the operational leverage in the pay-TV
business. DYH's bundled linear and OTT TV offerings with
broadband are expected to perform well in the Turkish market as
the D-Smart brand name is already well established. Fitch expects
this further growth to be supported by increases in the
relatively low broadband and pay-TV penetration rates in Turkey.
Print's Structural Transformation
Both Hurriyet and its foreign subsidiary Trader Media (TME)
continue the structural shift of their business models online.
For the Turkish newspapers, this transformation will take some
years and circulation will continue to suffer in the meantime.
Hurriyet's leading domestic news websites reflect the hope that a
successful transition can be made but at the expense of weaker
operational margins in the short term. Nevertheless, Fitch
believes that the highly competitive nature of the online
advertising segment combined with the generalist nature of
Hurriyet's news content entail a high level of execution risk as
we have seen with similar generalist print media business in
Western Europe.
Leverage Much Improved
The substantial tax fines imposed by the government in 2010,
which led to rating downgrades, have been settled thanks to cash
injections from Dogan Holding, the ultimate parent company. Fitch
expects FFO net adjusted leverage, which had peaked at an
unsustainable level of over 7.0x in 2012, to reduce considerably
to approximately 3.0x by year-end 2013, underpinned by the
collection of proceeds from asset sales performed in recent years
as well as the recently announced rights issue. Fitch estimates
that leverage will further improve to c. 2.5x by 2015.
Low Liquidity
Fitch views DYH's liquidity profile as relatively weak due to the
lack of committed credit facilities combined with a relatively
short-term debt structure. However, the company's TRY293 million
of cash on balance sheet as of H113 and the expected proceeds
from the asset sales should enable it to cover its H213 debt
repayment obligations and facilitate the refinancing of its
maturing debt in 2014, which is likely to be supported by the
group's lower leverage profile.
FX Exposure
Fitch views DYH's currency exposure as a key risk to its credit
profile as 88% of its financial debt is denominated in strong
currencies (USD and EUR), as opposed to EBITDA and cash flows,
which are mainly denominated in Turkish Lira -- ie no natural
hedge is in place. Hence, fluctuations in the FX currency rate
can have a significant impact on leverage metrics and liquidity
in case of material currency devaluations. The company holds some
of its cash balances in strong currencies (52% as of H113) and
has entered into forward transactions with respect to a small
amount of USD-denominated debt. However, in our view this will be
insufficient to protect the company's liquidity profile in the
event of material currency fluctuations which are quite common in
emerging countries.
Rating Sensitivities
Positive: Future developments that could lead to positive rating
action include:
-- Improvements and further maturity of DYH's pay-TV business
D-Smart.
-- Evidence of positive pre-dividend free cash flow generation.
-- FFO net leverage falling below 2.0x.
-- Improved financial strategy in terms of liquidity, FX risk
and debt maturity structure.
Negative: Future developments that could lead to negative rating
action include:
-- Underperformance of Fitch's expectations leading to FFO net
leverage rising above 3.5x.
-- Negative FCF generation to continue beyond 2014.
-- Significant debt-funded M&A.
HURRIYET GAZETECILIK: Fitch Ups LT Issuer Default Ratings to BB-
----------------------------------------------------------------
Fitch Ratings has upgraded Hurriyet Gazetecilik ve Matbaacilik
AS's Long-term foreign and local currency Issuer Default Ratings
(IDRs) to 'BB-' from 'B+'. The Outlook is Stable. The agency has
also upgraded Hurriyet's National Long-term rating to 'A+(tur)'
from 'A(tur)'. The Outlook is Stable.
The upgrade reflects the strong legal ties between Hurriyet and
its parent company Dogan Yayin Holding (DYH; BB-/Stable). DYH
guarantees Hurriyet's debt, which Fitch views as sufficient to
justify the equalization of the ratings of the two entities in
accordance with its "Parent and Subsidiary Rating Linkage"
criteria. Fitch believes the two entities also exhibit strong
operational and strategic ties, as Hurriyet carries-out printing
and distribution operations for other entities of the DYH group.
Fitch believes that combined with Hurriyet's high visibility in
the Turkish news media sector, this makes it unlikely that DYH
would not support one of its major assets.
However, the structurally declining nature of the print media
sector as well as the high level of execution risk with regards
to the transition of Hurriyet's business to online could result
in a widening of the notching between the two entities in the
absence of guarantees from the parent company. This is supported
by Fitch's view that Hurriyet's standalone credit profile would
have a lower rating than its parent
Key Rating Drivers
Strong Market Positioning
The Turkish advertising market continues to outperform most
Western European markets with TV and Internet accounting for most
of the high-single digit growth in 2012. Newspaper advertising
has shown some resilience so far in 2013 and Fitch expects these
trends to continue into 2014 barring unforeseen macro events.
These trends will underpin an important transition phase in
Hurriyet's business profile. Hurriyet's rating is underpinned by
the company's strong market position within the newspaper
advertising where it benefits from approximately 35% market
share. The company's strong online presence, which makes Hurriyet
one of the leading online players in terms of number of unique
viewers, is also viewed as positive for the rating.
Continued Transformation On-Line
Both Hurriyet and its foreign subsidiary Trader Media (TME)
continue the structural shift of their business models online.
For Turkish newspapers, this transformation will take some years
and circulation will continue to suffer in the meantime.
Hurriyet's leading domestic news websites reflect the hope that a
successful transition can be made but at the expense of weaker
operational margins in the short term. Fitch believes that the
highly competitive nature of the online advertising segment
combined with the generalist nature of Hurriyet's news content
entail a high level of execution risk, as seen by the agency with
similar generalist print media business in Western Europe. TME's
online execution risk is even higher given the cash costs of
restructuring a pan-Russian footprint. TME's competitive pressure
remains intense and online revenue growth is still far from
covering declines in print.
Efforts to Support Profitability
Strong cost control and the sale of EBITDA negative businesses
have preserved margins across the company, while the sale of
Hurriyet's Istanbul headquarters has also supported a reduction
in net debt so far in 2013. While Fitch expects this cost control
discipline to remain in place, the group's operating margins have
already improved in H113 relative to H112, underpinned by lower
newsprint prices. However, Fitch notes that the benefits of such
trends could be offset in H213 and 2014 by the recent devaluation
of the TRY due to the company's exposure to USD-denominated
newsprint costs. Fitch expects positive, albeit limited FCF
generation over the medium term, with low-single digit FCF
margins, supported by the expectation of relatively stable
profitability and lower interest expenses following the debt
repayments made in 2012 and H113.
Leverage Remains High
Hurriyet's leverage of 4.5x-5.0x (in FY12), on an FFO net
adjusted basis, is considered high on a standalone basis. Fitch
notes cost-cutting efforts and asset sale progress will help the
business maintain a de-leveraging profile below 4.0x on FFO net
adjusted basis in 2014-2015, a level that is considered high for
a standalone 'BB-' rating profile.
