/raid1/www/Hosts/bankrupt/TCREUR_Public/140506.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, May 6, 2014, Vol. 15, No. 88
Headlines
G E R M A N Y
DEUTSCHE BANK: Fitch Assigns BB+(EXP) Rating to Tier 1 Securities
OPERA GERMANY: S&P Lowers Ratings on 2 Note Classes to 'CCC-'
SUNWAYS AG: Sell BIPV Units to Shunfeng Photovoltaic
TALISMAN-4 FINANCE: Moody's Lowers Rating on EUR570MM Notes to B1
TAURUS CMBS 2006-1: S&P Lowers Ratings on 2 Note Classes to 'CC'
G R E E C E
NEWLEAD HOLDINGS: MGP Seeks 5.3 Million Add'l. Settlement Shares
I R E L A N D
CELF LOW LEVERED: Moody's Raises Ratings on 2 Note Classes to Ba2
I T A L Y
BANCO DESIO: Fitch Affirms 'B+' Support Rating Floor
LUCCHINI SPA: Jindal Brothers in Rival Talks to Save Steelmaker
TERIM SPA: Liquidator Puts 39.39% Stake Up for Sale
L U X E M B O U R G
BRAAS MONIER: Fitch Assigns B+ Rating to EUR315MM Sr. Sec. Notes
NIELSEN COMPANY (LUXEMBOURG): Fitch Affirms & Withdraws 'BB' IDR
N E T H E R L A N D S
CADOGAN SQUARE: S&P Affirms 'B' Rating on Class E Notes
MALIN CLO: S&P Lowers Rating on Class E Notes to 'CCC+'
QUEEN STREET: Moody's Affirms Ba3 Rating on EUR18MM Class E Notes
P O R T U G A L
PORTUGAL: To Follow Ireland in Exit From Rescue Program
R O M A N I A
HIDROELECTRICA SA: Plans More Than EUR85-Mil. Investment
U N I T E D K I N G D O M
AA BOND CO: S&P Affirms 'BB' Rating on Class B Notes
CO-OPERATIVE BANK: Parent May Cut Stake Amid Fundraising Plan
DAVENPORT LYONS: In Administration, Gordon Dadds Buys Firm
FIRST QUENCH: Creditors Must Submit Claims by May 29
FORDGATE COMMERCIAL: S&P Lowers Ratings on 2 Note Classes to B-
JOHN CHEATLE: In Administration, 80 Jobs Saved
KCA DEUTAG: Moody's Assigns '(P)B3' Rating to US$375MM Notes
MOTHERCARE PLC: In Talks with Lenders to Renegotiate Covenants
RANGERS FC: May Go Into Administration for 2nd Time in Two Years
SAIL INVESTOR: Liquidators Call on Creditors to Submit Claims
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
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G E R M A N Y
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DEUTSCHE BANK: Fitch Assigns BB+(EXP) Rating to Tier 1 Securities
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Fitch Ratings has assigned Deutsche Bank AG's (A+/Negative/a/F1+)
upcoming issue of undated non-cumulative fixed to reset rate
additional tier 1 securities of 2014 an expected rating of
'BB+(EXP)'.
The final rating is contingent on the receipt of final
documentation conforming to information already received.
Key Rating Drivers
The notes are additional Tier 1 (AT1) instruments with fully
discretionary coupon payments and are subject to a write-down if
Deutsche Bank breaches a 5.125% Basel III common equity tier 1
(CET1) ratio. The trigger ratio is calculated on a 'phased-in'
basis under the EU capital requirement regulations (CRR).
The notes are rated five notches below Deutsche Bank's 'a'
Viability Rating (VR), in accordance with Fitch's criteria for
"Assessing and Rating Bank Subordinated and Hybrid Securities".
The notes are notched down twice for loss severity to reflect the
write-down on breach of the trigger, and three times for relative
non-performance risk.
The notching for relative non-performance risk reflects the
notes' fully discretionary coupons, which Fitch considers the
most easily activated form of loss absorption.
The issuer will not make an interest payment if the payment,
together with payments made on other Tier 1 instruments, exceeds
available distributable items adjusted for interest expense on
Tier 1 instruments, or if the authorities or legislation prohibit
the bank from making payments.
The bank calculates its available distributable items under
German GAAP for the parent bank. The available distributable
items include net income and movements from capital reserves
('balance sheet profit') and free capital reserves and retained
earnings. Under the German commercial code, certain amounts
related to intangible assets, deferred tax assets and pension
assets cannot be distributed, reducing the available
distributable items. At end-2013, the amount available to
Deutsche Bank for distribution to AT1 holders amounted to about
EUR2.7bn. German accounting standards allow the issuer to
influence the amount of distributable items somewhat (e.g.
through dividends upstreamed from subsidiaries), and Fitch
expects the bank to manage its balance sheet profit to ensure
that sufficient amounts are available to make interest payments
on the AT1 instruments.
The 5.125% trigger is on a phased-in basis, but even on a fully
applied basis the bank has a sizeable buffer above this trigger.
Deutsche Bank's fully applied Basel III CET1 ratio stood at 9.5%
at end-March 2014 providing a EUR16.2 billion buffer above
5.125%.
However, Fitch believes that loss absorption would occur before a
breach of the 5.125% trigger in the form of non-payment of
coupon, which under Fitch's criteria would be considered as non-
performance. The agency expects Deutsche Bank to become subject
to capital regulations' restrictions on distributions, including
distributions on AT1 instruments, if and when it breaches its
combined buffer requirements.
The requirement for Deutsche Bank to maintain capital buffers
above the CRR minimum requirements will be phased in from 2016
and is likely to result in a combined CET1 ratio requirement of
at least 9% by 2019. At end-March 2014, Deutsche Bank's buffer
to a 9% fully applied CET1 ratio was a fairly low EUR1.7 billion,
but Fitch expects the bank to increase this buffer significantly
given its commitment to achieve a 10% CET1 ratio by end-March
2015. Fitch also believes that the combined buffer requirements
for banks could change over time and that additional buffers, for
instance in the form of counter-cyclical buffers, could be
introduced.
Fitch expects Deutsche Bank to maintain sound capital ratios that
provide a sufficient buffer to avoid restrictions on interest
payments on AT1 instruments given these instruments' importance
for the bank. The bank has stated that it remains committed to
achieving its target fully applied Basel III CET1 ratio of above
10% by end-March 2015 and that it would not exclude a capital
increase to achieve its target. The agency also expects that the
bank will manage the amount of available distributable items,
which can be affected by management's decision on dividend
payments from subsidiaries, so that coupon payments will not be
prohibited if sufficient free capital resources are available
within the group.
Fitch has assigned 50% equity credit to the securities. This
reflects their full coupon flexibility, the permanent nature and
the subordination to all senior creditors.
Rating Sensitivities
As the notes are notched down from Deutsche Bank's VR, their
rating is primarily sensitive to any changes to this rating.
Failure to improve underlying earnings in 2014 would put Deutsche
Bank's VR under pressure.
The notes' rating is also sensitive to any changes in notching,
which could arise if Fitch changes its assessment of the notes'
non-performance risk relative to that captured in Deutsche Bank's
VR. This may reflect a change in capital management, including
capital management under German GAAP at the parent bank, or an
unexpected shift in regulatory buffers, for example.
OPERA GERMANY: S&P Lowers Ratings on 2 Note Classes to 'CCC-'
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Standard & Poor's Ratings Services lowered its credit ratings on
Opera Germany (No. 2) PLC's class A, B, C, D, and E notes.
The rating actions follow S&P's review of the underlying loan's
credit quality in light of the transaction's October 2014 legal
final maturity date.
THE LOAN
The securitized loan balance is EUR500.4 million. There is
additional subordinated debt outside the securitization. The
whole loan is secured on three shopping centers.
In S&P's opinion, all of the shopping centers are well-
established within their respective markets. The portfolio
tenancy mix is diversified, including national and international
retailers. The top 10 portfolio tenants by rent account for
28.6% of the overall portfolio's rental income as of the
April 2014 interest payment date.
The whole loan was restructured in December 2009, following a
breach of the LTV covenant. As part of the restructuring, the
updated whole loan maturity date was rescheduled to Oct. 15,
2013, one year before the legal final maturity date in October
2014.
The securitized loan failed to repay in October 2013, and
consequently entered special servicing. The special servicer
agreed to a standstill to facilitate the refinancing or the sale
of the properties.
Following the loan's failure to repay, the servicer obtained an
updated valuation for the three shopping centers. The servicer
indicated that the securitized loan's outstanding principal
amount has exceeded 90% of the appraisal values.
In April 2014, the special servicer announced that the borrower
had signed sale and purchase agreements regarding the
Schwanenmarkt and Ko Galerie properties and that the purchase
prices will be payable on June 30, 2014 provided that the
conditions are met. S&P understands that if the conditions are
not satisfied prior to this date, the sale agreements allow for
settlement to be deferred to a later date.
The April 2014 quarterly investor report indicates that the
borrower was also in in advanced negotiations regarding the
refinancing of the Rhein Ruhr Zentrum properties. The servicer
expects the borrowers to fully repay at least the securitized
loan before the legal final maturity date. S&P understands that
the special servicer will report any sales and refinancing
progress as soon as the information is available.
RATING ACTIONS
S&P's ratings in this transaction address the timely payment of
interest, payable quarterly in arrears, and the payment of
principal no later than the legal final maturity date (in October
2014).
Although the latest available information suggests the
possibility of a full repayment of the securitized loan by the
legal final maturity date, S&P considers that there is an
increased risk of a payment default in October 2014, given the
approaching legal final maturity date.
Despite S&P's opinion of the properties' good quality, absent a
repayment or refinance by the borrower as currently planned, the
special servicer may not be able to complete a sale of the
properties in time to allow the issuer to repay the notes by
their legal final maturity date in October 2014, in S&P's view.
Under S&P's rating definitions criteria, a payment default on the
legal final maturity date would likely result in S&P's lowering
of its ratings in this transaction to 'D (sf)'.
In addition, with about six months remaining, S&P views this
timeframe as inadequate to maximize recovery levels in a default
scenario. S&P therefore also considered scenarios where the
servicer would have to sell the properties at a discount to meet
payment by the legal final maturity date. In these scenarios,
the class C notes would experience partial losses, whereas the
class D and E notes would likely experience a full loss.
Taking the above factors into account and in accordance with
S&P's credit stability criteria, it has lowered all of its
ratings in this transaction.
S&P has lowered to 'B- (sf)' from 'B+ (sf)' and 'B (sf)' its
ratings on the class A and B notes, respectively. Although S&P's
analysis indicates that the classes' credit characteristics could
support higher rating stresses, the application of S&P's credit
stability criteria constrains its ratings on these classes of
notes at 'B- (sf)'. This is mainly due to the increased risk of
a payment default at the legal final maturity date, as described
above.
S&P has lowered to 'CCC (sf)' from 'B- (sf)' its rating on the
class C notes. These notes have become more vulnerable to
principal losses in distressed sale scenarios, in S&P's view.
S&P has also lowered to 'CCC- (sf)' from 'CCC+ (sf)' its ratings
on the class D and E notes. These two classes of notes have
become highly vulnerable to principal losses in distressed sale
scenarios, in our view.
Opera Germany (No. 2) is a 2006-vintage single-loan commercial
mortgage-backed securities (CMBS) transaction originally backed
by four German shopping centers.
RATINGS LIST
Class Rating Rating
To From
Opera Germany (No. 2) PLC
EUR560 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered
A B- (sf) B+ (sf)
B B- (sf) B (sf)
C CCC (sf) B- (sf)
D CCC- (sf) CCC+ (sf)
E CCC- (sf) CCC+ (sf)
SUNWAYS AG: Sell BIPV Units to Shunfeng Photovoltaic
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Recharge News reports that Sunways AG has sold its PV inverter
and building-integrated (BIPV) units to a subsidiary of Shunfeng
Photovoltaic International -- the Chinese group that swooped for
Wuxi Suntech last year.
