/raid1/www/Hosts/bankrupt/TCREUR_Public/131210.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, December 10, 2013, Vol. 14, No. 244
Headlines
A L B A N I A
ALBANIA: S&P Cuts Foreign & Local Sovereign Credit Ratings to 'B'
B E L G I U M
FIELDLINK NV: S&P Assigns 'B-' CCR & Rates EUR285MM Notes 'CCC+'
D E N M A R K
ISS A/S: S&P Raises Rating on DKK17.3BB Secured Debt to 'BB'
F I N L A N D
METSA BOARD: S&P Hikes Corp. Credit Rating to B+; Outlook Stable
G E R M A N Y
AUTO-TEILE UNGER: S&P Lowers Corporate Credit Rating to 'SD'
CONTINENTAL AG: S&P Raises CCRs From 'BB+/B'; Outlook Stable
G R E E C E
DRYSHIPS INC: Suspends Evercore Market Equity Offering
FRIGOGLASS SAIC: S&P Revises Outlook & Affirms 'BB-' Rating
PIRAEUS BANK: Moody's Lifts Deposit & Sr. Debt Ratings to 'Caa1'
I R E L A N D
ARNOTTS: Fitzwilliam Finance Buys EUR140-Mil. Worth of Loans
BANK OF IRELAND: Sale Plan to Boost Government's Confidence
IRISH BANK: Liquidators Abandon Sale of Junior NAMA Bonds
I T A L Y
BANCA CARIGE: S&P Lowers Rating on EUR102MM Instrument to 'D'
L U X E M B O U R G
ARDAGH PACKAGING: Moody's Corrects December 3 Rating Release
ENDO LUXEMBOURG: Moody's Rates Sr. Sec. Credit Facilities 'Ba1'
M A C E D O N I A
SKOPJE MUNICIPALITY: S&P Affirms 'BB-' ICR; Outlook Stable
R U S S I A
SOVCOMBANK: S&P Affirms 'B/C' Credit Ratings; Outlook Stable
S P A I N
CATALONIA: S&P Affirms 'BB/B' Ratings; Outlook Remains Negative
CIUDAD REAL: Put Up for Sale to Meet Creditor Demands
VALENCIA: S&P Affirms 'BB-/B' Issuer Ratings; Outlook Negative
S W I T Z E R L A N D
AVG TECHNOLOGIES: S&P Raises Corp. Credit Rating to 'BB'
U N I T E D K I N G D O M
ALTE LIEBE 1: S&P Lowers Rating on EUR102MM Sr. Notes to 'CCC+'
BLOCKBUSTER UK: To Close 62 More Stores, Cuts 427 Jobs
BLOCKBUSTER: Frank Taylor Mulls Bid on Sites for Expansion Plan
BRADFORD BULLS: Plunges Into Another Financial Crisis
DENT LTD: Goes Into Administration, Seeks Buyer
EUROSAIL-UK 2007-5NP: S&P Cuts Rating on 3 Note Classes to 'D'
NEW CAREER: In Administration, Cuts More Than 50 Jobs
PRECISE MORTGAGE: S&P Assigns 'BB+' Rating to Class E Notes
RIVERSFORD HOTEL: Enters Administration as Costs & Bills Rise
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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A L B A N I A
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ALBANIA: S&P Cuts Foreign & Local Sovereign Credit Ratings to 'B'
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Standard & Poor's Ratings Services lowered its long-term foreign
and local currency sovereign credit ratings on the Republic of
Albania to 'B' from 'B+'. At the same time, S&P affirmed its
short-term ratings at 'B'. The outlook is negative.
Rationale
The rating action follows a significant unanticipated increase in
the general government debt burden. S&P now expects this to
reach nearly 67% of GDP in 2013 (or 66% of GDP on a net basis),
where previously S&P projected general government debt at 58% of
GDP at year's end, a large and unexpected deviation. Important
in this increase is the recent recognition of arrears worth an
estimated 4% of GDP. The general government deficit has also
widened significantly in 2013. The ratings remain constrained by
low GDP per capita estimated at US$4,000 and significant
structural difficulties related to weak institutions and
governance (in particular, weak rule of law and high levels of
corruption). The ratings are supported by significant future
growth potential, underpinned by Albania's ongoing efforts toward
EU integration.
The negative outlook reflects the risk that Albania may struggle
to continue to roll over its expanded debt stock at sustainable
rates.
After winning the June 2013 parliamentary elections, the Alliance
for a European Albania, a coalition led by the Socialist Party,
took office in September. S&P expects the new administration
will pursue electoral, judicial, parliamentary, and public
administration reforms. These reforms would help Albania satisfy
the conditions of EU candidate status, possibly by the end of
this year or in early 2014.
However, Albania's public finances deteriorated markedly during
2013, partly linked to the expansionary fiscal policy ahead of
the elections. S&P now expects the general government deficit to
rise to 6.5% of GDP in 2013 from 3.5% in 2012, based on poorer
growth performance than expected, a statistical revision to GDP
and, crucially, the recognition of a stock of arrears currently
estimated at 4% of GDP. Of the arrears, 30% relate to unpaid
value-added tax (VAT) reimbursements and the rest to unpaid
infrastructure bills, likely relating to road construction. It
is unclear how long these arrears took to build up but S&P has
added them into its debt estimates. Clearing the arrears is a
priority for the new authorities and financing them could become
part of an official assistance program.
In S&P's view, the bulk of the increase in the 2013 deficit stems
from decisions related to the electoral cycle. In the run up to
the June 2013 elections, the government increased current
expenditures (personnel-related expenditure increased by 3%) and
collected less tax (there was an 8% decline in VAT collection).
Data for January to October show that total year-on-year revenues
fell by 3% and total expenditures rose by about 7%.
During the election campaign, uncertainty regarding the security
of public sector employment and changes to the business
environment discouraged investment and consumption, which had a
knock-on effect on the related tax revenues. S&P has assumed
that the underlying deficit will narrow to close to 3% of GDP in
2014 as tax collection resumes its normal, albeit low, pattern
and the government implements expenditure cuts, including likely
cuts to public sector pay and headcount. However, S&P also
includes the clearance of arrears worth 2% of GDP per year in its
estimates for 2014 and 2015 and therefore expects the average
deficit to be closer to 4% of GDP over the next three years.
As a result, S&P predicts that general government debt will
increase to an estimated 67% of GDP in 2013; S&P's previous
estimate was 58% of GDP. S&P expects the government's net debt
burden to total 66% of GDP, and anticipates that general
government interest payments will average over 14% of revenues
over the next three years.
Over 40% of the money the government owes is due to nonresidents.
Although its average debt maturity has increased, it remains
short at 510 days (up from 386 at the end of 2012). In 2014,
debt redemptions total approximately 22% of GDP. Approximately
20% of the government's debt stock is concessional debt from
multilateral creditors. However, Albania's domestic debt
comprises about 60% of total debt, and its banking system holds
most of the domestic debt. Over 30% of loans in the banking
system are to the government. Domestic banks that have
traditionally lent to the government have been gradually reducing
their exposures since the 2008 crisis, despite having excess
liquidity.
S&P therefore views rollover risk as high and expect that further
appetite for government paper at sustainable prices would be
limited without official financial assistance from an
international organization. A bespoke retail off-balance-sheet
fund has played an important role in absorbing government debt
through 2013, although S&P considers the fund unlikely to
increase its exposure to the government further.
Real GDP growth over 2012 and 2013 has slowed to the lowest rates
in over a decade, and is expected to be 1.2% in 2013. Official
historical assumptions on energy subsidies have also lowered
previous GDP levels by approximately 16 billion lek or 1% from
2011. Since 2008, remittances from Albanians living in Italy and
Greece have fallen to a still-significant 6%-7% of GDP from
12%-13%. Although the country has become less dependent on
remittance-funded consumption, S&P expects lower remittances to
limit consumption growth and import demand.
Weak enforcement of contract rights and high levels of corruption
have long been a significant structural barrier to investment
that might lead to stronger domestic demand. Growth is also
impaired by a lack of credit, as arrears have weakened banks'
asset quality. Although S&P anticipates that net exports will
support growth, real GDP growth is likely to average around 2.5%
between 2013 and 2016, compared to estimated potential growth of
4%.
Up to a quarter of nonperforming loans (NPLs) in the banking
system are estimated to be related to the government's recently
recognized arrears. Removing these NPLs could reduce the strain
on the businesses affected, particularly those in the
construction sector, and boost confidence. In turn, this could
lead to the resumption of credit growth.
S&P forecasts that the financial sector will retain its small net
external creditor position over the medium term. The banking
system is largely funded by domestic deposits; S&P estimates
loans to deposits at about 60%, and capital adequacy at about
17%. Over 50% of loans and deposits are denominated in foreign
currency, a characteristic which we see as reducing monetary
flexibility. The high level of NPLs (about 24% of total loans)
in the system could also constrain economic growth. Although the
Albanian subsidiaries of Greek parent banks appear well-
capitalized, their external funding positions could weaken in
future.
Outlook
The negative outlook reflects the one-in-three chance that S&P
could lower the ratings on Albania over the next year due to the
high rollover risk on its increased debt stock. S&P could lower
the ratings if the government recognized further arrears or
increased its debt stock, given the potential difficulty of
financing them.
S&P could revise the outlook to stable if pressures on government
finances abate, through higher-than-expected growth combined with
a reduction in the budget deficit. Progress on removing long-
standing structural impediments to sustained growth would also be
positive for the ratings.
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 according to 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
Downgraded; CreditWatch/Outlook Action; Ratings Affirmed
To From
Albania (Republic of)
Sovereign Credit Rating B/Negative/B
B+/Stable/B
Senior Unsecured B B+
Ratings Affirmed
Albania (Republic of)
Transfer & Convertibility Assessment BB-
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B E L G I U M
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FIELDLINK NV: S&P Assigns 'B-' CCR & Rates EUR285MM Notes 'CCC+'
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Standard & Poor's Ratings Services said it had assigned its 'B-'
long-term corporate credit rating to Belgium-based fresh produce
importer and distributor FieldLink N.V. The outlook is stable.
S&P also assigned its 'CCC+' issue rating to the group's senior
secured notes of EUR285 million issued by its key operating
subsidiary Univeg Holding B.V. The recovery rating on the senior
secured notes is '5', indicating S&P's expectation of modest
(10%-30%) recovery in the event of a payment default.
The ratings reflect S&P's assessment of the company's business
risk profile as "weak" and its financial risk profile as "highly
leveraged" as per S&P's criteria. The rating also reflects S&P's
view that FieldLink will be able to maintain margins of more than
2% within the next several years, owing to improvements in
company's operating efficiency and its focus on more-closely
integrating with the supply chain of its customers, large food
retailers in Europe. S&P also expects FieldLink's balance sheet
will remain highly leveraged after taking into consideration an
off-balance sheet factoring facility and operating leases.
S&P views FieldLink's business risk profile as "weak", reflecting
its participation in the competitive, seasonal, commodity-
oriented, and volatile fresh produce industry, which is exposed
to political and economic risks. A recent example of such
exposures was the group's significant EBITDA decline in 2011 due
to the E. coli food contamination crisis in Europe. S&P takes
into account the benefits of FieldLink's strong market position
in Europe, global sourcing capabilities, and quality of service.
FieldLink is the largest food distributor of fresh produce in
Europe, with strong relationships with a number of food retailers
in The Netherlands, Belgium, and Germany. FieldLink sources
globally and locally through independent growers and provides
logistics and distribution services to its customers. The
company's sales are highly focused on three large retailers in
Europe, which account for more than 50% of the company's sales,
while FieldLink's own production makes up less than 10%.
Furthermore, the company lacks strong consumer brands and focuses
on private labels and trade brands, which account for 85% of
sales.
At the same time, S&P views positively the recent takeover of
FieldLink by its founder Hein Deprez from CVC Capital in 2013,
and believe this should help to deliver sustainable growth and
generate increasing free operating cash flow.
FieldLink's "highly leveraged" financial risk profile reflects a
debt-to-EBITDA ratio of significantly more than 5.0x and EBITDA
interest coverage of more than 2.0x, as adjusted by Standard &
Poor's for material operating leases and a large factoring
facility of about EUR250 million. S&P expects this ratio will
remain significantly above 5x in the medium term, owing to only
gradual growth in free operating cash flow and earnings according
to its base-case scenario. S&P's assessment of FieldLink's
financial risk profile also reflects the company's "adequate"
liquidity position as a result of its refinancing. S&P
understands FieldLink issued EUR285 million senior secured notes
and signed a EUR90 million revolving credit facility (RCF) to
refinance existing credit facilities with restrictive covenants.
The stable outlook reflects S&P's view that FieldLink will
demonstrate resilient operating performance and maintain an
adequate liquidity position. S&P expects the company will
maintain adequate headroom under its leverage maintenance
covenant in its RCF facility.
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D E N M A R K
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ISS A/S: S&P Raises Rating on DKK17.3BB Secured Debt to 'BB'
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Standard & Poor's Ratings Services raised its rating on Denmark-
based facility services provider ISS A/S to 'BB' from 'BB-'. The
outlook is positive.
At the same time, S&P raised by one notch the issue rating on
ISS' DKK17.3 billion senior secured facilities due 2018 to 'BB'
from 'BB-'. The recovery rating on the senior secured credit
facilities is unchanged at '3', indicating S&P's expectation of
meaningful (50%-70%) recovery for debt holders in the event of a
payment default.
S&P also raised by one notch the issue rating on the
EUR110.4 million 4.5% senior unsecured euro medium-term notes due
2014 and EUR349.5 million 8.875% subordinated notes due 2016, to
'B+' from 'B'. The recovery rating on these senior unsecured and
subordinated notes remains unchanged at '6', indicating S&P's
expectation of negligible (0%-10%) recovery for debt holders in
the event of a payment default.
In addition, S&P removed all the aforementioned ratings from
CreditWatch, where it placed them with positive implications on
Nov. 26, 2013, in conjunction with its criteria redesign.
"We base our upgrade primarily on a reassessment of ISS' credit
metrics following the implementation of our new corporate
criteria. We now assess ISS' financial risk profile as
"aggressive," instead of "highly leveraged" previously, given the
improvement in ISS' credit metrics. Reported leverage is 4.5x as
of the third quarter of 2013. This is a result of ISS'
concentration on profitable organic growth, in contrast to the
fairly acquisitive strategy it has deployed in the past. ISS has
historically had weaker financial metrics and is now divesting
noncore operations, the proceeds of which it has used, and will
continue to use, to repay debt and improve its capital structure.
Our assessment of ISS' financial risk profile also incorporates
its ability to generate positive free cash flow and its
flexibility in terms of capital spending," S&P said.
The corporate credit rating reflects the application of a one-
notch negative adjustment for S&P's "comparable ratings
analysis," whereby S&P reviews an issuer's credit characteristics
in aggregate. S&P's comparable ratings analysis is based on its
forecast that ISS' funds from operations (FFO) to debt will
remain at the weaker end of the 12%-20% range for the
"aggressive" financial risk profile category in the medium term.
S&P continues to assess ISS' low volatility of earnings as
positive for its business risk profile. The company's operating
profitability (measured by the EBITDA margin) is less volatile
than that of most of its peers, contributing to what S&P sees as
its "strong" competitive position. ISS has leading market
positions across its main countries of operation. It benefits
from operations in more than 50 countries, and a highly diverse
customer base comprising thousands of private and public
customers. Historically, ISS has had a strong track record of
integrating its many acquisitions, which has produced a solid
global service delivery platform with critical mass to support
future organic growth opportunities. S&P's business risk
assessment also incorporates its view of the global facilities
services industry's "intermediate" risk and ISS' "low" country
risk.
S&P assess ISS' management and governance practice as "strong"
under its criteria. S&P's assessment takes into account its view
of management's expertise and ability to maintain stable
operations, even in difficult economic environments. Management
has been consistently delivering its strategy, including a number
of successfully undertaken acquisitions in the past. All of
these factors result in the 'BB' corporate credit rating.
S&P's base-case operating scenario for ISS assumes:
-- GDP growth of 0.9% in the eurozone and 2.5% in the U.S. in
2014.
-- Constraints on growth from economic conditions in Europe,
with stronger performance in the Asian market supporting
the company's overall revenue growth at about 3.2% in 2014
and 4.0% in 2015.