Parent Support
DYH, the 67% owner of Hurriyet, guarantees Hurriyet's debt and is
viewed under Fitch's Parent Subsidiary Linkage methodology as
having strong ties with the business. Both companies' IDRs are
therefore equalized even though Hurriyet's standalone credit
profile is deemed weaker at present.
Low Liquidity Cover
Liquidity is expected to remain acceptable in 2013, underpinned
by c. TRY47 million of cash on balance sheet as of H113 and the
ongoing collection of proceeds from recent asset sales
(approximately US$3.4 million per month until end-2014 excluding
interest). This should enable the company to address debt
maturities of c. US$14 million in H213, while minimizing
refinancing risk in 2014. However, Fitch views Hurriyet's
liquidity profile as weak relative to Western European peers due
to the lack of committed credit facilities, relatively short-term
debt structure and foreign currency risk relative to its
financial obligations, which are almost entirely USD-denominated.
Rating Sensitivities
Positive: Future developments that could lead to positive rating
actions include:
-- Any positive rating action related to its parent company DYH
provided the legal ties between the two entities remain in
place.
Negative: Future developments that could lead to negative rating
action include:
-- As Hurriyet benefits from having the same rating as its
parent company DYH, any negative rating action would be
dependent on a downgrade of the parent or on Fitch's
assessment of the potential for reduced support from DYH in
the absence of guarantees from the parent (not the case at
present).
===========================
U N I T E D K I N G D O M
===========================
COVENTRY CITY: Wipes Out 10-Point Deduction Due to Administration
-----------------------------------------------------------------
eurosport.com reports that it has taken the Coventry City six
matches to wipe out their 10-point deduction for going into
administration and they leapfrogged Notts County, also on one
point, by virtue of a better goal difference.
Colchester was missing key players such as Freddie Sears and
Sanchez Watt and as a result was dominated from start to finish,
according to eurosport.com.
The report relates that the division's top scorer doubled
Coventry's lead in the 57th minute when he rounded the goalkeeper
to slot into the empty net after a neat exchange of passes with
Clarke.
As reported in the Troubled Company Reporter-Europe on March 26,
2013, Coventry Observer said Coventry City Football Club has
confirmed they have put their non-operating subsidiary of the
club into administration. The announcement comes on the eve of a
High Court hearing in London as the company that runs the club's
stadium, ACL, attempts to force the League One club into
administration over the GBP1 million they are owed, according to
Coventry Observer. The report relates that the Sky Blues could
still face a ten-point deduction, which would all but end any
hopes of making the play-offs.
Coventry City is an English association football club based in
Coventry, central England.
ENTERPRISE INNS: S&P Keeps B Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on U.K. tenanted pub operator Enterprise
Inns PLC (ETI, the company). The outlook is stable.
At the same time, S&P affirmed its 'BB-' issue ratings on ETI's
five senior secured bonds. The recovery rating on these bonds is
unchanged at '1', reflecting S&P's expectation of very high (90%-
100%) recovery for senior secured lenders in the event of a
payment default.
In addition, S&P assigned its 'B' issue rating to the
GBP97 million unsecured convertible bond due 2020, to be issued
by Enterprise Funding Limited (incorporated in Jersey). At the
same time, S&P assigned a recovery rating of '3' to the proposed
notes, indicating its expectation of meaningful (50%-70%)
recovery for creditors in an event of payment default. S&P
understands that ETI will use the proceeds of the notes to cancel
GBP70 million of its GBP220 million bank facility, which
commences in December 2013.
The affirmation follows the announcement that subsidiary company
Enterprise Funding Limited intends to issue a GBP97 million
convertible bond. It reflects S&P's view that the transaction
will not alter its assessments of ETI's business risk profile as
"fair" and its financial risk profile as "highly leveraged."
However, the proposed transaction will improve ETI's capital
structure. S&P considers that it will enhance the liquidity
position, reduce borrowing costs, and allow the company more time
to complete its disposal program and potentially replace debt
with equity. The latter would depend on the share price
appreciating and the exchange premium on the bond being achieved.
The ongoing decline in ETI's revenues and EBITDA over the past
few years is likely to slow, in S&P's view, as the
rationalization of the estate comes to a close. The smaller
estate of about 5,200 pubs in 2015, down from 7,800 pubs in 2008,
is likely to generate annual income of about GBP625 million and
adjusted EBITDA of about GBP300 million. In S&P's base-case
scenario for the financial year ending Sept. 30, 2014 (financial
2014), it forecasts a low-single-digit fall in both revenues and
Standard & Poor's-adjusted EBITDA to about GBP635 million and
GBP320 million, respectively. The forecast falls are primarily
the result of ETI's disposal of an estimated 100 pubs in
financial 2014. The operating environment for tenanted pub
operators is likely to remain challenging, in S&P's view, and it
forecasts low single-digit negative like-for-like sales across
the whole ETI estate.
In the first half of the financial year ending Sept. 30, 2013
(financial 2013), like-for-like income was down 4.2%. However,
S&P expects to see an improvement in the second half thanks to
favorable summer weather in the U.K., with full year like-for-
like income down by only about 3%. S&P anticipates that ETI will
achieve revenue of GBP640 million and adjusted EBITDA of
GBP325 million for financial 2013.
"For financial 2014, we forecast reduced leverage, with adjusted
debt to EBITDA of about 8.5x, down from 9.0x currently. We base
our forecasts on our assumption that ETI's operating performance
will stabilize and the company will achieve a further
GBP75 million of asset disposals following about GBP150 million
of disposals in financial 2013. We forecast that ETI will
generate free operating cash flow of about GBP50 million after
capital expenditure (capex) of GBP60 million, and that adjusted
EBITDA interest coverage will be about 1.7x. On a deconsolidated
basis, excluding The Unique Pub Finance Co. PLC (Unique)
securitization (ETI holds a 100% equity stake in Unique Pubs, the
ultimate parent of a borrower in a major set of securitized debt
transactions), consolidated EBITDA interest coverage will be
about 2.5x. We consider these ratios to be commensurate with the
current 'B' rating," S&P said.
ETI's capital structure is supported by its property portfolio of
5,720 pubs valued at GBP4.25 billion (excluding lotting premium)
against consolidated debt of GBP2.66 million. This gives ETI a
loan-to-value ratio of 63%. The company's strong asset base
gives it additional financial flexibility to manage its
liquidity, which S&P assess as "less than adequate" and its
financial risk profile, which S&P assess as "highly leveraged."
The issue rating on the GBP1.185 billion notes, a corporate bond
secured on a pool of pub assets, is 'BB-', two notches above the
corporate credit rating on ETI. The recovery rating on this debt
is '1', reflecting S&P's expectation of very high (90%-100%)
recovery for senior secured lenders in the event of a payment
default.
