/raid1/www/Hosts/bankrupt/TCREUR_Public/140325.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 25, 2014, Vol. 15, No. 59
Headlines
C R O A T I A
CROATIA: Moody's Changes Outlook on 'Ba1' Bond Rating to Negative
C Z E C H R E P U B L I C
TELEFONICA FINANCE: Fitch Affirms BB+ Rating on Preference Shares
G R E E C E
GREECE: S&P Affirms 'B-/B' Sovereign Credit Ratings
I R E L A N D
EGRET FUNDING: Moody's Affirms B1 Rating on EUR12.25MM Notes
FLEET STREET: S&P Raises Rating on Class B Notes to 'BB+'
IRELAND: Report Shows Gov't Underestimated Bank Bailout Cost
SHEBEEN CHIC: Restaurateur Withholds Books, Liquidator Alleges
I T A L Y
UNICREDIT SPA: CEO Calls Disclosing Massive Loss 'Courageous'
UNICREDIT SPA: Moody's Lowers Standalone BCA to 'ba1'
WIND TELECOMUNICAZIONI: Fitch Says Refinancing Credit Positive
WIND TELECOMUNICAZIONI: Moody's Reviews B1 CFR for Downgrade
L U X E M B O U R G
HARVEST CLO I: Moody's Affirms Caa1 Rating on EUR11.5MM Notes
SERVUS HOLDCO: Fitch Affirms 'B' IDR; Outlook Stable
R U S S I A
LENINGRAD OBLAST: S&P Affirms 'BB+' ICR; Outlook Stable
TELE2 RUSSIA: Fitch Lowers LT Issuer Default Rating to 'B+'
* Fitch Revises Rating on 15 Russian Banks
* Fitch Revises 9 Russian Corporates' Outlooks to Negative
S P A I N
BBVA EMPRESAS 1: S&P Raises Rating on Class C Notes to B+
GRUPO ALDESA: Moody's Assigns 'B2' CFR; Outlook Stable
MADRID RMBS III: S&P Lowers Rating on Class B Notes to 'CCC-'
S W E D E N
SELENA OIL: Creditor Files Bankruptcy Petition
U N I T E D K I N G D O M
ALBEMARLE & BOND: Suspends Shares; Lenders Won't Back Turnaround
CO-OPERATIVE BANK: Needs to Raise GBP400 Million From Investors
MAES MANOR: Bought Out of Administration
PREMIERTEL PLC: S&P Affirms 'BB' Rating on Class B Notes
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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C R O A T I A
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CROATIA: Moody's Changes Outlook on 'Ba1' Bond Rating to Negative
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Moody's Investors Service has changed the outlook on Croatia's
Ba1 government bond rating to negative from stable. Concurrently,
Moody's has affirmed Croatia's Ba1 rating.
The key drivers of outlook change are as follows:
(1) Croatia's impaired medium-term economic outlook, owing to
competitiveness challenges, continued deleveraging and the
growth-dampening effect of fiscal consolidation efforts.
(2) The slow pace of fiscal deficit reduction, which will keep
government debt ratios and annual financing needs above those
of many similarly rated peers.
(3) Large external debt-servicing requirements that keep
Croatia's external liquidity position tight.
The key drivers for Moody's affirmation of Croatia's Ba1
government bond rating are:
(1) Anticipated policies adopted under the European Union (EU)'s
Excessive Deficit Procedure (EDP), which are likely to keep
fiscal metrics from deteriorating as rapidly as they have in
the last two years.
(2) Croatia's improved current account balance and foreign-
exchange reserves, which will cushion its balance of payments
from global financial volatility.
(3) Croatia's relatively high per-capita incomes compared to
similarly rated peers, as well as the economic benefits from
Croatia's entry into the EU in 2013.
Croatia's local-currency country risk ceilings remain at A3, the
long-term foreign-currency debt ceiling remains Baa1, and the
short-term foreign-currency debt ceiling is P2. The long-term
foreign-currency bank deposit ceiling remains Ba2 and the short-
term foreign-currency bank deposit ceiling is Not Prime.
Rationale For Outlook Change
First Driver: Croatia's Impaired Medium-Term Economic Outlook
The first driver of the outlook change is Croatia's impaired
medium-term economic outlook, owing to competitiveness
challenges, continued deleveraging and the growth-dampening
effect of fiscal consolidation efforts. In this context, Croatia
is having a weak recovery from recession, with positive real GDP
growth having eluded the economy since 2009.
Moreover, in the past five years, Croatia's growth has been
weaker than that of similarly rated peers. In addition to the
investment, export and banking sector effects from the euro area
debt crisis, Croatia has suffered from a number of shocks to the
economy, including the restructuring of the shipyard sector and
the loss of export markets following the country's exit from the
Central European Free Trade Agreement due to EU entry.
Croatia's GDP growth is estimated at -1.0% in 2013, and Moody's
expects 2014 growth to remain weak as private sector deleveraging
as well as public sector consolidation efforts keep domestic
demand subdued. The rating agency notes that weak growth lowers
Croatia's resilience to future economic shocks, and complicates
the government's efforts to reduce fiscal deficits and debt.
Second Driver: Substantial Rise in Government Debt Levels
The second driver of the outlook change are Croatia's high levels
of government debt ratios and annual financing needs which are
higher than those of many similarly rated peers. Moody's
estimates that Croatia's general government debt has risen to
approximately 66% of GDP by the end of 2013 (2008: 29%), owing to
an increase in fiscal deficits as well as the costs of
restructuring certain state owned enterprise debts and calls on
government guarantees.
Despite the government's recently proposed measures to increase
revenues and curtail expenditures, the fiscal deficit is unlikely
to decline rapidly over the next two years from an estimated 6.1%
of GDP in 2013. As a result, government debt and deficits are
likely to remain above the 2013 Ba median level of 45.5% and 3.7%
of GDP, respectively.
Third Driver: Large External Debt-Service Requirements Will Keep
Croatia's External Liquidity Position Tight
The third driver of the outlook change is Croatia's substantial
external debt-service requirements. External debt rose to an
estimated 107% of GDP by the end of 2013, from 68.6% in 2005. The
bulk of the increase was due to private sector borrowing prior to
2009. Although the private sector has reduced its external
borrowing since 2010, the government has continued to borrow
externally.
The debt-repayment needs arising from a high level of external
debt constrain the country's external liquidity position. Coupled
with a high degree of euroization within the country, this leaves
Croatia's economy vulnerable to global financial volatility.
Rationale for Affirming the Ba1 Rating
First Driver: Fiscal Consolidation Efforts Under Excessive
Deficit Procedure
The first driver of the affirmation of Croatia's Ba1 government
bond rating is the country's entry into the EU's EDP in 2014,
which mandates policy action to lower fiscal deficits and debt
ratios. The institutional vigilance associated with the EDP is
likely to support policy efforts that keep fiscal metrics from
deteriorating at the pace at which they have done in the past few
years.
Second Driver: Improvements In Current Account And Foreign-
Exchange Reserves
The second driver of the affirmation is the improvement in
Croatia's current account balance to an estimated surplus of 0.5%
of GDP in 2013 from a deficit of 8.7% of GDP in 2008, owing to
lower domestic demand for imports and robust tourism export
receipts. Moody's expects the current account balance to remain
in surplus this year, lowering the country's external financing
needs. While external debt repayment needs are high, a
significant portion is owed as intra-company debt, which limits
roll-over risks.
Moreover, the rating agency expects foreign-exchange reserves,
estimated at $17.3 billion at year-end 2013, to remain adequate
to protect against global financial volatility.
Third Driver: Relatively High Per-Capita Incomes, As Well As The
Economic Benefits From Croatia's 2013 Eu Entry
Croatia's sovereign credit profile is supported by its relatively
high per-capita incomes compared to similarly rated peers
globally, as well as the economic benefits of EU entry.
Relatively high incomes are reflected in Croatia's private sector
savings rate, which supports the sovereign credit profile by
providing a domestic market for government debt. Croatia's income
and savings levels are also expected to cushion, to some extent,
the effect of fiscal consolidation on consumption.
In 2013, the first year of Croatia's EU entry, Croatia's
manufacturing export performance was weak due to the loss of
traditional Central European Free Trade Agreement (CEFTA) export
markets and relatively subdued growth in the EU. However, Moody's
expects that Croatia's integration with the EU, in conjunction
with policies to address domestic competitiveness challenges,
will support exports, investment and growth over the medium to
long term. Moreover, as has been the case with prior EU entrants,
institutional developments in Croatia are also likely to benefit
from EU entry.
What Could Move The Rating Up/Down
The rating outlook could return to stable upon signs that a
sustained economic recovery was on the horizon, reflecting an
improved medium-term economic outlook. Materially narrower fiscal
deficits and falling government debt ratios would also exert
upward pressure on the outlook. On the other hand, a downgrade
could follow from an assessment that Croatia's fiscal, growth and
external vulnerability metrics will continue to deteriorate for
an extended period and to an extent that they will fall
significantly below those of Ba1 rated peers and to levels
inconsistent with a Ba1 rating.
GDP per capita (PPP basis, US$): 17,753 (2013 Actual) (also known
as Per Capita Income)
Real GDP growth (% change): -1% (2013 Actual) (also known as GDP
Growth)
Inflation Rate (CPI, % change Dec/Dec): 0.3% (2013 Actual)
Gen. Gov. Financial Balance/GDP: -6.1% (2013 Actual) (also known
as Fiscal Balance)
Current Account Balance/GDP: 0.5% (2013 Actual) (also known as
External Balance)
External debt/GDP: 107% (2013 Estimate)
Level of economic development: Moderate level of economic
resilience
Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.*
Events related to the debts of the Former Yugoslavia.
On March 18, 2014, a rating committee was called to discuss the
rating of the Croatia, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially decreased. The
issuer's fiscal or financial strength, including its debt
profile, has materially decreased.
The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2013.
The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.
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C Z E C H R E P U B L I C
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TELEFONICA FINANCE: Fitch Affirms BB+ Rating on Preference Shares
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Fitch Ratings has assigned Telefonica SA's (TEF, BBB+/Negative)
proposed EUR benchmark perpetual subordinated securities an
expected rating of 'BBB-(EXP)'. The securities will be issued by
Telefonica Europe B.V. and guaranteed on a subordinated basis by
Telefonica SA. The final rating is contingent on the receipt of
final documents conforming materially to the preliminary
documentation.
The upcoming hybrid securities are proposed to be deeply
subordinated and to rank senior only to TEF's share capital,
while coupon payments can be deferred at the discretion of the
issuer. As a result of these features, the 'BBB-(EXP)' rating is
two notches below TEF's Long-term Issuer Default Rating (IDR),
which reflects the securities' increased loss severity and
heightened risk of non-performance relative to senior
obligations. This approach is in accordance with Fitch's
criteria, "Treatment and Notching of Hybrid in Non-financial
Corporate and REIT Credit Analysis" dated Dec. 23, 2013, at
http://www.fitchratings.com
The proposed securities qualify for 50% equity credit as they
meet Fitch's criteria with regard to subordination, effective
maturity of at least five years, full discretion to defer coupons
for at least five years and limited events of default, as well as
the absence of material covenants and look-back provisions.
The proposed securities will be issued in EUR and have no formal
maturity date. The documentation provides for the potential
issuance of two tranches, a non-call 6 (NC6) and non-call 10
(NC10). The issuer has a call option to redeem the notes at par
on the first call date (in 2020 for the NC6 and in 2024 for the
NC10) and at any interest payment date thereafter.
There will be a coupon step-up of 25bps from year ten onwards
(2024) and an additional step-up of 75bps 20 years after the
first call date onwards (in 2040 for the NC6 and in 2044 for the
NC10). According to Fitch's criteria, the first call date and the
coupon step-up date are not treated as effective maturity dates
due to the cumulative amount of the step-ups being lower or equal
to 1% throughout the life of the instruments. However, the
issuer will no longer be subject to replacement language
disclosing the company's intent to redeem the instrument from
2040 (for the NC6) and 2044 (for the NC10) with the proceeds of a
similar instrument or with equity. Hence, 2040 and 2044 are
viewed as the respective effective maturity date for the NC6 and
NC10 securities. The instrument's equity credit would switch to
zero five years prior to this date (i.e. in 2035 for the NC6 and
2039 for the NC10).
There is no look-back provision in the securities' documentation,
which gives the issuer full discretion to unilaterally defer
coupon payments. Deferrals of coupon payments are cumulative and
the company will be obliged to make a mandatory settlement of
deferred interest payments under certain circumstances, including
a declaration or payment of a dividend.
KEY RATING DRIVERS
Proactive Portfolio Management & Deleveraging
A spike in leverage, following the 2010 Vivo acquisition and
coincident economic slowdown, has been managed well. A
combination of material cuts to its distribution policy, the sale
of non-core assets and stake sales, along with hybrid issuance
has seen the company reduce net debt to EUR46.6 billion (EUR43.6
billion adjusted for post FY13 disposals) -- i.e. adjusted for
50% equity credit assigned to the hybrid instruments. This
compares with debt of EUR56.3 billion at FYE11. Fitch expects
funds from operations (FFO) net adjusted leverage to stabilize
around 3.3x in 2014 and beyond, a level that is consistent with
the large European incumbent peer group and a 'BBB+' rating. FFO
net adjusted leverage was 3.2x at FYE13.
Positive Diversification
Telefonica exhibits stronger portfolio diversification than
similarly rated peers, such as Deutsche Telekom and Orange SA. Of
this group, Telefonica is least reliant on its domestic market at
45% contribution to operating cash flow (OCF; EBITDA less capex)
from Spain in 2013, compared with Deutsche Telekom's 70% from
Germany and Orange's 65% from France. Fitch estimates that
following the E-Plus transaction (which remains subject to
regulatory approval), Germany will account for 9% and the UK a
10% contribution -- boosting the cash flow from competitive but
nonetheless stronger performing northern European economies,
while Latin America will contribute 39%. Such broad
diversification offers protection against economic cycles as well
as structural shifts and maturing regional trends.
Domestic Operating Environment Remains Tough
Spain is still Telefonica's single largest market, accounting for
43% of forecast 2014 OCF. A domestic economy characterised by
high unemployment and weak domestic consumption, along with an
increasingly tough competitive environment will continue to weigh
on this part of the business. Telefonica's "Fusion" quad-play
product has fundamentally shifted pricing in the market, though
without slowing the pace of mobile subscriber losses. The
incumbent lost a total of 1.6 million mobile customers in the 12
months to December 2013, while mobile service revenues contracted
by 16%. Aggressive MVNO mobile offers have had a significant
impact on the established operators, while Vodafone's acquisition
of ONO, the country's largest cable operator, is likely to
increase fixed line and quad-play pressures. Domestic EBITDA fell
7% in 2013. Further contraction is likely in 2014 and may
continue beyond, in Fitch's view.
FX Headwinds
Currency volatility primarily related to Telefonica's Latin
American businesses had a material impact on 2013 reported
results -- revenues suffered a negative EUR5 billion currency
impact; with a EUR1.7 billion effect felt at the EBITDA level.
Currency devaluation in Brazil, Argentina and Venezuela has been
significant, with the prospect of any near-term easing in these
pressures far from certain. While its LatAm operations generally
report top-line growth and solid underlying performance, currency
volatility removed the underlying growth benefits of the LatAm
business in 2013 and in the absence of any material appreciation
will continue to impact reported group level results in 2014.
Fitch estimates that LatAm countries in 2014 will account for
around 39% of Telefonica's OCF and their currencies at 8% of
group debt, giving rise to a currency mismatch. Euro zone
countries are forecast to represent 52% of OCF, compared with an
estimated 80% of euro-dominated debt.
