/raid1/www/Hosts/bankrupt/TCREUR_Public/140722.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 22, 2014, Vol. 15, No. 143
Headlines
A U S T R I A
KA FINANZ: Liabilities Put Pressure on Austria's Debt Burden
D E N M A R K
DLR KREDIT: S&P Lowers Jr. Subordinated Debt Rating to 'BB'
G E R M A N Y
IVG IMMOBILIEN: Insolvency Plan Takes Legal Effect
G R E E C E
GREECE: International Creditors Mull Debt Relief for Athens
I R E L A N D
ALLIED IRISH: Appoints Richard Pym as New Chairman
EUROMAX V ABS: Fitch Affirms 'Csf' Ratings on Six Note Classes
INTERMEDIATE FINANCE II: S&P Raises Rating on Cl. D Notes From B+
TITAN EUROPE 2007-2: Fitch Affirms 'D' Ratings on 2 Note Classes
I T A L Y
FINDUS PLEDGECO: Fitch Affirms 'B-' LT Issuer Default Rating
ROTTAPHARM SPA: Moody's Confirms 'B1' CFR; Outlook Stable
K A Z A K H S T A N
ASIACREDIT BANK: S&P Affirms 'B-/C' Counterparty Credit Ratings
N E T H E R L A N D S
ENDEMOL NEWCO: S&P Assigns B Corp. Credit Rating; Outlook Stable
EURO-GALAXY III: S&P Affirms 'BB' Rating on Class E Notes
GRESHAM CAPITAL II: S&P Affirms 'B+' Rating on Class E Notes
LEVERAGED FINANCE: Moody's Affirms 'B1' Rating on Class V Notes
S P A I N
ALCAD: Seeks Creditor Protection
AP-36: Judge Delays Creditors' Meeting Until September 19
U K R A I N E
CREATIV GROUP: S&P Affirms 'CCC' Rating; Outlook Stable
U N I T E D K I N G D O M
DIGITAL SPARK: Silverlink Buys Firm Out of Administration
ELLI INVESTMENTS: Fitch Lowers Issuer Default Rating to 'B-'
FAB UK 2004-1: Fitch Affirms 'CCsf' Ratings on 3 Note Classes
FLOORS 2 GO: Goes Into Administration, Customers Worry
FRIARY NO. 2: Moody's Assigns 'Ba1' Rating to GBP0.5-Mil. RMBS
* UK: Interest Rate Rise 'May Send 200,000 Firms Into Crisis'
U Z B E K I S T A N
DAVR-BANK: S&P Assigns 'B-/C' Counterparty Credit Ratings
X X X X X X X X
* EUROPE: EU Banks Have Two Weeks to Plug Capital Shortfalls
* Large Companies with Insolvent Balance Sheets
*********
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A U S T R I A
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KA FINANZ: Liabilities Put Pressure on Austria's Debt Burden
------------------------------------------------------------
Boris Groendahl at Bloomberg News reports that the European Union
said Austria must add about EUR8 billion (US$11 billion)
liabilities of state-owned KA Finanz AG to its accounts, putting
further pressure on the country's debt burden.
The EU's statistics office Eurostat told Austria to change the
classification of KA Finanz, the wind-down unit for failed
Kommunalkredit Austria AG, and revise government statistics for
the past five years, Bloomberg says, citing a letter posted on
Eurostat's Web site. According to Bloomberg, the letter, dated
July 3 and addressed to the country's statistics office Statistik
Austria, advises to make the revisions by Sept. 1.
"Wherever a unit had the features to be classified within the
general government, in accordance with the relevant statistical
rules as described above, Eurostat believes that such a
classification must take place," the Luxembourg-based agency, as
cited by Bloomberg, said in the letter. "KA Finanz AG must,
under the revised conceptual framework ESA 2010, be classified in
national accounts into the general government sector since its
creation in 2009."
According to Bloomberg, a spokesman for the Finance Ministry said
that adding KA Finanz's liabilities would add about 2.5% to
Austria's debt level.
KA Finanz was created to wind down the toxic assets of
Kommunalkredit, a municipality lender that had strayed into
credit default swaps for countries including Greece, Portugal and
Spain, and had to be rescued when liquidity markets seized in
2008, Bloomberg recounts.
KA Finanz AG conducts banking transactions for the purpose of
portfolio management in the Republic of Austria. The company
holds the non-strategic and credit default swap portfolio of the
former Kommunalkredit AG. It is also involved in interest-
hedging and FX-hedging transactions in the derivatives segment
and taking portfolio hedging measures. The company was formerly
known as Kommunalkredit Austria AG and changed its name to KA
Finanz AG in November 2009. KA Finanz AG is based in Vienna,
Austria.
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D E N M A R K
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DLR KREDIT: S&P Lowers Jr. Subordinated Debt Rating to 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BBB+/A-2' long- and short-term counterparty credit ratings on
Denmark-based DLR Kredit A/S. At the same time, S&P lowered its
long-term rating on DLR Kredit's junior subordinated debt to 'BB'
from 'BB+'. The outlook is stable.
The affirmation reflects S&P's reevaluation of DLR Kredit's
business position as moderate rather than adequate, and,
simultaneously, its removal of the negative one-notch adjustment
previously incorporated into the rating, relating to earnings
metrics. The changes result in a weakening of the stand-alone
credit profile (SACP) to 'bbb' from 'bbb+' and, as a result, a
downgrade of DLR Kredit's junior subordinated debt instrument to
'BB' from 'BB+'.
S&P's assessment of DLR Kredit's business position as "moderate"
reflects its comparatively narrow client base and revenues
concentrated on lending to the Danish agriculture sector. In
addition, Jyske Bank, which is DLR Kredit's largest owner (with
nearly 10%) and also provides a substantial amount of loans,
recently acquired its own mortgage company, BRFkredit. In S&P's
view, the merger creates some uncertainty for some of DLR
Kredit's transferred business volumes from Jyske and places DLR
Kredit in a relatively weaker business position.
While the merger may not significantly affect Jyske's transfer of
agricultural loans to DLR Kredit initially, S&P believes that
Jyske has an incentive to reduce its guarantees on loans with DLR
Kredit and finance its commercial and residential real estate
loans within its new group structure. S&P notes that this could
be mitigated to some degree by other owner banks prioritizing DLR
Kredit ahead of BRFkredit for commercial and residential real
estate financing.
S&P previously applied a negative one-notch adjustment to DLR
Kredit's rating related to its concerns about the strength of
earnings and weaknesses in the funding model. S&P has now
removed this adjustment because DLR Kredit has further improved
earnings metrics, in particular cost efficiency and profits as a
share of revenues. In addition, S&P believes that the bank has
started to address weaknesses in its funding model by introducing
new products with longer maturities.
The stable outlook reflects S&P's view that DLR Kredit's
strengthening SACP -- from capital improving in line with its
2019 capital plan, strong loss sharing with the owner banks, and
continued stable earnings -- may offset the possible removal of
government support from the ratings. Specifically, S&P may
remove the notch of uplift for extraordinary government support
by year-end 2015 if it considers such support to be less
predictable.
A positive rating action would require a positive trend in two
factors. S&P could consider an upgrade if it believed that
potential extraordinary government support for DLR Kredit is
unchanged in practice, despite the introduction of bail-in powers
and international efforts to increase banks' resolvability. In
addition, if DLR Kredit continued to execute its capital plan as
S&P expects and it became confident that its risk-adjusted
capital ratio would rise to and exceed 15%, S&P could revise its
assessment of its capital and earnings to "very strong" from
"strong."
S&P could lower the ratings if DLR Kredit experienced a setback
in its efforts to reduce the use of short-term wholesale funding,
in particular the high share of loans it needs to refinance
annually.
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G E R M A N Y
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IVG IMMOBILIEN: Insolvency Plan Takes Legal Effect
--------------------------------------------------
PropertyEU reports that IVG Immobilien's insolvency plan has
taken legal effect after a Bonn court rejected complaints filed
by a number of subordinate investors as well as Germany's largest
association for private investors, DSW.
In a statement on Tuesday, Bonn-based IVG said the plan -- which
was already approved by 99.47% of creditors' votes and 56.93% of
the shareholder vote -- will now be implemented with closing of
the insolvency proceedings expected in the current quarter,
PropertyEU relates.
According to PropertyEU, under the plan, the creditors of a
syndicated loan totaling EUR1.35 billion and a EUR100 million
loan originally extended by LBBW would end up with 80% of IVG's
stock. Similarly, holders of a EUR400 million convertible bond
would take control of the remaining 20%, PropertyEU notes.
The company, which sought creditor protection last August, will
cut its debt by EUR2.2 billion as part of the operation,
PropertyEU discloses.
The company will be able to retain 80% of the jobs, or a total of
320 employees, PropertyEU states. Ralf Jung, former CEO of
Allianz Alternative Assets Holding and former member of the
management board of Dresdner Bank, will assume the role of CEO of
the restructured group after joining as a consultant in early
July, PropertyEU says.
IVG entered self-administration in November last year, PropertyEU
recounts. The company filed for court protection after failing
to reach agreement with creditors on the restructuring of its
EUR3 billion debt pile, PropertyEU relays.
IVG Immobilien is Germany's largest property company by assets
under management. In total IVG has EUR21 billion of assets under
management.
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G R E E C E
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GREECE: International Creditors Mull Debt Relief for Athens
-----------------------------------------------------------
Matina Stevis at The Wall Street Journal reports that Greece's
international creditors are considering making debt relief for
Athens conditional on reforms in a bid to keep a grip on the
country's economic policies after its bailout program finishes.
How to ease Greece's debt -- which stands at a heavy EUR320
billion (US$434 billion), or roughly 174% of gross domestic
product -- is a question that has dogged euro-zone countries, the
International Monetary Fund, the European Commission and European
Central Bank since November 2012, the Journal says.
That was when euro-zone countries, the main financers of the
bailout, said they would find ways to bring Greece's debt down to
a "sustainable" level, in part to counter IMF concerns, the
Journal relays. Debt targets were set at 124% of GDP by 2020 and
"substantially below" 110% of GDP by 2022, the Journal discloses.
According to the Journal, as of March 2013, some 66% of Greece's
debt stock is held by euro-zone governments and the IMF, which
scrambled to stop the country from defaulting in 2010 and have
been financing it ever since.
The euro zone's contribution to the bailout officially runs out
at the end of this year, while the smaller IMF component will
continue being disbursed until March 2016, the Journal states.
Until now, creditors have put pressure on successive Greek
governments, often reluctant to push for painful reforms, by
withholding loan installments, the Journal notes.
But as Greece hopes to wean itself off the international
assistance, with its prime minister, Antonis Samaras, insisting
it won't need a third bailout, the creditors' grip on economic
reforms looks set to loosen, the Journal states.
The officials directly involved in the discussions said that is
why European creditors are eager to make debt-relief steps, in
particular the extension of its debt-repayment schedule,
conditional on Greece meeting policy milestones, the Journal
relays.
The debt talks are expected to resume in earnest in the fall but
preparatory work is already under way, the Journal says.
The first bailout included EUR53 billion in bilateral loans to
Greece from 15 euro-zone countries, the Journal discloses.
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I R E L A N D
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ALLIED IRISH: Appoints Richard Pym as New Chairman
--------------------------------------------------
Allied Irish Banks, p.l.c., announced that Richard Pym (64) will
be appointed to the Board as Non-Executive Director and Chairman
Designate effective from Oct. 13, 2014. The current Chairman,
David Hodgkinson, will retire from the Board in December 2014.
Mr. Richard is a Chartered Accountant with extensive experience
in financial services and has held a series of senior roles,
including as former group chief executive of Alliance & Leicester
plc. He is currently Chairman of The Co-operative Bank plc,
Nordax Finans AB, and UK Asset Resolution Limited1. Richard has
already announced that he will be standing down as Chairman of
The Co-operative Bank later this year. Richard is a former
Chairman of the BrightHouse Group plc, Halfords Group plc and The
Co-operative Banking Group, and a former non-executive director
of The British Land Company plc, Old Mutual plc and Selfridges
plc.
Richard said, "I am delighted to accept the invitation to be the
next Chairman of AIB and I look forward to contributing to the
progress that has already been made in re-building a strong bank.
Irish taxpayers have made considerable sacrifices in supporting
the banking system and I am very conscious of my responsibilities
in that regard."
David Hodgkinson welcomed Richard's upcoming appointment and
said, "I am delighted we have been able to select a candidate of
Richard's capability and experience, to guide AIB on the next
phase of its journey as a vital component of Ireland's economic
infrastructure. It has been a privilege for me to serve in such
an important role in the restructuring of the bank, and to work
with a group of people dedicated to meeting a significant
challenge in difficult circumstances."
Chief Executive David Duffy, in welcoming Richard, said he wanted
to place on record the Bank's thanks to David Hodgkinson for his
work over the last four years, notwithstanding the fact that
David will be staying on with AIB until December. "David
deserves immense credit for his determination in helping AIB to
recover and stabilise. He joined the bank as Chairman at a time
of extreme crisis and has led the company through a turbulent and
difficult time. I have worked closely with him since I joined
AIB in December 2011 and deeply appreciate his support since
then. AIB welcomes Richard to the bank and we look forward to
working with him as we build for the future," the chief executive
said.
About Allied Irish Banks
Allied Irish Banks, p.l.c. -- http://www.aibgroup.com/-- is a
major commercial bank based in Ireland. It has an extensive
branch network across the country, a head office in Dublin and a
capital markets operation based in the International Financial
Services Centre in Dublin. AIB also has retail and corporate
businesses in the UK, offices in Europe and a subsidiary company
in the Isle of Man and Jersey (Channel Islands).
Since the onset of the global and Irish financial crisis, AIB's
relationship with the Irish Government has changed significantly.
As at Dec. 31, 2010, the Government, through the National Pension
Reserve Fund Commission ("NPRFC"), held 49.9% of the ordinary
shares of the Company (the share of the voting rights at
shareholders' general meetings), 10,489,899,564 convertible non-
voting ("CNV") shares and 3.5 billion 2009 Preference Shares. On
April 8, 2011, the NPRFC converted the total outstanding amount
of
CNV shares into 10,489,899,564 ordinary shares of AIB, thereby
increasing its holding to 92.8% of the ordinary share capital.
In addition to its shareholders' interests, the Government's
relationship with AIB is reflected through formal and informal
oversight by the Minister and the Department of Finance and the
Central Bank of Ireland, representation on the Board of Directors
(three non-executive directors are Government nominees),
participation in NAMA, and otherwise.
Allied Irish reported a loss of EUR1.59 billion in 2013, a loss
of EUR3.55 billion in 2012 and a net loss of EUR2.32 billion in
2011.
At Dec. 31, 2013, the Company had EUR117.73 billion in total
assets, EUR107.24 billion in total liabilities and EUR10.49
billion in total shareholders' equity.
EUROMAX V ABS: Fitch Affirms 'Csf' Ratings on Six Note Classes
--------------------------------------------------------------
Fitch Ratings has affirmed Euromax V ABS PLC (Euromax V) and
upgraded Dureve Limited Series 2010-1 (Dureve), as follows:
Euromax V:
Class A1 (XS0274615656): affirmed at 'CCCsf'
Class A2 (XS0274616381): affirmed at 'CCsf'
Class A3 (XS0274616977): affirmed at 'Csf'
Class A4 (XS0274617439): affirmed at 'Csf'
Class B1 (XS0274617603): affirmed at 'Csf'
Class B2 (XS0274617942): affirmed at 'Csf'
Class D1 combination notes (XS0274619138): affirmed at 'Csf'
Class D2 combination notes (XS0274619211): affirmed at 'Csf'
Dureve:
Class mezzanine B (XS0570763564): upgraded to 'Asf' from
'BBBsf', Outlook Stable
Class subordinated C-1 (XS0570763994): upgraded to 'BBBsf' from
'BBsf', Outlook Stable
Euromax V is a securitization of mainly European SF securities
with the total note issuance of EUR307.5 million invested in a
target portfolio of EUR300 million. The underlying securities
are primarily RMBS and CMBS, but also include ABS and corporate
CDO assets. Dureve is a re-securitization of the class A1 notes
of Euromax V ABS PLC.
KEY RATING DRIVERS
The affirmation of Euromax V reflects the stable performance of
the underlying portfolio over the last 11 months. Class A1 notes
have deleveraged by EUR22 million during this period, aided by
large amortizations of a number of underlying assets. However,
the impact on credit enhancement was limited, given that classes
A4 to class B2 are currently deferring interest. Deferred
interest on those notes amounts to EUR7.5 million.
Overall, the portfolio quality has remained stable. Rating
migration was limited and rating changes were mainly caused by
full amortization of some assets. Around 40% of the portfolio
remain in the 'CCC' and below bucket.
The largest two sectors are CMBS at 34% of the portfolio, down
from 48% a year ago, and RMBS at 44% of the portfolio, up from
35%. There has also been a shift in country exposures.
Previously, Germany was the largest country with 45% and is now
only the second-largest country at 30% of the outstanding
portfolio. The largest country is now the UK with just over 30%
of the portfolio. Peripheral European exposure makes up for
around a quarter of the outstanding portfolio and is mainly
represented by Italy.
All over-collateralization (OC) tests remain breached since 2009,
leading to excess spread being diverted to the redemption of the
most senior notes.
The class D1 and D2 combination notes' ratings reflect those of
their respective component classes, total distributions to date
(which count towards reducing the rated balances) and future
distributions expected on each of the component classes. The
rated balances of the class D1 and D2 notes currently stand at
EUR4.3 million and EUR6.5 million, respectively. There have been
no distributions to the class D1 and D2 notes since May 2009 due
to the component classes deferring interest as a result of the OC
test breach.
The upgrade of Dureve's outstanding note is due to the high
levels of credit enhancement available to the notes. Class
Senior A-1 and A-2 have paid down in full and class mezzanine B
has paid down to 80% of its original balance, leading to
increased credit enhancement for all the rated notes since
closing in 2010.
RATING SENSITIVITIES
Fitch incorporated a stress test to its analysis to assess the
ratings' sensitivity to changes of the underlying assumptions.
If 10% of the performing portfolio were to be downgraded to
'CCCsf' or below, Class A1 and A2 of Euromax V would be
downgraded by one category. This would subsequently trigger a
negative rating action on Dureve by one category.
INTERMEDIATE FINANCE II: S&P Raises Rating on Cl. D Notes From B+
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Intermediate Finance II PLC's class B-1, B-2, C, and D notes. At
the same time, S&P has withdrawn its rating on the class A-2
notes.
The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the trustee report dated May 30,
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. The BDR
represents our estimate of the maximum level of gross defaults,
based on our stress assumptions, that a tranche can withstand and
still fully repay the noteholders. We used the portfolio balance
that we consider to be performing, the reported weighted-average
spread, and the weighted-average recovery rates that we
considered to be appropriate. We incorporated various cash flow
stress scenarios using our standard and additional default
patterns and levels for each rating category assumed for each
class of notes, combined with different interest stress scenarios
as outlined in our corporate collateralized debt obligation (CDO)
criteria," S&P said.
The transaction's reinvestment period ended in July 2013. Since
S&P's previous review on March 2, 2012, the class A-2 notes have
fully redeemed and the class B-1 and B-2 notes have started
amortizing.
According to S&P's cash flow results, the available credit
enhancement for all of the classes of notes has significantly
increased since our previous review. In S&P's view, this has
resulted from the deleveraging of the class A-2 notes. S&P's
analysis indicates that the available credit enhancement for all
of the classes of notes is commensurate with higher ratings than
those currently assigned.
S&P has therefore raised to 'AAA (sf)' from 'BBB+ (sf)' its
ratings on the class B-1 and B-2 notes, to 'AA- (sf)' from 'BB+
(sf)' its rating on the class C notes, and to 'BBB- (sf)' from
'B+ (sf)' its rating on the class D notes.
At the same time, S&P has withdrawn its 'A+ (sf)' rating on the
class A-2 notes as they have fully redeemed.
Intermediate Finance II is cash flow collateralized loan
obligation (CLO) transaction that securitizes primarily mezzanine
loans to speculative-grade corporate obligors. The reinvestment
period ended in July 2013.
RATINGS LIST
Class Rating
To From
Intermediate Finance II PLC
EUR520 Million Senior Secured Floating-Rate Notes
Ratings Raised
B-1 AAA (sf) BBB+ (sf)
B-2 AAA (sf) BBB+ (sf)
C AA- (sf) BB+ (sf)
D BBB- (sf) B+ (sf)
Rating Withdrawn
A-2 NR A+ (sf)
NR-Not rated.
TITAN EUROPE 2007-2: Fitch Affirms 'D' Ratings on 2 Note Classes
----------------------------------------------------------------
Fitch Ratings has affirmed Titan Europe 2007-2 Limited's floating
rate notes due 2017 as follows:
EUR186.6m Class A2 (XS0302916381) affirmed at 'Bsf'; Outlook
revised to Stable from Negative
EUR154.3m Class B (XS0302917272) affirmed at 'CCsf'; Recovery
Estimate (RE) RE25%
EUR115.2m Class C (XS0302917512) affirmed at 'Csf'; RE0%
EUR86.1m Class D (XS0302917868) affirmed at 'Csf'; RE0%
EUR37.9m Class E (XS0302919138) affirmed at 'Csf'; RE0%
EUR19.0m Class F (XS0302919641) affirmed at 'Dsf'; RE0%
EUR0m Class G (XS0302920730) affirmed at 'Dsf'; RE0%
KEY RATING DRIVERS
The affirmation reflects the full repayment of the EUR291.2
million Project Christie loan in January 2014 as well as the
largely unchanged situation of the defaulted MPC Portfolio and
the disputes in the Skoduv Palace and Nantes loans. It also
reflects the relatively short remaining transaction term (less
than three years), during which 135 properties need to be sold or
refinanced. As Fitch does not expect to downgrade the Class B
notes unless they remain outstanding close to bond maturity in
2017, their Outlook has been revised to Stable.
In April 2014, eight loans with an aggregate balance of EUR599.7
million remained, all of which are now specially serviced and
either in standstill or workout. Since October 2013, three
special servicers are involved in the transaction -- Hudson
Advisors, Capita Asset Services and Mount Street.
The EUR391.7 million MPC Portfolio has been repaid by EUR39.4
million (9%) via asset sales and cash sweep since its default in
January 2012. In April 2014, 77 of the original 99 assets
remained. Seven asset sales in 2014 resulted in net proceeds
below the most recent valuation in 2011 (which already reflected
a significant decline in reported market value at origination,
resulting in a securitized loan-to-value ratio (LTV) of 230%).
With limited financing available for lower quality Dutch
properties and the absence of a recovery in market values, Fitch
believes that portfolio sales (incorporating price discounts for
transaction size) will likely be required to finalize the workout
by bond maturity in less than three years. Fitch expects a loss
in excess of 50% of the securitized balance and the risk remains
that the workout will not be fully concluded before final legal
maturity.
The EUR78.5 million Cobalt loan entered special servicing in 2013
when the struggling main tenant (accounting for 65% of the rent)
was restructured and terminated the majority of its leases, in
line with Finnish law. Despite partial reletting of vacated
space, occupancy is still only 75.5% and the LTV was reported at
156% in April 2014. The special servicer enforced the security
after negotiations with the borrower were unsuccessful. A
Finnish property manager has been mandated for asset management
and disposal. The target exit of the loan is April 2016, one
year prior to bond maturity. Fitch expects a significant loss.
The EUR52.9 million Skoduv Palace loan is secured on a single
office property located in Prague, Czech Republic. A dispute
between the borrower and the tenant, City of Prague, continues as
the latter claims that current rent is at an "unfair" level, i.e.
well above market rent. Court hearings continue and have
effectively stalled any attempts to refinance or sell the asset.
Should the courts agree to significantly reduce the rent, the
collateral value will be adversely affected. The whole loan LTV
stands at 134%, and although interest and debt service coverage
ratios (ICR and DSCR) are at 16.1x based on current contracted
rent, Fitch expects a significant loss on this loan.
The EUR42.3 million Urbis loan entered special servicing in April
2014 when it remained outstanding at its extended maturity.
However, 62 of the original 88 properties have been sold since
closing (11 over the past 12 months), with no major signs of
negative selection. The reported LTV stood at 53% in April 2014,
the ICR at 6.3x and occupancy remained stable (albeit low) around
63%. Due to its stable performance and the repayment of almost
80% of the original balance (averaging a quarterly repayment of
EUR10.6 million), Fitch believes the loan will repay in full.
The EUR11.4 million Six Hotels loan is secured on five hotels
located in Germany, following the disposal of one asset in 2013.
The borrower is in advanced discussions with potential lenders to
refinance two further assets. The borrower is injecting equity
to amortize the loan and maintain the rolling three-month
standstill period, to allow for orderly refinancing. Due to the
short remaining lease term, Fitch believes that asset sales may
result in a minor loss. However, successful refinancing of half
of the collateral would signal the possibility of an ultimate
full repayment.
The EUR10 million Toy Box loan will lose the majority of its
rental income in 2014. One of the two tenants occupying the
German mixed-use asset gave notice to vacate while the other
tenant will vacate 66% of its space, occupying the remainder for
another three years. The special servicer is in discussions with
various brokers to relet the vacant space and sell the asset.
Meanwhile, loan interest is being paid in full but surplus rental
income is being retained by the servicer for potential
refurbishment costs rather than being immediately released to
amortize the loan. Fitch expects a moderate to significant loss,
depending on the timing and terms of relettings and sale.
The EUR7.3 million Nantes loan remains in French safeguard. The
court-agreed workout plan envisages full repayment of the loan,
albeit four years after bond maturity. The borrower filed
several court cases, including against the issuer for "excessive
security" and intrusion. The issuer (via its agents) is
appealing the safeguard plan due to its timeframe in excess of
bond maturity. Given the uncertainty surrounding the legal
situation, Fitch has not given credit to any recoveries ahead of
note maturity.
The EUR5.6 million Caprice loan is expected to repay by EUR4.8
million in October 2014, with the remaining balance of EUR0.8
million written off. The special servicer has accepted a
discounted pay-off offer from the borrower. Fitch expected a
loss from the workout of the collateral (fast food restaurants,
land and a petrol station) despite good interest coverage and the
majority of rent coming from rated tenants as the leverage was
above 100%. The loss will increase the non-accruing interest
amount of class F (already rated Dsf).
RATING SENSITIVITIES
The rating of the class A2 notes may be adversely affected by
significant delays in asset sales or refinancings (e.g. Urbis,
MPC). Alternatively a successful series of sales well before the
final legal maturity of the notes could put upwards pressure on
the class A2 rating. The class B Recovery Estimate will be
adjusted if achieved recoveries differ significantly from Fitch's
expectations (positively or negatively).
Fitch estimates total loan recoveries in its 'Bsf' scenario to be
around GBP225 million.
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I T A L Y
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FINDUS PLEDGECO: Fitch Affirms 'B-' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed food and beverage company Findus
PledgeCo S.a.r.l.'s Long-term Issuer Default Rating (IDR) at 'B-'
with a Stable Outlook, and Findus BondCo S.A.'s senior secured
notes at 'B+' with a Recovery Rating of 'RR2'.
The affirmation is based on the stabilization of Findus's
financial performance and recent market share gains in a
difficult frozen food market environment and high key input
prices, mainly salmon. Although Fitch expects Findus's funds
from operations (FFO) adjusted leverage to reduce towards 5.5x in
2016, some uncertainty remains around one of its key markets,
Norway, which has recently seen some pressure on frozen sales.
This is partly mitigated by resilience in their UK chilled
volumes. Fitch expects mildly positive free cash flow (FCF) in
future years, therefore ensuring sufficient financial flexibility
for the rating.
KEY RATING DRIVERS
Geographic and Product Diversity
Findus remains the leader in its key markets of Norway, Sweden,
Finland and France, with high market shares in branded frozen
food and a diverse product proposition of frozen fish and ready-
to-eat meals. However, Fitch expects increasing private-label
penetration and competition from chilled food to continue putting
pressure on Findus group's profit margins. Cost savings, while
limited, are expected to remain the key driver of profit growth.
Volatility in Commodity Prices
Sudden commodity price inflation, such as the recent all-time
high price of salmon, in conjunction with greater volatility in
food commodity markets will continue to challenge Findus,
especially in the event of a slowdown in consumer spending.
Meanwhile, the group is benefiting from continued investments in
product innovation and successful negotiations of contracts with
food retailers to pass on price increases in raw materials.
Scope for EBITDA Stability
Fitch expects product innovation and contract negotiations to
mitigate raw material price increases. Fitch therefore projects
that EBITDA margins should remain fairly stable at FY14's (year
to September 2014) 8%. FY13 and 1HFY14 performances were in line
with management's expectations despite challenges in frozen fish
sales in Norway. EBITDA margins returned to the FY11 level after
having previously been on a contracting path.
Resilient Food Consumption
Consumption of fast-moving consumer goods is fairly resilient
through the economic cycle, although growth in mature and
developed markets is limited. Findus's product innovation
capabilities and targeted marketing spending are key to ensuring
its product offering remains relevant to consumers amid changing
economic conditions, consumer preferences, health concerns and
food price inflation.
Improving FCF
Findus has historically generated low levels of FCF, which is
considered a weakness. Although we expect a mildly negative FCF
margin in 2014 due to one-off costs for refinancing, exchange
rate translational differences and working capital unwinding, we
expect cash generation to improve, albeit remaining relatively
weak at around 1% during FY14-FY16.
High Leverage
Findus's FFO adjusted gross leverage at end of the financial year
to September 2013 (FYE13) post refinancing remained high at 6.4x.
Fitch expects leverage to improve towards 5.5x with FFO fixed
charge cover moving towards 1.8x by 2016. If maintained, this
leverage profile would be considered relatively strong for the
'B-' rating relative to close peers.
RATING SENSITIVITIES
Positive: Future developments that could, individually or
collectively, lead to positive rating actions include:
-- Improvement in operating profitability and organic business
growth evidenced by EBITDA margin improvement up to 9%
(FYE13: 7.9%) and FCF margin of 3% or higher (FYE13: 0.2%).
-- Further de-leveraging with FFO adjusted leverage to or
below 5.5x on a sustained basis (FYE13: 6.4x).
-- FFO fixed charge cover at 2x or above on a sustained basis
(FYE13: 2.3x).
Negative: Future developments that could, individually or
collectively, lead to positive negative rating actions include:
-- A contraction in organic revenue, for example resulting
from increased competitive pressures, combined with a
steady reduction in operating profitability leading to an
EBITDA margin below 7%.
-- Consecutive periods of negative FCF leading to erosion of
the liquidity cushion.
-- A sustained deterioration in FFO adjusted leverage to or
above 7x.
-- FFO fixed charge cover sustainably at 1.5x or below.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity
Fitch anticipates that Findus's liquidity will remain adequate,
supported by a super senior RCF of GBP60m and, in the longer
term, mildly positive FCF generation from FY15.
No Maturities Before 2018
Findus's current debt includes approximately GBP405m of senior
secured notes maturing in July 2018, revolving credit facility
(RCF) of GBP60m maturing in December 2017. While there is no
debt amortization pressure in the foreseeable future, Fitch
believes that the deleveraging path will be slow and dependent on
growth in EBITDA. Fitch expects FFO adjusted leverage to remain
above 5.5x until at least 2016.
ROTTAPHARM SPA: Moody's Confirms 'B1' CFR; Outlook Stable
---------------------------------------------------------
Moody's Investors Service has confirmed the B1 corporate family
rating (CFR) and B1-PD probability of default rating (PDR) of
Rottapharm SpA. Concurrently, Moody's has also confirmed the Ba3
rating on the unsecured notes issued by Rottapharm's wholly owned
subsidiary Rottapharm Ltd. The outlook on the ratings is stable.
The confirmation of the ratings concludes the review which was
initiated on May 21.
Ratings Rationale
The confirmation of the existing ratings follows the company's
decision not to execute its IPO plans because of challenging
equity market conditions. "The review for upgrade was predicated
on a successful completion of an initial public offering which
would have led to a material de-leveraging of the capital
structure," says Knut Slatten, a Moody's Assistant Vice President
and Lead Analyst for Rottapharm. "The change in outlook to stable
from negative prior to the review reflects our expectations of an
ongoing improving operating environment in Rottapharm's key
markets," adds Mr Slatten.
On July 10, Rottapharm announced it had pulled its IPO plans in
view of unfavourable Italian and international market conditions.
The transaction would have led to a reduction in net debt by
around EUR258 million from the current level of around EUR520
million. As a consequence, Moody's has today confirmed the
company's existing ratings as the rating agency no longer
anticipates a material improvement in the capital structure over
the next 12-24 months. The rating agency notes favorably,
however, that Rottapharm's operating performance has improved
since the third quarter of 2013, as illustrated by the company's
sales in Italy which saw 12% growth during the first quarter of
2014. Supported by a more favorable operating environment,
Moody's would anticipate Rottapharm displaying a positive de-
leveraging trend in 2014, supported by growth in its EBITDA
leading to an estimated debt/EBITDA ratio of 4.5x per year-end
2014. The stable outlook reflects Moody's assumption that
Rottapharm will have a leverage -- defined as adjusted
debt/EBITDA -- below 5x by the end of 2014, while at all times
maintaining an adequate liquidity profile.
Rottapharm's B1 rating continues to reflect (1) its fairly high
leverage; (2) geographical concentration, with high exposure to
southern Europe, particularly Italy, which represents around 30%
of the company's sales; and (3) the company's overall modest
scale, with revenues of around EUR540 million in fiscal year
2013. More positively, however, the rating also factors in (1) an
overall defensive business risk profile, which to a large degree
shelters the company from typical pharmaceutical-related industry
risks, such as patent expiration, pipeline execution and
litigation; (2) a solid positioning within its product
categories, with limited product concentration overall; and (3)
healthy profit margins (EBITDA margin of 26% per FY 2013), which,
in combination with the company's asset-light model, leads to
expectations of sustainable positive free cash flow (FCF)
generation.
Moody's expects that Rottapharm's liquidity will be adequate over
the next 12 months. Moody's notes, however, that the company does
not have access to any committed revolving credit facilities (the
company has in place two uncommitted facilities for an aggregate
amount of EUR60 million). As of the end of March 2014, Rottapharm
had cash balances of EUR75 million and short-term debt of EUR87
million.
Following the review period, Moody's has decided to continue
applying the pharmaceutical methodology to Rottapharm.
What Could Change The Rating Up/Down
Positive pressure on the rating could be exerted if Rottapharm's
liquidity profile improves and the company's leverage -- defined
as Moody's-adjusted debt/EBITDA -- moves towards 4.0x.
Conversely, negative pressure could develop should leverage move
above 5.0x for a sustained period of time and/or the company's
liquidity profile deteriorates.
Principal Methodologies
The principal methodology used in these ratings was the Global
Pharmaceutical Industry published in December 2012. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
Rottapharm SpA is an Italy-based pharmaceutical company
represented in more than 85 countries worldwide. For the
financial year ending December 2013, it reported total net
revenues of EUR536 million and EBITDA (before non-recurring
items) of EUR138 million.
===================
K A Z A K H S T A N
===================
ASIACREDIT BANK: S&P Affirms 'B-/C' Counterparty Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-/C' long- and
short-term counterparty credit ratings and 'kzBB' national scale
rating on Kazakhstan-based JSC AsiaCredit Bank and its senior
unsecured debt. S&P subsequently withdrew all the ratings at the
bank's request. At the time of the withdrawal, the outlook was
positive.
The affirmation reflected S&P's opinion that AsiaCredit Bank's
business and financial position remained consistent with the
rating level.
The ratings on AsiaCredit Bank reflected the 'bb-' anchor S&P
applies to financial institutions operating in Kazakhstan. The
ratings also reflected the bank's "weak" business position,
"adequate" capital and earnings, "moderate" risk position,
"average" funding, and "adequate" liquidity, as S&P's criteria
define these terms.
S&P's assessment of AsiaCredit's business position as weak
reflected its view of the bank's small domestic franchise and
aggressive and untested growth strategy. With total assets of
Kazakhstani tenge (KZT) 122 billion (about US$0.7 billion) as of
June 1, 2014, AsiaCredit Bank ranked No. 20 among Kazakhstan's 38
banks, with a market share of 0.7% by assets.
S&P's assessment of AsiaCredit Bank's capital and earnings as
"adequate" reflected its belief that the bank would be able to
maintain strong capital ratios over the next two years. This
would be possible through regular capital injections by the
bank's shareholder to match the bank's asset growth. Equally
important, S&P considered that the bank is gradually adopting a
more prudent and predictable approach to capital management. S&P
forecasts that its risk-adjusted capital ratio for AsiaCredit
Bank (before adjustments for diversification) will stay near 10%-
11% in 2014-2015.
S&P's assessment of AsiaCredit Bank's risk position as "moderate"
reflected its expectation of rising nonperforming loans (more
than 90 days overdue), the risks associated with managing rapid
loan growth in Kazakhstan's highly competitive banking sector,
and S&P's opinion that the bank has low provisions. The bank's
management has yet to prove its ability to manage the bank's
rapid growth over a full business cycle.
AsiaCredit Bank's funding is "average" and its liquidity is
"adequate," in S&P's opinion. This is reflected in a stable
funding ratio exceeding 110% in the past three years. Overall,
S&P believes that AsiaCredit Bank's funding profile does not
deviate materially from the Kazakh average.
At the time of the withdrawal, the outlook was positive,
reflecting the possibility of an upgrade over the next 12 months
if further capital injections allow the bank to improve its loss-
absorption capacity alongside asset growth, while maintaining
asset quality and building provisions.
RATINGS LIST
Ratings Affirmed; Ratings Withdrawn
To From
JSC AsiaCredit Bank
Counterparty Credit Rating NR B-/Positive/C
Kazakhstan National Scale NR kzBB/--/--
Senior Unsecured NR kzBB
Senior Unsecured NR B-
NR-Not rated.
=====================
N E T H E R L A N D S
=====================
ENDEMOL NEWCO: S&P Assigns B Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Endemol NewCO, the parent company of
Netherlands-based Endemol Holdings B.V. The outlook is stable.
At the same time, S&P assigned its 'B' issue rating to the EUR125
million revolving credit facility (RCF) maturing in 2019, and
EUR700 million first-lien term loan maturing in 2021. The
recovery rating on this debt is '3', indicating S&P's expectation
of meaningful (50%-70%) recovery prospects in the event of a
payment default.
In addition, S&P assigned its 'CCC+' issue rating to Endemol's
EUR335 million second-lien term loan maturing in 2022. The
recovery rating is '6', indicating S&P's expectation of
negligible (0%-10%) recovery in the event of a payment default.
The ratings on Endemol reflect S&P's view of its "highly
leveraged" financial risk profile and "fair" business risk
profile.
S&P's assessment of Endemol's financial risk profile is based on
the proposed capital structure, for which S&P estimates that
Endemol will post a Standard & Poor's-adjusted debt-to-EBITDA
ratio in excess of 6x at the end of 2014. This ratio includes
the proposed EUR700 million first-lien term loan, EUR335 million
of the second-lien loan, EUR23.5 million of deferred
considerations, and EUR115 million of the net present value of
operating leases. S&P's estimate of Endemol's EBITDA for 2014 is
about EUR190 million-EUR195 million, giving effect to S&P's
operating lease adjustment and dividends from equity accounted
subsidiaries.
"We assess Endemol's business risk profile as being at the
stronger end of the "fair" category, reflecting the group's
strong market positions in its key markets, the U.K., the U.S.,
Southern Europe, and the Netherlands; its global presence in more
than 30 countries; and its distribution arm, which benefits from
a diverse library of more than 2,800 TV programs. We consider
Endemol's program portfolio to be fairly balanced with the
largest revenue generator, "Big Brother," which comprises 24
unique series, accounting for only 14% of revenues in 2013. At
the same time, Endemol operates in the highly competitive and
fragmented media industry, which is exposed to inherent
volatility of viewers' tastes and cyclical spending on
advertising. Endemol partly mitigates such risks by generating a
high proportion of recurring revenues from highly successful
shows. We believe in the recurring nature of such revenues
because the group has successfully produced follow-up series for
its most successful shows and/or sold them to other countries in
the past, and is likely to continue doing so," S&P said.
"We expect Endemol's earnings to grow steadily over the medium
term, primarily thanks to growth in the TV shows and series
production market. Earnings will also be helped by Endemol's
continuous cost-reduction efforts, implemented in order to
withstand pricing pressures that most of Endemol's customers are
likely to exercise. These positives are tempered by Endemol's
exposure to the TV program production and distribution market
where it generates the majority of its earnings, and its
relatively modest size compared with larger, vertically
integrated, and diverse peers, such as ITV and some film
studios," S&P added.
S&P's base case assumes:
-- Flat revenue growth in financial 2014 in line with first-
quarter trading, followed by 2.5%-3.0% revenue growth in
2015-2016, supported by strengthening economic recovery and
expansion into online digital business.
-- A flat EBITDA margin with cost-control measures offsetting
pricing pressure from broadcasters.
-- Capital expenditures (capex) of up to EUR30 million-EUR35
million per year, of which the maintenance component
accounts for about EUR10 million.
-- Acquisitions of about EUR35 million in 2014. S&P assumes
an approximate EUR5 million-EUR10 million yearly spend on
bolt-on acquisitions beyond 2014.
Based on these assumptions, S&P arrives at the following credit
measures:
-- Standard & Poor's-adjusted debt to EBITDA of 6.0x-6.5x and
funds from operations (FFO) to debt of 7%-9% through to
Dec. 31, 2016.
-- EBITDA interest coverage of about 2.0x-2.5x to 2016.
-- Reported free operating cash flow (FOCF) of about EUR15
million-EUR20 million in 2014 and 2016, while turning about
EUR10 million negative in 2015 as a result of one-off
items.
S&P could consider an upgrade if Endemol generates sufficient
EBITDA (including restructuring and one-off operating expenses)
to sustainably cover its interest expense by at least 2.5x, while
improving its FOCF generation to a more meaningful level. This
would need to be underpinned by the group successfully expanding
into the online digital segment, and raising the share of the
higher-margin recurring shows in its portfolio.
S&P could lower the rating if adjusted EBITDA to interest
coverage drops to less than 2x, or if Endemol fails to generate
positive FOCF. This would most likely be caused by deteriorating
operating margins due to the company's inability to adjust the
cost base to market pricing. This scenario could also occur due
to stress on working capital following delays of a number of
commissioned shows, and growth of the partly deficit-funded TV-
series segment.
EURO-GALAXY III: S&P Affirms 'BB' Rating on Class E Notes
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Euro-Galaxy III CLO B.V.'s class A-1R, A-1, A-2, B-1, B-2, C-1,
C-2, D-1, D-2, and E notes following the transaction's effective
date as of May 30, 2014.
Most European cash flow collateralized loan obligations (CLOs)
close before purchasing the full amount of their targeted level
of portfolio collateral. On the closing date, the collateral
manager typically covenants to purchase the remaining collateral
within the guidelines specified in the transaction documents to
reach the target level of portfolio collateral. Typically, the
CLO transaction documents specify a date by which the targeted
level of portfolio collateral must be reached. The "effective
date" for a CLO transaction is usually the earlier of the date on
which the transaction acquires the target level of portfolio
collateral, or the date defined in the transaction documents.
Most transaction documents contain provisions directing the
trustee to request the rating agencies that have issued ratings
upon closing to affirm the ratings issued on the closing date
after reviewing the effective date portfolio (typically referred
to as an "effective date rating affirmation").
An effective date rating affirmation reflects S&P's opinion that
the portfolio collateral purchased by the issuer, as reported to
S&P by the trustee and collateral manager, in combination with
the transaction's structure, provides sufficient credit support
to maintain the ratings that S&P assigned on the transaction's
closing date. The effective date reports provide a summary of
certain information that S&P used in its analysis and the results
of its review based on the information presented to them.
S&P believes the transaction may see some benefit from allowing a
window of time after the closing date for the collateral manager
to acquire the remaining assets for a CLO transaction. This
window of time is typically referred to as a "ramp-up period."
Because some CLO transactions may acquire most of their assets
from the new issue leveraged loan market, the ramp-up period may
give collateral managers the flexibility to acquire a more
diverse portfolio of assets.
For a CLO that has not purchased its full target level of
portfolio collateral by the closing date, S&P's ratings on the
closing date and prior to its effective date review are generally
based on the application of S&P's criteria to a combination of
purchased collateral, collateral committed to be purchased, and
the indicative portfolio of assets provided to S&P by the
collateral manager, and may also reflect its assumptions about
the transaction's investment guidelines. This is because not all
assets in the portfolio have been purchased.
"When we receive a request to issue an effective date rating
affirmation, we perform quantitative and qualitative analysis of
the transaction in accordance with our criteria to assess whether
the initial ratings remain consistent with the credit enhancement
based on the effective date collateral portfolio. Our analysis
relies on the use of CDO Evaluator to estimate a scenario default
rate at each rating level based on the effective date portfolio,
full cash flow modeling to determine the appropriate percentile
break-even default rate at each rating level, the application of
our supplemental tests, and the analytical judgment of a rating
committee," S&P noted.
"In our published effective date report, we discuss our analysis
of the information provided by the transaction's trustee and
collateral manager in support of their request for effective date
rating affirmation. In most instances, we intend to publish an
effective date report each time we issue an effective date rating
affirmation on a publicly rated European cash flow CLO," S&P
added.
"On an ongoing basis after we issue an effective date rating
affirmation, we will periodically review whether, in our view,
the current ratings on the notes remain consistent with the
credit quality of the assets, the credit enhancement available to
support the notes, and other factors, and take rating actions as
we deem necessary," S&P said.
RATINGS LIST
Euro-Galaxy III CLO B.V.
EUR335 Million VFN and Fixed- and Floating-Rate Notes
Ratings Affirmed
Class Rating
A-1R AAA (sf)
A-1 AAA (sf)
A-2 AAA (sf)
B-1 AA (sf)
B-2 AA (sf)
C-1 A (sf)
C-2 A (sf)
D-1 BBB (sf)
D-2 BBB (sf)
E BB (sf)
GRESHAM CAPITAL II: S&P Affirms 'B+' Rating on Class E Notes
------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'AAA (sf)' from 'AA+
(sf)' its credit rating on Gresham Capital CLO II B.V.'s class B
notes. At the same time, S&P has affirmed its ratings on the
class VFN, A, C, D, and E notes.
"Today's rating actions follow our credit and cash flow analysis
of the transaction using data from the trustee report dated May
7, 2014 and the application of our relevant criteria. We
conducted our cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes. The BDR
represents our estimate of the maximum level of gross defaults,
based on our stress assumptions, that a tranche can withstand and
still fully repay the noteholders. We used the portfolio balance
that we consider to be performing, the reported weighted-average
spread, and the weighted-average recovery rates that we
considered to be appropriate. We applied various cash flow
stress scenarios using our standard default patterns, levels, and
timings for each rating category assumed for each class of notes,
combined with different interest stress scenarios as outlined in
our2009 corporate collateralized debt obligation (CDO) criteria,"
S&P said.
"Since our previous review on Sept. 25, 2013, the portfolio has
reduced by approximately EUR30 million, leading to the further
amortization of the class VFN and A notes and increased available
credit enhancement for all classes of notes. Other positive
developments include a shortening of the transaction's weighted-
average life to 3.5 years from 3.9 years and an increase in the
weighted-average spread to 3.7% from 3.5%. However, we have also
observed an increase in the obligor concentration, a negative
rating migration of the underlying portfolio with more defaulted
assets and more assets in the 'CCC' category, and lower weighted-
average recovery rates," S&P added.
Gresham Capital CLO II is a multi-currency cash flow
collateralized loan obligation (CLO), which currently features a
positive mismatch between British pound sterling-denominated
assets (GBP23.4 million) and British pound sterling-denominated
liabilities (the class VFN notes are drawn for GBP3 million). To
mitigate the risk of foreign-exchange-related losses, the issuer
entered into currency options agreements with Barclays Bank PLC
(A/Negative/A-1) as the derivative counterparty. Under S&P's
current counterparty criteria, its analysis of the derivative
counterparty and its associated documentation indicates that it
cannot support ratings on the notes that are higher than 'A+
(sf)'. To assess the potential impact on S&P's ratings, it has
assumed that the transaction does not benefit from the currency
options agreements. S&P concluded that, in this scenario, the
class VFN and A notes, which it expects to fully redeem on the
next few interest payment dates, could still achieve their
currently assigned ratings. S&P has therefore affirmed its 'AAA
(sf)' ratings on the class VFN and A notes.
S&P's credit and cash flow analysis indicates that the credit
support available to the class C, D, and E notes is still
commensurate with the current assigned ratings. S&P has
therefore affirmed its 'A+ (sf)', 'BBB- (sf)', and 'B+ (sf)'
ratings on the class C, D, and E notes, respectively.
S&P's analysis also indicates that the class B notes' available
credit enhancement is now commensurate with a higher rating. S&P
has therefore raised to 'AAA (sf)' from 'AA+ (sf)' its rating on
the class B notes.
Gresham Capital CLO II is a cash flow CLO transaction that
securitizes loans to primarily speculative-grade corporate firms.
The transaction ended its reinvestment period in November 2012
and Investec Bank PLC is the transaction manager.
RATINGS LIST
Gresham Capital CLO II B.V.
EUR305 mil secured and deferrable floating-rate notes
and (equivalent) variable funding notes
Rating
Class Identifier To From
VFN 39772MAA3 AAA (sf) AAA (sf)
A 39772MAB1 AAA (sf) AAA (sf)
B 39772MAC9 AAA (sf) AA+ (sf)
C 39772MAD7 A+ (sf) A+ (sf)
D 39772MAE5 BBB- (sf) BBB- (sf)
E 39772MAF2 B+ (sf) B+ (sf)
LEVERAGED FINANCE: Moody's Affirms 'B1' Rating on Class V Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by Leveraged Finance Europe
Capital IV B.V.:
EUR30M (Current outstanding balance: EUR11.5M) Revolving
Facility, Upgraded to Aaa (sf); previously on Oct 19, 2012
Upgraded to Aa1 (sf)
EUR26M (Current outstanding balance: EUR10.0M) Class I-D Senior
Floating Rate Delayed Funding Notes due 2022, Upgraded to Aaa
(sf); previously on Oct 19, 2012 Upgraded to Aa1 (sf)
EUR158.3M (Current outstanding balance: EUR60.8M) Class I-N
Senior Floating Rate Notes due 2022, Upgraded to Aaa (sf);
previously on Oct 19, 2012 Upgraded to Aa1 (sf)
EUR26.3M Class II Senior Floating Rate Notes due 2022, Upgraded
to Aaa (sf); previously on Oct 19, 2012 Upgraded to A1 (sf)
EUR11.7M Class III Deferrable Mezzanine Floating Rate Notes due
2022, Upgraded to Aa3 (sf); previously on Oct 19, 2012 Upgraded
to Baa2 (sf)
EUR19.9M Class IV Deferrable Mezzanine Floating Rate Notes due
2022, Upgraded to Ba1 (sf); previously on Oct 19, 2012 Upgraded
to Ba2 (sf)
EUR7.4M (Current outstanding balance: EUR 3.7M) Class V
Deferrable Mezzanine Floating Rate Notes due 2022, Affirmed B1
(sf); previously on Oct 19, 2012 Upgraded to B1 (sf)
Leveraged Finance Europe Capital IV B.V, issued in October 2006,
is a Collateralised Loan Obligation ("CLO") backed by a portfolio
of mostly high yield senior secured European loans. The portfolio
is managed by BNP Paribas Asset Management. The transaction ended
its reinvestment period on November 11, 2012.
Ratings Rationale
The rating actions on the notes are primarily a result of the
improvement in over-collateralization ("OC") ratios following the
May 2014 payment date, when Revolving Facility, Class I-D and I-N
notes amortized by EUR6.6M, EUR5.8M and EUR35.1M, respectively,
or 22.14%, 22.14% and 25.26%, respectively, of their original
balances, and the increase in principal proceeds balance to
EUR38.6M which will further increase the OC ratios following the
next payment date in Nov 2014.
As of the trustee's June 2014 report, the Class II, Class III,
Class IV and Class V had OC ratios of 145.93%, 131.73%, 113.03%
and 110.12%, respectively, compared with 129.34%, 120.32%,
107.56% and 105.48%, respectively, as of the trustee's April 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, based on
the May 2014 Trustee report, Moody's analyzed the underlying
collateral pool as having a performing par and principal proceeds
balance of EUR147.2M, defaulted par of EUR21M, a weighted average
default probability of 22.31% (consistent with a WARF of 3,478),
a weighted average recovery rate upon default of 48.38% for a Aaa
liability target rating, a diversity score of 24 and a weighted
average spread of 4%. Moody's also considered the sensitivity
analysis based on the June 2014 Trustee report data which
generated model outputs up to two notches higher compared to the
base case results.
In its base case, Moody's addresses the exposure to obligors
domiciled in countries with local currency country risk bond
ceilings (LCCs) of A1 or lower. Given that the portfolio has
15.81%exposures to obligors in Spain, whose LCC is A1, and 4.10%
to Italy, whose LLC is A2, Moody's ran the model with different
par amounts depending on the target rating of each class of
notes, in accordance with Section 4.2.11 and Appendix 14 of the
methodology. The portfolio haircuts are a function of the
exposure to peripheral countries and the target ratings of the
rated notes and amount to 4% for the Revolving Facility,
Class I-D, Class I-N and Class II notes and 2.5% for the Class
III notes.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% of the 95.4% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the 4.6% 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, 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
14% of the portfolio, which could make refinancing difficult.
Moody's ran a model in which it raised the base case WARF to
3,738 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
note, in light of 1) uncertainty about credit conditions in the
general economy especially as the portfolio is 19.92% exposed to
obligors located in Spain and Italy 2) the concentration of
lowly- rated debt maturing between 2014 and 2015, which may
create challenges for issuers to refinance. CLO notes'
performance may also be impacted either positively or negatively
by 1) the manager's investment strategy and behavior and 2)
divergence in the legal interpretation of CDO documentation by
different transactional parties due to embedded ambiguities.
Additional uncertainty about performance is due to the following:
1) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.
2) Around 54.8% 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
analysed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
=========
S P A I N
=========
ALCAD: Seeks Creditor Protection
--------------------------------
Esteban Duarte and Todd White at Bloomberg News, citing N+1
Mercapital, the manager of Dinamia Capital Privado, report that
Alcad sought creditor protection on July 18.
N+1 said that Dinamia has a 38% stake in Alcad, Bloomberg
relates.
Spain-based Alcad engages in the design, manufacturing and
marketing of innovative products and solutions for
telecommunications.
AP-36: Judge Delays Creditors' Meeting Until September 19
---------------------------------------------------------
Sonya Dowsett at Reuters reports that creditors of AP-36 delayed
a meeting to decide whether to liquidate the bankrupt company on
Friday, two sources close to the talks said, giving the
government more time to find a way to prevent billions in debt
going on to its books.
After more than a year of negotiations between ministries, banks
and construction companies, the government has yet to find a way
of saving nine bankrupt motorways, without debt of more than EUR4
billion (US$5.4 billion) hitting its deficit, Reuters discloses.
According to Reuters, if the creditors of the AP-36, a motorway
owned by builders Ferrovial and Sacyr, had decided to put the
business into liquidation, the government would have had to pay
its debts of around EUR500 million under Spanish law.
The other eight could then follow suit, Reuters states.
"The judge has put off the meeting until the 19th of September,"
Reuters quotes one of the sources as saying.
The sources, as cited by Reuters, said the request was made by
the counsel for the state, a legal body which represents the
interests of the state.
According to Reuters, a spokeswoman for the Ministry of Public
Works said that the government was still working on a solution.
She would not say if the government expected to reach a solution
before Sept. 19, Reuters notes.
AP-36 is a Spanish motorway business.
=============
U K R A I N E
=============
CREATIV GROUP: S&P Affirms 'CCC' Rating; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
following Ukrainian agribusiness companies to stable from
negative and affirmed its 'CCC' foreign currency and 'B-' local
currency corporate credit ratings on all of them:
-- Creativ Group OJSC;
-- MHP S.A.;
-- Mriya Agro Holding PLC; and
-- Ukrainian Agrarian Investments S.A. (UAI);
-- UkrLandFarming PLC
The outlook revisions follow the recent revision of S&P's outlook
on Ukraine to stable from negative. They reflect S&P's current
expectation that we would not rate these companies above the
sovereign.
The foreign currency ratings on Ukrainian agribusiness companies
are capped by S&P's 'CCC' transfer and convertibility (T&C)
assessment on Ukraine because it believes that their ability to
service their foreign currency debt obligations would be
constrained if the government implemented restrictions on foreign
currency conversion and foreign currency cross-border
transactions in the event of a sovereign default. S&P considers
that these companies' accessible liquidity sources in such a
stress scenario would be insufficient to cover their liquidity
needs, including their short-term debt obligations and working
capital financing requirements. S&P considers the stand-alone
credit quality of these companies before taking into account
potential negative sovereign intervention to be higher than that
of the sovereign, as S&P's stand-alone credit profiles (SACPs) on
these companies reflect.
Creativ Group OJSC
The 'CCC' foreign currency corporate credit rating on Creativ
reflects S&P's 'CCC' T&C assessment of Ukraine and the SACP of
'b'. S&P bases Creativ's SACP on its "vulnerable" business risk
profile, primarily reflecting its view of the very high country
risk of doing business in Ukraine. It also reflects its
"significant" financial risk profile, owing to improving leverage
and S&P's expectation that the company will maintain less than 4x
adjusted debt to EBITDA. S&P considers Creativ's stand-alone
credit quality lower than that of 'B+' rated peers and adjust the
SACP downward by one notch using S&P's comparative rating
analysis. S&P views Creativ's liquidity as "less than adequate".
MHP S.A.
S&P's 'CCC' foreign currency rating on MHP reflects its 'CCC' T&C
assessment of Ukraine and the company's SACP of 'b'. MHP's SACP
is based on its "vulnerable" business risk profile, primarily
reflecting S&P's view of the very high risk of doing business in
Ukraine. It is also based on S&P's assessment of its financial
risk profile as "intermediate", because it expects that leverage
will be less than 3x adjusted debt to EBITDA. S&P also considers
that MHP's aggressive expansionist financial policy weighs on its
SACP. S&P views MHP's liquidity as "less than adequate".
Mriya Agro Holding PLC
S&P's 'CCC' foreign currency rating on Mriya reflects its T&C
assessment of Ukraine and the company's SACP of 'b'. S&P has
revised down Mriya's SACP by one notch to 'b' from 'b+' and it
assess its liquidity as "less than adequate". S&P believes that
Mriya's stand-alone credit quality is not higher than that of
peers such as MHP or Creativ with SACPs of 'b' using its
comparative rating analysis. This takes into account the
relative size of its earnings and cash flows as well as its
liquidity position. Mriya's SACP is based on its "vulnerable"
business risk profile, primarily reflecting S&P's view of the
very high risk of doing business in Ukraine. It is also based on
its "significant" financial risk profile, as S&P expects that
leverage will stay below 4x adjusted debt to EBITDA. S&P views
Mriya's liquidity as "less than adequate".
Ukrainian Agrarian Investments S.A. (UAI)
"Our 'CCC' foreign currency rating on UAI reflects our 'CCC' T&C
assessment of Ukraine and its SACP of 'b-'. UAI's SACP is based
on its "vulnerable" business risk profile, primarily reflecting
our view of the very high risk of doing business in Ukraine, as
well as the group's very substantial EBITDA decline in 2013. It
is also based on the group's "aggressive" financial risk profile,
owing to our expectation of leverage of 4x-5x debt to EBITDA. We
considered the group highly leveraged in 2013 after EBITDA
declined sharply. We nevertheless expect its operating
performance to rebound in 2014, even though the corn price is
expected to remain somewhat subdued. Given the company's short-
term debt maturity profile, we apply a negative modifier for
capital structure, thereby adjusting our SACP downward by one
notch. We view UAI's liquidity as "weak". Nevertheless, we note
that UAI successfully financed its 2014 campaign, even though
banks have been reducing their exposure to the Ukrainian farming
sector," S&P said.
UkrLandFarming PLC
The 'CCC' foreign currency rating on UkrLandFarming reflects
S&P's 'CCC' T&C assessment of Ukraine and its SACP of 'b-'. S&P
bases UkrLandFarming's SACP on its "vulnerable" business risk
profile, primarily reflecting its view of the very high risk of
doing business in Ukraine. It is also based on its
"intermediate" financial risk profile, reflecting S&P's
expectation that leverage will be less than 3x adjusted debt to
EBITDA over the next several years. Furthermore, S&P considers
that the company's aggressive expansionist financial policy and
subpar weak corporate governance weigh on its SACP. S&P views
the company's liquidity as "weak".
The stable outlooks on Ukrainian agribusiness companies take into
account S&P's stable outlook on Ukraine. S&P could lower the
ratings on these companies if they faced tighter currency
controls, more restrictions on the transfer of funds, or rising
political or fiscal pressures. S&P could also lower the ratings
if the companies' liquidity deteriorated further. However, a
downgrade of Ukraine or a downward revision of S&P's T&C
assessment would not automatically result in a rating downgrade
if individual companies showed resilience to country-specific
risks, such as stricter currency restrictions, and were able to
continue their debt service even in a situation of sovereign
default. S&P notes that Ukrainian agribusiness companies benefit
from recurrent foreign currency inflows stemming from exports.
This, combined with offshore cash accounts, somewhat mitigates
local T&C constraints.
S&P would raise the ratings on these companies if conditions in
Ukraine stabilized and it saw lower risk related to currency
controls and repatriation requirements. Any rating upside would
be closely linked to positive rating actions on the sovereign and
a revision of S&P's T&C assessment. However, S&P could also
consider upgrades of individual companies if they demonstrated an
ability to continue servicing their debt despite the liquidity
constraints stemming from the sovereign.
RATINGS LIST
CreditWatch/Outlook Action; Ratings Affirmed
To From
Creativ Group OJSC
MHP S.A.
Mriya Agro Holding PLC
Ukrainian Agrarian Investments S.A.
UkrLandFarming PLC
Corporate Credit Rating
Foreign currency CCC/Stable/-- CCC/Negative/--
Local currency B-/Stable/-- B-/Negative/--
===========================
U N I T E D K I N G D O M
===========================
DIGITAL SPARK: Silverlink Buys Firm Out of Administration
---------------------------------------------------------
Richard Frost at Insider Media reports that Digital Spark has
been bought out of administration by Newcastle-based counterpart
Silverlink Software.
The newly acquired business, based on Lower Steenberg's Yard, was
bought in a pre-pack deal, according to Insider Media. The deal
came shortly after the business fell into administration on
Thursday, July 10, 2014 when Neil Matthews -- nm@lmrllp.co.uk --,
of Leather Matthews Restructuring, was appointed administrator,
the report relates.
The report notes that Silverlink promised it would work with the
existing team at Digital Spark and its customers to ensure
'business as usual' while integration takes place.
The company added it would continue to develop and sell the
products of Digital Spark, which specializes in healthcare
software, the report discloses.
"The acquisition is an opportunity to extend Silverlink's
healthcare IT strategy of providing modular, best-of-breed
systems with Digital Sparks' clinically-superior functionality.
We are integrating the Digital Spark team into Silverlink to
ensure the customer base receive full support and maintenance
during the transition," the report quoted Tim Quainton, managing
director of Silverlink, as saying.
Silverlink Software is based at Cobalt Business Exchange.
ELLI INVESTMENTS: Fitch Lowers Issuer Default Rating to 'B-'
------------------------------------------------------------
Fitch Ratings has downgraded Elli Investments Ltd's Long-term
Issuer Default Rating (IDR) to 'B-' from 'B'. The Outlook is
Stable. Elli is the parent company of the Four Seasons
HealthCare group.
The downgrade reflects changes in the regulatory environment
within UK elderly care homes, which is under greater scrutiny,
Elli's high level of embargoes on care homes (no new residents
until inspectors' findings are rectified) and the impact on
costs, as well as its exposure to the elderly care market
compared with its rated peers. Fitch forecasts funds from
operations (FFO) adjusted leverage will exceed 7.5x in 2014 and
only gradually decline thereafter. In addition, senior covenant
headroom is eroding quickly.
The Stable Outlook reflects its expectation that profitability
will stabilize towards the end of 2014 and in 2015; albeit at
levels structurally lower than previously anticipated assuming
that the current level of embargoes will not increase further
from 2013 average levels. It is also supported by lack of
meaningful debt redemptions until 2018, the steady visibility of
earnings, Elli's leading market position in the growing
independent UK elderly care market and its long-standing
relationships with local authorities (LA) and the NHS.
KEY RATING DRIVERS
Occupancy Constrained, Margin Erosion
Fitch does not foresee short-term scope for organic growth in
Elli's occupancy given the increased regulatory environment
mainly reflected in the high level of inspections and embargoes.
Elli's rating factors in Fitch's assumption that the level of
embargoes will average 10-15 per year (from a peak of 28 in
December 2013). This will affect Elli's margins as these
inspections lead to the requirement for additional resources;
typically funded through more expensive agency staff.
Consequently Fitch only envisage a modest increase in occupancy
levels in the near term.
Although Fitch expects staff costs as a percentage of sales to
peak at 64% in 2014 due to high agency costs and the impact of
the increase in the minimum wage (2013: 62%), each percentage
point variance in staff costs represents, roughly 0.5x in terms
of FFO gross leverage, all other things being equal, reflecting
the high operating leverage in a context of subdued fee
increases.
High Capex in 2014 & 2015
As part of management's strategy to diversify further into
private pay clients, Elli's owner, Terra Firma has injected
GBP50 million into the business to fund a refurbishment and
rebranding program, which together with cash flow from operations
will fund relatively high capex. Fitch views the owner's support
as an important factor for the ratings.
Weakened Credit Metrics
Elli's EBITDAR has declined over the past two quarters, leading
to a last-12-month March 2014 EBITDAR of GBP137.2 million (2013:
GBP146.3 million) and higher forecast FFO adjusted leverage of
7.8x at FY14, which has deteriorated compared with our original
forecast of 6.4x. Fitch believes that EBITDAR will remain under
pressure as the financial impact of increased embargoes
continues. Fitch forecasts FFO adjusted leverage to start
falling to below 7x by FY16 on the back of mild average weekly
fee increases and cost control. As a result, Fitch considers the
financial risk profile commensurate with a 'B-' rating.
Dependent on LA Funding
Elli currently has a high dependence on LA funding, which
contributes more than half of the group's revenues.
Consequently, the exposure to low/stagnant fee increases has
contributed to slow growth in the revenues for the group. Fitch
believes that Elli's strong relationships with the LAs, provision
of high dependency care in the homes, and management's plan to
grow the private segment as part of the new business
restructuring should mitigate the heavy exposure to LA public
sector funding.
Focus on High Dependence Service
Elli's focus on high-dependence services in its elderly care
division is relatively resistant to the recent trend towards care
at home and the associated tightening in residential care
eligibility criteria. In an environment of reduced real spending
on elderly care by the government, the nursing and complex
residential care segments will continue to benefit from a shift
in the focus to higher intensity of care.
Solid Market Positioning
Elli enjoys a leading position in the growing independent UK
elderly care market and benefits from entrenched relationships
with LAs and NHS commissioners.
Superior Recovery Prospects
In Fitch's assumptions, we have taken the higher value derived
from a liquidation scenario, due to the high quality property
assets on the balance sheet. In Fitch's view, many of the homes
are in a location with an oversupply of beds, whilst the
potential for alternative use is limited with the most likely
option being conversion to residential depending on the location
and demand at the time. In addition, Fitch considers the
position of unsecured bondholders weaker than secured creditors
thus supporting the view of less than par recoveries for the
senior unsecured notes at 'B+'/'RR2' compared with 'BB'/'RR1'
previously.
RATING SENSITIVITIES
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- Increase in FFO adjusted leverage to above 8.0x. (FYE 13:
6.80x)
-- Significant further decrease in occupancy rate due for
example to a drop in reputation and/ or ongoing high
embargoes together with increased operating costs leading
to EBITDAR margin eroding to below 16%. (FYE 13: 20.3%)
-- FFO fixed charge cover below 1.1x, together with stretched
liquidity exacerbated by covenant breaches. (FYE 13: 1.3x).
Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- FFO adjusted leverage below 6.5x.
-- FFO fixed charge cover ratio consistently above 1.5x.
LIQUIDITY AND DEBT STRUCTURE
Lower Liquidity Expected to Be Sufficient
Elli's liquidity is supported by access to its revolving credit
facility of GBP40m maturing 2018, of which GBP25m was undrawn at
FYE13. Together with available unrestricted cash of GBP18.7m,
Fitch considers this sufficient relative to no meaningful debt
repayment in 2014. The debt maturity profile of the bonds is
acceptable, with an average remaining maturity of 4.5 years.
Elli's ability to raise additional funding is restricted by debt
incurrence clauses under the terms of the bonds requiring a
minimum fixed charge coverage above 2x, which Fitch calculated at
about 1.6x at FYE13 (based on consolidated EBITDA) and highly
unlikely to reach 2.0x any time soon. Fitch also notes that
senior covenant headroom is tightening.
FULL LIST OF RATING ACTIONS
Elli Investments Limited
-- Long-Term IDR: downgraded to 'B-' from 'B'; Outlook Stable
-- Senior unsecured notes: downgraded to 'B+'/'RR2' from
'BB'/'RR1'
Elli Finance (UK) plc
-- Super senior revolving credit facility: downgraded to 'BB-
'/'RR1' from 'BB'/'RR1'
-- Senior secured notes: downgraded to 'BB-'/'RR1' from
'BB'/'RR1'
FAB UK 2004-1: Fitch Affirms 'CCsf' Ratings on 3 Note Classes
-------------------------------------------------------------
Fitch Ratings has affirmed FAB UK 2004-1 Limited's notes and
revised the Outlook to Stable as follows:
Class A-1E Notes (ISIN: XS0187962104): affirmed at 'BBsf';
Outlook revised to Stable from Negative
Class A-1F Notes (ISIN: XS0187962369): affirmed at 'BBsf';
Outlook revised to Stable from Negative
Class A-2E Notes (ISIN: XS0187962799): affirmed at 'Bsf';
Outlook revised to Stable from Negative
Class A-3E Notes (ISIN: XS0187962872): affirmed at 'CCsf'
Class A-3F Notes (ISIN: XS0187963094): affirmed at 'CCsf'
Class S1 Combination Notes (ISIN: XS0187963334): affirmed at
'BBsf'; Outlook revised to Stable from Negative
Class S2 Combination Notes (ISIN: XS0187963508): affirmed at
'CCsf'
KEY RATING DRIVERS
The affirmations reflect the notes' levels of credit enhancement
relative to the portfolio's credit quality. The portfolio's
credit quality and the asset performance have remained stable
since the previous review in August 2013. The current defaults
have decreased to GBP18.0 million from GBP21.1 million. A total
of GBP15.6 million assets have paid down over the past 12 months,
compared with GBP9.43 million at the last review. The structure
is deleveraging sequentially with the class A-1E and A-1F notes
(ranked pari passu) having a note factor of 49.0% compared with
59.0% one year ago and 64% two years ago. As a result, credit
enhancement for the rated notes has increased by 4.98% for A-1 to
30.53%, 4.39% for A-2 to 21.92% and 3.60% for A-3 to 10.30%.
All over-collateralization tests as of the May 2014 investor
report are out of compliance and as a result the unrated class BE
note is deferring interest with GBP2.3 million PIK accumulated
since closing. The interest cover test is passed for the first
time in the past four years but with a marginal cushion of 0.02%.
The transaction is out of its re-investment period and the
transaction documents do not allow the manager to re-invest
unscheduled principal proceeds post re-investment.
The two largest industry sectors in the portfolio are RMBS with
76.1% of the portfolio and CMBS with 14.6%. All the assets are
concentrated in the UK. The general outlook for the UK RMBS
market is stable.
Fitch ran multiple scenarios for the maturity of the current
portfolio. The best pass ratings for the rated notes are in line
with the current ratings. As the coverage tests are improving,
credit enhancement increased and portfolio performance is stable,
Fitch has revised the Outlook to Stable from Negative.
The class S1 combination notes' rating reflect the ratings of its
component classes i.e. the GBP7.5 million class A-1F notes and
GBP2.5 million class C notes, total distributions to date (which
count towards reducing the rated balances) and future
distributions expected on each of the component classes.
The class S2 combination notes' rating reflect the ratings of its
component classes i.e. GBP4.7m class A-3F notes and GBP2.3m class
C notes, total distributions to date (which count towards
reducing the rated balances) and future distributions expected on
each of the component classes.
RATING SENSITIVITIES
Applying a 1.25x default rate multiplier to all assets in the
portfolio would result in a downgrade of one rating notch for the
rated notes from the current ratings.
Applying a 0.75x recovery rate multiplier to all assets in the
portfolio would have no difference for the rated notes from the
current ratings.
FLOORS 2 GO: Goes Into Administration, Customers Worry
------------------------------------------------------
chroniclelive.co.uk reports that customers of flooring company
Floors 2 Go fear they could lose their money after the firm was
placed into administration.
Consumers said they have paid money for flooring but have not
seen the goods, according to chroniclelive.co.uk.
The national company is represented by MB Insolvency.
The report notes that it is understood attempts will be made to
rescue it as a going concern.
Floors 2 Go previously fell into administration in 2008, when it
was owned by private equity firm Alchemy Partners, the report
relates. The original founders of the chain, the Hodges family,
then bought it back in 2009.
Two years later, however, the firm fell into administration for a
second time, leading to nearly 200 job losses with the closure of
53 shops, including three in the North East, the report
discloses.
Around 35 shops, including existing branches in Blaydon and
Stockton -- as well as one at the Metrocentre, Gateshead -- were
then bought by specially formed acquisition vehicle Nixon & Hope,
saving 162 jobs, the report notes.
The West Midlands-based firm sells a wide array of laminate and
wooden flooring, carpets, underlay, beading, door bars, rugs and
doormats, the report notes.
Administrator Mark Hunt is to conduct a review of the company's
operations and prepare proposals, which creditors will vote on,
the report relays.
FRIARY NO. 2: Moody's Assigns 'Ba1' Rating to GBP0.5-Mil. RMBS
--------------------------------------------------------------
The performance of the UK prime residential mortgage-backed
securities (RMBS) market remained stable in the three-month
period ending May 2014, according to the latest indices published
by Moody's Investors Service.
From February to May 2014, the 90+ day delinquencies decreased to
1.62% of the outstanding portfolio from 1.65%. Outstanding
repossessions and cumulative losses both remained stable over the
period at 0.08% and 0.51% respectively. Moody's annualized total
redemption rate (TRR) trend was 17.6% in May 2014 in line with
the average over the past 12 months.
Moody's outlook for the collateral performance of UK Prime RMBS
transactions in 2014 is positive. Moody's expects that the
overall mortgages performance will continue to improve in 2014,
aided by the domestic economic recovery and low interest rates.
We expect that real GDP growth in the UK will rise by 2.7% in
2014 and unemployment will continue to decrease from relatively
moderate levels compared to those in the rest of the EU.
Affordability, although stretched by a period of austerity, will
improve, aided by ongoing low interest rates and increased
availability of secured credit.
On July 14, Moody's upgraded the ratings of the Class M notes in
Gosforth Funding 2011-1 plc, Gosforth Funding 2012-1 plc and
Gosforth Funding 2012-2 plc, as well as the ratings of the Class
B and C notes in Headingley RMBS 2011-1 PLC. Strong collateral
performance, positive collateral outlook on the UK Prime RMBS
sector and available credit enhancement increases have prompted
this rating action. At the same time, Moody's affirmed the
ratings of all remaining tranches in these four transactions.
Moody's assigned new ratings to three transactions in the UK
prime RMBS market:
* Chestnut Financing PLC, originated by EFG Private Bank
Limited (Not rated), issued GBP0.3 billion.
* Friary No. 2 plc, originated by Principality Building
Society (Ba1/Not Prime, Stable), issued GBP0.5 billion.
* Fosse Master Issuer plc 2014-1, originated by Santander UK
PLC (A2/Prime-1, Negative), issued GBP1.0 billion.
As of May 2014, the 87 Moody's-rated UK prime RMBS transactions
had an outstanding pool balance of GBP161.6 billion, which
constitutes a year-on-year decrease of 13.5%.
Moody's quarterly indices are usually published mid-month and can
be found on www.moodys.com in the Structured Finance sub-
directory under the Research & Ratings tab. In the left-hand side
bar, under the Research Type category heading, select Statistical
Data. Finally, on the Research tab in the middle of your screen,
select the third option, Indices & Data.
* UK: Interest Rate Rise 'May Send 200,000 Firms Into Crisis'
-------------------------------------------------------------
London Evening Standard reports that an interest rate rise of
just 1% could tip more than 200,000 businesses into
administration across the United Kingdom, Begbies Traynor warned.
The insolvency practitioner claimed the number of companies
suffering from "significant" distress has risen by 34% to 237,362
over the past year despite a recovery in the UK economy,
according to London Evening Standard.
However, the report relates that the number of businesses in
"critical" distress fell 9% to 2,745.
The report notes that Julie Palmer, partner at the firm, said:
"It is crucially important that [Governor] Mark Carney exercises
tightrope precision in his decision on the timing of interest
rates rises if he wants the UK to return to more normalised
conditions, without initiating an emergency stop on its economic
recovery."
===================
U Z B E K I S T A N
===================
DAVR-BANK: S&P Assigns 'B-/C' Counterparty Credit Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its 'B-'
long-term and 'C' short-term counterparty credit ratings to
Uzbekistan-based Davr-Bank. The outlook is stable.
The ratings reflect the 'b+' anchor for a bank operating
primarily in Uzbekistan, as well as Davr-Bank's "weak" business
position, "strong" capital and earnings, "weak" risk position,
"average" funding, and "adequate" liquidity, as S&P's criteria
define these terms. The stand-alone credit profile (SACP) is at
'b-'.
"Our assessment of Davr-Bank's "weak" business position reflects
its narrow franchise, with a lack of product and customer
diversity. It also reflects the bank's insignificant market
position in Uzbekistan, where it has about a 0.25% share of
banking system assets. After Davr-Bank shifted its business
strategy toward rapid development of lending to small and midsize
enterprise (SMEs), its assets according to International
Financial Reporting Standards doubled in a year and totaled Uzbek
sum (UZS) 129.6 billion (about US$59 million) as of Dec. 31,
2013. Davr-Bank plans to expand its distribution network by
opening several branches in Tashkent in 2014-2015, which could
enhance business diversity," S&P said.
"In our view, Davr-Bank's capital and earnings are "strong."
This assessment reflects the bank's strong earnings capacity,
which is sufficient to support internal capital generation and
maintain relatively high capital ratios. We forecast our risk-
adjusted capital (RAC) ratio for the bank to remain in the range
of 10%-13% over the next 18 months, on the back of planned asset
growth exceeding 30% per year and loan book expansion of 50% per
year. Our forecast does not incorporate any capital injections,
and we factor in a dividend payout ratio of about 30%. We note
that, because of commission-generating cash business, Davr-Bank
boasts one of the highest returns in the market with a return on
equity of over 30%," S&P added.
"We consider Davr-Bank's risk position to be "weak," mainly due
to the bank's aggressive growth strategy, still-developing risk
management procedures and high, albeit improving, lending
concentrations, particularly regarding corporate loans, with the
20 largest borrowers constituting about 40% of the loan book as
of Dec. 31, 2013. In our view, the bank's risk management
framework is at a nascent stage and requires further development
and fine tuning as the operations expand. High growth rates are
likely to expose the bank to higher operational and execution
risks. We believe portfolio quality may deteriorate as the loan
book seasons," S&P noted.
"We assess Davr-Bank's funding as "average" and its liquidity as
"adequate." The bank had a low loan-to-deposit ratio of 63% as
of Dec. 31, 2013, which we don't expect to deteriorate
substantially in 2014, and no interbank borrowing. The depositor
base is fairly diversified compared with the bank's local peers',
with the 20 largest depositors accounting for 39% of total
deposits as of Dec. 31, 2013. The bank holds a sizable portion
of liquid assets on its balance sheet to compensate for the large
share of current accounts in its funding base," S&P said.
The stable outlook reflects S&P's expectation that Davr-Bank will
maintain strong capitalization and adequate liquidity metrics,
despite continuing a high level of asset growth. The outlook
also reflects S&P's view that asset quality could deteriorate,
but to a manageable level that is closer to the industry average.
Although it is unlikely over the next 12 months, S&P would
consider taking a positive rating action if Davr-Bank
significantly improved its competitive position and the
diversification of its business activities, for example, by
increasing its market share and widening its product range and
customer base. In the long term, a better-than-average track
record of credit losses along with a decline in loan book
concentrations could also trigger an upgrade.
S&P could lower the ratings if Davr-Bank's capitalization
weakened faster than it anticipates, resulting in S&P's projected
RAC ratio decreasing to less than 10%. This could happen if the
bank continues its rapid loan growth. Sizable losses from the
realization of regulatory or operational risks, or a significant
liquidity shortage, could also lead to negative rating actions.
However, this is not S&P's base-case scenario.
===============
X X X X X X X X
===============
* EUROPE: EU Banks Have Two Weeks to Plug Capital Shortfalls
------------------------------------------------------------
Alice Ross at The Financial Times, citing new information from
the European Central Bank, reports that eurozone banks that are
told they have holes in their balance sheets will have just two
weeks this autumn to come up with plans to plug the gap.
The Frankfurt-based regulator on Thursday published an update of
its plans as it prepares to carry out stress tests in the coming
weeks on 128 of the largest banks across the eurozone before it
takes over supervision of the lenders in November, the FT
relates.
Banks will be given the results of the stress tests in October
along with feedback on a so-called asset quality review that has
seen the ECB seek to identify inconsistencies in the way lenders
measure their riskiest assets, the FT discloses.
Lenders' balance sheets will be stress-tested under both a
baseline and an adverse scenario, the FT states. Banks will have
two weeks to come up with their plans and then six months from
October to cover shortfalls in the baseline case and nine months
in the adverse case, the FT says.
Under the new rules announced on Thursday, banks will also have
the option of retaining earnings from 2014 to plug any holes in
their balance sheet arising solely from the AQR, though not from
the stress tests, the FT relays.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
OBTEC OBTEC DC -17139908.33 134988548.1
OBTEC OBT DC -17139908.33 134988548.1
OBTEC-NEW SHARES OBTECN DC -17139908.33 134988548.1
OBTEC-OLD OBTN DC -17139908.33 134988548.1
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
ROSKILDE BANK ROSK DC -532868894.9 7876688188
ROSKILDE BANK RSKC IX -532868894.9 7876688188
ROSKILDE BANK ROSK EO -532868894.9 7876688188
ROSKILDE BANK RKI GR -532868894.9 7876688188
ROSKILDE BANK ROSKF US -532868894.9 7876688188
ROSKILDE BANK ROSBF US -532868894.9 7876688188
ROSKILDE BANK ROSK EU -532868894.9 7876688188
ROSKILDE BANK ROSK PZ -532868894.9 7876688188
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876688188
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876688188
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876688188
SCANDINAVIAN BRA SBS1 EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 BY -17139908.33 134988548.1
SCANDINAVIAN BRA SBSD PZ -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS DC -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
SCANDINAVIAN BRA SBSC IX -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 EU -17139908.33 134988548.1
SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.29 330011633.6
ADP INGENIERIE S 4519911Z FP -9312265.78 111844575.6
AIR COMMAND SYST 4470055Z FP -24012413.92 236706831.5
AKERYS SERVICES 4685937Z FP -22410493.42 137981683.2
ALCATEL-LUCENT E 3642975Z FP -33252970.32 441703998.1
ALCATEL-LUCENT F 3647063Z FP -794569718.3 4984960531
AL-KHATTIYA LEAS 4783713Z FP -13423803.21 109623566.3
ALUMINIUM PECHIN 3650903Z FP -469114028.7 1322244624
ATOS ORIGIN INTE 4519607Z FP -15552541.61 353365367
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AUTOROUTES PARIS ARR1 BQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EO -251756893.2 10625026266
AUTOROUTES PARIS RK9 TH -251756893.2 10625026266
AUTOROUTES PARIS ARR EU -251756893.2 10625026266
AUTOROUTES PARIS ARR FP -251756893.2 10625026266
AUTOROUTES PARIS ARRGBX EU -251756893.2 10625026266
AUTOROUTES PARIS ARR IX -251756893.2 10625026266
AUTOROUTES PARIS ARR S1 -251756893.2 10625026266
AUTOROUTES PARIS ARR QM -251756893.2 10625026266
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AUTOROUTES PARIS ARR EB -251756893.2 10625026266
BELVEDERE - RTS 554451Q FP -256191005.4 927737997.9
BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
BELVEDERE SA BVD EU -256191005.4 927737997.9
BELVEDERE SA BELV FP -256191005.4 927737997.9
BELVEDERE SA BELV NM -256191005.4 927737997.9
BELVEDERE SA BEVD IX -256191005.4 927737997.9
BELVEDERE SA BVD PW -256191005.4 927737997.9
BELVEDERE SA BED GR -256191005.4 927737997.9
BELVEDERE SA BVD EO -256191005.4 927737997.9
BELVEDERE SA BVD S1 -256191005.4 927737997.9
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BELVEDERE SA BVD FP -256191005.4 927737997.9
BELVEDERE SA BVD PZ -256191005.4 927737997.9
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BELVEDERE SA-NEW 8198283Q FP -256191005.4 927737997.9
BELVEDERE SA-RTS BVDDS FP -256191005.4 927737997.9
BROSTROM TANKERS 3641643Z FP -115599.3207 311104377.9
BUT INTERNATIONA 3648871Z FP -5859572.435 1100621152
CADES 211430Z FP -1.16E+11 23006745556
CARCOOP FRANCE 4690569Z FP -531951.7338 185621693.8
CARNAUDMETALB-N JJNN FP -239071932.4 6870067181
CARNAUDMETALB-N 84433Q FP -239071932.4 6870067181
CARREFOUR HYPERM 3897338Z FP -713257900.6 3939173302
CARRERE GROUP CAR2 EO -9829531.944 279906700
CARRERE GROUP CRRHF US -9829531.944 279906700
CARRERE GROUP CRGP IX -9829531.944 279906700
CARRERE GROUP CAR2 EU -9829531.944 279906700
CARRERE GROUP CARG FP -9829531.944 279906700
CARRERE GROUP CAR FP -9829531.944 279906700
CARRERE GROUP CARF PZ -9829531.944 279906700
CARRERE GROUP XRR GR -9829531.944 279906700
CDISCOUNT SA 4690913Z FP -14710509.37 442569172
CMA CGM AGENCES 4746849Z FP -8208944.552 191538369.1
CO PETROCHIMIQUE 4682369Z FP -111509362.4 364674090.9
CROWN EUROPEAN H 3394476Q LI -239071932.4 6870067181
CROWN EUROPEAN H CAMBF US -239071932.4 6870067181
CROWN EUROPEAN H JJ FP -239071932.4 6870067181
CROWN EUROPEAN H 1049Q LN -239071932.4 6870067181
DESCAMPS SAS 4503139Z FP -2912961.458 104843475.7
DOCTISSIMO 2916489Q EU -1690819.009 135171143.2
DOCTISSIMO 0602303D GR -1690819.009 135171143.2
DOCTISSIMO DOC FP -1690819.009 135171143.2
DOCTISSIMO MDCF PZ -1690819.009 135171143.2
DOCTISSIMO MCOS IX -1690819.009 135171143.2
DOCTISSIMO 2916493Q EO -1690819.009 135171143.2
DOCTISSIMO MDC FP -1690819.009 135171143.2
EADS SECA 4706441Z FP -44481565.35 121822000.7
EDENRED QSV GR -1310250942 5470394799
EDENRED EDEN FP -1310250942 5470394799
EDENRED EDEN QM -1310250942 5470394799
EDENRED QSV TH -1310250942 5470394799
EDENRED EDEN S1 -1310250942 5470394799
EDENRED EDEN TQ -1310250942 5470394799
EDENRED EDENUSD EO -1310250942 5470394799
EDENRED EDNMF US -1310250942 5470394799
EDENRED EDENUSD EU -1310250942 5470394799
EDENRED EDEN EO -1310250942 5470394799
EDENRED EDEN EU -1310250942 5470394799
EDENRED EDEN BQ -1310250942 5470394799
EDENRED EDEN EB -1310250942 5470394799
EDENRED EDEN IX -1310250942 5470394799
EDENRED EDEN PZ -1310250942 5470394799
EDENRED-NEW EDENV FP -1310250942 5470394799
EDF EN OUTRE MER 4679713Z FP -2598508.843 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.43 175501799.4
FACONNABLE SA 226782Z FP -19616230.99 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GEC 4 SAS 4518255Z FP -91410336.97 541462091
GPN SA 4509659Z FP -35080424.69 568887551
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GROUPE MONITEUR 317840Z FP -116707395.4 610106709.3
GROUPE PROGRES S 4734137Z FP -106637565.8 154665494
HIPPO GESTION ET 4732841Z FP -606512.6987 113032204.7
HITACHI EUROPE S 4681417Z FP -9927515.772 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.37 116383810.4
I BASE 757542Z FP -6019481.253 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.49 363058830.9
ITM REGION PARIS 4681817Z FP -49662079.76 124321085.9
JTEKT AUTOMOTIVE 4505819Z FP -25670106.66 171962119.7
JTEKT AUTOMOTIVE 4504595Z FP -17492036.59 163375360
JUNGHEINRICH FIN 4635025Z FP -14429677.13 223424949.4
LAB DOLISOS LADL FP -27752176.19 110485462.4
LAB DOLISOS DOLI FP -27752176.19 110485462.4
MATUSSIERE & FOR MTUSF US -77896689.09 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.09 293868350.8
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GREECE
------
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T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
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HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73723992 827192000
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IRELAND
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ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
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EIMSKIPAFELAG HF AVION IR -223780368 2277882368
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ITALY
-----
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AS ROMA SPA ASR EB -66248672.26 227606539.7
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AS ROMA SPA ASR IM -66248672.26 227606539.7
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GUERRINO PIVATO 4292565Z IM -41218066.44 397216267.9
I VIAGGI DEL VEN VVE EU -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IM -209436890.3 202705179.9
I VIAGGI DEL VEN VVE TQ -209436890.3 202705179.9
I VIAGGI DEL VEN VVE EO -209436890.3 202705179.9
I VIAGGI DEL VEN VVE PZ -209436890.3 202705179.9
I VIAGGI DEL VEN IVGIF US -209436890.3 202705179.9
I VIAGGI DEL VEN VVE IX -209436890.3 202705179.9
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INDUSTRIE FINCUO 4270053Z IM -15676157.12 111118283.9
MAIRE TECNIM-ADR MTRCY US -18172040.27 3401620362
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OLCESE SPA O IM -12846689.89 179691572.8
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SEAT PAGINE SP7A GR -741904802.3 3755632231
SEAT PAGINE PG1 NQ -741904802.3 3755632231
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SEAT PAGINE-RSP PGR IM -741904802.3 3755632231
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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
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SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
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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
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SNIA SPA-RNC SNRNC IM -141933895.2 150445252.4
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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
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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
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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
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BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
CEVA LOGISTICS 882197Z NA -538665968.2 5318491121
CLATES HOLDING B 4043429Z NA -34881.25205 221495950.5
COOPERATIE VOEDI 4378105Z NA -216576.9882 680962157.8
EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
EUROPEAN MARITIM 4523543Z NA -34803118.05 347300069.4
FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
HE INVESTMENTS B 3813216Z NA -1780665.857 195483088
HUISVUILCENTRALE 4777713Z NA -87789.23965 1412526184
IEOC EXPLORATION 4523879Z NA -3196000 112429000
INFOR GLOBAL SOL 4778481Z NA -332427172.9 500602423.6
ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
ING REIM DEVELOP 3811140Z NA -231041485.9 383323356.5
KONINKLIJKE HASK 4037221Z NA -69259.20141 230145390.9
KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
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LINO MANAGEMENT 3774416Z NA -330305248.1 752471513.7
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MAGYAR TELECOM B 363945Z HB -9411153.408 462039674.5
MITSUBISHI MOTOR 3893974Z NA -236634746.2 588105612.9
MSREF ELBA BV 4043045Z NA -89889.60183 584994172.5
MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
NORFOLK HOLDINGS 779151Z NA -199512.5928 813430683.8
RIVA NV 3797916Z NA -852952.1165 111411542.1
SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
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UNITED PAN -ADR UPEA GR -5505478850 5112616630
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UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -12602392978 14238054163
VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.7768 799874848.4
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
AKER BUSINESS SE 4400969Z NO -1678208.862 125911965.2
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP BY -16100000 765200000
AKER FLOATING PR AKFP EO -16100000 765200000
AKER FLOATING PR AKFP PZ -16100000 765200000
AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
AKER FLOATING PR AKNO IX -16100000 765200000
AKER FLOATING PR AKFPEUR EU -16100000 765200000
AKER FLOATING PR AKFPEUR EO -16100000 765200000
AKER STORD A/S 4498875Z NO -244831512.6 379117306.4
BAKERS AS 4527631Z NO -2100773.812 130412660.1
BKK VARME AS 4445833Z NO -4191315.792 139898061.1
CARGONET 81784Z NO -73487095.94 128859900.5
CIA LA GOMERA AS 4401057Z NO -14188999.46 111542577.2
GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
HEEGH AUTOLINERS 4389209Z NO -13894016.15 253537334.9
HELI-ONE NORWAY 4632761Z NO -27084593.22 759455442.9
ICA NORGE AS 4511499Z NO -132832574.9 702347848.8
INFRATEK ENTREPR 4402489Z NO -33504101.18 160698348.1
INTEROIL EXPLORA IOX NO -21010000 139828992
INTEROIL EXPLORA IOX EO -21010000 139828992
INTEROIL EXPLORA IOX PZ -21010000 139828992
INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
NCC ROADS AS 4401305Z NO -11149611.36 135425117.2
NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
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*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
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 * * *