/raid1/www/Hosts/bankrupt/TCREUR_Public/140527.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 27, 2014, Vol. 15, No. 103
Headlines
A U S T R I A
HYPO ALPE-ADRIA: Moody's Lowers Subordinated Debt Rating to B3
B E L G I U M
DEXIA SA: ECB Stress Test Exemption Sensible, Noyer Says
C Y P R U S
BANK OF CYPRUS: Fitch Lowers Rating on EUR1BB Bonds to 'CCC'
F R A N C E
ASCOMETAL: Group of French Investors to Take Over Assets
GROUPAMA SA: Fitch Assigns 'BB' Rating to EUR1.1BB Sub. Notes
G E R M A N Y
DEUTSCHE BANK: Fitch Assigns 'BB+' Rating to Tier 1 Securities
G R E E C E
GREECE: Fitch Raises Issuer Default Rating to 'B'; Outlook Stable
I R E L A N D
AVOCA CLO VI: S&P Lowers Rating on Class F Notes to 'CCC'
DRYDEN XV-EURO 2006: S&P Affirms 'BB-' Rating on Class E Notes
SETANTA INSURANCE: Liquidator Tells Clients of Cancelled Policies
TITAN EUROPE 2007-2: Moody's Affirms Ca Ratings on 2 Note Classes
I T A L Y
TARANTO CITY: Fitch Affirms 'RD' Issuer Credit Ratings
L U X E M B O U R G
GALAPAGOS HOLDING: S&P Assigns Prelim. 'B' CCR; Outlook Stable
ION TRADING: Moody's Affirms B3 CFR & Changes Outlook to Positive
N E T H E R L A N D S
CHEYNE CREDIT I: S&P Lowers Rating on Class V Notes to 'B+'
P O R T U G A L
LA SEDA DE BARCELONA: Selenis Set to Acquire Business
R U S S I A
EURASIA DRILLING: Fitch Affirms 'BB' IDR; Outlook Positive
KURSK REGION: Fitch Affirms 'BB+' IDR; Outlook Stable
ROSEVROBANK: Fitch Raises IDR to 'BB-'; Outlook Stable
STAVROPOL REGION: Fitch Affirms 'BB' IDR; Outlook Stable
TVER REGION: Fitch Revises Outlook to Positive & Affirms 'B' IDR
S P A I N
PESCANOVA SA: Subsidiaries to Undergo Debt Restructuring
PESCANOVA SA: Exits Administration After Creditors OK Rescue Deal
U K R A I N E
* UKRAINE: Terrorist-Linked Banking Facilities Liquidated
U N I T E D K I N G D O M
AIRE VALLEY 2004-1: Fitch Affirms BB Rating on 2 Note Classes
BODUGI: Enters Into Voluntary Liquidation
CORNERSTONE TITAN: S&P Cuts Ratings on 2 Note Classes to CCC-
CQS RIG: Finance Shareholders Would Support Voluntary Liquidation
FROG DREDGING: June 26 Proofs of Claim Filing Deadline Set
TAURUS CMBS 2006-2: S&P Lowers Ratings on 3 Notes Classes to CC
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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A U S T R I A
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HYPO ALPE-ADRIA: Moody's Lowers Subordinated Debt Rating to B3
--------------------------------------------------------------
Moody's Investors Service has downgraded the guaranteed
subordinated debt ratings of Hypo Alpe-Adria-Bank International
AG (HAA) to B3 from Baa3. This rating action was prompted by
statements from the Austrian government on March 14, 2014 that
stakeholders will be required to participate in the costs of
winding-down the bank. In particular, the Austrian government now
intends to extend burden sharing beyond previous shareholders to
include subordinated debt holders, notwithstanding the deficiency
guarantee from Carinthia (A2, stable) that extends to HAA's
guaranteed subordinated debt. The government stated that it may
pursue legislation to bypass the statutory deficiency guarantee,
to which Moody's attributes a reasonable prospect for success.
Moody's also downgraded the guaranteed senior unsecured ratings
to non-investment grade, at Ba1 from Baa2, to reflect the
heightened risk to all bondholders arising from the government's
apparent willingness to impose losses on creditors
notwithstanding the existence of a statutory guarantee.
The ratings remain on review for further downgrade.
Ratings Rationale
Moody's downgraded the ratings on February 14, 2014 to reflect
its concerns that bondholders would no longer be fully protected
in the wind-down of the bank, even if the agency considered this
an unlikely outcome given the statutory deficiency guarantee on
their holdings. The government at the time had stated that it
intended to explore all available options to save taxpayers'
money when resolving HAA, including insolvency, but it had given
no clear indication of what this might mean for senior and
subordinated creditors. The ratings were therefore left on review
for downgrade.
Since that date, further capital needs have become apparent and
the government has clarified its objectives and announced plans
to resolve HAA in a manner which would avoid an insolvency of the
bank, but would nevertheless see subordinated debtholders
contributing to the costs of the wind-down of HAA. Moody's
believes that legislative change would likely be needed to impose
losses on subordinated debt in a going concern scenario,
particularly given the existence of a statutory guarantee.
However, the government has indicated a willingness to enact new
legislation allowing such an outcome.
Moody's rating action reflects the significant increase in risk
to subordinated bondholders given the government's publicly
stated intentions. The assignment of a B3 rating to subordinated
debt, rather than a lower rating, reflects both some uncertainty
around political will and practical difficulties in effecting the
legislative steps necessary to impose losses on subordinated
creditors. The ratings remain on review for further downgrade to
allow the rating agency to assess the likely success of the
government in meeting its stated objectives, which would be very
adverse for HAA's subordinated bondholders.
The lower but still increased risk to senior unsecured creditors
is reflected in the Ba1 rating. Moody's considers this debt class
to be at a lower direct risk of loss given the government's
current focus on subordinated debt. However, if it were to impose
losses on subordinated debt, this would set an important
precedent that would significantly diminish the value of the
guarantee also for senior unsecured debt. Once again, the ratings
remain on review for further downgrade to allow Moody's to
evaluate the government's progress.
The bank's intrinsic creditworthiness remains under material
pressure, and continues to suffer from further asset-quality
deterioration in its significant legacy portfolio. As of end
2013, the bank reported non-performing loans of EUR9.3 billion.
In order to ensure observance of regulatory capital requirements,
HAA received EUR1.75 billion capital support from the Austrian
government in 2013, and a further EUR750 million in April 2014.
With the plan to sell the bank's operations in Southern Eastern
Europe as quickly as possible (total assets of EUR8.6 billion as
of year-end 2013), the remainder of the bank is supposed to be
transferred to a deregulated, private-sector company by September
2014 and then liquidated over time.
Focus of the Review
During the review, Moody's will seek clarity on whether the
Austrian authorities will have the political will and ability to
take the legislative steps needed to allow losses to be imposed
on holders of guaranteed subordinated debt. Depending on new
legislation becoming available, this will inform Moody's judgment
on whether and to what extent bondholders can continue to rely on
the deficiency guarantee from Carinthia.
The downward direction of the review reflects the fact that, even
if the government encounters challenges as it seeks to implement
burden sharing with guaranteed creditors, its willingness to
aggressively pursue such options in combination with the
potential lack of timely payment under a deficiency guarantee
implies ongoing risks to bondholders that are now more fully
reflected in the ratings.
What Could Move The Ratings UP/DOWN
HAA's guaranteed subordinated debt would be downgraded if Moody's
were to conclude that the government had progressed in its
ability to impose losses on subordinated debt holders. This would
also result in further downward pressure on guaranteed senior
debt given the diminished value of the guarantee. Downward
pressure on the guaranteed debt would also result if Carinthia's
credit quality were to deteriorate or if Moody's were to conclude
that Austria's willingness and/or ability to support HAA had
declined still further.
The review for downgrade also reflects the lack of upward
pressure on HAA's guaranteed debt. Upward pressure could develop
if additional remedial measures became available to the bank;
such as, the transfer of HAA into a bad bank scheme benefitting
from a direct guarantee from the Austrian government.
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B E L G I U M
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DEXIA SA: ECB Stress Test Exemption Sensible, Noyer Says
--------------------------------------------------------
Mark Deen and Jeff Black at Bloomberg News report that Banque de
France Governor Christian Noyer said granting Dexia SA an
exemption from some parts of the European Central Bank's asset
check is sensible because the lender is to be wound down.
After receiving two bailouts from French and Belgian taxpayers in
the space of five years, Dexia got authorization for an orderly
resolution from the European Union in December 2012, Bloomberg
relates. The ECB still included the ailing lender in its list of
128 banks to be subjected to an asset check and stress test
before the Frankfurt-based central bank takes over financial
supervision in November, Bloomberg notes.
ECB officials decided on Thursday to give Dexia an exemption from
the adverse scenario of its stress test, Bloomberg says, citing a
report by Reuters.
About Dexia SA
Dexia SA is a Belgium-based banking group with activities
principally in Belgium, Luxembourg, France and Turkey in the
fields of retail and commercial banking, public and wholesale
banking, asset management and investor services. In France,
Dexia Bank focuses on funding public sector bodies and providing
financial services to local government. In Luxembourg, Dexia
operates in two main areas: commercial banking (for personal and
professional customers) and private banking (for international
investors). In Turkey, Dexia is involved in retail and
commercial banking and offers services to ordinary account
holders, business and local public sector customers and
institutional clients. The Company operates through its
subsidiaries, such as Dexia Credit Local, DenizBank, Dexia
Credicop, Dexia Sabadell, Dexia Kommunalbank Deutschland, Dexia
Asset Management, among others.
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C Y P R U S
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BANK OF CYPRUS: Fitch Lowers Rating on EUR1BB Bonds to 'CCC'
------------------------------------------------------------
Fitch Ratings has downgraded Bank of Cyprus Public Company Ltd's
(BoC, Restricted Default (RD)/VR: cc) EUR1 billion outstanding
residential mortgage covered bonds to 'CCC' from 'B' and removed
them from Rating Watch Negative (RWN) where they were originally
placed in March 2013.
The rating actions result from a full review of the covered bonds
under Fitch's Covered Bond Rating Criteria, albeit using by way
of exception the bank's Viability Rating (VR), instead of the
Issuer Default Rating (IDR) as a starting point for its credit
risk analysis. Fitch believes that the VR is a good proxy to
measure the bank's ability to serve its covered bond obligations
as it reflects the intrinsic creditworthiness of the bank.
Fitch has also undertaken a full review of the program, including
an update of its mortgage loss assumptions. However, the
increase in the expected portfolio loss resulting from the review
of assumptions was not a driver of the downgrade. The downgrade
is a consequence of the linkage of the covered bonds' rating to
BOC's VR.
Key Rating Drivers
The covered bonds' rating is based on BOC's 'cc' VR, an IDR
Uplift of 1, a Discontinuity Cap (D-Cap) of 0 (full
discontinuity) and the program asset percentage (AP) of 95.24%,
which provides at least 51% recoveries on the bonds assumed to be
in default in a 'CCC' rating scenario and allows a one-notch
uplift above the 'CCC-' rating on a probability of default basis.
Fitch's view on the use of resolution methods other than
liquidation contributes to the IDR uplift of '1' for BoC's
covered bond program based on BoC's large size in its domestic
market and its interconnectedness with the Cypriot economy.
Fitch's D-Cap of 0 (full discontinuity) is driven by the
liquidity gaps and systemic risk component. In Fitch's view the
extendible maturity of 12 months would not be sufficient to
successfully refinance the cover assets when the source of
payments for the covered bonds switches from the issuer to the
cover pool.
The 95.24% AP which Fitch relies upon in its analysis is the
maximum level allowed by the Cypriot covered bond law equals
Fitch's calculated breakeven AP for the 'CCC' rating.
Fitch has not assigned an Outlook to the covered bonds in line
with its rating definition, under which Outlooks are applied
selectively to ratings in the 'CCC', 'CC' and 'C' categories.
In the agency's opinion, it is unlikely that the obligations
would suffer a default on the interest payments in the short
term. If needed, as reported in the bank's latest covered bonds
investor report, there is sufficient capacity in the liquidity
reserve account, held by Bank of New York Mellon (BNY, AA-
/Stable/F1+), to make timely interest payments at the bond's next
interest payment dates falling in June, September and December
2014.
Fitch has increased the foreclosure frequency and house price
decline assumptions to reflect its forecasts for GDP growth and
unemployment rate, a significant weakening of the residential
housing market and a notable deterioration of macroeconomic
variables, which is expected to continue throughout coming years.
Fitch has revised the mortgage loss assumptions for Cypriot loans
leading to a weighted average (WA) foreclosure frequency
assumption for the cover pool of 52.0% and a WA recovery rate of
62.5% resulting in a stressed expected loss of 19.5%.
In the absence of any interest rate hedging, the program is
exposed to interest rate and basis risk due to mismatches between
the fixed or floating rate from the mortgage loans and the
EURIBOR-yielding covered bonds.
Rating Sensitivities
All else being equal, the covered bonds' 'CCC' rating would be
sensitive to any movements of BOC's VR or IDR.
The covered bonds' rating would be vulnerable to a deterioration
of the performance of the residential mortgage portfolio of more
severe magnitude than currently foreseen.
Fitch's breakeven AP for the covered bond ratings will be
affected, among others, by the profile of the cover assets
relative to outstanding covered bonds, which can change over
time, even in the absence of new issuances. Therefore it cannot
be assumed to remain stable over time.
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F R A N C E
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ASCOMETAL: Group of French Investors to Take Over Assets
--------------------------------------------------------
Chine Labbe at Reuters reports that a commercial court has picked
a group of French investors led by former finance ministry
official Frank Supplisson ahead of Brazilian steelmaker Gerdau
to take over the assets of bankrupt specialty steelmaker
Ascometal.
According to Reuters, the group formed around Supplisson, former
deputy chief of staff to former finance minister Christine
Lagarde, had said its bid included EUr55.5 million (US$76
million) in capital and EUR40 million in long-term debt. French
Economy Minister Arnaud Montebourg had said in a letter seen by
Reuters that the group would get a EUR35-million state loan,
Reuters relates.
The group also said it would hire all of Ascometal's industrial
staff, Reuters notes. Before the bankruptcy, Ascometal employed
1,900 people at six plants in France, Reuters discloses.
Ascometal is based in France.
GROUPAMA SA: Fitch Assigns 'BB' Rating to EUR1.1BB Sub. Notes
-------------------------------------------------------------
Fitch Ratings has assigned Groupama S.A.'s EUR1.1 billion undated
subordinated notes a final 'BB' rating, following receipt of
final documentation which conforms with information previously
received.
Key Rating Drivers
The bond's rating is notched down two levels from Groupama S.A.'s
'BBB-' Long-term Issuer Default Rating (IDR), in line with
Fitch's criteria. The proceeds of the issue will be used in
priority to redeem existing debt. The proposed issue has no
maturity but a first call date in May 2024. The securities will
pay a 6.375% fixed annual coupon for 10 years. The notes are
subordinated to senior creditors and senior to deeply
subordinated notes. The company has the option to defer coupon
payments on a cumulative basis if the regulatory solvency margin
ratio falls below 100% or if the regulator deems it necessary in
view of its assessment of the financial condition of the group
with applicable supervisory regulations.
According to the terms and conditions, the new bond qualifies for
50% perpetual subordinated debt limit under Solvency 1 and is
expected to be grandfathered as restricted Tier 1 capital under
Solvency 2. Under Fitch's methodology, this instrument will
classify as 100% capital within Fitch's risk-based capital
assessment and will classify as 100% debt in Fitch's financial
leverage calculations. Groupama S.A.'s financial leverage ratio
is expected to remain within a range that is compatible with the
group's current rating.
