/raid1/www/Hosts/bankrupt/TCREUR_Public/140225.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, February 25, 2014, Vol. 15, No. 39
Headlines
A U S T R I A
HYPO ALPE ADRIA: Govt Should Not Demand Creditors to Take Haircut
F R A N C E
BANQUE PSA: S&P Lowers Counterparty Credit Rating to 'BB'
PEUGEOT SA: S&P Lowers Corp. Credit Rating to B+; Outlook Stable
G E R M A N Y
LUTTGENS & ENGELS: Continues Production Despite Insolvency
N E T H E R L A N D S
BOYNE VALLEY: Moody's Raises Rating on EUR13.5MM Notes to 'Ba3'
EUROCREDIT CDO IV: S&P Lowers Ratings on 2 Note Classes to CCC+
N O R W A Y
PETROLEUM GEO: Moody's Affirms 'Ba2' Corporate Family Rating
R U S S I A
SAMARA CITY: Fitch Affirms 'BB' LT Curr. Issuer Default Ratings
SMOLENSK REGION: Fitch Affirms 'B+' LT Currency IDRs, Outlook Neg
S P A I N
CAIXA PENEDES: Fitch Cuts Rating on EUR19.4MM Cl. C Notes to 'B-'
LA SEDA DE BARCELONA: Indorama Set to Acquire Turkish Subsidiary
LUTON AIRPORT: Faces Uncertain Future as Aena Plan Drags
PESCANOVA SA: Shareholders Ask Creditors to Accept 73% Losses
* SPAIN: Mulls Measures to Help Companies Restructure Debt
S W E D E N
BRAVIDA HOLDING: S&P Affirms 'B' CCR; Outlook Stable
T U R K E Y
YUKSEL INSAAT: Fitch Affirms 'CC' Long-Term Issuer Default Rating
U K R A I N E
LEMMA INSURANCE: A.M. Best Downgrades FSR to 'C++'
UKRAINE: Western Leaders Scramble to Put Together Rescue Deal
UKRAINE: S&P Lowers Sovereign Rating to 'CCC'; Outlook Negative
UKRAINE MORTGAGE: Fitch Lowers Class B Notes' Rating to 'CCCsf'
U N I T E D K I N G D O M
HIGHLANDS INSURANCE: 15% Initial Pay Under Cedant Scheme Approved
PUNCH TAVERNS: Fitch Cuts Ratings on 7 Note Classes to 'CC'
RANGERS FOOTBALL: Obtains GBP1.5-Mil. Loan From Shareholders
RSA INSURANCE: Mulls Fundraising; May Scrap Dividend
TITAN EUROPE 2007-1: Fitch Cuts Rating on 2 Note Classes to 'CC'
* Property Firm Administration Appointments Up 60%, KPMG Says
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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A U S T R I A
=============
HYPO ALPE ADRIA: Govt Should Not Demand Creditors to Take Haircut
-----------------------------------------------------------------
Michael Shields at Reuters reports that central bank head
Ewald Nowotny said Austria should not demand creditors of
struggling state bank Hypo Alpe Adria take a "haircut" on the
debt, contradicting the country's finance minister.
According to Reuters, Mr. Nowotny, who was on Friday put in
charge of a task force set up to advise the government on how to
wind down Hypo after its previous chief quit, said Austria's
reputation was at stake if it did not stand by its obligations.
Finance Minister Michael Spindelegger had on Friday questioned
whether investors who snapped up discounted Hypo debt "to try to
make a quick buck" were worthy of protection, Reuters relates.
The resignation of Klaus Liebscher on Friday as head of both the
Hypo task force and the bank's supervisory board piled more
uncertainty on how Austria would deal with the problem of how to
wind down Hypo, which it nationalized in 2009, Reuters notes.
Mr. Nowotny, as cited by Reuters, said a state-owned "bad bank"
was his preferred solution and one that should be put into
practice as quickly as possible, but Mr. Spindelegger had said he
had no favored option and again refused rule to out allowing an
insolvency.
Mr. Nowotny said he estimated the winding-down of Hypo would cost
Austria around EUR4 billion on top of EUR4.8 billion it has
already provided in aid and guarantees, Reuters relays.
And he said it would be a "sensible arrangement" if Austria's
other provinces, which are nervously eyeing Carinthia's position,
would contribute to the federal government some EUR250 million
they collect in bank taxes, Reuters relates.
Mr. Nowotny denied that he personally, or the central bank, which
was responsible for overseeing Hypo, were to blame for what he
called the "real catastrophe" of the current situation, and
reiterated that he believed the auditors had failed, Reuters
discloses.
About Hypo Alpe-Adria
Hypo Alpe-Adria International AG is a subsidiary of BayernLB. It
is active in banking and leasing. In banking, HGAA serves both
corporate and retail customers and offers services ranging from
traditional lending through savings and deposits to complex
investment products and asset management services.
Hypo Alpe has received EUR1.75 billion in aid in emergency
capital from the Austrian government. European Union Competition
Commissioner Joaquin Almunia said in March 2013 that Hypo faced
possible closure for failing to adequately restructure.
The European Commission approved Hypo's recapitalization in
December 2013, but made it conditional on the management
presenting a thorough plan to overhaul the group. The Austrian
finance ministry, which effectively runs Hypo Alpe, submitted a
restructuring plan to the Commission on Feb. 5.
===========
F R A N C E
===========
BANQUE PSA: S&P Lowers Counterparty Credit Rating to 'BB'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating to 'BB' from 'BB+' and affirmed its
short-term rating at 'B' on European auto manufacturer Peugeot
S.A.'s captive finance company, Banque PSA Finance (BPF), and its
subsidiary Credipar. The outlooks are stable.
S&P also lowered its issue rating on BPF's subordinated debt
tranche of its medium-term note program to 'B+' from 'BB-', and
affirmed its short-term rating on Sofira, also a subsidiary of
BPF, at 'B'.
At the same time, S&P affirmed its assessment of BPF's stand-
alone credit profile (SACP) at 'bb+'.
The rating actions follow S&P's downgrade of Peugeot.
S&P caps the long-term rating on BPF at two notches above the
rating on Peugeot based on its view that BPF's creditworthiness
is correlated to that of its parent.
However, S&P believes that BPF's stand-alone credit profile is
stable, based on its expectations for BPF's business and
financial performance over the next 12 months.
S&P believes that BPF's announced partnership with Santander
Consumer Finance S.A. (SCF) has no rating implications in the
short term. On Feb. 19, 2014, Peugeot announced that BPF has
entered into exclusive negotiations to form a 50/50 partnership
with SCF across 11 European countries, and that agreement should
be reached by the second half of 2015. S&P understands that one
of the objectives of the partnership is to secure Peugeot's
financing activity while ending the use of the French state
guarantee before its Dec. 31, 2016, expiry date.
The starting date for the new partnership between BPF and SCF is
outside S&P's one-year ratings horizon, and S&P believes there
are numerous uncertainties around the operational details of the
partnership. These include BPF's future group structure, funding
and liquidity management, capital policy, and ability to upstream
cash flows from the operating subsidiaries to BPF. S&P will
follow closely any new announcements clarifying the proposed
partnership.
"We expect BPF's operating performance to stabilize in 2014. We
believe the company performed poorly in 2013, even allowing for
the fact that it was comfortably profitable, given Peugeot's
lackluster sales in Europe, strict dealer stock management at the
Peugeot level, and higher funding costs. As a result, reported
net banking revenue decreased by 17.1% to EUR891 million in 2013,
below our expectations. However, this weak performance disguises
generally good sales and marketing results, which translated into
the second historically high penetration rate of 29.1% (after a
record year in 2012 at 29.8%) and an increasing number of
insurance and services contracts sold per individual financing.
Meanwhile, we expect 2%-3% growth in the European auto market in
2014, which should support a recovery in end-user financing at
BPF for the year," S&P said.
"We forecast that BPF will maintain strong capitalization by our
metrics. We believe that BPF's risk-adjusted capital (RAC)
ratio, our measure of capitalization, will remain above 10% in
2014, even after taking into account a full distribution of
profits to Peugeot," S&P added.
S&P expects BPF to maintain sound asset quality. S&P believes
that the company will maintain coverage of nonperforming loans
close to the average for other European auto captive finance
companies. BPF posted a cost of risk of 61 basis points in 2013,
in line with our expectations.
S&P continues to view BPF's wholesale funding profile as a
ratings weakness. However, S&P notes that the company's
increased recourse to securitization and recent venture into
savings collection progressively reduces its reliance on volatile
debt capital markets, although these developments will remain
neutral for the rating over the next two years, in S&P's view.
S&P's assessment of BPF's liquidity as adequate is supported by
the EUR7 billion French state guarantee for the bank's new bond
issues during 2013-2016, which ensures its continued access to
capital markets. It is also underpinned by the bank's large
back-up facilities, which allowed BPF to cover 12 months of
financing activity as of Dec. 31, 2013.
The lowering of the issue rating on the subordinated debt tranche
of BPF's medium-term note program reflects S&P's criteria for
issuers with an SACP equal to or below 'bb+'. There are no debt
issues outstanding under this tranche of the program.
S&P's one-year stable outlook mirrors that on Peugeot.
S&P would likely downgrade BPF if S&P downgraded Peugeot.
All else remaining equal, a lowering of BPF's SACP by one notch
would not automatically lead to a downgrade because BPF's SACP is
higher than Peugeot's.
S&P might revise BPF's SACP downward if it concluded that:
-- BPF would be unable to maintain a RAC ratio higher than 10%
because of further deterioration in economic risks in its
main markets, or increasing risk in its loan book due to
growth in emerging markets.
-- Peugeot's depressed sales had led to a weakening in BPF's
asset quality.
S&P would likely upgrade the rating if it upgraded Peugeot, all
else remaining equal.
Over the medium-term, S&P notes that the proposed partnership
with SCF could have negative rating implications for BPF. S&P
could reduce the rating differentiation between BPF and Peugeot
or lower BPF's SACP if S&P assessed in the future that the legacy
BPF legal entity would, among other things:
-- Be unable to upstream cash-flows from its operating
entities; or
-- Be unlikely, in S&P's opinion, to receive potential support
from the French government anymore; or
-- Not finance itself independently from Peugeot; or
-- Pursue a more aggressive capitalization policy.
Conversely, S&P might consider a positive rating action in the
medium term if it concluded that, over time, the partnership with
SCF further reduced the relationship between the creditworthiness
of BPF and Peugeot.
PEUGEOT SA: S&P Lowers Corp. Credit Rating to B+; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit ratings on France-based European auto
manufacturer Peugeot S.A. and related entity GIE PSA Tresorerie
to 'B+' from 'BB-'. At the same time, S&P affirmed its 'B'
short-term corporate credit ratings on the companies. The
outlooks are stable.
S&P has also lowered its issue rating on the senior unsecured
notes issued by Peugeot and GIE PSA Tresorerie to 'B+' from
'BB-'. The recovery rating on these notes was revised to '4' from
'3', now indicating S&P's expectation of average (30%-50%)
recovery in the event of a payment default.
The downgrade reflects S&P's current expectation that the group
will not return to break-even free operating cash flow (FOCF)
generation in the next two years and that operating profits in
its automotive division will be below S&P's previous forecast.
Under S&P's base case, it assumes:
-- A mild recovery in the eurozone, which we expect to grow at
0.9% in 2014, with a stronger 1.3% increase in 2015. S&P
foresees continued strong growth of about 7% in China.
-- 2%-3% growth in sales volumes in Europe's automotive market
in 2014.
-- Capital expenditures (capex) of about EUR2.7 billion-
EUR2.9 billion annually in 2014-2015.
-- EUR3 billion cash proceeds from the planned capital
increase, subject to shareholders' approval.
Based on these assumptions, S&P arrives at the following credit
measures:
-- An adjusted funds from operations (FFO)-to-debt ratio at
about 15% in 2014-2015, which S&P sees as commensurate with
the current rating.
-- Adjusted debt to EBITDA slightly below 5.0x over the same
period.