Sunways did not disclose the terms of the deal, made under its
insolvency proceedings at a regional court in Konstanz, southern
Germany, the report says.
According to the report, Hong Kong-listed Shunfeng will pick up
related patents, equipment, inventory and staff as part of the
agreement, but will not take on any existing liabilities.
Headquartered in Konstanz, Germany, Sunways AG develops,
produces, and distributes technological solutions for the
generation of electricity from photovoltaics. Sunways is a
German subsidiary of LDK Solar Co. Ltd.
As reported in the Troubled Company Reporter-Europe on March 24,
2014, PV-Tech said Sunways entered insolvency proceedings for the
second time. The company said it would file for insolvency in
March at a court in Konstanz.
Sunways narrowly avoided bankruptcy proceedings in August last
year after BW Bank withdrew its insolvency action, PV-Tech
recounts. It was able to cancel a long-term supply deal with a
wafer manufacturer in order to save itself around EUR10 million
(US$13.8 million), PV-Tech disclosed.
TALISMAN-4 FINANCE: Moody's Lowers Rating on EUR570MM Notes to B1
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Moody's Investors Service has downgraded the ratings of the class
A notes issued by TALISMAN-4 FINANCE plc.
Moody's rating action is as follows:
Issuer: TALISMAN-4 FINANCE plc
EUR570M (current outstanding balance of EUR79.25M) Class A
Notes, Downgraded to B1 (sf); previously on Mar 20, 2014 Ba3
(sf) Placed Under Review for Possible Downgrade
Ratings Rationale
The downgrade of the Class A notes reflects Moody's concern
regarding the completion of the disposal process for the
secondary quality properties securing the sole remaining loan,
DT-12 by legal final maturity in July 2015. The recent valuation
highlights the significant challenges inherent in the properties
which include 1) single let at significantly above market rents,
2) short remaining lease term of 3.3 years, 3) exposure to weak
secondary locations and 4) substantial long term structural
vacancy.
On March 20, Moody's placed the rating on review for downgrade
due to concerns of higher than expected losses on the two
outstanding loans (DT-12 and Valentine) following a disclosure by
the sole Sponsor of their ongoing workouts.
The Valentine loan was worked out via a discounted pay off (DPO)
with net proceeds of EUR44.3 million applied fully sequentially
to the notes at the April 2014 interest payment date (IPD). The
DT-12 loan is the last remaining loan in the pool and will be
worked out by way of a consensual sale of assets. The loan
currently reports a loan to value (LTV) ratio of 179.68%
following a revaluation of the underlying portfolio in March 2014
for EUR90.68 million which is marginally higher (5.5%) than
Moody's own value assessment.
Moody's base expected loss is in the range of 40%-50% of the
current pool balance. Moody's derives this loss expectation from
the analysis of the default probability of the securitized loans
(both during the term and at maturity) and its recovery
expectation for the collateral.
Factors that would lead to an upgrade or downgrade of the rating:
The main factor that could lead to a downgrade of the rating is
evidence of asset sales at levels significantly lower than
indicated by the current valuation leading to loan recoveries
lower than Moody's expectation.
The main factor that could lead to an upgrade of the rating is
evidence of timely asset sales at a level significantly higher
than the current valuation leading to loan recoveries higher than
Moody's expectation.
Moody's Portfolio Analysis
Talisman-4 Finance plc closed in August 2006 and represents the
securitization of initially eight commercial mortgage loans
originated by ABN AMRO Bank N.V. (now Royal Bank of Scotland
plc).
Since closing, five loans have fully repaid and two loan have
been worked out with a loss.
Summary of Moody's Loan Assumptions
DT-12 Loan (100% of pool) -- LTV: 187% Default Probability: Very
High; Expected Loss: 40% - 50%.
The loan is secured over a portfolio of secondary office
properties located throughout Germany. The loan defaulted at
maturity in July 2013 however, was already in special servicing
as of November 2012 after an LTV covenant breach. The Sponsor
disclosed in an Admission Document that the workout strategy is
to sell properties until Feb 2015. In the disclosure document,
the aggregated projected sales price is EUR78.4 million (such
projection only serving as a threshold value for the
determination of sales fees), however, a subsequent revaluation
of the portfolio was EUR90.68 million. The loan is secured by 12
secondary offices properties located throughout Germany and let
to a subsidiary of Deutsche Telekom AG (Baa1).
TAURUS CMBS 2006-1: S&P Lowers Ratings on 2 Note Classes to 'CC'
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Standard & Poor's Ratings Services lowered its credit ratings on
Taurus CMBS (Germany) 2006-1 PLC's class B, C, and D notes. At
the same time, S&P has affirmed its rating on the class A notes.
The rating actions follow the repayment of the Bewag Berlin loan
at a loss on the April 2014 interest payment date (IPD). The
securitized loan had an outstanding balance of EUR111.1 million.
The issuer collected EUR77.4 million of recoveries and applied
them to the class A notes. On the April 2014 IPD, the issuer
applied a non-accruing interest (NAI) shortfall amount of EUR33.7
million to the class C and D notes. In accordance with the
transaction documents, the principal balance used for calculating
interest accrued on the class C and D notes will decrease by
EUR33.7 million. As such, the class C and D notes will not
receive full interest payment, in S&P's view.
The transaction is backed by two senior loans secured by two
German commercial properties. S&P has reviewed the remaining
loans' credit quality according to its criteria for rating
European commercial mortgage-backed securities (CMBS)
transactions.
THE BREMEN LOAN (52% OF THE POOL)
The loan is secured on a German shopping center and its
outstanding securitized balance is EUR42.2 million, according to
the April 2014 cash manager's report.
The loan entered special servicing following the borrower's
failure to repay the outstanding principal amount on the October
2010 maturity date. The loan is in standstill to facilitate the
property's disposal.
The property is valued at EUR40.4 million, as of October 2012.
This reflects a securitized loan-to-value (LTV) of 105%.
S&P has assumed that the securitized loan would experience losses
in its expected base-case scenario.
THE WALZMUHLE LOAN (48% OF THE POOL)
The loan is secured on a German property comprising a two-storey
multi-let shopping centre, an adjacent office complex, as well as
ancillary car parking facilities. Its outstanding securitized
balance is EUR39.1 million, according to the April 2014 cash
manager's report.
The loan entered special servicing following the borrower's
failure to repay the outstanding principal amount on the January
2013 maturity date. S&P understands that the special servicer is
working closely with the borrower regarding exit strategies to
maximize recoveries.
The property is valued at EUR45.6 million, as of February 2013.
This reflects a securitized LTV ratio of 86%.
S&P has assumed that the securitized loan would experience losses
in its expected base-case scenario.
RATING ACTIONS
S&P's ratings address the timely payment of interest and full
repayment of principal no later than the legal final maturity
date in April 2015.
Despite the class A notes' partial repayment, S&P continues to
consider the available credit enhancement for the class A notes
to be sufficient to mitigate the risk of losses from the
underlying loans in a 'B+' rating stress scenario. S&P has
therefore affirmed its 'B+ (sf)' rating on the class A notes.
The class B notes will likely experience principal losses, in
S&P's opinion. S&P has therefore lowered to 'CCC- (sf)' from 'B-
(sf)' its rating on this class of notes in accordance with its
criteria.
Given the NAI amount outstanding, the class C and D notes will
not receive full interest payment on the next IPD and will suffer
interest shortfalls, in S&P's view. Due to this almost certain
interest payment default, S&P has lowered to 'CC (sf)' from 'CCC
(sf)' and 'CCC- (sf)' its ratings on the class C and D notes,
respectively.
Taurus CMBS (Germany) 2006-1 is a 2006 vintage CMBS transaction
backed by two senior loans secured by two commercial properties
in Germany.
RATINGS LIST
Taurus CMBS (Germany) 2006-1 PLC
EUR571.25 Million Commercial Mortgage-Backed Floating-Rate Notes
Class Rating
To From
Rating Affirmed
A B+ (sf)
Ratings Lowered
B CCC- (sf) B- (sf)
C CC (sf) CCC (sf)
D CC (sf) CCC- (sf)
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G R E E C E
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NEWLEAD HOLDINGS: MGP Seeks 5.3 Million Add'l. Settlement Shares
----------------------------------------------------------------
MGP Partners Limited requested 5,300,000 additional settlement
shares pursuant to the terms of the Settlement Agreement approved
by the Supreme Court of New York. Following the issuances of the
amounts, the Company will have approximately 60,313,274 shares
outstanding, which outstanding amount includes recent share
issuances related to partial exercises of outstanding warrants
and partial conversions of outstanding preferred stock.
As previously reported, on Dec. 2, 2013, the Supreme Court
entered an order approving, among other things, the fairness of
the terms and conditions of an exchange pursuant to Section
3(a)(10) of the Securities Act of 1933, as amended, in accordance
with a stipulation of settlement among NewLead Holdings Ltd., a
corporation organized and existing under the laws of Bermuda,
Hanover Holdings I, LLC, a New York limited liability company,
and MG Partners Limited, a company with limited liability
organized and existing under the laws of Gibraltar, in the matter
entitled Hanover Holdings I, LLC v. NewLead Holdings Ltd., Case
No. 160776/2013. Hanover commenced the Action against the
Company on Nov. 19, 2013, to recover an aggregate of $44,822,523
of past-due indebtedness of the Company, which Hanover had
purchased from certain creditors of the Company pursuant to the
terms of separate purchase agreements between Hanover and each of
such creditors, plus fees and costs.
Pursuant to the terms of the Settlement Agreement approved by the
Order, on Dec. 2, 2013, the Company issued and delivered to MGP,
as Hanover's designee, 175,000 shares (adjusted to give effect to
a 1 for 10 reverse stock split effective March 6, 2014) of the
Company's common stock, $0.01 par value.
As previously reported, between Jan. 3, 2014, and April 25, 2014,
the Company issued and delivered to MGP an aggregate of
17,110,000 (adjusted to give effect to a 1 for 10 reverse stock
split effective March 6, 2014) Additional Settlement Shares
pursuant to the terms of the Settlement Agreement approved by the
Order.
A full-text copy of the Form 6-K is available for free at:
http://is.gd/74ckFe
About NewLead Holdings
Based in Athina, Greece, NewLead Holdings Ltd. --
http://www.newleadholdings.com/-- is an international,
vertically integrated shipping company that owns and manages
product tankers and dry bulk vessels. NewLead currently controls
22 vessels, including six double-hull product tankers and 16 dry
bulk vessels of which two are newbuildings. NewLead's common
shares are traded under the symbol "NEWL" on the NASDAQ Global
Select Market.
Newlead Holdings incurred a net loss of US$403.92 million on
US$8.92 million of operating revenues for the year ended Dec. 31,
2012, as compared with a net loss of US$290.39 million on
US$12.22 million of operating revenues for the year ended
Dec. 31, 2011. The Company incurred a net loss of US$86.34
million on US$17.43 million of operating revenues in 2010.
As of June 30, 2013, the Company had US$84.27 million in total
assets, US$166.18 million in total liabilities and a US$81.91
million total shareholders' deficit.
Going Concern Doubt
PricewaterhouseCoopers S.A., in Athens, Greece, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012. The independent auditors noted
that the Company has incurred a net loss, has negative cash flows
from operations, negative working capital, an accumulated deficit
and has defaulted under its credit facility agreements resulting
in all of its debt being reclassified to current liabilities, all
of which raise substantial doubt about its ability to continue as
a going concern.