Rating Sensitivities
The debt rating is subject to the same rating factors that might
affect Groupama S.A.'s rating. Key rating triggers that could
result in an upgrade include a sustained improvement in
profitability, with annual net income above EUR200 million on
average over the cycle, together with no material deterioration
in solvency or financial leverage from current levels.
Groupama S.A.'s other ratings, which are unaffected by action,
are as follows:
Insurer Financial Strength: 'BBB'; Outlook Positive
Long-term IDR: 'BBB-'; Outlook Positive
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G E R M A N Y
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DEUTSCHE BANK: Fitch Assigns 'BB+' Rating to Tier 1 Securities
--------------------------------------------------------------
Fitch Ratings has assigned Deutsche Bank AG's (A+/Negative/a/F1+)
undated non-cumulative fixed to reset rate additional Tier 1
securities of 2014 a final rating of 'BB+'.
The rating is in line with the expected rating assigned on May 2,
2014.
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 offered in three tranches: a EUR1.75 billion 6%
tranche (ISIN DE000DB7XHP3), a USD1.25 billion 6.25% tranche
(ISIN XS1071551474) and a GBP650 million 7.125% tranche (ISIN
XS1071551391).
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
EUR2.7 billion. 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.
The recently announced capital increase of EUR8 billion will
improve Deutsche Bank's fully applied Basel III CET1 ratio to
11.8% from 9.5% at end-March 2014, providing a sizeable buffer of
around EUR25 billion 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 regulation
restrictions on distributions, including distributions on AT1
instruments, if and when it breaches its combined buffer
requirements.
The announced capital increase will also result in a stronger
buffer to a 9% fully applied CET1 ratio of around EUR10 billion.
The ratio will face further pressure in 2014 as new regulations
are implemented and due to uncertainty around the potential
impact from ECB's upcoming asset quality review as well as any
other capital requirements potentially to come from European
Banking Authority's stress test. However, Fitch expects Deutsche
Bank to maintain sound capital ratios that provide a sufficient
buffer to avoid restrictions on interest payments on AT1
instruments.
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.
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G R E E C E
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GREECE: Fitch Raises Issuer Default Rating to 'B'; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has upgraded Greece's Long-term foreign and local
currency Issuer Default Ratings (IDRs) to 'B' from 'B-'. The
Outlooks are Stable. The issue ratings on Greece's senior
unsecured foreign and local currency bonds have also been
upgraded to 'B' from 'B-'. The Country Ceiling has been raised
to 'BB' from 'B+' and the Short-term foreign currency IDR has
been affirmed at 'B'.
KEY RATING DRIVERS
The upgrade of Greece's IDRs reflects the following key rating
drivers and their relative weights:
High
Greece achieved a primary surplus in the general government
account in 2013, a key target of the EU-IMF program and an over-
performance relative to budget. The "adjusted" primary balance
measure used under Greece's program registered a surplus of 0.8%
of GDP last year. The EDP headline deficit excluding bank
support was 2.1% of GDP. Taking into account the cost of bank
recapitalization, the headline deficit was 12.7% of GDP. Fitch
forecasts the adjusted primary surplus will rise further in 2014
to 1.4% of GDP.
Near-term sovereign liquidity risk has fallen, although this
remains contingent on Greece staying on track with its program.
The government is not fully funded by EU and IMF lending over
2014-15 but there are several plausible options for bridging this
official funding shortfall. These include the use of subsector
deposits through repo transactions, and the unused portion of the
official funds earmarked for bank recapitalization. The recent
re-establishment of some limited market access also increases
Greece's financing flexibility.
A better fiscal track record is being established. Greece's
deficit reduction over the past four years of its two programs
has been remarkable. The headline deficit/GDP excluding bank
support, has been brought down by 14 percentage points against
severe cyclical headwinds. With the most challenging phase of
Greece's adjustment behind it, the rating is becoming less
sensitive to policy holdups and political crises.
Medium
Greece recorded its first post-war current account surplus in
2013 (0.7% of GDP). This has been greatly aided by severe import
compression and debt interest relief. However, it also reflects
buoyant tourism receipts and a significant step up in net EU
transfers.
The economy is bottoming out. Economic data outturns have been
encouraging and support Fitch's baseline expectation that the
recovery will gradually take hold this year. Fitch forecasts GDP
growth of 0.5% in 2014, rising to 2.5% in 2015. Capital market
conditions have improved significantly, with large corporates and
the sovereign able to re-access funding.
Greece's 'B' IDRs also reflect the following key rating drivers:
Political risk remains high. The current administration has
displayed greater ownership of the official program, but the loss
of a junior coalition partner and defections by individual MPs
have significantly eroded its majority. An early general
election in 1Q15 is the most likely scenario, although a snap
election this year cannot be discounted. Although it is not
Fitch's central scenario, there is a risk that the next
administration would be less supportive of economic and fiscal
reform.
Fitch's average Viability Rating for Greece's banking system is
'b', indicating weak standalone creditworthiness. Greek banks
have been recapitalized by the government and to a lesser extent
by private sources. Although the capital ratios of some Greek
banks compare favorably internationally, this is offset by
fragile risk profiles in the context of the prolonged recession.
Bank asset quality is weak -- 33% of loans were non-performing in
2013 -- although credit deterioration should decelerate in the
next quarters.
To a large degree, Greece's adjustment has taken place through
steep declines in real GDP and employment. However, there has
also been a notable wage and price adjustment with the real
effective exchange rate (unit labor cost deflated) now back at
the level of the mid-1990s. Fitch considers price
competitiveness to have been restored, although the export base
remains narrow. Consumer prices and the broader GDP deflator are
falling, although Fitch forecasts a return to positive inflation
in 2015.
Despite mixed progress in carrying out officially-sanctioned
structural reform, there have been significant advances in some
areas, notably public administration and labor market
flexibility. Given the country's extremely high rate of
unemployment (27.3% in 2013) the latter could potentially be a
major factor in reducing joblessness over the medium and long
term. A "multi-bill" of structural reforms passed through
parliament in March contains a raft of measures to tackle product
market weaknesses previously identified by the OECD.
Greece's sovereign ratings are underpinned by its still high
income per capita (this far exceeds 'B' and 'BB' medians), its
superior measures of governance and membership of the eurozone,
which shields it from exchange rate risks and has facilitated
access to unprecedented financial assistance.
The Country Ceiling has been raised to 'BB' reflecting the
receding risk of Greek exit from the eurozone, coupled with the
demonstrable external market access of both the sovereign and the
private sector.
Rating Sensitivities
The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently balanced.
Nonetheless, future developments that could, individually or
collectively, result in positive rating action include:
-- A strong economic recovery; budgetary improvement supporting
Fitch's baseline of a sustained primary surplus of 4% of GDP;
progress in clearing arrears.
-- A successful program exit, with market access at affordable
rates and debt relief on official loans (OSI) on terms that
significantly improve long-term public debt dynamics.
Future developments that could, individually or collectively,
result in negative rating action include:
-- A domestic political crisis and/or worsening relations with
creditors that casts doubt over Greece's ability and
willingness to continue its fiscal and structural adjustment.
-- Failure of the economy to recover, leading to funding gaps
and higher risks around debt sustainability. Continued price
falls over the medium term would damage the macroeconomic
outlook.
KEY ASSUMPTIONS
The ratings and Outlook are sensitive to a number of assumptions.
Official creditors continue to support Greece within the
framework of the second adjustment program. Current and future
administrations continue to be broadly supportive of the fiscal
and economic adjustment. Social stability is maintained.
Greek banks make no further material demands on the sovereign
balance sheet; EUR37 billion (20% of GDP) has been injected to
date. General government gross debt/GDP will stabilize at 177%
in 2014, subsiding gradually thereafter. These assumptions do
not factor in any OSI on official loans that may be agreed later
this year (as per the Eurogroup's prior commitment of November
2012). The projections are sensitive to assumptions about
growth, the GDP deflator, Greece's primary balance and the
realization of privatization revenues.
Greece remains a member of the eurozone and does not seek to
impose capital controls in the face of any renewed strains on
sovereign creditworthiness.
Greece and the eurozone as a whole will avoid long-lasting
deflation, such as that experienced by Japan from the 1990s. An
extended period of deflation, resulting in low growth in nominal
GDP would be highly damaging to public debt dynamics.
The gradual progress in deepening fiscal and financial
integration at the eurozone level will continue; key
macroeconomic imbalances within the currency union will be slowly
unwound; and eurozone governments will tighten fiscal policy over
the medium term.
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I R E L A N D
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AVOCA CLO VI: S&P Lowers Rating on Class F Notes to 'CCC'
---------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Avoca CLO VI PLC.
Specifically, S&P has:
-- Raised its rating on the class A2 notes;
-- Lowered its ratings on the class E def, F def, and R
combination notes; and
-- Affirmed its ratings on the class A1, B def, C def, and D
def notes.
The rating actions follow S&P's performance review of the
transaction using data from the trustee report dated March 31,
2014, and the application of its relevant criteria.
"We conducted our cash flow analysis to determine the break-even
default rate (BDR) for each class of notes at each rating level.
We used the portfolio balance that we consider to be performing,
the reported weighted-average spread, and the weighted-average
recovery rates calculated in accordance with our 2009 criteria
for corporate collateralized debt obligations. We applied
various cash flow stress scenarios using our standard default
patterns and timings for each rating category assumed for each
class of notes, combined with different interest stress scenarios
as outlined in our criteria. We also tested the sensitivity of
all classes of notes by applying high and low correlation and
lower recovery sensitivity tests at each rating level," S&P said.
"We applied our supplemental tests, which address event and model
risk. These tests assess whether a CDO tranche has sufficient
credit enhancement to withstand the default of a certain number
of the largest obligors at different liability rating levels.
The ratings caps under our supplemental tests for the class D def
and E def notes are lower as compared with our 2012 review," S&P
added.
"Since our 2012 review, the transaction has benefited from
various developments. These include further amortization of the
class A1 notes -- which has resulted in an increase in available
credit enhancement for the class A1, A2, B def, and C def
notes -- as well as a higher weighted-average spread earned on
the portfolio, and a fall in scenario default rates (SDRs) due to
the shorter time to maturity. Par coverage tests for all classes
of notes also continue to be above the required thresholds," S&P
noted.
There have been par losses since S&P's 2012 review, resulting in
lower available credit enhancement for the class D def, E def,
and F def notes. Obligor concentration risk has increased as a
result of the amortization of the portfolio of assets, and the
portfolio has a higher concentration of assets in sovereigns with
a rating of 'BBB+' and below.
Avoca CLO VI entered into asset swap agreements with two
counterparties, Credit Suisse International and JPMorgan Chase
Bank N.A. The documented downgrade provisions with these
counterparties do not comply with S&P's current counterparty
criteria. S&P has applied currency stresses to test the effect
on the ratings of the class A and B notes (rated above the
ratings of these counterparties); if either counterparty failed
to perform.
Based on the above observations and the results of S&P's
analysis, it consider the available credit enhancement for the
class A2 notes to be commensurate with a higher rating than
previously assigned. S&P has therefore raised to 'AA+ (sf)' from
'AA- (sf)' its rating on the class A2 notes.
S&P's analysis indicates that the available credit enhancement
for the class A1, B def, C def, and D def notes is commensurate
with its currently assigned ratings. S&P has therefore affirmed
its ratings on these classes of notes.
S&P's analysis indicates higher ratings on class E def, F def and
R combination notes, than previously assigned. However, the
rating action on these classes of notes are based on the outcome
from S&P's supplemental test results. With higher defaults, par
losses since last review and increased obligor concentration
risk. The rating levels for these classes of notes can support
lower ratings then previously assigned. S&P has therefore
lowered its ratings on these classes of notes.
Avoca CLO VI is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans granted to primarily
speculative-grade corporate firms. The transaction closed in
2006 and Avoca Capital Holdings is the manager. S&P's ratings on
the class A1 and A2 notes address the timely payment of interest
and the ultimate payment of principal. S&P's ratings on the
class B to E def notes and R combination notes address the
ultimate payment of principal and interest.
RATINGS LIST
Avoca CLO VI PLC
EUR558.3 mil floating-rate notes
Rating Rating
Class Identifier To From
A1 XS0272579763 AA+ (sf) AA+ (sf)
A2 XS0272580266 AA+ (sf) AA- (sf)
B def XS0272580779 A+ (sf) A+ (sf)
C def XS0272580936 BBB+ (sf) BBB+ (sf)
D def XS0272582395 BB+ (sf) BB+ (sf)
E def XS0272583286 B- (sf) B+ (sf)
F def XS0272583955 CCC (sf) CCC+ (sf)
R Combo XS0272585570 B- (sf) B+ (sf)
DRYDEN XV-EURO 2006: S&P Affirms 'BB-' Rating on Class E Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
DRYDEN XV-EURO CLO 2006 PLC's class B and C notes. At the same
time, S&P has affirmed its ratings on the class A-1, A-2, A-3, D,
and E notes.
The rating actions follow S&P's analysis of the transaction using
data from the trustee report dated April 3, 2014 and the
application of its relevant criteria.
"We conducted our cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes at each rating
level. The BDR represents our estimate of the maximum level of
gross defaults, based on our stress assumptions, that a tranche
can withstand and still fully pay interest and repay principal to
the noteholders. We used the portfolio balance that we consider
to be performing, the reported weighted-average spread, and the
weighted-average recovery rates in accordance with our criteria.
We applied various cash flow stresses using our standard default
patterns and timings for each rating category assumed for each
class of notes, combined with different interest stress scenarios
as outlined in our criteria," S&P said.
"The non-euro denominated assets in the portfolio are hedged by a
euro-denominated option with Barclays Bank PLC. In our opinion,
the option counterparty is not complying with its downgrade
provisions. Therefore, in our cash flow analysis, for ratings
above the issuer credit rating on the option counterparty, we
have considered scenarios where Barclays Bank does not perform,
and where, as a result, the transaction may be exposed to greater
currency risk," S&P added.
S&P's review of the transaction highlights that the class A notes
have amortized by nearly 30% of the initial balance since S&P's
previous review. While this has resulted in more available
credit enhancement for the class A-1, A-2, and A-3 notes, the
results of our credit and cash flow analysis -- without giving
credit to the option counterparty -- indicate that the notes are
not able to sustain defaults at a rating level that is higher
than the current one. S&P's cash flow results show that the
available credit enhancement for the class A-1, A-2, and A-3
notes is commensurate with a 'AA+ (sf)' rating. S&P has
therefore affirmed its 'AA+ (sf)' ratings on these classes of
notes.
Partly driven by the class A-1, A-2, and A-3 notes' amortization
and partly by a reduction in scenario default rates following a
reduction in the transaction's weighted-average life, S&P's
credit and cash flow results, without giving credit to the option
counterparty, indicate that the available credit enhancement for
the class B and C notes is now commensurate with higher ratings
than those previously assigned. S&P has therefore raised to 'AA
(sf)' from 'AA- (sf)' and to 'A+ (sf)' from 'A (sf)' its ratings
on the class B and C notes, respectively.
S&P's credit and cash flow results indicate that the available
credit enhancement for the class D and E notes is commensurate
with the currently assigned ratings. S&P's long-term rating on
the option counterparty does not constrain its ratings on these
notes because they are not higher than the rating on the option
counterparty. S&P has therefore affirmed its 'BBB- (sf) and 'BB-
(sf)' ratings on the class D and E notes, respectively.