Measured M&A Approach
M&A risk at Telefonica is viewed by Fitch as measured and its
intentions in this area have been well-articulated by management.
Recent activity has focused on the sale of non-core operations
with the agreed disposal of businesses in the Czech Republic and
Ireland expected to raise around EUR3 billion in proceeds in
2014. Disposal proceeds along with approximately EUR900 million
to be raised from minorities (at the Telefonica Deutschland
level) in a rights issue accompanying the E-Plus acquisition will
offset the EUR5 billion cash component of the German acquisition.
The company's leverage neutral approach to funding this deal
underlines caution in financial policies, which Fitch views
positively. The possibility of market consolidation in Brazil
would be a transaction that makes strategic sense -- regulatory
barriers to such a development are though considered high.
RATING SENSITIVITIES
Negative: Future developments that could lead to negative rating
actions include:
-- FFO net adjusted leverage approaching 3.5x with little
expectation that deleveraging comfortably below this level
can be achieved organically. Mid-single digit or below pre-
dividend FCF margin would increase downgrade pressure.
Positive: Future developments that could lead to a revision of
the Outlook to Stable, are:
-- FFO net adjusted leverage well below 3.5x on a sustained
basis. A mid-to-high single digit pre-dividend free cash
flow (FCF) margin, which is also deemed an important metric
at 'BBB+', on a consistent basis is likely to help
stabilize the Outlook
The following ratings are affirmed:-
Telefonica SA Long term IDR: 'BBB+'; Negative Outlook
Telefonica SA Short term IDR: 'F2'
Telefonica Europe BV's/Telefonica Emisiones' bonds: 'BBB+'
Telefonica Finance USA LLC's preference shares: 'BB+'
Telefonica Europe BV subordinated hybrid securities: 'BBB-'
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G R E E C E
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GREECE: S&P Affirms 'B-/B' Sovereign Credit Ratings
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Standard & Poor's Ratings Services affirmed its long- and short-
term foreign and local currency sovereign credit ratings on the
Hellenic Republic (Greece) at 'B-/B'. The outlook is stable.
RATIONALE
S&P's long-term rating on Greece balances its view of the
government's high (albeit long-dated) debt burden and the
country's onerous external debt position, against Greece's
relatively high (although still falling) GDP per capita, its
significant budgetary and structural reforms, and official
support from the European Union (EU), the European Central Bank
(ECB), and the IMF (together, the "Troika").
"We forecast that GDP growth will gradually recover in 2014-2017.
We expect export growth, particularly services exports, should
continue to improve on the back of a more favorable international
environment, particularly in Germany and the U.K., which combined
take more than 15% of Greece's exports. Investment should also
progressively pick up given gradually improving credit conditions
(reflecting a stabilizing domestic banking sector), increased
scope for companies to invest in additional equipment, and the
government's steady clearing of its arrears owed to suppliers.
Nonetheless, we expect that Greece's household consumption will
remain constrained by high unemployment (27%) and a sharp wage
contraction, both of which have led to a more-than 20% decrease
in disposable income since 2008," S&P said.
"In our opinion, steps the Greek government has taken to
strengthen the institutional framework and improve policy
effectiveness have enhanced external and fiscal performance. In
particular, the government has made significant reforms to the
labor market and fiscal revenue collection and plans further
reforms in commerce. Although we consider Greece's domestic
political environment to be fluid, our forecasts assume that --
regardless of composition -- the Greek government will adhere
broadly to the current policy framework. We also assume social
tensions will abate as the bulk of fiscal consolidation is now
done, and growth conditions are improving," S&P added.
"We consider that the economy has started to rebalance. The
adjustment in the current account balance, which turned slightly
positive in 2013, compared to a deficit of 15% of GDP in 2008,
has come about mainly via a sharp reduction in imports but also
through increasing transport and tourism exports. The
competitiveness index based on relative unit labor costs is below
the 2000 level, which more than restores lost pre-crisis price
competitiveness. The 2013 improvement in Greece's current
account also reflects an increase in already-substantial net
current transfers extended to the Greek government by the EU. We
expect the current account to remain broadly balanced in 2014-
2017," S&P noted.
Despite this positive shift in external flow dynamics, Greece's
external vulnerabilities persist given its high level of external
debt, deflating economy, and limited monetary flexibility. S&P
estimates external debt at about 400% of current account receipts
in 2014 (net of public and financial sector external assets). In
particular, about half of Greece's gross external debt stock is
short term, mostly contracted by Greek banks, and has to be
rolled over. In that respect, S&P anticipates that cross-border
interbank deposits will stabilize, while ECB funding -- about 20%
of total banking system liabilities -- will likely remain
supportive.
S&P views Greece's recent fiscal adjustment as significant. The
government's fiscal deficit improved to 2.9% of GDP in 2013 from
almost 16% in 2009; the 2013 figure excludes bank
recapitalizations. The expenditure-side adjustment has been
particularly notable (an 18% contraction in nominal terms in
2009-2012) compared to that on the revenue side; S&P views the
revenue-side adjustment as more sustainable. There was a primary
fiscal surplus in 2013, which S&P expects will increase until
2017 to about 2% of GDP given the expected rebound in GDP growth.
That said, S&P believes that Greece may not meet the Troika's
primary budgetary surplus target of 4.5% of GDP in 2016.
S&P estimates the Greek government's gross borrowing requirements
(including short-term debt maturing) at about EUR45 billion in
2014. This includes EUR25 billion of long-term general
government debt amortization (of which EUR18 billion pertains to
commercial debt principal payments, most of which is held by the
ECB and eurozone national central banks, including the Bank of
Greece), EUR15 billion of short-term debt, and a EUR4.3 billion
fiscal deficit. S&P believes that about EUR22 billion of
official funding (encompassing EUR2 billion in interest
deferrals) from the Troika will help meet these funding needs, as
well as a full rollover of the government's treasury bills held
predominantly by domestic pension funds.
S&P believes that the government will obtain the remaining EUR9
billion from a combination of sources:
-- Up to EUR3 billion in privatization receipts;
-- About EUR2.5 billion from expected servicing of "pillar one
bonds" (bonds that the Greek banks will start paying back
to the government this year) and ETEAN bonds due in 2014,
the latter being bonds issued by Greece's National Fund for
Entrepreneurship and Development and held by the Greek
government;
-- Up to EUR3 billion of international bond issuance;
-- A drawdown, if needed, of government deposits at the
central bank up to EUR3.5 billion; or
-- Increased treasury bill issuance (above the EUR15 billion
threshold set by the Troika).
S&P do not assume that the Greek government will use the EUR11.5
billion available at the Hellenic Financial Stability Fund (HFSF)
to support its budget. This is because S&P believes that the
government will need most, if not all, of the EUR11.5 billion to
top up the capital requirements of Greek banks after the ECB
asset quality review, expected in October 2014.
In 2015, S&P expects Greece's gross borrowing needs to be
approximately EUR34 billion, consisting of just over EUR16
billion in maturing long-term debt; EUR15 billion of short-term
debt; and a EUR2.8 billion deficit. S&P believes general
government financing sources for 2015 will include EUR9 billion
of official lending and a combination of EUR2.5 billion of
privatization proceeds, EUR3 billion further repayment of the
pillar one bonds, and the increased issuance of Treasury bills
and additional funding from the capital markets.
Given the gradual replacement of maturing commercial bonds by
official lending, S&P believes the stock of commercial debt will
likely continue to decrease to reach below one-third of Greece's
total debt stock. (S&P classifies commercial bonds held by the
Eurosystem as commercial debt in this calculation as it
understands that the ECB will not agree to rollover these
expirations, which total an estimated EUR16 billion between 2015
and 2018.) S&P forecasts that Greek government commercial debt
will continue to be mainly held by nonresidents, predominantly
official creditors and Eurosystem central banks, through 2017
given that the EU has restricted Greek banks buying Greek
sovereign bonds.
In the wake of the second economic adjustment program and the
debt buy-back programs, S&P believes the government's debt
profile has strengthened significantly. The average maturity has
lengthened to 16 years and interest payments have been deferred
by 15 years, which has led to a significant reduction in interest
payments to about 10% of revenues in 2014-2017 from a peak of 17%
in 2011.
Despite budgetary consolidation, the government debt stock has
increased to about 173% of GDP in 2013, from 103% in 2008, on
significant bank recapitalizations and a 23% peak-to-trough
contraction of the economy. Nevertheless, given the maturity
extension, the net present value of debt has declined, improving
debt sustainability metrics. S&P projects that government debt
will continue to increase in nominal terms but decline as a share
of the economy to 164% of GDP in 2017.
S&P considers that the difference between corporate lending rates
and the ECB policy rate will remain wide, both in the context of
banks' weak asset quality -- NPLs are more than 30% of total
loans -- and a lack of credit due to banks' capital constraints.
OUTLOOK
The stable outlook balances S&P's view of the government's
commitment to a fiscal and structural adjustment against the
economic and political challenges of doing so. The outlook also
assumes, at a 'B-' rating level of confidence, no further
distressed exchange on the sovereign's remaining stock of
commercial debt.
S&P could raise its long-term rating on Greece if GDP growth were
to pick up more substantially than it currently expects. This
could reflect structural reforms to the labor and product markets
bearing fruit more rapidly than S&P foresees, or the banking
system rehabilitating to the extent that it can provide more-
dynamic credit growth.
S&P could lower the ratings if it believes there is a likelihood
of a distressed exchange on Greece's remaining stock of
commercial debt, due to a weakening of the political situation or
delays to scheduled official creditor support.
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
Greece (Hellenic Republic)
Sovereign Credit Rating B-/Stable/B
Transfer & Convertibility Assessment AAA
Senior Unsecured B-
Commercial Paper B
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I R E L A N D
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EGRET FUNDING: Moody's Affirms B1 Rating on EUR12.25MM Notes
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Moody's Investors Service has upgraded the ratings of the
following notes issued by Egret Funding CLO I Plc:
EUR288.75M (current outstanding balance of EUR169.40M) Class A
Senior Floating Rate Notes due 2022, Upgraded to Aaa (sf);
previously on Sep 6, 2011 Upgraded to Aa1 (sf)
EUR30.2M (current outstanding balance of EUR28.2M) Class B
Senior Floating Rate Notes due 2022, Upgraded to Aa2 (sf);
previously on Sep 6, 2011 Upgraded to A1 (sf)
EUR24.6M Class C Deferrable Floating Rate Notes due 2022,
Upgraded to Baa1 (sf); previously on Sep 6, 2011 Upgraded to Baa2
(sf)
EUR7M (current outstanding balance of EUR4.9M) Class P
Combination Notes due 2022, Upgraded to Baa1 (sf); previously on
Sep 6, 2011 Upgraded to Baa2 (sf)
Moody's also affirmed the ratings of the following notes issued
by Egret Funding CLO I Plc:
EUR23.1M Class D Deferrable Floating Rate Notes due 2022,
Affirmed Ba2 (sf); previously on Sep 6, 2011 Upgraded to Ba2 (sf)
EUR12.25M (current outstanding balance of EUR10.85M) Class E
Deferrable Floating Rate Notes due 2022, Affirmed B1 (sf);
previously on Sep 6, 2011 Upgraded to B1 (sf)
Egret Funding CLO I Plc, issued in November 2006, is a
collateralized Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European loans. The portfolio is managed by
Lyxor Asset Management UK LLP. The transaction's reinvestment
period ended in December 2012.
Ratings Rationale
The rating actions on the notes are primarily the result of the
recent significant deleveraging of the Class A notes following
amortization of the underlying portfolio. The Class A notes paid
down by approximately EUR85.1 million (33.4%) at the December
2013 payment date and have paid down by EUR119.3 million (41.3%)
since closing. As a result of the deleveraging, the
overcollateralization (OC) ratios of the senior tranches have
increased. According to the January 2014 trustee report the OC
ratios of Classes A/B, C, D and E are 134%, 119%, 108%, 103%
compared to 124%, 114%, 106%, 103% respectively in November 2013
just prior to the payment date.
The affirmation of the ratings of Classes D and E notes is based
on the stability of the OC ratios and general credit quality of
the remaining assets as reflected by the average credit rating of
the portfolio (measured by the weighted average rating factor, or
WARF). Further, the proportion of securities from issuers with
ratings of Caa1 or lower has increased slightly. According to the
January 2014 trustee report the WARF is 2850, compared with 2816
in the January 2013 report. Securities rated of Caa1 or lower
currently make up approximately 17% of the underlying portfolio,
versus 12% a year earlier.
The rating on the combination notes addresses the repayment of
the rated balance on or before the legal final maturity. For the
Class P notes, the 'rated balance' at any time is equal to the
principal amount of the combination notes on the issue date times
a rated coupon of 0.25% per annum accrued on the rated balance on
the preceding payment date, minus the sum of all payments made
from the issue date to such date, of either interest or
principal. The rated balance will not necessarily correspond to
the outstanding notional amount reported by the trustee.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR256 million,
defaulted par of EUR17 million, a weighted average default
probability of 23.4% (consistent with a WARF of 3301), a weighted
average recovery rate upon default of 47.1% for a Aaa liability
target rating, a diversity score of 26 and a weighted average
spread of 3.83%.
In its base case, Moody's addresses the exposure to obligors
domiciled in countries with local currency country risk bond
ceilings (LCCs) of A1 or lower. Given that the portfolio has
exposures to 1.7% of obligors in Ireland whose LCC is A2, and
12.63% in Spain whose LCC is A1, Moody's ran the model with
different par amounts depending on the target rating of each
class of notes, in accordance with Section 4.2.11 and Appendix 14
of the methodology. The portfolio haircuts are a function of the
exposure to peripheral countries and the target ratings of the
rated notes, and amount to 1.73% for the Class A notes, 1.08% for
the Class B notes and 0.43% for the Class C notes. No haircut was
applied for the Classes D and E notes.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% of the 80.37 of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the remaining non-first-lien loan corporate
assets upon default. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.
Factors that would lead to an upgrade or downgrade of the rating:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower credit quality in the portfolio to
address refinancing risk. Loans to European corporates rated B3
or lower and maturing between 2014 and 2015 make up approximately
6% of the portfolio, which could make refinancing difficult.
Moody's ran a model in which it raised the base case WARF to 3359
by forcing ratings on 25% of the refinancing exposures to Ca; the
model generated outputs that were consistent with the base-case
results.
Moody's also conducted another sensitivity analysis where an
additional 3.5% of the par amount was assumed defaulted; the
model generated outputs that were within one notch of the base-
case results.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy and 2) the concentration of lowly-rated debt
maturing between 2014 and 2015, which may create challenges for
issuers to refinance. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.
Additional uncertainty about performance is due to the following:
Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.
Around 38% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates.
Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
FLEET STREET: S&P Raises Rating on Class B Notes to 'BB+'
---------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Fleet Street Finance Three PLC's class A1, A2, and B notes. At
the same time, S&P has affirmed its ratings on the class C, D,
and E notes.
The rating actions follow the notes' repayments on the January
2014 payment date. About a third of the outstanding notes
repaid. The notes' balance decreased to EUR238.7 million from
EUR369.5 million in October 2013. The Saxony loan fully repaid
(EUR47.4 million), and the Corleone loan partially repaid EUR81.6
million.
The notes are now backed by two loans secured on German
commercial properties. S&P has reviewed these loans' credit
quality according to its criteria for rating European commercial
mortgage-backed securities (CMBS) transactions
BLUESTAR LOAN (51% OF THE POOL)
The loan is secured on two office properties in Bonn and Munich.
According to the January 2014 investor report, the loan's
outstanding securitized balance is EUR121.4 million.
The loan is in special servicing following failure to repay the
outstanding principal amount on the April 2012 maturity date.