The company, through wholly owned, Jersey-incorporated subsidiary
Enterprise Funding Limited, plans to issue a GBP97 million seven-
year senior unsecured convertible bond. The issue rating on the
bond is 'B', in line with the corporate credit rating. The
recovery rating is '3' reflecting S&P's expectation of meaningful
(50%-70%) recovery prospects for the convertible note holders in
the event of a payment default.
Secured bondholders benefit from a first-ranking fixed charge on
a freehold interest in a pool of pub properties, which is valued
at approximately GBP1.970 billion. This figure drops to about
GBP1.7 billion excluding the 15% "lotting" premium, representing
the likely increase in value if the pubs were sold en masse. In
addition, bondholders have a second-lien floating charge on the
asset pool that secures the bank debt. The bond documentation
includes asset coverage covenants of 1.5x on the bonds maturing
in 2014, 2021, and 2025, and of 1.67x on the bonds maturing in
2018 and 2031. The headroom under these covenants is minimal, as
per the company's policy not to overcollateralize the bonds. The
convertible bonds are unsubordinated and unsecured, although they
do benefit from guarantees from ETI.
S&P has assumed that GBP70 million of the proceeds of the
convertible notes has been used to pay down bank debt, with the
remaining to be used for general corporate purposes.
Furthermore, the GBP70 million tranche A of the new forward start
facility, which was set up in June 2012 to refinance the existing
bank facilities maturing in December 2013 will be cancelled,
reducing the forward start facility to GBP150 million from GBP220
million.
The major driver of S&P's hypothetical default scenario is
continuing adverse macroeconomic and regulatory conditions for
pubs in the U.K. These conditions would dampen consumer
spending, increase pressure on tenants' solvency, and potentially
reduce pub valuations and, subsequently, collateralization.
S&P calculates a stressed valuation of about GBP1.3 billion for
the pool of assets securing the senior secured bonds by applying
a 25% haircut to the current value of the bonds pool (excluding
the lotting premium, which is included in the covenant
calculations, except for the bonds maturing in 2014). S&P
therefore do not assume material disposals of the pubs against
which the bonds are secured on its path to default. Although S&P
do not explicitly factor it into its valuation, if the value of
the pledged assets were to decline significantly, ETI might have
some flexibility to top up the bond collateral with assets from
its bank facilities pool (if the bank debt stays
overcollateralized, as it currently is).
The stable outlook reflects S&P's view that ETI's strategy to
manage its capital structure and its sources of financial
flexibility will likely mitigate the trends of still-declining
revenue and earnings. S&P observes that ETI is focusing on debt
reduction and is managing its high leverage by reducing debt
through asset sales. Despite ETI's "less than adequate"
liquidity, risks related to liquidity have receded thanks to
early refinancing of part its GBP220 million bank facility with
the convertible bond issuance, avoidance of a dividend lock-up at
its securitization The Unique Pub Finance Co. PLC, and the
execution of its asset disposal strategy.
S&P could lower the ratings if liquidity were to weaken or if
solo EBITDA interest coverage were to drop to less than 2x
(adjusted consolidated interest coverage of less than 1.5x).
This could result from a decline in revenues and earnings beyond
S&P's forecasts, Unique entering dividend lock-up, or ETI being
unable to achieve budgeted asset disposals.
Ratings upside is remote, but an upgrade would likely result from
a sustained improvement in liquidity or a reduction in adjusted
leverage on the back of improving operating performance and
successful execution of the asset disposal strategy.
LONDON TAXI: Production of Classic Black Cab to Resume Tomorrow
---------------------------------------------------------------
Anna White at The Telegraph reports that production of the
classic black cab -- a symbol of British industry -- will resume
tomorrow, Sept. 11, nearly a year after the London Taxi Company
went into administration and made 136 workers redundant.
According to The Telegraph, the Business Secretary, Vince Cable,
will launch the return to full operations at the Coventry
factory.
The company, founded in 1919, was rescued by Li Shufu, of
Shanghai-based Geely Automotive, and Volvo, in February for
GBP11.4 million, The Telegraph recounts. The Chinese businessman
has pledged GBP150 million for development of new models,
including innovative ultra-low emissions taxis, The Telegraph
discloses.
After rehiring 15 members of the former workforce, LTC has spent
the past six months modernizing its brand, The Telegraph relates.
The strategy is to build long-term relationships with UK taxi
owners, the self-styled "Gucci drivers", who like to upgrade cabs
every three to four years, The Telegraph says.
MG ROVER: Deloitte Faces GBP14-Mil. Fine Over Sale
--------------------------------------------------
James Titcomb at The Telegraph reports that Deloitte has been
fined a record GBP14 million by the UK's accounting watchdog over
conflicts of interest related to the sale of collapsed car
manufacturer MG Rover in 2000.
According to The Telegraph, a Financial Reporting Council
tribunal fined Deloitte and suspended Maghsoud Einollahi, a
partner at the firm, from the industry for three years.
The penalties came after the independent tribunal ruled that
Deloitte had failed to manage conflicts of interests when serving
as advisers to both MG Rover and the "Phoenix Four" group of
directors that bought the company from BMW for GBP10 in 2000, The
Telegraph relates.
Deloitte attempted to fight the ruling but its appeal was turned
down in July, The Telegraph recounts.
Deloitte was also given "a severe reprimand" while Mr. Einollahi
was personally fined GBP250,000, The Telegraph notes.
MG Rover collapsed in 2005, and the four directors -- Peter
Beale, Nick Stephenson, John Towers and John Edwards -- were
struck off as company directors for a combined 19 years in 2011
after it was revealed they had taken GBP42 million in pay and
pension benefits out of the company, The Telegraph relates.
Around 6,000 jobs were lost when the company collapsed, The
Telegraph states.
Deloitte attacked the fine and the tribunal's findings, saying
they could have negative impacts on the wider industry, The
Telegraph discloses.
Headquartered in Birmingham, United Kingdom, MG Rover Group
Limited -- http://www1.mg-rover.com/-- produced automobiles
under the Rover and MG brands, together with engine maker
Powertrain Ltd. Previously owned by Phoenix Venture Holdings,
the company faced huge losses in recent years, reaching GBP64.1
million in 2004, which were blamed on reduced sales.
OPERA FINANCE: Servicer Novation No Impact on Moody's Ratings
-------------------------------------------------------------
Moody's Investors Service has stated that the novation of the
servicer and special servicer roles to Wells Fargo Bank, N.A will
not, in and of itself, result in a reduction or withdrawal of the
current ratings of the Notes issued by Opera Finance
(MetroCentre) plc.
Under the servicing agreement, the current Servicer or Special
Servicer, Hypothekenbank Frankfurt AG, London Branch, is allowed
to terminate its appointment provided that all conditions under
clause 24 of the Servicing Agreement (Termination) are fulfilled.