The application of the largest obligor default test does not
constrain S&P's ratings on any of the classes of notes. This
test measures the effect 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).
DRYDEN XV - EURO CLO 2006 is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in
March 2007 and is managed by Pramerica Investment Management Inc.
Since the end of the reinvestment period in April 2013, the
issuer has used all scheduled principal proceeds to redeem the
notes in the transaction's documented priority of payments.
RATINGS LIST
Class Rating Rating
To From
DRYDEN XV - EURO CLO 2006 PLC
EUR422.3 million, GBP20 million Floating-Rate Notes
Ratings Raised
B AA (sf) AA- (sf)
C A+ (sf) A (sf)
Ratings Affirmed
A-1 AA+ (sf)
A-2 AA+ (sf)
A-3 AA+ (sf)
D BBB- (sf)
E BB- (sf)
SETANTA INSURANCE: Liquidator Tells Clients of Cancelled Policies
-----------------------------------------------------------------
RTE News reports liquidator for Setanta Insurance is writing to
policyholders to tell them their insurance cover will be
cancelled in within days.
It has also emerged that policy holders may face a delay getting
written confirmation of their No Claims Bonus from the
liquidator, according to RTE News.
The Central Bank said it was "aware that many insurers are being
flexible surrounding requirements for documents, including no
claims bonus letters, which means policyholders can obtain
alternative cover without presenting this document immediately to
their new insurer, the report notes.
"Therefore, consumers should engage with their broker or an
insurance company without delay," the report quoted the
liquidator as saying.
Setanta announced it was going into liquidation last month. The
company had 75,000 customers most of whom were commercial vehicle
owners.
RTE News notes that the customers will be told that they will
have to find a new insurance cover. It means those customers may
have to pay twice for the same service, the report relates.
TITAN EUROPE 2007-2: Moody's Affirms Ca Ratings on 2 Note Classes
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of the Class
A2, B, C and D Notes issued by Titan Europe 2007-2 Limited
(amount reflects initial outstandings):
Moody's rating action is as follows:
EUR243M A2 Notes, Affirmed Baa3 (sf); previously on Apr 15,
2011 Downgraded to Baa3 (sf)
EUR164.6M B Notes, Affirmed Caa3 (sf); previously on Apr 15,
2011 Downgraded to Caa3 (sf)
EUR122.9M C Notes, Affirmed Ca (sf); previously on Apr 15, 2011
Downgraded to Ca (sf)
EUR91.8M D Notes, Affirmed Ca (sf); previously on Apr 15, 2011
Downgraded to Ca (sf)
Moody's has not rated the Class E, F, G, X and V Notes.
Ratings Rationale
The affirmation of the Notes is driven by the higher than
expected recoveries from the Project Christie loan offset against
ongoing concerns regarding the workouts of the remaining loans in
the portfolio and the high expected loss for the pool.
Whilst the sequential allocation of all recoveries has resulted
in a significant increase in the credit enhancement available to
the Class A2 Notes to 69% from 43% at the last review, Moody's
continues to have particular concerns about the timing of the
work-out of the remaining loans. Given the transaction's legal
final maturity in April 2017, it will be challenging to achieve
sufficient asset sales for a timely repayment of the class A2
Notes.
The ratings on the Class B, C and D Notes indicate the high
expected loss for the loan pool.
Moody's affirmation reflects a base expected loss in the range of
50%-60% of the outstanding balance, compared with 30%-40% at the
last review. 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.
Realised losses have remained stable at 0.81% of the original
securitized balance since the last review. Moody's estimate of
the base expected loss is now in the range of 20% - 30% of the
original pool balance, in the same range as at the last review.
For a summary of Moody's key assumptions for the largest loans in
the pool please refer to the section SUMMARY OF MOODY'S LOAN
ASSUMPTIONS.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was Moody's
Approach to Rating EMEA CMBS Transactions published in December
2013.
Other factors used in this rating are described in European CMBS:
2014-16 Central Scenarios published in March 2014.
Factors that would lead to an upgrade or downgrade of the
ratings:
The main factors or circumstances that could lead to a downgrade
of the ratings are (i) further declines in the value of the
underlying properties or (ii) evidence of asset sales at a level
significantly lower than Moody's assessment, which would increase
the loss expectation of underlying loans.
The main factors or circumstances that could lead to an upgrade
of the ratings are (i) concrete evidence of asset sales at a
value significantly higher than Moody's assessment and (ii)
sufficient evidence of progress on the workout of remaining
loans, that would result in a timely repayment of the Class A2
Notes ahead of the legal final maturity date. The ratings are
capped at Aa3 (sf) due to operational risks associated with the
transaction.
Moody's Portfolio Analysis
Titan Europe 2007-2 Limited closed in June 2007 and represents
the true-sale securitization of currently eight commercial
mortgage loans secured by first-ranking legal mortgages over 135
properties. The pool exhibits above average diversity in terms of
geographic location. By UW value, 66% of the properties are in
the Netherlands, 12% are in Germany, 13% are in Finland and 9% in
the Czech Republic whilst the portfolio is concentrated in
offices (99.5%). Moody's uses a variation of the Herfindahl
Index, in which a higher number represents greater diversity, to
measure the diversity of loan size. Large multi-borrower
transactions typically have a Herf of less than 10 with an
average of around 5. This pool has a Herf of 2.2 compared to a
Herf of 5.9 at closing.
Moody's weighted average whole loan loan-to-value (LTV) ratio for
the pool is 252% compared to the reported level of 193%.
Summary of Moody's Loan Assumptions
Below are Moody's key assumptions for the top three loans.
MPC Portfolio Loan (65.3% of pool) - LTV: 308.8% (Whole)/ 264.5%
(A-Loan); Total Default Probability: N/A - Defaulted; Expected
Loss: 60% - 70%
The largest loan in the pool is secured by a portfolio of
secondary Dutch office properties. The loan is a 55%
participation of the A note of a larger facility, which also
includes a subordinated B note and a mezzanine loan outside of
the securitization. The loan defaulted at its extended maturity
date in January 2012 and subsequently transferred to Special
Servicing. Since then, out of initially 93 assets, 16 have been
sold and the senior loan balance has reduced by approximately 10%
through a combination of asset sales and cash sweep. The
secondary nature of the assets, together with the difficult
refinancing market in the Netherlands presents a challenge for a
wind down of the portfolio by legal final maturity in April 2017.
Cobalt Loan (13.1% of pool) - LTV: 173.7% (Whole)/ 173.7% (A-
Loan); Total Default Probability: N/A - Defaulted; Expected Loss:
50% - 60%
The Cobalt Loan is secured by a portfolio of 18 Finnish retail
properties. The loan defaulted after the main tenant, Masku,
accounting for 65% of the rent terminated their lease early after
a corporate restructuring permitted them to do so. The loan is
currently in special servicing and the special servicer is
looking to complete a consensual sale of the remaining
properties.
Skoduv Palace Loan (8.8% of pool) - LTV: 167.9% (Whole)/ 81.4%
(A-Loan); Total Default Probability: N/A - Defaulted; Expected
Loss: 10% - 20%
The third largest loan is the senior portion of a larger EUR109
million facility originated in 2007 and secured over a single
office property in the centre of Prague. The asset is occupied by
the municipal government of the city. The loan transferred to
special servicing after failing to repay at maturity in October
2012. In the interim, the tenant has commenced legal action
against the landlord to reduce rental payments. Due to
unfavorable lease terms for the landlord a sale of the asset will
be challenging until these issues can be resolved. Moody's
expects the proceedings will take a long time.
=========
I T A L Y
=========
TARANTO CITY: Fitch Affirms 'RD' Issuer Credit Ratings
------------------------------------------------------
Fitch Ratings has affirmed the Italian City of Taranto's Long-
Term foreign and local currency Issuer Default Ratings (IDR) and
Short-term foreign currency IDR at 'RD' (Restricted Default).
The rating action affects approximately EUR265 million of
outstanding loans and bonds.
KEY RATING DRIVERS
The city continues to service outstanding loans of about EUR35
million, while paying no interest or principal on the EUR250
million bond issued in 2004, of which EUR230 million is still
outstanding.
RATING SENSITIVITIES
The resumption of debt servicing on the bond, or a consensual
rescheduling of the bond's amortization plan curing the rating
default event could be positive for the ratings. A definitive
ruling, likely by the Supreme Court, confirming the invalidity of
the bond contract would also trigger a rating review, with a
multiple-notch uplift.
===================
L U X E M B O U R G
===================
GALAPAGOS HOLDING: S&P Assigns Prelim. 'B' CCR; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
preliminary 'B' long-term corporate credit rating to Luxembourg-
based heat-exchanger equipment provider Galapagos Holdings S.A.
The outlook is stable.
At the same time, S&P assigned:
-- Its preliminary 'BB-' issue rating to the proposed super
senior secured facilities, comprising a EUR75 million
revolving credit facility (RCF) and a EUR400 million
guarantee facility. The preliminary recovery rating on
these facilities is '1', reflecting S&P's expectations of
very high (90%-100%) recovery;
-- S&P's preliminary 'B' issue rating to the proposed senior
secured notes, with a preliminary recovery rating of '4',
albeit at the lower end of the 30%-50% range; and
-- S&P's preliminary 'CCC+' issue rating to the proposed
senior unsecured notes. The preliminary recovery rating on
these notes is '6', reflecting S&P's expectations of
negligible (0%-10%) recovery.
The final ratings will depend on S&P's receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings. If Standard & Poor's does not receive final
documentation within a reasonable timeframe, or if final
documentation departs from materials reviewed, S&P reserves the
right to withdraw or change its ratings. Potential changes
include, but are not limited to, use of notes proceeds, maturity,
size, and conditions of the RCF and guarantee facility, terms and
conditions of the notes and the preferred equity certificates
(PECs), financial and other covenants, security, and ranking.
The ratings on Galagagos, the former heat exchanger division of
German industrial GEA Group AG, reflect S&P's view of the group's
relatively aggressive capital structure following the proposed
leveraged buyout by private equity Group Triton. The buyout was
announced on April 16, 2014, and is expected to be completed by
the end of this year.
S&P assess Galapagos' financial risk profile as "highly
leveraged" under its criteria. Based on the proposed capital
structure after the buyout, S&P estimates the group's Standard &
Poor's-adjusted net debt-to-EBITDA ratio will be close to 6x by
Dec. 31, 2014. S&P's estimate includes financial debt of about
EUR775 million, excluding the EUR75 million undrawn RCF and the
EUR400 million guarantee facility. As of Dec. 31, 2014, the
group had issued guarantees exceeding EUR350 million.
"We exclude the preferred equity certificates (PECs) to be
provided by shareholders from our debt calculation for Galapagos,
since we believe they are likely to qualify for equity treatment
according to our criteria. We note, however, that we need to
review the final documentation to confirm that the PECs are
stapled to the equity, deeply subordinated to all existing and
future debt instruments, and that no mandatory cash payments will
be associated with these instruments. These are the most
important conditions to be fulfilled that would in turn enable us
to treat these instruments as equity-like under the finalized
structure. Including these instruments, Galapagos' debt to
EBITDA will increase by about 2x based on the EBITDA we expect
for 2014," S&P said.
"We assess Galapagos' business risk profile as "fair," based
primarily on the constraint from the group's exposure to cyclical
and mature end markets, including power, climate and energy, and
oil and gas, which we view as inherently cyclical. The group is
exposed to high competition from a number of larger direct peers,
such as Alfa Laval AB and SPX Corp., both of which we consider as
having solid financial strength to compete with Galapagos and
stronger business diversity than the group. Its profitability is
at the low end of the 11%-18% range that we have defined as
"average" for a capital goods company. This can partly be
attributed also to the group's relatively low aftermarket
business through which it generates less than 15% of revenues,"
S&P noted.
"On the positive side, we see that Galapagos holds leading niche
market positions in the manufacturing of heat exchanger equipment
for a number of end-markets with a wide product offering. Over
our forecast period, the group's business lines should also
benefit from natural growth opportunities, supported by
megatrends such as the increasing necessity for energy,
urbanization, and the need for efficient energy sources. Good
geographical diversity, with about 58% of revenues outside of
Western Europe (although a much lower proportion of earnings --
between 25% and 35% of EBITDA generation for some years) should
position the group to capture stronger demand outside of the
eurozone in the near term. We also regard Galapagos' large
installed base and longstanding relationships with customers as a
competitive advantage. We view positively the group's
diversified customer base. Our business risk assessment is also
supported by our expectation that Galapagos will maintain its
solid performance over our forecast horizon, supported by its
track record of fair resilience to cyclical downturns," S&P said.
In S&P's base case, it assumes:
-- Slow growth in the capital goods industry, with a likely
modest uptick in demand in 2014, and a slightly more
sustained increase from 2015.
-- Geographically, prospects are mixed. S&P forecasts that
Europe will remain the weakest link until 2015.
-- As a result of S&P's economic and industry-specific
assumptions, it expects Galapagos to deliver generally
stable operating performance. S&P thinks the adjusted
EBITDA margin will narrow to about 10.0% in 2014, largely
due to sizable restructuring costs that it expects the
company will incur, and to recover to about 11.0% in 2015
(compared with 11.5% for 2013).
-- S&P expects low-single-digit revenue growth, following a 7%
decline in 2013, mainly on the back of growth in the U.S.
and in emerging markets.
-- Margins will also likely be supported by efficiency
improvement measures implemented in recent years, in S&P's
view. Concurrently, though, S&P thinks the competitive
landscape will remain fierce.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Funds from operations (FFO) to debt of about 10% for 2014
and approximately 11.0% in 2015.
-- EBITDA coverage ratios of more than 2.5x over S&P's
forecast horizon.
-- Debt to EBITDA of close to 6x in 2014, moving toward 5x in
2015.
Liquidity
S&P's assess the group's liquidity as "adequate," mainly because
of the long-dated maturity profile with no debt amortizations
until 2020, solid FFO generation and moderate working capital
outflows. Availability under the EUR75 million RCF provides
further financial flexibility.
S&P expects sources of liquidity to exceed uses by at least 1.2x
in the full-year 2014 and no shortfall thereafter, which is the
minimum required for S&P's "adequate" designation. S&P also
expects sources to exceed uses even if EBITDA declines by 15%.
Principal Liquidity Sources:
-- Access to a EUR75 million RCF that will be fully undrawn at
closing.
-- Solid cash FFO generation amounting to about EUR65 million-
EUR75 million for 2014 to 2016.
Principal Liquidity Uses:
-- Moderate working capital outflows in euro millions in the
low-to-mid single digits for 2014 and 2015.
-- Annual capital expenditures of EUR30 million-EUR35 million
in 2014 and 2015.
-- No dividend outflow over our forecast period.
-- No payouts for acquisitions over S&P's forecast period, in
line with recent years.
The stable outlook reflects S&P's opinion that Galapagos should
continue to generate positive free operating cash flow (FOCF)
over 2014-2015, based on S&P's assumption that the group will
gradually improve its operating performance and control
expansionary investments in capital expenditures and working
capital.
Upside scenario
S&P could consider a positive rating action if Galapagos' fully-
adjusted debt to EBITDA moves below 5x, which could be consistent
with a higher rating, if the group simultaneously continues to
generate positive FOCF while liquidity remains at least
"adequate."