-- Improving credit metrics on the gradual reduction of debt,
as well as the lack of sizable acquisitions and shareholder
distributions.
Based on these assumptions, S&P arrives at the following credit
measures:
-- An improvement in cash flow due to lower interest costs
owing to the early repayment of expensive debt tranches.
-- FFO to debt of 11%-15% in 2013 and 2014, remaining under
20% in 2015, compared with 10.1% in 2012.
-- Debt to EBITDA of 4.0x-4.5x this year, declining to 3.5x-
4.0x in 2014 and 2015, compared with about 4.8x last year;
and
-- Free operating cash flow to debt in the 11%-13% range over
the next two years.
The positive outlook reflects S&P's forecast that ISS' operating
performance will remain steady in the near term, thanks to the
flexibility of its cost base and as a result of management's
current deleveraging policy. The outlook also reflects S&P's
view that ISS could reach levels of debt to EBITDA commensurate
with a "significant" financial risk profile -- which would
require debt to EBITDA to be between 3x and 4x -- by the end of
2014.
S&P could raise the rating if ISS' capital structure evolves to
be more consistent with that of a publicly listed company. This
would mean metrics of debt to EBITDA of less than 4x and FFO to
debt of more than 20%, among others.
Although S&P don't consider it likely, ratings downside could
arise from a change in acquisition strategy toward debt-financed
acquisitions or a tightening in operating profit margins, leading
to weakened credit metrics, including debt to EBITDA of more than
5x.
The issue rating on ISS' DKK17.3 billion senior secured
facilities due 2018 is 'BB', in line with S&P's corporate credit
rating on the company. The recovery rating on these senior
secured credit facilities is '3', indicating S&P's expectation of
meaningful (50%-70%) recovery for debtholders in the event of a
payment default. The recovery rating is underpinned by the
company's good valuation, "strong" business risk profile,
comprehensive security package, and the favorable jurisdiction of
Denmark. The recovery rating is constrained, however, by the
high levels of first-lien debt, which dilutes overall recovery
prospects.
The issue rating on ISS' EUR110.4 million 4.5% senior unsecured
euro medium-term notes due 2014 and EUR349.5 million 8.875%
subordinated notes due 2016, is 'B+', two notches below the
corporate credit rating. The recovery rating on these senior
unsecured and subordinated notes remains unchanged at '6',
indicating S&P's expectation of negligible (0%-10%) recovery for
debt holders in the event of a payment default. The recovery
rating reflects their structural and contractual subordination to
the senior facilities.
To calculate recoveries S&P simulates a hypothetical default
scenario. Under this scenario, a default is triggered in 2017 by
high leverage and significant debt maturities, an inability to
manage the cost base, and reduced free cash flow as a result of
deteriorating operating performance. In S&P's opinion, the time
lag between any decline in the company's revenues and an
appropriate reduction in its cost base would hamper its
profitability and ability to generate free cash flow.
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F I N L A N D
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METSA BOARD: S&P Hikes Corp. Credit Rating to B+; Outlook Stable
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Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Finland-based forest
products company Metsa Board Corp. to 'B+' from 'B'. At the same
time, S&P removed the rating from CreditWatch, where it placed it
with positive implications on Nov. 26, 2013. The outlook is now
stable.
At the same time, S&P affirmed the 'B' short-term corporate
credit rating on Metsa Board.
"We base our upgrade primarily on our reassessment of our view of
the link between Metsa Board and its parent, the Metsaliitto
Cooperative, which owns about 62% of the votes in Metsa Board.
We now assess Metsa Board as "strategically important" to
Metsaliitto Cooperative, as defined in our criteria," S&P said.
This results in a one-notch uplift from S&P's assessment of its
stand-alone credit profile (SACP) at 'b'.
The Metsaliitto Cooperative consists of about 125,000 forestland
owners in Finland. It reports its holdings, which besides Metsa
Board consist of four other majority-held forest products
companies, and consolidated financial figures under Metsa Group.
S&P assess Metsa Group's group credit profile (GCP), as defined
in its group rating methodology, as 'bb-' due to its large size
and scope, high degree of diversity in terms of end-products
exposure, and financial leverage on the borderline between S&P's
"significant" and "aggressive" financial risk profile categories.
S&P believes that Metsa Board is an important part of Metsa
Group's strategy because it makes up about 40% of the group's net
sales and provides the group with forward integration to end-user
markets. S&P understands that the holding is of a long-term
nature and assess Metsa Board to be very closely linked to the
group's reputation, name, and brand, providing additional
incentives for long-term strategic and financial support.
S&P's assessment of Metsa Board's SACP at 'b' is based on the
company's "weak" business risk profile and its "aggressive"
financial risk profile. The business risk profile reflects Metsa
Board's exposure to the inherently volatile forest products
industry, and its relatively small size, scope, and
diversification. S&P's assessment of Metsa Board's financial
risk profile as "aggressive" takes into account a further
improvement of its credit metrics.
S&P's comparable rating analysis constrains the rating by one
notch. This negative assessment reflects the fact that Metsa
Board's credit metrics are currently at the lower end of the
"aggressive" financial risk profile. It further reflects that
Metsa Board has a relatively short track record of operating and
financial performance following years of significant
restructuring, which ended in 2012.
The stable outlook on Metsa Board reflects S&P's view that its
operating performance will remain resilient in the coming years,
with slightly increasing profitability. S&P expects that this
will lead to improving credit metrics in the coming year, with
FFO to debt of about 15% and debt to EBITDA of below 4x. S&P
also expects Metsa Group's profitability and leverage to remain
at the current levels over the next 12-18 months, with adjusted
debt to EBITDA of about 3.5x and FFO to debt of about 20%.
An upgrade of Metsa Board is unlikely, in our view, unless S&P
was to revise its assessment of Metsa Group's GCP to 'bb' from
'bb-'. A one-notch higher GCP is more likely to result from
stronger financial performance across the group's subsidiaries
rather than an improved business risk assessment for the group,
given the exposure to the forest and paper products industry,
which S&P categorizes as "moderately high risk."
A significant weakening of Metsa Board's credit metrics may put
pressure on the ratings. However, S&P is unlikely to lower the
ratings on Metsa Board as a result of declining credit metrics,
as long as the declines are offset by resilient performance of
the remaining activities of Metsa Group. That is because S&P
would factor into the ratings additional support from the parent.
Rating pressure may also arise if S&P was to reassess the link
between Metsa Board and Metsaliitto Cooperative, which could
occur for example as a result of a divestment of Metsa Board
shares to the extent that the cooperative no longer controlled
Metsa Board.
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G E R M A N Y
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AUTO-TEILE UNGER: S&P Lowers Corporate Credit Rating to 'SD'
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Standard & Poor's Ratings Services said it had lowered its long-
term corporate credit rating on Germany-based auto parts retailer
and workshop operator A.T.U. Auto-Teile Unger Handels GmbH & Co.
KG (ATU) to 'SD' (selective default) from 'CCC-'.
At the same time, S&P lowered its issue rating on ATU's
EUR450 million senior secured notes to 'D' (default) from 'CCC-'.
The recovery rating on these notes is unchanged at '4',
indicating S&P's expectation of average (30%-50%) recovery for
creditors in the event of a payment default.
The downgrade reflects the company's failure to pay the coupon
payment on its EUR450 million senior secured bond by the
scheduled due date of Dec. 1, 2013. It also reflects S&P's
expectation that ATU will not pay the coupon within the 30-day
applicable grace period. S&P views this as a selective default
under its timeliness of payments criteria.
On Nov. 14, 2013, ATU released its interim report for the first
quarter of the fiscal year ending June 30, 2014 (fiscal 2014), in
which the company announced that it is in advanced negotiations
with investors and lenders regarding a financial and balance-
sheet restructuring. A preliminary agreement has already been
reached with one of its main lenders, private-equity investor
Centerbridge, concerning a bond restructuring plan that envisages
a partial debt-equity swap.
S&P will examine the progress of ATU's restructuring over the
coming weeks. Should any restructuring occur, S&P will reassess
the ratings, taking into account any benefits realized and any
other interim developments.
S&P assess ATU's liquidity as "weak" under its criteria. This
primarily reflects the short-term risk of a liquidity deficit in
light of the upcoming maturities of more than EUR600 million over
the coming 12 months, with the EUR25 million bridge loan provided
by Centerbridge representing the first maturity in mid-December.
The fully drawn EUR45 million revolving credit facility (RCF)
matures in March 2014 and is also subject to very tight covenant
headroom, with substantial risk that it may be breached at year-
end 2013.
Cash on hand at the end of the first quarter of fiscal 2014
(Sept. 30) was also very tight, with on-balance-sheet liquidity
of only EUR26 million, while ATU's EUR45 million RCF was fully
drawn.
A capital restructuring that addresses the above weaknesses could
be positive for liquidity and may lead S&P to reassess ATU's
creditworthiness.
CONTINENTAL AG: S&P Raises CCRs From 'BB+/B'; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
long- and short-term corporate credit ratings on Germany-based
automotive supplier and tire maker Continental AG to 'BBB/A-2'
from 'BB+/B'. S&P removed all ratings from CreditWatch, where it
had placed them with positive implications on Nov. 26, 2013. The
outlook is stable.
S&P's upgrade is based primarily on a reassessment of the parent-
subsidiary link between Continental and its major shareholder,
the Schaeffler Group. According to S&P's revised group rating
methodology, it de-links the rating on Continental from the
credit quality of Schaeffler. This is mainly because Continental
benefits from substantial creditor protection in its financing
agreements and because no cross-default clauses with the
financial indebtedness of Schaeffler exist. Furthermore,
Continental's minority shareholders are actively involved in the
company's corporate governance, including influencing matters
such as dividend policy and material changes to the business.
Continental's supervisory board is sufficiently independent from
its major shareholder to satisfy the separateness requirements
laid out in our criteria for group ratings, in S&P's view.
The outlook is stable. Continental's strong market position and
broad product range should result in revenue growth that is
higher than average for the global passenger vehicle market. S&P
expects the company to continue to generate solid positive
discretionary cash flows.
Upside scenario
S&P could raise its corporate credit rating over the next two
years if Continental's financial risk profile improved to the
category "modest" and the company sustained credit ratios of FOCF
to debt above 25%. This could occur after completion of the
current investment program, if Continental continued to generate
significant cash flow from operations.
Downside scenario
S&P could lower the rating if Continental's ratio of FOCF to debt
fell to less than 10%-15%, for example because of unexpected
developments in Continental's end markets, such as falling global
production rates for light vehicles and commercial vehicles. S&P
could also lower the rating if Continental undertook significant
debt-financed acquisitions, something that we view unlikely at
this stage.
===========
G R E E C E
===========
DRYSHIPS INC: Suspends Evercore Market Equity Offering
------------------------------------------------------
DryShips Inc., a global provider of marine transportation
services for drybulk and petroleum cargoes and through its
majority owned subsidiary, Ocean Rig UDW Inc., of offshore
deepwater drilling services, on Dec. 5 disclosed that it has
suspended purchases under its previously announced program of at
the market issuances of its common shares through Evercore Group
L.L.C. as its sales agent. The Company reserves the right to
continue the suspension of the program, reactivate or terminate
the program at any time.
About DryShips Inc.
Headquartered in Athens, Greece, DryShips Inc. (NASDAQ: DRYS) is
an owner of drybulk carriers and tankers that operate worldwide.
Through its majority owned subsidiary, Ocean Rig UDW Inc.,
DryShips owns and operates 10 offshore ultra deepwater drilling
units, comprising of 2 ultra deepwater semisubmersible drilling
rigs and 8 ultra deepwater drillships, 3 of which remain to be
delivered to Ocean Rig during 2013 and 1 is scheduled for
delivery during 2015. DryShips owns a fleet of 46 drybulk
carriers (including newbuildings), comprising of 12 Capesize, 28
Panamax, 2 Supramax and 4 Very Large Ore Carriers (VLOC) with a
combined deadweight tonnage of about 5.1 million tons, and 10
tankers, comprising 4 Suezmax and 6 Aframax, with a combined
deadweight tonnage of over 1.3 million tons.
The Company reported a net loss of US$288.6 million on
US$1.210 billion of revenues in 2012, compared with a net loss of
US$47.3 million on US$1.078 billion of revenues in 2011.
The Company's balance sheet at Dec. 31, 2012, showed
US$8.878 billion in total assets, US$5.010 billion in total
liabilities, and shareholders' equity of US$3.868 billion.
Going Concern Doubt
Ernst & Young (Hellas), in Athens, Greece, expressed substantial
doubt about DryShips Inc.'s ability to continue as a going
concern, citing the Company's working capital deficit of
US$670 million at Dec. 31, 2012, and in addition, the non-
compliance by the shipping segment with certain covenants of its
loan agreements with banks.
As of Dec. 31, 2012, the shipping segment was not in compliance
with certain loan-to-value ratios contained in certain of its
loan agreements. In addition, as of Dec. 31, 2012, the shipping
segment was in breach of certain financial covenants, mainly the
interest coverage ratio, contained in the Company's loan
agreements relating to US$769,098,000 of the Company's debt. As
a result of this non-compliance and of the cross default
provisions contained in all bank loan agreements of the shipping
segment and in accordance with guidance related to the
classification of obligations that are callable by the creditor,
the Company has classified all of its shipping segment's bank
loans in breach amounting to US$941,339,000 as current at
Dec. 31, 2012.
FRIGOGLASS SAIC: S&P Revises Outlook & Affirms 'BB-' Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised to negative from
stable its outlook on Greece-based ice-cold merchandiser
(beverage cooler) maker Frigoglass SAIC.
At the same time, S&P affirmed its long-term corporate credit
rating on Frigoglass.
In addition, S&P affirmed its 'BB-' issue rating on Frigoglass'
bond due 2018.
The outlook revision reflects S&P's view that Frigoglass' sales
growth and cash flow generation prospects for 2013 are likely to
be lower than its initial base-case scenario had assumed.
Frigoglass' operating results in the past six months have
suffered from smaller sales volumes driven by adverse foreign-
exchange currency movements and lower sales to key accounts. S&P
has lowered its cash flow forecasts for 2013 and 2014 and will
continue to monitor these developments in the coming months.
"Our assessment of Frigoglass' business risk profile is "fair."
We think the weakening operating performance partially stems from
a lower level of orders from Coca-Cola bottling companies (these
accounted for 46% of ice-cold merchandiser [ICM] revenues in
2013). We view more negatively this dependency on key accounts,
although we note that these bottling companies generally make
decentralized purchasing decisions, driven by their own local
market needs. Frigoglass' operating performance is also likely
to be affected by the negative growth prospects in Europe
including Russia -- which accounted for 40% of total sales in
2013 -- due to weak consumer sentiment and spending," S&P noted.
S&P's assessment of Frigoglass' business risk profile also
reflects the company's well-established position in the branded
commercial refrigeration appliances industry and its ability to
benefit from growing chilled beverage consumption in emerging
markets like Eastern Europe and Africa. Demand in these markets
supports growth in Frigoglass' glass operation segment
(accounting for approximately 24% of total turnover). The
industry is nevertheless cyclical, with high sensitivity to
consumer demand and raw material prices.
Because Frigoglass' exposure to Greece is less than 25% of its
earnings, S&P do not cap the ratings on Frigoglass at the level
of the Greek sovereign rating, in line with its criteria.
S&P views Frigoglass' financial risk profile as "aggressive."
Following the EUR250 million bond issuance in May 2013, the debt
maturity profile of the company has improved. However, working
capital movements will likely remain characterized by some
volatility and seasonality depending on the level of customer
orders. S&P understands that working capital should continue to
be funded at the subsidiary level by an adequate level of short-
term loans from local financial institutions. However, S&P takes
into account the 50% increase in Frigoglass' revolving credit
facility (RCF) utilization in the third quarter of 2013.
S&P notes that Frigoglass' capital expenditure (capex) spending
decreased in 2013 and is mainly for maintenance purposes. While
S&P views positively the control on spending in the short term,
it believes that longer-term capex spending is a key determinant
to improve the company's competitive position and future
profitability. Consequently, unless S&P was to revise the
overall demand growth prospects of the industry, it thinks this
can only be a temporary measure to improve Frigoglass' financial
position.
S&P's base case assumes:
-- Revenues to decline by 3% for 2014, owing to negative sales
growth in the ICM business, especially for Europe.
