/raid1/www/Hosts/bankrupt/TCREUR_Public/140318.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, March 18, 2014, Vol. 15, No. 54
Headlines
A Z E R B A I J A N
UNIBANK COMMERCIAL: Moody's Changes B2 Rating Outlook to Positive
D E N M A R K
NYKREDIT REALKREDIT: Moody's Affirms Ba2 Pref. Stock Rating
I R E L A N D
CARLYLE GLOBAL 2013-2: S&P Affirms 'B' Rating on Class E Notes
ELVERYS SPORTS: Enda Kenny Faces Ire Over Job Loss Risk
IRISH BANK: Pub Owners Consortium Denied Injunction on Loan Sale
I T A L Y
* Judicial Commissioners Invite Bids for Cerretto Langhe Hotel
N E T H E R L A N D S
ASM INTERNATIONAL: S&P Puts 'BB' CCR on CreditWatch Positive
R U S S I A
TOMSK CITY: Fitch Assigns 'BB' LT Issuer Default Rating
S L O V E N I A
* SLOVENIA: Banks' Asset Quality Still a Risk, Fitch Says
S P A I N
EMPARK APARCAMIENTOS: S&P Assigns Prelim. BB- CCR; Outlook Stable
EMPARK APARCAMIENTOS: S&P Assigns 'BB-' CCR; Outlook Stable
HIPOCAT 9: S&P Lowers Rating on Class D Notes to 'CCC-'
U K R A I N E
IVANO-FRANKIVSK: S&P Affirms 'CCC' Long-Term Issuer Credit Rating
LVIV CITY: S&P Affirms 'CCC' Issuer Credit Rating; Outlook Neg.
UKRAINIAN AGRARIAN: S&P Lowers Corp. Credit Rating to 'CCC'
U N I T E D K I N G D O M
BRADFORD BULLS: English Rugby Squad Struggles to Stay Afloat
HARRISON LIGHTNING: Mulls CVA Following Administration
HERALD PRINT: In Liquidation; 16 Jobs at Risk
MSS CLEAN: Put Up for Sale
ROWECORD ENGINEERING: Collapse Prompts Parent's GBP13.4MM Loss
WINDERMERE VIII: Fitch Lowers Rating on Class C Notes to 'Csf'
* UK: Private Social Care Services Providers at Risk of Collapse
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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A Z E R B A I J A N
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UNIBANK COMMERCIAL: Moody's Changes B2 Rating Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook on Azerbaijan-
based UniBank Commercial Bank's B2 long-term local and foreign
currency deposit ratings to positive from stable. Concurrently,
Moody's has affirmed the bank's B2 long-term local and foreign
currency deposit ratings, standalone E+ bank financial strength
rating (BFSR), mapping to baseline credit assessment of b2, and
Not Prime short-term bank deposit ratings.
The change of rating outlook to positive reflects UniBank's
improved financial fundamentals, including good profitability and
capitalization, which provide an ample loss absorption cushion
against recent rapid growth of consumer loans.
Ratings Rationale
According to Moody's, the positive outlook on UniBank's ratings
reflects (1) improved recurring earnings generation; and (2) good
capitalization sufficient to absorb expected credit losses under
Moody's stress scenario.
UniBank's recurrent profitability improved in 2013 driven by
growth of higher-yielding retail loans with an increase in net
interest margin to around 12.8% in 2013 (2012: 7.1%).
Consequently, pre-provision income improved to 5.3% of total
assets at year-end 2013 (2012: 1.4%) and return on assets
increased to 3% (2012: 0.8%), supporting good internal capital
generation capacity.
Good earnings generation led to an increase in the regulatory
total capital adequacy ratio (CAR) and Tier 1 ratio to 16.7% and
13.9%, respectively, as of year-end 2013 (year-end 2012: 14.0%
and 12.4%). In Moody's view, UniBank's current capital levels and
pre-provision earnings provide an ample loss absorption buffer
against expected losses from the recent rapid growth of consumer
loans under Moody's central stress scenario. The bank intends to
maintain a total CAR of at least 15% in the future.
At the same time, Moody's notes that UniBank's ratings are
constrained by its high credit risk appetite, demonstrated by the
bank's recent aggressive growth strategy with the focus on
unsecured consumer lending. Rating agency believes that such
rapid lending growth may result in higher delinquencies in a
maturing loan portfolio and, consequently, an increase in credit
costs.
UniBank's total retail loan book grew by 78% in 2013, which is
higher than market average of 40%, and accounted for 81% of gross
loans. Recent growth was mainly driven the most risky cash
unsecured consumer loans, representing 61% of retail loans as of
year-end 2013 (31% in 2012), which Moody's considers to be rather
aggressive. Rating agency expects the bank to slow down the pace
of its lending growth in 2014 as a result of tightening
regulation on consumer lending from the Central Bank of
Azerbaijan, with the growth rate forecast at around 25%-30% in
2014.
UniBank's current asset quality indicators as adequate, with the
non-performing loans ratio (NPL, overdue more than 90 days)
decreasing to 3.1% as of year-end 2013 from 9.7% in 2012,
according to bank's data, mainly aided by the 4.8% write-off of
total loans, recent active loan growth and the currently
favorably operating environment in Azerbaijan. Moody's expects
that recent rapid growth of unsecured retail loans could result
in higher delinquencies in a maturing loan portfolio and
consequent increase in credit costs from the current 1.6% as of
year-end 2013 to about 2.5-3% in 2014, which is still below that
of rated consumer peers in other markets (Russian consumer
players have average cost of risk of 15%).
Moody's notes that UniBank's recent rapid loan book growth puts
pressure on its liquidity. Liquidity cushion reduced to 12.2% as
of year-end 2013 from 21% in 2012. However, refinancing risk is
partially mitigated by bank's short-term nature of retail loans.
What Could Move The Ratings Up/Down
An upgrade of UniBank's ratings would be contingent on the bank's
ability to manage its rapid growth, and to maintain adequate
financial fundamentals: good capitalization, healthy asset
quality and robust profitability.
Downward pressure could be exerted on UniBank's ratings by any
material adverse changes in the bank's risk profile, particularly
significant deterioration of the bank's asset quality, leading to
worsening profitability and capitalization, and/or weakening of
the bank's liquidity position.
Principal Methodology
The principal methodology used in this rating was Global Banks
published in May 2013.
Headquartered in Baku, Azerbaijan, UniBank reported total assets
of AZN751 million (US$963 million), total shareholder's equity of
AZN75.6 million (US$97 million), and net income of AZN22.5
million (US$28. 8million) as of year-end 2013 under unaudited
IFRS.
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D E N M A R K
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NYKREDIT REALKREDIT: Moody's Affirms Ba2 Pref. Stock Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed Nykredit Realkredit A/S's
Baa2/Prime-2 long- and short-term issuer ratings and Ba2(hyb)
preferred stock rating. Concurrently, the outlook on the long-
term ratings was changed to stable from negative.
At the same time, Moody's affirmed Nykredit Bank A/S's standalone
D+ bank financial strength rating (BFSR), which is equivalent to
a baa3 baseline credit assessment (BCA), and its Baa2/Prime-2
long- and short-term debt and deposit ratings. The outlook on the
bank's long-term ratings was changed to stable from negative,
whilst the outlook on the BFSR remains negative. (Nykredit Bank
is a banking subsidiary of Nykredit Realkredit.)
Ratings Rationale
Ratings Rationale -- Nykredit Realkredit
The affirmation of Nykredit Realkredit's Baa2/Prime-2 ratings
reflects the group's strong franchise and market-leading position
in Denmark, albeit offset by the group's low profitability and
volatile earnings. Moody's also notes the likely loss of a major
distributor. In February, Jyske Bank (one of Denmark's 'big five'
banks -- by assets) announced its planned acquisition of
BRFKredit, a competitor to Nykredit. As at end-December 2013,
Jyske Bank customers accounted for around 7% of the Nykredit
Group's mortgage loans.
However, the outlook change of Nykredit Realkredit's ratings to
stable from negative reflects Moody's assessment that the
operating environment in Denmark, although still challenging, is
stabilizing as evidenced by recent key economic trends including
stabilizing house prices and lower volumes of property
repossessions.
Furthermore, the Bill on Mortgage-Credit loans and Mortgage-
Credit bonds passed by the Danish parliament on March 11 in
Moody's view introduces a framework for addressing a failed
covered bond auction for adjustable rate mortgages, and mitigate
refinancing risk for Danish financial institutions arising from
short-term market disruption. With more than 40% of Nykredit
Realkredit group's total funding relating to adjustable rate
mortgages, the new bill removes a historically significant
negative credit driver for the group. However, Moody's notes that
there is some implementation risk associated with the new bill
until all current outstanding short-term mortgage bonds are
rolled over into bonds covered by the new bill.
Ratings Rationale - Nykredit Bank
Nykredit Bank's standalone D+ BFSR corresponding to a BCA of baa3
reflects the bank's full-scale Danish franchise and the benefits
from being part of the wider Nykredit group, as well as the
bank's weak profitability and earnings growth. As a result of
Moody's parental support assessment, the bank's long-term deposit
rating receives a one notch uplift to Baa2.
The continued negative outlook on Nykredit Bank's BFSR reflects
Moody's view that although the operating environment in Denmark
is stabilizing, this trend is still not clearly visible in the
bank's financial performance, with the level of problem loans
remaining high in 2013 at above 11% of the gross book (stable
relative to 2012). In addition, the bank's profitability, even on
a pre-provision level, remains low, with pre-provision profit as
a proportion of risk-weighted assets (RWA) of around 0.5% in 2013
(2012: 0.9% and 2010: 2.2%).
According to Moody's rating scale, Nykredit Bank's current
standalone BFSR of D+ can map to a BCA of either baa3 or ba1. The
negative outlook on the standalone D+ BFSR indicates that Moody's
sees the potential for the BCA to transition to the lower ba1
mapping, given the rating agency's assessment of the risks
associated with the bank's low profitability and high level of
problem loans.
The change in the outlook on Nykredit Bank's long-term deposit
rating to stable from negative reflects the corresponding outlook
change on the bank's parent, Nykredit Realkredit A/S, and Moody's
assessment that group support is sufficient to compensate for a
potential one notch reduction of the bank's BCA.
What Could Move The Rating -- Up/Down, Nykredit Realkredit
Upward pressure on Nykredit Realkredit's ratings could develop as
result of a sustained and material improvement in the group's
profitability, without an increase in its risk profile.
While Nykredit Realkredit current ratings incorporate a degree of
deterioration, downward pressure would develop on the ratings:
(1) if the group experiences worsening financing conditions; (2)
following asset quality erosion, especially if such deterioration
reflects a broader-based weakening of repayment capacity as
opposed to additional impairments on previously identified
problem customers or segments; and (3) if there is evidence that
the group's risk profile is increasing, for example, as a result
of increased exposures to more volatile sectors and business
operations.