Downside scenario
S&P could lower the rating if unexpected adverse operating
developments occurred, such as a sharp economic downturn in the
global economy that affects Galapagos' end markets. This could
squeeze the company's reported EBITDA margin to less than 7% and
spark a contraction in operating cash flow generation. The
ratings could also come under pressure if the group's FOCF turned
negative as a result of operating shortfalls, adverse working
capital swings, or if the non-cash-paying PEC was replaced by a
cash-paying instrument.
ION TRADING: Moody's Affirms B3 CFR & Changes Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service has affirmed ION Trading Technologies
Limited's (ION Trading) B3 CFR and B3-PD PDR. Concurrently,
Moody's has assigned a (P)B2 rating to the new USD40 million
revolving credit facility (RCF) maturing 2019, and to the USD400
million and to the EUR300 million First Lien Term Loans maturing
2021. Moody's has also assigned a (P)Caa2 rating to the new
USD293 million Second Lien Term Loan maturing 2022. The new debt
facilities are all issued by ION Trading Technologies S.a.r.l and
will be used to refinance the group's existing debt. The ratings
outlook has also been changed to positive from stable.
Ratings Rationale
The change in ratings outlook reflects the company's strong
operating performance. It has consistently maintained margins
above 50%, and achieved important contract wins (including with
UBS AG (A2 stable)) that will help expand its global reach, and
provide scale to its operations and higher visibility in the
market.
The company has demonstrated high revenue visibility, low
customer churn and strong operating cash flow generation. The
acquisition of Financial Software Systems (FSS) has also been
EBITDA accretive, funded through cash and an equity injection
from the shareholder. FSS reports good market penetration in the
Tier 3 and Tier 4 capital markets space, complementing ION
Trading's offering.
The company's adjusted leverage was 6.6x at the end of December
2013, with Moody's expecting leverage of around 6.4x by the end
of 2014. Historically the company has made a very high level of
dividend payments, as well as using cash flow generation for
acquisitions. The company has indicated a financial policy going
forward with reduced dividend outflows (supported by a 5.5x
restricted payment test in the new debt facilities).
Positive ratings pressure could develop if ION Trading reduces
adjusted leverage below 6.0x on a sustainable basis, while
maintaining its strong margins and generating FCF to net debt
approaching 10%. Negative ratings pressure could occur if the
company fails to deleverage from its current level, if margins
weaken, if dividends remain at elevated levels or if its
liquidity profile deteriorates.
Privately owned by ION Investment Group, a TA Associates company,
ION Trading Technologies Limited. (IONTT), the parent of ION
Trading Technologies S.a.r.l, is a global provider of sell-side
trading software and services to banks and other financial
institutions operating in the fixed income markets. In 2013, the
company generated adjusted PF revenues of EUR267 million and
EBITDA of EUR122 million.
=====================
N E T H E R L A N D S
=====================
CHEYNE CREDIT I: S&P Lowers Rating on Class V Notes to 'B+'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
Cheyne Credit Opportunity CDO I B.V.'s class V notes. At the
same time, S&P has affirmed its ratings on the class IA funding,
IB, II, III def, and IV def notes.
The rating actions follow S&P's review of the transaction's
performance using data from the March 31, 2014 trustee report,
and the application of its relevant criteria.
Since S&P's previous review on March 18, 2013, the pool's obligor
concentration has increased and the average performing obligor
exposure has increased from 2.31% to 3.77% of the performing
assets. S&P's rating actions have mainly been driven by this
change.
In addition, the pool's weighted-average spread has decreased to
3.82% from 3.86%.
S&P has also observed that the proportion of assets that it
considers to be rated in the 'CCC' category ('CCC+', 'CCC', and
'CCC-') has increased in both notional and percentage terms to
6.23% from 0.00% of the total portfolio. 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 14.47% from 7.86% of the
total portfolio.
On the other hand, the available credit enhancement has increased
for all classes of notes. S&P considers the increase to be a
result of the class IA funding notes' partial amortization.
Since S&P's previous review, the class IA funding notes'
outstanding balance has decreased by EUR193.54 million, and is
now 7.27% of its original balance. This has benefitted the most
senior classes of notes.
The par value tests comply with the required trigger under the
transaction documents for all classes of notes. This remains
unchanged from S&P's previous review.
In S&P's analysis, it considered the fact that Cheyne Credit
Opportunity CDO I has been in its post-reinvestment period since
February 2011.
"We subjected the capital structure to our cash flow analysis by
applying our 2009 corporate cash flow collateralized debt
obligation (CDO) criteria, to determine the break-even default
rate (BDR) at each rating level. We used the portfolio of assets
balance that we considered to be performing, the principal cash
balance, the expected recoveries, the weighted-average spread,
and the weighted-average recovery rates calculated in line with
our 2009 corporate criteria," S&P said.
S&P applied various cash flow stress scenarios, using various
default patterns 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.
S&P took into account its observations outlined above and the
application of the supplemental stress tests that S&P introduced
in its 2009 corporate cash flow CDO criteria. S&P's ratings on
the class II, III def, IV def, and V def notes were constrained
by the application of the largest obligor test. 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 II to V def notes, the test results
constrain its ratings on the class II, III def and IV def notes
at the currently assigned rating levels. S&P has therefore
affirmed its ratings on the class II, III def, and IV def notes.
In line with the results of S&P's supplemental stress test, it
has lowered to 'B+(sf)' from 'BB+(sf)' its rating on the class V
def notes.
Based on S&P's counterparty risk analysis, it has concluded that
the transaction documents for the derivative counterparty,
JPMorgan Chase Bank N.A., are not in line with S&P's current
counterparty criteria. As such, S&P has conducted its cash flow
analysis assuming that the transaction does not benefit from the
support of a derivative counterparty in rating scenarios above a
'AA-' rating level. Despite the application of S&P's
nonsovereign ratings criteria and the stresses that it applies to
the transaction's non-euro-denominated collateral, S&P's cash
flow analysis results show that the available credit enhancement
for the class IA funding and IB notes is commensurate with its
currently assigned 'AAA (sf)' ratings. S&P has therefore
affirmed its 'AAA(sf)' ratings on the class IA funding and IB
notes.
Cheyne Credit Opportunity CDO I is a cash flow CDO transaction
that securitizes loans granted to primarily speculative-grade
corporate firms, managed by Cheyne Capital Management Ltd, closed
in March 3,2006.
RATINGS LIST
Cheyne Credit Opportunity CDO I B.V.
EUR1 bil variable funding and floating-rate notes
Rating
Class Identifier To
IA funding 167059AG9 AAA (sf) AAA (sf)
IB 167059AA2 AAA (sf) AAA (sf)
II 167059AB0 AA+ (sf) AA+ (sf)
III def 167059AC8 A+ (sf) A+ (sf)
IV def 167059AD6 BBB+ (sf) BBB+ (sf)
V def 167059AE4 B+ (sf) BB+ (sf)
===============
P O R T U G A L
===============
LA SEDA DE BARCELONA: Selenis Set to Acquire Business
-----------------------------------------------------
Richard Higgs at PRW.com reports that Portalegre, Portugal-based
PET resin producer Selenis is still a favorite to acquire the
Italian PET polymer plant of insolvent Catalan PET and packaging
group La Seda de Barcelona, although the deal may not yet be cut
and dried.
Selenis, which has plants in Canada and Portugal, was one of two
remaining bidders for Artenius Italia at an auction earlier this
month, PRW.com notes. The other would-be buyer for the 200,000
tpa PET business in San Giorgio di Nogaro was Ottana Polymers, a
Sardinia-based partnership between Indorama Ventures and Italian
businessman Paolo Clivati, PRW.com discloses.
But, Selenis's EUR1-million offer appeared to be the sole bid
standing after Ottana was disqualified from the sale on technical
grounds related to its alleged failure to submit information in
time, PRW.com says, citing Italian press reports.
However, Ottana boss Paolo Clivati is said to be consulting
lawyers over its exclusion and is considering appealing against
the decision to the bankruptcy court of the Italian Udine region,
PRW.com states.
The sale of what is LSB's final European polymer plant in the
liquidation process of group assets is still subject to the
approval of the insolvency court in Barcelona, Spain overseeing
the bankrupt PET producer, PRW.com notes.
Under the Selenis offer, it has proposed to take on only 30 of
the 107 Artenius Italia employees, PRW.com discloses.
===========
R U S S I A
===========
EURASIA DRILLING: Fitch Affirms 'BB' IDR; Outlook Positive
----------------------------------------------------------
Fitch Ratings has revised Eurasia Drilling Company Limited's
(EDC) Outlook to Positive from Stable and affirmed its Long-term
foreign currency Issuer Default Ratings (IDR) at 'BB'.
The Positive Outlook reflects our expectation that EDC will
maintain solid credit metrics and should be free cash flow (FCF)
positive in 2015-2017 as it approaches the end of its investment
cycle in the Caspian Sea. EDC has a strong market position and
will remain the largest on-shore driller in Russia in the medium
term. The Positive Outlook also reflects the favorable business
environment as Russian oil & gas companies continue to maintain
high drilling volumes to battle natural oil flow declines.
EDC is the largest drilling company in Russia with a 29% market
share in 2013 (by meters drilled, excluding offshore). Its
ratings are constrained to the 'BB' category due to high customer
concentration and limited geographical diversification beyond
Russia. In 2013, OAO LUKOIL (BBB/Negative) accounted for around
two-thirds of EDC's revenue, and EDC's diversification strategy
will be challenged as OJSC OC Rosneft, EDC's second-largest
customer, announced it will almost fully curtail cooperation with
the company.
KEY RATING DRIVERS
Positive Outlook
The Positive Outlook reflects that completion risks have
significantly reduced with commissioning of Neptune, its third
jack-up rig in the Caspian Sea. Fitch expects that the company's
capital intensity will fall, leading to positive FCF in 2015-
2017. EDC's credit metrics should remain solid despite lower on-
shore drilling in 2014 due to the loss of Rosneft, its second-
largest customer. Fitch expects that EDC's key customers, LUKOIL
and JSC Gazprom Neft (BBB/Negative), will maintain high drilling
volumes to increase yield from their mature brownfields and bring
greenfields on-line.
Russia's Largest Drilling Company
EDC is the largest drilling company in Russia, with a 29% market
share in 2013. It operates in all Russia's key oil regions and
is predominantly involved in onshore drilling, although its
offshore business on the Caspian Sea shelf has expanded
considerably over the past few years. EDC's operational scale
remains constrained compared with that of larger, global oilfield
services companies, such as Halliburton Company (A-/Stable) and
Nabors Industries Inc. (Nabors, BBB/Negative).
EDC has a relatively modern fleet that at end-2013 included 255
land drilling and sidetracking rigs, 427 workover rigs, and three
jack-up rigs for offshore drilling. In 2013, EDC's total
drilling volumes reached 6,264 thousand meters, up 3.5% year-on-
year, while horizontal meters reached 1,296 thousand meters, up
50.3% yoy.
LUKOIL Dominates, Rosneft Departs
LUKOIL, Russia's largest private oil company, remains EDC's top
customer with 57% of onshore drilling volumes and 66% of revenues
in 2013. Fitch acknowledges the long-term relations between EDC
and LUKOIL as mutually beneficial but view the high customer
concentration as a rating constraint. EDC has been trying to
diversify its customer base but this strategy has been challenged
as Rosneft announced in 2014 it will develop its in-house
oilfield service business and will almost fully curtail
cooperation with EDC.
Rosneft accounted for nearly a quarter of EDC's land drilling
volumes in 2013 and 20% of onshore revenues. Therefore, Fitch
expects that LUKOIL's share in EDC's revenues and earnings will
increase in 2014 and a significant diversification of EDC's
customer base is unlikely over the medium term. In Fitch's
modelling it assumes that EDC's drilling volumes will decline in
2014 by 10-15% yoy, although its higher-margin horizontal
drilling and offshore drilling volumes should increase,
supporting its operating cash flows.
Caspian Offshore Drilling On-track
EDC continues to step up its offshore operations in the Caspian
Sea. At end-2013, EDC operated three jack-up rigs there,
following commissioning of the Neptune rig in 2013. A fourth
rig, Mercury, is currently under construction and EDC expects to
commission it at end-2014. EDC has secured a strong position in
the Caspian region, the importance of which for oil exploration
is growing. In 2013, offshore drilling accounted for 5% and 16%
of the company's revenue and net income, respectively, largely
flat yoy.
Favorable Business Environment
Fitch believes that the outlook remains favorable for the
industry, as Russian oil majors continue fighting production
decline at Western Siberian brownfields, developing greenfields
and tapping into shale oil deposits, which requires drilling more
complex wells and leads to a significant increase in horizontal
drilling. Based on Fitch's Brent price deck of USD96/bbl in 2014
and USD91/bbl in 2015, we forecast that Russian oil companies
will keep up their upstream capex, which in 2013 reached USD8.3
billion for LUKOIL (Russian capex only, up 18% yoy), and USD4.2
billion for JSC Gazprom Neft (BBB/Negative, up 46% yoy), a
sizable portion of which was spent on drilling.
Low Leverage to Remain
At end-2013 EDC's FFO adjusted net leverage was 0.6x, down from
0.8x at end-2012, while its FFO fixed charge cover reached nearly
15.5x, up from 10.3x. Fitch expects EDC to maintain a
conservative financial policy and forecast that in 2014-2017 FFO
adjusted net leverage will not exceed 1x in 2014-2017 and FFO
fixed charge cover will stay above 10x. This is partially due to
the reduction in capex in 2015-2017 following the commissioning
of the last jack up rig that EDC expects at end-2014.
RATING SENSITIVITIES
Upgrade to 'BB+': Fitch may consider an upgrade to 'BB+' if:
-- FFO adjusted net leverage remains below 1.5x and FFO interest
cover remains above 8x on a sustained basis.
-- The fourth jack-up rig (Mercury) is commissioned without
significant delays and budget overruns;
-- Positive FCF starting from 2015.
-- On-shore drilling volumes declining by not more than 15% yoy
in 2014, at least +5% yoy in 2015.
Outlook Stabilisation: Fitch may consider revising the Outlook to
Stable if:
-- FFO adjusted net leverage settles above 1.5x, and FFO
interest cover below 8x on a sustained basis.
-- On-shore drilling volumes decline by more than 15% yoy in
2014 and do not rebound in 2015.
Fitch may consider a downgrade to 'BB-' if the company's FFO
adjusted net leverage exceeds 2.5x on a sustained basis due to
M&A, significantly higher dividends, weak operational performance
or material cost overruns/delays in the Caspian Sea, which Fitch
now assess as unlikely.
DEBT AND LIQUIDITY
Comfortable Debt; Sufficient Liquidity
At end-2013 EDC had total balance-sheet debt of USD1.11 billion.
Its short-term debt of USD104 million was well covered by cash
and cash equivalents of USD629 million. Fitch believes that EDC
will be able to repay its upcoming maturities from its cash flows
from operations.
Manageable FX Risks
At end-2013, 77% of EDC's borrowings were US dollar-denominated.
Fitch expects that its net US dollar-denominated operating
cashflows from offshore drilling are sufficient to cover its US
dollar-denominated debt servicing, including interest and
principal and hence view EDC's currency mismatch risk as
manageable. Fitch views the Russian rouble depreciation in 1Q14
as neutral for EDC's credit profile, though it will have a
negative impact on its absolute US dollar-denominated revenue and
EBITDA figures in 2014, as the company reports in US dollars.