The loan is in standstill to assist in the disposal of the
properties. The special servicer expects the sale of the Bonn
property for EUR44.65 million and the sale of the Munich property
for EUR6.20 million in the first half of 2014.
In January 2014, the servicer reported a 179.41% securitized
loan-to-value (LTV) ratio, based on a September 2012 valuation of
EUR67.7 million.
S&P has assumed that the securitized loan would experience losses
in its expected case scenario.
CORLEONE LOAN (49% OF THE POOL)
The loan is currently secured on a portfolio of 16 German mixed-
use assets (down from 95 assets at closing). According to the
January 2014 investor report, the loan's outstanding securitized
balance is EUR117.4 million.
The original loan maturity date was April 2012. The servicer
agreed to extend it to October 2014. S&P understands that the
marketing process for the sale of the 16 remaining assets remains
ongoing.
In January 2014, the servicer reported a 85.06% securitized LTV
zatio, based on a December 2012 valuation of EUR115.1 million.
The current reported occupancy rate is 60.46%.
S&P has assumed that the securitized loan would experience losses
in its expected case scenario.
RATING RATIONALE
S&P's ratings address the timely payment of interest and ultimate
payment of principal no later than the legal final maturity date
in October 2016.
As a result of the notes' repayments on the January 2014 payment
date, S&P considers the available credit enhancement for the
class A1, A2, and B notes to be sufficient to mitigate the risk
of losses from the underlying loans in 'AA+', 'AA', and 'BB+'
rating stress scenarios, respectively. S&P has therefore raised
to 'AA+ (sf)' from 'A- (sf)' its rating on the class A1 notes, to
'AA sf)' from 'BB (sf)' our rating on the class A2 notes, and to
'BB+ (sf)' from 'B (sf)' its rating on the class B notes. S&P's
analysis takes into account the likely sales of the properties
backing the Bluestar loan in the first half of 2014.
S&P considers that the class C notes are exposed to principal
losses from the two remaining loans in our expected case
scenario. S&P has therefore affirmed its 'B- (sf)' rating on this
class of notes.
S&P has affirmed its 'D (sf)' ratings on the class D and E notes
because they experienced principal losses in 2013.
Fleet Street Finance Three is a true sale CMBS transaction backed
by two loans secured on German commercial properties.
RATINGS LIST
Fleet Street Finance Three PLC
EUR1.105 Billion Commercial Mortgage-Backed Floating-Rate Notes
Rating Class
To From
Ratings Raised
A1 AA+ (sf) A- (sf)
A2 AA (sf) BB (sf)
B BB+ (sf) B (sf)
Ratings Affirmed
C B- (sf)
D D (sf)
E D (sf)
IRELAND: Report Shows Gov't Underestimated Bank Bailout Cost
------------------------------------------------------------
Vincent Boland at The Financial Times reports that Ireland was
advised by Merrill Lynch at the height of the global financial
crisis in 2008 that recapitalizing Irish banks could cost a
maximum EUR16.4 billion -- barely a quarter of the sum taxpayers
have so far spent bailing out the country's financial
institutions.
The revelation, in a document released by Ireland's finance
ministry under freedom of information legislation, will put
pressure on Enda Kenny's government to go ahead with a stalled
official inquiry into the collapse of the banks, which has so far
cost the state EUR64 billion, the FT relates.
The difference between Merrill Lynch's estimated cost of a
bailout and what has been spent so far illustrates how the Irish
government and its advisers underestimated the scale of the
problems inside Ireland's banks after the collapse of Lehman
Brothers sent financial markets into disarray, the FT discloses.
According to the FT, the 45-page document, dated November 18
2008, a few weeks after the government gave a blanket guarantee
to all creditors of Irish banks, shows that Merrill Lynch
estimated that both Anglo Irish Bank and Allied Irish Bank would
require EUR5.6 billion each in new capital. In reality, Anglo
went bust after EUR30 billion was put in, while Allied required
EUR21 billion and is almost 100% state-owned today, the FT notes.
The document also reveals the gap between the government's
position at the time, which was that its blanket guarantee of all
creditors of Irish banks would be the "cheapest bank bailout
ever", and the view of advisers, who warned recapitalization
would be necessary and that the cost would probably fall on Irish
taxpayers, the FT relays.
The guarantee is seen as the act that doomed Ireland to financial
collapse and eventual bailout by international lenders, the FT
states.
SHEBEEN CHIC: Restaurateur Withholds Books, Liquidator Alleges
--------------------------------------------------------------
Shane Phelan at Independent.ie reports that high-profile
restaurateur and publican Jay Bourke is facing allegations that
he is deliberately withholding the books of one of his companies
from a Revenue-appointed liquidator.
The serious claim was made in court documents filed by the
liquidator of the failed Shebeen Chic bar in Dublin,
Independent.ie relates.
The pub was launched in a blaze of publicity in 2008 when it was
touted as an eco-friendly venue with an interior made up of
recycled materials, Independent.ie recounts.
But following a rent dispute it closed in 2012 with the loss of
21 jobs and owing almost EUR90,000 to the taxman, Independent.ie
relays.
However, two years on, the liquidation has yet to be completed,
Independent.ie notes.
According to Independent.ie, liquidator PJ Lynch has told the
High Court he had been unable to properly wind up the firm that
ran the business because "books and records and other financial
information is being deliberately withheld".
The allegation is being contested by Mr. Bourke, Independent.ie
notes.
In an affidavit seen by the Irish Independent, Mr. Lynch, as
cited by Independent.ie, said Mr. Bourke had confirmed to him in
February of last year that he was in possession of the accounts.
The liquidator alleged these had still not been handed over,
despite several requests, Independent.ie notes.
Mr. Lynch said he had been forced to use bank account records to
do a detailed review of the company's trading position,
Independent.ie relates.
=========
I T A L Y
=========
UNICREDIT SPA: CEO Calls Disclosing Massive Loss 'Courageous'
-------------------------------------------------------------
David Enrich and Giovanni Legorano, writing for Daily Bankruptcy
Review, reported that on March 14, UniCredit SpA Chief Executive
Federico Ghizzoni gathered his top deputies for a meeting in the
bank's Milan headquarters. They faced an unpleasant decision:
announce a record-breaking loss or run the risk of displeasing
investors and Italian regulators.
According to the report, executives initially disagreed but
ultimately chose the first option, according to people familiar
with the process. UniCredit disclosed a fourth-quarter loss of
EUR15 billion (US$20.86 billion), the biggest in the bank's
history and one of the largest ever by a European lender.
UniCredit SpA is an Italy-based holding company engaged in the
financial sector. The Company's division model is based on four
pillars: Customer Centricity, A Multi-Local Approach, Global
Product Lines, and Global Service Lines. It operates in 22
European countries through more than 9,600 branches.
UNICREDIT SPA: Moody's Lowers Standalone BCA to 'ba1'
-----------------------------------------------------
Moody's Investors Service has affirmed UniCredit SpA's Baa2 long-
term senior debt and deposit ratings and its Prime-2 short-term
ratings. Moody's also lowered UniCredit's standalone baseline
credit assessment (BCA) to ba1 from baa3, within the D+ bank
financial strength rating (BFSR) category, which resulted in a
downgrade of the bank's subordinated debt rating to Ba2 from Ba1.
The affirmation of UniCredit's senior debt and deposit ratings
reflects the incorporation of two notches of systemic support,
whilst the lowering of the standalone BCA reflects the bank's
balance sheet and profitability pressures caused by the ongoing
deterioration of its -- primarily Italian -- loan book, as
revealed by the bank's 2013 results published last week. The BCA
also takes into account UniCredit's likely ability to access to
the equity market, if needed, and Moody's expectations of
economic recovery in Italy.
The ratings of UniCredit's subordinated debt instruments and
programs are affected by the action. The outlook on all the
bank's ratings is stable.
Ratings Rationale
Deposit Ratings
Moody's affirmation of UniCredit's Baa2 deposit rating
incorporates two notches of uplift for the debt ratings from the
bank's standalone BCA of ba1, reflecting the rating agency's
unchanged expectation of a very high probability of systemic
support from the Italian government (rated Baa2 stable -- i.e.,
two notches higher than the bank's BCA) in the event of need.
This support uplift was previously constrained by the Italian
government rating and is a result of UniCredit's position as one
of the leading Italian banks, with a market share of loans of
around 12%, and its position as a Global systemically important
financial institution (SIFI).
The outlook for UniCredit's deposit ratings is stable, reflecting
the stable outlook on the bank's standalone D+ BFSR and on the
Italian sovereign rating.
Lowering of the BCA
First Driver -- Asset Quality Weaknesses Depress Profitability
UniCredit's very weak profitability, as evidenced by the bank's
recently published 2013 results, is mainly attributable to very
high loan loss provisions in Italy. Moody's expects the bank to
report persistently low profitability in 2014 as a result of
pressure on revenues and a still elevated (although declining)
level of loan loss provisions. Moody's expects asset quality to
deteriorate further during 2014, albeit at a slower rate, against
the background of the moderate economic recovery. Moody's
anticipates recovery in UniCredit's profitability only from 2015,
and the rating agency believes that the bank will be challenged
to achieve the EUR3.6 billion net profit target in 2016 -- as
this objective reflects significantly reduced cost-of-credit
assumptions.
UniCredit's EUR14 billion net loss in 2013 was primarily driven
by (1) EUR9.3 billion goodwill and other intangible impairments,
which does not affect regulatory capital and is excluded by
Moody's from its historical profitability assessment; and (2)
EUR13.7 billion loan loss provisions (EUR9 billion in 2012),
which were driven partly by a deterioration of UniCredit's loan
book, and partly by the bank's decision to strengthen its reserve
coverage. The forecast for continuing weakness of the bank's
profitability, and, more notably, the magnitude of credit costs
reflected in the clean-up of the bank's loan portfolio was beyond
the expectations Moody's had incorporated in the previous BCA
level, and is not consistent with an investment grade BCA.
Second Driver --- Weakened Capital Adequacy
In Moody's opinion, following the 2013 results, UniCredit has a
weakened capital buffer, based on Moody's assessment of the
bank's resilience under the rating agency's adverse scenario.
Moody's also believes that the bank's capital buffer is
sufficient in view of the ECB's comprehensive assessment.
Following the net loss in 2013, UniCredit's Basel III phased-in
Common Equity Tier 1 ratio reduced to 10.4% in December 2013
(from 11.3% in September 2013), a level below European peers.
Moody's notes that this ratio includes 35 bp from the revaluation
of UniCredit's stake in the Bank of Italy, which may not be
recognised by the ECB.
UniCredit's problem loans -- as adjusted by Moody's -- as a
proportion of equity and loan loss reserves grew to 69% in 2013
(2012: 62%), which exceeds that of European peers. The 24%
reported reduction of equity following the net loss was partly
offset by strengthened loan loss reserves.
UniCredit's ratings are also supported by its likely ability to
raise capital externally, if necessary, by accessing the equity
market. Further, Moody's expects Italy to record positive --
albeit modest -- GDP growth of around 0.5% in 2014 and 2015,
which will contribute to reduced credit costs.
The stable rating outlook incorporates Moody's expectations that
a gradual recovery in UniCredit's profitability from the low
point in 2013 and a stabilization of asset quality are likely
from 2015.
What Could Move The Rating Up/Down
There is no upwards pressure on UniCredit's BCA in the short-term
given the recent lowering of the BCA. Over time, Moody's could
change the rating outlook to positive following (1) achievement
of significant net profitability, broadly in line with business
plan targets; and (2) a significant reduction of problem loans as
a proportion of equity and loan loss reserves. Moody's could
upgrade the deposit rating if the BCA is raised and if Italy's
sovereign creditworthiness improves.
Conversely, Moody's could lower UniCredit's BCA (1) if the bank
materially misses its EUR2 billion profit target in 2014; (2)
following further significant deterioration of the ratio of
problem loans to equity and loan loss reserves; or (3) if the
bank fails to, at least, maintain the current regulatory capital
ratios, for example following the ECB's comprehensive assessment.
Moody's could downgrade UniCredit's long-term deposit and debt
ratings as a result of (1) a lowering of the BCA; (2) a downgrade
of the Italian government bond rating; or (3) evolution of
systemic support prospects in Italy and in the EU, in light of
developments associated with resolution mechanisms and burden
sharing for European banks.
Downgrades:
Issuer: UniCredit SpA
Baseline Credit Assessment, Downgraded to ba1 from baa3
Adjusted Baseline Credit Assessment, Downgraded to ba1 from baa3
Junior Subordinated Regular Bond/Debenture, Downgraded to Ba3
(hyb) from Ba2 (hyb)
Tier III Debt Medium-Term Note Programme Rating, Downgraded to
(P)Ba2 from (P)Ba1
Junior Subordinated Medium-Term Note Program Rating, Downgraded
to (P)Ba3 from (P)Ba2
Subordinate Medium-Term Note Program Rating, Downgraded to
(P)Ba2 from (P)Ba1
Pref. Stock Non-cumulative Preferred Stock, Downgraded to B1
(hyb) from Ba3 (hyb)
Subordinate Regular Bond/Debenture, Downgraded to Ba2 from Ba1
Issuer: UniCredit Int'l Bank (Luxembourg) S.A.
Pref. Stock Non-cumulative Preferred Stock, Downgraded to B1
(hyb) from Ba3 (hyb)
Issuer: UniCredit Luxembourg Finance S.A.
Subordinate Medium-Term Note Program Rating, Downgraded to
(P)Ba2 from (P)Ba1
Tier III Debt Medium-Term Note Programme Rating, Downgraded to
(P)Ba2 from (P)Ba1
Subordinate Regular Bond/Debenture, Downgraded to Ba2 from Ba1
Issuer: UniCredito Italiano Capital Trust III
Pref. Stock Non-cumulative Preferred Stock, Downgraded to B1
(hyb) from Ba3 (hyb)
Issuer: UniCredito Italiano Capital Trust IV
Pref. Stock Non-cumulative Preferred Stock, Downgraded to B1
(hyb) from Ba3 (hyb)
Affirmations:
Issuer: UniCredit SpA
Bank Financial Strength Rating, Affirmed D+
Short-Term Deposit Ratings, Affirmed P-2
Senior Unsecured Medium-Term Note Program Rating, Affirmed
(P)Baa2
Senior Unsecured Medium-Term Note Program, Affirmed (P)P-2
Senior Unsecured Deposit Program, Affirmed (P)Baa2
Senior Unsecured Regular Bond/Debenture, Affirmed Baa2
Long-Term Deposit Ratings, Affirmed Baa2
Issuer: UniCredit Bank Ireland p.l.c.
Senior Unsecured Commercial Paper, Affirmed P-2
Senior Unsecured Medium-Term Note Program, Affirmed (P)P-2
Senior Unsecured Medium-Term Note Program, Affirmed (P)Baa2
Senior Unsecured Regular Bond/Debenture, Affirmed Baa2
Issuer: UniCredit Int'l Bank (Luxembourg) S.A.
Senior Unsecured Commercial Paper, Affirmed P-2
Senior Unsecured Medium-Term Note Program, Affirmed (P)P-2
Senior Unsecured Medium-Term Note Program, Affirmed (P)Baa2
Issuer: UniCredit Luxembourg Finance S.A.
Senior Unsecured Medium-Term Note Program, Affirmed (P)P-2
Senior Unsecured Medium-Term Note Program, Affirmed (P)Baa2
Issuer: UniCredito Italiano Delaware, Inc.
Commercial Paper, Affirmed P-2
Issuer: Unicredito SpA, New York Branch
Long-Term Deposit Rating, Affirmed Baa2
Outlook Actions:
Issuer: UniCredit SpA
Outlook, Changed To Stable From Stable(m)
Issuer: UniCredit Bank Ireland p.l.c.