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I R E L A N D
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CELF LOW LEVERED: Moody's Raises Ratings on 2 Note Classes to Ba2
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Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by CELF Low Levered
Partners plc.:
EUR26.5M Class B Senior Secured Deferrable Floating Rate Notes
due March 4, 2024, Upgraded to Aa3 (sf); previously on Sep 7,
2011 Upgraded to A1 (sf)
EUR22M Class D-2 Subordinated Notes due March 4, 2024, Upgraded
to Ba2 (sf); previously on Sep 7, 2011 Upgraded to Ba3 (sf)
EUR19M Class D-3 Subordinated Notes due March 4, 2024, Upgraded
to Ba2 (sf); previously on Sep 7, 2011 Upgraded to Ba3 (sf)
Moody's also affirmed the ratings of the following notes issued
by CELF Low Levered Partners plc.:
EUR70.5M (Current outstanding balance: EUR70.2M) Class A-1
Senior Secured Revolving Floating Rate Notes due March 4, 2024,
Affirmed Aaa (sf); previously on Sep 7, 2011 Upgraded to
Aaa (sf)
EUR86.5M (Current outstanding balance: EUR86.2M) Class A-2
Senior Secured Delayed Draw Floating Rate Notes due March 4,
2024, Affirmed Aaa (sf); previously on Sep 7, 2011 Upgraded to
Aaa (sf)
EUR86.5M (Current outstanding balance: EUR86.2M) Class A-3
Senior Secured Floating Rate Notes due March 4, 2024, Affirmed
Aaa (sf); previously on Sep 7, 2011 Upgraded to Aaa (sf)
EUR14M Class C Senior Secured Deferrable Floating Rate Notes due
March 4, 2024, Affirmed Baa1 (sf); previously on Sep 7, 2011
Upgraded to Baa1 (sf)
EUR30M (Current outstanding balance: EUR16.5M) Class D-1
Subordinated Notes due March 4, 2024, Affirmed Ba2 (sf);
previously on Sep 7, 2011 Upgraded to Ba2 (sf)
CELF Low Levered Partners plc., issued in January 2007, is a
single currency Collateralised Loan Obligation ("CLO") backed by
a portfolio of mostly high yield senior secured European loans.
The portfolio is managed by CELF Advisors LLP. This transaction
passed its reinvestment period in March 2014.
Ratings Rationale
The upgrade of the Class B notes is a result of the expiry of the
transaction's reinvestment period in March 2014 and the increase
in concentration of the senior secured loans in the underlying
collateral pool and the consequent improvement in weighted
average recovery rate ("WARR").
In consideration of the reinvestment restrictions applicable
during the amortization period, and therefore the limited ability
to effect significant changes to the current collateral pool,
Moody's analyzed the deal assuming a higher likelihood that the
collateral pool characteristics will continue to maintain a
positive buffer relative to certain covenant requirements. In
particular, the deal is assumed to benefit from a shorter
amortization profile and higher spread levels compared to the
levels assumed before the end of the reinvestment period in
March 2014. Moody's modeled a weighted average spread ("WAS") of
3.87% compared to the covenant level modeled prior to March 2014.
As of the trustee's March 2014 report, the portfolio's exposure
to senior secured loans was 93.94% compared with 89.31% as of the
March 2013 report.
The upgrade of the Class D-2 and D-3 notes is a result of the
increase in modelled WAS and decrease in their rated balances and
consequent increase in overcollateralization. The ratings of
Class D-1, Class D-2 and Class D-3 Notes address the repayment of
the Rated Balance on or before the legal final maturity. The
'Rated Balance' is equal at any time to the principal amount of
the Class D-1, Class D-2 and Class D-3 on the Issue Date minus
the aggregate of all payments made from the Issue Date to such
date, either through interest or principal payments. The Rated
Balance may not necessarily correspond to the outstanding
notional amount reported by the trustee.
The key model inputs Moody's uses, such as par, weighted average
rating factor, diversity score and the weighted average recovery
rate, are based on its published methodology and could differ
from the trustee's reported numbers. In its base case, Moody's
analyzed the underlying collateral pool as having a performing
par and principal proceeds balance of EUR316.8M, defaulted par of
EUR34.9M, a weighted average default probability of 21.45%
(consistent with a WARF of 2978), a weighted average recovery
rate upon default of 48.3% for a Aaa liability target rating, a
diversity score of 39 and a weighted average spread of 3.87%.
In its base case, Moody's addresses the exposure to obligors
domiciled in countries with local currency country risk bond
ceilings (LCCs) of A1 or lower. Given that the portfolio has
6.51% exposures to obligors in Spain, whose LCC is A1, and 5.23%
to Italy and Ireland, whose LLC is A2, Moody's ran the model with
different par amounts depending on the target rating of each
class of notes, in accordance with Section 4.2.11 and Appendix 14
of the methodology. The portfolio haircuts are a function of the
exposure to peripheral countries and the target ratings of the
rated notes and amount to 0.7% for the Class A-1, A-2, A-3 notes
and 0.44% for the Class B notes.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% of the 95.28% of the portfolio
exposed to first-lien senior secured corporate assets upon
default, 15% of the 4.07% remaining non-first-lien loan corporate
assets upon default and 15% of the 0.65% structured finance
assets upon default. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.
Factors that would lead to an upgrade or downgrade of the rating:
In addition to the base case analysis described above, Moody's
also performed sensitivity analysis on key parameters for the
rated notes, which includes deteriorating credit quality of
portfolio to address the refinancing risk.
Approximately 6.90% of the portfolio is European corporate rated
B3 and below and maturing between 2014 and 2015, which may create
challenges for issuers to refinance. Moody's considered a model
run where the base case WARF was increased to 3,101 by forcing
ratings on 50% of refinancing exposures to Ca. This run generated
model outputs that were up to one notch lower than the base case
results.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy 2) the concentration of lowly- rated debt
maturing between 2014 and 2015, which may create challenges for
issuers to refinance. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.
Additional uncertainty about performance is due to the following:
1) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.
2) Around 26.13% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates. As part of its base case, Moody's has stressed
large concentrations of single obligors bearing a credit estimate
as described in "Updated Approach to the Usage of Credit
3) Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
=========
I T A L Y
=========
BANCO DESIO: Fitch Affirms 'B+' Support Rating Floor
----------------------------------------------------
Fitch Ratings has placed Banco di Desio e della Brianza's (BDB)
Long-term Issuer Default Rating (IDR) of 'BBB+', Short-term IDR
of 'F2', and Viability Rating of 'bbb+' on Rating Watch Negative
(RWN).
The rating action follows BDB's announcement on April 1, 2014
that it plans to acquire Banca Popolare di Spoleto (BPSpoleto).
The transaction is subject to regulatory approval. BPSpoleto is a
small cooperative bank based in central Italy placed under a
special administration regime since Feb. 8, 2013.
KEY RATING DRIVERS - IDRs and VR
BDB's IDRs are driven by the bank's VR. The RWN on BDB's IDRs
and VR reflects the negative impact that the acquisition will
have on BDB's asset quality and, to a lower extent, on capital,
and the execution risks inherent in the transaction. It also
reflects the lack of track record of similar integrations at BDB,
which has always grown organically, and BPSpoleto's ultimate
ownership structure which will include minority interests (for
risks for Italian mid-sized banks of undertaking acquisitions of
small troubled banks see 'Fitch: Small Bank Rescues A Threat To
Italian Mid-Sized Banks'.
The acquisition of BPSpoleto will result in a moderate
deterioration of BDB's asset quality ratios and a weakening of
capital. As a result of the acquisition Fitch expects the
impaired loans ratio to increase, while coverage of impaired
loans would benefit from the comparatively higher cash coverage
at BPSpoleto. Capital should also weaken but BDB's strong
capitalization to date means that the bank will remain
comfortably above the regulatory minimum and in line with the
average of its immediate Italian peers.
Execution risks stem from the bank's lack of experience in
integrations and from expanding to a new geographical market.
Execution risks are, to some extent, mitigated by BDB and
BPSoleto sharing the same outsourced IT system, the lack of any
significant territorial overlap and the two banks serving a
broadly similar clientele of SMEs and households and running
similar business models.
BPSpoleto (end-2012: EUR3.8 billion assets and EUR173 million
equity), was placed under special administration as a result of
its rapidly deteriorating asset quality (with an impaired loans
ratio of 15% of gross loans at end-2012), reported net losses in
2012 and 2011 and corporate governance issues. Seventy-five per
cent of BPSpoleto's branch network is located in the region of
Umbria where the economy is less robust compared with BDB's core
market of Lombardy.
BDB's IDRs and VR continue to reflect the bank's more resilient
performance than peers, albeit results deteriorated materially in
2013, its prudent lending policies and a well-diversified loan
book both by borrower and by industry. The ratings also reflect
better than system-average asset quality ratios, a large and
stable customer deposit base, which historically has kept
wholesale funding low, and sound capitalization (the bank's Tier
1 and Total Capital Ratio at end-2013 were equal to 11.82% and
12.97%, respectively).
RATING SENSITIVITIES - IDRs and VR
Fitch expects to resolve the RWN once the acquisition is formally
complete, which is expected to take place in 2H14. The
acquisition of BPSpoleto will result in weaker asset quality and
capital but in the longer term, the acquisition could provide BDB
with more room for cost efficiencies than currently available and
ultimately support its revenue generation capacity. As a result,
Fitch believes that the ratings would only be downgraded by one
or two notches.
At the same time, and irrespective of the announced acquisition,
greater-than-expected asset quality deterioration, significant
reported losses or a weakening of BDB's funding and liquidity
position would put pressure on its ratings.
KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR
BDB's SR of '4' and SRF of 'B+' reflect BDB's mainly private
ownership structure and its fairly small size, making it unlikely
that the authorities would support the bank if need be. The
ability and propensity of BDB's private shareholders to provide
support, albeit possible, cannot be relied upon.
RATING SENSITIVITIES - SUPPORT RATING AND SUPPORT RATING FLOOR
The SR and SRF are sensitive to a weakening of sovereign support
propensity due to further progress being made in addressing any
remaining legislative and practical impediments to effective bank
resolution.
Fitch's base case is that sufficient progress is likely to have
been made for BDB's SR to be downgraded to '5' and for the SRF to
be revised downwards to 'No Floor' by the end of 2014 or in 1H15,
but the timing could change and will be influenced by Fitch's
continuing analysis of progress made on the bank resolution
regime.
BDB's SR and SRF are also sensitive to any change in Fitch's
assumption on the reduced ability of the sovereign to provide
support, for example following a sovereign downgrade which,
however, is unlikely at present.
The rating actions are as follows:
Long-term IDR: 'BBB+' placed on RWN
Short-term IDR: 'F2' placed on RWN
Viability Rating: 'bbb+' placed on RWN
Support Rating: affirmed at '4'
Support Rating Floor: affirmed at 'B+
LUCCHINI SPA: Jindal Brothers in Rival Talks to Save Steelmaker
---------------------------------------------------------------
Krishna N Das and Clara Denina at Reuters report that India's
billionaire brothers, Naveen and Sajjan Jindal, could be the
answer Pope Francis is looking for.
Their companies, Jindal Steel and Power and JSW Steel, are in
competing talks to buy parts of insolvent Italian steelmaker
Lucchini, sources with direct knowledge of the matter said,
Reuters relates.
Reuters says Pope Francis last month called for those in power to
use their "creativity" to resolve Lucchini's problems. Italy's
second-largest steelmaker has tried to sell itself for years but
has so far failed to attract investors, forcing it to
recently begin idling capacity and putting at risk up to 4,000
jobs.
With Italy still struggling to emerge from its longest postwar
recession and unemployment running at 13 percent, the highest
level since at least 1977, the shutdown of another piece of
industrial infrastructure would underline the deep problems
facing the euro zone's third-largest economy, according to
Reuters.
Reuters notes that for the Jindals, Lucchini would give them an
opportunity to accelerate an expansion of their operations
outside of India where steel demand growth has been soft.
And they might not even have to fork out a fraction of the
$5 billion that Forbes said the Jindal family is worth; heavy
liabilities and a need to protect jobs mean Lucchini could be
sold for just one euro, Reuters says citing Italian media
reports.
As reported in the Troubled Company Reporter-Europe on Jan. 2,
2013, Reuters said Lucchini, Italy's second largest producer,
has requested to be placed under receivership procedures to save
it from bankruptcy. The measure, which involve the appointment
of an administrator chosen by the government, aims at saving
large insolvent companies, according to Reuters.