In 2013, Peugeot reported a drop of more than 7% in its sales
volumes in Europe, while the market contracted by about 2.5%.
The group's market share in Europe narrowed once again in 2013 to
11.9% from 12.7% in 2012. At the same time, the group disclosed
a continued decline in capacity utilization rates in Europe, now
reaching 72% versus 75% in 2012 (explained, in part, by the
closure of the Aulnay plant). Capacity utilization in China is
strong, but the group faces operational challenges in other
regions, such as Russia and Latin America, where it generated
three-digit losses (euro million) in 2013.
Nevertheless, Peugeot contained its negative FOCF in 2013, thanks
to a sizable reduction in capex -- EUR2.5 billion versus
EUR3.7 billion in 2012 -- disciplined working capital management,
and the first gains from restructuring measures. Under S&P's
current base case, it expects that Peugeot will not reach break-
even FOCF over the next two years. S&P thinks that the group
will report negative FOCF of about EUR1 billion after
restructuring charges in 2014-2015, comparable with the 2013
level and incorporating our assumptions of slightly higher capex.
Under S&P's previous base case, it had anticipated that the
group's automotive division would return to break-even operating
profits in 2015. S&P now thinks that the division's return to
break-even would be pushed back by one to two years because of
the likely slow recovery in 2015-2016 resulting from a few new
model launches.
S&P thinks that the improvement of credit metrics stemming from
the announced EUR3 billion capital increase will be gradually
offset by further cash burn. However, S&P views positively the
group's heightened financial flexibility as it nears the
operational improvement targets set within its first
restructuring plan. The other strategic initiatives announced by
Peugeot, including the industrial partnership with Chinese
carmaker Dongfeng Motors and joint ventures between its financing
arm Banque PSA Finance and Spain-based bank Santander, will yield
positive results over the longer term, in our view.
S&P's view of Peugeot's business risk profile as "weak" is
primarily constrained by the high volatility of the group's
earnings, as evidenced by the double dips in reported earnings in
2008-2009 and 2012-2013. S&P's assessment is also constrained by
Peugeot's reliance on sluggish Southern European markets,
continued overcapacity, and the resulting low capacity
utilization rates. S&P also notes that the group does not
generate meaningful profits outside of its core European
operations. It therefore relies heavily on the expected market
recovery in Europe and, more importantly, on the successful
turnaround of its domestic operations. These weaknesses are
partly offset by the company's leading position in Europe, strong
growth in China, and the revamped restructuring program, which is
well on track to support its rebound within the medium term. S&P
sees Peugeot's average product age of 3.1 years in 2013 as rather
advantageous and factor in its durable brand recognition.
"We continue to assess Peugeot's financial risk profile as
"aggressive." We anticipate that adjusted debt to EBITDA will
return to less than 5.0x and adjusted FFO to debt will likely be
near the middle of 12% and 20% in 2014-2015, in line with our
"aggressive" category. Despite our view of the group's "weak"
business risk profile, we factor into our adjusted debt
calculation Peugeot's surplus cash (after a 25% haircut) because
we believe that the company will use it to reduce debt when
possible. Our view of the financial risk profile is supported by
"adequate" liquidity and strengthened financial flexibility,
derived from the planned capital increase. The cyclicality of
cash flows and our expectation of negative FOCF over the coming
years constrain the group's financial risk profile, in our view,"
S&P added.
The stable outlook reflects S&P's expectation that Peugeot's unit
sales will recover, on the back of the European automotive market
growing by 2%-3% in sales volumes this year, enabling the group
to sustain credit metrics commensurate with the long-term rating
over 2014-2015. According to S&P's base case, the group's
automotive operations will continue to generate negative FOCF of
about EUR1 billion (after restructuring). S&P also expects FFO
to debt will likely be near the middle of 12% and 20% and debt to
EBITDA below 5x.
S&P could lower the ratings if it perceives further deterioration
over 2014 or 2015 in the group's core markets in Europe,
particularly if this market weakness translated into further
declines in sales volumes and a protracted low level of capacity
utilization rates. Additionally, an adjusted FFO-to-debt ratio
remaining below 12%, without prospects of near-term improvement,
could lead us to lower the ratings.
S&P could consider a positive rating action if the group achieved
and sustained credit metrics in the high end of S&P's
"aggressive" category, including FFO to debt of about 18%-20%.
This would also partly depend on supportive industry conditions
and on Peugeot's ability to restore profitability and reduce
debt.
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G E R M A N Y
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LUTTGENS & ENGELS: Continues Production Despite Insolvency
----------------------------------------------------------
Jo Beckendorff at bike-eu.com reports that Luttgens & Engels GmbH
& Co. KG (L&E) filed for insolvency already on December 20, 2013.
But the company that ran into financial problems due to "extreme
price competition" is continuing its production of handlebars,
headsets, seat-posts and brakes for customer like Dutch Royal
Gazelle, bike-eu.com says.
According to the report, receiver Robin Schmahl
-- schmahl@atn-ra.de -- of Law and Accountancy firm D'Avoine,
Teuber und Neu Rechtsanwalte (ATN) said a final decision on the
future of L&E will be made March 1, 2014. Up to that date, the 30
employees will keep production running as the order-book is still
filled, the report relays.
Founded in 1898, the Solingen-based tube and metal processing
company headed by GM Dr. Tilmann Schultes is producing hi-end
components for the bicycle as well as powered two-wheeler
industries. In the bicycle sector, the company's biggest
customers are based in the Netherlands.
bike-eu.com relates that the receiver said the bicycle business
accounts for up to 30% of L&E's total sales as its biggest
customers are scooters and motorcycle producers. Next to that the
L&E business is moving more towards the powered two-wheeler
sector, the report says. Receiver Schmahl noted that the bicycle
business is extremely tough due to "[e]xtreme price competition
that is putting lots of pressure on all suppliers -- not only in
the bicycle sector but the entire two-wheeler business," the
report relates.
That price pressure is the major reason for L&E's insolvency.
The Receiver also pointed out that the company's sales office in
Taiwan was closed last year and that L&E's subsidiary in Poland
isn't affected by the insolvency as it is an independent company,
adds bike-eu.com.
=====================
N E T H E R L A N D S
=====================
BOYNE VALLEY: Moody's Raises Rating on EUR13.5MM Notes to 'Ba3'
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the
following notes issued by Boyne Valley B.V.:
EUR38.8M Class C-1 Deferrable Interest Floating Rate Notes due
2022, Upgraded to Aa3 (sf); previously on Nov 14, 2013 Upgraded
to A1 (sf) and Placed Under Review for Possible Upgrade
EUR6.8M Class C-2 Deferrable Interest Fixed Rate Notes due 2022,
Upgraded to Aa3 (sf); previously on Nov 14, 2013 Upgraded to A1
(sf) and Placed Under Review for Possible Upgrade
EUR15.6M Class D Deferrable Interest Floating Rate Notes due
2022, Upgraded to Baa2 (sf); previously on Oct 23, 2012 Upgraded
to Baa3 (sf)
EUR13.5M Class E Deferrable Interest Floating Rate Notes due
2022, Upgraded to Ba3 (sf); previously on Oct 23, 2012 Confirmed
at B1 (sf)
EUR10M (current rated balance: EUR4.93M) Class P Combination
Notes due 2022, Upgraded to Aa2 (sf); previously on Oct 23, 2012
Upgraded to A1 (sf)
EUR10M (current rated balance: EUR4.14M) Class S Combination
Notes due 2022, Upgraded to Aa1 (sf); previously on Oct 23, 2012
Upgraded to Aa3 (sf)
Moody's also affirmed the ratings of the following notes issued
by Boyne Valley B.V.:
EUR205.9M (current outstanding balance: EUR79.53M) Class A-1
Senior Floating Rate Notes due 2022, Affirmed Aaa (sf);
previously on Dec 9, 2005 Assigned Aaa (sf)
EUR50M (current outstanding balance: EUR15.88M) Class A-2a
Senior Floating Rate Notes due 2022, Affirmed Aaa (sf);
previously on Dec 9, 2005 Assigned Aaa (sf)
EUR5.6M Class A-2b Senior Floating Rate Notes due 2022, Affirmed
Aaa (sf); previously on Oct 13, 2011 Upgraded to Aaa (sf)
EUR33.2M Class B Senior Floating Rate Notes due 2022, Affirmed
Aaa (sf); previously on Nov 14, 2013 Upgraded to Aaa (sf)
EUR9.1M (current rated balance: EUR0.71M) Class Q Combination
Notes due 2022, Affirmed Aaa (sf); previously on Dec 9, 2005
Assigned Aaa (sf)
Boyne Valley B.V., issued in December 2005, is a Collateralised
Loan Obligation ("CLO") backed by a portfolio of mostly high
yield senior secured European leveraged loans. The portfolio is
managed by GSO Capital Partners International LLP. This
transaction exited its reinvestment period on 12 February 2012.
Ratings Rationale
The rating actions on the notes are primarily a result of the
improvement in over-collateralization ratios.
Moody's had previously upgraded the ratings on 14 November 2013
of Class B to Aaa (sf) from Aa1 (sf), Class C-1 to A1 (sf) from
A2 (sf) and Class C-2 to A1(sf) from A2 (sf) and left the ratings
of Class C-1 and C-2 under review for possible upgrade due to
significant loan prepayments. The actions conclude the rating
review of the transaction.
The Class A-1 and A-2a notes were paid down by EUR 53.4M (20.9%)
on August 2013 payment date and EUR 160.4M (62.7%) since the end
of reinvestment period. As a result of deleveraging, over-
collateralization ("OC") has increased. As of the trustee's
January 2014 report, the Class A/B, Class C, Class D and Class E
had OC ratios are 168.7%, 125.9%, 115.9% and 108.4% compared with
135.8%, 117.3%, 112.0% and 107.8%, respectively, as of the
trustee's August 2012 report.
The ratings on the combination notes address the repayment of the
rated balance on or before the legal final maturity. For the
Class S, Class P and Class Q Combination Notes, the rated balance
at any time is equal to the principal amount of the combination
note on the issue date minus the sum of all payments made from
the issue date to such date, of either interest or principal. The
rated balance will not necessarily correspond to the outstanding
notional amount reported by the trustee.
The key model inputs Moody's uses , such as par, weighted average
rating factor, diversity score and the weighted average recovery
rate, are based on its published methodology and could differ
from the trustee's reported numbers. In its base case, Moody's
analyzed the underlying collateral pool as having a performing
par and principal proceeds balance of EUR233.1M, defaulted par of
EUR3.6M, a weighted average default probability of 25.43%
(consistent with a WARF of 3550), a weighted average recovery
rate upon default of 48.13% for a Aaa liability target rating, a
diversity score of 26 and a weighted average spread of 4.18%.
In its base case, Moody's addresses the exposure to obligors
domiciled in countries with local currency country risk bond
ceilings (LCCs) of A1 or lower. Given that the portfolio has
exposures to 7.08% of obligors in Ireland, whose LCC is A2 and
5.01% in Spain, whose LCC is A3, Moody's ran the model with
different par amounts depending on the target rating of each
class of notes, in accordance with Section 4.2.11 and Appendix 14
of the methodology. The portfolio haircuts are a function of the
exposure to peripheral countries and the target ratings of the
rated notes, and amount to 0.84% for the Class A-1, Class A-2a,
Class A-2b, Class B and Class Q Combination Notes and 0.52% for
the Class C-1, Class C-2, Class P and Class S Combination Notes.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% of the 94.64% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the remaining non-first-lien loan corporate
assets upon default. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
November 2013.
Factors that would lead to an upgrade or downgrade of the rating:
In addition to the base case analysis described above, Moody's
also performed sensitivity analysis on key parameters for the
rated notes, which includes deteriorating credit quality of
portfolio to address the refinancing risk. Approximately 5.44% of
the portfolio is European corporate rated B3 and below and
maturing between 2014 and 2015, which may create challenges for
issuers to refinance. Moody's considered a model run where the
base case WARF was increased to 3,683 by forcing ratings on 50%
of refinancing exposures to Ca. This run generated model outputs
that were up to one notch lower than the base-case results.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy 2) the concentration of lowly- rated debt
maturing between 2014 and 2015, which may create challenges for
issuers to refinance. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.