Outlook, Remains Stable
Issuer: UniCredit Int'l Bank (Luxembourg) S.A.
Outlook, Changed To Stable From Stable(m)
Issuer: UniCredit Luxembourg Finance S.A.
Outlook, Changed To Stable From Stable(m)
Issuer: UniCredito Italiano Capital Trust III
Outlook, Changed To Stable From Negative
Issuer: UniCredito Italiano Capital Trust IV
Outlook, Changed To Stable From Negative
Issuer: Unicredito SpA, New York Branch
Outlook, Remains Stable
WIND TELECOMUNICAZIONI: Fitch Says Refinancing Credit Positive
--------------------------------------------------------------
Fitch Ratings says that the announced plans to refinance a
significant portion of Wind Telecomunicazioni SpA's (Wind; BB-
/Negative) debt and an expected EUR500 million new cash injection
from parent Vimpelcom are credit positive but do not immediately
trigger a rating upgrade.
Refinancing is expected to bring in tangible interest savings and
somewhat improve free cash flow. Further upside could result from
Wind's potential tower disposals contemplated with the overall
amendment request. However, the impact of these disposals on
Wind's adjusted leverage profile is likely to be marginally
positive due to incremental lease expenses. Likewise, parental
support is already reflected in Fitch's ratings while the amount
of the new cash injection is insufficient to propel Wind to a
higher rating level -- e.g. cash contribution is only roughly
equal to slightly below 0.3x of Wind's EBITDA.
A positive impact of a planned refinancing is that it would
remove the uncertainty over a potential financial burden
associated with the PIK instrument. Although this instrument is
technically not recourse to the ring-fenced Wind group, Fitch has
always assumed that the company would have to be involved in
servicing PIK loans issued at the level of its immediate parent.
If approved, the refinancing would also materially improve the
liquidity profile of the company with limited debt amortizations
due in the medium-term.
Whilst Wind's Issuer Default Rating (IDR) already takes into
account one-notch of support from Vimpelcom, the new proposed
cash injection is unlikely to result in an increase in the
notching from the standalone rating (B+) due to its limited size
relative to the group's financial debt obligations (i.e. approx.
EUR10.3 billion equivalent). However, Fitch notes the
transaction could impact the instruments' ratings depending on
the agency's assessment of recovery rates across the various debt
classes in accordance with its criteria on "Recovery Ratings and
Notching Criteria for Non-Financial Corporate Issuers" available
at www.fitchratings.com.
Vimpelcom has recently announced that its subsidiary Wind is
holding discussions with lenders over the potential refinancing
of its capital structure. The transaction could envisage the
refinancing of the senior notes issued by Wind Acquisition
Finance, the repayment of payment-in-kind notes issued by Wind
Acquisition Holdings Finance with new debt instruments issued
within the restricted group and is likely to include a cash
injection of up to EUR500 million by Vimpelcom. Wind has
submitted an amendment request to its senior lenders and senior
secured noteholders in order to finalize the transaction. The
request includes the solicitation of consent to a two-year
extension of the senior debt maturities.
WIND TELECOMUNICAZIONI: Moody's Reviews B1 CFR for Downgrade
------------------------------------------------------------
Moody's Investors Service placed the ratings of Wind
Telecomunicazioni S.p.A. (Wind) and Wind Acquisition Finance
S.A. -- Wind Telecomunicazioni S.p.A.'s CFR at B1; PDR at B1-PD
and senior secured notes at Ba3 and Wind Acquisition Finance S.A.
senior notes at B3 and senior secured notes at Ba3 -- under
review for downgrade. The rating action follows the company's
announcement that it had sought approval from its senior
facilities' lenders paving the way for a PIK refinancing
transaction that will result in the company incurring additional
junior debt at the restricted group level for refinancing of the
PIK notes and existing senior notes.
Under the proposed transaction, VimpelCom Ltd (Ba3 Stable),
Wind's indirect owner, would inject EUR500 million of cash at
Wind Acquisition Holding Finance S.p.A. (WAHF) to repay part of
the PIK issued at that entity. The remainder of the PIK notes
(c.EUR800 million) will be repaid through an increase of around
EUR1.0 billion (including transaction fees, call premium and
accrued interest) at Wind's level through refinancing the current
senior notes for new senior notes maturing no earlier than 2021
at significantly lower coupon. Given the 11.75% coupon incurred
on the current senior notes and the favorable market conditions,
the company expects this transaction to generate annual cash
interest savings of around EUR50-EUR60 million. Further cash flow
upside will result from the Wind towers disposal transaction
contemplated within the overall amendment request.
Ratings Rationale
The increase in debt quantum is substantial and would lead to a
0.5x increase in Moody's adjusted leverage. As such, Moody's
estimates that pro-forma the transaction, and based on 2013
EBITDA, Wind's adjusted leverage would increase to around 5.3x,
which is above our 5.0x guidance for a downgrade.
On the other hand, Moody's positively notes the shareholder
support evidenced by VimpelCom's cash injection, as well as the
long term benefits of the potential reduction in cash interest,
which would allow the company to reduce debt in the future. The
approval of the maturity extension on the senior loan as well as
the refinancing of the senior notes would also improve the
maturity profile of the company's debt.
The review for downgrade will focus on the final leverage of the
company at the end of this transaction and the expected
deleveraging prospects, as well as the company's operating
performance including any development in the Italian macro-
economic outlook and the competitive landscape. Moody's will also
assess any changes in Wind's financial policy or shareholder
remuneration ability (although it is worth noting that post-
amendment Wind will not be able to upstream any dividends until
leverage falls below 3.5x). The review for downgrade is not
expected to result in a downgrade of more than one notch (on the
CFR, PDR and all instrument ratings).
Upon repayment of the PIK notes in full, Moody's would withdraw
the CFR, PDR and PIK notes ratings that are currently assigned at
the WAHF level.
Under the current proposed timeline, Moody's expects to conclude
this review by the end of April.
The principal methodology used in these ratings was the Global
Telecommunications Industry published in December 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
===================
L U X E M B O U R G
===================
HARVEST CLO I: Moody's Affirms Caa1 Rating on EUR11.5MM Notes
-------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the
following notes issued by Harvest CLO I S.A.:
EUR32.5M Class C Senior Subordinated Deferrable Floating Rate
Notes due 2017, Upgraded to Aa1 (sf); previously on Sep 20,
2013 Upgraded to A2 (sf)
Moody's also affirmed the ratings of the following notes issued
by Harvest CLO I S.A.:
EUR13.6M (outstanding balance of EUR7,807,157.85) Class B-1
Senior Fixed Rate Notes due 2017, Affirmed Aaa (sf); previously
on Sep 20, 2013 Upgraded to Aaa (sf)
EUR31.4M (outstanding balance of EUR18,025,349.73) Class B-2
Senior Floating Rate Notes due 2017, Affirmed Aaa (sf);
previously on Sep 20, 2013 Upgraded to Aaa (sf)
EUR22.5M Class D Senior Subordinated Deferrable Floating Rate
Notes due 2017, Affirmed Ba2 (sf); previously on Sep 20, 2013
Upgraded to Ba2 (sf)
EUR11.5M Class E Senior Subordinated Deferrable Floating Rate
Notes due 2017, Affirmed Caa1 (sf); previously on Sep 20, 2013
Affirmed Caa1 (sf)
EUR6M (outstanding balance of EUR4,021,093.7) Class Q
Combination Notes due 2017, Affirmed Ba2 (sf); previously on
Sep 20, 2013 Upgraded to Ba2 (sf)
Harvest CLO I S.A., issued in April 2004, is a collateralized
Loan Obligation ("CLO") backed by a portfolio of mostly high
yield European and US loans. The portfolio is managed by 3i Debt
Management Investments Ltd. The transaction's reinvestment period
ended in March 2009.
Ratings Rationale
The rating action on the notes is primarily a result of an
improvement in the overcollateralization ratio of the rated notes
pursuant to amortization of the portfolio. The Class A notes have
been paid down in full and the Class B notes have been redeemed
by approximately EUR19.2 million (42.6%) at the September 2013
payment date. As a result of the deleveraging, the
overcollateralization (OC) ratios of the tranches have increased.
According to the January 2014 trustee report the OC ratios of
Classes B, C, D and E are 348%, 154%, 111%, 97% compared to 175%,
131%, 111%, 104% respectively in September 2013 at the previous
rating action.
The affirmation of the ratings of Classes D and E notes is based
on the relative stability of the OC ratios and slight
deterioration of the general credit quality of the remaining
assets as reflected by the average credit rating of the portfolio
(measured by the weighted average rating factor, or WARF).
Further, the proportion of securities from issuers with ratings
of Caa1 or lower has slightly increased. According to the January
2014 trustee report the WARF is 3788, compared with 3388
considered at the previous rating action in September 2013.
Securities rated of Caa1 or lower currently make up approximately
35.6% of the underlying portfolio, versus 10.3% at previous
rating action.
The rating on the combination notes address the repayment of the
rated balance on or before the legal final maturity. For the
Class Q notes, the 'rated balance' at any time is equal to the
principal amount of the combination note on the issue date minus
the sum of all payments made from the issue date to such date, of
either interest or principal. The rated balance will not
necessarily correspond to the outstanding notional amount
reported by the trustee.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR97 million,
defaulted par of EUR1 million, a weighted average default
probability of 27.1% (consistent with a WARF of 5228), a weighted
average recovery rate upon default of 42.1% for a Aaa liability
target rating, a diversity score of 15 and a weighted average
spread of 3.64%.
In its base case, Moody's addresses the exposure to obligors
domiciled in countries with local currency country risk bond
ceilings (LCCs) of A1 or lower. Given that the portfolio has
exposures to 14.1% of obligors in Spain whose LCC is A1, Moody's
ran the model with different par amounts depending on the target
rating of each class of notes, in accordance with Section 4.2.11
and Appendix 14 of the methodology. The portfolio haircuts are a
function of the exposure to peripheral countries and the target
ratings of the rated notes, and amount to 1.1% for the Class C
notes. No haircut was applied for the Classes D and E notes.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% of the 77.3% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the remaining non-first-lien loan corporate
assets upon default. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.
Factors that would lead to an upgrade or downgrade of the rating:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower credit quality in the portfolio to
address refinancing risk. Loans to European corporates rated B3
or lower and maturing between 2014 and 2015 make up approximately
15% of the portfolio, which could make refinancing difficult.
Moody's ran a model in which it raised the base case WARF to 5309
by forcing ratings on 25% of the refinancing exposures to Ca; the
model generated outputs that were within one notch of the base-
case results.
Moody's also conducted another sensitivity analysis where an
additional 10% of the par amount was assumed defaulted; the model
generated outputs that were within one notch of the base-case
results except for Class E where the output was three notches
lower.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy and 2) the concentration of lowly-rated debt
maturing between 2014 and 2015, which may create challenges for
issuers to refinance. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.
Additional uncertainty about performance is due to the following:
Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the liquidation
agent/the collateral manager or be delayed by an increase in loan
amend-and-extend restructurings. Fast amortization would usually
benefit the ratings of the notes beginning with the notes having
the highest prepayment priority.
Around 73.97% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates.
Long-dated assets: The presence of assets that mature beyond the
CLO's legal maturity date exposes the deal to liquidation risk on
those assets. Moody's assumes that, at transaction maturity, the
liquidation value of such an asset will depend on the nature of
the asset as well as the extent to which the asset's maturity
lags that of the liabilities. Liquidation values higher than
Moody's expectations would have a positive impact on the notes'
ratings
Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
SERVUS HOLDCO: Fitch Affirms 'B' IDR; Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed industrial company Servus Holdco
S.a.r.l. Luxembourg's (Stabilus) Issuer Default Rating (IDR) at
'B' with Stable Outlook. Fitch has also affirmed the instrument
rating for the EUR315m senior secured notes issued by Servus
Luxembourg Holding S.C.A. at 'B+'/Recovery Rating 'RR3'.
The affirmation reflects Stabilus's balanced business profile,
stable operating and cash flow performance over the past four
years, as well as Fitch's expectation that the company will
continue to achieve its growth objectives through expansion into
adjacent markets and new product launches on upcoming vehicle
platforms with long-standing original equipment manufacturer
(OEM) customers. Principal constraints to the rating profile
remain the group's high leverage and slow projected deleveraging,
cyclicality in some of its end-markets and the risk associated
with its strategy in the powerise segment.
KEY RATING DRIVERS
Slow Deleveraging Expected
Fitch expects Stabilus will continue to execute its original
business plan by expanding through new business wins,
particularly with Asian OEMs that will also serve to improve the
company's geographic sales diversity. However, the sustained
growth and increased profitability have yet to translate into
material credit metric improvement and Fitch projects funds from
operations (FFO) adjusted leverage will remain near 4.5x for the
foreseeable future.
Balanced, Resilient Profile
Stabilus is the market leader in its main and commoditized
product -- gas springs -- with significantly greater market share
than its nearest competitors. As a result, the company enjoys
considerable economies of scale and sound cash generation. The
ratings are further supported by Stabilus's broader business
profile which shows a mix between mature and growth products in
both automotive and industrial applications, with limited
customer concentration. This helps provide a buffer against the
high demand volatility and cyclicality that characterize the
mature markers Stabilus operates. Given Stabilus's high fixed-
cost base a sustained decline in demand would hurt profitability
and cash flow generation.
Competitive Threats Remain
Stabilus has successfully positioned itself as a favored supplier
of automated, electro-mechanical opening and closing systems, and
as a result, has become increasingly important to OEMs' supply
chains. However, in this segment, Stabilus competes with larger
and more diversified suppliers, which Fitch expects will react to
the company's ambitious growth plans. In addition, this segment
is likely to see higher R&D and capex requirements in future,
which will hold back the company's deleveraging efforts.
Cash Flow Fluctuation
Stabilus has generated positive free cash flow (FCF) margins over
the past four years. However, it faces increased interest
expenses under its newly issued notes and higher capital
expenditures related to the build-out of Chinese facilities and
other capacity expansion efforts. Like most industrial producers,
Stabilus experiences seasonal working capital volatility;
outflows are heaviest during the early parts of the year.
Sufficient Financial Flexibility
Fitch views Stabilus's liquidity position as adequate with
sufficient financial flexibility. Stabilus had EUR11.2 million of
cash on balance sheet at end-December 2013 (versus EUR21.8
million at FY to September 2013), due to seasonal working capital
outflows and expansionary capital expenditure. As such, EUR8
million has also been drawn on the company's super senior EUR25
million revolving credit facility (RCF) as of end-1Q FY14. Fitch
projects the company will continue to generate FCF, and as a
result, cash liquidity is expected to gradually improve over the
intermediate term.
Strong Credit Recovery
The senior secured notes' 'B+'/'RR3' rating reflects Fitch's
expectation of above-average recoveries in the range of 51%-70%.
The instrument rating takes into account the EUR25 million super-
senior RCF and up to EUR7.5 million of indemnities, both ranking
ahead of the bond. Instrument ratings for the super senior RCF
have not been requested but would be capped at 'RR2' indicating
90% recovery prospects, given Luxembourg jurisdiction.
Driving these recovery expectations is an estimated post
restructuring EBITDA at approximately 35% below Stabilus's LTM 1Q
FY14 EBITDA. This is to reflect a hypothetical adverse scenario
of depressed sales and compressed margins due to high operational
leverage and earnings cyclicality. This, in combination with an
estimated going concern multiple of 5x enterprise value/ EBITDA,
results in a more favorable valuation than the agency's
alternative estimation of a liquidation scenario.