Some of the main conditions include: i) the appointment of a
substitute Servicer or Special Servicer; ii) the appointment of a
substitute Servicer or Special Servicer with experience of
servicing loans secured on commercial mortgage properties in
England, Wales and Scotland and approved in advance by the Issuer
Security Trustee; iii) the servicing agreement with the
substitute Servicer or Substitute Special servicer has to be on
substantially the same terms in all material respects as the
current Servicing Agreement; iv) the fees payable to substitute
Servicer or substitute Special Servicer don't have to exceed the
amount currently paid to the Servicer or Special Servicer.
Moody's understands the appointment of Wells Fargo as Substitute
Servicer or Substitute Special Servicer will fully comply with
the conditions mentioned outlined in the original servicing
agreement.
Moody's assumes that Wells Fargo will fully comply with the
servicing standards that are outlined in the original servicing
agreement to which it has acceded.
Transaction Overview & Performance History
The transaction closed in February 2005 and represents the true-
sale securitization of single loan originated and arranged by
Eurohypo AG. The legal final maturity date of the Notes is in
February 2017. The loan's collateral consists of the MetroCentre
Shopping Centre and adjacent Retail Park located in Gateshead,
Tyne and Wear and in close proximity to Newcastle in the North
East of England. The weighted average (WA) lease length,
considering the first break option, is 8.2 years. Rental income
is very diverse with only 3.9% being paid by the largest tenant.
The anchor tenants, House of Fraser, Debenhams, Bhs and Marks &
Spencer have long remaining lease terms in excess of 20 years.
Currently, the properties are let to 350 tenants and the
occupancy rate is 95.0%. Despite the properties' significant
lease expirations since 2011, the occupancy as well as the rental
income levels have remained on a stable and healthy level.
As of the August 2013 interest payment date, the loan balance was
GBP 526.1 million down by 14% since closing due to scheduled
amortization. The loan's expected maturity balance is GBP 490
million.
The principal methodology used in this rating was Moody's
Approach to Real Estate Analysis for CMBS in EMEA: Portfolio
Analysis (MoRE Portfolio) published in April 2006.
The last Performance Overview for this transaction was published
on August 9, 2013.
On August 18, 2009, Moody's downgraded the following classes of
UK CMBS Notes issued by Opera Finance (MetroCentre) plc (amounts
reflect initial outstandings):
GBP440M A Notes, Downgraded to Aa3; previously on Jul 16, 2009
Aaa Placed Under Review for Possible Downgrade
GBP52M B Notes, Downgraded to A3; previously on Jul 16, 2009 Aa3
Remains On Review for Possible Downgrade
GBP40M C Notes, Downgraded to Baa2; previously on Jul 16, 2009 A3
Remains On Review for Possible Downgrade
GBP68M D Notes, Downgraded to Ba1; previously on Jul 16, 2009
Baa3 Remains On Review for Possible Downgrade
VICTORIA FUNDING: S&P Lowers Rating on Class E Notes to 'CC'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC (sf)' from
'CCC- (sf)' its credit rating on Victoria Funding (EMC-III) PLC's
class E notes.
The Brisk loan is the last remaining loan in the pool. The
securitized loan has an outstanding balance of GBP2.2 million.
The borrower did not repay the outstanding principal balance at
loan maturity (in July 2011). The loan was transferred into
special servicing in September 2011, due to nonpayment at loan
maturity.
The loan is currently secured by one retail property located in
Coventry, U.K. In July 2013, the servicer reported a securitized
loan-to value-ratio of 194.07%.
S&P understands that the property is in the process of being
sold. Contracts have been exchanged and completion is expected to
occur in September 2013.
S&P has assumed losses in our base-case scenario.
The rating action on the class E notes reflects S&P's view that
that the proceeds from the sale of the remaining property will be
insufficient to fully repay the class E notes. S&P has therefore
lowered to 'CC (sf)' from 'CCC- (sf)' its rating on the class E
notes.
Victoria Funding (EMC-III) is a 2005-vintage commercial mortgage-
backed securities transaction currently backed by one loan
secured by seven commercial real estate assets in the U.K.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an property-backed security as defined
in the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
===============
X X X X X X X X
===============
* Corporate Insolvencies Up 2.6% in Western Europe & Scandinavia
----------------------------------------------------------------
Baltic News Network reports that the total number of corporate
insolvency cases in countries of Western Europe and Scandinavia
had increased 2.6% last year.
A steep increase is currently noted in Central and Eastern
Europe, BNN notes.
Latvia's statistical proportion of such cases remains on an
average European level, BNN says. Nevertheless, the situation in
Latvia is worse than it is in Lithuania and Estonia, BNN states.
According to BNN, the situation in Europe remains tense. Even
though there are some positive signs in some countries, there are
some surprises noted as well, as mentioned in the annual
insolvency survey in Europe performed by Verband der Vereine
Creditreform, BNN says.
The total number of insolvency cases in Western Europe and
Scandinavia had increased 2.6% last year, that of Central Europe
had increased more rapidly -- 13.6%, BNN discloses. According to
BNN, a record high number of insolvency cases -- 36,274 -- is
noted in Hungary. There is also a rapid increase in Bulgaria and
the newest edition to the EU -- Croatia, BNN states. The number
of insolvency cases has also notably increased in the so-called
crisis countries -- Italy (13.5%), Spain (32%) and Portugal
(41.6%), BNN says. The increase of corporate insolvency cases in
the Netherlands is also high -- 19.4%, BNN notes.
The number of insolvency cases had reduced in Germany, France, UK
and Denmark in 2012, BNN relates. The largest drop was noted in
Norway -- 12.4%, BNN states.
