/raid1/www/Hosts/bankrupt/TCREUR_Public/140701.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, July 1, 2014, Vol. 15, No. 128
Headlines
B E L G I U M
ONTEX IV: Moody's Raises Corporate Family Rating to 'B1'
B U L G A R I A
BULGARIA: Political Leaders Hold Emergency Talks After Bank Runs
TV7: Files for Bankruptcy in Sofia Court
C Y P R U S
CYPRUS: DBRS Raises Long-Term Currency Issuer Ratings to 'B'
G E R M A N Y
KUKA AG: S&P Raises CCR to 'BB' on Improved Credit Metrics
I R E L A N D
JUNO LTD: Fitch Affirms 'Dsf' Ratings on 3 Note Classes
VALLAURIS II: Moody's Affirms B1 Rating on EUR8.9MM Cl. IV Notes
* IRELAND: Examinership Saves 1,200 Jobs in First Half of 2014
I T A L Y
BANCA MONTE: Moody's Raises Rating on Covered Bonds From 'Ba1'
WIND TELECOMUNICAZIONI: S&P Affirms 'BB-' CCR; Outlook Stable
N E T H E R L A N D S
CAIRN CLO I: Moody's Cuts Rating on Class E Notes to 'B2'
FAXTOR ABS 2003-1: Moody's Ups Ratings on 2 Note Classes to 'B1'
JUBILEE CDO V: S&P Lowers Ratings on 2 Note Classes to 'CCC'
P O R T U G A L
BANCO ESPIRITO: Moody's Puts 'Ba3' Rating on Review for Downgrade
R U S S I A
COMMERCIAL BANK: S&P Lowers Counterparty Credit Rating to 'B'
GAZPROMBANK: Fitch Affirms 'BB-' 'New-Style' Sub. Debt Rating
GE MONEY: Moody's Withdraws 'E+' Bank Financial Strength Rating
S P A I N
CECABANK SA: Swap Amendment No Impact on Moody's 'Ba3' Rating
S W E D E N
NORTHLAND RESOURCES: Enters Into Informal Reorganization
U N I T E D K I N G D O M
BROOKS HOTEL: In Administration, 60 Jobs in Limbo
GALGLASS: In Administration; 134 Jobs Affected
HEARTS OF MIDLOTHIAN: In Talks With Ex-players Over Unpaid Wages
IGLO FOODS: Moody's Affirms 'B2' Corporate Family Rating
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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B E L G I U M
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ONTEX IV: Moody's Raises Corporate Family Rating to 'B1'
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Moody's Investors Service has upgraded Ontex IV S.A. corporate
family rating (CFR) to B1 from B2, and the probability of default
rating (PDR) to B1-PD from B2-PD. The outlook is positive.
Concurrently, the rating agency has upgraded the instrument
rating of the senior secured notes to Ba3 and the senior
unsecured notes to B3. The rating action follows the IPO by Ontex
Group N.V., the holding company of the Ontex group of companies.
Ratings Rationale
The ratings upgrade reflects Ontex' expected adjusted leverage of
around 4.5x at the end of 2014, with a track record of
profitability improvement as a result of a cost restructuring
program, the favorable industry fundamentals and the company's
recent solid trading performance and cash flow generation.
Ontex retains a strong market position in the production of
private-label hygienic disposable products in Europe. However,
the ratings also incorporate: (1) the company's exposure to
commodity price fluctuations (particularly crude oil), (2) the
strongly competitive market environment with competition from
large branded products and retailer brand manufacturers, (3) the
company's customer concentration with large retailers and (4)
Ontex' exposure to foreign exchange rate movements.
On June 24, 2014 Ontex Group N.V. announced the final amount of
primary proceeds to be raised from the IPO of the company's
shares on the Euronext Brussels. The total size of the IPO
resulted in a free float of at least 42% of the issued share
capital and consisted of a EUR325 million primary issuance and a
secondary sell down by the current shareholders of existing
shares. The proceeds from the offering will be used to pay fees
for the transaction and existing shareholders and repay
EUR280 million of its existing debt, significantly decreasing the
company's expected adjusted leverage ratio towards 4.5x at the
end of 2014.
Following the IPO and the sale of a secondary tranche of existing
shares, the main shareholders Goldman Sachs and Texas Pacific
Group are expected to see their stake reduced to around 50%.
Subject to the availability of distributable results, the company
intends to pay a dividend of 35% to 40% of its profit.
Ontex reported solid 1Q14 results, with sales of EUR400 million,
up 17.5% vs. prior year, with organic growth at constant currency
accounting for 9.6%. Growth was driven across all divisions, the
residual impact of Kimberly-Clark's exit from West European
diaper markets, the impact of retailer brand contracts won in Q4
13 in the Nordics and Benelux only offset by continued weakness
in emerging market currencies.
EBITDA margin (as adjusted by Moody's) in the first quarter
increased to 12.3%, up from 11.2% in the same quarter last year,
with margins benefiting from the enhanced product mix and the
improved operating leverage as a result of the production
footprint right-sizing program implemented over the last years.
With approximately 38% of sales generated in currencies other
than Euro (principally Pounds Sterling, Turkish Liras, Polish
Zloty, Australian Dollars and Russian Roubles), the company
reported EUR4.2 million of adverse FX effects on EBITDA in the
first quarter and slightly increased raw materials and packaging
cost.
Ontex' liquidity is very solid supported by cash reserves of
EUR61.5 million at March 2014, a fully undrawn Revolving Credit
Facility of EUR75 million, and approximately EUR49 million
available under its EUR171.5 million factoring program, despite
the large working capital consumption of EUR34 million seen in
the first quarter 2014, mainly linked to Serenity (longer
customer payment terms in Italy), general business growth and the
rebuild of diaper inventories.
The positive outlook reflects Moody's expectation that Ontex will
gradually improve its credit metrics by continuing to focus on
growth opportunities in order to benefit from operational
leverage while maintaining commodity price and currency
fluctuations under control.
What Could Change The Rating Up/Down
Upward pressure on the rating could arise if Ontex gross leverage
in terms of debt/EBITDA reduces sustainably below 4.5x or RCF /
Net Debt increasing above 12%. Negative pressure could develop if
leverage in terms of debt/EBITDA increases above 5.5x in the next
twelve months and EBITA margin contracts sustainably below 10%.
The principal methodology used in this rating was the Global
Packaged Goods published in June 2013. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.
Ontex IV S.A., based in Aalst-Erembodegem, Belgium, is a leading
manufacturer of retailer brand hygienic disposable products in
Europe. About 62% of the company's 2013 sales came from private-
label products, with the remaining 38% from branded products.
Ontex operates three core divisions: baby products (which
accounted for 53% of 2013 revenue), adult incontinence products
(33%) and feminine care products (13%).
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B U L G A R I A
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BULGARIA: Political Leaders Hold Emergency Talks After Bank Runs
----------------------------------------------------------------
Kerin Hope and Theodor Troev at The Financial Times report that
Bulgaria's political leaders held emergency talks on Sunday with
Rosen Plevneliev, the president, following warnings by the
government and the central bank of attempts by unidentified
people to destabilize the financial system.
The second run on a Bulgarian-owned bank in a week took place on
Friday, the FT recounts.
Petar Chobanov, finance minister, appealed for calm amid fears
the run on First Investment Bank, the country's third largest
lender which saw outflows of BGN800 million, would resume
yesterday and could spread to other Sofia banks, the FT relays.
The leaders pledged to use "all resources" available to ensure
the stability of the country's banks and bring to justice
unidentified people accused of trying to destabilize the
financial system, the FT relates.
"The deposits of citizens and of businesses are safe, and
guaranteed, in the banks, The banks will work without problems,"
the FT quotes Mr. Plevneliev as saying after a four-hour meeting
with party leaders.
Mr. Plevneliev, as cited by the FT, said the leaders agreed
"there is no banking crisis but a crisis of confidence and a
criminal attack that must be defeated. We expect the law
enforcement institutions . . . to deliver quick results."
According to the FT, a senior Bulgarian banker said the central
bank is expected to announce the provision of additional
liquidity to FIB and other local banks in an effort to head off a
systemic crisis.
The run on FIB and previously on Corporate Commercial Bank, both
owned by Bulgarian businessmen with political connections, came
as the socialist-led coalition government, weakened by
allegations of corruption and a poor showing at last month's
European parliamentary elections, was preparing to resign, the FT
notes.
TV7: Files for Bankruptcy in Sofia Court
----------------------------------------
Novinite.com, citing Dnevnik.bg, reports that the TV7 and BBT TV
channels filed for bankruptcy with the Sofia City Court, in
accordance with the Commercial Act.
"With this move, the company hopes to protect itself from invalid
claims of creditors," Novinite.com quotes the management of the
two connected companies as saying in a statement to the media.
In its press statement TV7 and BBT, which operates under the
brand News7, admitted that they have delayed payments to various
suppliers due to the placement under special supervision of the
Commercial Corporate Bank (KTB), where the stations keeps their
assets, Novinite.com relates.
The TV stations management pointed out that the court procedures
are long and complicated and would most likely take three months,
Novinite.com discloses. For the period the stations will
continue their production and transmissions as usual,
Novinite.com notes.
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C Y P R U S
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CYPRUS: DBRS Raises Long-Term Currency Issuer Ratings to 'B'
------------------------------------------------------------
DBRS Inc. has upgraded the long-term foreign and local currency
issuer ratings for the Republic of Cyprus from CCC to B (low)
with Stable trends. The Republic's short-term foreign and local
currency issuer ratings have been confirmed at R-5 with Stable
trends.
The upgrade reflects DBRS' view that near-term default risks have
eased considerably with the authorities' strong implementation of
their macroeconomic adjustment program, progress on stabilizing
the financial system, and the economy's outperformance relative
to earlier program forecasts. Nonetheless, at B (low), the
rating underscores the depth of Cyprus' challenges and heavy
reliance on EU funding. High public sector debt combined with
elevated real interest rates raises significant questions
regarding debt sustainability. The process of deleveraging
across the public, corporate and household sectors could be
prolonged, leaving the economic recovery heavily reliant on
external factors. Meanwhile, delays in the resolution of non-
performing loans (NPLs) could reduce recovery values and add to
final bank recapitalization costs.
Continued outperformance relative to program targets combined
with strong and durable support from external demand could lead
to upward pressure on the Republic's ratings. Investment into
the gas sector combined with the adoption of a sound fiscal
framework that utilizes additional revenues to strengthen the
sovereign balance sheet could also have positive effects. On the
other hand, a prolonged period of shrinking output, particularly
if combined with fiscal policy slippages or additional bank
rescue costs, could result in downward pressure on the ratings.
External factors, including political developments between Cyprus
and Turkey and between the EU and Russia, could also have an
impact on Cyprus' creditworthiness.