Full List of Ratings
Eurasia Drilling Company Limited
Long-Term IDR: affirmed at 'BB', Outlook revised to Positive
from Stable
Short-Term IDR: affirmed at 'B'
Long-Term local currency IDR: affirmed at 'BB', Outlook revised
to Positive from Stable
Short-Term local currency IDR: affirmed at 'B'
National Long-Term Rating: affirmed at 'AA-(rus)', Outlook
revised to Positive from Stable
OOO Burovaya Kompaniya Eurasia
Senior unsecured rating: affirmed at 'BB'
National senior unsecured rating: affirmed at 'AA-(rus)'
EDC Finance Limited
Senior unsecured rating: affirmed at 'BB'
KURSK REGION: Fitch Affirms 'BB+' IDR; Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed Russian Kursk Region's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at
'BB+', with Stable Outlooks, and Short-term foreign currency IDR
at 'B'. The agency has also affirmed the region's National Long-
term rating at 'AA(rus)' with Stable Outlook.
KEY RATING DRIVERS
The affirmation reflects the region's low direct risk and
contingent liabilities and large self-financing of capex. The
ratings also factor in the moderate size of the region's budget,
weakening operating balance and modest but growing local economy.
Fitch expects the operating balance will stabilize at 5% of
operating revenue in the medium term, which is lower than the
high average of 18% during 2009-2012. In 2013, the operating
balance deteriorated to 4.9% of operating revenue, but this fully
covered debt servicing needs (principal repayment and interests)
due to the low level of debt. The region suffered from both
deceleration of tax proceeds and high pressure on operating
expenditure in 2013. The latter was driven by the federal
government's decision to increase salaries to public sector
employees, bringing them in line with the average regional
salary.
Fitch believes the region will reduce its historically high capex
to an average 16% of total spending in the medium term (2011-
2013: average 26%) to control the budget deficit at below 5% of
total revenue. The deficit before debt averaged a moderate 4.5%
of total revenue during 2011-2013. The region's self-financing
capacity (current balance and capital revenue) continued to be
strong in 2013 as it covered around 80% of capex.
Fitch expects the region's direct risk will remain low in the
medium term and will account for around 15% of current revenue in
2016. In 2013 direct risk accounted for 12% of current revenue,
40% of which was composed of subsidized loans from the federal
budget. The residual part of the direct risk comprised short-
term bank loans with maturity in 2014. Kursk has already
redeemed these bank loans ahead of schedule, and as of May 1,
2014, it was free of market debt. The region's contracted but
unutilized credit lines with banks, which can be used if the need
arises during 2014 amount to RUB4.3 billion.
The region has not provided guarantees since 2008 and the stock
of guarantees issued to agricultural companies during 2005-2007
decreased to RUB1.1 billion in 2013, which corresponds to 3% of
operating revenue (2012: RUB1.3 billion). Kursk's public-sector
entities were debt-free in 2013.
During 2011-2013 the region's economic growth outpaced the
national average. The administration expects 4%-yoy growth of
gross regional product (GRP) for 2014, which is likely to remain
above the national average. Nevertheless, the region's economy
is still modest, with GRP per capita 7% lower than the national
median in 2012. The region has a diversified industrial sector
and is strong in agriculture.
Russia's institutional framework for subnationals constrains the
region's ratings. Frequent changes in allocation of revenue
sources and assignment of expenditure responsibilities between
the tiers of government limit the region's forecasting ability
and negatively affect its fiscal capacity and financial
flexibility.
RATING SENSITIVITIES
The restoration of the operating balance to its historically high
level of around 15% of operating revenue coupled with debt
payback aligned with the average maturity profile of the region's
debt would lead to an upgrade.
Growth of short-term debt leading to high refinancing pressure
accompanied by further deterioration of operating performance
would lead to a downgrade.
ROSEVROBANK: Fitch Raises IDR to 'BB-'; Outlook Stable
------------------------------------------------------
Fitch Ratings has upgraded Rosevrobank's (REB) Long-term Issuer
Default Rating (IDR) to 'BB-' from 'B+' with a Stable Outlook.
The agency has also affirmed the Long-term IDRs of Chelindbank
(Chelind) at 'BB-', Locko-Bank (Locko), Primsotsbank, Bank
Levoberezhny, SDM-Bank (SDM) at 'B+' and Bank Snezhinsky (BS) at
'B-'. The Outlooks are Stable.
KEY RATING DRIVERS: ALL BANKS' IDRS, NATIONAL LONG-TERM RATING
AND VIABILITY RATINGS (VRS)
The upgrade of REB's ratings mainly reflects its extended track
record of attracting cheap and sticky customer funding, which
gives it a significant competitive edge in the tougher operating
environment. It also considers the bank's reasonable asset
quality with growing share of government-related corporate
borrowers and historically low-risk secured retail (mainly
mortgages), moderate capitalization, solid profitability and
comfortable liquidity.
The affirmation of the other banks' ratings with Stable Outlooks
reflects: (i) limited changes in the credit profiles since last
review and Fitch's view that these banks' relatively low ratings
can tolerate a moderate deterioration of the operating
environment (the latter reflected by the Negative Outlook on the
Russian sovereign's 'BBB' rating); (ii) generally adequate asset
quality, although there is moderate worsening of unsecured retail
lending (Primsotsbank, Levoberezhny) and some specific concerns
regarding corporate lending (Locko); (iii) reasonable
capitalization and profitability; (iv) broadly stable liquidity
profiles and limited refinancing risks except Locko, which has
material wholesale funding; and (v) on the negative side, the
banks' relatively narrow franchises and high balance sheet
concentrations.
Fitch has withdrawn BS's ratings as the bank has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for the bank.
KEY RATING DRIVERS: REB'S IDRS, NATIONAL LONG-TERM RATING AND VR
REB's asset quality remains resilient, with non-performing loans
(NPLs, 90 days overdue) comprising a low 2.8% of the end-2013
loan book. NPLs were comfortably 2x covered by reserves. Beyond
that, a comfortable additional loss absorption capacity is
available from the bank's capital cushion and pre-impairment
operation profit (equals 9.3% of average loans). Loan
concentration is relatively high with top 25 exposures making 50%
of corporate loans at end-2013. However, half of these largest
exposures are composed of moderate risk working-capital loans to
cash generative clients with a long operational track record
while the other half are low-risk loans to government-related
companies. Retail loans (29% of gross loans) are also low risk,
as these are mostly mortgages with low LTVs.
Funding is one of the main strengths with interest-free current
accounts (mainly corporates) comprising a high 52% of end-2013
liabilities. The funding profile translates into REB's low
funding cost (3.4% in 2013) giving the bank a significant
competitive edge. Although this funding is rather granular (the
20 largest clients equalled low 15% of end-1Q14 current accounts)
and proved to be rather sticky, REB has a significant liquidity
cushion, which covered more than 50% of total customer accounts
at end-2013, mitigating withdrawal risk. REB currently has no
wholesale liabilities.
REB's capitalization is moderate as expressed by its 12.7% FCC
ratio as of end-2013 and regulatory capital adequacy ratio of
11.1% at end-4M14. However, this is supported by healthy
internal capital generation (ROAE of 23% in 2013).
KEY RATING DRIVERS - CHELIND'S IDRS, NATIONAL RATING AND VR
Chelind's asset quality was stable in 2013, supported by a
relatively strong regional economy. The ratio of NPLs/ gross
loans stood at 5.2% with restructured loans at a further 3.7% at
end-2013. These were fully covered by reserves of 9.5%. The
credit risk is also mitigated by reasonable pre-impairment profit
equalling 4.9% of average loans.
The bank's capitalization is solid with an FCC ratio of 19.3% at
end-2013 and regulatory capital ratio of 18.2% at end-4M14.
Internal capital generation ratio was healthy (ROE of 10.9% in
2013) considering the already high capital base. Capitalization
should be preserved as the bank plans only moderate about 8%
growth in 2014.
Chelind's liquidity position is comfortable due to its prominent
position in the Chelyabinsk region where it is number two after
Sberbank by retail deposits, limited wholesale debt, and a
substantial cushion of liquid assets covering 28% of relatively
granular customer accounts at end-1Q14.
KEY RATING DRIVERS: SDM'S IDRS, NATIONAL LONG-TERM RATING AND VR
At end-2013 SDM's reported NPLs were a modest 0.9% and were 3x
covered by reserves. Although SDM's loan book concentration
remains high (the 20 largest exposures comprised 50% of the end-
2013 loan book, or above 2x FCC), Fitch is comfortable with the
quality of most of the largest exposures as they are either
short-term working capital loans to local medium-sized trade
companies or real estate-related project finance loans, which are
reasonably well secured with already operational properties.
SDM's retail book is small and mostly channelled to low-risk
mortgage clients.
SDM's customer funding (90% of end-2013 liabilities) is mostly
attracted from long-standing clients. Withdrawal risks are
mitigated by SDM's healthy liquidity position (liquid assets
equal high 56% of customer funding at end-2013). Liquidity is
also supported by the relatively fast amortizing loan book and
the bank's proven ability to de-leverage under stress.
SDM's capital is adequate with an FCC ratio of 16.6% at end-2013.
Internal capital generating capacity is also reasonable, as the
bank's ROAE (17% in 2013) is broadly in line with the growth
plans.
KEY RATING DRIVERS LOCKO'S - IDRS, VR AND NATIONAL RATING
Locko reported a low NPL ratio of 3.6% at end-2013. However,
Locko's practice of rolling over credit lines prior to maturity
may distort the real loan quality, while also shortening the
reported maturity of the loan book and improving regulatory
liquidity ratios. Fitch views most of the 25 largest exposures
(23% of the total book or 1.1x of FCC) as moderate risk due to
reasonable borrowers' leverage and/(or) collateral coverage.
However, few of these exposures (4% of total loans or 21% of
FCC), comprising loans to construction companies for long-term
development projects without hard collateral (due to them not
being completed yet) and unsecured loan to bad debt collection
company, are potentially high risk, in Fitch's view. The retail
loan book (63% of total loans) is of adequate quality due to the
dominance of secured car loans and mortgages (64% of retail loans
at end-2013).
Capitalization is reasonable with the FCC ratio of 17.2% at end-
2013. Total regulatory capital ratio was lower at 12.5% at end-
1Q14 mainly due to higher statutory reserves. Fitch estimates
the bank has the capacity to increase regulatory loan impairment
reserves to 10.5% from 6.4% currently, overall a reasonable loss
absorption buffer. Further complementing this, the bank's pre-
impairment profitability was robust (6.4% of average loans in
2013) supported by strong securities gains (historically one of
Locko's areas of competence).
Refinancing risk is material given RUB12 billion of wholesale
funding maturing in 2013 (including local bonds with put
options), representing 18% of total liabilities. The plan is to
refinance, although it may be challenging given current market
conditions. The bank had RUB11 billion of liquid assets at end-
1Q14, moderately mitigating refinancing risk.
KEY RATING DRIVERS - PRIMSOTSBANK, LEVOBEREZHNY IDRS, VR AND
NATIONAL RATING
Asset quality is reasonable at both banks, although Fitch notes a
moderate increase of NPL origination rates (defined as net
increase in NPLs plus write-offs/average performing loans) in
unsecured retail portfolios (30% and 48% of gross loans,
respectively) in 2013, by 3.6% (up to 7%) for Primsotsbank, and
by 5% (up to 8%) for Levoberezhny. End-2013 NPLs were 5% and
7.5% of gross loans, and renegotiated exposures made up a further
6% and 3.5% at Primsotsbank and Levoberezhny, respectively. NPLs
were fully covered by loan impairment reserves at both banks,
while restructured loans were only moderately reserved, as the
banks have either reasonable collateral or these exposures are
performing.
The banks' capitalization is moderate, with the regulatory ratio
being tighter at Primsotsbank's (11.4% at end-1Q14) compared with
Levoberezhny (13.2%). The ability to absorb additional losses
through capital was therefore limited to a moderate 2% and 4% of
gross loans, respectively. Positively, both banks' show healthy
pre-impairment profits (5.4% of average loans for Primsotsbank,
9.5% - Levoberezhny), which offer a comfortable extra buffer.
Net returns are also reasonable (17.4% and 31% annualized ROE in
9M13), which is sufficient to support growth.
Liquidity cushions were comfortable, with the liquid assets
(cash, net short-term interbank and securities eligible for repo
with the CBR), net of modest wholesale repayments covering 33% of
Primsotsbank's customer accounts and 27% of Levoberezhny's.
Dmity Yarovoy and his immediate family jointly own 87% of
Primsotsbank and 67% of Levoberezhny. Although both banks are
controlled and managed by the same shareholders, they have
limited overlap of business.
RATING SENSITIVITIES - ALL BANKS' IDRS AND VR
Upside potential for the ratings is limited given their limited
franchises, high balance sheet concentrations and a weak economy
outlook.
The banks' ratings could be downgraded in case of a marked
deterioration in the operating environment, resulting in asset
quality deterioration and/or a liquidity squeeze. Additional
negative pressure on Locko's ratings stems from relatively high
refinancing risks.
KEY RATING DRIVERS AND SENSITIVITIES: SDM'S AND LOCKO'S SENIOR
UNSECURED DEBT AND LOCKO'S SUBORDINATED DEBT
SDM's and Locko's senior unsecured debt is rated in line with the
banks' Long-term IDRs, reflecting Fitch's view of average
recovery prospects (corresponding to a Recovery Rating of '4'),
in case of default. Any changes to the banks' VRs would likely
impact the ratings of both senior and subordinated debt.
Locko's expected subordinated debt rating has been affirmed a
notch below its VR in line with Fitch's criteria for rating these
instruments. Fitch has simultaneously withdrawn it, as the issue
is no longer planned.
RATING DRIVERS AND SENSITIVITIES: SUPPORT RATINGS AND SUPPORT
RATING FLOORS
The '5' Support Ratings and 'No Floor' Support Rating Floors of
the banks reflect their small size, limited market shares and
retail deposit franchises, making government support uncertain.
In Fitch's view, support from the banks' private shareholders can
also not be relied upon. An upgrade of these ratings is unlikely
in the foreseeable future, although acquisition by a stronger
owner could lead to an upgrade of the Support Rating.
The rating actions are as follows:
REB
Long-term foreign and local currency IDRs: upgraded to 'BB-'
from 'B+', Outlook Stable
Short-term IDR: affirmed at 'B'
Viability Rating: upgraded to 'bb-' from 'b+'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
National Long-term rating: upgraded to 'A+(rus)' from 'A(rus)',
Outlook Stable '
SDM
Long-term foreign and local currency IDRs: affirmed at 'B+',
Outlook Stable
Short-term IDR: affirmed at 'B'
Viability Rating: affirmed at 'b+'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
National Long-term rating: affirmed at 'A-(rus)', Outlook
Stable
Senior unsecured debt: affirmed at 'B+'; Recovery Rating 'RR4'
Senior unsecured debt National Long-term Rating: affirmed at
'A-(rus)'
Senior unsecured debt: affirmed at 'B+(exp)'; Recovery Rating
'RR4'
Senior unsecured debt National Long-term Rating: affirmed at
'A-(exp)(rus)'
Locko
Long-term foreign and local currency IDRs: affirmed at 'B+',
Outlook Stable
Short-term IDR: affirmed at 'B'
Viability Rating: affirmed at 'b+'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
National Long-term rating: affirmed at 'A-(rus)', Outlook
Stable
Senior unsecured debt: affirmed at 'B+'; Recovery Rating 'RR4'
Senior unsecured debt National Long-term rating affirmed at 'A-
(rus)'
Subordinated debt: affirmed at 'B(exp)', Recovery Rating 'RR5'
and withdrawn
Senior unsecured debt: affirmed at 'B+(exp)'; Recovery Rating
'RR4'
Senior unsecured debt National Long-term Rating: affirmed at
'A-(exp)(rus)'
Chelindbank
Long-term foreign currency IDR: affirmed at 'BB-', Outlook
Stable
Short-term foreign currency IDR: affirmed at 'B'
Viability Rating: affirmed at 'bb-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
National Long-term rating: affirmed at 'A+(rus)', Outlook
Stable
Levoberezhny
Long-Term foreign and local currency IDRs affirmed at 'B+';
Outlook Stable
Short-Term IDR affirmed at 'B'
National Long-Term Rating affirmed 'A-(rus)'; Outlook Stable
Viability Rating affirmed at 'b+'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Primsotsbank
Long-Term IDR affirmed at 'B+'; Outlook Stable
Short-Term IDR affirmed at 'B'
National Long-Term Rating affirmed 'A-(rus)'; Outlook Stable
Viability Rating affirmed at 'b+'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Bank Snezhinskiy
Long-term foreign currency IDR affirmed at 'B-'; Outlook Stable
and withdrawn;
Short-term IDR affirmed at 'B' and withdrawn;
Viability Rating affirmed at 'b-' and withdrawn;
Support Rating affirmed at '5' and withdrawn;
Support Rating Floor affirmed at 'No Floor' and withdrawn
STAVROPOL REGION: Fitch Affirms 'BB' IDR; Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Russian Stavropol Region's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'BB'
and its National Long-term rating at 'AA-(rus)' with Stable
Outlooks. The Short-term foreign currency IDR has been affirmed
at 'B'.
The region's outstanding senior unsecured domestic bonds have
also been affirmed at 'BB' and 'AA-(rus)'.
Key Rating Drivers
The rating affirmation reflects Fitch's expectations that the
region will maintain moderate direct risk and an operating
balance at 8% of operating revenue per annum in 2014-2016. The
ratings also factor in a persistent budget deficit, due to
increasing pressure from operating and capital expenditure,
refinancing pressure and the region's below-national average
wealth and economic indicators.
Fitch expects the region's direct risk will remain below 45% of
current revenue during 2014-2016 despite the budget deficit. The
agency expects the region will use part of its RUB4.2 billion (as
of March 1, 2014) cash to cover its budget deficit, therefore
limiting debt growth. Fitch expects direct risk will increase by
20% in 2014 to RUB24.4 billion (2013: RUB20.3 billion),
equivalent to 34% of current revenue, compared with 29% in 2013.
Stavropol faces refinancing pressure from RUB5.7 billion of bank
loans and RUB2.3 billion of issued bonds maturing in 2014, which
corresponded to 43% of direct risk as of March 1, 2014. Due to
its persistent budget deficit the region is dependent on access
to financial markets for debt refinancing. Stavropol plans to
issue RUB4 billion of bonds in 2014 to replace some of its short-
term bank loans and to fund part of the budget deficit. Fitch
expects the region will be able to refinance its debt as it has
done in the past.
Fitch expects the operating balance will slightly deteriorate in
the medium term. This is due to continuing pressure on operating
expenditure following the federal government's decision to raise
public sector salaries and to fund other social programs, and a
decline in current transfers after a significant rise of 26% in
2013. High current transfers in 2013 were due to the federal
government partially compensating public sector salary increases
by providing additional subsidies to the region. This allowed
the region to record a sound operating balance at 10% of
operating revenue in 2013 after a low 2% in 2012.
Budget deficit is likely to persist at 6-8% of total revenue in
2014-2016. In 2013 the region's deficit slightly widened to
10.6% from 8.6% in 2012. The deficit was driven by continuing
high capital expenditure at 23.8% of total expenditure in 2013
(2012: 21.4%). Fitch expects capex to be at 20% in 2014, driven
by on-going investments in education and healthcare
infrastructure; before easing to 17% in 2015-2016 to limit budget
deficit and debt growth.
Stavropol's socio-economic profile is historically weaker than
that of the average Russian region and is dominated by
agriculture and food processing. Its per capita gross regional
product (GRP) was about 63% of the national median in 2012.
However, the region's economy is less dependent on the external
environment, which can prove volatile. The regional government
expects sound regional GDP growth of 3.5% per year between 2014
and 2016.
Rating Sensitivities
Sustained sound operating balance at about 10% of operating
revenue and debt coverage (2013: 3.6 years) in line with average
maturity profile (2013: four years) would lead to an upgrade.
Weakening of the operating margin towards zero, coupled with an
increase in direct risk above 50% of current revenue, would lead
to a downgrade.
TVER REGION: Fitch Revises Outlook to Positive & Affirms 'B' IDR
----------------------------------------------------------------
Fitch Ratings has revised Russian Tver Region's Outlook to
Positive from Stable. The agency has affirmed the region's Long-
term foreign and local currency Issuer Default Ratings (IDRs) at
'B', National Long-term rating at 'BBB+(rus)' and Short-term
foreign currency IDR at 'B'.
The ratings on the region's outstanding RUB9.6 billion senior
unsecured domestic bonds have been affirmed at 'B' and
BBB+(rus)'.
KEY RATING DRIVERS
The Outlook revision reflects the following rating drivers and
their relative weights:
High:
Fitch expects the region's fiscal performance will continue to
improve in 2014-2016. The administration plans to maintain
strict control over operating expenditure, which should lead to a
firmer operating balance of about 5% of operating revenue from
2014 onwards. This, together with continued moderate capex
levels, should contribute to a continued shrinking of the budget
deficit before debt in the medium-term.
The region's budgetary performance in 2013 improved beyond Fitch
expectations. After two years of operating deficit the operating
balance turned to a positive 3.7% of operating revenue in 2013,
due to strict control over operating expenditure and support from
the federal government in the form of additional current
transfers.
Fitch expects the overall budget deficit will further narrow to
7% of total revenue in 2014 and 4%-5% in 2015-2016 from 8.2% in
2013. This would represent a significant improvement from an
average overall budget deficit of 11% of total revenue between
2009 and 2012, which led to a heavier debt burden relative to
other Russian regions.
Medium:
Fitch expects direct risk to stabilize at below 65% of current
revenue in 2014-2016. This will be supported by the narrowing
deficit and the administration's ability to use accumulated cash
for partial deficit financing. In 2013 the region's direct risk
accounted for 62.7% of current revenue (2012: 59%). The region's
contingent risk is close to zero as it is limited to the
negligible debt of the region's public-sector entities.
Tver Region's ratings also reflect the following key rating
drivers:
The region remains exposed to refinancing pressure in 2014-2016
as it has to redeem 88% of total debt stock. In 2014 the region
has to refinance RUB5.2 billion, which corresponds to 26% of
direct risk. Fitch believes the region will refinance maturing
debt in 2014 with the RUB7 billion committed credit lines
available from banks. The region plans to issue a domestic bond
in 2014 if market conditions are favorable. The upcoming bond
will have a five-year maturity, which will smooth out the
region's maturity profile.
The region has a moderately developed economy, which is dominated
by a well-diversified industrial sector. Tver's GRP per capita
was 18% below the national median in 2012. In 2013 GRP grew 1.3%
yoy, in line with the national average. The administration
expects the regional economy will see modest growth of 2% in
2014.
Russia's institutional framework for subnationals is a
constraining factor on the region's ratings. Frequent changes in
allocation of revenue sources and assignment of expenditure
responsibilities between the tiers of government limit the
region's forecasting ability and negatively affect its fiscal
capacity and financial flexibility.
Rating Sensitivities
A sustained positive operating balance and narrowing of the
budget deficit in line with Fitch's forecasts would lead to an
upgrade.
=========
S P A I N
=========
PESCANOVA SA: Subsidiaries to Undergo Debt Restructuring
--------------------------------------------------------
Undercurrent News, citing Faro de Vigo, reports that Pescanova's
Spanish subsidiaries will go through an "express" scheme of debt
restructuring under bankruptcy protection (concurso de
acreedores).
According to Undercurrent News, the newspaper's sources said
these include two Galicia-based subsidiaries of Pescanova, the
turbot fingerling subsidiary Pescanova Insuina and specialty
flour producer for precooked products Harinas y Semolas del
Noroeste (Hasenosa). These subsidiaries will not be declared
bankrupt as the banks -- which are now in charge of the Spanish
multinational -- consider their debt is held by just "a few
creditors" and an agreement will be easy to reach, Undercurrent
News notes.
The rest of the subsidiaries will go under bankruptcy proceedings
within Pescanova's restructuring process, which will culminate by
end of summer, Undercurrent News says, citing Faro de Vigo's
sources.
The company's restructuring proposal, officially approved by the
Spanish court on May 23, states Pescanova's subsidiaries based in
Spain will go through the debt restructuring process, with the
exception of three to four companies, Undercurrent News relays.
About Pescanova SA
Pescanova SA is a Galicia-based fishing company. The company
catches, processes, and packages fish on factory ships. It is
one of the world's largest fishing groups.
Pescanova filed for insolvency on April 15, 2013, on at least
EUR1.5 billion (US$2 billion) of debt run up to fuel expansion
before economic crisis hit its earnings. The Pontevedra
mercantile court in northwestern Galicia accepted Pescanova's
insolvency petition on April 25. The court ordered the board of
directors to step down and proposed Deloitte as the firm's
administrator.
PESCANOVA SA: Exits Administration After Creditors OK Rescue Deal
-----------------------------------------------------------------
Emma Pinedo at Reuters reports that Pescanova SA came out of
administration on Friday after a court approved a deal with
creditors that leaves the company in the hands of its banks.
Pescanova -- which filed for bankruptcy last year -- will be
controlled by creditors including Spanish banks Sabadell,
Popular, Caixabank, BBVA, NCG Banco and Bankia, Reuters
discloses.
According to Reuters, under the deal proposed by the banks, and
accepted by the court, creditors will retain EUR1 billion
(US$1.36 billion) of debt and will inject EUR125 million of
capital into the company, the frozen fish products of which are
among Spain's best-known brands.
About Pescanova SA
Pescanova SA is a Galicia-based fishing company. The company
catches, processes, and packages fish on factory ships. It is
one of the world's largest fishing groups.
Pescanova filed for insolvency on April 15, 2013, on at least
EUR1.5 billion (US$2 billion) of debt run up to fuel expansion
before economic crisis hit its earnings. The Pontevedra
mercantile court in northwestern Galicia accepted Pescanova's
insolvency petition on April 25. The court ordered the board of
directors to step down and proposed Deloitte as the firm's
administrator.
=============
U K R A I N E
=============
* UKRAINE: Terrorist-Linked Banking Facilities Liquidated
---------------------------------------------------------
Interfax-Ukraine reports that three banking facilities that
illegally converted funds and finance terrorists were liquidated
on Friday night in the capital of Ukraine.
According to Interfax-Ukraine, Security Service Head Valentyn
Nalyvaichenko said at a press conference in Kyiv on Friday said
that the money laundering by the banks was mainly intended to
finance terrorists and buy arms.
===========================
U N I T E D K I N G D O M
===========================
AIRE VALLEY 2004-1: Fitch Affirms BB Rating on 2 Note Classes
-------------------------------------------------------------
Fitch Ratings has affirmed Aire Valley Master Trust's notes.
The Aire Valley master trust program comprises predominantly buy-
to-let (BTL) loans (79% of the portfolio) originated by Mortgage
Express, a wholly owned subsidiary of Bradford and Bingley (not
rated).
KEY RATING DRIVERS
Stable Asset Performance
The underlying collateral performance has remained broadly stable
over the past year. Three-months plus arrears have declined
marginally to 1.1% as of May 2014 compared with 1.4% in June
2013. There have been no notable deviations in repossession
activities, with the current stock of unsold possessions
remaining low at 15bps of the outstanding portfolio balance.
Additionally, the reported levels of annualized net excess spread
have remained fairly constant, albeit at relatively low levels
averaging approximately 50bps to 60bps.
High Loss Severities
Period loss severities have fluctuated over the transaction's
life, reaching levels of up to 40% in certain months and
contributing towards the relatively high loss severity to date of
about 32%. Given the high BTL composition of the portfolio,
receiver of rent policies are used in the management of arrears
cases. As the use of receiver of rents is generally effective in
controlling the levels of arrears, properties that are eventually
sold tend to be associated with more extreme cases and/or poorer
property conditions. Hence, while such sales tend to be lower in
number, the losses incurred tend to be higher. In the case of
Aire Valley, it is evident that the high loss severities to date
have been driven by the sale of properties associated with
receiver of rents. Consequently, in its analysis Fitch has
assumed a higher quick sale adjustment on the BTL portion of the
portfolio, with the effect of reducing recovery rates.
Nonetheless, the agency believes that the current levels of
credit support continue to provide sufficient cushion to protect
against higher expected losses.
Note Amortization
Following the breach of the non-asset trigger in May 2012, which
stemmed from the mortgage trust size falling below the minimum
threshold level of GBP10.7 million (partially attributable to the
step-up trigger breach in October 2008 when the purchase of new
loans was no longer permitted), all outstanding controlled
amortization notes were effectively converted to pass-through
notes regardless of their scheduled redemption dates.
The historically low prepayment rates meant that principal
receipts already had to be fully diverted to the Funding 1
vehicle in place of the seller (since 2008) and that all class A
notes were already due and payable prior to all outstanding class
B, C and D notes. Consequently, the main outcome of the trigger
breach was a change in the timing of principal payments amongst
the various class A notes. In particular, within each of the two
main issuer groups, principal was diverted first to the class A
notes with the earliest final legal maturity. At present, all
class A notes within each issuer group are being paid on a pro-
rata basis given the same legal maturity date.
RATING SENSITIVITIES
Payment rates of the underlying portfolio have remained
historically low and in the past year have hovered around the 4%
to 5% range. Given the BTL nature of the mortgage pool, combined
with borrowers who currently pay relatively low weighted average
interest rates of about 2.3%, Fitch expects refinancing
opportunities to remain limited and thus prepayment rates to
remain low. Additionally, 92% of the portfolio is made up of
interest-only loans and thus there is limited scope to benefit
from scheduled principal repayments. Subsequently, the build-up
in credit enhancement is expected to remain at a steady, but
relatively low pace, which could limit the potential for upgrades
of the mezzanine and junior notes in the foreseeable future.
