/raid1/www/Hosts/bankrupt/TCREUR_Public/140415.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, April 15, 2014, Vol. 15, No. 74
Headlines
B E L G I U M
FLORIDIENNE CHIMIE: April 20 Deadline Set for Acquisition Bids
C Y P R U S
TRYPHOSA LTD: Claims Filing Deadline Set for April 20
UPMC CYPRUS: Claims Filing Deadline Set for April 28
F R A N C E
SGD GROUP: S&P Assigns Preliminary 'B' CCR; Outlook Stable
G E R M A N Y
LDK SOLAR: German Unit Heads Into Liquidation
STRAUSS INNOVATION: Attracts Several Potential Buyers
I R E L A N D
IRISH BANK: 6,500 Home Loans Unsold, Finance Minister Says
LOMBARD STREET I: S&P Affirms 'BB-' Rating on Class E Notes
N E T H E R L A N D S
HYDRA DUTCH: S&P Assigns Prelim. 'B' Corp. Credit Rating
P O R T U G A L
PORTUGAL: Fitch Revises Outlook to Positive & Affirms 'BB+' IDR
R U S S I A
BANK CENTERCREDIT: Fitch Lowers Issuer Default Rating to 'B'
KALUGA REGION: Fitch Affirms 'BB/B' IDRs; Outlook Stable
LIPETSK REGION: Fitch Affirms 'BB/B' IDRs; Outlook Stable
MOSCOW INTEGRATED: Fitch Lowers IDR to 'BB'; Outlook Negative
ORENBURG REGION: Fitch Revises Outlook to Stable & Affirms BB IDR
TULA REGION: Fitch Affirms 'BB/B 'IDRs; Outlook Stable
T U R K E Y
DOGUS HOLDING: S&P Affirms 'BB' CCR; Outlook Negative
S E R B I A
SERBIA: S&P Affirms 'BB-/B' Sovereign Ratings; Outlook Negative
U K R A I N E
KYIV CITY: Fitch Affirms 'CCC/C' Issuer Default Ratings
U N I T E D K I N G D O M
ALBEMARLE & BOND: Rescue Expected to Be Completed This Week
ANTIX LABS: Administrators Put Intellectual Property Up for Sale
CO-OPERATIVE BANK: To Remain Loss-Making for Next Two-Years
EASTCASTLE MANAGEMENT: Goes Into Liquidation
LISTER PETTER: Engineering Firm Goes Into Administration
NEW LOOK: S&P Raises CCR to 'B' on Improving Leverage Ratios
PEOPLE TO PEOPLE: Financial Services Firm Enters Administration
PUNCH TAVERNS: Brings in Expert to Aid Debt Restructuring Talks
STORM FUNDING: Claims Filing Deadline Set for April 30
THOMAS BOLTON: Administrators Put Assets Up for Sale
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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B E L G I U M
=============
FLORIDIENNE CHIMIE: April 20 Deadline Set for Acquisition Bids
--------------------------------------------------------------
By a decision rendered on March 10, 2014, the Tribunal of
Commerce of Tournai granted the request for judicial
reorganization filed by Floridienne Chimie S.A. located in 7800
Ath, Belgium, Quai des Usines 12 and registered on the BCE
(Banque Carrefour des Enterprises) under the number 0422.431.634.
The company specializes in the chemistry of non-ferrous metals
and manufactures plastic additives, cadmium salts as well as zinc
salts and recycles non-ferrous metals in its plant located in
Ath, Belgium.
Parties interested in the acquisition of the company or one of
its activities are invited to contact Mr. Tanguy della Faille in
his capacity of Court Trustee, who will issue a complete
information file on the company and its activities on request.
The latter should receive any offer before April 20, 2014.
The Court Trustee can be contacted at:
Mr. Tanguy della Faille
Mobile: +32.494.57.39.27
E-mail: tanguy.della.faille@fb-transmission.com
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C Y P R U S
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TRYPHOSA LTD: Claims Filing Deadline Set for April 20
-----------------------------------------------------
Creditors of Tryphosa Limited, Alfa MTN Projects Limited and
Allaction Limited, which are being voluntarily wound up are
required on or before April 20, 2014, to send in their full
names, their addresses and descriptions, full particulars of
their debts or claims and the names and addresses of their
solicitors (if any) to Costas Hadjicosti, of Abacus Limited,
Arianthi Court, 2nd Floor, 50 Agias Zonis Street, Limassol, CY-
3090, Cyprus, the Liquidator of the said companies, and if so
required by notice in writing from the said Liquidator, to come
in and prove their said debts or claims at such time and place as
shall be specified in such notice, or in default thereof of any
distribution made before such debts are proved.
UPMC CYPRUS: Claims Filing Deadline Set for April 28
----------------------------------------------------
Creditors of UPMC Cyprus Holdings Limited and UPMC Cyprus
Limited, which are being voluntarily wound up are required on or
before April 28, 2014, to send in their full names, their
addresses and descriptions, full particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to Constantinos Constantinou, of PricewaterhouseCoopers Limited,
Julia House, 3 Th. Dervis Street, CY-1066 Nicosia, Cyprus, the
joint liquidator of the said companies, and if so required by
notice in writing from the said joint liquidator, to come in and
prove their said debts or claims at such time and place as shall
be specified in such notice, or in default thereof of any
distribution made before such debts are proved.
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F R A N C E
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SGD GROUP: S&P Assigns Preliminary 'B' CCR; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its
preliminary 'B' long-term corporate credit rating to SGD Group
S.A.S. (SGD), a France-based manufacturer of glass packaging for
the pharmaceutical and perfumery industries.
"At the same time, we assigned our preliminary 'B' issue rating
to its proposed EUR335 million senior secured notes and our
preliminary 'B+' issue rating to the proposed EUR35 million
revolving credit facility (RCF). The preliminary recovery rating
on the proposed EUR335 million senior secured notes is '4',
indicating our expectation of average (30%-50%) recovery
prospects for lenders in the event of a payment default. The
preliminary recovery rating on the proposed EUR35 million
revolving credit facility is '2' indicating our expectation of
substantial (70%-90%) recovery prospects for lenders in the event
of a payment default," S&P said.
Final ratings will depend on our receipt and satisfactory review
of all final transaction documentation and audited financial
statements. Accordingly, the preliminary ratings should not be
construed as evidence of final ratings. If Standard & Poor's
does not receive final documentation within a reasonable time
frame, or if final documentation departs from materials reviewed,
S&P reserves the right to withdraw or revise its ratings.
Potential changes include, but are not limited to, utilization of
bond proceeds, maturity, size and conditions of the bonds,
financial and other covenants, security and ranking.
The rating on SGD group reflects S&P's assessment of its business
risk profile as "fair" and its financial risk profile as "highly
leveraged," as S&P's criteria define these terms.
SGD Group is in the process of demerging its perfumery business
and refinancing its existing debt by proposing to issue EUR335
million in senior secured notes. The demerger will be completed
in two stages. In the first phase, SGD will transfer the
perfumery activities outside France. The first phase will end
with the issuance of the senior secured notes. The second phase
will be completed by the end of 2015 when the French perfumery
business is completely demerged. This will happen when the
construction of a new plant in France catering solely for the
pharmaceutical packaging business is finished. On completion of
the demerger the only perfumery packaging activity remaining in
the group will be its production facility in China, which is a
very small portion of the group.
The stable outlook reflects S&P's view that SGD Group's credit
metrics will remain broadly unchanged in 2014 and 2015 and be
commensurate with its highly leveraged financial risk profile
assessment. The stable outlook also takes into account the
assumption that the demerger process will be successfully
completed by the end of 2015.
"We might take a positive rating action if SGD showed a higher-
than-expected improvement in profitability margins leading to
stronger credit metrics, in line with levels we view as
commensurate with an "aggressive" financial risk profile over a
sustained period. Specifically, this would include a ratio of
adjusted funds from operations to debt of more than 12% and debt
to EBITDA of less than 5x, including shareholder loans. That
would need to be accompanied by our revised assessment of the
group's financial policy, given its private equity ownership.
However, we view this scenario as unlikely in 2014 and 2015 when
the company is likely to report negative free cash flow
generation," S&P said.
S&P might consider lowering the rating if the groups
profitability became significantly weaker than it currently
anticipates, resulting in credit metrics significantly lower than
S&P's base-case scenario. Specifically, FFO cash interest
coverage below 2x for a sustained period of time would put
pressure on the ratings. Unexpected delays to the demerger
process or emerging risks from it could further constrain the
ratings. Downside rating pressure might also appear if the
company took a more aggressive stance on financial leverage or
undertook any significant debt-funded acquisitions or shareholder
friendly actions.
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G E R M A N Y
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LDK SOLAR: German Unit Heads Into Liquidation
---------------------------------------------
John Parnell at PV-Tech reports that LDK Solar Co., Ltd.'s
subsidiary, Sunways AG, appears to be heading towards liquidation
after a company statement said finding new investment was now a
less "probable" outcome.
PV-Tech recalls that Sunways last month asked LDK Solar, which is
also in the midst of insolvency proceedings, to provide it with
US$85.6 million in cash and loans to stave off bankruptcy.
The report says LDK Solar's administrators believe that it is no
longer obliged to protect Sunways. Following that, Sunways
released a short statement saying that finding new investment was
now a less likely outcome, the report relates.
"In the meantime, the contacts with potential investors were
continued as announced. The preliminary insolvency administrator
appointed by the court was involved in these discussions. From
today's perspective, the results let it appear more probable that
a transferring reorganisation will result," the announcement
said, PV-Tech relays.
It is not immediately clear what the definition of a
"transferring reorganisation" is but the consequence of not
finding new investment is almost certainly liquidation, PV-Tech
notes.
Sunways AG last month commenced preliminary insolvency
proceedings in German court.
About LDK Solar
LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.
LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.
LDK Solar Co disclosed a net loss of $1.05 billion on $862.88
million of net sales for the year ended Dec. 31, 2012, as
compared with a net loss of $608.95 million on $2.15 billion of
net sales for the year ended Dec. 31, 2011.
KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012. The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-
settled senior notes. These conditions raise substantial doubt
about the Group's ability to continue as a going concern.
STRAUSS INNOVATION: Attracts Several Potential Buyers
-----------------------------------------------------
Marilyn Gerlach at Reuters reports that Strauss Innovation has
attracted several potential buyers after it sought court
protection from creditors in January to try to rescue its
business.
According to Reuters, Andreas Ringstmeier told weekly
WirtschaftsWoche some of the interested parties were financial
investors with experience in retail industry and had already
submitted their indicative bids.
Hans Peter Doehmen, who is advising Strauss on restructuring,
told the magazine there was a good chance that creditors would
get some of their money back, Reuters relates.
"Our goal is to get binding offers in April, conclude an
agreement in May and present the investor by June at the latest,"
Reuters quotes Mr. Doehmen as saying.
Strauss Innovation is a German chain of small department stores.
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I R E L A N D
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IRISH BANK: 6,500 Home Loans Unsold, Finance Minister Says
----------------------------------------------------------
Sarah McCabe at Independent.ie reports that Finance Minister
Michael Noonan has confirmed that a total of 6,500 home loans
were not sold as part of a deal to offload Irish Bank Resolution
Corp. mortgages first issued by Irish Nationwide Building Society
to two US investment funds.
According to Independent.ie, Mr. Noonan said that the vast
majority of these unsold mortgages are primary dwellings and just
300 involve buy-to-let mortgages. They will now be transferred
to NAMA, the Finance Minister, as cited by Independent.ie, said,
at an independent valuation price, though he added that no final
decision had been made. Debt collection outsourcing company
Pepper has already been selected to service the mortgages,
Independent.ie discloses.
About Irish Bank Resolution
Irish Bank Resolution Corp., the liquidation vehicle for what was
once one of Ireland's largest banks, filed a Chapter 15 petition
(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protect
U.S. assets of the former Anglo Irish Bank Corp. from being
seized by creditors. Irish Bank Resolution sought assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society. The two banks failed and were
merged into IBRC in July 2011. IBRC is tasked with winding them
down and liquidating their assets. In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.
IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion). About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing. Total
liabilities in June 2012 were about EUR50 billion, according
to a court filing.
Most assets in the U.S. have been sold already. IBRC is involved
in lawsuits in the U.S.
IBRC was granted protection under Chapter 15 of the U.S.
Bankruptcy Code in December 2013.
LOMBARD STREET I: S&P Affirms 'BB-' Rating on Class E Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Lombard Street CLO I PLC's revolving loan facility (Rev Ln Fac),
and class A, B, C, and D notes. At the same time, S&P affirmed
its rating on the class E notes.
The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the trustee report dated Feb. 18,
2014 and the application of its relevant criteria.
S&P's review of the transaction highlights that the Rev Ln Fac
and class A notes have partially amortized since the end of the
reinvestment period in February 2013. S&P also notes that the
class E notes have partially amortized. This has resulted in an
increase in the available credit enhancement for all classes of
notes. Under the transaction documents, once the reinvestment
period ends, the issuer uses 20% of the remaining interest
proceeds after paying all expenses from items A to W in the
interest waterfall to redeem the class E notes.
The percentage of 'CCC' rated assets (debt obligations of
obligors rated 'CCC+', 'CCC', or 'CCC-') in the portfolio has
fallen to 3.44% from 7.14% since S&P's previous review. Higher
losses from defaulted assets have resulted in lower credit
enhancement for all classes of notes in comparison to S&P's
previous review. Additionally, the collateral portfolio's
reported weighted-average spread has increased to 3.80% from
3.22% in S&P's previous review.
S&P considers the portfolio to be well diversified with more than
90 obligors (average exposure of 1.09%). The portfolio's credit
quality has also improved since S&P's previous review. This has
resulted in lower scenario default rates (SDRs), the minimum
level of portfolio defaults that S&P expects each CDO tranche to
be able to support at the specific rating level using CDO
Evaluator.
The underlying portfolio includes exposure to assets domiciled in
lower-rated sovereigns (Italy and Spain). Under S&P's non-
sovereign ratings criteria, as the transaction's exposure to
these sovereigns is below 10% of the portfolio balance, S&P gives
full credit to obligors from these sovereigns in its cash flow
analysis.
S&P applied supplemental tests intended to address both event and
model risks that may be present in rated transactions. S&P
concluded that although the aggregate collateral balance has
reduced since its previous review (due to higher losses from
previous defaults), the supplemental tests did not affect S&P's
ratings on any of the classes of notes. However, S&P also notes
that the further amortization of assets will result in increased
concentration risk, which in turn may cap its ratings on the
notes.
"We conducted our cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes. The BDR
represents our estimate of the maximum level of gross defaults,
based on our stress assumptions, that a tranche can withstand and
still fully repay the noteholders. We used the portfolio balance
that we consider to be performing, the reported weighted-average
spread, and the weighted-average recovery rates that we
considered to be appropriate. We incorporated various cash flow
stress scenarios using our standard default patterns, levels, and
timings for each rating category assumed for each class of notes,
combined with different interest stress scenarios as outlined in
our criteria. We also subjected the transaction's cash flows to
additional stresses that bias defaults toward each of the
portfolio's assets' currency denominations," S&P said.
S&P also tests the sensitivity of the notes to the high
correlation of the assets and to lower recovery rates to see if
our ratings are commensurate with the notes' sensitivity to
recoveries. In cases where the cash flows pass at higher ratings
than the ratings assigned on the notes at closing, S&P tests the
movement in BDRs based on the covenanted spread and recovery
rates. S&P tests the notes' sensitivity to determine ratings
stability.
As the portfolio's credit quality has improved, the SDRs have
reduced at each rating level. Further deleveraging of the notes
and higher spreads resulted in each class of notes (except for
the class E notes) achieving higher ratings in S&P's cash flow
analysis. Based on this, the results of S&P's cash flow analysis
indicate that the Rev Ln Fac and class A, B, C, and D notes are
able to sustain defaults at higher rating levels than those
currently assigned. S&P has therefore raised its ratings on
these classes of notes.
S&P's cash flow analysis results indicate that the available
credit enhancement for the class E notes is commensurate with the
currently assigned 'BB- (sf)' rating. S&P has therefore affirmed
its rating on this class of notes.
Lombard Street CLO I is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in
December 2006. Since the end of the reinvestment period in
February 2013, the issuer has used all scheduled principal
proceeds to redeem the notes in the transaction's documented
priority of payments.
RATINGS LIST
Class Rating Rating
To From
Lombard Street CLO I PLC
EUR392 Million Floating-Rate Notes
Ratings Raised
Rev Ln Fac AA+ (sf) AA (sf)
A AA+ (sf) AA (sf)
B AA- (sf) A+ (sf)
C A (sf) A- (sf)
D BBB- (sf) BB+ (sf)
Rating Affirmed
E BB- (sf)
=====================
N E T H E R L A N D S
=====================
HYDRA DUTCH: S&P Assigns Prelim. 'B' Corp. Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' preliminary long-term corporate credit rating to Hydra Dutch
Holdings 2 B.V., a holding company within water and coffee
solutions provider Eden Springs group. The outlook is stable.
At the same time, S&P assigned its 'B' preliminary issue rating
to the group's proposed EUR210 million senior secured floating
rate notes due 2019. The preliminary recovery rating on these
notes is '4', indicating S&P's expectation of average (30%-50%)
recovery in the event of a payment default.
Final ratings will depend on S&P's receipt and satisfactory
review of all final transaction documentation and audited
financial statements. Accordingly, the preliminary ratings
should not be construed as evidence of final ratings. If
Standard & Poor's does not receive final documentation within a
reasonable time frame, or if final documentation departs from
materials reviewed, S&P reserves the right to withdraw or revise
its ratings. Potential changes include, but are not limited to,
utilization of bond proceeds, maturity, size and conditions of
the bonds, financial and other covenants, security, and ranking.
The preliminary ratings on Hydra Dutch Holdings 2 B.V. reflect
S&P's assessment of the group's business risk profile as "fair,"
and financial risk profile as "highly leveraged." S&P's
preliminary ratings also encompass its assessment of the group's
liquidity as "adequate" pro forma for the refinancing.
Hydra Dutch Holdings 2 B.V. is a holding company within the Eden
Springs group, a Switzerland-based water and coffee solutions
provider to offices and homes in Europe and Israel. The group
operates in 15 countries and provides a number of solutions
ranging from bottled water coolers to office coffee solutions,
including point-of-use plumbed-in water coolers and small-pack
plastic bottles of water.
The stable outlook reflects S&P's view that the Eden Springs
group will demonstrate a broadly resilient EBITDA margin, despite
subdued economic growth in Europe and given the recent
acquisition of Kafevend. The stable outlook also reflects the
group's marketing efforts to strengthen its positions in the
coffee segment.
S&P could raise the rating if the Eden Springs group consistently
improves its operating performance, including a steady increase
in EBITDA margins and successful integration of Kafevend and
other bolt-on acquisitions. This would translate into S&P's
revised assessment of the group's financial policy and credit
metrics firmly within the aggressive category, including adjusted
debt to EBITDA of less than 5x.
S&P could lower the rating if the group experiences severe margin
pressure or if poorer cash flows lead to weaker credit metrics.
This could come from an unsuccessful integration of Kafevend, the
group's inaccessibility to key water sources, or other
contingencies such as the contamination of its water sources,
which could significantly damage the group's image. Litigation
issues leading to loss of market share could also trigger a
negative rating action. Debt-financed acquisitions or
shareholder distributions could also result in weaker credit
metrics, which could in turn lead S&P to lower the rating. If
cash interest coverage were to fall to less than 2x, S&P could
consider lowering the rating.
===============
P O R T U G A L
===============
PORTUGAL: Fitch Revises Outlook to Positive & Affirms 'BB+' IDR
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on Portugal's Long-term
foreign and local currency Issuer Default Rating (IDRs) to
Positive from Negative and affirmed the IDRs at 'BB+'. The
agency has also affirmed Portugal's Short-term foreign-currency
IDR at 'B' and Country Ceiling at 'A+'.
KEY RATING DRIVERS
The revision of the Outlook on Portugal's IDRs to Positive
reflects the following key rating drivers and their relative
weights:
High
Portugal is making good progress in reducing its budget deficit.
The 2013 fiscal performance exceeded Fitch's expectations and
outperformed the IMF-EU program targets, even excluding one-off
factors. The general government deficit stood at 4.5% of GDP,
well below the program's target of 5.5% of GDP (excluding the
recapitalization of Banif). The stronger fiscal position is
likely to carry over into 2014 and puts Portugal in a better
position to achieve the 2014 fiscal deficit target of 4% of GDP.
The Portuguese economy is recovering. Real GDP grew by 0.6% qoq
in 4Q13, which was the third consecutive quarter of positive real
GDP growth. On an annual basis, the economy grew (by 1.6%) for
the first time since 4Q10. For 2013 as a whole, the economy
contracted by 1.4%, less than the agency's projection at the time
of the last rating review (negative 1.8%).
Fitch has revised its growth projections for the Portuguese
economy. The agency forecasts real GDP growth of 1.3% in 2014
and 1.5% in 2015 (from 0.2% and 1% previously). The revision for
2014 reflects a stronger carry over from end-2013 and a less
severe fiscal drag as a result of stronger fiscal performance in
2013. Labour market conditions, pent-up investment demand and
buoyant confidence indicators will support domestic demand. The
recovery in the eurozone should support export performance.
Portugal's fiscal financing conditions have improved markedly
since Fitch's previous rating review in October 2013 and the
sovereign has effectively regained market access. Moreover, the
government has built a sizeable deposit buffer (around 9% of GDP
in March 2014). The authorities are therefore in a position to
decide whether to opt for a "clean" exit from its IMF-EU program
or ask for a precautionary credit line.
Despite the improved financing conditions, Fitch believes that
securing a precautionary credit line would be beneficial in
protecting against downside risks, although that is not the
agency's expectation and not a key rating driver. First,
Portugal will have high financing needs in the coming years
despite the path of deficit reduction. Shocks could arise from
adverse constitutional court rulings or unexpected costs arising
from continued restructuring of SOE's for example. Second,
conditionality attached to the credit line would increase
confidence that Portugal will continue to undertake fiscal
policies aimed at reducing the level of public debt, regardless
of who is in power.
Medium
The Portuguese authorities have kept the IMF-EU program on track
despite significant institutional hurdles, such as the several
constitutional court rulings that deemed some elements of the
consolidation plan unconstitutional. The authorities' policy
strategy has targeted some key credit weaknesses, notably labor
market rigidities, inefficiencies at state-owned enterprises and
the structural fiscal deficit.
Public debt has marginally improved from the previous rating
review. Fitch expects gross general government debt (GGGD) to
have peaked at 129% of GDP in 2013 (130% of GDP in 2014-15 in the
previous review) and to gradually decline to 115% of GDP by 2020.
The improvement is due to better growth projections and lower
fiscal deficit forecasts in 2014-15. The agency assumes general
government primary surpluses of 2.6% of GDP on average between
2015 and 2020.
Portugal's balance of payments adjustment within the eurozone is
proceeding at a faster pace than expected. The improvements in
price and non-price competitiveness indicators are reflected in
export performance (the strongest in the eurozone in 2013) and a
shift in the current account to a surplus of 0.4% of GDP from a
deficit of 12.6% of GDP in 2008.
Portugal's 'BB+' ratings also reflect the following key rating
drivers:
Portugal's ratings are lower than those of other large advanced
economies, reflecting the large risks to creditworthiness posed
by its economic and financial adjustment within the eurozone.
Medium-term growth prospects have improved but remain weak, all
sectors of the economy remain very indebted and unemployment is
high.
Despite the large external adjustment external debt remains high,
particularly in the non-financial corporate sector and the net
international investment position (NIIP) is the worst in the
eurozone. It will take years of sizeable current account
surpluses to trigger a decline in external debt ratios and an
improvement in the NIIP.
Following the government reshuffle in July 2013, short-term
political risks have eased. However, Fitch believes they remain
significant in the post-program world. Cross-party commitment to
fiscal consolidation seems to have waned and this is a downside
risk for the rating. Whether or not Portugal will ask for a
precautionary credit line, continued fiscal adjustment will be
required to place debt on a downward path.
RATING SENSITIVITIES
Future developments that could individually or collectively
result in an upgrade to investment grade include:
-- Deficit reduction remaining on track and consistent with a
decline in the public debt ratio.
-- Continued economic recovery and evidence that private debt
peaks and starts to gradually decline.
-- Securing a track record of market access on terms consistent
with long-term public debt sustainability.
-- Sustained current account surpluses consistent with a
reduction in external debt ratios.
The Outlook is Positive. Consequently, Fitch's sensitivity
analysis does not currently anticipate developments with a high
likelihood of leading to a negative rating change.
Future developments that could individually or collectively
result in a stabilization of the Outlook include:
-- Material divergence from the fiscal consolidation path,
resulting in a higher debt ratio.
-- A failure to sustain economic recovery and macroeconomic
rebalancing.
-- Adverse shocks from domestic politics and/or market
financing.
KEY ASSUMPTIONS
Fitch assumes that fiscal consolidation is maintained beyond the
program period to ensure an exit from the Excessive Deficit
Procedure by 2015.
Should the Constitutional Court reject other measures included in
the 2014 budget, Fitch assumes that the government will adopt
necessary alternative measures.
Fitch assumes that implementation of ESA 2010 accounting changes
will result in limited upward revisions in GGGD. Revisions are
likely to be well below the overall level of debt of public
corporations not included in the general government perimeter
(11.8% of GDP in December 2013).
Fitch assumes the eurozone will avoid long-lasting deflation,
such as that experienced by Japan from the 1990s. An extended
period of deflation, resulting in no growth in nominal incomes
would slow down balance-sheet adjustment in the Portuguese
corporate sector and increase the risk of debt deflation.
Fitch assumes the gradual progress in deepening fiscal and
financial integration at the eurozone level will continue; key
macroeconomic imbalances within the currency union will be slowly
unwound; and eurozone governments will tighten fiscal policy over
the medium term. It also assumes that the risk of fragmentation
of the eurozone remains low.
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R U S S I A
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BANK CENTERCREDIT: Fitch Lowers Issuer Default Rating to 'B'
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Fitch Ratings has downgraded the Long-term Issuer Default Ratings
(IDR) of Bank Centercredit (BCC) and its Russian subsidiary, Bank
BCC-Moscow (BCCM), to 'B' from 'B+', and withdrawn the ratings of
BCCM. Fitch has also affirmed ATF Bank at 'B-' with a Stable
Outlook and Moskommertsbank (MKB), Kazkommertsbank's (KKB;
B/Stable) Russian subsidiary at 'CCC'.
KEY RATING DRIVERS - BCC
The downgrade of BCC reflects the significant deterioration of
its asset quality. The ratings also consider its moderate
capitalization, weak profitability and greater reliance on
National Bank of Kazakhstan (NBK) funding following recent
deposit outflows. However, the ratings are supported by the
bank's reasonable coverage of currently recognized problem loans,
relatively conservative management and the generally supportive
growth environment.
BCC's non-performing loans (NPLs; 90+ days overdue) more than
doubled in 2013 and stood at 19.4% of gross loans at end-2013
compared with 9.7% at end-2012. This was partially driven by a
KZT34bn write-back of fully-reserved impaired loans due to
changes in NBK regulation and by migration of KZT24bn
restructured loans into the non-performing category. However,
around KZT40bn of new NPLs were also generated from the
performing portfolio.
Total reported problem loans (NPLs and exposures identified by
management as restructured) increased to a high 28% of the
portfolio at end-2013 from 21% at end-2012. In addition,
reported restructured loans may understate BCC's asset quality
problems as loans rescheduled without a reduction of 10% or more
in the net present value of the exposure are not reported in this
category. Fitch estimates that seven of the largest 20 exposures
(9% of the total loan book, or 0.9x Fitch core capital (FCC) net
of reserves) have been restructured without falling into this
category for reporting purposes.
Positively, impairment reserves fully covered NPLs at end-2013,
and Fitch calculates that BCC could have reserved 90% of total
reported problem exposures before its regulatory capital ratio
would have fallen to the minimum 10%. At the same time, BCC's
capitalization is only moderate, reflected in a FCC ratio of 8.2%
at end-2013, and the quality of regulatory capital is rather
weak, with almost half of this accounted for by instruments other
than common equity. The bank's profitability remains weak with
a return on average equity of only 0.4% in 2013 (0.3% in 2012),
resulting in limited internal capital generation.
BCC's liquidity position suffered from KZT110bn (14% of customer
funds) net deposit outflow in February 2014, but was supported by
a KZT80bn facility provided by the National Bank of Kazakhstan
and remains acceptable in light of modest near-term debt
repayments. BCC's risk profile benefits moderately from oversight
by its major shareholder, Korea's Kookmin Bank (KMB, A/Stable;
42% stake).
However, Fitch does not expect KMB to provide significant
financial support to BCC prior to consolidation of a controlling
stake, which is reflected in the Support Rating of '5'. The
assignment of a Support Rating Floor of 'No Floor' reflects
Fitch's view that sovereign assistance cannot be relied upon in
all circumstances, in particular if the bank requires solvency,
rather than liquidity support. KMB has an option, valid until
2017, to purchase the IFC's10% stake, but in Fitch's view is
unlikely to exercise this in the near term.
BCC's senior unsecured debt ratings are aligned with the bank's
IDRs reflecting average recovery prospects. BCC's dated and
perpetual subordinated debt is rated one and two notches below
the bank's VR, respectively, in line with Fitch's criteria for
rating such instruments.
RATING SENSITIVITIES - BCC
Significant continued deterioration of asset quality putting more
acute pressure on the bank's capitalization could result in a
further downgrade. Upside potential for BCC's ratings is
currently limited. However, stabilization of asset quality
trends and improvements in performance and capitalization would
be credit positive.
BCC's ratings could be upgraded by several notches if KMB
consolidates a majority stake in the bank and affirms its
strategic commitment to BCC. However, Fitch views this scenario
as unlikely in the near term.
KEY RATING DRIVERS - ATF
ATF's ratings remain constrained by its large stock of legacy
problem assets, and weak capital and performance. The ratings
are supported by the bank's currently comfortable liquidity and
stable funding base, and some limited progress with recoveries of
problem loans.
Following the acquisition by the new shareholder in May 2013,
NPLs fell moderately to 44% at end-2013 from 51% at end-1H13 (but
broadly in line with the 46% reported at end-2012). Restructured
loans comprised a further 15% of the portfolio at end-2013, and
impairment coverage of NPLs and restructured exposures combined
was a moderate 58%. Management expects to recover an additional
KZT60bn of NPLs (equal to 7% of the gross loan book) in 2014,
which will be moderately credit positive if accomplished, but
unlikely to result in significant provision reversals.
ATF's capital has been undermined by losses over the past five
years. The FCC ratio was a moderate 11.3% at end-2013, and
unreserved NPLs and restructured loans combined were equal to
2.8x FCC. At March 1, 2014, the regulatory total capital ratio
stood at 12.6%, meaning the bank could have increased impairment
reserves to 37% of the portfolio without breaching the 10%
minimum ratio. The benefits of the loan book guarantee provided
by previous owner Unicredit have already been fully accounted for
through recognition of a receivable (now booked off balance sheet
and backed by a deposit), and so do not represent a source of
upside for the capital position.
ATF's profit retention was close to zero in 2013 and would have
been negative without a one-off gain of KZT4.4bn from a tax
reversal. Bank was nearly break-even on pre-impairment basis,
net of interest income accrued but not received in cash,
indicating that ATF is unlikely to restore its capital position
through internal generation.
ATF's deposit base has been reasonably stable following the
acquisition, and the bank has benefited from sizable inflows of
state/ quasi-state funding since coming under domestic ownership.
Liquidity is comfortable, with liquid assets at end-1Q14 covering
20% of customer funding following repayment of a USD311m Eurobond
and KZT11bn subordinated bonds in February 2014. The bank has no
material repayments scheduled for the rest of the year.
The rating of ATF's senior debt is equalized with the bank's
Long-term IDR. Subordinated debt issues and perpetual debt are
notched off ATF's VR by one and two notches, respectively.
RATING SENSITIVITIES - ATF
Renewed weakening of asset quality and/or deterioration of
performance, resulting in downward pressure on capitalization,
could result in a downgrade. Any indication by the NBK that it
may intervene to restore the bank's solvency (not expected by
Fitch at present) could also result in a downgrade.
An upgrade of ATF's ratings would require significant improvement
of asset quality metrics and/or a recapitalization of the bank.
KEY RATING DRIVERS - MKB
MKB's Long-term IDR of 'CCC' is driven by the bank's intrinsic
creditworthiness, in particular its weak asset quality and
capitalization.
Fitch views capital support from MKB's ultimate 100% shareholder,
KKB as unreliable and thus does not factor it into the bank's
ratings. KKB has not provided capital to MKB in the recent past
and has no plans to do so in the future, despite MKB's weak asset
quality and capital position. KKB's funding of its subsidiary is
expensive, and liquidity support is moderately constrained by the
Kazakh regulatory limit of 10% of the parent's regulatory
capital. Fitch classifies MKB as a subsidiary of 'limited
importance' to KKB, and it does not qualify as a 'material
subsidiary', i.e. would not trigger cross default clauses, under
the terms of KKB's Eurobonds.
MKB's problem loans (NPLs and restructured) increased to 55% of
the book at end-2013 from 44% at end-2012, mostly due to an
increase in restructured exposures and shrinkage of the loan
book. Statutory reserves covered a moderate 22% of the loan book,
and the bank's rather tight regulatory capitalization (12.2%)
allowed it to reserve only a low additional 4% of gross loans.
MKB's bottom line turned marginally positive in 2013, underpinned
by RUB156m income from the sale of foreclosed collateral.
However, operating profit was still weak, driven by lumpy
impairment charges, high operating costs and a relatively narrow
net interest margin (a function of weak asset quality).
Liquidity is currently satisfactory, with liquid assets covering
23% of deposits at end-2013.
RATING SENSITIVITIES - MKB
Increased pressure on MKB's capital, for example in case of a
further weakening of its asset quality, and/or regulatory
sanctions would be credit negative. Sufficient recapitalization
of the bank could lead to an upgrade, but this is not currently
expected by Fitch.
KEY RATING DRIVERS - BCCM
BCCM's IDRs are equalized with those of BCC, given the stable
support track record, significant management and operational
integration of the two banks and the small size of the subsidiary
(around 2.6% of the parent's total assets as of end-2013),
resulting in a manageable cost of potential support. The 'b-' VR
reflects BCCM's weak performance, deterioration of asset quality,
tight liquidity and limited franchise, but also takes into
account the bank's sound loss absorption capacity and solid
reserves created against non-performing loans.
Fitch has withdrawn the ratings as BCCM has chosen to stop
participating in the rating process. Accordingly, Fitch will no
longer provide ratings or analytical coverage for BCCM.
The ratings actions are as follows:
BCC
Long-term foreign and local currency IDRs: downgraded to 'B'
from 'B+', Outlook Stable
Short-term foreign currency IDR: affirmed at 'B'
National Long-term Rating: downgraded to 'BB+(kaz)' from
'BBB(kaz)', Outlook Stable
Viability Rating: downgraded to 'b' from 'b+'
Support Rating: affirmed at '5'
Support Rating Floor: assigned at 'No Floor'
Senior unsecured debt downgraded to 'B' from 'B+'; Recovery
Rating 'RR4'
National senior unsecured debt rating downgraded to 'BB+(kaz)'
from 'BBB(kaz)'
Dated subordinated debt downgraded to 'B-' from 'B'; Recovery
Rating 'RR5'
National dated subordinated debt rating downgraded to 'BB-
(kaz)' from 'BB+(kaz)'
Perpetual subordinated debt affirmed at 'CCC'; Recovery Rating
RR6
ATF
Long-term foreign and local currency IDRs: affirmed at 'B-',
Outlook Stable
Short-term foreign currency IDR: affirmed at 'B'
National Long-term Rating: affirmed at 'BB-(kaz)', Outlook
Stable
Viability Rating: affirmed at 'b-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Senior unsecured debt: affirmed at 'B-', Recovery Rating 'RR4'
National senior unsecured debt rating: affirmed at 'BB-(kaz)'
Subordinated debt: affirmed at 'CCC', Recovery Rating 'RR5'
National subordinated debt rating: affirmed at 'B(kaz)'
Perpetual subordinated notes: affirmed at 'CC', Recovery Rating
'RR6'
MKB
Long-term foreign currency IDR: affirmed at 'CCC'
Short-term foreign currency IDR: affirmed at 'C'
National Long-term rating: affirmed at 'B(rus)'
Viability Rating: affirmed at 'ccc'
Support Rating: affirmed at '5'
BCCM
Long-term foreign and local currency IDRs: downgraded to 'B'
from 'B+', Outlook Stable, and withdrawn
Short-term foreign currency IDR: affirmed at 'B' and withdrawn
Viability Rating: affirmed at 'b-' and withdrawn
National Long-Term Rating: downgraded to 'BBB+(rus)' from 'A-
(rus)', Outlook Stable, and withdrawn
Support Rating: affirmed at '4' and withdrawn
KALUGA REGION: Fitch Affirms 'BB/B' IDRs; Outlook Stable
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Fitch Ratings has affirmed Kaluga Region's Long-term foreign and
local currency Issuer Default Ratings (IDRs) at 'BB', with Stable
Outlooks, and its Short-term foreign currency IDR at 'B'.
The agency has also affirmed the region's National Long-term
rating at 'AA-(rus)' with Stable Outlook. Kaluga's outstanding
senior unsecured domestic bonds (ISIN RU000A0JRHN7) of RUB2.5bn
have also been affirmed at 'BB' and 'AA-(rus)'.
KEY RATING DRIVERS
The affirmation reflects the administration's efficient and
proactive management, the region's rapid economic development and
sound budgetary performance. The ratings also factor in
increasing pressure on operating expenditure and a growing debt
burden, including contingent risk stemming from the liabilities
of public sector entities (PSEs), although the maturity profile
of these liabilities is long-term.
Fitch expects Kaluga's direct risk, including the liabilities of
the Development Corporation of Kaluga Region (DCKR), to increase
by a considerable 17% to RUB28bn in 2014, fuelled by a forecast
deficit of RUB3.7bn. This would correspond to 73% of expected
full-year current revenue, up from 70.3% in 2013. The agency had
previously expected direct risk to be lower at 63% of current
revenue in 2014 but deceleration of tax revenue growth has led to
an increase of the debt burden.
The region's direct market debt tripled since 2009 to RUB12bn by
end-2013. In Fitch's view further rapid market debt rise would
erode the region's creditworthiness. However, expected rapid
growth of operating revenue should allow the overall debt burden
to peak at 75% in 2015, before easing to 71% in 2016. Direct
debt coverage (direct debt to current balance) would also weaken
to 7 to 8 years in 2014-2016 from 5.5 years in 2013 but remain in
line with the current ratings.
Fitch expects Kaluga to continue to demonstrate solid operating
performance, supported by further expansion of its tax base. The
agency expects full-year operating balance to stabilize at about
10%-12% of operating revenue in 2014-2016, in line with the 11%
reported in 2013. This is down slightly from an average of 15.4%
during 2010-2012, due to increasing operating expenditure
pressure and decline in corporate income tax (CIT) proceeds in
2013. Opex will remain under pressure as a result of national
government decisions to increase public sector salaries and
reduce transfers from the federal budget. However, the
administration expects CIT to recover on growing industrial
output.
The regional administration is focused on local economic
development and on expanding the tax base. Kaluga has been
successful in attracting foreign investments, promoting
industrial production and innovation. These policies have allowed
the local economy to grow at a cumulative 32.8% in 2010-2012,
well above the 12.7% average for the Russian Federation.
The region actively uses PSEs to finance local investment
projects. It established DCKR, which at end-2013 borrowed
RUB6.8bn to finance the development of regional industrial zones.
Two other regional public companies incurred a combined RUB1bn
debt at end-2013 to finance various investment projects. The
region provides subsidies to cover the principal and interest on
the debt of these PSEs. Consequently, Fitch considers the
liabilities of those PSEs as the region's direct risk.
RATING SENSITIVITIES
A continuous sound operating performance with operating margins
of 12%-14%, underpinned by economic growth, and maintaining
direct debt coverage (end-2013: 5.5 years) in line with the
region's average debt maturity, would lead to an upgrade.
Continuous deficit before debt variation leading to direct risk
increasing above 75% of current revenue and deterioration in
direct debt coverage beyond 10 years would lead to a downgrade.
LIPETSK REGION: Fitch Affirms 'BB/B' IDRs; Outlook Stable
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Fitch Ratings has affirmed Russian Lipetsk Region's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'BB',
with Stable Outlooks, and Short-term foreign currency IDR at 'B'.
The agency has also affirmed the region's National Long-term
rating at 'AA-(rus)' with a Stable Outlook. The region's
outstanding RUB5bn senior unsecured domestic bonds' ratings
(ISINs RU000A0JS8T1, RU000A0JTVZ8) have been affirmed at 'BB' and
'AA-(rus)'.
KEY RATING DRIVERS
The affirmation reflects Lipetsk's satisfactory operating
performance, moderate, albeit increasing, direct risk and prudent
financial management. The ratings also factor in the high
concentration of the local economy and continuous pressure on
operating expenditure.
Fitch expects the region's operating performance to remain
satisfactory with an operating balance sufficient to cover
interest payments in 2014-2016. In 2013 the operating balance
accounted for 5.9% of operating revenue, deteriorating from 8.5%
a year earlier. Fitch expected this decline in operating
performance, due to pressured operating expenditure and adverse
macroeconomic conditions for the region's concentrated tax base.
Deceleration of operating revenue along with high capex led to a
widening of the region's deficit before debt variation to 13.5%
of total revenue in 2013 (2012: 7%). The deficit was largely
covered by new debt.
Fitch expects that the region's direct risk will continue to
increase, but remain moderate in the medium term and account for
48.5% of current revenue by the end-2014. In 2013 direct risk
was RUB13.5bn, which corresponds to 41.4% of current revenue.
Fitch expects the debt coverage (direct risk to current balance)
will remain weak in the medium term due to a weak current
balance.
The region's maturity profile is longer than in most other
Russian regions. In 2013 the region successfully placed a seven-
year domestic bond. The administration plans to continue
prioritizing issued debt to even out its direct risk maturity
profile. The region is exposed to some refinancing risk as it
needs to refinance 30% of total debt in 2014. This includes
RUB3.8bn of bank loans and RUB0.5bn of amortizing bonds.
Following the precautionary debt policy the region contracted
RUB3.8bn of committed credit lines with commercial banks at end-
2013 to refinance maturing bank loans.
The region's economy is developed but concentrated as it hosts of
one of the largest Russian metallurgic plants, OJSK Novolipetsk
Steel (BBB-/Negative/F3). Ferrous metallurgy contributed 56% of
the region's industrial output in 2013, making it vulnerable to
fluctuations in the domestic and international steel markets. In
2013 the regional economy grew by 1.1% yoy, which is almost in
line with weak national growth of 1.3%. The weak regional growth
in 2013 is partly explained by the high base of 2012, when the
regional economy grew by 6.9% yoy, far exceeding the national
average growth.
The administration's strategic objective is to diversify the
local economy by developing a network of special economic zones.
Financial management is also prudent. This is evidenced by the
continued demonstration of firm operating performance amid the
cyclical nature of the region's revenue base and constant
improvement of the direct risk maturity profile. Fitch believes
the administration will continue to follow this approach in the
medium term.
RATING SENSITIVITIES
Inability to narrow the deficit before debt variation leading to
direct risk increase to above 60% of current revenue will lead to
a downgrade.
An operating balance improvement to above 10% of operating
revenue and debt coverage (direct risk to current balance) below
eight years (2013: 14.7 years) would lead to positive rating
action.
MOSCOW INTEGRATED: Fitch Lowers IDR to 'BB'; Outlook Negative
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Fitch Ratings has downgraded OJSC Moscow Integrated Power
Company's (MIPC) Long-term foreign and local currency Issuer
Default Ratings (IDR) to 'BB' from 'BB+' and removed them from
Rating Watch Negative. The Outlook is Negative.
The rating actions reflect a revision in Fitch's rating approach
for MIPC driven by the ownership change following the City of
Moscow's (BBB/Negative/F3) sale of its 89.98% stake in MIPC to
OOO Gazprom Energoholding, a 100% subsidiary of OAO Gazprom
(BBB/Negative). Fitch has revised its rating approach under its
Parent and Subsidiary Rating Linkage methodology to bottom-up,
which is based on the standalone rating of MIPC of 'BB-'/Negative
and a one-notch uplift for the support of its major shareholder,
Gazprom Energoholding. In the previous top-down approach, MIPC's
ratings were notched down by two levels from those of the City of
Moscow, its former majority shareholder.
KEY RATING DRIVERS
Rating Incorporates Implied Support
MIPC's 'BB' rating includes a one-notch uplift for parental
support from its majority shareholder Gazprom Energoholding as
Fitch considers the strategic and operational ties between MIPC
and its parent company as strong, and legal ties as limited.
Fitch regards the acquisition of MIPC's stake as strategic for
Gazprom Energoholding. It fits in Gazprom's strategy of vertical
integration and creation of the full value chain and their
operational inter-dependence with regard to gas
supplies/purchases. Fitch would expect timely financial support
to be available if the need arises. This is based on evidence of
support at two other Gazprom Energoholding subsidiaries, OGK-2,
which received a capital injection of about RUB23bn through an
additional share issue, and OJSC Mosenergo (BB+/Stable) through a
payment terms extension for gas purchases from Gazprom during the
financial and economic crisis.
Fitch notes that gas, which is used at all MIPC's generation
facilities, is purchased from OAO Gazprom Mezhregiongas Moskva,
owned by Gazprom, and that Mosenergo, majority-owned by Gazprom
Energoholding, is the major supplier of heat energy to MIPC.
Mosenergo supplies about 70% of its heat to MIPC's network.
Standalone Rating
MIPC's standalone rating of 'BB-' reflects its stable near-
monopoly market position in heat and hot water sales in Moscow
and Moscow region, negative free cash flow due to sizeable capex
and a large cost base. Fitch analysis of its standalone
financial profile includes subsidies provided by the City of
Moscow. The rating also incorporates exposure to the fully
regulated heating segment with uneconomic residential tariffs,
volume risk inherent in the tariff mechanism, exposure to fuel
prices as well as uncertainty of the regulatory framework changes
in the medium term. The maximum heat tariff growth for the City
of Moscow for 2014 was approved at 1.2%, starting from July 1.
Negative Outlook
The Negative Outlook reflects our projections that the company's
funds from operations (FFO) adjusted net leverage ratio may be
above our rating guideline of 3x in 2015-2016 unless MIPC
improves its free cash flow generation, for instance through cost
optimization or a reduction of its capex plan. Fitch expects
leverage to rise to above 3x in 2014 from about 2x in 2013,
partly due to weaker FFO on the back of lower heat volumes driven
by an exceptionally warm 1Q14. Failure to improve leverage to
below 3x in 2015-2016, for instance if opex or capex
optimizations are not implemented, could lead to a downgrade.
Supportive Subsidies Continue
MIPC has continued to receive large subsidies from the City of
Moscow to cover the uneconomic residential utility tariff. The
subsidies amounted to RUB16.1bn in 2012 and RUB14.9bn in 2013
compared with 2013 preliminary EBITDA of RUB18.1bn. The
standalone rating is based on the assumption that the company
will continue to receive subsidies for uneconomic tariffs from
the City of Moscow at least in the medium term. However, Fitch
expects that the subsidies will decrease as Moscow likely
switches to a more targeted subsidization of households by
category. Fitch assumes that if subsidies decrease in the next
few years, tariffs will be increased accordingly so that the
company's profitability is not impaired due to changes in
subsidies.
Cost-Optimization Program
Gazprom Energoholding plans to reduce operating costs of MIPC and
realize synergies between MIPC and Mosenergo as some heat
production assets of the two companies are located near each
other. Fitch notes that there is substantial room for fixed
costs optimization, including workforce reductions, which could
improve the company's financial profile.
Significant Capex Program
Fitch assumes that MIPC total capex will be about RUB22bn
annually over 2014-2016, to be spent mainly on the reconstruction
and modernization of the heat supply network and on equipment,
rather than on capacity expansion. Fitch expects this capex will
result in negative free cash flow.
RATING SENSITIVITIES
Positive: Future developments that could lead to positive rating
actions include:
-- Strengthening ties between MIPC and Gazprom Energoholding
and/or Gazprom, possibly manifested by more tangible support
received by MIPC in form of equity injections and/or loan
guarantees.
-- Economic residential heat tariff and profitable operations
would be positive for the standalone credit profile. However,
Fitch does not expect this to happen in the medium term.
-- Stronger financial profile than forecast by Fitch due to,
among other things, optimization of its core heating
generation and distribution businesses and reduction of
company's historically high fixed costs would be positive for
the rating.
Negative: Future developments that could lead to negative rating
action include:
-- Weakening of the parental support may result in a removal of
the one-notch uplift to MIPC's standalone rating.
-- Significant deterioration of the credit metrics on a
sustained basis (FFO adjusted net leverage above 3x and FFO
interest cover below 5x).
-- A reduction of subsidies from the City of Moscow, which is
not accompanied by higher tariffs.
LIQUIDITY AND DEBT STRUCTURE
Manageable Liquidity
At end-2013 MIPC had RUB17bn of short-term debt compared with
RUB2bn of cash in hand and RUB15bn of unused credit facilities.
The short-term debt largely comprises loans from state-owned
Sberbank, which are likely to be renewed or extended. In July
2013 MIPC redeemed its RUB6bn local bonds. In 2011-2012, MIPC
rolled over its short-term bank loans and concluded long-term
loan agreements with Sberbank that mature in 2014-2016. Fitch
expects MIPC to roll over its short-term bank loans in 2014.
Fitch expects MIPC's free cash flow to remain negative in 2014-
2016, and as a result it will need to obtain additional funding.
Full List of Rating Actions
Long-term foreign currency IDR downgraded to 'BB' from 'BB+',
removed from RWN, Outlook Negative
Long-term local currency IDR downgraded to 'BB' from 'BB+',
removed from RWN, Outlook Negative
Long-term National Rating downgraded to 'AA-(rus)' from
'AA(rus)', removed from RWN, Outlook Negative
Short-term foreign currency IDR affirmed at 'B'
National Short-term Rating affirmed at 'F1+(rus)', removed from
RWN
ORENBURG REGION: Fitch Revises Outlook to Stable & Affirms BB IDR
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Fitch Ratings has revised the Outlooks on the Russian Orenburg
Region's Long-term Issuer Default Ratings (IDR) and National
Long-term rating to Stable from Positive. The agency also
affirmed the region's Long-term foreign and local currency IDRs
at 'BB' and its Short-term foreign currency IDR at 'B'. The
National Long-term rating has been affirmed at 'AA-(rus)'.
The Orenburg Region's outstanding senior unsecured domestic bonds
of RUB9bn (ISIN RU000A0JTGE4 and RU000A0JTZK1) and JSC Orenburg
Housing Mortgage Corporation's (OHMC) senior unsecured bond of
RUB1.37bn (ISIN RU000A0JS3Q8), guaranteed by the region, have
also been affirmed at 'BB' and 'AA-(rus)'.
KEY RATING DRIVERS
The revision of Outlook to Stable and IDRs affirmation reflect
the following rating drivers and their relative weights:
High:
The revision of Outlook reflects deterioration in Orenburg
region's operating performance in 2013 beyond Fitch's
expectations. The region's operating surplus decreased to 0.2%
in 2013 (2012: 5.8%), while its deficit before debt variation
widened to 16.9% of total revenue (2012: 3.7%). This was due to
increased operating expenditure and reduced tax proceeds. Fitch
expects Orenburg region to gradually restore its operating
surplus to 4%-6% in 2014-2016.
Fitch believes the federal government's election pledges made in
2012 to raise public sector salaries will continue to fuel growth
of the region's operating expenditure in the medium term. New
fiscal rules introduced in 2013, comprising advanced deprecation
and the introduction of consolidated groups of taxpayers for
large corporations, led to taxes falling by 2% yoy in 2013.
Russia's institutional framework for subnationals is a
constraining factor for Orenburg region's ratings. Frequent
changes in allocation of revenue sources and assignment of
expenditure responsibilities between the tiers of government
limit the region's forecasting ability and negatively affect its
fiscal capacity and financial flexibility.
Medium:
Fitch expects Orenburg region's direct risk to increase
moderately to 41% of current revenue in 2014 (2013: 36%) and to
45% in 2015-16 to fund expected budget deficits. Direct risk
comprised 41% domestic bonds, 41% federal government loans and
18% bank loans. The region's expected payback period -- as
measured by direct debt/current balance -- is likely to be six to
seven years in the medium term.
Orenburg region's cash position weakened in 2013 as its cash was
partly depleted to finance its budget deficit. Cash reserves
decreased to RUB0.6bn by end-2013 from RUB2.3bn in 2012. The
region maintains stand-by credit lines of up to RUB6bn.
Orenburg region's contingent risk is low and limited to several
guarantees issued to local companies to promote economic
development and to self-serviced debt of its public entities.
The region guaranteed the domestic bond of OHMC of RUB1.37bn
issued in 2012. None of the guarantees have been called by the
lenders and the region is likely to issue several new guarantees
in 2014-2016.
Orenburg region's ratings also reflect the following rating
drivers:
The local economy is dominated by oil and gas companies, which
provide a sustainable tax base. Concentration of the tax base
exposes Orenburg region to potential changes in the fiscal regime
or business cycles in the sector. A robust economy supports
stronger-than-average wealth indicators - GRP per capita exceeded
the Russian region median by 25% in 2012 - while average salary
was just 10% below the median.
RATING SENSITIVITIES
The ratings could be positively affected by a sustainable debt
coverage ratio of below four years of current balance and direct
risk remaining below 40% of current revenue.
The ratings could be negatively affected by consistently weaker
budgetary performance leading to insufficient debt service
coverage of the region.
TULA REGION: Fitch Affirms 'BB/B 'IDRs; Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed Russian Tula Region's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'BB',
with Stable Outlooks, and its Short-term foreign currency IDR at
'B'. The agency has also affirmed the region's National Long-term
rating at 'AA-(rus)' with Stable Outlook.
The region's outstanding RUB8.5bn senior unsecured domestic
bonds' ratings (ISINs RU000A0JT1G2, RU000A0JUAC9) were also
affirmed at 'BB' and 'AA-(rus)'.
KEY RATING DRIVERS
The ratings reflect Tula's satisfactory operating performance,
moderate albeit increasing direct risk and a well-diversified
economy, but also weak debt coverage exceeding its debt maturity
profile and the overall modest scale of its economy.
Fitch expects Tula's operating balance will be supported by
further expansion of the region's tax base and will remain
sufficient to cover interest expenses in 2014-2016. In 2013 the
operating balance improved to 5.4% of operating revenue from 3%
in 2012, due to increase of both taxes and current transfers from
the federal budget. However, growth of capex led to the widening
of Tula's deficit before debt variation to almost 11% of total
revenue in 2013 from 5.4% in 2012. The deficit was fully
financed by new debt.
Fitch expects Tula's direct risk to remain moderate in the
medium-term, in the range of 38%-43% of current revenue between
2014 and 2016. This will represent an increase from 30% in 2013
and 22% in 2012. The growth of direct risk in 2013 exceeded
Fitch's expectations due to higher capex stemming from the
implementation of the region's gasification program, and
extension of support to businesses investing in the regional
economy.
Tula's direct risk maturity profile, which stretches to 2017, was
shorter than its debt payback ratio of 7.5 years in 2013. Fitch
does not see debt payback matching the region's average maturity
profile over the medium term, leaving it exposed to refinancing
risk. The region is, however, free of contingent liabilities,
which is credit-positive.
Fitch views the region's immediate refinancing risk as moderate.
For 2014 the region faces RUB2bn of maturing domestic bonds,
which correspond to 14% of total direct risk. The region will
decide later in the year on its refinancing options of issuing
another domestic bond if market conditions are favorable or
contracting a commercial bank loan. The region is also
negotiating with the federal Finance Ministry on contracting
subsidized budget loans, which will allow savings on future
interest payments.
The ratings are weighed down by the evolving nature of the
institutional framework for local and regional governments (LRGs)
in Russia. It has a shorter track record of stable development
than many of its international peers. The predictability of
Russian LRGs' budgetary policy is constrained by the continuous
reallocation of revenue and expenditure responsibilities within
government tiers.
The region has a modest but growing economy. The regional
economy is diversified and has a well-developed processing
industry. Nevertheless, the region's economic profile is still
weaker than the national average despite its economic growth
outpacing the national average. Tula's GRP increased 3.4% in
2013, exceeding the national growth of 1.3%. The administration
expects the regional economy will continue to outperform the
national average in 2014.
RATING SENSITIVITIES
Operating balance improvement close to 10% of operating revenue
for two consecutive years accompanied by debt payback being in
line with debt maturity will lead to positive rating action.
Conversely, inability to maintain stable operating performance
with an operating margin above 5% resulting in weak debt payback
exceeding 10 years would lead to a downgrade.
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T U R K E Y
===========
DOGUS HOLDING: S&P Affirms 'BB' CCR; Outlook Negative
-----------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'trAA-'
long-term and 'trA-1' short-term Turkey national scale ratings to
Turkey-based diversified holding company Dogus Holding A.S. At
the same time, S&P affirmed its 'BB/B' long- and short-term
global scale corporate credit ratings on the company. The
outlook on the global scale long-term rating remains negative.
The 'trAA-/trA-1' Turkey national scale and 'BB/B' global scale
ratings on Dogus reflect S&P's views of its "weak" business risk
profile and "intermediate" financial risk profile.
The ratings are primarily constrained by the high exposure of
Dogus' portfolio companies to Turkey and the company's exposure
to foreign exchange swings, given that a large portion of its
financing is denominated in U.S. dollars. The negative to modest
profitability achieved in a number of Dogus' activities also
weighs on the ratings. S&P also takes into consideration the
inherent execution risks related to large infrastructure projects
in the energy and construction businesses.
These weaknesses are mitigated by the overall adequate credit
quality of Turkish bank Turkiye Garanti Bankasi A.S.
(BB+/Negative/--), one of Dogus' main holdings (representing 40%
of portfolio adjusted equity value on Dec. 31, 2013), and Dogus'
influence over the strategic decisions of subsidiaries in which
it has controlling stakes. In addition, S&P expects ongoing
investment activity to progressively increase the diversification
of Dogus' asset and dividend income away from the financial
services sector, which currently dominates.
The short-term ratings are 'B' and 'trA-1'. S&P classifies
Dogus' liquidity as "adequate" under its criteria, as S&P
estimates sources to exceed uses by at least 20% in the coming 12
months. This is despite the absence of committed, undrawn
facilities, as per the local market practice. Although S&P
excludes from its liquidity assessment the US$1.5 billion of
uncommitted credit lines available to the company at the end of
2013, S&P notes that these lines provide Dogus with some
flexibility.
S&P calculates Dogus' principal liquidity sources as of Dec. 31,
2013, as follows:
-- Cash and cash equivalents of about US$736 million, of which
three-quarters are at the holding company level; and
-- At least US$250 million worth of fees and dividends to be
received from portfolio companies.
The principal liquidity uses on the same date include:
-- Short-term maturities of US$254 million (excluding
subsidiary Dogus Otomotiv Servis ve Ticaret A.S.' working
capital loans amounting to US$286 million). Although
US$705 million will come due in the subsequent 12 months,
Dogus has an established track record in rolling over
short-term debt and refinancing long-term debt;
-- Operating and financing expenses, as well as dividends
amounting to less than US$200 million; and
-- No major acquisitions, net of disposals out of existing
resources, as S&P anticipates that any meaningful
transaction would be prefinanced with new bank facilities.
Dogus' debt has several balance sheet-related covenants on its
bank facilities, which are tested semiannually. In S&P's view,
the company has adequate headroom under these covenants.
The negative outlook on S&P's global scale long-term rating on
Dogus reflects its view that its financial headroom for the
current ratings is thin. This calls into question the company's
ability to maintain a loan-to-value (LTV) ratio below about 30%,
which S&P views as commensurate with its 'BB' rating.
S&P could lower the ratings if its LTV calculation for Dogus did
not stay within its threshold for the current rating. This could
happen in the absence of a pick-up in equity valuations, or if
the company does not abate its dynamic investment phase initiated
two years ago.
Conversely, S&P could revise the outlook to stable if the Turkish
economy performed better in 2014 than it currently forecasts, and
if this had a positive bearing on Dogus' LTV and on the operating
performance of its main subsidiaries.
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S E R B I A
===========
SERBIA: S&P Affirms 'BB-/B' Sovereign Ratings; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its long- and short-
term foreign and local currency sovereign credit ratings on the
Republic of Serbia at 'BB-/B'. The outlook is negative.
RATIONALE
The ratings are constrained by high fiscal and external deficits,
which expose Serbia to refinancing risks. The ratings are also
constrained by Serbia's moderate GDP per capita and limited
monetary policy flexibility, owing to the high euroization of the
economy. The ratings are supported by Serbia's long-term
economic growth potential. However, S&P believes the government
will only unlock this potential with reforms to the labor market,
the business environment, and public administration.
The March 16 general elections yielded a landslide victory for
the Serbia Progressive Party (SNS), which doubled its
parliamentary majority, winning 48% of the vote and 63% of the
seats in parliament. With a comfortable absolute majority, the
SNS could choose to govern alone and would face fewer obstacles
in formulating legislation. Designated prime minister Aleksandar
Vucic has, however, signaled a willingness to form a coalition
with one or two smaller parties. A coalition could marshal
greater public acceptance of controversial reforms and austerity
measures.
In S&P's view, the immediate policymaking challenges are vast,
especially for fiscal consolidation. The government faces
measures such as shrinking the public-sector wage bill; lowering
subsidies to state-owned enterprises (SOEs) and improving their
profitability (the government intends to wind down or privatize
179 SOEs in coordination with the World Bank); and improving tax
collection and administration. It remains unclear whether Serbia
will sign a new agreement with the IMF to anchor these measures.
S&P expects the government to reduce its persistently high
headline deficits gradually. That said, S&P believes the general
government deficit will increase to 6.9% of GDP in 2014 given
that most consolidation measures will not begin to take effect
until the next year and the state already incurs some expected
costs associated with the restructuring of SOEs.
For 2015-2017, S&P forecasts an average deficit slightly above 4%
of GDP. These deficits, along with a small depreciation of the
dinar, will push net general government debt to 51% of GDP in
2014 from 25% in 2009. These figures do not include the
currently 8% of GDP in government-guaranteed debt that the
government is increasingly servicing on behalf of loss-making
SOEs. Around 74% of the general government debt is denominated
in foreign currency, and about 62% of commercial debt is held by
nonresidents, making the debt-to-GDP ratio sensitive to exchange
rate fluctuations. Interest expenditure has increased to an
average of more than 7% of consolidated general government
revenue in 2014-2017, from less than 2% in 2009.
The government has also laid out a structural reform agenda
beyond SOE restructuring. This aims to improve labor market
efficiency, strengthen pension system finances, and reform
bankruptcy law. S&P expects such structural reform measures to
eventually boost economic growth by improving the business
environment and government effectiveness, but not profoundly so
over the 2014-2017 forecast horizon.
Serbia's economic rebound last year was on strong export growth,
mostly fuelled by the automotive and agricultural sectors. For
2014, S&P expects that growth will slow on a further decline in
consumption, amplified by expected budgetary consolidation and
burdened by high unemployment of close to 25% (employment is at
45%). Further, due to a higher base effect, net exports will
contribute less to overall growth than in 2013 while S&P projects
investment activity to increase only marginally and remain, in
real terms, well below the 2007 and 2008 peaks. With GDP per
capita at US$6,400, Serbia remains poorer than any of its EU
neighbors and Montenegro, but ahead of the other Balkan
republics.
Inflation returned to the central bank's target range of 2.5%-
5.5% late in 2013 and should remain at the upper end of the band
in 2014-2015. The compression in domestic demand has also left
imports stagnating, which, along with strong exports, has
contributed to a reduction in external imbalances. Positively,
the current account deficit narrowed significantly to just below
5% of GDP in 2013, but S&P forecasts a slight widening to an
average of 6% in 2014-2017.
S&P estimates Serbia's 2014 gross external financing requirement
at US$11.4 billion (43% of current account receipts). S&P
projects that 85% of the current portion of private-sector
external debt will be refinanced (US$5.4 billion), all short-term
external debt (US$1.8 billion) will be rolled over, and foreign
direct investment will remain at 2013 levels (US$1.2 billion).
S&P projects that the public sector will raise the remaining
requirement (US$3.3 billion): half through official borrowing,
and half through eurobond issuance, portfolio flows to the
domestic government bond market, and, if needed, a drawdown of
external fiscal assets.
Exchange rate fluctuations remain a vulnerability and this has
prompted the National Bank of Serbia to pursue a more restrictive
monetary policy than its inflation targeting would suggest. As a
floating currency, the dinar provides a flexible adjustment
mechanism, but a history of high inflation and political
challenges to central bank independence limit the credibility of
monetary policy, in S&P's opinion.
Under S&P's criteria, it has revised its transfer and
convertibility (T&C) assessment upward to one notch above the
sovereign foreign currency rating. This is because S&P views the
likelihood of the sovereign restricting access to foreign
exchange needed for nonsovereign debt service as being slightly
less than the likelihood of the sovereign defaulting on its
foreign currency obligations. In other words, S&P considers
Serbia's foreign exchange regime to no longer be very
restrictive, and S&P believes it is in the process of opening
further, similar to peers in the Western Balkans.
OUTLOOK
The outlook remains negative, reflecting S&P's view that there is
at least a one-in-three chance that it could lower the ratings
within the next 12 months if the government does not implement
the policies that S&P expects will stabilize, and eventually
ease, its debt burden; if external financing becomes more costly,
either because bank rollover rates fall below S&P's expectations
or because the public sector's access to markets weakens; or if
the central bank adopts a more interventionist foreign exchange
policy.
The ratings could stabilize at the current levels if the reforms,
which S&P understands the government is announcing this quarter,
consolidate public finances in a sustainable way, leading to
stronger economic prospects and a sustainable external position
over the medium term.