RATING SENSITIVITIES
Positive: Future developments that could lead to positive rating
actions include:
The ratings could be upgraded if Stabilus continues to
successfully execute its growth strategy while also enhancing
product and geographic diversification, combined with FFO
adjusted leverage sustainably below 4x and FFO interest
coverage improving to 3.5x (FY14 forecast: 3.0x).
Negative: Future developments that could lead to negative rating
action include:
A negative rating action could be considered if FFO adjusted
leverage reaches or exceeds 6x, and minimal FCF margins.
===========
R U S S I A
===========
LENINGRAD OBLAST: S&P Affirms 'BB+' ICR; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
issuer credit ratings on the Russian region Leningrad Oblast and
its 'ruAA+' Russia national scale rating on the oblast. The
outlook is stable.
Rationale
The ratings reflect S&P's view of Russia's "developing and
unbalanced" institutional framework, which limits the budgetary
flexibility of Russian regions, including Leningrad Oblast; the
oblast's modest wealth; and its "negative" financial management
in an international context. The ratings are supported by the
oblast's moderate budgetary performance, "neutral" liquidity, low
debt burden, and limited contingent liabilities.
Leningrad Oblast's favorable location close to St. Petersburg and
on the transit routes to the EU, coupled with investment inflows
into its transport and energy infrastructure and manufacturing
sector, support the region's economic growth. In S&P's view, the
oblast's wealth is gradually approaching a moderate level in an
international context.
Like most Russian local and regional governments (LRGs),
Leningrad Oblast has low budgetary flexibility and predictability
under the "developing and unbalanced" institutional framework.
The oblast has very limited control over its revenues, about 95%
of which come from taxes regulated by and transfers from the
federal government. Ongoing changes to the national tax
legislation also make the oblast's tax revenues unpredictable and
volatile. In 2013, for example, contrary to the oblast's
estimates, corporate income tax revenue growth of 2% outpaced the
average 13% decline for Russian regions against 2012, owing to
payments from one of the oblast's major taxpayers. Factoring in
weakening economic growth, our base-case expectation for the
oblast's tax revenue growth consequently remains conservative.
In addition, the oblast has limited leeway in managing its
expenditures, especially given the federal government's decisions
that require it to increase inflexible social expenditures. In
S&P's view, the need to continue raising public sector salaries
will push up operating spending and pressure the oblast's
budgetary performance in the next three years. Nevertheless, S&P
believes the oblast might use some flexibility that it has within
its capital spending program to constrain deficits and debt
accumulation.
S&P views Leningrad Oblast's financial management as "negative"
for its creditworthiness in an international context, as it do
for most Russian LRGs, mainly due to weak long-term financial
planning and budgeting. However, the oblast has a track record
of conservative expenditure management and prudent debt policies.
These practices are likely to be continued under a newly
appointed finance head who has expressed willingness to promote
fiscal discipline and prudent debt and liquidity policies.
"In our base-case scenario, we consequently expect the oblast's
budgetary performance to remain moderate by international
standards. Due to slowing revenue growth and rising salary
expenditures, we forecast that the operating balance will average
1.5% over 2014-2016, compared with about 5% in 2011-2013. The
balance after capital accounts will likely slip to less than 5%
of revenues over 2014-2016, compared with roughly 3% in 2011-
2013," S&P said.
"We think the oblast will continue to gradually accumulate tax-
supported debt. However, this debt will likely stay less than a
low 30% of consolidated operating revenues by 2016, under our
base case. We include the guarantees that the oblast has
provided to its government-related entities in our calculation of
tax-supported debt. Outstanding contingent liabilities are
limited, in our view, thanks to the oblast's limited number of
government-related companies," S&P added.
Liquidity
S&P considers Leningrad Oblast's liquidity to be "neutral," as
its criteria define the term. In S&P's base case, it assumes
that the oblast's average free cash, together with undrawn
committed bank facilities, will likely exceed 120% its debt
service falling due in the next 12 months over 2014 and into
2015. At the same time, S&P views the oblast's access to
external liquidity as "limited," given the weaknesses of the
domestic capital market.
The depletion of cash reserves, combined with a one-off short-
term borrowing in late 2013, has pushed up debt service and
weakened Leningrad Oblast's liquidity. S&P has therefore changed
its view of its liquidity to "neutral" from "positive." Under
S&P's base case, it now expects that over 2014-2016 the oblast's
average cash net of deficits after capital accounts (about
Russian ruble {RUB} 3.1 billion) will not be enough to cover the
oblast's debt service in the next 12 months. However, the
oblast's established practice of attracting and managing
committed bank facilities will support its liquidity. Debt
service is not likely to exceed 5%-6% of operating revenues on
average over 2014-2016 owing to Leningrad Oblast's reliance on
medium-term borrowings, including a likely bond placement in the
second half of this year.
OUTLOOK
The stable outlook reflects S&P's view that Leningrad Oblast will
maintain moderate budgetary performance and low debt despite
sluggish revenue growth and spending pressure. The outlook also
incorporates S&P's opinion that the oblast's liquidity will
remain "neutral" over its 2014-2016 forecast period thanks to its
reliance on committed bank facilities.
S&P could take a negative rating action within the next 12 months
if Leningrad Oblast's liquidity weakened further, with cash plus
undrawn committed bank facilities accounting for less than 120%
of debt service. Another trigger for a negative action would be
a deterioration in the oblast's budgetary performance, as per
S&P's downside scenario. This could occur with persistent
operating deficits, as well as deficits after capital accounts
sliding below 6% of revenues, leading to tax-supported debt in
excess of 30% of consolidated operating revenues.
"We could take a positive rating action within the next 12 months
if we observed continuity and institutionalization of Leningrad
Oblast's prudent financial, debt and liquidity management," S&P
said. Coupled with recovering revenues, these tightened
practices would improve liquidity in line with our upside
scenario and lead us to revise our view of financial management
to "neutral" from "negative."
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
Leningrad Oblast
Issuer Credit Rating BB+/Stable/--
Russia National Scale Rating ruAA+/--/--
Senior Unsecured BB+
Senior Unsecured ruAA+
TELE2 RUSSIA: Fitch Lowers LT Issuer Default Rating to 'B+'
-----------------------------------------------------------
Fitch Ratings has downgraded Tele2 Russia Holdings AB's (Tele2
Russia) ratings, including its Long-Term Issuer Default Rating
(IDR) to 'B+' from 'BB+', and put them on Rating Watch Negative
(RWN), on uncertainty over the final terms of its proposed joint
venture agreement with Rostelecom (BBB-/Stable).
Tele2 Russia is a successful regional mobile-only operator in
Russia with a lean and efficient business model. It is uniquely
positioned as a mild price discounter. An expected merger with
Rostelecom's mobile assets would significantly expand its
territory of operations, subscriber base and network/spectrum
capacity, but also expose the company to notable integration
risks, and lead to a significant increase in capex and leverage.
KEY RATING DRIVERS
New Shareholding Structure
Although the terms of the deal are not yet final, Fitch believes
that Rostelecom has not made a commitment to become a majority
shareholder in the merged entity. As a result, Fitch's downgrade
of Tele2 Russia's rating to 'B+' reflects, among others, a risk
that private investors with a fairly weak credit profile and non-
transparent strategy may end up as effective controlling
shareholders of the new entity.
Fitch believes Tele2 Russia and Rostelecom are close to signing a
joint venture agreement. The rating watch will likely be
resolved once a legally binding joint venture agreement between
Tele2 Russia and Rostelecom is concluded and once the new legal
entity undertakes that Tele2 Russia's current bonds are recourse
to the new entity. A failure to do so would be viewed as a
rating risk, which is reflected in the RWN.
Government-controlled VTB -- a majority shareholder of Tele2
Russia -- earlier announced that it was a financial investor in
the potential JV and already divested of a 50% stake to a
consortium of private investors. Fitch believes that it is
likely to divest significantly further to reduce its exposure to
this asset as it would be unusual for a bank to hold on to an
equity investment in a non-financial corporate.
Organic Development; Integration Challenges
The prospective enlarged company would face significant
integration challenges, given distinctly different business
cultures at Tele2 Russia and Rostelecom. The operator will have
to rapidly beef up its 3G and 4G network coverage if it is to
take advantage of its wide spectrum portfolio. Tele2 Russia has
so far been quite successful in launching greenfield mobile
operations in new Russian territories; however, the large scale
of new geographic expansion presents significant operating
challenges, in Fitch view. The company's plans to aggressively
enter the so far untested 4G and 3G data market also entail a
fair amount of execution risks.
High Leverage
Fitch expects leverage will likely rise significantly on the back
of substantial debt that is likely to be transferred to the new
company along with Rostelecom's assets and aggressive greenfield
capex. The enlarged operator is planning to swiftly roll-out 4G
and 3G networks which would require substantial investments.
Fitch believes Tele2 Russia is exploring a number of options
regarding its development strategy, but it estimates that it is
unlikely that leverage would be lower than 3x net debt /EBITDA
and 4x on funds from operations (FFO) adjusted net basis.
Larger Scale Positive
Following the merger, Tele2 Russia would emerge as a
significantly larger player with a 16% subscriber market share
servicing over 38 million customers. The company would have
sufficiently large spectrum portfolio on a par with its larger
domestic peers. It is likely to remain uniquely positioned as a
mild-discounter and a value-for-money operator with a stronger
growth profile versus the industry. However, the Russian market
is already highly penetrated so that any expansion is likely to
be accompanied by increased competition.
Lean Operations
Tele2R's business model has been efficient with a tight control
over operating costs and capex leading to strong free cash flow
generation. Fitch believes it would be a challenge to preserve
the company's lean business model after the company has been
severed from business processes of its former shareholder, Tele2
AB.
New Regulation Positive
The introduction of mobile number portability in December 2013
should benefit the company and help it to gain market share at
the expense of its larger peers. This new regulation allows
Tele2 Russia to more fully exploit the benefits of its market
positioning as a mild price discounter.
RATING SENSITIVITIES
Positive: Future developments that may result in positive rating
action:
-- Successful operating development and leverage stabilising
at below 4x FFO adjusted net leverage and 3x net
debt/EBITDA on a sustained basis
Negative: Future developments that may result in negative rating
action:
-- A sustained rise in FFO adjusted net leverage to above 4.5x
and net debt/EBITDA to above 3.5x
Full List of Rating Actions
Long-Term IDR: downgraded to 'B+' from 'BB+', put on RWN
National Long-term Rating: downgraded to 'A(rus)' from 'AA(rus)',
put on RWN
Senior unsecured debt: downgraded to 'B+'/A(rus)' from 'BB+'/
'AA(rus)', put on RWN
* Fitch Revises Rating on 15 Russian Banks
------------------------------------------
Fitch Ratings has revised the Outlooks on four Russian state-
related banks, 10 foreign-owned banks and the largest privately-
owned bank, Alfa Bank, to Negative from Stable and affirmed their
Issuer Default Ratings (IDRs) and debt ratings. The ratings of
National Clearing Centre, Rosagroleasing, certain subsidiaries of
the state-related and foreign banks, and Alfa's parent entity
have also been affirmed and their Outlooks revised to Negative.
The rating actions follow the revision of the Outlook on Russia's
sovereign IDRs to Negative from Stable.
KEY RATING DRIVERS - IDRS, SUPPORT RATINGS, SUPPORT RATING FLOORS
(SRF), DEBT RATINGS
The revision of the Outlooks on the Long-term IDRs of
Vnesheconombank (VEB), Russian Agricultural Bank (RusAg),
Gazprombank and Rosagroleasing (RAL) reflects the increased
likelihood of deterioration in the government's ability to
provide support. Sberbank's and National Clearing Centre's
Outlooks have also been revised to Negative reflecting both a
potential weakening of support and the potential for their
Viability Ratings (VR), which are at the same level as the
sovereign, to be downgraded due to risks of a worsening operating
environment, as these banks are ultimately exposed to the broader
Russian economy.
The Negative Outlook on Alfa Bank's Long-term IDRs reflects the
potential for its VR to be downgraded due to the possible
weakening of the operating environment, maintaining a one-notch
difference between the bank's rating and that of the sovereign.
The revision of the Outlook on the ratings of Alfa's Cyprus-based
parent entity, ABH Financial Limited's (ABHFL), reflects Fitch's
view that default risk at the bank and the holding company are
likely to be highly correlated in view of the high degree of
fungibility of capital and liquidity within the group, which is
managed as a single entity.
The revised Outlooks on the Long-term IDRs of ZAO Raiffeisenbank,
ZAO Citibank, OJSC Nordea Bank, Danske Bank (Russia), SEB Bank
JSC, HSBC Bank (RR) LLC, ING Bank (Eurasia) ZAO, Rosbank,
DeltaCredit Bank, Rusfinance Bank, China Construction Bank
(Limited) Russia and Credit Agricole CIB ZAO, which are all rated
'BBB+', reflect the increased likelihood of a downgrade of
Russia's Country Ceiling of 'BBB+' following the change in the
sovereign Outlook. Russia's Country Ceiling captures transfer and
convertibility risks and limits the extent to which support from
the foreign shareholders of these banks can be factored into
their Long-term foreign currency IDRs. The banks' Long-term
local currency IDRs, where assigned, also take into account
Russian country risks.
The change in Outlooks on the Long-term IDRs of Sberbank Leasing,
JSC Subsidiary Bank Sberbank of Russia, Sberbank Europe AG,
Sberbank Slovensko a.s, Gazprombank Switzerland, VEB Leasing,
Globexbank, Sviaz-bank, VTB Bank (Austria) and VTB Bank (France)
indicates a possible weakening of their parents' ability to
support them. The ratings of these entities reflect their
relative strategic importance to their parents and track record
of support.
The 'BBB' Long-term IDRs, SRF and senior debt ratings of Sberbank
and VEB are at the same level as those of the sovereign, and are
underpinned by Fitch's view of a very high probability of support
from the Russian authorities, in case of need due to: (i)
majority state ownership (50%+1 share in Sberbank; 100% of VEB);
(ii) the exceptionally high systemic importance of Sberbank
(accounted for 30% of system assets and 44% of retail deposits at
end-2M14) and VEB's policy role as a development bank; (iii) the
track record of capital and funding support; and (iv) the close
association between the authorities and the two banks.
The 'BBB-' Long-term IDRs, SRFs and senior debt ratings of RusAg
and Gazprombank, although they also factor in a high probability
of state support, are notched down once from the sovereign. In
case of RusAg this is due to the only moderate capital injections
to the bank relative to the scale of its asset quality problems,
and the absence at present of any announced plans to inject
future new equity. For Gazprombank, the notching reflects
moderate uncertainty about support given that the bank is not
directly, majority owned by the state and is of limited strategic
importance for Gazprom. In addition, Gazprombank does not have
the dominant market shares of Sberbank or the policy role of
Vnesheconombank.
The foreign-owned banks' IDRs, Support Ratings and senior debt
ratings reflects Fitch's view that their parents will continue to
have a strong propensity to support these banks given their
majority ownership, the high level of operational and management
integration between the banks and their parents, common branding,
the importance of Russian business for some groups (in the cases
of Raiffeisen, Citibank, and Rosbank) or the limited size of
others, making them easy to support.
RATING SENSITIVITIES- IDRS, SUPPORT RATINGS, SUPPORT RATING
FLOORS, DEBT RATINGS
The Long-term IDRs and senior debt could be downgraded, and the
Support Rating Floors, where assigned, revised downwards if
Russia's sovereign ratings and Country Ceiling are downgraded.
Any signs of a weakening of support ability/propensity beyond
that captured in any sovereign rating action may also result in
the downgrade of banks' support-driven ratings. Specifically,
ZAO Raiffeisenbank, ZAO Citibank, Rosbank, DeltaCredit Bank and
Rusfinance Bank could be downgraded if their parents were
downgraded by more than one notch, while in the cases of HSBC
Bank (RR) LLC, ING Bank (Eurasia) ZAO, OJSC Nordea Bank, SEB Bank
JSC, China Construction Bank (Limited) Russia, Credit Agricole
CIB ZAO and Danske Bank (Russia), the banks could be downgraded
if their parents were downgraded to to 'A-' or below.
A revision of the sovereign Outlook to Stable would lead to
Outlooks being revised back to Stable.
KEY RATING DRIVERS AND SENSITIVITIES - VRs
The affirmation of the VRs of Sberbank and NCC at 'bbb' and Alfa
Bank at 'bbb-' reflects limited changes in the banks' standalone
credit profiles since their last reviews in January 2014,
December 2013 and July 2013, respectively. However, their VRs
could be downgraded in case of a sovereign downgrade and a
significant weakening of the operating environment, or a sharp
deterioration in their standalone credit metrics Stabilisation of
the sovereign's credit profile and the country's economic
prospects would reduce downward pressure on the VRs.
KEY RATING DRIVERS AND SENSITIVITIES - SUBBORDINATED DEBT
The "old style" subordinated debt ratings of Sberbank,
Gazprombank and RusAg are notched down once from the banks' Long-
term IDRs, as Fitch believes that these issues would likely
continue to benefit from state support, if needed. Alfa's
subordinated debt is also notched once from its IDR. The "new
style" subordinated debt of Sberbank and Gazprombank with write-
off features is notched down from the banks' VRs. The
subordinated debt ratings will change in line with their
respective reference ratings.
KEY RATING DRIVERS AND SENSITIVITIES - NATIONAL RATINGS
The affirmation of the banks' National Ratings with Stable
Outlooks reflects Fitch's view that the creditworthiness of the
banks relative to each other and to other Russian issuers has not
changed significantly as a result of the Sovereign Outlook
change.
The rating actions are as follows:
Sberbank of Russia
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
Short-term local currency IDR: affirmed at 'F3'
National Long-term Rating: affirmed at 'AAA(rus)'; Outlook Stable
Viability Rating: affirmed at 'bbb'
Support Rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB'
Senior unsecured Long-term Rating debt: affirmed at
'BBB'/'BBB(EXP)'/'AAA(EXP)(rus)'
Senior unsecured Short-term Rating debt: affirmed at 'F3'
Senior unsecured debt of SB Capital S.A.: affirmed at 'BBB'
"Old-style" and "New-style" subordinated debt of SB Capital S.A.:
affirmed at 'BBB-'
Sberbank Leasing
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Support Rating: affirmed at '2'
Subsidiary Bank Sberbank of Russia, JSC
Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB-'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
National Long-term Rating: affirmed at 'AA(kaz)'; Outlook revised
to Negative from Stable
Viability Rating: 'bb-'; unaffected
Support Rating: affirmed at '2'
Senior unsecured debt: affirmed at 'BBB-'/'AA(kaz)'
Subordinated debt: affirmed at 'BB+'/'AA-(kaz)'
Sberbank Europe AG
Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
Viability Rating: 'b+'; unaffected
Support Rating: affirmed at '2'
Sberbank Slovensko, a.s.
Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
Viability Rating: 'bb-'; unaffected
Support Rating: affirmed at '2'
Vnesheconombank
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Support Rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB'
Senior unsecured debt: affirmed at 'BBB'
Senior unsecured debt of VEB Finance PLC: affirmed at 'BBB'
OJSC VEB-Leasing
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Support Rating: affirmed at '2'
Senior unsecured debt: affirmed at 'BBB'/'AAA(rus)'
Senior unsecured debt of VEB Leasing Investment Ltd: affirmed at
'BBB'
GLOBEXBANK
Long-term foreign currency IDR: affirmed at 'BB'; Outlook revised
to Negative from Stable
Long-term local currency IDR: affirmed at 'BB'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'B'
National Long-term rating: affirmed at 'AA-(rus)'; Outlook Stable
Viability Rating: 'b-'; unaffected
Support Rating: affirmed at '3'
Senior unsecured debt: affirmed at 'BB'/'AA-(rus)'
Commercial Paper: affirmed at 'B'
Sviaz-Bank
Long-term foreign currency IDR: affirmed at 'BB'; Outlook revised
to Negative from Stable
Long-term local currency IDR: affirmed at 'BB'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'B'
National Long-term rating: affirmed at 'AA-(rus)'; Outlook Stable
Viability Rating: b'; unaffected
Support Rating: affirmed at '3'
Senior unsecured debt: affirmed at 'BB'/'AA-(rus)'
Russian Agricultural Bank
Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB-'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
National Long-term rating: affirmed at 'AA+(rus)'; Outlook Stable
Viability Rating: 'b-'; unaffected
Support Rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB-'
Senior unsecured debt: affirmed at 'BBB-'/'BBB-
(EXP)'/'AA+(rus)'/AA+(EXP)(rus)'
Senior unsecured debt of RSHB Capital S.A.: affirmed at 'BBB-
'/'AA+(rus)'
"Old-style" subordinated debt of RSHB Capital S.A.: affirmed at
'BB+'
Gazprombank
Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB-'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
National Long-term rating: affirmed at 'AA+(rus)'; Outlook Stable
Viability Rating: 'bb'; unaffected
Support Rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB-'
Senior unsecured debt: affirmed at 'BBB-'/'AA+(rus)'
Senior unsecured debt of GPB Eurobond Finance PLC: affirmed at
'BBB-'
'Old-style' subordinated debt of GPB Eurobond Finance PLC:
affirmed at 'BB+'
'New-style' subordinated debt of GPB Eurobond Finance PLC: 'BB-';
unaffected
Gazprombank (Switzerland) Ltd
Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
Support Rating: affirmed at '2'
Senior unsecured debt: affirmed at 'BBB-'
VTB Bank (Austria) AG
Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
Support Rating: affirmed at '2'
VTB Bank (France) SA.
Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
Support Rating: affirmed at '2'
Senior unsecured debt: affirmed at 'F3'
JSC Rosagroleasing
Long-term foreign currency IDR: affirmed at 'BB+'; Outlook
revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'B'
National Long-term rating: affirmed at 'AA(rus)'; Outlook Stable
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB+
National Clearing Centre
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Viability Rating: affirmed at 'bbb'
Support Rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB'
OJSC Alfa-Bank
Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB-'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
National Long-term rating: affirmed at 'AA+(rus)'; Outlook Stable
Viability Rating: affirmed at 'bbb-'
Support Rating: affirmed at '4'
Support Rating Floor: affirmed at 'B
Senior unsecured debt: affirmed at 'BBB-'/'AA+(rus)'
Subordinated debt: affirmed at 'BB+'
Senior unsecured debt of Alfa Bond Issuance Public Limited
Company: affirmed at 'BBB-'
Senior unsecured debt of ALFA MTN ISSUANCE LTD: affirmed at BBB-
"Old-style" subordinated debt of Alfa Bond Issuance Public
Limited Company: affirmed at 'BB+
ABH Financial Limited
Long-term foreign currency IDR: affirmed at 'BB+'; Outlook
revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'B'
Senior unsecured debt of Alfa Holding Issuance plc: affirmed at
'BB+'
ZAO Raiffeisenbank
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB+'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Viability Rating: 'bbb-'; unaffected
Support Rating: affirmed at '2'
Senior unsecured debt: affirmed at 'BBB+'/'AAA(rus)'
Senior unsecured debt: affirmed at 'F2'
Senior unsecured debt: affirmed at 'BBB+(EXP)'/'AAA(EXP)(rus)'
ZAO Citibank
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Viability Rating: 'bbb-'; unaffected
Support Rating: affirmed at '2'
Rosbank
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB+'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Viability Rating: 'bb+'; unaffected
Support Rating: affirmed at '2'
Senior unsecured market linked securities: affirmed at
'BBB+(emr)'
Senior unsecured debt: affirmed at 'BBB+'/'AAA(rus)'
Senior unsecured debt: affirmed at 'F2'
Rusfinance Bank
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB+'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Viability Rating: 'bb+'; unaffected
Support Rating: affirmed at '2'
Senior unsecured debt: affirmed at 'BBB+'/'AAA(rus)'
DeltaCredit Bank
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB+'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Viability Rating: 'bb+'; unaffected
Support Rating: affirmed at '2'
Senior unsecured debt: affirmed at 'BBB+'/'AAA(rus)'
Senior unsecured debt of DCB Finance Limited: affirmed at
'BBB+(EXP)'
OJSC Nordea Bank
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Support Rating: affirmed at '2'
Danske Bank (Russia)
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Support Rating: affirmed at '2'
ING Bank (Eurasia) ZAO
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB+'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Support Rating: affirmed at '2'
Senior unsecured debt: affirmed at 'BBB+'/'AAA(rus)'
SEB Bank JSC
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
revised to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Support Rating: affirmed at '2'
HSBC Bank (RR) LLC
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB+'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Support Rating: affirmed at '2'
Credit Agricole CIB ZAO
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB+'; Outlook revised
to Negative from Stable
Short-term foreign and local currency IDRs: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Support Rating: affirmed at '2'
China Construction Bank (Limited) Russia
Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB+'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F2'
National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable
Support Rating: affirmed at '2'
* Fitch Revises 9 Russian Corporates' Outlooks to Negative
----------------------------------------------------------
Fitch Ratings has revised nine Russian corporates' Outlooks to
Negative from Stable. A full list of rating actions is below.
The rating actions follow Fitch's revision of the Russian
Federation's Outlook to Negative from Stable and the affirmation
of its Long-term foreign and local currency Issuer Default
Ratings (IDRs) at 'BBB' on 21 March 2014.
The corporate rating actions are as follows:
Joint Stock Company Federal Passenger Company (FPC)
Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB-'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
Short-term local currency IDR: affirmed at 'F3'
FPC's ratings are notched a level lower from its parent RZD due
to their strong ties, and FPC's domestic monopoly in long
distance rail. The Negative Outlook reflects that on RZD.
See 'Fitch Assigns Federal Passenger Company 'BBB-'; Outlook
Stable', dated 28 February 2014 at www.fitchratings.com for Key
Rating Drivers and Rating sensitivities.
JSC Atomic Energy Power Corporation (Atomenergoprom)
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
Short-term local currency IDR: affirmed at 'F3'
Atomenergoprom's ratings incorporate state support and are
aligned with those of the Russian Federation. The Negative
Outlook mirrors that of the sovereign.
JSC Gazprom Neft
Long-term foreign and local currency IDRs affirmed at 'BBB';
Outlook revised to Negative from Stable
Short-term foreign currency IDR affirmed at 'F3'
Senior unsecured rating affirmed at 'BBB'
GPN Capital S.A. senior unsecured rating affirmed at 'BBB'
Gazprom Neft's ratings are capped by those of the sovereign given
the company's asset concentration in Russia and the influence the
Russian state exercises on oil and gas companies through taxes
and regulation, and by those of its immediate parent Gazprom. As
a result, the Outlook is constrained at Negative.
JSC RusHydro
Long-term foreign currency IDR: affirmed at 'BB+'; Outlook
revised to Negative from Stable
Local Currency Long-term IDR: affirmed at 'BB+'; Outlook revised
to Negative from Stable
Senior unsecured rating: affirmed at 'BB+'
RusHydro Finance Limited local currency senior unsecured rating:
affirmed at 'BB+'
RusHydro's ratings are notched down by two levels from the
sovereign's and the Outlook mirrors that of the sovereign due to
its state ownership, the strategic importance of the company to
the state, and its reliance on investment funding from the state.
Fitch assesses RusHydro's standalone creditworthiness in the mid-
'BB' rating category.
JSC Russian Railways (RZD)
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
Short-term local currency IDR: affirmed at 'F3'
Local currency senior unsecured rating: affirmed at 'BBB'
RZD Capital P.L.C.'s foreign currency senior unsecured rating
affirmed at 'BBB'
RZD's ratings continue to reflect the company's strong links with
the Russian state and are aligned with the sovereign. The
Negative Outlook therefore reflects the Negative Outlook on the
sovereign ratings. Fitch continues to view RZD's standalone
business and financial profile as commensurate with a 'BBB'
rating.
OAO Gazprom
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
Foreign currency senior unsecured rating: affirmed at 'BBB'
Gaz Capital S.A.'s debt issuance programme affirmed at 'BBB'.
Gazprom ECP SA's commercial paper programme affirmed at 'F3'.
OOO Gazprom Capital's debt issuance programme affirmed at 'BBB'
Gazprom's ratings are capped by those of the sovereign given the
company's asset concentration in Russia, majority state-ownership
and the influence the Russian state exercises on oil and gas
companies through taxes and regulation. As a result, the Outlook
is constrained at Negative by the sovereign.
OAO Lukoil
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
Foreign currency senior unsecured rating: affirmed at 'BBB'
Lukoil International Finance BV senior unsecured rating: affirmed
at 'BBB'
The Outlook on LUKOIL is constrained at Negative by the
sovereign.
Although LUKOIL is privately-owned, we cap LUKOIL's ratings by
those of the sovereign due to its asset concentration in Russia
and the influence the Russian state exercises on oil and gas
companies through taxes and regulation.
Open Joint Stock Company Federal Grid Company of Unified Energy
System (Federal Grid)
Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
revised to Negative from Stable
Long-term local currency IDR: affirmed at 'BBB'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'F3'
Local currency senior unsecured rating: affirmed at 'BBB'
Federal Grid Finance Ltd senior unsecured local currency rating
affirmed at 'BBB'
Federal Grid is rated on a bottom-up basis and notched up from
its standalone 'BB+' rating to reflect moderately strong links
with its majority indirect shareholder, Russian Federation. Its
Outlook is currently constrained by that of the sovereign.
Sukhoi Civil Aircraft JSC (SCAC)
Long-term foreign currency IDR: affirmed at 'BB'; Outlook revised
to Negative from Stable
Long-term local currency IDR: affirmed at 'BB'; Outlook revised
to Negative from Stable
Short-term foreign currency IDR: affirmed at 'B'
Short-term local currency IDR: affirmed at 'B'
Senior unsecured rating: affirmed at 'BB'
In line with Fitch's parent subsidiary linkage methodology,
SCAC's ratings are notched down three levels from the ratings of
its ultimate majority shareholder, the Russian government. The
three-notch differential reflects the company's strong links to
the state but also the lack of explicit state guarantee for
SCAC's debt. However, a high proportion of SCAC's debt comes
from state-owned banks while state-owned intermediate holding
companies, including United Aircraft Corporation and Sukhoi
Aviation Holding, provide guarantees in support of a material
proportion of SCAC's debt. The Outlook reflects that on the
Russian government.
=========
S P A I N
=========
BBVA EMPRESAS 1: S&P Raises Rating on Class C Notes to B+
---------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
BBVA Empresas 1, Fondo de Titulizacion's class B and C notes.
The upgrades follow S&P's review of the transaction's
performance. S&P has based its credit and cash flow analysis on
the trustee report for the January 2014 interest payment date
(the collateral information is as of Dec. 31, 2013) and the
servicer's portfolio data, and has applied its relevant criteria.
CREDIT ANALYSIS
BBVA Empresas 1'S collateral is a closed portfolio of secured
(55.04%) and unsecured (44.96%) loans granted to Spanish small
and midsize enterprises (SMEs) originated by Banco Bilbao Vizcaya
Argentaria S.A. (BBVA). The pool is geographically concentrated
in Madrid, which accounts for 29.60% of the pool's outstanding
balance. S&P considers the pool's real estate sector
concentration to be limited, at 15.49%. This is in line with
concentrations that S&P sees in other Spanish SME portfolios.