-- A relatively stable EBITDA margin at about 11%, with lower
sales offset by cost-cutting measures with regards to
operating expenses.
-- Free cash flow of around EUR20 million, with lower earnings
offset by slightly positive working capital inflow and low
and stable capex.
-- A 50% haircut that S&P has applied to the cash balances to
reflect its view that part of the cash is held in high risk
countries at Frigoglass' local subsidiaries.
Based on these assumptions, S&P arrives at the following credit
measures:
-- EBITDA interest coverage of slightly more than 2x;
-- Standard & Poor's-adjusted funds from operations (FFO) to
debt of around 8% for 2013 and 2014; and
-- Debt to EBITDA of around 5x.
The negative outlook reflects a one-in-three possibility of a
downgrade of Frigoglass if its credit metrics weaken materially.
S&P's view is that Frigoglass could face continued weak operating
performance in the next few quarters. In S&P's base-case
scenario for 2014, it anticipates that sales volumes in the ICM
business are unlikely to pick up before mid-2014, but that this
will be partly mitigated by more stable earnings contribution
from the glass operations segment. Overall, S&P sees further
revenue decline in 2014 but still positive free cash flow
generation. S&P projects Standard & Poor's adjusted EBITDA
interest coverage of 2x, FFO to net debt of around 8%, and net
debt to EBITDA of close to 5x.
S&P may lower the rating if Frigoglass is not able to offset weak
demand in Europe by an uptick in earnings growth from emerging
markets and from its glass operations. This could occur if ICM
volumes decline further in the Asian market or if sales to key
customers remain weak. S&P would lower the rating if it sees
free cash flow turn negative, if adjusted EBITDA interest
coverage falls below 2x, or if net debt to EBITDA rises above 5x.
S&P could revise the outlook to stable if Frigoglass can
stabilize its sales volumes (especially from key customer
accounts), while managing working capital volatility and
generating more free cash flow.
Frigoglass' capital structure under S&P's recovery analysis
consists of EUR250 million senior unsecured notes due 2018 issued
by the holding company Frigoglass Finance B.V., a EUR50 million
unsecured RCF due 2016 issued by the holding company Frigoglass
Holdings B.V., and about EUR60 million in unsecured bank loans
held by operating subsidiaries. The EUR50 million unsecured RCF
ranks pari passu with the unsecured notes. S&P estimates that
less than 5% of total debt will remain in subsidiaries for which
do not provide an upstream guarantee.
The issue rating on the senior unsecured notes is 'BB-', in line
with the corporate credit rating on Frigoglass. The notes are
unsecured and guaranteed by Frigoglass SAIC and several
subsidiaries. The unsecured notes rank pari passu with the
unsecured RCF.
S&P estimates priority claims equal to 59% of unsecured assets,
which is 44% over the 15% threshold for rating the bond in line
with the corporate credit rating. S&P believes that structural
subordination is mitigated by upstream guarantees from companies
that together contribute over 90% of consolidated EBITDA.
Although S&P has assigned an issue rating to the senior unsecured
bond, it has not assigned recovery ratings because its review of
the insolvency regimes in the countries where the majority of
Frigoglass' operating assets are located is either not complete
or is less favorable.
* All debt amounts include six months of prepetition interest.
PIRAEUS BANK: Moody's Lifts Deposit & Sr. Debt Ratings to 'Caa1'
----------------------------------------------------------------
Moody's Investors Service has upgraded the long-term deposit and
senior debt ratings of Piraeus Bank SA, National Bank of Greece
SA and Alpha Bank AE by one notch to Caa1 (stable outlook) from
Caa2 (negative outlook) and increased the banks' baseline credit
assessments (BCAs) to caa2 from caa3, within the bank financial
strength rating (BFSR) range of E.
At the same time, Moody's has affirmed and changed the outlook to
positive from negative on Eurobank Ergasias SA's Caa2 deposit and
senior debt ratings, and affirmed and changed the outlook to
stable from negative on Attica Bank SA's Caa2 deposit rating. The
BFSR of these banks was also affirmed at E (stable outlook),
equivalent to a BCA of caa3.
These rating actions follow the recent improvement in the
creditworthiness of the Government of Greece, reflected by
Moody's upgrade of Greece's sovereign bond rating to Caa3 (stable
outlook) from C (no outlook).
Ratings Rationale:
Upgrade of Piraeus Bank, National Bank of Greece and Alpha Bank:
The upgrade for three of the banks to Caa1 from Caa2, with stable
outlooks, reflects a combination of the following:
(1) Restored capital bases, following the official
recapitalizations by the Hellenic Financial Stability Fund (HFSF)
and private investors in June 2013.
(2) Reduction in the formation of new non-performing loans
(NPLs), and Moody's expectation that the volume of NPLs will peak
towards the end of 2014 or early 2015.
(3) An overall improvement in the banks' credit profiles, with
the sizeable holdings of European Financial Stability Facility
bonds (EFSF rated (P)Aa1, negative) that partly counterbalance
risk posed by sovereign-related exposures.
(4) Improved funding and liquidity profiles, although dependence
on central bank funding will remain in place for some time.
At the same time, Moody's notes that the ratings of these and
other Greek banks remain significantly constrained by the still
adverse operating environment, high -- although stabilizing --
levels of impaired loans, ongoing losses and sovereign risk
exposure.
-- Piraeus Bank:
Piraeus Bank's rating upgrade captures its strengthened capital
base, sizeable holdings of EFSF bonds and improvements in its
funding and liquidity profile, balanced by the high NPL levels
driving the bank's current operational losses.
Following its recapitalization, the bank's core Tier 1 ratio
increased to 13.5% at the end of September 2013, well above the
9% minimum requirement set by Bank of Greece. This provides the
bank with a solid loss-absorption cushion in view of its elevated
NPLs, at 35.2% of gross loans. Piraeus Bank reported a net profit
of EUR3.2 billion in the first nine months of 2013, as a result
of a one-off negative goodwill gain of EUR3.8 billion from its
recent acquisitions at a deep discount. However, Moody's expects
the bank to remain loss making at an operating level in 2013-14,
primarily because of high loan loss provision requirements.
The bank holds a total of around EUR14.3 billion of EFSF bonds
(Aa1, negative), which mitigate the risks stemming from its
direct sovereign exposure of around EUR2.3 billion, and enhance
the bank's overall credit-risk profile. EFSF bonds represent
around 15.4% of its total assets, and were received mainly from
the HFSF as part of its recapitalization. The EFSF bonds have
also helped reduce the bank's funding and liquidity pressures,
with overall central bank funding down to around EUR15 billion in
September 2013, from EUR33 billion in September 2012. Following
the takeover of six different entities over the past 18 months,
significant progress has been made to integrate these entities
and Moody's expects Piraeus Bank to benefit from synergies as the
largest commercial bank in Greece.
-- National Bank of Greece:
The rating upgrade of National Bank of Greece reflects its more
favorable asset-quality, funding profile and earnings than local
peers, as well as Moody's expectation of further capital
enhancement to address its weaker capital base.
Although National Bank of Greece has a weaker capital base (pro-
forma core Tier 1 ratio of 9.4% incorporating the recent sale of
its real-estate subsidiary 'National Pangaea') relative to its
similarly rated local peers, Moody's notes its stronger loan
quality, with NPLs at 21.9% of gross loans as of September 2013.
Moreover, Moody's expects National Bank of Greece to further
strengthen its capitalization in 2014, through the further sale
of non-core assets, as well as the possible sale of a minority
stake in its Turkish subsidiary Finansbank AS (Ba2, negative,
BFSR E+/BCA b2 negative). The sale could yield an approximate 300
basis point enhancement to its core Tier 1 ratio.
In addition, Moody's expects that the bank will be profit-making
in both 2013 and 2014, mainly as a result of the earnings
contribution by Finansbank, while National Bank of Greece
exhibits the best net loans-to-deposits ratio among its local
peers, at 97%, due to its strong market share in savings deposits
in Greece. The bank has also reduced central bank funding to
EUR22.2 billion in September 2013, with no emergency liquidity
assistance (ELA) from the Bank of Greece, down from EUR33 billion
in September 2012.
-- Alpha Bank:
Alpha Bank's rating upgrade reflects its strong capital base,
declining trend in the formation of new NPLs and some
improvements in its funding and liquidity profile, balanced by
the high stock of NPLs and funding challenges, including a weaker
net loans-to-deposits ratio relative to local peers.
Alpha Bank's loss-absorption cushion has strengthened following
its recapitalization, with a core Tier 1 ratio of 13.5% as of
September 2013, up from 12.8% in September 2012. Moreover,
Moody's notes the bank's declining trend in the quarterly
formation of new NPLs, which resulted in a slowdown in the
increase in its NPL ratio to 32.9% in September 2013. This
favorable development has caused a decline in the loan loss
provisions as a percentage of gross loans to 308 basis points in
Q3 2013 from 391 basis points in Q3 2012.
The bank has also reduced central bank funding significantly to
EUR17.5 billion (of which EUR3.5 billion in the form of ELA) in
September 2013 from EUR23.7 billion in December 2012, although
its net loans-to-deposits ratio remained higher than its local
peers at 125% as of September 2013. Although Moody's expects the
bank to report operational losses in 2013-14, Alpha Bank reported
a profit of EUR2.5 billion after tax in the first nine months of
2013, driven by a one-off negative goodwill gain of EUR2.6
billion from its earlier acquisition of Emporiki Bank of Greece.
Positive Rating Outlook for Eurobank:
Moody's affirmed Eurobank's deposit rating at Caa2, and changed
its rating outlook to positive from negative to reflect its plan
to raise new capital and improvements in its funding profile.
The positive outlook takes into account the bank's recent
announcement of its plan to raise new capital of approximately
EUR2 billion in January 2014, as part of a re-privatization
initiative (following its full recapitalization with EUR5.8
billion by the HFSF in June 2013 without the involvement of any
private investors). The bank's funding profile has improved
following the takeover of New Hellenic Postbank in July 2013,
with central bank funding reduced to EUR17.9 billion (of which
EUR5.4 billion through the ELA) in September 2013 from EUR34
billion in June 2012, as the bank's customer deposit base has
strengthened.
Nonetheless, these positive developments are counterbalanced by
its weaker capital levels relative to its above-mentioned local
peers, leading to the positioning of the bank's rating one notch
lower. Eurobank's core Tier 1 ratio was 8.1% in September 2013,
lower than the 9% regulatory minimum required by Bank of Greece,
thus providing the bank with a weak loss-absorption cushion.
Stable Rating Outlook for Attica Bank:
Moody's affirmed Attica Bank's deposit rating at Caa2, and
changed its rating outlook to stable from negative, to reflect
its reduced dependence on central bank funding, a more stable
deposit base and its available capital cushion.
While the bank reported a core Tier 1 ratio of 9.4% in September
2013, Moody's recognizes the additional capital cushion of
approximately EUR100 million provided by its mandatory contingent
convertible bonds, which effectively raise its Tier 1 ratio to
12.4%. The stable outlook also takes into account the bank's low
central bank funding at around 5.3% of total assets, and its more
resilient deposit base from loyal customers with a net loans-to-
deposits ratio of 108% in September 2013.
However, the bank's rating, positioned one notch lower than its
larger peers, reflects its much smaller franchise with a market
share of around 1.6%, and also its weaker earnings power. The
bank has a narrow net interest margin, combined with a lower fee
income capacity and a high cost base, which resulted in negative
pre-provision income in 2013, unlike the other rated Greek banks.
The elevated loan losses compound the earnings constraints for
the bank, which posted a net loss of EUR69.2 million in the first
nine months of 2013, compared with EUR108.4 million loss in the
corresponding period in 2012.
External Support from the Troika and HFSF:
Moody's continues to incorporate one notch of rating uplift in
Greek banks' deposit and senior debt ratings from their BCAs, in
view of the likelihood of support being provided from the Troika
(the European Commission, the European Central Bank and the
International Monetary Fund) if necessary. Moody's recognizes the
continued supranational liquidity support to Greek banks from the
ECB and the Bank of Greece, as well as potential for additional
capital support through the HFSF, which has around EUR9 billion
(from the EUR50 billion in total) remaining for this purpose.
What Could Move the Ratings Up/Down:
Moody's could consider upgrading the banks' ratings in the event
of a combination of (1) further easing of funding and liquidity
challenges with the return of more customer deposits into the
banking system; (2) asset-quality improvements, with the decline
in NPLs and significantly lower provisioning levels that would
support the banks' earnings; and (3) sustained capital levels
above the regulatory requirement, providing a comfortable cushion
to absorb loan losses.
Conversely, the banks' ratings could be downgraded if domestic
operating/political conditions deteriorate leading to sizeable
deposit outflows that cause any increased reliance on central
bank funding, or if asset quality deteriorates more than
anticipated, consuming significantly more capital than expected.
The Specific Rating Changes Implemented are as Follows:
National Bank of Greece SA, NBG Finance plc, and National Bank of
Greece Funding Limited:
-- Standalone BFSR affirmed at E, equivalent to a BCA of caa2
from caa3
-- Long-term deposit ratings and senior unsecured debt ratings
upgraded to Caa1 from Caa2
-- Backed (government-guaranteed) senior unsecured ratings
upgraded to Caa1 from Caa2
-- Subordinated debt ratings upgraded to Caa3 from Ca
-- Preferred stock (Hybrid Tier 1) affirmed at Ca (hyb)
-- Short-term ratings affirmed at Not-Prime
All the above-mentioned Long term ratings and BFSR have a stable
outlook
Piraeus Bank SA, Piraeus Group Finance plc, and Piraeus Group
Capital Limited:
-- Standalone BFSR affirmed at E, equivalent to a BCA of caa2
from caa3
-- Long-term deposit and senior unsecured debt ratings
upgraded to Caa1 from Caa2
-- Backed (government-guaranteed) senior unsecured ratings
upgraded to Caa1 from Caa2
-- Subordinated debt ratings upgraded to Caa3 from Ca
-- Preferred stock (Hybrid Tier 1) affirmed at Ca (hyb)
-- Short-term ratings affirmed at Not-Prime
All the above-mentioned long term ratings and BFSR have a stable
outlook
Eurobank Ergasias SA, EFG Hellas plc, EFG Hellas (Cayman Islands)
Limited, and EFG Hellas Funding Limited:
-- Standalone BFSR affirmed at E (stable outlook), equivalent
to a BCA of caa3
-- Long-term deposit ratings and senior unsecured debt ratings
affirmed at Caa2
-- Backed (government-guaranteed) senior unsecured MTN
affirmed at Caa2
-- Subordinated debt ratings affirmed at Ca
-- Preferred stock (Hybrid Tier 1) affirmed at Ca (hyb) with
stable outlook
-- Short-term ratings affirmed at Not-Prime
All the above-mentioned long term ratings, except the BFSR and
the Hybrid Tier 1, have a positive outlook
Alpha Bank AE, Alpha Credit Group plc, Alpha Group Jersey Limited
and Emporiki Group Finance plc:
-- Standalone BFSR affirmed at E, equivalent to a BCA of caa2
from caa3
-- Long-term deposit ratings and senior unsecured debt ratings
upgraded to Caa1 from Caa2
-- Backed (government-guaranteed) senior unsecured ratings
upgraded to Caa1 from Caa2
-- Subordinated debt ratings upgraded to Caa3 from Ca
-- Preferred stock (Hybrid Tier 1) affirmed at Ca (hyb)
-- Short-term ratings affirmed at Not-Prime
All the above-mentioned long term ratings and BFSR have a stable
outlook
Attica Bank SA and Attica Funds plc:
-- Standalone BFSR affirmed at E, equivalent to a BCA of caa3
-- Long-term deposit ratings affirmed at Caa2
-- Subordinated debt ratings affirmed at Ca
-- Short-term ratings affirmed at Not-Prime
All the above-mentioned long term ratings and BFSR have a stable
outlook
All banks affected by review are headquartered in Athens, Greece:
-- National Bank of Greece SA reported total assets of EUR111
billion as of September 2013
-- Piraeus Bank SA reported total assets of EUR92.7 billion as
of September 2013
-- Eurobank Ergasias SA reported total assets of EUR80.1
billion as of September 2013
-- Alpha Bank SA reported total assets of EUR73.4 billion as
of September 2013
-- Attica Bank SA reported total assets of EUR3.9 billion as
of September 2013
=============
I R E L A N D
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ARNOTTS: Fitzwilliam Finance Buys EUR140-Mil. Worth of Loans
------------------------------------------------------------
Tom Lyons at The Irish Times reports that Fitzwilliam Finance
Partners Ltd., an investment company led by solicitor Noel Smyth,
has bought EUR140 million worth of loans owed by Arnotts to
Ulster Bank.