Additional uncertainty about performance is due to the following:
Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.
Around 43.78% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates.
Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
EUROCREDIT CDO IV: S&P Lowers Ratings on 2 Note Classes to CCC+
---------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Eurocredit CDO IV B.V.
Specifically S&P has:
-- Raised its rating on the class A-2 notes;
-- Affirmed its ratings on the class A-1, B-1, and B-2 notes;
and
-- Lowered its ratings on the class C-1, C-2, Q Combo, and S
Combo notes.
The rating actions follow S&P's review of the transaction's
performance. S&P performed a credit and cash flow analysis and
has applied its relevant criteria. In S&P's analysis, it used
data from the Dec. 23, 2013 trustee report.
S&P subjected the capital structure to a cash flow analysis to
determine the break-even default rates for each rated class of
notes. In S&P's analysis, it used the reported portfolio balance
that it considered to be performing (EUR137,091,754), the current
and covenanted weighted-average spreads (3.70% and 2.55%,
respectively), and the weighted-average recovery rates that S&P
considered to be appropriate. S&P applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for
each liability rating category.
Eurocredit CDO IV has been amortizing since the end of its
reinvestment period in February 2010. Since S&P's June 1, 2012
review, the aggregate collateral balance has decreased to
EUR137.09 million from EUR202.15 million. Of this decrease, the
issuer has applied EUR58.19 million toward partial paydown of the
class A-1 notes. The remaining decrease (EUR6.87 million)
relates to losses from asset restructurings and additional
defaults. In S&P's view, the partial repayment of the class A-1
notes has increased the available credit enhancement for the
class A-1, A-2, B-1, and B-2 notes, while the additional defaults
and losses from restructurings have resulted in reduced available
credit enhancement for the class C-1 and C-2 notes.
The portfolio's continuing amortization has led to increased
portfolio concentration, in S&P's view. The portfolio comprises
33 performing obligors, down from 59 at S&P's previous review.
The largest obligor's assets represent more than 5.5% of the
aggregate collateral balance and the 10 largest obligors comprise
49% of the total pool of performing assets.
S&P also notes that 8.61% of the performing assets will mature
after the notes' legal final maturity date (Feb. 24, 2020). In
S&P's view, this exposes the transaction to market value risk as
the manager may need to sell the assets ahead of the maturity
date to repay the transaction's liabilities. To address this
risk in S&P's analysis, it reduced the balance of assets that
exceed 5% of the transaction's collateral balance by 10% per year
for each year after the notes' legal final maturity date.
S&P's analysis indicates that the available credit enhancement
for the class A-2 notes is commensurate with a higher rating than
previously assigned. S&P has therefore raised to 'AA+ (sf)' from
'AA- (sf)' its rating on the class A-2 notes.
S&P has affirmed its 'AAA (sf)' rating on the class A-1 notes
because the available credit enhancement for these notes is
commensurate with the currently assigned rating.
S&P's ratings on the class B-1, B-2, C-1, C-2, Q Combo, and S
Combo notes are constrained by the results of the largest obligor
default test, a supplemental stress test that S&P introduced in
its 2009 criteria update for corporate collateralized debt
obligations (CDOs). The results show that the available credit
enhancement for these classes of notes would be limited if the
largest obligor were to default, assuming a 5% recovery rate.
Taking into account the available credit enhancement after
applying the largest obligor test (assuming 5% recoveries on
defaulted assets), S&P has affirmed its 'BBB+ (sf)' ratings on
the class B-1 and B-2 notes. S&P has lowered to 'CCC+ (sf)' from
'B+ (sf)' its ratings on the class C-1 and C-2 notes. S&P has
also lowered to 'B- (sf)' from 'BB- (sf)' its rating on the class
Q Combo notes and to 'B-p (sf)' from 'BBp (sf)' its rating on the
class S Combo notes.
Eurocredit CDO IV is a managed cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
European speculative-grade corporate firms. The transaction
closed in November 2004 and is managed by Intermediate Capital
Managers Ltd.
RATINGS LIST
Class Rating Rating
To From
Eurocredit CDO IV B.V.
EUR355.5 Million Fixed- And Floating-Rate Notes
Rating Raised
A-2 AA+ (sf) AA- (sf)
Ratings Affirmed
A-1 AAA (sf)
B-1 BBB+ (sf)
B-2 BBB+ (sf)
Ratings Lowered
C-1 CCC+ (sf) B+ (sf)
C-2 CCC+ (sf) B+ (sf)
Q Combo B- (sf) BB- (sf)
S Combo B-p (sf) BBp (sf)
===========
N O R W A Y
===========
PETROLEUM GEO: Moody's Affirms 'Ba2' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has affirmed Petroleum Geo-Services
ASA's (PGS) Ba2 Corporate Family Rating (CFR), Ba2-PD Probability
of Default Rating (PDR) and its Ba2 USD450 million senior
unsecured notes due 2018. Moody's assigned Ba2 instrument ratings
of PGS's envisaged USD400 million senior secured term loan credit
facility due 2021 (to be effected by way of an amendment and
extension to its USD471 million senior secured term loan credit
facility due 2015), and PGS' USD500 million revolving credit
facility (RCF) due 2018 (also effected by way of an amendment,
extension and upsizing of its USD350 million RCF due 2015). The
rating outlook remains stable.
Ratings Rationale
The extended senior secured bank credit facility will continue to
be guaranteed on a senior basis by all the operating subsidiaries
that guarantee the senior unsecured notes accounting in aggregate
for almost all of the group's EBITDA.
PGS' CFR and PDR are affirmed at Ba2 and Ba2-PD respectively.
This reflects its size and scale, its leading market position,
its geographic diversification, and its high quality fleet. PGS'
high-end specification fleet provides greater earnings stability
since it positions PGS within the strongest demand segment of the
seismic acquisition business sector. However, the rating also
considers that seismic acquisition is a highly cyclical business
directly related to capital spending by oil and gas producers,
which is highly volatile and dependent on oil and natural gas
prices. Also, as the ability to provide newer technologies
becomes increasingly important to customers, despite its strong
intellectual property position, PGS is under continuous
competitive pressure to enhance its product slate.
The extended senior secured bank credit facility will have no
material impact on PGS's leverage (calculated as Moody's adjusted
debt/EBITDA less MC amortization). In the event that the extended
senior secured bank credit facility is not upsized from USD400
million, the company will repay the USD71 million of the senior
secured bank facility which is not extended from its existing
cash balance.
PGS's liquidity profile is good for its near-term requirements.
As of December 31, 2013, its cash balance was approximately
USD186 million, pro-forma for the extended facility, and its
senior secured RCF, which remains fully available, was increased
in September 2013 to USD500 million and its maturity extended to
2018 from 2015. PGS is expected to generate negative free cash
flow over the next twelve months, due to high capital
expenditures (including new builds), and the company intends to
fund all capital expenditures for the next twelve months from
cash flow and the drawdown of its second USD125 million export
credit financing loan. As of December 31 2013, PGS was in
compliance with all maintenance covenants and PGS is expected to
remain in compliance with all covenants for the next twelve
months.
Rating Outlook
The stable outlook reflects Moody's expectation that (i) PGS will
continue to maintain solid operational performance and liquidity;
and (ii) management will continue with prudent financial policies
that attempt to mitigate the cyclical nature of the business.
What Could Change The Rating Up
The CFR could face positive pressure if PGS reduces adjusted
debt/ (EBITDA - MC amortization) to below 2.5x on a sustained
basis and there continues to be an improvement in contract
volumes and prices. Any potential upgrade would also include an
assessment of market conditions.
What Could Change The Rating Down
PGS' rating could come under pressure if earnings decline
substantially resulting in a material increase in its financial
leverage, or any other significant leveraging event such as an
acquisition or shareholder friendly action.
Principal Methodology
The principal methodology used in this rating was the Global
Oilfield Services Rating Methodology published in December 2009.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
Headquartered in Norway, Petroleum Geo-Services ASA is a
technologically leading oilfield services company specializing in
reservoir and geophysical services, including seismic data
acquisition, processing and interpretation, and field evaluation.
PGS maintains an extensive multi-client seismic data library. For
the year ended December 31, 2013, PGS reported revenues of
US$1.50 billion.
===========
R U S S I A
===========
SAMARA CITY: Fitch Affirms 'BB' LT Curr. Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed Russia's Samara City's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'BB',
with Stable Outlooks, and its Short-term foreign currency IDR at
'B'. The agency has also affirmed the city's National Long-term
rating at 'AA-(rus)' with Stable Outlook.
Key Rating Drivers
The affirmation reflects Samara's sound budgetary performance
underpinned by a strong and diversified local economy and
potential financial support from the Samara Region. It also
factors in the city's moderate direct risk, albeit with a high
bias to short term bank loans. This exposes the city to a high
refinancing risk and makes Samara dependent on access to
financial markets in order to refinance maturing debt.
Fitch expects Samara's budgetary performance to stabilize at the
current sound level with margins averaging 15% in 2014-2016.
According to preliminary data the city's operating balance
reached a strong 15.7% of operating revenue in 2013 (2012:
12.5%). A strong operating balance will lead to a high self-
financing capacity for capex and will lead to a narrowing of the
deficit before debt variation to a low 1%-2% of total revenue in
2014 from 5.4% in 2013. The city administration intends to limit
debt growth and budgeted close to a zero fiscal balance for 2015-
2016.
Fitch expects the city's direct risk to increase by 7% in 2014
and reach RUB6.5 billion. Despite the projected increase, it
still remains below a moderate 40% of current revenue. Starting
from 2009 the city recorded a continuous deficit caused by capex
funding needs. This fuelled a fast direct risk increase albeit
from a low base. In 2012 the liabilities of the city's public-
sector entities (PSEs) also increased substantially to RUB1.6
billion, driven by new loans contracted by the city's water
supply and public transport companies.
Samara mostly relies on short-term bank loans for deficit
financing, so the city's direct risk stock at end-2013 was 78%
composed of bank loans with less than one year to maturity. In
2014 the city needs to repay RUB4.4bn of maturing bank loans and
RUB740 million budget loans. This is equivalent to 85% of direct
risk stock as of 1 January 1, 2014. This exposure to refinancing
risk is partially mitigated by revolving credit lines contracted
by the city from Sberbank of Russia (BBB/Stable/bbb/F3) and SMP
Bank. The lines totaled RUB1.2 billion and mature in 2015.
The city is the capital of Samara Region, which has a well-
developed diversified economy, based on a strong industrial
sector. Local companies' sound economic performance supports
Samara's strong fiscal capacity, with taxes that contributed 65%
of operating revenue in 2012. The city's administration forecasts
continued expansion of the local economy, driven by an average 5%
yoy industrial production growth in 2013-2015.
Rating Sensitivities
Debt Stabilization Positive
Stabilization of the overall debt burden, including PSEs'
liabilities, below 40% of current revenue and the lengthening of
the debt maturity profile coupled with the maintenance of sound
budgetary performance in line with Fitch expectation would be
positive for the ratings.
Poor Performance Negative
Significant deterioration of budgetary performance with the
operating margin dropping to 5% coupled with high refinancing
pressure from the short-term debt would lead to a downgrade.
SMOLENSK REGION: Fitch Affirms 'B+' LT Currency IDRs, Outlook Neg
-----------------------------------------------------------------
Fitch Ratings has affirmed Smolensk Region's Long-term foreign
and local currency Issuer Default Ratings (IDR) at 'B+', Short-
term foreign currency IDR at 'B' and National Long-term rating at
'A-(rus)'. The Outlook is Negative.
Fitch has also assigned Smolensk's outstanding senior unsecured
domestic bonds (ISIN RU000A0JU6N4) of RUB3bn a Long-term local
currency rating of 'B+' and a National Long-term rating of 'A-
(rus)'.