Since closing, obligor concentration has increased due to the
pool's deleveraging. The top one, five, and 10 obligors
represent 7.88%, 29.54%, and 40.15% of the pool's outstanding
balance, respectively. S&P also addressed concentration risk in
its supplemental tests.
S&P calculated credit enhancement based on the pool's outstanding
balance, excluding defaults, as of Dec. 31, 2013. Available
credit enhancement for the notes is provided by subordination
(for the class B notes, only), the performing pool, the reserve
fund, and excess spread. Since November 2012, available credit
enhancement for the class B has increased to 70.38% from 32.28%,
and for the class C notes to 16.09% from -2.60%, respectively.
S&P has therefore raised its ratings on the class B and C notes,
following its cash flow analysis.
S&P has applied its criteria for European SME collateralized loan
obligations (CLOs) to determine the transaction's scenario
default rates (SDRs). The SDR is the minimum level of portfolio
defaults that S&P expects each tranche to support the specific
rating level using Standard & Poor's CDO Evaluator.
"Our qualitative originator assessment is moderate because of the
lack of data from the originator. Taking into account Spain's
Banking Industry Country Risk Assessment (BICRA) of 6, we have
applied a one-notch decrease to the archetypical European SME
average credit quality assessment under our criteria. We applied
a three-notch portfolio selection decrease based on the
transaction's performance. As a result, our average credit
quality assessment of the portfolio is 'ccc'. Since the
originator did not provide internal credit scores, we assumed
that each loan's credit quality is equal to our average 'ccc'
credit quality assessment," S&P noted.
S&P interpolated the SDRs for rating levels between 'B' and
'AAA', in line with its European SME CLO criteria.
Under S&P's CDO Evaluator, we determined that the portfolio's
'AAA' SDR is 85.58%. S&P considers that the high level of the
'AAA' SDR is due to the portfolio's obligor concentration,
industry concentration in the real estate sector, and S&P's
average 'ccc' credit quality assessment.
S&P has reviewed historical originator default data, and assessed
market trends and developments, macroeconomic factors, changes in
country risk, and the way these factors are likely to affect the
loan portfolio's creditworthiness.
Total delinquencies are at their historical peak of 13.94%, which
mainly steam from defaulted assets. The levels of 30 to 360 day
arrears only represent 1.57% of the total delinquencies. As a
consequence of the increase in defaulted assets, given that the
structure has to artificially write off those loans, the reserve
fund is not at its required level under the transaction
documents. This mechanism enables trapping of excess spread.
Cumulative defaults represent 2.20% of the pool's closing
balance. S&P accounted for these cumulative defaults and the
loans' estimated remaining weighted-average life when deriving
its 'B' SDR, which is 1.76%.
RECOVERY RATE ANALYSIS
At each liability rating level, taking into account the observed
historical recoveries, S&P assumed a weighted-average recovery
rate (WARR) by taking into consideration observed cumulative
recoveries, the asset type, its seniority, and the country
recovery grouping.
As a result of this analysis, S&P's WARR assumptions in 'AA-' and
'B+' scenarios were 26.41% and 40%, respectively.
CASH FLOW ANALYSIS
S&P subjected the capital structure to various cash flow
scenarios, incorporating different default patterns and interest
rate curves, to determine each tranche's passing rating level
under our European SME CLO criteria. S&P did not give benefit to
the swap in its analysis.
The reserve fund represents 18.78% of the outstanding notes'
balance. Although the class B notes can withstand S&P's stresses
at a 'AA+' level, sovereign risk constrains its rating on these
notes at a 'AA-' level. S&P's supplemental tests constrain its
rating on the class C notes at a 'B+' level -- otherwise, they
can withstand S&P's stresses at a 'BBB+' level.
SUPPLEMENTAL TESTS
S&P's supplemental tests take into account obligor concentration,
industry concentration, and regional concentration for the 'AAA'
and 'AA' rating categories, and only obligor concentration for
the remaining rating categories.
COUNTERPARTY RISK
The documented downgrade provisions for Banco Bilbao Vizcaya
Argentaria S.A. (BBVA) in its role as swap counterparty are not
in line with S&P's current counterparty criteria. S&P therefore
did not give benefit to the swap in its analysis.
The documented downgrade provisions for BBVA as the bank account
provider are also not in line with S&P's current counterparty
criteria. Societe Generale S.A. (Madrid Branch) is the guarantor
of the bank account provider. Under S&P's current counterparty
criteria, its 'A/Negative/A-1' rating on the guarantor supports
its ratings in this transaction. S&P's rating on the bank
account provider therefore does not constrain its ratings on the
notes.
SOVEREIGN RISK
"Our nonsovereign ratings criteria constrain our rating on the
class B notes at 'AA- (sf)', as, under these criteria, the
highest rating we would assign to a structured finance
transaction is six notches above the investment-grade rating on
the country in which the securitized assets are located. Because
this transaction securitizes Spanish SME loans, and our criteria
deem it to have low sensitivity or exposure to sovereign risk,
the highest rating achievable is 'AA-', which is six notches
above our 'BBB-' long-term sovereign rating on Spain," S&P said.
RATING ACTIONS
Following S&P's full analysis described above, it has raised its
ratings on class B and C notes. The reserve fund, credit
enhancement from the performing pool, and excess spread in the
transaction is sufficient to support S&P's ratings on these
classes of notes, in its view.
BBVA Empresas 1 is a cash flow CLO transaction that securitizes a
portfolio of loans, which Banco Bilbao Vizcaya Argentaria S.A.
originated and granted to Spanish SMEs. The transaction closed in
November 2007.
RATINGS LIST
Ratings Raised
BBVA Empresas 1, Fondo de Titulizacion de Activos
EUR1.45 Billion Floating-Rate Notes
Class Rating
To From
B AA- (sf) A+ (sf)
C B+ (sf) CCC+ (sf)
GRUPO ALDESA: Moody's Assigns 'B2' CFR; Outlook Stable
------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating (CFR) to first time issuer Grupo Aldesa S.A. (Aldesa) and
a B2-PD probability of default rating. In addition, Moody's has
assigned a provisional (P)B2 rating with a loss given default
(LGD) assessment of LGD 4 -51% to the proposed EUR250 million
senior secured notes due 2021 to be issued by a 100%-owned
finance vehicle, Aldesa Financial Services S.A., and guaranteed
by the ultimate parent Grupo Aldesa S.A..
The proceeds from the issuance will be on-lent via a proceeds
loan to an intermediary holding company Aldesa Agrupacion
Empresarial S.A.. The debt is being used to refinance existing
bank debt. The outlook on all ratings is stable.
Moody's issues provisional ratings for debt instruments in
advance of the final sale of securities or conclusion of credit
agreements. Upon a conclusive review of the final documentation,
Moody's will endeavor to assign a definitive rating to the
envisaged debt instrument. A definitive rating may differ from a
provisional rating.
Assignments:
Issuer: Aldesa Financial Services S.A.
Senior Secured Regular Bond/Debenture, Assigned (P)B2
Senior Secured Regular Bond/Debenture, Assigned a range of
LGD4, 51 %
Issuer: Grupo Aldesa S.A.
Probability of Default Rating, Assigned B2-PD
Corporate Family Rating, Assigned B2
Ratings Rationale
Aldesa's B2 CFR is constrained by (1) Aldesa's relatively small
size (EUR704 million revenues in 2013) compared with that of
other rated construction companies; (2) high project
concentration in Aldesa's order backlog and still limited, albeit
improving geographical diversification (44% of revenues generated
in Spain, 38% in Mexico, 13% in Poland in 2013); and (3) Aldesa's
vulnerability to continued weakness in the Spanish construction
market. Although Moody's expects that the Spanish construction
market will see the first signs of stabilization at a very low
level in 2014, prospects for growth remain limited at this stage.
Moody's expects that the Mexican construction market will benefit
from solid demand for infrastructure needs in 2014. This should
help Aldesa to replace declining turnover from Spain with growing
order volume received from Mexico. Aldesa's leverage is high both
on a recourse basis excluding project-related non-recourse debt
but also on a consolidated basis (pro-forma reported net recourse
debt/EBITDA of around 1.35x reported gross recourse debt/EBITDA
of around 5.2x based on restricted EBITDA of around EUR52 million
and adjusted consolidated net debt/EBITDA of around 6.0x expected
at closing of the transaction).
However, these constraining factors on the rating are mitigated
by Aldesa's (1) established position as a medium-sized contractor
in Spain with improving revenue diversity, in particular in
Mexico and Poland; (2) solid track record of both executing
historical projects and carefully evaluating the risks of
entering into new projects and markets such as in Mexico, Poland,
India and Romania; (3) sound historical operating performance and
ability to improve group EBITDA margins (adjusted EBITDA margin
of 17.6% in 2013, 10.9% in 2009) despite economic downturn in
Spain leading to a severe and continued decline in group revenues
(EUR704 million revenues in 2013, EUR923 million revenues in
2010) as a result of successful cost reductions, higher realised
profit margins in its international activities and high margins
from its non-recourse concession, energy and real estate
activities than in its domestic activities; (4) order backlog of
EUR1,557 million per December 2013 that provides high revenue
visibility over the next two years; and (5) short-term liquidity
profile that provides adequate headroom under financial
covenants. Moody's expects that Aldesa will continue to follow a
conservative growth strategy, maintaining an effective risk
management system and adequate liquidity profile with sufficient
headroom under financial covenants under the revolving credit
facility. Moody's also expect that Aldesa will remain in
compliance with financial covenants under non-recourse debt or
will be able to restore adequate headroom for those limited
projects that have been negatively impacted by underperformance
or the recent Spanish electricity sector regulation.
Structural Considerations
Grupo Aldesa S.A. is the ultimate parent company of Aldesa. The
proposed EUR250 million senior secured notes due 2021 will be
issued by Aldesa Financial Services S.A, a wholly owned
Luxembourg-based finance vehicle of intermediate holding company
Aldesa Agrupacion Empresarial S.A., a direct subsidiary of the
parent guarantor Grupo Aldesa S.A..
The (P)B2 rating for this instrument is in line with the B2 CFR.
Moody's LGD assessment focuses on Aldesa's recourse debt. The
notes will be on-lent via a proceeds loan to Aldesa Agrupacion
Empresarial. The notes rank pari passu with the EUR100 million
senior secured revolving credit facility due 2018 issued by
Agrupacion Empresarial S.A. and share the same security and
guarantor package. There are no asset pledges in place, only
share pledges. Moody's has ranked Aldesa's trade payables and
short-term lease rejection claims at the same level as these two
debt instruments.
The Notes will be the Issuer's senior obligations and will be
guaranteed on a senior secured basis by Grupo Aldesa, S.A., (the
Parent Guarantor) as well as guarantors located in Spain, Mexico
and Poland. The guarantors will represent at least 80% of the
restricted group's consolidated assets and EBITDA (79% of assets
in 2013, 113% of EBITDA in 2013).
The capital structure of the restricted group, excluding non-
recourse activities, contains only small amounts of other debt
such as EUR16 million of local debt by mortgages that rank ahead
of the senior secured notes. In addition, the group had unsecured
confirming (i.e. guarantee) lines of EUR105 million available as
of December 31, 2013, which Moody's analyses outside of the LGD
framework.
Liquidity
Aldesa's short term liquidity is adequate. It benefits from a
high cash balance of EUR202 million pro forma for the envisaged
transaction, and access to a EUR100 million revolving credit
facility which contains a net recourse debt/EBITDA covenant of
maximum 3.75x, leaving significant headroom. Together with
expected cash flow generation, these cash sources are more than
sufficient to cover cash outflows consisting of planned capex,
working capital swings, and assumed cash that is needed for the
day-to-day management of Aldesa's business. The short term
liquidity is also benefitting from very limited short term debt
maturities following the bond issuance.
Rationale For The Stable Outlook
The stable outlook reflects Moody's expectation that Aldesa's
credit metrics will likely improve in 2014, supported by expected
modest revenue growth, fairly stable profit margins and balanced
free cash flow generation on a consolidated level. This should
also be reflected in adjusted consolidated net debt/EBITDA
(including the non-recourse activities) to be at least maintained
around 6.0x, reported recourse net debt/EBITDA below 2.0x and
prospects for modest positive free cash flow generation beyond
2014.
What Could Change The Ratings Up/Down
Aldesa's ratings could be upgraded if (1) Aldesa makes further
progress in diversifying its order backlog and executing projects
successfully, which should also be reflected in fairly stable
EBITDA margins; (2) the group generates positive free cash flow;
and (3) if net recourse debt/EBITDA remains below 2.0x and net
consolidated adjusted debt/EBITDA is reduced to around 5.0x.
Aldesa's ratings could be downgraded if (1) FCF generation is
negative for a prolonged period of time; (2) the group's
liquidity cushion deteriorates with decreasing headroom under
financial covenants; and (3) if net recourse debt/EBITDA moves
above 3.0x (around 1.35x pro-forma of the transaction) and net
consolidated adjusted debt/EBITDA to around 7.0x (5.6x at
December 2013).
The principal methodology used in these ratings was the Global
Construction Methodology published in November 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
Grupo Aldesa S.A. is a Spanish family-owned construction company
with a turnover of EUR704 million and reported order backlog of
EUR1,557 million per end of December 2013.
MADRID RMBS III: S&P Lowers Rating on Class B Notes to 'CCC-'
-------------------------------------------------------------
Standard & Poor's Ratings Services has taken various credit
rating actions in MADRID RMBS III, Fondo de Titulizacion de
Activos.
Specifically, S&P has:
-- Affirmed its 'A- (sf)' ratings on the class A2 and A3
notes;
-- Lowered to 'CCC- (sf)' from 'CCC+ (sf)' its rating on the
class B notes; and
-- Affirmed its 'D (sf)' ratings on the class C, D, and E
notes.
The rating actions follow S&P's assessment of counterparty risk
and its review of the transaction's performance. S&P has
conducted its credit and cash flow analysis and analyzed the
transaction's structural features, using the latest available
portfolio and structural features information. S&P has also
applied its relevant criteria.
Having peaked at the beginning of 2009, arrears and defaults have
gradually decreased in this transaction. Both total and 90+ days
delinquencies have decreased since S&P's previous review. S&P
has observed that delinquencies have also fallen in other
residential mortgage-backed securities (RMBS) transactions
originated by Bankia S.A. e.g., MADRID RMBS I, Fondo de
Titulizacion de Activos; MADRID RMBS II, Fondo de Titulizacion de
Activos; and MADRID RMBS IV, Fondo de Titulizacion de Activos.
However, severe delinquencies (defined in this transaction as
loans that have been in arrears for more than 90 days plus net
cumulative defaults), remain high and are higher than S&P's
Spanish RMBS index (9.25% of the initial collateral balance as of
February 2014, compared with the index rate of 6.05%).
MADRID RMBS III has interest deferral triggers, which divert
interest in the transaction so that in bad economic conditions,
the more senior notes are amortized before the payment of the
interest on the subordinated classes of notes. The class C, D,
and E notes have breached their documented triggers, meaning that
their interest payments are deferred in the payment waterfall.
The class B notes will breach their interest deferral trigger if
the gross cumulative default ratio represents 20.30% of the
initial collateral balance. The last reported cumulative default
ratio is very close to the class B trigger (20.08% over the
initial balance). Gross cumulative defaults increased by 124 bps
in one year (December 2012 to December 2013). The gross
cumulative default ratio would only need to increase by 22 bps
for it to be breached. If the transaction's performance remains
stable, the class B notes could breach their trigger within the
next 12 months.
The transaction has always underperformed S&P's Spanish RMBS
index. The depleted reserve fund has not been replenished since
2008, reducing the available credit enhancement in the
transaction.
"We consider that swap counterparty risk through the
transaction's exposure to The Royal Bank of Scotland (RBS) as the
swap provider, does not constrain our ratings on the class A2 and
A3 notes. This is because the downgrade provisions for the swap
provider in the transaction documents reflect our current
counterparty criteria. On behalf of MADRID RMBS III, the trustee
entered into a swap agreement with RBS (in March 2013). This
swap protects against adverse interest rate resetting and
movements. MADRID RMBS III pays RBS 12-month EURIBOR (Euro
Interbank Offered Rate) multiplied by the balance of the
performing loans (including loans up to 90 days in arrears).
MADRID RMBS III receives three-month EURIBOR on the performing
balance of the loans (including loans up to 90 days in arrears)
plus a margin of 6.25 basis points (bps)," S&P added.
In addition to the swap agreement, the trustee entered into an
options contract with Bankia, on behalf of MADRID RMBS III, since
some of the loans are referenced to the IRPH index (Indice de
Referencia de Prestamos Hipotecarios). The options contract
guarantees a margin of 70 bps for the IRPH-linked loans. S&P's
credit, cash flow, and structural analysis does not consider any
benefit provided by the options contract.
S&P's ratings on the notes reflect its assessment of the
transaction's documented structural features by applying its cash
flow criteria for European RMBS transactions. S&P's ratings
reflect the available credit enhancement, the notes' amortization
features, and interest deferral triggers based on the securitized
portfolio's performance.
S&P's assessment indicates that the available credit enhancement
for the class A2 and A3 notes is sufficient to withstand the
credit and cash flow stresses that S&P applies at 'A-' rating
levels. S&P has therefore affirmed its 'A- (sf)' ratings on
these classes of notes. Since RBS entered the transaction in
March 2013 as the swap provider, counterparty risk no longer
constrains S&P's ratings on the class A2 and A3 notes, which now
reflect the transaction's performance.
In S&P's opinion, the class B notes can no longer maintain their
currently assigned rating because their interest deferral trigger
may be breached within the next 12 months, if cumulative gross
defaults over the initial balance of the pool keep increasing.
As highlighted above, S&P has observed a year-on-year increase of
124 bps in the cumulative default ratio, while the proximity to
the trigger is only 22 bps. S&P has therefore lowered to 'CCC-
(sf)' from 'CCC+ (sf)' its rating on the class B notes.
The class C, D, and E notes' interest deferral triggers have
already been breached. Consequently, the interest on these notes
is deferred in the priority of payments. On the most recent
payment date (February 2014), the class C, D, and E notes
continued to suffer interest shortfalls. S&P has therefore
affirmed its 'D (sf)' ratings on the class C, D, and E notes.
MADRID RMBS III is a Spanish RMBS transaction that securitizes a
portfolio of first-ranking mortgage loans granted to Spanish
residents to buy residential properties. Bankia originated the
loans.
RATINGS LIST
Class Rating
To From
MADRID RMBS III, Fondo de Titulizacion de Activos
EUR3 Billion Mortgage-Backed Floating-Rate Notes
Rating Lowered
B CCC- (sf) CCC+ (sf)
Ratings Affirmed
A2 A- (sf)
A3 A- (sf)
C D (sf)
D D (sf)
E D (sf)
===========
S W E D E N
===========
SELENA OIL: Creditor Files Bankruptcy Petition
----------------------------------------------
The CEO and the Board of Directors of Oil & Gas Holding AB have
received a bankruptcy petition, filed at the district court of
Stockholm.
The petition has been filed by a creditor and has relationship to
an unpaid debt. It is the Board of Directors' opinion that the
petition is unfounded and that the company is solvent.
Selena Oil & Gas Holding AB is engaged in the production and
transportation of oil and gas in the Volga-Ural region in the
Russian Federation, including Perm and Udmurtia.
===========================
U N I T E D K I N G D O M
===========================
ALBEMARLE & BOND: Suspends Shares; Lenders Won't Back Turnaround
----------------------------------------------------------------
Ashley Armstrong at The Telegraph reports that Albemarle & Bond
has suspended its shares yesterday, March 24, after warning its
lenders will no longer support the company's turnaround plans.
According to The Telegraph, the business has said that if the
banks do not extend the current covenant date, which is due to
expire next Monday, March 31, Albemarle & Bond will not have
enough money to repay its outstanding bank debts and meet trading
requirements.
The company's turnaround plans included cost-cutting measures
similar to those already employed by the company to stay afloat,
The Telegraph discloses.
It is understood that even if an eleventh-hour sale of the
business is reached, the likely valuation would not be enough to
pay back both equity and debt investors in the pawnbroker, The
Telegraph notes.
Barclays and Lloyds Banking Group, which are owed more than GBP50
million by the Aim-listed company, have twice previously extended
the cash-strapped company's covenant testing date, The Telegraph
recounts.
Big Four firm PwC has already been hired by the firm and it is
understood to be waiting on the sidelines for an increasingly
likely administration appointment, The Telegraph relates.
Albemarle & Bond Holdings PLC provides pawnbrokering services.
The Company, through its subsidiaries, provide pawnbroking, check
cashing services, retail jewelry sales and unsecured lending.
Albemarle operates in the United Kingdom.
CO-OPERATIVE BANK: Needs to Raise GBP400 Million From Investors
---------------------------------------------------------------
Harry Wilson and Denise Roland at The Telegraph report that the
Co-op Bank has revealed it will report a loss of as much as
GBP1.3 billion as the troubled lender said it would need to raise
a further GBP400 million from investors to ensure it does not
breach its minimum capital requirement.
According to The Telegraph, the bank had raised GBP1.1 billion
from its bondholders and its mutual parent last year, but said it
had discovered further misconduct claims and would need more
money on top of that already handed pumped in to rescue it from
collapse.
Niall Booker, chief executive of the Co-op Bank, as cited by The
Telegraph, said the lender's new management team was "unearthing
a range of issues", meaning it would need to set aside more money
to pay compensation claims related to PPI, interest rate swap
mis-selling, mortgages, as well as "technical breaches" of the
Consumer Credit Act.
The Co-op Bank had said its capital raising would take its core
Tier 1 capital ratio, the main measure of a lender's financial
strength, to just below 9%, but the new provisions and losses
mean it is expected to have ended 2013 at 7.2%, close to the
regulatory minimum of 7%, The Telegraph discloses.
Swiss investment bank UBS, which was a key adviser to the bank
last year, has been drafted in to lead the capital raising, The
Telegraph says.
The new cash call comes five months after the Co-op reached a
deal with bondholders to recapitalize the bank through a
debt-for-equity swap that saw the mutual lose control of its
banking arm, though it retains a 30% stake, The Telegraph notes.
About Co-operative Bank
Co-op Bank -- part of the mutually owned food-to-funerals
conglomerate Co-operative Group -- traces its history back to
1872. The bank gained prominence for specializing in ethical
investment. It refuses to lend to companies that test their
products on animals, and its headquarters in Manchester is
powered by rapeseed oil grown on Co-operative Group farms.
Founded in 1863, the Co-op Group has more than six million
members, employs more than 100,000 people, and has turnover of
more than GBP13 billion.
* * *
The Troubled Company Reporter-Europe on Nov. 14 and 18, 2013 has
reported that Moody's Investors Service has affirmed The
Co-operative Bank's Caa1 senior unsecured debt and deposit
ratings, and changed the outlook on the rating to negative from
developing, and Fitch Ratings has downgraded the company's Issuer
Default Rating to 'B' from 'BB-' and placed it on Rating Watch
Negative.
MAES MANOR: Bought Out of Administration
----------------------------------------
Insider News Wales reports that the business and assets of
Manor Pursuits, which runs the luxury Maes Manor hotel in
Blackwood, have been bought out of administration.
Manor Pursuits entered administration on March 14, when
Roger Hale and Matt Hammond of PwC were appointed joint
administrators, Insider News Wales relates.
According to Insider News Wales, although a deal has since been
completed, PwC said that it was bound by confidentiality under
the sale and purchase agreement.
Maes Manor is situated in nine acres of terraced lawns and
woodland. The manor house was built in 1890.
PREMIERTEL PLC: S&P Affirms 'BB' Rating on Class B Notes
--------------------------------------------------------
Standard & Poor's Ratings Services raised its credit rating on
Premiertel PLC's class A bonds. At the same time, S&P has
affirmed its rating on the class B bonds.
The rating actions follow S&P's review of Premiertel under its
criteria for European commercial mortgage-backed securities
(CMBS).
Premiertel is a single-loan transaction secured on five U.K.
office properties let to British Telecommunications PLC (BT).
The transaction closed in November 2003. Two of the properties
are in England, two in Scotland, and the remaining property in
Northern Ireland. The properties were all built between 1998 and
2001. All five properties are currently let to BT on full
repairing and insuring leases, which expire in 2032.
The transaction was designed to fully amortize from BT's periodic
rental payments. The loan's maturity date and the leases' expiry
dates are in 2032. The class A bonds are scheduled to fully
amortize by 2029, and the class B bonds by 2032.
The issuer is currently not fully paying the scheduled
amortization payments to the class B bonds. This is because the
issuer is paying prior-ranking expenses, which are higher than
originally anticipated, and receives lower-than-anticipated
interest from deposited amounts. As a result, the amount left
available is insufficient to meet the scheduled amortization
payments on the class B bonds. This does not trigger a loan or a
note payment default.
The transaction does not have a tail period (i.e., a period
between a loan's maturity date and transaction's legal final
maturity date). The tail period enables enforcement action and
recovery on any security prior to legal final maturity if a loan
fails to repay at maturity. As a result, S&P believes that if
the borrower fails to repay at loan maturity, the class B bonds
could default.
S&P understands that the transaction parties are discussing
alternative arrangements related to the amortization payment
shortfall.
S&P's ratings in this transaction address the timely payment of
interest and repayment of principal no later than the legal final
maturity date in August 2029 for the class A bonds, and May 2032
for the class B bonds.
Following S&P's review of the transaction, it considers the
available credit enhancement for the class A bonds to be
sufficient to mitigate the risk of losses from the underlying
loans in a 'AA' rating stress scenario. Because the issuer has
made a standby drawing, under our current counterparty criteria,
the Royal Bank Of Scotland PLC, as the liquidity facility
provider, no longer constrains S&P's rating on the class A bonds.
S&P has therefore raised to 'AA (sf)' from 'A (sf)' its rating on
the class A notes.
S&P's 'BB (sf)' rating on the class B bonds already reflects the
transaction's payment default risk at legal maturity. S&P has
therefore affirmed its 'BB (sf)' rating on the class B bonds.
RATINGS LIST
Class Rating
To From
Premiertel PLC
GBP286.207 Million Fixed-Rate Bonds
Rating Raised
A AA (sf) A (sf)
Rating Affirmed
B BB (sf)
===============
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
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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
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DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
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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
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PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
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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
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ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
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GREEN WIND ENERG GW BY -11320362.72 176234029.6
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GREEN WIND ENERG GW PZ -11320362.72 176234029.6
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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
------
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BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
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I BASE 757542Z FP -6019481.253 433636337.7
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NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
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OROSDI-BACK ORBA FP -51389802.68 181267113.2
OROSDI-RTS ORODS FP -51389802.68 181267113.2
PAGESJAUNES GRP PAJGBP EO -2572329208 1590596225
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PRIDE FORAMER SA 271904Z FP -25977905.48 1062588005
REGIE PUBLICITAI 4691033Z FP -5262294.526 112402724.7
REGIONAL COMPAGN 3635823Z FP -37389129.61 595811276.3
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RHODIA SA 3218857Q IX -72552001.48 7951699362
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RHODIA SA RHA EU -72552001.48 7951699362
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RHODIA SA RHA BQ -72552001.48 7951699362
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SIEMENS VAI META 4634441Z FP -5935043.753 301409565.6
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GREECE
------
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IRELAND
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ICELAND
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ITALY
-----
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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
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
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NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
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POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
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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
URBANIZADORA SEV 4286693Z SM -10314851.8 487333641
VIA OPERADOR PET 4510507Z SM -19240934.52 114265353.9
XFERA MOVILE SA 1236Z SM -93151786.57 1220956633
SWEDEN
------
ATTENDO AB 4452873Z SS -58148252.61 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
NOBINA 1099Z SS -302162.7367 854969434.4
PANAXIA AB PAXA EO -13977223.06 102375741.8
PANAXIA AB PAXAEUR EO -13977223.06 102375741.8
PANAXIA AB PAXA PZ -13977223.06 102375741.8
PANAXIA AB PAXA EU -13977223.06 102375741.8
PANAXIA AB PAXA BY -13977223.06 102375741.8
PANAXIA AB PAXAEUR EU -13977223.06 102375741.8
PANAXIA AB PAXA SS -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT BY -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR BY -13977223.06 102375741.8
PANAXIA-NEW 8292193Q SS -13977223.06 102375741.8
PANAXIA-RTS 8292189Q SS -13977223.06 102375741.8
SWEDISH MA-RE RT SWMASR SS -267565377.7 2184130566
SWEDISH MAT-ADR 3053566Q US -267565377.7 2184130566
SWEDISH MAT-ADR SWMA GR -267565377.7 2184130566
SWEDISH MATCH SWD LI -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAF US -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA BY -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA NR -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA IX -267565377.7 2184130566
SWEDISH MATCH AB SWM TH -267565377.7 2184130566
SWEDISH MATCH AB SWMA GK -267565377.7 2184130566
SWEDISH MATCH AB SWMDF US -267565377.7 2184130566
SWEDISH MATCH AB SWMA NQ -267565377.7 2184130566
SWEDISH MATCH AB SWMA SS -267565377.7 2184130566
SWEDISH MATCH AB SWMA TQ -267565377.7 2184130566
SWEDISH MATCH AB SWM GR -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA QM -267565377.7 2184130566
SWEDISH MATCH AB SWMA EB -267565377.7 2184130566
SWEDISH MATCH AB SWMA PZ -267565377.7 2184130566
SWEDISH MATCH AB SWM VX -267565377.7 2184130566
SWEDISH MATCH AB SWMA S1 -267565377.7 2184130566
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DE LA RUE PLC DLAR IX -72920095.83 652922700.1
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TATA CMMNCTNS UK 2534722Z LN -43763935.47 114567535.7
TDL INFOMEDIA 3362Z LN -25723860.05 136762955.6
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMMUNI 1646328Z LN -287113015.3 868389208
TELEWEST COMMUNI 1608194Z LN -113079709.6 9113744374
THALES CORPORATE 1083706Z LN -65658884.46 829798983.7
THALES RAIL SIGN 2812334Z LN -29298137.36 106623580
THALES TELECOMMU 1163839Z LN -5826263.267 245379695.8
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIMES NEWSPAPERS 2343939Z LN -719564696.3 649314828.6
TOPPS TILES PLC TPT8 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJY US -36503224.29 140534295.2
TOPPS TILES PLC TPT EU -36503224.29 140534295.2
TOPPS TILES PLC TPT BQ -36503224.29 140534295.2
TOPPS TILES PLC TPT10 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT2 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT1 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2
TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
TOPPS TILES PLC TPT VX -36503224.29 140534295.2
TOPPS TILES PLC TPT7 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EO -36503224.29 140534295.2
TOPPS TILES PLC TPT5 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT3 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT IX -36503224.29 140534295.2
TOPPS TILES PLC TPT EO -36503224.29 140534295.2
TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT S1 -36503224.29 140534295.2
TOPPS TILES PLC TPT TQ -36503224.29 140534295.2
TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.82 120867289.2
UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7
VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
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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 * * *