The rating actions are as follows:
Aire Valley Mortgages 2004-1 plc
Series 3 Class A1: affirmed at 'AAAsf'; Outlook Stable
Series 3 Class A2: affirmed at 'AAAsf'; Outlook Stable
Series 3 Class B1: affirmed at 'AAsf'; Outlook Stable
Series 3 Class B2: affirmed at 'AAsf'; Outlook Stable
Series 3 Class C1: affirmed at 'BBB-sf'; Outlook Stable
Series 3 Class C2: affirmed at 'BBB-sf'; Outlook Stable
Series 3 Class D1: affirmed at 'BBsf'; Outlook Stable
Series 3 Class D2: affirmed at 'BBsf'; Outlook Stable
Aire Valley Mortgages 2005-1 plc
Series 2 Class A1: affirmed at 'AAAsf'; Outlook Stable
Series 2 Class A2: affirmed at 'AAAsf'; Outlook Stable
Series 2 Class A3: affirmed at 'AAAsf'; Outlook Stable
Series 2 Class B1: affirmed at 'AAsf'; Outlook Stable
Series 2 Class B2: affirmed at 'AAsf'; Outlook Stable
Series 2 Class C2: affirmed at 'BBB-sf'; Outlook Stable
Aire Valley Mortgages 2006-1 plc
Series 1 Class A: affirmed at 'AAAsf'; Outlook Stable
Series 2 Class A1: affirmed at 'AAAsf'; Outlook Stable
Series 2 Class A2: affirmed at 'AAAsf'; Outlook Stable
Series 2 Class A3: affirmed at 'AAAsf'; Outlook Stable
Series 1 Class B1: affirmed at 'AAsf'; Outlook Stable
Series 1 Class B2: affirmed at 'AAsf'; Outlook Stable
Series 1 Class B3: affirmed at 'AAsf'; Outlook Stable
Series 2 Class B2: affirmed at 'AAsf'; Outlook Stable
Series 2 Class B3: affirmed at 'AAsf'; Outlook Stable
Series 1 Class C2: affirmed at 'BBB-sf'; Outlook Stable
Series 2 Class C2: affirmed at 'BBB-sf'; Outlook Stable
Aire Valley Mortgages 2007-1 plc
Series 2 Class A1: affirmed at 'AAAsf'; Outlook Stable
Series 2 Class A2: affirmed at 'AAAsf'; Outlook Stable
Series 2 Class A3: affirmed at 'AAAsf'; Outlook Stable
Series 1 Class B: affirmed at 'AAsf'; Outlook Stable
Series 2 Class B: affirmed at 'AAsf'; Outlook Stable
Series 1 Class C: affirmed at 'BBB-sf'; Outlook Stable
Series 2 Class C: affirmed at 'BBB-sf'; Outlook Stable
Aire Valley Mortgages 2007-2 plc
Series 1 Class A1: affirmed at 'AAAsf'; Outlook Stable
Series 1 Class A2: affirmed at 'AAAsf'; Outlook Stable
Series 1 Class B: affirmed at 'AAsf'; Outlook Stable
Series 1 Class C: affirmed at 'BBB-sf'; Outlook Stable
Aire Valley Mortgages 2008-1 plc
Series 1 Class A1: affirmed at 'AAAsf'; Outlook Stable
Series 1 Class A2: affirmed at 'AAAsf'; Outlook Stable
Series 2 Class A1: affirmed at 'AAAsf'; Outlook Stable
Series 2 Class A2: affirmed at 'AAAsf'; Outlook Stable
Series 2 Class C: affirmed at 'BBB-sf'; Outlook Stable
Series 2 Class D: affirmed at 'BBsf'; Outlook Stable
BODUGI: Enters Into Voluntary Liquidation
-----------------------------------------
iGamingBusiness reports that social betting company Bodugi has
entered into voluntary liquidation following a period of
financial and regulatory issues.
In a listing on The Gazette official public record website,
Bodugi's liquidation has been classified as 'Creditors Voluntary
Liquidation,' according to iGamingBusiness.
Members and creditors appointed the liquidators on April 8.
Earlier this year, iGaming Business reported that Bodugi's
licence had been suspended by the UK Gambling Commission after
the regulator had been made aware of a number of concerns.
Such matters related to customers being unable to withdraw funds
from Bodugi and the lack of response to the regulator's requests
to discuss the concerns with the firm, the report notes.
Following a review of the business, the Gambling Commission last
month opted to revoke Bodugi's remote operating license under
sections 117(2)(f) and 119(1) of the Gambling Act 2005, the
report relates.
The regulator said the reasons for revocation were that Bodugi
was "unsuitable to carry out its licensed activities in a manner
which is consistent with the licensing objectives", as well as
the licensee having "failed to cooperate with this review" and
that "one or more conditions of the license has been breached,"
the report adds.
CORNERSTONE TITAN: S&P Cuts Ratings on 2 Note Classes to CCC-
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC- (sf)' from
'CCC (sf)' its credit rating on Cornerstone Titan 2005-2 PLC's
class F notes. At the same time, S&P has affirmed its 'CCC-
(sf)' rating on the class G notes.
The rating actions follow S&P's review of the sole remaining loan
backing the transaction, under our European commercial mortgage-
backed securities (CMBS) criteria.
BRADFORD RETAIL LOAN (100% OF THE POOL)
The Bradford Retail loan, with an outstanding balance of
GBP8.1 million, is secured by a retail block close to the main
shopping area in the center of Bradford, West Yorkshire.
The property comprises six multi-let retail units arranged over
four floors. At closing, the property was fully occupied, but
the occupancy has decreased significantly in the past three
years -- mainly because tenants have gone into administration.
The property was last valued at GBP3.1 million in November 2009.
The loan was due to mature on July 18, 2010. Following an
earlier loan default in September 2009, the loan entered special
servicing.
The special servicer has since taken an active role in managing
the property and reducing the building's vacant space through
short- and long-term lets. Its overall strategy is aimed at
maximizing value, with a view to sell the asset.
In April 2014, the special servicer reported that after extensive
marketing the property is now fully let. S&P also understands
that the property is now for sale.
Although S&P believes that the special servicer could achieve
higher levels of recoveries than GBP3.1 million, it anticipates
principal losses on the loan.
CASH FLOW ANALYSIS
Cornerstone Titan 2005-2 was initially secured against seven
loans, six of which have repaid. The note balance has reduced by
98% since closing.
The interest collections from the Bradford Retail loan are not
sufficient to pay the interest coupons on the class F and G
notes, in our view. The interest mismatch between the loan and
the remaining notes results from the earlier repayment of six of
the seven initial loans. Both classes of notes are subject to an
available funds cap (AFC). The purpose of the AFC is to address
the risk of cash flow disruption by limiting the interest payment
to the amount available (only when the interest mismatch was
caused by the earlier loan repayments).
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.
"Following our review of the sole remaining loan's credit
quality, we consider that the class F notes have become more
vulnerable to losses. In addition, the special servicer may not
be able to sell the property in time to allow the issuer to repay
the notes by their legal final maturity date in October 2014, in
our view. Under our criteria, a payment default on the legal
final maturity date would likely result in our lowering of our
ratings in this transaction to 'D (sf)'. As a result, and in
accordance with our criteria, we have lowered to 'CCC- (sf)' from
'CCC (sf)' our rating on the class F notes," S&P said.
The class G notes' credit quality is already reflected in S&P's
'CCC- (sf)' rating on the notes. S&P has therefore affirmed its
'CCC- (sf)' rating on the class G notes.
RATINGS LIST
Cornerstone Titan 2005-2 PLC
GBP398.781 mil commercial mortgage-backed floating-rate notes
Class Identifier To From
F 21924SAC1 CCC- (sf) CCC (sf)
G 21924SAD9 CCC- (sf) CCC- (sf)
CQS RIG: Finance Shareholders Would Support Voluntary Liquidation
-----------------------------------------------------------------
Alliance News reports that CQS Rig Finance Fund Ltd said its
largest shareholders -- CQS (UK) LLP, CQS Asset Management Ltd,
and CQS Cayman LP -- are willing to support a shareholder
voluntary liquidation of the company.
In a statement, CQS Rig Finance said the shareholders, which own
65.54% of its share capital, informed it of their support for a
shareholder voluntary liquidation of the offshore oil and gas rig
finance investor, according to Alliance News.
Alliance News notes reports that CQS said it will make
arrangements for an extraordinary general meeting to consider
proposals to cancel its trading on AIM, to place it into members'
voluntary liquidation, and to realize the company's assets and
return cash to shareholders.
FROG DREDGING: June 26 Proofs of Claim Filing Deadline Set
-----------------------------------------------------------
Creditors of Frog Dredging Limited, which is being voluntarily
wound up, are required on or before June 26, 2014, to prove their
debts by sending to Glyn Mummery of FRP Advisory LLP, the Joint
Liquidator of the Company, written statements of the amount they
claim to be due to them from the Company and, if so requested, to
provide such further details or produce such documentary evidence
as may appear to the Liquidators to be necessary. A creditor who
has not proved their debt before the declaration of any dividend
is not entitled to disturb, by reason that he has not
participated in it, the distribution of that dividend or any
other dividend declared before the debt was proved.
Contact:
G Mummery
Martin Weller
FRP Advisory LLP
Jupiter House
Warley Hill Business Park
The Drive
Brentwood, Essex, CM13 3BE
E-mail: cp.brentwood@frpadvisory.com
TAURUS CMBS 2006-2: S&P Lowers Ratings on 3 Notes Classes to CC
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Taurus CMBS (U.K.) 2006-2 PLC's class A, B, C, and D notes.
The downgrades follow S&P's review of the transaction after the
Time Square loan repaid at a loss on the April 2014 interest
payment date (IPD).
The securitized loan had an outstanding balance of GBP37.1
million. The issuer collected GBP11.4 million of recoveries and
applied them to the notes. On the April 2014 IPD, the issuer
therefore applied a non-accruing interest (NAI) shortfall amount
of GBP25.7 million to the class B, C, and D notes. Under the
transaction documents, the principal balance used for calculating
interest accrued on the class B, C and D notes will decrease by
GBP25.7 million. As such, the class B, C, and D notes will not
receive full interest payment on the next IPD, in S&P's view.
The transaction is backed by two loans secured on 89 U.K.
commercial properties. S&P has reviewed the remaining loans'
credit quality by applying its criteria for rating European
commercial mortgage-backed securities (CMBS) transactions.
MAPELEY STEPS LOAN (94% OF THE POOL)
The Mapeley Steps loan, which is the largest loan in the pool,
has a GBP147.8 million outstanding securitized balance and
matures in April 2021.
The loan was initially secured on 140 properties. The borrower
has disposed 52 properties since closing. In S&P's analysis, it
took into account the fact that additional sales will likely take
place between now and loan maturity.
The loan is now secured on a portfolio of 88 properties. The
properties are predominantly U.K. office buildings. Of the
portfolio, about 93% is let to Her Majesty's Revenue and Customs
(HMRC). The lease expires in seven years, on the same day as the
loan matures.
In April 2014, the servicer reported a securitized loan-to-value
(LTV) ratio of 40.02%, based on a June 2013 valuation.
Under the loan agreement's original terms, the borrower is no
longer receiving the cash flow left available after servicing the
debt since September 2013. The issuer is instead using it to
amortize further the loan.
S&P considers, additional property sales aside during the loan
term, the loan may become more vulnerable to losses because the
remaining properties' market value may decline if HRMC decides to
vacate at lease maturity in April 2021.
DUNDEE LOAN (6% OF THE POOL)
The securitized loan has an outstanding balance of GBP8.9 million
and additional debt of GBP3.5 million, which does not form part
of this transaction.
The loan is secured on a single office property located in
Dundee, Scotland.
The property is entirely leased to NCR Financial Solutions Group
Ltd. Its term expires in November 2026. However, the tenant has
a break option in November 2016.
The whole loan failed to repay at loan maturity in September
2012. As a result, it is in special servicing. The special
servicer agreed a standstill to facilitate a consensual marketing
and sale of the property.
The special servicer commissioned an updated valuation. Based on
the updated valuation, the property's market value is GBP4.3
million. The updated valuation compares with an April 2012
market valuation of GBP11.5 million and a December 2004 market
valuation of GBP21.0 million.
The updated valuation reflects a 207.83% securitized loan-to-
value ratio.
The valuation may constrain the level of recoveries for the
property, as it may create a benchmark for potential purchasers,
in our opinion.
S&P has assumed that the loan experiences losses in its expected
case scenario.
S&P's ratings address the timely payment of interest and the full
repayment of principal no later than the legal final maturity
date in April 2024.
Following S&P's review, it considers the available credit
enhancement for the class A notes to be insufficient to mitigate
the risk of losses from the remaining underlying loan pool at the
currently assigned rating level. S&P has therefore lowered to
'BB- (sf)' from 'BB (sf)' its rating on the class A notes.
Given the outstanding NAI amount, the class B, C, and D notes
will not receive full interest payment on the next IPD and will
likely suffer interest shortfalls, in S&P's view. In line with
S&P's criteria, due to the almost certain likelihood of an
interest payment default, S&P has lowered to 'CC (sf)' its
ratings on the class B, C, and D notes, respectively.
Taurus CMBS (U.K.) 2006-2 is a 2006-vintage CMBS transaction
backed by two loans secured on 89 U.K. commercial properties.