What Could Move The Rating -- Up/Down, Nykredit Bank
Given the negative outlook on Nykredit Bank's BFSR, Moody's
currently views upwards ratings pressure on the bank's standalone
ratings as unlikely, particularly given the persistently low
profitability and elevated level of problem loans. The outlook on
the stand alone rating could be changed to stable as a result of
a sustained and material improvement in the bank's profitability
without an increase in its risk profile. In Moody's view, a
material improvement in profitability would most likely result
from a reduction in impairment provisions and reflect an
improvement in asset quality across the main lending segments
including real estate. However, Moody's believes that a sustained
and material increase in profitability will also require an
increase in the bank's interest margin on total assets and an
improvement in cost efficiency.
While Nykredit Bank's current debt and deposit ratings
incorporate a degree of deterioration, downward pressure would
develop on the ratings (1) following an increase in the volume of
problem loans, especially where an increase reflects new
impairments as opposed to additional impairments on previously
identified problem customers or segments; (2) if the bank
experiences worsening financing conditions; and (3) if the bank's
risk profile increases, for example as a result of increased
exposures to more volatile sectors and business operations.
Nykredit Bank's Baa2 rating receives a one-notch uplift from the
baa3 BCA as a result of Moody's parental support assessment; and
any change in the rating agency's assessment of the parent's
willingness and ability to support the bank could exert upward or
downward pressure on the rating.
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I R E L A N D
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CARLYLE GLOBAL 2013-2: S&P Affirms 'B' Rating on Class E Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Carlyle Global Market Strategies Euro CLO 2013-2 Ltd.'s class A-
1, A-2A, A-2B, B, C, D, and E notes following the transaction's
effective date as of Jan. 13, 2014.
Most European cash flow collateralized loan obligations (CLOs)
close before purchasing the full amount of their targeted level
of portfolio collateral. On the closing date, the collateral
manager typically covenants to purchase the remaining collateral
within the guidelines specified in the transaction documents to
reach the target level of portfolio collateral. Typically, the
CLO transaction documents specify a date by which the targeted
level of portfolio collateral must be reached. The "effective
date" for a CLO transaction is usually the earlier of the date on
which the transaction acquires the target level of portfolio
collateral, or the date defined in the transaction documents.
Most transaction documents contain provisions directing the
trustee to request the rating agencies that have issued ratings
upon closing to affirm the ratings issued on the closing date
after reviewing the effective date portfolio (typically referred
to as an "effective date rating affirmation").
An effective date rating affirmation reflects S&P's opinion that
the portfolio collateral purchased by the issuer, as reported to
S&P by the trustee and collateral manager, in combination with
the transaction's structure, provides sufficient credit support
to maintain the ratings that S&P assigned on the transaction's
closing date. The effective date reports provide a summary of
certain information that S&P used in its analysis and the results
of its review based on the information presented to S&P.
S&P believes the transaction may see some benefit from allowing a
window of time after the closing date for the collateral manager
to acquire the remaining assets for a CLO transaction. This
window of time is typically referred to as a "ramp-up period."
Because some CLO transactions may acquire most of their assets
from the new issue leveraged loan market, the ramp-up period may
give collateral managers the flexibility to acquire a more
diverse portfolio of assets.
For a CLO that has not purchased its full target level of
portfolio collateral by the closing date, S&P's ratings on the
closing date and prior to its effective date review are generally
based on the application of its criteria to a combination of
purchased collateral, collateral committed to be purchased, and
the indicative portfolio of assets provided to S&P by the
collateral manager, and also reflect its assumptions about the
transaction's investment guidelines. This is because not all
assets in the portfolio have been purchased.
"When we receive a request to issue an effective date rating
affirmation, we perform quantitative and qualitative analysis of
the transaction in accordance with our criteria to assess whether
the initial ratings remain consistent with the credit enhancement
based on the effective date collateral portfolio. Our analysis
relies on the use of CDO Evaluator to estimate a scenario default
rate at each rating level based on the effective date portfolio,
and a cash flow analysis to determine the appropriate percentile
break-even default rate at each rating level, the application of
our supplemental tests, and the analytical judgment of a rating
committee," S&P said.
"In our effective date report, we discuss our analysis of the
information provided by the transaction's trustee and collateral
manager in support of their request for effective date rating
affirmation. In most instances, we intend to publish an
effective date report each time we issue an effective date rating
affirmation on a publicly rated European cash flow CLO," S&P
added.
On an ongoing basis after S&P issues an effective date rating
affirmation, it will periodically review whether, in its view,
the current ratings on the notes remain consistent with the
credit quality of the assets, the credit enhancement available to
support the notes, and other factors, and take rating actions as
it deems necessary.
CARLYLE GLOBAL MARKET STRATEGIES EURO CLO 2013-2's note issuance
is backed by a revolving pool consisting primarily of euro-
denominated senior secured and unsecured second-lien loans,
mezzanine loans, and senior secured and unsecured high-yield
bonds issued by European borrowers. CELF Advisors LLP is the
collateral manager.
RATINGS LIST
CARLYLE GLOBAL MARKET STRATEGIES EURO CLO 2013-2 Ltd.
EUR335.9 Million Notes (Including EUR296.3 Million Fixed-
and Floating-Rate Notes and EUR39.6 Million Subordinated Notes)
Ratings Affirmed
Class Rating
A-1 AAA (sf)
A-2A AA (sf)
A-2B AA (sf)
B A (sf)
C BBB (sf)
D BB (sf)
E B (sf)
ELVERYS SPORTS: Enda Kenny Faces Ire Over Job Loss Risk
-------------------------------------------------------
Ronald Quinlan and John Drennan at Independent.ie report that
Taoiseach Enda Kenny is facing a furious revolt from within his
own constituency and party over his alleged failure to protect
hundreds of jobs at Elverys Sports in the wake of the
controversial decision by the National Asset Management Agency to
put the iconic company into examinership.
Elverys, which employs nearly 200 people in Mayo and a further
450 across the country, was set to be offloaded by the State's
"bad bank" for EUR10 million in a management buyout (MBO) on
January 31 last, Independent.ie relays. However, the deal fell
through at the last minute, Independent.ie notes.
According to Independent.ie, reports at the time suggested that
Nama pulled back from the MBO, fearing that it would face a legal
challenge from rival bidders Lifestyle Sports, owned by the
Stafford Group, or Sports Direct, owned by UK billionaire Mike
Ashley, who also owns Newcastle United Football Club.
Comments made by Jobs Minister Richard Bruton in the Dail last
Tuesday have, however, revealed more information, Independent.ie
discloses.
Addressing the matter in the course of a debate on jobs
protection, Mr. Bruton told the Dail that the deal between Nama
and Elverys' management "could not proceed at the agreed time
because the management team did not have the requisite funding in
place", Independent.ie relates.
Elverys Sports is a sports store in Ireland. The company employs
654 people in 56 stores nationwide.
IRISH BANK: Pub Owners Consortium Denied Injunction on Loan Sale
----------------------------------------------------------------
Ann O'Loughlin and Eoin English at Irish Examiner report that a
consortium that owns some of Cork's best-known pubs has been
refused High Court injunctions stopping Irish Bank Resolution
Corporation's special liquidators selling its performing loans to
the National Asset Management Agency or other entities.
The orders were sought by Benny McCabe and two companies pending
a full hearing of claims for damages for alleged overcharging on
loans and misselling of derivative agreements by the former
Anglo, Irish Examiner relates.
Dagenham Yank Ltd. and No One In Particular Ltd., of which
Mr. McCabe is a director, operate Bodega, Sin E, The Oval, Crane
Lane, The Mutton Lane, and Arthur Maynes, Irish Examiner
discloses. They have an annual turnover of about EUR12 million
and employ more than 250 people, Irish Examiner says.
According to Irish Examiner, their indebtedness is in the region
of EUR18.2 million. They obtained a EUR8.1 million valuation for
the loans, which are performing, and offered to buy them for
EUR8.75 million, but IBRC liquidators refused, saying it
represented a discount of 40% on par value, Irish Examiner notes.
In the main action, damages are sought over alleged overcharging
by Anglo on loans and misselling of derivative agreements dating
from 2006, under which the estimated indebtedness of the
companies was EUR18.2 million, Irish Examiner relays.
Mr. Justice Gilligan, as cited by Irish Examiner, said the
companies had raised a serious issue to be tried over their right
to be heard regarding the proposed sale and to be given reasons
for decisions by a public law entity which may have adverse
consequence for them.
About Irish Bank Resolution
Irish Bank Resolution Corp., the liquidation vehicle for what was
once one of Ireland's largest banks, filed a Chapter 15 petition
(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protect
U.S. assets of the former Anglo Irish Bank Corp. from being
seized by creditors. Irish Bank Resolution sought assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society. The two banks failed and were
merged into IBRC in July 2011. IBRC is tasked with winding them
down and liquidating their assets. In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.
IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion). About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing. Total
liabilities in June 2012 were about EUR50 billion, according
to a court filing.
Most assets in the U.S. have been sold already. IBRC is involved
in lawsuits in the U.S.
IBRC was granted protection under Chapter 15 of the U.S.
Bankruptcy Code in December 2013.
=========
I T A L Y
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* Judicial Commissioners Invite Bids for Cerretto Langhe Hotel
--------------------------------------------------------------
The Concordati Preventivi n. 12/2013+ 23/2013 intends to progress
the sale of a hotel complex in Cerretto Langhe, in Piedmont,
Italy, set in a 42-hectare estate surrounded by vineyards,
hazelnut groves, natural park and woodland, private access
finishing roads and consisting of 30 rooms and suites, an organic
spa, a gourmet restaurant, a bistro and a wine bar as well as two
exclusive villas (one completed and one under construction), and
a building plot for further accommodation facilities and rural
premises.
The Judicial Commissioners invite interested parties evaluate the
sale and to submit written expressions of interest, no later than
March 25, 2014, at 6:00 p.m., to:
The Judicial Commissioners Chambers
Mr. Giorgio Todeschini
Asti via Natta 53
Tel No: (39)0141-31740
Fax No: (39)0141-530067
cp23.2013asti@pecfallimenti.it
-- and --
Dr. Mr. Alberto Abbate
Torino via San Quintino 10
Tel No: (39)011-5069664
Fax No: (39)011-5067056
concprev12.2013asti@pecfallimenti.it
The expression of interest must be signed by the legal
representative of the person concerned, briefly describe the
reasons of interest and contain a commitment to sign a
confidentiality agreement about all the information that will be
provided.
Having completed the informative phase, the Judicial
Commissioners reserve the right to open a sale procedure
according to the instructions of the Organs of the Procedure.
=====================
N E T H E R L A N D S
=====================
ASM INTERNATIONAL: S&P Puts 'BB' CCR on CreditWatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services said it had placed its 'BB'
long-term corporate credit rating on The Netherlands-based
semiconductor equipment manufacturer ASM International N.V.
(ASMI) on CreditWatch with positive implications.
The CreditWatch placements reflects ASMI's stronger operating
results for 2013 than S&P previously expected, and its
expectation that its free cash flow generation and operating
margins could further improve in the next 24 months due to the
increasing adoption of atomic layer deposition (ALD) technologies
by high-volume manufacturers, improving industry demand, and the
company's ongoing outsourcing program. ASMI also continues to
maintain a very conservative balance sheet with no financial
debt, large cash balances of EUR312 million, and ample borrowing
capacity under its EUR150 million revolving credit facility at
year-end 2013. As a result, we have revised our assessment of
ASMI's liquidity profile to "strong" from "adequate."
Nevertheless, we currently have only limited understanding of the
company's long-term capital structure and financial policy,
including its dividend and merger and acquisition policies," S&P
said.
"Our 'weak' business risk profile assessment primarily reflects
the highly cyclical and competitive nature of the industry; the
relatively small scope of ASMI's front-end operations; somewhat
weaker profit margins relative to larger peer companies such as
Applied Materials Inc., Lam Research Corp., or KLA-Tencor Corp.;
substantial technology risks; and a concentrated customer base.
In 2012, the 10 largest customers accounted for 75% of revenues
at the company's front-end segment. These factors are partly
offset by what we see as the group's established niche market
positions, particularly for ALD equipment and the plasma version
(PEALD), and a solid technological product portfolio," S&P added.
"Our assessment of ASMI's financial risk profile as
'intermediate' currently reflects our view of the group's strong
capitalization, the absence of meaningful operating lease and
unfunded pension obligations, and the still very high value of
ASMI's remaining 40% stake in its Hong Kong subsidiary, ASM
Pacific Technology Ltd. (ASMPT) of about EUR1.0 billion as of
March 12, 2014. This is partly offset by our expectations of
potentially very significant fluctuations of the group's free
operating cash flow (FOCF) generation through the cycle," S&P
noted.
S&P aims to resolve the CreditWatch in the next three months once
it has discussed with the group's management its financial policy
and long-term capital structure plans. In addition, S&P aims to
discuss the progress and effects of the outsourcing program
currently underway on the group's gross and operating margins, as
well as free cash flow generation prospects through the cycle.
The following main factors could support a one-notch upgrade of
ASMI:
-- Prospects of gross margins between 40%-45% in 2014 and 2015
and evidence of reduced operating leverage through the
company's outsourcing program;
-- S&P's expectation that ASMI will likely maintain a very
conservative balance sheet, including a strong net cash
position of more than EUR200 million and limited financial
debt; and
-- Prospects of positive FOCF generation through the industry
cycle, excluding dividends from ASMPT.backed synthetic CDO
transactions and removed seven of these ratings from
CreditWatch, where S&P had placed them with positive
implications.
-- S&P raised its ratings on four tranches from four synthetic
CDO transactions that are weak-linked to two corporate-
backed synthetic CDO transactions that S&P is also
upgrading. At the same time, S&P removed these ratings
from CreditWatch positive.
-- S&P placed its ratings on four tranches from four
corporate-backed synthetic CDO transactions on CreditWatch
positive.
-- S&P placed its ratings on four tranches from four synthetic
CDO transactions that are weak-linked to one corporate-
backed synthetic CDO transaction that S&P is also placing
on CreditWatch with positive implications.
These rating actions followed S&P's monthly review of synthetic
CDO transactions.
The CreditWatch Positive placements and rating upgrades reflect
the transactions' seasoning, the rating stability of the obligors
in the underlying reference portfolios over the past few months,
and the synthetic rated overcollateralization ratios, which had
risen above 100% at the next-highest rating level.
RATING AND CREDITWATCH ACTIONS
Athenee CDO PLC
Series 2007-3
Rating
Class To From
A BB+ (sf) BB- (sf)/Watch Pos
Athenee CDO PLC
Series 2007-8
Rating
Class To From
A BB+ (sf) BB- (sf)/Watch Pos
Camber Master Trust
Series 7
Rating
Class To From
Series 7 B+ (sf) B (sf)/Watch Pos
Camber Master Trust
Series 8
Rating
Class To From
Series 8 B+ (sf) B (sf)/Watch Pos
Camber Master Trust
Series 9
Rating
Class To From
Series 9 B (sf) B- (sf)/Watch Pos
Camber Master Trust
Series 10
Rating
Class To From
Series 10 B (sf) B- (sf)/Watch Pos
Credit Default Swap
Series 227212/227229/227230
Rating
Class To From
Trnch BBB-srp (sf) BB+srp (sf)/Watch Pos
Morgan Stanley ACES SPC
Series 2007-8
Rating
Class To From
A2 B (sf) B- (sf)/Watch Pos
Morgan Stanley Managed ACES SPC
Series 2007-16
Rating
Class To From
IB BBB+ (sf) BBB- (sf)/Watch Pos
Newport Waves CDO
Series 1
Rating
Class To From
A1-$LS BBB+ (sf) BB- (sf)
A3-$LMS BBB+ (sf) B+ (sf)
Newport Waves CDO
Series 2
Rating
Class To From
A1-$LS BBB- (sf) BB+ (sf)
A1A-$LS BBB- (sf) BB+ (sf)
A1B-$LS BBB- (sf) BB+ (sf)
A3-$LMS BB+ (sf) BB (sf)
A3A-$LMS BB+ (sf) BB (sf)
A7-$LS B- (sf) CCC- (sf)
REVE SPC
Series 2007-1
Rating
Class To From
A Series 18 BB (sf) BB- (sf)/Watch Pos
REVE SPC
Series 26
Rating
Class To From
B BB- (sf) B+ (sf)/Watch Pos
RATINGS PLACED ON CREDITWATCH POSITIVE
Capstan Master Trust
Series 1
Rating
Class To From
Tranche B- (sf)/Watch Pos B- (sf)
Capstan Master Trust
Series 2
Rating
Class To From
Tranche B- (sf)/Watch Pos B- (sf)
Capstan Master Trust
Series 3
Rating
Class To From
Tranche B- (sf)/Watch Pos B- (sf)
Capstan Master Trust
Series 4
Rating
Class To From
Tranche B- (sf)/Watch Pos B- (sf)
Infinity SPC Ltd.
Series 2007-1
Rating
Class To From
B BB- (sf)/Watch Pos BB- (sf)
Morgan Stanley ACES SPC
Series 2007-8
Rating
Class To From
Senior BB+ (sf)/Watch Pos BB+ (sf)
REVE SPC
Series 40
Rating
Class To From
Series 40 B (sf)/Watch Pos B (sf)
Strata 2005-19, Limited Floating Rate Notes
Series 2005-19
Rating
Class To From
FRN B- (sf)/Watch Pos B- (sf)
===========
R U S S I A
===========
TOMSK CITY: Fitch Assigns 'BB' LT Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has published Russia's City of Tomsk Long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'BB',
with Stable Outlooks and a Short-term foreign currency IDR at
'B'. The agency has also published the city a National Long-term
rating at 'AA-(rus)' with Stable Outlook.
Fitch has also published the city of Tomsk's outstanding senior
unsecured domestic bonds of RUB1.1bn (ISIN RU000A0JQX85 and
RU000A0JTDV5) a local currency long-term rating of 'BB' and a
National Long-term rating 'AA-(rus)'.
KEY RATING DRIVERS
Fitch expects Tomsk's budgetary performance to improve with the
operating margin restoring to the 20%-level in 2014-2016. The
city's operating margin decreased to 14.3% in 2013 (2009-2013
average 25%) due to reduced operating revenue. Fitch expects the
city's deficit before debt variation to narrow substantially to
an almost balanced budget in 2014 and slight surpluses are
expected in 2015-2016.
Fitch expects the city to reduce capex to about 26%-27% of total
spending in the medium term. Tomsk's capital outlays were
relatively high, averaging at 39% of total expenditure in 2009-
2013. Tomsk's self-financing capacity on capex (current balance
and capital revenue) remained sound, covering on average 91% of
total capex in 2009-2013.
Fitch expects a moderate decrease in Tomsk's direct risk down to
about 26% of current revenue in 2014 and 20%-22% in 2015-2016
(2013: 30%). The city's debt stock was 56% composed of short-
term bank loans followed by domestic bonds (35%) and budget loans
(9%) contracted from the Tomsk region. The debt coverage ratio
should improve to less than two years of the current balance in
the medium term.
Fitch assesses Tomsk's exposure to refinancing risk as moderate
due to the short-term nature of bank loans. The city intends to
issue a domestic bond in 2014, aiming to refinance debt
obligations coming due this year. The bank loans comprised a
prime source for the city's liquidity borrowing totaling RUB1.7
billion at end-2013 (2012: RUB860 million). These loans have
short maturities of about 12 months, spread throughout the year
by several intakes.
Tomsk's cash position is sound with cash reserves on accounts
amounting to RUB529 million by end-2013 (2012: RUB889 million).
The city did not resort to depositing its excess cash in bank
accounts, so the liquidity was kept in treasury accounts. Bank
loans utilized by the city are structured as stand-by facilities
allowing Tomsk to tap lines of credit whenever necessary.
The city's economy is well-diversified, with a developed
industrial sector. The tax concentration of the city's revenue
is low with the proportion of taxes paid by top taxpayers
representing 12% of the total tax revenue received by the city in
2013. The administration forecasts continued slowdown of the
city's economy with projected industrial output growing by about
2%-4% yoy in 2014-2016 (2013: 7%).
RATING SENSITIVITIES
Lengthening of the city's debt profile along with maintenance of
sound budgetary performance with margins at about 20%-level in
the medium term would be positive for the ratings.
Increasing debt and/or weak budgetary performance, leading to
deterioration of debt coverage ratios with direct risk payback
consistently above average maturity of debt portfolio would be
negative for the ratings.
===============
S L O V E N I A
===============
* SLOVENIA: Banks' Asset Quality Still a Risk, Fitch Says
---------------------------------------------------------
Slovenian banks' asset quality is still a risk despite the
transfer of non-performing loans to the government-created "bad
bank", Fitch Ratings says. Impaired loans have not reduced
substantially as stricter loan classification has led to new
inflows, even though official NPLs have fallen.
The Bank of Slovenia highlighted the decline in 90+ day arrears
on March 11. These fell to 13.4% classified claims (including
all on- and off-balance-sheet credit risk exposures) in December,
from 17.4% at end-3Q13, largely due to the transfer of assets to
the Bank Asset Management Company. But Fitch believes asset
quality remains weak due to the large amount of impaired loans
and still high corporate leverage. The corporate sector needs
about EUR5 billion fresh equity, according to the Bank of
Slovenia.
Impaired loans (categories C, D and E under the local regulatory
classification) rose to 19.9% at end-2013, from 17.6% at end-
3Q13. The EUR2.2 billion drop in NPLs in December, reflecting
transfers to the bad bank from NLB and NKBM, appears to have been
effectively offset by around EUR1.9 billion of new impaired
loans. Most of these are likely to be restructured loans that
are less than 90 days in arrears, and so are not reflected in NPL
ratios. But they remain vulnerable to further credit
deterioration in the weak operating environment. Fitch expects
GDP in Slovenia to grow by only 0.3% in 2014 before growing 1.3%
in 2015.
The 6.5pp gap that opened between impaired loans and the NPL
ratio between end-1H13 and end-2013 largely reflects the asset-
quality review conducted as part of the recapitalization and bad
bank process. The central bank has said that Slovenian banks now
comply with the future harmonized credit risk definitions for EU
banks. This is a positive step, as stricter loan categorization
enhances comparability and impaired loans should more accurately
reflect the risks and business model differences between banks.
The divergence between impaired loans and NPLs highlights the
risks of only focusing on the quantitative trigger of 90+ days
past due. Analyzing asset quality is challenging, especially
because of the delay in banks' publishing audited financial
statements. Fitch will resolve the Rating Watch Positive on the
'b- ' Viability Ratings of the three nationalized banks -- NLB,
NKBM and Abanka -- after they publish annual reports for 2013.
Fitch expects to complete the review by end-2Q14 once it has
assessed asset quality and capital levels after the asset
transfers, strategy and performance prospects. The completion of
the review of Abanka will also depend on the European
Commission's state aid decision, and the timing of further
recapitalization and asset transfers.
=========
S P A I N
=========
EMPARK APARCAMIENTOS: S&P Assigns Prelim. BB- CCR; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' preliminary
long-term corporate credit rating to Spanish car park concession
operator EMPARK Aparcamientos y Servicios, S.A. The outlook is
stable.
At the same time S&P assigned 'BB-' preliminary ratings to Empark
Funding S.A.'s proposed EUR235 million secured fixed-rate notes
due 2019 and EUR150 million secured floating-rate notes due 2019.
The recovery rating on both issues is '4'.
S&P would assign final ratings only if Empark successfully issues
the senior secured notes. In addition, Empark would have to put
into place a multi-year committed revolving credit facility of
EUR30 million and have at least 20% headroom under any financial
covenants.
Accordingly, the preliminary ratings should not be construed as
evidence of the final rating. If Standard & Poor's does not
receive the final documentation within a reasonable time frame,
or if the final documentation departs from the materials it has
already reviewed, it reserves the right to withdraw or revise its
ratings.
The rating on Empark reflects S&P's assessment of the company's
"strong" business risk profile and "highly leveraged" financial
risk profile.
Empark's "strong" business risk profile reflects S&P's view that
the company benefits from long-term concessions over key parking
infrastructure in major cities across Spain and Portugal. In
these markets, Empark operates the highest number of parking
spaces. Despite significant economic pressures, the company has
managed to maintain EBITDA margins above 30% through regulated
price increases and cost efficiencies -- this supports S&P's view
of the company's business risk profile. S&P sees it as important
that Empark has no significant exposures to Spanish or Portuguese
municipalities, given the current economic conditions in Spain
and Portugal. It typically collects money from customers, rather
than municipalities. Where it collects on behalf of the
municipalities, it can typically deduct its costs before passing
the money to the municipalities.
These strengths are partially offset by the weak Spanish and
Portuguese economies. In S&P's view, macroeconomic conditions
could weigh on revenues at Empark's businesses by reducing demand
for parking. As well as owning and managing its own car parks,
the company also manages car parks for others on a contract
basis; we see the contract management business as significantly
weaker than the core business because the contracts are for short
terms and are less profitable.
S&P's financial risk profile of "highly leveraged" reflects its
view that Empark will have a weighted-average funds from
operations (FFO) to debt ratio of about 5% for the next two
years.
S&P's rating on Empark also reflects its view that Empark's
competitive position is at the lower end of the strong category.
Empark's scale and diversification are lower than those of other
transport infrastructure providers with "strong" business risk
profiles. As a result, S&P adjusts down Empark's anchor of 'bb'
to reach the 'BB-' preliminary rating.
S&P's base-case scenario assumes:
-- 2013 will be difficult as macroeconomic conditions in Spain
and Portugal mean real GDP in both countries is likely to
decrease. Therefore, S&P anticipates that volumes in
Empark's off-street parking concessions will drop between
6%-8% in 2013, offset by regulated price increases.
-- Thereafter, S&P expects off-street parking volumes to
increase at twice the growth rate for weighted GDP in Spain
and Portugal.
-- Centralizing off-street facilities will continue to benefit
EBITDA margins in the off-street business division in 2013
and in 2014.
-- Revenue from on-street parking will grow modestly by 1%-3%,
while cost-saving initiatives enable Empark's EBITDA margin
to improve to between 18%-20%.
-- S&P expects management contract business to be broadly
neutral to the consolidated EBITDA.
-- Positive free operating cash flow generation after about
EUR14 million of capex, which should allow some debt
reduction over the medium term.
Based on these assumptions, S&P arrives at the following credit
measures:
-- EBITDA margin of between 33%-35% in 2013 and 2014;
-- Weighted-average adjusted FFO-to-debt ratio of above 5%;
and
-- Adjusted debt to EBITDA below 8x over the next two years
The stable outlook reflects S&P's view that Empark will be able
to maintain adequate liquidity over the next 12 months and that
management is unlikely to take actions that would lead to a
material increase in leverage beyond S&P's base case.
S&P could reduce the rating if Empark's business risk profile
weakens to "satisfactory." This could occur if the company was
unable to maintain adjusted EBITDA margins above 30% -- in S&P's
view, this would highlight weakness in the company's competitive
position. S&P could also lower the ratings if its view of actual
or potential volatility in profitability rose higher than S&P
currently anticipates, for example, after a deterioration in
economic conditions in Spain or if the company's on-street and
contract management businesses grew materially. S&P could also
take a negative rating action if it assessed liquidity as "less
than adequate" or if management started to pay dividends before
debt to EBITDA declined below 6x, which Empark indicated to S&P
was its current financial policy.
S&P could raise the rating if adjusted FFO to debt increased on a
sustainable basis to materially above 6%. In S&P's view, this
will require a rise in Spanish and Portuguese GDP growth, which
would trigger greater use of off-street parking facilities. This
could happen if the company was able to increase revenues by 3%
and EBITDA margin improved to above 34%. FFO to debt could also
improve to above 6% if Empark reduced debt more quickly than S&P
currently anticipates, for example, through better cash
management or lower capex.
EMPARK APARCAMIENTOS: S&P Assigns 'BB-' CCR; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Spanish car park concession operator
EMPARK Aparcamientos y Servicios, S.A. The outlook is stable.
At the same time, S&P assigned its 'BB-' issue ratings to Empark
Funding S.A.'s proposed EUR235 million secured fixed-rate notes
due 2019 and EUR150 million secured floating-rate notes due 2019.
The recovery rating on both of these issues is '4', indicating
S&P's expectation of average (30%-50%) recovery prospects for
noteholders in the event of a payment default.
The rating on Empark reflects S&P's assessment of the company's
business risk profile as "strong" and its financial risk profile
as "highly leveraged."
Empark's "strong" business risk profile reflects S&P's view that
the company benefits from long-term concessions over key parking
infrastructure in major cities across Spain and Portugal. In
these markets, Empark operates the highest number of parking
spaces. Despite significant economic pressures, the company has
managed to maintain EBITDA margins above 30% through regulated
price increases and cost efficiencies -- this supports S&P's view
of the company's business risk profile. S&P considers it
important that Empark has no significant exposures to Spanish or
Portuguese municipalities, given the current economic conditions
in Spain and Portugal. The company typically collects money from
customers, rather than municipalities. Where Empark collects on
behalf of the municipalities, it can typically deduct its costs
before passing the money to the municipalities.
These strengths are partially offset by the weak Spanish and
Portuguese economies. In S&P's view, macroeconomic conditions
could weigh on revenues at Empark's businesses through the
reduced demand for parking. As well as owning and managing its
own car parks, the company also manages car parks for others on a
contract basis; S&P sees the contract management business as
significantly weaker than the core business because the contracts
are for short terms and are less profitable.
S&P's financial risk profile assessment of "highly leveraged"
reflects its view that Empark will have a weighted-average funds-
from-operations (FFO)-to-debt ratio of about 5% for the next two
years.
S&P's rating on Empark also reflects its view that the company's
competitive position is at the lower end of the strong category.
zmpark's scale and diversification are lower than those of other
transport infrastructure providers with "strong" business risk
profiles. As a result, S&P adjusts down Empark's anchor of 'bb'
to reach the 'BB-' corporate credit rating.
S&P's base-case scenario assumes:
-- Relatively flat off-street parking volumes in 2014 based on
its economic forecast, which sees Spanish GDP growing by
0.8% in 2014
-- Increased off-street parking volumes thereafter, of between
1.5x-2.0x the growth rate for weighted GDP in Spain and
Portugal.
-- Modest revenue growth for the off-street division, given
S&P's forecast for inflation in Spain of 1.5%, which S&P
believes will support prices on Empark's concessions.
-- Centralizing off-street facilities will continue to benefit
EBITDA margins in the off-street business division in 2014.
-- Modest growth (1%-3%) in on-street parking revenue, while
cost-saving initiatives enable Empark's EBITDA margin to
improve to between 18% and 20%.
-- The management contract business will be broadly neutral to
the consolidated EBITDA and overall EBITDA will remain
around the level S&P projected in 2013.
-- Positive free operating cash flow generation of about
EUR14 million.
Based on these assumptions, S&P arrives at the following credit
measures:
-- An EBITDA margin of between 33%-35% in 2013 and 2014;
-- A weighted-average adjusted FFO-to-debt ratio of above 5%;
And
-- Adjusted debt to EBITDA of below 8x over the next two
years.
The stable outlook reflects S&P's view that Empark will be able
to maintain adequate liquidity over the next 12 months and that
management is unlikely to take actions that would lead to a
material increase in leverage beyond S&P's base case.
S&P could lower the rating if Empark's business risk profile
weakens to "satisfactory." This could occur if the company
becomes unable to maintain adjusted EBITDA margins of above
30% -- in S&P's view, this would highlight weakening in the
company's competitive position. S&P could also lower the ratings
if its view of actual or potential volatility in profitability
rose higher than S&P currently anticipates -- for example,
following a deterioration in economic conditions in Spain or if
the company's on-street and contract management businesses grow
materially. S&P could also take a negative rating action if it
assess liquidity as "less than adequate" or if management starts
to pay dividends before debt to EBITDA declines below 6x, which
Empark has indicated to S&P is its current financial policy.
S&P could raise the rating if adjusted FFO to debt increased on a
sustainable basis to materially above 6%. In S&P's view, this
will require a rise in Spanish and Portuguese GDP growth, which
would in S&P's opinion lead to greater use of off-street parking
facilities. This could happen if the company was able to
increase revenues by 3% and its EBITDA margin improves to above
34%. FFO to debt could also improve to above 6% if Empark
reduces debt more quickly than S&P currently anticipates, for
example, through better cash management or lower capex.
HIPOCAT 9: S&P Lowers Rating on Class D Notes to 'CCC-'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative all of its credit ratings in Hipocat 7,
Fondo de Titulizacion de Activos, Hipocat 8, Fondo de
Titulizacion de Activos, and Hipocat 9, Fondo de Titulizacion de
Activos.
Specifically, S&P has lowered and removed from CreditWatch
negative its ratings on:
-- Hipocat 7's class A2, B, C, and D notes;
-- Hipocat 8's class A2, B, C, and D notes; and
-- Hipocat 9's class A2a, A2b, B, C, and D notes.
These three residential mortgage-backed securities (RMBS)
securitizations are backed by loans that Catalunya Banc S.A.
originated in its home market in the Catalonia region. They
closed between 2004 and 2005, and are collateralized by
residential mortgage loans. The securitized product is the first
draw of a flexible mortgage loan called "Credito Total", which is
effectively a flexible, revolving credit line, with the
possibility of having payment holidays.
On Nov. 27, 2013, S&P placed on CreditWatch negative all of its
ratings in Hipocat 7, 8, and 9 due to the credit quality
deterioration in these transactions. The pace of deterioration
that S&P had observed had accelerated compared to its December
2012 review forecasts.
Since S&P's December 2012 review, the deterioration of these
transactions has accelerated. The following table shows the
increases in 90+ days delinquencies of the outstanding balance of
the non-defaulted assets in December 2012, November 2013, and
March 2014. For the March 2014 figures, S&P used data from the
January 2014 interest payment date (IPD) for Hipocat 7 and 9, and
data from the December 2013 IPD for Hipocat 8.
December 2012 November 2013 March 2014
(%) (%) (%)
Hipocat 7 2.25 6.05 6.29
Hipocat 8 2.88 6.78 7.44
Hipocat 9 3.67 9.64 9.64
As the available performing portfolio balance will continue to
decrease, it will weaken the transaction's structural features,
such as decreasing the asset-collateralization of the notes that
is already low. The structural features of the transactions are
unable to offset S&P's forecasted collateral deterioration, in
its view. This is because the transactions benefit from a low
reserve fund (Hipocat 7) or no reserve fund at all (Hipocat 8 and
9). In addition, the excess spread generated by the underlying
securitized portfolios is low with regard to the amounts due
under the notes. As a result, the transactions strongly rely on
the swap agreement to provide excess spread.
Under S&P's current counterparty criteria, the ratings in these
transactions will be the higher of the credit and cash flow
ratings results without the support of the swap counterparty, and
the long-term ICR of the swap counterparty -- except in those
cases in which, due to the transaction's performance, even with
the swap in place, the ratings from the credit and cash flow
analysis are below the long-term ICR on the swap counterparty.
This is the case for Hipocat 7, 8, and 9. Cecabank S.A.
(BB+/Stable/B) is ineligible under our current counterparty
criteria at any rating level above its current 'BB+' long-term
issuer credit rating (ICR). Given the poor performance these
transactions have experienced -- except for the class A2 notes in
Hipocat 7 and 8 for which our ratings are capped at 'BB+ (sf)' --
the result of the credit and cash-flow analysis are below the
long term ICR on Cecabank and the transactions therefore rely on
excess spread provided by the swap agreement.
Hipocat 7
This transaction was originated in June 2004. Since S&P's
December 2012 review, the transaction's performance has continued
to deteriorate and delinquencies and defaults have increased
considerably. This offsets the portfolio's high seasoning of
124.27 months, and its current low loan-to-value (LTV) ratio of
61.43%.
Long term delinquencies are not being cured, and are rolling over
into defaults (loans in arrears for more than 18 months).
Therefore, defaults have increased to 2.31% from 0.75% of the
outstanding balance of assets in December 2012, reducing the
available credit enhancement for the most subordinated class of
notes. The class D notes' available credit enhancement has
decreased to -0.57% from 3.61% in December 2012 (taking into
account the performing balance, including loans in arrears of up
to 90 days, as well as the reserve fund amount). At closing, the
available credit enhancement for the class D notes was 1.90%. As
a result of these rapidly increasing defaults, the reserve fund
has decreased to 45.12% as of the last payment date in January
2014 from 97.36% in December 2012.
The portfolio's weighted-average margin is 55 basis points (bps)
and the swap is paying the notes' weighted-average coupon plus 66
bps.
Taking the above credit quality and structural features, and
performance and counterparty considerations into account, S&P has
lowered its ratings on the class A2, B, C, and D notes to 'BB+
(sf)', 'BB (sf)', 'B+ (sf)', and 'B- (sf)', respectively. S&P
has also removed these ratings from CreditWatch negative.
S&P's current counterparty criteria caps its 'BB+ (sf)' rating on
the class A2 notes to the long-term rating on Cecabank. A future
downgrade of the swap counterparty could also adversely affect
S&P's ratings in this transaction. The potential roll over of
severe delinquencies into defaults, given the recent performance,
may further affect S&P's ratings on the notes.
Hipocat 8
This transaction was originated in May 2005. Since S&P's
December 2012 review, the transaction's performance has continued
to deteriorate and delinquencies have increased. This offsets
the portfolio's high seasoning of 127.78 months and its current
low LTV ratio of 55.74%.
Long term delinquencies are not being cured and rolling over into
defaults. Therefore, defaults have increased to 2.95% from
1.12%, reducing the available credit enhancement for the most
subordinated class of notes. The class D notes' available credit
enhancement has decreased to -4.18% from 1.44% in December 2012.
At closing, the available credit enhancement for the class D
notes was 1.55%. As a result of the rapidly increasing defaults,
the reserve fund has fully depleted as of the December 2013
payment date from 85.85% of its required level in the previous
review.
The transaction's weighted-average margin is 55 bps, and the swap
is paying the weighted-average coupon of the notes plus 65 bps.
Taking the above performance and counterparty considerations into
account, S&P has lowered its ratings on the class A2, B, C, and D
notes to 'BB+ (sf)', 'BB (sf)', 'B- (sf)', and 'CCC (sf)',
respectively. S&P has also removed these ratings from
CreditWatch negative.
S&P's current counterparty criteria cap our 'BB+ (sf)' rating on
the class A2 notes to the long-term rating on Cecabank. A future
downgrade of the swap counterparty could also adversely affect
S&P's ratings in this transaction. The potential roll over of
severe delinquencies into defaults, given the recent performance,
may further affect S&P's ratings on the notes.
Hipocat 9
This transaction was originated in November 2005. Since S&P's
last full review in December 2012, the transaction's performance
has continued to deteriorate and delinquencies have continued to
increase. This offsets the portfolio's high seasoning of 101.95
months and its current low LTV ratio of 61.12%.
Long term delinquencies are not being cured and rolling over into
defaults. Therefore, defaults have increased to 4.27% from
1.85%, reducing the available credit enhancement for the most
subordinated class of notes. The class C and D notes' available
credit enhancement has decreased to -1.58% from 5.28%, and
to -8.27% from -0.09%, respectively. At closing, the available
credit enhancement for the class D and C notes was 4.05% and
1.70%, respectively. As a result of the rapidly increasing
defaults, the reserve fund has fully depleted as of the
December 2013 payment date from 78.87% of its required level in
December 2012.
The transaction's weighted-average margin is 65 bps, and the swap
is paying the weighted-average coupon of the notes plus 65 bps.
Taking the above performance and counterparty considerations into
account, S&P has lowered its ratings on the class A2a, A2b, B, C,
and D notes to 'BB (sf)', 'BB (sf)','B (sf)', 'B- (sf)', and
'CCC- (sf)', respectively. S&P has also removed these ratings
from CreditWatch negative.
The ongoing potential roll over of severe delinquencies into
defaults, given the recent performance, may further affect S&P's
ratings on the notes.
RATINGS LIST
Class Rating
To From
Ratings Lowered And Removed From CreditWatch Negative
Hipocat 7, Fondo de Titulizacion de Activos
EUR1.4 Billion Mortgage-Backed Floating-Rate Notes
A2 BB+ (sf) BBB+ (sf)/Watch Neg
B BB (sf) BBB- (sf)/Watch Neg
C B+ (sf) BB+ (sf)/Watch Neg
D B- (sf) BB (sf)/Watch Neg
Hipocat 8, Fondo de Titulizacion de Activos
EUR1.5 Billion Mortgage-Backed Notes
A2 BB+ (sf) A (sf)/Watch Neg
B BB (sf) BBB- (sf)/Watch Neg
C B- (sf) BB+ (sf)/Watch Neg
D CCC (sf) B (sf)/Watch Neg
Hipocat 9, Fondo de Titulizacion de Activos
EUR1.016 Billion Residential Mortgage-Backed Floating-Rate Notes
A2a BB (sf) BBB (sf)/Watch Neg
A2b BB (sf) BBB (sf)/Watch Neg
B B (sf) BB+ (sf)/Watch Neg
C B- (sf) BB- (sf)/Watch Neg
D CCC- (sf) B- (sf)/Watch Neg
=============
U K R A I N E
=============
IVANO-FRANKIVSK: S&P Affirms 'CCC' Long-Term Issuer Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC' long-term
issuer credit rating on the Ukrainian City of Ivano-Frankivsk.
The outlook is negative.
At the same time, S&P affirmed its 'uaB-' long-term Ukraine
national scale rating on Ivano-Frankivsk.
Rationale
The long-term rating on the City of Ivano-Frankivsk primarily
reflects S&P's long-term foreign currency sovereign rating on
Ukraine (CCC/Negative/C; Ukraine national scale 'uaBB+').
The rating on Ivano-Frankivsk is capped at 'CCC' by S&P's
sovereign foreign currency rating on Ukraine. Under S&P's
methodology, a local or regional government (LRG) can be rated
higher than its sovereign only if S&P considers that it exhibits
certain characteristics. S&P do not currently believes that
Ukrainian LRGs, including Ivano-Frankivsk, meet these conditions
because the state regulates most local revenues, the central
government makes most financial decisions, and there is universal
execution of budgets by the state treasury.
"We assess Ivano-Frankivsk's indicative credit level (ICL) at
'b'. The ICL is not a rating, but a means of assessing an LRG's
intrinsic creditworthiness under the assumption that there is no
sovereign rating cap. The ICL results from the combination of
our assessment of an LRG's individual credit profile and the
effects we see of the institutional framework in which it
operates.
The 'b' ICL on Ivano-Frankivsk incorporates Ukraine's "volatile
and underfunded" public finance system, which results in the
city's low financial flexibility and predictability, and what S&P
regards as "negative" financial management, relatively low wealth
levels, and moderate contingent risks related to the government-
related entities' (GREs') poor financials. These constraints are
mitigated by Ivano-Frankivsk's low debt burden, moderate
budgetary performance, and "neutral" liquidity position.
The central government's almost full control over the city's
revenues and expenditures, and what S&P considers as Ukraine's
"volatile and underfunded" system of public finance significantly
reduce Ivano-Frankivsk's financial predictability and
flexibility.
Ivano-Frankivsk's financial flexibility is severely constrained
by the central government's control of local and regional
government financial policies. Despite the central government's
efforts to improve its intergovernmental fiscal policies, S&P
sees systemic risk as a key factor undermining Ivano-Frankivsk's
credit profile.
The city's wealth levels are very low in an international
context. S&P estimates GDP per capita at about US$2,500, which is
low even by Ukrainian standards. However, Ivano-Frankivsk's
diverse economy has allowed it to withstand financial turmoil.
S&P expects the city's economy will post growth rates comparable
with the sovereign in 2014-2016, and we forecast only moderate
prospects for Ukraine's recovery.
Owing to political turmoil in Ukraine and the central
government's tight financial policy, S&P forecasts in its base-
case scenario that Ivano-Frankivsk's operating margin will weaken
in 2014-2016, compared with solid surpluses of about 6% on
average in 2011-2013, although it will likely stay above 2% owing
to management's cautious spending policies. In line with the
city's track record, Ivano-Frankivsk's capital program is likely
to be financed by moderate asset sales and central-government
capital grants, in S&P's view. This will result in only modest
deficits, if any, after capital accounts of about 3%-4% on
average over 2014-2016 after an average of 0.3% over 2011-2013.
This leads to S&P's assessment of the city's budgetary
performance as "moderate."
Given the city's low deficits, S&P assumes under its base-case
scenario that Ivano-Frankivsk's tax-supported debt will not
likely exceed 30% of consolidated operating revenues by the end
of 2015. S&P expects it will increase to 26% by year-end 2015
from 15% at the end of 2013. This is largely due to the new
EUR6 million European Bank of Reconstruction and Development loan
granted to the city's heating company. Ivano-Frankivsk's debt
burden will likely continue to consist primarily of guarantees
against multilateral loans to utility companies. These
guarantees do not require the city to step in immediately to
provide coverage in an event of default. They are also co-
guaranteed by the central government. Because the size of these
guarantees is not significant relative to Ivano-Frankivk's
overall budget, the city's exposure to foreign currency risk is
likely be very limited in the medium term, in S&P's view.
Although the size of Ivano-Frankovsk's utility payables is
moderate by Ukrainian standards, its GREs' poor financials will
likely continue to put pressure on the city's budget. Owing to
the sharp rise in energy prices, the size of the the GREs'
payables, primarily those of the heating and water utility,
increased to about 25% of total revenues in 2010-2011 compared
with 15% in 2008. The consolidation of utility service companies
and earmarked grants from the central government (which sets the
tariffs) lead to a decrease in the size of payables to under 20%
of revenues in 2013. S&P believes accumulated payables still
pose a risk to the city's creditworthiness in the long term.
S&P views the city's financial management as a "negative" factor
for its creditworthiness, as it do for most Ukrainian LRGs, in
particular owing to the lack of reliable long-term financial
planning, weak reserve and liquidity management, and poor GRE
management.
Liquidity
S&P considers Ivano-Frankivsk's liquidity to be "neutral," as its
criteria describe the term.
In S&P's view, in the next 12 months, the city's average free
cash on accounts will exceed its very low debt service by more
than 25x. The debt service consists of repayment of minor bank
loan and interest.
However, according to S&P's methodology, it adjusts the
assessment of the city's liquidity position for its "uncertain"
access to external liquidity. This is due to what S&P regards as
Ukraine's undeveloped domestic capital markets and weak banking
system.
The weaknesses of Ukraine's banking sector are reflected in S&P's
Banking Industry Country Risk Assessment (BICRA), which
classifies Ukraine in group '10'. S&P's BICRA ranks risk
relating to banking systems on a scale of '1' to '10', with '1'
being the lowest risk and '10' being the highest risk.
OUTLOOK
The negative outlook on Ivano-Frankivsk reflects that on Ukraine.
Because the rating on the city is capped at the sovereign rating,
any rating action on Ukraine would likely lead to a similar
action on Ivano-Frankivsk, all else being equal. S&P currently
do not see a viable scenario in which it would revise its
assessment of Ivano-Frankivsk's ICL to below 'ccc'.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts. The chair
ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.
RATINGS LIST
Ratings Affirmed
Ivano-Frankivsk (City of)
Issuer Credit Rating CCC/Negative/--
Ukraine National Scale uaB-/--/--
LVIV CITY: S&P Affirms 'CCC' Issuer Credit Rating; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC' long-term
issuer credit rating on the Ukrainian City of Lviv and its 'uaB-'
Ukraine national scale rating on the city. The outlook is
negative.
RATIONALE
The long-term rating on Lviv primarily reflects S&P's long-term
foreign currency sovereign rating on Ukraine.
Under S&P's methodology, a local or regional government (LRG) can
be rated higher than its sovereign only if it considers that it
exhibits certain characteristics.
S&P do not currently believe that Ukrainian LRGs, including Lviv,
meet these conditions because the state regulates most local
revenues, the vast majority of financial decisions are taken
solely by the central government, and there is universal
execution of budgets by the state treasury.
S&P therefore caps the long-term rating on Lviv at 'CCC', the
level of the Ukrainian sovereign foreign currency rating,
although, in accordance with S&P's criteria, it assess Lviv's
indicative credit level (ICL) at 'ccc+'.
The ICL is not a rating, but a means of assessing an LRG's
intrinsic creditworthiness under the assumption that there is no
sovereign rating cap. The ICL results from the combination of
S&P's assessment of an LRG's individual credit profile and the
effects it sees of the institutional framework in which it
operates.
"We also take in account Ukraine's volatile and underfunded
intergovernmental system and Lviv's low wealth levels and limited
financial flexibility on revenues and expenditures. We view the
city's liquidity as "very negative." Lviv has repeatedly missed
repayments on a loan from Ukraine's Ministry of Finance that the
city had guaranteed. Although the city is trying to resolve the
problem, the situation weighs on our assessment of Lviv's
financial management, which we view as "very negative" in an
international context. Material contingent liabilities related
to municipal utilities also constrain creditworthiness," S&P
said.
On the positive side, in S&P's view, Lviv has a fairly sound
financial performance and modest debt.
Lviv is an important economic center in western Ukraine with
about 760,000 inhabitants and a fairly diverse tax base.
However, low wealth levels will remain a long-term drawback--GDP
per capita is slightly above US$2,000, according to S&P's
estimate based on output data.
S&P regards Lviv's financial predictability and flexibility as
very low because of what it regards as a volatile and underfunded
intergovernmental system, and Ukraine's LRGs' strong dependence
on state decisions for their revenues and expenditures. Lviv has
no control over about 80% of its revenues, including the main
sources: income tax and subsidies. Even local taxes and rents do
not provide much flexibility to the city. Furthermore, Lviv's
expenditure flexibility is restricted, in S&P's view, by the need
to cover salary increases mandated by the central government, and
by rapidly rising energy costs. The city also has large
investment needs in housing, transport, and other infrastructure.
The city's financial performance remains sound though. Operating
balance as a percentage of operating revenues improved to about
4% in 2013, in spite of expenditure needs, because of spending
delays in the treasury system. S&P expects Lviv's operating
balances to remain at 1%-2% on average under its base-case
scenario for 2014-2016, compared with 3% on average over 2011-
2013. S&P also expects zero deficits after capital accounts over
2014-2016, the same as the city's 2011-2013 average.
Given Lviv's conservative approach to increasing direct debt, S&P
expects debt to stay low, at less than 20% of expected 2014
operating revenues, even including medium-term budget loans.
Under S&P's base-case scenario, it expects Lviv's tax-supported
debt to stay within 30% of consolidated revenues by 2016. This
is because the city continues to issue guarantees on multilateral
loans in support of its companies' investments in infrastructure,
including water, sewage, roads, and public transport, but S&P do
not expect that all new loans will be utilized in full quickly.
These obligations expose the city to foreign exchange risks, as
the loans are denominated in foreign currency.
While the city's utilities' debt is incorporated in S&P's tax-
supported debt assessment (or direct debt when already serviced
by the city), the potential need to support utilities' operations
and investments and potentially help them to repay payables to
suppliers, which is about 25% of the city's 2014 budget, is
incorporated in our assessment of contingent liabilities as high.
Lviv has repeatedly reported nonpayment on a conditional
guarantee it provided to Ukraine's Ministry of Finance on a $24
million loan rom the International Bank for Reconstruction and
Development (IBRD) to the city's water utility, although
ultimately the IBRD receives payments from Ukraine on time. S&P
do not consider this a default by the city and treat the delayed
payments as part of the state's interbudgetary relations. That
said, S&P counts it as a weakness, exemplifying Lviv's weak
credit culture and leading to S&P's assessment of management as
very negative in an international context. S&P understands that
the city is trying to resolve this issue with the central
government.
Liquidity
S&P considers Lviv's liquidity to be very negative. S&P's
assessment is based on the city's modest cash holdings in both
general and special funds, uncertain market access, and volatile
cash position.
The city's average cash position during last 12 months was around
Ukrainian hryvnia (UAH) 71 million (US$7 million). This will
likely cover about 60% of its direct debt service falling due
within the next 12 months, including a UAH90 million bond
maturing in May 2014. As of March 1, 2014, the city has
accumulated sufficient cash to cover this maturity.
S&P considers Lviv's reserves to be highly volatile. Over the
past few years, the city has consistently turned to short-term
treasury loans to cover cash shortages in the general fund,
through which it pays most salaries and all interest due. S&P
expects the city to keep reporting shortfalls in the general fund
for operating spending this year and continue using treasury
loans, although this tool was not used in January or February
2014.
Furthermore, as the Ukrainian capital market is immature and
volatile, S&P views the city's access to external liquidity as
"uncertain." The weaknesses of Ukraine's banking sector are
reflected in S&P's Banking Industry Country Risk Assessment
(BICRA), which classifies Ukraine in group '10'. S&P's BICRA
ranks risk relating to banking systems on a scale of '1' to '10',
with '1' being the lowest risk and '10' being the highest risk.
Outlook
The negative outlook reflects the negative outlook on Ukraine.
S&P might take a positive rating or outlook action on Lviv if it
took a positive rating or outlook action on Ukraine and if Lviv's
other rating factors developed at least as well as in S&P's base-
case scenario.
A negative rating action on Lviv would follow a negative action
on Ukraine. S&P could also lower the ratings if it saw
increasing debt service because of more aggressive spending
financed by short-term borrowing. S&P believes this is unlikely
though.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts. The chair
ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.
RATINGS LIST
Ratings Affirmed
Lviv (City of)
Issuer Credit Rating CCC/Negative/--
Ukraine National Scale uaB-/--/--
Senior Unsecured CCC
Senior Unsecured uaB-
UKRAINIAN AGRARIAN: S&P Lowers Corp. Credit Rating to 'CCC'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term foreign
currency corporate credit rating on Ukraine-based farming group
Ukrainian Agrarian Investments S.A. (UAI) to 'CCC' from 'CCC+'.
Simultaneously, S&P affirmed the 'B-' long-term local currency
rating on UAI. The outlook on both ratings is negative.
At the same time, S&P lowered the group's stand-alone credit
profile (SACP) to 'b-' from 'b'.
The negative rating action on UAI follows S&P's downgrade of
Ukraine and its downward revision of the country's transfer and
convertibility (T&C) assessment to 'CCC', taking into account
that UAI's core assets -- its land bank, silos, and machinery --
are concentrated in Ukraine. The revised T&C assessment
constrains the foreign currency rating on UAI because of the
likelihood of increased restrictions on repatriation and, more
generally, negative sovereign interaction.
S&P believes that the deteriorated creditworthiness of the
country increases the risk of laws instructing export companies
to convert their hard currencies, which could affect the group's
dollar-denominated debt service.
S&P thinks that UAI is exposed to several risks due to weakening
sovereign credit quality. These include potential restrictions
on the transfer of funds from Ukraine and more stringent currency
controls. More generally, S&P also sees the risk of increased
fiscal pressure and obstructed access to financial markets for
Ukrainian corporations. Although UAI exports a large percentage
of its production, we think that it is not sheltered from these
risks.
S&P notes that UAI's operations provide substantial amounts of
U.S. dollar-denominated export revenues. Additionally, during
the year, UAI piles up material amounts of cash in other foreign
currencies outside Ukraine, which could be used to service its
debt. S&P notes, however, that these cash accounts are currently
at a seasonal low and will only peak in summer after the harvest.
S&P do not believe that the group's exports are at risk, as these
provide substantial amounts of foreign currency to the country.
The Ukrainian government already has currency controls in place:
It requires exporters to sell 50% of all foreign currency
revenues in the domestic foreign currency market. The National
Bank of Ukraine recently decided to extend this regulation,
regardless of the source of such proceeds. A more restrictive
foreign currency policy could negatively affect UAI, in S&P's
view.
The rating on UAI also incorporates S&P's assessment of the
group's "vulnerable" business risk profile and its "aggressive"
financial risk profile.
S&P views UAI's business risk profile as "vulnerable," reflecting
the group's operation in a volatile agricultural industry and the
high risk associated with doing business in Ukraine. Its lack of
market share in the global agribusiness industry and limited
brand recognition are the key factors for S&P's assessment of its
"weak" competitive position. UAI is strongly exposed to weather
conditions, which have been very bad since September 2013,
inducing weak yields and a marked decline in earnings. Still,
S&P believes that UAI benefits from its lease rights to high-
quality farmland, low production costs, and the currently
favorable trading environment for its crops in terms of demand.
However, the price of corn -- UAI's main crop -- significantly
declined last year, contributing further to the expected decline
in EBITDA, as included in S&P's previous base case.
In addition, S&P's assessment of UAI's business risk profile
incorporates its view of the global agribusiness and commodity
food as an industry with "intermediate" risk and our opinion of
"very high" country risk in Ukraine. UAI has 100% of its asset
base in Ukraine, although a substantial amount of its revenues
are export driven. This material amount of revenue denominated
in U.S. dollars ensures debt service and naturally hedges against
foreign exchange risk.
"We assess UAI's financial risk profile as "aggressive." We
expect UAI's five-year weighted debt-to-EBITDA ratio to exceed
4x, but remain below 5x over the next two years, with a temporary
peak in 2013, owing to unfavorable yields for corn. Our view of
UAI's financial risk profile also reflects the group's cash flow
generation, which we believe turned negative in 2013. Cash flow
generation is highly contingent on the group's decision to sell
its crop by the end of the fiscal year (ending Dec. 31) or to
wait until the beginning of the next fiscal year, depending on
expected pricing," S&P said.
Under S&P's base case, it assumes:
-- Weaker-than-originally-expected yields for corn in 2013,
owing to very unfavorable weather conditions since
September 2013;
-- A reduced price for corn in 2013 and a moderate rebound in
2014; and
-- Improved crop yields in 2014, close to the 2012 level.
Based on these assumptions, S&P arrives at the following credit
measures:
-- A sharp decline in EBITDA in 2013;
-- Net debt to EBITDA to materially increase at year-end 2013,
reaching a temporary high ; and
-- An improvement in EBITDA in 2014, close to 2012 level,
unless weather conditions continue to be very unfavorable.
The negative outlook on UAI mirrors the outlook on Ukraine and
reflects the possibility of a further downgrade of the group in
the next 12 months if foreign exchange repatriation, currency
restrictions, or country risks increase, reducing local
refinancing sources. This could happen if S&P saw tighter
currency controls, more restrictions on transfer of funds, or
rising political or fiscal pressures. A negative rating action
on UAI could also occur if S&P observed a deterioration in UAI's
liquidity, be it because recent operating performance was poor or
because local banks came under pressure, which would question the
group's ability to roll over its short-term debt.
S&P would revise the outlook to stable if conditions in Ukraine
stabilized and it saw lower risk related to currency controls and
repatriation requirements. A positive rating action would be
closely linked to a positive rating action on the sovereign.
However, S&P could consider an upgrade if UAI demonstrated its
ability to continue servicing its foreign currency debt despite
the liquidity constraints stemming from the sovereign debt.
Additionally, any rating upside would be contingent on UAI's debt
to EBITDA dropping below 5x and EBITDA recovering to at least $50
million.
If S&P lowered further its ratings on Ukraine further and revised
down its assessment of the country's T&C, it would not
automatically downgrade UAI if the group showed resilience to
country-specific factors, including the risk of stricter currency
restrictions. S&P notes that UAI benefits from recurrent inflows
of foreign currency from exports. This, combined with offshore
cash accounts, mitigates local T&C issues. S&P notes, however,
that the group's 2013 yields were quite weak, which will
constrain exports and cash flow generation in the first half of
2014.
===========================
U N I T E D K I N G D O M
===========================
BRADFORD BULLS: English Rugby Squad Struggles to Stay Afloat
------------------------------------------------------------
DBR Small Cap, citing Agence France-Presse, reported that
Bradford Bulls saw all their directors quit the cash-strapped
club, just minutes after they were docked six Super League points
for going into administration.
According to the AFP, with relegation re-introduced into the
Super League this season, it left the Bulls, long one of the
powerhouses of English rugby league, on course to drop out of the
top flight and facing a renewed battle merely to stay afloat.
Bradford Bulls is a professional rugby league club in Bradford,
West Yorkshire, England who plays in the Super League.
HARRISON LIGHTNING: Mulls CVA Following Administration
------------------------------------------------------
KSA Group on March 17 disclosed that Harrison Lightning
Protection and Earthing Limited has called in administrators and
is hoping to move forward with a Company Voluntary Arrangement
(CVA).
After struggling with debt, the firm believed administration was
the best way forward as increasing debt to creditors, like HMRC,
was becoming a growing concern. However they still are
continuing to trade with a 'full order book' and are hoping to
restructure with a CVA.
Rob Sadler of Begbies Traynor and David Broadbent of Broadbent
Business Recovery were appointed joint administrators on 28th
February. They have looked at all of the options available,
including selling the business or entering a CVA to manage the
debts.
According to Companies House, the company owes over GBP243,000 in
debt to creditors. For the CVA to be accepted, over 75% of
creditors (by value) must approve it. If the arrangement goes
ahead, there will be a debt repayment plan put in place, allowing
the company to pay back a significant proportion of debt back to
unsecured creditors over a period of two to five years, for
example.
Harrison Lightning Protection and Earthing Limited is based in
Darlington, County Durham.
HERALD PRINT: In Liquidation; 16 Jobs at Risk
---------------------------------------------
Guernsey Press reports that Herald Print has been put into
liquidation.
According to Guernsey Press, it is believed that around 16
workers could lose their jobs.
Jamie Toynton and Alan Roberts from Grant Thornton Ltd. have been
appointed as joint liquidators, Guernsey Press relates.
The firm was insolvent and Mr. Toynton, as cited by Guernsey
Press, said the liquidators were trying to seek a purchaser for
the company's business and assets.
Herald Print is a Guernsey-based print company.
MSS CLEAN: Put Up for Sale
--------------------------
MSS Clean Technology Ltd., which is in administration, has been
put up for sale.
Services of the company include design, manufacture, installation
and commissioning of laboratories, cleanrooms and controlled
environments.
Assets of the company include Intellectual Property, Design
Technology, Goodwill Customer Base, Work in Progress, MSS Clean
Room Environment System.
Established in 1982, the company had a 2013 turnover of GBP4.5
million and Blue Chip repeat customers.
Further details can be gathered by emailing
steve.jordan@btg-assets.com
ROWECORD ENGINEERING: Collapse Prompts Parent's GBP13.4MM Loss
--------------------------------------------------------------
Richard Frost at Insider Media reports that The Rowecord group
has plunged from a GBP4.3 million profit to a GBP13.4 million
loss during a year in which its largest subsidiary collapsed.
The Newport-based conglomerate also slashed its headcount from
1,051 employees to 492, Insider Media discloses.
Rowecord Holdings Ltd. recorded overall pre-tax losses of
GBP13.4 million in the year ending June 30, 2013 as opposed to
pre-tax profits of GBP4.3 million a year earlier, Insider Media
says, citing the group's latest set of accounts.
In April 2013, Rowecord Engineering collapsed with Alistair
Wardell, senior partner in Grant Thornton's Cardiff office,
appointed administrator, Insider Media recounts.
According to Insider Media, in their report accompanying the
accounts, the group's directors discuss the collapse.
They said: "The group experienced its busiest year to date but
unfortunately its largest subsidiary, Rowecord Engineering Ltd.,
went into administration on April 29, 2013. This has resulted in
a substantial loss being incurred during the year but the
directors do not consider that this should adversely affect the
going concern basis of the remaining group companies."
According to the accounts, Rowecord Holdings Ltd.'s continuing
operations reported net pre-tax losses of GBP1.5 million. This
was attributed to bad debt write-offs caused by the Rowecord
Engineering administration, Insider Media states.
Rowecord Engineering was by far the largest business in the
Rowecord group prior to collapsing, Insider Media says.
According to its last set of results before administration,
Rowecord Engineering had 594 members of staff and reported pre-
tax profits of GBP3.2 million on a turnover of GBP68.3 million
for the year ending June 30, 2012, Insider Media discloses.
A total of 425 employees were made redundant at the engineering
business the day after the appointment of administrators, Insider
Media recounts.
WINDERMERE VIII: Fitch Lowers Rating on Class C Notes to 'Csf'
--------------------------------------------------------------
Fitch Ratings has downgraded Windermere VIII CMBS plc's class C
notes due 2015 and affirmed the class D and E notes, as follows:
-- GBP14.9m class C (XS0261300692) downgraded to 'Csf' from
'CCsf'; Recovery Estimate (RE) 20%
-- GBP43.7m class D (XS0261300932) affirmed at 'Csf'; RE 0%
-- GBP16.7m class E (XS0261301310) affirmed at 'Dsf'; RE 0%
Windermere VIII CMBS Plc was a GBP1,037.8 million securitization
of eight commercial real estate loans, seven of which were
originated by Lehman Brothers Inc (LB) and 50% of another loan
(the City Point loan) jointly originated by LB and Goldman Sachs.
Since closing in Aug. 2006, five loans have repaid in full and
one with a loss. As at the Jan. 2014 IPD, two loans (Government
Income Portfolio and Amadeus) were outstanding with a cumulative
balance of GBP75.3 million.
KEY RATING DRIVERS
Since Fitch's last rating action, the Wood Green loan has repaid
in full and the collateral securing the Government Income
Portfolio was sold at an average premium of 15% above its 2012
valuation of GBP125.4 million. Net sales proceeds of GBP137.3
million have been applied to the notes sequentially and the
special servicer is awaiting a VAT refund from HMRC to proceed
with the final recovery determination (Fitch gives no credit to
this refund in its analysis). Thereupon, the remaining loan
balance (currently GBP50.9 million) will be written off, possibly
as early as the April or July 2014 interest payment dates. The
inevitability of loss is reflected in the highly distressed
ratings on all the notes.
Following the recent sale of Rede House in Middlesbrough for
GBP1.35 million (after any deductions, net sales proceeds are
expected to be applied at the April 2014 IPD), the GBP24.4
million Amadeus loan is secured only by Archer House, a tertiary
office property in Nottingham in need of refurbishment of common
parts and office areas to improve letting, given its low
occupancy of 57%. The special servicer's attempts to dispose of
the asset are ongoing and Fitch expects a significant portion of
the Amadeus loan to be written off.
RATING SENSITIVITIES
Fitch estimates 'Bsf' recoveries of GBP3 million, although this
is exclusive of any VAT refund. Once the loans are written off,
the class C and D notes will be downgraded to 'Dsf'.
* UK: Private Social Care Services Providers at Risk of Collapse
----------------------------------------------------------------
Gill Plimmer at The Financial Times reports that the National
Audit Office has warned private providers of social care services
are at risk of collapse owing to steep cuts in the amount of
money they receive from local authorities.
According to the FT, the report found that while the need for
care is increasing as a result of the ageing population and
better medicine, local authorities' spending on adult social care
fell by 8% in real terms over the three years since 2010.
About three-quarters of the reduction in spending during this
period had been achieved by cuts to the amount of care provided,
particularly for the elderly, with just a quarter from cutting
costs, the FT discloses.
While this could reflect some people needing less care owing to
earlier intervention, cuts had also been made to services and
changes made to eligibility criteria, the FT notes.
The NAO warned this was increasing pressure on other parts of the
system, such as the NHS and A&E, and yet the government was
unclear on how these pressures would be absorbed, the FT relays.
One-fifth of emergency hospital admissions could be avoided
through better social care systems, the FT states.
About three-quarters of spending was on services commissioned
from private sector or voluntary providers and although care
homes are under close watch by the government in the wake of the
Southern Cross collapse, the NAO warned that more providers could
be at risk, the FT relates.
"Paying lower fees to independent-sector providers of care can
put pressure on their financial sustainability, with some
providers reporting problems meeting all but users' basic needs
and investing in training for their staff," the FT quotes the NAO
as saying.
===============
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
MILLIMAGES MG6 GR -1006050.249 113454378.9
MILLIMAGES MIL S1 -1006050.249 113454378.9
MILLIMAGES MIL1 EO -1006050.249 113454378.9
MILLIMAGES MLIGF US -1006050.249 113454378.9
MILLIMAGES MILI FP -1006050.249 113454378.9
MILLIMAGES MILF PZ -1006050.249 113454378.9
MILLIMAGES - RTS 0134468D FP -1006050.249 113454378.9
MILLIMAGES-RTS MILDS FP -1006050.249 113454378.9
MILLIMAGES-RTS 760037Q FP -1006050.249 113454378.9
M-REAL ALIZAY SA 4670721Z FP -19839749.29 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863949.8 221936730.6
NESTLE WATERS SU 3634879Z FP -183402272.8 254740466.9
NESTLE WATERS SU 3634887Z FP -11147903.4 186832176.9
NEXANS COPPER FR 4744809Z FP -22662074.82 308626962.2
NEXTIRAONE 500526Z FP -1983210.371 311827703.4
NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
NOVASEP HOLDING 3736443Z FP -217561272.1 476949466.1
NOVELIS FOIL FRA 4678593Z FP -21912360.22 126180343.3
NRJ 12 4681713Z FP -59306529.9 110796872.5
O-I MANUFACTURIN 226230Z FP -101494197.2 1150890693
OROSDI OROS EO -51389802.68 181267113.2
OROSDI OROS FP -51389802.68 181267113.2
OROSDI OROS EU -51389802.68 181267113.2
OROSDI OROS S1 -51389802.68 181267113.2
OROSDI OROS PZ -51389802.68 181267113.2
OROSDI-BACK BACK IX -51389802.68 181267113.2
OROSDI-BACK ORBA FP -51389802.68 181267113.2
OROSDI-RTS ORODS FP -51389802.68 181267113.2
PAGESJAUNES GRP PAJGBP EO -2572329208 1590596225
PAGESJAUNES GRP PAJ EB -2572329208 1590596225
PAGESJAUNES GRP PAJ TQ -2572329208 1590596225
PAGESJAUNES GRP PAJUSD EU -2572329208 1590596225
PAGESJAUNES GRP PAJ QM -2572329208 1590596225
PAGESJAUNES GRP PAJ GK -2572329208 1590596225
PAGESJAUNES GRP QS3 TH -2572329208 1590596225
PAGESJAUNES GRP PAJUSD EO -2572329208 1590596225
PAGESJAUNES GRP PAJ PZ -2572329208 1590596225
PAGESJAUNES GRP QS3 GR -2572329208 1590596225
PAGESJAUNES GRP PAJ EO -2572329208 1590596225
PAGESJAUNES GRP PAJ BQ -2572329208 1590596225
PAGESJAUNES GRP PAJ IX -2572329208 1590596225
PAGESJAUNES GRP PAJ FP -2572329208 1590596225
PAGESJAUNES GRP PGJUF US -2572329208 1590596225
PAGESJAUNES GRP PAJ VX -2572329208 1590596225
PAGESJAUNES GRP PAJGBX EO -2572329208 1590596225
PAGESJAUNES GRP PAJ EU -2572329208 1590596225
PAGESJAUNES GRP PAJP IX -2572329208 1590596225
PAGESJAUNES GRP PAJ LI -2572329208 1590596225
PAGESJAUNES GRP PAJ NQ -2572329208 1590596225
PAGESJAUNES GRP PAJ S1 -2572329208 1590596225
PAGESJAUNES GRP PAJGBX EU -2572329208 1590596225
PEUGEOT CITROEN 3637183Z FP -292685177.7 366568398.7
PRIDE FORAMER SA 271904Z FP -25977905.48 1062588005
REGIE PUBLICITAI 4691033Z FP -5262294.526 112402724.7
REGIONAL COMPAGN 3635823Z FP -37389129.61 595811276.3
RESEAU FERRE FRA 224063Z FP -1594878991 71610625888
RHODIA SA RHDI GR -72552001.48 7951699362
RHODIA SA RHAY IX -72552001.48 7951699362
RHODIA SA 2324015Q EO -72552001.48 7951699362
RHODIA SA 3218857Q IX -72552001.48 7951699362
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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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HUNGARY
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HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
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IRELAND
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ICELAND
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AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
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ITALY
-----
AS ROMA SPA ASRO IX -66248672.26 227606539.7
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JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
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LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
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NETHERLANDS
-----------
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NORWAY
------
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PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO BES EO -208568793.8 658498551.2
NYESA VALORES CO 7NY GR -208568793.8 658498551.2
NYESA VALORES CO BES SM -208568793.8 658498551.2
NYESA VALORES CO BES EU -208568793.8 658498551.2
NYESA VALORES CO BES TQ -208568793.8 658498551.2
PANRICO SAU 1087Z SM -372238069.5 1219319614
PULLMANTUR SA 301590Z SM -74071248.87 168349823.1
RANDSTAD EMPLEO 4285885Z SM -27469291.1 318454508.5
REAL ZARAGOZA SA 4285533Z SM -5769281.747 168572641.9
RENTA CORP REN1USD EO -40378516.38 216503337.5
RENTA CORP REN SM -40378516.38 216503337.5
RENTA CORP REN1 TQ -40378516.38 216503337.5
RENTA CORP REN1USD EU -40378516.38 216503337.5
RENTA CORP RENS PZ -40378516.38 216503337.5
RENTA CORP REN1 EU -40378516.38 216503337.5
RENTA CORP REN1 EO -40378516.38 216503337.5
RENTA CORP REN1GBX EU -40378516.38 216503337.5
RENTA CORP RTACF US -40378516.38 216503337.5
RENTA CORP REN1GBX EO -40378516.38 216503337.5
RENTA CORP REN1GBP EO -40378516.38 216503337.5
RENTA CORP REAL REN/D SM -40378516.38 216503337.5
RESIDENCIAL MARL 4498347Z SM -8851230.872 106007591.2
REYAL URBIS SA REY1 EU -1160391779 4576859229
REYAL URBIS SA REYU PZ -1160391779 4576859229
REYAL URBIS SA REY SM -1160391779 4576859229
REYAL URBIS SA REY1 IX -1160391779 4576859229
REYAL URBIS SA REY1 EO -1160391779 4576859229
REYAL URBIS SA REY EB -1160391779 4576859229
SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
SEDESA OBRAS Y S 4285693Z SM -33624032.31 180977629
SHELL ESPANA SA 4514247Z SM -62380994.38 292408739.1
SPANAIR 1174Z SM -224915085.6 350111493.1
SUZLON WIND ENER 3809140Z SM -2806837.606 127085865.7
TELEVISION AUTON 3772924Z SM -114641099.5 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225.3 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
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STJAMES'S PLACE 4451825Z LN -40027613.56 444219054.8
STV GROUP PLC SMG VX -44693985.16 126240905.5
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STV GROUP PLC STVGEUR EU -44693985.16 126240905.5
STV GROUP PLC STVG VX -44693985.16 126240905.5
STV GROUP PLC STVGGBP EO -44693985.16 126240905.5
STV GROUP PLC STVG S1 -44693985.16 126240905.5
STV GROUP PLC SMGPF US -44693985.16 126240905.5
STV GROUP PLC STVGEUR EO -44693985.16 126240905.5
STV GROUP PLC STVG EU -44693985.16 126240905.5
STV GROUP PLC STVG LN -44693985.16 126240905.5
STV GROUP PLC SMG PZ -44693985.16 126240905.5
STV GROUP PLC SMG IX -44693985.16 126240905.5
SUN CHEMICAL LTD 2569274Z LN -21504458.55 276424178.5
SUNDERLAND ASSOC 1274418Z LN -30559441.44 144949782.5
SUNSAIL LTD 1092666Z LN -37047891.81 193976501.7
SUNSEEKER INTERN 820741Z LN -7756394.619 227371284.6
SWIFT TECHNICAL 4287133Z LN -34723772.77 138665319.9
TATA CMMNCTNS UK 2534722Z LN -43763935.47 114567535.7
TDL INFOMEDIA 3362Z LN -25723860.05 136762955.6
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
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TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMMUNI 1646328Z LN -287113015.3 868389208
TELEWEST COMMUNI 1608194Z LN -113079709.6 9113744374
THALES CORPORATE 1083706Z LN -65658884.46 829798983.7
THALES RAIL SIGN 2812334Z LN -29298137.36 106623580
THALES TELECOMMU 1163839Z LN -5826263.267 245379695.8
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIMES NEWSPAPERS 2343939Z LN -719564696.3 649314828.6
TOPPS TILES PLC TPT8 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJY US -36503224.29 140534295.2
TOPPS TILES PLC TPT EU -36503224.29 140534295.2
TOPPS TILES PLC TPT BQ -36503224.29 140534295.2
TOPPS TILES PLC TPT10 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT2 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT1 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2
TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
TOPPS TILES PLC TPT VX -36503224.29 140534295.2
TOPPS TILES PLC TPT7 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EO -36503224.29 140534295.2
TOPPS TILES PLC TPT5 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT3 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT IX -36503224.29 140534295.2
TOPPS TILES PLC TPT EO -36503224.29 140534295.2
TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT S1 -36503224.29 140534295.2
TOPPS TILES PLC TPT TQ -36503224.29 140534295.2
TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.82 120867289.2
UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7
VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
VIRGIN MOBILE VMOB PO -392165409.3 166070003.7
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VIRGIN MOBILE UEM GR -392165409.3 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
WARNER ESTATE WNER PZ -80276070.4 344291592.8
WARNER ESTATE WNEHF US -80276070.4 344291592.8
WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
WARNER ESTATE WNERGBP EO -80276070.4 344291592.8
WARNER ESTATE WNER PO -80276070.4 344291592.8
WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, 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 * * *