Membership in the European Union (EU) and Eurozone grants several
key advantages which underpin the Republic's ratings. Cyprus
joined the EU in 2004 and adopted the euro in 2008. Policy
measures adopted in the process of EU accession and more recently
as part of the economic adjustment program have helped to bolster
public finances, strengthen domestic institutions, and enhance
the attractiveness of Cyprus as a tourist destination. Financial
support from EU partners helps to enhance growth prospects,
particularly the 2013 EUR10 billion support program agreed with
the European Commission, European Central Bank and International
Monetary Fund. Regular EU budget transfers and long-term
infrastructure financing from the European Investment Bank also
provide support. Given the Republic's strong performance under
the troika program thus far, EU partners may be willing to
provide additional financing to Cyprus should the need arise.
Cyprus' low tax environment remains attractive to foreign
corporations. Business owners from Russia and other former CIS
countries continue to incorporate in Cyprus for tax and other
reasons in spite of the losses imposed on foreign depositors in
2013. Although Cyprus' advantages are not unique and could be
eroded by external competitors or by regulatory changes in
creditor countries, DBRS expects the business services sector to
remain an important source of employment and income for the
Cypriot economy.
Cyprus' geographic location makes the island a relatively
convenient summer tourist destination for Europeans. Rising
household incomes in Eastern Europe should continue to provide a
stable source of growth in tourist arrivals. Higher income
Russian tourists have thus far proven less sensitive to economic
cycles, and growth in Russian tourism in Cyprus has far exceeded
the pace of Russian economic growth. Tourism will remain highly
seasonal and vulnerable to economic downturns, but focused and
pragmatic public and private sector efforts to expand the
island's appeal could generate long-term benefits.
Also in the long-term, exploitation of offshore natural gas
deposits should provide a major new source of income for the
island economy. The government estimates that current proven
reserves are likely to bring in net revenue of close to EUR 20
billion over the next 20 years (over 120% of 2013 GDP). If
managed prudently, the associated financial inflows could help to
significantly reduce Cyprus' vulnerability to shocks. In
addition, related investment and lower domestic energy costs
could have ancillary benefits for the Cypriot economy. The pace
of development in the gas sector could nonetheless be affected by
relations with Turkey.
In spite of these strengths, Cyprus faces several near-term
challenges. Private sector debt ratios are at historically high
levels and suggest that growth will be constrained by further
deleveraging. Household and corporate balance sheets have been
damaged in the crisis, including through the bail-in of uninsured
depositors. Real estate prices are still declining and the
ultimate impact of the decline on household wealth and on bank
solvency is not yet clear. Financial institutions will need to
significantly reduce outstanding domestic credit or identify
significant new sources of funding.
Consequently, Cyprus' small and relatively undiversified economy
will remain highly dependent on external demand for the
foreseeable future. DBRS expects only gradual improvements from
efforts to extend the tourist season and remains concerned that
competition from other Mediterranean locations may dampen growth
in the sector. If growth in tourism and business registrations
slows significantly, the economy could face gradually declining
output for years to come as the domestic deleveraging process
continues. Russian demand is particularly critical, though
additional shocks from Greece or elsewhere in Europe could also
have negative effects on Cyprus.
Fiscal and debt challenges are also significant. The European
Commission expects debt to peak at 126% of GDP next year, but
this assumption is highly sensitive to growth and fiscal
projections. Although financing requirements through early 2016
are being met through official financing and privatization
revenue targets, Cyprus is likely to require significant new
external financing to meet expected debt redemptions after the
program concludes. Current estimations of the output gap suggest
that Cyprus will need 3-4% of GDP in additional fiscal
adjustments to attain structural fiscal balance in the medium
term. The government intends to focus on expenditure cuts and
has thus far demonstrated strong capacity to control spending.
Nonetheless, specific cuts have not been identified and could be
challenging to implement in the context of a weak economy.
Furthermore, if estimations of the output gap prove overly
optimistic, additional adjustment could be required.
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G E R M A N Y
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KUKA AG: S&P Raises CCR to 'BB' on Improved Credit Metrics
----------------------------------------------------------
Standard & Poor's Rating Services said it had raised its long-
term corporate credit rating on Germany-based industrial
automation and robotics manufacturer KUKA AG to 'BB' from 'BB-'.
The outlook is stable.
The upgrade reflects KUKA's improved credit metrics as a result
of the early redemption of its 8.75% notes with a remaining
amount of EUR140 million in mid-May 2014 and S&P's expectation of
continued good operating performance in 2014.
"We have consequently revised our assessment of KUKA's financial
risk profile to "intermediate" from "significant," given the
group's stronger credit metrics. Consistent with our base case,
we anticipate that KUKA will be able to maintain adjusted debt to
EBITDA of about 2.0x-2.5x and funds from operations (FFO) to debt
well above 35% on a fully adjusted basis. At the same time, we
calculate that the EBITDA-to-interest cover ratio will remain in
the range of 6x-9x over the next 24 months. We also believe that
KUKA will generate positive free operating cash flow (FOCF);
however, cash generation will be tempered as KUKA expands to meet
increasing demand. The financial risk profile will remain
constrained by KUKA's reliance on material amounts of guarantee
lines to operate its business," S&P said.
The upgrade further reflects KUKA's stable order intake and
consistent earnings growth over the past few quarters, which have
been important factors in the improvement of KUKA's credit
measures, in S&P's view. S&P believes that the company's book-
to-bill ratio of 1.3x reported as of March 31, 2014, provides
good visibility of stable future earnings.
Although it is improving, S&P still assess KUKA's business risk
profile as "weak" under its criteria, mainly because of the very
significant dip in earnings the company experienced in 2009. In
S&P's opinion, the ratings are constrained by KUKA's high
exposure to the cyclical auto industry and its modest and
volatile operating margins, albeit somewhat improved over the
past few quarters. Further constraints include KUKA's difficult
position as a supplier to price-aggressive original equipment
manufacturers (OEMs) and its limited geographic, end-market, and
customer diversity.
These constraints are partly offset by KUKA's strong and leading
market positions in its niche markets and longstanding
relationships with OEMs, which provide high barriers to entry for
competitors. KUKA also benefits from a small degree of end-
market diversity and the expansion of its main customer OEMs
outside its traditional Western European markets.
The stable outlook reflects S&P's view that KUKA will be able to
sustain its stable operating performance and maintain its credit
metrics commensurate with a 'BB' rating over the next two years.
S&P considers an adjusted ratio of debt to EBITDA of about 2.0x-
2.5x and FFO to debt of 35%-40% commensurate with the current
rating.
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I R E L A N D
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JUNO LTD: Fitch Affirms 'Dsf' Ratings on 3 Note Classes
-------------------------------------------------------
Fitch Ratings has downgraded Juno (Eclipse 2007-2) Limited class
B notes to 'BBsf' from 'BBBsf' and revised the Outlook on the
class A notes to Negative from Stable as follows:
EUR255.8m Class A (XS0299976323) due 2022: affirmed at 'AAsf';
Outlook revised to Negative from Stable
EUR68.3m Class B (XS0299976752) due 2022: downgraded to 'BBsf'
from 'BBBsf'; Outlook Negative
EUR73.3m Class C (XS0299976836) due 2022: affirmed at 'Dsf';
Recovery Estimate 50%
EUR11.4m Class D (XS0299977057) due 2022: affirmed at 'Dsf';
Recovery Estimate 0%
EUR0m Class E (XS0299977131) due 2022: affirmed at 'Dsf';
Recovery Estimate 0%
JUNO (Eclipse 2007-2) is a fully funded synthetic securitization
now comprising nine commercial real estate-backed loans
originated by Barclays Bank PLC (A/Stable/F1).
KEY RATING DRIVERS
The downgrade of the class B notes, and Negative Outlooks for
both the class A and B notes reflects the weakening performance
of the Obelisco loan and the increasing risk of loans defaulting
at maturity, adding to the three already in default (many with
high levels of leverage).
The EUR82 million Obelisco loan is secured by nine assets (eight
offices and one logistics centre) located in secondary areas of
Rome (seven), Milan (two) and Bari (one). The portfolio is
valued on a regular basis with the most recent (December 2013) at
EUR200.5 million, representing a reported loan-to-value ratio
(LTV) of 40.1%. The portfolio is typified by a high level of
structural vacancy at approximately 20% since closing in 2007;
this is set to increase further given a tenant contributing 17%
of gross rental income has recently surrendered a lease expiring
in 2016 (for a EUR4 million premium paid in two installments).
The early surrender will reduce gross contracted rental income to
approximately EUR10 million from EUR11.5 million. Assuming the
premium remains within the structure, this ought to give the
borrower funds with which to undertake asset management. On a
net operating income (NOI) basis, the portfolio faces heavy
operating expenditure. Leaving aside the EUR1 million annual
asset manager fee payable by the borrower (a close-ended fund),
property tax is levied for around EUR2.5 million p.a. (an
unusually high proportion of income, indicative of a peak
valuation basis for tax purposes).
All in all, when combined with other standard operating expenses,
this leaves only around half of gross revenue available for debt
service. Nevertheless, and despite the recent tenant surrender,
the borrower has sufficient funds to service its debt. However,
the level of operating costs has led us to tighten our estimate
of collateral value: we estimate LTV in the region of 100%, even
after giving credit to some re-letting of vacant space.
The collateral securing the EUR122 million Neumarkt reference
obligation was liquidated in August 2011 with resulting proceeds
expected to produce a EUR16 million loss. A liquidation loss
amount -- an event required for the CDS counterparty to call on
protection amounts -- has been suspended due to additional rental
income and penalty interest previously not considered, as well as
claims of other unsecured creditors. While the additional income
is not expected to provide any material upside, the length of the
delay may increase the liquidation loss amount by adding to
rolled-up interest on the loan.
In the main, the rest of the pool comprises average quality
collateral with excessive leverage, which makes refinancing less
likely except for a multifamily housing loan and possibly also a
shopping centre loan, both in Germany. In case of default,
losses on the smaller loans should be limited, however.
RATING SENSITIVITIES
The transaction is particularly vulnerable to the performance of
the Obelisco loan, unless some other loans repay in the next 12
months.
'Bsf' recovery proceeds are estimated to be EUR338 million.
Fitch will continue to monitor the performance of the
transaction.
VALLAURIS II: Moody's Affirms B1 Rating on EUR8.9MM Cl. IV Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has taken the rating
action on the following notes issued by Vallauris II CLO PLC:
EUR52.3M Class II Senior Floating Rate Notes due 2022, Upgraded
to Aaa (sf); previously on Nov 8, 2013 Upgraded to Aa1 (sf)
Moody's also affirmed the ratings of the following notes issued
by Vallauris II CLO PLC:
EUR187.8M (Current outstanding balance: EUR 20.1M) Class I
Senior Floating Rate Notes due 2022, Affirmed Aaa (sf);
previously on Nov 8, 2013 Affirmed Aaa (sf)
EUR25.4M Class III Mezzanine Deferrable Interest Floating Rate
Notes due 2022, Affirmed Baa2 (sf); previously on Nov 8, 2013
Upgraded to Baa2 (sf)
EUR8.9M Class IV Mezzanine Deferrable Interest Floating Rate
Notes due 2022, Affirmed B1 (sf); previously on Nov 8, 2013
Upgraded to B1 (sf)
Vallauris II CLO PLC, issued in July 2006, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield senior secured European loans. The portfolio is
managed by Natixis and Natixis Asset Management. This transaction
has passed the reinvestment period in July 2012.
Ratings Rationale
The rating action on the Class II notes is primarily a result of
the improvement of its over-collateralization ("OC") ratio
following the March 2014 payment date, when Class I notes
amortized by EUR27.8M or 14.8% of their original balance.
As of the trustee's May 2014 report, Class I/II, Class III and
Class IV had over-collateralization ratios of 153.68%, 116.79%,
and 107.73% compared with 141.38%,114.50% and 107.35%,
respectively, as of the trustee's February 2014 report.
The key model inputs Moody's uses, such as par, weighted average
rating factor, diversity score and the weighted average recovery
rate, are based on its published methodology and could differ
from the trustee's reported numbers. In its base case, Moody's
analyzed the underlying collateral pool as having a performing
par and principal proceeds balance of EUR115.42M, defaulted par
of EUR28.83M, a weighted average default probability of 23.70%
(consistent with a WARF of 3,298), a weighted average recovery
rate upon default of 46.00% for a Aaa liability target rating, a
diversity score of 16 and a weighted average spread of 3.96%.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% of the 88.58% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the 11.42% remaining non-first-lien loan
corporate assets upon default. In each case, historical and
market performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.
Factors that would lead to an upgrade or downgrade of the rating:
In addition to the base case analysis described above, Moody's
also performed sensitivity analysis on key parameters for the
rated notes, which includes deteriorating credit quality of
portfolio by increasing the base case WARF by 5% to 3,462. This
run generated model outputs that were consistent with the base
case results.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.
Additional uncertainty about performance is due to the following:
1) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.
2) Around 25.59% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates.
3) Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
* IRELAND: Examinership Saves 1,200 Jobs in First Half of 2014
--------------------------------------------------------------
Charlie Taylor at The Irish Times, citing a new study, reports
that more than 1,200 jobs in Ireland were saved as a result of
the examinership process in the first half of 2014.
According to The Irish Times, the latest Hughes Blake SME
Examinership Index shows 794 jobs were saved in the second
quarter after six firms -- including the sports retail chain
Elverys -- successfully concluded the examinership process.
The other five firms to exit the examinership process were five
SMEs which operated across the hospitality, retail and
construction sectors, The Irish Times discloses.
"While six companies successfully concluded examinership in the
quarter, just five companies entered the process in the same
period. It might be tempting to point to wider signs of economic
improvement as a causal factor for that difference, but that
analysis overlooks the wide range of businesses which have not
addressed their debt burden and remain destined for insolvency,"
The Irish Times quotes Neil Hughes, managing partner at Hughes
Blake, as saying.
Examinership is a corporate rescue mechanism that allows
insolvent companies that have a reasonable prospect of survival
to seek court protection from creditors.
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I T A L Y
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BANCA MONTE: Moody's Raises Rating on Covered Bonds From 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has upgraded to Baa3 from Ba1 the
rating on the residential covered bonds issued by Banca Monte dei
Paschi di Siena S.p.A. (MPS, deposits B1 negative, bank financial
strength rating E/baseline credit assessment caa2). The rating
action follows the upgrade of MPS's senior unsecured debt rating
to B1 from B2.
Ratings Rationale
The upgrade follows the upgrade of the issuer's ratings. Moody's
updated the covered bond (CB) anchor point following the upgrade
of the issuer's senior unsecured rating to B1 from B2. As a
result, the new CB anchor equals the updated senior unsecured
rating plus 0 notches.
The timely payment indicator (TPI) assigned to MPS's covered
bonds remains unchanged at "Probable". Moody's TPI framework
constrains the rating on MPS's residential mortgage covered bonds
at its current level.
Key Rating Assumptions/Factors
Moody's determines covered bond ratings using a two-step process:
an expected loss analysis and a TPI framework analysis.
EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to
determine a rating based on the expected loss on the bond. COBOL
determines expected loss as (1) a function of the probability
that the issuer will cease making payments under the covered
bonds (a CB anchor event); and (2) the stressed losses on the
cover pool assets following a CB anchor event.
The CB anchor for this program is the senior unsecured rating
plus 0 notches.
The cover pool losses for this program are 20.4%,an estimate of
the losses Moody's currently models following a CB anchor event.
Moody's splits cover pool losses between market risk of 15.4% and
collateral risk of 5.0%. Market risk measures losses stemming
from refinancing risk and risks related to interest-rate and
currency mismatches; these losses could also include certain
legal risks. Collateral risk measures losses resulting directly
from cover pool assets' credit quality. Moody's derives
collateral risk from the collateral score, which is currently
7.5% for this program.
The over-collateralization (OC) in the cover pool is 58.00%, of
which MPS provides 20.48% on a "committed" basis. The minimum OC
level consistent with the Baa3 rating target is 0.5%. These
numbers show that Moody's is not relying on "uncommitted" OC in
its expected loss analysis. All numbers in this section are based
on Moody's most recent modelling (based on data as of 31 December
2013).
The cover pool losses are an estimate of the losses Moody's
currently models following a CB anchor event. Moody's splits
cover pool losses between market risk and collateral risk. Market
risk measures losses stemming from refinancing risk and risks
related to interest-rate and currency mismatches (these losses
may also include certain legal risks). Collateral risk measures
losses resulting directly from the cover pool assets' credit
quality. Moody's derives collateral risk from the collateral
score.
TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which measures the likelihood of timely payments to
covered bondholders following a CB anchor event. The TPI
framework limits the covered bond rating to a certain number of
notches above the CB anchor.
Factors that would lead to an upgrade or downgrade of the rating:
The CB anchor is the main determinant of a covered bond program's
rating robustness. A change in the level of the CB anchor could
lead to an upgrade or downgrade of the rating on the covered
bonds. The TPI leeway measures the number of notches by which
Moody's might lower the CB anchor before the rating agency
downgrades the covered bonds because of TPI framework
constraints.
The TPI assigned to MPS's residential covered bonds is
"Probable". The TPI leeway for this program is limited, and thus
any reduction of the CB anchor may lead to a downgrade of the
covered bonds.
A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (1) a sovereign downgrade
negatively affecting both the issuer's senior unsecured rating
and the TPI; (2) a multiple-notch downgrade of the issuer; and/or
(3) a material reduction of the value of the cover pool.
Rating Methodology
The principal methodology used in this rating was "Moody's
Approach to Rating Covered Bonds" published in March 2014.
WIND TELECOMUNICAZIONI: S&P Affirms 'BB-' CCR; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on Italy-based telecom company Wind
Telecomunicazioni SpA. The outlook is stable.
The affirmation follows the recent successful refinancing at
Wind, which included the repayment of the payment-in-kind (PIK)
notes at Wind Acquisition Holding Finance (WAHF), and refinancing
both its senior secured and unsecured notes at a meaningfully
lower cost of funding, as well as extending its term loans by two
years. While S&P forecasts that the refinancing at Wind will
improve its interest coverage ratios and free operating cash flow
(FOCF) generation, S&P still assess Wind's SACP at 'b+'. This is
primarily because S&P do not anticipate any short-term
deleveraging at Wind to below 5x due to remaining near-term top-
line pressures, which S&P forecasts will result in additional
EBITDA contraction in 2014. S&P also forecasts that FOCF to debt
will improve to only about 4% over the medium term, which it
expects will continue to constrain any meaningful short-term debt
reduction.
S&P now views Wind as a "moderately strategic" subsidiary to
VimpelCom, which implies that VimpelCom is likely to provide some
form of financial support to Wind if it should fall into
financial difficulty. This is mainly due to Wind's significant
portion of the consolidated group's earnings and over 20% of the
group's EBITDA, making Wind VimpelCom's second largest operation
after its core Russian operations. S&P's view is also supported
by the meaningful investment VimpelCom has made in the Wind Group
so far, including the recent EUR500 million equity injection as
part of the PIK notes repayment at WAHF.
"Nevertheless, we no longer consider Wind a "strategically
important" subsidiary of VimpelCom. This is mainly as a result
of the recent amendments to the change of control clause in the
documentation concerning Wind's debt facilities. This clause
enables VimpelCom to sell Wind to an eligible acquirer, with a
higher market cap than VimpelCom, without triggering the
repayment of Wind's debt facilities. We believe that the recent
refinancing transactions that have simplified and strengthened
Wind's capital structure have benefitted from VimpelCom's
financing and treasury management support. However, we also
believe those changes -- combined with the changes in Wind's debt
documentation -- make Wind a more autonomous asset than in the
past, and have broadened ownership options for VimpelCom.
Consolidation is ongoing in many European telecom markets and we
believe that this trend could result in various opportunities for
Wind if it extended to the highly price-competitive Italian
wireless market," S&P noted.
S&P's base case assumes:
-- Slow recovery in Italian GDP growth, with unemployment
remaining more than 12%. S&P anticipates that this will
result in continued price sensitivity.
-- Slowing mobile subscriber market share gains for Wind, with
a modest average price decline compared with the first half
of 2013 and a minor decline in fixed revenues, resulting in
a low-single-digit revenue decline in 2014.
-- Flat- to low-single-digit revenue increases in 2015,
reflecting lower pricing pressures, with mobile data
offsetting decline of voice revenues.
-- Tight operating cost control, but significant network
investments representing 16%-17% of revenues.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Debt to EBITDA of 5.4x in 2014, declining to about 5.2x in
2015;
-- FFO to debt of 11%-12%;
-- FOCF to debt of about 4%; and
-- EBITDA interest coverage increasing to about 3x in 2015
from about 2.5x in 2013.
The stable outlook on Wind reflects S&P's view of limited upside
to Wind's 'b+' SACP over the next 12-18 months. This is mainly
because S&P do not anticipate any meaningful short-term
deleveraging to below 5x adjusted debt to EBITDA.
The stable outlook also reflects S&P's view that Wind will likely
remain a "moderately strategic" subsidiary of VimpelCom over the
next 12 months. Under S&P's criteria, the corporate credit
rating on a "moderately strategic" subsidiary is one notch higher
than its SACP.
Downside scenario
Based on Wind's stand-alone performance, S&P do not anticipate
negative pressure on the rating over the next 12 months. This is
due to Wind's good profitability, "adequate" liquidity, and S&P's
anticipation that adjusted leverage will remain well below 6x.
The rating on Wind has one notch of uplift to reflect support
from VimpelCom. The rating would therefore likely come under
pressure if S&P reassessed Wind's status in the VimpelCom group
as "nonstrategic", for example if Wind appeared likely to be sold
over the near term.
Upside scenario
S&P sees limited upside to the rating over the next 12 months in
view of the company's meaningful debt burden and limited
deleveraging prospects. S&P could, however, revise Wind's SACP
upward to 'bb-' and raise the rating to 'BB' if Wind's adjusted
leverage declined to less than 5x, and it continued to view it as
a "moderately strategic" subsidiary of VimpelCom.
There may also be short-term upside to Wind's rating, a
reflection of S&P's positive outlook on VimpelCom, if S&P
reassessed Wind as a "strategically important" subsidiary of
VimpelCom. This could happen, for example, if Wind took part in
a hypothetical Italian market consolidation while VimpelCom
retained full ownership of Wind and S&P maintained its positive
outlook on its 'BB' rating.
=====================
N E T H E R L A N D S
=====================
CAIRN CLO I: Moody's Cuts Rating on Class E Notes to 'B2'
---------------------------------------------------------
Moody's Investors Service announced that it has taken the
following rating actions on the following classes of notes issued
by Cairn CLO I B.V.:
EUR35M (current balance EUR 23.18M) Class A-1 Senior Secured
Floating Rate Variable Funding Notes due 2022, Affirmed Aaa
(sf); previously on Jan 4, 2007 Definitive Rating Assigned Aaa
(sf)
EUR169.75M (current balance EUR 107.22M) Class A-2 Senior
Secured Floating Rate Notes due 2022, Affirmed Aaa (sf);
previously on Jan 4, 2007 Definitive Rating Assigned Aaa (sf)
GBP11.45M (current balance GBP 9.88M) Class A-3 Senior Secured
Floating Rate Notes due 2022, Affirmed Aaa (sf); previously on
Jan 4, 2007 Definitive Rating Assigned Aaa (sf)
EUR11.7M Class A-4 Senior Secured Floating Rate Notes due 2022,
Affirmed Aaa (sf); previously on Aug 18, 2011 Upgraded to Aaa
(sf)
EUR30M Class B Senior Secured Deferrable Floating Rate Notes
due 2022, Upgraded to Aa1 (sf); previously on Aug 18, 2011
Upgraded to Aa2 (sf)
EUR23M Class C Senior Secured Deferrable Floating Rate Notes
due 2022, Affirmed A3 (sf); previously on Aug 18, 2011 Upgraded
to A3 (sf)
EUR21.5M Class D Senior Secured Deferrable Floating Rate Notes
due 2022, Affirmed Ba1 (sf); previously on Aug 18, 2011
Upgraded to Ba1 (sf)
EUR10.5M Class E Senior Secured Deferrable Floating Rate Notes
due 2022, Downgraded to B2 (sf); previously on Aug 18, 2011
Upgraded to Ba3 (sf)
Cairn CLO I B.V., issued in December 2006, is a multi currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European loans. It is predominantly composed of
senior secured loans. The portfolio is managed by Cairn Capital
Limited, and this transaction ended its reinvestment period in
January 2013.
The issued liabilities are denominated in EUR and GBP and
naturally hedged by assets denominated in EUR and GBP
respectively.
Ratings Rationale
According to Moody's, an increase in overcollateralization ratios
of senior tranches and modelling actual credit metrics post
reinvestment period has benefited the credit quality of rated
tranches. However, increased obligor concentration resulting from
portfolio amortization has adversely affected tranche credit
quality because of stresses on credit estimates larger than 3%.
The net outcome has been positive for senior tranches, negative
for the most junior tranche, and broadly neutral for other
tranches.
The upgrade of Class B results primarily from (i) the significant
deleveraging of the Class A-1, A-2, and A-3 notes and the
subsequent increase in the overcollateralization ratios ("OC
ratios") of the senior notes, and (ii) the benefit of modelling
actual credit metrics following the expiry of the reinvestment
period. In aggregate, Classes A-1, A-2, and A-3 have paid down by
EUR72.8 million (33.8% of their combined April 2013 balance) on
the last two payment dates.
As a result the OC ratios for senior classes of notes have
increased in the last 12 months. As per the latest trustee report
dated April 2014, the Class A, Class B, and Class C OC ratios are
reported at 162.31%, 135.87%, and 120.78% respectively, compared
to 143.49%,126.74%, and 116.33% twelve months ago. Over the same
period, the Class D and E OC ratios are materially unchanged.
In consideration of the reinvestment restrictions applicable
during the amortization period, and therefore the limited ability
to effect significant changes to the current collateral pool,
Moody's analyzed the deal assuming a higher likelihood that the
collateral pool characteristics will continue to maintain a
positive buffer relative to certain covenant requirements. In
particular, the deal is assumed to benefit from a shorter
amortization profile and higher spread levels compared to the
levels assumed prior to the end of the reinvestment period.
The downgrade of the most junior note results primarily from a
decline in a couple of key portfolio metrics. As per April 2014
trustee report, there were several issuers in the pool with more
than 3% concentration whose credit quality was assessed using
credit estimates. As noted below, these credit estimates have
been stressed as part of Moody's base case analysis (refer to
item 2 in "Factors that would lead to an upgrade or downgrade of
the rating"). Accordingly, the WARF used in Moody's base case was
about 400 points worse compared to the unstressed WARF. In
addition, the reported diversity score reduced from 37 in April
2013 to 31 in April 2014.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having
(a) an EUR pool with performing par and principal proceeds
balance of EUR228.1 million, and defaulted par of EUR2.5 million
and (b) a GBP pool with performing par and principal proceeds of
GBP17.2 million, a weighted average default probability of 21.9%
(consistent with a WARF of 3238 over a weighted average life of
3.9 years), a weighted average recovery rate upon default of
47.7% for a Aaa liability target rating, a diversity score of 28
and a weighted average spread of 4.1%.
In its base case, Moody's addresses the exposure to obligors
domiciled in countries with local currency country risk bond
ceilings (LCCs) of A1 or lower. The portfolio has exposures to
12.0% of obligors in Italy and Spain, whose LCCs are A2 and A1
respectively. Moody's ran the model with different par amounts
depending on the target rating of each class of notes, in
accordance with Section 4.2.11 and Appendix 14 of the
methodology. The portfolio haircuts are a function of the
exposure to peripheral countries and the target ratings of the
rated notes, and amount to 0.82% for Classes A-1, A-2, A-3, and
A-4 notes, 0.51% for Class B notes, and 0.21% for Class C notes.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 93.5% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, while
the non first-lien loan corporate assets would recover 15%. In
each case, historical and market performance and a collateral
manager's latitude to trade collateral are also relevant factors.
Moody's incorporates these default and recovery characteristics
of the collateral pool into its cash flow model analysis,
subjecting them to stresses as a function of the target rating of
each CLO liability it is analyzing.
Moody's notes the May 2014 trustee report has recently been
issued. Reported diversity score, WARF, weighted average spread
and OC ratios for all classes of notes are materially unchanged
from April 2014 data.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.
Factors that would lead to an upgrade or downgrade of the rating:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower credit quality in the portfolio to
address refinancing risk. Loans to European corporates rated B3
or lower and maturing between 2014 and 2015 make up approximately
3.7% of the portfolio, which could make refinancing difficult.
Moody's ran a model in which it raised the base case WARF to 3447
by forcing ratings on 50% of the refinancing exposures to Ca; the
model generated outputs that were within one notch of the base-
case results.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to because of embedded ambiguities.
Additional uncertainty about performance is due to the following:
1) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales the collateral manager or
be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.
2) Around 32.1% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates.
3) Recoveries on defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
FAXTOR ABS 2003-1: Moody's Ups Ratings on 2 Note Classes to 'B1'
----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of notes issued by Faxtor ABS 2003-1 B.V. and Faxtor ABS
2004-1 B.V. (Faxtor 2004-1).
Issuer: Faxtor ABS 2003-1 B.V.
EUR23M (EUR14,170,569 Current Outstanding Balance) Class A-2E
Floating Rate Notes, Upgraded to Aa2 (sf); previously on Feb 13,
2013 Downgraded to A3 (sf)
EUR9M (EUR5,545,005 Current Outstanding Balance) Class A-2F
Fixed Rate Notes, Upgraded to Aa2 (sf); previously on Feb 13,
2013 Downgraded to A3 (sf)
EUR7.5M Class A-3E Floating Rate Notes, Upgraded to B1 (sf);
previously on Feb 13, 2013 Downgraded to Caa1 (sf)
EUR15M Class A-3F Fixed Rate Notes, Upgraded to B1 (sf);
previously on Feb 13, 2013 Downgraded to Caa1 (sf)
EUR5.5M Class BE Floating Rate Notes, Affirmed Caa3 (sf);
previously on Feb 13, 2013 Downgraded to Caa3 (sf)
EUR9.5M Class BF Fixed Rate Notes, Affirmed Caa3 (sf);
previously on Feb 13, 2013 Downgraded to Caa3 (sf)
Issuer: Faxtor ABS 2004-1 B.V.
EUR264M (EUR6,024,144 Current Outstanding Balance) Class A-1
Floating Rate Notes, Affirmed Aaa (sf); previously on Feb 13,
2013 Upgraded to Aaa (sf)
EUR35M Class A-2 Floating Rate Notes, Upgraded to Aa1 (sf);
previously on Feb 13, 2013 Affirmed Aa3 (sf)
EUR25M Class A-3 Floating Rate Notes, Upgraded to A2 (sf);
previously on Feb 13, 2013 Downgraded to Ba1 (sf)
EUR12M Class BE Floating Rate Notes, Upgraded to Ba2 (sf);
previously on Feb 13, 2013 Downgraded to B3 (sf)
EUR5M Class BF Fixed Rate Notes, Upgraded to Ba2 (sf);
previously on Feb 13, 2013 Downgraded to B3 (sf)
EUR8M Class S Combination Notes, Upgraded to Baa2 (sf);
previously on Feb 13, 2013 Downgraded to Ba1 (sf)
Ratings Rationale
The rating actions are primarily due to the deleveraging of the
senior notes and an increase in the transactions' over-
collateralization (OC) ratios since the recent payment date of
each transaction, May 2014 for Faxtor 2003-1 and January 2014 for
Faxtor 2004-1. For Faxtor 2003-1, the Class A-1E notes have been
redeemed in full and the Classes A-2E and A-2F have been
partially redeemed by EUR12.3 million (38.4% of closing balance).
For Faxtor 2004-1, the principal account balance reported by the
Trustee in May 2014 is sufficient to redeem in full the EUR 6.0
million remaining of Class A-1 and partially redeem Class A-2 by
approximately 11% of its closing balance. According to the May
2014 Trustee Report, the OC ratios of Faxtor 2003-1 Classes A and
B are currently 141% and 99% versus 120% and 96% respectively in
November 2013. Similarly, for Faxtor 2004-1, the OC ratios of
Classes A and B are currently 159% and 126% versus 140% and 119%
respectively in November 2013.
The rating on the combination notes addresses the repayment of
the rated balance on or before the legal final maturity. For the
Class S notes, the 'rated balance' at any time is equal to the
principal amount of the combination note on the issue date minus
the sum of all payments made from the issue date to such date, of
either interest or principal. The rated balance will not
necessarily correspond to the outstanding notional amount
reported by the trustee. The rated balance of the Class S note is
currently overcollateralized by the Class BE notes.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Approach to Rating SF CDOs" published in March 2014.
Factors that would lead to an upgrade or downgrade of the rating:
In addition to the base case analysis, Moody's also conducted a
sensitivity analysis to the credit quality of the approximately
25% of assets on review for upgrade. The two notch upward
adjustment of the rating of each asset on review for upgrade was
reversed. The sensitivity model output was within one notch of
the base case model output.
These transactions are subject to a number of factors and
circumstances that could lead to either an upgrade or downgrade
of the ratings, as described below:
1) Macro-economic uncertainty: Primary causes of uncertainty
about assumptions are the extent of any slowdown in growth in the
current macroeconomic environment and in the residential real
estate property markets. The residential real estate property
market is subject to uncertainty about housing prices; the pace
of residential mortgage foreclosures, loan modifications and
refinancing; the unemployment rate; and interest rates.
2) Deleveraging: One source of uncertainty in this transaction is
whether deleveraging from unscheduled principal proceeds,
recoveries from defaulted assets, and excess interest proceeds
will continue and at what pace. Faster deleveraging than Moody's
expects could have a significant impact on the notes' ratings.
3) Recovery of defaulted assets: The amount of recoveries
received from defaulted assets reported by the trustee and those
that Moody's assumes as having defaulted as well as the timing of
these recoveries create additional uncertainty. Moody's analysed
defaulted assets assuming no recoveries, and therefore,
realisation of any recoveries in the future would positively
impact the notes' ratings.
4) Lack of portfolio granularity: The performance of the
portfolios depend to a large extent on the credit conditions of a
few large obligors, some of them rated Caa1 or lower. The ratings
of the notes are significantly affected by the credit quality
migration of these assets, up or down.
JUBILEE CDO V: S&P Lowers Ratings on 2 Note Classes to 'CCC'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Jubilee CDO V B.V.'s class C, D-1, and D-2 notes. At the same
time, S&P has affirmed its ratings on the class A-1A, A-1B, A-2,
and B notes.
The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the trustee report dated April
22, 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 pay interest and fully 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 that we considered to be
appropriate. We incorporated 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 2009 corporate
collateralized debt obligation (CDO) criteria," S&P said.
The class A notes have amortized by about 34% of the initial note
balance since S&P's Jan. 23, 2013 review. This has increased the
available credit enhancement for the class A-1A, A-1B, and A-2
notes.
The portfolio contains non-euro-denominated assets, which are
hedged via asset swaps. In S&P's opinion, the documentation for
these asset swaps does not fully reflect its current counterparty
criteria. In S&P's cash flow analysis, for ratings above the
issuer credit rating plus one notch on each of the asset swap
counterparties, it has therefore considered stressed scenarios
where the counterparty does not perform. S&P has also applied
stresses to collateral in lower-rated countries in line with its
non-sovereign ratings criteria. S&P's analysis indicates that
the notes are able to sustain defaults at their currently
assigned rating levels. S&P has therefore affirmed its 'AAA
(sf)' rating on the class A-1A notes and our 'AA+ (sf)' ratings
on the class A-1B and A-2 notes.
S&P has affirmed its 'A+ (sf)' rating on the class B notes
because although its credit and cash flow results indicate that
the available credit enhancement is commensurate with a higher
rating, the largest obligor test constrains S&P's rating on these
notes at its currently assigned rating level. The largest
obligor test measures the risk of several of the largest obligors
within the portfolio defaulting simultaneously. S&P introduced
this supplemental stress test in its 2009 CDO criteria.
Under S&P's cash flow analysis, the class C, D-1, and D-2 notes'
BDRs pass their scenario default rates (SDRs) at its currently
assigned rating levels. The SDR is the minimum level of
portfolio defaults that S&P expects each CDO tranche to be able
to support the specific rating level using CDO Evaluator.
However, the application of the largest obligor default test
constrains S&P's ratings on these notes at lower rating levels.
S&P has therefore lowered its ratings on the class C, D-1, and D-
2 notes.
Jubilee CDO V is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans granted to primarily
speculative-grade corporate firms. The transaction closed in
June 2005. Since the end of the transaction's reinvestment
period in August 2011, the issuer has used all of the scheduled
principal proceeds to redeem the notes in line with the
transaction's documented priority of payments.
RATINGS LIST
Class Rating Rating
To From
Jubilee CDO V B.V.
EUR555 Million Secured Floating- And Fixed-Rate Notes
Ratings Affirmed
A-1A AAA (sf)
A-1B AA+ (sf)
A-2 AA+ (sf)
B A+ (sf)
Ratings Lowered
C B+ (sf) BB+ (sf)
D-1 CCC (sf) B+ (sf)
D-2 CCC (sf) B+ (sf)
===============
P O R T U G A L
===============
BANCO ESPIRITO: Moody's Puts 'Ba3' Rating on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
ratings of the mortgage covered bonds issued by Banco Espirito
Santo, S.A. (the issuer/BES, deposits Ba3 on review for
downgrade, standalone bank financial strength rating E+/adjusted
baseline credit assessment b1).
Ratings Rationale
The rating actions follow Moody's decision to place on review for
downgrade the deposit and debt ratings of BES
During the review of the covered bond ratings, Moody's will
consider the negative rating impact in two steps: an expected
loss analysis and a timely payment indicator (TPI) framework
analysis.
Key Rating Assumptions/Factors
Moody's determines covered bond ratings using a two-step process;
an expected loss analysis and a TPI framework analysis.
EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to
determine a rating based on the expected loss on the bond. COBOL
determines expected loss as (1) a function of the probability
that the issuer will cease making payments under the covered
bonds (a CB anchor event); and (2) the stressed losses on the
cover pool assets following a CB anchor event.
The CB anchor for this program is SUR plus 0 notches given that
the debt ratio is below 5%.
The cover pool losses for BES's mortgage covered bonds are 24.7%.
This is an estimate of the losses Moody's currently models
following a CB anchor event. Moody's splits cover pool losses
between market risk of 18.0% and collateral risk of 6.7%. Market
risk measures losses stemming from refinancing risk and risks
related to interest-rate and currency mismatches (these losses
may also include certain legal risks). Collateral risk measures
losses resulting directly from cover pool assets' credit quality.
Moody's derives collateral risk from the collateral score, which
for this program is currently 10.0%.
The over-collateralization in the cover pool is 36.7%, of which
BES provides 5.26% on a "committed" basis. The minimum OC level
consistent with the Baa2 rating target is 6.5%, of which the
issuer should provide 5.26% in a "committed" form. These numbers
show that Moody's is relying on "uncommitted" OC in its expected
loss analysis.
All numbers in this section derive from Moody's most recent
Performance Overview, based on data as per March 30, 2014. For
further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across all covered bond
programs rated by Moody's please refer to "Moody's Global Covered
Bonds Monitoring Overview", published quarterly.
TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which measures the likelihood of timely payments to
covered bondholders following a CB anchor event. The TPI
framework limits the covered bond rating to a certain number of
notches above the CB anchor.
For BES's mortgage covered bonds, Moody's has assigned a TPI of
"Improbable".
Factors that would lead to an upgrade or downgrade of the rating:
The CB anchor is the main determinant of a covered bond program's
rating robustness. A change in the level of the CB anchor could
lead to an upgrade or downgrade of the covered bonds. The TPI
Leeway measures the number of notches by which Moody's might
lower the CB anchor before the rating agency downgrades the
covered bonds because of TPI framework constraints.
Based on the current TPI of "Improbable", the TPI Leeway for this
program is 0 notches. This implies that Moody's might downgrade
the covered bonds because of a TPI cap, if it lowers the CB
anchor by 1 notch, all other variables being equal.
A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (1) a sovereign downgrade
negatively affecting both the issuer's senior unsecured rating
and the TPI; (2) a multiple-notch downgrade of the issuer; or (3)
a material reduction of the value of the cover pool.
Rating Methodology
The principal methodology used in this rating was "Moody's
Approach to Rating Covered Bonds" published in March 2014.
===========
R U S S I A
===========
COMMERCIAL BANK: S&P Lowers Counterparty Credit Rating to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
counterparty credit rating on Russia-based Commercial Bank
Renaissance Credit LLC (RenCredit) to 'B' from 'B+' and affirmed
the 'B' short-term counterparty credit rating. The outlook is
stable.
At the same time, S&P lowered the Russia national scale rating on
RenCredit to 'ruA-' from 'ruA'.
The downgrade reflects continuing loan book deterioration, with
credit costs and nonperforming loans staying higher than the
average for peers. It also reflects S&P's expectation that the
negative trends it sees for economic and industry risks for
Russian banks continue to weaken RenCredit's credit quality.
RenCredit has experienced significant deterioration of its loan
book over the last two years and this trend is continuing in
2014. Nonperforming loans rose to 15.3% in the first quarter of
2014 with 19.2% credit costs for 2013 because of high loss rates
for loans from 2012 and especially in 2013, and additional
"social defaults," or borrowers with the ability to pay back
loans deciding not to do so because they believe the geopolitical
tensions between Russia and Ukraine could cause adverse
conditions for the economy.
This level of credit risk is above that of local rated consumer
finance peers and much higher than S&P's expectations. S&P sees
potential risk for further growth in credit costs growth because
RenCredit had fairly low nonperforming loan coverage of 94% at
the end of 2013. S&P don't expect the measures the bank has
taken to stabilize the situation -- including tightening
underwriting standards -- to be successful until later in 2014 at
best.
At the same time, S&P notes RenCredit's weakening capacity to
generate sufficient capital, primarily because of rapidly
increasing credit costs.
That said, RenCredit's major shareholder ONEXIM Group provided
RUB3.2 billion of direct financial aid in the first half of 2014
to partially absorb operating losses and support RenCredit's
capital base. Over the past two years ONEXIM has provided RUB6.4
billion in total capital support, which S&P sees as a notable
level. S&P views this support positively and treat it as
tangible evidence of shareholder commitment and ability to
support the bank in case of need. S&P believes that cash-rich
ONEXIM is likely to continue supporting the bank in this downward
business-cycle phase, with the aim of protecting its investment.
In S&P's opinion, this will alleviate further downside risk for
RenCredit's diminishing capital ratios in 2014 and 2015.
The stable outlook reflects the balance between the bank's
gradually weakening loan book credit quality and its stable
capital base, supported by a committed, cash-rich shareholder.
S&P might consider a negative rating action if it observed
further weakening of the bank's core earnings-generating
capacity. This could be reflected by a sharp drop in interest
margins, fees, or credit losses that led to negative pretax
financial results and would raise questions about management's
capacity to stabilize the deterioration of the bank's financial
profile over 2014 and 2015.
In the current environment, a positive rating action seems remote
in the next 12 to 18 months. Alleviating pressure on operating
conditions for Russian banks, from both economic and industry
risks, would be a prerequisite for an upgrade.
GAZPROMBANK: Fitch Affirms 'BB-' 'New-Style' Sub. Debt Rating
-------------------------------------------------------------
Fitch Ratings has assigned Gazprombank's (GPB) forthcoming Series
17 senior unsecured loan participation notes (LPN) an expected
Long-term foreign currency rating of 'BBB-(EXP)'.
The LPNs will be issued by an Ireland-based special purpose
entity GPB Eurobond Finance plc, which will on-lend the proceeds
to GPB. Obligations under this loan will rank pari passu with the
bank's other senior unsecured obligations, which are subordinated
to all retail deposits (about 10% of GPB's liabilities at end-May
2014) according to Russian banking law. The expected issue
amount is EUR1bn. The LPNs will carry a fixed coupon of 4.00%
payable annually and mature July 1, 2019.
KEY RATING DRIVERS
The expected senior unsecured debt rating is aligned with GPB's
Long-term IDRs (BBB-/Negative), which reflect Fitch's view of a
high probability of the bank receiving support, if needed, from
the Russian Federation (BBB/Negative) or state-controlled
entities, most notably OAO Gazprom (BBB/Negative), the bank's
founder and significant shareholder.
RATING SENSITIVITIES
The issue's ratings and GPB's IDRs could be downgraded in case of
a significant reduction in the bank's quasi-sovereign ownership,
and/or weakening of the close links between the bank and the
Russian authorities. Any negative action on the Russian
sovereign rating would likely also be matched by a negative
action on the bank's ratings and the issue's rating.
Gazprombank's ratings are unaffected and as follows:
Long-term foreign currency IDR: 'BBB-'; Outlook Negative
Long-term local currency IDR: 'BBB-'; Outlook Negative
Short-term foreign currency IDR: 'F3'
National Long-term rating: 'AA+(rus)'; Outlook Negative
Viability Rating: 'bb'
Support Rating: '2'
Support Rating Floor: 'BBB-'
Senior unsecured debt long-term local currency rating: 'BBB-'
National long-term debt rating: 'AA+(rus)'
GPB Eurobond Finance plc's debt ratings are unaffected and as
follows:
Senior unsecured debt long-term foreign currency rating: 'BBB-'
Senior unsecured debt long-term local currency rating: 'BBB-'
'Old-style' subordinated debt rating: 'BB+'
'New-style' subordinated debt rating: 'BB-'
GE MONEY: Moody's Withdraws 'E+' Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn the B2/Not Prime deposit
ratings and standalone E+ bank financial strength rating (BFSR)
of GE Money Bank CJSC (Russia).
Ratings Rationale
This action follows GE Money Bank's reorganization and merger
with Russia's Sovcombank (rating withdrawn on May 28, 2014).
Domiciled in Moscow, Russia, GE Money Bank CJSC reported -- as at
year-end 2012 -- total IFRS (audited) assets of US$958 million
and total equity of US$299 million. The bank's net profit
amounted to US$29 million for 2012 (latest available audited
figures).
=========
S P A I N
=========
CECABANK SA: Swap Amendment No Impact on Moody's 'Ba3' Rating
-------------------------------------------------------------
Moody's Investors Service has determined that the proposed action
of CECABANK S.A. to amend the interest swap agreements should
not, in and of itself and at this time, result in a downgrade or
withdrawal of the current ratings of the notes issued by HIPOCAT
7 FONDO DE TITULIZACION DE ACTIVOS. Moody's opinion addresses
only the credit impact of the proposed action, and Moody's is not
expressing any opinion as to whether the action has, or could
have, other non-credit related effects that may have a
detrimental impact on the interests of noteholders and/or
counterparties.
Moody's has assessed the proposal to amend the interest swap
agreement by lowering the rating downgrade triggers which require
the swap counterparty to post collateral and get a replacement
counterparty or guarantor. The collateral trigger changes from
loss of A-2 or P-1 to loss of Baa1 while the replacement /
guarantor trigger changes from loss of A-3 or P-2 to loss of B1.
Moody's has made this determination based on, among other things,
the degree of compliance with the Approach to Assessing Swap
Counterparties in Structured Finance Cash Flow Transactions
published in November 2013, along with CECABANK S.A.'s current
long-term rating of Ba3.
Moody's has assessed the probability and impact of a default of
the swap counterparty on the ability of the Issuer to meet its
obligations under the transaction, including the impact of the
loss of any benefit from the swap.
The principal methodology used in this rating was "Moody's
Approach to Rating RMBS using the MILAN Framework" published in
March 2014.
Moody's will continue to monitor the ratings of the transaction.
Any change in the ratings will be publicly disseminated by
Moody's through appropriate media.
===========
S W E D E N
===========
NORTHLAND RESOURCES: Enters Into Informal Reorganization
--------------------------------------------------------
Radio Sweden reports that Northland Resources is suspending
payments to its suppliers and creditors and is entering into an
informal reorganization.
Several weeks ago, Northland said it needed more money to carry
out its activities and that it was looking into different
possibilities for how to accomplish this, Radio Sweden relates.
Last year, the company underwent reconstruction to avoid
bankruptcy, Radio Sweden recounts.
Northland Resources is an international mining company that runs
an iron ore mine outside of Pajala in northern Sweden.
===========================
U N I T E D K I N G D O M
===========================
BROOKS HOTEL: In Administration, 60 Jobs in Limbo
-------------------------------------------------
Western Morning News reports that 60 jobs are on the line in
Cornwall after a family-owned hotel group went into
administration.
Brooks Hotels and Leisure which runs three facilities in Looe
have appointed a team of administrators in a bid to find a buyer
quickly, according to Western Morning News.
Michelle Weir, of South West-based insolvency practitioners,
Lameys Business Recovery, said she hoped to find a buyer for the
GBP2 million hotel group in a matter of weeks and avoid job
losses, the report notes.
The report discloses that Brooks Hotels and Leisure Ltd runs the
Barclay House Hotel, Trawlers on the Quay and the Plough public
house.
Mrs. Weir said the Brooks family blamed a road closure in Looe
and an investment which did not come off for their misfortune,
the report notes.
"We're looking to sell quickly so there won't be any loss of
jobs. I have a lot of interested parties already so hopefully it
will happen within a few weeks," the report quoted Mrs. Weir as
saying.
The report discloses that Mrs. Weir added: "A review will be
carried out of the company's trading activities but it is our
intention that trading should continue with the aim of protecting
jobs and good will. I am confident of attracting a serious buyer
for one of all of the trades over the coming weeks."
The report notes that Mrs. Weir said that at this stage it was
not possible to state the level of any return to the company's
creditors.
Mrs. Weir added: "Based on the current expressions of interest, I
am hopeful that creditors may receive a dividend in due course,"
the report adds.
GALGLASS: In Administration; 134 Jobs Affected
----------------------------------------------
According to Business Sale Report's Hanna Sharpe, Galglass
entered administration on June 19, resulting in 134 job losses.
Administrators Keith Marshall and David Whitehouse from Duff and
Phelps have come in to manage the company's affairs, Business
Sale relates.
The administrators said the business and assets couldn't be sold
as a going concern, so they are working with the remaining 11
skeleton staff to identify and realize the assets belonging to
the company, Business Sale discloses.
Established in 1979, Galglass, which was a major employer in the
area of Wombwell, South Yorkshire, designs, makes and installs
steel and concrete storage tanks and roof structures.
HEARTS OF MIDLOTHIAN: In Talks With Ex-players Over Unpaid Wages
----------------------------------------------------------------
Edinburgh News reports that five former players of the Hearts of
Midlothian Football Club made redundant last summer when the club
plunged into administration have been contacted with a view to
clearing debts owed to them.
Club Captain Marius Zaliukas, striker John Sutton, England under-
21 cap Andrew Driver and youngsters Mark Keegan and Marcus
McMillan were all let go last summer as the Tynecastle side
battled for survival, according to Edinburgh News.
The club's new owners are now obliged to repay the club's
footballing debts -- reportedly totaling GBP535,000 -- following
the successful takeover by businesswoman Ann Budge in May, the
report notes.
All five players were either under contract or owed wages when
Hearts entered administration in June 2013 with debts close to
GBP30 million, the report discloses.
Now that it has exited administration, the club must pay its
footballing debts, the report relates.
The report discloses that the players have been invited to
present their case to ensure settlement, with PFA Scotland as
well as their individual representatives given the opportunity to
support them. Mr. Zaliukas moved on to Leeds United and John
Sutton scored 22 goals following his move to Motherwell last
summer, the report notes.
Andrew Driver made permanent a loan to American club Houston
Dynamo while Keegan and McMillan are not currently registered to
play with any senior clubs, the report relates.
A source close to Hearts Football Club said the club would be
barred from obtaining its footballing license if the outstanding
player debts -- most of which are related to unpaid bonuses --
had not been not resolved, the report relates.
"This is all part of the process and relates to footballing
debt," said the source, the report discloses.
"It's not usual for this to happen and we have known this was
something that had to be addressed. The players always knew they
were going to be getting their money. It's all effectively
missing wages, or more likely bonuses that were not paid when the
club entered into administration. Bonuses are the thing that
probably slipped through the net. We were duty-bound to settle
that," said the source, the report adds.
The report notes that Hearts administrators BDO helped negotiate
a GBP2.5 million Company Voluntary Arrangement (CVA) with
Lithuanian creditors and led the club out of administration.
Chairwoman and CEO Ann Budge has vowed to pass control of the
club to the fans' group Foundation of Hearts, the report notes.
Through her company, BIDCO 1874 Limited, Ms. Budge is the current
majority shareholder but plans to hand Hearts over to the
Foundation within five years, the report relates discloses.
The report notes that having exited administration the club can
now begin signing new players. They had been under a
registration embargo for the last year but new recruits are
already in the pipeline, the report discloses.
New signings are considered vital if Hearts are to mount a
serious tilt at gaining promotion from the SPFL Championship next
season, the report relates.
They were relegated from the Premiership last month after being
deducted 15 points for entering administration, the report notes.
They will battle with rivals Hibernian and Rangers for promotion
back to Scottish football's top flight, the report relates.
About Hearts of Midlothian
Hearts of Midlothian Football Club, more commonly known as
Hearts, is a Scottish professional football club based in Gorgie,
in the west of Edinburgh.
Hearts went into administration after the Scottish FA opened
disciplinary proceedings against the club. BDO was appointed
administrators on June 19, 2013. The Tynecastle club finally
exited administration on June 11, 2014.
IGLO FOODS: Moody's Affirms 'B2' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has affirmed Iglo Foods Finco Limited's
corporate family rating (CFR) at B2 and has upgraded the
probability of default rating (PDR) to B2-PD from B3-PD.
Concurrently, Moody's has assigned (P)B2 ratings to Iglo Foods
Midco Limited's new senior secured term loans and revolving
credit facility (RCF) and (P)B2 ratings to the proposed senior
secured notes due 2020 to be issued by Iglo Foods BondCo PLC. All
debt ranks pari passu. The outlook on all ratings is stable.
The proceeds from the new senior secured term loans and senior
secured notes, together with EUR100 million of existing cash
balances, will be used to refinance the existing senior secured
term loans, as well as pay fees and expenses.
Moody's issues provisional ratings in advance of the final sale
of securities. Upon closing of the transaction and a conclusive
review of the final documentation, Moody's will endeavor to
assign definitive ratings. A definitive rating may differ from a
provisional rating.
Ratings Rationale
The B2 CFR reflects the relatively high Moody's-adjusted gross
leverage of 6.1x at FYE2013 pro-forma for the transaction,
calculated including the impact of restructuring costs but after
netting the cash held within the company's cash pooling
arrangements. Additionally the rating takes into account Moody's
view of the weak consumer environment, which has resulted in
consumers either trading down to buy alternative, non-branded
products or to purchase lower volumes of the company's branded
foods. Branded products in many markets have also experienced
some price pressure from growth in private label driven by retail
discounters. These pressures resulted in lower than expected
profitability for the company in FYE2013 and Moody's expects that
material de-leveraging in the next 12 months will continue to be
hampered by constrained consumer household spending, increased
investment by the company in product innovation and promotion to
drive revenue growth, and a continued high level of restructuring
spend.
More positively, the rating is supported by the company's (1)
leading position as a manufacturer of premium frozen foods in the
UK, Germany, and Italy with a track record of maintaining solid
market share positions; (2) established and strong brand image
associated with high quality, healthy food in its main categories
of frozen fish, vegetables and poultry; (3) re-invigorated
product innovation strategy supported by increased investment;
and (4) resilient business model, as demonstrated by its
underlying operating performance and healthy margins, translating
into positive cash flow generation despite the challenging
trading environment.
Moody's also considers the company's liquidity position to be
good, underpinned by cash balances estimated to be around
EUR80 million as at March 31, 2014 pro-forma for the transaction.
Its new committed EUR 80 million RCF is expected to remain mostly
undrawn, and there is no debt amortization prior to 2020. Moody's
also assumes that the company will maintain good headroom under
its single financial maintenance covenant only applicable to its
RCF and only tested when drawn above a certain threshold.
Rating Outlook
The stable outlook reflects Moody's expectations that Iglo Foods
will be able to stabilize its current operating performance over
the next 12 months, as well as maintain its solid EBITDA margins
and liquidity profile. Moody's also continues to assume that any
debt-funded acquisition activity will be small in nature and that
there will be no shareholder-friendly action such as dividend
payments.
What Could Change The Rating Up
In view of the relatively weak positioning of the company in the
B2 category, there is no near-term upward ratings pressure.
However, there could be positive pressure if the Moody's-adjusted
gross debt/EBITDA ratio falls towards 5.50x on a sustained basis,
and if the company maintains a Moody's adjusted EBITDA margin
approaching 20% and a solid liquidity profile.
What Could Change The Rating Down
The ratings could be lowered if earnings continued to
deteriorate, resulting in the Moody's-adjusted gross debt/EBITDA
ratio rising above 7x, or if EBITDA margins fall and/or liquidity
concerns emerge. Moody's could also consider downgrading the
ratings in event of any material debt funded acquisitions or
change in financial policy.
Principal Methodologies
The principal methodology used in these ratings was the Global
Packaged Goods published in June 2013. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.
Headquartered in Middlesex, the UK, Iglo Foods is a leading
branded frozen foods producer, supplying much of Western Europe's
retail market. Iglo Foods employs approximately 3,000 employees
and has a strong presence in the UK, Germany and Italy. The
company sells a wide range of frozen food items including fish,
vegetables and poultry. For fiscal year-end December 31, 2013,
Iglo Foods reported revenues of approximately EUR1.5 billion.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
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BELGIUM
-------
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CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
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DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
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SABENA SA SABA BB -85494497.66 2215341060
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BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
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PETROL AD 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
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SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
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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
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SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
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SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
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OROSDI-BACK ORBA FP -51389802.68 181267113.2
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GREECE
------
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HUNGARY
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IRELAND
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ICELAND
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AVION GROUP B1Q GR -223780368 2277882368
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ITALY
-----
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PRAMAC SPA PRAM IX -87225647.28 314935866.6
PRAMAC SPA PRA IM -87225647.28 314935866.6
PRAMAC SPA PRA2 EU -87225647.28 314935866.6
PRAMAC SPA 6PA GR -87225647.28 314935866.6
PRAMAC SPA PRAM PZ -87225647.28 314935866.6
PRAMAC SPA PRA2 EO -87225647.28 314935866.6
RISANAMEN-RNC OP RNROPA IM -182584482.9 2453594767
RISANAMENTO -OPA RNOPA IM -182584482.9 2453594767
RISANAMENTO -RNC RNR IM -182584482.9 2453594767
RISANAMENTO SPA RN PZ -182584482.9 2453594767
RISANAMENTO SPA RNGBX EO -182584482.9 2453594767
RISANAMENTO SPA RN IX -182584482.9 2453594767
RISANAMENTO SPA RN EO -182584482.9 2453594767
RISANAMENTO SPA RNGBX EU -182584482.9 2453594767
RISANAMENTO SPA RSMNF US -182584482.9 2453594767
RISANAMENTO SPA RN EU -182584482.9 2453594767
RISANAMENTO SPA RN TQ -182584482.9 2453594767
RISANAMENTO SPA RN BQ -182584482.9 2453594767
RISANAMENTO SPA RN IM -182584482.9 2453594767
RISANAMENTO SPA RN5 GR -182584482.9 2453594767
RISANAMENTO SPA RNGBP EO -182584482.9 2453594767
RISANAMENTO-RTS RNAA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXO IM -182584482.9 2453594767
SEAT PAGINE PG1 EB -741904802.3 3755632231
SEAT PAGINE SP7A GR -741904802.3 3755632231
SEAT PAGINE PG1 NQ -741904802.3 3755632231
SEAT PAGINE SP7 GR -741904802.3 3755632231
SEAT PAGINE PG PZ -741904802.3 3755632231
SEAT PAGINE PG1USD EU -741904802.3 3755632231
SEAT PAGINE PG1 QM -741904802.3 3755632231
SEAT PAGINE SEEA LN -741904802.3 3755632231
SEAT PAGINE PG IM -741904802.3 3755632231
SEAT PAGINE 283147Q IM -741904802.3 3755632231
SEAT PAGINE PG VX -741904802.3 3755632231
SEAT PAGINE PGI1 IX -741904802.3 3755632231
SEAT PAGINE SPGMF US -741904802.3 3755632231
SEAT PAGINE PG BQ -741904802.3 3755632231
SEAT PAGINE PG1 NR -741904802.3 3755632231
SEAT PAGINE PG1USD EO -741904802.3 3755632231
SEAT PAGINE PG1GBX EO -741904802.3 3755632231
SEAT PAGINE PG1 TQ -741904802.3 3755632231
SEAT PAGINE PG1GBP EO -741904802.3 3755632231
SEAT PAGINE PG1 EO -741904802.3 3755632231
SEAT PAGINE PG1 EU -741904802.3 3755632231
SEAT PAGINE-ADR SPGMY US -741904802.3 3755632231
SEAT PAGINE-RSP SPGBF US -741904802.3 3755632231
SEAT PAGINE-RSP PGR EO -741904802.3 3755632231
SEAT PAGINE-RSP PGR EU -741904802.3 3755632231
SEAT PAGINE-RSP PGR IX -741904802.3 3755632231
SEAT PAGINE-RSP PGR IM -741904802.3 3755632231
SEAT PAGINE-RSP PGR PZ -741904802.3 3755632231
SEATPG AXA PGAXA IM -741904802.3 3755632231
SNIA BPD SN GR -141933895.2 150445252.4
SNIA BPD-ADR SBPDY US -141933895.2 150445252.4
SNIA SPA SSMLF US -141933895.2 150445252.4
SNIA SPA SIAI IX -141933895.2 150445252.4
SNIA SPA SIAI PZ -141933895.2 150445252.4
SNIA SPA SN EO -141933895.2 150445252.4
SNIA SPA SN IM -141933895.2 150445252.4
SNIA SPA SN EU -141933895.2 150445252.4
SNIA SPA SNIB GR -141933895.2 150445252.4
SNIA SPA SNIXF US -141933895.2 150445252.4
SNIA SPA SBPDF US -141933895.2 150445252.4
SNIA SPA SN TQ -141933895.2 150445252.4
SNIA SPA SNIA GR -141933895.2 150445252.4
SNIA SPA - RTS SNAAW IM -141933895.2 150445252.4
SNIA SPA- RTS SNAXW IM -141933895.2 150445252.4
SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
SNIA SPA-CONV SA SPBDF US -141933895.2 150445252.4
SNIA SPA-DRC SNR00 IM -141933895.2 150445252.4
SNIA SPA-NEW SN00 IM -141933895.2 150445252.4
SNIA SPA-NON CON SPBNF US -141933895.2 150445252.4
SNIA SPA-RCV SNR IM -141933895.2 150445252.4
SNIA SPA-RCV SNIVF US -141933895.2 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933895.2 150445252.4
SNIA SPA-RNC SNRNC IM -141933895.2 150445252.4
SNIA SPA-RNC SNIWF US -141933895.2 150445252.4
SNIA SPA-RTS SNAA IM -141933895.2 150445252.4
SNIA SPA-RTS SNSO IM -141933895.2 150445252.4
SOPAF SPA SPF TQ -24220971.66 153763906.2
SOPAF SPA SPF EU -24220971.66 153763906.2
SOPAF SPA SPF IM -24220971.66 153763906.2
SOPAF SPA SOPAF US -24220971.66 153763906.2
SOPAF SPA SPF PZ -24220971.66 153763906.2
SOPAF SPA SPF BQ -24220971.66 153763906.2
SOPAF SPA SPF QM -24220971.66 153763906.2
SOPAF SPA SPF EB -24220971.66 153763906.2
SOPAF SPA SOCAF US -24220971.66 153763906.2
SOPAF SPA SPF EO -24220971.66 153763906.2
SOPAF SPA SSZ HK Equity -24220971.66 153763906.2
SOPAF SPA SPFI IX -24220971.66 153763906.2
SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
SOPAF SPA-RNC SPFN IM -24220971.66 153763906.2
SOPAF SPA-RNC SOPCF US -24220971.66 153763906.2
SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TISAAW IM -167327246 362728538.3
TISCALI - RTS TIQA GR -167327246 362728538.3
TISCALI SPA TIS TQ -167327246 362728538.3
TISCALI SPA TIS VX -167327246 362728538.3
TISCALI SPA TISGBX EO -167327246 362728538.3
TISCALI SPA TIS EO -167327246 362728538.3
TISCALI SPA TIS EU -167327246 362728538.3
TISCALI SPA TISN FP -167327246 362728538.3
TISCALI SPA TISGBP EO -167327246 362728538.3
TISCALI SPA TIS IX -167327246 362728538.3
TISCALI SPA TIQG IX -167327246 362728538.3
TISCALI SPA TISN IX -167327246 362728538.3
TISCALI SPA TIS EB -167327246 362728538.3
TISCALI SPA TIS FP -167327246 362728538.3
TISCALI SPA TIS IM -167327246 362728538.3
TISCALI SPA TISN VX -167327246 362728538.3
TISCALI SPA TISN IM -167327246 362728538.3
TISCALI SPA TIS NA -167327246 362728538.3
TISCALI SPA TISM IX -167327246 362728538.3
TISCALI SPA TSCXF US -167327246 362728538.3
TISCALI SPA TISGBX EU -167327246 362728538.3
TISCALI SPA TIQ1 GR -167327246 362728538.3
TISCALI SPA TISN NA -167327246 362728538.3
TISCALI SPA TIS QM -167327246 362728538.3
TISCALI SPA TIS NQ -167327246 362728538.3
TISCALI SPA TIS NR -167327246 362728538.3
TISCALI SPA TIS PZ -167327246 362728538.3
TISCALI SPA TIS BQ -167327246 362728538.3
TISCALI SPA TIQ GR -167327246 362728538.3
TISCALI SPA- RTS 3391621Q GR -167327246 362728538.3
TISCALI SPA- RTS TISAXA IM -167327246 362728538.3
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT GLOBAL 0440101D US -1168589952 17400967168
INTELSAT GLOBAL I US -1168589952 17400967168
INTELSAT INVESTM ILMA GR -1199357056 17465319424
INTELSAT SA 2237Z US -1199357056 17465319424
NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
AVAST SOFTWARE B 0112793D US -15842000 132342000
AVAST SOFTWARE N AVST US -15842000 132342000
AVG TECHNOLOGIES 0119253D US -52030000 377521984
AVG TECHNOLOGIES 3164852Z NA -52030000 377521984
AVG TECHNOLOGIES AVG US -52030000 377521984
AVG TECHNOLOGIES 1VA GR -52030000 377521984
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN EO -7854715.264 609871188.9
BAAN COMPANY NV BAAN PZ -7854715.264 609871188.9
BAAN COMPANY NV BAAN GR -7854715.264 609871188.9
BAAN COMPANY NV BNCG IX -7854715.264 609871188.9
BAAN COMPANY NV BAAVF US -7854715.264 609871188.9
BAAN COMPANY NV BAAN EU -7854715.264 609871188.9
BAAN COMPANY-NY BAANF US -7854715.264 609871188.9
BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
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COOPERATIE VOEDI 4378105Z NA -216576.9882 680962157.8
EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
EUROPEAN MARITIM 4523543Z NA -34803118.05 347300069.4
FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
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HUISVUILCENTRALE 4777713Z NA -87789.23965 1412526184
IEOC EXPLORATION 4523879Z NA -3196000 112429000
INFOR GLOBAL SOL 4778481Z NA -332427172.9 500602423.6
ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
ING REIM DEVELOP 3811140Z NA -231041485.9 383323356.5
KONINKLIJKE HASK 4037221Z NA -69259.20141 230145390.9
KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
LINO MANAGEMENT 3774416Z NA -330305248.1 752471513.7
MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
MAGYAR TELECOM B 363945Z HB -9411153.408 462039674.5
MITSUBISHI MOTOR 3893974Z NA -236634746.2 588105612.9
MSREF ELBA BV 4043045Z NA -89889.60183 584994172.5
MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
NORFOLK HOLDINGS 779151Z NA -199512.5928 813430683.8
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SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
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UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
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VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.7768 799874848.4
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
AKER BUSINESS SE 4400969Z NO -1678208.862 125911965.2
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP BY -16100000 765200000
AKER FLOATING PR AKFP EO -16100000 765200000
AKER FLOATING PR AKFP PZ -16100000 765200000
AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
AKER FLOATING PR AKFPEUR EU -16100000 765200000
AKER FLOATING PR AKFPEUR EO -16100000 765200000
AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
BAKERS AS 4527631Z NO -2100773.812 130412660.1
BKK VARME AS 4445833Z NO -4191315.792 139898061.1
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GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
HEEGH AUTOLINERS 4389209Z NO -13894016.15 253537334.9
HELI-ONE NORWAY 4632761Z NO -27084593.22 759455442.9
ICA NORGE AS 4511499Z NO -132832574.9 702347848.8
INFRATEK ENTREPR 4402489Z NO -33504101.18 160698348.1
INTEROIL EXPLORA IOX NO -21010000 139828992
INTEROIL EXPLORA IOX EO -21010000 139828992
INTEROIL EXPLORA IOX PZ -21010000 139828992
INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
NCC ROADS AS 4401305Z NO -11149611.36 135425117.2
NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
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SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO BES EO -208568793.8 658498551.2
NYESA VALORES CO 7NY GR -208568793.8 658498551.2
NYESA VALORES CO BES SM -208568793.8 658498551.2
NYESA VALORES CO BES EU -208568793.8 658498551.2
NYESA VALORES CO BES TQ -208568793.8 658498551.2
PANRICO SAU 1087Z SM -372238069.5 1219319614
PULLMANTUR SA 301590Z SM -74071248.87 168349823.1
RANDSTAD EMPLEO 4285885Z SM -27469291.1 318454508.5
REAL ZARAGOZA SA 4285533Z SM -5769281.747 168572641.9
RENTA CORP REN1USD EO -40378516.38 216503337.5
RENTA CORP REN SM -40378516.38 216503337.5
RENTA CORP REN1 TQ -40378516.38 216503337.5
RENTA CORP REN1USD EU -40378516.38 216503337.5
RENTA CORP RENS PZ -40378516.38 216503337.5
RENTA CORP REN1 EU -40378516.38 216503337.5
RENTA CORP REN1 EO -40378516.38 216503337.5
RENTA CORP REN1GBX EU -40378516.38 216503337.5
RENTA CORP RTACF US -40378516.38 216503337.5
RENTA CORP REN1GBX EO -40378516.38 216503337.5
RENTA CORP REN1GBP EO -40378516.38 216503337.5
RENTA CORP REAL REN/D SM -40378516.38 216503337.5
RESIDENCIAL MARL 4498347Z SM -8851230.872 106007591.2
REYAL URBIS SA REY1 EU -1160391779 4576859229
REYAL URBIS SA REYU PZ -1160391779 4576859229
REYAL URBIS SA REY SM -1160391779 4576859229
REYAL URBIS SA REY1 IX -1160391779 4576859229
REYAL URBIS SA REY1 EO -1160391779 4576859229
REYAL URBIS SA REY EB -1160391779 4576859229
SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
SEDESA OBRAS Y S 4285693Z SM -33624032.31 180977629
SHELL ESPANA SA 4514247Z SM -62380994.38 292408739.1
SPANAIR 1174Z SM -224915085.6 350111493.1
SUZLON WIND ENER 3809140Z SM -2806837.606 127085865.7
TELEVISION AUTON 3772924Z SM -114641099.5 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225.3 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
URBANIZADORA SEV 4286693Z SM -10314851.8 487333641
VIA OPERADOR PET 4510507Z SM -19240934.52 114265353.9
XFERA MOVILE SA 1236Z SM -93151786.57 1220956633
SWEDEN
------
ATTENDO AB 4452873Z SS -58148252.61 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
NOBINA 1099Z SS -302162.7367 854969434.4
PANAXIA AB PAXA EO -13977223.06 102375741.8
PANAXIA AB PAXAEUR EO -13977223.06 102375741.8
PANAXIA AB PAXA PZ -13977223.06 102375741.8
PANAXIA AB PAXA EU -13977223.06 102375741.8
PANAXIA AB PAXA BY -13977223.06 102375741.8
PANAXIA AB PAXAEUR EU -13977223.06 102375741.8
PANAXIA AB PAXA SS -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT BY -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR BY -13977223.06 102375741.8
PANAXIA-NEW 8292193Q SS -13977223.06 102375741.8
PANAXIA-RTS 8292189Q SS -13977223.06 102375741.8
SWEDISH MA-RE RT SWMASR SS -267565377.7 2184130566
SWEDISH MAT-ADR 3053566Q US -267565377.7 2184130566
SWEDISH MAT-ADR SWMA GR -267565377.7 2184130566
SWEDISH MATCH SWD LI -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAF US -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA BY -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA NR -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA IX -267565377.7 2184130566
SWEDISH MATCH AB SWM TH -267565377.7 2184130566
SWEDISH MATCH AB SWMA GK -267565377.7 2184130566
SWEDISH MATCH AB SWMDF US -267565377.7 2184130566
SWEDISH MATCH AB SWMA NQ -267565377.7 2184130566
SWEDISH MATCH AB SWMA SS -267565377.7 2184130566
SWEDISH MATCH AB SWMA TQ -267565377.7 2184130566
SWEDISH MATCH AB SWM GR -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA QM -267565377.7 2184130566
SWEDISH MATCH AB SWMA EB -267565377.7 2184130566
SWEDISH MATCH AB SWMA PZ -267565377.7 2184130566
SWEDISH MATCH AB SWM VX -267565377.7 2184130566
SWEDISH MATCH AB SWMA S1 -267565377.7 2184130566
SWEDISH MATCH AB SWMA LI -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBP EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA BQ -267565377.7 2184130566
SWEDISH MATCH- B SWMWF US -267565377.7 2184130566
SWEDISH MATCH-B 3033P US -267565377.7 2184130566
SWEDISH MAT-RTS SWMYR US -267565377.7 2184130566
SWEDISH M-UN ADR SWMAY US -267565377.7 2184130566
SWITZERLAND
-----------
ETRION CORP 4QP GR -1431000 449615008
ETRION CORP PFCXF US -1431000 449615008
ETRION CORP ETX2EUR EU -1431000 449615008
ETRION CORP ETX2USD EO -1431000 449615008
ETRION CORP ETX2USD EU -1431000 449615008
ETRION CORP ETRXF US -1431000 449615008
ETRION CORP ETX2EUR EO -1431000 449615008
ETRION CORP ETX SS -1431000 449615008
ETRION CORP ETX CN -1431000 449615008
ETRION CORP ETX2SEK EO -1431000 449615008
ETRION CORP ETXSEK BY -1431000 449615008
ETRION CORP ETX2SEK EU -1431000 449615008
PRETIUM INDUSTRI PIIMF US -1431000 449615008
VISUALAB INC VSLBF US -1431000 449615008
VISUALABS INC VLI CN -1431000 449615008
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.103 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.103 147075077.7
GALATASARAY SPOR GSRAY TI -134837791.7 312345232.8
GALATASARAY SPOR GALA IX -134837791.7 312345232.8
GALATASARAY SPOR GSRAYR TI -134837791.7 312345232.8
GALATASARAY SPOR GSY GR -134837791.7 312345232.8
GALATASARAY SPOR GATSF US -134837791.7 312345232.8
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UKRAINE
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DE LA RUE PLC DLAR IX -72920095.83 652922700.1
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TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2
TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
TOPPS TILES PLC TPT VX -36503224.29 140534295.2
TOPPS TILES PLC TPT7 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EO -36503224.29 140534295.2
TOPPS TILES PLC TPT5 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT3 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT IX -36503224.29 140534295.2
TOPPS TILES PLC TPT EO -36503224.29 140534295.2
TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT S1 -36503224.29 140534295.2
TOPPS TILES PLC TPT TQ -36503224.29 140534295.2
TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.82 120867289.2
UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7
VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
VIRGIN MOBILE VMOB PO -392165409.3 166070003.7
VIRGIN MOBILE VMOB VX -392165409.3 166070003.7
VIRGIN MOBILE UEM GR -392165409.3 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
WARNER ESTATE WNER PZ -80276070.4 344291592.8
WARNER ESTATE WNEHF US -80276070.4 344291592.8
WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
WARNER ESTATE WNERGBP EO -80276070.4 344291592.8
WARNER ESTATE WNER PO -80276070.4 344291592.8
WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
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 * * *