Key Rating Drivers
The ratings reflect the region's rapidly rising debt, which
increased 39% in 2013 to about RUB20 billion. This was equivalent
to 73% of its current revenue. The region's deficit widened to an
exceptional 24.7% of total revenue in 2013 from 5.2% in 2012.
This was due to lower-than-expected tax proceeds and high
expenditure linked to infrastructure modernization ahead of the
1,150th anniversary of the region's capital, the City of
Smolensk. Capex postponed from the previous year also contributed
to the worsened budget deficit.
Fitch expects the region's deficit to narrow to 8.3% of total
revenue in 2014 due to capex cuts and higher tax revenues. This
would lead to a slowdown of debt growth and Fitch expects the
region's direct risk to not exceed 80% of current revenue between
2014 and 2016.
Smolensk has low immediate refinancing risk with only 2.6% of
total direct risk maturing in 2014. The region's administration
improved its debt profile in 2013 by increasing the share of
long-term liabilities. The region contracted a RUB7 billion loan
from the federal budget with a three-year maturity and issued
RUB3 billion five-year amortizing bonds in 4Q13. This has
extended the direct debt maturity profile till 2018.
However, the region faces significant refinancing in 2015 and
2016, with 87% or RUB17.5 billion of direct risk maturing during
this period. Fitch does not expect the region to face
difficulties in refinancing, although a weak current balance
leaves the region dependent on access to capital markets for
refinancing and capex funding in the medium term.
Fitch expects the region's operating performance to remain weak
in 2014-2016, with a positive, but close to zero, operating
balance. According to preliminary data the operating balance
turned positive at 0.8% of operating revenue in 2013 (negative 1%
in 2012), but the current balance remained in deficit.
Historically, the region has suffered from weak budgetary
performance with a negative operating balance between 2007 and
2012.
The region has a weak tax capacity, with federal transfers
constituting a significant proportion of total revenue (about 38%
in 2012). It receives transfers for operating and investment
spending, which are, to a large extent, earmarked for specific
purposes. During 2012-2013 current transfers represented on
average 25% of current revenue, while capital transfers covered
49% of capex. However, federal transfers provide some stability
during recession, making the region less vulnerable to negative
external shocks.
Rating Sensitivities
The region's high direct risk at above 70% of current revenue,
accompanied by an inability to maintain a positive operating
balance would lead to a downgrade.
=========
S P A I N
=========
CAIXA PENEDES: Fitch Cuts Rating on EUR19.4MM Cl. C Notes to 'B-'
-----------------------------------------------------------------
Fitch Ratings has downgraded Caixa Penedes PYMES 1 TDA, F.T.A.'s
class C notes and revised the Outlook on the class B notes, as
follows:
EUR107.5m class A notes (ISIN ES0357326000): affirmed at
'AA-sf', Outlook Stable
EUR44.6m class B notes (ISIN ES0357326018): affirmed at 'BBBsf',
Outlook revised to Negative from Stable
EUR19.4m class C notes (ISIN ES0357326026): downgraded to 'B-sf'
from 'Bsf', Outlook Negative
Caixa Penedes PYMES 1 TDA, F.T.A. is a granular cash flow
securitization of a pool of secured and unsecured loans granted
to Spanish small- and medium-sized enterprises by Caixa Penedes
(now part of Banco Mare Nostrum).
Key Rating Drivers
The downgrade and Outlook revision reflect the transaction's
weakened portfolio performance since the last review in
March 2013. Defaults now represent 4% of the outstanding balance
in comparison with 1% at the last review. This has been caused by
the high levels of delinquencies rolling into the defaulted
bucket. The majority of defaulted assets are in the real estate
industry. Delinquencies over 90 days have increased to 8% from 6%
and could lead to an accelerated default rate. Over the same
period, the weighted average recovery rate (ratio of cumulative
recoveries to cumulative defaults) has declined to 82% from 95%.
In addition, the reserve fund has declined to EUR9 million from
its required amount of EUR13 million. Further decreases of the
reserve fund may lead to a rating cap being implemented, if the
amount becomes insufficient to mitigate payment interruption
risks arising from the low rated servicer, Banco Mare Nostrum
(BB+/Negative/B)
Credit enhancement for the class A notes has benefited from
EUR39 million amortization, which has offset the effects of the
portfolio's performance on the senior notes. The class A notes'
rating is constrained by its exposure to Spain.
Rating Sensitivities
Fitch incorporated stress tests in its analysis to determine the
ratings' sensitivity to a scenario change. The first test
analyses the effect of the recovery rate being decreased by 25%,
whereas the second analyses an increase in default rates by 25%.
Both tests indicate possible negative rating migration on the
class B and C notes by one to two notches.
LA SEDA DE BARCELONA: Indorama Set to Acquire Turkish Subsidiary
----------------------------------------------------------------
Richard Higgs at EuropeanPlasticsNews.com reports that global PET
producer Indorama group looks set to acquire Artenius TurkPET,
the Turkish PET polymers subsidiary of the insolvent Spanish PET
and packaging group La Seda de Barcelona [LSB].
EuropeanPlasticsNews.com relates that a Spanish commercial court
overseeing the liquidation of LSB's international assets has
formally authorised the group's insolvency administrator to sell
off all LSB shares in the Turkish business.
According to the report, the court in Barcelona ruled that the
administrator Forest Partners Estrada y Asociados can sell
TurkPET's 130,000 tpa PET plant in Adana, Turkey to Indorama
Ventures, an offshoot of the Thai group. Details of its purchase
offer were not disclosed, the report notes.
Artenius TurkPET was formed in November 2012 when LSB demerged
the separate polymer and packaging operations of its former
Turkish offshoot Artenius Turkpet Kimyevi Maddeler ve Pet Ambalaj
Malzemeleri Sanayi Anonim Sirketi, the report discloses. Its
packaging interests were taken on by a new company APPE Turkpack,
part of LSB's APPE PET packaging division.
La Seda de Barcelona is a Spanish plastics bottle maker. The
Catalonia-based company makes bottles in Europe, Turkey and North
Africa.
As reported in the Troubled Company Reporter-Europe on July 19,
2013, Plasteurope said the commercial court in Barcelona
overseeing the bankruptcy proceedings of La Seda and its 12
subsidiaries has appointed auditing and consulting firm Mazars
Financial Advisory as insolvency administrator.
The company filed a voluntary insolvency petition on June 17,
2013, after its restructuring and refinancing plans failed to
reach approval of 75% of shareholders, Plasteurope related.
TCR-Europed, citing Plastics & Rubber Weekly, reported on
Feb. 4, 2014, that La Seda de Barcelona has entered the
liquidation phase following a ruling by a commercial
court judge in Barcelona, Spain.
LUTON AIRPORT: Faces Uncertain Future as Aena Plan Drags
--------------------------------------------------------
Jane Wild and Miles Johnson at The Financial Times report that
six months after Spain's airport authority bought Luton airport,
the plan is in doubt and Luton has a question mark over its
future, the FT notes.
Luton, Britain's fifth biggest by passenger numbers and home to
low-cost airline easyJet, was bought for EUR502 million in
August. It provided an attractive entry point into London, one
of the world's busiest air traffic hubs, the FT relates.
But in recent months, the plan to privatize up to 60% of Aena,
originally meant to be announced before the end of last year, has
dragged on with little explanation for the delay, leaving
observers puzzled, and the future of planned investment in Luton
in doubt.
"There's a question mark over the development of Luton, because
there's a bigger question mark over the future of Aena," the FT
quotes a person with knowledge of the situation as saying.
"Luton is on the backburner for the moment."
According to the FT, the Spanish media suggest a political
disagreement inside the centre-right government of Mariano Rajoy
over the merits of the privatization. At the same time, with
Spain having pulled back from the brink of a full-scale rescue,
and its economy showing nascent signs of recovery, the pressure
for Madrid to sell assets has been reduced, the FT says. Aena
has found itself caught in between, the FT states.
PESCANOVA SA: Shareholders Ask Creditors to Accept 73% Losses
-------------------------------------------------------------
Katie Linsell and Ben Sills at Bloomberg News report that
shareholders of Pescanova SA, the company that's restructuring
more than EUR2 billion (US$2.7 billion) of previously undisclosed
debt, are asking creditors to accept losses of as much as 73%.
According to Bloomberg, a person familiar with the matter said
that negotiations with creditors cover a range of losses from 63%
to 73%.
The company said Feb. 7 that restructuring offers for the company
must be filed to the bankruptcy court by March 3 and Pescanova
will be liquidated if a deal isn't agreed in the coming months,
Bloomberg relays.
A consortium chosen by Pescanova to restructure the company,
including shareholders Spanish brewer Damm SA and Luxempart SA as
well as KKR & Co. and Ergon Capital Partners SA, asked lenders in
December to accept losses of as much as 90%, Bloomberg recounts.
Bloomberg notes that the person said the consortium of investors
is prepared to inject EUR250 million into the company.
About Pescanova SA
Pescanova SA is a Galicia-based fishing company. The company
catches, processes, and packages fish on factory ships. It is
one of the world's largest fishing groups.
Pescanova filed for insolvency on April 15, 2013, on at least
EUR1.5 billion (US$2 billion) of debt run up to fuel expansion
before economic crisis hit its earnings. The Pontevedra
mercantile court in northwestern Galicia accepted Pescanova's
insolvency petition on April 25. The court ordered the board of
directors to step down and proposed Deloitte as the firm's
administrator.
* SPAIN: Mulls Measures to Help Companies Restructure Debt
----------------------------------------------------------
Jesus Aguado at Reuters, citing a banking source, reports that
Spain's government is studying measures to help struggling
companies restructure their debts, which could include
transferring banks' exposures to such firms to a newly-created
external fund.
Spanish investment bank N+1 has produced a study, seen by
Reuters, on the potential creation of a vehicle that would aid
debt-for-equity swaps by allowing banks to exchange loans for
stakes and transfer those stakes to an externally-managed fund.
Spain's economy ministry, which is working on new corporate debt
rules, said the report was independent and there was no official
discussion on that topic, Reuters relates.
"We are working on a law to adopt measures that will allow
companies with high debt levels or which are in the process of
restructuring debts, but which are still viable, to continue
operating," Reuters quotes a spokesman for the economy ministry
as saying.
===========
S W E D E N
===========
BRAVIDA HOLDING: S&P Affirms 'B' CCR; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B' corporate credit rating on Bravida Holding AB, the parent of
Sweden-based provider of multitechnical services Bravida. The
outlook is stable.
At the same time, S&P affirmed the 'B' issue rating on Bravida's
senior secured notes. The recovery rating on these notes is
unchanged at '4', indicating S&P's expectation of average
(30%-50%) recovery in the case of a payment default.
Bravida intends to repay Swedish krona (SEK) 1.4 billion (about
US$214 million) of its shareholder loan by issuing a SEK920
million (about US$141 million) payment-in-kind (PIK) toggle note,
which will be issued by Bravida Holding AB's parent, Bravissima
Holding AB, and using about SEK500 million of its cash on hand.
"The affirmation reflects our view that Bravida's financial risk
profile will remain in line with the current 'B' rating after the
planned refinancing. Although we have not changed the ratings,
we view the transaction as negative for Bravida's overall credit
quality. This is because a large portion of the cash balance
will be used to repay the deeply subordinated shareholder loan,
and the cash interest burden is likely to increase. The cash
burden will likely increase because, under the terms and
conditions for the new instrument, cash payment is required as
long as cash in hand stands above SEK250 million. We expect,
however, that the group's solid free cash flow generation,
supported by low capital expenditure requirements, will
sufficiently cover the potential increase in cash interests. On
the positive side, we note that adjusted debt will decrease
because we don't net any of the group's cash holdings," S&P said.
"The ratings are constrained by our view that Bravida has a
"highly leveraged" financial risk profile, reflecting -- in
addition to the above-mentioned PIK toggle notes -- debt
consisting of senior secured notes of SEK3.3 billion and the
remaining SEK1.5 billion of the shareholder loan after
refinancing (structured as preference shares), which we treat as
debt-like under our criteria. These shares are, however, deeply
subordinated and accrue interest," S&P added.
"We assess Bravida's business risk profile as "fair." This
reflects our assessment of the group's "fair" competitive
position, "intermediate" risk in the capital goods industry, and
the group's "very low" country risk," S&P noted.
The stable outlook reflects S&P's expectation that Bravida should
continue to generate positive free operating cash flow and
maintain sufficient headroom to cover its increasing debt-service
costs resulting from cash interest related to the new PIK toggle
note. S&P expects Standard & Poor's-adjusted EBITDA cash cover
to remain above 3x and adjusted debt to EBITDA to gradually
diminish to below 7.5x by year-end 2015.
At this stage S&P views a positive rating action as remote, given
the group's high leverage. S&P could, however, contemplate a
positive rating action if Bravida's adjusted FFO to debt climbed
above 15% on a sustainable basis, which S&P considers unlikely in
the next two years.
Downward rating pressure could emerge if any additional
shareholder-friendly action were to be undertaken, implying, for
example, a further increase in Bravida's cash interest burden.
The ratings could also come under pressure if an unexpected sharp
economic downturn in Scandinavia were to occur, squeezing the
EBITDA margin to less than 5.0%, or if the group were to engage
in large debt-funded acquisitions.
===========
T U R K E Y
===========
YUKSEL INSAAT: Fitch Affirms 'CC' Long-Term Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed Turkey-based construction company
Yuksel Insaat A.S.'s (YI) Long-term Issuer Default Rating (IDR)
at 'CC'. Fitch has also affirmed YI's USD200 million outstanding
notes maturing in 2015 at 'CC'.
Fitch understands from YI's management that its negotiations with
bondholders are continuing. In line with Fitch's 'Distressed Debt
Exchange' criteria dated August 2, 2013, the ratings reflect the
probability that a bond restructuring could lead to a material
reduction in the contractual terms against the original terms, to
avoid going into default. The outcome of the negotiations remains
uncertain and will be a key rating driver.
YI's liquidity has improved following the receipt of proceeds
from the Gebze-Izmir Highway stake sale. Although current
liquidity is close to historical levels, Fitch believes that
liquidity post restructuring and/or covenant adjustments would be
another factor determining the direction of the ratings.
KEY RATING DRIVERS
Prolonged Uncertainty in Restructuring Negotiation
At end-2011, Yuksel Insaat exceeded a 4:1 bond covenant, which
restricted the company from incurring additional debt. This led
to liquidity problems, given that the company had undertaken a
large highway project from the government. The leverage bond
covenant of 4:1 was breached by incurring additional debt. The
bondholders did not take any legal action, and engaged with YI in
bond restructuring negotiation. The negotiations are still on-
going and Fitch has limited insight of the details of the
restructuring plans at this point.
Improved Cash Balances
Fitch notes that Yuksel's liquidity has improved with the
proceeds from the Gebze-Izmir highway stake sale. Although
current liquidity is close to historical levels, Fitch still
believes that post-restructuring liquidity and/or covenant
adjustments would be a key rating driver. However, there is
uncertainty regarding YI's future liquidity, given that the
negotiations are still ongoing with the bondholder committee.
YI's management previously stated that it needs at least USD30
million cash at any time for working capital needs. Therefore,
the amount of prepayment, or covenant amendments will be critical
for YI at this point to be able to continue operations.
Operations Under Pressure
YI's profitability decreased during 2013, but the order book
appears to be stable and it is still getting new projects because
of its well-established name within the region. We currently do
not have the annual accounts. However, Fitch expects the
operating EBITDA margin is around 7%, falling behind our 8.7%
previous projections.
Libya Exposure
YI has commenced construction works in Libya. Remobilization of
Darnah-Imsaad and Sirt Ajdabiyah projects has begun and workers
and senior staff are back in Libya.
Leading Turkish Construction Company
The ratings continue to reflect YI's position as one of the main
construction companies in Turkey, focusing on infrastructure
construction contracts, mostly for government entities across
Turkey, and the Middle East and North African region. YI is well
positioned to benefit from the expected growth in energy demand,
as well as the need for improved infrastructure across many of
its end-markets (notably in the Gulf region), where it has a
well-established presence.
RATING SENSITIVITIES
POSITIVE
-- Successful restructuring of the bond, leaving enough
liquidity to support ongoing operations.
-- Continued asset disposals and/or capital injection coming
from shareholders leading to significant deleveraging.
NEGATIVE
-- Failure in negotiations would have a direct negative effect
on the ratings.
-- Bond restructuring with material reduction in the contractual
terms against the original terms to avoid default.
=============
U K R A I N E
=============
LEMMA INSURANCE: A.M. Best Downgrades FSR to 'C++'
--------------------------------------------------
A.M. Best has downgraded the financial strength rating (FSR) to
C++ (Marginal) from B (Fair) and issuer credit rating (ICR) to
"b+" from "bb" of Lemma Insurance Company (Lemma) (Ukraine).
A.M. Best has also placed the ratings under review with negative
implications.
The downgrading of Lemma's ratings reflects the high risk
environment in which it operates, due to the rapid decline of the
Ukrainian economy. A.M. Best considers these conditions to have
diminished the company's ability to meet its policyholders'
obligations.
Due to the ongoing political instability and social unrest in
Ukraine, A.M. Best is concerned with Lemma's ability to maintain
risk-adjusted capitalization at an appropriate level, owing to
the company's high underwriting and financial risk exposures to
the domestic market. These risks are further exacerbated by
Lemma's reinsurance strategy, which places a large portion of its
business with a local unrated reinsurer. Business derived from
Ukraine accounts for approximately a third of Lemma's gross
premium volumes, whilst the company's investment portfolio
remains solely concentrated in the domestic market. In view of
the high currency risk associated with the potential for further
devaluation of the Ukrainian Hryvnia, significant uncertainty
exists with Lemma's ability to fulfill both its domestic and
foreign policyholders' obligations.
The under review with negative implications status will remain
until A.M. Best can adequately assess Lemma's risk-adjusted
capital position and prospective capital management strategy.
A.M. Best's evaluation will be based on audited financial
accounts for the 2013 year (based on international financial
reporting standards) and will consider the outcome of an
investment stress test to support any rating actions taken. A.M.
Best expects to resolve the under review status no later than
mid-year 2014.
There are no upward rating pressures. Negative rating actions
could occur if Lemma's risk-adjusted capitalization deteriorated
to a level unsupportive of the company's high risk profile.
Additionally, further deterioration in the political situation in
Ukraine would likely result in negative actions being taken.
UKRAINE: Western Leaders Scramble to Put Together Rescue Deal
-------------------------------------------------------------
Neil Buckley, Roman Olearchyk and Christian Oliver at The
Financial Times report that Western leaders were scrambling to
put together a rescue deal for Ukraine on Sunday, as the European
Union's top economic official warned that financial aid was
imperative to save the country from bankruptcy.
"It will have to be measured in billions rather than hundreds of
millions," the FT quotes Olli Rehn, the EU's economic
commissioner, as saying on the sidelines of the meeting of G20
finance ministers and central bank governors in Sydney.
Intense discussions between the EU and its US allies suggested no
bailout would be agreed without a new government willing to
commit to economic reform, the FT relates.
The US was willing to supplement an IMF program "to cushion the
impact of reforms on low-income Ukrainians", Jack Lew, US
Treasury secretary, told Arseniy Yatsenyuk, the Ukrainian
opposition leader, the FT relays.
According to the FT, however, in a phone call, Mr. Lew also
emphasized the need to "implement reforms that could be supported
by an IMF program."
"He encouraged Ukraine to begin discussions with the IMF as
quickly as possible," a Treasury official, as cited by the FT,
said, suggesting that the US still expected the fund to take the
lead in supporting the Ukrainian economy.
Kiev's finances will come under intense pressure if Russia's
president, Vladimir Putin, responds to the fall of Mr. Yanukovich
by ending a US$15 billion bailout facility for Kiev, the FT
discloses.
Moscow bought US$3 billion of Ukrainian sovereign bonds at the
end of December but the next step of its bailout -- the purchase
of a further US$2 billion of eurobonds -- is on ice, after the
auction was cancelled last week, the FT recounts.
UKRAINE: S&P Lowers Sovereign Rating to 'CCC'; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term foreign
currency sovereign credit rating on Ukraine to 'CCC' from 'CCC+'.
At the same time, S&P affirmed the short-term foreign currency
sovereign rating at 'C'. In addition, S&P affirmed the long- and
short-term local currency sovereign credit ratings at 'B-/B'.
The outlook is negative.
Finally, S&P affirmed its long-term Ukraine national scale rating
at 'uaBB+'.
RATIONALE
The downgrade reflects S&P's view that the political situation in
Ukraine has deteriorated substantially. S&P believes that this
raises uncertainty regarding the continued provision of Russian
financial support over the course of 2014, and puts the
government's capability to meet debt service at increasing risk.
When S&P lowered the long- and short-term foreign currency
ratings on Ukraine to 'CCC+/C' on Jan. 28, 2014, it indicated
that it could lower the ratings again if political turmoil
further reduced the government's administrative capacity to meet
debt service, or if Ukraine did not receive the expected
financial support from Russia or find alternative funding
sources.
In S&P's view, the expected financial support from Russia is
becoming increasingly uncertain and dependent on the outcome of
the deteriorating political situation in Ukraine. The clashes
between protesters and security forces that began on Feb. 18 lead
us to conclude that a conciliatory end to the political stand-off
is now out of reach. S&P considers that the future of the
current Ukrainian leadership is now more uncertain than at any
time since the protests began in November 2013. S&P believes
that the Russian government's support for Ukraine is tied to the
current leadership and its political orientation away from the EU
and toward Russia. As a result of the intensifying political
turmoil in Ukraine, S&P considers that continued Russian support
up to the committed US$15 billion is increasingly uncertain.
Should Russian financial support fall short of Russia's
commitments, S&P expects the government of Ukraine to default on
its foreign-currency obligations.
S&P estimates that the government, National Bank of Ukraine (NBU;
the central bank), and state-owned gas company Naftogaz have
about US$13 billion in foreign currency debt service to make in
2014. Ukraine's international reserves fell to US$17.8 billion in
January 2014 from US$20.4 billion in December 2013. At the same
time, Ukraine's large current account deficit, at about 9% of GDP
in 2013, and elevated household demand for foreign currency will
also put pressure on Ukraine's foreign currency reserves.
"We had understood that the US$15 billion of direct Russian
financial support to Ukraine would be fully disbursed before the
second half of 2014. This amount constitutes about 8% of
Ukraine's 2014 GDP, and US$3 billion has been disbursed to date.
However, the deterioration in the political situation in Ukraine,
resulting in the loss of at least 25 lives, suggests to us that
opposition to the Ukrainian government's current financing
arrangements -- and to President Yanukovych remaining in power --
could be sufficient to prevent Russia from providing the
committed funding. In our view, this would result in the
Ukrainian government being unable to meet its debt service in a
timely manner. No alternative funding sources have yet been
found. We note that Russia suspended the disbursement of US$2
billion in January 2014, and has delayed disbursement of the same
amount that was expected on Feb. 19, 2014, in light of political
developments in Ukraine. Russia only announced the support
package in December 2013," S&P said.
"We expect that alternative financial assistance from the U.S.,
EU, or IMF to be tied to likely conditions associated with a
formal IMF lending program, including increased exchange rate
flexibility, policies to strengthen the financial sector, fiscal
consolidation, increases in domestic energy tariffs, and
comprehensive structural reforms to improve the business climate
and support growth. In our view, the incumbent Ukrainian
government is disinclined to endorse this policy direction.
Should the current leadership fall as a result of the political
conflict engulfing the country, we have little visibility of what
government might follow and what its policy priorities might be.