It is understood that British retailer Selfridges, owned by
Canadian billionaire Galen Weston, is providing financial backing
to Fitzwilliam, The Irish Times notes.
According to The Irish Times, the Ulster Bank deal, which closed
only very recently, puts Fitzwilliam in a strong position to bid
for total control of the iconic Dublin city center department
store with the support of Selfridges. Arnotts' other loans are
held by Irish Bank Resolution Corporation (IBRC) which are being
sold off by the State-owned bank's special liquidator KPMG, The
Irish Times discloses.
The deadline for bids for the IBRC loans of about EUR230 million
in two tranches was on Dec. 6, The Irish Times says.
Fitzwilliam has already been pre-cleared by KPMG to bid for these
loans by showing it has the financial firepower to do with
backing from Selfridges, The Irish Times states.
About seven serious bids were considered by Ulster Bank for its
loans including an approach from its existing management with the
support of an as yet unnamed London-based financial backer, The
Irish Times relays.
Fitzwilliam and Selfridges are understood to be committed to the
Arnotts brand and hope to increase its employee numbers by
investing in the existing 170-year old store and expanding into
the site around it, The Irish Times relates.
Arnotts is a Dublin-based retailer.
BANK OF IRELAND: Sale Plan to Boost Government's Confidence
-----------------------------------------------------------
Eamon Quinn at The Wall Street Journal reports that the Irish
government said Wednesday the sale at a profit of a huge
investment in Bank of Ireland that was made at the height of the
debt crisis will boost confidence in the country as it prepares
to exit its international bailout in the coming weeks.
Recouping the EUR1.84 billion (US$2.49 billion) in preference
stocks will demonstrate to international investors that the
country's banking system is on the mend following the huge
property collapse that brought the country close to bankruptcy
and "will strengthen Ireland's return to normal market funding,"
the Journal quotes Finance Minister Michael Noonan as saying.
"The Irish banking system is recovering, international investors
are returning and this has positive implications across the
banking system."
As part of their efforts to save the country's banking system,
the Irish authorities pumped the preference stocks into Bank of
Ireland in March 2009, the Journal relates. However, the bank
has long been exploring ways with the government to buy out or
sell on the debt because the cost to the bank of buying back the
stocks climbs by 25% after March 2014, the fifth anniversary of
its taxpayers' bailout, the Journal notes.
According to the Journal, under the plan, Bank of Ireland raised
EUR580 million through a placing of ordinary shares, while the
government would have sold off the remaining debt to private
investors by Dec. 4. The government's stake in the bank will
likely fall to about 14% from its current level of 15% under the
transaction, the Journal states.
The announcement comes as the government prepares to exit its
2010 bailout when it draws down the last of the emergency loans
from the European Union and International Monetary Fund this
month, the Journal relays.
It wants to demonstrate to investors that the country's battered
economy and banking system are on the mend, the Journal says.
Mr. Noonan also on Dec. 4 welcomed an announcement by the
National Asset Management Agency, the country's bad bank, that it
had so far redeemed EUR7.5 billion worth of special NAMA bonds
issued to banks during the crisis, the Journal discloses. NAMA
was set up in 2010 and has since paid out over EUR30 billion in
senior bonds to Ireland's damaged lenders for large amounts of
their troubled commercial property books, the Journal recounts.
Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services. These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor,
trustee, life assurance and pension and investment fund
management, fund administration and custodial services and
financial advisory services, including mergers and acquisitions
and underwriting. The Company organizes its businesses into
Retail Republic of Ireland, Bank of Ireland Life, Capital
Markets, UK Financial Services and Group Centre. It has
operations throughout Ireland, the United Kingdom, Europe and the
United States.
IRISH BANK: Liquidators Abandon Sale of Junior NAMA Bonds
---------------------------------------------------------
Bloomberg News reports that the liquidators of Irish Bank
Resolution Corporation (IBRC), formerly Anglo, have abandoned the
sale of the failed lender's junior National Asset Management
Agency bonds.
According to Bloomberg, the liquidators, from KPMG in Dublin,
scrapped the sale after the bids for the EUR843 million notes
failed to meet a reserve price. The liquidator has not disclosed
the reserve to bidders, Bloomberg notes.
IBRC was given the bonds in part payment for loans it sold in
2010 to NAMA, Bloomberg discloses.
Some 95% of the payment was in senior NAMA bonds, with the
remainder in subordinated bonds, Bloomberg relates.
The junior securities only pay out if the agency beats its target
of redeeming all its senior debt by 2020, Bloomberg states.
The Government-directed NAMA in February to take over any IBRC
assets, including junior NAMA bonds, not sold at a reserve price,
Bloomberg recounts.
Bloomberg relates that sources said Goodbody offered the bonds at
a discount to nominal value. The bank valued them at 15 cents in
the euro in June 2012, Bloomberg discloses.
About Irish Bank Resolution
Irish Bank Resolution Corp., the liquidation vehicle for what was
once one of Ireland's largest banks, filed a Chapter 15 petition
(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protect
U.S. assets of the former Anglo Irish Bank Corp. from being
seized by creditors. Irish Bank Resolution sought assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society. The two banks failed and were
merged into IBRC in July 2011. IBRC is tasked with winding them
down and liquidating their assets. In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.
IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion). About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing. Total
liabilities in June 2012 were about EUR50 billion, according
to a court filing.
Most assets in the U.S. have been sold already. IBRC is involved
in lawsuits in the U.S.
The IBRC liquidators want the U.S. bankruptcy judge to rule that
Ireland is home to the so-called foreign main bankruptcy
proceeding. If the judge agrees and determines that IBRC
otherwise qualifies, creditor actions in the U.S. will halt
automatically.
=========
I T A L Y
=========
BANCA CARIGE: S&P Lowers Rating on EUR102MM Instrument to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to
'D' from 'CCC-' its issue rating on the EUR102 million 1.50%
subordinated convertible hybrid instrument issued by Banca Carige
SpA. According to the bank, this issue has a total outstanding
principal amount of about EUR9.5 million. The remaining amount
has been converted into equity at the conversion dates upon
exercise of bondholder options under the terms and conditions of
the instrument. The ISIN number of the issue is IT0003563035.
On Dec. 2, 2013, Carige announced that, at the maturity date of
Dec. 5, 2013, it would not redeem the outstanding principal
amount of about EUR9.5 million of its EUR102 million 1.50%
subordinated hybrid issue. This instrument is considered Upper
Tier Two capital by the Bank of Italy, the Italian banking
regulator.
S&P understands that Carige has not received the necessary
authorization from the Bank of Italy to redeem this hybrid
instrument. Under S&P's criteria, it considers Carige's failure
to redeem this issue to be an event of default. According to the
terms and conditions of the instrument, authorization from the
Bank of Italy is necessary to redeem the instrument and this
authorization is conditional on the bank's ability to maintain
the minimum regulatory total solvency level required.
Carige also communicated that it intends to re-apply for
authorization from the Bank of Italy to reimburse this instrument
on the next coupon payment date (as the instrument continues to
accrue cumulative coupon while principal has not been
reimbursed), which will be on Jan. 1, 2014. S&P considers it
increasingly unlikely that Carige will be able to raise
sufficient capital to meet regulatory requirements by then.
Given that the regulator refused to grant authorization for
principal redemption on the original maturity date on grounds of
the bank's ability to maintain the minimum regulatory total
solvency level required, S&P believes it is unlikely that Carige
will obtain such authorization in January. Based on the terms
and conditions of the instrument, S&P understands that future
interest payments on this instrument may be deferred.
Accordingly, the coupon due in January 2014 may be deferred given
that Carige did not distribute dividends in 2012 and posted
losses in the first three quarters of 2013. Under the terms and
conditions of the instrument, this would enable the bank to defer
coupon to preserve capital.
S&P understands from Carige's communication that the bank paid
the coupon due on Dec. 4, 2013 on its EUR160 million Tier 1
hybrid instrument (not rated) because payment was mandatory under
the terms and conditions due to a dividend pusher clause. The
latter requires the bank to make payments on this Tier 1 hybrid
instrument if it has repurchased any securities in the 12 months
prior to the coupon payment date on this instrument. Carige
bought back EUR21.27 million of own shares as of July 17, 2013.
According to S&P's criteria, the lowering of a hybrid capital
instrument rating to 'D' does not result in a lowering of the
issuer credit rating on the bank to 'SD' (selective default) or
'D' if the payment default is in accordance with the terms and
conditions of the instrument, or if the instrument forms part of
regulatory capital for a prudentially regulated issuer.
===================
L U X E M B O U R G
===================
ARDAGH PACKAGING: Moody's Corrects December 3 Rating Release
------------------------------------------------------------
Moody's Investors Service issued a correction to the Dec. 3
Ardagh Packaging Group Ltd.'s rating release.
Moody's downgraded Ardagh's corporate family rating (CFR) to B3
from B2, and probability of default rating (PDR) to B3-PD from
B2-PD.
Moody's also affirmed the Ba3 ratings on the company's senior
secured notes, and downgraded its senior unsecured notes to Caa1
from B3 and its senior subordinated notes to Caa1 from B3.
Moody's also downgraded the PIK notes issued by ARD Finance S.A.
to Caa2 from Caa1. The outlook on all ratings is stable.
Concurrently, Moody's has assigned a (P)Ba3 rating to the new
US$675 million senior secured term loan B (TLB) due 2020 issued
by Ardagh Holdings USA Inc., with proceeds to be used to
refinance Ardagh's US$300 million 9.25% senior secured notes due
2016, and general corporate purposes.
Moody's issues provisional ratings in advance of the final sale
of securities. Upon a conclusive review of the final
documentation, Moody's will endeavor to assign a definitive
rating to the new TLB. A definitive rating may differ from a
provisional rating.
Ratings Rationale:
The downgrade of the CFR to B3 from B2 reflects Moody's view that
Ardagh faces a number of key credit challenges and uncertainties
as it goes through a period of transition. These include: (1)
slower than anticipated completion of the Veralia North America
(VNA) acquisition; (2) underperformance of the European metals
business; (3) weak credit metrics, with high leverage and
negative free cash flow.
The company's acquisition of VNA is progressing at a slower pace
than originally envisaged, and the company now expects it to
close in early 2014. Following intervention by the US Federal
Trade Commission, Ardagh will have to dispose of 4 production
facilities in the US, which will result in a negative impact on
EBITDA and cash flow generation. The delayed completion has also
delayed synergies that the company originally expected to achieve
in 2013.
Concurrently, Ardagh's European metals business -- which
currently comprises about 32% of the group -- has materially
underperformed Moody's original expectations for 2013. The
company plans to undertake a significant transformation of this
business starting in 2014 to improve underlying performance.
Whilst the company believes that this will bring long term
benefits, Moody's recognizes in the short term that it will
involve significant upheaval of the existing business.
Following the downgrade, Ardagh's financial metrics remain weak
for the B3 rating category. Moody's expects that adjusted
debt/EBITDA will remain above 6.5x through 2014, even after
incorporating the assumption that Ardagh will be successful in
its plan to raise new equity in 2014, to repay debt.
Additionally, Moody's expects free cash flow to remain negative
until 2015, with cash absorbed in the restructuring of the
European metals business and strategic projects in Europe and the
US (although the increase in gross debt from the new TLB will not
materially increase the group's interest burden). Due to the lack
of free cash flow, expectations of debt prepayment are entirely
contingent upon external funding.
Moody's expects the company's liquidity to remain adequate for
its near-term requirements. Ardagh had EUR168 million cash
available on balance sheet as at September 30, 2013 and EUR233
million available under securitization and guarantee lines. The
group's liquidity profile is further supported by the fact that
it has no material debt maturities before 2017 (following the
repayment of the 2016 Notes). However, Moody's notes that the
company's PIK notes become mandatorily cash-pay in June 2016.
The affirmation of the Ba3 rating on the senior secured notes,
and the downgrade of the senior unsecured notes to Caa1 and the
PIK notes to Caa2, is in line with Moody's loss given default
methodology. The (P)Ba3 instrument rating assigned to the
proposed US$675 million TLB reflects the fact that it is pari
passu with the company's existing Ba3-rated senior secured notes.
The three notch uplift of the senior secured debt over the CFR
reflects the material debt cushion provided by the unsecured
notes and PIK notes, which in turn are rated one and two notches
respectively below the CFR.
The stable outlook reflects Moody's view that Ardagh will: (1)
stabilize its European metal business in 2014, improve its
operating profitability; (2) achieve the planned equity raise
with the proceeds being used to prepay debt; (3) enter into no
more debt-financed M&A activity until operational stability has
been achieved in its existing business, with VNA being
integrated.
The ratings could come under negative pressure in 2014 if Ardagh
is not able to demonstrate that it is on the path to: (1) improve
profitability in the European metals business; (2) generate
positive free cash flow or; (iii) reduce debt/EBITDA towards
6.5x, including through the use of fresh equity to prepay debt in
Q1 2014.
Given Ardagh's current weak positioning in the B3 category,
Moody's does not see any near-term upward pressure on Ardagh's
ratings. However, the ratings could come under positive pressure
should Ardagh be able to reduce debt/EBITDA below 6.0x and
maintain sustained positive free cash flow generation.
Ardagh Packaging Group, registered in Luxembourg, is a leading
supplier of glass and metal containers. Pro forma for the
acquisition of Verallia North America, the company generated
sales of about EUR5.4 billion in 2012.
Downgrades:
Issuer: Ardagh Packaging Group Ltd
Probability of Default Rating, Downgraded to B3-PD from B2-PD
Corporate Family Rating, Downgraded to B3 from B2
Downgrades:
Issuer: ARD Finance S.A.
Senior Unsecured Regular Bond/Debenture Jun 1, 2018, Downgraded
to Caa2 from Caa1
Senior Unsecured Regular Bond/Debenture Jun 1, 2018, Downgraded
to Caa2 from Caa1
Issuer: Ardagh Glass Finance plc
Senior Subordinated Regular Bond/Debenture Jun 15, 2017,
Downgraded to Caa1 from B3
Senior Unsecured Regular Bond/Debenture Feb 1, 2020, Downgraded
to Caa1 from B3
Issuer: Ardagh Packaging Finance plc
Senior Unsecured Regular Bond/Debenture Oct 15, 2020,
Downgraded to Caa1 from B3
Senior Unsecured Regular Bond/Debenture Oct 15, 2020,
Downgraded to Caa1 from B3
Senior Unsecured Regular Bond/Debenture Nov 15, 2020,
Downgraded to Caa1 from B3
Senior Unsecured Regular Bond/Debenture Oct 15, 2020,
Downgraded to Caa1 from B3
Upgrades:
Issuer: Ardagh Glass Finance plc
Senior Subordinated Regular Bond/Debenture Jun 15, 2017,
Upgraded to a range of LGD5, 72 % from a range of LGD5, 76 %
Senior Secured Regular Bond/Debenture Jul 1, 2016, Upgraded to
a range of LGD2, 22 % from a range of LGD2, 25 %
Senior Unsecured Regular Bond/Debenture Feb 1, 2020, Upgraded
to a range of LGD5, 72 % from a range of LGD5, 76 %
Issuer: Ardagh Packaging Finance plc
Senior Secured Regular Bond/Debenture Oct 15, 2017, Upgraded to
a range of LGD2, 22 % from a range of LGD2, 25 %
Senior Secured Regular Bond/Debenture Oct 15, 2017, Upgraded to
a range of LGD2, 22 % from a range of LGD2, 25 %
Senior Secured Regular Bond/Debenture Oct 15, 2017, Upgraded to
a range of LGD2, 22 % from a range of LGD2, 25 %
Senior Secured Regular Bond/Debenture Nov 15, 2022, Upgraded to
a range of LGD2, 22 % from a range of LGD2, 25 %
Senior Secured Regular Bond/Debenture Oct 15, 2017, Upgraded to
a range of LGD2, 22 % from a range of LGD2, 25 %
Senior Secured Regular Bond/Debenture Oct 15, 2017, Upgraded to
a range of LGD2, 22 % from a range of LGD2, 25 %
Senior Secured Regular Bond/Debenture Nov 15, 2022, Upgraded to
a range of LGD2, 22 % from a range of LGD2, 25 %
Senior Unsecured Regular Bond/Debenture Oct 15, 2020, Upgraded
to a range of LGD5, 72 % from a range of LGD5, 76 %
Senior Unsecured Regular Bond/Debenture Oct 15, 2020, Upgraded
to a range of LGD5, 72 % from a range of LGD5, 76 %
Senior Unsecured Regular Bond/Debenture Nov 15, 2020, Upgraded
to a range of LGD5, 72 % from a range of LGD5, 76 %
Senior Unsecured Regular Bond/Debenture Oct 15, 2020, Upgraded
to a range of LGD5, 72 % from a range of LGD5, 76 %
Assignments:
Issuer: Ardagh Holdings USA Inc.
Senior Secured Bank Credit Facility, Assigned (P)Ba3
Senior Secured Bank Credit Facility, Assigned a range of LGD2,
22%
Outlook Actions:
Issuer: ARD Finance S.A.
Outlook, Changed to Stable from Negative
Issuer: Ardagh Glass Finance plc
Outlook, Changed to Stable from Negative
Issuer: Ardagh Packaging Finance plc
Outlook, Changed to Stable from Negative
Issuer: Ardagh Packaging Group Ltd
Outlook, Changed to Stable from Negative
Affirmations:
Issuer: Ardagh Glass Finance plc
Senior Secured Regular Bond/Debenture Jul 1, 2016, Affirmed Ba3
Issuer: Ardagh Packaging Finance plc
Senior Secured Regular Bond/Debenture Oct 15, 2017, Affirmed Ba3
Senior Secured Regular Bond/Debenture Oct 15, 2017, Affirmed Ba3
Senior Secured Regular Bond/Debenture Oct 15, 2017, Affirmed Ba3
Senior Secured Regular Bond/Debenture Nov 15, 2022, Affirmed Ba3
Senior Secured Regular Bond/Debenture Oct 15, 2017, Affirmed Ba3
Senior Secured Regular Bond/Debenture Oct 15, 2017, Affirmed Ba3
Senior Secured Regular Bond/Debenture Nov 15, 2022, Affirmed Ba3
ENDO LUXEMBOURG: Moody's Rates Sr. Sec. Credit Facilities 'Ba1'
---------------------------------------------------------------
Moody's Investors Service assigned a rating of Ba1 to the new
senior secured credit facilities of Endo Luxembourg Finance I
Company S.a.r.l., guaranteed by Endo Health Solutions Inc. There
are no changes to Endo's existing ratings including the Ba3
Corporate Family Rating, the Ba3-PD Probability of Default
Rating, and the B1 senior unsecured rating. The rating outlook
remains negative.
Proceeds from the new term loans will be used to refinance
existing bank debt in conjunction with Endo's pending acquisition
of Paladin Labs Inc. The rating on the senior secured bank
facilities also reflects Moody's anticipation of an upcoming
senior unsecured note offering of approximately US$375 million,
which the rating agency anticipates rating B1, similar to Endo's
existing senior unsecured notes.
Ratings assigned to Endo Luxembourg Finance I Company S.a.r.l.:
Ba1 (LGD 2, 20%) senior secured Term Loan A of $1.1 billion
Ba1 (LGD 2, 20%) senior secured Term Loan B of $375 million
Ba1 (LGD 2, 20%) senior secured Revolving Credit Facility of $750
million
Ratings of Endo Health Solutions Inc. to be withdrawn at close:
Ba1 (LGD2, 21%) senior secured bank term loan and revolving
credit facilities
Upon close of the transaction Moody's anticipates withdrawing the
ratings on the existing revolver and term loans subject to review
of final documentation. In addition, Moody's anticipates moving
the Corporate Family Rating to Endo Luxembourg Finance I Company
S.a.r.l.
Ratings Rationale:
Endo's Ba3 Corporate Family Rating reflects its modest size and
scale relative to larger pharmaceutical peers, partially offset
by the company's solid market positioning as a niche player in
the pain and urology markets and by its revenue diversity across
branded drugs, generic drugs and medical devices. Endo's
expertise in pain drugs and its good compliance with US Drug
Enforcement Agency (DEA) regulations act as high barriers to
entry, also a credit strength. Moody's views the Paladin
acquisition as credit-positive because Endo will gain EBITDA and
cash flow as well as improved revenue diversity without any
substantial increase in debt. Further, Endo will re-incorporate
in Ireland, providing tax savings that will be reflected in
Endo's future cash flow. However, Endo faces a significant
challenge reviving top-line growth because of generic pressures
affecting two branded franchises (Lidoderm and Opana ER) and
softness in medical procedure volumes. Endo also faces rising
exposure to lawsuits related to the surgical mesh products of its
subsidiary, American Medical Systems. Amidst these pressures,
Endo is undergoing significant cost reduction initiatives
following recent changes in senior leadership. Business
development could result in higher debt levels, but the Ba3
rating incorporates Moody's expectation that debt/EBITDA will be
sustained within a range of 3.0 to 4.0 times.
The rating outlook is negative. Despite the credit-positive
nature of the Paladin transaction described above, Moody's does
not yet believe that Endo's credit profile has fully stabilized
because of downward EBITDA trends, exposure to surgical mesh
litigation, and the uncertainty created by a dynamic M&A
strategy. Although not expected in the near term, Moody's could
upgrade Endo's ratings if the company restores internal growth
rates and reduces litigation uncertainties while sustaining
conservative credit metrics including gross debt/EBITDA below 3.0
times. Conversely, Moody's could downgrade Endo's ratings if
gross debt/EBITDA is sustained above 4.0 times. This scenario
could occur if Endo performs debt-financed acquisitions, faces
substantial litigation cash outflows, or suffers worse-than-
expected operating setbacks on products like Lidoderm or Opana
ER.
Headquartered in Malvern, Pennsylvania, Endo Health Solutions is
a U.S.-focused specialty healthcare company offering branded and
generic pharmaceuticals, medical devices and services. Endo's key
areas of focus include pain management, urology, oncology and
endocrinology. For the 12 months ended September 30, 2013 Endo
reported net revenues of approximately US$3.0 billion.
=================
M A C E D O N I A
=================
SKOPJE MUNICIPALITY: S&P Affirms 'BB-' ICR; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' issuer
credit rating on the Macedonian capital, the Municipality of
Skopje. The outlook is stable.
Rationale
The ratings on Skopje are constrained, in S&P's view, by the
developing and unbalanced institutional framework under which it
operates. S&P considers financial management to be a weakness
because the municipality's long-term planning is still developing
and is as yet unproven. The municipality also suffers from low
wealth levels and weak economy, and its fiscal flexibility is
limited by its pressing infrastructure needs, limited revenue-
raising capacity, and high exposure to the real estate market.
The combination of these factors limits the predictability of the
city's financial and debt indicators.
In addition, the rating is affected by what S&P sees as
relatively large contingent liabilities. This is because
municipal companies in Skopje have been performing weakly and
their exposure to liabilities incurred within private-public
partnership projects is set to rise.
S&P currently views the city's liquidity position as neutral, but
it is gradually using its cash reserves to fund its capital
program. As a result, its free cash available will likely fall
short of its rising annual debt service. The rating is supported
by Skopje's strong operating performance. Its tax-supported debt
remains low, but is gradually increasing.
Skopje's revenue and expenditure flexibility remains limited by
the central government's control over municipalities' finances
within the context of the developing and unbalanced institutional
framework under which Macedonian municipalities operate. A high
proportion of revenues still depends on central government
decisions, such as setting the base or range for most local tax
rates.
The volatility of the real estate market further constrains the
predictability of the municipality's budgetary performance.
About one-third of Skopje's revenues come directly and indirectly
from the sale of real estate. During the municipal elections in
spring 2013, asset sales ground to a halt, which will likely
result in a 10% drop in the city's revenues in 2013.
In S&P's view, financial management is negative for the rating
because the municipality lacks medium-term financial planning and
its annual budgeting is overoptimistic. Nevertheless, the city
government has a tight grip on operating spending, and has
already arranged funding from multilateral financial institutions
directly and via the state treasury.
Skopje's wealth levels are well below the international average.
Based on S&P's calculations, its GDP per capita was about
Macedonian denar (MKD) 345,000 (about $7,570) in 2013.
Nevertheless, S&P expects the local economy to gradually expand,
achieving annual GDP growth of about 2.0% over the next three
years.
Steady economic development and the city's tight control over
operating spending will, in S&P's view, support Skopje's
operating budget performance. As a percentage of operating
revenues, it is set to fall to about a still-strong 16% in 2013-
2016 from 22% in 2010-2012 due to a sharp drop in construction
land sale fees in 2013. In S&P's base-case scenario, this drop
in fees is expected to reduce the city's operating revenue by 8%,
mostly because investors proved unwilling to acquire land ahead
of the 2013 municipal elections. S&P expects the real estate
market to recover gradually in 2014-2015.
Skopje has delayed the implementation of infrastructure projects.
As a result, its debt has accumulated more gradually than S&P
previously expected. Nevertheless, in S&P's base-case scenario
it assumes that the city's investment in transport infrastructure
will cause its deficit after capital accounts to rise to about
7.5% of revenues in 2013-2016, leading to steady debt growth.
The central government has only recently allowed Macedonian
municipalities to take on debt, and borrowing limits are
increasingly being relaxed. S&P forecasts Skopje's tax-supported
debt will increase to a still-moderate 40% of consolidated
operating expenditures by year-end 2016 in S&P's base-case
scenario.
Skopje's municipal company sector constitutes a credit weakness,
in S&P's view. Several municipal companies have investment needs
and large payables, although these are set to decrease.
Additional contingent liabilities may come from the
municipality's plans to foster infrastructure development through
private-public partnerships.
Liquidity
S&P regards Skopje's liquidity as a neutral factor for the
rating. Although S&P assumes the city will be able to cover its
annual debt service using cash and committed facilities, its
access to external liquidity will, in S&P's view, remain limited.
S&P expects the city's average cash holding, adjusted for deficit
after capital accounts, to cover about 85% of debt service
falling due over the next 12 months. Skopje holds its cash in an
account at the state treasury. The city also has access to
undrawn facilities from domestic banks and multilateral financial
organizations. Combined with its cash, this will exceed the
city's annual debt service by a comfortable 2x.
Ample cash reserves are mitigated by the city's access to
external liquidity, which S&P views as uncertain owing to the
relatively immature local banking system and capital markets for
municipal debt.
Outlook
The stable outlook reflects S&P's expectations that the city will
retain control of operating expenditure and fund its investment
projects through borrowing, thereby preserving its sound
operating surplus and cash holding.
S&P could lower the rating on Skopje within the next 12 months if
it relaxed control of operating spending and increased
investments. As S&P's downside scenario indicates, together this
would weaken its budgetary performance and cause the deficit
after capital accounts to exceed 10% of revenues. In turn, this
would raise the city's debt burden. Under this scenario, cash
reserves would deplete, leading to a structurally weaker
liquidity position.
If S&P was to raise the rating on the Republic of Macedonia, it
could raise the rating on Skopje within the next 12 months if it
met the assumptions embedded in S&P's upside scenario. These
include higher revenues from property taxes and fees for
construction land paved the way for stronger budgetary
performance, deficits below 5% of revenues, and a build up of
cash reserves that exceeded annual debt service.
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 according to 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
Skopje (Municipality of)
Issuer Credit Rating BB-/Stable/--
===========
R U S S I A
===========
SOVCOMBANK: S&P Affirms 'B/C' Credit Ratings; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said it had affirmed its 'B'
long-term and 'C' short-term counterparty credit ratings on
Russia-based Sovcombank ICB LLC. The outlook is stable.
At the same time, S&P affirmed its 'ruBBB+' Russia national scale
rating on the bank.
The rating actions follow Sovcombank's announcement on Oct. 28,
2013, that it planned to acquire GE Money Bank Russia (GEMB) from
U.S.-based GE Capital, a subsidiary of General Electric. The
rating affirmations reflect S&P's expectation that the
acquisition will have a neutral impact on Sovcombank's risk
profile and capital position. Nevertheless, S&P believes the
merger of GEMB into Sovcombank could pose execution and
operational risks. The bank expects the deal to be finalized in
the first quarter of 2014, subject to regulatory approval. The
two banks will subsequently merge later that year.
GEMB is a relatively small consumer finance player in Russia,
with Russian ruble (RUB) 28 billion (about $1 billion) in assets
as of Nov. 1, 2013. GEMB has a fairly well-diversified customer
base; it operates in 22 Russian regions (40% in Moscow) with
300,000 active customers and more than 1.5 million accounts.
According to Sovcombank, the two banks' networks are
complementary, owing to different regional and client
orientations, which will optimize the economic effects of the
transaction. S&P thinks that Sovcombank can eventually benefit
from the GEMB acquisition through having a wider customer and
distribution base. However, in S&P's opinion, management's
ability to manage the integration process, a larger client base,
and wider branch network, as well as optimize costs and
efficiency has not yet been tested, despite some previous
experience in integrating retail banks.
In S&P's opinion, following the acquisition of GEMB, Sovcombank's
capitalization will be slightly higher than the current level.
S&P understands that an additional equity injection to finance
the deal will stabilize the enlarged entity's capitalization.
S&P don't expect the bank's risk profile to change dramatically
after the acquisition because GEMB has strong credit quality, in
S&P's view.
The stable outlook reflects S&P's expectation that Sovcombank
will continue its expansion in the domestic consumer finance
segment, with its credit metrics and margins stabilizing at the
current levels, despite difficult economic conditions. S&P
believes that the acquisition of GEMB will have a neutral impact
on Sovcombank's asset quality, risk profile, and capitalization.
S&P would consider a negative rating action if Sovcombank's
capital base weakened, with its risk-adjusted capital ratio,
before diversification, falling below 5% for a prolonged period.
This could occur if the acquisition went ahead without the
expected equity injection or if profitability declined sharply.
A downgrade could also occur if credit losses were to increase
rapidly over the next 12 months, exceeding S&P's estimates.
An upgrade is unlikely over the next 12 months, owing to the
acquisition and merger of GEMB. However, S&P might consider a
positive rating action if it observed a sustained improvement in
the bank's asset quality, associated with much lower NPLs and
credit costs than in 2013, and less aggressive growth in Russia's
slowing domestic economy.
=========
S P A I N
=========
CATALONIA: S&P Affirms 'BB/B' Ratings; Outlook Remains Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB/B' long- and
short-term ratings on Spain's Autonomous Community of Catalonia.
The outlook remains negative.
Rationale
S&P's ratings on Catalonia mainly reflect its view of the
region's deteriorated budgetary and debt metrics, due to a long
history of large fiscal imbalances. Catalonia has very high tax-
supported debt, large debt service obligations in 2014, and
virtually no access to external funding. The region currently
has little financial autonomy. Its ability to meet debt service
payments on time fundamentally relies on the smooth functioning
of liquidity support through the central government's legally-
established credit facility, Fondo de Liquidez Autonomico (FLA).
In addition, S&P regards Catalonia's financial management as
"very negative" for the ratings, as defined in its criteria. In
S&P's assessment, it mainly factors in a track record of tardy
austerity measures in the face of plummeting revenues since
Spain's 2008-2009 economic crisis. S&P consequently witnessed
steep deterioration in the region's budgetary and debt metrics.
That said, S&P also acknowledges that current management has
implemented significant belt-tightening measures during 2012, in
a context of gradually improving fiscal discipline across the
board.
The ratings on Catalonia are underpinned by S&P's opinion of the
institutional framework for Spanish normal-status regions as
"evolving but sound." S&P regards the framework as supportive to
the regions, and the central government as strongly committed to
avoiding financial stress at the regional level. Catalonia's
strong economy also underpins the ratings.
Catalonia's economy is wealthier than most other Spanish regions.
In 2012, it represented 18.9% of Spain's GDP and 26% of national
export in value terms. Catalonia's GDP per capita is 119.7% of
the Spanish average (or 116% of the EU average), based on data
from INE, the national statistics office. However, S&P considers
that the limited growth prospects for Catalonia and Spain curb
the region's growth potential. What's more, Catalonia has a high
unemployment rate--at 22.8% as of September 2013. Furthermore,
Catalonia cannot take full advantage of its relatively wealthy
economy and the ensuing large tax bases, because it is a net
contributor to the strong equalization transfers between regions
under Spain's public-finance system.
Catalonia has requested the central government to initiate a
sweeping revision of its regional financing regime, with the aim
of increasing its share of revenues. The Catalonia government
has also subsequently started to explore avenues to acquire a
new, more autonomous political status vis-a-vis Spain.
Spanish law states that the regional financing system has to be
revisited as from 2014. In theory, a potential reform of the
financing system could benefit Catalonia. Depending on its nature
and scope, such reform could meaningfully restore the region's
budgetary and debt metrics over time. In practice, however, a
change that benefits some regions without assisting others is
difficult to implement in a low-growth environment. Above all,
the parameters of a potential reform are still unknown and lay
beyond S&P's 2013-2014 forecast horizon for Catalonia. Thus, S&P
don't factor in any potential benefits from future reform of the
financing system into its ratings on Catalonia.
"Conversely, we take into account the risk that Catalonia's
current aims to improve its financing regime or potentially
change its current political status in Spain might produce
political friction with the central government. This, in turn,
could hinder smooth implementation of central government support,
which we regard as crucial for the region's timely debt service.
Our assessment of Catalonia's financial management incorporates
this additional risk. At this stage, however, we believe the
likelihood that political friction would interfere with central
government support and jeopardize Catalonia's debt service is low
and in line with our 'BB' rating on the region. We consider that
the central government has so far efficiently provided support to
Catalonia, and it has the ability to continue repaying the
region's debt. More importantly, the central government has the
incentive to continue avoiding the impact of Catalonia's
financial stress on Spain's reputation and the asset quality of
the Spanish banking system. If we anticipate that smooth
coordination between the central government and Catalonia
regarding FLA is at risk, we would reassess our view of the
central government's liquidity support to the region, which is a
key strength in our rating on Catalonia," S&P said.
Catalonia is gradually redressing its fiscal imbalances in line
with S&P's expectations. In 2012, the central government passed
a new Budgetary Stability Law to spur fiscal discipline after the
2008 revenue squeeze that led regions to post substantial
deficits. The law endows the central government with effective
monitoring and enforcement mechanisms, and is prompting overall
regional compliance with nationally-agreed fiscal targets. This
further supports S&P's view of the institutional framework for
normal status regions as "evolving but sound."
Within this context of enhanced fiscal discipline, Catalonia
reined in total spending by 12.8% in 2012, and curtailed its 2012
deficit to some 2.2% of regional GDP, from 4.1% in 2011. As of
September 2013, the region showed a budgetary deficit of 1.38%,
which is in line with S&P's base-case forecast for 2013. S&P
expects Catalonia to continue on its current fiscal consolidation
path, posting only minor deviations from its fiscal targets of
1.58% and 1% of regional GDP in 2013 and 2014. This is despite
Catalonia's 2014 budget proposal, which envisages what S&P sees
as an optimistic revenue inflow of some EUR2.7 billion from asset
sales and concessions. In S&P's base case, it adjusts down
revenues related to these items to only EUR1.2 billion, and S&P
offsets the lower revenues with projected cuts in expenditures.
S&P considers that tighter monitoring would enable the central
government to detect budgetary deviations early, so that it could
then urge additional cost cutting if necessary. S&P's assessment
also takes into account Catalonia's average budgetary
flexibility, in line with that of other Spanish normal-status
regions.
"In our base-case scenario, we anticipate a steady fiscal
consolidation process, with no substantial accumulation of
payables. We expect operating deficits to continue improving,
down to 6.8% and 3.4% of operating revenues in 2013 and 2014,
respectively, from 12.3% in 2012. Catalonia's fiscal deficit
should reach roughly 1.7% of regional GDP, or about 17% of the
region's deficit after capital expenditure versus total revenues
in 2013; and roughly 1% of regional GDP, or 10% of the deficit
after capital expenditures versus total revenues in 2014. Tax-
supported debt should reach 315% of consolidated operating
revenues in 2014 under our base case. Catalonia's tax-supported
debt surpasses our highest debt benchmark of 270% by 1.5x and
weighs negatively on the rating," S&P said.
S&P forecasts a moderate improvement in Catalonia's main
budgetary and debt metrics, including higher total consolidated
revenues, compared with S&P's last review in June 2013. S&P has
raised its forecasts on satellite-company revenues and direct tax
revenues, partly owing to higher-than-expected revenues from some
wealth taxes during 2013.
Catalonia ha moderately high contingent liabilities under S&P's
criteria, related to its large and complex public-sector
partially and fully owned companies and to guarantees on
structured finance transactions.
Liquidity
S&P assess Catalonia's liquidity as "negative" for the rating
based on its views of the region's debt service coverage ratio as
"very negative" and its access to external liquidity as "strong,"
thanks to central government support through FLA.
Excluding support from the central government, Catalonia's
liquidity is extremely tight. Cash and credit lines are
virtually exhausted, monthly internal cash generation is usually
negative because of fiscal deficits, and the region has very
large funding needs (including debt service of EUR6.8 billion in
2014, by S&P's estimate). Furthermore, S&P believes Catalonia is
not able to meet a substantial part of its current funding needs
through foreign funding.
However, Catalonia's extremely tight stand-alone liquidity has
been partly offset by:
-- The FLA credit facility, the purpose of which is to cover
debt service and the authorized fiscal deficits of regions
that adhere to it; and
-- The periodic set up of central government-sponsored credit
facilities designed to pay down regional arrears in debt to
suppliers.
In S&P's view, FLA will be sufficiently endowed for 2014 and is
likely to continue facing Catalonia's debt service obligations in
a smooth manner. S&P considers that the central government
strongly supports the regional governments.
Another positive is favorable lending terms through the two
government-sponsored liquidity facilities. These include only
slightly higher interest rates than the sovereign cost of
funding, long-dated maturities (10 years), and grace periods of
up to two years. Consequently, S&P expects the average life of
Catalonia's debt to gradually improve from 4.7 years at year-end
2012.
S&P understands that Catalonia's bankers have agreed to roll over
its domestic debt. S&P believes Spanish banks will continue to
refinance the majority of their loans to the region.
Should an unexpected financial obligation materialize, S&P
assumes that the ties between Catalonia and the central
government will be strong enough to activate FLA, facilitating
the necessary funding and preventing default.
Outlook
The negative outlook on Catalonia reflects the risk that, over
the next 12 months, Catalonia's fiscal consolidation process
could lose momentum and the region could accumulate payables,
hampering its already weak credit profile. If S&P took the view
that such deviation stemmed from the region's reluctance or
inability to make sufficient cost cuts, S&P could revise down its
view on the region's budgetary flexibility. In this case, S&P's
assessment of the region's financial management, which it already
views as "very negative," could weigh more heavily on the rating.
This could result in a downgrade of Catalonia by one or more
notches.
S&P could affirm the ratings and assign a stable outlook if it
sees hat Catalonia's budgetary performance is in line with its
base case, reflecting S&P's expectation of continued budgetary
consolidation and a stable liquidity position.
S&P sees no rating upside potential at this stage.
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
Catalonia (Autonomous Community of)
Issuer Credit Rating BB/Negative/B
Senior Unsecured BB
Commercial Paper B
CIUDAD REAL: Put Up for Sale to Meet Creditor Demands
-----------------------------------------------------
Tobias Buck at The Financial Times reports that Ciudad Real was
set to be put up for sale yesterday in a process administrators
hope will secure a new future for the infamous ghost airport.
Opened with high hopes, the new airport never attracted more than
a handful of flights per week, a fraction of its capacity, the FT
relates. No aircraft has landed at Ciudad Real since April last
year, when the airport was officially closed, the FT notes.
CR Aeropuertos, the operator of the Ciudad Real terminal, went
into bankruptcy three years ago, and the airport will now be sold
off to meet creditor demands, the FT relays.
The sale was scheduled to open at 9:00 a.m. yesterday, Dec. 9,
and close at 3:00 p.m. on Dec. 29, the FT says, citing a press
statement issued by the administrators. Bidders will have to
submit offers in excess of EUR100 million and put up cash or a
bank guarantee equivalent to 5% of the bid, the FT discloses.
According to the FT, the bankruptcy administrators hope to make a
final decision on the bidder by February.
The contrast between the ambition and scale of the airport and
the apparent lack of demand for such a terminal in the
surrounding region made it an obvious symbol of the folly and
excess of Spain's boom years, the FT states.
Ciudad Real is an airport in provincial Spain, good as new, with
4km runway and passenger terminal built for 10m travelers a year;
includes visitor centre, vast industrial park and 50m control
tower.
VALENCIA: S&P Affirms 'BB-/B' Issuer Ratings; Outlook Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' long and
short-term issuer credit ratings on Spain's Autonomous Community
of Valencia. The outlook remains negative.
Rationale
The ratings mainly reflect S&P's assessment of Valencia's
financial management as "very negative" as defined in S&P's
criteria. Additional rating constraints are Valencia's weak
economy, with high unemployment and low growth prospects; and
S&P's views of its "negative" liquidity position, negative
budgetary performance, high deficit, and the region's extremely
high tax-supported debt.
The ratings are supported by S&P's view of the institutional
framework for Spanish normal-status regions as "evolving but
sound." S&P considers that the central government is strongly
committed to avoiding financial stress at the regional level.
S&P views Valencia's budgetary flexibility as in line with that
of other Spanish normal-status regions, with which it shares a
common framework. Its contingent liabilities are moderately
high, as a result of its large and complex public sector of
partially or fully owned companies.
"The ratings on Valencia reflect our assessment of its financial
management as "very negative." We take into account Valencia's
track record of high deficits and debt accumulation already
during years of economic growth, but especially following Spain's
2008-2009 economic crisis. These deficits may be attributed in
part to below-average equalization transfers to Valencia, between
regions, under Spain's public finance system, but also to large
expenditures that the region didn't swiftly adjust in the face of
a steep decrease in its revenues. Our assessment also factors in
the size, complexity, and poor performance of Valencia's public-
sector companies," S&P said.
Valencia's budgetary imbalances and debt accumulation, against
the backdrop of the wider eurozone 2008-2009 financial and
economic crisis, have dried up external funding sources for the
region.
In 2012, the central government passed a new Budgetary Stability
Law to induce fiscal discipline in Spanish regions, after the
revenue squeeze in 2008 that led regions to post substantial
deficits. With this law, the central government enhanced the
enforcement mechanisms to induce regional compliance with fiscal
targets, and strengthened its monitoring of regional finances.
At the same time, the central government provides substantial
budgetary and financial support to all normal-status regions, for
which external financing had become increasingly expensive and
scarce. This supports S&P's view of the institutional framework
for normal-status regions as "evolving but sound."
Although Valencia reduced its deficit to 3.7% of regional GDP in
2012 from 5.1% in 2011, its performance was the worst among all
Spanish regions. This deficit was more than double the official
average target of 1.5% of regional GDP.
Following the EU's redefinition of deficit targets for Spain, the
Spanish government increased the 2013 average official deficit
target for the regional tier to 1.3% of GDP from 0.7%, and it set
individual deficit targets for all Spanish regions for the first
time. Valencia's target -- 1.6% of regional GDP -- is the highest
of all regions. It acknowledges the region's weak financial
profile, but still requires a substantial budgetary consolidation
effort. Deficit targets for 2014, 2015, and 2016, respectively at
1.0%, 0.7%, and 0.2%, will again be common for all regions.
These new targets are higher than the previously approved ones
(0.1% in 2014 and a surplus of 0.2% in 2015), and consequently
regional fiscal consolidation will be more gradual.
In S&P's opinion, sluggish economic growth is unlikely to assist
Valencia in meeting its deficit targets, given its forecast for
slow real GDP growth of 0.8% in 2014 and 1.2% in 2015. S&P views
Valencia's economy as a constraint on the rating. The region is
among the less wealthy in Spain, with GDP per capita at 88% of
the national average, based on data from INE, the national
statistics office. Its unemployment rate is high -- 28% in
third-quarter 2013 against a national average of 26% -- and we
see its growth prospects as limited. S&P understands the central
government will reduce the resources that Valencia receives from
the public finance system in 2014. Consequently, S&P expects
operating revenue to decline by about 1.5% in 2014, compared with
its base-case scenario for 2013.
In S&P's opinion, only a structural reform of Valencia's
financing system could change this revenue downtrend. Given
Valencia's weak financing, S&P thinks any reform to Spain's
regional financing system would likely benefit its finances,
although the timing, nature, and scope of such reform is still
unknown. As such, S&P excludes potential reform from our base-
case forecast.
S&P's affirmation reflects its view that despite the difficulties
it faces, Valencia is likely to continue reducing its deficits,
thereby improving its main budgetary metrics. S&P bases its
opinion on the now stronger incentives for Spanish regions to
reduce spending on the back of tougher fiscal enforcement
mechanisms for the regions. S&P also factors in its perception
that the central government is enhancing control mechanisms,
particularly for regions that make use of the government-
sponsored credit facility Fondo de Liquidez Autonomica (FLA).
"We expect Valencia to gradually adjust its deficit figures,
while posting moderate deviations from its official targets. In
our base case, we think Valencia will post an operating deficit
of about 10% of operating revenues in 2013, slightly higher than
the 9.3% operating deficit (adjusted for one off items) it posted
in 2012. This is above our previous base-case estimate of a 7.6%
deficit for 2013, reflecting the higher allowed deficit targets
for Valencia. In 2014, we expect Valencia's operating deficit to
go down to 8.5%. We anticipate that Valencia's budgetary deficit
after capital expenditure will decrease to about 19% of total
revenues in 2013 and 15% in 2014, slightly above our previous
estimates of 16% in 2013 and 12.4% in 2014. Our current forecast
for a higher budgetary deficit after capital expenditure is
mainly owing to Valencia's deficit target, which is higher than
for other regions. Still, a deficit at the levels we project
would represent a sizable reduction from 22.5% in 2012 (adjusted
for one-off accounting items)," S&P added.
Increases in deficit targets are fully funded by FLA, but S&P
incorporates its expectation that Valencia's moderate deviations
from its targets will require additional debt issuance in 2014 to
clear payables. Larger deficits will push up Valencia's already
very high tax-supported debt. Valencia's debt widely surpasses
S&P's highest debt benchmark by 1.5x, weighing negatively on the
rating. S&P now expects Valencia's tax-supported debt to reach
322% of consolidated operating revenues by 2014, higher than its
previous estimate of 285.7%. This increase incorporates the
following:
-- The higher allowed deficit target versus the previous one;
-- The new supplier debt refinancing plan approved by the
central government, which S&P expects will add about
EUR1.9 billion to Valencia's tax-supported debt between
2013 and 2014; and
-- The lower revenues coming from the public finance system in
2014 compared with 2013.
S&P believes Valencia has moderately high contingent liabilities
related to the ongoing restructuring process of its large and
complex public-sector companies. S&P already includes most of
the debt of its satellite companies in the region's tax-supported
debt, however.
Liquidity
S&P considers Valencia's liquidity as "negative" factor for the
rating, based on its view of the region's "very negative" debt
service coverage ratio, and "strong" access to external
liquidity.
In S&P's assessment of the region's debt service coverage ratio,
it factors in its estimate of Valencia's internal cash generation
capacity and available credit lines. S&P's main liquidity ratio
(which reflects S&P's base-case scenario of average cash over the
next 12 months and available credit lines) covers about 18% of
Valencia's debt service for the next 12 months (December 2013 to
November 2014), which S&P estimates at EUR4.3 billion.
The region's "strong" access to external liquidity encompasses
S&P's view that the central government has demonstrated a clear
willingness to provide strong liquidity support to Valencia
through FLA. The government has earmarked FLA funding for
regional debt repayment and financing of the authorized deficits.
Outlook
The negative outlook on Valencia reflects the risk that
Valencia's fiscal consolidation process could lose momentum,
hampering the region's already weak credit profile.
S&P could downgrade Valencia by one or more notches if the region
materially deviated from its fiscal deficit targets, which could
be tantamount to performing below our weakest benchmark on
budgetary performance. The number of notches of the potential
downgrade would depend on the severity of the deviation. As part
of a potential negative rating action, S&P could revise down its
view of the region's budgetary flexibility, if S&P believed that
such deviation stemmed from the region's reluctance or inability
to take sufficient cost-cutting measures. S&P's assessment of
the region's financial management, which it already views as
"very negative," could also weigh more heavily on the rating.
S&P could affirm the ratings and assign a stable outlook within
the next six months if it sees Valencia's budgetary and economic
performance as in line with its base case, reflecting its
expectation of continued budgetary consolidation, and a stable
liquidity position.
S&P sees no rating upside potential at this stage.
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
Valencia (Autonomous Community of)
Issuer Credit Rating BB-/Negative/B
Senior Unsecured BB-
Commercial Paper B
=====================
S W I T Z E R L A N D
=====================
AVG TECHNOLOGIES: S&P Raises Corp. Credit Rating to 'BB'
--------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Dutch software firm AVG Technologies N.V. (AVG)
to 'BB' from 'BB-'.
At the same time, S&P removed the rating from CreditWatch, where
it placed it with positive implications on Nov. 26, 2013. The
outlook is stable.
The upgrade primarily reflects S&P's reassessment of AVG's cash
flow adequacy and leverage following the application of its new
corporate criteria. S&P now assess AVG's financial risk profile
as "minimal," which, combined with its assessment of its business
risk profile as "weak" and its financial policy as "negative,"
supports an overall 'BB' rating.
The upgrade also reflects S&P's view that AVG is likely to
maintain Standard & Poor's-adjusted leverage of below 3x under
all realistic scenarios. S&P considers that risks of the company
being releveraged, under the current ownership, are also low.
This is supported by the decline in AVG's financial sponsor
ownership to below 40% and is despite S&P's belief that AVG will
continue making bolt-on acquisitions to expand its technology
portfolio.
S&P's forecasts of moderate growth in EBITDA, ongoing limited
spending of available cash on share buybacks, and small
acquisitions lead S&P to assess AVG's financial risk profile as
"minimal."
S&P's "minimal" assessment also reflects its forecast of strong
free cash flow conversion thanks to upfront license payments and
limited capital investment needs. S&P considers that AVG needs
about US$50 million in cash to fund share buybacks. S&P
therefore deems any cash above US$50 million (US$54 million on
Sept. 30, 2013) as surplus, and consequently S&P nets it against
debt.
The company's financial policy has a negative effect (equal to
one notch under S&P's criteria) on S&P's rating outcome. S&P
believes that AVG's appetite for acquisitions could result in
higher debt usage than it assumes in its base case, and
consequently in weaker credit measures. S&P therefore rates AVG
'BB', one notch lower than the anchor.
"We assess AVG's business risk profile as "weak." This reflects
AVG's narrow product offering as a developer of antivirus
software in the consumer PC and mobile markets. In our view, the
software and services industry faces "intermediate" risk. In
addition, we believe that AVG faces meaningful client
concentration risk in the platform segment, implying potential
revenue erosion risk. We also consider that there are additional
potential risks to revenues because of the substitution of PCs
for wireless devices, and the need for AVG to adequately monetize
the wireless market," S&P said.
S&P thinks that AVG's competitive position could improve over
time, on account of monetization of antivirus applications for
mobile devices, or higher product diversification. However, S&P
believes such improvement will take time and may dilute
profitability or increase volatility in the rapidly evolving and
fragmented markets where AVG's competitive position is currently
fragile.
S&P's base-case scenario for AVG assumes:
-- Global GDP growth of 1.7% this year and 2.9% in 2014;
-- A continued shift in demand away from PCs and toward
smartphones and tablets over 2013-2015;
-- About a 20% increase in software security license revenues,
and a 5% decline in platform revenues. This equates to
10%-11% growth in revenues in 2013 at the group level;
-- A 1%-2% decline in revenues for 2014 driven by declining
platform revenues, but highly offset by continued growth in
license revenues.
-- Modest EBITDA growth of about 6% in 2013, as research and
development costs are redeployed from PCs to wireless
devices, and falling margins on third-party distribution-
related platform revenues. This results in slight margin
erosion;
-- An increase in the EBITDA margin of about 200 basis points
in 2014, driven by the company's exit from third-party
distribution agreements;
-- Modest capital expenditures (capex) of 4%-5% of revenues;
And
-- Annual share buybacks of about $50 million.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Funds from operations (FFO) to debt of 170%-180% at year-
end 2013, compared with 70% in 2012, increasing further
over the next couple of years;
-- Debt to EBITDA of 0.5x at year-end 2013; and
-- Free operating cash flow (FOCF) to debt of more than 180%
over the next several years.
The stable outlook reflects S&P's view that growth in mobile
antivirus licenses and revenues from cross-selling products like
PC optimization product TuneUp should allow AVG to modestly
increase its EBITDA and preserve its leverage ratios. In turn,
these metrics should allow for bolt-on acquisitions and share
buybacks of about US$50 million.
S&P considers an upgrade unlikely in the short term, but one
could occur in 2015-2016 if acquisitions and organic growth
provide AVG with a more diverse earnings stream. Steady organic
growth would provide evidence of AVG's strengthening competitive
position. An upgrade would also likely depend on AVG maintaining
debt to EBITDA at less than 2.5x and FOCF to debt above 15%,
despite potential growth in leverage following acquisitions.
A downgrade also appears unlikely in the near term, given the
material headroom under AVG's financial risk profile. A
downgrade could occur, however, if S&P sees the company's core
subscription business meaningfully decline, which would, in turn,
test its assessment of its business risk profile.
===========================
U N I T E D K I N G D O M
===========================
ALTE LIEBE 1: S&P Lowers Rating on EUR102MM Sr. Notes to 'CCC+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'CCC+'
from 'B-' its long-term debt rating on the EUR102 million senior
secured amortizing notes, due 2025, issued by Jersey-based
special-purpose vehicle Alte Liebe 1 Ltd. The outlook is stable.
The notes have an unconditional and irrevocable guarantee of
payment of scheduled interest and ultimate principal from
controlling creditor Ambac Assurance U.K. Ltd. Under Standard &
Poor's criteria, a rating on monoline-insured debt reflects the
higher of the rating on the monoline or Standard & Poor's
underlying rating (SPUR). Since S&P do not rate Ambac Assurance,
the long-term debt rating on the notes reflects the SPUR.
The downgrade follows S&P's receipt of liquidity information for
Gerdau Pulfringen, one of Alte Liebe 1's six Germany-based wind
farm companies, for the nine months ending Sept. 30, 2013. The
downgrade also reflects S&P's opinion that Alte Liebe 1 is
reliant on favorable business and financial conditions to meet
its financial commitments.
S&P forecasts that Gerdau Pulfringen's liquidity will deteriorate
materially by the end of this year due to maintenance expenditure
in the fourth quarter of 2013. Based on S&P's calculations, if
Gerdau Pulfringen makes these payments under current wind
conditions, it would need to fully draw the remaining balance of
its debt service reserve account (DSRA), which was funded at 28%
of its required level on Sept. 30, 2013.
As a consequence, Gerdau Pulfringen's operator has rescheduled
some of the maintenance expenditure until next year to ensure
that it can make the full scheduled debt payment on its loan from
Alte Liebe 1 in December 2013. At the same time, the operator is
looking for long-term alternative solutions for its liquidity
needs.
Based on its current operating performance, S&P calculates that
the full depletion of Gerdau Pulfringen's DSRA could result in it
being unable to fully meet debt service on its loan from Alte
Liebe 1 on the next payment date in June 2014. This is due to
limited cross-collateralization between the wind farm companies
in Alte Liebe 1's portfolio, whereby the excess cash after debt
service from the best-performing wind farm companies is not
retained for the benefit of bondholders to make up for the
underperforming wind farms.
S&P considers that a payment default on the EUR102 million senior
secured amortizing notes remains unlikely over the medium term,
because of Alte Liebe 1's current available liquidity and the
notes' flexible repayment profile -- with timely payment of
interest, but ultimate payment of principal in 2025. However,
based on current wind farm performances, S&P believes that the
project may not be able to meet the outstanding liabilities in
full on the notes' final maturity date.
Alte Liebe 1 is a special-purpose vehicle that raised the senior
secured notes for six wind farms in Germany with a capacity of
142 megawatts. Alte Liebe 1 on-lent the proceeds from the notes
under individual loan agreements with the wind farms, which used
the funds to refinance existing bank debt. The wind farms also
used the notes' proceeds to fund various liquidity reserves,
including a 12-month DSRA at each wind farm.
S&P could lower the rating by one or more notches if Alte Liebe 1
started deferring principal on the notes and if S&P believed that
payments had been deferred on a permanent basis or for more than
12 months, according to terms of the notes, without causing a
contractual (legal) default.
Ratings upside is limited at this time, because it depends on a
significant and sustainable improvement of business and financial
conditions to enable Alte Liebe 1 to meet its financial
commitments.
BLOCKBUSTER UK: To Close 62 More Stores, Cuts 427 Jobs
------------------------------------------------------
Itv News reports that as it disclosed the closure of a further 62
stores and 427 job losses, Blockbuster's administrators called on
the Chancellor to take urgent action on business rates in his
Autumn Statement later.
The ailing DVD rental chain has been plunged into administration
twice this year and has failed to find a buyer, according to Itv
News.
According to itv, Admistrators Moorfields Corporate Recovery
said: "With the Chancellor's Autumn Statement due later
Moorfields are urging the Chancellor to take urgentaction on
business rates as retailers continue to struggle. . . . Whil[le]
the difficulties faced by ... Blockbuster are not solely due to
the burden of business rates the group was paying a sizeable
GBP3.8 million on a turnover of GBP40 million.
"Even if, as speculated, the rates increase were capped at 2%
Blockbuster would have faced an increase of GBP75,000 on an
already considerable GBP3.8 million", the administrator added,
the report notes.
Blockbuster UK is a DVD rental company. It is part of
Blockbuster L.L.C.
BLOCKBUSTER: Frank Taylor Mulls Bid on Sites for Expansion Plan
---------------------------------------------------------------
The Scotsman reports that the demise of the Blockbuster film
rental chain is poised to accelerate a Scottish entrepreneur's
expansion drive south of the Border.
According to The Scotsman, Frank Taylor, who built a rival chain
of more than 30 Video Drive-In outlets in Scotland before
diversifying into the tanning salon market, was mulling a bid for
some Blockbuster sites that could trade for the final time on
Sunday.
Mr. Taylor's Indigo Sun chain now runs more than 40 salons --
thought to be the largest wholly owned UK chain -- and is eyeing
rapid expansion, The Scotsman notes.
"We're keen to grow in England in particular and we'll certainly
look at some of the Blockbuster sites when they become available
as it could be a quick way for us to accelerate our expansion
plans," The Scotsman quotes Mr. Taylor, whose Stirling-based firm
employs some 300 staff, as saying.
Administrators have confirmed the closure of 2 outlets, with 91
more also doomed if a buyer cannot be found, The Scotsman
discloses.
Blockbuster had 264 stores and a 2,000-strong workforce when it
went into administration last month, but these now look likely to
have disappeared by the end of the year, The Scotsman relates.
Administrators from Moorfields Corporate Recovery have already
overseen the closure of more than 100 stores as part of the
administration process, The Scotsman relays.
Mr. Taylor, as cited by The Scotsman, said he believed there was
considerable potential for Indigo Sun, which currently turns over
around GBP8 million a year, to grow significantly.
According to The Scotsman, Mr. Taylor said no-one in the video
rental industry will have been surprised by the demise of
Blockbuster. The chain had been rescued in March from an earlier
administration by private equity group Gordon Brothers Europe,
The Scotsman recounts.
The business had been hit hard by competition from supermarkets,
as well as the rise of online rentals, The Scotsman discloses.
At the time of its initial collapse in January, it had 528 stores
in the UK employing 4,190 staff, The Scotsman notes.
Blockbuster UK is a DVD rental company. It is part of
Blockbuster L.L.C.
BRADFORD BULLS: Plunges Into Another Financial Crisis
-----------------------------------------------------
The Bolton News Reports that Bradford Bulls have been plunged
into another financial crisis, although officials insist the club
is not on the brink of going back into administration.
The Bulls' new board of directors told a fans' forum that the
club's finances are worse than they were led to believe and that
they have "unearthed information which has proved detrimental to
the stability of the club," according to The Bolton News.
Chairman Mark Moore and fellow directors Andrew Calvert and Ian
Watt, who took control six weeks ago from previous owner Omar
Khan, warned that cutbacks will have to be made and that players
may need to be sold as they look to shed GBP400,000 from their
outgoings over the next 12 months, The Bolton News notes.
The report relates that Bradford went into administration in June
2012 with debts thought to be around GBP1.5 million but were
saved by local businessman Khan and MP Gerry Sutcliffe.
The new directors, recently ratified by the Rugby Football
League, told fans they recently discovered fresh loans that had
been taken out against the club and revealed that concerts staged
last year to raise funds are estimated to have lost GBP100,000,
the report relates.
A club official said: "The last administrative team struggled to
understand the full impact of running this club and stepped away
from the business with large outstanding debts, which the Bulls
are now recovering from," the report notes.
The directors said their predecessors gave head coach Francis
Cummins an unrealistic playing and backroom budget and, as a
result, they will now be forced to implement tough cost-cutting
measures, the report discloses.
"This is likely to mean staff redundancies, across a range of
departments, as well as budget reductions," the official added,
the report says.
"Areas of the business have been allowed to dangerously overspend
and this is now going to have an obvious impact on the club . . .
. Season ticket sales are vastly down on forecasted projections
and, like last season, the club will again receive half of its
allocated central funding due to the agreement made between the
Super League and the former board at the time of initial
purchase, the official said," the official continued, report
discloses.
"As a club we are left with no choice but to make difficult
decisions in a bid to streamline the business . . . . Our
incomings simply do not match our current outgoings, so over the
next few days we have to make tough decisions on every business
unit in the club, the official said, the report relays.
"The goal for next year is now to survive, compete and win back
the trust of supporters and previous sponsors, while looking
forward to receiving our full allocation of central funding ahead
of 2015," the report quoted on official as saying.
DENT LTD: Goes Into Administration, Seeks Buyer
-----------------------------------------------
Foodmanufacture.co.uk reports Dent Ltd has gone into
administration with joint administrators Deloitte searching for a
buyer for the previously family-owned business
No job losses have been announced at the Penrith-based business,
which supplies major retailers, such as Sainsbury, according to
Foodmanufacture.co.uk.
Deloitte partners Adrian Berry -- aberry@deloitte.co.uk -- and
Clare Boardman -- cboardman@deloitte.co.uk -- have been appointed
to manage the business affairs of Dent Ltd.
Adrian Berry, partner in restructuring services at Deloitte,
said: "We will liaise closely with the company's customers and
will work with management and the contract farmers to ensure the
highest standards of animal welfare are maintained . . . . The
business will continue to trade and a sale process will be
undertaken, and no redundancies are planned at this stage," the
report notes.
Deloitte stressed that its appointment applied only to the Dent
Ltd business and that North Lakes Foods Ltd and Dent Company -- a
haulage business -- continued trade as normal, the report
discloses.
Dent Ltd is a outdoor-reared pig producers in United Kingdom. It
rears about 20,000 pigs and employs 67 people.
EUROSAIL-UK 2007-5NP: S&P Cuts Rating on 3 Note Classes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' its credit
ratings on Eurosail-UK 2007-5NP PLC's class B1c, C1c, and D1c
notes. At the same time, S&P has placed on CreditWatch positive
its ratings on the class A1a and A1c notes.
The rating actions follow the Nov. 26, 2013 noteholders' approval
of Eurosail-UK 2007-5NP's restructuring proposal. The proposal,
among other things, removes the foreign exchange rate risk by
converting the euro-denominated class A1a notes into British
pound sterling-denominated notes. It also writes down the class
B1c, C1c, and D1c notes by 27.66% each, which equals a total
write-down of GBP16.9 million.
Following the bankruptcy of Lehman Brothers, the issuer entered
into a termination and settlement agreement with Lehman Brothers'
trustee, in March 2011. Under this agreement, the parties agreed
to settle the issuer's claim against Lehman Brothers under the
terminated hedging agreement at a value of $170 million.
Following four distributions under the agreement, the noteholders
approved the sale of the remaining claim in October 2013. In
total, the proceeds of the termination amounted to $102.8
million, or 60.43% of the agreed claim.
On Nov. 26, 2013, the noteholders approved the restructuring
proposal, which resulted in amendments to the existing debt
documentation, and included, among other things:
-- The conversion into sterling of the termination payouts to
GBP63.5 million from $102.8 million:
-- A decrease of the reserve fund to œ4.0 million from
GBP16.1 million; and
-- The re-collateralization of the transaction through write-
downs of the most junior classes of notes, effective on the
September 2013 interest payment date.
Because the class B1c, C1c, and D1c notes suffered principal
losses due to the write-downs -- of GBP8.0 million, GBP5.2
million and GBP3.7 million, respectively -- S&P has lowered to 'D
(sf)' its ratings on these classes of notes.
The senior notes did not incur write-downs and the conversion of
the euro-denominated class A1a notes into sterling-denominated
notes occurred at a spot rate of GBP0.838 to EUR1.000.
Therefore, S&P do not view the amendment to the class A1a and A1c
notes as a distressed restructuring.
Following the conversion of the class A1a notes, the transaction
is no longer exposed to foreign exchange rate risk, which was the
main constraint on S&P's ratings. S&P has therefore placed on
CreditWatch positive its ratings on the class A1a and A1c notes.
In order to resolve these CreditWatch placements, S&P will
conduct a credit and cash flow analysis of the revised structure.
Eurosail-UK 2007-5NP is a U.K. residential mortgage-backed
securities (RMBS) transaction backed by nonconforming mortgages
originated by Southern Pacific Mortgages Ltd., Preferred
Mortgages Ltd., London Mortgage Company, and Alliance & Leicester
PLC.
RATINGS LIST
Class Rating Rating
To From
Eurosail 2007-5NP PLC
EUR626.3 Million, GBP135.95 Million Mortgage-Backed
Floating-Rate Notes
Ratings Placed On CreditWatch Positive
A1a B (sf)/Watch Pos B (sf)
A1c B (sf)/Watch Pos B (sf)
Ratings Lowered
B1c D (sf) B- (sf)
C1c D (sf) B- (sf)
D1c D (sf) CCC (sf)
NEW CAREER: In Administration, Cuts More Than 50 Jobs
-----------------------------------------------------
The Education Investor reports that the New Career Skills has
gone into administration, leaving more than 50 people out of
work. The report relates that the firm is understood to have
fallen behind on debt payments.
The firm's directors worked with KPMG in an attempt to push
through an accelerated sale of the company, before appointing the
accountancy giant as administrators, according to The Education
Investor.
KPMG is now looking for a new owner for the business. A
spokesperson said that "declining financial performance" had
prompted the decision, the report notes.
Upon appointment of the administrators, its Southampton center
was closed with immediate effect, and 54 of the firm's 83
employees made redundant, the report notes. However, all
students will continue to receive training, with alternative
arrangements made for those at the Southampton center, the report
discloses.
Headquartered in Hastings, New Career Skills provides practical
and home based courses at three centres in Doncaster, Southampton
and Watford. It caters to 1,500 students.
PRECISE MORTGAGE: S&P Assigns 'BB+' Rating to Class E Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings to
Precise Mortgage Funding No. 1 PLC's class A to E notes. At
closing, Precise Mortgage Funding No. 1 also issued unrated class
Z notes and subordinated notes.
At closing, the issuer purchased an initial portfolio of U.K.
residential mortgages from the seller (Buttermere PLC), using
part of the note issuance proceeds to purchase the rights to the
mortgage pool.
The class A to Z note issuance balance is higher than the balance
of the initial pool that the issuer purchased at closing, where
the difference is a prefunding amount. This prefunding amount is
20.3% of the class A to Z notes. Up until and including the
first interest payment date (March 12, 2014), the issuer can buy
a further portfolio, with a balance up to the prefunding amount.
This portfolio is subject to certain prefunding conditions, based
on which, S&P has made conservative assumptions relating to the
prefunding pool's credit and cash flow characteristics.
The transaction has a rated note reserve fund, a class A
liquidity reserve, and a fully funded prefunding yield
maintenance required amount. The rated note reserve fund
initially provides liquidity support to the rated notes. As the
rated notes redeem, this support switches to credit enhancement
for the rated notes.
This is the first transaction from Charter Court Financial
Services Ltd. The GBP130.4 million initial pool (as of Nov. 30,
2013) comprises first-lien U.K. nonconforming residential
mortgages. Charter Court Financial Services has originated the
loans since March 2013, under its trading name, Precise
Mortgages. The initial pool's weighted-average seasoning is 3.57
months.
Of the pool, 13.61% of loans are to borrowers with previous
county court judgments. Buy-to-let loans comprise 34.88% of the
pool. The portfolio's weighted-average current indexed loan-to-
value ratio is 70.15% (according to S&P's methodology), with
36.07% of the properties located in the South East, including
London.
The class A to E notes' interest rates are equal to three-month
British pound sterling LIBOR, plus a class-specific margin with a
step-up margin after the optional redemption date.
The initial pool contains loans that are currently fixed rate
(72.41%) and floating rate (27.59%), both linked to either the
Bank of England base rate (BBR) or LIBOR. As the notes' interest
is based on an index of three-month sterling LIBOR, the
transaction is subject to basis risk and interest rate mismatch.
All loans have an interest rate reversionary date before December
2018, where the majority (82.56%) revert to a LIBOR-linked
interest rate and the remaining (17.44%) are linked to the BBR.
At closing, the issuer entered into an interest rate swap that
hedges the interest rate mismatch attached to the fixed-rate
loans. For the loans linked to the BBR, we applied a basis
stress using historical differences between the index paid on the
BBR-linked assets and the liabilities' index. The floating-rate
LIBOR-linked mortgages reset on the same day as the notes.
Therefore, these loans are not subject to basis risk.
S&P's ratings reflect its assessment of the transaction's payment
structure, cash flow mechanics, prefunding conditions, and the
results of its cash flow analysis to assess whether the notes
would be repaid under stress test scenarios. Subordination and
the rated note reserve fund provide credit enhancement to the
notes that are senior to the unrated class Z notes. Taking these
factors into account, S&P considers the available credit
enhancement for the rated notes to be commensurate with the
ratings that S&P has assigned. S&P has also considered if a
further portfolio is not bought by the issuer where the
prefunding amount is used to redeem notes.
RATINGS LIST
Precise Mortgage Funding No. 1 PLC
GBP169.1 Residential Mortgage-Backed Floating-Rate Notes
and Unrated Notes
Class Rating Amount
(mil. GBP)
A AAA (sf) 134.5
B AA (sf) 6.5
C AA- (sf) 6.5
D BBB (sf) 10.4
E BB+ (sf) 3.0
Z NR 2.9
Subordinated NR 5.3
NR-Not rated.
RIVERSFORD HOTEL: Enters Administration as Costs & Bills Rise
-------------------------------------------------------------
North Devon Journal reports that the Riversford Hotel and
Riversview Restaurant has officially closed after going into
administration. The report relates that the Riversford Hotel and
Riversview Restaurant was forced to shut down on Dec. 2.
Manager Nigel Jarrad, who has run the hotel with his brother for
the last 20 years, confirmed the hotel was "officially closed for
good", the report discloses.
"I'm currently winding the business up and sorting out all the
reservations we had for Christmas and the New Year," Mr. Jarrad
said, the report relates.
The report notes that Mr. Jarrad blamed rising costs and bills as
the reason for the hotel's demise.
The Victorian hotel is expected to go on the market very soon,
the report adds.
The Riversford Hotel and Riversview Restaurant, situated in
Limers Lane, is a popular family-run hotel in Northam.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
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SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
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SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
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TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
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TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
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PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
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CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
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LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
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LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
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CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
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DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
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HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
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JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
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OBTEC OBTEC DC -17139908.33 134988548.1
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OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
ROSKILDE BANK ROSK DC -532868894.9 7876688188
ROSKILDE BANK RSKC IX -532868894.9 7876688188
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FRANCE
------
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GERMANY
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KABEL DEUTSC-ADR KBDHY US -1921707863 3240567525
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MANIA TECHNOLOGI 2260970Z GR -35060809.35 107465713.6
MANIA TECHNOLOGI MNIG IX -35060809.35 107465713.6
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MATERNUS-KLINIKE MAK S1 -17249775.07 161290141
MATERNUS-KLINIKE MAK PZ -17249775.07 161290141
MATERNUS-KLINIKE MAK TH -17249775.07 161290141
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MATERNUS-KLINIKE MAKG IX -17249775.07 161290141
NORDAG AG DOO1 GR -482449.8788 144432986.2
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NORDSEE AG 533061Q GR -8200551.142 194616922.6
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PFLEIDERER AG PBVDF US -97572495.87 1832488196
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PFLEIDERER-REG PFD4 NQ -97572495.87 1832488196
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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
T BANK TBANK EO -46224213.41 3486115450
T BANK ASPT PZ -46224213.41 3486115450
T BANK TBANK GA -46224213.41 3486115450
THEMELIODOMI THEME GA -55751173.78 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751173.78 232036822.6
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ICELAND
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ITALY
-----
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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 TISN NA -167327246 362728538.3
TISCALI SPA TIS QM -167327246 362728538.3
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
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BAAN COMPANY NV BAAN EO -7854715.264 609871188.9
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BAAN COMPANY NV BAAVF US -7854715.264 609871188.9
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BAAN COMPANY-NY BAANF US -7854715.264 609871188.9
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EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
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FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
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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
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MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
MAGYAR TELECOM B 363945Z HB -9411153.408 462039674.5
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MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
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SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
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UNITED PAN-EUROP UPC VX -5505478850 5112616630
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VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
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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
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AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
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AKER FLOATING PR AKFP EO -16100000 765200000
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AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
AKER FLOATING PR AKFPEUR EU -16100000 765200000
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AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
BAKERS AS 4527631Z NO -2100773.812 130412660.1
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GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
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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
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MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
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NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
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NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
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PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
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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
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ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
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BIMBO SA 3632779Z SM -22418992.16 200845624.4
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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
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FMC FORET SA 3642299Z SM -135792007.2 150683418.5
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GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
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LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
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MARTINSA FADESA MTF SM -4266039390 4958578344
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TYCO ELECTRONICS 2335265Z SM -120872225.3 241227566.2
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SWEDEN
------
ATTENDO AB 4452873Z SS -58148252.61 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
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SWEDISH MAT-RTS SWMYR US -267565377.7 2184130566
SWEDISH M-UN ADR SWMAY US -267565377.7 2184130566
SWITZERLAND
-----------
ETRION CORP 4QP GR -1431000 449615008
ETRION CORP PFCXF US -1431000 449615008
ETRION CORP ETX2EUR EU -1431000 449615008
ETRION CORP ETX2USD EO -1431000 449615008
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ETRION CORP ETXSEK BY -1431000 449615008
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PRETIUM INDUSTRI PIIMF US -1431000 449615008
VISUALAB INC VSLBF US -1431000 449615008
VISUALABS INC VLI CN -1431000 449615008
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.103 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.103 147075077.7
GALATASARAY SPOR GSRAY TI -134837791.7 312345232.8
GALATASARAY SPOR GALA IX -134837791.7 312345232.8
GALATASARAY SPOR GSRAYR TI -134837791.7 312345232.8
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GALATASARAY-NEW GSRAYY TI -134837791.7 312345232.8
IKTISAT FINAN-RT IKTFNR TI -46900666.64 108228233.6
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KEREVITAS GIDA KVTGF US -17661319.95 159849621.7
KEREVITAS GIDA KERVT TI -17661319.95 159849621.7
MUDURNU TAVUKC-N MDRNUN TI -64935052.1 160420187.4
MUDURNU TAVUKCUL MDRNU TI -64935052.1 160420187.4
SIFAS SIFAS TI -15439194.7 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
ZORLU ENERJI ELE ZORENM TI -2128989.458 1841396734
ZORLU ENERJI ELE ZORENR TI -2128989.458 1841396734
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ZORLU ENERJI ELE ZOREN TI -2128989.458 1841396734
ZORLU ENERJI ELE ZORENY TI -2128989.458 1841396734
ZORLU ENERJI-ADR ZRLUY US -2128989.458 1841396734
ZORLU ENERJI-RTS 0405413D TI -2128989.458 1841396734
UKRAINE
-------
CHERNIGIVS MAN-M CHIM UZ -19979000 106551872
CHERNIGIVS M-GDR CKU GR -19979000 106551872
DNIP METAL-Y Z-D DMZK UZ -1689000 100894624
DNIPROVSKY IRON DMKD UZ -85795248 2345518080
DONETSKOBLENERGO DOON UZ -350758285.3 246202249.5
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LUGANSKOBLENERGO LOEN UZ -28469656.82 196711929.2
MARIUP-GDR REG S MZVM IX -11661586.28 260791838.5
MARIUP-GDR REG S M9X GR -11661586.28 260791838.5
MARIUPOL HEAVY M MZVM UZ -11661586.28 260791838.5
NAFTOKHIMIK PRIC NAFP UZ -25147613.11 203369540.7
NAFTOKHIMIK-GDR N3ZA GR -25147613.11 203369540.7
ODESSA OIL REFIN ONPZ UZ -333080256 155962496
RIVNEAZOT RAZT UZ -32846124 548777856
ZALK - PFTS ZALK UZ -94493504 126238624
UNITED KINGDOM
--------------
600 UK LTD 1282018Z LN -731250.5356 123671540.8
ABBOTT MEAD VICK 648824Q LN -1685854.552 168258996.3
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ACIS GROUP LTD 4159557Z LN -29529317.19 122639068.7
ACORN CARE AND E 1238567Z LN -70886168.8 120665053.6
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AEA TECHNOLO-FPR AATF PZ -251542348.1 142002291.9
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AEA TECHNOLO-NPR AATN PZ -251542348.1 142002291.9
AFFINITI INTEGRA 1651064Z LN -743208854.7 241654750
AGORA SHOPPING C 214766Z LN -50700881.16 252334953.9
AIRBUS OPERATION 4435153Z LN -718055101.2 3718998325
AIRTOURS PLC AIR VX -379721780.5 1817512774
AIRTOURS PLC AIR LN -379721780.5 1817512774
AIRTOURS PLC ATORF US -379721780.5 1817512774
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ALL3MEDIA HOLDIN 4500027Z LN -349193464.9 845096523.8
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ALLDAYS PLC 317056Q LN -120493900 252232072.9
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ALPHA CREDIT GRP 2398Z LN -128159653.1 6765166452
AMER BUS SYS ARB LN -497126976 121439000
AMEY PLC AMY LN -48862569.33 931527720.5
AMEY PLC AMY VX -48862569.33 931527720.5
AMEY PLC AMEYF US -48862569.33 931527720.5
AMEY PLC-ASSENT AMYA LN -48862569.33 931527720.5
AMEY PLC-NEW AMYN LN -48862569.33 931527720.5
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SMITHS NEWS PLC NWS IX -82175781.01 424997909.9
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SMITHS NEWS PLC NWS LN -82175781.01 424997909.9
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SMITHS NEWS PLC NWS1 BQ -82175781.01 424997909.9
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SMITHS NEWS PLC NWS1 EU -82175781.01 424997909.9
SMITHS NEWS PLC NWS1 EO -82175781.01 424997909.9
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TOPPS TILES PLC TPT EU -36503224.29 140534295.2
TOPPS TILES PLC TPT BQ -36503224.29 140534295.2
TOPPS TILES PLC TPT10 EO -36503224.29 140534295.2
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TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
TOPPS TILES PLC TPT VX -36503224.29 140534295.2
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TOPPS TILES PLC TPT IX -36503224.29 140534295.2
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TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
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TOPPS TILES PLC TPT TQ -36503224.29 140534295.2
TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2
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TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
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TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
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VIRGIN MOBILE VMOB PO -392165409.3 166070003.7
VIRGIN MOBILE VMOB VX -392165409.3 166070003.7
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WARNER ESTATE WNER PZ -80276070.4 344291592.8
WARNER ESTATE WNEHF US -80276070.4 344291592.8
WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
WARNER ESTATE WNERGBP EO -80276070.4 344291592.8
WARNER ESTATE WNER PO -80276070.4 344291592.8
WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
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WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
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WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
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WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, Frauline S. Abangan and Peter
A. Chapman, Editors.
Copyright 2013. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *