/raid1/www/Hosts/bankrupt/TCREUR_Public/140422.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 22, 2014, Vol. 15, No. 78
Headlines
A U S T R I A
HYPO ALPE-ADRIA: Net Loss Widens to EUR1.86 Billion in 2013
B E L A R U S
BELGOSSTRAKH: Fitch Affirms 'B-' Insurer Finc'l. Strength Rating
EXIMGARANT: Fitch Affirms 'B-' Insurer Financial Strength Rating
B E L G I U M
KPN NV: Fitch Affirms 'BB' Subordinated Capital Security Rating
F R A N C E
CFHL-1 2014: Moody's Assigns (P)Ba1 Rating on Class E Notes
G E R M A N Y
DECO 2005-PAN: S&P Lowers Rating on Class G Notes to 'CCC+'
FORCE TWO: Fitch Affirms 'Csf' Rating on Class E Notes
FRANZ HANIEL: S&P Revises Outlook to Pos. & Affirms BB+ Rating
HEAT MEZZANINE: Moody's Lowers Rating on EUR233MM Notes to Ca
* GERMANY: Egg Producers Face Insolvency
G R E E C E
EUROBANK ERGASIAS: S&P Affirms 'CCC' Rating; Outlook Negative
I R E L A N D
ANGLO IRISH: Two Former Executives Get Guilty Verdict
AWAS AVIATION: Moody's Affirms 'Ba3' CFR; Outlook Positive
DRYDEN XIV: S&P Lowers Rating on Class E Notes to CCC+
I T A L Y
BANCA POPOLARE: S&P Cuts Counterparty Credit Ratings to 'B+'
F-E GOLD: Fitch Affirms 'BB' Rating on EUR4.9MM Class C Notes
MONTE DEI PASCHI: Increases Size of Planned Share Sale
NAPLES CITY: S&P Revises Outlook to Neg. & Withdraws 'BB-' ICR
TEAMSYSTEM HOLDING: S&P Lowers CCR to 'B-'; Outlook Stable
K A Z A K H S T A N
ASIACREDIT BANK: Fitch Raises Issuer Default Rating to 'B'
KAZTRANSGAS JSC: Fitch Raises LT Issuer Default Rating From 'BB+'
NOSTRUM OIL: S&P Affirms 'B+' Corporate Credit Rating
N E T H E R L A N D S
JUBILEE CLO: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
R O M A N I A
ROMANIAN AUTHORITY: Minister Sacks Special Administrator
R U S S I A
SEVERSTAL COLUMBUS: S&P Affirms Then Withdraws 'B' CCR
T U R K E Y
BOSPHORUS 1 RE: S&P Affirms BB+ Rating on US$400MM Class A Notes
DOGAN YAYIN: Fitch Puts 'BB-' LT IDR on Rating Watch Negative
U K R A I N E
UKRAINE: Fitch Says Tariff Cuts LT Positive for Agribusiness
U N I T E D K I N G D O M
ASKAM CONSTRUCTION: In Administration, Cuts 40++ Jobs
ASTEC PROJECTS: In Administration, Cuts 60 Jobs
CO-OPERATIVE GROUP: Lenders Bring in Hedger to Help Turnaround
CROYDON VILLAGE: Outlet Goes Into Administration
EUROSAIL-UK 2007-5NP: S&P Raises Ratings on 2 Note Classes to BB+
HURSTWOOD INTERNATIONAL: In Administration, Closes Operations
PUNCH TAVERNS A: Moody's Cuts Ratings on 2 Note Classes to Ba1
PUNCH TAVERNS B: Moody's Cuts Ratings on 4 Note Classes to B1
THOMAS COOK: S&P Revises Outlook to Positive & Affirms 'B' CCR
VOYAGE HOLDING: Fitch Affirms 'B' IDR; Outlook Stable
X X X X X X X X
* Number of Insolvent Travel Firms Up 45% in 2013
* Large Companies with Insolvent Balance Sheets
*********
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A U S T R I A
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HYPO ALPE-ADRIA: Net Loss Widens to EUR1.86 Billion in 2013
-----------------------------------------------------------
Boris Groendahl at Bloomberg News reports that Hypo Alpe-Adria
Bank International AG, Austria's most costly bank failure, pushed
up bad debt charges and writedowns as it found "skeletons in the
closet" while speeding up its dismantling under European Union
orders.
According to Bloomberg, the Klagenfurt, Austria-based
nationalized bank said in a statement on Thursday that loan-loss
provisions and asset writedowns rose to EUR1.7 billion (US$2.4
billion), more than four times what it booked in 2012, widening
the bank's net loss to EUR1.86 billion from a restated EUR23
million.
Hypo Alpe, as cited by Bloomberg, said the charges were necessary
to bring forward the sale of assets as requested by the European
Commission and because asset quality worsened more than expected
last year.
"The key issue was the European Commission decision to order the
bank to curb our new business and sell assets quicker," Bloomberg
quotes new Chief Executive Officer Alexander Picker as saying.
"We also had to revise some of our own estimates and book bigger
losses than expected because there were indeed more skeletons in
the closet than we thought."
Hypo Alpe has already cost euros since its nationalization in
2009, when the bank's ill-fated transformation from a provincial
lender into a financier for former Yugoslavia unraveled,
Bloomberg notes.
About Hypo Alpe-Adria
Hypo Alpe-Adria International AG is a subsidiary of BayernLB. It
is active in banking and leasing. In banking, HGAA serves both
corporate and retail customers and offers services ranging from
traditional lending through savings and deposits to complex
investment products and asset management services.
Hypo Alpe has received EUR1.75 billion in aid in emergency
capital from the Austrian government. European Union Competition
Commissioner Joaquin Almunia said in March 2013 that Hypo faced
possible closure for failing to adequately restructure.
The European Commission approved Hypo's recapitalization in
December 2013, but made it conditional on the management
presenting a thorough plan to overhaul the group. The Austrian
finance ministry, which effectively runs Hypo Alpe, submitted a
restructuring plan to the Commission on Feb. 5.
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B E L A R U S
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BELGOSSTRAKH: Fitch Affirms 'B-' Insurer Finc'l. Strength Rating
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Fitch Ratings has affirmed Belarusian Republican Unitary
Insurance Company's (Belgosstrakh) Insurer Financial Strength
(IFS) rating at 'B-'. The Outlook is Stable.
Key Rating Drivers
The rating continues to reflect Belgosstrakh's 100% state
ownership. Belgosstrakh is the exclusive provider of a number of
compulsory lines, including state-guaranteed employers'
liability, homeowners' property, agricultural insurance and a
number of other minor lines. The Belarusian state has
established strong support for Belgosstrakh in the legal
framework, including direct guarantees on policyholder
obligations and significant capital injections in previous years.
Belgosstrakh is currently the market leader in all compulsory
lines and a number of voluntary lines, including commercial
property and casualty, and travel insurance. Together with its
life subsidiary Stravita, Belgosstrakh wrote 51% of sector
premiums in 2013 (2012: 52%). The insurer's strong market
positions are to some extent underpinned by the preferential
treatment provided in the legislation governing state-owned
insurers.
Fitch's assessment of Belgosstrakh's risk-adjusted capital
adequacy concludes that the company is adequately capitalized for
its rating. The insurer nominally maintains a very strong level
of capital relative to its current business volumes with a
Solvency I-like statutory ratio of 14x at end-2013. Fitch does
not consider that Belgosstrakh's economic capital adequacy is as
strong as the statutory solvency ratio implies since the
regulator's formula does not take asset risk into account. Risks
on the asset side of Belgosstrakh's balance sheet are highly
concentrated and directly linked to the sovereign's credit
profile.
Belgosstrakh has demonstrated profitable operating performance in
the past five years with net profit of BYR198 billion in 2013
(2012: BYR130 billion) with the investment return being the key
contributor. To assess Belgosstrakh's underwriting profitability
Fitch breaks the insurer's portfolio into two parts: regular non-
life business and two government-guaranteed lines with a specific
reserving methodology.
The regular non-life business accounted for 54% of gross premiums
written in 2013 and included both compulsory and voluntary lines
of business. This part of Belgosstrakh's portfolio has had
moderately negative underwriting results in recent years. The
regular non-life business demonstrated a notable improvement of
the loss ratio to 58% in 2013 from 65% in 2012, while expenses
were stable. Fitch believes that some part of this improvement
can be attributed the Belarusian accounting reform in 2013 and
the shift to the accrual method from the cash method. This
effect will not be present in 2014so it should then be possible
to assess the sustainability of improvement in the underwriting
profitability.
The second part of the portfolio includes employers' liability
and agricultural insurance (38% and 8% of gross written premiums,
respectively, in 2013), where Belgosstrakh's functions are more
of an administrative nature, although legally the insurer carries
the policyholder obligations. The underwriting result of these
two lines is always equal to zero as the technical result of the
year is fully transferred to the special reserve.
Fitch believes the employers' liability line may be exposed to
reserving risk due a non-standard reserving methodology and the
line's long tail. To a significant extent these concerns are
offset by the availability of a direct government guarantee on
these policies. Belgosstrakh expects that this guarantee could
be removed only upon the transfer of these obligations to a
governmental social security agency. This option is currently
not under consideration.
Insurance tariffs for compulsory lines are set by the state.
Belgosstrakh has limited control over the underlying
profitability of related insurance lines, which together
accounted for 69% of gross written premiums in 2013, including
46% represented by employers' liability and agricultural
insurance. However, Fitch understands that Belgosstrakh plays a
key role in advising the government on the determination of
insurance tariffs and in the development of insurance
legislation, particularly in the field of compulsory insurance.
In Fitch's view, Belgosstrakh's investment portfolio is of
relatively low quality. This reflects the credit quality of
local investment instruments, constrained by sovereign risks, and
the presence of significant concentrations by issuer.
Belgosstrakh's ability to achieve better diversification is
limited by the narrowness of the local investment market and
strict regulation of the insurer's investment policy.
Rating Sensitivities
Any change in Fitch's view of the financial condition of the
Republic of Belarus or any significant change in the
Belgosstrakh's relationship with the government would be likely
to have a direct impact on the insurer's ratings.
EXIMGARANT: Fitch Affirms 'B-' Insurer Financial Strength Rating
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Fitch Ratings has affirmed Export-Import Insurance Company of the
Republic of Belarus's (Eximgarant) Insurer Financial Strength
(IFS) rating at 'B-'. The Outlook is Stable.
Key Rating Drivers
The rating continues to reflect the 100% state-ownership of
Eximgarant. The Belarusian state has established strong support
for Eximgarant in a legal framework with the aim of developing a
well-functioning export insurance system. The state's propensity
to support the company has been demonstrated by the availability
of the government guarantee on export insurance risks,
significant capital injections in previous years and the explicit
inclusion of Eximgarant's potential capital needs in Belarus's
budgetary system.
Eximgarant was founded as a public Export Credit Agency (ECA),
but combines two profiles: the exclusive national provider of
state-guaranteed export insurance and a traditional non-life
insurer. Eximgarant was ranked third-largest by premiums written
in Belarus in 2013. The insurer's strong market position is to
some extent underpinned by the preferential treatment provided in
the legislation governing state-owned insurers.
Fitch's assessment of Eximgarant's risk-adjusted capital adequacy
concludes that the company is adequately capitalized for its
rating. The insurer nominally maintains an exceptionally strong
level of capital relative to the insurer's current business
volumes with the Solvency I-like statutory ratio standing at 102x
at end-2013. Fitch does not consider that Eximgarant's economic
capital adequacy is as strong as the statutory solvency ratio
implies since the regulator's formula does not take asset risk
into account. Risks on the asset side of Eximgarant's balance
sheet are highly concentrated and directly linked to the
sovereign credit profile.
Eximgarant has been demonstrating profitable operating
performance in the past five years with net profit of BYR84bn in
2013 (2012: BYR61 billion). The insurer significantly improved
its underwriting result in 2012-2013 with the combined ratio
standing at a low 54% in 2012 and 64% in 2013. The loss ratio
was the key factor behind this improvement, while expenses were
prudently kept stable. The improvement of the loss ratio
partially benefited from the end of hyperinflation in 2012 and
the Belarusian accounting reform in 2013 with a shift to the
accrual method from the cash method. In 2012 the underwriting
result also benefited from a significant release of claims case
reserves for export credit insurance.
Eximgarant's export risk portfolio has been steadily maturing
with the coverage of Belarusian exports by insurance reaching
2.5% in 2013, although it remains relatively undiversified in
terms of geographies and industries. The insurer has taken a
relatively cautious approach to underwriting in terms of
concentration by credit counterparty, which Fitch views
positively. The export risk line is not compulsory in Belarus,
which means that the company is not forced to accept all
applications and can focus on portfolio quality. Eximgarant also
manages a portfolio with a somewhat shorter term structure than
other public ECAs, generally focusing on medium- and long-term
risks. 67% of Eximgarant's exposure had a maturity of 12 months
or less at end-2013.
The structure of Eximgarant's traditional non-life portfolio has
been evolving in the past few years. The weight of property and
casualty lines in the insurer's non-life portfolio increased to
30% in 2013 from 18% in 2012 due to a single large contract. At
the same time, the share of motor business, which did not
experience growth, reduced to 32% in 2013 from 48% in 2012.
Insurance of domestic financial risks remains one of the key
lines in Eximgarant's non-life portfolio with a weight of 26% in
2013. Fitch has some concerns related to the non-core nature of
these risks for insurance sectors worldwide, absence of local
government guarantees for these risks, the significant use of the
insurer's capacity, and concentrated reinsurance protection.
Positively, Eximgarant's top exposures by counterparty under this
line are state-owned enterprises.
In Fitch's view, Eximgarant's investment portfolio is of
relatively low quality. This reflects the credit quality of
local investment instruments, constrained by sovereign risks, and
the presence of significant concentrations by issuer.
Eximgarant's ability to achieve better diversification is limited
by the narrowness of the local investment market and strict
regulation of the insurer's investment policy.
Rating Sensitivities
Any change in Fitch's view of the financial condition of the
Republic of Belarus or any significant change in Eximgarant's
relationship with the government would be likely to have a direct
impact on the insurer ratings.
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B E L G I U M
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KPN NV: Fitch Affirms 'BB' Subordinated Capital Security Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Royal KPN N.V.'s Long-term Issuer
Default Rating (IDR) at 'BBB-'. The Outlook is Stable.
KPN continued to take steps to strengthen its domestic
competitive position in 2013. However, the domestic market
remains challenging, and KPN is yet to demonstrate a sustained
and improved financial performance. The sale of E-plus to
Telefonica Deutschland, subject to regulatory clearance, will be
credit positive as the EUR5 billion of cash proceeds will
strengthen KPN's balance sheet. The 20.5% stake in the combined
entity will give KPN exposure to an operator with a stronger
competitive position in the German market.
KEY RATING DRIVERS
Fixed Line Improvements
KPN continued to increase its broadband subscriber base in 2013
and gained substantial TV market share. KPN has responded to the
competitive threat posed by cable by investing heavily in fibre
and IPTV and seeking to grow its multi-play customer base, with
quad-play launched in 2013. However, if the likely merger of
Ziggo and UPC goes ahead, fixed line competition may intensify as
the combined entity gains greater scale. While KPN's operating
developments are positive, converting these trends into improved
and sustained profitability will be a key driver of any positive
rating action.
Intensifying Mobile Competition
KPN's domestic mobile business was adversely impacted in 2013 by
growing competition, with new 'no frills' players and an increase
in the share of SIM-only subscriptions. KPN has now achieved LTE
nationwide coverage and the risk profile is improving as the
share of committed revenues from bundles grows. However, Tele2
intends to launch a fourth mobile network and is likely to
attempt to gain market share by employing a price challenger
strategy. Fitch would consider a positive rating action if KPN
can demonstrate that it can effectively manage any challenges
posed by Tele2's entry into the market.
E-plus Disposal Positive
The expected EUR5 billion cash consideration from the sale of E-
plus to Telefonica Deutschland reduces KPN's leverage and
exposure to a market that could have proved challenging over the
next few years. E-plus is the number 4 operator in Germany and a
mobile-only player in a market that is increasingly moving
towards integrated fixed-mobile offerings. In Fitch's view, the
disposal of the asset makes strategic sense for both parties as
the combined entity of E-Plus and Telefonica Deutschland will
generate synergies and create a stronger player in the market.
The regulatory conditions for the agreed merger are at present
unclear and the merger is subject to approval from the antitrust
authorities.
Balance Sheet Strengthening
KPN's EUR3 billion rights issue and EUR2 billion hybrid bonds
issue in 2013 strengthened the company's balance sheet and
demonstrate the company's commitment to an investment grade
profile. However, KPN continues to operate in a challenging
environment and operating free cash flow is likely to be put
under pressure in 2014.
Simplification Programme to Deliver Efficiencies
In 2013 KPN completed its program to reduce full-time employees
by 4,650, and is now focused on implementing a Simplification
Programme to deliver a more simplified product portfolio and
operating model, and reduce employees by a further 1,500-2,000.
The company expects this to deliver savings of at least EUR300
million per annum by 2016.
Competitive Belgian Market
KPN's Belgian subsidiary, BASE Company, has been impacted by
aggressive price competition in the Belgian mobile market, most
notably from Telenet, and following new legislation passed in
2012 allowing customers to switch operators free of charge after
six months. In Fitch's view, future growth is likely to be
derived from the fixed line business subsequent to the launch of
a new triple-play package, "Snow", in February 2013, providing
fixed telephony, broadband, and TV to the market.
RATING SENSITIVITIES
Future developments that may, individually or collectively, lead
to positive rating action include:
-- Sustained improvement in KPN's domestic fixed and mobile
operations, as well as maintenance of net debt/EBITDA (as
defined by Fitch, including Reggefiber-related liabilities)
at lower than 3x.
Future developments that may, individually or collectively, lead
to negative rating action include:
-- A further deterioration in KPN's domestic fixed and mobile
Operations
-- Net debt/EBITDA (as defined by Fitch, including Reggefiber-
related liabilities) exceeding 3.5x on a sustained basis
Full List of Rating Actions
Long-term IDR: affirmed at 'BBB-', Outlook Stable
Senior unsecured debt: affirmed at 'BBB-'
Subordinated capital security: affirmed at 'BB'
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F R A N C E
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CFHL-1 2014: Moody's Assigns (P)Ba1 Rating on Class E Notes
-----------------------------------------------------------
Moody's Investors Service has assigned provisional long-term
credit ratings to notes to be issued by CFHL-1 2014:
EUR [.] Class A1 Asset-Backed Floating Rate Notes due
April 28, 2054, Assigned (P)Aaa (sf)
EUR [.] Class A2-A Asset-Backed Floating Rate Notes due
April 28, 2054, Assigned (P)Aaa (sf)
EUR [.] Class B Asset-Backed Floating Rate Notes due
April 28, 2054, Assigned (P)Aa1 (sf)
EUR [.] Class C Asset-Backed Floating Rate Notes due
April 28, 2054, Assigned (P)A1 (sf)
EUR [.] Class D Asset-Backed Floating Rate Notes due
April 28, 2054, Assigned (P)Baa1 (sf)
EUR [.] Class E Asset-Backed Floating Rate Notes due
April 28, 2054, Assigned (P)Ba1 (sf)
Moody's has not assigned any rating to the EUR [.] Subordinated
Units or the EUR [.] Residual Units.
This transaction is the first public securitization by Credit
Foncier de France (A2/P-1), hereafter called "CFF" since 2008,
with the portfolio consisting of French prime residential home
loans backed by first economic lien mortgages or equivalent
third-party eligible guarantees "pret cautionne", which are well-
known products by Moody's.
Ratings Rationale
The rating of the notes is based on an analysis of the
characteristics of the underlying pool of home loans, sector wide
and originator specific performance data, protection provided by
credit enhancement, the roles of external counterparties and the
structural integrity of the transaction.
The expected portfolio loss of [1.8]% of original balance of the
portfolio at closing and the MILAN required Credit Enhancement
"MILAN CE" of [6.7]% served as input parameters for Moody's cash
flow model, which is based on a probabilistic lognormal
distribution as described in the report "The Lognormal Method
Applied to ABS Analysis", published in July 2000.