The opposition and protestors appear to be less cohesive than the
opposition movement during the Orange Revolution in 2004-2005,
and so far no obvious leader with a similarly broad authority and
credibility to the current leadership has emerged," S&P added.
As a result of the political turmoil, the economic situation in
Ukraine continues to deteriorate and, in S&P's view, the
likelihood of a forced devaluation of the Ukrainian hryvnia has
significantly increased. With over half of the government's debt
denominated in foreign currency, a significant devaluation could
further undermine the government's debt service capabilities.
The potential magnitude of this has also increased in light of
the government's defense of the exchange rate. The NBU spent
US$1.7 billion of foreign currency reserves in January alone to
defend the currency.
"We view Ukraine's gross external financing needs as the highest
among the large emerging markets, estimated at 156% of current
account receipts and usable reserves in 2014. We expect that, to
cover those financing needs, rollovers of trade financing and
other private sector debt will need to complement direct bi- or
multi-lateral financial support. Ukraine's large current account
deficit, elevated household demand for foreign currency since
November 2013, and no end to the political crisis in sight, lead
us to expect a devaluation of the hryvnia against the U.S. dollar
in 2014 to 10, from 8 in 2013. The hryvnia has depreciated by
about 11% to close to 9 so far this year. The NBU revised its
official exchange rate to 8.7 from 8.0 in July 2012, allowing for
+/- 2% fluctuation around the official level. We project that
foreign currency reserves held at NBU will fall below two months
of current account payments in 2015, from 2.4 months in 2013,"
S&P noted.
"We estimate that the change in Ukraine's general government debt
will average about 6% of GDP in 2014-2017, and that general
government net debt will reach 43% of GDP in 2014, up from 36% in
2013, with 5% of GDP of that increase related to S&P's
devaluation assumption. About 55% of government debt is
currently denominated in foreign currency. S&P expects local
currency financing of the general government deficit to continue
to come largely from the NBU and state-controlled banks. The NBU
held 58% of local currency debt as of December 2013, while banks
held a further 32%, which is about 7% of commercial bank assets.
S&P therefore expects that financial repression will provide
additional flexibility for the government to honor its local-
currency debt, reflected in the two-notch distinction between our
long-term local- and foreign-currency ratings on Ukraine.
Under S&P's Banking Industry Country Risk Assessment (BICRA)
methodology, it classifies Ukraine's banking sector in group
'10', its weakest category. S&P views the banking system as an
impediment to monetary policy flexibility and the functioning of
the transmission mechanism. Problem loans, including
nonperforming and restructured loans in the banking system, are
very high, at about 30%-40% of total loans. They could rise
further should S&P's expectation of an additional hryvnia
devaluation materialize, as 34% of bank loans were denominated in
foreign currency as of December 2013.
S&P estimates Ukraine's GDP per capita at US$3,900 in 2014. S&P
projects the population will continue to decline by about 0.5%
per year. Medium-term pressure on age-related expenditures
remains largely unaddressed, in S&P's view. Due to weak external
demand for Ukraine's metals and machinery exports, and a
continued decline in industrial production, we forecast trend GDP
growth -- as defined by S&P's criteria -- at 1.8%.
OUTLOOK
The negative outlook reflects S&P's view that there is at least a
one-in-three chance that it could lower its ratings on Ukraine
over the next 12 months if it was to view a sovereign default as
becoming almost inevitable within six months, absent
significantly favorable changes in circumstances, which S&P do
not anticipate. A downgrade could also occur if bi- or multi-
lateral funding were not forthcoming.
S&P could revise the outlook to stable if it was to gain
sufficient comfort that Ukraine were to meet external financing
needs with bi- or multi-lateral lending and the acute political
crisis were to make way for a more stable and predictable
institutional and governance outlook.
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
Downgraded; Ratings Affirmed
To From
Ukraine
Sovereign Credit Rating
Foreign Currency CCC/Negative/C CCC+/Negative/C
Ratings Affirmed
Ukraine
Sovereign Credit Rating
Local Currency B-/Negative/B
Ukraine National Scale uaBB+/--/--
Downgraded
To From
Ukraine
Transfer & Convertibility Assessment
Local Currency CCC CCC+
Ukraine
Senior Unsecured CCC CCC+
UKRAINE MORTGAGE: Fitch Lowers Class B Notes' Rating to 'CCCsf'
---------------------------------------------------------------
Fitch Ratings has downgraded Ukraine Mortgage Loan Finance No.1
plc's class B notes (ISIN: XS0285819123) to 'CCCsf' from 'B-sf'
with a Recovery Estimate (RE) of 100%
Key Rating Drivers
The rating action follows the downgrade of Ukraine's Long-term
foreign currency Issuer Default Rating (IDR) to 'CCC' from 'B-'
and the downgrade of the Country Ceiling to 'CCC' from 'B-' (see
'Fitch Downgrades Ukraine to 'CCC' dated 7 February 2014 at
www.fitchratings.com). As the class B notes do not benefit from
structural features that would mitigate transfer and
convertibility risks, the rating on the notes is capped at
Ukraine's Country Ceiling.
The credit support (87%) available to the class B notes is high
compared with that at transaction close (10%). This means asset
deterioration would have to be substantial before impairing the
outstanding class B notes. For this reason, we have assigned the
notes an RE of 100%.
According to the documentation, full transition to the backup
servicer (Ukreximbank; CCC) will take place once PrivatBank (CCC)
is downgraded below 'CCC+'. However, no action has yet been
taken. Fitch considers payment interruption and commingling risk
mitigated by the current level of the reserve fund, which stands
at 40% of current note balance. Should performance of the assets
deteriorate and result in reserve fund utilization, Fitch will
reassess the transaction's ability to mitigate the two risks.
The underlying assets have continued to perform well with limited
arrears and defaults, despite a weakening economy and political
uncertainty. As of January 2014, defaulted loans (defined as
loans in arrears by more than three months) stood at 4.8% of the
initial pool balance while delinquent loans were 2.8% of the
current pool balance.
Rating Sensitivities
A rating action on Ukraine's IDR and Country Ceiling could result
in a revision of the highest achievable rating for the class B
notes.
Depreciation of local currency in relation to the US dollar could
put pressure on the transaction as the underlying loans are
dollar-denominated while some borrowers generate income in local
currency.
Political uncertainty and high unemployment rate may adversely
affect borrower affordability which may lead to increasing
arrears and defaults.
===========================
U N I T E D K I N G D O M
===========================
HIGHLANDS INSURANCE: 15% Initial Pay Under Cedant Scheme Approved
-----------------------------------------------------------------
InsolvencyNews reports that the liquidators of Highlands
Insurance Company (UK) Limited have announced an initial payment
percentage of 15% has been agreed, following implementation of a
Scheme of Arrangement (SoA).
Highlands Insurance entered administration in November 2007,
after directors agreed the company was insolvent. In April 2012,
the company moved from administration to a Company Voluntary
Liquidation (CVL), InsolvencyNews notes.
InsolvencyNews says a separate scheme of arrangement for
reinsurance creditors, known as the Cedant Scheme, came into
effect in September 2011 following the successful implementation
of a scheme of arrangement which dealt with Highland UK's direct
insurance business.
All submitted claims had been paid in full under this first
scheme of arrangement, InsolvencyNews relays.
According to InsolvencyNews, joint scheme administrators and
joint liquidators Dan Scwarzmann and Mark Batten of PwC said
following agreement of all claims submitted under the Cedant
Scheme, an initial payment percentage of 15% had been set.
InsolvencyNews quoted Mr. Schwarzmann, joint liquidator, scheme
administrator and partner at PwC, as saying: "This announcement
represents a significant milestone in the company's closure plan,
which is now substantially complete.
"Payments will be made to Cedant Scheme Creditors in the next few
days. Further payments are dependent on additional reinsurance
recoveries which are subject to significant uncertainties.
"The Highlands UK insolvency has again demonstrated that schemes
of arrangement are a flexible exit tool for an insurance
business."
About Highlands Insurance
Highlands Insurance Company (U.K.) Ltd. is a wholly-owned
subsidiary of Highlands Holdings (U.K.) Ltd., which is in turn a
wholly-owned subsidiary of Highlands Insurance Group Inc., a U.S.
based Company. On October 25, 2007, the Debtor's directors
presented an application to the High Court of Justice, Chancery
Division, Companies Court to place the Debtors into
administration under the U.K. Insolvency Act of 1986. On
November 1, 2007, the High Court granted the application.
Highlands Insurance Company (U.K.) Ltd. filed for Chapter 15
(Bankr. S.D.N.Y. Case No. 07-13970) on Dec. 18, 2007, through its
duly authorized foreign representatives. When the company filed
for Chapter 15, they listed assets between US$50 million and
US$100 million and debts of more than US$100 million.
The ultimate parent company of Highlands UK is Highlands
Insurance Group Inc., incorporated in the State of Delaware, USA
which, since October 2002 has (together with several
subsidiaries) been subject to bankruptcy proceedings in Delaware,
USA.
PUNCH TAVERNS: Fitch Cuts Ratings on 7 Note Classes to 'CC'
-----------------------------------------------------------
Fitch Ratings has downgraded Punch Taverns Finance Plc's (Punch
A) notes and Punch Taverns Finance B Ltd's (Punch B) class B and
C notes. The notes remain on Rating Watch Negative (RWN) pending
further announcements regarding the debt restructuring.
Key Rating Drivers
The rating actions are driven by increased uncertainty, with a
consensual debt restructuring becoming less likely. The
anticipated noteholder vote scheduled for February 14, 2014 did
not take place and Punch Taverns Plc's (Punch Taverns) latest
restructuring proposal has been withdrawn. Fitch understands that
further negotiations will take place between involved
stakeholders ahead of the next covenant reporting date of
April 15, 2014. If no consensual restructuring solution can be
found, Punch Taverns may withdraw its support for Punch A and/or
Punch B, which would likely lead to a breach of financial
covenants and eventually to a borrower event of default under the
issuer/borrower facility agreements. Such a scenario could lead
to increased operating costs for the borrower (currently not
reflected in Fitch's free cash flow forecasts) as well as
operational uncertainty impacting both Punch A and Punch B's
revenues and cash flow.
Fitch's view of the underlying performance of the securitized
estates has not changed compared with its last reviews in
November 2013. Based on Punch Tavern's trading statements for the
entire group's estate performance has been broadly in line with
expectations in FY14 thus far with the core estate like-for-like
net income up by 1.5% (year on year) in the 20 weeks to 4 January
2014. However, trading was somewhat assisted by weak weather
comparatives.
The agency's base case free cash flow debt service coverage
ratios (DSCR; minimum of both the average and median DSCRs to the
notes' legal final maturity) for Punch A's class A, M, B, C and D
notes remain around 1.3x, 1.1x, 0.85x, 0.8x and 0.8x,
respectively and for Punch's B class A, B and C around 1.4x, 0.8x
and 0.8x, respectively. Further asset disposals, potential debt
prepayments or re-profiling could have a material impact on the
assumptions and DSCRs.
Rating Sensitivities
The transaction's ratings are currently on RWN due to the
upcoming restructuring. The outcome of the debt restructuring
could have an impact on the ratings. The ratings could also be
adversely affected if Punch A or Punch B's performance falls
materially short of Fitch's base case or if there was an early
reduction/discontinuation of the parent support leading to a
borrower event of default under the issuer/borrower facility
agreements.
Summary of Credit
Punch A and Punch B are two whole business securitizations of
2,316 and 1,649 leased and tenanted pubs, respectively, located
across the UK and owned by Punch Taverns Group.
The rating actions are as follows:
Punch A:
GBP270.0m class A1(R) fixed-rate notes due 2022: downgraded to
'BB' from 'BB+'; on RWN
GBP203.9m class A2(R) fixed-rate notes due 2020: downgraded to
'BB' from 'BB+'; on RWN
GBP102.1m class M1 fixed-rate notes due 2026: downgraded to 'B-'
from 'B'; on RWN
GBP398.7m class M2(N) floating-rate notes due 2029: downgraded
to 'B-' from 'B'; on RWN
GBP79.5m class B1 fixed-rate notes due 2026: downgraded to 'CC'
from 'CCC'; on RWN GBP83.7m class B2 fixed-rate notes due 2029:
downgraded to 'CC' from 'CCC'; on RWN
GBP134m class B3 floating-rate notes due 2031: downgraded to
'CC' from 'CCC'; on RWN
GBP85.1m class C(R) fixed-rate notes due 2033: downgraded to
'CC' from 'CCC'; on RWN
GBP83.8m class D1 floating-rate notes 2032: downgraded to 'CC'
from 'CCC'; on RWN
Punch B:
GBP158.9m Class A3 fixed-rate notes due 2022: 'B+'; maintained
on RWN
GBP220.0m Class A6 fixed-rate notes due 2024: 'B+'; maintained
on RWN
GBP158.9m Class A7 fixed-rate notes due 2033: 'B+'; maintained
on RWN
GBP44.9m Class A8 floating-rate notes due 2033: 'B+'; maintained
on RWN
GBP61.5m Class B1 fixed-rate notes due 2025: downgraded to 'CC'
from 'CCC'; on RWN
GBP99.4m Class B2 fixed-rate notes due 2028: downgraded to 'CC'
from 'CCC'; on RWN
GBP125.0m Class C1 floating-rate notes due 2035: downgraded to
'CC' from 'CCC'; on RWN
RANGERS FOOTBALL: Obtains GBP1.5-Mil. Loan From Shareholders
------------------------------------------------------------
Gareth Mackie at The Scotsman reports that Rangers Football Club
has struck a deal to borrow GBP1.5 million from football board
chairman Sandy Easdale and investment group Laxey Partners.
The cash-strapped Ibrox outfit made a GBP14.4 million loss in the
13 months up to last June and failed in a bid to persuade
Ally McCoist's squad to accept a 15% wage cut as they looked for
a solution to their money woes, The Scotsman relates.
But now Easdale has stepped in to offer up a GBP500,000 sum on a
no-fee and no-interest basis, while Laxey Partners will lend the
club GBP1 million, with both sums secured against the Edmiston
House and Albion car park facilities near to Ibrox, The Scotsman
discloses.
Both loans are repayable by September 1, while Laxey Partners,
the club's single-biggest shareholder with an 11.64% stake, stand
to make a GBP150,000 profit on their part of the deal, The
Scotsman says.
The Isle of Man-based hedge fund may opt to take repayment in the
form of fresh shares, but that would require shareholder backing
at an AGM, The Scotsman discloses.
According to The Scotsman, Rangers say the cash will be used for
working capital over the "next few months".
The League One leaders' raised GBP22 million when they were
floated on the stock market in December 2012, but former
financial director Brian Stockbridge sparked concerns the club
might be heading for administration for a second time last year
when he claimed the club would be down to their last GBP1 million
by April after burning through the rest of their eight-figure
stockpile in little more than 15 months, The Scotsman recounts.
About Rangers Football Club
Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club. The Company has launched its own
Internet television station, RANGERSTV.tv. The station combines
the use of Internet television programming alongside traditional
Web-based services. Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary. The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action. Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.
RSA INSURANCE: Mulls Fundraising; May Scrap Dividend
----------------------------------------------------
Gareth Mackie at The Scotsman reports that former Royal Bank of
Scotland boss Stephen Hester is set to launch a huge fundraising
effort this week as part of his bid to revive RSA, the insurer he
joined this month.
Mr. Hester, who is being paid a GBP950,000 salary with the
potential for his total package to top GBP5.3 million, is also
expected to confirm that the More Than parent is scrapping its
final dividend, The Scotsman says.
RSA, which has been hit by a string of profit warnings, slashed a
third off its interim dividend in August and analysts at
Brewin Dolphin, as cited by The Scotsman, said: "We expect RSA to
suspend its final dividend, cut 2014 dividend guidance and
potentially also announce a placing or large rights issue of up
to GBP500 million."
However, the report said on Feb. 23 that the insurer could be
seeking to raise as much as GBP800 million.
"RSA is considering measures to strengthen its balance sheet,
including raising capital by way of a rights issue. However, no
final decision has been made by the company. Further details
will be given when appropriate," The Scotsman quotes a
spokeswoman as saying.
RSA last month sought to draw a line under the problems at its
Irish arm after a trio of reviews found irregularities at the
business did not amount to a group-wide problem, The Scotsman
recounts.
RSA Insurance Group plc is a multinational general insurance
company headquartered in London, United Kingdom. It has over 17
million customers in 140 countries across the World.
TITAN EUROPE 2007-1: Fitch Cuts Rating on 2 Note Classes to 'CC'
----------------------------------------------------------------
Fitch Ratings has downgraded Titan Europe 2007-1 (NHP) Limited's
class B and C notes to 'CC' from 'CCC' and affirmed the class D
and E notes at 'CC'.
Key Rating Drivers
The 'CC' rating on the junior class B, C, D and E notes reflects
the high loan-to-value ratios (LTVs) of the notes, at materially
above 100%, particularly in light of the increased likelihood of
a sale of the securitized care homes. Fitch believes that a
default of some kind appears probable for all junior notes.
The sales process was initiated last year by the special
servicer, Capita Asset Services (UK) Limited (Capita, advised by
Deutsche Bank) with a conclusive first round of bids from
interested parties completed in January 2014. As a result, the
data-room has been opened to selected parties to undertake
further due diligence. Upon completion, interested parties may
submit formal bids which will then be considered by the special
servicer and the borrower (NHP), in conjunction with Deutsche
Bank. Fitch understands that the decision to validate the final
sale ultimately lies with the special servicer, which would be
under no obligation to accept an offer. This route (of a possible
sale of the borrower group) has been pursued by the special
servicer as a consequence of the review undertaken by its
financial adviser Ernst and Young (EY), which recommended amongst
a number of exit strategies that a potential sale be explored.
The notes' LTVs are based on Jones Lang LaSalle's recent December
2013 valuation of the estate at GBP528.9 million (GBP467.4
million for HC-One and GBP61.5 million for third party rents),
which is in line with Fitch's own valuation -- the underlying
core assumptions consisting of an EBITDAR rent cover of around
1.8x and a yield of 8.0%. The valuation is broadly unchanged from
last year, having grown by 0.3%.
This valuation is on the back of the improving performance of the
core operator HC-One (albeit coming from a very low base). FY13
(financial year ending September 2013) EBITDAR was ahead of plan
by over 15% reaching around GBP48 million, mainly as a result of
an improved occupancy of 87% (up from 83% in FY11). The
improvement was aided by relatively large amounts of 'catch-up'
capex to date (funded through retained cash) amounting to GBP45
million in FY12 and GBP25 million in FY11. These amounts compare
favorably with the GBP16 million of normalized maintenance capex
typically expected per annum for the estate (corresponding to
around GBP1,100 spent per bed per annum for a portfolio of 14,313
beds).
The junior notes' LTVs are currently around 128%, 136%, 148% and
160% for the class B, C, D and E notes, respectively. These high
LTVs take into account the senior ranking GBP408 million class A
notes, in addition to other senior ranking liabilities, namely
GBP124.2 million of swap mark-to-market, GBB73.8 million of
forward swap deferrals and GBP14.7 million of servicer advances.
Finally, an additional GBP7.7 million of junior notes' interest
deferrals has also been factored in.
Fitch understands that the controlling party (consisting of the
class E noteholders) has directed the note trustee to replace the
special servicer Capita with Mount Street Loan Solutions LLP
(Mount Street) subject to appointment conditions. As explained in
the notice published by the note trustee on February 6, 2014, the
latter has been advised "that in light of the dispute between the
parties and the threat of legal action against it, it is
appropriate for the note trustee to apply for directions from the
English courts as to matters of contractual interpretation
relating to the applicability and satisfaction of the appointment
conditions". Fitch will monitor the outcome.
Rating Sensitivities
Moving closer to legal final maturity of the notes without any
prospects of an appropriate refinancing solution or property
disposal generating sufficient funds to repay the rated notes
could lead to further downgrades. Upgrades could be possible if
material performance improvements combined with an increasing
valuation result in making a successful repayment of the Fitch-
rated notes by legal final maturity more likely.
Summary of Credit
Titan Europe 2007-1 (NHP) is a securitization of 282 nursing
homes owned by NHP, which are let on long leases to third-party
operators active in the UK healthcare sector (in particular HC-
One, a subsidiary of the borrower group, which accounts for
around 85% of the estate).
The rating actions are as follows:
GBP42.15m class B secured floating-rate notes due 2017:
downgraded to 'CC' from 'CCC'
GBP42m class C secured floating-rate notes due 2017: downgraded
to 'CC' from 'CCC'
GBP58m class D secured floating-rate notes due 2017: affirmed
at 'CC'
GBP60m class E secured floating-rate notes due 2017: affirmed
at 'CC'
* Property Firm Administration Appointments Up 60%, KPMG Says
-------------------------------------------------------------
Consultant-News.com reports that the latest statistics from the
Insolvency Service for Q4 2013 have shown administration
appointments rising by 18% (from 544 in Q3 2013 to 642 in Q4
2013), with the real estate sector seeing appointments increase
by 57%(from 141 in Q3 2013 to 222 in Q4 2013). The hotel and
restaurant sector also saw an increase of 50% in administration
appointments (from 23 in Q3 2013 to 48 in Q4 2013).
Mark Firmin, restructuring partner at KPMG, commented: "The sharp
increase in administration appointments for the last quarter of
2013 will come as a surprise to many, running counter to the
increasingly numerous positive economic indicators. It is perhaps
even more surprising that the property sector, which is
purportedly enjoying another boom, saw such a marked increase in
administration appointments at the end of the year.
"The numbers should not necessarily set the hares running, as
history has taught us that many businesses, perhaps counter-
intuitively, struggle to survive when economies pick up again as
over-trading tips them over the edge. However, the numbers do
represent a cautionary warning that we should not herald a full
recovery just yet. It is certainly true that pockets of the South
East are seeing huge increases in property values but this is not
the story of the UK property market overall.
"While the volume of administration appointments in the hotel and
leisure sector is a fraction of the number of overall
appointments in the property sector, the large increase shows
that this sector is still struggling to put down the roots of
recovery."
The overall insolvency statistics, including liquidations (which
typically affects smaller companies and is a wind up procedure on
larger companies) and receiverships, were down 7%. The level of
administration appointments is the barometer used by
restructuring professionals to measure the level of insolvency
activity in England and Wales.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
OBTEC OBTEC DC -17139908.33 134988548.1
OBTEC OBT DC -17139908.33 134988548.1
OBTEC-NEW SHARES OBTECN DC -17139908.33 134988548.1
OBTEC-OLD OBTN DC -17139908.33 134988548.1
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
ROSKILDE BANK ROSK DC -532868894.9 7876688188
ROSKILDE BANK RSKC IX -532868894.9 7876688188
ROSKILDE BANK ROSK EO -532868894.9 7876688188
ROSKILDE BANK RKI GR -532868894.9 7876688188
ROSKILDE BANK ROSKF US -532868894.9 7876688188
ROSKILDE BANK ROSBF US -532868894.9 7876688188
ROSKILDE BANK ROSK EU -532868894.9 7876688188
ROSKILDE BANK ROSK PZ -532868894.9 7876688188
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876688188
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876688188
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876688188
SCANDINAVIAN BRA SBS1 EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 BY -17139908.33 134988548.1
SCANDINAVIAN BRA SBSD PZ -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS DC -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
SCANDINAVIAN BRA SBSC IX -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 EU -17139908.33 134988548.1
SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.29 330011633.6
ADP INGENIERIE S 4519911Z FP -9312265.78 111844575.6
AIR COMMAND SYST 4470055Z FP -24012413.92 236706831.5
AKERYS SERVICES 4685937Z FP -22410493.42 137981683.2
ALCATEL-LUCENT E 3642975Z FP -33252970.32 441703998.1
ALCATEL-LUCENT F 3647063Z FP -794569718.3 4984960531
AL-KHATTIYA LEAS 4783713Z FP -13423803.21 109623566.3
ALUMINIUM PECHIN 3650903Z FP -469114028.7 1322244624
ATOS ORIGIN INTE 4519607Z FP -15552541.61 353365367
AUTOMOBILES CITR 3648863Z FP -298695778.9 1879542934
AUTOROUTES PARIS ARR1 BQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EO -251756893.2 10625026266
AUTOROUTES PARIS RK9 TH -251756893.2 10625026266
AUTOROUTES PARIS ARR EU -251756893.2 10625026266
AUTOROUTES PARIS ARR FP -251756893.2 10625026266
AUTOROUTES PARIS ARRGBX EU -251756893.2 10625026266
AUTOROUTES PARIS ARR IX -251756893.2 10625026266
AUTOROUTES PARIS ARR S1 -251756893.2 10625026266
AUTOROUTES PARIS ARR QM -251756893.2 10625026266
AUTOROUTES PARIS ARR LI -251756893.2 10625026266
AUTOROUTES PARIS ARR TQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EB -251756893.2 10625026266
BELVEDERE - RTS 554451Q FP -256191005.4 927737997.9
BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
BELVEDERE SA BVD EU -256191005.4 927737997.9
BELVEDERE SA BELV FP -256191005.4 927737997.9
BELVEDERE SA BELV NM -256191005.4 927737997.9
BELVEDERE SA BEVD IX -256191005.4 927737997.9
BELVEDERE SA BVD PW -256191005.4 927737997.9
BELVEDERE SA BED GR -256191005.4 927737997.9
BELVEDERE SA BVD EO -256191005.4 927737997.9
BELVEDERE SA BVD S1 -256191005.4 927737997.9
BELVEDERE SA BVDRF US -256191005.4 927737997.9
BELVEDERE SA BED TH -256191005.4 927737997.9
BELVEDERE SA BVD FP -256191005.4 927737997.9
BELVEDERE SA BVD PZ -256191005.4 927737997.9
BELVEDERE SA-NEW BVDNV FP -256191005.4 927737997.9
BELVEDERE SA-NEW 946529Q FP -256191005.4 927737997.9
BELVEDERE SA-NEW 8198283Q FP -256191005.4 927737997.9
BELVEDERE SA-RTS BVDDS FP -256191005.4 927737997.9
BROSTROM TANKERS 3641643Z FP -115599.3207 311104377.9
BUT INTERNATIONA 3648871Z FP -5859572.435 1100621152
CADES 211430Z FP -1.16E+11 23006745556
CARCOOP FRANCE 4690569Z FP -531951.7338 185621693.8
CARNAUDMETALB-N JJNN FP -239071932.4 6870067181
CARNAUDMETALB-N 84433Q FP -239071932.4 6870067181
CARREFOUR HYPERM 3897338Z FP -713257900.6 3939173302
CARRERE GROUP CAR2 EO -9829531.944 279906700
CARRERE GROUP CRRHF US -9829531.944 279906700
CARRERE GROUP CRGP IX -9829531.944 279906700
CARRERE GROUP CAR2 EU -9829531.944 279906700
CARRERE GROUP CARG FP -9829531.944 279906700
CARRERE GROUP CAR FP -9829531.944 279906700
CARRERE GROUP CARF PZ -9829531.944 279906700
CARRERE GROUP XRR GR -9829531.944 279906700
CDISCOUNT SA 4690913Z FP -14710509.37 442569172
CMA CGM AGENCES 4746849Z FP -8208944.552 191538369.1
CO PETROCHIMIQUE 4682369Z FP -111509362.4 364674090.9
CROWN EUROPEAN H 3394476Q LI -239071932.4 6870067181
CROWN EUROPEAN H CAMBF US -239071932.4 6870067181
CROWN EUROPEAN H JJ FP -239071932.4 6870067181
CROWN EUROPEAN H 1049Q LN -239071932.4 6870067181
DESCAMPS SAS 4503139Z FP -2912961.458 104843475.7
DOCTISSIMO 2916489Q EU -1690819.009 135171143.2
DOCTISSIMO 0602303D GR -1690819.009 135171143.2
DOCTISSIMO DOC FP -1690819.009 135171143.2
DOCTISSIMO MDCF PZ -1690819.009 135171143.2
DOCTISSIMO MCOS IX -1690819.009 135171143.2
DOCTISSIMO 2916493Q EO -1690819.009 135171143.2
DOCTISSIMO MDC FP -1690819.009 135171143.2
EADS SECA 4706441Z FP -44481565.35 121822000.7
EDENRED QSV GR -1310250942 5470394799
EDENRED EDEN FP -1310250942 5470394799
EDENRED EDEN QM -1310250942 5470394799
EDENRED QSV TH -1310250942 5470394799
EDENRED EDEN S1 -1310250942 5470394799
EDENRED EDEN TQ -1310250942 5470394799
EDENRED EDENUSD EO -1310250942 5470394799
EDENRED EDNMF US -1310250942 5470394799
EDENRED EDENUSD EU -1310250942 5470394799
EDENRED EDEN EO -1310250942 5470394799
EDENRED EDEN EU -1310250942 5470394799
EDENRED EDEN BQ -1310250942 5470394799
EDENRED EDEN EB -1310250942 5470394799
EDENRED EDEN IX -1310250942 5470394799
EDENRED EDEN PZ -1310250942 5470394799
EDENRED-NEW EDENV FP -1310250942 5470394799
EDF EN OUTRE MER 4679713Z FP -2598508.843 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.43 175501799.4
FACONNABLE SA 226782Z FP -19616230.99 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GEC 4 SAS 4518255Z FP -91410336.97 541462091
GPN SA 4509659Z FP -35080424.69 568887551
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GROUPE MONITEUR 317840Z FP -116707395.4 610106709.3
GROUPE PROGRES S 4734137Z FP -106637565.8 154665494
HIPPO GESTION ET 4732841Z FP -606512.6987 113032204.7
HITACHI EUROPE S 4681417Z FP -9927515.772 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.37 116383810.4
I BASE 757542Z FP -6019481.253 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.49 363058830.9
ITM REGION PARIS 4681817Z FP -49662079.76 124321085.9
JTEKT AUTOMOTIVE 4505819Z FP -25670106.66 171962119.7
JTEKT AUTOMOTIVE 4504595Z FP -17492036.59 163375360
JUNGHEINRICH FIN 4635025Z FP -14429677.13 223424949.4
LAB DOLISOS LADL FP -27752176.19 110485462.4
LAB DOLISOS DOLI FP -27752176.19 110485462.4
MATUSSIERE & FOR MTUSF US -77896689.09 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.09 293868350.8
MEDCOST SA MEDC NM -1690819.009 135171143.2
MEDCOST SA MEDC FP -1690819.009 135171143.2
MEDCOST SA-NEW MDCNV FP -1690819.009 135171143.2
MILLIMAGES 8131905Q FP -1006050.249 113454378.9
MILLIMAGES MIL1 EU -1006050.249 113454378.9
MILLIMAGES MLMG IX -1006050.249 113454378.9
MILLIMAGES MIL1 PZ -1006050.249 113454378.9
MILLIMAGES MIL FP -1006050.249 113454378.9
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GREECE
------
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T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
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T BANK TBANK GA -46224213.41 3486115450
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HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73723992 827192000
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IRELAND
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ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
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ITALY
-----
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GUERRINO PIVATO 4292565Z IM -41218066.44 397216267.9
I VIAGGI DEL VEN VVE EU -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IM -209436890.3 202705179.9
I VIAGGI DEL VEN VVE TQ -209436890.3 202705179.9
I VIAGGI DEL VEN VVE EO -209436890.3 202705179.9
I VIAGGI DEL VEN VVE PZ -209436890.3 202705179.9
I VIAGGI DEL VEN IVGIF US -209436890.3 202705179.9
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SEAT PAGINE SP7A GR -741904802.3 3755632231
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SNIA SPA SSMLF US -141933895.2 150445252.4
SNIA SPA SIAI IX -141933895.2 150445252.4
SNIA SPA SIAI PZ -141933895.2 150445252.4
SNIA SPA SN EO -141933895.2 150445252.4
SNIA SPA SN IM -141933895.2 150445252.4
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SNIA SPA SNIB GR -141933895.2 150445252.4
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SNIA SPA SBPDF US -141933895.2 150445252.4
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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
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SOPAF SPA SOCAF US -24220971.66 153763906.2
SOPAF SPA SPF EO -24220971.66 153763906.2
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SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
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SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
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VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT GLOBAL 0440101D US -1168589952 17400967168
INTELSAT GLOBAL I US -1168589952 17400967168
INTELSAT INVESTM ILMA GR -1199357056 17465319424
INTELSAT SA 2237Z US -1199357056 17465319424
NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
AVAST SOFTWARE B 0112793D US -15842000 132342000
AVAST SOFTWARE N AVST US -15842000 132342000
AVG TECHNOLOGIES 0119253D US -52030000 377521984
AVG TECHNOLOGIES 3164852Z NA -52030000 377521984
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AVG TECHNOLOGIES 1VA GR -52030000 377521984
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
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BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
CEVA LOGISTICS 882197Z NA -538665968.2 5318491121
CLATES HOLDING B 4043429Z NA -34881.25205 221495950.5
COOPERATIE VOEDI 4378105Z NA -216576.9882 680962157.8
EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
EUROPEAN MARITIM 4523543Z NA -34803118.05 347300069.4
FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
HE INVESTMENTS B 3813216Z NA -1780665.857 195483088
HUISVUILCENTRALE 4777713Z NA -87789.23965 1412526184
IEOC EXPLORATION 4523879Z NA -3196000 112429000
INFOR GLOBAL SOL 4778481Z NA -332427172.9 500602423.6
ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
ING REIM DEVELOP 3811140Z NA -231041485.9 383323356.5
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LINO MANAGEMENT 3774416Z NA -330305248.1 752471513.7
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MAGYAR TELECOM B 363945Z HB -9411153.408 462039674.5
MITSUBISHI MOTOR 3893974Z NA -236634746.2 588105612.9
MSREF ELBA BV 4043045Z NA -89889.60183 584994172.5
MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
NORFOLK HOLDINGS 779151Z NA -199512.5928 813430683.8
RIVA NV 3797916Z NA -852952.1165 111411542.1
SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
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VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.7768 799874848.4
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
AKER BUSINESS SE 4400969Z NO -1678208.862 125911965.2
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP BY -16100000 765200000
AKER FLOATING PR AKFP EO -16100000 765200000
AKER FLOATING PR AKFP PZ -16100000 765200000
AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
AKER FLOATING PR AKFPEUR EU -16100000 765200000
AKER FLOATING PR AKFPEUR EO -16100000 765200000
AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
BAKERS AS 4527631Z NO -2100773.812 130412660.1
BKK VARME AS 4445833Z NO -4191315.792 139898061.1
CARGONET 81784Z NO -73487095.94 128859900.5
CIA LA GOMERA AS 4401057Z NO -14188999.46 111542577.2
GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
HEEGH AUTOLINERS 4389209Z NO -13894016.15 253537334.9
HELI-ONE NORWAY 4632761Z NO -27084593.22 759455442.9
ICA NORGE AS 4511499Z NO -132832574.9 702347848.8
INFRATEK ENTREPR 4402489Z NO -33504101.18 160698348.1
INTEROIL EXPLORA IOX NO -21010000 139828992
INTEROIL EXPLORA IOX EO -21010000 139828992
INTEROIL EXPLORA IOX PZ -21010000 139828992
INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
NCC ROADS AS 4401305Z NO -11149611.36 135425117.2
NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
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DE LA RUE PLC DLARCHF EU -72920095.83 652922700.1
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HMV GROUP PLC HMV PZ -218490042.1 415846374.8
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HMV GROUP PLC HMV VX -218490042.1 415846374.8
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*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2014. 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 * * *