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
Serbia (Republic of)
Sovereign Credit Rating BB-/Negative/B
Senior Unsecured BB-
Revised
To From
Serbia (Republic of)
Transfer & Convertibility Assessment BB BB-
=============
U K R A I N E
=============
KYIV CITY: Fitch Affirms 'CCC/C' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has affirmed the City of Kyiv's Long-term foreign
currency Issuer Default Ratings (IDRs) at 'CCC' and Short-term
foreign currency IDR at 'C'. Fitch has also affirmed the city's
Long-term local currency IDR at 'B-' and National Long-term
rating 7at 'BBB(ukr)'. The Outlook on the Long-term local
currency IDR and National Long-term rating is Negative.
Kyiv's outstanding senior unsecured eurobonds totaling USD550m
(US225407AA34, US50154TAA34, XS0644750027 and XS0233620235) have
been affirmed at 'CCC'. Its domestic bonds totaling UAH5.4bn
(UA4000142707, UA4000142715, UA4000142723, UA4000142731,
nUA4000142749 and UA4000142884) have been affirmed at 'B-' and
'BBB(ukr)'.
KEY RATING DRIVERS
Kyiv's ratings reflect the city's refinancing risk, stemming from
domestic bonds maturing in October-November 2014, and exposure to
foreign currency risk on eurobonds, maturing in 2H15. The
ratings also reflect Kyiv's status as the capital of Ukraine, and
its satisfactory budgetary performance amid moderately growing
debt.
Fitch expects the city's direct debt to increase to 62% of
current revenue in 2014 and to 63%-65% in 2015 and 2016 (2013:
61%). Fitch considers Kyiv's immediate refinancing risk as
material, as the city is facing refinancing of UAH3.5bn worth of
domestic bonds in 2H14, while the domestic capital market's
limited capacity is currently under stress. The city will also
be refinancing eurobonds of USD250m and domestic bonds of
UAH1.9bn coming due in 2H15.
Kyiv has two outstanding eurobonds (totaling USD550m) denominated
in US dollars. The city's exposure to forex risk has increased
following a 40% decline in Ukraine's hryvnia over the past three
months.
Fitch expects Kyiv to consolidate its satisfactory budgetary
performance in 2014-2016 with operating margins at above 10%, in
line with its 12.5% average in 2013 and 2012. The city's deficit
before debt variation in Fitch's base case scenario is forecast
to be under 5% of total revenue in 2014-2016.
Fitch views Kyiv's status as Ukraine's capital and the
administration's integration with the central government as a
support factor for the city's ratings. Kyiv's political and
economic importance to the state benefits the city's budget and
limits downside risks at times of distress.
The city's economy is well-diversified and service-oriented; Kyiv
contributed 18% to Ukraine's gross domestic product (GDP) in
2012. A sound socio-economic profile supports the city wealth
indicators significantly above Ukraine's average in 2008-2012.
The city's gross value added (GVA) increased 1% yoy in 2012.
RATING SENSITIVITIES
Any downgrade of Ukraine would lead to downgrade of the city's
IDRs. A downgrade could also result from a rise in debt
significantly above Fitch's expectations leading to the city
being unable to meet its debt service obligations.
Conversely, a sovereign upgrade may, however not automatically,
lead to an upgrade of the city's ratings.
===========================
U N I T E D K I N G D O M
===========================
ALBEMARLE & BOND: Rescue Expected to Be Completed This Week
-----------------------------------------------------------
Scott Reid at The Scotsman reports that a rescue of Albemarle &
Bond is expected to be completed this week after a deal was
struck to save some of its 183 branches and hundreds of jobs.
Administrators from accountancy giant PricewaterhouseCoopers said
on Sunday that negotiations with a preferred bidder for the sale
of the business as a going concern were at an advanced stage, The
Scotsman relates.
The update came after a weekend newspaper report said former Bank
of Scotland chief executive Sir Peter Burt was poised to buy the
majority of the company through his Promethean Investments
private equity vehicle, The Scotsman relays.
It is thought that the bid will be backed by US private equity
group Apollo, which will be buying up the stricken pawnbroker's
debts, The Scotsman states. However, the deal appears unlikely
to include all of Albemarle's stores, The Scotsman notes.
The chain, The Scotsman says, has also been in the sights of
rival firm H&T.
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.
ANTIX LABS: Administrators Put Intellectual Property Up for Sale
----------------------------------------------------------------
Joint Administrators Andrew Beckingham and Joanne Milner of Antix
Labs offer for sale the company's intellectual property.
Features include (a) cross device, cross platform, on and off
network content distribution software, (b) proven gaming
technology, and (c) extensive patent portfolio.
For further information, interested parties may contact:
Jennifer Frenis
Telephone: 020-7268-2150
E-mail: jenniferfrenis@corkgully.com
Web site: http://www.corkgully.com
CO-OPERATIVE BANK: To Remain Loss-Making for Next Two-Years
-----------------------------------------------------------
Harry Wilson at The Telegraph reports that the Co-op Bank has
confirmed it made a loss of GBP1.3 billion last year and will
remain loss-making for the next two years as the troubled lender
published its twice delayed annual results.
The lender said it had begun talks on a GBP400 million fund
raising and warned that without the new money, it would be in
breach of its minimum capital requirement, The Telegraph relates.
According to The Telegraph, Niall Booker, chief executive of the
Co-op Bank, apologized for the situation and said the lender
would be clawing back about GBP5 million in bonuses from former
directors and executives due to the failings.
Mr. Booker, as cited by The Telegraph, said discussions had begun
over his own future and that the bank would be looking to find a
new executive team that would lead the business once it had been
"stabilized". He said the Co-op Group was "supportive", but
could not confirm whether it would take part in full or in part
in the capital raising, The Telegraph notes.
The Co-op Group has also yet to transfer nearly GBP300 million in
further financial support to the Co-op Bank that it is required
to do under the terms of last year's recapitalization of the
lender, The Telegraph states.
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.
EASTCASTLE MANAGEMENT: Goes Into Liquidation
--------------------------------------------
TravelMole reports that well-known travel industry figure Michael
East has placed his management consultancy business into
liquidation.
A creditors' meeting for Eastcastle Management Group will be held
in central London on April 11 under Section 98 of the Insolvency
Act 1986, TravelMole relates.
Until last month, TravelMole notes, Mr. East also ran events
management company Kingley and published a daily travel industry
news bulletin, e-tid. However, these were acquired in March by
Travel Weekly Group, of which East is a Board member. The last
issue of e-tid was issued on March 28.
Eastcastle Management Group, which was set up 27 years ago, is
understood to have employed one full time member of staff and two
part-timers. Mr. East was the sole director.
Insolvency practitioner Jeremy Berman --
jeremy.berman@berley.co.uk -- of Berley Chartered Accountants has
been appointed, TravelMole discloses citing the London Gazette.
LISTER PETTER: Engineering Firm Goes Into Administration
--------------------------------------------------------
Daniel Chipperfield at The Gazette reports that Lister Petter, a
firm that has presided in Dursley for almost 150 years and
employed 5,000 people at its height, has gone into
administration. Administrator CBA Insolvency Practitioners has
been brought in to deal with Lister Petter, the Gazette says.
The report relates that the troubled engineering firm has already
made around 77 people redundant in the last few months but it has
seemingly not been enough to keep the company afloat.
UNITE the Union regional officer Trevor Hall told the Gazette
that he had spoken to CBA insolvency practitioner Neil Money
about the decision.
The administrators will now seek options to save the business
before it goes into liquidation, the report says.
"I do not think the outlook is very promising," the report quotes
Mr. Hall as saying. "They are now looking to see if he can find
a buyer for the business and if he can't find a buyer in a
certain amount of time will mean it goes into liquidation."
NEW LOOK: S&P Raises CCR to 'B' on Improving Leverage Ratios
------------------------------------------------------------
Standard & Poor's Ratings Services said it raised to 'B' from
'B-' its long-term corporate credit rating on U.K-based value
clothes retailer New Look Retail Group Ltd.
At the same time, S&P raised to 'B' from 'B-' its issue ratings
on New Look's fixed- and floating-rate notes. S&P also raised
the recovery ratings to '3' from '4', indicating its expectation
of meaningful (50%-70%) recovery in the event of a payment
default.
The upgrade reflects New Looks' reduction in its debt, S&P's
expectation that the company's financial policy will remain
prudent, and its solid operating fundamentals resulting in flat
or lower leverage ratios.
The stable outlook reflects S&P's opinion that New Look should be
able to maintain the necessary earnings capacity and financial
flexibility to sustain its highly leveraged debt structure. In
particular, the company's high level of free cash flow generation
of around GBP80 million a year should enable management to
internally fund additional growth investments while continuing to
prepay its PIK loans. New Look's adequate liquidity and
comfortable 50% financial covenant headroom should, in S&P's
opinion, allow the company to withstand potential temporary
operating setbacks. S&P believes that New Look will be able to
maintain its adjusted EBITDA interest coverage ratio at around
2x, equivalent to a reported EBITDA cash interest coverage of
around 3x.
S&P might consider a negative rating action if ongoing negative
sales trends in combination with a decline in New Look's reported
EBITDA margin to below 10% caused adjusted EBITDA interest
coverage to fall significantly below 2x. S&P might consider
further negative action if, as a result of this scenario, the
company's FOCF fell below GBP40 million, implying that management
would be unable to continue early 10% per year prepayment of its
PIK loan.
S&P believes that further ratings upside is limited in the short
term. However, S&P would likely consider taking a positive
rating action if New Look's business operations grew more
strongly than it currently forecasts on the back of a successful
expansion strategy translating into core leverage ratios falling
into S&P's "aggressive" category. This would occur if reported
EBITDA rose above GBP250 million over the next couple of years,
causing FFO to debt to increase to more than 12% and debt to
EBITDA to fall below 5.0x.
PEOPLE TO PEOPLE: Financial Services Firm Enters Administration
---------------------------------------------------------------
InsolvencyNews reports that financial services business People To
People Group Limited has entered administration, with staff left
unpaid.
According to the report, P2P had issued a notice through the High
Court in March, warning that the company could become 'unable to
pay its debts' which was reported in the Lancashire Telegraph's
website on April 6.
InsolvencyNews relates that the Lancashire Telegraph also
reported that some employees said they were unhappy with the way
the company -- run by chief executive Mark Butterwick -- had
handled the situation.
It was confirmed on April 4 that the firm, which employs over 100
staff, had entered administration. InsolvencyNews notes that
Andrew Rosler -- andrew.rosler@idealcs.co.uk -- of Bolton-based
Ideal Corporate Solutions Ltd is managing the firm's affairs and
said the various businesses were in the process of being sold.
"We are in the process of selling the businesses so that they can
be preserved and jobs can be saved," the report quotes Mr. Rosler
as saying. "We will announce details of the purchasers shortly,"
he added.
InsolvencyNews reports that Ideal Corporate Solutions said some
of the staff would be employed by the new owner and those who are
made redundant could claim back some of their owed pay through
the government insolvency service.
Blackburn-based People To People Group Limited owns financial
services companies Quickdox, Wise Appointments, Wise Review,
Precision Claims, Your Money Back and Credit Agreement. The
businesses specialize in financial reviews, PPI claims and other
types of mis-selling claims for the public.
PUNCH TAVERNS: Brings in Expert to Aid Debt Restructuring Talks
---------------------------------------------------------------
Nathalie Thomas at The Telegraph reports that Punch Taverns,
Britain's second biggest pubs group, has brought in an
independent corporate restructuring expert to aid long-running
discussions over its GBP2.3 billion debt mountain.
Dean Merritt, from Talbot Hughes McKillop, is representing the
companies that issued Punch's debt, amid hopes a deal that is
agreeable to all lenders and shareholders can be thrashed out by
the beginning of next month, The Telegraph discloses.
According to The Telegraph, Punch, which will publish its interim
results today, April 15, and its lenders have been embroiled in a
long-running saga over how to restructure its complex web of
debt, which was amassed during an acquisition spree last decade
under previous management.
The pubs group last week called for more time to allow talks to
continue and lenders have been asked to approve covenant waivers
to avoid a debt default, The Telegraph relays.
A key committee representing senior bondholders has already
signaled it will vote in favor of the waivers at a meeting on
April 29, The Telegraph says.
Talks are continuing between Punch shareholders and junior
creditors amid expectations that a deal could soon be agreed,
potentially involving a debt-for-equity swap, The Telegraph
relates.
The covenant waivers will expire on Aug. 29 but in order to avoid
a default, fresh restructuring proposals will have to be launched
by June 30, The Telegraph states. According to The Telegraph,
sources said this will mean a deal will effectively have to be
agreed by the beginning of next month.
Punch Taverns plc is a United Kingdom-based pub company. The
Company is engaged in the operation of public houses under either
the leased model or as directly managed by the Company. The
Company operates in two business segments: punch partnerships, a
leased estate and punch pub company, a managed estate.
STORM FUNDING: Claims Filing Deadline Set for April 30
------------------------------------------------------
D.Y. Schwarzmann, Joint Administrator of Storm Funding Limited,
disclosed that pursuant to Rule 2.95 of the Insolvency Rules
1986, the Joint Administrators of the Company intend to make a
distribution (by way of paying an interim dividend) to the
preferential creditors (if any) and to unsecured non-preferential
creditors.
Proofs of debt may be lodged at any point up to (and including)
April 30, 2014, the last date for proving claims. However,
creditors are requested to lodge their proofs of debt at the
earliest possible opportunity.
Persons so proving are required, if so requested, to provide such
further details or produce such documents or other evidence as
may appear to the Joint Administrators to be necessary.
The Joint Administrators will not be obliged to deal with proofs
lodged after the last date of proving but they may do so if they
think fit.
The Joint Administrators intend to make such distribution within
the period of two months from the last date for proving claims.
For further information, contact details, and proof of debt
forms, parties may visit:
http://www.pwc.co.uk/businessrecovery/administrations/lehman/stor
m-funding-limited-in-administration.jhtml
A completed proof of debt form must be returned, together with
relevant supporting documents, to PricewaterhouseCoopers LLP, 7
More London Riverside, London SE1 2RT marked for the attention of
Stephen Old. Alternatively, one may email a completed proof of
debt form to storm.claims@uk.pwc.com
Rule 2.95(2)(c) of the Insolvency Rules 1986 requires the Joint
Administrators to state in this notice the value of the
prescribed part of Storm's net property which is required to be
made available for the satisfaction of Storm's unsecured debts
pursuant to section 176A of the Insolvency Act 1986. There are
not floating charges over the assets of Storm and accordingly,
there shall be no prescribed part. All of Storm's net property
will be available for the satisfaction of Storm's unsecured
debts.
THOMAS BOLTON: Administrators Put Assets Up for Sale
----------------------------------------------------
Zolfo Cooper, the Administrators of Thomas Bolton Limited, are
offering for sale the business and assets of a unique copper and
copper alloy manufacturer and extruder.
Features include:
-- products used in electric motors and power generation
-- GBP11.5 million turnover
-- based in Froghall, Stoke-on-trent
-- sells to UK and abroad
-- 105 employees
For further details, interested parties may contact Zolfo Cooper
at:
Kevin Wall
Telephone: +44(0)161 838 4509
E-mail: kwall@zolfocooper.eu
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
OBTEC OBTEC DC -17139908.33 134988548.1
OBTEC OBT DC -17139908.33 134988548.1
OBTEC-NEW SHARES OBTECN DC -17139908.33 134988548.1
OBTEC-OLD OBTN DC -17139908.33 134988548.1
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
ROSKILDE BANK ROSK DC -532868894.9 7876688188
ROSKILDE BANK RSKC IX -532868894.9 7876688188
ROSKILDE BANK ROSK EO -532868894.9 7876688188
ROSKILDE BANK RKI GR -532868894.9 7876688188
ROSKILDE BANK ROSKF US -532868894.9 7876688188
ROSKILDE BANK ROSBF US -532868894.9 7876688188
ROSKILDE BANK ROSK EU -532868894.9 7876688188
ROSKILDE BANK ROSK PZ -532868894.9 7876688188
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876688188
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876688188
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876688188
SCANDINAVIAN BRA SBS1 EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 BY -17139908.33 134988548.1
SCANDINAVIAN BRA SBSD PZ -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS DC -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
SCANDINAVIAN BRA SBSC IX -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 EU -17139908.33 134988548.1
SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.29 330011633.6
ADP INGENIERIE S 4519911Z FP -9312265.78 111844575.6
AIR COMMAND SYST 4470055Z FP -24012413.92 236706831.5
AKERYS SERVICES 4685937Z FP -22410493.42 137981683.2
ALCATEL-LUCENT E 3642975Z FP -33252970.32 441703998.1
ALCATEL-LUCENT F 3647063Z FP -794569718.3 4984960531
AL-KHATTIYA LEAS 4783713Z FP -13423803.21 109623566.3
ALUMINIUM PECHIN 3650903Z FP -469114028.7 1322244624
ATOS ORIGIN INTE 4519607Z FP -15552541.61 353365367
AUTOMOBILES CITR 3648863Z FP -298695778.9 1879542934
AUTOROUTES PARIS ARR1 BQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EO -251756893.2 10625026266
AUTOROUTES PARIS RK9 TH -251756893.2 10625026266
AUTOROUTES PARIS ARR EU -251756893.2 10625026266
AUTOROUTES PARIS ARR FP -251756893.2 10625026266
AUTOROUTES PARIS ARRGBX EU -251756893.2 10625026266
AUTOROUTES PARIS ARR IX -251756893.2 10625026266
AUTOROUTES PARIS ARR S1 -251756893.2 10625026266
AUTOROUTES PARIS ARR QM -251756893.2 10625026266
AUTOROUTES PARIS ARR LI -251756893.2 10625026266
AUTOROUTES PARIS ARR TQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EB -251756893.2 10625026266
BELVEDERE - RTS 554451Q FP -256191005.4 927737997.9
BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
BELVEDERE SA BVD EU -256191005.4 927737997.9
BELVEDERE SA BELV FP -256191005.4 927737997.9
BELVEDERE SA BELV NM -256191005.4 927737997.9
BELVEDERE SA BEVD IX -256191005.4 927737997.9
BELVEDERE SA BVD PW -256191005.4 927737997.9
BELVEDERE SA BED GR -256191005.4 927737997.9
BELVEDERE SA BVD EO -256191005.4 927737997.9
BELVEDERE SA BVD S1 -256191005.4 927737997.9
BELVEDERE SA BVDRF US -256191005.4 927737997.9
BELVEDERE SA BED TH -256191005.4 927737997.9
BELVEDERE SA BVD FP -256191005.4 927737997.9
BELVEDERE SA BVD PZ -256191005.4 927737997.9
BELVEDERE SA-NEW BVDNV FP -256191005.4 927737997.9
BELVEDERE SA-NEW 946529Q FP -256191005.4 927737997.9
BELVEDERE SA-NEW 8198283Q FP -256191005.4 927737997.9
BELVEDERE SA-RTS BVDDS FP -256191005.4 927737997.9
BROSTROM TANKERS 3641643Z FP -115599.3207 311104377.9
BUT INTERNATIONA 3648871Z FP -5859572.435 1100621152
CADES 211430Z FP -1.16E+11 23006745556
CARCOOP FRANCE 4690569Z FP -531951.7338 185621693.8
CARNAUDMETALB-N JJNN FP -239071932.4 6870067181
CARNAUDMETALB-N 84433Q FP -239071932.4 6870067181
CARREFOUR HYPERM 3897338Z FP -713257900.6 3939173302
CARRERE GROUP CAR2 EO -9829531.944 279906700
CARRERE GROUP CRRHF US -9829531.944 279906700
CARRERE GROUP CRGP IX -9829531.944 279906700
CARRERE GROUP CAR2 EU -9829531.944 279906700
CARRERE GROUP CARG FP -9829531.944 279906700
CARRERE GROUP CAR FP -9829531.944 279906700
CARRERE GROUP CARF PZ -9829531.944 279906700
CARRERE GROUP XRR GR -9829531.944 279906700
CDISCOUNT SA 4690913Z FP -14710509.37 442569172
CMA CGM AGENCES 4746849Z FP -8208944.552 191538369.1
CO PETROCHIMIQUE 4682369Z FP -111509362.4 364674090.9
CROWN EUROPEAN H 3394476Q LI -239071932.4 6870067181
CROWN EUROPEAN H CAMBF US -239071932.4 6870067181
CROWN EUROPEAN H JJ FP -239071932.4 6870067181
CROWN EUROPEAN H 1049Q LN -239071932.4 6870067181
DESCAMPS SAS 4503139Z FP -2912961.458 104843475.7
DOCTISSIMO 2916489Q EU -1690819.009 135171143.2
DOCTISSIMO 0602303D GR -1690819.009 135171143.2
DOCTISSIMO DOC FP -1690819.009 135171143.2
DOCTISSIMO MDCF PZ -1690819.009 135171143.2
DOCTISSIMO MCOS IX -1690819.009 135171143.2
DOCTISSIMO 2916493Q EO -1690819.009 135171143.2
DOCTISSIMO MDC FP -1690819.009 135171143.2
EADS SECA 4706441Z FP -44481565.35 121822000.7
EDENRED QSV GR -1310250942 5470394799
EDENRED EDEN FP -1310250942 5470394799
EDENRED EDEN QM -1310250942 5470394799
EDENRED QSV TH -1310250942 5470394799
EDENRED EDEN S1 -1310250942 5470394799
EDENRED EDEN TQ -1310250942 5470394799
EDENRED EDENUSD EO -1310250942 5470394799
EDENRED EDNMF US -1310250942 5470394799
EDENRED EDENUSD EU -1310250942 5470394799
EDENRED EDEN EO -1310250942 5470394799
EDENRED EDEN EU -1310250942 5470394799
EDENRED EDEN BQ -1310250942 5470394799
EDENRED EDEN EB -1310250942 5470394799
EDENRED EDEN IX -1310250942 5470394799
EDENRED EDEN PZ -1310250942 5470394799
EDENRED-NEW EDENV FP -1310250942 5470394799
EDF EN OUTRE MER 4679713Z FP -2598508.843 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.43 175501799.4
FACONNABLE SA 226782Z FP -19616230.99 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GEC 4 SAS 4518255Z FP -91410336.97 541462091
GPN SA 4509659Z FP -35080424.69 568887551
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GROUPE MONITEUR 317840Z FP -116707395.4 610106709.3
GROUPE PROGRES S 4734137Z FP -106637565.8 154665494
HIPPO GESTION ET 4732841Z FP -606512.6987 113032204.7
HITACHI EUROPE S 4681417Z FP -9927515.772 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.37 116383810.4
I BASE 757542Z FP -6019481.253 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.49 363058830.9
ITM REGION PARIS 4681817Z FP -49662079.76 124321085.9
JTEKT AUTOMOTIVE 4505819Z FP -25670106.66 171962119.7
JTEKT AUTOMOTIVE 4504595Z FP -17492036.59 163375360
JUNGHEINRICH FIN 4635025Z FP -14429677.13 223424949.4
LAB DOLISOS LADL FP -27752176.19 110485462.4
LAB DOLISOS DOLI FP -27752176.19 110485462.4
MATUSSIERE & FOR MTUSF US -77896689.09 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.09 293868350.8
MEDCOST SA MEDC NM -1690819.009 135171143.2
MEDCOST SA MEDC FP -1690819.009 135171143.2
MEDCOST SA-NEW MDCNV FP -1690819.009 135171143.2
MILLIMAGES 8131905Q FP -1006050.249 113454378.9
MILLIMAGES MIL1 EU -1006050.249 113454378.9
MILLIMAGES MLMG IX -1006050.249 113454378.9
MILLIMAGES MIL1 PZ -1006050.249 113454378.9
MILLIMAGES MIL FP -1006050.249 113454378.9
MILLIMAGES MG6 GR -1006050.249 113454378.9
MILLIMAGES MIL S1 -1006050.249 113454378.9
MILLIMAGES MIL1 EO -1006050.249 113454378.9
MILLIMAGES MLIGF US -1006050.249 113454378.9
MILLIMAGES MILI FP -1006050.249 113454378.9
MILLIMAGES MILF PZ -1006050.249 113454378.9
MILLIMAGES - RTS 0134468D FP -1006050.249 113454378.9
MILLIMAGES-RTS MILDS FP -1006050.249 113454378.9
MILLIMAGES-RTS 760037Q FP -1006050.249 113454378.9
M-REAL ALIZAY SA 4670721Z FP -19839749.29 142972373.7
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RINOL AG RILB IX -1.171602 168095049.1
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GREECE
------
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T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
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T BANK TBANK GA -46224213.41 3486115450
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HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
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IRELAND
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WATERFORD WED-UT WWWD PZ -505729895.2 820803256
WATERFORD WED-UT WTFU LN -505729895.2 820803256
WATERFORD WED-UT WTFUGBX EO -505729895.2 820803256
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WATERFORD WE-RTS WTFF ID -505729895.2 820803256
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WATERFORD-SUB 3001875Z ID -505729895.2 820803256
ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780368 2277882368
ITALY
-----
AS ROMA SPA ASRO IX -66248672.26 227606539.7
AS ROMA SPA ASR EB -66248672.26 227606539.7
AS ROMA SPA ASR PZ -66248672.26 227606539.7
AS ROMA SPA ASR QM -66248672.26 227606539.7
AS ROMA SPA ASR IX -66248672.26 227606539.7
AS ROMA SPA ASRAF US -66248672.26 227606539.7
AS ROMA SPA ASR EU -66248672.26 227606539.7
AS ROMA SPA ASR BQ -66248672.26 227606539.7
AS ROMA SPA ASR IM -66248672.26 227606539.7
AS ROMA SPA ASR TQ -66248672.26 227606539.7
AS ROMA SPA ASR EO -66248672.26 227606539.7
AS ROMA SPA RO9 GR -66248672.26 227606539.7
AS ROMA SPA-RTS ASRAA IM -66248672.26 227606539.7
AUTOMOTIVE LIGHT 3895734Z IM -8797909.782 165588007.5
CANTIERI DI PISA 4313125Z IM -2611908.154 105466953.7
CIRIO FINANZIARI CRO IM -422095936.7 1583083044
CIRIO FINANZIARI FIY GR -422095936.7 1583083044
COGEME AXA COGAXA IM -77319804.75 102552226.7
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COGEME SET SPA COG IM -77319804.75 102552226.7
COGEME SET SPA COG PZ -77319804.75 102552226.7
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GABETTI AXA+W GABAAW IM -11268334.91 224454564
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GABETTI SPA GABH IM -11268334.91 224454564
GABETTI SPA GABI IX -11268334.91 224454564
GUERRINO PIVATO 4292565Z IM -41218066.44 397216267.9
I VIAGGI DEL VEN VVE EU -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IM -209436890.3 202705179.9
I VIAGGI DEL VEN VVE TQ -209436890.3 202705179.9
I VIAGGI DEL VEN VVE EO -209436890.3 202705179.9
I VIAGGI DEL VEN VVE PZ -209436890.3 202705179.9
I VIAGGI DEL VEN IVGIF US -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IX -209436890.3 202705179.9
I VIAGGI DEL VEN IV7 GR -209436890.3 202705179.9
I VIAGGI-RTS VVEAA IM -209436890.3 202705179.9
INDUSTRIE FINCUO 4270053Z IM -15676157.12 111118283.9
MAIRE TECNIM-ADR MTRCY US -18172040.27 3401620362
MAIRE TECNIMONT MT1 EB -18172040.27 3401620362
MAIRE TECNIMONT MTCM PZ -18172040.27 3401620362
MAIRE TECNIMONT MT1USD EO -18172040.27 3401620362
MAIRE TECNIMONT MT1 S1 -18172040.27 3401620362
MAIRE TECNIMONT MT1 EO -18172040.27 3401620362
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MAIRE TECNIMONT MT1 TQ -18172040.27 3401620362
MAIRE TECNIMONT MT1 BQ -18172040.27 3401620362
MAIRE TECNIMONT MT1 NQ -18172040.27 3401620362
MAIRE TECNIMONT MT IX -18172040.27 3401620362
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MONTE MARE GRADO 4359985Z IM -535776.0315 100534744.7
NEXANS ITALIA SP 3636695Z IM -19973174.81 139448244.4
OLCESE SPA O IM -12846689.89 179691572.8
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OLCESE VENEZIANO OLVE IM -12846689.89 179691572.8
OMNIA SERVICE CE 3401139Z IM -9159816.788 165737571.5
PARMALAT FINANZI FICN AV -18419396969 4120687886
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PRAMAC SPA 6PA GR -87225647.28 314935866.6
PRAMAC SPA PRAM PZ -87225647.28 314935866.6
PRAMAC SPA PRA2 EO -87225647.28 314935866.6
RISANAMEN-RNC OP RNROPA IM -182584482.9 2453594767
RISANAMENTO -OPA RNOPA IM -182584482.9 2453594767
RISANAMENTO -RNC RNR IM -182584482.9 2453594767
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RISANAMENTO SPA RNGBX EO -182584482.9 2453594767
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RISANAMENTO SPA RN EO -182584482.9 2453594767
RISANAMENTO SPA RNGBX EU -182584482.9 2453594767
RISANAMENTO SPA RSMNF US -182584482.9 2453594767
RISANAMENTO SPA RN EU -182584482.9 2453594767
RISANAMENTO SPA RN TQ -182584482.9 2453594767
RISANAMENTO SPA RN BQ -182584482.9 2453594767
RISANAMENTO SPA RN IM -182584482.9 2453594767
RISANAMENTO SPA RN5 GR -182584482.9 2453594767
RISANAMENTO SPA RNGBP EO -182584482.9 2453594767
RISANAMENTO-RTS RNAA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXO IM -182584482.9 2453594767
SEAT PAGINE PG1 EB -741904802.3 3755632231
SEAT PAGINE SP7A GR -741904802.3 3755632231
SEAT PAGINE PG1 NQ -741904802.3 3755632231
SEAT PAGINE SP7 GR -741904802.3 3755632231
SEAT PAGINE PG PZ -741904802.3 3755632231
SEAT PAGINE PG1USD EU -741904802.3 3755632231
SEAT PAGINE PG1 QM -741904802.3 3755632231
SEAT PAGINE SEEA LN -741904802.3 3755632231
SEAT PAGINE PG IM -741904802.3 3755632231
SEAT PAGINE 283147Q IM -741904802.3 3755632231
SEAT PAGINE PG VX -741904802.3 3755632231
SEAT PAGINE PGI1 IX -741904802.3 3755632231
SEAT PAGINE SPGMF US -741904802.3 3755632231
SEAT PAGINE PG BQ -741904802.3 3755632231
SEAT PAGINE PG1 NR -741904802.3 3755632231
SEAT PAGINE PG1USD EO -741904802.3 3755632231
SEAT PAGINE PG1GBX EO -741904802.3 3755632231
SEAT PAGINE PG1 TQ -741904802.3 3755632231
SEAT PAGINE PG1GBP EO -741904802.3 3755632231
SEAT PAGINE PG1 EO -741904802.3 3755632231
SEAT PAGINE PG1 EU -741904802.3 3755632231
SEAT PAGINE-ADR SPGMY US -741904802.3 3755632231
SEAT PAGINE-RSP SPGBF US -741904802.3 3755632231
SEAT PAGINE-RSP PGR EO -741904802.3 3755632231
SEAT PAGINE-RSP PGR EU -741904802.3 3755632231
SEAT PAGINE-RSP PGR IX -741904802.3 3755632231
SEAT PAGINE-RSP PGR IM -741904802.3 3755632231
SEAT PAGINE-RSP PGR PZ -741904802.3 3755632231
SEATPG AXA PGAXA IM -741904802.3 3755632231
SNIA BPD SN GR -141933895.2 150445252.4
SNIA BPD-ADR SBPDY US -141933895.2 150445252.4
SNIA SPA SSMLF US -141933895.2 150445252.4
SNIA SPA SIAI IX -141933895.2 150445252.4
SNIA SPA SIAI PZ -141933895.2 150445252.4
SNIA SPA SN EO -141933895.2 150445252.4
SNIA SPA SN IM -141933895.2 150445252.4
SNIA SPA SN EU -141933895.2 150445252.4
SNIA SPA SNIB GR -141933895.2 150445252.4
SNIA SPA SNIXF US -141933895.2 150445252.4
SNIA SPA SBPDF US -141933895.2 150445252.4
SNIA SPA SN TQ -141933895.2 150445252.4
SNIA SPA SNIA GR -141933895.2 150445252.4
SNIA SPA - RTS SNAAW IM -141933895.2 150445252.4
SNIA SPA- RTS SNAXW IM -141933895.2 150445252.4
SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
SNIA SPA-CONV SA SPBDF US -141933895.2 150445252.4
SNIA SPA-DRC SNR00 IM -141933895.2 150445252.4
SNIA SPA-NEW SN00 IM -141933895.2 150445252.4
SNIA SPA-NON CON SPBNF US -141933895.2 150445252.4
SNIA SPA-RCV SNR IM -141933895.2 150445252.4
SNIA SPA-RCV SNIVF US -141933895.2 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933895.2 150445252.4
SNIA SPA-RNC SNRNC IM -141933895.2 150445252.4
SNIA SPA-RNC SNIWF US -141933895.2 150445252.4
SNIA SPA-RTS SNAA IM -141933895.2 150445252.4
SNIA SPA-RTS SNSO IM -141933895.2 150445252.4
SOPAF SPA SPF TQ -24220971.66 153763906.2
SOPAF SPA SPF EU -24220971.66 153763906.2
SOPAF SPA SPF IM -24220971.66 153763906.2
SOPAF SPA SOPAF US -24220971.66 153763906.2
SOPAF SPA SPF PZ -24220971.66 153763906.2
SOPAF SPA SPF BQ -24220971.66 153763906.2
SOPAF SPA SPF QM -24220971.66 153763906.2
SOPAF SPA SPF EB -24220971.66 153763906.2
SOPAF SPA SOCAF US -24220971.66 153763906.2
SOPAF SPA SPF EO -24220971.66 153763906.2
SOPAF SPA SSZ HK Equity -24220971.66 153763906.2
SOPAF SPA SPFI IX -24220971.66 153763906.2
SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
SOPAF SPA-RNC SPFN IM -24220971.66 153763906.2
SOPAF SPA-RNC SOPCF US -24220971.66 153763906.2
SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TISAAW IM -167327246 362728538.3
TISCALI - RTS TIQA GR -167327246 362728538.3
TISCALI SPA TIS TQ -167327246 362728538.3
TISCALI SPA TIS VX -167327246 362728538.3
TISCALI SPA TISGBX EO -167327246 362728538.3
TISCALI SPA TIS EO -167327246 362728538.3
TISCALI SPA TIS EU -167327246 362728538.3
TISCALI SPA TISN FP -167327246 362728538.3
TISCALI SPA TISGBP EO -167327246 362728538.3
TISCALI SPA TIS IX -167327246 362728538.3
TISCALI SPA TIQG IX -167327246 362728538.3
TISCALI SPA TISN IX -167327246 362728538.3
TISCALI SPA TIS EB -167327246 362728538.3
TISCALI SPA TIS FP -167327246 362728538.3
TISCALI SPA TIS IM -167327246 362728538.3
TISCALI SPA TISN VX -167327246 362728538.3
TISCALI SPA TISN IM -167327246 362728538.3
TISCALI SPA TIS NA -167327246 362728538.3
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TISCALI SPA TSCXF US -167327246 362728538.3
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TISCALI SPA TISN NA -167327246 362728538.3
TISCALI SPA TIS QM -167327246 362728538.3
TISCALI SPA TIS NQ -167327246 362728538.3
TISCALI SPA TIS NR -167327246 362728538.3
TISCALI SPA TIS PZ -167327246 362728538.3
TISCALI SPA TIS BQ -167327246 362728538.3
TISCALI SPA TIQ GR -167327246 362728538.3
TISCALI SPA- RTS 3391621Q GR -167327246 362728538.3
TISCALI SPA- RTS TISAXA IM -167327246 362728538.3
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT GLOBAL 0440101D US -1168589952 17400967168
INTELSAT GLOBAL I US -1168589952 17400967168
INTELSAT INVESTM ILMA GR -1199357056 17465319424
INTELSAT SA 2237Z US -1199357056 17465319424
NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
AVAST SOFTWARE B 0112793D US -15842000 132342000
AVAST SOFTWARE N AVST US -15842000 132342000
AVG TECHNOLOGIES 0119253D US -52030000 377521984
AVG TECHNOLOGIES 3164852Z NA -52030000 377521984
AVG TECHNOLOGIES AVG US -52030000 377521984
AVG TECHNOLOGIES 1VA GR -52030000 377521984
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN EO -7854715.264 609871188.9
BAAN COMPANY NV BAAN PZ -7854715.264 609871188.9
BAAN COMPANY NV BAAN GR -7854715.264 609871188.9
BAAN COMPANY NV BNCG IX -7854715.264 609871188.9
BAAN COMPANY NV BAAVF US -7854715.264 609871188.9
BAAN COMPANY NV BAAN EU -7854715.264 609871188.9
BAAN COMPANY-NY BAANF US -7854715.264 609871188.9
BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
CEVA LOGISTICS 882197Z NA -538665968.2 5318491121
CLATES HOLDING B 4043429Z NA -34881.25205 221495950.5
COOPERATIE VOEDI 4378105Z NA -216576.9882 680962157.8
EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
EUROPEAN MARITIM 4523543Z NA -34803118.05 347300069.4
FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
HE INVESTMENTS B 3813216Z NA -1780665.857 195483088
HUISVUILCENTRALE 4777713Z NA -87789.23965 1412526184
IEOC EXPLORATION 4523879Z NA -3196000 112429000
INFOR GLOBAL SOL 4778481Z NA -332427172.9 500602423.6
ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
ING REIM DEVELOP 3811140Z NA -231041485.9 383323356.5
KONINKLIJKE HASK 4037221Z NA -69259.20141 230145390.9
KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
LINO MANAGEMENT 3774416Z NA -330305248.1 752471513.7
MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
MAGYAR TELECOM B 363945Z HB -9411153.408 462039674.5
MITSUBISHI MOTOR 3893974Z NA -236634746.2 588105612.9
MSREF ELBA BV 4043045Z NA -89889.60183 584994172.5
MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
NORFOLK HOLDINGS 779151Z NA -199512.5928 813430683.8
RIVA NV 3797916Z NA -852952.1165 111411542.1
SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
SITA NEDERLAND B 874216Z NA -312079.8969 2324948031
UNITED PAN -ADR UPEA GR -5505478850 5112616630
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UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
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UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -12602392978 14238054163
VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.7768 799874848.4
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
AKER BUSINESS SE 4400969Z NO -1678208.862 125911965.2
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP BY -16100000 765200000
AKER FLOATING PR AKFP EO -16100000 765200000
AKER FLOATING PR AKFP PZ -16100000 765200000
AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
AKER FLOATING PR AKFPEUR EU -16100000 765200000
AKER FLOATING PR AKFPEUR EO -16100000 765200000
AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
BAKERS AS 4527631Z NO -2100773.812 130412660.1
BKK VARME AS 4445833Z NO -4191315.792 139898061.1
CARGONET 81784Z NO -73487095.94 128859900.5
CIA LA GOMERA AS 4401057Z NO -14188999.46 111542577.2
GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
HEEGH AUTOLINERS 4389209Z NO -13894016.15 253537334.9
HELI-ONE NORWAY 4632761Z NO -27084593.22 759455442.9
ICA NORGE AS 4511499Z NO -132832574.9 702347848.8
INFRATEK ENTREPR 4402489Z NO -33504101.18 160698348.1
INTEROIL EXPLORA IOX NO -21010000 139828992
INTEROIL EXPLORA IOX EO -21010000 139828992
INTEROIL EXPLORA IOX PZ -21010000 139828992
INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
NCC ROADS AS 4401305Z NO -11149611.36 135425117.2
NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
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DE LA RUE PLC DL1C GK -72920095.83 652922700.1
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DE LA RUE PLC DLARCHF EU -72920095.83 652922700.1
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DE LA RUE PLC DLAR EU -72920095.83 652922700.1
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JARVIS PLC JRVSEUR EU -64739862.73 130951086
JARVIS PLC JRVS LN -64739862.73 130951086
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*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, 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 * * *