According to BNN, survey results show that two-thirds of all
corporate insolvency cases in Western Europe occurred within the
trade and services industries. A large proportion of insolvency
cases was also noted in the construction and production
industries, BNN states. A similar situation is noted in Central
and Eastern Europe, where half of all corporate insolvency cases
occurred within trade and catering industries, BNN relates.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
OBTEC OBTEC DC -17139908.33 134988548.1
OBTEC OBT DC -17139908.33 134988548.1
OBTEC-NEW SHARES OBTECN DC -17139908.33 134988548.1
OBTEC-OLD OBTN DC -17139908.33 134988548.1
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
ROSKILDE BANK ROSK DC -532868894.9 7876688188
ROSKILDE BANK RSKC IX -532868894.9 7876688188
ROSKILDE BANK ROSK EO -532868894.9 7876688188
ROSKILDE BANK RKI GR -532868894.9 7876688188
ROSKILDE BANK ROSKF US -532868894.9 7876688188
ROSKILDE BANK ROSBF US -532868894.9 7876688188
ROSKILDE BANK ROSK EU -532868894.9 7876688188
ROSKILDE BANK ROSK PZ -532868894.9 7876688188
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876688188
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876688188
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876688188
SCANDINAVIAN BRA SBS1 EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 BY -17139908.33 134988548.1
SCANDINAVIAN BRA SBSD PZ -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS DC -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
SCANDINAVIAN BRA SBSC IX -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 EU -17139908.33 134988548.1
SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.29 330011633.6
ADP INGENIERIE S 4519911Z FP -9312265.78 111844575.6
AIR COMMAND SYST 4470055Z FP -24012413.92 236706831.5
AKERYS SERVICES 4685937Z FP -22410493.42 137981683.2
ALCATEL-LUCENT E 3642975Z FP -33252970.32 441703998.1
ALCATEL-LUCENT F 3647063Z FP -794569718.3 4984960531
AL-KHATTIYA LEAS 4783713Z FP -13423803.21 109623566.3
ALUMINIUM PECHIN 3650903Z FP -469114028.7 1322244624
ATOS ORIGIN INTE 4519607Z FP -15552541.61 353365367
AUTOMOBILES CITR 3648863Z FP -298695778.9 1879542934
AUTOROUTES PARIS ARR1 BQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EO -251756893.2 10625026266
AUTOROUTES PARIS RK9 TH -251756893.2 10625026266
AUTOROUTES PARIS ARR EU -251756893.2 10625026266
AUTOROUTES PARIS ARR FP -251756893.2 10625026266
AUTOROUTES PARIS ARRGBX EU -251756893.2 10625026266
AUTOROUTES PARIS ARR IX -251756893.2 10625026266
AUTOROUTES PARIS ARR S1 -251756893.2 10625026266
AUTOROUTES PARIS ARR QM -251756893.2 10625026266
AUTOROUTES PARIS ARR LI -251756893.2 10625026266
AUTOROUTES PARIS ARR TQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EB -251756893.2 10625026266
BELVEDERE - RTS 554451Q FP -256191005.4 927737997.9
BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
BELVEDERE SA BVD EU -256191005.4 927737997.9
BELVEDERE SA BELV FP -256191005.4 927737997.9
BELVEDERE SA BELV NM -256191005.4 927737997.9
BELVEDERE SA BEVD IX -256191005.4 927737997.9
BELVEDERE SA BVD PW -256191005.4 927737997.9
BELVEDERE SA BED GR -256191005.4 927737997.9
BELVEDERE SA BVD EO -256191005.4 927737997.9
BELVEDERE SA BVD S1 -256191005.4 927737997.9
BELVEDERE SA BVDRF US -256191005.4 927737997.9
BELVEDERE SA BED TH -256191005.4 927737997.9
BELVEDERE SA BVD FP -256191005.4 927737997.9
BELVEDERE SA BVD PZ -256191005.4 927737997.9
BELVEDERE SA-NEW BVDNV FP -256191005.4 927737997.9
BELVEDERE SA-NEW 946529Q FP -256191005.4 927737997.9
BELVEDERE SA-NEW 8198283Q FP -256191005.4 927737997.9
BELVEDERE SA-RTS BVDDS FP -256191005.4 927737997.9
BROSTROM TANKERS 3641643Z FP -115599.3207 311104377.9
BUT INTERNATIONA 3648871Z FP -5859572.435 1100621152
CADES 211430Z FP -1.16E+11 23006745556
CARCOOP FRANCE 4690569Z FP -531951.7338 185621693.8
CARNAUDMETALB-N JJNN FP -239071932.4 6870067181
CARNAUDMETALB-N 84433Q FP -239071932.4 6870067181
CARREFOUR HYPERM 3897338Z FP -713257900.6 3939173302
CARRERE GROUP CAR2 EO -9829531.944 279906700
CARRERE GROUP CRRHF US -9829531.944 279906700
CARRERE GROUP CRGP IX -9829531.944 279906700
CARRERE GROUP CAR2 EU -9829531.944 279906700
CARRERE GROUP CARG FP -9829531.944 279906700
CARRERE GROUP CAR FP -9829531.944 279906700
CARRERE GROUP CARF PZ -9829531.944 279906700
CARRERE GROUP XRR GR -9829531.944 279906700
CDISCOUNT SA 4690913Z FP -14710509.37 442569172
CMA CGM AGENCES 4746849Z FP -8208944.552 191538369.1
CO PETROCHIMIQUE 4682369Z FP -111509362.4 364674090.9
CROWN EUROPEAN H 3394476Q LI -239071932.4 6870067181
CROWN EUROPEAN H CAMBF US -239071932.4 6870067181
CROWN EUROPEAN H JJ FP -239071932.4 6870067181
CROWN EUROPEAN H 1049Q LN -239071932.4 6870067181
DESCAMPS SAS 4503139Z FP -2912961.458 104843475.7
DOCTISSIMO 2916489Q EU -1690819.009 135171143.2
DOCTISSIMO 0602303D GR -1690819.009 135171143.2
DOCTISSIMO DOC FP -1690819.009 135171143.2
DOCTISSIMO MDCF PZ -1690819.009 135171143.2
DOCTISSIMO MCOS IX -1690819.009 135171143.2
DOCTISSIMO 2916493Q EO -1690819.009 135171143.2
DOCTISSIMO MDC FP -1690819.009 135171143.2
EADS SECA 4706441Z FP -44481565.35 121822000.7
EDENRED QSV GR -1310250942 5470394799
EDENRED EDEN FP -1310250942 5470394799
EDENRED EDEN QM -1310250942 5470394799
EDENRED QSV TH -1310250942 5470394799
EDENRED EDEN S1 -1310250942 5470394799
EDENRED EDEN TQ -1310250942 5470394799
EDENRED EDENUSD EO -1310250942 5470394799
EDENRED EDNMF US -1310250942 5470394799
EDENRED EDENUSD EU -1310250942 5470394799
EDENRED EDEN EO -1310250942 5470394799
EDENRED EDEN EU -1310250942 5470394799
EDENRED EDEN BQ -1310250942 5470394799
EDENRED EDEN EB -1310250942 5470394799
EDENRED EDEN IX -1310250942 5470394799
EDENRED EDEN PZ -1310250942 5470394799
EDENRED-NEW EDENV FP -1310250942 5470394799
EDF EN OUTRE MER 4679713Z FP -2598508.843 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.43 175501799.4
FACONNABLE SA 226782Z FP -19616230.99 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GEC 4 SAS 4518255Z FP -91410336.97 541462091
GPN SA 4509659Z FP -35080424.69 568887551
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GROUPE MONITEUR 317840Z FP -116707395.4 610106709.3
GROUPE PROGRES S 4734137Z FP -106637565.8 154665494
HIPPO GESTION ET 4732841Z FP -606512.6987 113032204.7
HITACHI EUROPE S 4681417Z FP -9927515.772 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.37 116383810.4
I BASE 757542Z FP -6019481.253 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.49 363058830.9
ITM REGION PARIS 4681817Z FP -49662079.76 124321085.9
JTEKT AUTOMOTIVE 4505819Z FP -25670106.66 171962119.7
JTEKT AUTOMOTIVE 4504595Z FP -17492036.59 163375360
JUNGHEINRICH FIN 4635025Z FP -14429677.13 223424949.4
LAB DOLISOS LADL FP -27752176.19 110485462.4
LAB DOLISOS DOLI FP -27752176.19 110485462.4
MATUSSIERE & FOR MTUSF US -77896689.09 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.09 293868350.8
MEDCOST SA MEDC NM -1690819.009 135171143.2
MEDCOST SA MEDC FP -1690819.009 135171143.2
MEDCOST SA-NEW MDCNV FP -1690819.009 135171143.2
MILLIMAGES 8131905Q FP -1006050.249 113454378.9
MILLIMAGES MIL1 EU -1006050.249 113454378.9
MILLIMAGES MLMG IX -1006050.249 113454378.9
MILLIMAGES MIL1 PZ -1006050.249 113454378.9
MILLIMAGES MIL FP -1006050.249 113454378.9
MILLIMAGES MG6 GR -1006050.249 113454378.9
MILLIMAGES MIL S1 -1006050.249 113454378.9
MILLIMAGES MIL1 EO -1006050.249 113454378.9
MILLIMAGES MLIGF US -1006050.249 113454378.9
MILLIMAGES MILI FP -1006050.249 113454378.9
MILLIMAGES MILF PZ -1006050.249 113454378.9
MILLIMAGES - RTS 0134468D FP -1006050.249 113454378.9
MILLIMAGES-RTS MILDS FP -1006050.249 113454378.9
MILLIMAGES-RTS 760037Q FP -1006050.249 113454378.9
M-REAL ALIZAY SA 4670721Z FP -19839749.29 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863949.8 221936730.6
NESTLE WATERS SU 3634879Z FP -183402272.8 254740466.9
NESTLE WATERS SU 3634887Z FP -11147903.4 186832176.9
NEXANS COPPER FR 4744809Z FP -22662074.82 308626962.2
NEXTIRAONE 500526Z FP -1983210.371 311827703.4
NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
NOVASEP HOLDING 3736443Z FP -217561272.1 476949466.1
NOVELIS FOIL FRA 4678593Z FP -21912360.22 126180343.3
NRJ 12 4681713Z FP -59306529.9 110796872.5
O-I MANUFACTURIN 226230Z FP -101494197.2 1150890693
OROSDI OROS EO -51389802.68 181267113.2
OROSDI OROS FP -51389802.68 181267113.2
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SOLON SE SOO1 GR -138663225.9 627116116.4
SOLON SE SOO1USD EO -138663225.9 627116116.4
SOLON SE SOO1 TH -138663225.9 627116116.4
SOLON SE SGFRF US -138663225.9 627116116.4
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SOLON SE SOO1 S1 -138663225.9 627116116.4
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TA TRIUMPH-ADLER 0292922D GR -124667889.5 375247226.8
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TA TRIUMPH-RTS 3158577Q GR -124667889.5 375247226.8
GREECE
------
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T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
T BANK ASPT EO -46224213.41 3486115450
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T BANK TBANK GA -46224213.41 3486115450
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HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
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IRELAND
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WATERFORD-SUB 3001875Z ID -505729895.2 820803256
ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780368 2277882368
ITALY
-----
AS ROMA SPA ASRO IX -66248672.26 227606539.7
AS ROMA SPA ASR EB -66248672.26 227606539.7
AS ROMA SPA ASR PZ -66248672.26 227606539.7
AS ROMA SPA ASR QM -66248672.26 227606539.7
AS ROMA SPA ASR IX -66248672.26 227606539.7
AS ROMA SPA ASRAF US -66248672.26 227606539.7
AS ROMA SPA ASR EU -66248672.26 227606539.7
AS ROMA SPA ASR BQ -66248672.26 227606539.7
AS ROMA SPA ASR IM -66248672.26 227606539.7
AS ROMA SPA ASR TQ -66248672.26 227606539.7
AS ROMA SPA ASR EO -66248672.26 227606539.7
AS ROMA SPA RO9 GR -66248672.26 227606539.7
AS ROMA SPA-RTS ASRAA IM -66248672.26 227606539.7
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CANTIERI DI PISA 4313125Z IM -2611908.154 105466953.7
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GABETTI AXA+W GABAAW IM -11268334.91 224454564
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GABETTI SPA GABI IX -11268334.91 224454564
GUERRINO PIVATO 4292565Z IM -41218066.44 397216267.9
I VIAGGI DEL VEN VVE EU -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IM -209436890.3 202705179.9
I VIAGGI DEL VEN VVE TQ -209436890.3 202705179.9
I VIAGGI DEL VEN VVE EO -209436890.3 202705179.9
I VIAGGI DEL VEN VVE PZ -209436890.3 202705179.9
I VIAGGI DEL VEN IVGIF US -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IX -209436890.3 202705179.9
I VIAGGI DEL VEN IV7 GR -209436890.3 202705179.9
I VIAGGI-RTS VVEAA IM -209436890.3 202705179.9
INDUSTRIE FINCUO 4270053Z IM -15676157.12 111118283.9
MAIRE TECNIM-ADR MTRCY US -18172040.27 3401620362
MAIRE TECNIMONT MT1 EB -18172040.27 3401620362
MAIRE TECNIMONT MTCM PZ -18172040.27 3401620362
MAIRE TECNIMONT MT1USD EO -18172040.27 3401620362
MAIRE TECNIMONT MT1 S1 -18172040.27 3401620362
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MAIRE TECNIMONT MT1 TQ -18172040.27 3401620362
MAIRE TECNIMONT MT1 BQ -18172040.27 3401620362
MAIRE TECNIMONT MT1 NQ -18172040.27 3401620362
MAIRE TECNIMONT MT IX -18172040.27 3401620362
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MONTE MARE GRADO 4359985Z IM -535776.0315 100534744.7
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OLCESE SPA O IM -12846689.89 179691572.8
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PRAMAC SPA 6PA GR -87225647.28 314935866.6
PRAMAC SPA PRAM PZ -87225647.28 314935866.6
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RISANAMEN-RNC OP RNROPA IM -182584482.9 2453594767
RISANAMENTO -OPA RNOPA IM -182584482.9 2453594767
RISANAMENTO -RNC RNR IM -182584482.9 2453594767
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RISANAMENTO SPA RNGBX EO -182584482.9 2453594767
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RISANAMENTO SPA RN EO -182584482.9 2453594767
RISANAMENTO SPA RNGBX EU -182584482.9 2453594767
RISANAMENTO SPA RSMNF US -182584482.9 2453594767
RISANAMENTO SPA RN EU -182584482.9 2453594767
RISANAMENTO SPA RN TQ -182584482.9 2453594767
RISANAMENTO SPA RN BQ -182584482.9 2453594767
RISANAMENTO SPA RN IM -182584482.9 2453594767
RISANAMENTO SPA RN5 GR -182584482.9 2453594767
RISANAMENTO SPA RNGBP EO -182584482.9 2453594767
RISANAMENTO-RTS RNAA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXO IM -182584482.9 2453594767
SEAT PAGINE PG1 EB -741904802.3 3755632231
SEAT PAGINE SP7A GR -741904802.3 3755632231
SEAT PAGINE PG1 NQ -741904802.3 3755632231
SEAT PAGINE SP7 GR -741904802.3 3755632231
SEAT PAGINE PG PZ -741904802.3 3755632231
SEAT PAGINE PG1USD EU -741904802.3 3755632231
SEAT PAGINE PG1 QM -741904802.3 3755632231
SEAT PAGINE SEEA LN -741904802.3 3755632231
SEAT PAGINE PG IM -741904802.3 3755632231
SEAT PAGINE 283147Q IM -741904802.3 3755632231
SEAT PAGINE PG VX -741904802.3 3755632231
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SEAT PAGINE PG BQ -741904802.3 3755632231
SEAT PAGINE PG1 NR -741904802.3 3755632231
SEAT PAGINE PG1USD EO -741904802.3 3755632231
SEAT PAGINE PG1GBX EO -741904802.3 3755632231
SEAT PAGINE PG1 TQ -741904802.3 3755632231
SEAT PAGINE PG1GBP EO -741904802.3 3755632231
SEAT PAGINE PG1 EO -741904802.3 3755632231
SEAT PAGINE PG1 EU -741904802.3 3755632231
SEAT PAGINE-ADR SPGMY US -741904802.3 3755632231
SEAT PAGINE-RSP SPGBF US -741904802.3 3755632231
SEAT PAGINE-RSP PGR EO -741904802.3 3755632231
SEAT PAGINE-RSP PGR EU -741904802.3 3755632231
SEAT PAGINE-RSP PGR IX -741904802.3 3755632231
SEAT PAGINE-RSP PGR IM -741904802.3 3755632231
SEAT PAGINE-RSP PGR PZ -741904802.3 3755632231
SEATPG AXA PGAXA IM -741904802.3 3755632231
SNIA BPD SN GR -141933895.2 150445252.4
SNIA BPD-ADR SBPDY US -141933895.2 150445252.4
SNIA SPA SSMLF US -141933895.2 150445252.4
SNIA SPA SIAI IX -141933895.2 150445252.4
SNIA SPA SIAI PZ -141933895.2 150445252.4
SNIA SPA SN EO -141933895.2 150445252.4
SNIA SPA SN IM -141933895.2 150445252.4
SNIA SPA SN EU -141933895.2 150445252.4
SNIA SPA SNIB GR -141933895.2 150445252.4
SNIA SPA SNIXF US -141933895.2 150445252.4
SNIA SPA SBPDF US -141933895.2 150445252.4
SNIA SPA SN TQ -141933895.2 150445252.4
SNIA SPA SNIA GR -141933895.2 150445252.4
SNIA SPA - RTS SNAAW IM -141933895.2 150445252.4
SNIA SPA- RTS SNAXW IM -141933895.2 150445252.4
SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
SNIA SPA-CONV SA SPBDF US -141933895.2 150445252.4
SNIA SPA-DRC SNR00 IM -141933895.2 150445252.4
SNIA SPA-NEW SN00 IM -141933895.2 150445252.4
SNIA SPA-NON CON SPBNF US -141933895.2 150445252.4
SNIA SPA-RCV SNR IM -141933895.2 150445252.4
SNIA SPA-RCV SNIVF US -141933895.2 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933895.2 150445252.4
SNIA SPA-RNC SNRNC IM -141933895.2 150445252.4
SNIA SPA-RNC SNIWF US -141933895.2 150445252.4
SNIA SPA-RTS SNAA IM -141933895.2 150445252.4
SNIA SPA-RTS SNSO IM -141933895.2 150445252.4
SOPAF SPA SPF TQ -24220971.66 153763906.2
SOPAF SPA SPF EU -24220971.66 153763906.2
SOPAF SPA SPF IM -24220971.66 153763906.2
SOPAF SPA SOPAF US -24220971.66 153763906.2
SOPAF SPA SPF PZ -24220971.66 153763906.2
SOPAF SPA SPF BQ -24220971.66 153763906.2
SOPAF SPA SPF QM -24220971.66 153763906.2
SOPAF SPA SPF EB -24220971.66 153763906.2
SOPAF SPA SOCAF US -24220971.66 153763906.2
SOPAF SPA SPF EO -24220971.66 153763906.2
SOPAF SPA SSZ HK Equity -24220971.66 153763906.2
SOPAF SPA SPFI IX -24220971.66 153763906.2
SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
SOPAF SPA-RNC SPFN IM -24220971.66 153763906.2
SOPAF SPA-RNC SOPCF US -24220971.66 153763906.2
SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TISAAW IM -167327246 362728538.3
TISCALI - RTS TIQA GR -167327246 362728538.3
TISCALI SPA TIS TQ -167327246 362728538.3
TISCALI SPA TIS VX -167327246 362728538.3
TISCALI SPA TISGBX EO -167327246 362728538.3
TISCALI SPA TIS EO -167327246 362728538.3
TISCALI SPA TIS EU -167327246 362728538.3
TISCALI SPA TISN FP -167327246 362728538.3
TISCALI SPA TISGBP EO -167327246 362728538.3
TISCALI SPA TIS IX -167327246 362728538.3
TISCALI SPA TIQG IX -167327246 362728538.3
TISCALI SPA TISN IX -167327246 362728538.3
TISCALI SPA TIS EB -167327246 362728538.3
TISCALI SPA TIS FP -167327246 362728538.3
TISCALI SPA TIS IM -167327246 362728538.3
TISCALI SPA TISN VX -167327246 362728538.3
TISCALI SPA TISN IM -167327246 362728538.3
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TISCALI SPA TSCXF US -167327246 362728538.3
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TISCALI SPA TIS NQ -167327246 362728538.3
TISCALI SPA TIS NR -167327246 362728538.3
TISCALI SPA TIS PZ -167327246 362728538.3
TISCALI SPA TIS BQ -167327246 362728538.3
TISCALI SPA TIQ GR -167327246 362728538.3
TISCALI SPA- RTS 3391621Q GR -167327246 362728538.3
TISCALI SPA- RTS TISAXA IM -167327246 362728538.3
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT GLOBAL 0440101D US -1168589952 17400967168
INTELSAT GLOBAL I US -1168589952 17400967168
INTELSAT INVESTM ILMA GR -1199357056 17465319424
INTELSAT SA 2237Z US -1199357056 17465319424
NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
AVAST SOFTWARE B 0112793D US -15842000 132342000
AVAST SOFTWARE N AVST US -15842000 132342000
AVG TECHNOLOGIES 0119253D US -52030000 377521984
AVG TECHNOLOGIES 3164852Z NA -52030000 377521984
AVG TECHNOLOGIES AVG US -52030000 377521984
AVG TECHNOLOGIES 1VA GR -52030000 377521984
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN EO -7854715.264 609871188.9
BAAN COMPANY NV BAAN PZ -7854715.264 609871188.9
BAAN COMPANY NV BAAN GR -7854715.264 609871188.9
BAAN COMPANY NV BNCG IX -7854715.264 609871188.9
BAAN COMPANY NV BAAVF US -7854715.264 609871188.9
BAAN COMPANY NV BAAN EU -7854715.264 609871188.9
BAAN COMPANY-NY BAANF US -7854715.264 609871188.9
BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
CEVA LOGISTICS 882197Z NA -538665968.2 5318491121
CLATES HOLDING B 4043429Z NA -34881.25205 221495950.5
COOPERATIE VOEDI 4378105Z NA -216576.9882 680962157.8
EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
EUROPEAN MARITIM 4523543Z NA -34803118.05 347300069.4
FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
HE INVESTMENTS B 3813216Z NA -1780665.857 195483088
HUISVUILCENTRALE 4777713Z NA -87789.23965 1412526184
IEOC EXPLORATION 4523879Z NA -3196000 112429000
INFOR GLOBAL SOL 4778481Z NA -332427172.9 500602423.6
ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
ING REIM DEVELOP 3811140Z NA -231041485.9 383323356.5
KONINKLIJKE HASK 4037221Z NA -69259.20141 230145390.9
KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
LINO MANAGEMENT 3774416Z NA -330305248.1 752471513.7
MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
MAGYAR TELECOM B 363945Z HB -9411153.408 462039674.5
MITSUBISHI MOTOR 3893974Z NA -236634746.2 588105612.9
MSREF ELBA BV 4043045Z NA -89889.60183 584994172.5
MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
NORFOLK HOLDINGS 779151Z NA -199512.5928 813430683.8
RIVA NV 3797916Z NA -852952.1165 111411542.1
SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
SITA NEDERLAND B 874216Z NA -312079.8969 2324948031
UNITED PAN -ADR UPEA GR -5505478850 5112616630
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UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -12602392978 14238054163
VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.7768 799874848.4
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
AKER BUSINESS SE 4400969Z NO -1678208.862 125911965.2
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP BY -16100000 765200000
AKER FLOATING PR AKFP EO -16100000 765200000
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AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
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AKER FLOATING PR AKFPEUR EO -16100000 765200000
AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
BAKERS AS 4527631Z NO -2100773.812 130412660.1
BKK VARME AS 4445833Z NO -4191315.792 139898061.1
CARGONET 81784Z NO -73487095.94 128859900.5
CIA LA GOMERA AS 4401057Z NO -14188999.46 111542577.2
GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
HEEGH AUTOLINERS 4389209Z NO -13894016.15 253537334.9
HELI-ONE NORWAY 4632761Z NO -27084593.22 759455442.9
ICA NORGE AS 4511499Z NO -132832574.9 702347848.8
INFRATEK ENTREPR 4402489Z NO -33504101.18 160698348.1
INTEROIL EXPLORA IOX NO -21010000 139828992
INTEROIL EXPLORA IOX EO -21010000 139828992
INTEROIL EXPLORA IOX PZ -21010000 139828992
INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
NCC ROADS AS 4401305Z NO -11149611.36 135425117.2
NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO BES EO -208568793.8 658498551.2
NYESA VALORES CO 7NY GR -208568793.8 658498551.2
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DE LA RUE PLC DL1C GK -72920095.83 652922700.1
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DE LA RUE PLC DLARCHF EU -72920095.83 652922700.1
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DE LA RUE PLC DLAR IX -72920095.83 652922700.1
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DE LA RUE PLC DLAR QM -72920095.83 652922700.1
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DE LA RUE PLC DLAR VX -72920095.83 652922700.1
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DE LA RUE PLC DLAR EU -72920095.83 652922700.1
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JARVIS PLC JRVSEUR EU -64739862.73 130951086
JARVIS PLC JRVS LN -64739862.73 130951086
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SOUTHERN CROSS SCHE EU -456945463.9 226544692
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SOUTHERN CROSS SCHE PZ -456945463.9 226544692
SOUTHERN CROSS SOCHF US -456945463.9 226544692
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SOUTHERN CROSS SCHE VX -456945463.9 226544692
SOUTHERN CROSS SCH4 EO -456945463.9 226544692
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SOUTHERN CROSS SCHE3 EO -456945463.9 226544692
SOUTHERN CROSS SCHE S1 -456945463.9 226544692
SOUTHERN CROSS SCHE LN -456945463.9 226544692
SOUTHERN CROSS SCHE NR -456945463.9 226544692
SOUTHERN CROSS SCHE5 EO -456945463.9 226544692
SOUTHERN CROSS SCHE6 EO -456945463.9 226544692
SOUTHERN CROSS F2Z TH -456945463.9 226544692
SOUTHERN CROSS SCHE BQ -456945463.9 226544692
SOUTHERN CROSS SCHE4 EO -456945463.9 226544692
SOUTHERN CROSS SCHEEUR EU -456945463.9 226544692
SOUTHERN CROSS SCHE EB -456945463.9 226544692
SOUTHERN CROSS SCH5 EO -456945463.9 226544692
SOUTHERN CROSS F2Z GR -456945463.9 226544692
SOUTHERN CROSS SCHE PO -456945463.9 226544692
SOUTHERN CROSS SCHE IX -456945463.9 226544692
SOUTHERN CROSS SCHEUSD EO -456945463.9 226544692
SOUTHERN CROSS SCHEGBP EO -456945463.9 226544692
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SPEAR GROUP HOLD 4470999Z LN -91133585.59 140447896.6
SPEEDY SUPPORT S 1601730Z LN -34304692.53 146096457.3
SQUARE ENIX LTD 1826770Z LN -223995033.8 278955082.2
SR TECHNICS UK L 2900250Z LN -143296142.1 116171355.3
STAGECOACH GROUP SGC1PEN EU -93023113.56 2711144845
STAGECOACH GROUP SGC IX -93023113.56 2711144845
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STAGECOACH GROUP SGC1AUD EU -93023113.56 2711144845
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STAGECOACH GROUP SGC1GBP EO -93023113.56 2711144845
STAGECOACH GROUP SGC1 EU -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
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
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 * * *