The key drivers for the portfolio expected loss, which is in line
with the average prime French RMBS transaction are: (i) 13 years
of vintage data from the originator's book, only considering the
loans with similar eligibility criteria as for the pool, which
shows that the defaults for mortgage loans are significantly
higher than for "caution"-loans ("prets cautionnes") loans and
that the overall default rates historically have been between
4 -- 5%; (ii) 13 years of dynamic delinquency from the
originator's book (again only considering loans with similar
eligibility criteria) which again shows that the delinquencies
are significantly higher for mortgage loans compared to caution-
loans; (iii) 10 years of vintage data for mortgage loans and 8
years of vintage data for caution-loans showing significantly
higher recovery rates for caution-loans and that the overall
recovery rate two year after the default is around 60%; (iv) the
performance of the previous transactions; (v) the current
macroeconomic and Moody's view of the future macroeconomic
environment in France; (vi) benchmarking with other French RMBS
transactions.
The key drivers for the MILAN CE, which is lower than the average
prime French RMBS transaction, are: (i) Significantly lower LTVs
with the WA Current LTV in this transaction around 68%; (ii)
around 18% of the loans in the pool are "pret cautionne" loans
guaranteed by Credit Logement (Aa3) for which Moody's have given
benefit to the guarantee in the scenarios where Credit Logement
is expected to be able to perform on the guarantee, which
consequently reduce the MILAN number; and in the remaining
scenarios Moody's have made a haircut on the property values and
increased the foreclosure lag and foreclosure costs, which
consequently increase the MILAN number in those scenarios; (iii)
Months Current data which shows that around 83% of the loans in
the pool have never been in arrears which together with a WA
seasoning of 4 years are positive features; (iv) the pool does
not contain interest only loans, buy-to-let loans, floating rate
loans or loans extended to non-residents which are also positive
features; (v) while the fact that almost 70% of the loans have
been originated through brokers and intermediaries is seen as a
negative feature.
Interest Rate Risk Analysis: The transaction benefits from an
interest rate swap with CFF (A2/P-1) as Swap Counterparty. Under
the interest rate swap the Issuer pays the scheduled interest
less senior fees and expenses less a guaranteed excess spread of
[1.0%] per annum over the ingoing balance of the portfolio each
payment period while the Swap Counterparty pays the interest
payable on the Notes over a notional equal to the Notes less any
unpaid PDL. The interest rate swap documentation is not compliant
with Moody's standard swap de-linkage criteria, with the main
difference being that the collateral trigger has been set at loss
of A3 (instead of A2/P-1) and the transfer trigger at loss of
Baa1 (instead of A3/P-2) and Moody's has therefore considered the
increased linkage in the provisional credit ratings on the Notes.
Transaction structure: The transaction benefits form a non-
amortizing reserve fund equal to [0.5%] of the original balance
of the Class A to Class E Notes. The reserve fund is fully funded
at closing through the proceeds from the issuance of the notes
and units and it is replenished before the OC PDL (the PDL on the
Subordinated Units) which means that the reserve fund is acting
both as credit enhancement and source of liquidity for the Class
A to Class E Notes. The transaction also benefits for an
amortizing liquidity reserve equal to 3.0% of the Class A to
Class E Notes outstanding balance. The liquidity reserve is
funded through principal collections and it can be used to cover
senior fees and expenses and interest payments on the Class A to
Class E Notes.
Operational Risk Analysis: The home loans will be serviced by CFF
(A2/P-1). There is no back-up servicer appointed at closing and
no rating trigger for appointing a back-up servicer. The
management company, Eurotitrisation, will facilitate the search
for a substitute servicer if needed. To help ensure continuity of
payments both the terms and conditions of the notes and the swap
documents contain estimation language whereby Eurotitrisation
will estimate the cashflows based on the most recent servicer
reports in case no updated servicer report is available. The
transaction also benefits from the equivalent of two quarters of
liquidity through the liquidity reserve and the reserve fund.
The provisional ratings address the expected loss posed to
investors by the legal final maturity of the notes. In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal with respect to the Class A to
Class E Notes by legal final maturity. Moody's issues provisional
ratings in advance of the final sale of securities, but these
ratings represent only Moody's preliminary credit opinions. Upon
a conclusive review of the transaction and associated
documentation, Moody's will endeavor to assign definitive ratings
to the Notes. A definitive rating may differ from a provisional
rating. Moody's provisional ratings address only the credit risk
associated with the transaction. Other non-credit risks have not
been addressed, but may have significant effect on yield to
investors.
Moody's Parameter Sensitivities: If the portfolio expected loss
was increased to [5.0]% from [1.8]% and the MILAN CE was
increased to [10.72]% from [6.7]% the model output indicates that
the Class A1 and Class A2-A notes would still achieve Aaa
assuming that all other factors remained unchanged. Moody's
Parameter Sensitivities provide a quantitative/model-indicated
calculation of the number of rating notches that a Moody's
structured finance security may vary if certain input parameters
used in the initial rating process differed. The analysis assumes
that the deal has not aged and is not intended to measure how the
rating of the security might migrate over time, but rather how
the initial rating of the security might have differed if key
rating input parameters were varied. Parameter Sensitivities for
the typical EMEA RMBS transaction are calculated by stressing key
variable inputs in Moody's primary rating model.
The principal methodology used in this rating was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2014.
Factors that would lead to an upgrade or downgrade of the rating:
Significantly different loss assumptions compared with Moody's
expectations at close due to either a change in economic
conditions from Moody's central scenario forecast or
idiosyncratic performance factors would lead to rating actions.
For instance, should economic conditions be worse than forecast,
the higher defaults and loss severities resulting from a greater
unemployment, worsening household affordability and a weaker
housing market could result in downgrade of the ratings or an
upgrade in case the economic conditions were significantly better
than forecasted. Deleveraging of the capital structure or
conversely a deterioration in the notes available credit
enhancement could result in an upgrade or a downgrade of the
ratings, respectively. Additionally counterparty risk could cause
a downgrade of the rating due a weakening of the credit profile
of a transaction counterparty. Finally, unforeseen regulatory
changes or significant changes in the legal environment may also
result in changes of the ratings.
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G E R M A N Y
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DECO 2005-PAN: S&P Lowers Rating on Class G Notes to 'CCC+'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC+(sf)' from
'B-(sf)' its credit rating on DECO Series 2005-Pan Europe 1 PLC's
class G notes. At the same time, S&P has affirmed its
'CCC-(sf)' rating on the class H notes.
The rating actions reflect the repayment risk associated with
principal payment by the notes' July 27, 2014 legal final
maturity date. The special servicer, administrator, and one
selected investor are currently negotiating regarding the
portfolio's sale. However, given the limited time until legal
maturity, there is substantial risk that this sale may not be
completed before the final maturity date.
The transaction is currently secured by a single EUR7.184 million
securitized loan (the AWOBAG loan), which forms part of a larger
loan. A multifamily housing portfolio in Kiel, Germany backs the
whole loan. The loan matured in July 2012, and entered special
servicing due to a payment default at maturity.
It is S&P's understanding that as a result of the buyer's
inability to secure debt financing, a previous sales agreement
failed to complete, and the special servicer and administrator
remarketed the subject portfolio for sale from Q2 2013. In
February 2014, the special servicer reported that it was
assessing final bids, and that negotiations had advanced with a
preferred investor. It aims to complete a sale of the property
assets by the July 2014 payment date.
The current market value of the property portfolio is
EUR19,930,000. This March 1, 2013 valuation would indicate a
securitized loan-to-value ratio of 36%.
RATING ACTIONS
S&P's ratings address the timely payment of interest, payable
quarterly in arrears, and principal payment no later than the
legal final maturity date in July 2014.
S&P understands that negotiations are progressing with an
interested purchaser of the portfolio. However, there is limited
time for a sale to complete and the loan to repay. S&P therefore
considers that the transaction is subject to significant timing
risk, related to the repayment of principal no later than the
legal final maturity date, particularly if the current
negotiations were to fail.
Although the available credit enhancement for the class G notes
remains adequate to absorb the amount of losses that the
underlying assets would suffer in higher stress scenarios, S&P
has considered the potential risk of a payment default at legal
final maturity. Therefore, S&P has lowered to 'CCC+ (sf)' from
'B- (sf)' its rating on the class G notes.
In S&P's opinion, the class H notes remain vulnerable to
principal losses. S&P has therefore affirmed its 'CCC- (sf)'
rating on the class H notes. The available funds cap (AFC)
mechanism covers current interest shortfalls.
DECO Series 2005-Pan Europe 1 is a European commercial mortgage-
backed securities (CMBS) transaction that closed in August 2005.
It was originally secured against seven loans, of which six have
now repaid. The remaining AWOBAG loan is secured against a
multifamily housing portfolio in Kiel, Germany. The loan failed
to repay at loan maturity and is currently in special servicing.
RATINGS LIST
DECO Series 2005-Pan Europe 1 PLC
EUR897.066 Million Commercial Mortgage-Backed Variable-
and Floating-Rate Notes
Class Rating
To From
Rating Lowered
G CCC+ (sf) B- (sf)
Rating Affirmed
H CCC- (sf)
FORCE TWO: Fitch Affirms 'Csf' Rating on Class E Notes
------------------------------------------------------
Fitch Ratings has affirmed FORCE TWO's notes as follows:
Class A notes (ISIN: XS0299041037): paid in full
Class B notes (ISIN: XS0299041896): paid in full
Class C notes (ISIN: XS0299042357): paid in full
EUR9.6 million Class D notes (ISIN: XS0299044056): affirmed
at 'CCsf'; RE: 50% revised from RE: 0%
EUR9.7 million Class E notes (ISIN: XS0299045020): affirmed
at 'Csf'; RE: 0%
The transaction is a cash securitization of profit participation
agreements to German SMEs. The portfolio companies were selected
by equiNotes Management GmbH, a joint venture of IKB Private
Equity GmbH (a subsidiary of IKB Deutsche Industriebank AG) and
Deutsche Bank AG, acting as advisor for the issuer.
Key Rating Drivers
The affirmation of the class D notes at 'CCsf' reflects Fitch's
view that default is probable. The affirmation of the class E
notes at 'Csf' reflects Fitch's view that default is inevitable.
FORCE TWO reached scheduled maturity in January 2014. The
companies' subordinated debt instruments securitized in the pool
are bullet loans. They all became due on two dates, shortly
before scheduled maturity. The junior class D and class E notes
were not repaid in full.
Beyond the scheduled maturity date, four companies are still
listed as constituents of the portfolio. As of the last investor
report dated January 24, 2014, they had an aggregate outstanding
portfolio amount of EUR11.75 million. Further, the manager has
recovery expectations for two additional obligors. Taking into
account negotiated amendment agreements as well as on-going
partial repayments by some obligors, Fitch expects belated
payments on the outstanding notes from these recoveries still to
be effected until legal maturity in January 2018. Fitch has thus
revised its Recovery Estimate (RE) for the class D notes to 50%
while leaving the RE for the class E unchanged at 0%. REs are
forward-looking recovery estimates, taking into account Fitch's
expectations for principal repayments on a distressed structured
finance security.
Rating Sensitivities
After scheduled maturity, the transaction is primarily sensitive
to the recoveries from agreements already in place or still to be
negotiated that supervise belated payments (e.g. via standstill
agreements, prolongations or enforcement of claims by the
insolvency administrator). The transaction is also sensitive to
whether or not 2012 and 2013 withholding tax on interest payments
under the profit participation agreements will be refunded by the
tax authorities as it has been done in the past. The risks are
reflected in the current ratings of the notes.
FRANZ HANIEL: S&P Revises Outlook to Pos. & Affirms BB+ Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Germany-based holding company Franz Haniel & Cie GmbH
(Haniel) to positive from stable.
At the same time, S&P affirmed its 'BB+/B' long- and short-term
corporate credit ratings on the company.
In addition, S&P affirmed its 'BB+' senior unsecured debt ratings
on the company. The recovery ratings on this debt are unchanged
at '3', indicating S&P's expectation of meaningful (50%-70%)
recovery in the event of a payment default.
The outlook revision to positive primarily reflects the company's
minimal net debt after the disposal of pharmacies manager and
healthcare service provider Celesio AG, the latest of
management's decisive steps to reduce net indebtedness.
On Jan. 23, 2014, Haniel sold its entire stake in Celesio to
U.S.-based healthcare services company McKesson Corporation for
EUR3 billion. On March 31, 2014, Haniel's net debt was EUR300
million, excluding about EUR500 million in financial assets that
we account for on the portfolio side, compared with EUR1.6
billion at year-end 2013. S&P thinks Haniel's negligible net
debt position may be short lived, as it understands that
management will redeploy the capital in new ventures. That said,
S&P has revised its assessment of Haniel's financial risk profile
to "intermediate" from "significant," given S&P's perception that
the more demanding requirements of a stronger financial risk
profile assessment are in line with the company's long-term
capital structure objectives. On March 31, 2014, it would have
taken investments totaling about EUR2 billion for Haniel's loan-
to-value (LTV) ratio to approach our revised, lower objective of
30% for the company.
The positive outlook reflects the group's very substantial
financial flexibility and improved financial risk profile,
following the divestment of its entire stake in Celesio.
For a positive rating action, assuming broadly unchanged
portfolio characteristics, S&P would look for proven evidence
that the group is applying a conservative cash management policy
in line with its expectations. Increased diversification in the
portfolio brought by new investments with no material deviation
of the LTV from levels S&P considers commensurate with an
"intermediate" financial risk profile would also create positive
rating momentum.
Failure to cautiously manage its sound cash position could lead
initially to a revision of the outlook to stable. Although
unlikely at this stage, S&P considers the rating could come under
pressure if the group showed an appetite for aggressive
acquisitions that resulted in LTV above S&P's 30% expectations.
HEAT MEZZANINE: Moody's Lowers Rating on EUR233MM Notes to Ca
-------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of one class of notes issued by H.E.A.T Mezzanine S.A.
(Compartment 3):
EUR233.0M (current balance EUR 113.9m) Class A Notes,
Downgraded to Ca (sf); previously on April 7, 2011, Downgraded
to Caa3 (sf)
H.E.A.T Mezzanine S.A. (Compartment 3) is a static CDO of a
portfolio of German SME mezzanine loans with bullet maturities
that reached its scheduled redemption date on 22 February 2014.
Ratings Rationale
The rating action is driven by the expected final recoveries on
the Class A notes. As per the 06 March 2014 investor report, the
Class A Notes have been paid down by EUR119.1 million i.e. 51.1%
of their closing balance of EUR233.0 million. The current pool
consists entirely of defaulted and restructured assets totaling
EUR63.2 million. Aggregate recoveries to date on principal
deficiency events excluding early terminations amount to
EUR11.0 million on total defaults and insolvencies of EUR119.5
million yielding an overall historical recovery rate of 9.2%.
Based on this modest recovery rate track record, Moody's
considers it unlikely that Class A note-holders will receive in
aggregate an amount materially exceeding 60% of their original
invested principal.
Accordingly, the Class A notes have been downgraded to reflect
this expected recovery rate, as outlined in the paper titled
"Moody's Approach to Rating Structured Finance Securities in
Default" published in November 2009.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" published
in January 2014.
Factors that would lead to an upgrade or downgrade of the rating:
Uncertainty about performance in this transaction is driven by
the recoveries realised on defaulted assets, which historically
have been less than 10%. Recoveries of 50% or more on the current
pool of assets may have a positive impact on the rating of the
Class A notes. Moody's considers the likelihood of such a
scenario to be remote.
No sensitivity analysis has been conducted as the rating was
derived based on expected recoveries as detailed above.
* GERMANY: Egg Producers Face Insolvency
----------------------------------------
Farminguk reports that more than a third of German egg producers
could be insolvent by October because of supermarket discounting,
according to a leading figure in the International Egg Commission
(IEC).
Farminguk relates that IEC statistician Hans Wilhelm-Windhorst
said that the price at which eggs are being sold in Germany is
unsustainable. It is the same in the Netherlands, he says, and
during the IEC's latest conference in Vienna in April he raised
the issue with a former executive of the German discount chain,
Aldi, the report relays. "When 10 eggs are being sold in Germany
for 90 cents or less, do you think that is responsible," he said,
during a question and answer session with Johann Morwald, a
former board member with Aldi. Johann Morwald was at the
conference to speak to egg industry delegates from around the
world about his thoughts on the current state of the retail
market, according to Farminguk.
Farminguk relates that in response to Prof. Windhorst's
challenge, he said that some retailers -- although not Aldi or
Lidl, he stressed -- were prepared to sell products at a loss.
And he said that selling a product at a very low price only
served to damage that product. Once it was sold at such a low
price, it was very hard to raise the price later. "It is a
difficult situation," Mr. Morwald, as cited by Farminguk, said.
===========
G R E E C E
===========
EUROBANK ERGASIAS: S&P Affirms 'CCC' Rating; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'CCC/C' long- and short-term counterparty credit ratings on
Greece-based Eurobank Ergasias S.A. (Eurobank). The outlook
remains negative.
The rating action follows Eurobank's announcement that it intends
to raise EUR2.9 billion in new capital, mainly to address the
capital needs identified by the Bank of Greece. The transaction
will be directed to private investors but the Hellenic Financial
Stability Fund (HFSF) will act as a backstop.
The affirmation reflects S&P's opinion that Eurobank will
continue to benefit from capital support from the HFSF, as well
as liquidity support from the European Central Bank (ECB).
"In our opinion, the EUR2.9 billion capital increase would not
provide a sufficient cushion against the impact on the bank's
solvency of the large credit losses we expect the bank to
experience over the next two years. As a result, we anticipate
that Eurobank will need additional capital to meet the minimum
regulatory ratio that is required for the bank to operate, which
we define as Basel III fully loaded core Tier 1, of 8% as of
year-end 2015. In our view, the HFSF will remain willing and
able to provide enough capital support to Eurobank to restore the
bank's minimum regulatory capital ratio, and we therefore expect
Eurobank's projected risk-adjusted capital ratio to remain
sustainably above 3% in 2015. We therefore continue to
incorporate one notch of uplift for short-term support into our
long-term rating on Eurobank to reflect the potential for this
capital support," S&P said.
=============
I R E L A N D
=============
ANGLO IRISH: Two Former Executives Get Guilty Verdict
-----------------------------------------------------
Eamon Quinn at The Wall Street Journal reports that the jury in
the trial of former officers at Anglo Irish Bank Corp., the now
defunct Irish lender that played a leading role in Ireland's
banking crisis, on Thursday found two of them guilty on 10 counts
that they illegally helped prop up the lender's share price in
2008.
These are the first convictions of executives who were involved
in lenders that were bailed out following Ireland's property and
banking crash six years ago, the Journal notes. The trial lasted
almost 11 weeks, one of the longest in any Irish criminal court,
the Journal relates.
The jury, on Wednesday, had already acquitted Anglo Irish former
chairman Sean FitzPatrick of all allegations that he was involved
in lending in order to stave off the bank's shares collapse, the
Journal relays.
On Thursday, by an unanimous verdict, the jury, found co-accused
Patrick Whelan, a former managing director of Anglo Irish in
Ireland, and William McAteer, the bank's one-time finance
director, guilty of 10 charges that the executives unlawfully
provided loans to ten long-standing customers of the bank, known
as the Maple 10, to prop up Anglo Irish shares in 2008, the
Journal discloses. But they were acquitted on six further counts
that alleged they illegally provided loans to the wife and five
adult children of a leading businessman to buy the bank's shares,
the Journal states.
Trial Judge Martin Nolan said he will start his sentencing
hearing on April 28, the Journal discloses. The criminal charges
carry a maximum prison sentence of five years, the Journal says.
Anglo Irish, which has been liquidated, was the bank most closely
linked to the Ireland's property crash six years ago, the Journal
recounts.
The Irish government has said it plans to launch the country's
first full inquiry by parliament into the causes of the banking
bust, the Journal relays. But some legal experts predict further
long delays to any inquiry as defense teams consider possible
appeals to Thursday's convictions, the Journal notes.
Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking. The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions. The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions. In addition, at Sept. 30,
2008, its non-retail deposits included deposits from Irish
Life Assurance plc. The Private Bank offers tailored products
and solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.
AWAS AVIATION: Moody's Affirms 'Ba3' CFR; Outlook Positive
----------------------------------------------------------
Moody's Investors Service affirmed the Ba3 corporate family and
Ba2 senior secured ratings of AWAS Aviation Capital Limited and
revised the firm's rating outlook to positive from stable.
Ratings Rationale
Moody's affirmation of AWAS' ratings is based on the firm's
capably managed fleet growth during a period of economic
uncertainty, stable and predictable operating cash flows, lower
leverage relative to many peers operating in the aircraft leasing
sector, and balanced portfolio risk exposures (geographic,
aircraft type and model, and customer). Constraints on AWAS'
rating include the company's high reliance on secured funding
that limits its operational and financial flexibility and
uncertainty regarding its ultimate ownership. The positive rating
outlook reflects Moody's expectation that AWAS will maintain
operating performance and capital measures that compare favorably
with peers.
AWAS has managed well the execution risks associated with its
ambitious growth plans during a period of slow global economic
recovery. As of February 2014, AWAS had 36 aircraft remaining to
be delivered from orders placed several years ago for over 120
aircraft. AWAS has lease commitments for almost all remaining
aircraft on order and has sufficient liquidity to fund deliveries
scheduled to occur in 2014. New aircraft deliveries in recent
years have shifted AWAS fleet composition toward more modern and
desirable aircraft, reducing the average age of its fleet to 5.2
years at February 28, 2014, among the lowest in the business.
AWAS' portfolio growth going forward will be sustained by more
opportunistic aircraft acquisition strategies, including trading
and purchase-leaseback, which can be reduced with little
consequence to franchise positioning should market and/or funding
conditions worsen.
AWAS' fleet rejuvenation efforts and operating strengths have
contributed to solid earnings and cash flow growth and improved
profit margins. AWAS reported February fiscal first quarter 2014
earnings of US$77.4 million, an increase of 32% from the prior
year reflecting growth in leased aircraft. Profitability,
measured by pre-tax income to average managed assets, improved to
3.37% from the prior year's 2.85%, comparing favorably with
industry competitors and reflecting good average lease yields,
actions to reduce cost of funds, and cost management discipline.
Moody's forward view is that AWAS' operating performance will
continue to rank well with other established aircraft leasing
companies.
In fiscal year ended November 2013, AWAS' earnings were set back
by a $191 million impairment charge on certain older passenger
and cargo aircraft. Though having no immediate cash flow
implications, the charge signals weaker future returns on the
affected aircraft. Other aircraft lessors have also impaired
older aircraft whose return prospects have dimmed as airline
acquisition strategies shift to newer, more efficient models.
Moody's would view additional large impairment charges as
undermining the strength and predictability of AWAS' operating
performance.
AWAS has a strong capital position, aided by earnings retention
and injections of low-cost capital from sponsors Terra Firma and
Canada Pension Plan Investment Board (CPPIB). AWAS' leverage
(Debt/Equity) ratio stood at 2.2x at February 28, 2014, up
slightly from earlier periods, but one of the lowest measures
among peers. Steady growth in cash flow combined with
management's capital discipline results in AWAS having a somewhat
stronger-than-peer-average ratio of cash from operations to
outstanding debt. Moody's expects that AWAS will maintain
Debt/Equity leverage below 2.5x as the firm completes its
committed aircraft purchases through 2015.
A key credit constraint is AWAS' dependence upon secured debt to
fund its acquisition of aircraft, which results in a high level
of encumbered assets. AWAS has access to multiple secured funding
sources that effectively match the firm's liability structure to
its lease maturity profile. In Moody's view, however, AWAS'
concentration of secured funding limits the firm's financial and
operational flexibility.
AWAS' concentrated ownership is a source of uncertainty regarding
the stability of the firm's franchise-building efforts and
capital and liquidity management over the longer term. Moody's
expects that Terra Firma and CPPIB will continue to support AWAS
as it executes its operating strategy and fleet acquisition
plans. However, Terra Firma will eventually seek to exit its
ownership of AWAS, which could impact AWAS' credit profile in
terms of its operating stability and access to capital.
AWAS's ratings could be upgraded if during the outlook horizon of
12-18 months the company maintains recent strength in operating
results absent large additional impairment charges, leverage
remains below 2.5x (D/E), its aircraft investments continue to
support an overall low average fleet age, and the company
maintains adequate liquidity considering its financing
requirements and purchase commitments. Further funding
diversification that materially reduces the reliance on secured
debt would strengthen AWAS' prospects for a rating upgrade.
Downward rating pressure would result from a material decline in
profitability from historic levels, an increase in leverage to
more than 2.5x in connection with an acceleration of growth, or a
meaningful deterioration in the company's liquidity profile.
The principal methodology used in this rating was Finance Company
Global Rating Methodology published in March 2012.
AWAS Aviation Capital Limited, headquartered in Dublin, Ireland,
is a commercial aircraft leasing company.
DRYDEN XIV: S&P Lowers Rating on Class E Notes to CCC+
------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in DRYDEN XIV - EURO CLO 2006 PLC.
Specifically, S&P:
-- Raised its ratings on the class A and C notes;
-- Lowered its ratings on the class B and E notes; and
-- Affirmed its rating on the class D notes.
The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the trustee report dated March 5,
2014 and the application of its relevant criteria.
S&P conducted its cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes at each rating
level. The BDR represents S&P's estimate of the maximum level of
gross defaults, based on its stress assumptions, that a tranche
can withstand and still pay interest and fully repay principal to
the noteholders. S&P used the portfolio balance that it
considers to be performing, the reported weighted-average spread,
and the weighted-average recovery rates that S&P considered to be
appropriate. S&P applied various cash flow stress scenarios
using its standard default patterns and timings for each rating
category assumed for each class of notes, combined with different
interest stress scenarios as outlined in S&P's criteria.
A portfolio currency swap and a euro-denominated option hedge the
portfolio's non-euro-denominated assets. In S&P's opinion, the
related documentation does not fully reflect its current
counterparty criteria.
Therefore, in S&P's cash flow analysis, for ratings above its
long-term 'A' issuer credit rating (ICR) plus one notch on the
portfolio's currency swap and option counterparty (Barclays Bank
PLC), S&P has assumed that the counterparty does not perform and
the transaction is consequently exposed to greater currency risk.
The class A notes have amortized by nearly 40% of their
outstanding balance since S&P's previous review on June 22, 2012.
This has increased the available credit enhancement for the class
A notes. The class A notes are now able to sustain defaults at a
higher rating level despite the application of the stresses to
the portfolio currency swap and options counterparty. S&P has
therefore raised its rating on the class A notes, as the
available credit enhancement is commensurate with a higher
rating.
S&P's credit and cash flow analysis, without giving credit to the
portfolio currency swap and options counterparty, indicates that
the available credit enhancement for the class B notes is no
longer commensurate with a 'AA- (sf)' rating. S&P's analysis
further indicates that the class B notes can only support a
rating that is one notch above its long-term 'A' ICR on the
portfolio currency swap and option counterparty. S&P has
therefore lowered its rating on the class B notes.
S&P's credit and cash flow analysis shows that the available
credit enhancement for the class C notes is consistent with
higher ratings. S&P has therefore raised its rating on the class
C notes. S&P has affirmed its rating on the class D notes
because its cash flow analysis shows that the available credit
enhancement is commensurate with its currently assigned rating.
S&P's long-term ICR on the portfolio currency swap and options
counterparty does not constrain its ratings on the class C and D
notes because they are lower than its long-term ICR on the
counterparty.
"Under our cash flow analysis, the class E notes' BDRs exceed
their scenario default rates (SDRs) at their current rating
levels. The SDR is the minimum level of portfolio defaults that
we expect each CDO tranche to be able to support the specific
rating level using CDO Evaluator. However, the application of
the largest obligor default test constrains our rating on the
class E notes. We have therefore lowered our rating on the class
E notes. This test measures the risk of several of the largest
obligors within the portfolio defaulting simultaneously. We
introduced this supplemental stress test in our 2009 criteria
update for corporate collateralized debt obligations (CDOs)," S&P
said.
DRYDEN XIV - EURO CLO 2006 is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans granted to
primarily speculative-grade corporate firms. The transaction
closed in August 2006 and is managed by Pramerica Investment
Management Inc. The transaction's reinvestment period ended in
qSeptember 2012.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties, and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties, and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17-g7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
DRYDEN XIV - EURO CLO 2006 PLC
EUR479.0 Million Senior and Mezzanine Deferrable Floating-Rate
Notes
Ratings Raised
A AA+ (sf) AA- (sf)
C A (sf) A- (sf)
Ratings Lowered
B A+ (sf) AA- (sf)
E CCC+ (sf) B+ (sf)
Rating Affirmed
D BBB- (sf)
=========
I T A L Y
=========
BANCA POPOLARE: S&P Cuts Counterparty Credit Ratings to 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to
'B+' from 'BB-' its long-term counterparty credit ratings on
Italy-based Banca Popolare di Milano (BPM) and core subsidiary
Banca Akros. The long-term ratings and the 'B' short-term
ratings remain on CreditWatch with negative implications, where
S&P placed them on Nov. 6, 2013.
S&P also lowered its long-term issue ratings on BPM's senior
unsecured debt to 'B+' from 'BB-' and its long-term issue ratings
on its nondeferrable subordinated debt to 'CCC+' from 'B-'. All
of these debt ratings also remain on CreditWatch with negative
implications.
At the same time, S&P raised its issue rating on the EUR160
million 8.393% noncumulative perpetual preferred securities
issued by BPM Capital Trust I and guaranteed by BPM to 'CCC' from
'D' (ISIN number: XS0131749623). S&P also affirmed the 'D'
rating on BPM's EUR300 million 9% Tier 1 hybrid debt issue (ISIN:
XS0372300227).
The downgrade follows the failure of BPM's recently appointed CEO
and management team to obtain the required two-thirds approval
for their proposed corporate governance reform at the
shareholders' ordinary assembly on April 12, 2014. In S&P's
view, the lack of majority shareholder support emphasizes the
significant and increasing challenges BPM's management faces to
implement its business and financial plans, which include
reforming its corporate governance as requested by the Italian
regulator, and a US$500 million rights issue.
In S&P's view, the failure to pass governance reform affects
BPM's business position, as S&P believes it could decrease
management stability and subsequently weaken the financial
profile. S&P has revised its assessment of BPM's "weak" business
position under its criteria, and now applies a downward
adjustment of three notches, instead of two as S&P did
previously, in determining BPM's stand-alone credit profile
(SACP).
Because governance reform has stalled, S&P sees a risk that the
Bank of Italy (BoI) may decide not to remove the "add-ons" to
BPM's regulatory capital ratios that it imposed after the
inspection in 2011. S&P understands that the add-ons currently
penalize BPM's Core Tier 1 ratio by 169 basis points. BPM's Core
Tier 1 ratio was 7.2% on Dec. 31, 2013. As such, S&P now
considers that the EUR500 million rights issue is a key measure
to reach the 8% minimum Common Equity Tier 1 ratio set in the
European Central Bank's asset quality review (AQR).
According to BPM's public statement, the pre-underwriting
agreement for the rights issue, expiring on April 30, 2014, is no
longer conditional on improvement of BPM's corporate governance.
However, S&P believes that the lack of reform poses additional
challenges to BPM's management to implement its financial plan,
including the capital increase.
The upgrade of BPM's EUR160 million 8.393% noncumulative
perpetual preferred securities follows BPM's resumption of coupon
payment on the due date of April 2, 2014.
According to BPM, the bank could not exercise the option to miss
a coupon payment on its EUR160 million 8.393% noncumulative
perpetual preferred securities as it reported net profits in
2013.
"We currently have a 'D' rating on another Tier 1 hybrid
instrument issued by BPM: the EUR300 million 9% perpetual
subordinated fixed/floating rate notes (ISIN: XS0372300227), on
which BPM missed annual coupon payment on June 25, 2013 and has
not resumed payments since. The next coupon payment for this
issue is due on June 25, 2014. According to its terms and
conditions, if BPM intended not to pay the coupon on this
instrument on the next annual coupon payment date and was allowed
not to pay the coupon in accordance with the terms and conditions
of the notes, BPM would have to give noteholders between 15 and
25 days' notice. If it does not provide this notice, and if we
receive confirmation that the regulator has not opposed BPM's
intention to pay on the next annual coupon date, we could raise
our ratings on these instruments to reflect the likelihood they
would resume payment," S&P said.
The CreditWatch reflects the possibility that S&P could lower the
rating on BPM and its core subsidiary Banca Akros if:
-- S&P anticipates a further decline of BPM's financial
profile owing to the challenges management faces.
Specifically, this could be the case if S&P believes that
BPM is unlikely to complete its capital-strengthening plan
to restore its solvency at the level required by European
Central Bank for the AQR; or
-- BPM's asset quality deteriorates in 2014 by far more than
S&P's current forecast, negatively affecting its view of
its risk position.
S&P could affirm its ratings on BPM and Banca Akros if, all else
being equal, it considered that pressure was easing on BPM's
financial profile. This would likely involve the successful
execution of the capital increase, and a reduction in the
challenges S&P sees for BPM's management in carrying out their
business and financial plans.
F-E GOLD: Fitch Affirms 'BB' Rating on EUR4.9MM Class C Notes
-------------------------------------------------------------
Fitch Ratings has affirmed F-E Gold S.r.l.'s notes, as follows:
EUR134.3m class A2 notes affirmed at 'A+sf'; Outlook Negative
EUR26.9m class B notes affirmed at 'BBBsf'; Outlook Negative
EUR4.9m class C notes affirmed at 'BBsf'; Outlook revised to
Stable from Negative
F-E Gold is a securitization of performing leases on real estate,
auto and equipment assets originated in 2006. To date, the real
estate pool accounts for 99.6% of the collateral. The leases pay
mainly floating rate with monthly or quarterly installments. The
notes pay quarterly at a floating rate based on Euribor.
Key Rating Drivers
Since Fitch's last review in May 2013, the transaction has begun
to show signs of stabilization. Annual defaults are 2% of the
outstanding pool (compared with 4.8% in 2012) and losses realised
are 0.15% due to the continuing inflow of recoveries. In
addition, the transaction cleared its outstanding principal
deficiency ledger in April 2013 and has not had a shortfall
since. The transaction has continued to build up credit
enhancement (CE) from the static EUR15 million reserve fund,
albeit at a much slower pace due to the pro rata pay down of the
notes. Fitch believes the current stabilization in the pool
performance supports the affirmation of the notes.
However, should the stable performance continue, the transaction
will continue to amortize pro rata. This leaves the senior and
mezzanine notes more vulnerable to potential tail risk compared
with the junior notes, hence the Outlook on the class A and B
notes remains Negative. As it is less of an issue for the class
C notes, their Outlook has been revised to Stable.
Rating Sensitivities
In Fitch's rating sensitivity analysis, expected remaining
defaults were assumed at 4% per annum with a weighted average
life of three years, in line with Fitch's negative view on the
Italian SME sector. Based on the original principal balance plus
new purchases, this would result in an updated lifetime
expectation of 10%.
Expected impact upon the note ratings of increased defaults
(class A2/B/C):
Current rating: 'A+sf'/'BBBsf'/'BBsf'
Increase base case defaults by 10%: 'A+sf'/'BB+sf'/'BB-sf'
Increase base case defaults by 25%: 'A-sf'/'BBsf'/'B+sf'
Expected impact upon the note ratings of reduced recoveries
(class A/B/C):
Current rating: 'A+sf'/'BBBsf'/'BBsf'
Reduce base case recovery by 10%: 'A+sf'/'BB+sf'/'BBsf'
Reduce base case recovery by 25%: 'A+sf'/'BB+sf'/'BB-sf'
Expected impact upon the note ratings of increased defaults and
reduced recoveries (class A/ B/C):
Current rating: 'A+sf'/'BBBsf'/'BBsf'
Increase default base case by 10%; reduce recovery base case by
10%: 'Asf'/'BB+sf'/'BB-sf'
Increase default base case by 25%; reduce recovery base case by
25%: 'A-sf'/'BB-sf'/'CCCsf'
MONTE DEI PASCHI: Increases Size of Planned Share Sale
------------------------------------------------------
Daniel Schafer at The Financial Times reports that Italy's Banca
Monte dei Paschi di Siena has increased the size of its planned
share sale from EUR3 billion to EUR5 billion as the troubled
lender aims to repay state aid and create a buffer to pass a
European-wide bank health check.
According to the FT, Italy's third largest lender said in a
statement that the bank's board agreed to boost the rights
offering to absorb "potential negative impacts" from the European
stress test and asset quality review.
It added that the increased share sale would also allow it to
accelerate its restructuring, the FT notes.
Monte dei Paschi has called an extraordinary shareholder meeting
for May 20, 21 and 22 to approve the capital increase, which
exceeds the size of its current EUR2.8 billion market value, the
FT discloses.
It said that a consortium of banks including UBS, Citigroup,
Goldman Sachs and Mediobanca had renewed a pre-underwriting
agreement for the share sale, the FT relates.
It said the equity hike would boost its capital ratio under
incoming Basel III rules to 11.3% after the planned repayment of
EUR3 billion in state aid this year, the FT relays.
Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector. It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts. In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services. The Company comprises more than 3,000
branches, and a structure of channels of distribution. Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa. It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.
* * *
As reported by the Troubled Company Reporter-Europe on Sept. 18,
2013, Fitch downgraded MPS's Viability Rating (VR) to 'ccc' from
'b' and removed it from Rating Watch Negative (RWN).
TCR-Europe also reported on June 19, 2013, that Standard & Poor's
Ratings Services lowered its long-term counterparty credit rating
on Italy-based Banca Monte dei Paschi di Siena SpA (MPS) to 'B'
from 'BB', and affirmed the 'B' short-term rating. S&P also
lowered its rating on MPS' Lower Tier 2 subordinated notes to
'CCC-' from 'CCC+'. S&P affirmed the ratings on MPS' junior
subordinated debt at 'CCC-' and on its preferred stock at 'C'. At
the same time, S&P removed the ratings from CreditWatch, where it
placed them with negative implications on Dec. 5, 2012.
NAPLES CITY: S&P Revises Outlook to Neg. & Withdraws 'BB-' ICR
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Italian City of Naples to negative from stable. At the same
time, S&P affirmed its 'BB-' long-term issuer credit rating on
Naples. S&P subsequently withdrew the rating at the issuer's
request.
RATIONALE
The outlook revision reflects S&P's view that, at the time of the
withdrawal, the ongoing reform of the municipal taxation system
could whittle down Naples' collection rates and hinder the
current trend in payable reduction.
S&P still considers arrears to be very high in Naples, which
weighs negatively on its assessment of the city's budgetary
performance and liquidity. Naples' liquidity position still has
a "very negative" impact on the rating on the city, as S&P's
criteria describe the terms.
The rating continues to be constrained by S&P's view of Naples'
"negative" financial management. Although management is
improving, it is still burdened by past lax managerial practices.
In addition, financial flexibility is limited, particularly on
the operating side, with taxes and tariffs at the maximum legal
threshold and still-low collection rates. Other negative rating
factors are a very weak budgetary performance linked to the
city's nonpayment of arrears, and a high debt burden.
Naples' relatively high contingent liabilities also constrain the
rating. These are essentially linked to possible unfavorable
court judgments. The frail economic context is also a negative
rating factor, with Naples' GDP per capita among the lowest in
Italy (37% below the national average).
S&P's view of the evolving but sound institutional framework for
Italian cities is the main supporting factor for the rating on
Naples. In Italy, S&P considers that debt service is relatively
protected because it is subject to the debt prioritization
mechanism ("delegazione di pagamento"). This mechanism ensures
that Naples' debt repayments will be scheduled based on a
legally-established payment priority. In addition, the central
government imposes prudent fiscal rules, closely monitors
troubled local governments, and provides extraordinary support to
troubled municipalities through legally established liquidity
facilities (such as the "Fondo Rotativo" and the "Law Decree
35").
Naples' historically weak accounting practices have gradually
eroded its liquidity position. The city has systematically
accrued excess expenditures, while its revenue collection rates
and payment rates are low.
However, central government support -- in the form of law decrees
35 and 102 passed in the spring and summer of 2013) -- has
accelerated the reduction of payables. Naples has accessed
government-sponsored loans for more than EUR600 million that,
according to our estimate, have helped to reduce operating
payables to 120% of operating expenditure at year-end 2013 (from
155% at year-end 2012).
Naples' budgetary performance in cash terms sharply deteriorated
in 2013 (the operating deficit rose to 43% of operating revenues
and the after-capital-expenditure deficit represented 51% of
total revenues in cash terms). However, this reflects that
Naples paid off more of its arrears than in previous years, which
S&P sees as a positive rating factor.
S&P expects budgetary performance to remain balanced in cash
terms, with operating surpluses close to 2% of operating revenues
on average in the period 2014-2015 and surpluses after capital
expenditure at less than 1% of total revenues on average for the
same period.
S&P factors in a slight deterioration of collection rates
compared with the recent track record, based on uncertainties
derived from the new taxation system, whereby property tax on the
principal residence has been replaced by a municipal service tax.
In this context, S&P's base-case scenario envisages payables
growing again, very slightly, to 125% of operating expenditure by
year-end 2015. The debt burden should reach 183% of consolidated
operating revenues by 2015, which is high by international
standards.
Naples' contingent liabilities are essentially linked to pending
court judgments. In its 10-year restructuring plan, the city
estimates off-balance-sheet liabilities of EUR650 million-EUR900
million. This would translate into annual expenditure of
approximately 6%-9% of operating revenues.
Naples' economy is rather weak by national and international
standards. Provincial GDP per capita was EUR16,690 in 2012
($21,444), only 65% of the national average. Naples'
unemployment rate stood at 22.6% in 2012, more than 2x the
national average of 10.7%. Mitigating the frail economic figures
is the region's shadow economy, which is estimated to absorb a
substantial portion of regional unemployment.
According to available information, the city's restructuring plan
implemented under Italian regulation DL 174 and aiming to redress
the city's imbalances was rejected at the beginning of 2014 by
the regional section of the national audit body. S&P understands
that the city will be allowed to present another restructuring
plan and assume it will be approved, thereby avoiding a
"dissesto" (financial stress) situation. In Italy, cities that
declare dissesto fall under tutorship of the central government,
which normally applies haircuts to supplier debt. S&P assumes
that, even in the case that Naples had to declare dissesto, debt
service and swaps would not be subject to haircut by the central
government tutor.
Liquidity
S&P qualifies Naples' liquidity position as "very negative" under
its criteria.
According to the latest available figures, cash holdings and the
projected cash deficit after capital accounts over the next 12
months net of interest paid, cover 80% of Naples' debt service
requirements over the coming 12 months.
S&P understands that the central government has allowed Italian
municipalities, including Naples, to increase credit lines up to
some 42% of 2011 operating revenues. However, S&P believes that
the impact of enlarged credit lines is offset by uncertainties on
lower collection rates and large overdue payables. Also, in
S&P's view, the main problem that undermines Naples' liquidity is
large funding needs related to arrears. Funding needs from
unpaid commercial debt still equate to more than 26 months of
operating expenditure. This exerts considerable pressure on
Naples' daily operations and burdens the city's liquidity
position. Finally, in accordance with S&P's criteria, Naples'
liquidity is affected by our banking industry country risk
assessment (BICRA) for Italy, which S&P places in group '5'.
Italian regulation prioritizes local governments' debt repayments
over other nonfinancial payments under the debt-prioritization
mechanism. S&P considers that this factor alleviates the squeeze
on Naples' liquidity relative to its debt service, although not
sufficiently to raise S&P's liquidity assessment.
The city's debt service remains moderate in S&P's base-case
scenario, at 13.4% in 2014, versus 12% previously forecast.
OUTLOOK
At the time of the withdrawal, the outlook on the city of Naples
was negative.
The negative outlook reflected uncertainties regarding the extent
to which the tax reform would whittle down collection rates
beyond S&P's current expectation, increase payables, and create
additional liquidity pressure.
At the time of the withdrawal there was no upward potential for
the rating.
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; Outlook Action
To From
Naples (City of)
Issuer Credit Rating BB-/Negative/-- BB-/Stable/--
Ratings Withdrawn
Naples (City of)
Issuer Credit Rating NR BB-/Negative/--
NR--Not rated.
TEAMSYSTEM HOLDING: S&P Lowers CCR to 'B-'; Outlook Stable
----------------------------------------------------------
Standard & Poor's Rating's Services lowered its long-term
corporate credit rating on Italy-based software provider
TeamSystem Holding SpA to 'B-' from 'B'. The outlook is stable.
At the same time, S&P lowered to 'B-' from 'B' its issue rating
on the company's EUR300 million senior secured notes due 2020.
S&P also assigned its 'B-' issue rating to the company's
additional EUR130 million senior secured notes due 2020. The
recovery rating on the EUR430 million senior secured notes is
'4', indicating S&P's expectation of average (30%-50%) recovery
prospects for lenders in the event of a payment default.
The downgrade reflects S&P's view that Teamsystem's profitability
and financial metrics will worsen as the result of the debt-
funded acquisition of software business Sole 24 Ore.
The transaction will be finalized in May 2014 for a total
consideration of about EUR117.5 million, or 12x the company's
2013 reported EBITDA, of which EUR22.5 million will be financed
through a vendor loan. Teamsystem is financing the acquisition
largely by increasing the size of its senior secured notes due
2020 by EUR130 million to a total of EUR430 million.
As result of the acquisition, S&P's adjusted EBITDA margin for
Teamsystem will drop to about 27% in 2014. This is because Sole
24 Ore's business performance on a stand-alone basis is weaker
than that of Teamsystem. Teamsystem's profitability will likely
progressively recover, mainly owing to the emergence of cost
synergies resulting from the acquisition. However, EBITDA will
likely remain below 30% over 2014 and 2015. S&P's adjusted
ratios for funds from operations (FFO) to debt and debt to EBITDA
will be at -3% to -4% and 16x to 17x, respectively, over 2014-
2015. S&P notes that, even excluding the sizable shareholder
loans in the company's capital structure, these ratios would
still be high, at 4% to 5% and about 8x. S&P's forecast ratios
are weak compared with peers' in the same rating category.
Additionally, S&P expects its ratio of FFO cash interest coverage
to stand at about 1.7x-1.8x in 2014-2015.
S&P notes, however, that Teamsystem will significantly strengthen
its leading position in the domestic niche market of software
providers to both professionals and small and midsize
enterprises.
"We assess Teamsystem's business risk profile as "fair," as our
criteria define the term. The group operates in the fragmented
Italian small and midsize enterprise market and has limited scope
and weaker geographic diversity than larger business services
providers. These weaknesses are partially offset by the fact
that Teamsystem is the market leader in Italy, with a broad,
diverse client base. The group benefits from profitable and
cash-generative operations, with rather low capital expenditure
and working capital requirements. Teamsystem also benefits from
high barriers to entry due to its unique value-added reseller
distribution model, which helps to protect its strong market
position," S&P said.
"We assess Teamsystem's financial risk profile as "highly
leveraged," as our criteria define the term. This reflects the
group's private equity ownership, which has led it to adopt
aggressive financial policies, including on acquisitions. The
group's capital structure includes sizable shareholder loans that
generate payment-in-kind (PIK) interest at an aggressive rate of
12%," S&P added.
S&P is revising its financial policy modifier to FS-6 (minus)
from FS-6, reflecting Teamsystem's very aggressive capital
structure and track record of debt-funded acquisitions resulting
from its financial sponsor ownership.
The stable outlook reflects S&P's view that Teamsystem's credit
metrics will not weaken beyond the effects of the acquisition
over the next 12-18 months, and that the company will preserve
its adequate liquidity. It also reflects S&P's view that demand
for Teamsystem's services will likely remain steady over the next
two years.
===================
K A Z A K H S T A N
===================
ASIACREDIT BANK: Fitch Raises Issuer Default Rating to 'B'
----------------------------------------------------------
Fitch Ratings has upgraded AsiaCredit Bank JSC's (ACB) Long-term
Issuer Default Ratings (IDRs) to 'B' from 'B-' with a Stable
Outlook and affirmed JSC SB Alfa Bank Kazakhstan's (ABK) Long-
term IDRs at 'B+' with a Stable Outlook.
KEY RATING DRIVERS - ACB
The upgrade of ACB reflects considerable equity contributions by
the bank's major shareholder in 2013 preserving ACB's solid
capitalization, as well as an expectation of further capital
injections in line with the bank's rapid growth strategy. The
upgrade also reflects management's ability to find new borrowers,
while maintaining reasonable asset quality. At the same time
ACB's ratings also factor in its currently small franchise, high
concentrations on both sides of the balance sheet with
significant reliance on deposits of state-owned entities, and
only moderate profitability.
ACB's shareholder contributed KZT8 billion of new equity during
2013, which allowed the bank to sustain a sound 23% Fitch Core
Capital (FCC) ratio at end-2013 (29% at end-2012) despite a rapid
91% loan growth. Due to ACB's moderate internal capital
generation (return on average equity of only 8% in 2013) further
equity contributions will be required to achieve a planned annual
loan growth of 30%-80% in the medium term. According to
management, the shareholder is ready to provide KZT17 billion of
equity in 2014-2017, of which KZT8 billion are expected in 2014.
ACB's reported assets quality is reasonable with non-performing
loans (NPLs, over 90 days overdue) at 4.1% of gross loans at end-
2013 and a further 1.3% of restructured exposures. The latter
number may be somewhat understated, as among the top 25 loans
(comprised 51% of the loan book at end-2013) there is one
exposure equal to 2.7% of loans, which in Fitch's view could be
restructured. The bank has also reported a consistently elevated
share of one-day overdue loans (18.7% at end-2M14) in its
regulatory accounts, which is explained by management as being
due to technical delays, but in Fitch's view this shows that
asset quality is potentially vulnerable. ACB is also over
reliant on collateral reflected in a low coverage of NPLs by
reserves of only 37%. Positively, ACB's current capital buffer
could allow it to fully reserve up to 18.8% of its loans and
still comply with regulatory capital requirements.
ACB mainly relies on corporate customer funding (57% of end-2013
liabilities), but has gradually been diversifying its liability
structure through attracting retail deposits (15%) and issuance
of local bonds (21%). At least 49% of total customer funding
(35% of total liabilities) was sourced from state bodies, which,
although representing considerable concentration risk, tends to
be stable.
ACB maintains reasonable liquidity cushion sufficient to cover
about 20% of customer accounts at end-2M14. Wholesale debt
repayments are limited in the medium term (KZT4.4bn in 2014,
KZT2.5bn in 2015). The biggest risk to liquidity is the sudden
outflows of largest depositors, which is not Fitch's central
scenario.
The Support Rating '5' reflects Fitch's view that support from
the bank's private shareholder, although possible, cannot be
relied upon. Support Rating Floor of 'No Floor' is based on
ACB's low systemic importance.
ACB's senior unsecured local debt ratings are aligned with the
bank's Long-term Local Currency IDR and National Long-term
rating.
RATING SENSITIVITIES - ACB
Upside potential for ACB's ratings is currently limited. However,
further growth of the franchise supported by capital injections,
while maintaining reasonable asset quality and performance would
be positive for the credit profile. Lack of or delays in
provision of fresh capital that would result in material
weakening of ACB's loss-absorption capacity, significant
deterioration of asset quality and/or sharp funding outflows
putting pressure on liquidity would result in a downgrade.
KEY RATING DRIVERS - ABK
ABK's Long-term IDRs and National Rating are based on the bank's
individual strength, which in turn is reflected in its Viability
Rating (VR) of 'b+'. The VR reflects the bank's small franchise,
continuing rapid growth and high single-name concentrations on
both sides of the balance sheet. At the same time, the VR
positively considers its strong reported asset quality and solid
capital adequacy, reasonable liquidity and sound operating
performance helped by low average funding costs.
Asset quality is strong. NPLs and restructured loans were,
respectively, modest at 1.2 and 2% of gross loans at end-2013 and
were adequately covered by reserves of 3.6%. Although rapid 42%
loan growth in 2013 means loans are unseasoned, a detailed review
of the top 20 borrowers (52% of gross loans) confirmed that most
exposures are of reasonable quality. However, some of the bigger
exposures (12% of gross loans) are less sound either financially
or in terms of collateral quality, while retail loans (7%) are
also potentially vulnerable.
Credit risks are mitigated by robust pre-impairment
profitability, which equals about 5% of average loans, and solid
capitalization with FCC and regulatory total capital ratio of
18.5% and 21%, respectively, at end-2013. Regulatory capital
would allow ABK to increase its loan impairment reserves to 12%
of gross loans from 4%, before reaching minimum regulatory
capital ratios.
Capitalization is likely to remain comfortable in 2014; however,
if growth outpaces earnings generation (return on equity of 20%
in FY13) the bank is likely to receive its pre-approved USD40
million equity injection from Alfa Group.
Liquidity is adequate. ABK relies on short-term funding from
local corporates (69% of total funding at end-2013),
approximately half of which was accounted for 20 borrowers.
Withdrawal risk is mitigated by a KZT46bn liquidity buffer
consisting of cash and unencumbered securities, which equaled 28%
of customer funding. Scheduled debt repayments are a moderate
KZT7 billion in 2014. As a further mitigant ABK has an
unutilised KZT9 billion limit (6% of liabilities) from its 100%
shareholder OJSC Alfa Bank (ABR; BBB-/Negative/bbb-).
The Support Rating of '4' reflects Fitch's view of the limited
probability of support that might be forthcoming from ABR, if
needed. In Fitch's view, support may be forthcoming in light of
the common branding of ABK and other group entities, potential
reputational risk of any default at ABK and the small cost of any
support that may be required.
At the same time, Fitch views ABR's propensity to provide support
as limited because (i) it holds shares in ABK on behalf of ABH
Holdings S.A.(ABHH) to which it has ceded control and voting
rights through a call option under which ABHH may acquire the
shares in ABK until end-June 2014 (this agreement likely to be
extended); (ii) limited operational integration between ABK and
ABR; and (iii) ABR's tight regulatory capital preventing it from
providing capital to the subsidiary.
Support from other Alfa Group entities, in Fitch's view, also
cannot always be relied on due to ABK's small size and as a
result that support could be withheld under certain
circumstances, especially in a systemic financial crisis in
Kazakhstan. Fitch notes ABHH's failure to provide full support
to its Ukraine-based subsidiary PJSC Alfa-Bank (ABU; CCC) in
2008. The agency, however believes there is a lower probability
of Alfa Group not supporting ABK, relative to ABU. This is
reflected in ABK's higher Support Rating '4' than ABU's '5'.
ABK's senior unsecured local debt ratings are aligned with the
bank's Long-term Local Currency IDR and National Long-term
rating.
RATING SENSITIVITIES - ABK
An upgrade of Long-term IDRs, VR, National Rating and debt
ratings would result from a strengthening of the franchise and an
extended track record of good performance and asset quality. The
ratings could be downgraded following a material deterioration in
capitalization or asset quality.
The Support Rating could be downgraded if ABK does not receive
timely support when needed. Potential for an upgrade of the
Support Rating is limited.
The rating actions are as follows:
ACB
Long-term foreign currency IDR: upgraded to 'B' from 'B-';
Outlook Stable
Short-term foreign currency IDR: affirmed at 'B'
Long-term local currency IDR: upgraded to 'B' from 'B-';
Outlook Stable
National long-term rating: assigned at 'BB(kaz)'; Outlook
Stable
Viability Rating: upgraded to 'b' from 'b-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Senior unsecured debt: assigned at 'B', Recovery Rating 'RR4'
National senior unsecured debt rating: assigned at 'BB(kaz)'
ABK
Long-term foreign-currency Issuer Default Rating (IDR) affirmed
at 'B+'; Outlook Stable
Short-term foreign-currency IDR affirmed at 'B'
Long-term local-currency IDR affirmed at 'B+'; Outlook Stable
National long-term rating affirmed at 'BBB(kaz)'; Outlook
Stable
Viability Rating affirmed at 'b+'
Support Rating affirmed at '4'
Senior unsecured debt: affirmed at 'B+', Recovery Rating 'RR4'
National senior unsecured debt rating: affirmed at 'BBB(kaz)'
KAZTRANSGAS JSC: Fitch Raises LT Issuer Default Rating From 'BB+'
-----------------------------------------------------------------
Fitch Ratings has upgraded KazTransGas JSC's (KTG) and its fully-
owned subsidiaries, Intergas Central Asia JSC's (ICA) and
KazTransGas Aimak JSC's (KTGA), Long-term Issuer Default Ratings
(IDRs) to 'BBB-' from 'BB+'. The Outlook is Stable.
The upgrade of KTG and its subsidiaries (KTG or the group)
reflects Fitch's reassessment of the group's linkage with its
state-owned parent JSC National Company KazMunayGas (NC KMG,
BBB/Stable). "We believe that the 'national operator' status
granted to KTG in 2012, the ongoing transfer of trunk gas
pipelines from the state to ICA, as well as NC KMG's flexible
approach to KTG's dividend payouts underline stronger parent-
subsidiary links between KTG and NC KMG than what was reflected
in the previous ratings," Fitch said.
The group's ratings are now notched down by one level from that
of its parent, reflecting their close linkage, but also limited
legal ties between the two. KTG qualifies as a material
subsidiary in NC KMG's eurobond documentation and is subject to
cross-default provisions, but NC KMG does not guarantee KTG's
debt.
KTG is the state-owned monopoly engaged in natural gas transit,
transportation and distribution in Kazakhstan (BBB+/Stable). It
continues to derive most profits from the transit of central
Asian gas to Russia.
Key Rating Drivers
Midstream and Downstream Gas Monopoly
KTG's ratings reflect its position as the operator of the Kazakh
gas pipeline network, the only transit route for central Asian
gas to Russia and Europe. As the national gas company, it has a
pre-emptive right to purchase natural gas from local oil & gas
companies and resell it domestically and for export. ICA, the
operator of trunk gas pipelines, generated 60% of the group's
consolidated EBITDA in 2013.
High Customer Concentration
OAO Gazprom (BBB/Negative) remains the group's principal
customer, accounting for 71% of ICA's 2013 revenues, down from
76% in 2012. In January 2011, Gazprom and ICA signed a five-year
contract for transit of 28 billion cubic meters (bcm) of central
Asian gas, of which 80% are covered by 'ship-or-pay' clauses. In
2012 and 2013 despite significantly lower transportation volumes
ICA's profits did not suffer, due to Gazprom honoring its 'ship-
or-pay' obligation.
"In our rating case, we forecast stable gas revenues until
January 2016 when the contract with Gazprom expires, as we
believe that Gazprom's purchases of central Asian gas and hence
ICA's transit revenues may decline to reflect current purchase
volumes," Fitch said.
Fully Regulated Tariffs
The group's profitability is driven by cost-plus domestic tariffs
and regulated gas prices set by Kazakhstan's Agency for
Regulation of Natural Monopolies (AREM). "We view Kazakhstan's
tariff environment as developing. Historically, gas prices and
transit tariffs have been sufficient for KTG to maintain adequate
profits and finance its capex, which we expect to continue under
our rating case. However, in an event of a prolonged economic
recession AREM may face pressure to limit further tariff
increases, which could force KTG to raise its leverage beyond our
expectations," Fitch said.
Manageable Capex
We view as manageable the group's KZT140 billion investment
program in 2014-2016, which will be partially debt-funded, and
expect its credit metrics to remain commensurate with the current
ratings. After KTG completes most of its development projects in
2014, annual capex should fall to under KZT40 billion per year in
2015 and 2016, from about KZT70bn per year in 2013 and 2014.
"We do not foresee any significant impact on KTG's
creditworthiness from the construction of the Beineu-Bozoy-
Shymkent pipeline and Line C of the Asian Gas Pipeline from
Central Asia to China, which are financed by KTG's JVs with China
National Petroleum Corporation (CNPC, A+/Stable) and are
guaranteed by CNPC and NC KMG with no recourse to KTG," Fitch
said.
Moderately Rising Leverage
At end-2013, KTG's funds from operations (FFO) adjusted gross
leverage was 1.8x, and we expect it to reach 2.3x in 2016. "We
forecast that the group's FFO interest coverage will deteriorate
to 7.7x in 2017, from 10.5x at end-2013, which remains adequate
for the current ratings," Fitch said.
Rating Sensitivities
Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- a positive rating action on NC KMG
-- evidence of stronger ties between NC KMG and KTG
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- a negative rating action on NC KMG
-- evidence of weaker ties between NC KMG and KTG, e.g.
sustained deterioration of credit profile with FFO adjusted
gross leverage rising above 3.0x, or cancellation of the
cross default provision
Liquidity and Debt Structure
At end-2013, KTG's short-term debt of KZT33.7 billion was fully
covered by cash and short-term bank deposits of KZT22 billion and
undrawn credit lines of KZT38.3 billion. There are no major debt
repayments in 2014-2016, and nearly 90% of KTG's maturities fall
on 2017 when ICA's USD540 million eurobond is due. KTG intends to
borrow up to KZT50 billion in 2014 to finance capex.
In February 2014, Kazakhstan devalued the tenge to USD/KZT185 or
by 17% from the end-2013 level, which followed the depreciation
of the Russian rouble by 13%. "We expect this to have no
material impact on the group's leverage, as losses on its USD-
denominated debt will largely be offset by gains from ICA's USD-
denominated revenues," Fitch said.
List of Rating Actions
KazTransGas JSC
Long-Term foreign currency IDR: upgraded to 'BBB-' from 'BB+',
Outlook Stable
Long-Term local currency IDR: upgraded to 'BBB-' from 'BB+',
Outlook Stable
Short-Term IDR: upgraded to 'F3' from 'B'
National Long-Term rating: upgraded to 'AA(kaz)' from
'AA-(kaz)', Outlook Stable
Senior unsecured long-term rating: upgraded to 'BBB-' from 'BB+'
Senior unsecured National long-term rating: upgraded to
'AA(kaz)' from 'AA-(kaz)'
Intergas Central Asia JSC
Long-Term foreign currency IDR: upgraded to 'BBB-' from 'BB+',
Outlook Stable
Long-Term local currency IDR: upgraded to 'BBB-' from 'BB+',
Outlook Stable
Short-Term IDR: upgraded to 'F3' from 'B'
National Long-Term rating: upgraded to 'AA(kaz)' from
'AA-(kaz)', Outlook Stable
Senior unsecured long-term rating: upgraded to 'BBB-' from 'BB+'
Senior unsecured National long-term rating: upgraded to
'AA(kaz)' from 'AA-(kaz)'
KazTransGas Aimak JSC
Long-Term foreign currency IDR: upgraded to 'BBB-' from 'BB+',
Outlook Stable
Long-Term local currency IDR: upgraded to 'BBB-' from 'BB+',
Outlook Stable
Short-Term IDR: upgraded to 'F3' from 'B'
National Long-Term rating: upgraded to 'AA(kaz)' from
'AA-(kaz)', Outlook Stable
Senior unsecured long-term rating: upgraded to 'BBB-' from 'BB+'
Senior unsecured National long-term rating: upgraded to
'AA(kaz)' from 'AA-(kaz)'
NOSTRUM OIL: S&P Affirms 'B+' Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Kazhakstan-based hydrocarbons
exploration and production company Nostrum Oil & Gas L.P. The
outlook is stable.
S&P also affirmed its 'B+' long-term issue rating on the
company's senior notes.
S&P affirmed its ratings on Nostrum because it continues to think
that the company will maintain its operational performance on the
back of near full capacity production of about 45,000 barrels of
oil equivalent per day (boepd), and strong credit metrics for the
rating over our 2014-2016 forecast horizon.
"We revised our assessment of Nostrum's financial policies to
"neutral" from "negative." We continue to consider Nostrum's
financial policies to be potentially aggressive, which is
illustrated by a track record of higher-than-expected dividend
payouts and share buybacks. However, we no longer see a high
risk of these policies affecting the predictability of the
company's credit metrics or depressing key credit ratios over the
forecast period, partly because of material cash on hand that we
do not net against debt. We recognize that those activities were
financed by operating cash flows and available cash in 2013, and
we think the company will continue this trend to a large extent
over the next few years. We also anticipate that Nostrum will
adhere to its financial policies of maintaining reported net debt
to EBITDA at or below 1.5x and paying dividends of about 20%-25%
of net income," S&P said.
S&P's assessment of Nostrum's "significant" financial risk
profile reflects its robust Standard & Poor's-adjusted credit
metrics, coupled with its perception of potentially volatile cash
flows and negative free operating cash flow (FOCF).
"In 2014, we anticipate adjusted funds from operations (FFO) to
debt of 30%-45% and adjusted debt to EBITDA of about 2x. In
2015, we believe that FFO to debt is unlikely to drop
significantly below 30%, and adjusted debt to EBITDA is unlikely
to rise substantially above 2.5x. We forecast at least $400
million of planned capital expenditures in both 2014 and 2015.
This includes some ongoing extensive drilling activities and
spending on phase two of investment in a new gas treatment
facility (GTF), which should account for almost half of total
capital expenditures for 2014-2015. We think this will result in
material negative FOCF of between US$100 million and US$200
million," S&P added.
S&P notes that Nostrum has reduced its interest burden, extended
its debt maturities, and diversified its funding sources over the
past few years by successfully issuing notes in 2012 and 2014.
S&P's "weak" business risk profile assessment for Nostrum
reflects its view of the company's concentrated asset base; its
dependence on one pipeline for dry gas (the company uses another
pipeline for crude oil and stabilized condensate, but it could
also use trucks as an alternative); its relatively small
operations by international standards; and inherent risks
relating to the oil industry and operating in Kazakhstan.
These factors are somewhat mitigated by good profitability
(including S&P's assumption of a continued adjusted EBITDA margin
of above 55% in 2014-2016) on the back of supportive oil prices,
a favorable cost structure based on a modern asset base, low
cash-lifting costs, and a supportive tax regime.
S&P also views the part-ownership of Nostrum's local partner,
Kazakhstan-based engineering company KazStroyService, as a
supporting factor.
S&P's "negative" comparable ratings analysis score is based on
its view of the company's material negative FOCF and high asset
concentration relative to that of its peers.
The stable outlook on Nostrum reflects S&P's expectation of FFO
to debt sustainably between 30% and 45%, on the back of near full
capacity production of about 45,000 boepd, coupled with its
assumption of negative FOCF not surpassing negative US$200
million per year. S&P anticipates that the company will adhere
to its financial targets and we expect continued "adequate"
liquidity.
S&P would consider raising the ratings if Nostrum's production
increases materially and if the company ramps up phase two of its
GTF on time and without major cost overruns. Furthermore, S&P
would consider a positive rating action if the company could
sustain FFO to debt above 45%, with positive FOCF. Additional
support for an upgrade would come from enhanced diversification
of the producing asset base.
S&P could consider lowering the ratings if Nostrum's production
levels became considerably lower than it currently envisage,
either because of depletion of fields or operational disruption,
leading to FFO to debt of consistently less than 30%; or if S&P
considers that the company's liquidity were becoming "less than
adequate," which is not included in our base case. Any political
or regulatory changes in Kazakhstan that impaired the company's
taxes or constrained its operations could also lead to negative
pressure on the ratings.
=====================
N E T H E R L A N D S
=====================
JUBILEE CLO: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
--------------------------------------------------------------
Fitch Ratings has assigned Jubilee CLO 2014-XII B.V. notes
expected ratings, as follows:
EUR302.00 million Class A: 'AAA(EXP)sf'; Outlook Stable
EUR51.00 million Class B1: 'AA+(EXP)sf'; Outlook Stable
EUR5.00 million Class B2: 'AA+(EXP)sf'; Outlook Stable
EUR26.50 million Class C: 'A+(EXP)sf'; Outlook Stable
EUR24.90 million Class D: 'BBB+(EXP)sf'; Outlook Stable
EUR36.90 million Class E: 'BB+(EXP)sf'; Outlook Stable
EUR19.0 million Class F: 'B-(EXP)sf'; Outlook Stable
EUR47.80 million Subordinated Notes: not rated
Final ratings are contingent on the receipt of final documents
conforming to information already reviewed.
Jubilee CLO 2014-XII B.V. is an arbitrage cash flow CLO.
Key Rating Drivers
'B' Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B' range. Fitch has credit opinions on 90% of the indicative
portfolio and has a public rating on the remaining entities. The
covenanted maximum Fitch weighted average rating factor (WARF)
for assigning the expected ratings is 33.0. The WARF of the
initial portfolio is 32.2.
Above-Average Recoveries
At least 90% of the portfolio will comprise senior secured loans
and senior secured bonds. Recovery prospects for these assets are
typically more favorable than for second-lien, unsecured, and
mezzanine assets. Fitch has assigned recovery ratings to 100% of
the indicative portfolio. The covenanted minimum Fitch weighted
average recovery rate (WARR) for assigning the expected ratings
is 70%. The WARR of the initial portfolio is 71.7%.
Above-Average WAS and WAC
The covenanted minimum weighted average spread (WAS) and weighted
average coupon (WAC) for assigning the expected rating are 4.2%
and 6.2%, respectively, above the typical values for CLOs rated
recently by Fitch. T his is particularly beneficial to junior
notes with low credit enhancement.
Limited FX Risk
All non-euro-denominated assets have to be hedged using suitable
asset swaps and are limited to 30% of the portfolio.
Limited Interest Rate Risk
Fixed rate assets can account for no more than 10% of the
portfolio, while fixed rate liabilities account for 1% of the
target par amount.
Transaction Summary
Net proceeds from the issuance of the notes will be used to
purchase a EUR498.75 million portfolio of European leveraged
loans and bonds. The portfolio will be managed by Alcentra
Limited. The reinvestment period is scheduled to end in 2018.
The transaction documents may be amended subject to rating agency
confirmation or note holder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyses the
proposed change and may provide a comment if the change would not
have a negative impact on the then current ratings. Such
amendments may delay the repayment of the notes as long as
Fitch's analysis confirms the expected repayment of principal at
the legal final maturity.
If in the agency's opinion the amendment is risk-neutral from the
perspective of the rating Fitch may decline to comment.
Noteholders should be aware that the structure considers the
confirmation to be given in the case where Fitch declines to
comment.
Rating Sensitivities
-- A 25% increase in the expected obligor default probability
would lead to a downgrade of one to three notches for the
rated notes.
-- A 25% reduction in the expected recovery rates would lead to
a downgrade of one to two notches for the rated notes.
=============
R O M A N I A
=============
ROMANIAN AUTHORITY: Minister Sacks Special Administrator
--------------------------------------------------------
Romania-Insider.com reports that the Minister Delegate for Energy
recently fired the special administrator at the insolvent
Romanian Authority for Nuclear Activity and proposed several
measures to bring the company back on track.
According to the report, Razvan Nicolescu, the Minister Delegate
for Energy, said he sacked Danut Andrusca, the company's special
administrator, who was making some EUR4.400 a month, an amount
which the minister deemed 'immoral', given the company's
situation.
He also appointed a new special administrator, Viorel Marian, and
made state sub-secretary Daniel Andronache responsible of the
company's activity within the Energy Department, relates
Romania-Insider.com.
The department's control task force started a new investigation
into the authority's activity, the report says. A previous
control found that the special administrator had allowed for a
RON800 million debt to be included in the statement of affairs,
allowing voting rights to the Confort group of companies. The
decision to do so, according to Mr. Nicolescu, was illegal, the
report relays.
The Romanian Authority for Nuclear Activity, which has 2,460
employees, became insolvent in 2013, with a debt of some EUR 151
million, Romania-Insider.com discloses. One of the companies most
affected by the nuclear activity authority's situation is Complex
Energetic Oltenia, which needs to recover a debt of some
EUR60 million, most of which stemming from before the insolvency,
the report notes.
===========
R U S S I A
===========
SEVERSTAL COLUMBUS: S&P Affirms Then Withdraws 'B' CCR
------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B' long-term corporate credit rating on U.S.-based steelmaker
Severstal Columbus LLC, which is 100% owned by Russian steelmaker
OAO Severstal, then subsequently withdrew its rating at the
issuer's request. At the time of the withdrawal, the outlook was
stable.
At the same time, S&P withdrew its 'B' issue credit rating and
'3' recovery rating on Severstal Columbus' $525 million senior
secured notes, following their redemption.
The affirmation reflected S&P's expectation that Severstal
Columbus' performance would stay broadly stable over the next two
years, with neutral to positive free operating cash flow
generation, supported by higher production volumes and fairly low
capital expenditure, following the completion of a mini-mill
project. The company has quite a favorable maturity profile with
low external debt maturities in 2014-2015. S&P assessed
Severstal Columbus' liquidity as "adequate," as our criteria
define the term.
===========
T U R K E Y
===========
BOSPHORUS 1 RE: S&P Affirms BB+ Rating on US$400MM Class A Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+ (sf)' rating
on the US$400 million principal-at-risk variable-rate class A
notes issued by Bosphorus 1 Re Ltd. Turkish Catastrophe Insurance
Pool, the sponsor, did not elect to reset the bonds' probability
of attachment. In addition, S&P reviewed the creditworthiness of
the rating on the collateral that will be used to redeem the
principal on the redemption date and it remains unchanged.
Ratings Affirmed
Bosphorus 1 Re Ltd.
Class A BB+(sf)
DOGAN YAYIN: Fitch Puts 'BB-' LT IDR on Rating Watch Negative
-------------------------------------------------------------
Fitch Ratings has placed Dogan Yayin Holding's (DYH) and Hurriyet
Gazetecilik ve Matbaacilik AS's (Hurriyet) 'BB-' Long-term Issuer
Default Rating (IDR) on Rating Watch Negative (RWN). This
follows Dogan Holding's proposed takeover of its 80%-owned media
subsidiary DYH.
Under the proposed takeover, DYH will merge all of its assets and
liabilities into Dogan Holding. The valuation of both entities
will be carried out by an independent advisor and will form the
basis for the determination of the shares exchange ratio.
Although the transaction is envisaged to take place on a cash-
free basis, according to capital market regulation, the two
entities will be required to buy out the minorities not voting in
favor of the transaction at the shareholder meeting.
The transaction is subject to the necessary approvals from the
relevant authorities as well as to Dogan Holding's right to
withdraw from the merger should the amount required to buy out
non-consenting minorities exceed the maximum limit that is yet to
be determined by the board of directors.
The RWN reflects Fitch's view that the credit profile of the
merged entity could be lower or in line with the current IDR of
DYH. Upon completion of the merger, the rating of DYH will be
withdrawn as this legal entity will cease to exist. The Rating
Watch is likely to be resolved upon completion of the transaction
when Fitch will have full visibility over the final terms and
conditions of the merger, enabling it to better assess the
group's legal, operational and strategic ties within the group,
in accordance with Fitch's Parent and Subsidiary Linkage. In
particular, Fitch will focus on legal ties between the merged
entity and the group's media assets currently owned by DYH (e.g.
Dogan TV, Hurriyet), namely in the form of guarantees and cross
default provisions.
The transaction is viewed positively to the extent that it
rationalizes the group structure by reducing the intermediate
holding (DYH) between the ultimate parent company Dogan Holding
and the media assets currently owned by DYH which represent
approximately 75% and 80% of Dogan Holding's consolidated
revenues and EBITDA, respectively. The credit profile of the
media group could thus benefit from Dogan Holding's significant
net cash position (USD0.9 billion as of end-December 2013) as the
merger would simplify parental support for the media group
entities in the form of equity injections and/or guarantees given
these entities face significant debt obligations in USD.
However, Dogan Holding is also invested in other sectors, mainly
in energy, and potential M&A cannot be ruled out in the
foreseeable future. This event risk, combined with the increased
leverage profile of the media group due to recent Turkish lira
depreciation and limited dividend payments from its key
subsidiaries over the medium-term, is likely to constrain the
credit profile of the merged entity.
Key Rating Drivers
Media Group Rating
DYH's 'BB-' IDR reflects the group's market-leading position in
the Turkish media sector, which is currently experiencing healthy
growth trends in advertising as well as increasing penetration
rates of pay-TV services. Nonetheless, the ratings remain
constrained by DYH's limited cash flow generation, its weak
liquidity profile and significant foreign currency exposure with
regard to its USD and EUR-denominated debt and operating
expenses.
Parent Subsidiary Linkage for Hurriyet
Hurriyet's 'BB-' IDR reflects the strong legal ties between
Hurriyet and its parent DYH. DYH guarantees Hurriyet's debt,
which Fitch views as sufficient to justify the equalization of
the ratings of the two entities in accordance with its "Parent
and Subsidiary Rating Linkage" criteria. Fitch believes the two
entities also exhibit strong operational and strategic ties, as
Hurriyet carries out printing and distribution operations for
other entities of the DYH group. This, combined with Hurriyet's
high visibility in the Turkish news media sector, makes it likely
that DYH would support one of its major assets.
FX Impact on Leverage
The sharp depreciation of the Turkish lira against the USD in
4Q13, combined with weak EBITDA performance in 2013, has resulted
in a higher-than-expected leverage profile for DYH. Fitch views
DYH's currency exposure as a key risk to its credit profile as
approximately 85% of its financial debt is denominated in hard
currencies (USD and EUR), while EBITDA and cash flows are mainly
denominated in Turkish lira. About 30% of DYH's operating
expenses (operating costs, cost of sales, and general
administrative expenses) are also denominated in hard currencies.
This has led in part to cost increases in 2H13 which are likely
to continue in 2014, thus placing pressure on operating
profitability. "Therefore, we do not expect any material
deleveraging over the next 12 months. Although the company holds
some of its cash balances in hard currencies and has entered into
forward transactions with respect to a small amount of USD-
denominated debt, in our view DYH's financial profile remains
vulnerable to significant currency depreciation," Fitch said.
Low Liquidity
Fitch views DYH's liquidity profile on a standalone basis as
fairly weak due to the lack of committed credit facilities,
combined with a fairly short-term debt structure. However, the
company's TRL531 million of cash on balance sheet as of end-
December 2013 and expected proceeds from asset sales should
enable it to cover its short-term debt repayments obligations and
ease the refinancing of its maturing debt in 2014.
Rating Sensitivities (DYH standalone - ie should the merger not
be completed):
Positive: Future developments that could lead to positive rating
actions include:
-- Improvements and further maturity of DYH's pay-TV business
D-Smart
-- Evidence of positive pre-dividend free cash flow generation
-- FFO net leverage of the combined media assets falling below
2.0x
-- Improved financial strategy in terms of liquidity, FX risk
and debt maturity structure
Negative: Future developments that could lead to negative rating
action include:
-- Underperformance of Fitch's expectations leading to FFO net
leverage rising above 3.5x over 12-18 months
-- Negative FCF generation continuing beyond 2014
-- Significant debt-funded M&A
Rating Sensitivities (Hurriyet standalone - ie should the merger
not be completed):
Positive: Future developments that could lead to positive rating
actions include:
-- Any positive rating action related to its parent DYH provided
the legal ties between the two entities remain in place
Negative: Future developments that could lead to negative rating
action include:
-- As Hurriyet benefits from having the same rating DYH, any
negative rating action would be dependent on a downgrade of
the parent or on Fitch's assessment of the potential for
reduced support from DYH in the absence of guarantees from
the parent.
Full List of Rating Actions:
-- DYH's Long-term foreign currency IDR: 'BB-' on RWN
-- DYH's Long-term local currency IDR: 'BB-' on RWN
-- Hurriyet's Long-term foreign currency IDR: 'BB-' on RWN
-- Hurriyet's Long-term local currency IDR: 'BB-' on RWN
-- Hurriyet's National Long-term rating: 'A+(tur)' on RWN
=============
U K R A I N E
=============
UKRAINE: Fitch Says Tariff Cuts LT Positive for Agribusiness
------------------------------------------------------------
The European Union's decision to cut tariffs on Ukrainian goods
could, in the long-term, help Ukraine's agricultural exporters
reduce their reliance on Middle Eastern and Asian markets and
ease the currency mismatch between their debt and revenue, Fitch
Ratings says. In the near term, however, any benefit will be
limited and is overshadowed by the risk and uncertainty created
by the political and economic situation in Ukraine, which caps
corporate foreign-currency ratings at the country ceiling of
'CCC'.
The approval this week of favorable tariffs and quotas is a step
towards the signing of the Deep and Comprehensive Free Trade
Area, which would support long-term growth of Ukrainian exports
to EU. Almost all Fitch-rated Ukrainian agricultural companies
(MHP, Ukrlandfarming, Mriya, Avangard, Kernel, Creative) have
substantial export sales. But most of them are focused on exports
to Middle East, Asia and CIS countries.
"We believe these companies see the European Union as an
attractive market for further export growth and diversification,
but we do not expect a significant immediate impact on volumes,
especially as the EU is largely self-sufficient in wheat. Greater
opportunities may arise in corn, or barley, or in
southern/eastern European countries that are easier to service
from Ukraine. Some companies that export products on which
tariffs will be cut to zero (for example sunflower oil exporters
Kernel and Creative) are likely to see their revenues and
operating margin benefit if they maintain their prices. This
could materialize in 2014," Fitch said.
Increasing export revenues should reduce the existing foreign-
currency mismatch as long as companies are able to direct an
increased portion of grain to the export markets once domestic
needs have been satisfied. Most Ukrainian agricultural companies
have a substantial part of their debt denominated in hard
currency, while a large portion of sales are conducted through
wholesalers and traders at "dollarized" but distorted domestic
prices. This mismatch is one of the major risks for the sector.
Significantly lower cost of production along with high soil
productivity could make Ukrainian cereals more competitive than
produce from other regions. Therefore longer term Ukrainian
agriculture firms could see further opportunities for exports
growth.
Temporary tariff cuts are expected to take effect before the end
of April following their adoption by the EU's Foreign Affairs
Council this week. They will apply until November, by which time
the EU hopes free trade elements of the Association Agreement
with Ukraine will have been signed and come into force.
===========================
U N I T E D K I N G D O M
===========================
ASKAM CONSTRUCTION: In Administration, Cuts 40++ Jobs
-----------------------------------------------------
Lancaster Guardian reports that Askam Corporation, the Lancaster
firm which built the new Coronation Street set, has gone into
administration with the loss of more than 40 jobs.
Askam Construction, based on Hampson Lane, suffered heavy losses
on contracts over the last two years, according to Lancaster
Guardian.
Administrators Ernst and Young were appointed and told The
Guardian they had sold off a number of contracts in a deal which
saves 45 jobs.
Askam's construction division however has ceased trading,
resulting in 43 redundancies, according to Lancaster Guardian.
The report relates that a spokesman for EY said: "Shortly
following their appointment, the joint administrators completed a
sale of certain contracts relating to the company's civil
engineering division and its plant and machinery to Askam Civil
Engineering Limited, in a deal which saw 45 jobs transfer to the
purchaser. The company's construction division has ceased to
trade, resulting in the redundancies of 43 employees.
"The joint administrators will now work to realise the company's
remaining assets, which include a residential property
development near Lancaster, various construction and civil
engineering contracts and associated work in progress and several
investments," the spokesman said, the report discloses.
Joint administrator Sam Woodward, appointed along with Tom Jack,
said: "Askam Construction Limited suffered material losses on a
number of contracts during the past 24 months, and these placed
significant pressure on the business and its cash flow," the
report relays.
"This pressure ultimately became too great for the business to
continue viably and the directors concluded that the company was
insolvent. We are pleased to have completed a sale which has
secured the ongoing employment of 45 people, and we will now
focus on realising the company's remaining assets to secure the
best possible return for creditors," Mr. Woodward said, the
report relays.
In summer 2012, the report recalls that Askam achieved a major
coup when it secured the contract to build the new Coronation
Street set at Salford's Media City.
More recently, workers had been converting a disused mill in
Burscough, west Lancashire, into a 56-apartment complex but the
site was ravaged by a major fire last month, the report notes.
In September, Askam was awarded a GBP3m-plus contract by
Lancaster University to refurbish 14-storey Bowland Tower, which
it completed in December. Other clients include Lancaster City
Council and United Utilities.
Askam Construction was founded in 1986 by managing director John
Lowery.
It employed people in more than 80 trades, including groundworks,
joinery, plant operations, steel fixing and bricklaying.
In 2011, it was named by the Daily Telegraph as among Britain's
1,000 brightest businesses collectively generating more than
GBP50bn in sales.
ASTEC PROJECTS: In Administration, Cuts 60 Jobs
-----------------------------------------------
Construction Inquirer reports that cladding specialist Astec
Projects has been placed in administration with the loss of 65
jobs.
It is understood that Astec's bankers at Barclays called in
administrators Deloitte following cash-flow problems at the GBP45
million turnover firm which is based in Reading, according to
Construction Inquirer.
The report notes that Deloitte is now working with 20 retained
senior staff in a bid to find a buyer for the business or novate
some of its current contracts.
"The business is a leading provider of cladding solutions,
trading with a turnover of GBP45 million. It employed 85 people
from its freehold head office in Reading and satellite offices in
Newport, South Wales and Burntwood, Staffs. Out of the 85
employees, 20 will be retained, while 65 were made redundant,"
the report quoted Deloitte as saying.
"The administrators plan to cease trading, and retain a small
team whilst investigating the possibility of a sale of the
business or takeover of its approximately GBP30 million order
book. Following a period of exceptional growth, the business was
unable to fund its working capital requirements going forward,"
Deloitte said, the report relates.
Astec is known to be working on jobs for Mace and Morgan Sindall
and was due to start its largest ever contract for Ballymore this
month.
The report relays that Managing Director Rik Lenney said at the
time: "The last few years have not been the best within the
Construction Industry and Astec Projects like other companies in
our field have experienced difficult times. But during the
recession we have managed to build upon our success, opening two
new offices; holding and increasing staffing levels; and
recapturing and building turnover."
"Moving into 2014 on the back of winning our largest contract to
date -- the GBP10 million Embassy Gardens project for Ballymore
-- with the hard work and dedication of our staff we have secured
a strong order book and pipeline and look towards a brighter 2014
and beyond," Mr. Lenny said, the report notes.
CO-OPERATIVE GROUP: Lenders Bring in Hedger to Help Turnaround
--------------------------------------------------------------
Kate Allen and Martin Arnold at The Financial Times report that
six major UK banks that lent to the Co-operative Group have sent
a troubleshooter into the lossmaking mutual, in an attempt to
turn round its businesses.
According to the FT, Bob Hedger, a corporate restructuring expert
at the Royal Bank of Scotland and one of the banking sector's
most experienced turnround advisers, is to step in on behalf of a
consortium of Co-op Group's lenders. The consortium also
includes Barclays and Lloyds Banking Group, the FT discloses.
The Co-op Group announced record losses of GBP2.5 billion,
forcing it to renegotiate its lending terms, the FT relays. At
the same time, Ursula Lidbetter, its chairman, vowed to push
forward radical governance changes to the group's structure, the
FT notes. These changes had been proposed by Lord Myners, but
were fiercely opposed by many others on the Co-op's board, the FT
says. Lord Myners subsequently resigned from the board, the FT
recounts.
Mr. Hedger, a director of RBS's Global Restructuring Group, will
join Ms. Lidbetter in pushing the Co-op's board to implement
Lord Myners' recommendations, the FT relates.
Co-operative Group is a mutually owned food-to-funerals
conglomerate. 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.
CROYDON VILLAGE: Outlet Goes Into Administration
-----------------------------------------------
Your Local Guardian reports that Croydon Village Outlet has gone
into administration.
Administrators were called into the troubled department store
after Metro Outlet Limited, the company that runs it, received a
winding-up petition from creditors earlier this month, according
to Your Local Guardian. But it claimed a new owner is already
preparing to take over North End store, the report notes.
The report relates that staff told the Croydon Guardian managers
had informed them the store "had two weeks left".
The employees said they had been told to reclaim unpaid wages
from the Government's National Insurance Fund, the report says.
The report discloses that a senior figure at the store, who
declined to reveal his name or position, confirmed it had gone
into administration but added a buyer was already lined up and
that the store would not close.
The development comes after it emerged that debt collectors are
chasing more than GBP1 million that Croydon Village Outlet owes
to dozens of creditors, the report relays.
It is understood one of the creditors has served Metro Outlet Ltd
with a winding-up petition after it failed to pay debts, the
report notes.
If the petition is successful, the company would be put into
liquidation by a court, the report adds.
EUROSAIL-UK 2007-5NP: S&P Raises Ratings on 2 Note Classes to BB+
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB+ (sf)' from
'B (sf)' and removed from CreditWatch positive its credit ratings
on Eurosail-UK 2007-5NP PLC's class A1a and A1c notes. At the
same time, S&P has affirmed its 'D (sf)' ratings on the class
B1c, C1c, and D1c notes.
The upgrades follow the transaction's restructuring. S&P has
conducted its credit and cash flow analysis of the transaction
using the most recent information that S&P has received (dated
March 2014) under its applicable criteria.
In November 2013, the class A1a and A1c notes were converted to
British pound sterling from euros following the transaction's
proposed restructuring. S&P therefore placed on CreditWatch
positive its ratings on the class A1a and A1c notes on Dec. 5,
2013.
Following the restructuring, S&P considers that the class A1a and
A1c notes are no longer exposed to foreign exchange rate risk.
S&P has therefore raised to 'BB+ (sf)' from 'B (sf)' and removed
from CreditWatch positive its ratings on the class A1a and A1c
notes.
S&P has affirmed its 'D (sf)' ratings on the class B1c, C1c, and
D1c notes because of principal write-downs, which were realized
as a result of the restructuring.
The servicer, Acenden Ltd., has updated how it reports arrears to
include amounts outstanding, delinquencies, and other amounts
owed. The servicer's definition of other amounts owed includes
(among other items), arrears of fees, charges, costs, ground
rent, and insurance. Delinquencies include principal and
interest arrears on the mortgages, based on the borrowers'
monthly installments. Amounts outstanding are principal and
interest arrears, after the servicer first allocates borrower
payments to other amounts owed.
In this transaction, the servicer first allocates any arrears
payments to other amounts owed, then to interest amounts, and
subsequently to principal. From a borrower's perspective, the
servicer first allocates any arrears payments to interest and
principal amounts, and then to other amounts owed. This
difference in the servicer's allocation of payments for the
transaction and the borrower results in amounts outstanding being
greater than delinquencies.
The proportion of amounts outstanding in the transaction's 90+
day amount outstanding bucket have increased to 21.47% in March
2014 from 12.14% in March 2012. During this period, 90+ day
delinquencies, which exclude other amounts owed, increased to
10.57% from 7.10%. The increase in 90+ day delinquencies is in
contrast to S&P's index for U.K. nonconforming residential
mortgage-backed securities (RMBS), in which 90+ day delinquencies
decreased to 14.60% in Q4 2013 from 16.54% in March 2012. In
light of the transaction's performance, S&P has projected
additional arrears of 3.00% in our analysis over the next year.
S&P's weighted-average foreclosure frequency (WAFF) assumptions
have decreased. This is primarily due to an increase in
seasoning and the fact that S&P considers delinquencies (rather
than amounts outstanding) when applying its arrears adjustment.
S&P's weighted-average loss severity (WALS) assumptions have
increased because it expects potential losses to be higher, given
that the servicer first allocates any arrears payments to other
amounts owed.
Rating level WAFF WALS
(%) (%)
BBB 20.59 32.91
BB 15.85 28.60
B 13.97 22.15
Based on the most recent investor report, the available credit
enhancement for the class A1a and A1c notes has decreased to
10.30% from 16.71% as a result of the restructuring. However,
the 16.71% did not account for the transaction's exposure to
undercollateralization due to foreign exchange rate losses.
Taking this into account, on the September 2013 interest payment
date, at a spot rate of EUR1.1855 to GBP1.0000 , the class A1a
and A1c notes had an effective credit enhancement of -2.62%.
S&P's credit stability analysis indicates that the maximum
projected deterioration that it would expect at each rating level
over one and three-year periods, under moderate stress
conditions, is in line with its credit stability criteria.
Eurosail-UK 2007-5NP securitizes U.K. nonconforming residential
mortgages originated by Southern Pacific Mortgages Ltd.,
Preferred Mortgages Ltd., London Mortgage Company, and Alliance &
Leicester PLC.
RATINGS LIST
Class Rating Rating
To From
Eurosail-UK 2007-5NP PLC
GBP575 Million Mortgage-Backed Floating-Rate Notes
Ratings Raised And Removed From CreditWatch Positive
A1a BB+ (sf) B (sf)/Watch Pos
A1c BB+ (sf) B (sf)/Watch Pos
Ratings Affirmed
B1c D (sf)
C1c D (sf)
D1c D (sf)
HURSTWOOD INTERNATIONAL: In Administration, Closes Operations
-------------------------------------------------------------
Wirral Globe reports that Wirral meat-processing company
Hurstwood International has gone into administration with the
loss of 50 jobs.
According to the report, rising costs of running the business and
cooked meats becoming harder to obtain were behind the Wallasey-
based company's decision to close its factory.
The firm, in Alexandra Road, has been in business since 1978.
Colin Burke -- colinb@milnerboardman.co.uk -- and Darren Brookes
-- darrenb@milnerboardman.co.uk -- partners in Milner Boardman &
Partners, have been appointed joint administrators.
They are working with the Job Centre to help Hurstwood's former
employees find work, the report notes.
Mr. Burke said: "It is with sadness that we have to advise that
Hurstwoods International after 36 years in business is to close.
The business which was first set up by Gerry White and
subsequently run by his son Gary White has provided high quality
produce for its customers during this time. However, with ever
increasing costs of running a business and the supply of cooked
meats becoming harder to obtain, it has come to a critical point
where they cannot continue to trade in the current climate."
"I know that the directors wanted to thank all their present and
past customers, suppliers and staff for all the support that has
been given to them over the years," the report quoted Mr. Burke
as saying.
Founder Gerry White was a well-known local businessman and self-
made multi-millionaire. He was a long-standing chairman of
Wirral Chamber of Commerce and co-owner of Reddington Finance
Group.
PUNCH TAVERNS A: Moody's Cuts Ratings on 2 Note Classes to Ba1
--------------------------------------------------------------
Moody's Investors Service has taken the following action on notes
issued by Punch Taverns Finance plc (Punch A):
GBP270M A1(R) Notes, Downgraded to Ba1 (sf); previously on Feb
25, 2013 Baa3 (sf) Placed Under Review for Possible Downgrade
GBP300M A2(R) Notes, Downgraded to Ba1 (sf); previously on Feb
25, 2013 Baa3 (sf) Placed Under Review for Possible Downgrade
GBP200M M1 Notes, Confirmed at Caa1 (sf); previously on Dec 20,
2013 Downgraded to Caa1 (sf) and Remained On Review for Possible
Downgrade
GBP400M M2(N) Notes, Confirmed at Caa2 (sf); previously on Dec
20, 2013 Downgraded to Caa2 (sf) and Remained On Review for
Possible Downgrade
GBP140M B1 Notes, Affirmed Ca (sf); previously on Dec 20, 2013
Downgraded to Ca (sf)
GBP150M B2 Notes, Affirmed Ca (sf); previously on Dec 20, 2013
Downgraded to Ca (sf)
GBP175M B3 Notes, Affirmed Ca (sf); previously on Dec 20, 2013
Downgraded to Ca (sf)
GBP215M C(R) Notes, Affirmed C (sf); previously on Dec 20, 2013
Downgraded to C (sf)
Liquidity Facility Agreement, Downgraded to Baa1 (sf); previously
on May 14, 2012 Assigned A3 (sf)
Moody's does not rate the Class D1 Notes issued by Punch A.
Moody's had previously on 25 February 2013 placed on review for
possible downgrade Class A1(R) Notes, Class A2(R) Notes, Class M1
and Class M2 Notes. The action concludes the review of these
classes of notes.
The ratings of the Class A2(R) Notes, Class M2(N) Notes and Class
B3 Notes are based on the underlying rating of the notes and are
no longer based on the financial guarantee policy provided by
AMBAC Assurance UK Limited (rating withdrawn).
Ratings Rationale
Notes
The action has been prompted by the delay and increased
uncertainty around the restructuring of the securitization.
According to the most recent announcement of the issuer, the
noteholders and creditors are being asked to agree on a temporary
waiver of the Debt Service Cover Ratio (DSCR) covenant and
certain other provisions of the securitization documents in a
noteholder meeting to be held on 29 April 2014. The rolling two-
quarter DSCR ratio as of Q2 2014 is 1.15x, below the required
1.25x as the parent company, Punch Taverns plc did not provide
any financial support to the securitization in the last quarter.
If not remedied or waived, Moody's expects the covenant breach to
result in an event of default under the issuer/borrower facility
agreement.
The covenant waiver would afford the issuer and transaction
parties more time to agree on a consensual restructuring.
However, it is increasingly uncertain to Moody's that a
restructuring can be agreed in the new timeline; a revised
proposal is to be launched on or before 30 June 2014.
The downgrade of the senior Class A Notes reflects the
uncertainty around the operations of the borrower and its ability
to meet its debt service payments in the near-to-medium term
amidst a potential borrower default. Moody's latest analysis
incorporates the potential decline to cash flows from the
underlying pub portfolio in case of a borrower default and its
expectation that an administrative receiver would be appointed
following a borrower default. Such deterioration in the cash
flows generated from the pub portfolio would have a negative
impact on the value of the pub assets, directly impacting Moody's
assessment of the recoveries available to the noteholders upon a
borrower default.
The liquidity facility:
The counterparty instrument rating (CIR) in relation to the
Liquidity Facility measures the risk posed to the Liquidity
Facility provider on an expected loss basis. Compared with its
prior assessment, the expected loss posed to the Liquidity
Facility provider has increased. First, the likelihood of
Liquidity Facility draws has increased compared with Moody's
prior assessment due to the increased uncertainty around the
execution of a consensual restructuring. In the absence of a
restructuring, Moody's expects that the issuer will utilize the
Liquidity Facility to meet its debt service payments on the
notes. Secondly, the severity posed to the Liquidity Facility
provider has increased due to the revised recovery expectations
for the properties as mentioned above.
Methodology Underlying the Rating Action:
The methodologies used in this rating were Moody's Approach to UK
Whole Business Securitisations published in October 2000 and
Global Rating Methodology for REITs and Other Commercial Property
Firms published July 2010.
The methodology used in rating the Liquidity Facility CIR was
Moody's Approach to Rating EMEA CMBS Transactions published in
December 2013.
Loss and Cash Flow Analysis
In this approach, a sustainable annual free cash flow is derived
over the medium to long term horizon of the transaction, and then
multipliers are applied to such cash flows in order to reach the
debt which could be issued at the targeted long-term rating level
for the Notes.
Stress Scenarios
Moody's look at various haircuts on the pub values and consider
different levels of potential swap breakage costs together with
drawings from the liquidity facility.
The updated assessment is a result of Moody's on-going
surveillance of whole business securitization (WBS) transactions.
Moody's prior assessment is summarized in a press release dated
December 20, 2013. The last Performance Overview for the
transaction was published on November 19, 2013.
Factors that would lead to an upgrade or downgrade of the
ratings:
Main factors or circumstances that could lead to a change of the
current ratings are primarily a change in (a) the restructuring
terms proposed by the parent company along with the final outcome
as per noteholder votes and (b) a change to the performance of
the underlying pub portfolios outside of Moody's latest
expectations, including the cash flow generation and the
valuation of the underlying pub estate.
For the liquidity facility CIR, a reduction in the facility
amount combined with the introduction of a reducing commitment
size as proposed in the restructuring terms of the issuer in
January 2014 may lead to an upgrade of the CIR. A further reduced
recovery expectation for the properties could lead to a downgrade
of the CIR.
Moody's Analysis
Punch Taverns Plc
Punch Taverns plc is a leased and tenanted pub group whose
business comprised approximately 4,100 pubs in FY 2013. Retailers
lease their pub(s) from the Punch Group on the basis of a single
agreement, pursuant to which the three principal sources of the
Punch Group income are generated: (1) sales of beer and other
drink products to the partner; (2) rent, which is fixed at the
outset of each lease or tenancy; and (3) income from leisure
machines, which, to the extent partners choose to take leisure
machines from the Punch Group, is derived from a profit-sharing
arrangement.
Punch Taverns Finance plc and Punch Taverns Finance B Limited
represent substantially all the assets and financing of the
group. The restructuring of the two securitizations, Punch A and
Punch B, is the result of the group's strategic review in early
2011.
The overall credit quality of the parent company, Punch Taverns
plc, is weak primarily as a result of the weak performance of
leased pubs in the UK over the past five years, as well as
material leverage and low fixed charge coverage. Since the
implementation of the smoking ban in public places in 2007 and
through the financial crisis and recession, the performance of
the pub industry in the UK has suffered with on-trade sales
declining by approximately 5.4% per annum since 2007 (according
to the British Beer & Pub Association). Punch Taverns has
experienced declines in like-for-like net income by 2.4% in
fiscal 2013 and 3.7% in FY 2012, which is similar to its peers'
experience. Most recently, the deterioration in the pub industry
appears to have slowed down in tandem with broader economic
stabilization. Moody's Global Macro Outlook forecasts a 2% -3% UK
GDP growth rate in 2014 and an unemployment rate of 6.5%-7.5%. In
line with the overall economic improvement and strengthening
consumer sentiment, Punch Taverns reported a 1.4% increase in the
like-for-like net income for the 28 weeks ending 1 March 2014 for
its core pubs. However, longer-term trends remain uncertain.
Punch Taverns controlled approximately 4,100 pubs in FY 2013, of
which close to 70% were considered core properties with the
remainder viewed as non-core (typically smaller, with weaker
performance) and slated primarily for sale. The core portfolio
generated 82% of Punch's EBITDA in FY 2013, and its net income
per pub exceeded that of the non-core portfolio by more than two
times.
Positively, Punch has demonstrated a consistent track record of
monetizing its assets and generating proceeds of GBP149 million
in 2013 and GBP130 million in 2012; both in excess of aggregate
book value (as previously written-down). According to the interim
results of the company for FY2014, following disposals, 75% of
the portfolio are identified as core pubs, generating 88% of
Punch's EBITDA.
Punch Taverns' leverage for FY 2013 measured as net debt to
EBITDA was 10.8x, and its fixed charge coverage was 1.3x,
suggesting a very challenged credit profile by the standards of
corporate issuers; consistent with its ongoing attempt to
restructure the securitizations.
Notes
Moody's analysis centered around the increasingly likely scenario
of a failed restructuring and subsequent default of the
underlying borrower. It is unknown to Moody's whether or not the
noteholders and various key transaction parties will agree on the
proposed waivers by the issuer on April 29, 2014. Even if the
covenant waivers can be agreed, consensus needs to be achieved on
the restructuring terms, which has proven very difficult since
the initial launch of the restructuring in February 2013.
In its rating assessment of a failed restructuring, Moody's
focused on the cash flows generated from the portfolio and
adjusted its prior projection downward due to (i) increased costs
related to the appointment of an administrative receiver, (ii)
likely disruption to the portfolio operations following the
default of the current operator, and (iii) potential loss in
synergies gained by the operation of the Punch A and Punch B
portfolios as a whole. In the event of a failed restructuring and
an ensuing borrower default, Moody's estimates the portfolio
EBITDA to be approximately GBP110 million, 16% lower than the
Trailing-Twelve-Month (TTM) EBITDA as per Q2 2014. Moody's
estimates the value of the portfolio of 2,272 pubs to be GBP962
million.
In its recovery estimate for the notes, Moody's took into account
the potential liquidity drawings as a result of the expected
shortfalls in meeting the scheduled debt service based on the
lower portfolio cash flow stated above. In more extreme cases,
Moody's assumed the crystallization of swap breakage costs, which
rank ahead of payments to the noteholders. Having given benefit
the GBP109 million of cash from disposal proceeds that would be
available to repay the Class A Notes post a borrower default, the
note-to-value levels (NTV) for the Class A Notes range from 42%
to 72% in the various scenarios analyzed by Moody's. With such
NTV levels, Moody's does not expect the Class A Notes to suffer
any principal loss; however, the uncertainty around this
expectation has increased which is no longer commensurate with an
investment grade rating.
The Moody's NTV levels for the mezzanine and junior notes are
very high (>95%), implying very high likelihood of losses being
realised.
As Moody's highlighted in its previous press releases, the
ratings on the notes incorporate Moody's assumption that the
structural and legal integrity of the transactions will be
preserved; in particular its assumption that the borrower could
be replaced by an alternative operator in case of insolvency or
default under their obligations. A deviation from this scenario
whereby the assets and businesses of the borrower would be
liquidated over a shorter term or any other amendments to the
current structure, which result in a change of the economic
benefit to the noteholders would require Moody's to review its
rating of the notes. In this regard, Moody's will closely follow
the developments around the restructuring proposal by the issuer.
The ratings of the mezzanine and junior notes are particularly
sensitive to the terms of a restructuring including the potential
debt exchange involving cash payments and the issuance of new
notes.
PUNCH TAVERNS B: Moody's Cuts Ratings on 4 Note Classes to B1
-------------------------------------------------------------
Moody's Investors Service has taken the following action on notes
issued by Punch Taverns Finance B Limited (Punch B):
GBP201M A3 Notes, Downgraded to B1 (sf); previously on Feb 25,
2013 Ba2 (sf) Placed Under Review for Possible Downgrade
GBP220M A6 Notes, Downgraded to B1 (sf); previously on Feb 25,
2013 Ba2 (sf) Placed Under Review for Possible Downgrade
GBP250M A7 Notes, Downgraded to B1 (sf) and Placed Under Review
for Possible Upgrade; previously on Feb 25, 2013 Ba2 (sf) Placed
Under Review for Possible Downgrade
GBP250M A8 Notes, Downgraded to B1 (sf) and Placed Under Review
for Possible Upgrade; previously on Feb 25, 2013 Ba2 (sf) Placed
Under Review for Possible Downgrade
GBP77.5M B1 Notes, Confirmed at Caa2 (sf); previously on Dec 20,
2013 Downgraded to Caa2 (sf) and Remained On Review for Possible
Downgrade
GBP125M B2 Notes, Confirmed at Caa2 (sf); previously on Dec 20,
2013 Downgraded to Caa2 (sf) and Remained On Review for Possible
Downgrade
GBP125M C Notes, Affirmed C (sf); previously on Dec 20, 2013
Downgraded to C (sf)
Liquidity Facility Agreement, Downgraded to Baa1 (sf); previously
on May 14, 2012 Assigned A3 (sf)
Moody's had previously on 25 February 2013 placed on review for
possible downgrade the Class A3 Notes, Class A6 Notes, Class B1
and Class B2. The action concludes the review of these classes of
notes.
The ratings of the Class A7 and Class A8 Notes of Punch B are
based on the financial guarantee insurance policy issued by MBIA
UK Insurance Limited (B1 on review for possible upgrade).
Ratings Rationale
The Notes
The action has been prompted by the delay and increased
uncertainty around the restructuring of the securitization.
According to the most recent announcement of the issuer, the
noteholders and creditors are being asked to agree on a temporary
waiver of the Debt Service Cover Ratio (DSCR) covenant and
certain other provisions of the securitization documents in a
noteholder meeting to be held on April 29, 2014. The rolling two-
quarter DSCR ratio as of Q2 2014 is 1.25x and the rolling four-
quarter ratio is 1.37x, above the required 1.25x. Nevertheless,
in the absence of financial support from the parent company,
Punch Taverns plc as was the case in the last quarter, Moody's
expects the borrower to breach its 1.25x default covenant in the
near future.
The covenant waiver would afford the issuer and transaction
parties more time to agree on a consensual restructuring.
However, it is increasingly uncertain to Moody's that a
restructuring can be agreed in the new timeline; a revised
proposal is to be launched on or before June 30, 2014.
The downgrade of the senior Class A Notes reflects the
uncertainty around the operations of the borrower and its ability
to meet its debt service payments in the near-to-medium term
amidst a potential borrower default. Moody's latest analysis
incorporates the potential decline to cash flows from the
underlying pub portfolio in case of a borrower default and its
expectation that an administrative receiver would be appointed
following borrower default. Such deterioration in the cash flows
generated from the pub portfolio would have a negative impact on
the value of the pub assets, directly impacting Moody's
assessment of the recoveries available to the noteholders upon a
borrower default. Despite their senior position in the issuer's
waterfall, the Class A Notes are sensitive to the potential
decline in the cash flows from the portfolio with an increased
likelihood of a payment default occurring on the notes.
The Liquidity Facility
The counterparty instrument rating (CIR) in relation to the
Liquidity Facility measures the risk posed to the Liquidity
Facility provider on an expected loss basis. Compared with its
prior assessment, the expected loss posed to the Liquidity
Facility provider has increased. First, the likelihood of
Liquidity Facility draws has increased compared with Moody's
prior assessment due to the increased uncertainty around the
execution of a consensual restructuring. In the absence of a
restructuring, Moody's expects that the issuer will utilize the
Liquidity Facility to meet its debt service payments on the
notes. Secondly, the severity posed to the Liquidity Facility
provider has increased due to the revised recovery expectations
for the properties as mentioned above.
Methodology Underlying the Rating Action:
The methodologies used in this rating were Moody's Approach to UK
Whole Business Securitisations published in October 2000 and
Global Rating Methodology for REITs and Other Commercial Property
Firms published July 2010.
The methodology used in rating the Liquidity Facility CIR was
Moody's Approach to Rating EMEA CMBS Transactions published in
December 2013.
Loss and Cash Flow Analysis:
In this approach, a sustainable annual free cash flow is derived
over the medium to long term horizon of the transaction, and then
multipliers are applied to such cash flows in order to reach the
debt which could be issued at the targeted long-term rating level
for the Notes.
Stress Scenarios:
Moody's look at various haircuts on the pub values and consider
different levels of potential swap breakage costs together with
drawings from the Liquidity Facility.
The updated assessment is a result of Moody's on-going
surveillance of whole business securitization (WBS) transactions.
Moody's prior assessment is summarized in a press release dated
December 20, 2013. The last Performance Overview for the
transaction was published on November 19, 2013.
Factors that would lead to an upgrade or downgrade of the
ratings:
Main factors or circumstances that could lead to a change of the
current ratings are primarily a change in (a) the restructuring
terms proposed by the parent company along with the final outcome
as per noteholder votes and (b) a change to the performance of
the underlying pub portfolio outside of Moody's latest
expectations, including the cash flow generation and the
valuation of the underlying pub estate.
For the liquidity facility CIR, a reduction in the facility
amount combined with the introduction of a reducing commitment
size as proposed in the restructuring terms of the issuer in
January 2014 may lead to an upgrade of the CIR. A further reduced
recovery expectation for the properties could lead to a downgrade
of the CIR.
In respect of the Class A7 and Class A8 Notes, a change in the
rating of MBIA UK Insurance Limited may have an impact on the
ratings of the notes as the current ratings are based on the
financial guarantee insurance policy issued by MBIA UK Insurance
Limited (B1 on review for possible upgrade).
Moody's Analysis
Punch Taverns Plc
Punch Taverns plc is a leased and tenanted pub group whose
business comprised approximately 4,100 pubs in FY 2013. Retailers
lease their pub(s) from the Punch Group on the basis of a single
agreement, pursuant to which the three principal sources of the
Punch Group income are generated: (1) sales of beer and other
drink products to the partner; (2) rent, which is fixed at the
outset of each lease or tenancy; and (3) income from leisure
machines, which, to the extent partners choose to take leisure
machines from the Punch Group, is derived from a profit-sharing
arrangement.
Punch Taverns Finance plc and Punch Taverns Finance B Limited
represent substantially all the assets and financing of the
group. The restructuring of the two securitizations, Punch A and
Punch B, is the result of the group's strategic review in early
2011.
The overall credit quality of the parent company, Punch Taverns
plc, is weak primarily as a result of the weak performance of
leased pubs in the UK over the past five years, as well as
material leverage and low fixed charge coverage. Since the
implementation of the smoking ban in public places in 2007 and
through the financial crisis and recession, the performance of
the pub industry in the UK has suffered with on-trade sales
declining by approximately 5.4% per annum since 2007 (according
to the British Beer & Pub Association). Punch Taverns has
experienced declines in like-for-like net income by 2.4% in
fiscal 2013 and 3.7% in FY 2012, which is similar to its peers'
experience. Most recently, the deterioration in the pub industry
appears to have slowed down in tandem with broader economic
stabilization. Moody's Global Macro Outlook forecasts a 2% -3% UK
GDP growth rate in 2014 and an unemployment rate of 6.5%-7.5%. In
line with the overall economic improvement and strengthening
consumer sentiment, Punch Taverns reported a 1.4% increase in the
like-for-like net income for the 28 weeks ending 1 March 2014 for
its core pubs. However, longer-term trends remain uncertain.
Punch Taverns controlled approximately 4,100 pubs in FY 2013, of
which close to 70% were considered core properties with the
remainder viewed as non-core (typically smaller, with weaker
performance) and slated primarily for sale. The core portfolio
generated 82% of Punch's EBITDA in FY 2013, and its net income
per pub exceeded that of the non-core portfolio by more than two
times.
Positively, Punch has demonstrated a consistent track record of
monetizing its assets and generating proceeds of GBP149 million
in 2013 and GBP130 million in 2012; both in excess of aggregate
book value (as previously written-down). According to the interim
results of the company for FY2014, following disposals, 75% of
the portfolio are identified as core pubs, generating 88% of
Punch's EBITDA.
Punch Taverns' leverage for FY 2013 measured as net debt to
EBITDA was 10.8x, and its fixed charge coverage was 1.3x,
suggesting a very challenged credit profile by the standards of
corporate issuers; consistent with its ongoing attempt to
restructure the securitizations.
Notes
Moody's analysis centered around the increasingly likely scenario
of a failed restructuring and subsequent default of the
underlying borrower. It is unknown to Moody's whether or not the
noteholders and various key transaction parties will agree on the
proposed waivers by the issuer on April 29, 2014. Even if the
covenant waivers can be agreed, consensus needs to be achieved on
the restructuring terms, which has proven very difficult since
the initial launch of the restructuring in February 2013.
In its rating assessment of a failed restructuring, Moody's
focused on the cash flows generated from the portfolio and
adjusted its prior projection downward due to (i) increased costs
related to the appointment of an administrative receiver, (ii)
likely disruption to the portfolio operations following the
default of the current operator, and (iii) potential loss in
synergies gained by the operation of the Punch A and Punch B
portfolios as a whole. In the event of a failed restructuring and
an ensuing borrower default, Moody's estimates the portfolio
EBITDA to be approximately GBP73 million, 17% lower than the
Trailing-Twelve-Month (TTM) EBITDA as per Q2 2014. Moody's
estimates the value of the portfolio of 1,619 pubs to be GBP 634
million.
In its recovery estimate for the notes, Moody's took into account
the potential liquidity drawings as a result of the expected
shortfalls in meeting the scheduled debt service based on the
lower portfolio cash flow stated above. In more extreme cases,
Moody's assumed the crystallization of swap breakage costs, which
rank ahead of payments to the noteholders. Having given benefit
the GBP61 million of cash from disposal proceeds that would be
available to repay the Class A Notes post a borrower default, the
note-to-value levels (NTV) for the Class A Notes range from 82%
to 102% in the various scenarios analyzed by Moody's. As
indicated by the high NTV levels, the Class A Notes are
susceptible to a payment default and ultimate principal losses.
The Moody's NTV levels for the junior notes are very high
(>100%), implying very high likelihood of losses being realised.
As Moody's highlighted in its previous press releases, the
ratings on the notes incorporate Moody's assumption that the
structural and legal integrity of the transactions will be
preserved; in particular its assumption that the borrower could
be replaced by an alternative operator in case of insolvency or
default under their obligations. A deviation from this scenario
whereby the assets and businesses of the borrower would be
liquidated over a shorter term or any other amendments to the
current structure, which result in a change of the economic
benefit to the noteholders would require Moody's to review its
rating of the notes. In this regard, Moody's will closely follow
the developments around the restructuring proposal by the issuer.
The ratings of the junior notes are particularly sensitive to the
terms of a restructuring including the potential debt exchange
involving cash payments and the issuance of new notes.
THOMAS COOK: S&P Revises Outlook to Positive & Affirms 'B' CCR
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on U.K.-based tour operator Thomas Cook Group PLC (TCG)
to positive from stable. At the same time, S&P affirmed its 'B'
long-term corporate credit rating on the company.
At the same time, S&P affirmed its 'B' issue rating on TCG's
GBP1,075 million senior unsecured notes. The recovery rating on
these notes remains unchanged at '4', indicating S&P's
expectation of average (30%-50%) recovery prospects in the event
of a payment default.
The rating actions follow the ongoing implementation of TCG's
turnaround strategy and its improved operating performance as a
result. The turnaround strategy aims at reducing fixed costs;
optimizing cash flow and working capital management; disposing of
non-core businesses; rebranding; rationalizing distribution
channels; and adapting the business by increasing the focus on
online supply and premium products such as differentiated
packages.
The rating actions reflect S&P's view that TCG's improved
profitability, coupled with an increase in disposable consumer
income in the company's core markets of the U.K. and Germany,
will result in higher cash generation and deleveraging. S&P
believes that this in turn will lead to an improvement in credit
measures and the maintenance of "adequate" liquidity.
S&P estimates that TCG's Standard & Poor's-adjusted debt to
EBITDA will fall to about 4.4x in the year ending Sept. 30, 2014
(financial 2014). In financial 2014, S&P projects that TCG's
adjusted EBITDA interest coverage should reach about 2.7x,
compared with 2.0x at the end of financial 2013. This projection
mainly reflects S&P's assumptions of a material reduction in
restructuring costs; some margin improvement as a result of a
cost-cutting exercise; and better yield management. S&P also
estimates that funds from operations (FFO) to total debt will
improve to about 12% by financial 2014, from 6% in 2013.
These ratios are consistent with an "aggressive" financial risk
profile, as S&P's criteria define the term. However, S&P revises
TCG's financial risk profile downward by one category to "highly
leveraged" to account for volatility of TCG's cash flow, which
S&P assess as high. Under S&P's "Corporate Methodology," it
classifies companies as volatile if S&P thinks their cash flow-
to-leverage ratios are likely to cause S&P to revise downward its
assessment of the company's business risk profile by one or two
categories in periods of stress. Typically, this is equivalent
to EBITDA declining by about 30%.
"We assess TCG's business risk profile as "weak." Our assessment
mainly reflects our view of the cyclicality and seasonality of
the tourism industry, which creates ongoing margin pressure, and
a high level of event risk. These weaknesses are in our view
partly offset by TCG's well-established market position in
various European markets (the group is one of the top three
players in its key markets), and geographically diverse sales.
S&P's base-case scenario for TCG in financial 2014 assumes:
-- A moderate increase in consumer confidence and
discretionary spending in TCG's key markets, as well as a
focus on premium products, leading to revenue growth of 5%;
-- A rise in the EBITDA margin to 6%, with exceptional items
of about GBP130 million; and
-- Capital expenditure (capex) of about GBP180 million.
Based on these assumptions, S&P arrives at the following credit
measures for 2014:
-- Adjusted debt to EBITDA of about 4.4x;
-- FFO to debt of about 12%; and
-- Positive free operating cash flow of about GBP75 million.
The positive outlook reflects the potential for an upgrade in the
next 12 months if TCG's profitability continues to improve,
resulting in higher cash generation and improved credit measures.
Upside scenario
S&P could raise the rating if adjusted debt leverage and FFO to
debt approach 4x and 20%, respectively, coupled with a prudent
financial policy and positive free cash flow generation. S&P
believes that the successful implementation of the turnaround
strategy could lead to an upgrade.
Downside scenario
S&P could revise the outlook to stable if TCG experiences adverse
operating developments leading to significantly weaker EBITDA and
credit ratios than S&P anticipates, and a tightening of covenant
headroom to persistently less than 15%. Furthermore, if S&P was
to reassess downward the company's liquidity to "less than
adequate," it might consider revising the outlook to stable.
VOYAGE HOLDING: Fitch Affirms 'B' IDR; Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed Voyage Holding Limited's Long-term
Issuer Default Rating (IDR) at 'B' with a Stable Outlook.
The ratings are supported by Voyage's leading market positions as
an independent provider of care to people with learning
disabilities (PLD) in the UK as well as its focus on the high
acuity segments of the market. The ratings also incorporate the
current pressure on EBITDA margins derived from limited fee
inflation and increased costs, which are likely to weigh on the
company's FY14 leverage. While Fitch expects FY15 (ending March
2015) profitability to recover thanks to recent bolt-on
acquisitions, normalization of staffing costs and general cost
control initiatives, signs of further pressure on profitability
would lead to negative rating action.
KEY RATING DRIVERS
Solid Market Positioning In Small Market
Voyage's IDR is supported by its positioning as the largest
independent provider of support to PLD in the UK with FY13 sales
of GBP181 million and EBITDA of GBP43.7 million. This is a
fragmented market, which is growing due to the ageing population
and the improvement in diagnostics. Through its focus on the
most severe end of the acuity spectrum, Fitch believes that
Voyage is somewhat insulated from substitution and from the
substantial ongoing efforts of local authorities to cut funding
cuts.
Geographical and Business Diversification
Voyage has a wide geographic presence across the UK with no
single local authority purchaser accounting for more than 4% of
revenues. In addition to its core registered care homes division
(approximately 80% of FY13 sales), Voyage covers the full
spectrum of social care services for PLD, including supported
living settings as well as "outreach" and day care activities.
This business diversification provides a hedge against government
policy changes.
High Dependence on Local Authority Funding
The ratings are constrained by Voyage's high dependence on local
authorities' funding (approximately 83% total revenues). In the
context of the current reduction in UK local authorities'
budgets, the average level of fees funded by local authorities is
expected to remain under pressure for FY14-15, although Fitch
factors some modest fee inflation thereafter.
Weak Credit Metrics
The rating is also constrained by Voyage's relatively weak credit
metrics for its rating and by their likely deterioration in FY14.
Fitch projects lease-adjusted funds from operations (FFO) net
leverage to reach 7.0x in FY14 (FY13: 6.6x). Thanks to
management's actions to reduce staff, agency and other costs
towards 75% of sales from FY14's peak of 77%, Fitch considers
that net leverage has scope to gradually reduce below 6.0x by
FY16. Similarly, Fitch expects a recovery in FFO fixed charge
cover towards 2.0x by FY16, more in line with the current rating
(FY14: approximately 1.7x). The inability to improve
profitability as expected by Fitch would result in a revision of
the Outlook to Negative in the absence of fee increases or other
mitigating factors.
Modest FCF Generation
Fitch expects Voyage's free cash flow (FCF) to remain positive,
albeit relatively low compared with higher-rated healthcare
peers, at an expected GBP11 million-GBP15 million p.a. from FY14,
significantly affected by the high interest payments. FCF for
FY14 was depressed by increased operating costs, assumed to be
one-offs associated with acquisitions and increased inspection in
the sector. Fitch assumes capex in maintenance and general
refurbishments of homes will remain moderate at around 4% of
sales from FY15 onwards.
Solid Recovery Prospects for Senior Secured Creditors
The 'BB'/'RR1' rating for the senior secured notes reflects the
significant asset base through Voyage's ownership (freehold and
long leasehold) of 76% of properties by number of beds following
the liquidation approach which results in a distressed enterprise
value which is higher than the going concern method. Fitch
believes that a 30% discount on the latest available market value
of the assets is deemed fair in a distress case. However there
is limited recovery expectation for the second lien notes hence
its affirmation at 'CCC+'/'RR6'.
RATING SENSITIVITIES
Positive: Future developments that could lead to positive rating
actions include:
-- FFO adjusted net leverage of 5.0x or below
-- FFO adjusted leverage below 6.0x with FFO fixed charge
coverage above 2.5x
-- Sustained annual FCF generation of GBP20 million or more
translating into an FCF margin in the high single digits as
percentage of sales
Negative: Future developments that could lead to negative rating
action include:
-- FFO adjusted net leverage remaining above 6.5x after FY14
-- FFO adjusted leverage remaining above 7.0x, with FFO fixed
charge coverage below 1.5x on a permanent basis
-- FCF margin below 3% for more than one year
-- Signs that profitability for Voyage and the UK care services
industry is deteriorating
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity
Fitch anticipates that Voyage's liquidity will remain adequate
with cash on balance sheet of GBP17 million in December 2013
driven by positive free cash flows, and a fully undrawn GBP30
million RCF.
Leveraged Capital Structure; No Debt Maturities before 2018
Voyage's current debt includes GBP222 million of senior secured
notes maturing in August 2018, GBP50 million of second lien notes
maturing in February 2019 and a revolving credit facility of
GBP30 million maturing in February 2018. While there is no debt
amortization pressure in the foreseeable future, Fitch considers
that the refinancing risk by FY17 will be moderate and consistent
with a 'B' IDR.
Full List of Rating Actions
Voyage Holding Limited
-- Long-term IDR: affirmed at 'B'; Outlook Stable
Voyage Care BondCo PLC
-- Senior Secured Notes: affirmed at 'BB'/'RR1'
-- Second Lien Notes: affirmed at 'CCC+'/'RR6'
===============
X X X X X X X X
===============
* Number of Insolvent Travel Firms Up 45% in 2013
-------------------------------------------------
expressandstar.com reports that the number of travel companies
and tour operators that have closed down has risen by 45% over
the last year.
As many as 77 travel agencies and tour operators went insolvent
in the 12 months to March 2014 compared with 53 in the preceding
12 months, and 39 in 2011/12, the report relates.
According to the report, accountancy firm Wilkins Kennedy LLP,
which conducted the research, said that the high street travel
industry has been damaged by the growth of "DIY" holidays.
"Travel agents on the high street were once the first and only
port of call for booking holidays, but the tide has turned and we
are now seeing online booking services and price comparison sites
taking over," the report quotes Anthony Cork, a partner at
Wilkins Kennedy, as saying. "Technology has helped. Superfast
broadband makes the process of cutting out the middleman easier
by going direct to hotel websites to shave off another hundred
pounds. The need to consult with a travel agent is rapidly
disappearing."
A spokeswoman for travel organisation Abta said: "The total
number of both Abta and Atol (the Air Travel Organisers'
Licensing consumer protection scheme) failures over this period
was 17, which is low compared with previous years,
expressandstar.com reports.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
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CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
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SKYEUROPE SKYP PW -89480492.56 159076577.5
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BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
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SABENA SA SABA BB -85494497.66 2215341060
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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
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PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
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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
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LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
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CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
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DENMARK
-------
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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
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KABEL DEUTSC-ADR KBDHY US -1921707863 3240567525
KABEL DEUTSCHLAN KD8 TH -1921707863 3240567525
KABEL DEUTSCHLAN KD8 S1 -1921707863 3240567525
KABEL DEUTSCHLAN KD8 EB -1921707863 3240567525
KABEL DEUTSCHLAN KD8 TQ -1921707863 3240567525
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KABEL DEUTSCHLAN KD8USD EU -1921707863 3240567525
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KABEL DEUTSCHLAN KBDHF US -1921707863 3240567525
KABEL DEUTSCHLAN KD8 QM -1921707863 3240567525
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MANIA TECHNOLOGI 2260970Z GR -35060809.35 107465713.6
MANIA TECHNOLOGI MNIG IX -35060809.35 107465713.6
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MATERNUS KLINI-N MAK1 GR -17249775.07 161290141
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MATERNUS-KLINIKE MNUKF US -17249775.07 161290141
MATERNUS-KLINIKE MAK EO -17249775.07 161290141
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MATERNUS-KLINIKE MAK PZ -17249775.07 161290141
MATERNUS-KLINIKE MAK TH -17249775.07 161290141
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MATERNUS-KLINIKE MAKG IX -17249775.07 161290141
NORDAG AG DOO1 GR -482449.8788 144432986.2
NORDAG AG-PFD DOO3 GR -482449.8788 144432986.2
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NORDSEE AG 533061Q GR -8200551.142 194616922.6
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NUERNB HYPOTHEK 0478131D GR -2104037124 5.86E+11
PFLEIDERER AG PBVDF US -97572495.87 1832488196
PFLEIDERER AG-BE PFD GR -97572495.87 1832488196
PFLEIDERER A-RTS PFDB GR -97572495.87 1832488196
PFLEIDERER-NEW PFD1 GR -97572495.87 1832488196
PFLEIDERER-REG PFD4 EB -97572495.87 1832488196
PFLEIDERER-REG PFD4 EU -97572495.87 1832488196
PFLEIDERER-REG PFD4GBP EO -97572495.87 1832488196
PFLEIDERER-REG PFD4 TH -97572495.87 1832488196
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PFLEIDERER-REG PFD4 PZ -97572495.87 1832488196
PFLEIDERER-REG PFD4 GR -97572495.87 1832488196
PFLEIDERER-REG PFD4 QM -97572495.87 1832488196
PFLEIDERER-REG PFD4GBX EU -97572495.87 1832488196
PFLEIDERER-REG PFD4 NQ -97572495.87 1832488196
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PRIMACOM AG-ADR PCAGY US -18656751.16 610380925.7
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PRIMACOM AG-ADR+ PCAG ES -18656751.16 610380925.7
RAG ABWICKL-REG ROSG PZ -1744124.2 217776125.8
RAG ABWICKL-REG ROS GR -1744124.2 217776125.8
RAG ABWICKL-REG ROS S1 -1744124.2 217776125.8
RAG ABWICKL-REG ROS1 EO -1744124.2 217776125.8
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RAG ABWICKL-REG RSTHF US -1744124.2 217776125.8
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RINOL AG RILB EU -1.171602 168095049.1
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ROSENTHAL AG 2644179Q GR -1744124.2 217776125.8
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ROSENTHAL AG-ADR RSTHY US -1744124.2 217776125.8
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SINNLEFFERS AG WHG GR -4491635.615 453887060.1
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SOLON AG FUE-RTS 2292896Z GR -138663225.9 627116116.4
SOLON AG FU-MEW 532564Q GR -138663225.9 627116116.4
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SOLON SE SOO1 GR -138663225.9 627116116.4
SOLON SE SOO1USD EO -138663225.9 627116116.4
SOLON SE SOO1 TH -138663225.9 627116116.4
SOLON SE SGFRF US -138663225.9 627116116.4
SOLON SE SOO1 TQ -138663225.9 627116116.4
SOLON SE SOO1 S1 -138663225.9 627116116.4
SOLON SE SNBZF US -138663225.9 627116116.4
SOLON SE SOO1 EO -138663225.9 627116116.4
SOLON SE SOON EO -138663225.9 627116116.4
SOLON SE SOO1 EU -138663225.9 627116116.4
SOLON SE SOO1 BQ -138663225.9 627116116.4
SOLON SE SOON GR -138663225.9 627116116.4
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SOLON SE-RTS 3664247Z GR -138663225.9 627116116.4
SPAR HANDELS-AG 773844Q GR -442426239.7 1433020961
SPAR HANDELS-AG SPHFF US -442426239.7 1433020961
SPAR HAND-PFD NV SPA3 GR -442426239.7 1433020961
TA TRIUMPH-ACQ TWNA GR -124667889.5 375247226.8
TA TRIUMPH-ACQ TWNA EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TTZAF US -124667889.5 375247226.8
TA TRIUMPH-ADLER TWNG IX -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN PZ -124667889.5 375247226.8
TA TRIUMPH-ADLER 0292922D GR -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EO -124667889.5 375247226.8
TA TRIUMPH-A-RTS 1018916Z GR -124667889.5 375247226.8
TA TRIUMPH-NEW TWN1 GR -124667889.5 375247226.8
TA TRIUMPH-RT TWN8 GR -124667889.5 375247226.8
TA TRIUMPH-RTS 3158577Q GR -124667889.5 375247226.8
GREECE
------
AG PETZETAKIS SA PZETF US -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EO -110812812.5 206429374.1
AG PETZETAKIS SA PETZK PZ -110812812.5 206429374.1
AG PETZETAKIS SA PTZ1 GR -110812812.5 206429374.1
AG PETZETAKIS SA PTZ GR -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EU -110812812.5 206429374.1
AG PETZETAKIS SA PETZK GA -110812812.5 206429374.1
ALAPIS HOLDING 3385874Q GA -670700605.1 924332371.1
ALAPIS HOLDING I V2R GR -670700605.1 924332371.1
ALAPIS HOLDING I VTERF US -670700605.1 924332371.1
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ALAPIS HOLDING I ALAPIS EU -670700605.1 924332371.1
ALAPIS HOLDING I VETER GA -670700605.1 924332371.1
ALAPIS HOLDIN-RT ALAPISR GA -670700605.1 924332371.1
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ALAPIS SA ALAPI EO -670700605.1 924332371.1
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ASPIS BANK SA ASEUF US -46224213.41 3486115450
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ASPIS PRON-PF RT ASASPR GA -189908329.1 896537349.7
ATLANTIC SUPERMA ATLA GA -76261648.16 315891294.2
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ATLANTIC SUPERMA ATLA PZ -76261648.16 315891294.2
EDRASIS C. PSALL EDRAR GA -68424544.93 193206489.9
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EDRASIS PSALIDAS EDRA EO -68424544.93 193206489.9
EDRASIS PSALIDAS EPP GR -68424544.93 193206489.9
EDRASIS PSALIDAS EDRA GA -68424544.93 193206489.9
EDRASIS PSALIDAS EDRA PZ -68424544.93 193206489.9
EDRASIS-AUCTION EDRAE GA -68424544.93 193206489.9
EMPEDOS SA EMPED GA -33637669.62 174742646.9
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HELLAS ONLINE SA BRAIN PZ -4264723.817 411173224.1
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HELLAS ONLINE SA HOL GA -4264723.817 411173224.1
HELLAS ONLIN-RTS HOLR GA -4264723.817 411173224.1
KATSELIS SON-P R KATPD GA -84623057.15 115632796.2
KATSELIS SONS-PF KATSP GA -84623057.15 115632796.2
KATSELIS SONS-RT KATKD GA -84623057.15 115632796.2
LAMBRAKIS PR -RT DOLD GA -39671021.31 225710342.6
LAMBRAKIS PRESS LMBKF US -39671021.31 225710342.6
LAMBRAKIS PRESS DOL EU -39671021.31 225710342.6
LAMBRAKIS PRESS LA3A GR -39671021.31 225710342.6
LAMBRAKIS PRESS DOL GA -39671021.31 225710342.6
LAMBRAKIS PRESS LA3 GR -39671021.31 225710342.6
LAMBRAKIS PRESS DOL PZ -39671021.31 225710342.6
LAMBRAKIS PRESS DOL EO -39671021.31 225710342.6
LAMBRAKIS REPO DOLL10 GA -39671021.31 225710342.6
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LAMBRAKIS-AUC DOLE GA -39671021.31 225710342.6
LAVIPHARM SA LAVI GA -5006040.333 167080549.6
LAVIPHARM SA LAVI EU -5006040.333 167080549.6
LAVIPHARM SA LAVI EO -5006040.333 167080549.6
LAVIPHARM SA LAVI PZ -5006040.333 167080549.6
LAVIPHARM SA LVP GR -5006040.333 167080549.6
LAVIPHARM SA BXA GR -5006040.333 167080549.6
LAVIPHARM SA LVIXF US -5006040.333 167080549.6
LAVIPHARM SA-RTS LAVID GA -5006040.333 167080549.6
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MAILLIS MLISF US -2041887.566 401387790.4
MAILLIS -RTS MAIKR GA -2041887.566 401387790.4
MAILLIS-SPON ADR MJMSY US -2041887.566 401387790.4
MARITIME CO LESB MEKD CH -7779986.972 235355419.9
MARITIME CO LESB NELD GA -7779986.972 235355419.9
MARITIME CO LESV NEL PZ -7779986.972 235355419.9
MARITIME CO LESV MTMLF US -7779986.972 235355419.9
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MARITIME CO -RTS 2749585Q GA -7779986.972 235355419.9
MARITIME COMPANY NELE GA -7779986.972 235355419.9
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MARITIME CO-RTS 5078509Q GA -7779986.972 235355419.9
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MJ MAILLIS S.A. MJL GR -2041887.566 401387790.4
MJ MAILLIS S.A. MAIK PZ -2041887.566 401387790.4
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MJ MAILLIS S.A. MAIK EO -2041887.566 401387790.4
NAOUSSA SPIN -RT NAOYD GA -163114842.1 286539436.9
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NUTRIART S.A. KTSEF US -84623057.15 115632796.2
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NUTRIART SA KATSK EO -84623057.15 115632796.2
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NUTRIART SA KATSK EU -84623057.15 115632796.2
NUTRIART-RTS 3411089Q GA -84623057.15 115632796.2
PETZET - PFD-RTS PETZPD GA -110812812.5 206429374.1
PETZETAKIS - RTS PETZKD GA -110812812.5 206429374.1
PETZETAKIS-AUC PETZKE GA -110812812.5 206429374.1
PETZETAKIS-PFD PTZ3 GR -110812812.5 206429374.1
PETZETAKIS-PFD PETZP GA -110812812.5 206429374.1
RADIO KORASSIDIS KORA GA -100972173.9 244951680.3
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RADIO KORASSIDIS RKC GR -100972173.9 244951680.3
RADIO KORASSI-RT KORAD GA -100972173.9 244951680.3
RADIO KORASS-RTS KORAR GA -100972173.9 244951680.3
T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
T BANK ASPT EO -46224213.41 3486115450
T BANK TBANK EU -46224213.41 3486115450
T BANK TBANK EO -46224213.41 3486115450
T BANK ASPT PZ -46224213.41 3486115450
T BANK TBANK GA -46224213.41 3486115450
THEMELIODOMI THEME GA -55751173.78 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMER GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMED GA -55751173.78 232036822.6
UNITED TEXTILES NML1 GR -163114842.1 286539436.9
UNITED TEXTILES UTEX PZ -163114842.1 286539436.9
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UNITED TEXTILES NAOYK GA -163114842.1 286539436.9
UNITED TEXTILES UTEX EU -163114842.1 286539436.9
UNITED TEXTILES UTEX GA -163114842.1 286539436.9
VETERIN - RIGHTS VETR GA -670700605.1 924332371.1
HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
INVITEL HOLD-ADR INVHY US -73723992 827192000
INVITEL HOLD-ADR 0IN GR -73723992 827192000
INVITEL HOLD-ADR IHO US -73723992 827192000
INVITEL HOLDINGS 3212873Z HB -73723992 827192000
IRELAND
-------
AIRPLANES HOLDIN 4461857Z ID -16556589608 931628665.2
ALECTRA FINANCE 4505075Z ID -59841094.81 1863021876
ARCADE PROPERTY 4461121Z ID -271759845.9 854806905.5
ARDAGH GLASS FIN 3489820Z ID -425719878.1 5124811840
ARNOTTS HOLDINGS 4462545Z ID -345703659.3 169928201.7
AVAYA HOLDINGS L 4491803Z ID -332334120.8 255019134.5
BALLYMORE PROPER 162707Z ID -243143095.2 972399152.8
BIRCHFORD INVEST 3802508Z ID -17025540.7 218278444.2
BPM IRELAND PLC 4471855Z ID -4595598.259 844444461.6
CAMBER 4 PLC 3807980Z ID -548127044.3 336912874.6
CAPEL DEVELOPMEN 3813016Z ID -54774206.54 118764190.8
COMMUNICORP GROU 1027859Z ID -28828642.17 309423497.3
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ICELAND
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ITALY
-----
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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
TISCALI SPA TISM IX -167327246 362728538.3
TISCALI SPA TSCXF US -167327246 362728538.3
TISCALI SPA TISGBX EU -167327246 362728538.3
TISCALI SPA TIQ1 GR -167327246 362728538.3
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
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SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
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UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
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
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ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
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
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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
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PIK GROUP PIKKG RU -22928288.83 4135566932
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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
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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
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AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
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BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
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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
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FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
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TYCO ELECTRONICS 2335265Z SM -120872225.3 241227566.2
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SWEDEN
------
ATTENDO AB 4452873Z SS -58148252.61 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
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SWITZERLAND
-----------
ETRION CORP 4QP GR -1431000 449615008
ETRION CORP PFCXF US -1431000 449615008
ETRION CORP ETX2EUR EU -1431000 449615008
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ETRION CORP ETX2SEK EO -1431000 449615008
ETRION CORP ETXSEK BY -1431000 449615008
ETRION CORP ETX2SEK EU -1431000 449615008
PRETIUM INDUSTRI PIIMF US -1431000 449615008
VISUALAB INC VSLBF US -1431000 449615008
VISUALABS INC VLI CN -1431000 449615008
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.103 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.103 147075077.7
GALATASARAY SPOR GSRAY TI -134837791.7 312345232.8
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IKTISAT FINAN-RT IKTFNR TI -46900666.64 108228233.6
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KEREVITAS GIDA KVTGF US -17661319.95 159849621.7
KEREVITAS GIDA KERVT TI -17661319.95 159849621.7
MUDURNU TAVUKC-N MDRNUN TI -64935052.1 160420187.4
MUDURNU TAVUKCUL MDRNU TI -64935052.1 160420187.4
SIFAS SIFAS TI -15439194.7 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
ZORLU ENERJI ELE ZORENM TI -2128989.458 1841396734
ZORLU ENERJI ELE ZORENR TI -2128989.458 1841396734
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ZORLU ENERJI ELE ZOREN TI -2128989.458 1841396734
ZORLU ENERJI ELE ZORENY TI -2128989.458 1841396734
ZORLU ENERJI-ADR ZRLUY US -2128989.458 1841396734
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UKRAINE
-------
CHERNIGIVS MAN-M CHIM UZ -19979000 106551872
CHERNIGIVS M-GDR CKU GR -19979000 106551872
DNIP METAL-Y Z-D DMZK UZ -1689000 100894624
DNIPROVSKY IRON DMKD UZ -85795248 2345518080
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MARIUP-GDR REG S MZVM IX -11661586.28 260791838.5
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NAFTOKHIMIK PRIC NAFP UZ -25147613.11 203369540.7
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ODESSA OIL REFIN ONPZ UZ -333080256 155962496
RIVNEAZOT RAZT UZ -32846124 548777856
ZALK - PFTS ZALK UZ -94493504 126238624
UNITED KINGDOM
--------------
600 UK LTD 1282018Z LN -731250.5356 123671540.8
ABBOTT MEAD VICK 648824Q LN -1685854.552 168258996.3
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AGORA SHOPPING C 214766Z LN -50700881.16 252334953.9
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AT KEARNEY HOLDI 4168565Z LN -712649.2612 420870276.2
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TOPPS TILES PLC TPT LN -36503224.29 140534295.2
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WARNER ESTATE WNER VX -80276070.4 344291592.8
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WARNER ESTATE WNER LN -80276070.4 344291592.8
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WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
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XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
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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.
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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.
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