RATINGS LIST
Taurus CMBS (U.K.) 2006-2 PLC
GBP447.15 mil commercial mortgage-backed floating-rate notes
Rating
Class Identifier To From
A XS0271522103 BB- (sf) BB (sf)
B XS0271523259 CC (sf) CCC+ (sf)
C XS0271523846 CC (sf) CCC- (sf)
D XS0271524653 CC (sf) CCC- (sf)
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
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S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
OBTEC OBTEC DC -17139908.33 134988548.1
OBTEC OBT DC -17139908.33 134988548.1
OBTEC-NEW SHARES OBTECN DC -17139908.33 134988548.1
OBTEC-OLD OBTN DC -17139908.33 134988548.1
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
ROSKILDE BANK ROSK DC -532868894.9 7876688188
ROSKILDE BANK RSKC IX -532868894.9 7876688188
ROSKILDE BANK ROSK EO -532868894.9 7876688188
ROSKILDE BANK RKI GR -532868894.9 7876688188
ROSKILDE BANK ROSKF US -532868894.9 7876688188
ROSKILDE BANK ROSBF US -532868894.9 7876688188
ROSKILDE BANK ROSK EU -532868894.9 7876688188
ROSKILDE BANK ROSK PZ -532868894.9 7876688188
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876688188
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876688188
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876688188
SCANDINAVIAN BRA SBS1 EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 BY -17139908.33 134988548.1
SCANDINAVIAN BRA SBSD PZ -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS DC -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
SCANDINAVIAN BRA SBSC IX -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 EU -17139908.33 134988548.1
SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.29 330011633.6
ADP INGENIERIE S 4519911Z FP -9312265.78 111844575.6
AIR COMMAND SYST 4470055Z FP -24012413.92 236706831.5
AKERYS SERVICES 4685937Z FP -22410493.42 137981683.2
ALCATEL-LUCENT E 3642975Z FP -33252970.32 441703998.1
ALCATEL-LUCENT F 3647063Z FP -794569718.3 4984960531
AL-KHATTIYA LEAS 4783713Z FP -13423803.21 109623566.3
ALUMINIUM PECHIN 3650903Z FP -469114028.7 1322244624
ATOS ORIGIN INTE 4519607Z FP -15552541.61 353365367
AUTOMOBILES CITR 3648863Z FP -298695778.9 1879542934
AUTOROUTES PARIS ARR1 BQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EO -251756893.2 10625026266
AUTOROUTES PARIS RK9 TH -251756893.2 10625026266
AUTOROUTES PARIS ARR EU -251756893.2 10625026266
AUTOROUTES PARIS ARR FP -251756893.2 10625026266
AUTOROUTES PARIS ARRGBX EU -251756893.2 10625026266
AUTOROUTES PARIS ARR IX -251756893.2 10625026266
AUTOROUTES PARIS ARR S1 -251756893.2 10625026266
AUTOROUTES PARIS ARR QM -251756893.2 10625026266
AUTOROUTES PARIS ARR LI -251756893.2 10625026266
AUTOROUTES PARIS ARR TQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EB -251756893.2 10625026266
BELVEDERE - RTS 554451Q FP -256191005.4 927737997.9
BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
BELVEDERE SA BVD EU -256191005.4 927737997.9
BELVEDERE SA BELV FP -256191005.4 927737997.9
BELVEDERE SA BELV NM -256191005.4 927737997.9
BELVEDERE SA BEVD IX -256191005.4 927737997.9
BELVEDERE SA BVD PW -256191005.4 927737997.9
BELVEDERE SA BED GR -256191005.4 927737997.9
BELVEDERE SA BVD EO -256191005.4 927737997.9
BELVEDERE SA BVD S1 -256191005.4 927737997.9
BELVEDERE SA BVDRF US -256191005.4 927737997.9
BELVEDERE SA BED TH -256191005.4 927737997.9
BELVEDERE SA BVD FP -256191005.4 927737997.9
BELVEDERE SA BVD PZ -256191005.4 927737997.9
BELVEDERE SA-NEW BVDNV FP -256191005.4 927737997.9
BELVEDERE SA-NEW 946529Q FP -256191005.4 927737997.9
BELVEDERE SA-NEW 8198283Q FP -256191005.4 927737997.9
BELVEDERE SA-RTS BVDDS FP -256191005.4 927737997.9
BROSTROM TANKERS 3641643Z FP -115599.3207 311104377.9
BUT INTERNATIONA 3648871Z FP -5859572.435 1100621152
CADES 211430Z FP -1.16E+11 23006745556
CARCOOP FRANCE 4690569Z FP -531951.7338 185621693.8
CARNAUDMETALB-N JJNN FP -239071932.4 6870067181
CARNAUDMETALB-N 84433Q FP -239071932.4 6870067181
CARREFOUR HYPERM 3897338Z FP -713257900.6 3939173302
CARRERE GROUP CAR2 EO -9829531.944 279906700
CARRERE GROUP CRRHF US -9829531.944 279906700
CARRERE GROUP CRGP IX -9829531.944 279906700
CARRERE GROUP CAR2 EU -9829531.944 279906700
CARRERE GROUP CARG FP -9829531.944 279906700
CARRERE GROUP CAR FP -9829531.944 279906700
CARRERE GROUP CARF PZ -9829531.944 279906700
CARRERE GROUP XRR GR -9829531.944 279906700
CDISCOUNT SA 4690913Z FP -14710509.37 442569172
CMA CGM AGENCES 4746849Z FP -8208944.552 191538369.1
CO PETROCHIMIQUE 4682369Z FP -111509362.4 364674090.9
CROWN EUROPEAN H 3394476Q LI -239071932.4 6870067181
CROWN EUROPEAN H CAMBF US -239071932.4 6870067181
CROWN EUROPEAN H JJ FP -239071932.4 6870067181
CROWN EUROPEAN H 1049Q LN -239071932.4 6870067181
DESCAMPS SAS 4503139Z FP -2912961.458 104843475.7
DOCTISSIMO 2916489Q EU -1690819.009 135171143.2
DOCTISSIMO 0602303D GR -1690819.009 135171143.2
DOCTISSIMO DOC FP -1690819.009 135171143.2
DOCTISSIMO MDCF PZ -1690819.009 135171143.2
DOCTISSIMO MCOS IX -1690819.009 135171143.2
DOCTISSIMO 2916493Q EO -1690819.009 135171143.2
DOCTISSIMO MDC FP -1690819.009 135171143.2
EADS SECA 4706441Z FP -44481565.35 121822000.7
EDENRED QSV GR -1310250942 5470394799
EDENRED EDEN FP -1310250942 5470394799
EDENRED EDEN QM -1310250942 5470394799
EDENRED QSV TH -1310250942 5470394799
EDENRED EDEN S1 -1310250942 5470394799
EDENRED EDEN TQ -1310250942 5470394799
EDENRED EDENUSD EO -1310250942 5470394799
EDENRED EDNMF US -1310250942 5470394799
EDENRED EDENUSD EU -1310250942 5470394799
EDENRED EDEN EO -1310250942 5470394799
EDENRED EDEN EU -1310250942 5470394799
EDENRED EDEN BQ -1310250942 5470394799
EDENRED EDEN EB -1310250942 5470394799
EDENRED EDEN IX -1310250942 5470394799
EDENRED EDEN PZ -1310250942 5470394799
EDENRED-NEW EDENV FP -1310250942 5470394799
EDF EN OUTRE MER 4679713Z FP -2598508.843 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.43 175501799.4
FACONNABLE SA 226782Z FP -19616230.99 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GEC 4 SAS 4518255Z FP -91410336.97 541462091
GPN SA 4509659Z FP -35080424.69 568887551
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GROUPE MONITEUR 317840Z FP -116707395.4 610106709.3
GROUPE PROGRES S 4734137Z FP -106637565.8 154665494
HIPPO GESTION ET 4732841Z FP -606512.6987 113032204.7
HITACHI EUROPE S 4681417Z FP -9927515.772 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.37 116383810.4
I BASE 757542Z FP -6019481.253 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.49 363058830.9
ITM REGION PARIS 4681817Z FP -49662079.76 124321085.9
JTEKT AUTOMOTIVE 4505819Z FP -25670106.66 171962119.7
JTEKT AUTOMOTIVE 4504595Z FP -17492036.59 163375360
JUNGHEINRICH FIN 4635025Z FP -14429677.13 223424949.4
LAB DOLISOS LADL FP -27752176.19 110485462.4
LAB DOLISOS DOLI FP -27752176.19 110485462.4
MATUSSIERE & FOR MTUSF US -77896689.09 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.09 293868350.8
MEDCOST SA MEDC NM -1690819.009 135171143.2
MEDCOST SA MEDC FP -1690819.009 135171143.2
MEDCOST SA-NEW MDCNV FP -1690819.009 135171143.2
MILLIMAGES 8131905Q FP -1006050.249 113454378.9
MILLIMAGES MIL1 EU -1006050.249 113454378.9
MILLIMAGES MLMG IX -1006050.249 113454378.9
MILLIMAGES MIL1 PZ -1006050.249 113454378.9
MILLIMAGES MIL FP -1006050.249 113454378.9
MILLIMAGES MG6 GR -1006050.249 113454378.9
MILLIMAGES MIL S1 -1006050.249 113454378.9
MILLIMAGES MIL1 EO -1006050.249 113454378.9
MILLIMAGES MLIGF US -1006050.249 113454378.9
MILLIMAGES MILI FP -1006050.249 113454378.9
MILLIMAGES MILF PZ -1006050.249 113454378.9
MILLIMAGES - RTS 0134468D FP -1006050.249 113454378.9
MILLIMAGES-RTS MILDS FP -1006050.249 113454378.9
MILLIMAGES-RTS 760037Q FP -1006050.249 113454378.9
M-REAL ALIZAY SA 4670721Z FP -19839749.29 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863949.8 221936730.6
NESTLE WATERS SU 3634879Z FP -183402272.8 254740466.9
NESTLE WATERS SU 3634887Z FP -11147903.4 186832176.9
NEXANS COPPER FR 4744809Z FP -22662074.82 308626962.2
NEXTIRAONE 500526Z FP -1983210.371 311827703.4
NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
NOVASEP HOLDING 3736443Z FP -217561272.1 476949466.1
NOVELIS FOIL FRA 4678593Z FP -21912360.22 126180343.3
NRJ 12 4681713Z FP -59306529.9 110796872.5
O-I MANUFACTURIN 226230Z FP -101494197.2 1150890693
OROSDI OROS EO -51389802.68 181267113.2
OROSDI OROS FP -51389802.68 181267113.2
OROSDI OROS EU -51389802.68 181267113.2
OROSDI OROS S1 -51389802.68 181267113.2
OROSDI OROS PZ -51389802.68 181267113.2
OROSDI-BACK BACK IX -51389802.68 181267113.2
OROSDI-BACK ORBA FP -51389802.68 181267113.2
OROSDI-RTS ORODS FP -51389802.68 181267113.2
PAGESJAUNES GRP PAJGBP EO -2572329208 1590596225
PAGESJAUNES GRP PAJ EB -2572329208 1590596225
PAGESJAUNES GRP PAJ TQ -2572329208 1590596225
PAGESJAUNES GRP PAJUSD EU -2572329208 1590596225
PAGESJAUNES GRP PAJ QM -2572329208 1590596225
PAGESJAUNES GRP PAJ GK -2572329208 1590596225
PAGESJAUNES GRP QS3 TH -2572329208 1590596225
PAGESJAUNES GRP PAJUSD EO -2572329208 1590596225
PAGESJAUNES GRP PAJ PZ -2572329208 1590596225
PAGESJAUNES GRP QS3 GR -2572329208 1590596225
PAGESJAUNES GRP PAJ EO -2572329208 1590596225
PAGESJAUNES GRP PAJ BQ -2572329208 1590596225
PAGESJAUNES GRP PAJ IX -2572329208 1590596225
PAGESJAUNES GRP PAJ FP -2572329208 1590596225
PAGESJAUNES GRP PGJUF US -2572329208 1590596225
PAGESJAUNES GRP PAJ VX -2572329208 1590596225
PAGESJAUNES GRP PAJGBX EO -2572329208 1590596225
PAGESJAUNES GRP PAJ EU -2572329208 1590596225
PAGESJAUNES GRP PAJP IX -2572329208 1590596225
PAGESJAUNES GRP PAJ LI -2572329208 1590596225
PAGESJAUNES GRP PAJ NQ -2572329208 1590596225
PAGESJAUNES GRP PAJ S1 -2572329208 1590596225
PAGESJAUNES GRP PAJGBX EU -2572329208 1590596225
PEUGEOT CITROEN 3637183Z FP -292685177.7 366568398.7
PRIDE FORAMER SA 271904Z FP -25977905.48 1062588005
REGIE PUBLICITAI 4691033Z FP -5262294.526 112402724.7
REGIONAL COMPAGN 3635823Z FP -37389129.61 595811276.3
RESEAU FERRE FRA 224063Z FP -1594878991 71610625888
RHODIA SA RHDI GR -72552001.48 7951699362
RHODIA SA RHAY IX -72552001.48 7951699362
RHODIA SA 2324015Q EO -72552001.48 7951699362
RHODIA SA 3218857Q IX -72552001.48 7951699362
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GREECE
------
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T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
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HUNGARY
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HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
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IRELAND
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ICELAND
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AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
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ITALY
-----
AS ROMA SPA ASRO IX -66248672.26 227606539.7
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JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
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LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
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NETHERLANDS
-----------
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NORWAY
------
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PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO BES EO -208568793.8 658498551.2
NYESA VALORES CO 7NY GR -208568793.8 658498551.2
NYESA VALORES CO BES SM -208568793.8 658498551.2
NYESA VALORES CO BES EU -208568793.8 658498551.2
NYESA VALORES CO BES TQ -208568793.8 658498551.2
PANRICO SAU 1087Z SM -372238069.5 1219319614
PULLMANTUR SA 301590Z SM -74071248.87 168349823.1
RANDSTAD EMPLEO 4285885Z SM -27469291.1 318454508.5
REAL ZARAGOZA SA 4285533Z SM -5769281.747 168572641.9
RENTA CORP REN1USD EO -40378516.38 216503337.5
RENTA CORP REN SM -40378516.38 216503337.5
RENTA CORP REN1 TQ -40378516.38 216503337.5
RENTA CORP REN1USD EU -40378516.38 216503337.5
RENTA CORP RENS PZ -40378516.38 216503337.5
RENTA CORP REN1 EU -40378516.38 216503337.5
RENTA CORP REN1 EO -40378516.38 216503337.5
RENTA CORP REN1GBX EU -40378516.38 216503337.5
RENTA CORP RTACF US -40378516.38 216503337.5
RENTA CORP REN1GBX EO -40378516.38 216503337.5
RENTA CORP REN1GBP EO -40378516.38 216503337.5
RENTA CORP REAL REN/D SM -40378516.38 216503337.5
RESIDENCIAL MARL 4498347Z SM -8851230.872 106007591.2
REYAL URBIS SA REY1 EU -1160391779 4576859229
REYAL URBIS SA REYU PZ -1160391779 4576859229
REYAL URBIS SA REY SM -1160391779 4576859229
REYAL URBIS SA REY1 IX -1160391779 4576859229
REYAL URBIS SA REY1 EO -1160391779 4576859229
REYAL URBIS SA REY EB -1160391779 4576859229
SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
SEDESA OBRAS Y S 4285693Z SM -33624032.31 180977629
SHELL ESPANA SA 4514247Z SM -62380994.38 292408739.1
SPANAIR 1174Z SM -224915085.6 350111493.1
SUZLON WIND ENER 3809140Z SM -2806837.606 127085865.7
TELEVISION AUTON 3772924Z SM -114641099.5 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225.3 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
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STJAMES'S PLACE 4451825Z LN -40027613.56 444219054.8
STV GROUP PLC SMG VX -44693985.16 126240905.5
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STV GROUP PLC STVGEUR EU -44693985.16 126240905.5
STV GROUP PLC STVG VX -44693985.16 126240905.5
STV GROUP PLC STVGGBP EO -44693985.16 126240905.5
STV GROUP PLC STVG S1 -44693985.16 126240905.5
STV GROUP PLC SMGPF US -44693985.16 126240905.5
STV GROUP PLC STVGEUR EO -44693985.16 126240905.5
STV GROUP PLC STVG EU -44693985.16 126240905.5
STV GROUP PLC STVG LN -44693985.16 126240905.5
STV GROUP PLC SMG PZ -44693985.16 126240905.5
STV GROUP PLC SMG IX -44693985.16 126240905.5
SUN CHEMICAL LTD 2569274Z LN -21504458.55 276424178.5
SUNDERLAND ASSOC 1274418Z LN -30559441.44 144949782.5
SUNSAIL LTD 1092666Z LN -37047891.81 193976501.7
SUNSEEKER INTERN 820741Z LN -7756394.619 227371284.6
SWIFT TECHNICAL 4287133Z LN -34723772.77 138665319.9
TATA CMMNCTNS UK 2534722Z LN -43763935.47 114567535.7
TDL INFOMEDIA 3362Z LN -25723860.05 136762955.6
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
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TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMMUNI 1646328Z LN -287113015.3 868389208
TELEWEST COMMUNI 1608194Z LN -113079709.6 9113744374
THALES CORPORATE 1083706Z LN -65658884.46 829798983.7
THALES RAIL SIGN 2812334Z LN -29298137.36 106623580
THALES TELECOMMU 1163839Z LN -5826263.267 245379695.8
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIMES NEWSPAPERS 2343939Z LN -719564696.3 649314828.6
TOPPS TILES PLC TPT8 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJY US -36503224.29 140534295.2
TOPPS TILES PLC TPT EU -36503224.29 140534295.2
TOPPS TILES PLC TPT BQ -36503224.29 140534295.2
TOPPS TILES PLC TPT10 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT2 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT1 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2
TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
TOPPS TILES PLC TPT VX -36503224.29 140534295.2
TOPPS TILES PLC TPT7 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EO -36503224.29 140534295.2
TOPPS TILES PLC TPT5 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT3 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT IX -36503224.29 140534295.2
TOPPS TILES PLC TPT EO -36503224.29 140534295.2
TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT S1 -36503224.29 140534295.2
TOPPS TILES PLC TPT TQ -36503224.29 140534295.2
TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.82 120867289.2
UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7
VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
VIRGIN MOBILE VMOB PO -392165409.3 166070003.7
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VIRGIN MOBILE UEM GR -392165409.3 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
WARNER ESTATE WNER PZ -80276070.4 344291592.8
WARNER ESTATE WNEHF US -80276070.4 344291592.8
WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
WARNER ESTATE WNERGBP EO -80276070.4 344291592.8
WARNER ESTATE WNER PO -80276070.4 344291592.8
WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2014. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *