/raid1/www/Hosts/bankrupt/TCREUR_Public/140729.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 29, 2014, Vol. 15, No. 148
Headlines
B E L G I U M
DUFRY FINANCE: Fitch Rates EUR50-Mil. Sr. Unsecured Notes 'BB'
F R A N C E
DECOMEUBLES PARTNERS: Fitch Assigns 'B-' IDR; Outlook Stable
G E R M A N Y
GERRESHEIMER AG: Moody's Withdraws 'Ba1-PD' Default Rating
G R E E C E
ALPHA BANK: Fitch Lifts Mortgage Covered Bond Rating to 'B+'
I C E L A N D
ICELAND VLNCO: Moody's Assigns 'B1' Corporate Family Rating
KAUPTHING BANK: SFO to Pay US$5.1-Bil. to Settle Tchenguiz Claims
I R E L A N D
ANTHRACITE EURO 2006-1: Fitch Hikes Rating on Cl. A Notes to CCC
TITAN EUROPE 2006-5: Moody's Cuts Rating on Cl. X Notes to 'Caa2'
I T A L Y
BANCA NAZIONALE: Moody's Cuts Bank Fin'l Strength Rating to 'D'
TAURUS CMBS NO.2: Moody's Confirms B3 Rating on Class F Notes
K A Z A K H S T A N
HALYK FINANCE: Fitch Assigns 'BB' Long-Term IDR; Outlook Stable
M A C E D O N I A
GEVGELIJA: Moody's Withdraws 'B1' Global Scale Issuer Rating
P O R T U G A L
PORTUGAL: Moody's Raises Government Bond Rating to 'Ba1'
R U S S I A
ALTAI REGION: Fitch Affirms 'BB+' Long-Term IDR; Outlook Stable
CHUVASH REPUBLIC: Fitch Affirms 'BB+' IDR; Outlook Stable
KAZAN CITY: Fitch Affirms 'BB-' Long-Term IDR; Outlook Stable
MOSCOW INTEGRATED: Fitch Affirms 'BB' IDR; Outlook Negative
YUKOS OIL: Russia Liable to Pay US$50-Bil. to Ex-Majority Owners
S P A I N
CAJAS RURALES: Moody's Cuts Mortgage Bond Rating to Ba2
CAJAS RURALES: Moody's Raises Rating on Class E Notes to 'Ba3'
CODERE SA: Bondholders Optimistic on Debt Restructuring
* SPAIN: To Accelerate Legislation to Regulate Auditors
U N I T E D K I N G D O M
CASH STORE: Applies for Administration in the United Kingdom
CO-OPERATIVE GROUP: Former Chief Executive Gets GBP1-Mil. Payoff
FINDUS PIK: Fitch Assigns 'CCC(EXP)' Issuer Default Rating
ULSTER BANK: Fitch Lowers Subordinated Debt Rating to 'BB+'
* UK High Court Rules 'Secret Fees' Go to Wronged Investor
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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B E L G I U M
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DUFRY FINANCE: Fitch Rates EUR50-Mil. Sr. Unsecured Notes 'BB'
--------------------------------------------------------------
Fitch Ratings has assigned Dufry Finance S.C.A.'s EUR500 million
eight-year 4.5% senior unsecured notes a final rating of 'BB'.
The assignment of the final ratings follows a review of final
documentation which materially conforms to the information
received at the time of the expected rating assignment.
The bond is rated at the same level as Dufry AG's Issuer Default
Rating of 'BB' as it ranks equally with the company's senior
unsecured debt, including its existing USD500 million 2020 notes,
its term loans and its revolving credit facility. Dufry is using
the proceeds to finance the acquisition of the Nuance Group,
along with funds from the mandatory convertible notes and the
rights issue. The increased indebtedness related to the Nuance
acquisition was included in Fitch's recent rating affirmation of
Dufry on June 5, 2014.
KEY RATING DRIVERS
Business Scale Strengthened
The acquisition of Nuance materially increases Dufry's market
leadership and scope of operations. In the travel retail
industry, Fitch views this as paramount for maintaining the high
quality of concessions and for increasing operational
efficiencies.
Increased Footprint
Dufry will benefit from Nuance's complementary presence in the
Mediterranean region, Asia and the US. Given that over 80% of
Dufry's pipeline projects involve new concessions and expansions
in these geographies, Fitch views the complementary geographic
nature of the transaction as highly accretive to Dufry's
long-term business development goals.
Mixed Impact on Concession Portfolio
The acquisition will allow Dufry to expand and diversify its
concession portfolio and add a number of profitable contracts.
An overall shorter concession lifetime and a higher share of
concessions with minimum guaranteed payments will slightly
elevate Dufry's operating leverage. However, given Dufry's
historically high concession renewal rates of 80%, the curtailed
concession lifetime does not materially diminish business
visibility. Fitch expects the average profitability of Nuance's
concessions to converge with that of Dufry's, through
discontinuation of less profitable contracts and renegotiation of
new concessions with predominantly variable fee structures.
The unprofitable Australian operations of Nuance are not deemed
as strategically important to Dufry, and most of these
unprofitable concessions are expiring over the next quarters.
Cash Generation to Remain Strong
Given Nuance's weaker profitability, the acquisition will
sustainably compress Dufry's EBITDA margins by 1%-2% below the
historical average of 14%. As a result, Fitch estimates that
forecast funds from operations (FFO) as a percentage of sales
will be consistently below historical levels of 11%-12% by 2%-3%.
However, in the absence of any major incremental capital spend
above the company's target of 3.5% of sales, free cash flow (FCF)
generation is projected to remain strong and expand over the
rating horizon. Even with lower profitability, Dufry would still
rank among the top performers in the travel retail sector such as
World Duty Free.
Credit Metrics under Pressure in FY14-15
As a result of the acquisition, Fitch expects FCF as a percentage
of sales to drop to below 4% (FYE13: 5.4%), with FFO adjusted
leverage after dividends paid to associates at around 6.0x in
FY14 (based on actual contribution from Nuance in 2H14) and
remaining above 5.5x in FY15. Fitch considers the deterioration
in credit metrics will be temporary, limited to the business
integration period, which is expected to be restored in FY16 once
the combined business starts generating normalized levels of cash
flow.
If FFO-adjusted gross leverage remains sustainably above 5.5x,
for example, as a result of a more onerous integration process,
weaker FCF or a delay in the equity placement as part of the
financing package, this could put pressure on the ratings.
Further Debt-Funded Acquisitions Likely
In the consolidating and highly competitive travel retail
industry, we expect acquisitions will remain an essential
strategy to deliver growth and protect profitability. As long as
future acquisitions are accretive to Dufry's internal cash
generation and the company remains disciplined in its financial
policy, Fitch will continue to factor small add-on acquisitions
into the ratings.
RATING SENSITIVITIES
Negative: Future developments that could lead to negative rating
action include:
-- FFO-adjusted leverage remaining at around 5.0x in the
medium term, due to an adverse shift in the operating
environment, persisting organic issues and/or continuing
appetite for debt-funded acquisitions
-- EBITDA margin below 12%, coupled with FCF margin below 4%,
both on a sustained basis
-- FFO fixed charge cover sustainably below 2.5x
Positive: Although an upgrade is unlikely in the near term,
future developments that could lead to positive rating action
include:
-- FFO adjusted leverage declining to below 4.0x and fixed
charge cover rising above 3.0x on a sustained basis
LIQUIDITY AND DEBT STRUCTURE
Fitch expects Dufry to maintain comfortable liquidity given its
continuously strong FCF generation, absence of principal
repayments until 2019 after the debt refinancing and augmented
liquidity reserves under the new largely undrawn RCF of CHF900
million.
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F R A N C E
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DECOMEUBLES PARTNERS: Fitch Assigns 'B-' IDR; Outlook Stable
------------------------------------------------------------
Fitch Ratings has assigned French retailing group Decomeubles
Partners SAS (BUT) a final Long-term Issuer Default Rating (IDR)
of 'B-' with Stable Outlook. Fitch has also assigned 100%
subsidiary BUT SAS's EUR180 million senior secured notes due 2019
a final rating of 'B'/RR3'. The notes are rated one notch above
the IDR, reflecting above-average recovery prospects in the event
of default.
The final ratings follow a review of the final documentation
which materially conforms to information received when assigning
the expected ratings.
The IDR of 'B-' reflects BUT's concentration on the French home
improvement retail market that is characterized by weak
macro-economic fundamentals and by competitive pressures in the
consolidating higher-value end of the market. The rating also
reflects its large size, and its strong market position and
brand. The ratings assume continued investment in the expansion
of the BUT store network to protect market share and to grow
sales and profitability.
The ratings also reflect the aggressive financial profile and
asset-light structure of the business which increases its cost
base and operational leverage and impacts profitability and free
cash flow generation. The Stable Outlook reflects limited
organic growth opportunities in the French home improvement
market and stable financial leverage in the absence of debt
amortization.
KEY RATING DRIVERS
Concentration in France
Limited geographic diversification and concentration on the
French retail market are a key rating constraint. This is
particularly true in a subdued France retail environment in the
near term, weighed down by low consumer confidence, sticky
unemployment and projected GDP growth that is below key European
peers. In addition, Fitch expects further medium-term
consolidation and competitive pressures at the higher-value end
of the home equipment market in France. BUT's strategy to
concentrate in smaller cities is sensible in that it should help
boost market share against smaller competitors.
High Operating Leverage
With its debt issue BUT has simplified the group's financial
structure, by replacing its mezzanine debt and shareholder loans
with a two-tier capital structure comprising a super senior
revolving credit facility and senior secured notes. Although
financial debt has been declining since the original buy-out of
the group in 2008 BUT has gradually moved to an 'asset-light'
capital structure and repaid senior secured property debt by
selling and leasing back assets. The key assets in the business
therefore remain the brand value and inventory.
While an asset-light capital structure is not uncommon in non-
food retail, it nonetheless leads to pressures on profitability
and cash flows due to high rental costs, therefore translating
into high operating leverage and potentially a volatile earnings
profile in a downturn.
Aggressive Financial Profile
Although refinancing leaves BUT with fairly manageable on
balance-sheet debt, high rental expenses reflect an aggressive
financial risk profile as reflected in the group's lease-adjusted
debt protection ratios (which Fitch conservatively has based on
the full value of 'occupancy costs' as presented by management).
Expected funds from operations (FFO)-adjusted gross leverage for
FY14 based on the targeted capital structure is 6.8x. The
associated FFO fixed charge cover is forecast to remain on
average at 1.3x over the rating horizon, underpinning the 'B-'
IDR with Stable Outlook.
Fitch bases its leverage ratio assessment on gross figures given
BUT's pronounced working capital cycles and restricted cash in
the business. The rating assumes that seasonal working capital
will require a conservatively estimated liquidity buffer of up to
EUR50m of cash. In addition, BUT maintains an estimated EUR5m
restricted cash at the consumer finance and warranty business.
Established Brand and Market Position
The ratings reflect BUT's position as a leading home equipment
retailer in France, with a strong nationwide store footprint and
a diversified product range spanning across home furnishing and
decoration, domestic appliances as well as select home-related
consumer electronics. BUT's promotional-driven business model is
supported by a strong and well-recognized retail brand.
Evolving Business Model
BUT is streamlining operations and optimizing cost and cash
management by simplifying its supply chain and centralizing the
logistics function domestically. It is also aiming at increasing
direct control over its brand and store appearance by moving away
from the traditional franchise model and taking a more
centralized approach to key management decisions including range,
pricing, marketing and multi-channel offering. The evolving
business model and operating efficiencies could result in rating
upside if translated into improving profitability and cash
generation.
Profitability Supported by Consumer Financing
Credit income generated from consumer financing supports EBITDA,
adding approximately 100bp of EBITDA margin. Consumer finance is
a key part of BUT's promotional activity and a strong sales
driver, with a 24% credit penetration rate of its customer base.
The group offers consumer finance products (including store
cards, installment loans, personal loans) in combination with
Cetelem (consumer finance arm of BNP Paribas Personal Finance),
which manages credit risks on a non-recourse basis for BUT. In
addition BUT offers appliance warranties, which are managed via
an in-house insurance vehicle. The insurance entity holds
EUR5 million of restricted cash, which may grow over time if
income from sales of extended warranties starts to grow. All
these consumer finance and insurance arrangements are subject to
regulatory risks.
Given the integral role of consumer finance in BUT's business
model and the ring-fenced nature of the associated credit risk,
Fitch includes the consumer finance contribution in its operating
EBITDA calculation.
Above-average Recoveries
In line with its Recovery Ratings methodology, the 'B'/'RR3' for
the senior secured debt reflects our view of above-average
recovery prospects for noteholders in the event of default.
Fitch believes that expected recoveries would be maximized in a
going-concern scenario rather than in a liquidation scenario
given the asset-light nature of BUT's business, where Fitch views
the brand value and established retail network as key assets.
Senior secured noteholders can expect a recovery rate within the
51%-70% range (RR3), leading to a one-notch uplift from the IDR
to 'B'. The expected recovery is underpinned by guarantors
representing at least 85% of the group's EBITDA and by
noteholders' second-ranking claim on any enforcement proceeds in
a distressed sale of assets or the business.
RATING SENSITIVITIES
Positive: Future developments that, individually or collectively,
could lead to positive rating actions include:
-- FFO adjusted gross leverage at 6x or below, FFO fixed
charge cover at above 1.5x, combined with market share
gains and improvements in FCF generation and operating
profitability, all on a sustained basis
Negative: Future developments that, individually or collectively,
could lead to negative rating actions include:
-- FFO gross lease adjusted leverage of 7.0x or above on a
sustained basis
-- FFO fixed charge cover of 1.0x or below on a sustained
basis
-- A significant deterioration in market share, revenues
and/or operating profitability
-- Negative FCF eroding the group's liquidity buffer
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G E R M A N Y
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GERRESHEIMER AG: Moody's Withdraws 'Ba1-PD' Default Rating
----------------------------------------------------------
Moody's Investors Service has upgraded to Baa3 from Ba1 the
ratings of Gerresheimer AG. The action was prompted by
improvements to the group's credit metrics, reflecting its
prudent financial policies, diversified revenue base and the
positive industry fundamentals underlying the company's key end
markets. The outlook on the ratings is stable.
"We have upgraded Gerresheimer's ratings because its business
model has proven resilient over the past few years, despite
challenging economic conditions," says Matthias Volkmer, a
Moody's Vice President -- Senior Analyst and lead analyst for
Gerresheimer. "We expect that gradual performance improvements
will allow the group to maintain credit metrics that are in line
with its low investment grade rating," adds Mr. Volkmer.
As part of the rating action, Moody's has converted
Gerresheimer's corporate family rating (CFR) into a Baa3 senior
unsecured issuer rating, in line with the rating agency's policy
for issuers migrating from non-investment grade to investment
grade. Concurrently, Moody's has withdrawn the group's Ba1-PD
probability of default rating (PDR) and upgraded its EUR300
million senior unsecured notes to Baa3 in line with the issuer
rating.
Ratings Rationale
The upgrade follows Moody's decision to change the outlook on
Gerresheimer's ratings to positive on July 30, 2013. Since then,
the group's credit metrics have steadily improved. For example,
its Moody's-adjusted debt/EBITDA ratio moderately improved to
2.9x at fiscal year ended November 2013 from 3.0x a year earlier.
Moody's expects that this ratio will further improve to 2.8x by
November 2014, on the back of solid results in the first half of
the group's current fiscal year.
The stable outlook considers Moody's expectation of further
improvements in leverage, given the ongoing margin enhancement in
the group's plastic systems division, which drove up divisional
profitability, and, in turn, the group's profitability. However,
due to ongoing high investment requirements aimed at tapping into
global industry growth and higher investment in net working
capital, Moody's expects that Gerresheimer will either break even
or generate only moderately positive free cash flow over the next
few years. That said, this sideways movement in free cash flow
generation will be somewhat mitigated by (1) constantly high
EBITDA margins of around 20% on a Moody's-adjusted basis and (2)
expected continued deleveraging towards 2.5x by fiscal-year 2016,
through a combination of moderate debt reduction and EBITDA
improvement.
Moody's takes comfort from Gerresheimer's management team's
commitment to pursuing a balanced financial policy. In this
regard, the rating agency notes that the group's strategy of
maintaining profitable growth includes the potential for bolt-on
acquisitions. Although Moody's believes that Gerresheimer will
again engage in M&A activity if suitable targets become
available, the current rating incorporates the rating agency's
expectation that these acquisitions will not have a material and
sustainably negative effect on the group's leverage ratios or
overall credit profile. However, any deviation from this
expectation could result in the re-assessment of the rating.
Rationale for Stable Outlook
The stable outlook on Gerresheimer's ratings mirrors the group's
solid positioning at the Baa3 rating level and its long track
record of resilient operating performance in a challenging global
macroeconomic environment. The stable outlook further reflects
Moody's expectation that Gerresheimer can maintain current
earnings levels and credit metrics at levels of clearly below
3.0x debt/EBITDA, while exercising a balanced approach towards
shareholders and creditors interest, in particular with regards
to potential M&A activity.
What Could Drive the Ratings Up/Down
The ratings could be upgraded should Gerresheimer's financial
performance sustainably improve. Such improvements include (1)
the generation of consistent positive free cash flows; (2) an
increase in the group's EBIT/interest ratio increase towards 5x;
(3) a decrease in its debt/EBITDA ratio to 2.5x on a sustainable
basis; and (3) maintenance of its EBIT margin at above 12%.
Moody's would consider downgrading Gerresheimer's ratings, if the
group's (1) profitability or cash flow capacity generation
eroded, resulting in negative free cash flow over a prolonged
period; and (2) debt/EBITDA ratio rose to above 3.0x. While
further M&A activity is only incorporated into the rating to a
limited extent, negative rating pressure could develop if
Gerresheimer were to engage in larger transactions and fail to
return to a debt/EBITDA ratio below 3.0x in the medium term.
Upgrade:
Issuer: Gerresheimer AG
Senior Unsecured Regular Bond/Debenture May 19, 2018, Upgraded
to Baa3 from Ba1
Assignments:
Issuer: Gerresheimer AG
Long Term Issuer Rating, Assigned at Baa3
Outlook action:
Outlook, Changed To Stable From Positive
Withdrawals:
Issuer: Gerresheimer AG
Probability of Default Rating, Withdrawn, previously rated Ba1-
PD
Corporate Family Rating, Withdrawn, previously rated Ba1
Senior Unsecured Regular Bond/Debenture May 19, 2018,
Withdrawn, previously rated a range of LGD4, 50 %
Principal Methodology
The principal methodology used in this rating was the Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
published in June 2009.
Headquartered in Duesseldorf, Germany, Gerresheimer AG is the
parent company of the Gerresheimer Group, a leading producer of
specialty glass and plastic packaging solutions primarily for the
pharmaceutical and healthcare industry. The group's revenues in
the LTM period to May 2014 were EUR1.27 billion. The group
currently employs approximately 11,240 staff and maintains 47
locations in Europe, North and South America and Asia.
Gerresheimer AG is publicly listed and 100% of its shares are in
free float.
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G R E E C E
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ALPHA BANK: Fitch Lifts Mortgage Covered Bond Rating to 'B+'
------------------------------------------------------------
Fitch Ratings has upgraded the mortgage covered bond programmes
of five Greek banks. The banks are National Bank of Greece S.A.
(NBG, B-/Stable/B, Viability Rating (VR) 'b-) Alpha Bank A.E.
(Alpha, B-/Stable/B, VR 'b-), Eurobank Ergasias S.A. (Eurobank,
B-/Stable/B, VR 'b-) and Piraeus Bank S.A. (Piraeus, B-/Stable/B,
VR 'b-). The Outlook is Stable, reflecting that on the
respective banks' Issuer Default Ratings (IDR).
The rating actions follow the enactment of the Bank Recovery and
Resolution Directive (BRRD), which was published on June 12, 2014
in the Official Journal of European Union. The rating actions
also reflect revised assumptions for assessing the credit risk of
Greek residential mortgage loans pools and the revision of the
rating cap for structured finance transactions in Greece to 'BB'
from 'B'.
Finally the upgrade reflects Fitch's lowered refinancing spread
assumptions for Greek residential mortgage pools to 900bps in 'B'
rating scenario from 1,100bps.
Fitch has incorporated in its analysis the IDR uplifts. The
Long-term (LT) IDRs of the issuers, following the IDR uplifts,
now constitute the rating floor for the covered bonds.
KEY RATING DRIVERS
All five Greek covered bond programs are rated on a recovery
basis only. This is either because Fitch's assesses full
discontinuity risk (Alpha's, Eurobank's and NBG Programme I
covered bonds) or the level of asset percentage (AP) that the
agency gives credit to is not adequate to support timely payments
in scenarios above the LT IDR, after the IDR uplift (NBG
Programme II and Piraeus).
The unchanged D-Cap of 0 for Alpha's Eurobank's and NBG Programme
I covered bonds reflects Fitch's assessment of 'full
discontinuity' for the liquidity gap and systemic risk component.
In a scenario where the recourse of the covered bonds switches
from the issuer to the cover pool, Fitch believes that a
successful sale of the cover assets would be unlikely within the
extendible maturity of 12 months, which is envisaged in the
documentation to make timely payments on the covered bonds.
The unchanged D-Cap of 3 for NBG Programme II's and Piraeus's
covered bonds reflects our assessment of 'moderate high' for the
systemic alternative management risk component. This reflects
the potential systemic and operating challenges that a transition
to an alternative manager may encounter, if the source of payment
for the bonds switches from the issuer to the cover pool.
The breakeven AP for the 'B+' rating of the covered bonds issued
by Alpha, Eurobank, NBG under Programme II and Piraeus is 95%
(equivalent to 5.3% breakeven over-collateralization (OC)) and
78% for the 'BB-' rating of NBG Programme I (28.2% breakeven OC).
For all Greek covered bond programs, asset disposal is the major
contributor to the breakeven AP, followed by credit loss and cash
flow valuation. When measuring the prospect for recoveries from
the cover pool in the event of a covered bond default, Fitch
performs a stressed valuation of the full cover pool at half of
the refinancing spread assumed for an asset sale in an equivalent
stress scenario. The high level of refinancing spreads that
Fitch assumes for Greek residential mortgage loans (900bps at
'B') drives the asset disposal loss component.
The credit loss component is quite significant and reflects the
revised asset assumptions. Under Fitch's stress scenario the
cash flow valuation component is driven by maturity mismatches
between assets and liabilities and excess spread.
KEY RATING DRIVERS - Alpha
The 'B+' rating is based on Alpha's LT IDR of 'B-', an IDR uplift
of '1', a Discontinuity Cap (D-Cap) of 0 (full discontinuity) and
the maximum AP of 95% allowed by the Greek covered bonds law that
Fitch takes into account in the analysis. The cover pool's
credit loss reflects the 'B+' WA foreclosure frequency (FF) of
36.65% and a WA recovery rate (RR) of 58.2%.
The 95% level of AP is adequate to achieve recoveries of at least
51% should the covered bonds default, allowing a one-notch uplift
to 'B+' from the 'B' IDR adjusted by the IDR uplift.
KEY RATING DRIVERS - Eurobank
The 'B+' rating is based on Eurobank's LT IDR of 'B-', an IDR
uplift of '1', a D-Cap of 0 (full discontinuity) and the maximum
AP of 95% allowed by the Greek covered bonds law that Fitch takes
into account in the analysis. The cover pool's credit loss
reflects the 'B+' WA FF of 36.86% and a WA RR of 62.3%.
The 95% level of AP is adequate to achieve recoveries of at least
51% should the covered bonds default, allowing a one-notch uplift
to 'B+' from the 'B' IDR adjusted by the IDR uplift.
KEY RATING DRIVERS - NBG Programme I
The 'BB-' rating is based on NBG's LT IDR of 'B-', an IDR uplift
of '1', a D-Cap of 0 (full discontinuity) and the 65% AP
published by the issuer in the investor report and which Fitch
takes into account in its analysis. The cover pool's credit loss
reflects the 'BB-' WA FF of 51.5% and a WA RR of 65.7%.
The 65% level of AP is adequate to achieve recoveries of at least
71% should the covered bonds default, allowing a two-notch uplift
to 'BB-' from the 'B' IDR adjusted by the IDR uplift.
KEY RATING DRIVERS - NBG Programme II
The 'B+' rating is based on NBG's LT IDR of 'B-', an IDR uplift
of '1', a D-Cap of 3 (moderate high) and the maximum AP of 95%
allowed by the Greek covered bonds law that Fitch takes into
account in the analysis. The cover pool's credit loss reflects
the 'B+' WA FF of 42.0% and a WA RR of 64.7% for the cover pool.
The 95% level of AP is adequate to achieve recoveries of at least
51% should the covered bonds default, allowing a one-notch uplift
to 'B+' from the 'B' IDR adjusted by the IDR uplift.
KEY RATING DRIVERS - Piraeus
The 'B+' rating is based on Piraeus's LT IDR of 'B-', an IDR
uplift of '1', a D-Cap of 3 (moderate high) and the maximum AP of
95% allowed by the Greek covered bonds law that Fitch takes into
account in the analysis. The cover pool's credit loss reflects
the 'B+' WA FF of 39.8% and a WA RR of 61.6%.
The 95% level of AP is adequate to achieve recoveries of at least
51% should the covered bonds default, allowing a one-notch uplift
to 'B+' from the 'B' IDR adjusted by the IDR uplift.
RATING SENSITIVITIES
The 'B+' rating of Alpha's, Eurobank's, NBG Programme II's and
Piraeus's covered bonds would be vulnerable to downgrade if any
of the following occurs: (i) the LT IDR of the issuers is
downgraded by one or more notches, (ii) the number of notches
represented by the IDR uplift and the D-Cap is reduced to zero.
The 'BB-' rating of NBG Programme I would be vulnerable to
downgrade if any of the following occurs: (i) the LT IDR of the
issuer is downgraded by one or more notches, (ii) the number of
notches represented by the IDR uplift and the D-Cap is reduced to
zero; (iii) the program AP exceeds the 78% breakeven AP.
The Fitch breakeven AP for the covered bond rating will be
affected, among others, by the profile of the cover assets
relative to outstanding covered bonds, which can change over
time, even in the absence of new issuances. Therefore, it cannot
be assumed to remain stable over time.
The rating actions are as follows:
Alpha upgraded to 'B+' from 'B'; Outlook Stable
Breakeven OC components: 47.0% asset disposal, 18.1% credit
loss and -11.1% cash flow valuation
Eurobank upgraded to 'B+' from 'B'; Outlook Stable
Breakeven OC components: 44.4% asset disposal, 16.1% credit
loss and -7.9% cash flow valuation
NBG Programme I upgraded to 'BB-' from 'B+'; off Rating Watch
Positive; Outlook Stable
Breakeven OC components: 56.5% asset disposal, 21.0% credit
loss and 2.7% cash flow valuation
NBG Programme II upgraded to 'B+' from 'B'; Outlook Stable
Breakeven OC components: 30.5% asset disposal, 17.4% credit
loss and 14.0% cash flow valuation
Piraeus upgraded to 'B+' from 'B'; Outlook Stable
Breakeven OC components: 43.5% asset disposal, 18.0% credit
loss and -0.4% cash flow valuation
The breakeven OC differs from the sum of the components because
the Greek covered bond ratings are based on recoveries of at
least 51% for Alpha's, Eurobank's, NBG Programme II's and
Piraeus's covered bonds and 71% for NBG Programme II. This is
opposed to 100% recoveries which we typically assume for the sum
of the components of the breakeven OC. In addition, breakeven
OCs differs from the sum of the components because Fitch sets the
breakeven OC floor at the legal minimum 5.3%.
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I C E L A N D
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ICELAND VLNCO: Moody's Assigns 'B1' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating (CFR) and a Ba3-PD probability of default rating (PDR) to
Iceland VLNCo Limited (Iceland Foods or the company).
Concurrently, Moody's has withdrawn Iceland Midco Limited's Ba3
CFR and B1-PD PDR.
Moody's has also assigned definitive B1 ratings to the GBP950
million three tranches of senior secured floating and fixed rate
notes due 2020-2024 issued by Stretford 79 PLC and on-lent to the
company. The outlook on all ratings is stable.
Ratings Rationale
The rating action follows on from the conclusion of Moody's
review of the final documentation and the completion of the
company's refinancing, including the repayment of its previous
bank indebtedness and the vendor loan note, together with accrued
interest. Moody's definitive ratings for the senior secured notes
are in line with the provisional ratings assigned on July 7,
2014. Moody's rating rationale was set out in a press release on
that date and the final terms of the notes were broadly in line
with the drafts reviewed for the provisional instrument rating
assignments.
As also anticipated in the press release, Moody's has moved the
CFR from Iceland Midco Limited to Iceland VLNco Limited to
reflect the level at which the new debt has been raised. The
effective downgrading of the CFR to B1 from Ba3 was principally
due to the increased leverage of the business from 4.8x to 5.8x
on a Moody's-adjusted basis as at FYE March 28, 2014 pro forma
for the transaction, combined with Moody's view of the
challenging trading environment and price pressures in the UK
retail food market driven by both weak consumer spending and the
growth in market share of retail discounters.
Outlook
The stable outlook reflects Moody's expectation that Iceland
Foods will maintain a solid operating performance, will stabilize
its like-for-like sales over the next 12 months and that industry
conditions will not materially deteriorate further. Moody's also
expects that the company will continue to pursue its organic
growth strategy and make no material debt-funded acquisitions,
adhering to its financial policy of investing any excess cash in
the business and in de-leveraging.
What Could Change the Rating Up
There could be positive pressure if the conditions for a stable
outlook are met and if the Moody's-adjusted debt/EBITDA ratio
falls sustainably below 5.5x and the company maintains a Moody's-
adjusted EBITDA less capex/interest coverage comfortably in
excess of 2x, whilst generating positive free cash flow and
keeping a solid liquidity profile. Any potential upgrade would
also include an assessment of market conditions.
What Could Change the Rating Down
Moody's could downgrade the ratings if any of the conditions for
maintaining a stable outlook are not met, or if (1) the company's
Moody's adjusted debt/EBITDA ratio rises above 6.5x, (2) its
Moody's-adjusted EBITDA less capex/ interest coverage falls
materially below 2x, or (3) if the company fails to generate free
cash flow.
Principal Methodologies
The principal methodology used in these ratings was the Global
Retail Industry published in June 2011. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.
Headquartered in Deeside, Flintshire, UK, Iceland VLNco Limited
is the parent holding company of Iceland Foods Group. Iceland
Foods is a privately held UK retail grocer which specializes in
frozen and chilled foods, alongside groceries. Since its creation
in 1970, Iceland Foods has expanded its reach in the UK to become
a national operator with 833 UK retail stores (as of March 28,
2014) targeting the value conscious market segment. For fiscal
year-end March 28, 2014, Iceland Foods reported revenues of
approximately GBP2.7 billion.
KAUPTHING BANK: SFO to Pay US$5.1-Bil. to Settle Tchenguiz Claims
-----------------------------------------------------------------
Chad Bray at The New York Times reports that Britain's Serious
Fraud Office said on Friday that it would pay GBP3 million, or
about US$5.1 million, to settle civil claims brought by a
property developer following a flawed investigation into the
collapse of the Icelandic bank Kaupthing during the financial
crisis.
The S.F.O., which prosecutes fraud and corruption cases, dropped
the property tycoon Vincent Tchenguiz as a suspect in its
investigation in June 2012 after it admitted that the way it had
handled some seized material in the case "was flawed and thus
unlawful", The New York Times recounts. The S.F.O. later dropped
the investigation against his brother, Robert, and was criticized
by the High Court of Justice for the way it handled the case, The
New York Times relays.
Vincent Tchenguiz and his brother, Robert, were arrested in a
dawn raid by police in 2011 and materials were seized from their
offices after a search, The New York Times relates. Neither man
was charged in the matter and the brothers maintained their
innocence throughout the investigation, The New York Times notes.
At the time, the S.F.O. had been working with special prosecutors
in Iceland to determine whether some creditors, shareholders and
executives benefited financially in the days before the collapse
of Kaupthing, which had large operations in Britain, The New York
Times discloses.
Kaupthing was Iceland's biggest bank before it failed in October
2008 amid a mountain of debt and an inability to raise sufficient
money for its operations, The New York Times notes. The bank had
previously helped finance several takeovers by Robert Tchenguiz,
The New York Times states. In legal proceedings against the
S.F.O., Vincent Tchenguiz and his brother had sought as much as
GBP300 million in damages, The New York Times discloses.
In July 2012, the High Court quashed search warrants in the
criminal investigation and was "highly critical" of the S.F.O.'s
conduct, ultimately requiring the prosecutor to pay the legal
costs of Vincent Tchenguiz and his business entities, The New
York Times recounts.
On Friday, the S.F.O., as cited by The New York Times, said it
had agreed to pay GBP3 million, plus costs, to Vincent Tchenguiz
and his businesses. The legal proceedings by Robert Tchenguiz
are still pending, The New York Times notes.
About Kaupthing Bank
Headquartered in Reykjavik, Iceland Kaupthing Bank --
http://www.kaupthing.com/-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups. With operations
in more than a dozen countries, the bank offers a range of
services including retail banking, corporate finance, asset
management, brokerage, private banking, treasury, and private
wealth management. Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank. In October 2008, the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.
As reported by the Troubled Company Reporter-Europe, on Nov. 30,
2008, Olafur Gardasson, assistant for Kaupthing Bank hf, filed a
petition under Chapter 15 of title 11 of the United States Code
in the United States Bankruptcy Court for the Southern District
of New York commencing the Debtor's Chapter 15 case ancillary to
the Icelandic Proceeding and seeking recognition for the
Icelandic Proceeding as a "foreign main proceeding" under the
Bankruptcy Code and relief in aid of the Icelandic Proceeding.
=============
I R E L A N D
=============
ANTHRACITE EURO 2006-1: Fitch Hikes Rating on Cl. A Notes to CCC
----------------------------------------------------------------
Fitch Ratings has affirmed 30 tranches and upgraded one tranche
of nine European structured finance collateralized debt
obligation (SF CDO) transactions.
KEY RATING DRIVERS
Strong recovery performance in the Anthracite transaction has
driven an increase in the credit enhancement available to the
senior class A notes to 14.1% from a negative value at the last
review in August 2013.
In this period, the portfolio balance (for which purposes
defaulted obligations are included at the lower of their market
value and Fitch recovery value) has fallen by EUR44.6 million
while the class A notes have repaid EUR61.4 million. The
additional note repayments were funded through recoveries in
excess of those expected at last year's review.
As full repayment of the class A notes is still dependent on
recovery receipts on defaulted assets, default is still viewed as
a real possibility. However, Fitch no longer views default as
probable and has therefore upgraded the class A notes' rating.
House of Europe 1's certificates and House of Europe 3's class E
notes are rated on a principal-only basis and benefit from the
support of zero-coupon French government bonds to repay the
notes' notional. These notes are therefore linked to the
sovereign rating of France (AA+/Stable).
Fitch believes the remainder of the transactions are highly
distressed, as reflected by the highest rating of 'CCsf'. Fitch
views the default of any tranche rated 'CCsf' as probable and
rated 'Csf' as inevitable. Performance in the past year has been
in line with Fitch's expectations.
RATING SENSITIVITIES
Most notes are already at distressed rating levels, and as such
are unlikely to be affected by any further deterioration in the
respective underlying asset portfolios. For House of Europe 1's
certificates and House of Europe 3's class E notes, the rating is
linked to the sovereign rating of France.
The rating actions are as follows:
Anthracite Euro CRE CDO 2006-1 p.l.c.
Class A (ISIN XS0276697272): upgraded to 'CCCsf' from 'CCsf'
Class B (ISIN XS0276697512): affirmed at 'Csf'
Class C (ISIN XS0276698163): affirmed at 'Csf'
Class D (ISIN XS0276698833): affirmed at 'Csf'
Class E (ISIN XS0276699302): affirmed at 'Csf'
Brooklands Euro Referenced Linked Notes 2005-1 Ltd
Class D1 (ISIN XS0226777133): affirmed at 'Csf'
Class D2 (ISIN XS0226777216): affirmed at 'Csf'
Class E (ISIN XS0226777729): affirmed at 'Dsf'
Cloverie Plc Series 2004-77
Series 2004-77 (ISIN XS0207605162): affirmed at 'Csf'
Cloverie Series 2005-04
Series 2005-04 (ISIN XS0212294077): affirmed at 'Csf'
High Tide CDO I S.A.
Class A (ISIN XS0169669081): affirmed at 'CCsf'
Class B (ISIN XS0169669164): affirmed at 'CCsf'
Class C (ISIN XS0169669248): affirmed at 'Csf'
House of Europe Funding I, Ltd
Class A (XS0220241086): affirmed at 'Csf'
Class B (XS0220241755): affirmed at 'Csf'
Class C (XS0220242134): affirmed at 'Csf'
Class C additional interest (interest only): affirmed at 'Csf'
Certificates: affirmed at 'AA+sf'; Stable Outlook
House of Europe Funding III PLC
Class A (XS0202218284): affirmed at 'Csf'
Class B (XS0202219092): affirmed at 'Csf'
Class C (XS0202219415): affirmed at 'Csf'
Class D (XS0202221072): affirmed at 'Csf'
Class E (XS0202221155): affirmed at 'AA+sf'; Stable Outlook
ODEON ABS 2007-1 B.V.
Class A-1 (XS0308505568): affirmed at 'Csf'
Class A-2 (XS0308507267): affirmed at 'Csf'
Class A-3 (XS0308534154): affirmed at 'Csf'
Class B (XS0308534311): affirmed at 'Csf'
Tempo CDO 1 Ltd
Class A (ISIN XS0179909774): affirmed at 'Csf'
Class B (ISIN XS0179909931): affirmed at 'Csf'
Class C (ISIN XS0179910517): affirmed at 'Dsf'
Class D (ISIN XS0179910780): affirmed at 'Dsf'
TITAN EUROPE 2006-5: Moody's Cuts Rating on Cl. X Notes to 'Caa2'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
classes of Notes issued by Titan Europe 2006-5 p.l.c.
Moody's rating action is as follows:
EUR330M A1 Notes, Downgraded to Ba3 (sf); previously on Sep 23,
2013 Downgraded to Ba1 (sf)
EUR112.3M A2 Notes, Downgraded to Caa1 (sf); previously on Sep
23, 2013 Affirmed B3 (sf)
EUR0.05M X Notes, Downgraded to Caa2 (sf); previously on Sep
23, 2013 Affirmed Caa1 (sf)
Moody's does not rate the Class A3, B, C, D, E, F and Class V
Notes.
Ratings Rationale
The downgrade action for the Class A1 Notes results from an
increased probability of a Note Event of Default (NEoD) in 6-12
months' time. The transaction relies on the liquidity facility to
prevent a NEoD by covering certain senior costs and interest on
the Class A1 and X Notes. Based on the level of liquidity
facility drawings this year and the continued payment default
under the second largest loan in the pool, the Quartier Loan, the
liquidity facility is likely to be depleted by the January 2015
interest payment date (IPD). The Class A2 Notes are downgraded
because the loss expectation increases with a NEoD due to the
Issuer level swap breakage costs that would likely materialize.
Moody's assessment of the underlying portfolio of loans remains
largely unchanged compared to the November 2012 downgrade action.
Therefore, based on the underlying collateral, Moody's expects
full recovery on the Class A1 Notes even in the event of a NEoD
and taking into account swap breakage costs.
The Class X Notes reference the underlying loan pool. As such,
the key rating parameters that influence the expected loss on the
referenced loan pool also influences the ratings on the Class X
Notes. The rating of the Class X Notes was based on the
methodology described in Moody's Approach to Rating Structured
Finance Interest-Only Securities published in February 2012.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was Moody's
Approach to Rating EMEA CMBS Transactions published in December
2013.
Other factors used in this rating are described in European CMBS:
2014-16 Central Scenarios published in March 2014.
Factors that would lead to an upgrade or downgrade of the rating:
Main factors or circumstances that could lead to a further
downgrade of the ratings are (i) a NEoD or (ii) a decline in the
property values backing the underlying loans or (iii) an increase
in default risk assessment for the performing loans.
Main factors or circumstances that could lead to an upgrade of
the ratings is a workout of the Quartier Loan before a NEoD could
happen, together with sufficient recoveries on the loan to repay
liquidity facility drawings and workout costs.
Moody's Portfolio Analysis
As of the July 2014 IPD, the transaction balance has declined by
46% to EUR359.2 million from EUR660.9 at closing in December 2006
due to the pay off and work-out of three loans originally in the
pool. The notes are currently secured by five first-ranking legal
mortgages over 31 commercial properties ranging in size from 45%
to 3% of the current pool balance. Since the last review, the
smallest loans, the Hilite Warehouse Loan prepaid. The pool has
an average concentration in terms of geographic location (100%
Germany, based on UW market value) and property type (53% hotel).
Moody's uses a variation of the Herfindahl Index, in which a
higher number represents greater diversity, to measure the
diversity of loan size. Large multi-borrower transactions
typically have a Herf of less than 10 with an average of around
5. This pool has a Herf of 3.2, the same as at Moody's prior
review.
For a detailed description of the top three loans please refer to
the November 2012 downgrade action press release.
Consequences of A Note Event of Default
In this section Moody's highlights some of the expected
consequences and uncertainties that would arise with a NEoD.
Class X interest: The Class X interest accrual mechanism on
unpaid interest is the same in Titan Europe 2006-5 p.l.c. as it
is in TITAN EUROPE 2006-3 p.l.c. After a NEoD in Titan Europe
2006-5 p.l.c., there would be an interest payment default on the
Class X Notes and this unpaid interest would accrue interest at
the Class X interest rate, which was 56,126% at the last IPD. The
consequence of this high Class X interest rate is that accrued
unpaid interest on the Class X would exceed the principal amount
due under the entire capital structure.
Enforcement of the Issuer security: Based on evidence from TITAN
EUROPE 2006-3 p.l.c., Moody's base case expectation in case of a
NEoD in Titan Europe 2006-5 p.l.c. is that Noteholders would
serve an enforcement notice on the Issuer declaring that the
Notes are immediately due and payable. In the event of non-
payment by the Issuer, interest shall accrue on unpaid amounts at
either the rate specified under the conditions of the Notes or if
higher, at the rate of interest on judgment debts provided by law
which is 8%. Consequently the interest rate on the Notes will be
higher than the interest rate on the securitized portfolio and
there will be no "excess" interest available which the Class X
could claim.
Swap termination payments: Once the liquidity facility is
depleted, there will likely be a default under the Quartier Loan
swap, following which the swap counterparty will have the right
to terminate the swap and demand the swap termination payment.
The Quartier Loan has a fixed rate of interest with an Issuer
level fixed to floating interest rate swap. As this loan does not
pay any interest, the liquidity facility is needed to ensure that
swap payments related to this loan are made. The current swap
mark-to-market (MtM) for the Quartier loan is approximately
EUR10.7 million which is expected to decrease to EUR9.3 million
by January 2015.
There is a high probability that after a NEoD some or all of the
other fixed to floating swaps would terminate as well. The
current swap MtM under the entire transaction is EUR26.9 million
which is expected to decrease to EUR23.3 million by January 2015.
Looking at the Issuer priority of payments, it is unclear where
the swap termination payment related to an Issuer default would
rank. Periodic payments to the swap counterparty and termination
payments due in connection with a partial prepayment of a loan
are part of the Revenue Priority Amounts, which rank senior to
the Expenses Priority of Payments. There is no mention of
termination payments resulting from an Issuer default. In the
worst case, this termination payment would also be part of the
Revenue Priority Amounts, which could mean that none of the
Periodic Fee Parties like the trustee, paying agent, servicer,
operating bank and corporate services provider would receive any
payment until the swap termination payment is made. The liquidity
facility provider ranks behind the above mentioned Periodic Fee
Parties.
=========
I T A L Y
=========
BANCA NAZIONALE: Moody's Cuts Bank Fin'l Strength Rating to 'D'
---------------------------------------------------------------
Moody's Investor Service has affirmed Banca Nazionale del Lavoro
SpA's (BNL) long-term deposit and issuer ratings of Baa2 with
stable outlook, as well as the bank's Prime-2 short-term deposit
rating. Moody's also lowered BNL's standalone bank financial
strength rating (BFSR) to D, which is equivalent to a standalone
baseline credit assessment (BCA) of ba2. The outlook on the
standalone BFSR was changed to stable from negative.
BNL is a fully owned subsidiary of BNP Paribas (BNPP rated
A1/Prime-1 negative, C-/baa1 negative).
Ratings Rationale
Deposit Rating
Moody's affirmation of BNL's Baa2 deposit rating incorporates
three notches of uplift from the bank's standalone BCA of ba2,
reflecting the rating agency's unchanged expectation of a very
high probability of parental support from BNPP in case of need
and a high probability of systemic support.
The Outlook for BNL's deposit rating is stable, reflecting the
credit strength of its parent and Moody's anticipation that,
given the very high expectation of parental support, a one notch
downgrade of BNPP's baa1 BCA would not affect the rating of the
bank.
Lowering of the BCA
Moody's says that the lowering of the standalone BCA reflects the
evolution of the bank's profitability, capital adequacy and asset
quality, against the backdrop of the still challenging operating
environment in Italy. The stable outlook reflects expectation of
limited deterioration of these from the current level, and also
takes into account the reduction in non-performing loans,
following a sale to the parent.
In Moody's view, the key drivers supporting BNL's current
standalone rating include the bank's domestic footprint, its
earning diversification and the predictability of its business.
Over the past five years, BNL has maintained stable
profitability, primarily because of the absence of goodwill
write-offs seen in other Italian banks, modest impairments on the
securities portfolios and a manageable cost of risk. In contrast
to the majority of Italian rated peers, BNL has not used
additional carry trades to boost its net interest income in the
past two years, and did not realise any material capital gain
from the sale of government bonds in 2013. Bottom line results
have however been modest for a bank of this size, but it should
be noted that the results in the annual report do not fully
reflect BNL's profitability. This is because some revenues are
booked at parent level, while costs are recorded by the
subsidiary.
With regard to capital adequacy, Moody's notes that BNL's
regulatory ratios are below those of peers and the banking system
average. The rating agency however says that this is commensurate
with the current rating level. In December 2013, BNL obtained the
Bank of Italy's approval to use the Advanced internal ratings
based (IRB) model for non-financial companies, public entities
and central bank portfolios (see Note 1).
BNL's adoption of the IRB model and the sale to BNPP of a EUR3.4
billion portfolio of non-performing loans (NPLs) (see Note 2) --
which was entirely composed of NPLs to corporates, led to (1) a
19.3% year-on-year contraction in risk-weighted assets; and (2)
an increase in the Core Tier 1 (CT1) ratio (2013: 9% 2012: 7.7%).
Notwithstanding this increase, the bank's CT1 ratio remained well
below the 10.5% Italian average over the period 2012-13 (see Note
3). However, when considering the bank's financial leverage --
calculated as total assets net of intangible assets as a
proportion of Tier 1 capital -- BNL is in a stronger position,
with a ratio of 15.2x versus the banking system average of 18.5x.
BNL's asset quality metrics have declined in recent years,
although coverage levels have remained superior to those of the
system. BNL reported a 12% problem loan ratio (see Note 4) at
year-end 2013, in line with 12.3% for the system, albeit higher
than the peer median. Including the portfolio of NPLs sold to its
parent, Moody's estimates that the ratio would have been 16.2%,
much higher than the system average. However, the agency notes
that the sale of the NPLs portfolio has reduced BNL's credit risk
on a structural basis because the majority of NPLs now relate to
retail and small businesses, which are generally more granular
and benefit from a higher level of collateralization. BNL's loan
loss coverage -- at 62.3% -- was better than the 59.1% system
average. However, problem loans-to-the sum of shareholders'
equity plus loan loss reserve ratio -- at 77.3% in 2013 vs 82.5%
in 2012 -- was slightly higher than the 73.7% ratio for the
system and the 62% peer median.
BNL has one of the Italian banking system's highest loan-to-
deposit ratios and an above-system average dependence on European
Central Bank funding (16.6% of total funding). Parent funding is
the second most important funding source (17.7% of total
funding). The bank's liquidity profile is comfortable. As of
year-end -2013, BNL had a loan-to-deposit ratio of 154.6%,
significantly improved compared to 170.6% in the previous year,
driven by the 7.4% contraction in loan volume and 1.8% increase
in customer deposits. Despite this improvement, the ratio remains
far from the 112.6% system average and 113% peer median. If
parental funds are included in the ratio, the bank's loan-to-
deposit ratio would decline to a more balanced 118%.
What Could Move the Ratings Up/Down
Upward pressure could develop on the BNL's BCA following a
strengthening of bank's profitability, asset quality and any
further funding rebalancing toward customer deposits. The deposit
rating could be upgraded if we raised BNPP's BCA.
Conversely, downward pressure on BNL's BCA could stem from (1)
worse-than-expected asset quality erosion; and (2) any evidence
of a faltering recovery and further weakening in the domestic
operating environment, leading to weaker financial fundamentals.
We could downgrade BNL's deposit rating following any evidence
that BNPP would be unwilling to support its Italian subsidiary,
and any lowering of BNPP's BCA.
Note 1: Unless otherwise noted, data in this report are from the
company's reports or Moody's Financial Metrics.
Note 2: "Sofferenze" (non performing loans): loans for which the
payment is uncertain because of the insolvency of the borrower,
regardless of formal judicial status.
Note 3: Source of system averages: Bank of Italy annual reports.
Note 4: Problem loans include: non-performing loans
("sofferenze"), watchlist loans ("incagli"), restructured loans
("ristrutturati") and past due loans ("scaduti"). Moody's adjusts
these figures and only incorporates 30% of the bank's "watchlist"
category as an estimate of those over 90 days overdue.
List of Affected Ratings
Issuer: Banca Nazionale Del Lavoro S.P.A.
Baseline Credit Assessment, Lowered to ba2 from ba1
Adjusted Baseline Credit Assessment, baa2
Bank Financial Strength Rating, Downgraded to D STA from D+ NEG
Long-term Deposit Ratings, Affirmed Baa2 STA
Short-term Deposit Ratings, Affirmed P-2
Issuer Rating, Affirmed Baa2 STA
Senior Unsecured Regular Bond/Debenture, Affirmed Baa2 STA
Outlook, Stable(m)
TAURUS CMBS NO.2: Moody's Confirms B3 Rating on Class F Notes
-------------------------------------------------------------
Moody's Investors Service has taken the following rating action
on four classes of Notes issued by TAURUS CMBS No.2 S.r.l.
Issuer: TAURUS CMBS No.2 S.r.l.
EUR24.8M C Notes, Upgraded to A2 (sf); previously on Apr 11,
2014 A3 (sf) Placed Under Review for Possible Upgrade
EUR29M D Notes, Upgraded to A2 (sf); previously on Apr 11, 2014
Baa2 (sf) Placed Under Review for Possible Upgrade
EUR24.7M E Notes, Confirmed at Ba1 (sf); previously on Apr 11,
2014 Ba1 (sf) Placed Under Review for Possible Upgrade
EUR16.5M F Notes, Confirmed at B3 (sf); previously on Apr 11,
2014 B3 (sf) Placed Under Review for Possible Upgrade
Moody's does not rate the Class G Notes and has previously
withdrawn its ratings on the Class A, Class B and Class X Notes.
The Class C, D, E and F Notes were placed on review for possible
upgrade on 11 April 2014. Today's action concludes Moody's review
of the transaction.
Ratings Rationale
The upgrade action is driven by the increase in the credit
enhancement level for the Class C Notes to 82% and the Class D
Notes to 57% following the sequential allocation of loan
principal repayments over the past two interest payment dates
(IPDs). The amortization of the Berenice Loan, the only loan
remaining in the pool, through sponsor equity and the inclusion
of release premiums on the disposed properties has resulted in
deleveraging, a credit positive for the noteholders. The loan-to-
value (LTV) ratio reported as of the July 2014 IPD is 45%
compared with 52% at closing of the transaction.
The ratings of the Class C and Class D Notes are capped at the
A2(sf) country ceiling for Italy, the maximum rating that Moody's
will assign to a domestic issuer including structured finance
transactions backed by Italian receivables.
Given their subordinated position in the structure and the
potential interest shortfalls that may occur on the notes in the
future IPDs, the ratings of the Class E and Class F notes are
confirmed at their current levels. Following loan repayments in
the pool, a negative excess spread in the transaction has emerged
and resulted in a EUR4.5 million cumulative deferred interest for
the Class G Notes (non-rated). The Class F Notes had an interest
deferral of EUR40k at the most recent IPD in July. As the
underlying loan amortizes and the notes are repaid sequentially,
the negative spread in the transaction might increase. While
Moody's believes that there is a very low likelihood of principal
losses for Class E and F, the classes increasingly face the risk
of interest shortfalls. Moreover, if continuing amortization of
the loan repays the Class C and D Notes, a non payment of
interest on the Class E Notes would result in a note event of
default.
Moody's rating action reflects a base expected loss in the range
of 0%-10% of the balance of the loan. Moody's derives this loss
expectation from the analysis of the default probability of the
securitized loan (both during the term and at maturity) and its
value assessment of the collateral.
Moody's assessment including its assumptions on the Berenice Loan
is summarized in the section MOODY'S PORTFOLIO ANALYSIS.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was Moody's
Approach to Rating EMEA CMBS Transactions published in December
2013.
Other factors used in this rating are described in European CMBS:
2014-16 Central Scenarios published in March 2014.
Factors that would lead to an upgrade or downgrade of the rating:
Main factors or circumstances that could lead to an upgrade of
the Class C and Class D Notes is primarily a potential decline in
the sovereign risk of Italy as reflected by a higher country
ceiling for structured finance securities. For the Class E and
Class F notes, an increase in issuer available income to pay the
interest on the notes or a decrease in the issuer expenses that
would reduce the negative excess spread could lead to an upgrade
of the notes.
Main factors or circumstances that could lead to a downgrade of
the notes generally include (i) a decline in the value of the
properties and (ii) a protracted sales process which would
shorten the available time to recover note principal prior to the
legal final maturity date of the notes. For the Class C and Class
D Notes in particular, a potential increase in the sovereign risk
of Italy as reflected by a lower country ceiling for structured
finance securities could lead to a downgrade. For the Class E and
Class F notes, an increase in interest shortfalls and lower
prospects of recovering deferred interest could lead to a
downgrade.
Moody's Portfolio Analysis
TAURUS CMBS No.2 S.r.l. closed in December 2005 and represents
the securitization of initially four commercial mortgage loans
originated by Merrill Lynch Capital Markets Bank Limited. At
closing, the loans were secured directly or indirectly by first-
ranking legal mortgages over 83 commercial properties located in
Italy. The properties were predominantly office (66.3%) followed
by industrial buildings (28.0%). Since closing, three out of the
original four loans (60% of initial pool balance) have prepaid.
In addition, there have been partial prepayments on the remaining
loan in the pool due to property disposals.
The Atlantic 2 - Berenice Loan, the only loan remaining in the
pool, is currently secured over 27 predominantly office and
industrial properties in Italy. Of the currently EUR 173 million
whole loan, 33% is securitized in this transaction. There is also
an additional EUR 26 million undrawn CapEx facility one third of
which is funded by the securitization. The total securitized debt
therefore amounted to EUR 66 million as of July 2014. Including
the CapEx facility, the underwriter's LTV as of July 2014 is 52%.
The ten-year loan originated in 2005 has been subject to
scheduled amortization payments starting in June 2012. Through
the sale of 27 of the originally 54 properties in the portfolio
and equity injections, the borrower was able to meet the semi-
annual payment targets up until the latest payment date in
June 2014. The latest EUR70 million payment due (Taurus Issuer
share: EUR23 million) was not met. However, Moody's understands
that the borrower is in the process of selling further properties
and is expected to be repaying a significant portion of the loan
in the near future, and an event of default has not occurred
under the loan agreement.
In its assessment, due to sizeable payments due under the loan,
Moody's considered that a default may still occur at or prior to
the July 2015 loan maturity date. As observed in June 2014,
however, Moody's expects a potential default resolution and loan
repayment to be achieved in an orderly/consensual sale of the
properties by the legal final maturity date of the notes in July
2019. Based on its value assessment of the properties, Moody's
leverage for the loan is high at 80%-90% and Moody's base case
expected loss for the loan is in the 0%-10% range.
===================
K A Z A K H S T A N
===================
HALYK FINANCE: Fitch Assigns 'BB' Long-Term IDR; Outlook Stable
---------------------------------------------------------------
Fitch Ratings has assigned JSC Halyk Finance (HF) Long term
Issuer Default Ratings (IDRs) of 'BB' with Stable Outlook.
KEY RATING DRIVERS
HF's Long-term IDRs are aligned with the ratings of its parent
bank, Halyk Bank of Kazakhstan (HB; BB/Stable), reflecting
Fitch's view of HB's high propensity to provide support to its
subsidiary, if needed. Fitch classifies HF as a 'core
subsidiary' according to the agency's 'Rating FI Subsidiaries and
Holding Companies' criteria based on (i) HF's being an integral
part of the group, wholly owned and supervised by the parent;
(ii) significant reputational risks stemming from a potential
default of the subsidiary; (iii) limited cost of potential
support.
HF is the investment banking arm of HB, focusing on the group's
core clients, which are Kazakhstan's leading corporates, banks,
state-controlled entities, and also other group companies, such
as HB's two 100%-owned insurance subsidiaries, for which HF
manages securities portfolios. HF has been and plans to be
increasingly involved in some of the group's flagship projects,
such as the IPOs of Kazakhstan's state-owned energy companies.
Fitch believes HF would be supported by HB, if needed, although
the company has never required support since establishment in
2004 due to sound performance. HF's small size (less than 1% of
HB's total assets at end-2013 and 2.7% of net profit in 2013),
its being almost fully funded by the parent bank and healthy
balance sheet mean that the cost of any potential support would
be low. Reputational costs of a failure to support could be high
in view of HB's full ownership, common branding and HB's
supervision of HF through the Board of Directors. However, HF is
not covered by a cross-default clause as per HB's public debt
issuance terms due to the subsidiary's small size.
The company is well capitalized with an equity / assets ratio of
22% (54% including its preference share capital) at end-2013 and
on the asset side exposed to decent quality securities (of the
total KZT24 billion book 41% were bonds rated 'BB' or above;
equities, mostly of leading domestic issuers, amounted to 26% of
the book) at end-1Q14. HF also had off balance sheet KZT133
billion of brokerage accounts and KZT39 billion of assets under
management, which were mostly from related-party insurance
companies.
HF's liquidity risk is currently limited as the company is funded
by the parent on favorable terms and about a third of its
securities book is represented by investment-grade bonds, which
are repo-able on the market. HF does not currently provide
margin loans or liquidity facilities to its brokerage and asset
management clients. HF's management is seeking some funding
diversification, which may increase the cost of funding.
Profitability has recently been strong with comprehensive income,
equaling to 8.7% of average assets in 2013. It was mainly driven
by proprietary investment portfolio income, the bulk of which was
from coupons, while dividends and trading gains were not
significant. Underwriting and advisory fees have had limited
contribution to overall performance, but may increase in the
future. Profitability is subject to volatility, as reflected by
a small loss in 2011 caused mainly by securities mark-to-market
adjustment, but such losses are typically unrealized.
RATING SENSITIVITIES
The IDRs of HF move in tandem with HB. A prolonged delay of
support provision by HB, when required, could lead to a downgrade
of HF's ratings.
The rating actions were as follows:
Long Term foreign and local currency Issuer Default Ratings
assigned at 'BB'; Outlook Stable
Short Term foreign and local currency Issuer Default Rating
assigned at 'B';
Support Rating assigned at '3'
=================
M A C E D O N I A
=================
GEVGELIJA: Moody's Withdraws 'B1' Global Scale Issuer Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn the B1 global scale
issuer ratings of the Macedonian municipalities of Gevgelija,
Kumanovo, Strumica and Veles and the B2 rating of the
Municipality of Ilinden for its own business reasons. The outlook
on all ratings at the time of withdrawal was stable.
Ratings Rationale
Moody's has withdrawn the rating for its own business reasons.
The Municipality of Gevgelija is situated in the south-eastern
region of the Republic of Macedonia. With its 22,000 inhabitants,
it ranks among small-size Macedonian municipalities.
The Municipality of Kumanovo is in north-eastern Macedonia and
with over 107.000 inhabitants, it is the largest municipality in
the country.
The Municipality of Strumica is situated in the southeast of the
Republic of Macedonia and is home to more than 55.000
inhabitants, which ranks it among mid-size municipalities.
The Municipality of Veles also has roughly 55.000 inhabitants and
is located in the Vardar region in the central part of the
country.
The Municipality of Ilinden, with its just 17.000 inhabitants,
lies near the Macedonian capital, Skopje. It ranks among small-
size Macedonian municipalities.
===============
P O R T U G A L
===============
PORTUGAL: Moody's Raises Government Bond Rating to 'Ba1'
--------------------------------------------------------
Moody's Investors Service has upgraded Portugal's government bond
rating to Ba1 from Ba2. The outlook on the rating is now stable.
Portugal's short-term debt rating remains unchanged at Not-Prime.
The rating action concludes the review for upgrade that Moody's
initiated on May 9, 2014.
The rating action reflects the following key factors:
1) Moody's expectation that fiscal consolidation will remain on
track despite unfavorable rulings by Portugal's Constitutional
Court. This should support a gradual reduction in the very high
public debt burden in the coming years. In addition, Moody's does
not expect that the current uncertainties surrounding Banco
Espirito Santo will have a material impact on the government's
balance sheet.
2) The government's comfortable liquidity position, with regained
access to the public debt markets and sizeable cash buffers.
Moreover, Portugal concluded its three-year EU/IMF support
program in June.
As a consequence of these improvements, Portugal's credit profile
is now aligned with its Ba1-rated EU peers, such as Slovenia (Ba1
stable) and Croatia (Ba1 negative). Moody's believes, however,
that Portugal's credit metrics remain inconsistent with an
investment-grade rating.
Concurrently, Moody's has upgraded the senior debt rating of
Parpublica Participacoes Publicas (SGPS) SA to Ba1 from Ba2 and
assigned a stable outlook. Despite the lack of an explicit
guarantee, Moody's rates SGPS at the same level as the Portuguese
government to reflect (1) the company's 100% government
ownership; (2) the very close links between the company and the
government; and (3) strong evidence of government financial
support for the company.
In addition, Portugal's local-currency and foreign-currency
country risk ceilings have been raised to A3 from Baa1. The
short-term foreign-currency country ceilings on debt and deposits
remain unchanged at P-2. The ceilings reflect a range of
undiversifiable risks to which issuers in any jurisdiction are
exposed, including economic, legal and political risks.
Portugal's ceilings also incorporate the low probability of a
euro area exit and redenomination risk in the unlikely event of a
sovereign default, consistent with Moody's treatment of other
sovereigns in a currency union. The ceilings act as a cap on
ratings that can be assigned to the foreign and local-currency
obligations of entities domiciled in the country.
Ratings Rationale
Rationale for Upgrade
--First Driver: Strong Government Commitment To Fiscal
Consolidation
The first driver behind the upgrade is Moody's view of the
government's strong commitment to fiscal consolidation, despite
repeated set-backs stemming from the adverse rulings of the
country's Constitutional Court. In fact, the government has
already announced measures to at least partly compensate for the
negative impact of the Court's latest ruling, the fiscal impact
of which the Portuguese independent Fiscal Council estimates at
around 0.4% of GDP. In addition, the government benefits from a
sizeable fiscal cushion, given that last year's budget deficit
was ultimately 1% of GDP lower than budgeted.
According to the Fiscal Council, the fiscal effort required in
the remainder of 2014 is smaller than both that achieved in Q1
2014 and that realized last year. As a result, Moody's expects
that Portugal will achieve its general government deficit target
of 4% of GDP for the year, which would yield the government's
first primary surplus since 1997. Portugal's budget deficit will
be lower than the deficits of higher-rated Spain (Baa2 positive)
and Ireland (Baa1 stable).
Moody's does not expect the current uncertainties surrounding
Banco Espirito Santo (BES) to have a material impact on the
government's credit profile. The government has EUR6.4 billion in
cash available that is already accounted for in Portugal's public
debt statistics. These funds were obtained from the official
sector for bank recapitalization as part of the external support
package, but have not been used so far. Having said that, a
public equity injection would be a credit negative as it would
use up a portion of an important liquidity buffer.
Against this generally positive developments, Portugal's overall
debt burden remains quite high and constrains its rating. Netting
out the government's sizeable cash buffers (around 13% of GDP as
of May), the public debt ratio stands at around 120% of GDP
(gross debt: 133% of GDP). While this is a very high debt burden
that severely restricts Portugal's room for fiscal manoeuvre,
Moody's expects the ratio to decline slowly in the coming years
as the budget deficit is reduced and cash buffers are run down.
In gross terms, Moody's expects the debt ratio to decline to just
below 130% of GDP in 2015.
--Second Driver: Comfortable Liquidity Position, Regained Market
Access, And Exit From Support Programme
The second driver underlying the upgrade is Portugal's exit from
the external support program coupled with its return to public
debt markets and the already mentioned large cash buffers, all of
which reduce the sovereign's vulnerability to unfavorable market
conditions. The government's borrowing costs have declined
further since Moody's initiated the review of the rating in May,
with current rates at historically low levels.
The government has issued EUR11.8 billion so far this year in
medium and long-term bonds, and its cash buffer stood at more
than EUR22 billion (13% of GDP) as of end-May 2014, a key
consideration for not requesting a precautionary credit line from
the European Stability Mechanism (ESM). Portugal's cash buffers
cover the government's borrowing requirements for the next 12
months, which puts Portugal in a similar situation as Ireland was
at the end of its program. In addition, the government's
borrowing requirements in the coming years are manageable.
Despite the country's high debt burden, Moody's believes
Portugal's credit profile is now aligned with its Ba1-rated EU
peers, such as Slovenia and Croatia. In contrast to those two
countries, Portugal's economy is growing again, with the recovery
broadening beyond exports. Also, the Portuguese authorities' have
shown a strong determination to reduce the budget deficit and to
bring the public debt on a declining trend. These factors
compensate for Portugal's higher public debt level compared to
Slovenia and Croatia and most other peers in the Ba rating
category.
Rationale for Stable Outlook
The stable outlook on Portugal's Ba1 rating reflects evenly
balanced upside and downside risks. The growth outlook probably
has more upside risks in light of the extensive structural
reforms that have been implemented over the past few years.
At the same time, Moody's considers Portugal's very high external
debt as a key credit weakness besides the high public debt. The
country's net external debtor position of 119% of GDP (2013) is
among the highest in Moody's sovereign rating universe, and
reducing the external debt burden implies continuous large
current account surpluses in the coming years.
What Could Move the Rating Up/Down
An upgrade into the investment-grade rating category requires (1)
greater visibility over the fiscal policy stance of the next
government; and (2) a clearly established downward trend in the
public debt ratio. A significantly stronger growth performance
would also be beneficial for the rating, as it would indicate
that the extensive structural reforms implemented over the past
three years are bearing fruit and allow a higher sustained growth
path with consequent positive effects on the debt trend.
Conversely, the rating could come under downward pressure if the
commitment of the current or the next government to fiscal
consolidation was waning significantly, putting at risk the
downward trend of the public debt ratio.
In Moody's assessment, the conclusion of the review, which began
in May 2014, necessitates this rating action being released on a
date not listed for this entity on Moody's 2014 sovereign release
calendar.
GDP per capita (PPP basis, US$): 23,068 (2013 Actual) (also known
as Per Capita Income)
Real GDP growth (% change): -1.4% (2013 Actual) (also known as
GDP Growth)
Inflation Rate (CPI, % change Dec/Dec): 0.2% (2013 Actual)
Gen. Gov. Financial Balance/GDP: -4.9% (2013 Actual) (also known
as Fiscal Balance)
Current Account Balance/GDP: 0.5% (2013 Actual) (also known as
External Balance)
External debt/GDP: [not available]
Level of economic development: Moderate level of economic
resilience
Default history: No default events (on bonds or loans) have been
recorded since 1983.
On July 22, 2014, a rating committee was called to discuss the
rating of the Portugal, Government of. The main points raised
during the discussion were: The issuer's fiscal or financial
strength, including its debt profile, has improved. The issuer
has become less susceptible to event risks.
===========
R U S S I A
===========
ALTAI REGION: Fitch Affirms 'BB+' Long-Term IDR; Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Russia's Altai Region's Long-term
foreign and local currency Issuer Default Ratings (IDR) at 'BB+',
National Long-term rating at 'AA(rus)' and Short-term foreign
currency IDR at 'B'. The Outlooks on the Long-term IDR and
National Rating are Stable.
KEY RATING DRIVERS
The affirmation reflects Altai's satisfactory budgetary
performance, sound liquidity and low debt. The ratings also take
into account the modest size of the region's economy. The Stable
Outlook reflects Fitch's expectation that prudent fiscal policy
and conservative debt management practices would lead to
maintenance of moderate debt burden amid satisfactory operating
performance in the medium term.
Fitch expects Altai to maintain a stable budgetary performance
with an operating surplus of 8%-10% in 2014-2016. The region
posted a minor deficit before debt variation of 0.3% of total
revenue in 2013. Fitch notes that that pressure on the region's
opex due to the federal government's 2012 election pledges to
raise public sector salaries and fund other social programs is
likely to persist in the medium term.
Altai remained net cash positive in 2009-2013 with cash holdings
of RUB4.1 billion at end-2013 (2012: RUB3.6 billion). Prudent
cash management allows Altai to rely on its own liquidity and
demonstrates the region's ability to avoid cash mismatches and
absorb temporary shocks.
Fitch expects the region to maintain a responsible fiscal policy
and conservative debt management practices in the medium term.
Federal budget loans remained the sole debt instruments in
2012-2013 with final maturities in 2016. The region's direct
risk of RUB1.4 billion (or less than 3% of current revenue) in
2013 was low by national and international standards. It is
likely to modestly increase up to 8% of current revenue in 2014
and possibly up to 10%-15% in 2015-2016.
Altai's contingent liabilities are limited to a few outstanding
guarantees and the low debt levels of its broad public-sector
companies. In Fitch's view, the administration's oversight of
its public sector is adequate, limiting the region's exposure to
contingent risk.
The region's administration expects economic growth of 3% yoy in
2014. GRP expanded by 4% yoy in 2013 (2012: 1.6%). Investments
into fixed assets and non-cyclical sectors such as agriculture
and trade stimulated the region's economic growth.
RATING SENSITIVITIES
The ratings may be positively affected by improved budgetary
performance with the operating margin rebounding towards 15% in
the medium term alongside moderate debt and favorable debt
coverage ratios.
A downgrade could result from significant deterioration in the
operating performance coupled with a radical increase in the
region's total risk.
CHUVASH REPUBLIC: Fitch Affirms 'BB+' IDR; Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Russian Chuvash Republic's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at
'BB+', with Stable Outlooks, and its Short-term foreign currency
IDR at 'B'. The agency has also affirmed the region's National
Long-term rating at 'AA(rus)' with Stable Outlook.
Chuvash Republic's RUB2 billion outstanding senior unsecured
domestic bonds have also been affirmed at 'BB+' and 'AA(rus)'.
KEY RATING DRIVERS
The affirmation reflects the recovery of the region's operating
performance, with indicators above Fitch's expectations, and its
low direct risk and contingent liabilities. The ratings also
take into account the moderate scale of the regional economy,
refinancing pressure in the medium-term and an evolving
institutional framework.
Fitch expects Chuvashia's operating balance to be stable at 13%
of operating revenue in 2014-2016. Its operating balance
recovered to a sound 13.9% of operating revenue in 2013 after
having fallen to 4.9% in 2012. The recovery was supported by the
administration's ability to contain operating expenditure growth.
The republic recorded a minor deficit before debt variation of
1.9% of total revenue in 2013 (2012: 5.2%). The deficit was
fully financed by accumulated cash reserves, thus enabling the
republic to contain the growth of direct risk.
Fitch expects direct risk will remain low in the medium term and
stabilize at around 30% of current revenue. In 2013, the
region's direct risk declined to 27% of current revenue from
30.8% a year ago. The maturity profile of the direct risk
extends to 2032 but most of the repayments are concentrated in
the medium term. The republic will have to redeem 59% of its
direct risk between 2014 and 2016, which creates some refinancing
pressure.
So far, the republic has redeemed RUB1.5 billion of amortizing
loans and RUB1.6 billion of short-term bank loans in 2014. This
has reduced Chuvashia's direct risk to RUB5.5 billion as of
July 20, 2014 from RUB8.6 billion at the beginning of the year.
Refinancing risk for the rest of 2014 is low, with only RUB200
million of federal loans facing maturity.
The region's contingent risk remains low. Guarantees issued by
the republic decreased to RUB1.1bn so far in 2014 from RUB1.4
billion in 2013. The debt of public-sector entities remains
stable at RUB0.7 billion, and is well controlled by the
administration.
The republic's socio-economic profile is historically weaker than
that of the average Russian region. Its per capita gross
regional product was 29% lower than the national median in 2012.
However, Chuvashia has a diversified industry-oriented economy.
According to the administration's preliminary estimates, the
republic's economy stagnated in 2013 on the back of unfavorable
national economic trends. The administration expects the
regional economy to recover and grow by an average 2%-3% in 2014-
2016.
Russia's institutional framework for sub nationals constrains the
region's ratings. Frequent changes in allocation of revenue
sources and assignment of expenditure responsibilities between
the tiers of government limit the region's forecasting ability
and negatively affect its fiscal capacity and financial
flexibility.
RATING SENSITIVITIES
A positive rating action may result from the operating margin
being restored to the historical high of above 15%, along with
direct risk at below 40% of current revenue.
Sharp growth of direct risk to above 50% of current revenue,
coupled with an inability to ease refinancing pressure and
deterioration of operating performance resulting in weak debt
coverage, could lead to a downgrade.
KAZAN CITY: Fitch Affirms 'BB-' Long-Term IDR; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Russia's Kazan City's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at
'BB-', with Stable Outlooks, and its Short-term foreign currency
IDR at 'B'. The agency has also affirmed the city's National
Long-term rating at 'A+(rus)' with Stable Outlook.
The city's outstanding RUB0.6 billion senior unsecured domestic
bonds' ratings have also been affirmed at 'BB-' and 'A+(rus)'.
KEY RATING DRIVERS
The ratings reflect high direct risk -- which includes sub-loans
from federal government -- mitigated by favorable repayment
terms. The ratings also take into account satisfactory operating
performance, moderate direct debt (bank loans and domestic bonds)
and a strong diversified economy.
Operating performance in 2013 was lower than Fitch had expected
based on preliminary results provided by the city. The operating
balance accounted for 5% of operating revenue, lower than
preliminary indications of 11% as transfers from Tatarstan
Republic fell short of projections.
Fitch believes that pressure on opex will ease in 2014 after the
central government's objective to align teachers' salaries with
the average regional salary was achieved in 2013. Nevertheless
as the economy slows Fitch has revised its forecast for the
operating balance in 2014-2016 to 5%-7% of operating revenue from
10%, which is still in line with 'BB-' rating.
Fitch expects the city's capex will decline to average 15% of
total spending in 2014-2016 from a high of almost 30% in
2011-2013. High capex was driven by modernization of the city's
engineering and transport infrastructure and by construction of
new social and sport facilities for Universiade-2013. Low capex
needs in the medium term will limit the city's debt needs.
Fitch expects the city's direct debt (issued debt and bank loans)
will remain moderate, at below 30% of current revenue in 2014-
2016. Kazan's direct debt declined to 25% of current revenue in
2013 (2012: 28.1%). During 1H14 the city had further reduced
direct debt to RUB4.1 billion from RUB4.8 billion at
the beginning of the year.
Refinancing pressure will persist in 2014 as Kazan faces a
RUB3.5bn repayment of short-term bank loans and a RUB0.6bn
maturing bond. However, refinancing pressure is mitigated by the
moderate amount of direct debt and the city's long and successful
track record of relationships with commercial banks. Kazan plans
to refinance maturing obligations with three-year bank loans,
which will extend and smooth the city's debt maturity profile.
Kazan's direct risk, which includes budget loans, remains high
and accounted for 160% of current revenue in 2013. The bulk of
direst risk relates to RUB25.4 billion sub-loans from the federal
government, which was earmarked for infrastructure development in
preparation for the Universiade 2013. In mid-2013, the terms of
budget loan repayment were significantly relaxed, with the
introduction of a grace period until 2023 and the principal to be
amortized in 10 annual installments from 2023 to 2032.
Kazan is the capital of Tatarstan (BBB/Negative/F3), one of the
most developed Russian regions. The city received large capital
transfers from the republic in the mid-2000s to finance its
capex. This has remained high during the past five years and
Fitch expects the republic to be supportive in future, if
necessary.
The city's economy is well-diversified and has a developed
industrial sector. The latter is dominated by petrochemicals,
machine-building and food processing. In 2012-2013 the city's
economy grew at a more rapid pace than the national economy. The
administration expects average growth will be 2%-3% annually in
2014-2016.
The ratings are negatively affected by the evolving nature of the
institutional framework for local and regional governments (LRGs)
in Russia. It has a shorter track record of stable development
than many of its international peers. The predictability of
Russian LRGs' budgetary policy is constrained by the continuous
reallocation of revenue and expenditure responsibilities between
the tiers of government.
RATING SENSITIVITIES
An increase of direct debt to above 50% of current revenue,
and/or further deterioration of operating balance to below 5% of
operating revenue could lead to a downgrade.
A decline of direct risk to below 100% of current revenue
accompanied by sound operating performance in line with its 2013
performance, could lead to an upgrade.
MOSCOW INTEGRATED: Fitch Affirms 'BB' IDR; Outlook Negative
-----------------------------------------------------------
Fitch Ratings has affirmed OJSC Moscow Integrated Power Company's
(MIPC) Long-term foreign and local currency Issuer Default
Ratings (IDR) at 'BB' with Negative Outlooks and simultaneously
withdrawn the ratings.
Fitch has withdrawn MIPC's ratings as the issuer has chosen to
stop participating in the rating process. Therefore, Fitch will
no longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for MIPC.
The ratings actions are as follows:
Long-term foreign currency IDR affirmed at 'BB', Outlook
Negative; withdrawn
Long-term local currency IDR affirmed at 'BB', Outlook
Negative; withdrawn
Long-term National Rating affirmed at 'AA-(rus)', Outlook
Negative; withdrawn
Short-term foreign currency IDR affirmed at 'B'; withdrawn
Short-term National Rating affirmed at 'F1+(rus)'; withdrawn
YUKOS OIL: Russia Liable to Pay US$50-Bil. to Ex-Majority Owners
----------------------------------------------------------------
Irina Reznik, Henry Meyer and Jessica Morris at Bloomberg News
report that former majority owners of Yukos Oil Co. won a
landmark US$50 billion ruling against Russia for the confiscation
of the company and now face another lengthy legal battle to claim
their award.
According to Bloomberg, GML Ltd., the holding company for Yukos'
main owners, said on July 28 that the Permanent Court of
Arbitration in The Hague found that Russia is liable to pay just
less than half of the US$114 billion sought.
The decision showed the campaign against Yukos was "politically
motivated," GML head Tim Osborne, as cited by Bloomberg, said in
London.
GML said that Russia must pay the award by mid-January or face
penalties, Bloomberg notes. Emmanuel Gaillard, one of GML's
lawyers, said that the possibility for appeal is limited to
"technical" issues within Dutch courts, Bloomberg relates.
Vladimir Putin's government dismantled Yukos in 2004 to 2007 over
US$27 billion in tax charges after imprisoning Chief Executive
Officer Mikhail Khodorkovsky, Bloomberg recounts.
According to Bloomberg, Foreign Minister Sergei Lavrov said on
July 28 at a televised briefing that Russia will have an
opportunity to appeal.
"Russia will use all available legal means to defend its
position," Bloomberg quotes Mr. Lavrov as saying.
Mr. Khodorkovsky, once Russia's richest man with a fortune of
US$15 billion, was freed in December by a presidential pardon
after serving a decade in prison camps, Bloomberg relays. He has
called the charges against him revenge for his financing of
opposition parties, Bloomberg notes. The Kremlin denies the
claim, saying the case was purely a matter for the courts,
Bloomberg relays.
According to Bloomberg, Mr. Osborne said that the ruling found
"that the primary objective of the Russian Federation was not to
collect taxes but to bankrupt Yukos and appropriate its
underlying assets for the benefit of the state in the guise of
Rosneft".
Mr. Khodorkovsky, who's living in Switzerland, said he isn't
entitled to any part of the damages because he transferred his
Yukos stake to fellow shareholder Leonid Nevzlin to protect the
company when he became a target of the Russian courts, Bloomberg
relates.
The European Court of Human Rights will decide this week on a
US$38 billion claim for "just satisfaction" filed by former Yukos
managers that would benefit all former shareholders, Claire
Davidson, a spokeswoman for the former managers, as cited by
Bloomberg, said on July 28.
Yukos Oil Co. was once Russia's largest oil producer.
=========
S P A I N
=========
CAJAS RURALES: Moody's Cuts Mortgage Bond Rating to Ba2
-------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Ba1 the
ratings of the mortgage and public-sector covered bond issued by
Cajas Rurales Unidas (CRU; rating undisclosed). Subsequently,
Moody's withdraws the ratings on the public-sector covered bonds.
This rating action follows Moody's decision to downgrade the
issuer's rating.
Ratings Rationale
The rating action follows Moody's downgrade of CRU's senior
unsecured ratings (rating undisclosed).
The timely payment indicator (TPI) assigned to both of CRU's
covered bond programs is Probable. This TPI constraints the
maximum achievable covered bond rating at Ba2.
Moody's has withdrawn the rating of CRU's public-sector covered
bonds because of inadequate information to monitor the rating,
due to the issuer's decision to cease participation in the rating
process.
Key Rating Assumptions/Factors
Moody's determines covered bond ratings using a two-step process;
an expected loss analysis and a TPI framework analysis.
EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to
determine a rating based on the expected loss on the bond. COBOL
determines expected loss as (1) a function of the probability
that the issuer will cease making payments under the covered
bonds (a CB anchor event); and (2) the stressed losses on the
cover pool assets following a CB anchor event.
The CB anchor for this program is the senior unsecured/deposit
rating (SUR) plus zero notches, given that the debt ratio is
below 5%.
Moody's estimate of the cover pool losses following a CB anchor
event is 38% for the mortgage program. Moody's splits cover pool
losses between market risk of 20% and collateral risk of 18%.
Market risk measures losses stemming from refinancing risk and
risks related to interest-rate and currency mismatches (these
losses may also include certain legal risks). Collateral risk
measures losses resulting directly from cover pool assets' credit
quality. Moody's derives collateral risk from the collateral
score, which for this program is currently 26.9% for this
program.
The over-collateralization (OC) in the mortgage cover pool is
169%, of which the issuer provides 25% on a "committed" basis.
The minimum OC level that is consistent with the Ba2 rating
target is 15.5%. These numbers show that Moody's is not relying
on "uncommitted" OC in its expected loss analysis.
Moody's estimate of the cover pool losses following a CB anchor
event is 37.7% for the public-sector program. This is an estimate
of the losses Moody's currently models following a CB anchor
event. Moody's splits cover pool losses between market risk of
20.6% and collateral risk of 17.1%. Market risk measures losses
stemming from refinancing risk and risks related to interest-rate
and currency mismatches (these losses may also include certain
legal risks). Collateral risk measures losses resulting directly
from cover pool assets' credit quality. Moody's derives
collateral risk from the collateral score, which for this program
is currently 34.1% for this program.
The OC in the public-sector cover pool is 77.5%, of which the
issuer provides 25% on a "committed" basis. The minimum OC level
that is consistent with the Ba2 rating target is 9%. These
numbers show that Moody's is not relying on "uncommitted" OC in
its expected loss analysis.
For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI keeway across covered bond
programs rated by Moody's please refer to "Moody's Global Covered
Bonds Monitoring Overview", published quarterly.
All numbers in this section are based on the most recent
Performance Overview, which used data as of Q1 2014 for the
mortgage cover pool and as of Q2 2013 for the public-sector cover
pool.
TPI FRAMEWORK: Moody's assigns a TPI, which indicates the
likelihood that the issuer will make timely payments to covered
bondholders in the event of an issuer default. The TPI framework
limits the covered bond rating to a certain number of notches
above the CB anchor.
For these programs, Moody's has assigned a TPI of "Probable".
Factors that would lead to an upgrade or downgrade of the rating:
The CB anchor is the main determinant of a covered bond program's
rating robustness. A change in the level of the CB anchor could
lead to an upgrade or downgrade of the ratings on the covered
bonds. The TPI leeway measures the number of notches by which
Moody's might lower the CB anchor before downgrading the ratings
on the covered bonds because of TPI framework constraints.
The TPI assigned to CRU Banco S.A.'s mortgage and public-sector
covered bond programs are Probable. The TPI leeway for this
program is limited, and thus any reduction of the CB anchor may
lead to a downgrade of the ratings on the covered bonds.
A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (1) a sovereign downgrade
negatively affecting both the issuer's senior unsecured rating
and the TPI; (2) a multiple notch downgrade of the issuer; or (3)
a material reduction of the value of the cover pool.
CAJAS RURALES: Moody's Raises Rating on Class E Notes to 'Ba3'
--------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by Cajas Rurales CLO
P.L.C.:
EUR38.3M Class A1B Senior Floating Rate Notes due 2022,
Upgraded to Aaa (sf); previously on Oct 20, 2011 Confirmed at
Aa2 (sf)
EUR150M (Current Outstanding Balance EUR 132.4M) Class A3
Senior Floating Rate Notes due 2022, Upgraded to Aaa (sf);
previously on Oct 20, 2011 Confirmed at Aa1 (sf)
EUR25.8M Class B Senior Floating Rate Notes due 2022, Upgraded
to Aa1 (sf); previously on Oct 20, 2011 Upgraded to A2 (sf)
EUR31.5M Class C Senior Subordinated Deferrable Floating Rate
Notes due 2022, Upgraded to A1 (sf); previously on Oct 20, 2011
Upgraded to Baa2 (sf)
EUR28.5M Class D Senior Subordinated Deferrable Floating Rate
Notes due 2022, Upgraded to Baa3 (sf); previously on Oct 20,
2011 Upgraded to Ba2 (sf)
EUR17.5M (Current Outstanding Balance EUR 15.8M) Class E Senior
Subordinated Deferrable Floating Rate Notes due 2022, Upgraded
to Ba3 (sf); previously on Oct 20, 2011 Upgraded to B1 (sf)
EUR6M (Current Rated Balance EUR 3.8M) Class W Combination
Notes due 2022, Upgraded to Aa3 (sf); previously on Oct 20,
2011 Upgraded to Baa2 (sf)
Moody's also affirmed the ratings of the following notes issued
by ADAGIO III CLO P.L.C.:
EUR153M (Current Outstanding Balance EUR 130.6M) Class A1A
Senior Floating Rate Notes due 2022, Affirmed Aaa (sf);
previously on Feb 3, 2007 Definitive Rating Assigned Aaa (sf)
EUR5M Class U Combination Notes due 2022, Affirmed Aa1 (sf);
previously on Mar 28, 2013 Downgraded to Aa1 (sf)
ADAGIO III CLO P.L.C., issued in August 2006, is a multi-currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield senior secured European loans. The portfolio is
managed by AXA Investment Managers Paris. The transaction ended
its reinvestment period on September 15, 2013.
Ratings Rationale
The rating actions on the notes are primarily a result of the
improvement in over-collateralization ("OC") ratios following the
March 2014 payment date, when A1-A, A2 and A3 notes amortized by
EUR 22.4M, EUR 2.3M and EUR 17.6M, respectively, or 14.7%, 11.7%
and 11.7%, respectively, of their original balances, and the
increase in principal proceeds balance to EUR 90.2M which will
further increase the OC ratios following the next payment date in
September 2014.
As of the trustee's June 2014 report, the Class A/B, Class C,
Class D and Class E had OC ratios of 126.48%, 115.89%, 107.73%
and 103.67%, respectively, compared with 124.13%, 114.78%,
107.47% and 103.79%, respectively, as of the trustee's February
2014 report.
The ratings on the combination notes address the repayment of the
rated balance on or before the legal final maturity. For the
Class W notes, the 'rated balance' at any time is equal to the
principal amount of the combination note on the issue date times
a rated coupon of 0.25% per annum accrued on the rated balance on
the preceding payment date, minus the sum of all payments made
from the issue date to such date, of either interest or
principal. Class U is backed by an OAT Strip issued by the French
Treasury.
The key model inputs Moody's uses, such as par, weighted average
rating factor, diversity score and the weighted average recovery
rate, are based on its published methodology and could differ
from the trustee's reported numbers. In its base case, Moody's
analyzed the underlying collateral pool as having a performing
par and principal proceeds balance of EUR374.72M and GBP37.37M,
defaulted par of EUR19.49M, a weighted average default
probability of 19.34% (consistent with a WARF of 2,606), a
weighted average recovery rate upon default of 47.42% for a Aaa
liability target rating, a diversity score of 32 and a weighted
average spread of 4.21%. The GBP denominated assets are fully
hedged with a macro swap, which Moody's also modelled.
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 92.64% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the 7.36% 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:
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy 2) the concentration of lowly- rated debt
maturing between 2014 and 2015, which may create challenges for
issuers to refinance. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.
Additional uncertainty about performance is due to the following:
1) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.
2) Around 18.09% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates. As part of its base case, Moody's has stressed
large concentrations of single obligors bearing a credit estimate
as described in "Updated Approach to the Usage of Credit
Estimates in Rated Transactions," published in October 2009 and
available at https://www.moodys.com/research/PBC_120461
3) Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
CODERE SA: Bondholders Optimistic on Debt Restructuring
-------------------------------------------------------
Julie Miecamp and Katie Linsell at Bloomberg News report that
Codere SA's bondholders are growing confident the company can
restructure EUR1.1 billion (US$1.48 billion) of debt and avoid
insolvency proceedings.
The company's EUR660 million of notes maturing June 2015 rose 3.8
cents on the euro this month to 64.1 cents, the highest in more
than a year, according to data compiled by Bloomberg.
Bondholders and shareholders have extended negotiations to
restructure Codere's debt 12 times since seeking preliminary
creditor protection in January, pushing the latest deadline to
Aug. 6, Bloomberg relays.
The Madrid-based operator of betting parlors and race tracks from
Italy to Argentina has posted nine consecutive quarters of losses
totaling about EUR365 million, hurt by higher taxes, stricter
gambling regulations and casino closures, Bloomberg discloses.
About Codere S.A.
Codere SA is a Madrid-based gaming company. It operates betting
shops and race tracks from Italy to Argentina. The firm sought
preliminary creditor protection on Jan. 2 after reporting seven
consecutive quarters of losses.
* SPAIN: To Accelerate Legislation to Regulate Auditors
-------------------------------------------------------
Bloomberg News, citing Expansion newspaper, reports that Spain
will try to accelerate legislation to regulate auditors, after
the collapse of Let's Gowex SA and Pescanova SA.
According to Bloomberg, the Spanish newspaper, citing
unidentified people familiar with the plans, said the government
plans to present a bill in September to the Cabinet and in
October to Congress that would tighten criteria for auditors to
win business.
The report said that a European directive requiring companies to
switch auditors periodically and to limit what other services
they may provide to the companies they inspect has yet to be
written into Spanish law, Bloomberg notes.
===========================
U N I T E D K I N G D O M
===========================
CASH STORE: Applies for Administration in the United Kingdom
------------------------------------------------------------
The Cash Store Financial Services Inc. said it is no longer
funding its United Kingdom operation, The Cash Store Limited.
The Company also announced that it made an application for the
Administration of the Cash Store Limited on July 21, 2014, in the
High Court of Justice, Chancery Division, Manchester District
Registry, and has requested the appointment of FTI Consulting LLP
as Administrator. It is anticipated that the Court will hear the
Administration Application on Aug. 1, 2014.
Issues Default Status Report
Cash Store provided a default status report in accordance with
the alternative information guidelines in National Policy 12-203
Cease Trade Orders for Continuous Disclosure Defaults.
On May 16, 2014, the Company announced that it was not able to
file an interim financial report and interim management's
discussion and analysis for the period ended March 31, 2014,
together with the related certifications of those interim filings
by May 15, 2014, the deadline prescribed by securities
legislation.
Except as disclosed in previous press releases, there have been
no material changes to the information contained in the Default
Announcement or any other changes required to be disclosed by
National Policy 12-203.
The Company still intends to file the Continuous Disclosure
Documents as soon as is commercially reasonable, or as required
by the Ontario Superior Court of Justice (Commercial List)
pursuant to the Cash Store Financial's Companies' Creditors
Arrangement Act ("CCAA") proceedings.
The Monitor has filed with the Court periodic reports which have
included Cash Store Financial's cash flow projections and other
financial information concerning the Company. The Company
anticipates that the Monitor will continue to file reports with
the Court (and post them on its Web site), updating relevant
financial information concerning the Company. The Monitor's
reports, Court records and other details regarding the Company's
CCAA proceedings are available on the Monitor's Web site at
http://cfcanada.fticonsulting.com/cashstorefinancial/
About Cash Store Financial
Headquartered in Edmonton, Alberta, Cash Store Financial Services
Inc. (TSX: CSF) is a lender and broker of short-term advances and
provider of other financial services in Canada. Cash Store
Financial operates 510 branches across Canada under the banners
"Cash Store Financial" and "Instaloans". Cash Store Financial
also operates 27 branches in the United Kingdom.
Cash Store Financial is not affiliated with Cottonwood Financial
Ltd. or the outlets Cottonwood Financial Ltd. operates in the
United States under the name "Cash Store". Cash Store Financial
does not do business under the name "Cash Store" in the United
States and does not own or provide any consumer lending services
in the United States.
Cash Store Financial reported a net loss and comprehensive loss
of C$35.53 million for the year ended Sept. 30, 2013, as compared
with a net loss and comprehensive loss of C$43.52 million for the
year ended Sept. 30, 2012. As of Sept. 30, 2013, the Company had
C$164.58 million in total assets, C$165.90 million in total
liabilities and a C$1.32 million shareholders' deficit.
CO-OPERATIVE GROUP: Former Chief Executive Gets GBP1-Mil. Payoff
----------------------------------------------------------------
Gareth Mackie at The Scotsman reports that former Co-operative
Group chief executive Euan Sutherland, who resigned from the
embattled mutual in March after ten months in the role, is to
receive a GBP1 million payoff -- equivalent to a year's basic
salary.
Mr. Sutherland took the helm of the group in May last year, and
his resignation followed a row over the leaking of details about
his GBP3.6 million pay package, The Scotsman recounts.
Large-scale job losses are expected at the Co-op, which recently
struck a GBP620 million deal to sell its pharmacies, The Scotsman
notes. Mr. Sutherland put the chain up for sale following a
disastrous year for the firm that saw bondholders seize control
of its banking arm after a GBP1.5 billion black hole was
discovered in its finances, The Scotsman relays. It was also
embarrassed by its former bank chairman, Paul Flowers, who
pleaded guilty to possessing drugs, The Scotsman relates.
In March, Sutherland took to the group's Facebook page to
complain about the emergence of his pay details, claiming the
leak had come from the boardroom, The Scotsman discloses.
He later resigned after describing the 150-year-old mutual as
"ungovernable", The Scotsman relays.
Co-operative Group is a mutually owned food-to-funerals
conglomerate. Founded in 1863, the Co-op Group has more than six
million members, employs more than 100,000 people, and has
turnover of more than GBP13 billion.
FINDUS PIK: Fitch Assigns 'CCC(EXP)' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has assigned Findus PIK S.C.A. (holdco) an expected
Issuer Default Rating (IDR) of 'CCC(EXP)' and its planned GBP200
million PIK notes issue an expected debt rating of
'CC(EXP)'/'RR6'. The assignment of final ratings is contingent
upon the receipt of the final documents conforming materially to
the preliminary documentation received.
Findus PledgeCo S.a.r.l.'s (Findus) 'B-' Long-term Issuer Default
Rating (IDR) and Findus BondCo S.A.'s senior secured notes 'B+'
rating are unaffected by the proposed issue.
Fitch has not included the planned issue of GBP200 million notes
in its leverage ratios due to their equity-like characteristics,
mainly the issuer's option to pay either PIK or cash interest.
Fitch expects the interest on the new notes to be paid-in-kind
given Findus's current limited financial flexibility. Given the
neutral impact of the planned notes on Findus's cash flow and
senior debt, the credit metrics of the restricted group are
unchanged.
The GBP200 million PIK notes will be issued outside of the
restricted group and payment of interest in cash is optional
rather than mandatory. The notes have a maturity of five years
and the proceeds will be used to repay part of the issuer's
existing preferred equity certificates (PECs). The PIK notes
will represent a senior obligation of the issuer and will benefit
from first-priority pledges over the share capital of the
restricted group (Findus Special Intermediary) and over Findus
PIK SCA's parent's (Findus Intermediary) PECs. There is no
cross-default between the restricted group debt obligations and
the PIK notes, but enforcement of the PIK notes share pledge
would lead to a change of control event at the restricted group
level.
The holdco's expected IDR of 'CCC(EXP)' is derived from Findus's
'B-' IDR reflecting its links to the operating performance of the
restricted group but notched down to reflect the holdco's higher
default risk. The higher default risk is largely attributable to
the holdco's subordinated nature within the holding structure and
significant limitations (e.g. restricted payments) to upstream
payments from the restricted group.
The expected PIK notes' rating of 'CC(EXP)' reflects the deeply
subordinated nature of these instruments relative to Findus's
senior liabilities as well as the absence of direct claims over
the restricted group other than a residual equity claim on
Findus. Fitch believes that under a distressed scenario, this
feature is likely to result in poor recovery ratings of 'RR6' in
the range of 0%-10%.
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 Fitch expects 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 GBP60 million and, in the
longer term, mildly positive FCF generation from FY15.
No Maturities Before 2018
Findus's current debt includes approximately GBP405 million of
senior secured notes maturing in July 2018, revolving credit
facility (RCF) of GBP60 million maturing in December 2017. While
there is no debt amortization pressure in the foreseeable future,
we believe 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.
ULSTER BANK: Fitch Lowers Subordinated Debt Rating to 'BB+'
-----------------------------------------------------------
Fitch Ratings has affirmed Ulster Bank Limited's (UBL) Long-term
Issuer Default Rating (IDR) at 'A-' and Short-term IDR at 'F1'.
Fitch has downgraded UBL's wholly-owned subsidiary, Ulster Bank
Ireland Limited's (UBIL) Long-term IDR to 'BBB+' from 'A-'and
Short-term IDR to 'F2' from 'F1'. The Outlooks on the Long-term
IDRs are Negative.
At the same time, Fitch has affirmed UBL's Viability Rating (VR)
at 'ccc' and assigned a VR of 'ccc' to UBIL.
UBL's and UBIL's VRs reflect the entities' weak asset quality and
structural unprofitability, which affects the capital flexibility
and potential long-term viability of the banks. The downgrade of
UBIL's IDRs reflects Fitch's view that UBIL's strategic
importance to Royal Bank of Scotland Group Plc (RBSG; A/Negative)
is likely to diminish over the rating horizon and that sale risk
may be higher as a result.
KEY RATING DRIVERS - IDRs AND SUPPORT RATINGS
UBL's and UBIL's IDRs and Support Ratings (SR) are based on
support from parent RBSG. The ratings of RBSG are derived from
the extremely high probability of support that it would receive
from the UK authorities, if required. Fitch considers UBL and
UBIL to be strategically important subsidiaries of RBSG due to
their important role within the group and high reputational risk
for the parent of a subsidiary default. The two-notch gap to
'BBB+' for UBIL takes into account Fitch's opinion that the
Republic of Ireland business's role within the group may become
less important to RBSG over the next three to five years and our
view that the potential for disposal is higher than in the
increasingly more integrated Northern Ireland operations, which
are housed in UBL.
RATING SENSITIVITIES - IDRs AND SRs
UBL's and UBIL's SRs, Long-term IDRs and Long-term senior debt
ratings are sensitive to Fitch's assumptions about the on-going
availability of extraordinary sovereign support to RBSG. Changes
in assumptions could be driven by a reduction in either the
sovereign's ability (for example, triggered by a downgrade of the
UK's sovereign rating) or propensity to provide such support. In
Fitch's view, there is a clear intention ultimately to reduce
implicit state support for systemically important banks in the UK
(and more broadly in the EU), as demonstrated by a series of
legislative, regulatory and policy initiatives. Fitch expects
the EU's Bank Recovery and Resolution Directive (BRRD) to be
implemented into national legislation later in 2014 or in 1H15.
In Fitch's view, these regulatory developments will increase the
likelihood of senior debt losses in banks if they fail
solvability assessments.
Following this rating action, RBSG's rating is likely to be
downgraded to its VR and Fitch would then notch the UBL and
UBIL's ratings from RBSG's VR; we expect this to result in a
downgrade of UBL's and UBIL's IDRs and SRs.
UBL's and UBIL's SRs and Long-term IDRs are also sensitive to a
change in RBSG's propensity to provide support to them.
KEY RATING DRIVERS - VRs
UBL's and UBIL's VRs of 'ccc' consider weak asset quality and
continued increases in NPLs which are slowing but have begun to
reduce in systemically important peers. In addition, the group
has been loss-making for several years and has additional
challenges over the next 24 months as the bank incurs costs
relating to increased integration for UBL with RBSG and the
restructuring and repositioning of UBIL. The lack of earnings
potential compromises UBL and UBIL's capital flexibility and
compromises the entities' long-term viability. On a positive
note, a significant part of UBIL and UBL's 2013 loss related to
additional impairments on assets that have been marked for
accelerated sale as part of the RBS Capital Resolution program,
which improved provisioning levels and reduced the tail risk from
deleveraging.
RATING SENSITIVITIES - VRs
UBL and UBIL's VRs could be upgraded once asset quality begins to
stabilize, together with a sustainable return to profitability
that would provide capital flexibility. Downside risk is limited
in the near term as solvency is protected by a modest capital
buffer and relatively healthy levels of provisioning on impaired
loans.
The rating actions are as follows:
UBL
Long-term IDR: affirmed at 'A-'; Outlook Negative
Short-term IDR: affirmed at 'F1'
Viability Rating: affirmed at 'ccc'
Support Rating: affirmed at '1'
UBIL
Long-term IDR: downgraded to 'BBB+' from 'A-'; Outlook Negative
Short-term IDR: downgraded to 'F2' from 'F1'
Viability Rating: assigned at 'ccc'
Support Rating: downgraded to '2' from '1'
Senior unsecured long term notes: downgraded to 'BBB+' from 'A-'
Senior unsecured short term notes: downgraded to 'F2' from 'F1'
Commercial paper: downgraded to 'F2' from 'F1'
Subordinated debt: downgraded to 'BB+' from 'BBB-'
* UK High Court Rules 'Secret Fees' Go to Wronged Investor
----------------------------------------------------------
Law360 reported that the United Kingdom's highest court set
precedent when ruling that a company that breached its financial
duty while advising on a hotel purchase must pay the investors
both damages as well as the "secret commission" it took while
making the deal. According to the report, the decision came out
of a long-winded dispute between a joint venture known as FHR
European Ventures LLC that was advised by Cedar Capital Partners
LLC on the EUR211.5 million (US$286.1 million) purchase of a
hotel in Monaco in 2004. Cedar Capital accepted a US$13.5
million "secret commission" in connection with the deal, and the
U.K. Supreme Court unanimously determined that FHR is rightfully
due both damages relating to the breach of fiduciary duty and the
amount of the secret fee, the report related.
The case is FHR European Ventures LLC and others v. Cedar Capital
Partners LLC, case number 2013/0049 in the Supreme Court of the
United Kingdom.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
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AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
OBTEC OBTEC DC -17139908.33 134988548.1
OBTEC OBT DC -17139908.33 134988548.1
OBTEC-NEW SHARES OBTECN DC -17139908.33 134988548.1
OBTEC-OLD OBTN DC -17139908.33 134988548.1
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
ROSKILDE BANK ROSK DC -532868894.9 7876688188
ROSKILDE BANK RSKC IX -532868894.9 7876688188
ROSKILDE BANK ROSK EO -532868894.9 7876688188
ROSKILDE BANK RKI GR -532868894.9 7876688188
ROSKILDE BANK ROSKF US -532868894.9 7876688188
ROSKILDE BANK ROSBF US -532868894.9 7876688188
ROSKILDE BANK ROSK EU -532868894.9 7876688188
ROSKILDE BANK ROSK PZ -532868894.9 7876688188
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876688188
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876688188
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876688188
SCANDINAVIAN BRA SBS1 EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 BY -17139908.33 134988548.1
SCANDINAVIAN BRA SBSD PZ -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS DC -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
SCANDINAVIAN BRA SBSC IX -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 EU -17139908.33 134988548.1
SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.29 330011633.6
ADP INGENIERIE S 4519911Z FP -9312265.78 111844575.6
AIR COMMAND SYST 4470055Z FP -24012413.92 236706831.5
AKERYS SERVICES 4685937Z FP -22410493.42 137981683.2
ALCATEL-LUCENT E 3642975Z FP -33252970.32 441703998.1
ALCATEL-LUCENT F 3647063Z FP -794569718.3 4984960531
AL-KHATTIYA LEAS 4783713Z FP -13423803.21 109623566.3
ALUMINIUM PECHIN 3650903Z FP -469114028.7 1322244624
ATOS ORIGIN INTE 4519607Z FP -15552541.61 353365367
AUTOMOBILES CITR 3648863Z FP -298695778.9 1879542934
AUTOROUTES PARIS ARR1 BQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EO -251756893.2 10625026266
AUTOROUTES PARIS RK9 TH -251756893.2 10625026266
AUTOROUTES PARIS ARR EU -251756893.2 10625026266
AUTOROUTES PARIS ARR FP -251756893.2 10625026266
AUTOROUTES PARIS ARRGBX EU -251756893.2 10625026266
AUTOROUTES PARIS ARR IX -251756893.2 10625026266
AUTOROUTES PARIS ARR S1 -251756893.2 10625026266
AUTOROUTES PARIS ARR QM -251756893.2 10625026266
AUTOROUTES PARIS ARR LI -251756893.2 10625026266
AUTOROUTES PARIS ARR TQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EB -251756893.2 10625026266
BELVEDERE - RTS 554451Q FP -256191005.4 927737997.9
BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
BELVEDERE SA BVD EU -256191005.4 927737997.9
BELVEDERE SA BELV FP -256191005.4 927737997.9
BELVEDERE SA BELV NM -256191005.4 927737997.9
BELVEDERE SA BEVD IX -256191005.4 927737997.9
BELVEDERE SA BVD PW -256191005.4 927737997.9
BELVEDERE SA BED GR -256191005.4 927737997.9
BELVEDERE SA BVD EO -256191005.4 927737997.9
BELVEDERE SA BVD S1 -256191005.4 927737997.9
BELVEDERE SA BVDRF US -256191005.4 927737997.9
BELVEDERE SA BED TH -256191005.4 927737997.9
BELVEDERE SA BVD FP -256191005.4 927737997.9
BELVEDERE SA BVD PZ -256191005.4 927737997.9
BELVEDERE SA-NEW BVDNV FP -256191005.4 927737997.9
BELVEDERE SA-NEW 946529Q FP -256191005.4 927737997.9
BELVEDERE SA-NEW 8198283Q FP -256191005.4 927737997.9
BELVEDERE SA-RTS BVDDS FP -256191005.4 927737997.9
BROSTROM TANKERS 3641643Z FP -115599.3207 311104377.9
BUT INTERNATIONA 3648871Z FP -5859572.435 1100621152
CADES 211430Z FP -1.16E+11 23006745556
CARCOOP FRANCE 4690569Z FP -531951.7338 185621693.8
CARNAUDMETALB-N JJNN FP -239071932.4 6870067181
CARNAUDMETALB-N 84433Q FP -239071932.4 6870067181
CARREFOUR HYPERM 3897338Z FP -713257900.6 3939173302
CARRERE GROUP CAR2 EO -9829531.944 279906700
CARRERE GROUP CRRHF US -9829531.944 279906700
CARRERE GROUP CRGP IX -9829531.944 279906700
CARRERE GROUP CAR2 EU -9829531.944 279906700
CARRERE GROUP CARG FP -9829531.944 279906700
CARRERE GROUP CAR FP -9829531.944 279906700
CARRERE GROUP CARF PZ -9829531.944 279906700
CARRERE GROUP XRR GR -9829531.944 279906700
CDISCOUNT SA 4690913Z FP -14710509.37 442569172
CMA CGM AGENCES 4746849Z FP -8208944.552 191538369.1
CO PETROCHIMIQUE 4682369Z FP -111509362.4 364674090.9
CROWN EUROPEAN H 3394476Q LI -239071932.4 6870067181
CROWN EUROPEAN H CAMBF US -239071932.4 6870067181
CROWN EUROPEAN H JJ FP -239071932.4 6870067181
CROWN EUROPEAN H 1049Q LN -239071932.4 6870067181
DESCAMPS SAS 4503139Z FP -2912961.458 104843475.7
DOCTISSIMO 2916489Q EU -1690819.009 135171143.2
DOCTISSIMO 0602303D GR -1690819.009 135171143.2
DOCTISSIMO DOC FP -1690819.009 135171143.2
DOCTISSIMO MDCF PZ -1690819.009 135171143.2
DOCTISSIMO MCOS IX -1690819.009 135171143.2
DOCTISSIMO 2916493Q EO -1690819.009 135171143.2
DOCTISSIMO MDC FP -1690819.009 135171143.2
EADS SECA 4706441Z FP -44481565.35 121822000.7
EDENRED QSV GR -1310250942 5470394799
EDENRED EDEN FP -1310250942 5470394799
EDENRED EDEN QM -1310250942 5470394799
EDENRED QSV TH -1310250942 5470394799
EDENRED EDEN S1 -1310250942 5470394799
EDENRED EDEN TQ -1310250942 5470394799
EDENRED EDENUSD EO -1310250942 5470394799
EDENRED EDNMF US -1310250942 5470394799
EDENRED EDENUSD EU -1310250942 5470394799
EDENRED EDEN EO -1310250942 5470394799
EDENRED EDEN EU -1310250942 5470394799
EDENRED EDEN BQ -1310250942 5470394799
EDENRED EDEN EB -1310250942 5470394799
EDENRED EDEN IX -1310250942 5470394799
EDENRED EDEN PZ -1310250942 5470394799
EDENRED-NEW EDENV FP -1310250942 5470394799
EDF EN OUTRE MER 4679713Z FP -2598508.843 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.43 175501799.4
FACONNABLE SA 226782Z FP -19616230.99 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GEC 4 SAS 4518255Z FP -91410336.97 541462091
GPN SA 4509659Z FP -35080424.69 568887551
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GROUPE MONITEUR 317840Z FP -116707395.4 610106709.3
GROUPE PROGRES S 4734137Z FP -106637565.8 154665494
HIPPO GESTION ET 4732841Z FP -606512.6987 113032204.7
HITACHI EUROPE S 4681417Z FP -9927515.772 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.37 116383810.4
I BASE 757542Z FP -6019481.253 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.49 363058830.9
ITM REGION PARIS 4681817Z FP -49662079.76 124321085.9
JTEKT AUTOMOTIVE 4505819Z FP -25670106.66 171962119.7
JTEKT AUTOMOTIVE 4504595Z FP -17492036.59 163375360
JUNGHEINRICH FIN 4635025Z FP -14429677.13 223424949.4
LAB DOLISOS LADL FP -27752176.19 110485462.4
LAB DOLISOS DOLI FP -27752176.19 110485462.4
MATUSSIERE & FOR MTUSF US -77896689.09 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.09 293868350.8
MEDCOST SA MEDC NM -1690819.009 135171143.2
MEDCOST SA MEDC FP -1690819.009 135171143.2
MEDCOST SA-NEW MDCNV FP -1690819.009 135171143.2
MILLIMAGES 8131905Q FP -1006050.249 113454378.9
MILLIMAGES MIL1 EU -1006050.249 113454378.9
MILLIMAGES MLMG IX -1006050.249 113454378.9
MILLIMAGES MIL1 PZ -1006050.249 113454378.9
MILLIMAGES MIL FP -1006050.249 113454378.9
MILLIMAGES MG6 GR -1006050.249 113454378.9
MILLIMAGES MIL S1 -1006050.249 113454378.9
MILLIMAGES MIL1 EO -1006050.249 113454378.9
MILLIMAGES MLIGF US -1006050.249 113454378.9
MILLIMAGES MILI FP -1006050.249 113454378.9
MILLIMAGES MILF PZ -1006050.249 113454378.9
MILLIMAGES - RTS 0134468D FP -1006050.249 113454378.9
MILLIMAGES-RTS MILDS FP -1006050.249 113454378.9
MILLIMAGES-RTS 760037Q FP -1006050.249 113454378.9
M-REAL ALIZAY SA 4670721Z FP -19839749.29 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863949.8 221936730.6
NESTLE WATERS SU 3634879Z FP -183402272.8 254740466.9
NESTLE WATERS SU 3634887Z FP -11147903.4 186832176.9
NEXANS COPPER FR 4744809Z FP -22662074.82 308626962.2
NEXTIRAONE 500526Z FP -1983210.371 311827703.4
NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
NOVASEP HOLDING 3736443Z FP -217561272.1 476949466.1
NOVELIS FOIL FRA 4678593Z FP -21912360.22 126180343.3
NRJ 12 4681713Z FP -59306529.9 110796872.5
O-I MANUFACTURIN 226230Z FP -101494197.2 1150890693
OROSDI OROS EO -51389802.68 181267113.2
OROSDI OROS FP -51389802.68 181267113.2
OROSDI OROS EU -51389802.68 181267113.2
OROSDI OROS S1 -51389802.68 181267113.2
OROSDI OROS PZ -51389802.68 181267113.2
OROSDI-BACK BACK IX -51389802.68 181267113.2
OROSDI-BACK ORBA FP -51389802.68 181267113.2
OROSDI-RTS ORODS FP -51389802.68 181267113.2
PAGESJAUNES GRP PAJGBP EO -2572329208 1590596225
PAGESJAUNES GRP PAJ EB -2572329208 1590596225
PAGESJAUNES GRP PAJ TQ -2572329208 1590596225
PAGESJAUNES GRP PAJUSD EU -2572329208 1590596225
PAGESJAUNES GRP PAJ QM -2572329208 1590596225
PAGESJAUNES GRP PAJ GK -2572329208 1590596225
PAGESJAUNES GRP QS3 TH -2572329208 1590596225
PAGESJAUNES GRP PAJUSD EO -2572329208 1590596225
PAGESJAUNES GRP PAJ PZ -2572329208 1590596225
PAGESJAUNES GRP QS3 GR -2572329208 1590596225
PAGESJAUNES GRP PAJ EO -2572329208 1590596225
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SOLON SE SOO1 BQ -138663225.9 627116116.4
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TA TRIUMPH-ADLER TTZAF US -124667889.5 375247226.8
TA TRIUMPH-ADLER TWNG IX -124667889.5 375247226.8
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TA TRIUMPH-ADLER 0292922D GR -124667889.5 375247226.8
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TA TRIUMPH-ADLER TWN EO -124667889.5 375247226.8
TA TRIUMPH-A-RTS 1018916Z GR -124667889.5 375247226.8
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TA TRIUMPH-RTS 3158577Q GR -124667889.5 375247226.8
GREECE
------
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AG PETZETAKIS SA PETZK EO -110812812.5 206429374.1
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T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
T BANK ASPT EO -46224213.41 3486115450
T BANK TBANK EU -46224213.41 3486115450
T BANK TBANK EO -46224213.41 3486115450
T BANK ASPT PZ -46224213.41 3486115450
T BANK TBANK GA -46224213.41 3486115450
THEMELIODOMI THEME GA -55751173.78 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751173.78 232036822.6
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UNITED TEXTILES UTEX GA -163114842.1 286539436.9
VETERIN - RIGHTS VETR GA -670700605.1 924332371.1
HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
INVITEL HOLD-ADR INVHY US -73723992 827192000
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INVITEL HOLD-ADR IHO US -73723992 827192000
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IRELAND
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ICELAND
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AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
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ITALY
-----
AS ROMA SPA ASRO IX -66248672.26 227606539.7
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SEAT PAGINE-ADR SPGMY US -741904802.3 3755632231
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SEAT PAGINE-RSP PGR IM -741904802.3 3755632231
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SEATPG AXA PGAXA IM -741904802.3 3755632231
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SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
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SNIA SPA-NEW SN00 IM -141933895.2 150445252.4
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SOPAF SPA SSZ HK Equity -24220971.66 153763906.2
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SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
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SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
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VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
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
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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
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ZINVEST FASHION 3775412Z NA -296559.4047 180677208
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NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
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INFRATEK ENTREPR 4402489Z NO -33504101.18 160698348.1
INTEROIL EXPLORA IOX NO -21010000 139828992
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INTEROIL EXPLORA INOX NO -21010000 139828992
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INTEROIL EXPLORA IOXUSD EU -21010000 139828992
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MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
NCC ROADS AS 4401305Z NO -11149611.36 135425117.2
NORSK STEIN AS 4394889Z NO -697875.9235 232219055.8
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
STOREBRAND EIEND 4443409Z NO -40898583.73 1242265455
STOREBRAND EIEND 4288341Z NO -174025923.7 4173823457
TDC AS 4287413Z NO -83055192.99 129421953.7
THOMSON REUTERS 4777193Z NO -2001541.28 208880572.6
TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999.3 625059071.4
SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
SPORTING CLUBE D SCDF EO -43017532.72 246527336.3
SPORTING CLUBE D SCP1 PZ -43017532.72 246527336.3
SPORTING CLUBE D SCP PL -43017532.72 246527336.3
SPORTING-SOC DES SCDF PL -43017532.72 246527336.3
SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO BES EO -208568793.8 658498551.2
NYESA VALORES CO 7NY GR -208568793.8 658498551.2
NYESA VALORES CO BES SM -208568793.8 658498551.2
NYESA VALORES CO BES EU -208568793.8 658498551.2
NYESA VALORES CO BES TQ -208568793.8 658498551.2
PANRICO SAU 1087Z SM -372238069.5 1219319614
PULLMANTUR SA 301590Z SM -74071248.87 168349823.1
RANDSTAD EMPLEO 4285885Z SM -27469291.1 318454508.5
REAL ZARAGOZA SA 4285533Z SM -5769281.747 168572641.9
RENTA CORP REN1USD EO -40378516.38 216503337.5
RENTA CORP REN SM -40378516.38 216503337.5
RENTA CORP REN1 TQ -40378516.38 216503337.5
RENTA CORP REN1USD EU -40378516.38 216503337.5
RENTA CORP RENS PZ -40378516.38 216503337.5
RENTA CORP REN1 EU -40378516.38 216503337.5
RENTA CORP REN1 EO -40378516.38 216503337.5
RENTA CORP REN1GBX EU -40378516.38 216503337.5
RENTA CORP RTACF US -40378516.38 216503337.5
RENTA CORP REN1GBX EO -40378516.38 216503337.5
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SOUTHERN CROSS SCHE BQ -456945463.9 226544692
SOUTHERN CROSS SCHE4 EO -456945463.9 226544692
SOUTHERN CROSS SCHEEUR EU -456945463.9 226544692
SOUTHERN CROSS SCHE EB -456945463.9 226544692
SOUTHERN CROSS SCH5 EO -456945463.9 226544692
SOUTHERN CROSS F2Z GR -456945463.9 226544692
SOUTHERN CROSS SCHE PO -456945463.9 226544692
SOUTHERN CROSS SCHE IX -456945463.9 226544692
SOUTHERN CROSS SCHEUSD EO -456945463.9 226544692
SOUTHERN CROSS SCHEGBP EO -456945463.9 226544692
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SPEAR GROUP HOLD 4470999Z LN -91133585.59 140447896.6
SPEEDY SUPPORT S 1601730Z LN -34304692.53 146096457.3
SQUARE ENIX LTD 1826770Z LN -223995033.8 278955082.2
SR TECHNICS UK L 2900250Z LN -143296142.1 116171355.3
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STV GROUP PLC SMG VX -44693985.16 126240905.5
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STV GROUP PLC STVGEUR EU -44693985.16 126240905.5
STV GROUP PLC STVG VX -44693985.16 126240905.5
STV GROUP PLC STVGGBP EO -44693985.16 126240905.5
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STV GROUP PLC SMGPF US -44693985.16 126240905.5
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STV GROUP PLC STVG EU -44693985.16 126240905.5
STV GROUP PLC STVG LN -44693985.16 126240905.5
STV GROUP PLC SMG PZ -44693985.16 126240905.5
STV GROUP PLC SMG IX -44693985.16 126240905.5
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SUNDERLAND ASSOC 1274418Z LN -30559441.44 144949782.5
SUNSAIL LTD 1092666Z LN -37047891.81 193976501.7
SUNSEEKER INTERN 820741Z LN -7756394.619 227371284.6
SWIFT TECHNICAL 4287133Z LN -34723772.77 138665319.9
TATA CMMNCTNS UK 2534722Z LN -43763935.47 114567535.7
TDL INFOMEDIA 3362Z LN -25723860.05 136762955.6
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMMUNI 1646328Z LN -287113015.3 868389208
TELEWEST COMMUNI 1608194Z LN -113079709.6 9113744374
THALES CORPORATE 1083706Z LN -65658884.46 829798983.7
THALES RAIL SIGN 2812334Z LN -29298137.36 106623580
THALES TELECOMMU 1163839Z LN -5826263.267 245379695.8
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIMES NEWSPAPERS 2343939Z LN -719564696.3 649314828.6
TOPPS TILES PLC TPT8 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJY US -36503224.29 140534295.2
TOPPS TILES PLC TPT EU -36503224.29 140534295.2
TOPPS TILES PLC TPT BQ -36503224.29 140534295.2
TOPPS TILES PLC TPT10 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT2 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT1 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2
TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
TOPPS TILES PLC TPT VX -36503224.29 140534295.2
TOPPS TILES PLC TPT7 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EO -36503224.29 140534295.2
TOPPS TILES PLC TPT5 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT3 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT IX -36503224.29 140534295.2
TOPPS TILES PLC TPT EO -36503224.29 140534295.2
TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT S1 -36503224.29 140534295.2
TOPPS TILES PLC TPT TQ -36503224.29 140534295.2
TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.82 120867289.2
UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7
VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
VIRGIN MOBILE VMOB PO -392165409.3 166070003.7
VIRGIN MOBILE VMOB VX -392165409.3 166070003.7
VIRGIN MOBILE UEM GR -392165409.3 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
WARNER ESTATE WNER PZ -80276070.4 344291592.8
WARNER ESTATE WNEHF US -80276070.4 344291592.8
WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
WARNER ESTATE WNERGBP EO -80276070.4 344291592.8
WARNER ESTATE WNER PO -80276070.4 344291592.8
WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
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 * * *