/raid1/www/Hosts/bankrupt/TCREUR_Public/130917.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 17, 2013, Vol. 14, No. 184
Headlines
F R A N C E
CASINO GUICHARD-PERRACHON: Fitch Affirms 'BB' Securities Rating
G E R M A N Y
FRESENIUS SE: Fitch Puts 'BB+' IDR on Rating Watch Evolving
SEB IMMOINVEST: SEB AM Plans to Launch New Fund Amid Liquidation
WINDREICH AG: Wholly-Owned Unit Files for Insolvency
I R E L A N D
OPERA FINANCE: Fitch Lowers Rating on Class C Notes to 'C'
N E T H E R L A N D S
HALCYON STRUCTURED: S&P Lowers Rating on Class E Notes to 'B'
R O M A N I A
ROMPLUMB BAIA-MARE: Liquidator Seeks Investors to Take Over Plant
R U S S I A
* SURGUT CITY: S&P Affirms 'BB+' ICR; Outlook Stable
S W E D E N
SAS AB: Moody's Changes Outlook on 'Caa1' Ratings to Positive
U K R A I N E
* IVANO-FRANKIVSK: S&P Affirms 'B' Long-Term Issuer Credit Rating
* LVIV CITY: S&P Affirms 'CCC+' Long-Term Issuer Credit Rating
U N I T E D K I N G D O M
ABOUTOWN TRANSPORTATION: In Receivership, Owes $1.6 Million
CARDIFF ROOFING: Bought Out of Administration; 16 Jobs Secured
CHILTERN CONSULTING: Placed Into Compulsory Liquidation
HANNA AND BROWNE: Goes Into Administration, 100 Jobs at Risk
HELLERMANNTYTON GROUP: S&P Assigns 'BB-' CCR; Outlook Stable
MILL SCHOOL: May Be Converted Into Homes Following Administration
NEWGATE FUNDING: S&P Raises Rating on Class Q Notes to 'BB+'
SVG DIAMOND: Fitch Affirms 'B' Ratings on Two Note Classes
SVG DIAMOND II: Fitch Affirms 'CCC' Ratings on Two Note Classes
TRIGON SNACKS: Goes Into Administration, 200 Jobs at Risk
WICHFORD: CLS Holdings Buys 34 Properties Out of Receivership
X X X X X X X X
* EUROPE: Newspapers Face Shakeout as Gov't Support Dries Up
* Large Companies with Insolvent Balance Sheets
*********
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F R A N C E
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CASINO GUICHARD-PERRACHON: Fitch Affirms 'BB' Securities Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Casino Guichard-Perrachon SA's
(Casino) Long-term Issuer Default Rating (IDR) and senior
unsecured rating at 'BBB-' and Short-term IDR at 'F3'. Fitch has
also affirmed Casino's EUR600m perpetual preferred constant
maturity swap securities at 'BB'. The Outlook on the Long-term
IDR is Stable.
The affirmation reflects Fitch's expectation that Casino will
improve its financial flexibility in the short term. Fitch
expects Casino's credit metrics to remain broadly stable in 2013,
mainly due to the acquisition of the remaining 50% stake in
Monoprix completed in July 2013. Fitch believes the company will
regain further headroom under its 'BBB-' rating in 2014. This
will be thanks to the full year effect of a strengthened business
profile and cash flow generation following its transformational
acquisitions (Grupo Pao de Acucar (GPA) and Monoprix) and
deleveraging actions including further asset disposals.
Fitch computes and monitors Casino's leverage ratio on a FFO net
leverage basis, encompassing all of its debt-like obligations
(EUR600m hybrid, total return swaps (TRS) on 3% GPA's capital and
on 2.5% Big C Thailand's (Casino group affiliate) capital,
operating leases and various put options).
Key Rating Drivers
Strengthening Business Model
In 2013, Casino has gained full control of Monoprix in France,
and GPA in Brazil following the agreement reached with Mr Diniz
on 6 September. The full integration of Monoprix from Q213 and
the full consolidation of GPA into its accounts in 2013
strengthen the group's business profile in terms of format and
geographic diversification, as well as in terms of sales growth
prospects and profit margin resilience.
Growing Exposure to Emerging Markets
Over the past three years Casino's acquisitions have enlarged
international operations, including GPA in Brazil and Carrefour
stores in Thailand. These acquisitions significantly increase its
exposure to markets with underlying favorable growth trends,
although they also expose the group to country risk in the
markets where it operates. Fitch expects international operations
to represent more than 60% and 73% of Casino's 2013 revenues and
EBIT against 38% and 41% respectively in 2010.
Challenging French Economy
Key challenges facing Casino relate to the soft consumer
environment in France, which mainly negatively affects its larger
formats (hyper- and supermarkets). Since 2012, the group has been
cutting prices and adjusting its product offer to meet weak
consumer demand and intense competition from other large food
retailers. Any meaningful positive impact from these initiatives
on hyper- and supermarket sales and profit margins has yet to be
seen.
Free Cash Flow to Improve
Fitch expects Casino to benefit from Monoprix's and GPA's full
integration in terms of cash flow generation as they are more
profitable and cash-generative than Casino. Although remaining a
low percentage of sales, Fitch expects FCF to strengthen beyond
EUR200 million in 2013 and EUR300 million in 2015.
Rating Headroom to Improve
From a financial perspective, the rating headroom is currently
limited at the 'BBB-' rating level, but should improve in the
next two years. Casino's lease-adjusted net FFO leverage peaked
at 4.5x in FY12, while the FFO fixed charge cover was relatively
weak at 2.3x (both ratios with GPA proportionally consolidated:
lease-adjusted net Debt/EBITDAR equivalent is 3.9x). The group
should regain reasonable headroom under its rating, thanks to the
100% consolidation of GPA and Monoprix from FY13 onwards. Casino
should also benefit from further asset disposals in FY13 and
FY14. The scale of debt reduction that can be achieved through
these disposals will therefore be considered a supporting factor
to the ratings.
Rating Sensitivities
Positive: Future developments that could lead to positive rating
actions include:
-- Group's capacity to maintain positive like-for-like growth
-- FFO fixed charge cover above 3.0x
-- Lease-adjusted FFO net leverage (adjusted for debt-like
obligations) below 3.5x on a sustainable basis (equivalent
to 3.0x lease-adjusted net debt/EBITDAR)
Negative: Future developments that could lead to negative rating
action include:
-- Sharp contraction in group's like-for-like sales growth and
EBIT
-- FFO fixed charge cover below 2.0x
-- Lease-adjusted FFO net leverage (adjusted for debt-like
obligations) above 4.2x (equivalent to 3.7x lease-adjusted
debt/EBITDAR) on a sustained basis
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G E R M A N Y
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FRESENIUS SE: Fitch Puts 'BB+' IDR on Rating Watch Evolving
-----------------------------------------------------------
Fitch Ratings has placed Fresenius SE & Co. KGaA's (FSE) and
Fresenius Medical Care AG & Co. KGaA's (FMC; together Fresenius)
Long-term Issuer Default Ratings (IDR), senior secured and senior
unsecured ratings on Rating Watch Evolving (RWE). FSE and FMC's
Short-term IDRs and FSE's commercial paper program rating have
been placed on Rating Watch Positive (RWP).
The rating actions follow the announcement of the acquisition by
Fresenius Helios of 43 private hospitals from Germany-based
Rhoen-Klinikum AG (Rhoen). The transaction price is expected to
be around EUR3.1 billion, which Fresenius intends to finance
entirely with debt. While this transaction would result in weaker
credit metrics than previously anticipated, its completion at the
announced terms would result in a Stable Outlook on the current
ratings at worst given the associated strengthening in the
business risk profile.
While the probability of an upgrade is somewhat lower than
previously anticipated, Fitch does not discount Fresenius's
trajectory towards becoming investment grade. If successful, the
transaction would enable Fresenius to acquire about EUR2 billion
of additional revenue and about EUR250 million of EBITDA before
expected synergies. From a business profile standpoint, the
proposed transaction would make Fresenius Helios the leading
private hospital operator in Europe whilst improving the group's
geographical diversification and further alleviating its reliance
on one disease area (dialysis). Given the 100% debt funding, we
expect the net debt to EBITDA ratio to increase on a pro forma
basis and remain beyond the group's target range of 2.5x-3.0x,
possibly until at least FY14. However, the probability of a
downgrade is negligible.
Fresenius expects to complete a majority of the hospital
purchases by the end of FY13, whilst the remainder should be
completed during the first half of FY14, subject to regulatory
approvals and certain approvals of former municipal owners or
current minority shareholders.
Key Rating Drivers
Improved Business Profile
Apart from its number one position in the global dialysis
industry, where it benefits from vertical integration, Fresenius'
business profile has improved over the past few years through
organic growth and acquisitions in non-dialysis business areas.
In our view, the proposed transaction with Rhoen strengthens the
group's earnings profile and the long-term stability of cash flow
generation.
Reduced M&A Appetite Post Rhoen
Fresenius has a good track record of meeting guidance and
financial targets. Although Fresenius will breach its net debt to
EBITDA target ratio between 2.5x and 3.0x as a result of the
proposed debt-funded acquisition of some of Rhoen's hospitals, we
forecast the group's net debt to EBITDA to fall back within the
target range by FY15. Besides Rhoen, we expect Fresenius'
acquisition policy to remain focused on smaller - mostly cash
flow funded - bolt-on acquisitions, thus cementing its financial
risk profile commensurate with low investment grade ratings.
Market Leadership Positions Expected To Continue
Fresenius benefits from the leading market shares of FMC in the
dialysis business across most regions the group operates in as
well as from Kabi, the European leader in infusion and clinical
nutrition therapy and the US number two in generic intravenous
(IV) drugs, a non-cyclical business with solid growth prospects.
Assuming the proposed acquisition of Rhoen's hospitals is
successful, Helios would strengthen its position and size in the
German and European private hospitals markets.
Relatively Solid And Predictable Earnings/Cash Flow Generation
Fresenius has predictable income streams, driven by the steadily
growing demand for FMC's dialysis services and recurrence of
treatment due to the life-threatening aspects of the disease.
FSE's businesses Kabi and Helios also operate in non-cyclical
segments and both benefit from stable growth prospects. Despite
the proposed transaction and its associated costs, we expect
Fresenius to maintain a solid cash flow generation profile and
free cash flow margin in the medium term.
Vertical Integration Compensates Potential Reimbursement Cuts
As a majority of FMC's dialysis services sales are generated by
Medicare/Medicaid patients, the group is exposed to increasing
pricing pressure over the medium term. Although FMC's performance
in the US has been softer over the past few months and other
elements of the US healthcare reform are likely to have a
detrimental impact on FMC, we believe that the group's vertical
integration provides cost advantages and bargaining power
translating into a strong competitive advantage relative to
peers.
Rating Sensitivities
If the proposed transaction with Rhoen does not materialize, for
example as a result of legal actions pursued by dissenting
shareholders of Rhoen, we would most likely affirm the IDR at
'BB+' with a Positive Outlook as well as all other Fresenius
ratings.
If the transaction goes ahead subject to terms similar to those
announced today, we would most likely affirm the IDR at 'BB+'. In
this scenario, the future Outlook will depend on the speed of and
commitment to achieve sustained deleveraging. A slower
deleveraging profile than previously anticipated would lead to a
Stable Outlook.
Currently, Fitch does not expect an upgrade to materialize at
least until FY14. Future developments that could lead to positive
rating actions include FFO lease adjusted net leverage of 4.0x or
below; FFO net fixed charge cover above 3.2x -- both on a
continuing basis. An upgrade will be considered if Fresenius
demonstrates its commitment to operate at least in the middle of
its net leverage guidance range assuming the integration risk of
Rhoen's hospitals is perceived as low.
Future developments that could lead to negative rating action,
including a stabilization of the rating outlook, include FFO
lease adjusted net leverage above 4.5x; FFO fixed charge cover
below 2.5x - both on a continuing basis.
Full List of Rating Actions
Fitch has placed the following ratings on RWE:
FSE:
Long-term IDR: 'BB+'
Senior unsecured debt: 'BB+'
Senior secured debt: 'BBB-'
Fresenius Finance B.V.:
Guaranteed senior notes: 'BB+'
Fresenius US Finance II. Inc.:
Guaranteed senior notes: 'BB+'
FMC:
Long-term IDR: 'BB+'
Senior unsecured debt: 'BB+'
Senior secured debt: 'BBB-'
Fitch has placed the following ratings on RWP:
FSE
Short-term IDR: 'B'
Commercial paper: 'B'
FMC
Short-term IDR: 'B'
SEB IMMOINVEST: SEB AM Plans to Launch New Fund Amid Liquidation
----------------------------------------------------------------
Property Investor Europe reports that Frankfurt-based SEB Asset
Management, the real estate investment arm of the Swedish banking
group, is planning to launch a new German open-ended property
fund under new legislation even while its former flagship SEB
ImmoInvest, originally with EUR6.3 billion AUM, is being
mandatorily run down due to liquidity problems.
As reported by the Troubled Company Reporter-Europe on July 4,
2013, Property Investor Europe related that SEB AM was forced
last year to liquidate SEB Immoinvest as redemption requests far
outstripped liquidity on re-opening the fund for one day only.
It had closed during the financial crisis along with many other
German open-end property funds during the massive run on
liquidity, only to be hit again by market uncertainty from Berlin
draft legislation on investor protection in May 2010, which was
eventually amended or withdrawn completely, Property Investor
Europe recounted.
SEB ImmoInvest is a German open-ended property fund.
WINDREICH AG: Wholly-Owned Unit Files for Insolvency
----------------------------------------------------
renews.biz reports that one of the wholly-owned subsidiaries of
insolvent German offshore wind developer Windreich has followed
its parent into the courts to seek bankruptcy protection.
Project development company Windreich-Tochter Windkraft Union
GmbH, Wolfschlugen (WKU) has filed for insolvency at the local
court in Esslingen, renews.biz relates.
"This step was necessary because WKU holds significant claims
against the Windreich GmbH, which currently cannot be met,"
Windreich said, renews.biz reports.
According to renews.biz, Werner Heer, CEO of Wind Reich GmbH,
said that given the close connection of the two companies it was
a logical step. "With this measure, we can create more certainty
with respect to the ongoing offshore projects for our investors.
The offshore project MEG 1 continues without limitation," the
report quotes Mr. Heer as saying.
WKU GmbH employs 31 at sites in Wolfschlugen and Hamburg, the
report notes.
As reported in the Troubled Company Reporter-Europe on Sept. 11,
2013, Reuters said Windreich AG has filed for insolvency and its
chief executive has stepped down after financing talks for a 400
megawatt (MW) project stalled. Reuters related that Windreich
said the company made its filing with a German court earlier this
month and its CEO Willi Balz, who also owns the group, has
resigned effective immediately.
Windreich AG is Germany's largest developer of offshore wind
farms. The company plans, builds and sells wind parks and is a
key player in Germany's offshore wind park expansion.
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I R E L A N D
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OPERA FINANCE: Fitch Lowers Rating on Class C Notes to 'C'
----------------------------------------------------------
Fitch Ratings has taken various rating actions on Opera Finance
CMH p.l.c. as follows:
EUR243.4m Class A (XS0241931442) affirmed at 'Bsf'; Outlook
Stable
EUR50m Class B (XS0241934628) upgraded to 'Bsf' from 'CCCsf';
Outlook Stable
EUR40m Class C (XS0241935195) downgraded to 'Csf' from 'CCsf';
RE20%
EUR35m Class D (XS0241935609) affirmed at 'Csf'; RE0%
Key Rating Drivers
The various rating actions are driven by an expectation that
collateral liquidation proceeds standing to the credit of the
issuer principal account will be sufficient to repay the class A
and B notes, leaving the other notes facing major shortfalls.
However, Fitch understands that the means of achieving this
intended sequential outcome will involve the notes being declared
in default, since the post-enforcement issuer principal waterfall
reportedly provides for the desired level of certainty of
execution. The imminence of an event of default constrains the
rating of the classes A and B notes in spite of the prompt remedy
and full redemption anticipated for these notes.
Since Fitch's previous rating in November 2012, the sole loan
defaulted at maturity (January 2013) and was transferred into
special servicing. The loan, which has since been accelerated and
cancelled, was secured by 16 Irish properties, the majority
located in Dublin. In April 2013, the property portfolio was
revalued at EUR275.1 million, up from EUR251.1 million reported
in October 2012. Liquidation generated a stronger outcome for
creditors: on 22 July 2013, the sale of the portfolio was
completed by the receivers Ernst & Young, yielding EUR306 million
in proceeds that were credited to the issuer but remain on
deposit. Of this some EUR302.7 million are expected to be
available for distribution to note-holders after senior expenses
are deducted.
There is reportedly insufficient clarity in the documents with
respect to how this amount would be distributed among note-
holders were it simply paid out at the earliest opportunity.
Conventionally, recovery proceeds are distributed sequentially,
honoring the concept of subordination on which tranched issuance
common in securitization is based. The special servicer convened
an Extraordinary General Meeting for each class of notes in the
hope of executing an early redemption deed that would allow for a
distribution of net proceeds in such a fashion as to redeem the
class A notes, with the excess to be split among the other
classes.
The class D note-holders vetoed this amendment. In order to give
effect to the concept of subordination, the special servicer has
decided to withhold the proceeds until such time (expected to be
January 2014) as the cumulative deficiency of interest earned on
account in relation to what accrues on the notes is sufficient to
produce an interest shortfall on the class A notes, which is a
note event of default. While the funds released following
enforcement of issuer security would be allocated to the notes
sequentially (either on the interest payment date (IPD) or in the
days following) and should clear the shortfall on and redeem in
full the classes A and B notes, as this is dependent on a payment
interruption it precludes a higher rating being assigned to these
notes. It would also result in a full write-down of the class D
and cause the class C notes to suffer a loss estimated by Fitch
at 80%.
Rating Sensitivities
Any delay in or challenge to the distribution of principal
against this schedule could have a negative effect on the ratings
of the classes A and B notes.
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N E T H E R L A N D S
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HALCYON STRUCTURED: S&P Lowers Rating on Class E Notes to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Halcyon Structured Asset Management European CLO 2006-
I B.V.
Specifically, S&P has:
-- Lowered its ratings on the class C, D, and E notes; and
-- Affirmed its ratings on the class A-1, A-1R, and B notes.
The rating actions follows S&P's assessment of the transaction's
performance, as well as the application of its relevant criteria.
S&P subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated tranche. In
S&P's analysis, it used the reported portfolio balance, weighted-
average spread, and weighted-average recovery rates that it
considers to be appropriate.
S&P incorporated various cash flow stress scenarios, using
alternative default patterns, levels, and timings for each
liability rating category (i.e., 'AAA', 'AA', and 'BBB' ratings),
in conjunction with different interest rate stress scenarios.
The transaction is exposed to assets in Spain, Ireland, and
Italy. S&P therefore applied additional stresses on assets in
those countries in its 'AAA' and 'AA' ratings scenarios.
S&P has applied its current counterparty criteria and, in its
view, the hedging agreements do not entirely reflect these
criteria. S&P has therefore taken into account the transaction's
exposure to counterparty risk and the potential impact if the
counterparties did not perform.
S&P has only conducted this analysis for the class A-1 and A-1R
notes as its ratings on the class A-1 and A-1R notes are above
its long-term issuer credit rating on the option counterparty, by
more than one notch. In addition, S&P's credit and cash flow
analysis suggests that its ratings on the class A-1 and A-1R
notes are not affected by the presence of the option counterparty
in the transaction.
S&P also applied the largest obligor default test, a supplemental
stress test that S&P introduced as part of its corporate
collateralized debt obligation criteria update, and the largest
industry default test, another of its supplemental stress tests.
The largest obligor test constrains S&P's ratings on the class C,
D, and E notes at lower levels than their currently assigned
ratings. This is primarily a result of increased concentration
risk. The results of S&P's cash flow stresses support higher
ratings on the class C, D, and E notes.
Taking the above factors into account, S&P has lowered its
ratings on the class C, D, and E notes. S&P's analysis indicates
that the credit enhancement available to each tranche is
commensurate with lower ratings than previously assigned.
S&P has affirmed its ratings on the class A-1, A-1R, and B notes
to reflect its view that the tranches have adequate credit
support to maintain their current ratings. S&P's ratings on
these classes of notes are commensurate with its cash flow
stresses.
Halcyon Structured Asset Management European CLO 2006-I is a cash
flow collateralized loan obligation (CLO) transaction that
securitizes loans to primarily speculative-grade corporate firms.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Halcyon Structured Asset Management European CLO 2006-I B.V.
EUR400 Million Secured Floating-Rate Notes
Ratings Lowered
C BBB+ (sf) A- (sf)
D BB+ (sf) BBB (sf)
E B (sf) BB- (sf)
Ratings Affirmed
A-1 AA+ (sf)
A-1R AA+ (sf)
B A+ (sf)
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R O M A N I A
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ROMPLUMB BAIA-MARE: Liquidator Seeks Investors to Take Over Plant
-----------------------------------------------------------------
Ioana Tudor at Ziarul Financiar reports that Romanian liquidator
Casa de Insolventa Transilvania (CITR), the court-appointed
administrator of Romplumb Baia-Mare, is looking for investors to
take over the plant or propose investment plans to resume
production.
Romplumb Baia-Mare is a Romanian lead producer.
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R U S S I A
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* SURGUT CITY: S&P Affirms 'BB+' ICR; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its long-term
issuer credit rating on Russia's City of Surgut at 'BB+' and its
Russia national scale rating on the city at 'ruAA+'. The outlook
is stable.
RATIONALE
The ratings on Surgut are constrained by Standard & Poor's view
of Russia's "developing and unbalanced" institutional framework,
the city's low budgetary flexibility and predictability, its
limited economic growth prospects, and the exposure of the tax
base to the volatile oil industry. Nevertheless, S&P thinks that
Surgut's "neutral" financial management will maintain a moderate
budgetary performance over the next three years by prudently
controlling spending growth. Surgut's very low debt burden,
consistently positive liquidity position, and only limited
contingent liabilities support the ratings.
Surgut's economic wealth is well above the Russian average
because of oil production in the surrounding region. However,
the city's economic and tax base is concentrated on the oil
industry and a single employer. This exposes the city's budget
revenues to global oil-price volatility and national tax
regulation. A single enterprise, one of Russia's largest oil
producers, Surgutneftegas, employs about 18% of the city's
workforce. S&P estimates that tax payments by the company and
personal income tax (PIT) paid by its employees account for more
than 30% of its tax revenues. Moreover, S&P expects that over
the long term the city's economic growth will stagnate as mature
oil fields gradually deplete.
In S&P's view, Surgut's budgetary flexibility and predictability
are also limited by its dependence on decisions made by the
federal government and Khanty-Mansiysk Autonomous Okrug (KMAO)
regarding municipal revenues and spending responsibilities.
Transfers from higher-tier budgets will likely account for more
than 40% of Surgut's revenues over the next three years, and
another 40% will come from taxes that are not regulated by the
city.
Over 2013-2015, we expect KMAO to continue granting the city a
discretionary share of PIT on top of the legal requirement. S&P
estimates that this additional revenue will make up about 20% of
the city's operating revenues. Although this proportion is
currently favorable for the city's budget, the predictability of
tax allocation and ongoing support is limited.
"Under our base-case scenario, we expect that over the next three
years Surgut's continued revenue growth and tightening fiscal
discipline should support a moderate budgetary performance. We
assume revenues will continue to grow, mostly based on rising
salaries. We also think management will continue its good track
record of implementing a cautious financial policy and
consolidation measures, which supports our view that management
has a "neutral" effect on the city's creditworthiness. We
forecast the operating margin to be at breakeven in 2013 and
gradually improve to about 1%-3% of operating revenues in 2014-
2015 after a temporary operating deficit in 2012 following a
federal decision to raise public sector salaries. In 2014, KMAO
will take on a portion of Surgut's operating spending, mainly
related to kindergarten maintenance, and will in turn reduce the
PIT share received by the city. We expect this exchange to have
no effect on the city's budgetary performance," S&P said.
Direct investment and capital grants from KMAO and Tyumen oblast,
targeted at housing, communal, and social infrastructure, should
help Surgut contain its deficits after capital accounts at a
modest 4% of total revenues on average in 2013-2015, which would
be only slightly more than in 2010-2012. S&P thinks that
Surgut's infrastructure is already of better quality than the
Russian average, so in case of need it might be able to cut the
self-financed part of its capital program, which S&P estimates to
equal about 5% of total expenditure.
S&P's base-case scenario therefore assumes that Surgut's tax-
supported debt will remain low over the medium term. S&P
forecasts that it will stay below 10% of consolidated operating
revenues until the end of 2015 and will mostly consist of medium-
term bank loans that the city incurs and repays gradually. S&P
also includes in tax-supported debt guarantees that Surgut
provides for local water, sewage, and housing construction
projects and minor debt of city-owned companies. In S&P's view,
outstanding contingent liabilities are low because of Surgut's
limited involvement in the local economy.
Liquidity
S&P considers Surgut's liquidity position to be "positive" as its
criteria describe the term. In S&P's base-case scenario for
2013-2015, it expects that the city's net average cash reserves
will exceed its very low debt service falling due in the next 12
months. At the same time, S&P views the city's access to
external liquidity as "limited," as is the case for most Russian
local and regional governments, given the weaknesses of the
domestic capital market.
In S&P's base-case scenario, it expects Surgut to spend a portion
of its ample cash reserves to finance its capital program in
2013. Nonetheless, its net average cash throughout the second
half of 2013 and the first half of 2014 will equal about
Russian ruble 3 billion (about US$90 million) and exceed direct
debt by about 2x. In 2014 and 2015, the city might continue to
deplete its cash, but S&P estimates that cash will still cover
the city's debt service, which S&P forecasts at a low 2% of
operating revenues.
OUTLOOK
The stable outlook reflects S&P's view that Surgut's management
will counterbalance modest revenue growth by restricting non-
personnel-related expenditures. As a result, S&P forecasts that
it will restore a modest operating margin and finance its minor
deficit after capital accounts without tapping the capital
market. The outlook also assumes that, because of the city's
cautious approach to borrowing, its liquidity will remain
"positive."
S&P could take a positive rating action within the next 12 months
if, in line with its upside scenario, Surgut was able to secure a
structurally sound budgetary performance and accumulate ample
cash reserves, in line with its financial policy, which would, in
S&P's view, be sufficient to mitigate potential revenue
shortfalls.
S&P could take a negative rating action if the city's management
moved away from its cautious practices and was unable to control
spending growth, resulting in a structural deterioration of the
city's budgetary performance and depletion of its cash reserves
in 2013 and 2014. S&P's downside scenario envisages a persistent
negative operating balance, deficits after capital accounts of
more than 5% of total revenues, and weakening liquidity due to
accumulation of short-term debt.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts. The chair
ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.
RATINGS LIST
Ratings Affirmed
Surgut (City of)
Issuer Credit Rating BB+/Stable/--
Russia National Scale ruAA+/--/--
===========
S W E D E N
===========
SAS AB: Moody's Changes Outlook on 'Caa1' Ratings to Positive
-------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on the Caa1 ratings of SAS AB (SAS). Concurrently,
Moody's has affirmed the company's Caa1 corporate family rating
(CFR) and Caa1-PD probability of default rating (PDR). The
company's (P)Caa1 senior unsecured rating, Caa3 subordinate
ratings and NP short-term rating have also been affirmed.
"The positive outlook is prompted by SAS's increased earnings in
recent quarters as well as its initiatives to enhance liquidity,
both of which we believe have improved the company's credit
profile," says Richard Morawetz, a Moody's Vice President -
Senior Credit Officer and lead analyst for SAS.
Ratings Rationale:
The rating action reflects a number of developments in recent
quarters that have improved SAS's credit profile. On the earnings
side, the company's reported pre-tax income before exceptional
items increased to SEK1.0 billion (EUR115 million) in the 12
months to July 2013, from a loss of SEK448 million (EUR52
million) the previous year. Given that reported revenues were
fairly stagnant, Moody's believes that the improvement in
earnings is largely attributable to the company's internal
initiatives to cut costs, with its 4Excellence Next Generation
(4XNG) restructuring plan expected to boost earnings by SEK1.5
billion (EUR173 million) in the current fiscal year. This
improvement is being achieved through a combination of new
collective agreements, new pension terms (notably the transition
away from defined-benefit to defined-contribution schemes), and
staff reductions, which will total 1,000 full-time employees.
Moody's notes that lower fuel costs have also helped to increase
SAS's earnings, in line with some other airlines, but that this
remains a key risk to profitability in the current environment.
The company is targeting a reported EBIT margin in excess of 3%
and a positive income before tax in the current financial year,
barring any significant unforeseen events. As a result of the
above trend, Moody's estimates that the company's gross adjusted
leverage has diminished to around 7.0x at the end of July, which
is within the rating agency's previous guidance for gross
leverage remaining sustainably below 8.0x for potential upward
pressure on the rating.
Moody's also notes that SAS has taken steps over the past year to
improve its liquidity position, which had previously been a
concern given the company's high level of cash burn and pending
maturities of key credit facilities. The company has announced a
number of divestments, notably a sale-leaseback of aircraft
engines, aircraft financing, the sale of regional airline Wideroe
(to be completed in September), and a bond issue, which
collectively the company expects to generate SEK3.0 billion
(EUR345 million) in additional liquidity. Moody's further notes
the company's renegotiation of its key SEK3.5 billion (EUR403
million) revolving credit facility last November 2012, which
matures in March 2015, with the participation of the three state
shareholders as lenders. The facility contains a number of
financial covenants, with which SAS was in compliance as of July
2013. Under the agreement, the RCF will reduce to SEK2 billion
(EUR230 million) following the sale of Wideroe. Further positive
rating pressure would require the company to retain access to the
facility over time. This would be dependent, among other things,
on the company's improved profitability, which relies on the
continued implementation of the 4XNG strategy.
Rationale For Caa1 Rating:
SAS is the holding company for Consortium Scandinavian Airlines
System Denmark-Norway-Sweden, which is publicly listed, and 50%
owned by the governments of Denmark, Norway and Sweden (and 50%
by private investors). As such, the ratings reflect the
application of Moody's rating methodology for government-related
issuers, or GRIs (Government-Related Issuers: Methodology Update,
published in July 2010). The Caa1 rating for SAS reflects the
combination of the following GRI inputs: (1) a baseline credit
assessment (BCA) of caa2; (2) the Aaa local currency rating of
the Scandinavian sovereign shareholders; (3) 'High' dependence;
and (4) 'Low' support.
SAS's caa2 BCA reflects in part the company's still high
leverage, despite the improvement in the current financial year
on the back of improved earnings. The rating also takes into
account the yield pressure the company is facing in its home
market and ongoing competition from low-cost carriers. More
positively, the rating reflects that despite this increasing
competition, SAS benefits from a solid position in the
Scandinavian aviation market. It also reflects the reduction in
the company's costs as a result of its recent restructuring
initiatives and its strengthened liquidity.
While SAS's liquidity has been constrained in recent years, the
company has taken a number of measures to improve this in recent
quarters, such as selling assets, including its Wideroe
subsidiary (to be completed in September), which is expected to
generate proceeds of SEK1.0 billion (EUR115 million). On the
basis that SAS retains access to its renewed RCF, Moody's expects
the company's liquidity to be sufficient over a 12-month horizon.
Rationale For Positive Outlook
The positive rating outlook reflects Moody's current expectation
that the 4XNG strategy will continue to underpin SAS's earnings
growth, as the combined effects of fuel price volatility and
competition from low-cost carriers in the Nordic region are
likely to continue to pressure top-line growth and yields. The
company has indicated that 4XNG will contribute SEK1.5 billion
(EUR173 million) to earnings in the current fiscal year.
What Could Change The Rating Up/Down
Further upward pressure could be exerted on the rating over the
next few quarters if SAS were to maintain its gross leverage
sustainably below 8.0x, while maintaining a solid liquidity
profile, including access to the state-backed RCF. Although not
expected in light of this action, the rating could come under
negative pressure if gross adjusted leverage were to trend back
to above 8.0x, or from weakened liquidity. Given the company's
current strategy, Moody's believes that a deterioration in
metrics would likely be the result of external competition or
significantly higher fuel costs.
Principal Methodology
The principal methodology used in these ratings was the Global
Passenger Airlines published in May 2012. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009 and the Government-Related Issuers methodology
published in July 2010.
Based in Stockholm, Sweden, SAS AB is one of Europe's largest
passenger airlines, with total revenues of around SEK42.5 billion
(EUR4.9 billion) in the 12 months to July 2013. The company
primarily serves the Scandinavian region, as well as a number of
destinations in the US and Asia. SAS AB is the holding company
for Consortium Scandinavian Airlines System Denmark-Norway-
Sweden, which is publicly listed, and 50% owned by the
governments of Denmark, Norway and Sweden, and 50% by private
investors (7.6% of which is held by the Knut and Wallenberg
Foundation). The consortium remains the company's primary vehicle
for financing and aircraft leasing.
=============
U K R A I N E
=============
* IVANO-FRANKIVSK: S&P Affirms 'B' Long-Term Issuer Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
issuer credit and 'uaA-' Ukraine national scale ratings on the
Ukrainian City of Ivano-Frankivsk. The negative outlook mirrors
that of Ukraine.
RATIONALE
The ratings on Ivano-Frankivsk are constrained by S&P's view of
its "developing and unbalanced" public finance system, relatively
low wealth levels, "negative" management quality, low budgetary
flexibility, negative liquidity, and moderate contingent risks
related to the poor financials of the city's government-related
entities (GREs). These weaknesses are offset by the city's
low debt and moderate budgetary performance.
The central government's control of local and regional government
financial policies severely constrains Ivano-Frankivsk's
financial flexibility. Despite the central government's efforts
to improve its intergovernmental fiscal policies, S&P sees
systemic risk as a key factor undermining Ivano-Frankivsk's
credit profile.
The city's wealth levels are low, even by Ukrainian standards.
However, the diversified nature of Ivano-Frankivsk's economy
allowed it to withstand the economic crisis in 2009. With only
moderate prospects for Ukraine's continued recovery, S&P expects
the city's economy to post growth rates at least comparable with
the sovereign in 2013-2014.
Due to weakening macroeconomic conditions and the central
government's weakening financial performance, S&P's base-case
scenario factors in a decline in the operating margins from solid
surpluses of 6.5% on average in 2011-2012. Due to management's
cautious spending policies, however, S&P assumes that the margin
is likely to stay above 3% on average in 2013-2015. In line with
the city's track-record, S&P believes that Ivano-Frankivsk's
capital program is likely to be financed by moderate assets sales
and central-government capital grants. In S&P's opinion, this
will result in only modest deficits, if any, after capital
accounts of about 1.5% on average in 2013-2015. That said, S&P
qualify budgetary performance as "moderate."
Given the city's low deficits, S&P's base case assumes that
Ivano-Frankivsk's tax-supported debt will not likely exceed 30%
of consolidated operating revenues until 2014. The city's debt
burden will continue to consist primarily of guarantees against
multilateral loans to utility companies from the International
Bank for Reconstruction and Development, and the European Bank
for Reconstruction and Development. These guarantees do not
require the city to step in immediately to provide coverage in an
event of default. They are also co-guaranteed by the central
government. Because S&P foresees only modest and gradual
withdrawal of these funds, it thinks that the city's exposure to
foreign currency risk will likely stay very limited in the coming
12 months.
Although Ivano-Frankivsk's utility payables are moderate by
Ukrainian standards, S&P projects that the GREs' poor financials
will likely continue to constrict the city's budget. Due to the
sharp rise in energy prices, the size of the GREs' payables--
primarily of heating and water utilities--increased in 2010-2011
to roughly 25% of total revenues from 15% in 2008. The
consolidation of utility service companies and earmarked grants
from the central governments (which sets the tariffs) reduced
payables to less than 20% of revenues in 2012. Nevertheless, S&P
believes accumulated payables still present a risk to the city's
creditworthiness in the long term.
S&P views the city's financial management as a "negative" factor
for its creditworthiness, as S&P do for most Ukrainian local and
regional governments. In particular, S&P's assessment factors in
the city's lack of reliable long-term financial planning and its
poor management of reserve and liquidity and of GREs.
Liquidity
S&P regards the city's liquidity position as "negative." Strong
budgetary performance has supported the growth of free cash,
which reached approximately Ukrainian hyrvnia (UAH)50 million (in
both special and general funds) on July 1, 2013. This is
equivalent to about 5%-6% of the city's expected annual operating
spending. Cash well exceeds debt service needs, which comprise
annual interest and principal payments on a small loan from a
multilateral.
However, the city's own cash position remains volatile and might
decrease if borrowing becomes more aggressive, in S&P's opinion.
Moreover, as the Ukrainian capital market is volatile, S&P also
qualifies the city's liquidity position as having "uncertain"
access to external liquidity, according to S&P's criteria. The
weaknesses of Ukraine's banking sector are reflected in S&P's
BICRA of '10', with '1' being the lowest risk and '10' being the
highest.
OUTLOOK
The negative outlook on Ivano-Frankivsk reflects that on Ukraine.
S&P would revise the outlook to stable if it was to revise the
outlook on Ukraine to stable.
S&P would lower the rating on the city if it was to lower the
rating on Ukraine.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts. The chair
ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.
RATINGS LIST
Ratings Affirmed
Ivano-Frankivsk (City of)
Issuer Credit Rating B/Negative/--
Ukraine National Scale uaA-/--/--
* LVIV CITY: S&P Affirms 'CCC+' Long-Term Issuer Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its long-term issuer
credit rating on the Ukrainian City of Lviv at 'CCC+' and the
Ukraine national scale rating at 'uaBB'. The outlook is
positive.
RATIONALE
The ratings are constrained by S&P's view of Ukraine's volatile
and underfunded intergovernmental system and low wealth levels,
and Lviv's limited financial flexibility on revenue and
expenditure. They also reflect S&P's view of the city's
liquidity as "very negative." Lviv has repeatedly missed
repayments on a loan from Ukraine's Ministry of Finance that it
guaranteed, and although the city is trying to resolve the
problem the situation weighs on S&P's assessment of financial
management, which S&P views as "very negative" in an
international context. Material contingent liabilities related
to municipal utilities also constrain the ratings.
On the positive side the ratings on Lviv reflect its fairly sound
financial performance and modest debt.
Lviv is an important economic center in western Ukraine with over
760,000 inhabitants and a fairly diverse tax base. Low wealth
levels--S&P estimates GDP per capita at slightly above $2,000
based on regional data--will remain a long-term drawback,
however.
S&P regards Lviv's financial predictability and flexibility as
very low because of what it regards as a volatile and underfunded
intergovernmental system, and Ukraine's local and regional
governments' (LRGs) strong dependence on state decisions for
their revenues and expenditures. Lviv has no control over about
90% of its revenues, including the main sources, income tax and
subsidies. Furthermore, Lviv's expenditure flexibility is
restricted, in S&P's view, by the need to cofinance salary
increases mandated by the central government, and by rapidly
rising energy costs. The city also has large investment needs in
housing, transport, and other infrastructure.
The city's operating balance as a percentage of operating
revenues improved to about 3% in 2012, in spite of its
expenditure needs, supported by growth in tax and subsidies from
around zero in 2010-2011. S&P expects Lviv's operating balances
to remain at 2%-3% on average in 2013-2015 under its base-case
scenario, supported by continued economic and tax revenue growth.
S&P also expects zero deficits after capital accounts in 2013-
2015, the same as the city's 2010-2012 average.
Given Lviv's reported unwillingness to increase direct debt S&P
expects it to stay low at less than 10% of expected 2013
operating revenues. Under S&P's base-case scenario it expects
Lviv's tax-supported debt to stay within 30% of consolidated
revenues by 2015. This is because the city continues to issue
guarantees on multilateral loans in support of its companies'
investments in infrastructure including water, sewage, roads, and
public transport. These obligations expose the city to foreign
exchange risks as loans are denominated in foreign currency.
While all the city's utilities' debt is incorporated in tax-
supported debt assessment, the potential need to support
utilities' operations and investments and potentially help them
to repay payables to suppliers is incorporated in our assessment
of contingent liabilities.
Lviv repeatedly reports nonpayment on a conditional guarantee it
provided to Ukraine's Ministry of Finance on a $24 million loan
from the International Bank for Reconstruction and Development
(IBRD; AAA/Stable/A-1+) to the city's water utility, although
ultimately the IBRD receives payments from Ukraine on time. S&P
do not consider this a default by the city and treat the delayed
payments as part of the state's interbudgetary relations. That
said, S&P counts it as a weakness, exemplifying Lviv's weak
credit culture and leading to its assessment of management as
very negative in an international context. S&P understands that
the city is trying to resolve this issue with the central
government but has not yet fully succeeded.
Liquidity
S&P considers Lviv's liquidity to be very negative. S&P's
assessment is based on the city's very low cash holdings in both
general and special funds.
The city's average cash position during last 12 months was
Ukrainian hryvnia (UAH)33.5 million (US$4 million). Together
with a projected surplus after capital accounts this will likely
cover slightly more than 40% of its direct debt service falling
due within the next 12 months, which includes a UAH90 million
bond maturing in May 2014.
S&P incorporates the high volatility of the Lviv's reserves.
Over the past few years, the city has consistently turned to
short-term treasury loans to cover cash shortages in the general
fund, through which it pays most salaries and all interest due.
S&P expects the city to keep reporting shortfalls in the general
fund for operating spending this year and continue using the
treasury loans.
Furthermore, as the Ukrainian capital market is immature and
volatile, S&P views the city's access to external liquidity as
"uncertain." The weaknesses of Ukraine's banking sector is
reflected in S&P's Banking Industry Country Risk Assessment
(BICRA), which classifies Ukraine in group '10'. S&P's BICRA
ranks risk relating to banking systems on a scale of '1' to '10',
with '1' being the lowest risk and '10' being the highest risk.
OUTLOOK
The positive outlook reflects S&P's view that Lviv will maintain
sound operating performance in 2013-2015, with no deficits after
capital accounts, and that it will repay its bond maturing in May
2014 on time.
S&P might raise the rating in the next 12 months if Lviv
accumulated enough liquidity for its May 2014 bond repayment and
achieved a stronger, more predictable liquidity position because
of lower debt service. Progress with outstanding unsettled
obligations on guarantees to the central government could also
support a positive rating action.
S&P might revise the outlook to stable if the city stayed exposed
to refinancing risks after 2014 maturities, likely because of
using short-term debt to refinance the May 2014 bond.
Base case reflects Standard & Poor's expectations of the most
likely scenario. Downside case represents some but not all
aspects of Standard & Poor's scenarios that could be consistent
with a downgrade. Upside case represents some but not all
aspects of Standard & Poor's scenarios that could be consistent
with an upgrade. bc--Base case. uc--Upside case.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts. The chair
ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.
RATINGS LIST
Ratings Affirmed
Lviv (City of)
Issuer Credit Rating CCC+/Positive/--
Ukraine National Scale uaBB/--/--
Senior Unsecured CCC+
Senior Unsecured uaBB
===========================
U N I T E D K I N G D O M
===========================
ABOUTOWN TRANSPORTATION: In Receivership, Owes $1.6 Million
-----------------------------------------------------------
Norman DeBono at chathamdailynews.ca reports that embattled
London company Aboutown Transportation is being put into
receivership by a bank owed US$1.6 million in loans, a first step
in a process that could see its assets sold off.
Chris Mazur, a senior vice-president of BDO Canada Ltd, said he's
agreed to be appointed as receiver, according to
chathamdailynews.ca. That appointment is expected Sept. 17, in a
London courtroom.
The report notes that after that, Mr. Mazur will meet with
company officials to begin the process of seizing and selling
property to pay the loans.
"It is a serious situation, there is no question about that. . .
. My role is to determine the best, most commercially reasonable
manner to deal with the lender's collateral," the report quoted
Mr. Mazur as saying.
The report discloses that Aboutown, a group of its companies,
owner James T. Donnelly and several numbered Ontario companies
are being sued by the Business Development Bank of Canada (BDC)
for US$1.6 million, which the bank claims is owed on outstanding
loans.
The report says that the bank has filed a statement of claim
seeking that amount, to which no statement of defense has been
filed.
The report relays that a statement of claim is a legal document
containing allegations not yet proven in court.
The report notes that Aboutown's properties on Bathurst, York and
Thames streets in London, and in Chatham - where it operates the
transit service - are listed in the lawsuit as collateral for the
loans.
The report relates that Aboutown also owed the federal tax
department at least US$627,531 as of Jan. 1, according to a
Canada Revenue Agency document, and some of its drivers have
complained their pay cheques have been delayed several weeks. In
some cases, drivers say they're owed thousands of dollars.
The report says that the Aboutown companies include a wide range
of ground transportation operations, from taxi to airport shuttle
and charter services.
If the assets are sold, Canada Revenue Agency would be paid
first, followed by workers up to $3,000 each and then banks and
suppliers, the report says.
The report relays that while the Business Development Bank is
going after Aboutown properties, other business assets could also
be on the table.
"We will be reviewing all aspects of the entities named in the
court materials, including all assets," the report quoted Mr.
Mazur as saying.
Mr. Donnelly, the report relates, said the properties listed as
collateral for the BDC loans are worth US$3.3 million.
Revenue Canada would do a full audit of the company's finances if
it's put into receivership, Mr. Mazur said, the report relays.
The report adds that the recent transfer of taxi-cab licenses
from Aboutown Transportation to Blue & White Taxi, and from James
T. Donnelly to his son, Jim, shouldn't affect the sale of assets
since they're still listed as collateral on the bank loans, Mr.
Mazur said.
CARDIFF ROOFING: Bought Out of Administration; 16 Jobs Secured
--------------------------------------------------------------
Wales Online reports that Cardiff Roofing Supplies has been
bought out of administration after suffering financial
difficulties.
According to Wales Online, a total of 16 jobs have been saved
after purchase of Cardiff Roofing Supplies which was
established in 1983 and had an annual turnover of more than GBP6
million.
The company had suffered financial difficulties leading to Robert
Dymond and Lisa Hogg, from insolvency and recovery specialists
Wilson Field, being appointed as administrators, Wales Online
relates.
The Cardiff office of Wilson Field assisted with the sale of the
assets of the business to builders' merchants Robert Price
(Roofing Supplies) Ltd., which is part of the Robert Price Group,
Wales Online discloses.
Cardiff Roofing Supplies is a roofing supplies company with a
branch in Cardiff.
CHILTERN CONSULTING: Placed Into Compulsory Liquidation
-------------------------------------------------------
Eight companies which offered misleading, inaccurate and
financially damaging information to ailing businesses in England
and Wales, or were guilty of serious financial irregularities
relating to insolvent companies, have been wound up in the public
interest by the High Court in the last six months as part of
ongoing investigations by the Insolvency Service.
The latest companies to be wound up are connected firms Chiltern
Consulting Ltd, Chilcons LLP and Source Finance Ltd based in
Chesham, Buckinghamshire. The three were put into compulsory
liquidation on September 12 for promoting pre-pack administration
to businesses in financial trouble in an inaccurate and
misleading way.
The three firms sent over 4,000 unsolicited mailshots a month to
businesses and directed recipients to Chiltern's website
www.prepacks.co.uk; both the letters and website contained
inaccurate, misleading and incomplete information.
Directors were given the impression that pre-pack administration
was a closed process, that it was designed to benefit them rather
than the company's creditors, that asset values would be kept low
and that avoiding disqualification was simply a matter of giving
the right answers to questions from the Insolvency Service's
investigators. The marketing material also risked bringing the
insolvency regime into disrepute by making generalised,
unsubstantiated and disparaging remarks about the insolvency
profession.
The investigation is part of an ongoing operation by the
Insolvency Service to look at unregulated businesses offering
insolvency advice, after the agency became aware of a potential
abuse of the insolvency regime by some companies that offer
consultation services to businesses requiring the involvement of
Insolvency Practitioners (IPs).
Each of these companies introduces potential clients to select
groups of IPs and, in the case of Chiltern, Chilcons and Source,
the clients were not told that they would be referred to one of
only three firms of IPs, or that those same IP firms each paid a
substantial monthly retainer to the three companies.
So far, eight companies have been wound up including Adam Smith
Business Development Ltd, Company Corporate Transfer Ltd, Genesys
2000 Ltd, The Recovery Partnership Ltd and TAG (Chesterfield)
Ltd.
The conduct of six IPs connected to the companies will be
assessed by the relevant recognised professional bodies (RPBs)
which regulate IPs, to assess whether action should be taken due
to their involvement.
Commenting on the case, Graham Horne, Insolvency Service Deputy
Chief Executive, said:
"The rescue of businesses in trouble is at the heart of the
insolvency regime and every effort should be made to ensure that
struggling but viable companies are turned around wherever
possible, by getting good quality advice.
"Trust is the cornerstone of business relationships and the eight
companies we have shut down violated that trust by giving
misleading and inaccurate information to financially vulnerable
businesses. They are now paying the penalty.
"The action we have taken is part of an on going operation and
further action is anticipated in the future. These orders should
serve as a warning to other companies tempted to indulge in such
blatant abuse of the insolvency regime. We take this seriously
and we will close you down."
Graham Rumney, the Chief Executive for insolvency trade body R3
said:
"We welcome the court's decision to consent to the compulsory
winding up of these companies in the public interest. This
outcome is the fruition of a number of years' work by the
Insolvency Service to clamp down on companies which abuse trust
in the insolvency regime.
"We applaud the Insolvency Service's efforts in this regard, and
are keen to see them continued. R3 will continue to work with the
Insolvency Service to guard against companies that undermine the
UK's business rescue culture."
HANNA AND BROWNE: Goes Into Administration, 100 Jobs at Risk
------------------------------------------------------------
Ulster Star reports that Lisburn was dealt another blow when
century-old Hanna & Browne was put into administration.
Shutters were pulled down on the firm's branches in Lisburn's Bow
Street Mall, Belfast, Bangor, Newtownards and Limavady and staff
were sent home, according to Ulster Star.
The report notes that many local customers could be affected by
the news, including couples with wedding lists held in the
stores.
The report relates that a question mark hangs over the future of
100 jobs. A decision will be made within days on whether to re-
open the stores in an attempt to salvage the business, the report
notes.
James Neill of Horwood Neill Holmes was appointed as
administrator to TB Lyttle & Sons - trading as Lisnasure
Interiors and Hanna & Browne - on Sept. 10.
The report states that the administrator, James Neill, said he
had been appointed following a "general downturn in trading
conditions, coupled with a significant change in consumer
spending patterns" which, he said, had led to cash flow problems.
"The administrator and his staff are currently undertaking an
immediate assessment of the trading and financial position of the
partnership with a view to maintaining the going concern of the
business. . . . Once this is complete we will have a clearer
picture of future options," the report quoted Mr. Neil as saying.
The report says that the administrator said the immediate
priority was to communicate with key stakeholders of the business
including employees, customers, suppliers and landlords.
Hanna & Browne was established over 110 years ago as cabinet
makers in Belfast before becoming part of the Lisnasure Interiors
group of companies, selling gift, table and cookware, home decor,
collectables and electrical appliances. The chain, run by the
Lyttle family, sold brands including Swarovski, Smeg, Le Creuset,
Belleek and Stieff and had recently been holding clearance and
closing down sales in a number of branches, including one in
Belfast city centre.
HELLERMANNTYTON GROUP: S&P Assigns 'BB-' CCR; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to U.K.-based cable management solutions
provider HellermannTyton Group PLC (HT). The outlook is stable.
The rating on HT is line with the existing rating on
HellermannTyton Alpha S.a.r.l. (HTA) and its operating company
HellermannTyton Beta S.a.r.l. (HTB). Following an IPO and change
in the group structure earlier this year, S&P is now also
assigning its rating to HT, the top holding company of the group.
"We assess HT group's financial risk profile as "significant" and
its financial policy as moderate, under our criteria. We
consider the group's financial risk profile to be less aggressive
than in the past, given lower leverage ratios and Doughty
Hanson's reduced private-equity ownership in HT, which now has a
minority stake following the IPO. Nevertheless, we also factor
in dividend payments representing about 30%-40% of HT's net
income for 2014 and bolt-on acquisitions that we think will total
between about EUR40 million and EUR60 million in 2013.
The ratings are supported by the HT group's business risk
profile, which S&P continues to view at the weak end of its
"fair" category under its criteria. S&P's assessment reflects
the group's generally strong EBITDA margin of 18% on average over
the past six years, which demonstrated its resilience through the
downturn. S&P expects that the HT group will maintain a stable
EBITDA margin at about 20% over 2013 and 2014. S&P's business
risk assessment is further supported by the group's strong market
position across several countries, with high barriers to entry
thanks to its strong customer base and well-invested asset base.
In addition, S&P anticipates that, globally, the group will
benefit from growth prospects in the electrical and automotive
industry, mainly on technological trends and further
globalization.
These factors are offset, however, by the HT group's exposure to
volatile end markets such as the automotive industry, and its
small size relative to other companies we rate in the sector.
The stable outlook reflects S&P's view that the HT group will
maintain its operating performance, with a reported EBITDA margin
of about 18% in 2013 and 2014. S&P also takes into account its
forecast of continued stable moderate free cash flow generation,
which should help the group maintain an "adequate" liquidity
profile. S&P considers a ratio of funds from operations (FFO) to
debt in the 20%-30% range as commensurate with the current
rating. At the same time, S&P expects the group to generate at
least neutral discretionary cash flow over the next few years.
Rating upside could arise if HT group's business risk profile
strengthened, which would simultaneously improve its generation
of sustainable positive discretionary cash flow.
S&P could lower the rating if the group's credit metrics
deteriorated following a significant shortfall in cash flow
generation compared with S&P's forecasts. This could be caused
by a severe global recession, leading to a drop in earnings.
Further downside rating risk could arise if the group adopted a
more aggressive financial policy, translating into significant
dividend payments and pronounced spending on acquisitions. The
group's ensuing higher leverage would likely move the ratio of
FFO to debt to below 20% and lead to negative discretionary cash
flow generation, in turn triggering a downgrade.
MILL SCHOOL: May Be Converted Into Homes Following Administration
-----------------------------------------------------------------
Gazette & Herald reports that a planning application to turn the
former Mill School in Potterne into two homes has been submitted
to Wiltshire Council.
The former preparatory school closed after more than 50 years in
March 2012 when it went into administration, according to Gazette
& Herald.
The report notes that new owners Richard and Helen Pritchard have
applied to convert it into two homes.
The report relates that the proposals would involve converting
the southern mill house into a home for them to live in and
turning the northern and central mill sections into a five or
six-bedroom house that would be rented out as a family home or a
holiday let for groups of up to 16 people.
The report relays that also proposed is to build a single-storey
extension to contain a kitchen, replace steel windows with
purpose-made timber joinery and make internal alterations.
The report recalls that the school building, called Jenny Mill,
is Grade II listed and a mill has existed on the site from at
least 1609. It ceased to be a working mill and home by the mid
20th century and by 1955 was in use as a public school, the
report relays.
NEWGATE FUNDING: S&P Raises Rating on Class Q Notes to 'BB+'
------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in five Newgate Funding PLC transactions.
Specifically, S&P has:
-- Affirmed its ratings on series 2006-2's class A3a to E
notes and raised to 'BB+ (sf)' from 'CCC (sf)' our rating
on the class Q notes;
-- Affirmed all of its ratings in series 2006-3,
series 2007-1, and series 2007-3; and
-- Raised to 'BBB+ (sf)' from 'BBB (sf)' its rating on the
class M notes in series 2007-2 and affirmed all of our
other ratings in this series.
The rating actions follows S&P's performance review and the
application of its relevant criteria. S&P based its review on
the capital structures and aggregate performance data from the
most recent investor reports and recent loan-level data and took
into account its macroeconomic forecast for the U.K.
The performance of all five series has remained relatively stable
since S&P's previous reviews. Severe delinquencies of more than
90 days remain high but stable for all of these transactions, in
S&P's opinion. Severe delinquencies are between 25% and 27% for
series 2006-2 and series 2007-2, while series 2007-3 has lower
severe delinquencies of about 14%.
Series 2006-2
Severe delinquencies of more than 90 days have declined to 25.39%
from 27.74%, however total delinquencies have increased to 35.68%
from 33.67%. In S&P's cash flow analysis, it considered the fact
that the transaction currently amortizes sequentially, as severe
delinquencies have exceeded the documented 20% pro rata trigger.
Based on the pool's historical volatility, S&P's projections of
high delinquencies have increased its weighted-average
foreclosure frequency (WAFF) assumptions since its previous
review. S&P's weighted-average loss severity (WALS) assumptions
have remained similar to its previous review due to relatively
stable U.K. house prices.
Rating WAFF WALS
(%) (%)
AAA 61.62 37.88
AA 53.11 33.78
A 44.12 25.97
BBB 39.17 21.65
BB 33.08 18.62
B 29.47 15.84
In S&P's credit and cash flow analysis, it considers the
available credit enhancement for the class A3 and M notes to be
sufficient to support higher ratings. However, S&P's current
counterparty criteria caps its maximum potential ratings in this
transaction at its long-term 'A' issuer credit rating (ICR) on
Barclays Bank PLC as the liquidity facility and bank account
provider.
Taking into account S&P's view of the transaction's stable
performance, the maximum potential rating achievable under its
current counterparty criteria, and its cash flow analysis, S&P
has affirmed its ratings on all of the collateralized classes of
notes.
The class Q notes are redeemed using excess spread. Due to the
size of the outstanding notes compared with the amount of excess
spread that the transaction has paid since S&P's previous review,
it has raised to 'BB+ (sf)' from 'CCC (sf)' its rating on the
class Q notes.
Series 2006-3
Severe delinquencies have declined to 27.31% from 27.42%, as have
total delinquencies, to 35.65% from 35.98%. In S&P's cash flow
analysis, it considered the fact that the transaction currently
amortizes sequentially, as severe delinquencies have exceeded the
documented 20% pro rata trigger.
Based on the pool's historical volatility, S&P's projections of
high delinquencies have increased its WAFF assumptions since its
previous review. S&P's WALS assumptions have remained similar to
its previous review due to relatively stable U.K. house prices.
Rating WAFF WALS
(%) (%)
AAA 59.85 40.57
AA 52.37 36.95
A 45.74 28.92
BBB 39.80 24.66
BB 33.63 21.61
In S&P's credit and cash flow analysis, it considers the
available credit enhancement for the class A2 and A3 notes to be
sufficient to support higher ratings. However, S&P's current
counterparty criteria caps its maximum potential ratings in this
transaction at its long-term 'A' ICR on Barclays Bank as the
liquidity facility and bank account provider.
Taking into account S&P's view of the transaction's stable
performance, the maximum potential rating achievable under its
current counterparty criteria, and its cash flow analysis, S&P
has affirmed its ratings on all of the collateralized classes of
notes.
Series 2007-1
Severe delinquencies of more than 90 days have declined to 26.13%
from 26.82%, as have total delinquencies, to 34.12% from 34.98%.
In S&P's cash flow analysis, it considered the fact that the
transaction currently amortizes sequentially, as severe
delinquencies have exceeded the documented 20% pro rata trigger.
Based on the pool's historical volatility, S&P's projections of
high delinquencies have increased its WAFF assumptions since its
previous review. S&P's WALS assumptions has remained similar to
its previous review due to relatively stable U.K. house prices.
Rating WAFF WALS
(%) (%)
AAA 57.75 42.10
AA 50.00 38.12
A 43.07 30.46
BBB 37.46 26.19
BB 31.27 23.14
In S&P's credit and cash flow analysis, it considers the
available credit enhancement for the class A2, A3, and M notes to
be sufficient to support higher ratings. However, S&P's current
counterparty criteria caps its maximum potential ratings in this
transaction at its long-term 'A' ICR on Barclays Bank as the
liquidity facility and bank account provider.
Taking into account S&P's view of the transaction's stable
performance, the maximum potential rating achievable under its
current counterparty criteria, and its cash flow analysis, S&P
has affirmed its ratings on all of the collateralized classes of
notes.
Series 2007-2
Severe delinquencies have increased to 26.59% from 25.49%.
However, total delinquencies have decreased to 34.06% from
36.31%. In S&P's cash flow analysis, it considered the fact that
the transaction currently amortizes sequentially, as severe
delinquencies have exceeded the documented 20% pro rata trigger.
The decrease in total delinquencies and the pool's improved level
of seasoning have reduced our WAFF assumptions since S&P's
previous review. S&P's WALS assumptions have remained similar to
its previous review due to relatively stable U.K. house prices.
Rating WAFF WALS
(%) (%)
AAA 54.22 43.73
AA 47.76 39.81
A 41.53 32.31
BBB 36.67 28.14
BB 31.22 25.15
In S&P's credit and cash flow analysis, it considers the
available credit enhancement for the class A2 A3, and M notes to
be sufficient to support higher ratings. However, S&P's current
counterparty criteria caps its maximum potential ratings in this
transaction at its long-term 'A' ICR on Lloyds TSB Bank PLC as
the liquidity facility provider.
Taking into account S&P's view of the transaction's stable
performance, the maximum potential ratings achievable under its
current counterparty criteria, and its cash flow analysis, S&P
has affirmed its ratings on the class A2, A3, Ba, C, D, E, and F
notes. At the same time, S&P has raised to 'BBB+ (sf)' from 'BBB
(sf)' its rating on the class M notes due to the increased level
of credit enhancement and the improved performance in its cash
flow analysis.
Series 2007-3
Total delinquencies have only slightly increased, to 22.65% from
22.41%, while severe delinquencies have decreased to 13.8% from
13.89%.
The decrease in severe delinquencies and the pool's improved
level of seasoning have reduced S&P's WAFF assumptions since its
previous review. S&P's WALS assumptions have remained similar to
its previous review due to relatively stable U.K. house prices.
Rating WAFF WALS
(%) (%)
AAA 51.10 45.20
AA 42.08 41.35
A 33.61 33.95
BBB 28.41 29.82
BB 22.48 26.86
B 19.22 24.09
In S&P's cash flow analysis, the class A1 and A2b notes achieve
ratings that are commensurate with its long-term 'A' ICR on
Barclays Bank without the benefit of the liquidity facility. S&P
has therefore affirmed its 'A (sf)' ratings on the class A1 and
A2b notes. In comparison, the class A3 notes have significantly
less available credit enhancement. S&P has therefore affirmed
its 'BBB+' rating on the class A3 notes.
S&P has affirmed its ratings on the class B, C, D, and E notes
because they have sufficient credit enhancement to maintain the
currently assigned ratings.
Series 2006-2, 2006-3, 2007-1, 2007-2, and 2007-3 are U.K.
nonconforming residential mortgage-backed securities (RMBS)
transactions, comprising pools of first-ranking mortgages secured
on freehold and leasehold owner-occupied properties.
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
Newgate Funding PLC
EUR73.9 Million, GBP458.7 Million Mortgage-Backed
Floating-Rate Notes Series 2006-2
Ratings Affirmed
A3a A (sf)
A3b A (sf)
M A (sf)
Ba A- (sf)
Bb A- (sf)
Ca BB (sf)
Cb BB (sf)
Da B- (sf)
Db B- (sf)
E B- (sf)
Rating Raised
Q BB+ (sf) CCC (sf)
Newgate Funding PLC
EUR296.1 Million, US$271 Million Mortgage-Backed
Floating-Rate Notes Series 2006-3
Ratings Affirmed
A2 A (sf)
A3a A (sf)
A3b A (sf)
M A (sf)
Ba BBB- (sf)
Bb BBB- (sf)
Ca B+ (sf)
Da B (sf)
Db B (sf)
E B- (sf)
Newgate Funding PLC
EUR162.8 Million, US$132 Million Mortgage-Backed And
Excess Spread Floating-Rate Notes Series 2007-1
Ratings Affirmed
A2 A (sf)
A3 A (sf)
Ma A (sf)
Mb A (sf)
Ba BB (sf)
Bb BB (sf)
Cb B (sf)
Db B- (sf)
E B- (sf)
F B- (sf)
Newgate Funding PLC
EUR177.55 Million, GBP337.5 Million Mortgage-Backed And
Excess Spread Floating-Rate Notes Series 2007-2
Ratings Affirmed
A2 A (sf)
A3 A (sf)
Bb BB- (sf)
Cb B (sf)
Db B- (sf)
E B- (sf)
F B- (sf)
Rating Raised
M BBB+ (sf) BBB (sf)
Newgate Funding PLC
EUR485 Million, GBP503.55 Million Mortgage-Backed
Floating-Rate Notes Series 2007-3
Ratings Affirmed
A1 A (sf)
A2b A (sf)
A3 BBB+ (sf)
Ba BB (sf)
Bb BB (sf)
Cb B (sf)
D B- (sf)
E B- (sf)
SVG DIAMOND: Fitch Affirms 'B' Ratings on Two Note Classes
----------------------------------------------------------
Fitch Ratings has taken various rating actions on the following
seven classes of floating- and fixed-rated secured notes issued
by SVG Diamond Private Equity plc (SVG), a securitization of
existing limited partnership interests and future commitments to
private equity funds, which is managed by SVG Advisers Ltd.:
-- EUR58,500,000 class B1 upgraded to 'AAsf' from 'A+sf'; Outlook
Stable;
-- US$26,300,000 class B2 upgraded to 'AAsf' from 'A+sf'; Outlook
Stable;
-- EUR15,000,000 class C affirmed at 'Asf'; Outlook Stable;
-- EUR40,000,000 class M1 affirmed at 'Bsf'; Outlook Stable;
-- US$49,000,000 class M2 affirmed at 'Bsf'; Outlook Stable.
The following classes have been marked 'Paid-in-Full' (PIF):
-- EUR40,000,000 class A1;
-- US$55,000,000 class A2.
Key Rating Drivers
-- Stabilization of the fund's underlying fund values from 2009
lows;
-- Increase in asset coverage for rated liabilities through class
A full principal amortization;
-- Adequate near term liquidity relative to unfunded commitments.
Net Asset Value & Credit Enhancement
Between Aug. 31, 2012 and July 31, 2013, SVG's net asset value
(NAV), as reported by the ratio of net assets to preferred equity
share, increased to 1.58 from 1.50, according to the respective
trustee reports, as the fund continued its rebound from mid-2009
valuation lows. The NAV performance since the October 2012 review
was in line with Fitch's expectations since the October 2012
review. Credit enhancement (subordination) levels for all classes
of notes have increased due to full redemption of the class A
notes in March 2013 and the increased NAV. Due the class A
redemption, class B note holders now assume senior status in the
capital structure and are entitled to all proceeds used for
principal amortization in full prior to payments to subordinate
classes.
Liquidity Profile
According to the July 31, 2013 trustee report, SVG's unfunded
commitment exposure was reduced by EUR23.7 million from the prior
review to an outstanding balance of EUR62.4 million. This amount
is currently covered by cash/liquid investments of EUR86.4
million. SVG's cash reserve accounts have now been built up to a
point where they have replaced the fund's liquidity facilities.
Minimum reserves are sized at 78.57% of unfunded commitments and
six months of senior expenses. The increase in reserve account
amounts reflects the strong performance of the fund's incoming
cash flow distributions from its underlying private equity funds.
Ratings Approach
The ratings assigned to B and C notes address the likelihood that
investors will receive timely payment of interest and ultimate
repayment of principal. The ratings assigned to the class M notes
address the likelihood that investors will receive ultimate
payment of interest and principal.
In line with the analytical approach outlined in the criteria
report titled 'Rating Market Value Structures' dated Aug. 14,
2013, Fitch undertook additional analysis specific to the SVG
transaction and its underlying collateral. Specifically, Fitch's
loss assumptions were based on historically observed peak-to-
trough losses from venture capital and buyout valuation indices.
The index data included the 2000 - 2002 time period (tech
bubble), when venture capital had significantly higher valuation
increases and suffered material subsequent losses. For buyout
funds, these index data included the 2005 - 2007 time period,
when leverage and valuations for buyout transactions increased
significantly leading up to the financial crisis, and were
subsequently followed by material mark-to-market losses during
the 2007 - 2009 time period.
Based on observed historical price declines, as well as the
transaction's portfolio composition and vintage diversification,
a base-line loss assumption of approximately 33% was applied to
all classes of notes and subtracted from their current levels of
credit enhancement. The remaining credit enhancement was then
compared to different rating stresses to determine the
appropriateness of existing ratings. The loss assumptions were
increased (decreased) from these levels when evaluating higher
(lower) rated securities. Going forward, Fitch will continue to
track actual gains or losses from portfolio investments on an
ongoing basis and adjust its base case loss assumptions
accordingly.
Transaction Profile
SVG is a securitization of existing limited partnership interests
and new commitments to private equity funds. Due to SVG having
begun its amortization period, the fund does not currently have
the ability to enter into new commitments but may fund remaining
undrawn commitments.
As of July 31, 2013, approximately 98% of the portfolio was
invested in buy-out funds while the remaining 2% was invested in
venture capital funds. The transaction was invested in 63 funds
managed by 42 managers, with fund vintages ranging from 1993 -
2008, and over 50% invested in funds of a 2005 or later vintage.
As of the same date, the portfolio was meeting all of its
diversification guidelines in terms of exposure to individual
managers, funds, vintages and currencies.
Investment Adviser
SVG II is managed by Aberdeen SVG. Headquartered in London,
Aberdeen SVG is a jointly owned venture between Aberdeen Asset
Management PLC and SVG Capital plc. As of June 30, 2013, Aberdeen
SVG had assets under management or advice of EUR6.1 billion.
Rating Sensitivity and Surveillance
Going forward, the assigned ratings may be sensitive to material
changes in the values of the underlying private equity fund
investments and the impact these have on SVG's overall NAV and
liquidity relative to the rated liabilities. Furthermore, ratings
may be influenced by the rate at which unfunded commitments are
drawn, the rate at which gains (or losses) on existing private
equity investments are realized, overall economic conditions, and
Fitch's assessment of how these factors may influence performance
for a given point in time as well as on a going-forward basis. A
material adverse deviation from Fitch guidelines for any key
rating driver could cause the rating to be lowered by Fitch. For
additional information about Fitch ratings guidelines for market
value structures, please review the criteria referenced below,
which can be found on Fitch's website.
Fitch seeks monthly portfolio holdings information and semi-
annual financial statements for the fund from The Bank of New
York Mellon (trustee) and SVG Advisers, Ltd., respectively, to
conduct surveillance against ratings guidelines and maintain its
ratings.
SVG DIAMOND II: Fitch Affirms 'CCC' Ratings on Two Note Classes
---------------------------------------------------------------
Fitch Ratings has affirmed the following seven classes of
floating- and fixed-rated secured notes issued by SVG Diamond
Private Equity II plc (SVG II):
-- EUR55,000,000 class A-1 at 'Asf'; Outlook Stable;
-- $71,600,000 class A-2 at 'Asf'; Outlook Stable;
-- EUR76,500,000 class B-1 at 'BBsf'; Outlook Stable;
-- $40,000,000 class B-2 at 'BBsf'; Outlook Stable;
-- $47,800,000 class C at 'Bsf'; Outlook Stable;
-- EUR43,000,000 class M-1 at 'CCCsf';
-- $20,300,000 class M-2 at 'CCCsf'.
SVG II is a securitization of existing limited partnership
interests and future commitments to private equity funds that is
managed by SVG Aberdeen.
Key Rating Drivers
-- Continued stabilization of the fund's net asset value (NAV)
from 2009 lows;
-- Stability in credit enhancement (subordination) levels;
-- Adequate near-term liquidity relative to unfunded
commitments.
Net Asset Value
The affirmations reflect a stabilized NAV since Fitch's last
review in October 2011, as well as adequate near-term liquidity
relative to unfunded commitments. Between Aug. 31, 2012 and
July 31, 2013, SVG II's NAV, as reported by the ratio of net
assets to preferred equity share, increased to 0.84 from 0.75,
according to the respective trustee reports, as the fund
continued its rebound from mid-2009 valuation lows. The NAV
performance since the October 2012 review was in line with
Fitch's expectations.
Liquidity Profile
According to the July 31, 2013, trustee report, SVG II's unfunded
commitment exposure was reduced by EUR18.5 million from the prior
review to an outstanding balance of EUR60.0 million. This amount
is currently covered by cash / liquid investments of EUR47.77
million and undrawn liquidity facilities of EUR98.76 million.
Fitch will continue to monitor SVG II's cash position going
forward to determine if ratings on any of the above-referenced
notes could be affected due to increased capital call activity
and/or weak distribution performance.
The liquidity facilities expire on the September 2024 final
maturity date of the notes and are currently cash collateralized
due to a downgrade event of the facilities provider (Banque AIG,
London Branch) on Sept. 15, 2008. Amounts may be borrowed under
the facility to fund the payment of senior expenses or fund
capital calls provided that the remaining undrawn balance
available under the facility would be sufficient to cover senior
expenses arising over a six-month period subsequent to the
payment of the capital call. As of the July 31, 2013 trustee
report, SVG II had no drawn amounts on the liquidity facility.
Rating Approach
The ratings on the notes address the likelihood that investors
will receive timely payment of interest on the classes A and B
notes, ultimate payment of interest on the classes C and M notes
and ultimate repayment of principal on all classes of notes. The
liquidity facility as noted above has been structured to ensure
timely payment of interest and expenses on the class A and B
notes.
In line with the analytical approach outlined in the criteria
report entitled 'Rating Market Value Structures' dated Aug. 14,
2013, Fitch undertook additional analysis specific to the SVG II
transaction and its underlying collateral. Specifically, Fitch's
loss assumptions were based on historically observed peak-to-
trough losses from venture capital and buyout valuation indices.
The index data included the 2000-2002 time period (tech bubble),
when venture capital had significantly higher valuation increases
and suffered material subsequent losses. For buyout funds, these
index data included the 2005-2007 time period, when leverage and
valuations for buyout transactions increased significantly
leading up to the financial crisis, and were subsequently
followed by material mark-to-market losses during the 2007 - 2009
time period.
Based on observed historical price declines, as well as the
transaction's portfolio composition and vintage diversification,
a base-line loss assumption of approximately 33% was applied to
all classes of notes and subtracted from their current levels of
credit enhancement. The remaining credit enhancement was then
compared to different rating stresses to determine the
appropriateness of existing ratings. Going forward, Fitch will
continue to track actual gains or losses from portfolio
investments on an ongoing basis and adjust base case loss
assumptions accordingly.
Transaction Profile
SVG II is a securitization of existing limited partnership
interests and new commitments to private equity funds. Due to a
decline in NAV, SVG II entered into an Early Amortization Erosion
Event in March 2009 whereby the re-investment period was
terminated prior to its scheduled date of March 2011. As such,
the fund does not currently have the ability to enter into new
commitments but may fund remaining unfunded commitments.
As of July 31, 2013, approximately 84% of the portfolio was
invested in buy-out funds while 13% was invested in mezzanine-
focused funds and 3% was invested in venture capital funds. The
transaction was invested in 75 funds managed by 52 managers, with
vintages ranging from 1976 - 2008, and over 81% invested in funds
of a 2005 or later vintage. As of the same date, the portfolio
was meeting all of its diversification guidelines in terms of
exposure to individual managers, funds, vintages and currencies.
Investment Adviser
SVG II is managed by Aberdeen SVG. Headquartered in London,
Aberdeen SVG is a jointly owned venture between Aberdeen Asset
Management PLC and SVG Capital plc. As of June 30, 2013, Aberdeen
SVG had assets under management or advice of EUR6.1 billion.
Rating Sensitivity and Surveillance
Going forward, the assigned ratings may be sensitive to material
changes in the values of the underlying private equity fund
investments and the impact these have on SVG II's overall NAV and
liquidity relative to the rated liabilities. Furthermore, ratings
may be influenced by the rate at which unfunded commitments are
drawn, the rate at which gains (or losses) on existing private
equity investments are realized, overall economic conditions, and
Fitch's assessment of how these factors may influence performance
for a given point in time as well as on a going-forward basis. A
material adverse deviation from Fitch guidelines for any key
rating driver could cause the rating to be lowered by Fitch. For
additional information about Fitch ratings guidelines for market
value structures, please review the criteria referenced below,
which can be found on Fitch's website.
Fitch seeks monthly portfolio holdings information and semi-
annual financial statements for the fund from The Bank of New
York Mellon (trustee) and SVG Advisers, Ltd., respectively, to
conduct surveillance against ratings guidelines and maintain its
ratings.
TRIGON SNACKS: Goes Into Administration, 200 Jobs at Risk
---------------------------------------------------------
Liverpool Daily Post reports that Liverpool's Trigon Snacks
company which sells the Planters, Passion Shed and Big D peanut
brands has gone into administration.
Brian Cardy, chief executive of Trigon, which employs 200 people
in Aintree, confirmed the company had been placed into
administration, according to Liverpool Daily Post.
The report notes that it has been reported the move will result
in "minimal job losses" in the short term.
The report discloses that Manchester-based accountancy firm Duff
& Phelps has been appointed to oversee the administration.
Administrator David Whitehouse said that to reduced credit terms
and delays in seasonal customer orders led to a significant
short-term cash requirement which ultimately could not be
bridged, the report notes.
The report relays that Duff & Phelps added "urgent discussions"
were taking place with "key customers and parties" to find
someone to buy all or some of the business.
Trigon Snacks, which has annual sales of GBP30million, was formed
in 1996 and is famous for its use of scantily clad models to
market its peanuts. The company also supplies own-brand nuts for
supermarkets including Morrisons, Waitrose and Sainsbury's. It
will continue trading while in administration.
WICHFORD: CLS Holdings Buys 34 Properties Out of Receivership
-------------------------------------------------------------
Property Investor Europe reports that London-listed European real
estate investor CLS Holdings has confirmed the acquisition of a
portfolio of 34 properties out of receivership in the UK.
According to PIE, the investment volume for the mainly UK
government-occupied assets bundled together in the Project Neo
Portfolio comes to almost GBP119 million (EUR142 million),
excluding costs of GBP5.3 million.
The purchase of four long leasehold properties in the portfolio
with an aggregate value of GBP12.7 million is conditional on
gaining the landlord's consent.
The Neo Portfolio was purchased through FRP Advisory LLP in its
capacity as receiver for certain subsidiaries of Wichford. The
consideration was paid in cash, following the sale of the
majority of the group's corporate bond portfolio.
Wichford is a London-listed property company.
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* EUROPE: Newspapers Face Shakeout as Gov't Support Dries Up
------------------------------------------------------------
Manuela Mesco and Sam Schechner at The Wall Street Journal
reports that Europe's once-overflowing newsstands are starting to
dry up.
According to the Journal, long cushioned by state subsidies and
wealthy owners more interested in power than profits, European
newspapers are facing a shakeout, hemorrhaging red ink and jobs
as government support dries up and print advertising crashes.
Until recently, European newspaper groups were often shielded
from pressures that have driven U.S. rivals to slash costs,
declare bankruptcy and search for new advertising and
subscription dollars online, the Journal notes. In France,
newspapers received EUR800 million (US$1.06 billion) in state
subsidies and tax breaks last year, while tiny Greece boasted
about 70 newspapers before the crisis, many fed by ads from
state-owned companies, the Journal relates.
That system is crumbling - particularly in Europe's hard-hit
south, the Journal says. According to the Journal, subsidies to
newspapers are falling victim to government austerity just as
print advertising is down by double digits. Last year, France's
La Tribune became weekly, while the owner of Spain's El Pais is
near insolvent. Dozens of publications in Spain and Greece have
folded, the Journal recounts.
The euro zone crisis is exposing how ill-prepared many
Continental newspapers are to exploit the digital revolution
following years of government coddling, the Journal states. In
many cases, wealthy owners also tolerated weak business plans and
losses for years, the Journal says. As a result, the pain is
expected to continue, the Journal notes.
"There's going to be consolidation around the bigger players,"
the Journal quotes Louis Dreyfus, chief executive of France's Le
Monde, as saying.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
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CHRIST WATER TEC CWT AV -5754285.054 165995618.1
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CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
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BELGIUM
-------
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BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
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PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
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OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
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LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
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LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
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LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
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DENMARK
-------
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FRANCE
------
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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
T BANK TBANK EU -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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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 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
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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
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TISCALI SPA TIQG IX -167327246 362728538.3
TISCALI SPA TISN IX -167327246 362728538.3
TISCALI SPA TIS EB -167327246 362728538.3
TISCALI SPA TIS FP -167327246 362728538.3
TISCALI SPA TIS IM -167327246 362728538.3
TISCALI SPA TISN VX -167327246 362728538.3
TISCALI SPA TISN IM -167327246 362728538.3
TISCALI SPA TIS NA -167327246 362728538.3
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TISCALI SPA TSCXF US -167327246 362728538.3
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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 UPCOF US -5505478850 5112616630
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UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -12602392978 14238054163
VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.7768 799874848.4
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
AKER BUSINESS SE 4400969Z NO -1678208.862 125911965.2
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP BY -16100000 765200000
AKER FLOATING PR AKFP EO -16100000 765200000
AKER FLOATING PR AKFP PZ -16100000 765200000
AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
AKER FLOATING PR AKFPEUR EU -16100000 765200000
AKER FLOATING PR AKFPEUR EO -16100000 765200000
AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
BAKERS AS 4527631Z NO -2100773.812 130412660.1
BKK VARME AS 4445833Z NO -4191315.792 139898061.1
CARGONET 81784Z NO -73487095.94 128859900.5
CIA LA GOMERA AS 4401057Z NO -14188999.46 111542577.2
GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
HEEGH AUTOLINERS 4389209Z NO -13894016.15 253537334.9
HELI-ONE NORWAY 4632761Z NO -27084593.22 759455442.9
ICA NORGE AS 4511499Z NO -132832574.9 702347848.8
INFRATEK ENTREPR 4402489Z NO -33504101.18 160698348.1
INTEROIL EXPLORA IOX NO -21010000 139828992
INTEROIL EXPLORA IOX EO -21010000 139828992
INTEROIL EXPLORA IOX PZ -21010000 139828992
INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
NCC ROADS AS 4401305Z NO -11149611.36 135425117.2
NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
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JARVIS PLC JRVSEUR EU -64739862.73 130951086
JARVIS PLC JRVS LN -64739862.73 130951086
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*********
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 * * *