/raid1/www/Hosts/bankrupt/TCREUR_Public/140805.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, August 5, 2014, Vol. 15, No. 153
Headlines
A R M E N I A
ARMENIA: Fitch Affirms 'BB-' Issuer Default Ratings
F R A N C E
BANQUE PSA: S&P Revises Outlook to Pos. & Affirms 'BB' CCR
G E R M A N Y
COMMERZBANK CAPITAL: Fitch Raises Rating on Securities From 'BB-'
QUEEN STREET III: S&P Cuts Rating on Principal-At-Risk Notes to D
G R E E C E
GREECE: Moody's Raises Government Bond Rating to 'Caa1'
I R E L A N D
BEREHAVEN CREDIT UNION: 3,100 Depositors to Get Compensation
ST PAUL'S CLO V: Moody's Assigns (P)B2 Rating to Class F Notes
ST PAUL'S CLO V: Fitch Assigns 'B-' Rating to Class F Notes
ZOO ABS IV: Fitch Affirms 'CCsf' Rating on Class E Notes
K A Z A K H S T A N
HOUSE CONSTRUCTION SAVING: Moody's Ups Fin. Strength Rating to D-
L A T V I A
4FINANCE SA: Moody's Assigns 'B3' Senior Unsecured Bond Rating
N E T H E R L A N D S
METINVEST BV: Fitch Affirms 'CCC' Long-Term Foreign Currency IDR
P O R T U G A L
BANCO ESPIRITO: Split Into Two Under EUR4.9-Bil. Rescue Plan
R U S S I A
EVRAZ GROUP: Fitch Affirms 'BB-' Long-Term IDR; Outlook Stable
LABIRINT: Halts Operations; 25,000 Clients Stranded
MARITIME BANK: Moody's Changes B3 Deposit Rating Outlook to Neg.
NIZHNIY NOVGOROD: Fitch Assigns 'BB' IDRs; Outlook Stable
UC RUSAL: Won't File Suit After Creditors OK Loan Amendment
URALSIB OJSC: S&P Affirms 'B+/B' Counterparty Credit Ratings
YAMAL INVESTMENT: S&P Withdraws 'B-' LT Issuer Credit Rating
S E R B I A
SERBIA: Adopts New Bill to Speed Up Sale of Troubled Companies
S P A I N
DEOLEO SA: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
IDCSALUD HOLDING: Moody's Assigns 'B2' CFR; Outlook Stable
U K R A I N E
DTEK HOLDINGS: Fitch Cuts LT Issuer Default Rating to 'CCC'
U N I T E D K I N G D O M
AFREN PLC: Fitch Puts 'B+' IDR on CreditWatch Negative
DIXONS RETAIL: Planned Merger Drives CDS Tighter, Fitch Says
EPIC PLC: S&P Withdraws 'B+(sf)' Rating on Class F Notes
EUROSAIL PRIME-UK: Moody's Lifts Rating on Cl. A1 Notes From 'B1'
MASTERTRONIC GROUP: Enters Into Company Voluntary Arrangement
NEW WORLD: Files in Manhattan for UK Restructuring
NEW WORLD RESOURCES: S&P Cuts CCR to SD on Missed Payment
TITAN EUROPE 2007-3: S&P Withdraws 'BB' Rating on Class A-1 Notes
ZODIAC POOL SOLUTIONS: Seeks U.S. Recognition of UK Plan
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
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A R M E N I A
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ARMENIA: Fitch Affirms 'BB-' Issuer Default Ratings
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Fitch Ratings has affirmed Armenia's Long-term foreign and local
currency Issuer Default Ratings (IDRs) at 'BB-'. The Outlooks
are Stable. The issue ratings on Armenia's senior unsecured
foreign and local currency bonds have also been affirmed at 'BB'.
The Country Ceiling has been affirmed at 'BB' and the Short-term
foreign currency IDR at 'B'.
KEY RATING DRIVERS
The affirmation of Armenia's sovereign ratings reflects the
following key factors:
The general government deficit fell to 1.7% of GDP in 2013,
against initial projections of 2.8%. This was mainly due to
under-execution and delays in the implementation of public
investment. The government expects the deficit to rise to 2.4%
of GDP in 2014, although further under-execution is possible.
The increase in public sector wages, effective from July 1, 2014,
will increase public spending by about 0.4% of GDP in 2014 and
2015, but has already been budgeted for and will be compensated
by an increase in tax collection.
The general government debt level is expected to remain stable at
around 43%-44% of GDP in 2014-15, and could fall in 2016 if GDP
growth picks up. However, with about 85% of public debt foreign-
currency denominated, Armenia's debt profile is vulnerable to
exchange rate shocks. The administration's willingness to
prioritize domestic financing will lead to a gradual pick-up in
domestic issuance, where appetite for state bonds will be boosted
by insurance and pension reforms.
GDP growth slowed in 1H14, partly because of the slowdown of the
Russian economy, but is expected to pick-up slightly in the
second half to average about 4.5% for the year, mainly as a
result of base effects and a pick-up in investment. Although the
increase in public sector wages may have a positive impact on
private consumption, the recurring under-spending of public
investment will continue to act as a drag on domestic demand.
Inflation is expected to remain close to the Central Bank's
target of 4%.
Because of its high dependence on Russia in terms of gas
supplies, remittances and military support, Armenia remains
particularly vulnerable to developments and policy changes in
Russia. Despite the slowdown in Russia, remittances have held
up. Net remittances account for about 15% of GDP, of which more
than 80% come from Russia. Similarly, nearly 20% of Armenian
exports are destined for Russia. The Armenian government has
announced its intention to finalize negotiations for its
accession to the Eurasian Economic Union, but diplomatic hurdles
remain.
The current account deficit (CAD) shrank slightly in 2013, but is
expected to remain high at nearly 10% of GDP in 2014, partly
because of the weak performance of the Russian economy. The
Central Bank of Armenia is allowing some exchange rate
flexibility, but international reserves fell in 1H14, following
pressure on the exchange rate and the still large CAD. Reserves
are likely to decline slightly over the coming years.
Armenia has benefited from a series of IMF programs and has
agreed a further USD128 million extended fund facility for 2014-
17, which will act as a policy anchor. Armenia has so far
fulfilled most of the performance criteria. Armenia will
continue to enjoy support from major international financial
institutions, which have been instrumental in most large
infrastructure projects.
Armenia's geopolitical environment is a constraint on the rating.
The latent conflict with Azerbaijan over the disputed Nagorno-
Karabakh region entails the risk of escalating into a full-scale
conflict.
RATING SENSITIVITIES
The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the ratings are currently well balanced.
Consequently, Fitch's sensitivity analysis does not currently
anticipate developments with a high likelihood of leading to a
rating change. The main factors that, individually or
collectively, could lead to positive rating action are:
-- Further improvement in the CAD and a stronger reserve
position.
-- A substantial decline in the debt-to-GDP ratio would
improve creditworthiness, especially given the strategy of
relying more on relatively costly domestic issuance and the
vulnerability of debt dynamics to external shocks, via the
exchange rate.
-- An easing of the tensions with Azerbaijan or an improvement
in relations with other neighboring countries.
The main factors that, individually or collectively, could lead
to negative rating action are:
-- A bigger than expected impact on GDP growth from economic
and political developments in Russia.
-- A sharp rise in net external debt and a weakening of
reserves.
-- Material slippage in the performance of public finances
leading to a significant rise in the debt/GDP ratio.
KEY ASSUMPTIONS
The ratings and Outlooks are sensitive to a number of
assumptions:
Fitch assumes continuation of good relations with Russia, given
the importance of this relationship both economically and
diplomatically.
Fitch assumes that a sharp downswing in metals prices is avoided.
Mining exports, especially copper, account for about half of
Armenia's goods exports.
Fitch assumes that Armenia continues to enjoy broad social and
political stability, and that there is no significant worsening
in tensions with Azerbaijan surrounding Nagorno-Karabakh.
Fitch assumes that the global economy performs broadly in line
with Fitch's Global Economic Outlook and that the US Federal
Reserve exit from monetary stimulus is orderly, so that Armenia
retains external market access despite higher international
financial volatility.
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F R A N C E
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BANQUE PSA: S&P Revises Outlook to Pos. & Affirms 'BB' CCR
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
European auto manufacturer Peugeot S.A.'s captive finance
company, France-based Banque PSA Finance (BPF), and on BPF's
subsidiary Credipar, to positive from stable. At the same time,
S&P affirmed its 'BB/B' long- and short-term counterparty credit
ratings on BPF and Credipar.
The outlook revision and affirmation mirror the rating action on
BPF's parent, French carmaker Peugeot S.A.
The positive outlook on Peugeot reflects S&P's view that higher-
than-expected free operating cash flow generation could
significantly improve Peugeot's credit ratios over the next 12
months and that restructuring measures should enable the
automotive division to remain close to breakeven at the operating
income level
S&P believes BPF is insulated, as S&P's criteria define the term,
from Peugeot thanks to favorable national insolvency laws in
France, BPF's regulatory and legal status as a bank, its higher
stand-alone credit profile (SACP) than its parent, and high
degree of operational independence. As a result, S&P caps the
rating on BPF at two notches above the rating on its parent.
Consequently, all else remaining equal, S&P would likely raise
the rating on BPF if it were to upgrade Peugeot.
"The rating action and outlook revision on BPF are not due to any
changes in its stand-alone characteristics. The SACP remains
unchanged at 'bb+', reflecting our 'bbb+' anchor and our view of
BPF's weak business position, strong capital and earnings,
adequate risk position, below average funding, and adequate
liquidity, as our criteria define these terms. In our assessment
of BPF's SACP, we do not take into account the framework
agreement BPF just signed with Santander Consumer Finance (SCF)
on July 10, 2014, to form a European partnership between the two
groups in 11 countries. The formation of the partnership is
subject to regulatory approval and is expected to occur in 2015
and early 2016," S&P said.
S&P still considers that BPF has moderate systemic importance to
France, which it views as supportive of private-sector commercial
banks. As a result, and in line with S&P's criteria, the long-
term counterparty credit rating on BPF can benefit from one notch
of government support.
S&P's one-year positive outlook mirrors that on Peugeot. S&P
would likely raise the long-term rating on BPF if it upgraded
Peugeot, all else remaining equal. The outlook also reflects
S&P's view that the French government's extensive scrutiny under
the EUR7 billion French state guarantee could offset the possible
removal by year-end 2015 of the one notch of government support
the rating on the bank can currently benefit from.
S&P would consider revising the outlook to stable if it revised
the outlook on Peugeot to stable.
All else remaining equal, revising down BPF's stand-alone credit
profile (SACP) by one notch would not automatically lead to a
downgrade because BPF's SACP is higher than Peugeot's. S&P might
revise BPF's SACP downward if it concluded that:
-- BPF would be unable to maintain a risk-adjusted capital
ratio higher than 10% because of further deterioration in
economic risks in its main markets or increasing risk in
its loan book because of growth in emerging markets.
-- Peugeot's sales had led to a weakening of BPF's asset
quality.
Over the medium term, the proposed partnership with SCF could
have negative rating implications for BPF. S&P could reduce the
rating differentiation between BPF and Peugeot or revise down
BPF's SACP if, in S&P's view, the legacy BPF legal entity were:
-- Unable to upstream cash flows from its joint ventures;
-- Unlikely to receive potential support from the French
government anymore;
-- Unable to finance itself independently from Peugeot; or
-- To pursue a more aggressive capitalization policy.
Conversely, S&P might consider a positive rating action in the
medium term if it concluded that, over time, the partnership with
SCF further loosened the tie between BPF's creditworthiness and
that of Peugeot.
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G E R M A N Y
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COMMERZBANK CAPITAL: Fitch Raises Rating on Securities From 'BB-'
-----------------------------------------------------------------
Fitch Ratings has upgraded Commerzbank Capital Funding Trust I
securities (CCFT I) to 'BBB-' from 'BB-', following amendments to
the terms and conditions. The rating of the securities is
anchored to Commerzbank AG's (CBK) Viability Rating of 'bbb'.
KEY RATING DRIVERS - SUBORDINATED DEBT AND OTHER HYBRID
SECURITIES
Subordinated debt and other hybrid capital issued by CBK are all
notched down from CBK's VR in accordance with Fitch's assessment
of each instrument's respective non-performance and relative loss
severity risk profiles, which vary considerably.
The former Tier 1 CCFT I instruments have been upgraded to
'BBB-', one notch below CBK's VR, elevating them to the same
Lower Tier II capital class as the silent partnership
certificates of Dresdner Funding Trust IV (Dresdner IV). The
CCFT I securities now have the same senior liquidation preference
as the Dresdner IV securities and the profit-dependent trigger
has been removed. Similar to Dresdner IV certificates the amended
CCFT I instruments reflect minimal incremental non-performance
risk characteristics (zero notch) and higher loss severity (one
notch) relative to CBK's VR.
On June 23, 2014, CBK reported that in light of the similarities
between the court action on Commerzbank Capital Funding Trust II
(CCFT II, rated BBB-) on Jan. 6, 2014, and the court action
against CCFT I, CBK and the CCFT I Trust were required to execute
similar amended agreements to the CCFT I as they did previously
with the CCTF II.
RATING SENSITIVITIES - SUBORDINATED DEBT AND OTHER HYBRID
SECURITIES
Subordinated debt and other hybrid capital issued by CBK and
associated SPVs are primarily sensitive to a change in CBK's VR.
QUEEN STREET III: S&P Cuts Rating on Principal-At-Risk Notes to D
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Standard & Poor's Ratings Services said that it lowered to
'D (sf)' (default) from 'CC (sf)' its issue rating on the
US$150 million principal-at-risk variable-rate notes issued by
Queen Street III Capital Ltd.
The notes were issued under an insurance-linked securitization
sponsored by Munich Reinsurance Co. (Munich Re). Queen Street
III Capital Ltd. covered losses due to major European windstorms
between July 2011 and July 2014.
On Oct. 22, 2013, S&P received a notice of default from the
indenture trustee due to an investment eligibility event. The
downgrade reflects the fact that holders of the US$150 million
principal-at-risk notes did not receive at least 99.99% of the
outstanding principal back on the notes' redemption date of
July 28, 2014. Instead, there was a shortfall of two basis
points, or US$28,374.65 on the proceeds. The maximum shortfall
allowed under S&P's imputed promises criteria is one basis point
lower than the total amount of notes. This corresponds to
US$15,000 in this particular transaction.
The downgrade to 'D (sf)' is therefore in accordance with S&P's
criteria for rating debt issues based on imputed promises.
Initially, the proceeds from the sale of the notes were invested
in a U.S. Treasury money market fund, which was in turn invested
in treasury bills set up specifically for the transaction in the
MEAG Queen Street III fund. The subsidiary of the asset
management arm of Munich Re, MEAG MUNICH ERGO
Kapitalanlagegesellschaft mbH, managed the fund.
The investment eligibility event related to a drop in the per
unit value of the MEAG Queen Street III fund below US$100.00
following uncertainties surrounding the U.S. debt ceiling in
October 2013. On Oct. 22, the per unit value dropped below
US$100.00 (US$99.9797). Pursuant to the transaction documents,
the indenture trustee redeemed the MEAG Queen Street III fund and
reinvested the proceeds into Federated U.S. Treasury Cash
Reserves.
Since S&P received the notice of default, it has monitored the
performance of the Federated U.S. Treasury Cash Reserves in which
the notes' proceeds have been reinvested.
S&P expects to withdraw its rating on the notes issued by Queen
Street III Capital Ltd. within the next thirty days.
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G R E E C E
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GREECE: Moody's Raises Government Bond Rating to 'Caa1'
-------------------------------------------------------
Moody's Investors Service has upgraded Greece's government bond
rating by two notches to Caa1 from Caa3. The outlook on the
rating is stable. Greece's short-term debt rating is unaffected
and remains Not Prime (NP).
The rating action was triggered by the following key factors:
* The significant improvement in Greece's fiscal position over
the past year and the rating agency's view that the
government remains committed to fiscal consolidation
underpin Moody's forecast of a gradual decline in the public
debt to GDP ratio, which Moody's expects to peak this year
and then start to fall from 2015.
* The improvement in Greece's economic outlook, based on both
a cyclical recovery and the progress made in implementing
structural reforms and rebalancing the economy, further
supports the downward trajectory of the public debt ratio.
* The government's reduced interest burden and lengthened
maturities of the debt, which is predominantly owed to
official creditors, adds to fiscal flexibility and reduces
refinancing risks.
Concurrently, Moody's has raised the local and foreign-currency
country ceilings for long-term debt and deposits to Ba3 from B3.
The foreign-currency country ceilings for short-term debt and
deposits remains Not Prime (NP).
Ratings Rationale
Rationale for Upgrade
First Driver: Significant Improvement in the Government's Fiscal
Position Supports Reduction in the Debt Ratio From 2015
The first factor behind the upgrade of Greece's rating is Moody's
strengthened expectation that the general government debt to GDP
ratio will start declining in 2015, after peaking this year
according to Moody's estimates at around 179% of GDP. The
government's progress in fiscal consolidation under its economic
adjustment program underscores the improvement in the debt
trajectory. Moody's expects the government will reach its primary
surplus Troika target of around 1.6% of GDP this year and that
the headline budget deficit will decline to 2.9% in 2014. Last
year, the government registered its first primary surplus since
2002, one year before it was scheduled to do so, and was able to
deliver it in a decelerating economic growth environment. The
budget deficit shrank to 3.2% (under the Troika support program
definition) and 12.7% of GDP according to Eurostat's definition
(which includes bank recapitalization costs, among other items).
Moreover, Moody's notes that there have been improvements in
Greece's fiscal institutions and these changes should provide
support to the attainment of future budget targets and support a
debt reduction, which, according to the rating agency estimates,
could fall to around 166% of GDP by 2018.
Second Driver: Improving Economic Outlook Supports the Downward
Debt Trend
The second factor supporting the upgrade is greater certainty
regarding the prospect of continued improvements in the fiscal
and debt trends offered by Greece's improving economic
environment, with the recovery showing signs of broadening from
net exports to domestic demand. Though real GDP continued to
contract (-0.9% year-on-year) in Q1 2014, the deceleration was
much lower than had been expected and significantly below the -
6.0% recorded in Q1 2013. Private consumption grew +0.7% in Q1
2014 for the first time in 15 quarters, reflecting a broadening
of economic activity. Investment continued to decline, but at a
much lower rate (-7.9%), supported by the absorption of EU funds,
especially following the restart of large infrastructure
projects.
While Greece's ambitious structural reform agenda has had mixed
results to date, the Government has made good progress on labor
market reforms and in liberalizing some areas of the product
markets. These reforms have led to wage and price adjustments,
which far outstrip adjustments elsewhere in the euro area
periphery. Moreover, the government recently passed legislation
that should help the country's medium-term growth outlook,
because it will further deregulate the food processing, retail,
building materials and tourism sectors. Based on these trends and
high frequency data, Moody's forecasts real GDP growth of +0.4%
in 2014 and +1.2% in 2015.
Third Driver: Greece's More Benign Debt Structure Reduces
Refinancing Risks and Provides Fiscal Flexibility
The predominantly official creditor structure of the Greek
government debt has allowed the reduction of the government's
interest burden and lengthened maturities following previous
private-sector debt restructurings and official sector
assistance. The creditor structure, where 82% of Greece's general
government debt is held by the official sector (mainly the IMF,
EC, ECB and other euro area governments), and the debt profile
that has evolved in consequence, adds to the government's fiscal
flexibility and reduces refinancing risks.
Moody's considers that Greece's fiscal outlook is more resilient
than in the past, given the improvement in the debt affordability
(interest expenses-to-revenues) to 10.1% in 2014 from 17.0% in
2011. At 4% of GDP in 2013, interest-to-GDP is also in line with
the euro area average. Greece's debt-maturity profile has also
been lengthened to around 18 years in 2014, up from around 6.5
years in 2011.
Factors Constraining the Rating at the Caa Level
This rating level incorporates the continuing, high level of
political uncertainty in Greece. There is a high probability of
early parliamentary elections by Q1 2015, prompted by (1) the
eroding majority of the coalition government; and (2) the
constitutional rules surrounding the Presidential appointment,
which is due by February 2015. Moody's believes that the prospect
of early elections, the result of which are highly uncertain,
increases the risk of delays in policy implementation at a
critical juncture of the economic adjustment program, and
amplifies liquidity and financing risks associated with the near-
term financing gap.
This uncertainty is heightened by the ambiguity associated with
the end of European Commission and IMF programs in December 2014
and Q1 2016, respectively. Important decisions will be made over
the coming months related to the financing of the government's
funding needs for 2015, the shape of the structural adjustment
program post 2016 and the structure of further official-sector
debt relief (as was discussed by the Eurogroup in November 2012).
Moody's base case is that external support will still be
forthcoming in some form; however, the rating agency believes
that the primary surplus targets under the current Troika program
are ambitious and would prove demanding in the current social and
political environment. Consequently, Moody's expects that the
forthcoming negotiations with the official creditors will be
challenging and the risk that these tensions imply for creditors
are incorporated in the current rating level. Thus, the rating
continues to incorporate the following credit challenges: (1) an
ambitious structural adjustment program; (2) a very high level of
public debt and a banking system that has high levels of non-
performing loans (NPLs) and is unsupportive to economic growth;
(3) a track record of default; and (4) a challenging political
and social environment, which complicates the implementation of
structural reforms.
Local and Foreign-Currency Ceiling
Moody's has also adjusted upwards Greece's local and foreign-
currency ceilings to Ba3 from B3. The ceilings reflect a range of
un-diversifiable risks to which issuers in any jurisdiction are
exposed, including the risk of exit from the euro area and the
resulting currency redenomination.
What Could Move the Rating Up/Down
Moody's could consider upgrading the rating in the event of (1)
an increase in the pace of fiscal consolidation, and structural
reforms; (2) continued economic growth and sustained large
primary surpluses, both of which would support a continued
decline in debt levels; and (3) more certainty and visibility on
future external financial support and the political environment.
Conversely, the rating could be downgraded if there is a
deceleration in the implementation of the structural adjustment
program due to heightened political risk and reform fatigue, as
this would further hinder Greece's growth prospects and its
ability to generate large primary surpluses over the coming
years.
GDP per capita (PPP basis, US$): 24,012 (2013 Actual) (also known
as Per Capita Income)
Real GDP growth (% change): -3.9% (2013 Actual) (also known as
GDP Growth)
Inflation Rate (CPI, % change Dec/Dec): -1.7% (2013 Actual)
Gen. Gov. Financial Balance/GDP: -12.7% (2013 Actual) (also known
as Fiscal Balance)
Current Account Balance/GDP: 0.7% (2013 Actual) (also known as
External Balance)
External debt/GDP: [not available]
Level of economic development: Low level of economic resilience
Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.
On July 29, 2014, a rating committee was called to discuss the
rating of the Greece, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have improved. The issuer's
fiscal or financial strength, including its debt profile, has
strengthened. An analysis of this issuer, relative to its peers,
indicates that a repositioning of its rating would be
appropriate.
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I R E L A N D
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BEREHAVEN CREDIT UNION: 3,100 Depositors to Get Compensation
------------------------------------------------------------
Pamela Newenham at The Irish Times reports that the Central Bank
has said compensation payments totaling EUR10 million have been
paid to more than 3,100 depositors of Berehaven Credit Union.
The credit union in Cork closed its doors and a liquidator was
appointed following High Court orders issued on behalf of the
Central Bank, The Irish Times relates.
Checks have now been posted to over 85% of the credit union's
members, The Irish Times discloses.
The bank, as cited by The Irish Times, said that remaining
deposits are being progressed "as quickly as possible" and it is
expected that further payments will be made shortly.
Insolvency practitioners Jim Hamilton and David O'Connor of BDO
Ireland were appointed as provisional liquidators of the credit
union in Castletownbere, The Irish Times relays.
ST PAUL'S CLO V: Moody's Assigns (P)B2 Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to notes to be issued by St. Paul's CLO V Limited:
EUR208,500,000 Class A Secured Floating Rate Notes due 2027,
Assigned (P)Aaa (sf)
EUR42,000,000 Class B Secured Floating Rate Notes due 2027,
Assigned (P)Aa2 (sf)
EUR19,700,000 Class C Secured Deferrable Floating Rate Notes due
2027, Assigned (P)A2 (sf)
EUR17,500,000 Class D Secured Deferrable Floating Rate Notes due
2027, Assigned (P)Baa2 (sf)
EUR24,800,000 Class E Secured Deferrable Floating Rate Notes due
2027, Assigned (P)Ba2 (sf)
EUR10,500,000 Class F Secured Deferrable Floating Rate Notes due
2027, Assigned (P)B2 (sf)
Moody's issues provisional ratings in advance of the final sale
of financial instruments, but this rating only represents Moody's
preliminary credit opinion. Upon a conclusive review of a
transaction and associated documentation, Moody's will endeavor
to assign a definitive rating. A definitive rating (if any) may
differ from a provisional rating.
Ratings Rationale
Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2027. The provisional rating reflects the risks due
to defaults on the underlying portfolio of loans, the
transaction's legal structure, and the characteristics of the
underlying assets. Furthermore, Moody's is of the opinion that
the collateral manager, Intermediate Capital Managers Limited
("ICM"), has sufficient experience and operational capacity and
is capable of managing this CLO.
St. Paul's CLO V Limited is a managed cash flow CLO with a target
portfolio made up of EUR 350,000,000 par value of mainly European
corporate leveraged loans. At least 90% of the portfolio must
consist of senior secured loans, senior secured bonds and
eligible investments, and up to 10% of the portfolio may consist
of second-lien loans, unsecured loans, mezzanine obligations and
senior unsecured bonds. The portfolio may also consist of up to
10% of fixed rate obligations. The portfolio is expected to be
approximately 60% ramped up as of the closing date and to be
comprised predominantly of corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be
acquired during the six month ramp-up period in compliance with
the portfolio guidelines.
Intermediate Capital Managers Limited ("ICM") will actively
manage the collateral pool of the CLO. It will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four-year
reinvestment period. Thereafter, collateral purchases are
permitted using principal proceeds from unscheduled principal
payments and proceeds from sales of credit risk obligations, and
are subject to certain restrictions.
In addition to the six classes of notes rated by Moody's, the
Issuer will issue one class of subordinated notes which will not
be rated.
The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.
Factors that would lead to an upgrade or downgrade of the rating:
The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. ICM's investment decisions and
management of the transaction will also affect the notes'
performance.
Loss and Cash Flow Analysis:
Moody's modelled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
February 2014. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.
Moody's used the following base-case modeling assumptions:
Par amount: EUR 350,000,000
Diversity Score: 33
Weighted Average Rating Factor (WARF): 2810
Weighted Average Spread (WAS): 4.00%
Weighted Average Coupon (WAC): 5.50%
Weighted Average Recovery Rate (WARR): 42.0%
Weighted Average Life (WAL): 8 years
As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with foreign currency
government bond rating of A3 or below. Following the effective
date, and given the portfolio constraints and the current
sovereign ratings in Europe, such exposure may not exceed 10% of
the total portfolio, where exposures to countries rated below
Baa3 cannot exceed 5%. As a result and in conjunction with the
current foreign government bond ratings of the eligible
countries, as a worst case scenario, a maximum 5% of the pool
would be domiciled in countries with single A local currency
country ceiling and 5% in Baa2 local currency country ceiling.
The remainder of the pool will be domiciled in countries which
currently have a local currency country ceiling of Aaa. Given
this portfolio composition, the model was run with different
target par amounts depending on the target rating of each class
of notes as further described in the rating methodology. The
portfolio haircuts are a function of the exposure size to
peripheral countries and the target ratings of the rated notes
and amount to 0.75% for the class A notes, 0.50% for the Class B
notes, 0.375% for the Class C notes and 0% for Classes D, E and
F.
Stress Scenarios:
Together with the set of modeling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the provisional rating
assigned to the rated notes. This sensitivity analysis includes
increased default probability relative to the base case. Below is
a summary of the impact of an increase in default probability
(expressed in terms of WARF level) on each of the rated notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), holding all other factors equal:
Percentage Change in WARF: WARF + 15% (to 3232 from 2810)
Ratings Impact in Rating Notches:
Class A Secured Floating Rate Notes: 0
Class B Secured Floating Rate Notes: -2
Class C Secured Deferrable Floating Rate Notes: - 2
Class D Secured Deferrable Floating Rate Notes: - 2
Class E Secured Deferrable Floating Rate Notes: -1
Class F Secured Deferrable Floating Rate Notes: 0
Percentage Change in WARF: WARF +30% (to 3653 from 2810)
Ratings Impact in Rating Notches:
Class A Secured Floating Rate Notes: -1
Class B Secured Floating Rate Notes: -4
Class C Secured Deferrable Floating Rate Notes: -4
Class D Secured Deferrable Floating Rate Notes: -2
Class E Secured Deferrable Floating Rate Notes: -2
Class F Secured Deferrable Floating Rate Notes: -2
ST PAUL'S CLO V: Fitch Assigns 'B-' Rating to Class F Notes
-----------------------------------------------------------
Fitch Ratings has assigned St. Paul's CLO V Limited's notes
expected ratings as follows:
Class A: 'AAA(EXP)sf'; Outlook Stable
Class B: 'AA+(EXP)sf'; Outlook Stable
Class C: 'A+(EXP)sf'; Outlook Stable
Class D: 'BBB(EXP)sf'; Outlook Stable
Class E: 'BB(EXP)sf'; Outlook Stable
Class F: 'B-(EXP) sf'; Outlook Stable
Subordinated notes: not rated
The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already reviewed.
St. Paul's CLO V Limited is an arbitrage cash flow collateralized
loan obligation (CLO).
KEY RATING DRIVERS
Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B' and 'B-' categories. Fitch has public ratings or credit
opinions on all the obligors in the identified portfolio. The
covenanted maximum Fitch weighted average rating factor (WARF)
for assigning expected ratings is 33.5. The WARF of the
identified portfolio, which represents 65% of the target par
amount, is 34.7.
High Expected Recoveries
At least 90% of the portfolio will comprise senior secured
obligations. Recovery prospects for these assets are typically
more favorable than for second-lien, unsecured, and mezzanine
assets. Fitch has assigned Recovery Ratings to 44 of the 48
obligations in the identified portfolio. The covenanted minimum
weighted average recovery rate (WARR) for assigning expected
ratings is 67.5%. The WARR of the identified portfolio is 64.3%.
Limited Interest Rate Risk
While interest due on the rated notes is based on a floating
index, fixed-rate assets can account for up to 10% of the
portfolio balance. Fitch factored a 10% fixed-rate bucket in its
cash flow analysis and the rated notes can withstand the excess
spread compression in a rising interest rate environment.
Limited FX Risk
Perfect asset swaps are used to mitigate any currency risk on
non-euro-denominated assets. The transaction is permitted to
invest up to 30% of the portfolio in non-euro-denominated assets,
provided suitable asset swaps can be entered into.
TRANSACTION SUMMARY
Net proceeds from the notes will be used to purchase a EUR350m
portfolio of mainly European leveraged loans and bonds. The
portfolio will be managed by Intermediate Capital Managers
Limited. The transaction features a four-year re-investment
period scheduled to end in 2018.
The transaction documents may be amended subject to rating agency
confirmation or note-holder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the then current ratings. Such
amendments may delay the repayment of the notes as long as
Fitch's analysis confirms the expected repayment of principal at
the legal final maturity.
If in the agency's opinion the amendment is risk-neutral from a
rating perspective, Fitch may decline to comment. Noteholders
should be aware that the structure considers the confirmation to
be given if Fitch declines to comment.
RATING SENSITIVITIES
A 25% increase in the expected obligor default probability would
lead to a downgrade of one to three notches for the rated notes.
A 25% reduction in expected recovery rates would lead to a
downgrade of one to three notches for the rated notes.
ZOO ABS IV: Fitch Affirms 'CCsf' Rating on Class E Notes
--------------------------------------------------------
Fitch Ratings has affirmed Zoo ABS IV Plc's notes, as follows:
Class A-1A (ISIN XS0298493072): affirmed at 'BBBsf'; Outlook
Stable
Class A-1B (ISIN XS0298495523): affirmed at 'BBBsf'; Outlook
Stable
Class A-1R (no ISIN): affirmed at 'BBBsf'; Outlook Stable
Class A-2 (ISIN XS0298496505): affirmed at 'BBsf'; Outlook
Stable
Class B (ISIN XS0298496927): affirmed at 'B+sf'; Outlook Stable
Class C (ISIN XS0298497495): affirmed at 'B-sf'; Outlook Stable
Class D (ISIN XS0298498386): affirmed at 'CCCsf'
Class E (ISIN XS0298498972): affirmed at 'CCsf'
Class P (ISIN XS0298626564): affirmed at 'B-sf'; Outlook Stable
Zoo ABS IV Plc is a cash arbitrage securitization of structured
finance assets.
KEY RATING DRIVERS
The affirmation reflects the stable performance of the
transaction since September 2013. Despite the transaction having
amortized by more than EUR35 million during this period, credit
enhancement has remained unchanged as a result of the entire
structure being amortized on a pro rata basis. However, credit
enhancement on class E notes is increasing at a faster pace due
to its turbo amortization feature. The transaction will continue
amortizing on a pro rata basis unless the overcollateralization
(OC) tests are breached or the outstanding balance drops below
EUR375 million.
The portfolio quality has not experienced significant changes
since September 2013. The 'CCC' -and-below bucket increased to
5.7% of the outstanding portfolio from 4.8% during this period.
One additional asset defaulted in the past year. Current
defaults amount to EUR5.9m.
The portfolio comprises mainly RMBS and corporate CDO assets,
which represent over 86% of the outstanding portfolio. There has
been little change in the concentration of asset industry or
country exposure. The largest country is the UK, contributing
46% of the portfolio, followed by Italy with 36%. European
peripheral exposure, which includes Italy, Spain, Portugal and
Greece, contributes 45% of the portfolio.
RATING SENSITIVITIES
In stress-testing the ratings Fitch found that a reduction in
recovery rates by 25% did not have any rating impact. However,
increase of the default probabilities by 25% indicated that a
downgrade by one notch was likely on the senior notes.
===================
K A Z A K H S T A N
===================
HOUSE CONSTRUCTION SAVING: Moody's Ups Fin. Strength Rating to D-
-----------------------------------------------------------------
Moody's Investors Service has upgraded House Construction Saving
Bank of Kazakhstan JSC's (HCSBK) long-term local-currency deposit
rating to Baa3 from Ba1. Concurrently, HCSBK's standalone bank
financial strength rating (BFSR) was upgraded to D-, equivalent
to a baseline credit assessment (BCA) of ba3 (formerly E+/b1).
The bank's short-term rating was revised to Prime-3 from Not-
Prime. The outlook on the bank's BFSR and its long-term rating is
stable.
Ratings Rationale
The upgrade of HCSBK's ratings is driven by strengthened customer
franchise, its high capital buffer, robust asset quality and
sufficient liquidity cushion, which compare the bank favorably to
peers.
HCSBK has increased its market share in the Kazakh mortgage-
lending segment to 15% as of May 2014, from 8% at year-end 2010.
This increase has been supported by bank's participation in the
government finance programs for housing development (including
the latest program: "Affordable Housing 2020"), which helped to
strengthen its mortgage-market franchise. The bank was
established by the government to promote long-term housing
savings and mortgage development in Kazakhstan. It has a unique
business model that consists of taking long-term deposits from
individuals who are then granted housing mortgage loans after
their savings have been accumulated at the bank for a certain
period of time. This has enabled HCSBK to significantly increase
in customer funding base, which exhibits low volatility with the
lead position in accumulating long-term retail deposits in
Kazakhstan.
Moody's expects HCSBK to continue its strategy of mortgage loans
growth given high demand for housing in Kazakhstan and the bank's
key role in residential housing provision and mortgage market
development, which is one of the national priorities in
Kazakhstan.
HCSBK's capital adequacy remains strong, with the shareholder
equity-to-total assets ratio amounting to 26.4% and regulatory
capital adequacy ratio (CAR) at 51.7% as of 1 July 2014 (year-end
2013: 27.7% and 64%, respectively). Although capitalization is
declining as a result of active loans growth, it still remains
well above the domestic sector-peer average. Kazakh government
has supported the bank's business expansion through regular
capital injections (with the most recent KZT57 billion amount
provided in 2011), as internal capital generation lags behind
rapid asset growth. Moody's estimates the current capital buffer
to be sufficient for further planned loan growth, and expects
this buffer to remain robust within the next 12-18 months.
HCSBK's asset quality is good with non-performing loans (NPLs,
defined as "payments overdue by more than 90 days") amounting to
0.9% as of Q1 2014 (year-end 1.4%; year-end 2012: 1.6%) according
to the bank's management data, which is much lower than Moody's
estimate of the sector average at 40%. The low level of NPLs is
driven by inherently high portfolio granularity, good payment
discipline by borrowers given the savings-based business model,
and prudent collateral policy with the average loan-to-value
ratio of 50%.
At the same time, Moody's notes that the monoline nature of the
business exposes HCSBK to event risks in the Kazakh mortgage
and/or real estate markets. Although the bank might report an
increase in problem loans in absolute amounts on the back of
seasoning of the rapidly growing loan book, the rating agency
does not expect a dramatic surge in the level of NPLs. Under
Moody's estimations, potential credit losses will not have a
material negative impact on the bank's capitalization in the
medium-term rating horizon (over the next 12-18 months) given its
currently solid capital cushion.
In addition, HCSBK's liquidity profile is fairly strong given (1)
its long-term deposit base that exhibits low volatility; and (2)
the large proportion of liquid assets (58.7% of total assets as
of July 1, 2014), comprising mainly government securities.
Supported Ratings
HCSBK's deposit rating factors in Moody's assessment of a very
high probability of systemic support based on: (1) 100% ultimate
ownership by the Kazakhstan government though the National
Holding "Baiterek"; (2) the bank's policy mandate to carry out
government housing finance programs; (3) its 15% market share in
the local mortgage market; and (4) a track record of government
support through capital injections and provided funding. As a
result, HCSBK's global local currency (GLC) deposit rating
receives a three-notch uplift from its ba3 BCA.
What Could Move the Ratings Up/Down
There is limited upward potential for HCSBK's BCA given monoline
nature of business and challenging operating environment in real
estate and banking sectors of Kazakhstan in the next 12-18
months.
HCSBK's long-term deposit rating could be downgraded if any
actions of the Kazakhstan authorities were to change Moody's
perception of the probability of systemic support for HCSBK, such
as (1) any material change in government ownership; and (2)
reduced government support and commitment as a result of
politically motivated decisions. Downward pressure could be
exerted on the bank's BCA as a result of any substantial
impairment of its loan book, limited capital buffer or shortage
in liquidity, which Moody's currently regards as a remote
scenario.
Principal Methodology
The principal methodology used in this rating was Global Banks
published in July 2014.
Headquartered in Almaty, Kazakhstan, HCSBK reported total assets
of KZT355 billion (US$2.3 billion) and total shareholder equity
of KZT98.3 billion (US$640 million) as of year-end 2013, in
accordance with audited IFRS.
===========
L A T V I A
===========
4FINANCE SA: Moody's Assigns 'B3' Senior Unsecured Bond Rating
--------------------------------------------------------------
Moody's Investors Service, assigned a first-time B3 senior
unsecured bond rating to 4finance S.A., an online single and
installment loan provider, headquartered in Latvia. The outlook
on the bond rating is negative. The rating is based on the
expectation that there will be no material difference between
current and final documentation in relation to the notes.
Ratings Rationale
Senior Debt
The B3, negative outlook, senior unsecured debt rating of
4finance S.A., a Luxembourg based funding vehicle, reflects the
previously assigned B3 issuer rating of 4finance Holding S.A.
(group holding company), 4finance S.A.'s role as the group's
funding vehicle, and the note guarantees from the largest
operating companies in the 4finance group as well as the group
holding company (4finance Holding S.A.).
The B3 issuer rating assigned to 4finance Holding S.A. reflects
the high-risk nature of online single and installment loans, with
4finance making mainly short-term high interest rate loans to
customers with limited access to bank lending. The rating also
considers 4finance's track record of pricing the risk, and
diversifying in a wide range of countries, which has translated
into consistent positive profitability. The rating also captures
the evolving regulatory environment. 4finance's geographical
spread subjects the company to a variety of regulators, albeit
Moody's is unaware of currently pending regulation that could
have a materially negative impact on 4finance's financial
performance.
Outlook
Our outlook on 4finance is negative as a result of risks
associated with its rapid growth of loan portfolio mainly in
existing countries. The company's balance sheet grew to EUR225
million at year end-2013 from EUR 123 million a year earlier.
Moody's understands that the company intends to continue to grow
its balance sheet significantly at least during the next two
years. It intends to fund the growth of loan portfolios by
increasing the volume of outstanding debt, although the company's
leverage is expected to remain commensurate with the rating as
the company's equity continues to grow. At the same time, Moody's
acknowledge that as a result of extending a large number of
loans, the company captures loan performance data which is
valuable for calibrating lending scorecards and thus managing
future profitability.
What Could Change the Rating Up/Down?
An upgrade is currently unlikely given the negative outlook. Over
time, upward pressure on ratings could result from stabilization
of the company's performance metrics, including with regards to
profitability and asset quality.
A downgrade would likely follow (1) indications that the group's
expansion is resulting in increased risk profile (both credit
and/or operational) (2) a deterioration in financial metrics,
particularly related to asset quality, and/or; (3) a material
deterioration in the regulatory / legislative environment in one
or more of 4Finance's key markets.
The principal methodology used in this rating was Finance Company
Global Rating Methodology published in March 2012.
4finance is a provider of online single and installment loans
reporting total assets of EUR225 million at year end-2013. The
company is headquartered in Latvia and operates in 12 countries;
mainly Latvia, Lithuania, Finland, Sweden and Poland.
=====================
N E T H E R L A N D S
=====================
METINVEST BV: Fitch Affirms 'CCC' Long-Term Foreign Currency IDR
----------------------------------------------------------------
Fitch Ratings has affirmed Metinvest B.V.'s Long-term foreign
currency Issuer Default Rating (IDR) at 'CCC'. The senior
unsecured rating on the company's 2015 and 2018 eurobonds has
also been affirmed at 'CCC'/'RR4'.
The ratings remain constrained by Ukraine's sovereign rating of
'CCC'. Absent the sovereign rating constraint, Fitch views
Metinvest's current operational and financial profile as
comparable to a 'B-' rating level. The current lack of access to
international capital markets complicates the refinancing of
existing debt and puts the company's ability to repay its USD500
million bond and other maturities in 2015 under pressure.
Positively, the ratings continue to be supported by Metinvest's
position as a leading integrated low-cost steel and iron ore
producer in Ukraine. Despite the unstable geopolitical
environment in Ukraine, Metinvest managed to maintain steady
operations and to improve its financial profile in FY13. Fitch-
adjusted EBITDA margin increased to 16.8% in FY13 from 15.3% in
FY12 yoy, mainly on the back of rising iron ore prices.
KEY RATING DRIVERS
Ratings Constrained by Sovereign
The sovereign rating constraint reflects Metinvest's exposure to
Ukraine as the source of its raw materials, the location of its
major plants, and its significance as an end-market for its
products. Its standalone creditworthiness of 'B-' reflects
potential difficulties in refinancing upcoming maturities, high
domestic inflation even though this factor is offset by the
devaluation of the hryvnia (by more than 50% vs. USD) and, most
importantly, the high exposure to geopolitical risks in the
Donbas region, where the company's main assets are located,
generating significant risk of operational disruptions. Fitch is
aware that one of the group's coke-processing plants has recently
been damaged by a rocket, although this is expected to return to
production quickly at a fairly modest cost.
Liquidity at Risk in 2015
In Fitch's view, the company should be able to repay USD867
million of debt maturities in 2014 from its internally generated
cash flows, but uncertainty exists over Metinvest's USD500
million bond repayment and nearly USD800 million in debt
repayment instalments under the existing PXF facilities in 2015.
Barring steel market deterioration and operational disruptions,
Fitch forecasts that Metinvest will just be able to repay these
amounts from internal cash flows and cash balances. Available
cash balances would, however, be reduced to a historically low
level for a company of this size of between USD100 million and
USD200 million.
Low-Cost Producer
Metinvest's ratings continue to reflect its scale as one of the
largest Commonwealth of Independent States (CIS) producers of
steel and iron ore, with a low-cost production base, 200% self-
sufficiency in iron ore and 55% in coking coal. The ratings also
factors in Metinvest's favorable location with close proximity to
raw material sources, to Black Sea ports and to key end-markets.
Hryvna Devaluation Benefits
Despite the on-going weak steel market conditions globally, Fitch
believes that Metinvest's financial profile should remain largely
stable over 2014 and 2015. This is due to the company's currency
exposure -- a largely foreign currency-denominated revenue base
and a mostly local currency-denominated cost structure --
supporting profitability. Fitch expects 2014 EBITDA margin to
increase to 21% and to stabilize between 17%-18% over the next
three to four years.
Plant Modernization
Metinvest continues to modernize its mining and metallurgical
operations as scheduled, further improving its cost efficiency.
Recent projects have included the implementation of pulverized
coal injection at several sites, as well as ore crusher and
conveyer facilities for Northern GOK and Ingulets GOK.
RATING SENSITIVITIES
Currently the most likely factor to result in a change in
Metinvest's ratings would be a change in the Ukrainian sovereign
rating.
The main factors that individually, or collectively, could
trigger a downgrade to the sovereign rating are:
-- Intensification of political and economic stress so that
default on government debt becomes probable.
The main factors that individually, or collectively, could
trigger an upgrade to the sovereign rating are:
-- A return to political stability
-- Sovereign access to external financing, leading to reduced
pressure on reserves
-- A return to sustainable growth and a moderation in fiscal
and external imbalances
FULL LIST OF RATING ACTIONS
Metinvest B.V.
Long-term foreign currency IDR: affirmed at 'CCC'
Short-term foreign currency IDR: affirmed at 'C'
Long-term local currency IDR: affirmed at 'B-', Negative Outlook
Short-term local currency IDR: affirmed at 'B'
National Long-term rating: affirmed at 'AA+(ukr)', Outlook
revised to Negative from Stable
National Short-term rating: affirmed at 'F1+(ukr)'
Senior unsecured foreign currency rating: affirmed at
'CCC'/'RR4'
===============
P O R T U G A L
===============
BANCO ESPIRITO: Split Into Two Under EUR4.9-Bil. Rescue Plan
------------------------------------------------------------
Peter Wise at The Financial Times reports that Banco Espirito
Santo has been split into "good" and "bad" banks as part of a
EUR4.9 billion rescue of the distressed Portuguese lender that
protects taxpayers and senior creditors but leaves shareholders
and junior bondholders holding only toxic assets.
The rescue, which will destroy much of the value of investments
made by equity and subordinated debt holders, is seen as a test
case for a tougher stance by EU regulators, who have promised to
protect taxpayers from the cost of bailing out mismanaged banks,
the FT notes.
Carlos Costa, governor of the Bank of Portugal, said on Sunday
night that BES's healthy assets have been acquired by a small
Portuguese bank rescue fund bolstered by European Union and
International Monetary Fund loans left over from Portugal's
international bailout, the FT relates.
Mr. Costa, as cited by the FT, said that a total of EUR4.9
billion in fresh capital is being injected into this "good bank",
which will subsequently be offered for sale.
It has been renamed "Novo Banco", meaning new bank, and will
include all BES's branches, workers, deposits and healthy credit
portfolios, the FT discloses.
The European Commission said the plan was in line with EU state
aid rules, the FT relays. According to the FT, all deposits,
senior debt and most assets will be transferred to Novo Banco,
while shareholders and subordinated creditors will remain in the
"bad bank", which is to be wound down.
Banco Espirito Santo (BES) is a private Portuguese bank based in
Lisbon. It was the second largest listed Portuguese bank.
===========
R U S S I A
===========
EVRAZ GROUP: Fitch Affirms 'BB-' Long-Term IDR; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Russia-based Evraz Group SA's (Evraz
Group) and holding company Evraz plc's (Evraz) Long-term Issuer
Default Rating (IDR) at 'BB-'. The Outlook on both ratings is
Stable. Evraz Group's senior unsecured rating of 'BB-' has also
been affirmed.
Evraz Group's FYE13 results showed a moderate growth in volumes,
totaling 2% year-on year increase in the output of steel
products. The growth in volumes did not, however, translate into
higher revenues due to a general reduction in market prices.
Profitability margins fell as a result but were partly
compensated by the company's on-going cost optimization plan.
Fitch-adjusted EBITDAR margin for FYE13 was 10.9% compared with
13.5% in the previous year.
Despite the challenging market environment Evraz Group was able
to increase its free cash flow generation year-on year, mainly as
a result of a reduction in capex (down by more than 25% yoy).
The company was also able to reduce absolute gross and net
leverage levels, which Fitch expects to continue in 2014.
KEY RATING DRIVERS
High Raw Material Self-Sufficiency
Evraz Group benefits from 100% self-sufficiency in iron ore and
coking coal, including supplies of coal from its affiliate OAO
Raspadskaya (B+/Stable). Consequently, it is better placed to
control the cost base of its upstream operations than less
integrated Russian and international steel peers. The cash cost
of slab production at Evraz's Russian steel mills is about 25%
below the global average, which has enabled the company to
maintain full plant capacity utilization.
Healthy Core Market Demand
Russia, where the company mainly focuses on long products,
remains the largest market for Evraz (42% of revenue in 2013).
Consumption of steel in Russia is increasing and Fitch considers
the factors driving demand for steel products in Russia to be
quite strong over the medium term.
Cost Efficiency
Evraz has intensified its strategy of streamlining its
operations, which consists of divesting non- or less profitable
assets, and applying capital to optimize the existing assets.
Fitch assesses the impact of the initiative on both leverage and
overall profitability as positive. However, the disposal of
Highveld steel and vanadium assets in South Africa is still under
negotiations.
Positive Free Cash Flow
Evraz's ratings are supported by its ability to remain free cash
flow (FCF)-positive throughout the cycle. Fitch expects this to
continue over the medium term and that the company will use some
of FCF for debt reduction.
Average Corporate Governance
Fitch assesses Evraz's corporate governance practices as being
average compared with other Russian corporates and are notched
down by two levels to 'BB-'. Included in this notching is the
higher-than-average systemic risks associated with the Russian
business and jurisdictional environment as well as the company's
own corporate governance practices.
RATING SENSITIVITIES
Negative: Future developments that could lead to negative rating
action include:
-- Funds from operations (FFO)-adjusted gross leverage
sustained above 3x by end-2015
-- Sustained negative FCF
Positive: Future developments that could lead to positive rating
actions include:
-- FFO-adjusted gross leverage below 2.5x by end-2015
-- Sustained positive FCF
FULL LIST OF RATING ACTIONS
Evraz Group SA
-- Long-term IDR affirmed at 'BB-'; Stable Outlook
-- Short-term IDR affirmed at 'B'
-- Senior unsecured rating affirmed at 'BB-'
Evraz plc
-- Long-term IDR affirmed at 'BB-'; Stable Outlook
-- Short-term IDR affirmed at 'B'
LABIRINT: Halts Operations; 25,000 Clients Stranded
---------------------------------------------------
The Moscow Times reports that Labirint has suspended operations,
citing a "negative political and economic situation" and leaving
an estimated 25,000 clients stranded overseas, after Western
nations tightened sanctions on Moscow for its meddling in the
Ukrainian crisis.
Labirint travel agency said in a statement that it could not
withstand the combined effect of sluggish booking on foreign
travel, provoked in part by the deepening rift between Moscow and
the West and the erosion of Russians' purchasing power caused by
a sharp weakening of the Russian ruble, and a government
recommendation to ban foreign travel for military servicemen and
law enforcement employees, The Moscow Times relates.
According to The Moscow Times, Irina Tyurina, a spokeswoman for
the Russian Travel Industry Union, was quoted as saying by
Itar-Tass that an association of Russian tourism agencies set up
to provide emergency travel assistance, Turpomosch -- which
translates as "Tour Help" -- said it would try to "evacuate" all
of Labirint's clients who are stranded abroad, but it remained
unclear if the association could raise enough funds to bring home
an estimated 25,000 people.
Scores of other customers have paid Labirint for booking future
tours and will now have to seek refunds, The Moscow Times
discloses. But Ms. Tyurina said it was not yet clear how many
people may be affected, The Moscow Times notes.
Labirint is a major Russian travel operator.
MARITIME BANK: Moody's Changes B3 Deposit Rating Outlook to Neg.
----------------------------------------------------------------
Moody's Investors Service has changed the outlook to negative
from stable on Maritime Bank's B3 long-term global local and
foreign-currency deposit ratings and E+ standalone bank financial
strength rating (BFSR). The bank's standalone E+ BFSR, equivalent
to a baseline credit assessment (BCA) of b3, B3 long-term deposit
ratings and Not Prime short-term local and foreign-currency
deposit ratings were affirmed.
The outlook change reflects the bank's weakened liquidity
position over the recent months amid the bank's high depositor
concentration and the challenging operating environment in
Russia.
At the same time, the affirmation of the bank's ratings reflects
the bank's currently acceptable capital adequacy and asset
quality balanced with weak profitability.
The outlook change on Maritime Bank's ratings is primarily based
on the bank's unaudited financial statements for January 2013-
July 2014, which were prepared in accordance with local GAAP, and
audited financial statements for 2013, prepared under IFRS.
Ratings Rationale
Moody's notes that Maritime Bank's unpledged liquid assets have
decreased in recent months and stood at around 15% of customer
deposits and short-term interbank funds in March-July 2014,
compared with 25% a year ago. The bank has pledged almost 80% of
its liquid assets as collateral for the Central bank's (CBR)
funding. A portion of secured CBR funds has been used to support
the bank's earnings through carry trades while the rest has been
attracted to compensate for (1) a partial repayment of domestic
bonds under a put option; and (2) the reduction (compared to the
previous year) in interbank funding.
High customer funding concentration also weakens Maritime Bank's
liquidity profile, with the 20 largest depositors accounting for
almost 53% of customer funds as of end-May 2014, although this is
partially alleviated by the bank's longstanding relationships
with its largest corporate clients and the stickiness of its
retail deposit base.
At the same time, Maritime Bank's ratings are supported by
adequate capitalization, as its regulatory Total capital adequacy
ratio (12.4% as of end-June 2014) is well above the 10%
regulatory threshold. The bank's asset quality has also been
satisfactory relative to its peers, with 90+ days overdue and
restructured loans standing at 7.2% and 6%, respectively, at end-
May 2014 and being sufficiently covered by loan loss reserves of
9.5%.
What Could Move The Rating -- UP
Maritime Bank's ratings have limited upside potential, as
reflected in the negative outlook. Moody's says that the rating
outlook on Maritime Bank's B3 ratings could be changed to stable
if the bank improves its liquidity profile while maintaining
satisfactory asset-quality and capital levels.
What Could Move The Rating -- Down
Maritime Bank's deposit ratings could be downgraded if it is
unable to reinstate the liquidity cushion to more comfortable
levels. Furthermore, a material weakening in the bank's asset
quality or a change of shareholder may also negatively affect the
bank's ratings.
NIZHNIY NOVGOROD: Fitch Assigns 'BB' IDRs; Outlook Stable
---------------------------------------------------------
Fitch Ratings has assigned the Russian City of Nizhniy Novgorod
Long-term foreign and local currency Issuer Default Ratings
(IDRs) of 'BB', with Stable Outlooks and a Short-term foreign
currency IDR of 'B'. The agency has also assigned the city a
National Long-term rating of 'AA-(rus)' with Stable Outlook.
KEY RATING DRIVERS
The ratings reflect the city's stable budgetary performance, with
its operating balance fully covering interest payments, its
developed local economy, and moderate, albeit growing, direct
risk. The ratings also factor in on-going fiscal deficit and
refinancing pressure from a large proportion of short-term bank
loans in the city's direct risk structure.
Fitch expects Nizhniy Novgorod's operating performance to
stabilize, with an operating balance averaging 6% of operating
revenue in 2014-2016, unchanged from 2013. Operating expenditure
is under pressure from the federal government's pledge to
increase public sector salaries, although these are mostly offset
by earmarked transfers from the Nizhniy Novgorod region
(BB/Stable/B) and by increasing tax revenue.
Fitch expects the city's direct risk will grow to RUB6.6 billion
by end-2014, or a moderate 30% of current revenue and RUB8.7
billion or 33% by end-2016, from RUB5.2 billion in 2013. Fitch
forecasts a deficit for 2014-2016, extending the deficit trend
since 2008. High opex growth driven by staff cost increase
fuelled the deficit in 2013 and 2014. This came on top of high
capital spending, which has constantly exceeded 20% of total
expenditure in the past.
Nizhniy Novgorod's direct risk is dominated by bank loans with an
average maturity of between one and two years. As of July 1,
2014, about 90% of the city's liabilities were due in December
2015. The city intends to tap the domestic bond market in 2015
by issuing RUB3 billion domestic bonds with a five-year maturity.
If the placement is successful it would replace a notable part of
outstanding short term bank loans and mitigate refinancing
pressure.
The city receives steady current transfers from the regional
budget. Most of them (56% of current transfers in 2013) are
earmarked for financing delegated responsibilities, mainly
teachers' salaries. The remaining 44% are grants to co-finance
municipal programs. Nizhniy Novgorod receives only modest
general-purpose financial aid from the region as its budget
capacity is higher than the average municipality in the region.
With a population of above one million, the city is the capital
of Nizhniy Novgorod region, one of the top 15 Russian regions by
gross regional product, providing a strong and growing tax base.
Fitch expects an increase of 18% in tax revenue for 2014, which
will compensate for a deceleration of current transfers from the
regional budget. The city's tax proceeds comprise stable
personal income and property taxes, which makes the city
resilient to volatile business cycles.
RATING SENSITIVITIES
A positive rating action may result from easing refinancing
pressure and maintenance of a sound current balance, leading to
direct risk coverage (current balance to direct risk) being in
line with the debt maturity profile.
A negative rating action may result from further growth of short
term debt alongside deterioration of budgetary performance with
the operating balance insufficient to cover interest payments.
UC RUSAL: Won't File Suit After Creditors OK Loan Amendment
-----------------------------------------------------------
Yuriy Humber at Bloomberg News reports that United Co. Rusal said
all creditors have now agreed to its proposed changes to terms on
two loans, for US$4.75 billion and US$400 million, averting the
need for the company to pursue court action.
The company will proceed to carry out the loan amendment
agreement "as soon as practicable," Bloomberg quotes Moscow-based
Rusal as saying in a statement.
Rusal, as cited by Bloomberg, said that the consensual sign-off
by all creditors means the company may no longer need to pursue
its action in English and Jersey courts.
Rusal said in March that the company had net debt of US$10.1
billion at the end of 2013 and posted an annual net loss of
US$3.2 billion as it wrote down the value of assets after
aluminum prices fell, Bloomberg recounts. According to
Bloomberg, the company said an agreement with creditors will
allow Rusal to cut the amount it needs to pay back this year to
US$400 million from US$1 billion.
Rusal plans to merge the two loans totaling US$5.15 billion,
taken in 2011 and 2013, and restructure them simultaneously,
Bloomberg discloses. The company, Bloomberg says, is seeking to
extend the maturity of the debt to 2018, with a two-year grace
period on repayment of the principal amount under the new terms.
UC Rusal controls 65 per cent of Jamaica's alumina production
capacity and operates three of the island's four alumina
refineries.
* * *
As reported in the Troubled Company Reporter-Europe on July 14,
2014, Itar-Tass related that UC RUSAL said in a statement the
London High Court is convening a meeting of creditors of Russia's
aluminum giant to vote on a scheme of arrangement of
restructuring the company's US$5.15 billion debt.
RUSAL has earlier applied to the London and Jersey courts for
debt restructuring after failing to win unanimous support from
its creditors. By now, RUSAL's request for debt restructuring
has received support from 94% of the company's creditors and the
aluminum giant is currently negotiating the deal with the
remaining 6%. RUSAL still needs to agree on a US$3.6 billion
restructuring deal with banks.
As reported in the Troubled Company Reporter-Latin America on
March 31, 2014, RJR News said that UC Rusal reported a massive
increase in net losses in the year to December 31. This was due
mainly to a large impairment cost and one-off restructuring
charges combined with lower production and a fall in aluminum
prices, according to RJR News.
The report noted that the company reported a net loss of US$3.2
billion. It suffered a US$528 million loss in 2012.
URALSIB OJSC: S&P Affirms 'B+/B' Counterparty Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its long- and short-
term counterparty credit ratings on Russia-based Bank URALSIB
(OJSC) at 'B+/B'. The outlook is stable.
"In our opinion, Bank URALSIB and the Russian banking sector as a
whole may face tougher operating conditions in 2014 and 2015 than
we previously anticipated. A slowing economy will likely cut
some of its borrowers' payment capacity, decelerate loan growth,
and make funding conditions more difficult. Nevertheless, we are
affirming the rating because we believe that the bank's deep
strategic restructuring and efforts by management over the past
two years to improve the bank's financial profile will enable it
to weather the difficult operating conditions we foresee for
2014-2015. The depth of Bank URALSIB's deposit franchise should
allow the bank to maintain a fairly favorable funding profile, in
our opinion. Customer deposits are Bank URALSIB's main source of
funding, and it's better than sector average loan-to-deposit
ratio of 92% is supporting its financial profile at a time when
funding conditions are deteriorating for many banks," S&P said.
The stable outlook balances the bank's wide customer franchise,
lower single-name concentration than peers, and sound funding
profile against the potential challenges it may face from the
deteriorating operating environment in Russia. S&P also
anticipates a substantial change in the bank's previously
aggressive capital management to stabilize its capital buffer at
least at the current level.
"We could take a negative rating action in the next 12 to 18
months if the economic outlook further weakened and capital
markets remained volatile, making operating conditions even more
difficult for Russian banks. These risks could put substantial
pressure on the bank's profits and capitalization, especially if
its margins and cost efficiency were to weaken. A more
challenging operating environment could also further complicate
management's capacity to sustainably turn around the business.
Under such a downside scenario, we believe the risk-adjusted
capital ratio could fall below 3%, which we view as very weak,
and this could lead to a downgrade, especially if the crucial
capital injections we expect in 2014-2015 are delayed. We could
also take a negative rating action if the quality of Bank
URALSIB's loan portfolio deteriorated, with reported
nonperforming loans and loan losses substantially worse than the
about 9% sector average we expect in 2014," S&P added.
"We consider a positive rating action to be remote in the next 12
to 18 months because we expect operating conditions to remain
challenging for Russian banks. Over the longer term, and
assuming a stabilization of economic prospects, a substantial
improvement of loss-absorption capacities, either through higher
capitalization or stronger pre-provision earnings, could trigger
an upgrade," S&P noted.
YAMAL INVESTMENT: S&P Withdraws 'B-' LT Issuer Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
issuer credit rating and 'ruBBB-' Russia national scale rating on
OAO Yamal Investment Projects' Development Fund, a government-
related entity fully owned by the Russian region of Yamal-Nenets
Autonomous Okrug (YANAO; BBB-/Negative). S&P subsequently
withdrew the ratings at the issuer's request.
The ratings reflected S&P's view that there is a moderately high
likelihood that the government of YANAO would provide timely and
sufficient extraordinary support in the event of financial
distress. The ratings also incorporated S&P's assessment of the
fund's stand-alone credit profile at 'ccc', owing to its untested
business model, uncertainly about its long-term strategy, and
political risks challenging the fund's mission.
At the time of withdrawal the outlook was negative, reflecting
that on YANAO.
===========
S E R B I A
===========
SERBIA: Adopts New Bill to Speed Up Sale of Troubled Companies
--------------------------------------------------------------
Ivana Sekularac at Reuters reports that Serbia's government
adopted a new privatization bill and proposed changes to
bankruptcy law on Sunday to speed up the sale of loss-making
state-owned companies.
The laws, which have yet to be passed by parliament, are a
pre-condition for the release of a US$250 million World Bank
budget support loan, Reuters discloses.
According to Reuters, the new privatization law will allow sale
of assets in bilateral deals and the write-off of companies' debt
to state-owned entities to make companies more attractive to
potential buyers.
Some critics say the law will open the door to less transparent
deals, but government officials argue it will speed up the sale
of more than 600 troubled companies, Reuters notes.
The government, as cited by Reuters, said in a statement on
Sunday that the law on bankruptcy will make bankruptcy procedures
more efficient and improve the business environment.
=========
S P A I N
=========
DEOLEO SA: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Spain-based olive oil producer and
bottler Deoleo S.A. The outlook is stable.
At the same time, S&P assigned its 'B' issue and '4' recovery
ratings to Deoleo's first-lien term loans and RCF, reflecting its
expectations of average (30%-50%) recovery for lenders in case of
a payment default.
S&P also assigned its 'CCC+' issue and '6' recovery ratings to
Deoleo's second-lien term loan, reflecting its expectations of
negligible (0%-10%) recovery for the lenders in case of a payment
default.
The rating on Deoleo reflects S&P's assessments of the group's
"weak" business risk and "highly leveraged" financial risk
profiles.
Together, S&P's assessments lead them to apply an anchor of 'b'
to Deoleo. The choice of 'b' over 'b-' reflects S&P's opinion
that the financial risk profile is at the stronger end of the
range, supported by debt to EBITDA only moderately higher than 5x
and positive free cash flow generation.
The anchor is S&P's starting point for assigning an issuer credit
rating under its corporate criteria. The modifiers do not affect
the rating, so S&P's final 'B' rating on Deoleo is in line with
the anchor.
S&P's assessment of Deoleo's business risk profile incorporates
its views of "low" risk for the branded non-durables industry and
"intermediate" country risk for the group. Deoleo operates
primarily in Spain, Italy, and the U.S.
S&P also takes into account its assessment of the group's "weak"
competitive position, factoring in its view of Deoleo's:
-- Relatively low operating margins, reflecting the group's
exposure to volatile raw material prices and to Southern
Europe (primarily Spain and Italy). Deoleo was not able to
pass on past increases in raw material prices to budget-
stretched consumers, in particular in Spain where
penetration of cheaper-priced private label olive oil is
very high.
-- Relatively small scale of operations compared with
international peers in the fast-moving consumer goods
industry. This translates, in S&P's view, into narrow
product and brand diversification -- 85% of the group's
sales in 2013 came from olive oil, the lion's share of this
stemming from the roup's top three brands: Bertolli,
Carbonell, and Carapelli. No. 1 position in the global
branded olive-oil market, with 12% market share.
-- Improving diversification outside Spain. Revenues from
Spain represented more than 25% of sales in 2013.
S&P's assessment of Deoleo's financial risk profile as "highly
leveraged" encompasses its view that the group will maintain
adjusted debt to EBITDA in excess of 5x. It also reflects the
fact that financial sponsor CVC Capital Partners increased its
29.99% share in Deoleo to a majority ownership. S&P therefore
treats Deoleo as a company owned by financial sponsors.
S&P's base-case assumptions include:
-- Its forecast of an improved macroeconomic outlook in
Southern Europe; a more dynamic environment in North
America; and slower, but still above-average, growth rate
in emerging markets.
-- Declining sales in 2014, reflecting increasing volumes but
sharply decreasing prices, mirroring the drop in raw
material prices. S&P expects low-single-digit growth in
sales thereafter, reflecting Deoleo's expansion into
international markets and the impact of the group's
marketing initiatives, leading to benefits from both
volumes and price mix.
-- Gradual recovery in EBITDA margins, to about 12% by 2016
from 9.6% in 2013, reflecting higher operating leverage
(higher volumes), better product mix, and flat raw material
prices after a pronounced decline in 2014 that started in
the second half of 2013.
-- Capital expenditure limited to maintenance costs of about
EUR5 million, reflecting the group's current moderate
underutilization.
-- Limited shareholder activity and acquisitions, which S&P
believes will remain below EUR50 million annually in its
base-case forecast for 2014-2016.
Based on these assumptions, S&P arrives at the following credit
measures:
-- An adjusted debt-to-EBITDA ratio of 5x-6x, on a weighted-
average basis for 2014-2016.
-- Positive free cash flow generation in excess of
EUR35 million from 2015.
The stable outlook reflects S&P's view that Deoleo will post
sound operating performance and generate positive free cash flow,
translating into an adjusted debt-to-EBITDA ratio of moderately
greater than 5x on a weighted-average basis and FFO to cash
interest comfortably above 2x.
S&P could lower its rating to 'B-' if Deoleo's ratio of adjusted
debt to EBITDA deteriorated from the 6.2x S&P anticipates for
2014, or if free cash flow turned negative on a sustainable
basis, thereby putting pressure on the group's "adequate"
liquidity. S&P believes such a scenario would most likely result
from a deterioration of the group's operating performance,
stemming from intense competition in mature markets from private
labels and competitors, lower-than-expected contribution from new
product launches and new markets, or higher volatility in raw
material prices than currently anticipated.
An upgrade appears remote at this stage. A revision of the
financial risk profile to "aggressive" from "highly leveraged" is
unlikely over the next 12 months, due to the current debt-to-
EBITDA ratio standing above 5x and S&P's understanding of a
financial sponsor ownership. Similarly, a revision of the
business risk profile to "fair" from "weak" is unlikely over the
next 12 months, in S&P's view. However, a sustained improvement
in operating margin, thanks to a better capacity utilization
(higher volumes) and a better price and country mix resulting
from margin-accretive innovations and international expansion,
could prompt S&P to reassess the business risk profile as "fair."
This, in turn, could lead to an upgrade.
IDCSALUD HOLDING: Moody's Assigns 'B2' CFR; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has assigned a B2 Corporate Family
Rating (CFR) and a B2-PD Probability of Default rating (PDR) to
IDCSalud Holding S.L.U. ("IDCSalud" or "the company"), an entity
owned by funds advised by CVC (59% ownership) and management (41%
ownership). Concurrently, Moody's has assigned ratings to the new
senior secured loans, namely a B1 to the first lien secured
facilities of EUR1,800 million, and a Caa1 to the second lien
secured facility of EUR350 million, which will be borrowed at
IDCSalud S.L.U. and various operating subsidiaries. The rating
outlook is stable.
The new loan instruments will be used to repay the drawn existing
term loans of EUR725 million at IDCSalud S.L.U., as well as to
fund the acquisition of Grupo Hospitalario Quiron ('Quiron'), the
second largest private sector operator of hospitals in Spain with
21 hospitals, and to refinance Quiron's existing indebtedness.
Ratings Rationale
IDC's ratings are supported by its stable and visible revenue
base, and its leading position in the market for private
healthcare in Spain, which will now be enhanced by its
acquisition Quiron (not rated), the second largest hospital
operator in that market. IDCSalud's own revenue stream is very
stable given that about three quarters of its revenues emanate
from the public sector, and about 90% of its public revenues are
generated through concession contracts with regional health
authorities, as the provision of healthcare is very decentralized
in Spain. The combined entity will therefore increase its market
share to an estimated 13% of the Spanish private healthcare
market, with 40 hospitals in total. More significantly, however,
the two companies have a very complementary revenue base. About
three quarters of IDCSalud's revenues emanate from the public
sector, and the remainder mainly from private health insurance
companies (HIC's); while Quiron's profile is the inverse, as
c.96% of its revenues are from the private market (HIC's and
self-pay), with the remainder from public pay. Moody's believes
that the combination of the two businesses will help to insulate
the company from potential weakness in either of these markets.
Finally, Moody's believes that the company's earnings will be
supported by generally stable and positive demand and spending in
the healthcare sector.
The main constraint to the rating is the high adjusted leverage
of IDC, which will be elevated by the debt used to fund the
transaction. On a pro forma basis for the acquisition, Moody's
estimates adjusted leverage of close to 6.5x (or close to 7.5x
including a non-cash interest pay shareholder loan), although
Moody's expect that this will fall as the synergies from the
acquisition materialize, as well as with earnings from current
and new hospitals. While the sector is deemed generally quite
stable, Moody's continue to believe that the combined entity
remains exposed to cost inflation, either from material costs or
personnel; as well as trends in the self-pay market, which is
probably most exposed to discretionary spending. In addition,
consolidation in the HIC market could affect the terms of
contracts with hospitals, even if larger operators such as IDC
are better-placed to withstand those pressures.
Structural Considerations
The acquisition of Quiron is expected to close in November, once
anti-trust approval has been obtained. At closing, the debt
capital structure will consist of drawn debt of EUR2 billion, and
an undrawn Revolving Credit Facility (RCF) of EUR150 million. The
new borrowings will be used to fund the acquisition of Quiron as
well as to refinance existing debt at both IDCSalud and Quiron.
The senior secured facilities and the RCF (EUR1.8 billion in the
aggregate) and the second lien secured facility (EUR350 million)
benefit from the same guarantees and security, although under the
terms of an inter-creditor agreement in the enforcement of
collateral the second lien liabilities would be repaid only after
the senior secured facilities. The guarantors must represent at
least 80% of consolidated pro forma EBITDA, while the security
consists mainly of pledges on shares, as well as over bank
accounts and receivables of various holding companies. Under a
promissory security feature other hard asset security, including
real estate, will only be perfected in the event of default. On
the basis of this ranking, the senior facilities are rated B1,
one notch above the CFR, while the second lien facilities are
rated Caa1. Moody's also notes that the company retains a
shareholder loan (EUR324 million as of FYE2013 including accrued
interest), which is deemed debt-like by Moody's and is factored
into our current rating assessment.
Liquidity
Moody's expect IDCSalud's liquidity to remain solid. At closing,
the cash balance is expected to be c.EUR50 million, with the
EUR150 million RCF being undrawn. Moody's expect the company to
generate free cash flows going forward. The term facilities and
RCF contain financial covenants for leverage and interest cover,
for which Moody's expect headroom to remain strong. The term
loans all have bullet maturities of between six and eight years,
apart from Term loan A (EUR150 million) which has negligible
amortization in the earlier years. The loans are also subject to
a cash sweep for excess cash flows. As such the company will have
virtually no short-term debt, apart from minor finance leases.
Moody's note, however, that the company's liquidity can be
impacted by working capital swings. Moody's would expect the RCF
to be accessible at all times as part of our rating assessment.
Outlook
The stable outlook reflects the fact that Moody's expect metrics
to remain at least in line for the rating category over the
coming 12-18 months, although Moody's also expect these to
improve in line with earnings growth, synergies, and some debt
amortization.
What Could Change the Rating UP
Positive rating pressure would be considered if the leverage
metric, including the shareholder loan, were to fall below 6.0x,
which Moody's believe will likely depend on the group's own
financial strategy.
What Could Change the Rating DOWN
Downward pressure would likely occur if the anticipated synergies
from the acquisition do not materialize, resulting in weaker than
expected operating performance, such that the gross leverage
metric remains above 7x, or on concerns about liquidity, although
this is not our current expectation.
The principal methodology used in these ratings was the Global
Healthcare Service Providers published in December 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 Madrid, IDCSalud is the leading operator of
hospitals in Spain with reported revenues of EUR819 million in
2013. With a staff of c. 9,400 employees, it manages 19 hospitals
and a number of clinics and care homes, mainly based in Madrid
and Catalonia. Since February 2011, IDCSalud has been 59% owned
by the private equity firm CVC, with the remaining 41% owned by
management. Grupo Hospitalario Quiron, also based in Madrid, is
the second largest private hospital operator in Spain with 21
hospitals as well as some care centers and pro forma revenues of
EUR768 million in 2013. The company was formed through the
integration of three groups, namely Quiron, USP (acquired in July
2012), and Teknon (acquired in November 2013). It is currently
owned by private equity firm Doughty Hanson (62%) and the Cordon
Family (38%).
=============
U K R A I N E
=============
DTEK HOLDINGS: Fitch Cuts LT Issuer Default Rating to 'CCC'
-----------------------------------------------------------
Fitch Ratings has downgraded Ukraine-based DTEK Holdings B.V.'s
Long-term local currency Issuer Default Rating (IDR) to 'CCC'
from 'B-' and affirmed its Long-term foreign currency IDR at
'CCC'.
The downgrade of DTEK's Long-term local currency IDR reflects
Fitch's view that its standalone rating is commensurate with
'CCC'. This is due to the company's exposure to political and
economic instability and uncertainty, which is likely to
adversely affect its credit metrics, refinancing risk and high FX
risk. The Long-term foreign currency IDR of 'CCC' now also
reflects the company's standalone profile.
KEY RATING DRIVERS
Heightened Political Risk
Political developments in Ukraine have been quite unstable in
2014, as the Crimea region is under control of the Russian
Federation and the Donetsk and Lugansk regions are in military
conflict. This adds to political and economic uncertainty with
Fitch forecasting a 5% decline in Ukraine's GDP for 2014.
Disruption of DTEK's operations in these areas and/or a
significant drop in collection of accounts receivables are likely
to have a material adverse impact on its credit metrics.
Although assets located in Donetsk and Lugansk regions account
for a significant part of DTEK's EBITDA and revenue, the company
assesses exposure to the conflict area as much smaller. DTEK's
exposure to Crimea is limited as its electricity distribution in
Crimea accounted for less than 3% of revenue and around 1.5% of
EBITDA in 2013.
Refinancing Risk
Fitch views DTEK's liquidity position as relatively weak and its
upcoming maturities as onerous, which increases refinancing risk.
Its ability to repay and/or refinance short-term maturities is
largely dependent on the accessibility of cash mainly held at
'CCC' rated Ukrainian banks and the availability of bank funding.
The company's peak repayments of USD1.2 billion fall due in 2014-
2015 (USD0.3 billion due in 2014 and USD0.9 billion in 2015) and
include the remaining USD200 million portion of its USD500
million eurobond due in 2015. While the company had gross cash &
cash equivalents of UAH4.9 billion (USD595 million) at end-2013
and access to credit lines, we believe that a drawdown of the
credit lines may prove to be difficult in the current political
and economic environment.
High Exposure to Local Banks
DTEK's liquidity position is weakened by its high exposure to
domestic banks. In Fitch's analysis it assumed a portion of cash
held at the Ukrainian banks as restricted, due to their low
credit quality, and estimated unrestricted cash at UAH2.6 billion
(USD316 million) at end-2013. In addition, a significant portion
of cash was kept at First Ukrainian International Bank, which is
owned by SCM, DTEK's parent company.
Foreign Currency Exposure
DTEK is subject to foreign currency fluctuations risk, as most of
its debt is denominated in foreign currencies, i.e. US dollars
(43% of total debt at end-2013), euros (26%) and roubles (27%).
This contrasts with only 8% of the revenue in US dollars in 2013,
while most of its remaining revenue is denominated in hryvna. An
increase of the economic and political uncertainty in Ukraine has
led to significant hryvna devaluation against major currencies
(hryvna has lost 42% against US dollar so far in 2014). The
company does not fully hedge its FX risks. However, well above
50% of its cash is kept in US dollars and euros.
Cash Collections to Suffer
The government has recently approved an increase in electricity
tariffs in 2014 by 10%-40% for the population with effect from
June 1, 2014. Fitch expects cash collection rates to suffer as a
result of this tariff increase and the military conflict in the
south-east of Ukraine. However, household tariffs in Ukraine in
2013 were already twice as low as those of Russia and even more
so of European countries.
The Ukrainian power sector remains heavily regulated, which is
also a constraint for DTEK. While the government plans to
gradually liberalize the sectors in which DTEK is involved, this
might be postponed as a result of the current instability in
Ukraine.
Profitability Continues to Deteriorate
EBITDA margin in 2013 declined to 16% from 20% in 2012 and 26% in
2011, due to a decrease in heat tariffs compensation and an
increase in the share of low-margin assets in 2013. Fitch
expects margins to remain under pressure in 2014 as the approved
tariff increase is likely to be offset by the economic crisis.
Upcoming Reorganization
DTEK is currently in the process of reorganization and plans to
spin off its newly-acquired gas company and its electricity
renewable generation by end-2014. The corporate reorganization
is aimed at separating the different businesses within the group
as well as deleveraging a newly formed DTEK Energy, which will
include coal, thermal power plants and electricity distribution
assets. DTEK Renewables' debt is currently consolidated under
DTEK Holding B.V. as the restructuring has not yet been
finalized. Fitch has therefore not excluded the debt of renewable
energy company and oil and gas division from DTEK's gross debt.
Ukraine's Leading Utilities Company
DTEK's ratings are supported by its leadership in coal mining,
power and heat generation, electricity distribution and sales
among Ukraine's utility companies. With installed electric
capacity of over 18 gigawatts at end-2013, DTEK ranks among the
largest Fitch-rated CIS power utilities. Fitch believes that
DTEK will continue to occupy the leading position among private
Ukrainian utility companies for at least the medium term. Its
vertical integration in coal mining, power generation and
distribution supports its profitability.
RATING SENSITIVITIES
Negative: Future developments that could lead to negative rating
action include:
-- Further deterioration of the liquidity position resulting
in the company's inability to service its debt
-- Breach of the EBITDA-based 3x leverage financial covenant
-- Further hryvna devaluation, disruption of the company's
operations and/or a drop in accounts receivables collection
resulting in material weakening of DTEK's credit metrics
Positive: Future developments that could lead to positive rating
action include:
-- Improvement of the macro-economic environment along with
improvement of the company's liquidity position and
accounts receivables management
Full List of Rating Actions
DTEK Holdings B.V.
Long-term foreign currency IDR: affirmed at 'CCC'
Short-term foreign currency IDR: affirmed at 'C'
Long-term local currency IDR: downgraded to 'CCC' from 'B-'
Short-term local currency IDR: downgraded to 'C' from 'B'
National Long-term rating: downgraded to 'BB+(ukr)' from
'AA+(ukr)'; Outlook Stable
Foreign currency senior unsecured rating: affirmed at 'CCC'
National senior unsecured rating: downgraded to 'BB+(ukr)' from
'AA+(ukr)'
DTEK Finance B.V.
Foreign currency senior unsecured rating: affirmed at 'CCC',
Recovery Rating of 'RR4'
DTEK Finance plc
Foreign currency senior unsecured rating: affirmed at 'CCC',
Recovery Rating of 'RR4'
In accordance with Fitch's policies, the issuer appealed and
provided additional information to Fitch that resulted in a
rating action which is different than the original rating
committee outcome.
===========================
U N I T E D K I N G D O M
===========================
AFREN PLC: Fitch Puts 'B+' IDR on CreditWatch Negative
------------------------------------------------------
Fitch Ratings has placed Afren plc's Long-term Issuer Default
Rating (IDR), senior unsecured and senior secured debt ratings of
'B+' on Rating Watch Negative (RWN).
The rating action follows Afren's announcement that it has
temporarily suspended its CEO and COO pending the conclusion of
an independent review which has suggested these individuals may
have benefited from unauthorized payments by a third party that
should have been disclosed to Afren's board of directors.
Based on discussions with the company, Fitch understands that at
this stage Afren believes that the payments were not made by or
to Afren. Afren's board has stated it does not believe it will
negatively affect the company's financial and operational
position.
However, it is impossible to preclude more far-reaching and
unpredictable consequences that may occur as third parties react
to the situation and the eventual findings of the investigation.
It is not clear at this stage whether this incident would warrant
a downgrade of Afren's ratings due to corporate governance
concerns. On the one hand, any potentially inappropriate
behavior by key management is a concern; on the other action
appears to have been a result of the company having structures
and a governance environment which allowed independents to
commission the independent review and act on possible
inappropriate behavior identified by it.
KEY RATING DRIVERS
Final Outcome of Independent Review
Fitch expects to resolve the RWN after the company releases the
final results of the investigation and we have sufficient clarity
on the potential reaction of other market players. Fitch expects
this to be the case within the next six months.
Strong Operational Performance
In 2013, Afren's net production (working interest including cost
recovery) averaged 47mboe/d, up 13% yoy and almost 2.5 times
higher than in 2011, which was reflected in our June 2013 upgrade
to 'B+' from 'B'. This growth was mainly attributable to Ebok,
Afren's largest offshore field brought on stream in 2011. In
2013, Afren also had a sound 2P reserve replacement rate (155%)
and maintained low lifting costs (below USD5/bbl). However, it
had a relatively small proved reserve life (nine years overall;
six years in Nigeria), typical for E&P companies of this size.
In 1Q14, Afren's net production went down to 35.5mboe/d as it
recovered the initial investments at Ebok and its working
interest in the field decreased. Fitch expects Afren's 2014 net
production to be within 35-40mboe/d, rebounding to 40-50mboe/d in
2015, mainly thanks to moderate output growth at Ebok and ramping
up of OML26 in Nigeria and Barda Rash in Kurdistan.
Concentrated Production
Afren's production remains highly concentrated. In 1Q14, Ebok
accounted for 73% of Afren's total production, and only 1% of oil
was produced outside of Nigeria. Afren has significant 2P
reserves in Kurdistan (114 million barrels, 40% of its total) and
is hoping to boost production at its Barda Rash field soon.
However, any significant progress will only be possible if Afren
gets access to a secure export channel. Fitch now assumes that
Nigeria is likely to dominate Afren's output in the medium term.
This concentration exposes Afren to elevated emerging market
country and tax risks.
Tax Holiday Benefits Cash Flows
Oil companies are generally heavily taxed in Nigeria. They pay
substantial royalties and are subject to the Petroleum Profit Tax
(PPT), which normally varies from 50% to 85% of the bottom line.
Afren's Ebok field is exempt from paying PPT until May 2016,
which significantly benefits Afren's cash flows and should allow
it to finance new projects, while keeping leverage relatively
moderate for the 'B' rating category. The company believes that
the Petroleum Industry Bill (PIB), if finally passed by the local
parliament, should not affect the tax holiday. At the same time,
we believe that the proposed oil industry reform creates some
uncertainty over Afren's future tax payments and makes its cash
flows less predictable, since the reform's key parameters have
not been finalized. The PIB, which calls for an increase of the
government's revenue from the sector and changes in taxes and
royalty structures, has been debated since 2009 and re-drafted
several times. Fitch has no views regarding the timing of the
bill's passage into law.
Country Risks Remain
Afren is exposed to high emerging market country risks as its
operations are concentrated in Nigeria (BB-/Stable).
Historically, development of the oil and natural gas sector has
been constrained by instability in the Niger Delta, with local
groups often attacking companies in the area leading to shut-in
production, as well as by oil bunkering, or theft. Afren is less
vulnerable to these risks as all of its largest assets in the
country, excluding OML 26, are offshore. The company is also
exposed to high regulatory and especially tax risks in Nigeria.
Afren's entry to Kurdistan should partially mitigate these risks
over time, but we will only be able to give the company credit
for some geographical diversification when it manages to boost
production outside Nigeria to more than 30%-40%.
Uncertainty Over Kurdistan
In order to monetize its massive oil reserves in Kurdistan, Afren
needs to access a secure export channel. In 1Q14 its Barda Rash
field yielded around 500 barrels of oil per day, all sold
domestically, and ramping-up production to above 5mboe/d may not
be feasible without access to a pipeline. The central government
of Iraq and Kurdistan Regional Government (KRG) have been in a
dispute over the regulation and taxation of the oil industry in
Kurdistan, prompting Kurdistan to build an alternative 300mbbl/d
export pipeline to Turkey, which was commissioned in 2013 but has
remained mostly idle due to political concerns. Fitch believes
that Afren's growth strategy in Kurdistan may be affected by
highly unpredictable political factors and assume in our
modelling that progress there will be rather slow.
Substantive Exploration Portfolio
Afren has a wide exploration portfolio, including seven license
blocks in East Africa. Its exploration activity has had some
success, in 2013, the company announced it made a significant oil
discovery at the Ogo prospect in Nigeria, which could potentially
enhance its reserve base and production prospects. Afren's
relatively low proved reserve life relative to peers means that
the company needs to constantly replenish its reserves, and the
vast exploration portfolio may be helpful in this respect.
Solid Financial Profile
Afren has a relatively low debt burden for the 'B' rating
category. Funds from operations (FFO) adjusted gross leverage
stayed at 1.8x at end-2013, and although Fitch believes it may
moderately increase on the back of high capital intensity, it
should stay below 2.5x on a sustained basis under Fitch's
conservative assumptions, including declining price deck and no
substantial production upside. Afren can also be free cash flow
negative in some periods. Fitch do not expect Afren to pay any
dividends in the medium term, as per its dividend policy.
RATING SENSITIVITIES
Positive: Future developments that may, individually or
collectively, lead to the removal of the RWN and affirmation of
the IDR at 'B+'/Stable:
-- Final results of the independent review and further
understanding of the events and circumstances surrounding
it which suggest institutional corporate governance
practices materially in line with industry peers at a
similar rating level.
-- Further evidence that the review and related market
reaction will not materially affect Afren's operational and
financial performance.
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- Final results of the independent review and further
understanding of the events and circumstances surrounding
it which suggest institutional corporate governance
practices compare weakly with industry peers at a similar
rating level.
-- Evidence that the review and related market reaction will
materially affect Afren's operational and financial
performance.
-- Deterioration in the business, financial or operating
environment related or unrelated to the independent review
leading to FFO adjusted gross leverage exceeding 2.5x on a
sustained basis; net production declining and settling
below 35mboe/d; unfavourable tax changes in Nigeria having
a direct impact on Afren's cash generating ability, or;
significant project delays and cost overruns.
LIQUIDITY AND DEBT STRUCTURE
At March 31, 2014, Afren had no short-term debt, and cash of
USD361 million. In 2013, the company improved its debt maturity
profile by issuing a USD360 million secured bond due 2020 and
partially repaying its USD500 million bond due 2016 (currently
outstanding: USD253 million) and USD300 million bond due 2019
(currently outstanding: USD250 million).
DIXONS RETAIL: Planned Merger Drives CDS Tighter, Fitch Says
------------------------------------------------------------
Five-year Credit Default Swaps (CDS) on Dixons Retail Inc. have
tightened 35% over the past month, outperforming the broader
European retail sector, which widened 5% over the same time
period.
"The boost in CDS market sentiment for Dixons Retail is likely
attributed to shareholders approving the merger with Carphone
Warehouse Group to create the UK's largest retailer of mobile
phones and electronics," said Diana Allmendinger, Director, Fitch
Solutions.
Although Dixon's CDS Implied Rating (CDS IR) currently stands at
'BB+' (up three notches over the past year), based on present
spreads, the CDS market is pricing Dixon's default risk in line
with 'BBB' levels or as a low investment grade credit.
"CDS liquidity for the retailer has decreased in recent weeks,
down 10 rankings to trade in the 47th regional percentile,
signalling less market uncertainty over future pricing levels,"
Ms. Allmendinger added.
Fitch Solutions case studies build on data from its CDS Pricing
Service and proprietary quantitative models, including CDS
Implied Ratings. These credit risk indicators are designed to
provide real-time, market-based views of creditworthiness. As
such, they can and often do reflect more short term market views
on factors such as currencies, seasonal market effects and short-
term technical influences. This is in contrast to Fitch Ratings'
Issuer Default Ratings (IDRs), which are based on forward-looking
fundamental credit analysis over an extended period of time.
EPIC PLC: S&P Withdraws 'B+(sf)' Rating on Class F Notes
--------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B+ (sf)'
credit rating on Epic (Culzean) PLC's class F notes.
The withdrawal follows S&P's receipt of the cash manager's
report, which confirms that the class F notes fully redeemed on
the July 2014 interest payment date. All classes of notes have
now fully redeemed.
Epic (Culzean) was a 2007-vintage U.K. synthetic commercial
mortgage-backed securities (CMBS) transaction, with a legal
maturity date in Oct. 2019.
RATINGS LIST
Epic (Culzean) PLC
GBP548.65 mil commercial mortgage-backed floating-rate notes
Rating
Class Identifier To From
F XS0286459374 NR B+ (sf)
NR-Not Rated.
EUROSAIL PRIME-UK: Moody's Lifts Rating on Cl. A1 Notes From 'B1'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of class A1
notes in Eurosail PRIME-UK 2007-A PLC following the execution of
a restructuring.
Issuer: Eurosail PRIME-UK 2007-A PLC
GBP270M A1 Notes, Upgraded to Aa2 (sf); previously on Nov 25,
2008 Downgraded to B1 (sf)
Ratings Rationale
The restructuring, implemented in two stages in February 2014 and
in June 2014, included the redenomination of all notes, the
application of cash receipts relating to the claims against the
original swap counterparties and the split of the old class A
into the new classes A1 and A2. Moody's maintains its ratings for
the new class A1 which keeps the same ISIN as the old class A.
For additional restructuring items, please refer to the end of
this press release.
The restructuring aims to mitigate the deal's exposure to
foreign-exchange risk, present since the event of default on the
swap agreement that the bankruptcy filing of Lehman Brothers
Holdings Inc. triggered in 2008.
The rating upgrades of the class A1 notes reflect the
redenomination from euro (EUR) to British pound sterling (GBP)
and partial repayment of the class A1 notes through the
application of cash receipts. The class A1 notes have been
redenominated GBP from EUR at a conversion rate of 1.2048
EUR/GBP, thereby eliminating the cross-currency risk and the
potential for future build-up of under-collateralization that the
depreciation of GBP to EUR could cause.
The cash receipts relating to the claims against the swap
counterparties have been applied towards the repayment of the
outstanding notes, and together with the termination of the swap
replacement obligation resulted in faster repayment of the notes.
Other Considerations
Moody's review of transaction's collateral indicated stable
performance, and as such, it did not revise any of its key
collateral assumptions.
Moody's rating analysis also took into consideration the exposure
of the notes to the issuer account bank Danske Bank A/S (London
Branch) ((P)Baa1/(P)P-2)), acting through its London branch.
Moody's has assessed that the revised rating is consistent with
that risk of the probability and effect of a default of Danske on
the issuer's ability to meet its obligations under the
transaction.
List of Additional Restructuring Items
Amendment to the margin of the notes:
The margins of the class A1 were amended to 40 bps.
Amendment to the priority of payments:
Interest payment to the new class A2 became subordinated to the
payment of interest to the class A1 and both classes now have
separate principal deficiency ledgers.
Introduction of liquidity reserve fund:
Liquidity reserve fund will be established on September 2014
interest payment date through capturing principal payments to
cover interest shortfall on the class A1 notes. Liquidity reserve
fund target is GBP1.8 million.
Amendment of reserve fund level and required target amount:
The reserve fund required amount was reduced to GBP1.5 million
from GBP4.7 million. The reserve fund will be allowed to amortize
to the lower of (1) GBP0.5 million; or (2) 1.5% of the
outstanding notes balance, subject to certain conditions. The
conditions are: the reserve fund being at its required target and
delinquencies which are 90 days or more overdue not exceeding 15%
of the outstanding mortgage balance.
Waiver of account bank trigger breach:
The noteholders agreed to waive the trigger breach of Danske
acting as the transaction's account bank. As a result, Danske
will continue to act as the transaction's account bank, even
though it has a short-term rating of Prime-2, below the Prime-1
rating originally required for the issuer account bank.
The principal methodology used in this rating was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2014.
Factors that would lead to an upgrade or downgrade of the rating:
Upward pressure could develop on the ratings following (1)
stronger underlying asset performance, beyond Moody's
expectations; (2) further deleveraging with a build-up of credit
enhancement; or (3) the improvement of the creditworthiness of
the transaction's main counterparties.
Downward pressure could develop on the ratings following (1)
underlying collateral performance that is worse than Moody's
expects; or (2) deterioration in the creditworthiness of the
transaction's main counterparties.
MASTERTRONIC GROUP: Enters Into Company Voluntary Arrangement
-------------------------------------------------------------
Andy Chalk at PCGamer reports that the Mastertronic Group is once
again facing a bleak future, as it has announced plans to close
its headquarters, lay off 40% of its staff and completely exit
the business of publishing physical copies of games.
Mastertronic Managing Director Andy Payne revealed the news in a
lengthy blog post on Develop, in which he acknowledged that the
company has been suffering cash flow problems that came to a head
when one of its creditors demanded repayment in full on a loan
from 2013, PCGamer relates. Unfortunately, Mastertronic could
not meet that demand, PCGamer relays.
"We were threatened with the issue of a Winding Up Order,
something that is very, very serious and something we needed to
protect ourselves against," PCGamer quotes Mr. Payne as saying in
the blog post. "We got a little extension in return for a
payment against the loan, but we faced being officially wound up
on Monday 21st of July at 9:00 a.m., unless we met the debt in
full."
Faced with no other option, Mastertronic entered into a Company
Voluntary Agreement (or Arrangement), an insolvency procedure
that allows companies to continue operating while they pay off
their debts over a set period of time, PCGamer discloses. The
creditor who prompted the process actually granted Mastertronic
an extension to pay off its debt three days before it was set to
begin, but at that stage it was too late to halt the procedure,
PCGamer recounts.
According to PCGamer, Mastertronic's plan under the terms of the
CVA will allow it to "cut all costs not directly attached to
digital development and publishing of games," including the
closure of its headquarters and the elimination of 40% of its
employees. It won't actually enter into the CVA, however, unless
and until it is approved by its creditors in a vote scheduled for
Aug. 11, PCGamer says.
Mastertronic Group is a UK-based games publisher.
NEW WORLD: Files in Manhattan for UK Restructuring
--------------------------------------------------
New World Resources N.V., the financing vehicle for Dutch company
CERCL Mining B.V., sought bankruptcy protection under Chapter 15
in the U.S. to seek recognition of its voluntary restructuring
proceedings in the United Kingdom.
Boudewijn Wentink, the foreign representative, says the Debtor's
ability to repay its debts is entirely dependent on the cash
generated from its operating subsidiaries. As a result of
depressed global coal prices, these companies have not been able
to generate sufficient operating cash flow to satisfy the
corporate group's financial obligations (obligations primarily
incurred by the Debtor) since the second half of 2012.
Throughout the last year and a half, the Debtor has implemented
numerous operational cost savings measures and has been in
negotiations with its creditors (including negotiations with a
large ad hoc committee of noteholders holding both secured and
unsecured notes).
These negotiations recently resulted in an agreed framework for a
financial restructuring that, if approved by one or both classes
of noteholders in accordance with the requisite consent
thresholds and the Chancery Division (Companies Court) of the
High Court of Justice of England and Wales, will be implemented
through a scheme of arrangement in the United Kingdom.
Only two classes of the Debtor's creditors -- its secured
noteholders and its unsecured noteholders -- will have their
rights affected by, and will vote on, the Scheme. Under
applicable English law, at least 75% in amount and a majority in
number of the creditors in a class of claims (who are present and
voting in person or by proxy) at the creditors' meeting, must
vote to approve the Scheme in order for it to become binding on
all creditors in such class.
To date, holders of approximately 85% of the outstanding secured
notes and approximately 65% of the outstanding unsecured notes
have already entered into a lockup and restructuring agreement
with the Debtor pursuant to which they have agreed to vote in
favor of the Scheme. The Debtor thus expects the Scheme to be
approved by both classes of notes.
The Debtor is seeking to stop creditor actions in the U.S. The
Debtor has assets in the form of funds held in an account at
Citibank N.A. in New York, New York, and the indentures governing
the notes that will be adjusted pursuant to the Scheme are
governed by New York law.
About New World Resources
New World Resources N.V. is owned and controlled by New World
Resources Plc, an English public limited company domiciled in the
Netherlands that is admitted for trading on the London Stock
Exchange, where it maintains a Premium Listing, along with the
Warsaw Stock Exchange and the Prague Stock Exchange.
The ultimate parent and indirect majority owner of NWR is CERCL
Mining B.V., a privately-held Dutch company, which owns a
controlling majority of the shares of NWR Plc.
NWR's primary role in its corporate group has been to issue debt
(primarily in the form of secured and unsecured notes) and to
loan the corresponding proceeds to its wholly-owned operating
subsidiaries. These operating subsidiaries conduct coal mining
and exploration operations in the Czech Republic and Poland. The
operating subsidiary conducting mining operations in the Czech
Republic is critical to the local economy in that country.
Collectively, these operating subsidiaries employee over 11,500
workers (and utilize an additional 3,000 contractors), and many
major steel groups -- including some operating in the U.S. -- are
reliant on their coal.
As of July 15, 2014, NWR had outstanding gross external debt of
approximately EUR825 million (exclusive of amounts it owes under
certain intercompany obligations). Of this debt, EUR500 million
in principal amount plus accrued interest is owed to the
beneficial holders of the 7.875% Senior Secured Notes due May 1,
2018. NWR also owes EUR275 million in principal amount plus
accrued interest to the beneficial holders of its 7.875% Senior
Unsecured Notes due January 15, 2021.
NWR applied to the Chancery Division (Companies Court) of the
High Court of Justice of England and Wales, on July 28, 2014, for
an order directing it to convene separate meetings for two
classes of creditors only, namely, the existing senior secured
noteholders on the one hand, and the existing senior unsecured
noteholders.
NWR filed a Chapter 15 bankruptcy petition (Bankr. S.D.N.Y. Case
No. 14-12226) in Manhattan, New York on July 30, 2014, to seek
recognition of the UK proceeding.
Neither the Debtor's parent nor any of its operating subsidiaries
have commenced insolvency proceedings in the UK Court or any
other court within any jurisdiction.
The U.S. case is assigned to Judge Stuart M. Bernstein.
NEW WORLD RESOURCES: S&P Cuts CCR to SD on Missed Payment
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K.-headquartered coal mining company
New World Resources N.V. (NWR) to 'SD' (selective default) from
'CC'.
"At the same time, we lowered our issue rating on the EUR275
million senior unsecured notes to 'D' (default) from 'CC' and
affirmed the issue rating on the EUR500 million senior secured
notes at 'CC'," S&P said.
The downgrade follows NWR's decision to miss the interest payment
on its EUR275 million senior unsecured notes on July 15, 2014,
and S&P's expectation that the company won't pay interest for the
rest of the grace period, that is, until Aug. 14, 2014.
Earlier in July, NWR entered into lock-up agreements with the
senior secured and the senior unsecured noteholders. Under those
agreements, the company is not allowed to make any interest
payments, unless it gains consent from a majority of the locked-
up noteholders. On July 29, 2014, the court granted NWR
permission to hold meetings with the various noteholders whose
approval is required for NWR's restructuring to proceed. S&P
understands that the meetings will take place on Aug. 29 (two
weeks after the end of the grace period). The date of the
meetings, combined with the lock-up agreements in place,
indicates to S&P that the likelihood of NWR paying the overdue
interest payments has reduced significantly. According to S&P's
criteria, it views this as a default.
TITAN EUROPE 2007-3: S&P Withdraws 'BB' Rating on Class A-1 Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'BB (sf)'
credit rating on Titan Europe 2007-3 Ltd.'s class A-1 notes.
The withdrawal follows S&P's receipt of the cash manager's
report, which confirms that the class A-1 notes fully redeemed on
the July 2014 interest payment date.
Titan Europe 2007-3 is a 2007-vintage U.K. CMBS transaction. It
is currently secured on one U.K. commercial real estate loan.
RATINGS LIST
Titan Europe 2007-3 Ltd.
GBP778.822 mil commercial mortgage-backed floating-rate notes
Rating
Class Identifier To From
A1 XS0311440944 NR BB (sf)
NR-Not Rated.
ZODIAC POOL SOLUTIONS: Seeks U.S. Recognition of UK Plan
--------------------------------------------------------
Zodiac Pool Solutions SAS and its affiliates sought Chapter 15
bankruptcy protection in the U.S. to give effect of the
restructuring plans approved by creditors and sanctioned by a
court in the United Kingdom.
The company was severely affected by the global economic and
financial crisis that began in 2008. In 2008 and 2009, the
company closed numerous factories and subsidiary operations
throughout the world and divested its professional safety
equipment and boats business, as part of a number of
restructuring initiatives.
The company, however, had to explore additional options in light
of approaching maturities of its debt facilities on in
September 2014 and September 2015. As of March 31, 2014, the
Zodiac Group's net senior debt leverage ratio was 8.2X; although
the Zodiac Group expects to reduce this ratio to 6.2x by
Sept. 30, 2015, such ratio would remain above current acceptable
market levels.
As a result, it began negotiations with lenders and on May, it
entered into a lock-up agreement with lenders. The High Court of
Justice of England and Wales sanctioned the companies' schemes of
arrangements on July 31, 2014. Creditors with majorities in
value ranging from 79.97% to 98.09% and majorities in number
ranging from 81.25% to 92.85% voted in favor of the schemes.
The Debtors say that the schemes provide for an amendment and
extension of certain substantial debt facilities under which
several Zodiac Group entities, including the Debtors, are
obligors. The English High Court has sanctioned the schemes,
which involve, among other things, the extension of the current
maturity dates under the facilities -- the earliest of which is
due to occur on Sept. 27, 2014 -- and represents the best option
for the Zodiac Group in the present circumstances, as the
companies' current debt leverage ratio means that they are unable
to refinance the debt owing under the facilities in the current
market.
The Debtors say that without the amendment and extension, in the
absence of an alternative agreement with creditors, the
uncertainty created may cause going concern issues to be raised
by the Zodiac Group auditors, suppliers to reduce their payment
terms or withdraw altogether, the withdrawal of short-term trade
lines, the loss of or negotiation of terms of business with
customers and the reduction of credit insurance, which would
likely precipitate a rapid deterioration of the Zodiac Group.
"If the Zodiac Group fails to secure the Amendment and Extension,
one or more Zodiac Group companies may need to take steps towards
the commencement of formal insolvency or pre-insolvency
proceedings in multiple jurisdictions. Such proceedings would be
likely to result in a substantial loss of value for all
stakeholders, including Scheme Creditors. By contrast, the
Amendment and Extension, as embodied in the Schemes, will provide
the Zodiac Group with the time and financial flexibility it needs
to continue deleveraging itself, with the aim of repaying the
Senior Debt in full at or before the first extended maturity date
of December 2017 (from the proceeds of a refinancing or sale) and
of materially improving the returns to the Scheme Creditors who
are lenders of Facility D and the Mezzanine Facility (potentially
including repayment in full thereof)," Francois Mirallie, a
company executive, said in a court filing.
A copy of Zodiac's Chapter 15 bankruptcy petition and the foreign
representative's verified petition for recognition of the foreign
proceedings is available at:
http://bankrupt.com/misc/Zodiac_Ch15_Petition.pdf
About Zodiac Pool Solutions
Zodiac Pool Solutions SAS and its units are global manufacturers
and distributors of products for swimming pools and spas. Zodiac
has design, engineering and manufacturing facilities in the U.S.,
France, Germany, Australia, and South Africa and has operating
subsidiaries or branches with their own sales forces in the U.S.,
Canada, Europe, Australia, New Zealand and South Africa.
Zodiac has pending proceedings before the High Court of Justice
of England and Wales. The companies' schemes of arrangements
were approved by the creditors and the High Court sanctioned the
schemes on July 31, 2014.
Zodiac and its affiliates sought bankruptcy protection in the
U.S. under Chapter 15 of the Bankruptcy Code (Bankr. D. Del. Case
No. 14-11818) on July 31, 2014, to seek recognition of their
restructuring proceedings in the United Kingdom. Zodiac
estimated at least US$500 million in assets and more than
US$1 billion in debt.
Judge Kevin J. Carey presides over the Chapter 15 cases. The
Debtors are seeking administrative consolidation of the Chapter
15 cases.
Francois Mirallie, executive member of the executive board and
managing director of Zodiac, serves as foreign representative in
the U.S. case.
The Debtor is represented by Curtis S. Miller, Esq., at Morris
Nichols Arsht & Tunnell, in Wilmington, Delaware.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG 0619064D GR -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
TELENET GRP HLDG T4I TH -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EU -928724199.6 5137146702
TELENET GRP HLDG TNET EU -928724199.6 5137146702
TELENET GRP HLDG TNET LI -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EU -928724199.6 5137146702
TELENET GRP HLDG TLGHF US -928724199.6 5137146702
TELENET GRP HLDG TNET TQ -928724199.6 5137146702
TELENET GRP HLDG TNET BQ -928724199.6 5137146702
TELENET GRP HLDG TNET S1 -928724199.6 5137146702
TELENET GRP HLDG TNETGBP EO -928724199.6 5137146702
TELENET GRP HLDG TNET EB -928724199.6 5137146702
TELENET GRP HLDG TNET GK -928724199.6 5137146702
TELENET GRP HLDG TNET EO -928724199.6 5137146702
TELENET GRP HLDG TNETGBX EO -928724199.6 5137146702
TELENET GRP HLDG T4I GR -928724199.6 5137146702
TELENET GRP HLDG TNET PZ -928724199.6 5137146702
TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
CROATIA AIRLI-A2 CRALPA2 CZ -7293960.057 285595600.8
CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EO -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR EU -20708704.06 183851135.9
CYPRUS AIRWAYS CANR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIRCYP EU -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EO -39648682.41 209021322.6
LIBRA GROUP PLC LHG EO -39648682.41 209021322.6
LIBRA GROUP PLC LHGCYP EU -39648682.41 209021322.6
LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
DENMARK
-------
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG GW DC -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW EU -11320362.72 176234029.6
GREEN WIND ENERG GW PZ -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.72 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.72 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.72 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.72 176234029.6
JEUDAN III A/S 3986972Z DC -85553475.79 272728794.6
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
OBTEC OBTEC DC -17139908.33 134988548.1
OBTEC OBT DC -17139908.33 134988548.1
OBTEC-NEW SHARES OBTECN DC -17139908.33 134988548.1
OBTEC-OLD OBTN DC -17139908.33 134988548.1
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
ROSKILDE BANK ROSK DC -532868894.9 7876688188
ROSKILDE BANK RSKC IX -532868894.9 7876688188
ROSKILDE BANK ROSK EO -532868894.9 7876688188
ROSKILDE BANK RKI GR -532868894.9 7876688188
ROSKILDE BANK ROSKF US -532868894.9 7876688188
ROSKILDE BANK ROSBF US -532868894.9 7876688188
ROSKILDE BANK ROSK EU -532868894.9 7876688188
ROSKILDE BANK ROSK PZ -532868894.9 7876688188
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876688188
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876688188
ROSKILDE BAN-RTS ROSKT DC -532868894.9 7876688188
SCANDINAVIAN BRA SBS1 EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 BY -17139908.33 134988548.1
SCANDINAVIAN BRA SBSD PZ -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EO -17139908.33 134988548.1
SCANDINAVIAN BRA SBS DC -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1EUR EU -17139908.33 134988548.1
SCANDINAVIAN BRA SBSC IX -17139908.33 134988548.1
SCANDINAVIAN BRA SBS1 EU -17139908.33 134988548.1
SUZLON WIND ENER 3985532Z DC -50030922.82 151671948.3
TAKKER EUROPA AP 3972332Z DC -124523598.1 163756144.6
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.29 330011633.6
ADP INGENIERIE S 4519911Z FP -9312265.78 111844575.6
AIR COMMAND SYST 4470055Z FP -24012413.92 236706831.5
AKERYS SERVICES 4685937Z FP -22410493.42 137981683.2
ALCATEL-LUCENT E 3642975Z FP -33252970.32 441703998.1
ALCATEL-LUCENT F 3647063Z FP -794569718.3 4984960531
AL-KHATTIYA LEAS 4783713Z FP -13423803.21 109623566.3
ALUMINIUM PECHIN 3650903Z FP -469114028.7 1322244624
ATOS ORIGIN INTE 4519607Z FP -15552541.61 353365367
AUTOMOBILES CITR 3648863Z FP -298695778.9 1879542934
AUTOROUTES PARIS ARR1 BQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EO -251756893.2 10625026266
AUTOROUTES PARIS RK9 TH -251756893.2 10625026266
AUTOROUTES PARIS ARR EU -251756893.2 10625026266
AUTOROUTES PARIS ARR FP -251756893.2 10625026266
AUTOROUTES PARIS ARRGBX EU -251756893.2 10625026266
AUTOROUTES PARIS ARR IX -251756893.2 10625026266
AUTOROUTES PARIS ARR S1 -251756893.2 10625026266
AUTOROUTES PARIS ARR QM -251756893.2 10625026266
AUTOROUTES PARIS ARR LI -251756893.2 10625026266
AUTOROUTES PARIS ARR TQ -251756893.2 10625026266
AUTOROUTES PARIS ARR EB -251756893.2 10625026266
BELVEDERE - RTS 554451Q FP -256191005.4 927737997.9
BELVEDERE - RTS 702036Q FP -256191005.4 927737997.9
BELVEDERE SA BVD EU -256191005.4 927737997.9
BELVEDERE SA BELV FP -256191005.4 927737997.9
BELVEDERE SA BELV NM -256191005.4 927737997.9
BELVEDERE SA BEVD IX -256191005.4 927737997.9
BELVEDERE SA BVD PW -256191005.4 927737997.9
BELVEDERE SA BED GR -256191005.4 927737997.9
BELVEDERE SA BVD EO -256191005.4 927737997.9
BELVEDERE SA BVD S1 -256191005.4 927737997.9
BELVEDERE SA BVDRF US -256191005.4 927737997.9
BELVEDERE SA BED TH -256191005.4 927737997.9
BELVEDERE SA BVD FP -256191005.4 927737997.9
BELVEDERE SA BVD PZ -256191005.4 927737997.9
BELVEDERE SA-NEW BVDNV FP -256191005.4 927737997.9
BELVEDERE SA-NEW 946529Q FP -256191005.4 927737997.9
BELVEDERE SA-NEW 8198283Q FP -256191005.4 927737997.9
BELVEDERE SA-RTS BVDDS FP -256191005.4 927737997.9
BROSTROM TANKERS 3641643Z FP -115599.3207 311104377.9
BUT INTERNATIONA 3648871Z FP -5859572.435 1100621152
CADES 211430Z FP -1.16E+11 23006745556
CARCOOP FRANCE 4690569Z FP -531951.7338 185621693.8
CARNAUDMETALB-N JJNN FP -239071932.4 6870067181
CARNAUDMETALB-N 84433Q FP -239071932.4 6870067181
CARREFOUR HYPERM 3897338Z FP -713257900.6 3939173302
CARRERE GROUP CAR2 EO -9829531.944 279906700
CARRERE GROUP CRRHF US -9829531.944 279906700
CARRERE GROUP CRGP IX -9829531.944 279906700
CARRERE GROUP CAR2 EU -9829531.944 279906700
CARRERE GROUP CARG FP -9829531.944 279906700
CARRERE GROUP CAR FP -9829531.944 279906700
CARRERE GROUP CARF PZ -9829531.944 279906700
CARRERE GROUP XRR GR -9829531.944 279906700
CDISCOUNT SA 4690913Z FP -14710509.37 442569172
CMA CGM AGENCES 4746849Z FP -8208944.552 191538369.1
CO PETROCHIMIQUE 4682369Z FP -111509362.4 364674090.9
CROWN EUROPEAN H 3394476Q LI -239071932.4 6870067181
CROWN EUROPEAN H CAMBF US -239071932.4 6870067181
CROWN EUROPEAN H JJ FP -239071932.4 6870067181
CROWN EUROPEAN H 1049Q LN -239071932.4 6870067181
DESCAMPS SAS 4503139Z FP -2912961.458 104843475.7
DOCTISSIMO 2916489Q EU -1690819.009 135171143.2
DOCTISSIMO 0602303D GR -1690819.009 135171143.2
DOCTISSIMO DOC FP -1690819.009 135171143.2
DOCTISSIMO MDCF PZ -1690819.009 135171143.2
DOCTISSIMO MCOS IX -1690819.009 135171143.2
DOCTISSIMO 2916493Q EO -1690819.009 135171143.2
DOCTISSIMO MDC FP -1690819.009 135171143.2
EADS SECA 4706441Z FP -44481565.35 121822000.7
EDENRED QSV GR -1310250942 5470394799
EDENRED EDEN FP -1310250942 5470394799
EDENRED EDEN QM -1310250942 5470394799
EDENRED QSV TH -1310250942 5470394799
EDENRED EDEN S1 -1310250942 5470394799
EDENRED EDEN TQ -1310250942 5470394799
EDENRED EDENUSD EO -1310250942 5470394799
EDENRED EDNMF US -1310250942 5470394799
EDENRED EDENUSD EU -1310250942 5470394799
EDENRED EDEN EO -1310250942 5470394799
EDENRED EDEN EU -1310250942 5470394799
EDENRED EDEN BQ -1310250942 5470394799
EDENRED EDEN EB -1310250942 5470394799
EDENRED EDEN IX -1310250942 5470394799
EDENRED EDEN PZ -1310250942 5470394799
EDENRED-NEW EDENV FP -1310250942 5470394799
EDF EN OUTRE MER 4679713Z FP -2598508.843 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.43 175501799.4
FACONNABLE SA 226782Z FP -19616230.99 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.12 1638852912
GEC 4 SAS 4518255Z FP -91410336.97 541462091
GPN SA 4509659Z FP -35080424.69 568887551
GRANDE PAROISSE GAPA FP -927267926.9 629287290
GRANDE PAROISSE GDPXF US -927267926.9 629287290
GRANDE PAROISSE GDPA FP -927267926.9 629287290
GROUPE MONITEUR 317840Z FP -116707395.4 610106709.3
GROUPE PROGRES S 4734137Z FP -106637565.8 154665494
HIPPO GESTION ET 4732841Z FP -606512.6987 113032204.7
HITACHI EUROPE S 4681417Z FP -9927515.772 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.37 116383810.4
I BASE 757542Z FP -6019481.253 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.49 363058830.9
ITM REGION PARIS 4681817Z FP -49662079.76 124321085.9
JTEKT AUTOMOTIVE 4505819Z FP -25670106.66 171962119.7
JTEKT AUTOMOTIVE 4504595Z FP -17492036.59 163375360
JUNGHEINRICH FIN 4635025Z FP -14429677.13 223424949.4
LAB DOLISOS LADL FP -27752176.19 110485462.4
LAB DOLISOS DOLI FP -27752176.19 110485462.4
MATUSSIERE & FOR MTUSF US -77896689.09 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.09 293868350.8
MEDCOST SA MEDC NM -1690819.009 135171143.2
MEDCOST SA MEDC FP -1690819.009 135171143.2
MEDCOST SA-NEW MDCNV FP -1690819.009 135171143.2
MILLIMAGES 8131905Q FP -1006050.249 113454378.9
MILLIMAGES MIL1 EU -1006050.249 113454378.9
MILLIMAGES MLMG IX -1006050.249 113454378.9
MILLIMAGES MIL1 PZ -1006050.249 113454378.9
MILLIMAGES MIL FP -1006050.249 113454378.9
MILLIMAGES MG6 GR -1006050.249 113454378.9
MILLIMAGES MIL S1 -1006050.249 113454378.9
MILLIMAGES MIL1 EO -1006050.249 113454378.9
MILLIMAGES MLIGF US -1006050.249 113454378.9
MILLIMAGES MILI FP -1006050.249 113454378.9
MILLIMAGES MILF PZ -1006050.249 113454378.9
MILLIMAGES - RTS 0134468D FP -1006050.249 113454378.9
MILLIMAGES-RTS MILDS FP -1006050.249 113454378.9
MILLIMAGES-RTS 760037Q FP -1006050.249 113454378.9
M-REAL ALIZAY SA 4670721Z FP -19839749.29 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863949.8 221936730.6
NESTLE WATERS SU 3634879Z FP -183402272.8 254740466.9
NESTLE WATERS SU 3634887Z FP -11147903.4 186832176.9
NEXANS COPPER FR 4744809Z FP -22662074.82 308626962.2
NEXTIRAONE 500526Z FP -1983210.371 311827703.4
NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
NOVASEP HOLDING 3736443Z FP -217561272.1 476949466.1
NOVELIS FOIL FRA 4678593Z FP -21912360.22 126180343.3
NRJ 12 4681713Z FP -59306529.9 110796872.5
O-I MANUFACTURIN 226230Z FP -101494197.2 1150890693
OROSDI OROS EO -51389802.68 181267113.2
OROSDI OROS FP -51389802.68 181267113.2
OROSDI OROS EU -51389802.68 181267113.2
OROSDI OROS S1 -51389802.68 181267113.2
OROSDI OROS PZ -51389802.68 181267113.2
OROSDI-BACK BACK IX -51389802.68 181267113.2
OROSDI-BACK ORBA FP -51389802.68 181267113.2
OROSDI-RTS ORODS FP -51389802.68 181267113.2
PAGESJAUNES GRP PAJGBP EO -2572329208 1590596225
PAGESJAUNES GRP PAJ EB -2572329208 1590596225
PAGESJAUNES GRP PAJ TQ -2572329208 1590596225
PAGESJAUNES GRP PAJUSD EU -2572329208 1590596225
PAGESJAUNES GRP PAJ QM -2572329208 1590596225
PAGESJAUNES GRP PAJ GK -2572329208 1590596225
PAGESJAUNES GRP QS3 TH -2572329208 1590596225
PAGESJAUNES GRP PAJUSD EO -2572329208 1590596225
PAGESJAUNES GRP PAJ PZ -2572329208 1590596225
PAGESJAUNES GRP QS3 GR -2572329208 1590596225
PAGESJAUNES GRP PAJ EO -2572329208 1590596225
PAGESJAUNES GRP PAJ BQ -2572329208 1590596225
PAGESJAUNES GRP PAJ IX -2572329208 1590596225
PAGESJAUNES GRP PAJ FP -2572329208 1590596225
PAGESJAUNES GRP PGJUF US -2572329208 1590596225
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TA TRIUMPH-ADLER TWNG IX -124667889.5 375247226.8
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TA TRIUMPH-RTS 3158577Q GR -124667889.5 375247226.8
GREECE
------
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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
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T BANK TBANK GA -46224213.41 3486115450
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HUNGARY
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HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
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IRELAND
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ICELAND
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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
AS ROMA SPA ASR EB -66248672.26 227606539.7
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JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
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REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
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CARRIER1 INTL SA 1253Z SW -94729000 472360992
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NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
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NORWAY
------
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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
RENTA CORP REN1GBP EO -40378516.38 216503337.5
RENTA CORP REAL REN/D SM -40378516.38 216503337.5
RESIDENCIAL MARL 4498347Z SM -8851230.872 106007591.2
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SOUTHERN CROSS SCHE4 EO -456945463.9 226544692
SOUTHERN CROSS SCHEEUR EU -456945463.9 226544692
SOUTHERN CROSS SCHE EB -456945463.9 226544692
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
SOUTHERN ELECTRI 2635379Z LN -102487682 1339407981
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
STAGECOACH GROUP SGC1PEN EU -93023113.56 2711144845
STAGECOACH GROUP SGC IX -93023113.56 2711144845
STAGECOACH GROUP SAGKF US -93023113.56 2711144845
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STAGECOACH GROUP SGC1AUD EU -93023113.56 2711144845
STAGECOACH GROUP SGC S1 -93023113.56 2711144845
STAGECOACH GROUP SGC1 EB -93023113.56 2711144845
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STAGECOACH GROUP SGC1 TQ -93023113.56 2711144845
STAGECOACH GROUP SGC1GBP EO -93023113.56 2711144845
STAGECOACH GROUP SGC1 EU -93023113.56 2711144845
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STAGECOACH GROUP SGC1 NR -93023113.56 2711144845
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STJAMES'S PLACE 4451825Z LN -40027613.56 444219054.8
STV GROUP PLC SMG VX -44693985.16 126240905.5
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STV GROUP PLC STVGEUR EU -44693985.16 126240905.5
STV GROUP PLC STVG VX -44693985.16 126240905.5
STV GROUP PLC STVGGBP EO -44693985.16 126240905.5
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STV GROUP PLC SMGPF US -44693985.16 126240905.5
STV GROUP PLC STVGEUR EO -44693985.16 126240905.5
STV GROUP PLC STVG EU -44693985.16 126240905.5
STV GROUP PLC STVG LN -44693985.16 126240905.5
STV GROUP PLC SMG PZ -44693985.16 126240905.5
STV GROUP PLC SMG IX -44693985.16 126240905.5
SUN CHEMICAL LTD 2569274Z LN -21504458.55 276424178.5
SUNDERLAND ASSOC 1274418Z LN -30559441.44 144949782.5
SUNSAIL LTD 1092666Z LN -37047891.81 193976501.7
SUNSEEKER INTERN 820741Z LN -7756394.619 227371284.6
SWIFT TECHNICAL 4287133Z LN -34723772.77 138665319.9
TATA CMMNCTNS UK 2534722Z LN -43763935.47 114567535.7
TDL INFOMEDIA 3362Z LN -25723860.05 136762955.6
TELEWEST COM-ADR TWSTY US -3702234581 7581020925
TELEWEST COM-ADR TWSTD US -3702234581 7581020925
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
TELEWEST COM-ADR TWT$ LN -3702234581 7581020925
TELEWEST COMM TWSTF US -3702234581 7581020925
TELEWEST COMM 715382Q LN -3702234581 7581020925
TELEWEST COMM 604296Q GR -3702234581 7581020925
TELEWEST COMM TWT VX -3702234581 7581020925
TELEWEST COMMUNI 1646328Z LN -287113015.3 868389208
TELEWEST COMMUNI 1608194Z LN -113079709.6 9113744374
THALES CORPORATE 1083706Z LN -65658884.46 829798983.7
THALES RAIL SIGN 2812334Z LN -29298137.36 106623580
THALES TELECOMMU 1163839Z LN -5826263.267 245379695.8
THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR THN$ LN -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIMES NEWSPAPERS 2343939Z LN -719564696.3 649314828.6
TOPPS TILES PLC TPT8 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJY US -36503224.29 140534295.2
TOPPS TILES PLC TPT EU -36503224.29 140534295.2
TOPPS TILES PLC TPT BQ -36503224.29 140534295.2
TOPPS TILES PLC TPT10 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT2 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT1 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EU -36503224.29 140534295.2
TOPPS TILES PLC TPTGBP EO -36503224.29 140534295.2
TOPPS TILES PLC TPT PO -36503224.29 140534295.2
TOPPS TILES PLC TPT VX -36503224.29 140534295.2
TOPPS TILES PLC TPT7 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTEUR EO -36503224.29 140534295.2
TOPPS TILES PLC TPT5 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT3 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT IX -36503224.29 140534295.2
TOPPS TILES PLC TPT EO -36503224.29 140534295.2
TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT S1 -36503224.29 140534295.2
TOPPS TILES PLC TPT TQ -36503224.29 140534295.2
TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.82 120867289.2
UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7
VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
VIRGIN MOBILE VMOB PO -392165409.3 166070003.7
VIRGIN MOBILE VMOB VX -392165409.3 166070003.7
VIRGIN MOBILE UEM GR -392165409.3 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
WARNER ESTATE WNER PZ -80276070.4 344291592.8
WARNER ESTATE WNEHF US -80276070.4 344291592.8
WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
WARNER ESTATE WNERGBP EO -80276070.4 344291592.8
WARNER ESTATE WNER PO -80276070.4 344291592.8
WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
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 * * *