TERIM SPA: Liquidator Puts 39.39% Stake Up for Sale
---------------------------------------------------
The liquidator, Dott. Antonio Cherchi, disclosed that the shares
held by TERIM S.p.A. and Finterim SRL as a whole, amounting to
39.39% of the total issued share capital of the French company
SIDEME SA, SOCIETE INDUSTRIELLE D'EQUIPEMENT MODERNE will be
offered for sale.
In order to receive a formal invitation to take part in the
auction of the shares, parties are advised to contact Dott.
Antonio Cherchi -- antonio.cherchi@studio-professionisti.it -- by
May 22, 2014.
If by registered letter, sender's contact details are advised to
be enclosed and sent to:
Dott. Antonio Cherchi
Studio Professionisti, L.go G.
Garibaldi 2, Modena, 41124, Italy
Sideme S.A.'s business address is:
71 Rueue Paul-Vaillant Couturier
92300 Levallois-Perret
France
Tel No: (+33)145-193073
===================
L U X E M B O U R G
===================
BRAAS MONIER: Fitch Assigns B+ Rating to EUR315MM Sr. Sec. Notes
----------------------------------------------------------------
Fitch Ratings has assigned Braas Monier Building Group S.A.'s
EUR315 million senior secured floating-rate notes and EUR250
million senior secured term loan (Term Loan B) final 'B+'
ratings. Fitch has also affirmed Braas Monier's IDR at 'B' with a
Stable Outlook. The final ratings are in line with the expected
ratings assigned on April 2, 2014, and follow the receipt of
final documents.
The ratings are supported by Braas Monier's leading market
positions in concrete and clay roofing systems and the group's
successful cost-cutting initiatives over the past years that will
sustainably improve operating leverage. Fitch forecasts that
funds from operations (FFO) adjusted leverage will remain around
5.0x over the next 12-18 months, based on moderate improvements
in some of Braas Monier's core Western European markets.
However, free cash flow (FCF) will be consumed by around EUR40
million one-off restructuring costs and EUR18m refinancing costs
in 2014, but Fitch expects positive FCF generation in a
normalized year.
KEY RATING DRIVERS
Leading Market Positions
Braas Monier is a leading pan-European roofing tiles and
components manufacturer. The group has a leading market share in
concrete roofing tiles in most markets it operates, with more
than a 50% share in some markets, and a secondary or tertiary
market share in clay roofing tiles. The group also has leading
positions in components and chimney and energy systems.
Earnings Improvement, Declining Volumes
Fitch-calculated EBITDA margin improved to 12.9% in 2013 from
10.0% a year earlier, driven by management's successful cost-
cutting measures. The group achieved this despite a 6.6% drop in
revenues driven by weak volumes from slow construction activity
in Braas Monier's core European markets and FX headwinds.
Recovering Markets
Fitch expects some recovery in construction activity in certain
key Western European end-markets, which together account for
nearly half of Braas Monier's revenues. In particular, trends in
the UK point towards strong growth and Germany and the Nordics
could grow at healthy rates. However, Fitch expects a continued
challenging environment for Braas Monier's French and Southern
European operations.
Volume Weakness Mitigated
Management has implemented a group-wide cost-savings program,
including the reduction of labour costs over the past two years.
This has notably reduced the group's cash break-even and improved
operating leverage. In addition, the group is managing working
capital down, which supports fundamental FCF generation, despite
the drop in profitability. It has also disposed of non-core and
partially loss-making businesses.
One-Offs Depress Cash Flow
Fitch expects FCF to be burdened by one-off cash costs in 2014,
including around EUR40m in cash costs from restructuring and
EUR18 million in refinancing costs. Fitch forecasts no further
restructuring cash costs and positive FCF thereafter and expects
the group's capacity for debt repayment to improve from 2015
onwards.
Deleveraging
Fitch expects modest improvements in leverage from higher
fundamental earnings generation, given the bullet maturity
profile of Braas Monier's debt. Fitch forecasts FFO adjusted
leverage to remain around 5.0x over the next 12-18 months.
RATING SENSITIVITIES
Positive: Future developments that could lead to positive rating
action include
-- FFO adjusted leverage remaining below 4.0x (FYE13: 5.4x)
-- Maintaining the ability to pass on price increases and EBITDA
margin in mid- to high teens (12.9% in 2013)
-- FCF positive through the cycle (-2.1% FCF margin in 2013)
Negative: Future developments that could lead to negative rating
action include
-- FFO adjusted leverage above 5.0x for 18-24 months
-- Negative free cash flow for 18-24 months
-- FFO fixed charge cover below 2.0x (2.4x in 2013)
LIQUIDITY
The group has around EUR100m in liquidity consisting of around
EUR25 million cash on balance sheet and around EUR75 million
available from its super-senior revolving credit facility. This
should be sufficient to cover cash needs in the next 12 months,
given that cash restructuring costs will mostly be paid off in
1H14 and seasonal working capital drains tend to occur in 1Q.
Full List of Rating Actions
Braas Monier Building Group S.A.
-- Long-term IDR: affirmed at 'B'; Outlook Stable
BMBG Bond Finance S.C.A.
-- EUR315m senior secured notes assigned at 'B+'/'RR3'
Monier Finance S.a r.l.
-- EUR250m senior secured term loan assigned at 'B+'/'RR3'
NIELSEN COMPANY (LUXEMBOURG): Fitch Affirms & Withdraws 'BB' IDR
----------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn its ratings on Nielsen
Holdings, N.V. (Nielsen); Nielsen Finance LLC and Nielsen Finance
Co. (collectively, Nielsen Finance); and The Nielsen Company
(Luxembourg) S.a.r.l.
Fitch has decided to discontinue the ratings which are
uncompensated.
Fitch has affirmed and withdrawn the following ratings:
Nielsen
-- Issuer Default Rating (IDR) at 'BB'.
Nielsen Finance
-- IDR at 'BB';
-- Senior secured bank facility at 'BB+';
-- Senior unsecured notes of 'BB'.
The Nielsen Company (Luxembourg) S.ar.l.
-- IDR at 'BB';
-- Senior unsecured notes at 'BB'.
The Rating Outlook was Positive.
=====================
N E T H E R L A N D S
=====================
CADOGAN SQUARE: S&P Affirms 'B' Rating on Class E Notes
-------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Cadogan Square CLO III B.V.'s class B, C, and D notes. At the
same time, S&P has affirmed its ratings on the class A and E
notes.
The rating actions follow S&P's review of the transaction's
performance, using data from the March 20, 2014 payment date
report, and the application of its relevant criteria.
Since S&P's previous review on May 18, 2012, the weighted-average
spread earned on the collateral pool has increased to 4.30% from
3.63%. The transaction's weighted-average life has increased to
4.70 years from 4.30 years, over the same period.
S&P has also observed that the proportion of assets that it
considers to be rated in the 'CCC' category ('CCC+', 'CCC', or
'CCC-') has decreased in both notional and percentage terms to
2.94% from 3.81%. Assets that S&P considers to be defaulted
(i.e., debt obligations of obligors rated 'CC', 'SD' [selective
default], or 'D') have increased in both notional and percentage
terms to 6.94% from 3.71%.
The par value tests comply with the required trigger under the
transaction documents for all classes of notes. This is mostly
unchanged from S&P's previous review, except for the class E
notes' par value test, which did not comply with the
transaction's minimum requirement at the time.
The available credit enhancement has increased for the class A to
D notes. S&P considers the increase to be a result of the class
A notes' partial amortization. Since S&P's previous review, the
class A notes' outstanding balance has decreased by EUR100.87
million, and is now 70.56% of its original balance. However,
since the class A notes' amortization is less than the reduction
in the aggregate collateral balance, the class E notes' credit
enhancement decreased.
In S&P's analysis, it considered the fact that Cadogan Square CLO
III is in its post-reinvestment period, which ended in January
2013.
S&P subjected the capital structure to our cash flow analysis, by
applying its 2009 corporate cash flow collateralized debt
obligation (CDO) criteria, to determine the break-even default
rate (BDR) at each rating level. S&P used the reported portfolio
balance that it considered to be performing, the principal cash
balance, the weighted-average spread, and the weighted-average
recovery rates that S&P considered to be appropriate.
S&P incorporated various cash flow stress scenarios, using
various default patterns, levels, and timings for each liability
rating category, in conjunction with different interest rate
stress scenarios. To help assess the collateral pool's credit
risk, S&P used CDO Evaluator 6.0.1 to generate scenario default
rates (SDRs) at each rating level. S&P then compared these SDRs
with their respective BDRs.
Taking into account S&P's observations outlined above, it
considers the available credit enhancement for the class C and D
notes to be commensurate with higher ratings. S&P has therefore
raised its ratings on the class C and D notes.
S&P's rating on the class E notes was constrained by the
application of the largest obligor test, a supplemental stress
test that S&P introduced in its 2009 corporate cash flow CDO
criteria. This test addresses event and model risk that might be
present in the transaction and assesses whether a CDO tranche has
sufficient credit enhancement (not including excess spread) to
withstand specified combinations of underlying asset defaults --
based on the ratings on the underlying assets, with a flat
recovery rate of 5%.
Although the results of S&P's cash flow analysis suggest higher
ratings for the class E notes the test results constrain S&P's
rating on this tranche. S&P has therefore affirmed its 'B (sf)'
rating on the class E notes.
"Based on our counterparty risk analysis, we have concluded that
the transaction documents for the derivative counterparties
(Credit Suisse International and JPMorgan Chase Bank N.A.) are
not in line with our current counterparty criteria. As such, we
have conducted our cash flow analysis assuming that the
transaction does not benefit from support from a derivative
counterparty. As a result, our cash flow analysis results
following the application of our nonsovereign ratings criteria
and the stresses that we apply to the transaction's non-euro-
denominated collateral show that the available credit enhancement
for the class A notes is commensurate with our currently assigned
'AA+ (sf)' rating and the available credit enhancement for the
class B notes is commensurate with a higher rating. We have
therefore affirmed our 'AA+ (sf)' rating on the class A notes,
and raised to 'AA (sf)' from 'A+ (sf)' our rating on the class B
notes," S&P said.
Cadogan Square CLO III is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms.
RATINGS LIST
Class Rating Rating
To From
Cadogan Square CLO III B.V.
EUR507 Million Senior Secured Floating-Rate Notes
Ratings Raised
B AA (sf) A+ (sf)
C A (sf) BBB+ (sf)
D BBB- (sf) BB+ (sf)
Ratings Affirmed
A AA+ (sf)
E B (sf)
MALIN CLO: S&P Lowers Rating on Class E Notes to 'CCC+'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Malin CLO B.V.'s variable funding notes (VFN), and class A-1a, A-
1b, B, C, and D notes. At the same time, S&P has lowered to
'CCC+ (sf)' from 'B- (sf)' its rating on the class E notes.
The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the trustee report dated Feb. 28,
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. 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 fully repay 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 incorporated various
cash flow stress scenarios using its standard default patterns,
levels, and timings for each rating category assumed for each
class of notes, combined with different interest stress scenarios
as outlined in S&P's criteria.
S&P's credit and cash flow analysis of the transaction highlights
that the scenario default rates (SDRs) at all rating levels have
significantly improved since S&P's previous analysis in April
2012. The SDR is the minimum level of portfolio defaults that
S&P expects each CDO tranche to be able to support the specific
rating level using CDO Evaluator.
For example, S&P's credit analysis shows that the 'AAA' SDR has
fallen by 8.41% since its last review, to 61.97% from 70.38%. In
S&P's view, the improving SDRs result from the underlying
portfolio's improved overall credit quality since its previous
review. S&P's analysis indicates that the underlying assets in
the 'BBB' rating category comprise 2.59% of the portfolio's
performing balance (equivalent to EUR11.34 million). There were
no 'BBB' rated assets in the portfolio in S&P's last review.
Similarly, assets in the 'BB' rating category have more than
doubled since S&P's previous review, to EUR58.374 million from
EUR26.074 million. While the transaction has experienced more
losses through defaults over the same period, 'CCC' rated assets
have more than halved, which in S&P's view, has also led to
improved SDRs at all rating levels.
At closing, Malin CLO entered into derivative obligations with
Goldman Sachs International in order to mitigate against losses
from devaluation in currencies the transaction may become exposed
to. In S&P's view, it do not believe that the documentation for
these derivatives fully reflects a form of its counterparty
criteria. As a result, S&P conducted its cash flow analysis
assuming that the transaction does not benefit from support from
the derivatives at rating levels above that of the swap
counterparty ('A').
By comparing S&P's current BDR and SDR results for each
respective rating level, it has concluded that it could raise its
ratings on all classes of notes. S&P has therefore raised its
ratings on the VFN, and class A-1a, A-1b, B, C, and D notes.
Under S&P's cash flow analysis, the class E note BDRs pass their
SDRs at a 'B+' rating level. However, the application of the
largest obligor default test constrains S&P's rating on these
classes of notes. S&P has therefore lowered to 'CCC+ (sf)' from
'B- (sf)' its rating on this class of notes. This test measures
the risk of several of the largest obligors within the portfolio
defaulting simultaneously. S&P introduced this supplemental
stress test in its 2009 criteria update for corporate
collateralized debt obligations (CDOs).
Malin CLO is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily speculative-grade
corporate firms. The transaction closed in May 2014. The
transaction's reinvestment period will end in May 2014.
RATINGS LIST
Class Rating
To From
Malin CLO B.V.
EUR500 Million Secured Floating-Rate Notes
Ratings Raised
VFN AA+ (sf) AA- (sf)
A-1a AAA (sf) AA+ (sf)
A-1b AA+ (sf) AA- (sf)
B AA (sf) A (sf)
C A (sf) BBB (sf)
D BB+ (sf) BB- (sf)
Rating Lowered
E CCC+ (sf) B- (sf)
QUEEN STREET: Moody's Affirms Ba3 Rating on EUR18MM Class E Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Queen Street CLO II B.V.:
Issuer: Queen Street CLO II B.V.
EUR34.875M Class B Senior Secured Floating Rate Notes due 2024,
Upgraded to Aaa (sf); previously on May 22, 2013 Upgraded to
Aa2 (sf)
EUR38.25M Class C Senior Secured Deferrable Floating Rate Notes
due 2024, Upgraded to A2 (sf); previously on May 22, 2013
Upgraded to A3 (sf)
EUR16.875M Class D Senior Secured Deferrable Floating Rate
Notes due 2024, Upgraded to Baa3 (sf); previously on May 22,
2013 Affirmed Ba1 (sf)
Moody's Investors Service has affirmed the ratings on the
following notes:
EUR239.4M Class A1 Senior Secured Floating Rate Notes due 2024,
Affirmed Aaa (sf); previously on May 22, 2013 Affirmed Aaa (sf)
EUR59.85M Class A2 Senior Secured Floating Rate Notes due 2024,
Affirmed Aaa (sf); previously on May 22, 2013 Upgraded to Aaa
(sf)
EUR18M Class E Senior Secured Deferrable Floating Rate Notes
due 2024, Affirmed Ba3 (sf); previously on May 22, 2013
Affirmed Ba3 (sf)
Queen Street CLO II B.V., issued in June 2007, is a
collateralized loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Ares Management Limited. The transaction's
reinvestment period ended in August 2013.
Ratings Rationale
The actions on the notes are primarily a result of deleveraging
of the senior notes and subsequent improvement of over-
collateralization ratios.
Over the last year, the Class A1 notes have paid down by
approximately EUR52.4 million (21.9% of closing balance) and
EUR53.1 million (22.2%) since closing. As a result of the
deleveraging, over-collateralization has increased. As of the
trustee's March 2014 report, the Class B had an over-
collateralization ratio of 132.5%, compared with 129.1% as of the
last rating action in May 2013 based on the trustee report as of
April 2013, and the Class C had an over-collateralization ratio
of 116.6%, compared with 115.8% as of the last rating action in
May 2013 based on the trustee report as of April 2013.
In consideration of the reinvestment restrictions applicable
during the amortization period, and therefore the limited ability
to effect significant changes to the current collateral pool,
Moody's analyzed the deal assuming a higher likelihood that the
collateral pool characteristics will continue to maintain a
positive buffer relative to certain covenant requirements. In
particular, the deal is assumed to benefit from a shorter
amortization profile and higher spread levels compared to the
levels assumed before the end of the reinvestment period in
August 2013.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR352.8
million, defaulted par of EUR16.2 million, a weighted average
default probability of 19.7% over 4.7 year horizon (consistent
with a 10 year WARF of 2,657), a weighted average recovery rate
upon default of 46.92% for a Aaa liability target rating, a
diversity score of 36 and a weighted average spread of 3.73%.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that a recovery of 50% of the 91.5% of the
portfolio exposed to first-lien senior secured corporate assets
upon default, of 15% of the remaining non-first-lien loan
corporate assets upon default and 12.9% for the structured
finance assets. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analyzing.
Factors that would lead to an upgrade or downgrade of the rating:
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy given that the portfolio has a 6.5% exposure to
obligors located in Spain, Italy and Ireland and 2) the exposure
to lowly- rated debt maturing between 2014 and 2015, which may
create challenges for issuers to refinance. CLO notes'
performance may also be impacted either positively or negatively
by 1) the manager's investment strategy and behaviour and 2)
divergence in the legal interpretation of CDO documentation by
different transactional parties due to because of embedded
ambiguities.
Additional uncertainty about performance is due to the following:
1) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.
2) Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analysed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
===============
P O R T U G A L
===============
PORTUGAL: To Follow Ireland in Exit From Rescue Program
-------------------------------------------------------
Joao Lima and Anabela Reis at Bloomberg News report that Portugal
will follow Ireland in leaving its rescue program without seeking
a precautionary credit line, the third nation to exit its bailout
as the euro region rebounds from a four-year crisis.
The decision, announced in Lisbon late on Sunday, follows
Portugal's first bond auction last month since requesting the
EUR78 billion (US$108 billion) rescue from the European Union and
the International Monetary Fund in 2011, Bloomberg relates. The
program is scheduled to end on May 17, Bloomberg discloses.
Portugal will be the third in line to leave its rescue program
after Ireland became the first to do so in December, followed in
January by Spain's exit from its bank bailout, Bloomberg notes.
Portugal, with gross debt of EUR214 billion, will remain under
scrutiny even without a precautionary program, Bloomberg states.
The government still has to trim spending in 2014 to meet a
target for a budget deficit of 4 percent of gross domestic
product, Bloomberg says.
European Commission Vice President Siim Kallas said in an
e-mailed statement that the commission will support Portugal in
its decision on exiting the bailout, Bloomberg relays.
=============
R O M A N I A
=============
HIDROELECTRICA SA: Plans More Than EUR85-Mil. Investment
-------------------------------------------------------
Balkans.com reports that Hidroelectrica S.A., while still
insolvent, planned investments of RON377 million (EUR85 million)
for 2014, meant especially for updating technology and
"historical" products.
The company will finance its own investments, and the difference
will be covered with bank loans, Balkans.com relates citing a
report from Euro Insol, the power producer's administrator. In
total, RON132 million will be spent on technology and
RON146 million on historical works.
Gabriel Dumitrascu, head of Privatization in the Energy
Department and special Hidroelectrica administrator, said in
February that the energy producer will have to spend RON700
million for hydrotechnical works that could produce only a
minucusule amount of energy, after previously investing RON800
million in the same direction, Balkans.com recounts.
Balkans.com relates that Razvan Nicolescu, delegate minister for
Energy, said last month that he hopes Hidroelectrica will exit
insolvency by the end of the year, while Grzergorz Koczniekczy
said that the Hidroelectrica listing will probably be postponed
until 2015.
Hidroelectrica S.A. is a state-run hydropower producer.
Hidroelectrica entered the insolvency process on June 20, 2012,
in order to be re-organized. Euro INSOL was appointed the
judicial administrator. On March 31, 2013, Hidroelectrica had
some 4,900 employees, down from over 5,200 recorded when the
company entered the insolvency process. Hidroelectrica managed
to exit insolvency in June 2013.
The company re-entered insolvency in March this year after
several energy traders have won the appeal at the Bucharest
Appeal Court against the decision of former trustee company of
not recognizing their receivables worth RON1.3 billion, the
Troubled Company Reporter-Europe, citing The Diplomat, reported
on March 5, 2014.
===========================
U N I T E D K I N G D O M
===========================
AA BOND CO: S&P Affirms 'BB' Rating on Class B Notes
----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB- (sf)'
credit rating to AA Bond Co. Ltd.'s fixed-rate secured class A4
notes. S&P has also affirmed its credit ratings on AA Bond Co.'s
existing class A and B notes.
The transaction is a corporate securitization of the operating
business of the Automobile Association group (the AA group). The
AA group operates a roadside assistance service in the U.K. and
Ireland, and also provides complementary services such as
insurance, driving services, and home emergency response.
Breakdown services are provided either through a membership model
or as part of a business service agreement, whereby the services
are provided to the underlying customer base of the AA group's
corporate clients. Business customers typically include fleet
operators and motor manufacturers. The AA group is also a large
U.K. personal lines insurance broker, particularly for motor and
home insurance.
AA Bond Co. will onlend the proceeds from the issuance of the
class A4 notes to the borrower, AA Senior Co. Ltd. (the AA), via
an issuer-borrower secured loan. The proceeds of the class A4
notes will be used to redeem a portion of the borrower's floating
bank debt that has been outstanding since the transaction closed
in July 2013. This means that the issuance of the new class of
debt will have no impact on the transaction's leverage.
The AA's payment of interest and repayment of principal under the
issuer-borrower secured loan provides AA Bond Co. with its
primary source of funds to make interest and principal payments
when due on the class A4 notes.
The new class A4 notes will rank pari passu with the existing
class A1, A2, and A3 notes, and any outstanding senior bank debt.
Similar to the other classes of notes, the A4 notes feature a
bullet maturity in 2043 and benefit from a cash flow-trapping
mechanism that diverts residual cash flows toward the pro rata
prepayment of the notes if they are outstanding after their
expected maturity date. The expected maturity date of the class
A4 notes falls in July 2019.
No termination will occur under the current swap portfolio
following the redemption of a portion of the floating-rate bank
debt entered into at closing. In fact, part of the interest-rate
swap that previously hedged the prepaid portion of debt against
interest-rate fluctuations has been overlaid to avoid termination
and the payment of termination costs. The terms and conditions
of the overlay swap result in an increased swap cost for the
remaining bank debt, although this is more than offset by the
lower cost of funds as a result of the issuance of the new A4
notes.
In addition, the AA's residual senior bank debt and working
capital facility are being refinanced with new five-year
facilities on more favorable interest-rate terms for the
borrower. In S&P's view, the reduction in interest rates as a
result of the refinancing of the senior bank and working capital
facilities is positive for the transaction.
However, the new senior bank facility features revised terms,
including a change to the mandatory cash sweep prior to its
maturity, which S&P deems to be credit-negative. Under the new
facility, 25% of the AA's excess cash flow will be used to pay
down the senior bank debt in the first two years of its life.
This compares with 50% each year under the previous senior bank
facility. The resulting reduction in the rate of mandatory
repayment in the early years of the facility's life leads to the
senior debt being repaid later in S&P's cash flow scenarios,
effectively offsetting the reduced cost of the new bank
facilities. S&P has separately assessed and validated that the
bank debt refinancing would not affect the rating on all classes
of notes.
The existing noteholders, as well as the creditors acceding to
the transaction's common terms agreement, benefit from first-
ranking security rights over the AA group's cash flow-generating
assets, even if the borrower becomes insolvent. It is notable
that since the issuance of the A3 notes in November 2013, the AA
and the U.K. pension scheme trustee have executed an asset-backed
funding (ABF) arrangement on substantially the same terms as
those contemplated when the transaction initially closed.
As part of the ABF, one of the obligors under the corporate
securitization granted a first-ranking charge over the AA's
brands in favor of the U.K. pension scheme's trustee, but with
restrictions on enforcement provisions. The corporate
securitization noteholders and lenders retain second-ranking
security rights over the brands, although we understand that
given the conditions on enforcement for secured creditors, this
will result in no material difference to the secured position of
the corporate securitization noteholders, and therefore no
material difference to S&P's credit analysis.
Consistent with S&P's criteria "Methodology For Rating And
Surveilling European Corporate Securitizations," published
Jan. 23, 2008, on RatingsDirect, S&P's analysis looks beyond the
AA's and its operating subsidiaries' insolvency, and is based on
a long-term cash flow analysis where we project their business
performance under scenarios corresponding to specific rating
levels.
The cash flows we project under each rating scenario in S&P's
analysis are predicated on its view of the AA's and its operating
subsidiaries' business risk profile, and is guided by the
parameters defined in S&P's criteria article titled "General
Criteria: Understanding Standard & Poor's Ratings Definitions,"
published on June 3, 2009. S&P subsequently applies the
projected cash flows available for debt service at each rating
level in line with the priority of payments.
S&P's cash flow analysis focuses on a scenario where a
refinancing does not take place on the expected maturity date of
each class of notes. As such, the entire cash flow generated by
the securitization is used to repay the loans and notes in the
capital structure, rather than for purposes benefitting the
equity holders. This is due to certain structural features such
as mandatory cash sweeps and lock-up triggers.
"We continue to view the AA group and its operating subsidiaries'
business risk profile as "satisfactory." Although we note that
management has publicly stated that there is now a reduced level
of reliance on a material obligor incorporated outside the U.K.
than at closing, we continue to reflect this complexity in our
rating analysis. This, combined with the level of stress that we
consider to be commensurate with 'BBB-' and 'BB' rating scenarios
under the abovementioned criteria, continues to require the class
A and B notes to withstand a cumulative loss of cash flow
available for debt service of about 15%-30% over a 25-year
period. We have compared this with a "flat" case, that is, one
that forecasts the AA's current operations, taking into account
the nature of the business and our views on the automobile
industry," S&P said.
"Our modeling validates that, in 'BBB-' and 'BB' rating
scenarios, the cash flow generated by the securitized business
would be sufficient to meet the interest and principal
obligations on the class A and B notes. Consequently, we have
assigned a 'BBB- (sf)' rating to the class A4 notes and affirmed
our ratings on the class A and B notes," S&P added.
RATINGS LIST
Class Rating Amount
(Mil. GBP)
AA Bond Co. Ltd.
British Pound Sterling-Denominated Fixed-Rate Secured Notes
New Ratings
A4 BBB- (sf) 250
Ratings Affirmed
A1 BBB- (sf) 475
A2 BBB- (sf) 500
A3 BBB- (sf) 500
B BB (sf) 655
CO-OPERATIVE BANK: Parent May Cut Stake Amid Fundraising Plan
-------------------------------------------------------------
The Express reports that the Co-operative Group is poised to sell
more of its troubled bank this week as it unveils expected plans
for a GBP400 million fundraising from investors.
The Co-op Group's stake could fall to about a fifth from 30% as
it sells share options to avoid injecting more cash, The Express
says.
The group has admitted it will have to go to lenders if it wants
to put in another GBP12 million needed to keep the stake at 30%,
The Express discloses.
It is believed to be a better option than selling all its rights
and would avoid the possibility of the stake falling below 20%
which would remove any effective control over the bank, The
Express notes.
Co-op Bank -- part of the mutually owned food-to-funerals
conglomerate Co-operative Group -- traces its history back to
1872. The bank gained prominence for specializing in ethical
investment. It refuses to lend to companies that test their
products on animals, and its headquarters in Manchester is
powered by rapeseed oil grown on Co-operative Group farms.
Founded in 1863, the Co-op Group has more than six million
members, employs more than 100,000 people, and has turnover of
more than GBP13 billion.
* * *
The Troubled Company Reporter-Europe on Nov. 14 and 18, 2013 has
reported that Moody's Investors Service has affirmed The
Co-operative Bank's Caa1 senior unsecured debt and deposit
ratings, and changed the outlook on the rating to negative from
developing, and Fitch Ratings has downgraded the company's Issuer
Default Rating to 'B' from 'BB-' and placed it on Rating Watch
Negative.
DAVENPORT LYONS: In Administration, Gordon Dadds Buys Firm
----------------------------------------------------------
Bridging & Commercial Distributor reports that an influential
conveyancing firm, Davenport Lyons, has fallen into
administration after its chief executive dismissed rumors.
Davenport Lyons, best known as acting as the legal advisor for
Private Eye, is now being acquired by Mayfair-based Gordon Dadds,
according to Bridging & Commercial Distributor.
The report relates that Dadds confirmed that it has taken on the
client database, the majority of assets, and secured nearly all
of the partners.
The news comes weeks after Davenport's Chief Executive Richard
Williams insisted that the firm was not on the verge of
administration, the report notes.
The report discloses that Mr. Williams told The Lawyer last
month: "The only reason we'd go into administration is if it was
planned as part of a deal with a much larger firm."
"There is no creditor, lender or landlord putting pressure on
us," Mr. Williams said, the report relates.
The terms of the sale will involve the move of around 80 staff
and 30 partners, which were agreed with joint administrator Baker
Tilley, the report notes.
Earlier, a spokesman from Davenport Lyons said: "Gordon Dadds has
entered into arrangements with the majority of the partners of
Davenport Lyons to enable them to continue to care for their
existing clients and a number of Davenport Lyons staff will also
be joining Gordon Dadds," the report relays.
It was also confirmed that work in progress and client files have
been transferred to Gordon Dadds, who will additionally be
collecting debtor balances on behalf of the administrator, the
report notes.
Davenport has struggled with growth in the last two years, where
its revenues fell by 11 per cent from GBP24.5 million to GBP21.9
million in 2012/13, the report discloses.
Average profit per equity partner at Davenport Lyons slipped by
12.5 per cent to GBP197,000 last year, a 20 per cent drop since
2011, while the firm closed its film and TV group in November,
the report notes.
Earlier this year, the report recalls that the legal advisor
engaged in merger talks, though HowardKennedyFsi dismissed offers
from the firm.
Weeks after this, a deal with Shakespeares Solicitors broke down
due to financial difficulties, the report adds.
FIRST QUENCH: Creditors Must Submit Claims by May 29
----------------------------------------------------
John Milsom, joint administrator of First Quench Retailing
Limited, on April 22 disclosed that pursuant to Rule 2.95 of the
Insolvency Rules 1986 (as amended), he intends to make a second
and final distribution to the unsecured creditors of the Company
within two months from May 29, 2014.
Creditors, who have not already done so, must send details in
writing, of any claim against the Company to the Joint
Administrators at KPMG LLP, 8 Salisbury Square, London EC4Y 8BB
(marked for the attention of James Rivers) by May 29, 2014 or
they will be excluded from the benefit of any distribution made
before such particulars are received.
FORDGATE COMMERCIAL: S&P Lowers Ratings on 2 Note Classes to B-
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B- (sf)' its
credit ratings on Fordgate Commercial Securitisation No. 1 PLC's
class A and B notes.
The rating actions follow S&P's review of the credit quality of
the Fox loan under its European commercial mortgage-backed
securities (CMBS) criteria following the updated valuation of the
properties backing the loan.
THE FOX LOAN
The loan was initially secured by 22 properties, one of which has
been sold. The properties are located in eight English regions
and Scotland, with the largest concentration by value being in
Scotland (five properties accounting for 54.63% of the current
portfolio market value). This is followed by London (one
property and 13.88% of market value), Yorkshire and Humberside
(five properties and 13.28% of market value), and the northwest
(two properties and 8.42% of value).
The loan is secured against industrial, leisure, office, retail,
and motor showroom use properties. Offices comprise the largest
part of the portfolio, with 11 properties accounting for
approximately 78.8% of the portfolio value. Six motor showroom
properties account for 8.5% of the portfolio value.
The borrower failed to repay the loan on the Oct. 21, 2013
maturity date. Subsequently, the loan entered special servicing.
The special servicer granted a standstill to the borrower to
allow for discussions between the special servicer, borrower, and
lenders. The standstill agreement expired on April 8, 2014 and
the special servicer has since accelerated the loan and appointed
fixed charge receivers.
After the loan entered special servicing, the special servicer
obtained an updated portfolio valuation of the properties
securing the loan. This indicated a market value of
GBP248,470,000 as of November 2013, and reflects a 48% market
value decline from the previous portfolio valuation of
GBP478,900,000 in September 2006.
The November 2013 market valuation compares with an outstanding
securitized balance of GBP258,387,552, indicating a securitized
loan-to-value (LTV) ratio of 104%.
The updated valuation may constrain the recovery levels that the
special servicer could obtain from the underlying assets, in
S&P's view. Therefore, S&P anticipates that the securitized loan
will incur principal losses in its expected-case scenario.
RATING ACTIONS
S&P's ratings on Fordgate Commercial Securitisation No. 1's notes
address the timely payment of interest and repayment of principal
no later than the October 2016 legal final maturity date.
Following the updated valuation for the Fox loan, the
creditworthiness of the class A and B notes has deteriorated, in
S&P's view. The class A and B notes are now exposed to principal
losses from the underlying loan in S&P's expected-case scenario.
S&P has therefore lowered to 'B- (sf)' from 'BB+ (sf)' and 'B+
(sf)' its ratings on the class A and B notes, respectively.
Fordgate Commercial Securitisation No. 1 is a secured single-loan
U.K. CMBS transaction secured by 21 commercial properties. The
loan matured in October 2013 and the legal final maturity for the
notes is in October 2016.
RATINGS LIST
Fordgate Commercial Securitization No. 1 PLC
GBP264.302 Million Commercial Mortgage-Backed Floating-Rate Notes
Class Rating
To From
Ratings Lowered
A B- (sf) BB+ (sf)
B B- (sf) B+ (sf)
JOHN CHEATLE: In Administration, 80 Jobs Saved
----------------------------------------------
Leicester Mercury reports that about 80 jobs have been saved
after John Cheatle, a firm in the school uniform business, went
into administration.
The Leicester-based company hit financial difficulties after its
bank decided to pull its lending, according to Leicester Mercury.
The report notes that administrators were called in to run the
business and, although some schools have suffered a shortage of
stock, all the shops continue to trade.
John Cheatle's former management now launched a company called
Newplan Solutions, taking control of 12 branches and 15 in-school
shops, the report relates. They include the stores in
Humberstone Gate, Leicester and London Road, Oadby.
Newplan Solutions, led by Martin Heatlie and Ian Guyler, will
operate out of John Cheatle's offices in Charles Street,
Leicester.
It comes after another city business, Artisan Press, announced it
was consulting staff on 75 planned redundancies, the report
notes.
Newplan Managing Director Martin Heatlie said problems started at
John Cheatle when the company's bank decided to stop lending
money to it last autumn, the report relates.
The new company has been launched with backing from Leeds-based
business financiers, Reward Capital, the report notes.
The administrators said the remaining branches will continue to
operate for now, the report relates
Joint administrator Nigel Morrison said: "The balance of stores
will continue to trade during the administration for a period of
time. The majority of staff will be retained during the trading
period, likely to be four to five months," the report adds.
Leicester-based John Cheatle is a school uniform business. It
has about 34 stores and 46 in-school shops across the UK.
The company employs about 200 people around the UK.
KCA DEUTAG: Moody's Assigns '(P)B3' Rating to US$375MM Notes
------------------------------------------------------------
Moody's Investors Service has assigned a (P)B3 rating to KCA
Deutag UK Finance plc's envisaged USD375 million senior secured
notes due 2021; the recently launched senior secured term loan
and revolving credit facility rated at KCA Deutag Alpha Ltd (KCA
Deutag), remain unchanged at (P)B3 and other rated debt,
including the existing senior secured notes due 2018 issued by
Globe Luxembourg SCA, also remains unchanged at B3.
KCA Deutag's corporate family rating (CFR) of B3 and probability
of default rating (PDR) of B3-PD remain unchanged and the outlook
remains positive.
Moody's issues provisional ratings in advance of the final sale
of securities. Upon closing of the transaction and a conclusive
review of the final documentation, Moody's will endeavor to
assign definitive ratings. A definitive rating may differ from a
provisional rating.
Ratings Rationale
Moody's rating rationale for the existing ratings was set out in
a press release on April 28, 2014.
The envisaged USD notes rank pari passu with other existing and
recently launched rated debt, save that certain companies forming
part of the non-core MODU division are additionally guarantors of
the existing senior secured notes due 2018 issued by Globe
Luxembourg SCA, but not the other rated debt. Moody's does not
consider these additional guarantees to be material in the
context of the company's total EBITDA and assets.
The company is expected to use the net proceeds from the
envisaged USD senior notes, together with proceeds from the new
senior secured bank debt, to repay the existing senior secured
term loans and working capital facilities, as well as to pay fees
and expenses.
The principal methodology used in this rating was the Global
Oilfield Services Rating Methodology published in December 2009.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
Registered in England & Wales, UK, KCA Deutag Alpha Limited is a
holding company for KCA Deutag, a provider of onshore and
offshore drilling services as well as engineering services to
both IOCs and NOCs in international markets. Its ultimate owner
is a consortium led by Pamplona Capital Management. In FY2013,
KCA Deutag Alpha Limited reported consolidated revenues of around
USD2.1 billion.
MOTHERCARE PLC: In Talks with Lenders to Renegotiate Covenants
--------------------------------------------------------------
Harriet Dennys at The Daily Telegraph reports that Mothercare has
spooked investors by going cap in hand to the banks for the
second time in seven months.
After Barclays and HSBC agreed a GBP90 million refinancing last
September, the retailer has called in PricewaterhouseCoopers to
help persuade its lenders to renegotiate its future banking
covenants, The Daily Telegraph relates.
The Daily Telegraph understands the covenants are being
renegotiated to give the company flexibility to invest in new
store openings planned for next year
But the evidence of Mothercare's financial strain will concern
shareholders, following the recent exit of Simon Calver as chief
executive after January's profit warning sent shares plunging
30%, The Daily Telegraph notes.
Mothercare, The Daily Telegraph says, aims to close a further 20
loss-making shops by next spring, under plans to reduce its 220
sites in Britain to a "lean" 200.
Mothercare plc is a British retailer which specializes in
products for expectant mothers and in general merchandise for
children up to 8 years old.
RANGERS FC: May Go Into Administration for 2nd Time in Two Years
----------------------------------------------------------------
Soccerly reports that fallen Scottish giants Rangers Football
Club PLC are still in a precarious financial position and in
danger of entering administration for a second time, major
shareholder Sandy Easdale revealed.
Chief Executive Graham Wallace is due to release the findings of
his review into the League One champions' books. However,
Soccerly relates that Mr. Easdale, chairman of the club's
football board, jumped the gun to admit the picture was not
bright and admitted he was not sure if the club would enter
administration again.
The report notes that Mr. Easdale told the BBC: "At the end of
the day, the club is at a crossroads at the moment and a fragile
position . . . . It can either go forward with a strategic view,
with a long-term view, steady as she goes, or be pulled apart in
other directions," the report quoted Mr. Eastdale as saying.
The report notes that Rangers FC made a GBP3.5 million (US$5.8
million) loss for the six months up to December and when asked if
a supporter season-ticket boycott, encouraged by former director
Dave King, could place the club at risk of another
administration, Mr. Easdale said: "That's a difficult question.
"And it's a question that I don't want to answer or be in a
position that this board would be forced into that situation. I
would say that in 140 years, the club's gone into administration
once; I don't think it would survive a second one," Mr. Easdale
said, the report relates.
"So, I would ask every loyal Rangers fan, and I pick my words
correctly in saying loyal Rangers fan, supports the club at this
time and gives it a chance. We don't want to go back to the dark
days of administration. Everything's a possibility and at the
moment we've got to look on a positive as a board, taking it
forward," Mr. Easdale said, the report discloses.
However, Rangers boss Ally McCoist insists he is not panicking
yet, the report relays.
"I wouldn't say I'm worried," said the manager. "We will react
to what we are told we can and cannot do. But worries are
something that have been with us in one shape or another for the
last couple of seasons. We will just have to wait and see what
happens and react to it accordingly," Mr. McCoist said, the
report notes.
Responding to Mr. Easdale's comments, the Union of Fans released
a statement saying: "The financial position of the club is not
down to lack of support or loyalty from any of our fans, it is
down to two years of mismanagement and the squandering of huge
sums of money, which Mr. Easdale has been a part of for the past
seven months," the report adds.
About Rangers Football Club
Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club. The Company has launched its own
Internet television station, RANGERSTV.tv. The station combines
the use of Internet television programming alongside traditional
Web-based services. Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary. The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action. Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.
SAIL INVESTOR: Liquidators Call on Creditors to Submit Claims
-------------------------------------------------------------
Malcolm Cohen and Antony David Nygate, Licensed Insolvency
Practitioners of BDO LLP, were appointed Joint Liquidators of
Sail Investor (UK) Limited on December 19, 2008. All debts and
claims should be sent to Mr. Cohen at:
BDO LLP
55 Baker Street
London W1U 7EU
United Kingdom
All creditors who have not already done so are invited to prove
their debts in writing to Mr. Cohen. No further public
advertisement of invitation to prove debts will be given.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
OBTEC OBTEC DC -17139908.33 134988548.1
OBTEC OBT DC -17139908.33 134988548.1
OBTEC-NEW SHARES OBTECN DC -17139908.33 134988548.1
OBTEC-OLD OBTN DC -17139908.33 134988548.1
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
ROSKILDE BANK ROSK DC -532868894.9 7876688188
ROSKILDE BANK RSKC IX -532868894.9 7876688188
ROSKILDE BANK ROSK EO -532868894.9 7876688188
ROSKILDE BANK RKI GR -532868894.9 7876688188
ROSKILDE BANK ROSKF US -532868894.9 7876688188
ROSKILDE BANK ROSBF US -532868894.9 7876688188
ROSKILDE BANK ROSK EU -532868894.9 7876688188
ROSKILDE BANK ROSK PZ -532868894.9 7876688188
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876688188
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876688188
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876688188
SCANDINAVIAN BRA SBS1 EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 BY -17139908.33 134988548.1
SCANDINAVIAN BRA SBSD PZ -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS DC -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
SCANDINAVIAN BRA SBSC IX -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 EU -17139908.33 134988548.1
SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.29 330011633.6
ADP INGENIERIE S 4519911Z FP -9312265.78 111844575.6
AIR COMMAND SYST 4470055Z FP -24012413.92 236706831.5
AKERYS SERVICES 4685937Z FP -22410493.42 137981683.2
ALCATEL-LUCENT E 3642975Z FP -33252970.32 441703998.1
ALCATEL-LUCENT F 3647063Z FP -794569718.3 4984960531
AL-KHATTIYA LEAS 4783713Z FP -13423803.21 109623566.3
ALUMINIUM PECHIN 3650903Z FP -469114028.7 1322244624
ATOS ORIGIN INTE 4519607Z FP -15552541.61 353365367
AUTOMOBILES CITR 3648863Z FP -298695778.9 1879542934
AUTOROUTES PARIS ARR1 BQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EO -251756893.2 10625026266
AUTOROUTES PARIS RK9 TH -251756893.2 10625026266
AUTOROUTES PARIS ARR EU -251756893.2 10625026266
AUTOROUTES PARIS ARR FP -251756893.2 10625026266
AUTOROUTES PARIS ARRGBX EU -251756893.2 10625026266
AUTOROUTES PARIS ARR IX -251756893.2 10625026266
AUTOROUTES PARIS ARR S1 -251756893.2 10625026266
AUTOROUTES PARIS ARR QM -251756893.2 10625026266
AUTOROUTES PARIS ARR LI -251756893.2 10625026266
AUTOROUTES PARIS ARR TQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EB -251756893.2 10625026266
BELVEDERE - RTS 554451Q FP -256191005.4 927737997.9
BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
BELVEDERE SA BVD EU -256191005.4 927737997.9
BELVEDERE SA BELV FP -256191005.4 927737997.9
BELVEDERE SA BELV NM -256191005.4 927737997.9
BELVEDERE SA BEVD IX -256191005.4 927737997.9
BELVEDERE SA BVD PW -256191005.4 927737997.9
BELVEDERE SA BED GR -256191005.4 927737997.9
BELVEDERE SA BVD EO -256191005.4 927737997.9
BELVEDERE SA BVD S1 -256191005.4 927737997.9
BELVEDERE SA BVDRF US -256191005.4 927737997.9
BELVEDERE SA BED TH -256191005.4 927737997.9
BELVEDERE SA BVD FP -256191005.4 927737997.9
BELVEDERE SA BVD PZ -256191005.4 927737997.9
BELVEDERE SA-NEW BVDNV FP -256191005.4 927737997.9
BELVEDERE SA-NEW 946529Q FP -256191005.4 927737997.9
BELVEDERE SA-NEW 8198283Q FP -256191005.4 927737997.9
BELVEDERE SA-RTS BVDDS FP -256191005.4 927737997.9
BROSTROM TANKERS 3641643Z FP -115599.3207 311104377.9
BUT INTERNATIONA 3648871Z FP -5859572.435 1100621152
CADES 211430Z FP -1.16E+11 23006745556
CARCOOP FRANCE 4690569Z FP -531951.7338 185621693.8
CARNAUDMETALB-N JJNN FP -239071932.4 6870067181
CARNAUDMETALB-N 84433Q FP -239071932.4 6870067181
CARREFOUR HYPERM 3897338Z FP -713257900.6 3939173302
CARRERE GROUP CAR2 EO -9829531.944 279906700
CARRERE GROUP CRRHF US -9829531.944 279906700
CARRERE GROUP CRGP IX -9829531.944 279906700
CARRERE GROUP CAR2 EU -9829531.944 279906700
CARRERE GROUP CARG FP -9829531.944 279906700
CARRERE GROUP CAR FP -9829531.944 279906700
CARRERE GROUP CARF PZ -9829531.944 279906700
CARRERE GROUP XRR GR -9829531.944 279906700
CDISCOUNT SA 4690913Z FP -14710509.37 442569172
CMA CGM AGENCES 4746849Z FP -8208944.552 191538369.1
CO PETROCHIMIQUE 4682369Z FP -111509362.4 364674090.9
CROWN EUROPEAN H 3394476Q LI -239071932.4 6870067181
CROWN EUROPEAN H CAMBF US -239071932.4 6870067181
CROWN EUROPEAN H JJ FP -239071932.4 6870067181
CROWN EUROPEAN H 1049Q LN -239071932.4 6870067181
DESCAMPS SAS 4503139Z FP -2912961.458 104843475.7
DOCTISSIMO 2916489Q EU -1690819.009 135171143.2
DOCTISSIMO 0602303D GR -1690819.009 135171143.2
DOCTISSIMO DOC FP -1690819.009 135171143.2
DOCTISSIMO MDCF PZ -1690819.009 135171143.2
DOCTISSIMO MCOS IX -1690819.009 135171143.2
DOCTISSIMO 2916493Q EO -1690819.009 135171143.2
DOCTISSIMO MDC FP -1690819.009 135171143.2
EADS SECA 4706441Z FP -44481565.35 121822000.7
EDENRED QSV GR -1310250942 5470394799
EDENRED EDEN FP -1310250942 5470394799
EDENRED EDEN QM -1310250942 5470394799
EDENRED QSV TH -1310250942 5470394799
EDENRED EDEN S1 -1310250942 5470394799
EDENRED EDEN TQ -1310250942 5470394799
EDENRED EDENUSD EO -1310250942 5470394799
EDENRED EDNMF US -1310250942 5470394799
EDENRED EDENUSD EU -1310250942 5470394799
EDENRED EDEN EO -1310250942 5470394799
EDENRED EDEN EU -1310250942 5470394799
EDENRED EDEN BQ -1310250942 5470394799
EDENRED EDEN EB -1310250942 5470394799
EDENRED EDEN IX -1310250942 5470394799
EDENRED EDEN PZ -1310250942 5470394799
EDENRED-NEW EDENV FP -1310250942 5470394799
EDF EN OUTRE MER 4679713Z FP -2598508.843 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.43 175501799.4
FACONNABLE SA 226782Z FP -19616230.99 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GEC 4 SAS 4518255Z FP -91410336.97 541462091
GPN SA 4509659Z FP -35080424.69 568887551
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GROUPE MONITEUR 317840Z FP -116707395.4 610106709.3
GROUPE PROGRES S 4734137Z FP -106637565.8 154665494
HIPPO GESTION ET 4732841Z FP -606512.6987 113032204.7
HITACHI EUROPE S 4681417Z FP -9927515.772 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.37 116383810.4
I BASE 757542Z FP -6019481.253 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.49 363058830.9
ITM REGION PARIS 4681817Z FP -49662079.76 124321085.9
JTEKT AUTOMOTIVE 4505819Z FP -25670106.66 171962119.7
JTEKT AUTOMOTIVE 4504595Z FP -17492036.59 163375360
JUNGHEINRICH FIN 4635025Z FP -14429677.13 223424949.4
LAB DOLISOS LADL FP -27752176.19 110485462.4
LAB DOLISOS DOLI FP -27752176.19 110485462.4
MATUSSIERE & FOR MTUSF US -77896689.09 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.09 293868350.8
MEDCOST SA MEDC NM -1690819.009 135171143.2
MEDCOST SA MEDC FP -1690819.009 135171143.2
MEDCOST SA-NEW MDCNV FP -1690819.009 135171143.2
MILLIMAGES 8131905Q FP -1006050.249 113454378.9
MILLIMAGES MIL1 EU -1006050.249 113454378.9
MILLIMAGES MLMG IX -1006050.249 113454378.9
MILLIMAGES MIL1 PZ -1006050.249 113454378.9
MILLIMAGES MIL FP -1006050.249 113454378.9
MILLIMAGES MG6 GR -1006050.249 113454378.9
MILLIMAGES MIL S1 -1006050.249 113454378.9
MILLIMAGES MIL1 EO -1006050.249 113454378.9
MILLIMAGES MLIGF US -1006050.249 113454378.9
MILLIMAGES MILI FP -1006050.249 113454378.9
MILLIMAGES MILF PZ -1006050.249 113454378.9
MILLIMAGES - RTS 0134468D FP -1006050.249 113454378.9
MILLIMAGES-RTS MILDS FP -1006050.249 113454378.9
MILLIMAGES-RTS 760037Q FP -1006050.249 113454378.9
M-REAL ALIZAY SA 4670721Z FP -19839749.29 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863949.8 221936730.6
NESTLE WATERS SU 3634879Z FP -183402272.8 254740466.9
NESTLE WATERS SU 3634887Z FP -11147903.4 186832176.9
NEXANS COPPER FR 4744809Z FP -22662074.82 308626962.2
NEXTIRAONE 500526Z FP -1983210.371 311827703.4
NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
NOVASEP HOLDING 3736443Z FP -217561272.1 476949466.1
NOVELIS FOIL FRA 4678593Z FP -21912360.22 126180343.3
NRJ 12 4681713Z FP -59306529.9 110796872.5
O-I MANUFACTURIN 226230Z FP -101494197.2 1150890693
OROSDI OROS EO -51389802.68 181267113.2
OROSDI OROS FP -51389802.68 181267113.2
OROSDI OROS EU -51389802.68 181267113.2
OROSDI OROS S1 -51389802.68 181267113.2
OROSDI OROS PZ -51389802.68 181267113.2
OROSDI-BACK BACK IX -51389802.68 181267113.2
OROSDI-BACK ORBA FP -51389802.68 181267113.2
OROSDI-RTS ORODS FP -51389802.68 181267113.2
PAGESJAUNES GRP PAJGBP EO -2572329208 1590596225
PAGESJAUNES GRP PAJ EB -2572329208 1590596225
PAGESJAUNES GRP PAJ TQ -2572329208 1590596225
PAGESJAUNES GRP PAJUSD EU -2572329208 1590596225
PAGESJAUNES GRP PAJ QM -2572329208 1590596225
PAGESJAUNES GRP PAJ GK -2572329208 1590596225
PAGESJAUNES GRP QS3 TH -2572329208 1590596225
PAGESJAUNES GRP PAJUSD EO -2572329208 1590596225
PAGESJAUNES GRP PAJ PZ -2572329208 1590596225
PAGESJAUNES GRP QS3 GR -2572329208 1590596225
PAGESJAUNES GRP PAJ EO -2572329208 1590596225
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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
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SPAR HAND-PFD NV SPA3 GR -442426239.7 1433020961
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TA TRIUMPH-ADLER TTZAF US -124667889.5 375247226.8
TA TRIUMPH-ADLER TWNG IX -124667889.5 375247226.8
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TA TRIUMPH-ADLER 0292922D GR -124667889.5 375247226.8
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TA TRIUMPH-ADLER TWN EO -124667889.5 375247226.8
TA TRIUMPH-A-RTS 1018916Z GR -124667889.5 375247226.8
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TA TRIUMPH-RTS 3158577Q GR -124667889.5 375247226.8
GREECE
------
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AG PETZETAKIS SA PETZK EO -110812812.5 206429374.1
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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
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T BANK TBANK GA -46224213.41 3486115450
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HUNGARY
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HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
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IRELAND
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ICELAND
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ITALY
-----
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I VIAGGI DEL VEN VVE EU -209436890.3 202705179.9
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I VIAGGI DEL VEN VVE TQ -209436890.3 202705179.9
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SEAT PAGINE-ADR SPGMY US -741904802.3 3755632231
SEAT PAGINE-RSP SPGBF US -741904802.3 3755632231
SEAT PAGINE-RSP PGR EO -741904802.3 3755632231
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SEAT PAGINE-RSP PGR IM -741904802.3 3755632231
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SEATPG AXA PGAXA IM -741904802.3 3755632231
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SNIA SPA SIAI IX -141933895.2 150445252.4
SNIA SPA SIAI PZ -141933895.2 150445252.4
SNIA SPA SN EO -141933895.2 150445252.4
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SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
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SOPAF SPA SPF IM -24220971.66 153763906.2
SOPAF SPA SOPAF US -24220971.66 153763906.2
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SOPAF SPA SPF EO -24220971.66 153763906.2
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SOPAF SPA SPFI IX -24220971.66 153763906.2
SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
SOPAF SPA-RNC SPFN IM -24220971.66 153763906.2
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SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
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VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
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REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
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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
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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
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ZINVEST FASHION 3775412Z NA -296559.4047 180677208
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NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
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INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
NCC ROADS AS 4401305Z NO -11149611.36 135425117.2
NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO BES EO -208568793.8 658498551.2
NYESA VALORES CO 7NY GR -208568793.8 658498551.2
NYESA VALORES CO BES SM -208568793.8 658498551.2
NYESA VALORES CO BES EU -208568793.8 658498551.2
NYESA VALORES CO BES TQ -208568793.8 658498551.2
PANRICO SAU 1087Z SM -372238069.5 1219319614
PULLMANTUR SA 301590Z SM -74071248.87 168349823.1
RANDSTAD EMPLEO 4285885Z SM -27469291.1 318454508.5
REAL ZARAGOZA SA 4285533Z SM -5769281.747 168572641.9
RENTA CORP REN1USD EO -40378516.38 216503337.5
RENTA CORP REN SM -40378516.38 216503337.5
RENTA CORP REN1 TQ -40378516.38 216503337.5
RENTA CORP REN1USD EU -40378516.38 216503337.5
RENTA CORP RENS PZ -40378516.38 216503337.5
RENTA CORP REN1 EU -40378516.38 216503337.5
RENTA CORP REN1 EO -40378516.38 216503337.5
RENTA CORP REN1GBX EU -40378516.38 216503337.5
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SOUTHERN CROSS SCHE4 EO -456945463.9 226544692
SOUTHERN CROSS SCHEEUR EU -456945463.9 226544692
SOUTHERN CROSS SCHE EB -456945463.9 226544692
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SOUTHERN CROSS SCHE PO -456945463.9 226544692
SOUTHERN CROSS SCHE IX -456945463.9 226544692
SOUTHERN CROSS SCHEUSD EO -456945463.9 226544692
SOUTHERN CROSS SCHEGBP EO -456945463.9 226544692
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SPEAR GROUP HOLD 4470999Z LN -91133585.59 140447896.6
SPEEDY SUPPORT S 1601730Z LN -34304692.53 146096457.3
SQUARE ENIX LTD 1826770Z LN -223995033.8 278955082.2
SR TECHNICS UK L 2900250Z LN -143296142.1 116171355.3
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STV GROUP PLC SMG VX -44693985.16 126240905.5
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STV GROUP PLC STVGEUR EU -44693985.16 126240905.5
STV GROUP PLC STVG VX -44693985.16 126240905.5
STV GROUP PLC STVGGBP EO -44693985.16 126240905.5
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STV GROUP PLC SMGPF US -44693985.16 126240905.5
STV GROUP PLC STVGEUR EO -44693985.16 126240905.5
STV GROUP PLC STVG EU -44693985.16 126240905.5
STV GROUP PLC STVG LN -44693985.16 126240905.5
STV GROUP PLC SMG PZ -44693985.16 126240905.5
STV GROUP PLC SMG IX -44693985.16 126240905.5
SUN CHEMICAL LTD 2569274Z LN -21504458.55 276424178.5
SUNDERLAND ASSOC 1274418Z LN -30559441.44 144949782.5
SUNSAIL LTD 1092666Z LN -37047891.81 193976501.7
SUNSEEKER INTERN 820741Z LN -7756394.619 227371284.6
SWIFT TECHNICAL 4287133Z LN -34723772.77 138665319.9
TATA CMMNCTNS UK 2534722Z LN -43763935.47 114567535.7
TDL INFOMEDIA 3362Z LN -25723860.05 136762955.6
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMMUNI 1646328Z LN -287113015.3 868389208
TELEWEST COMMUNI 1608194Z LN -113079709.6 9113744374
THALES CORPORATE 1083706Z LN -65658884.46 829798983.7
THALES RAIL SIGN 2812334Z LN -29298137.36 106623580
THALES TELECOMMU 1163839Z LN -5826263.267 245379695.8
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIMES NEWSPAPERS 2343939Z LN -719564696.3 649314828.6
TOPPS TILES PLC TPT8 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJY US -36503224.29 140534295.2
TOPPS TILES PLC TPT EU -36503224.29 140534295.2
TOPPS TILES PLC TPT BQ -36503224.29 140534295.2
TOPPS TILES PLC TPT10 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT2 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT1 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2
TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
TOPPS TILES PLC TPT VX -36503224.29 140534295.2
TOPPS TILES PLC TPT7 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EO -36503224.29 140534295.2
TOPPS TILES PLC TPT5 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT3 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT IX -36503224.29 140534295.2
TOPPS TILES PLC TPT EO -36503224.29 140534295.2
TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT S1 -36503224.29 140534295.2
TOPPS TILES PLC TPT TQ -36503224.29 140534295.2
TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.82 120867289.2
UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7
VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
VIRGIN MOBILE VMOB PO -392165409.3 166070003.7
VIRGIN MOBILE VMOB VX -392165409.3 166070003.7
VIRGIN MOBILE UEM GR -392165409.3 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
WARNER ESTATE WNER PZ -80276070.4 344291592.8
WARNER ESTATE WNEHF US -80276070.4 344291592.8
WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
WARNER ESTATE WNERGBP EO -80276070.4 344291592.8
WARNER ESTATE WNER PO -80276070.4 344291592.8
WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2014. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *