/raid1/www/Hosts/bankrupt/TCREUR_Public/141104.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, November 4, 2014, Vol. 15, No. 218
Headlines
A U S T R I A
OESTERREICHISCHE VOLKSBANKEN: Moody's Cuts Sr. Sub. Ratings to Ca
F R A N C E
CASAVITA: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
SPIE BONDCO 3: Moody's Confirms 'B1' Corporate Family Rating
G E R M A N Y
SAG SOLARSTROM: Sells Operative Business to SF Clean Energy
I R E L A N D
EUROCREDIT CDO VIII: Moody's Hikes Rating on Cl. D Notes to 'Ba1'
MERCATOR CLO III: Moody's Affirms 'B2' Rating on Class B-2 Notes
I T A L Y
BANCA CARIGE: Moody' Reviews 'Ba1' Bond Rating for Downgrade
CAPITAL MORTGAGE: S&P Lowers Rating on Class E Notes to 'CCC'
CLARIS FINANCE 2006: S&P Affirms 'BB' Rating on Class B Notes
CLARIS FINANCE 2007: S&P Lowers Rating on Class C Notes to 'BB'
MONTE DEI PASCHI: Three Former Executives Get Jail Sentences
K A Z A K H S T A N
HALYK SAVINGS: Moody's Assigns '(P)Ba3' Sr. Unsec. Debt Rating
M A C E D O N I A
MACEDONIA: S&P Affirms 'BB-' Sovereign Ratings; Outlook Stable
M O N T E N E G R O
MONTENEGRO: Moody's Revises Ba3 Bond Rating, Outlook to Negative
N E T H E R L A N D S
BRUCKNER CDO I: Moody's Affirms 'Ca' Ratings on 4 Note Classes
HIGHLANDER EURO: Moody's Raises Rating on Class D Notes to 'B1'
SILVER BIRCH I: S&P Raises Rating on Class E Notes to 'B+'
P O R T U G A L
BANCO COMERCIAL: Moody's Reviews 'Ba1' Rating for Downgrade
LUSITANO MORTGAGES NO. 6: Moody's Cuts Rating on C Notes to Caa1
R U S S I A
RUSSIAN REGIONAL: Moody's Changes 'Ba2' Rating Outlook to Neg.
S P A I N
BANCO CEISS: Moody's Withdraws 'E' Bank Financial Strength Rating
BANCO POPULAR 2: S&P Lowers Rating on Class B Notes to 'B-(sf)'
EMPRESAS HIPOTECARIO: S&P Cuts Rating on Class B Notes to 'B-'
GRANADA HIPOTECARIO I: S&P Lowers Cl. D Notes Rating to 'CCC'
TDA IBERCAJA 1: S&P Lowers Rating on Class D Notes to 'B(sf)'
T U R K E Y
VESTEL ELEKTRONIK: S&P Revises Outlook to Pos. & Affirms 'B-' CCR
U N I T E D K I N G D O M
ACUMAN FACILITIES: Staff Left Without Pay After Liquidation
CORNERSTONE TITAN 2005-2: S&P Cuts Ratings on 2 Note Classes to D
DUNFERMLINE FC: Former Owner Goes Bankrupt, Owes GBP1.1 Million
GHERKIN TOWER: Safra Named Preferred Bidder to Buy Building
HENDERSON TRAVEL: Rangers Directors Take Over 13 Contracts
LGA LIMITED: In Administration, Cuts 32 Jobs
PCS BRANDS: Goes Into Administration, Future Uncertain
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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A U S T R I A
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OESTERREICHISCHE VOLKSBANKEN: Moody's Cuts Sr. Sub. Ratings to Ca
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Moody's Investors Service has taken a number of rating actions on
six euro area banking groups and their backed subsidiaries and
issuing entities. The rating actions were prompted by the capital
shortfalls identified during the European Central Bank's (ECB)
Comprehensive Assessment of 130 euro area banks as announced on
October 26, 2014. Moody's believes that those banks affected by
the rating action and which failed to comply with one or more
parts of the ECB's review face challenges and varying degrees of
uncertainty with regard to replenishing their capital [by own
resources] within the six- to nine-month timeframe allowed by the
ECB. Failure to remediate the shortfall could prompt supervisory
intervention and bailing in of subordinated debt or even more
radical restructuring measures, which could affect all creditors.
The following rating actions have been taken:
-- Downgrade by two notches of Oesterreichische Volksbanken AG's
(VBAG) senior unsecured debt, deposit and issuer ratings to B2
from Ba3 and of the senior subordinated ratings to Ca from Caa2;
all of these ratings placed on review for further downgrade; the
recently announced restructuring of VBAG was also a factor
contributing to the rating downgrade
-- Initiated review for downgrade of the long-term B3 deposit
and the Caa1 senior unsecured debt and the (P)Ca senior
subordinated ratings of Permanent tsb plc (PTSB)
-- Initiated review for downgrade of all long-term B1 senior
unsecured debt and deposit and (P)Caa3 senior subordinated
ratings of Banco Comercial Portugues S.A. (BCP)
-- Initiated review for downgrade of all B1 long-term senior
unsecured debt and deposit and Ca (hyb) junior subordinated
ratings of Banca Monte Dei Paschi di Siena S.p.A. (MPS);
downgrade of senior subordinated ratings by one notch to Ca and
placed them on review for further downgrade
-- Initiated review for downgrade of all Caa1 long-term deposit
and issuer ratings of Banca Carige S.p.A. (Carige)
-- Affirmed all B1 senior unsecured debt and deposit, B3 senior
subordinated, (P)Caa1 junior subordinated and Caa3 (hyb)
preference stock ratings of Banca Popolare di Milano S.c.a.r.l
(BPM)
During the rating review period for the five banks, Moody's
expects to assess (1) the likelihood that their capital
replenishment plans will be approved by the ECB (as the
supervisor in charge from November 2014 onwards); and (2) the
likelihood these entities will be successful in executing these
plans and will be able to address their capital shortfalls within
the permissible timeframe.
Within this rating action, Moody's focused on the banks that will
face difficulties in filling the capital shortfall that the
comprehensive assessment has highlighted. Of the 11 Moody's-rated
banks that have capital shortfalls under the ECB's assessment,
five were excluded from this action, including two Slovenian
banks (both with caa2 BCAs) because their shortfalls (1) were
relatively small -- at 3% and 6%, respectively, of their year-end
2013 reported Common Equity Tier 1 capital -- compared with an
average of 63% for the other nine entities; and (2) are already
covered by measures to strengthen their 2014 earnings. Two Greek
banks (with caa3 and caa2 BCAs, respectively) were also excluded,
because their actual capital shortfalls are minor in the context
of their ongoing restructuring plans and other capital measures
taken in recent months. Finally, one Cypriot bank (caa3 BCA) was
excluded because (1) its recent conversion of capital securities
has already partially offset its shortfall; and (2) the bank has
a well-advanced plan to raise equity capital in excess of the
total shortfall.
Ratings Rationale
The banks affected by the rating actions have failed to comply
with capital thresholds under the Asset Quality Review, "Base"
and/or "Adverse" scenario stress tests that were part of the
ECB's Comprehensive Assessment which comprised a review of the
largest 130 euro area banks' balance sheets and their resilience
to market shocks. Each of the banks subject to the rating actions
were found to have a considerable capital shortfall under the
ECB's guidelines. Within the next two weeks, these institutions
are required to submit plans to the ECB for closing the
identified capital gaps, and must complete their recapitalization
within a six- to nine-month timeframe. The ECB is likely to apply
stringent criteria in its assessment of each plan's sufficiency,
thereby principally placing emphasis on the use of private
sources for any new capital.
In Moody's opinion, inability to remedy the capital shortfall
within the required timeframe would increase the likelihood of
bail-in, particularly affecting holders of subordinated debt. In
the event that a bank needed to resort to government support, the
EU rules governing state aid would require debt to be bailed-in,
particularly subordinated debt.
Given the magnitude of the capital shortfalls identified in a few
cases, Moody's does not rule out the possibility of authorities
resorting to even more extensive bank restructuring measures
which could affect all creditors.
Consequently, Moody's has either affirmed or downgraded and/or
placed on review for downgrade the ratings of the following
banks:
Oesterreichische Volksbanken (VBAG) -- Two Notch Downgrade And
Placed On Review For Further Downgrade
The two notch downgrade and review for further downgrade on
VBAG's ratings follows the announcement of a significant EUR865
million capital shortfall for the Austrian Volksbanken sector
(unrated). The shortfall reflects the diminishing capital
recognition under Basel III of major parts of VBAGs capital base.
As a result, the lowering of VBAG's standalone baseline credit
assessment (BCA) to caa3 from caa1 reflects the increased
probability that outside support will be required to avoid a bank
failure. In order to avoid default or regulatory intervention,
VBAG recently announced its reorganization and break up as the
central institution of the Volksbanken sector. Under the
proposal, which has yet to be submitted for regulatory approval,
VBAG will leave the sector's joint liability scheme, return its
banking license and become a non-regulated vehicle that continues
to wind down the bank's non-core assets. During the review
period, Moody's will examine the details of the restructuring
plan as well as potential additional measures imposed by the ECB
and their potential impact on all creditors of the bank.
PERMANENT tsb p.l.c. -- Ratings Placed on Review for Downgrade
The review on Permanent tsb's (PTSB) ratings was triggered by the
bank's net shortfall of EUR855 million. The bank has reported
that it has already covered over 80% of the shortfall through a
combination of EUR400 million of convertible capital notes (held
by the Irish government) as well as other management actions that
provide a further EUR300 million. PTSB has stated that it expects
to cover the remaining shortfall by raising capital from private
investors. Moody's believes that these capital placements should
be supported by the bank's improving metrics, the more favorable
operating environment in Ireland and the relatively low
adjustments recommended as a result of the AQR.
However, the bank has still not received approval from the
European Commission regarding its restructuring plan, and any
pending capital raising remains highly exposed to execution risk.
Moody's notes that the Irish government, which is the majority
owner, holding in excess of 99% of PTSB's issued capital, has
publicly announced its support for the plan. Moody's will monitor
and assess the feasibility and progress of these plans during the
review period.
BANCO COMERCIAL PORTUGUES S.A. -- Ratings Placed on Review for
Downgrade
The review on Banco Comercial Portugues's (BCP) ratings reflects
Moody's assessment of the risks associated with the bank's
ability to cover the identified capital shortfall of EUR1.1
billion. As of, BCP announced a set of measures that should
offset the capital gap. Some of these measures will provide the
release of capital resources such as the completed sale of its
49% stake in an insurance subsidiary and the anticipated sale of
a securitization program, while 2014 retained earnings will
likely increase the capital base. During the review period,
Moody's will assess these plans, which are subject to the ECB's
approval, for their feasibility and sufficiency relative to the
shortfall.
BANCA MONTE DEI PASCHI DI SIENA S.p.A. -- Ratings Placed on
Review for Downgrade; Senior Subordinatd Debt Downgraded to Ca,
Placed on Review for Downgrade
The review on Banca Monte Dei Paschi di Siena's (MPS) ratings was
triggered by the bank's net shortfall of EUR2.1 billion. Moody's
believes that MPS will be challenged to cover the shortfall
within the timeframe requested by the ECB without further
government support. No details have been provided by the bank on
the possible plan for corrective measures. The bank reported that
it appointed UBS AG and Citigroup to explore all possible
options.
In addition, MPS's senior subordinated ratings were downgraded
and placed on review for further downgrade. This reflects an
increased likelihood that the bank may require public support, in
Moody's opinion, which would trigger state aid rules and bail-in
of subordinated debt. Further, given the repeated instances of
bail-outs using state aid over the past years, the rating agency
does not rule out the imposition of more extensive restructuring
measures for MPS which could affect all creditors of the bank.
BANCA CARIGE S.p.A. -- Ratings Placed on Review for Downgrade
The review on Banca Carige's (Carige) ratings was triggered by
the bank's net shortfall of EUR0.8 billion. The bank announced a
series of measures that together could largely address the
shortfall. These measures include (1) a contemplated rights issue
of at least EUR500 million (EUR650 million pre-underwritten by
Mediobanca (unrated; details of underwriting conditions not
published); (2) the sale of Carige's private banking and consumer
lending subsidiaries; and (3) the sale of its insurance
subsidiaries for which an agreement was reached with Apollo
Global Management LLC (unrated) for EUR310 million (which should
reduce the shortfall by around EUR100 million according to
Moody's estimates). The success of these measures still hinges on
a number of factors -- including shareholders' approval of the
diluting rights issue, closing of the transactions within the
permissible timeframe and the ECB's approval -- therefore Moody's
will monitor and assess the progress of any actions ultimately
pursued during the review period.
BANCA POPOLARE DI MILANO S.C.a.r.l. -- Ratings Affirmation
The ratings affirmation reflects Moody's opinion that Banca
Popolare Di Milano's (BPM) capital strengthening measures over
the first six months of 2014 have effectively offset the EUR684
million identified capital shortfall which was based on a 7.3%
CET1 ratio as of year-end 2013. However, by end-June 2014, BPM
had strengthened its capital base by almost EUR1.4 billion,
raising its CET1 ratio to 11.2%. Measures implemented comprise:
(1) a EUR500 million rights issue; (2) removal of the risk-
weighted assets add-on, which had been applied by the Bank of
Italy since 2011 and had a positive impact on capital of EUR646
million; and (3) the sale of a stake in its asset management
subsidiary Anima Holding S.p.A. (unrated), which was EUR233
million capital accretive. Overall, the combined actions exceed
the identified capital shortfall and result in an incremental
capital buffer of EUR713 million. BPM is therefore not required
to undertake any additional action to reinforce its capital
position at this stage.
What Could Move the Ratings Up/Down
For the four banks placed on review for downgrade -- PTSB, BCP,
MPS and Carige -- any inability to raise sufficient capital will
likely trigger a lowering of the BCAs within the standalone E
BFSR category, which, in turn, would negatively affect the
ratings of senior and junior instruments. To the extent that any
of these banks produces credible plans to address their
respective capital shortfalls, Moody's may confirm ratings at the
current level.
Positive rating pressure would be subject to banks achieving
capital metrics that are above expectations with regard to
magnitude and timeliness, and such metrics would need to include
a satisfactory buffer above the new minimum requirements as
indicated by the results of the ECB's Comprehensive Assessment.
For VBAG, there is additional potential for rating downgrades if
the expected restructuring of the bank proves insufficient to
indicate that senior creditors will be repaid in full and in a
timely fashion. For junior creditors, further downgrades may be
additionally driven by the loss severity that the restructuring
and breakup of VBAG may entail, driven by potential costs of the
restructuring and unwinding. Upward pressure on VBAG's ratings
would be subject to further material support for creditors.
Moody's notes that BPM has already addressed the (technical)
capital shortfall identified by the ECB. However, any renewed
pressure on the bank's loss absorption capacity as a result of
greater-than-anticipated deterioration of its financial
fundamentals and/or if the bank fails to effectively strengthen
its corporate governance could have negative rating implications.
This deterioration could be driven by macroeconomic pressures or
by market stress. Upside for the ratings would depend on a
further gradual improvement of the bank's financial fundamentals.
Principal Methodology
The principal methodology used in these ratings was Global Banks
published in July 2014.
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F R A N C E
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CASAVITA: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
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Standard & Poor's Ratings Services said that it assigned its 'B'
long-term corporate credit rating to France-based private elderly
care home operator CasaVita (Domus Vi). The outlook is stable.
In addition, S&P assigned an issue rating of 'B' and a recovery
rating of '4' to Domus Vi's senior secured notes.
At the same time, S&P assigned an issue rating of 'B+' and a
recovery rating of '2' to Domus Vi's proposed super senior
revolving credit facility (RCF) maturing in 2021.
The ratings reflect S&P's assessment of Domus Vi's business risk
profile as "fair" and its financial risk profile as "highly
leveraged." From these assessments, S&P derives its anchor of
'b' for the company. Modifiers have a neutral effect on the
rating.
A key consideration in S&P's assessment of Domus Vi's competitive
position is the company's limited geographic diversification.
Domus Vi's sole exposure is to France, since the French
government reimburses a significant portion of its revenues.
Because S&P's economists forecast GDP growth in France at 1.1% in
2015 and 1.5% in 2016, S&P thinks it is unlikely that the
government will reduce its efforts to curb health care spending.
As such, S&P expects that the regulatory environment, mainly
relating to approving new care home openings, is unlikely to
change over the medium term.
S&P assess the health care services industry in general as
carrying "intermediate" risk, reflecting the importance of third-
party payers, the main ones being governments. S&P also
incorporates Domus Vi's risk of operating in France, which S&P
currently views as low.
In S&P's view, Domus Vi's operating environment is stable and
provides relatively good visibility, thanks to an aging
population and high barriers to entry. Furthermore, the
government's well-defined reimbursement regime, mainly via pass-
through contracts, should continue to mitigate risk. In the
U.K., by stark contrast, care-home operators' reimbursement
receipts and margins are under pressure as the government curbs
its spending. What's more, the U.K. government does not restrict
the number of new homes being opened, unlike in France. The
French government also covers the majority of dependence and
medical care costs, reducing the effect of potential policy
changes on Domus Vi's profitability.
S&P notes that Domus Vi's revenue mix benefits from a large
portion of private revenues. Private funding mainly covers the
accommodation fee, which is set by each nursing home for new
residents, and allows operators to defend their margins. S&P
expects Domus Vi's revenues to rise at least in line with the
market, mainly on the back of increasing average daily rates for
accommodation and associated services, given that occupancy is
already close to its maximum.
Despite the regulatory constraints on new facilities, Domus Vi
has been able to deliver organic growth and improve its
profitability through cost savings and higher fees for
accommodation services. This is mainly thanks to high occupancy
rates and a relatively quick turnover of bed utilization, which
supports capital expenditure.
Domus Vi operates under a 100% leasehold model. S&P views this
type of cost structure negatively because rents represent
additional fixed costs, which are already high once staff costs
are taken into account. In S&P's view, this could weigh on Domus
Vi's profitability because we consider that the industry offers
low growth prospects, assuming flat to slightly increasing
volumes but decreasing tariffs and higher costs that at least
reflect inflation. However, Domus Vi's lessor base is
fragmented, due to individual ownership of properties, and this
should help the company negotiate future rent levels.
S&P considers Domus Vi's financial risk profile to be "highly
leveraged" under its criteria, reflecting S&P's estimate that the
Standard & Poor's-adjusted debt-to-EBITDA ratio will remain
higher than 5x over the next three years. S&P's adjustments
include about EUR355 million of cash-interest-paying financial
debt and about EUR700 million under operating leases, according
to S&P's base-case assumptions.
S&P forecasts that adjusted fixed-charge coverage at Domus Vi is
about 1.3x, as a result of the company's significant annual
rental payments. Although S&P views the company's fixed-charge
coverage as being at the lower end of the "highly leveraged"
category, S&P anticipates that it will be able to comfortably
service its debt obligations. This is due to the stability and
predictability of revenues and profits. However, given Domus
Vi's high proportion of fixed costs, including rent, S&P
considers that any structural operational issues could hinder its
ability to cover them.
In S&P's base case, it assumes:
-- GDP growth in France of 1.1% in 2015 and 1.6% in 2016. S&P
expects the French government to continue its efforts to
curb health care expenditure, in accordance with deficit-
cutting measures. That GDP indicates the state's
willingness to pay for health care, given the sector's non-
discretionary nature.
-- Growth at Domus Vi will outpace that of France's GDP, but
stay in the low single digits, fuelled by higher occupancy
rates at mature-residents medical homes, reflecting its
marketing initiatives.
-- Occupancy levels at facilities opened between 2011 and 2013
will increase and, as such, profitability, with full
capacity utilization expected in 2018. S&P also
anticipates a focus on pricing would increase revenues,
given that occupancy rates are almost at their peak.
-- Maintenance capital expenditures (capex) of 2.0%-3.0% of
revenues per year.
-- No dividends or acquisitions besides add-on transactions,
which will be financed through capex.
Based on these assumptions, S&P arrives at these credit measures
over the next three years:
-- Adjusted debt to EBITDA of 5.7x on average; and
-- An average fixed-charge coverage ratio of 1.3x.
The stable outlook reflects S&P's expectation that Domus Vi will
continue to operate in a stable and predictable operating
environment and maintain its track record of adjusting its fees
and successfully rolling out new services. By doing so, S&P
believes that Domus Vi will be able to improve its profitability,
despite the restricted potential for organic volume growth in
France. The outlook also reflects S&P's view that Domus Vi
should be able to continue covering its capex and maintain an
adjusted fixed-charge coverage ratio of about 1.3x, thereby
enabling it to comfortably make its interest and rent payments.
"We could take a negative rating action on Domus Vi if the
operating and competitive environment in France deteriorated to
levels that led us to revise our business risk assessment
downward, primarily as a result of weakening operating margins.
We could also consider a downgrade if Domus Vi is unable to
generate positive free cash flow, or faces potential liquidity
and structural operational problems. Such issues could include
an increasing mismatch between reimbursement receipts, projected
volume growth, and operating costs, given Domus Vi's high fixed-
cost base," S&P said.
"We consider a positive rating action unlikely over the next 12
months because we project that Domus Vi's core debt-protection
metrics are likely to remain commensurate with a "highly
leveraged" financial risk profile. This is underpinned by the
company's significant amount of lease obligations and its plans
to increase its use of operating leases. However, we could take
a positive rating action if Domus Vi improved and maintained its
fixed-charge coverage ratio higher than 2.2x," S&P added.
SPIE BONDCO 3: Moody's Confirms 'B1' Corporate Family Rating
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Moody's Investors Service has confirmed the ratings of Spie
BondCo 3 S.C.A. including the corporate family rating (CFR) of
B1, probability of default rating (PDR) of B1-PD, the rating of
Spie's senior notes due 2019 of B3 and the rating of debt
facilities borrowed by Clayax Acquisition 4 SAS of B1. The
outlook on all ratings is stable.
The rating action concludes the review for upgrade initiated on
Sept. 30, 2014 following the company's announcement on Sept. 29
of the initial public offering (IPO) on the regulated market of
Euronext Paris.
Ratings Rationale
The rating confirmation follows the announcement by Spie on 9
October 2014 that the IPO is postponed due to volatile market
conditions.
As part of the intended IPO, Spie expected to raise gross
proceeds of approximately EUR525 million leading to a material
reduction in net debt and further strengthening of free cash
flows due to reduction in interest expense.
With the IPO postponed, Moody's confirmed all of Spie's existing
ratings.
The B1 CFR recognizes (1) intense competition in the fragmented
technical services market, including larger players, leading to
pricing pressure; (2) the company's exposure to construction and
renovation demand; (3) Spie's exposure to the economy of France;
(4) ongoing growth strategy through acquisitions; and (5) fairly
significant adjusted debt/EBITDA (as defined by Moody's),
expected to return towards 5.5x by the end of 2014, with limited
deleveraging expected.
More positively, the rating also reflects (1) the positive growth
dynamics dominating the technical services industry; (2) the
company's well-established position in France and diversification
into Oil & Gas and Nuclear divisions; (3) its recurring revenue
from a large number of small contracts leading to stable
financial performance in the past; (4) customer diversification;
and (5) steady cash flow generation underpinned by negative
working capital and the business's low capital intensity.
The stable outlook reflects Moody's expectation of the business
continuing to deleverage at a steady pace, despite the
acquisition growth strategy.
Spie continued its strong financial performance during the first
six months of 2014. According to unaudited financial statements,
revenues were up 8% year-on-year (excluding Spie GmbH impact),
driven by external growth. Including the Spie GmbH contribution,
revenue growth was at 24%. France (48% of total 2013 revenue pro
forma for the Spie GmbH acquisition) continued to experience low
single-digit organic decline in revenue over the period, which
was partially offset by strong development in the North-Western
European and Oil & Gas divisions.
During the six months ended June 2014 management EBITDA increased
by 21%, albeit EBITDA margin slightly declined year-on-year to
6.0% from 6.1%. This was due to a dilutive effect from the Spie
GmbH acquisition, partially offset by strong performance in other
divisions, in particular Oil and Gas. Profitability in France
improved despite pressure on the topline as a result of Spie's
competitive position in this core market, such as leading market
share, density of network and focus on profitability in the
competitive bidding processes. Germany and the Central European
region reported the lowest EBITDA margin at 2.8% for the six
months ended June 2014 due to the integration of Spie GmbH.
Despite the growth in EBITDA, Spie's Moody's adjusted leverage
increased to approximately 5.9x as of the end of 2013, from 5.5x
at the end of 2012. This was driven by the acquisition of HSS in
September 2013 (primarily debt-financed). Leverage is expected to
return towards 5.5x by the end of 2014 owing to the full-year
contribution from the acquisitions made during 2013, as well as
continued organic growth.
The company's liquidity is good, consisting as of June 30, 2014
of EUR263 million cash and cash equivalents on balance sheet,
EUR150 million undrawn under its EUR200 million revolving credit
facility and EUR31 million undrawn under its EUR100 million
acquisition/capital expenditure facility. The liquidity is also
supported by the bullet maturity of the new term loan which
replaced the amortizing tranche as part of the amendment in July
2013. Finally, liquidity benefits from structurally negative
working capital which leads to consistently positive free cash
flow each year (before acquisition spending).
What Could Change The Rating Up/Down
Positive rating pressure could arise if the company (1) de-levers
its balance sheet leading to a Moody's adjusted gross debt/EBITDA
substantially below 5.0x on a sustainable basis; (2) improves its
(EBITDA-capex)/interest towards 3.0x; and (3) FCF/debt ratio
close to 10%.
Conversely, negative pressure could arise if (1) gross Moody's
adjusted gross debt/EBITDA ratio approaches 6.0x; (2) (EBITDA-
capex)/interest declines substantially below 2.0x; or (3) Free
Cash Flow deteriorates. Any significant debt-financed acquisition
may also put negative pressure on the ratings.
Principal Methodologies
The principal methodology used in these ratings was Global
Business & Consumer Service Industry Rating Methodology published
in October 2010. 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 France, Spie is a leading European multi-
technical services provider serving both the private and public
sector. The company specialises in electrical and mechanical
engineering, and heating, ventilation and air conditioning (HVAC)
services, accounting for majority of its sales, as well as
specialized services to the Oil & Gas, Communications, and
Nuclear sectors. Spie operates in nearly 400 locations in 30
countries, with France as its largest market, accounting for 54%
of its production in 2013.
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G E R M A N Y
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SAG SOLARSTROM: Sells Operative Business to SF Clean Energy
-----------------------------------------------------------
S.A.G. Solarstrom AG i.I. on Oct. 31 disclosed that it
successfully concluded the sale of the operative business and the
related assets agreed on August 30, 2014 to the SF Clean Energy
Group (SV-PV). The remaining stock market listed company
will receive the sales price of EUR65 million in the near future.
The payment of the sales price remains subject to the usual price
adjustment mechanisms.
As the sale is now legally binding, S.A.G. Solarstrom AG i.I. has
decided to apply for delisting of the company shares to the
regulated market (General Standard) at the Frankfurt Stock
Exchange. In light of the ongoing insolvency proceedings, this
should reduce the administrative effort and costs associated with
the share listing.
In light of the ongoing insolvency proceedings, this should
reduce the administrative effort and costs associated with the
share listing. The delisting is expected to become effective six
months after the decision of the Frankfurt Stock Exchange
regarding the application and its publication. The company's
share listing in the open trading segment m:access of the
Munich Stock Exchange is to be terminated shortly.
The remaining stock corporation is therefore to be liquidated
during the development of the insolvency proceedings. Creditors
of the corporation can expect an insolvency quota of almost 50%
according to the current status. However, depending on the
actual result, the insolvency quota might also be considerably
below or above this value. Shareholders will not receive return
flows from the winding down of the company.
Following the successful conclusion of the transferring
reorganization, the operative business of the S.A.G. Solarstrom
Group will be continued with all business areas. In future, the
new company group will trade under the name of S.A.G. Solar GmbH
& Co. KG. All of the jobs will be maintained. The SF Clean
Energy Group has offered the management of S.A.G. Solarstrom AG
i.I. to continue to manage the new S.A.G. Solar Group. Oliver
Gnther, board member responsible for sales to date, has decided
to decline the offer and will leave the company.
Headquartered in Freiburg i.Br., Germany S.A.G. Solarstrom AG
(German security identification number: 702 100, ISIN:
DE0007021008) -- http://www.solarstromag.com-- is a
manufacturer-independent provider of photovoltaic plants
configured to customers' individual needs. The Group constructs
plants of all sizes both in Germany and abroad. S.A.G. Solarstrom
AG also produces solar energy at its own plants.
S.A.G. Solarstrom AG's service portfolio covers the entire life
cycle of photovoltaic plants, including forecast and energy
services, yield reports, and remote service and maintenance, as
well as insurance and financing. The Group thus offers a
comprehensive value chain in photovoltaics, from yield reports,
planning, construction, operations, and monitoring to
optimization, repowering, and deconstruction.
S.A.G. Solarstrom AG was founded in 1998. Around 190 specialists
work at the four locations in Germany and the foreign
subsidiaries. S.A.G. Solarstrom AG is listed in the Prime
Standard of the Frankfurt Stock Exchange as well as according to
the rules and standards M:access of the Munich Stock Exchange.
=============
I R E L A N D
=============
EUROCREDIT CDO VIII: Moody's Hikes Rating on Cl. D Notes to 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings on the following notes issued by Eurocredit CDO VIII
Limited:
EUR42 million Class C Senior Secured Deferrable Floating Rate
Notes due 2020, Upgraded to Aa2 (sf); previously on Jul 14, 2014
Upgraded to A1 (sf)
EUR29 million Class D Senior Secured Deferrable Floating Rate
Notes due 2020, Upgraded to Ba1 (sf); previously on Jul 14, 2014
Affirmed Ba2 (sf)
Moody's also affirmed the ratings on the following notes issued
by Eurocredit CDO VIII Limited:
EUR432.3 million (currently EUR23.7M outstanding) Class A Senior
Secured Floating Rate Notes due 2020, Affirmed Aaa (sf);
previously on Jul 14, 2014 Affirmed Aaa (sf)
EUR47.7 million Class B Senior Secured Deferrable Floating Rate
Notes due 2020, Affirmed Aaa (sf); previously on Jul 14, 2014
Upgraded to Aaa (sf)
EUR24.5 million (currently EUR13.3M outstanding) Class E Senior
Secured Deferrable Floating Rate Notes due 2020, Affirmed B2
(sf); previously on Jul 14, 2014 Downgraded to B2 (sf)
Eurocredit CDO VIII Limited, issued in December 2007, is a multi-
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield European senior secured loans. The
portfolio is managed by Intermediate Capital Managers Limited and
this transaction ended its reinvestment period in January 2011.
The issued liabilities are denominated in EUR, and collateral
assets are denominated in EUR and GBP, with the latter hedged by
a macro swap which has been modelled in Moody's analysis.
Ratings Rationale
According to Moody's, the upgrade of the Class C and Class D
notes is primarily a result of the continued amortization of the
portfolio and subsequent increase in the collateralization
ratios. Moody's notes that as of September 2014, the Class A
notes have paid down by a further EUR97.2 million (or 22.5% of
its original balance) since the last rating action which was
based on May 2014 data. As a result of this deleveraging, the
overcollateralization ratios (or "OC ratios") of the senior notes
have increased significantly over this period. As per the trustee
report dated September 2014, the Class A, Class B, Class C, Class
D, and Class E OC ratios are reported at 713.63%, 237.10%,
149.31%, 118.91%, and 108.75%, respectively, versus May 2014
levels of 224.65%, 161.12%, 129.00%, 113.39%, and 107.42%.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having
(a) an EUR pool with performing par and principal proceeds
balance of EUR115.0 million and defaulted par of EUR42.2 million
and (b) a GBP pool with performing par and principal proceeds of
GBP30.1 million and defaulted par of GBP 0.0225 million, a
weighted average default probability of 23.1% (consistent with a
WARF of 3522 over a weighted average life of 3.6 years), a
weighted average recovery rate upon default of 47.83% for a Aaa
liability target rating, a diversity score of 17 and a weighted
average spread of 3.86%.
In its base case, Moody's addresses the exposure to obligors
domiciled in countries with local currency country risk bond
ceilings (LCCs) of A1 or lower. The portfolio has exposures to
10.73% of obligors in Italy, whose LCC is A2. Moody's ran the
model with different par amounts depending on the target rating
of each class of notes, in accordance with Section 4.2.11 and
Appendix 14 of the methodology. The portfolio haircuts are a
function of the exposure to peripheral countries and the target
ratings of the rated notes, and amount to 0.29% for the Class A
and B notes and 0.18% for the Class C notes.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 93.8% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, while
the remainder non first-lien loan corporate assets would recover
15%. In each case, historical and market performance and a
collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analyzing.
Methodology Underlying the Rating Action
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.
Factors that would lead to an upgrade or downgrade of the rating:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average spread in the
portfolio. Moody's ran a model in which it lowered the weighted
average spread by 30bp; the model generated outputs that were
within one notch of the base-case results.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy and 2) the concentration of lowly- rated debt
maturing between 2014 and 2015, which may create challenges for
issuers to refinance. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to because of embedded ambiguities.
Additional uncertainty about performance is due to the following:
1) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.
2) Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
3) Around 28% of the collateral pool consists of debt obligations
whose credit quality Moody's has been assessed by using credit
estimates.
4) Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation
risk on those assets. Moody's assumes that at transaction
maturity such an asset has a liquidation value dependent on the
nature of the asset as well as the extent to which the asset's
maturity lags that of the liabilities. Realisation of higher than
expected liquidation values would positively impact the ratings
of the notes.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision
MERCATOR CLO III: Moody's Affirms 'B2' Rating on Class B-2 Notes
----------------------------------------------------------------
Moody's Investors Service has taken rating actions on the
following classes of notes issued by Mercator CLO III Limited:
EUR199.5 million (current outstanding balance of EUR64.6M) Class
A-1 Senior Secured Floating Rate Notes due 2024, Affirmed Aaa
(sf); previously on Jun 23, 2014 Affirmed Aaa (sf)
EUR31.5 million Class A-2 Senior Secured Floating Rate Notes due
2024, Upgraded to Aaa (sf); previously on Jun 23, 2014 Upgraded
to Aa1 (sf)
EUR18 million Class A-3 Deferrable Senior Secured Floating Rate
Notes due 2024, Upgraded to A1 (sf); previously on Jun 23, 2014
Upgraded to A2 (sf)
EUR18 million Class B-1 Deferrable Senior Secured Floating Rate
Notes due 2024, Upgraded to Baa3 (sf); previously on Jun 23,
2014 Upgraded to Ba1 (sf)
EUR10.9 million (current outstanding balance of EUR10.4M) Class
B-2 Deferrable Senior Secured Floating Rate Notes due 2024,
Affirmed B2 (sf); previously on Jun 23, 2014 Upgraded to B2 (sf)
Mercator CLO III Limited, issued in August 2007, is a multi-
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield European loans. It is
predominantly composed of senior secured loans. The portfolio is
managed by NAC Management (Cayman) Limited, and this transaction
ended its reinvestment period on 15 October 2013.
The issued liabilities are denominated in EUR, whereas the assets
are denominated in EUR and GBP, with the GBP assets hedged by a
macro swap which has been modelled in Moody's analysis.
Ratings Rationale
The actions on the notes are primarily a result of deleveraging
of the senior notes and subsequent improvement of over-
collateralization ratios since the rating action in June 2014.
Class A-1 has paid down by EUR54.5 million (or 27.34% of its
closing balance) in the last two payment dates.
As a result the OC ratios for all classes of notes have increased
in the last six months. As per the latest trustee report dated
October 2014, the Class A-2, Class A-3, Class B-1 and Class B-2
overcollateralization ratios are reported at 150.73%, 130.65%,
115.28% and 107.92%, respectively, compared to 140.41%, 125.42%,
113.32% and 107.32% six months ago. The reported OC ratios don't
reflect the payment that took place on 15th October 2014.
The credit quality of the collateral pool has remained steady as
reflected in the average credit rating of the portfolio (measured
by the weighted average rating factor, or WARF). As of the
trustee's October 2014 report, the WARF was 2848, compared with
2877 in April 2014 report that was used for the June rating
action.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR114.3 million
and GBP25.2 million, defaulted par of EUR6.4 million, a weighted
average default probability of 22.77% (consistent with a WARF of
2964), a weighted average recovery rate upon default of 46.94%
for a Aaa liability target rating, a diversity score of 24 and a
weighted average spread of 4.15%. The GBP-denominated assets are
fully hedged with a macro swap, which Moody's also modelled.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% of the 91.26% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the remaining non-first-lien loan corporate
assets upon default. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.
Factors that would lead to an upgrade or downgrade of the rating:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average spread in the
portfolio. Moody's ran a model in which it lowered the weighted
average spread by 30bp; the model generated outputs that were
within one notch of the base-case results.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.
Additional uncertainty about performance is due to the following:
* Portfolio amortization: The main source of uncertainty in
this transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the liquidation
agent/the collateral manager or be delayed by an increase in loan
amend-and-extend restructurings. Fast amortization would usually
benefit the ratings of the notes beginning with the notes having
the highest prepayment priority.
* Around 24.30% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates.
* Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
=========
I T A L Y
=========
BANCA CARIGE: Moody' Reviews 'Ba1' Bond Rating for Downgrade
------------------------------------------------------------
Moody's Investors Service has taken the following rating actions:
-- Mortgage covered bonds (residential) issued by Banca Carige
S.p.A.: Ba1 placed on review for downgrade
-- Mortgage covered bonds 2 (commercial) issued by Banca Carige
S.p.A.: Baa3 placed on review for downgrade
These review placements follow Moody's decision to place on
review for downgrade, the issuer rating of Banca Carige S.p.A.
(Caa1, deposits, on review for downgrade; bank financial strength
rating E/baseline credit assessment caa3, on review for
downgrade).
Ratings Rationale
The rating actions are prompted by the review for downgrade of
the issuer ratings on October 30, 2014.
Key Rating Assumptions/Factors
Moody's determines covered bond ratings using a two-step process:
an expected loss analysis and a TPI framework analysis.
EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to
determine a rating based on the expected loss on the bond. COBOL
determines expected loss as (1) a function of the probability
that the issuer will cease making payments under the covered
bonds (a CB anchor event); and (2) the stressed losses on the
cover pool assets following a CB anchor event.
The cover pool losses are an estimate of the losses Moody's
currently models following a CB anchor event. Moody's splits
cover pool losses between market risk and collateral risk. Market
risk measures losses stemming from refinancing risk and risks
related to interest-rate and currency mismatches (these losses
may also include certain legal risks). Collateral risk measures
losses resulting directly from the cover pool assets' credit
quality. Moody's derives collateral risk from the collateral
score.
The CB anchor for Mortgage covered bonds (residential) and for
Mortgage covered bonds 2 (commercial) is SUR plus 1 given the
debt ratio is between 5 and 10%.
The cover pool losses of Mortgage covered bonds (residential)
21.3%, with market risk of 15.9% and collateral risk of 5.4%. The
collateral score for this program is currently 8.1%. The over-
collateralization in this cover pool is 67.5%, of which the
issuer provides 22% on a "committed" basis. The minimum OC level
that is consistent with the current Ba1 rating target is 3%.
These numbers show that Moody's is not relying on "uncommitted"
OC in its expected loss analysis.
The cover pool losses of Mortgage covered bonds 2 (commercial)
are 38.9%, with market risk of 15.2% and collateral risk of 23.7
%. The collateral score for this program is currently 35.3%. The
over-collateralization in this cover pool is 74.1 %, of which the
issuer provides 32% on a "committed" basis. The minimum OC level
that is consistent with the current Baa3 rating target is 34%.
These numbers show that Moody's is relying on "uncommitted" OC in
its expected loss analysis.
For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across covered bond
programs rated by Moody's please refer to "Moody's Global Covered
Bonds Monitoring Overview", published quarterly. All numbers in
this section are based on the most recent Performance Overviews
(based on data, as of 30/06/2014).
TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which measures the likelihood of timely payments to
covered bondholders following a CB anchor event. The TPI
framework limits the covered bond rating to a certain number of
notches above the CB anchor.
For Mortgage covered bonds (residential), Moody's has assigned a
TPI of Probable. For Mortgage covered bonds 2 (commercial),
Moody's has assigned a TPI of Probable-High.
Factors that would lead to an upgrade or downgrade of the rating:
The CB anchor is the main determinant of a covered bond program's
rating robustness. A change in the level of the CB anchor could
lead to an upgrade or downgrade of the covered bonds. The TPI
Leeway measures the number of notches by which Moody's might
lower the CB anchor before the rating agency downgrades the
covered bonds because of TPI framework constraints.
The TPI assigned to Mortgage covered bonds (residential) is
"Probable". The TPI Leeway for Mortgage covered bonds
(residential) is limited, and thus any reduction of the CB anchor
may lead to a downgrade of the covered bonds.
The TPI assigned to Mortgage covered bonds 2 (commercial) is
"Probable-High". The TPI Leeway for Mortgage covered bonds 2
(commercial) is limited, and thus any reduction of the CB anchor
may lead to a downgrade of the covered bonds.
A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (1) a sovereign downgrade
negatively affecting both the CB Anchor and the TPI; (2) a
multiple-notch downgrade of the CB Anchor; or (3) a material
reduction of the value of the cover pool.
Rating Methodology
The principal methodology used in these ratings was "Moody's
Approach to Rating Covered Bonds" published in March 2014.
CAPITAL MORTGAGE: S&P Lowers Rating on Class E Notes to 'CCC'
-------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Capital Mortgage S.r.l.'s BIPCA Cordusio RMBS.
Specifically, S&P has:
-- Affirmed its rating on the class A1 notes;
-- Lowered its ratings on the class A2, B, C, and D notes; and
-- Lowered and removed from CreditWatch negative its rating on
the class E notes.
On April 30, 2014, S&P placed its rating on the class E notes on
CreditWatch negative due to the risk of an interest deferral.
Upon publishing S&P's updated criteria for Italian residential
mortgage-backed securities (RMBS criteria) and its updated
criteria for rating single-jurisdiction securitizations above the
sovereign foreign currency rating (RAS criteria), S&P placed
those ratings that could potentially be affected "under criteria
observation".
Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.
The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that it has received as
of Sept. 30, 2014. S&P's analysis reflects the application of
its RMBS criteria and its RAS criteria.
Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
maturity.
S&P's RAS criteria designate the country risk sensitivity for
RMBS as 'moderate'. Under S&P's RAS criteria, this transaction's
notes can therefore be rated four notches above the sovereign
rating, if they have sufficient credit enhancement to pass a
minimum of a "severe" stress. However, as all six of the
conditions in paragraph 48 of the RAS criteria are met, S&P can
assign ratings in this transaction up to a maximum of six notches
to the senior-most tranche (two additional notches of uplift)
above the sovereign rating, subject to credit enhancement being
sufficient to pass an "extreme" stress.
As S&P's long-term unsolicited rating on the Republic of Italy is
'BBB', S&P's RAS criteria cap at 'AA (sf)' the maximum potential
rating in this transaction for the class A1 notes. The maximum
potential rating for all other classes of notes is 'A+ (sf)'.
Credit enhancement, considering performing collateral only, has
increased for all classes of notes since closing and since S&P's
previous review, and it is currently at the levels shown:
Class Available Credit
Enhancement (%)
A1 22.71[1]
A2 22.71[1]
B 9.88
C 6.91
D 3.17
E 2.03
[1] The class A1 and A2 notes have the same principal deficiency
ledger. They pay interest pro rata, while the class A1
notes are redeemed senior to the class A2 notes according to
the pre-enforcement principal priority of payments.
This transaction features a reserve fund, which currently
represents 1.95% of the outstanding nondefaulted balance of the
mortgage assets. The reserve fund is now at 99% of its target
amount, having been marginally drawn on the last payment date.
The reserve fund is not allowed to amortize as one of the
amortization conditions has been breached.
Severe delinquencies of more than 90 days at 2.01% are on average
lower for this transaction than S&P's Italian RMBS index.
Defaults are defined as mortgage loans in arrears for more than
360 days in this transaction. New quarterly defaults, at 0.33%
(on average in the past four quarters) of the outstanding
performing balance, are also somewhat lower than in other Italian
RMBS transactions that S&P rates. Prepayment levels remain low
and the transaction is unlikely to pay down significantly in the
near term, in S&P's opinion.
After applying S&P's RMBS criteria to this transaction, its
credit analysis results show an increase in the weighted-average
foreclosure frequency (WAFF) and an increase in the weighted-
average loss severity (WALS) for each rating level.
Rating level WAFF (%) WALS (%)
AAA 16.45 17.65
AA 12.26 14.15
A 9.00 8.00
BBB 7.16 5.15
BB 4.95 3.40
B 3.14 2.05
The increase in the WAFF is mainly due to these adjustments
applied due to the criteria update: Adjustment for broker-
originated loans; adjustment for the portion of floating-rate
loans exceeding 75% of the pool; and adjustments for the region
(Emilia Romagna and Lombardia) and province (mostly Brescia and
Reggio Emilia) concentrations exceeding the limits. The increase
in the WALS is mainly due to the application of S&P's revised
market value decline assumptions. The overall effect is an
increase in the required credit coverage for each rating level.
Following the application of S&P's RAS criteria and its RMBS
criteria, S&P has determined that its assigned rating on each
class of notes in this transaction should be the lower of (i) the
rating as capped by S&P's RAS criteria and (ii) the rating that
the class of notes can attain under S&P's RMBS criteria. In this
transaction, the ratings on the class A1, A2, B, and C notes are
constrained by the rating on the sovereign.
Taking into account the results of S&P's updated credit and cash
flow analysis and the application of its RAS criteria, S&P
considers that the available credit enhancement for the class A1
notes is commensurate with their currently assigned rating. S&P
has therefore affirmed its 'AA (sf)' rating on the class A1
notes.
Even if the class A2 and B notes could withstand an extreme
stress, S&P can only assign a rating that is four notches above
the rating on the sovereign because they are not the most senior
classes of notes outstanding. Consequently, S&P has lowered to
'A+ (sf)' from 'AA (sf)' its ratings on the class A2 and B notes,
which is the maximum potential rating S&P can assign under its
RAS criteria.
S&P has lowered to 'BBB (sf)' from 'A+ (sf)' its rating on the
class C notes as this class of notes could not withstand a severe
stress scenario under S&P's RAS criteria.
The transaction has cumulative default ratio-based triggers for
the class B (15%), C (10%), D (8%), and E (6%) notes. On the
Sept. 2014 interest payment date (IPD), the transaction's
cumulative default ratio increased to 5.74% from 5.42% in March
2014. A breach of the trigger could result in the possibility of
interest due on the relevant class of notes being deferred. The
transaction is structured with a split waterfall for interest and
principal. However, principal funds are available to pay the
interest shortfalls on the rated notes, unless the trigger is
hit. In that case, the issuer could use principal collections
only to pay senior expenses and interest on the higher-ranking
notes, until the senior notes are repaid.
Due to the proximity of the interest deferral triggers, the class
D notes' creditworthiness is commensurate with a 'BB-' rating
level and S&P has therefore lowered to 'BB- (sf)' from 'BBB (sf)'
its rating on the class D notes.
According to S&P's analysis, the class E notes' creditworthiness
is now commensurate with a 'CCC (sf)' rating level given that S&P
believes the cumulative default ratio is likely to exceed the
trigger in the near term. S&P has therefore lowered to 'CCC
(sf)' from 'B+ (sf)' and removed from CreditWatch negative its
rating on the class E notes.
In S&P's opinion, the outlook for the Italian residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 2.55% from 1.50%, when it applies its RMBS
criteria, to reflect this view. S&P bases these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and sluggish house price appreciation for the
remainder of 2014 and 2015.
On the back of the weak macroeconomic conditions, S&P don't
expect the performance of the transactions in its Italian RMBS
index to significantly improve in 2014.
S&P expects severe arrears in the portfolio to remain at their
current levels, as there are a number of downside risks. These
include weak economic growth, high unemployment, and fiscal
tightening. On the positive side, S&P expects interest rates to
remain low for the foreseeable future.
Capital Mortgage's BIPCA Cordusio RMBS is an Italian RMBS
transaction, which closed in Dec. 2007. The transaction
securitizes a pool of first-ranking mortgage loans that Bipop
Carire SpA (now Unicredit SpA) originated. The mortgage loans
are mainly located in northern Italy (with over 50% in Lombardy)
and the transaction comprises loans granted to prime borrowers.
At closing, about half of the pool was originated through
brokers. The original loan-to-value (LTV) ratio was 68.65%, which
is below S&P's assumption for an archetypical pool. The pool is
highly seasoned, with a weighted-average seasoning of above eight
years. Nearly 95% of the pool pays floating rate for life, which
is higher than our assumption for an archetypical pool.
RATINGS LIST
Capital Mortgage S.r.l.
EUR951.65 Million Asset-Backed Floating-Rate Notes
(BIPCA Cordusio RMBS)
Class Rating Rating
To From
Rating Affirmed
A1 AA (sf)
Ratings Lowered
A2 A+ (sf) AA (sf)
B A+ (sf) AA (sf)
C BBB (sf) A+ (sf)
D BB- (sf) BBB (sf)
Rating Lowered and Removed From CreditWatch Negative
E CCC (sf) B+ (sf)/Watch Neg
CLARIS FINANCE 2006: S&P Affirms 'BB' Rating on Class B Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
Claris Finance 2006 S.r.l.'s class A2 notes. At the same time,
S&P has affirmed its ratings on the class A1 and B notes.
Upon publishing S&P's updated criteria for Italian residential
mortgage-backed securities (RMBS criteria) and its updated
criteria for rating single-jurisdiction securitizations above the
sovereign foreign currency rating (RAS criteria), S&P placed
those ratings that could potentially be affected "under criteria
observation".
Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.
The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received on
the August 2014 interest payment date. S&P's analysis reflects
the application of its RMBS criteria and S&P's RAS criteria.
Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
maturity.
"Our RAS criteria designate the country risk sensitivity for RMBS
as 'moderate'. Under our RAS criteria, this transaction's notes
can therefore be rated four notches above the sovereign rating,
if they have sufficient credit enhancement to pass a minimum of a
"severe" stress. However, as all six of the conditions in
paragraph 48 of the RAS criteria are met, we can assign ratings
in this transaction up to a maximum of six notches (two
additional notches of uplift) above the sovereign rating, subject
to credit enhancement being sufficient to pass an "extreme"
stress," S&P said.
As S&P's long-term unsolicited rating on the Republic of Italy is
'BBB', S&P's RAS criteria cap at 'AA (sf)' the maximum potential
rating in this transaction for the class A1 notes. The maximum
potential rating for all other classes of notes is 'A+ (sf)'.
Since Dec. 2011, available credit enhancement has increased to
66.88% from 39.29% for the class A1 notes, to 62.30% from 39.29%
for the class A2 notes, and to 5.86% from 4.00% for the class B
notes.
Loans in arrears for more than 30 days are 5.71% of the
performing balance, on average higher for this transaction than
S&P's Italian RMBS index. Cumulative defaults, at 6.58%, are
also higher than in other Italian RMBS transactions that S&P
rates. Prepayment levels remain low and the transaction is
unlikely to pay down significantly in the near term, in S&P's
opinion.
After applying S&P's RMBS criteria to this transaction, its
credit analysis results show an increase in the weighted-average
foreclosure frequency (WAFF) and an increase in the weighted-
average loss severity (WALS) for each rating level.
Rating level WAFF (%) WALS (%)
AAA 47.57 30.98
AA 38.88 27.57
A 29.79 21.10
BBB 23.94 17.60
BB 17.63 15.15
B 11.15 12.91
The increase in the WAFF is mainly due to the increase in S&P's
credit assumptions under its RMBS criteria. The increase in the
WALS is mainly due to the application of S&P's revised market
value decline assumptions/primary of WALS change. The overall
effect is an increase in the required credit coverage for each
rating level.
Following the application of S&P's RAS criteria and its RMBS
criteria, it has determined that its assigned rating on each
class of notes in this transaction should be the lower of (i) the
rating as capped by S&P's RAS criteria and (ii) the rating that
the class of notes can attain under S&P's RMBS criteria.
"Taking into account the results of our updated credit and cash
flow analysis and the application of our RAS criteria, we
consider that the available credit enhancement for the class A1
notes and for the class B notes is commensurate with their
currently assigned ratings. We have therefore affirmed our
ratings on the class A1 and B notes. Even if the class A2 notes
could withstand an extreme stress, we can only assign a rating
that is four notches above the rating on the sovereign because
they are not the most senior outstanding tranche. Consequently,
we have lowered to 'A+ (sf)' from 'AA (sf)' our rating on the
class A2 notes, which is the maximum potential rating that we can
assign under our RAS criteria," S&P said.
"In our opinion, the outlook for the Italian residential mortgage
and real estate market is not benign and we have therefore
increased our expected 'B' foreclosure frequency assumption to
2.55% from 1.50%, when we apply our RMBS criteria, to reflect
this view. We base these assumptions on our expectation of
modest economic growth, continuing high unemployment, and
sluggish house price appreciation for the remainder of 2014 and
2015," S&P added.
On the back of the weak macroeconomic conditions, S&P don't
expect the performance of the transactions in its Italian RMBS
index to significantly improve in 2014.
S&P expects severe arrears in the portfolio to remain at their
current levels, as there are a number of downside risks. These
include weak economic growth, high unemployment, and fiscal
tightening. On the positive side, S&P expects interest rates to
remain low for the foreseeable future.
Claris Finance 2006 is an Italian RMBS transaction, which closed
in July 2006 and securitizes a pool of first-ranking mortgage
loans that Veneto Banca SCPA originated. The mortgage loans are
mainly located in the Veneto region and the transaction comprises
loans granted to prime borrowers.
RATINGS LIST
Class Rating Rating
To From
Claris Finance 2006 S.r.l.
EUR299.85 Million Mortgage-Backed Floating-Rate Notes
Rating Lowered
A2 A+ (sf) AA (sf)
Ratings Affirmed
A1 AA (sf)
B BB (sf)
CLARIS FINANCE 2007: S&P Lowers Rating on Class C Notes to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Claris Finance 2007 S.r.l.'s class B and C notes. At the same
time, S&P has affirmed its rating on the class A notes.
Upon publishing S&P's updated criteria for Italian residential
mortgage-backed securities (RMBS criteria) and its updated
criteria for rating single-jurisdiction securitizations above the
sovereign foreign currency rating (RAS criteria), S&P placed
those ratings that could potentially be affected "under criteria
observation".
Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.
The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that it has received on
the Aug. 2014 interest payment date. S&P's analysis reflects the
application of its RMBS criteria and its RAS criteria.
Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
maturity.
"Our RAS criteria designate the country risk sensitivity for RMBS
as 'moderate'. Under our RAS criteria, this transaction's notes
can therefore be rated four notches above the sovereign rating,
if they have sufficient credit enhancement to pass a minimum of a
"severe" stress. However, as all six of the conditions in
paragraph 48 of the RAS criteria are met, we can assign ratings
in this transaction up to a maximum of six notches (two
additional notches of uplift) above the sovereign rating, subject
to credit enhancement being sufficient to pass an "extreme"
stress," S&P said.
As S&P's long-term unsolicited rating on the Republic of Italy is
'BBB', S&P's RAS criteria cap at 'AA (sf)' the maximum potential
rating in this transaction for the class A notes. The maximum
potential rating for all other classes of notes is 'A+ (sf)'.
The interest rate and basis swaps are not in line with S&P's
current counterparty criteria. S&P therefore did not give
benefit to the swaps in its analysis at rating levels one notch
above the long-term 'A' issuer credit rating on Societe Generale
as the swap counterparty, i.e., above a 'A+' rating level. S&P
considered appropriate cash flow stresses to address interest
rate and basis risk in the transaction.
When the cumulative default rates in Claris Finance 2007 reach
certain levels, the issuer may defer interest payments on the
class B and C notes. The trigger is 13.8% of the collateral
balance at closing for the class B notes, and 8.7% for the class
C notes, respectively. At the end of the latest collection
period, cumulative gross defaults were 5.77% of the initial
collateral balance.
Since Jan. 2012, available credit enhancement has increased to
20.83% from 14.25% for the class A notes, to 17.22% from 11.74%
for the class B notes, and to 9.84% from 6.60% for the class C
notes, respectively.
This transaction features a reserve fund, which currently
represents 4.71% of the outstanding performing balance of the
mortgage assets. It can no longer amortize, as cumulative
defaults have breached the transaction's amortization conditions
by exceeding 3.9%.
Severe delinquencies of more than 90 days at 4.06% are on average
higher for this transaction than S&P's Italian RMBS index.
Cumulative defaults, at 5.77%, are also higher than in other
Italian RMBS transactions that S&P rates. Prepayment levels
remain low and the transaction is unlikely to pay down
significantly in the near term, in S&P's opinion.
After applying S&P's RMBS criteria to this transaction, its
credit analysis results show a decrease in the weighted-average
foreclosure frequency (WAFF) and an increase in the weighted-
average loss severity (WALS) for each rating level.
Rating level WAFF (%) WALS (%)
AAA 21.74 16.40
AA 16.82 13.17
A 12.10 7.49
BBB 9.95 4.99
BB 7.50 3.52
B 4.91 2.40
The decrease in the WAFF is mainly due to the adjustment factors
that S&P applied to the original loan-to-value ratios, the
different adjustments that S&P applied to seasoned loans,
geographical province concentration adjustments, and the fact
that there are no adjustment factors for jumbo loans under S&P's
RMBS criteria. The increase in the WALS is mainly due to the
application of S&P's revised market value decline
assumptions/primary of WALS change. The overall effect is an
increase in the required credit coverage for each rating level.
Following the application of S&P's RAS criteria and its RMBS
criteria, it has determined that its assigned rating on each
class of notes in this transaction should be the lower of (i) the
rating as capped by S&P's RAS criteria and (ii) the rating that
the class of notes can attain under S&P's RMBS criteria.
Taking into account the results of S&P's updated credit and cash
flow analysis and the application of its RAS criteria, S&P
considers that the available credit enhancement for the class A
notes is commensurate with their currently assigned rating. S&P
has therefore affirmed its 'AA (sf)' rating on the class A notes.
Even if the class B notes could withstand an extreme stress, S&P
can only assign a rating that is four notches above the rating on
the sovereign because they are not the most senior outstanding
tranche. Consequently, S&P has lowered to 'A+ (sf)' from 'AA
(sf)' its rating on the class B notes, i.e., the maximum
potential rating that S&P can assign under its RAS criteria. At
the same time, S&P has lowered its rating on the Class C notes
due to an increase in the probability of a breach of the interest
deferral trigger, as S&P considers that the class C notes'
trigger is not hit in a 'BB' rating scenario.
"In our opinion, the outlook for the Italian residential mortgage
and real estate market is not benign and we have therefore
increased our expected 'B' foreclosure frequency assumption to
2.55% from 1.50%, when we apply our RMBS criteria, to reflect
this view. We base these assumptions on our expectation of
modest economic growth, continuing high unemployment, and
sluggish house price appreciation for the remainder of 2014 and
2015," S&P said.
On the back of the weak macroeconomic conditions, S&P don't
expect the performance of the transactions in its Italian RMBS
index to significantly improve in 2014.
S&P expects severe arrears in the portfolio to remain at their
current levels, as there are a number of downside risks. These
include weak economic growth, high unemployment, and fiscal
tightening. On the positive side, S&P expects interest rates to
remain low for the foreseeable future.
Claris Finance 2007 is an Italian RMBS transaction, which closed
in Feb. 2007 and securitizes a pool of first-ranking mortgage
loans that Veneto Banca SCPA, Banca di Bergamo, and Banca
Meridiana originated. The mortgage loans are mainly located in
the Veneto and Apulia regions and the transaction comprises loans
granted to prime borrowers.
RATINGS LIST
Class Rating Rating
To From
Claris Finance 2007 S.r.l.
EUR517.025 Million Asset-Backed Floating-Rate Notes
Ratings Lowered
B A+ (sf) AA (sf)
C BB (sf) BBB (sf)
Rating Affirmed
A AA (sf)
MONTE DEI PASCHI: Three Former Executives Get Jail Sentences
------------------------------------------------------------
Gaia Pianigiani and Jack Ewing at The New York Times report that
three former managers blamed for the crisis that has befallen the
world's oldest bank, and devastated the community whose economy
depended on it, were sentenced on Oct. 31 to jail time and banned
from public office for five years.
The executives of the bank, Monte dei Paschi di Siena, were
accused of hiding a convoluted derivatives contract that helped
it conceal its losses, The New York Times discloses.
According to The New York Times, a three-judge panel handed down
three-and-a-half-year jail sentences to the executives: Giuseppe
Mussari, former president of Monte dei Paschi di Siena; Antonio
Vigni, the former chief executive; and Gianluca Baldassarri, the
former chief financial officer. They were also sentenced to pay
civil damages still to be determined, The New York Times relays.
All three will appeal the decision, their lawyers, as cited by
The New York Times, said, a process that in Italy suspends the
execution of the sentence.
Under Mr. Mussari, Monte dei Paschi acquired another Italian
bank, Antonveneta, in 2008, for EUR9 billion, or US$11.3 billion
at current exchange rates, a price that was considered wildly
inflated and left the bank financially weakened, The New York
Times recounts.
The Bank of Italy, the central bank that supervises lenders in
the country, has imposed EUR5 million in fines on Montei dei
Paschi executives for violations involving risky trades, among
other lapses, The New York Times relays.
Mr. Vigni and Mr. Mussari are also the targets of civil suits
brought by Monte dei Paschi, The New York Times notes.
The bank is struggling to survive, The New York Times says. In
announcing the results of its review of banks in the eurozone,
the European Central Bank said on Oct. 26 that Monte dei Paschi
had to raise EUR2.1 billion to plug a shortfall in funds it would
need to survive a financial crisis or severe economic downturn,
The New York Times relates.
The capital shortfall at Monte dei Paschi was the largest of all
130 banks examined by the central bank, The New York Times notes.
About Monte dei Paschi
Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector. It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts. In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services. The Company comprises more than 3,000
branches, and a structure of channels of distribution. Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa. It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.
===================
K A Z A K H S T A N
===================
HALYK SAVINGS: Moody's Assigns '(P)Ba3' Sr. Unsec. Debt Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba3 long-
term global local-currency debt rating to the senior unsecured
debt of Halyk Savings Bank of Kazakhstan (Halyk Bank). The rating
carries a stable outlook. Any subsequent local-currency senior
unsecured debt issuance by Halyk Bank will be rated at the same
level, subject to there being no material change in the bank's
overall credit rating.
The (P)Ba3 local-currency debt rating was assigned to the
following debt instruments to be issued by Halyk Bank under the
third bond program:
-- 10-year KZT100 billion Senior Unsecured Regular
Bond/Debenture due 2024
Ratings Rationale
The (P)Ba3 rating is based on Halyk Bank's baseline credit
assessment of ba3 and is one notch lower than the bank's long-
term local currency deposit rating of Ba2. Unlike Halyk Bank's
local-currency deposit ratings, the bank's debt ratings do not
incorporate any systemic support assumptions. The debt rating is
underpinned by the bank's strong competitive market position in
Kazakhstan, its good profitability and strong loss absorption
cushion. However, the rating also takes into account
concentrations in the loan book and deposits as well as the high
share of foreign-currency-denominated lending and the high level
of problem loans that could require higher loan loss reserves.
The rating assigned to Halyk Bank's senior unsecured regular
bonds is provisional. Ratings assigned to future drawdowns will
be contingent on their specific terms and conditions, which are
expected to be the same as those under the existing debt program.
Moody's issues provisional ratings in advance of the final sale
of securities and the above rating reflects Moody's preliminary
credit opinions regarding the transaction only. Upon a conclusive
review of the final documentation and the final note structure,
Moody's will endeavor to assign a definitive rating to the above
notes. A definitive rating may differ from a provisional rating.
Principal Methodology
The principal methodology used in this rating was Global Banks
published in July 2014.
Headquartered in the city of Almaty, Kazakhstan, Halyk Bank
reported -- as at 30 June 2014 -- total assets of KZT2.8 trillion
(US$15.4 billion) and total equity of KZT438 billion (US$2.4
billion).
=================
M A C E D O N I A
=================
MACEDONIA: S&P Affirms 'BB-' Sovereign Ratings; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' long- and
short-term foreign and local currency sovereign credit ratings on
the Republic of Macedonia. The outlook is stable.
RATIONALE
The ratings on Macedonia reflect S&P's view of its relatively low
income and wealth levels (S&P anticipates per capita GDP will
slightly exceed $5,000 in 2014), weak checks and balances between
political institutions, and limited monetary policy flexibility.
The ratings are supported by moderate, albeit rising, external
and public debt levels.
Since 2010, export activity, alongside expansionary fiscal
policy, has supported the economy. The central bank's
accommodative monetary policy and higher bank lending have also
aided private consumption growth, though the strength of the
recovery independent of loose monetary and fiscal conditions is
more doubtful. Nevertheless, S&P projects average GDP growth of
3.4% between 2014 and 2017, benefiting from steady foreign
investment inflows into the manufacturing sector. Risks to this
forecast are most likely to stem from economic weakness in
Macedonia's export markets (as was visible in 2012), a slowdown
in FDI inflows, or a sharp tightening of the fiscal or monetary
stance -- the latter potentially via European parent banks
retracting support to their Macedonian subsidiaries.
After narrowing slightly in 2011 to 2.6% of GDP, the general
government fiscal deficit has widened to 4.2% of GDP in 2013.
This year is the third successive year in which the government
has had to revise upward its budget deficit from its initial
target. While in 2013 the upward revision was driven by the
repayment of arrears, in 2014 high pre-election and
infrastructure spending have been largely responsible for the
deviation. S&P estimates the general government deficit will
amount to 3.9% of GDP in 2014 before narrowing to 3.0% in 2017, a
pace that is slower than that anticipated by the government. The
difference arises from S&P's lower expectation of real GDP
growth, and also the government's recent track record of missing
its fiscal targets.
General government debt has increased to an estimated 39.9% of
2014 GDP from 20% in 2008 while the stock of guarantees to
public-sector enterprises has quadrupled to an estimated 7% of
GDP as the government increases off-balance-sheet financing. S&P
anticipates net general government debt will rise to nearly 35%
of GDP in 2017, from about 30% in 2014, while the stock of
guaranteed debt is set to rise further toward 10% of GDP in 2017
as public entities such as the Public Enterprise for State Roads
(PESR) draw on loans for infrastructure spending. The actual
figures will ultimately depend on construction costs of projects;
these are difficult for S&P to forecast given the low
transparency of the public procurement process in Macedonia.
More than 70% of government debt is denominated in foreign
currency, which increases the vulnerability of the government's
balance sheet to any potential foreign-exchange movements. The
banking system holds on average about 15% of its assets in
government securities and central bank bills. As such, S&P do
not view it as being able to materially increase its creditor
share of the domestic government bond market.
With the public sector increasingly borrowing abroad, Macedonia's
external indebtedness has been on a rising trajectory since 2011.
Gross external debt has increased by more than 20 percentage
points to 96% of estimated 2014 current account receipts (CARs).
S&P anticipates external borrowing, and to a lesser extent
foreign investment flows, will continue to finance the current
account deficit. This will widen over 2014-2017 as investment-
related imports pick up. As a result, S&P expects gross external
debt will exceed CARs in 2016.
The Internal Macedonian Revolutionary Organization-Democratic
Party of Macedonian National Unity (VMRO) won parliamentary
elections held earlier this year and formed a coalition with the
largest ethnic Albanian party, the Democratic Union for
Integration (DUI). Citing election irregularities, the main
opposition party, the Social Democratic Alliance of Macedonia
(SDSM), has boycotted parliamentary proceedings and the
government has been functioning without an effective opposition
in place. However, disruptions to policy-making are mitigated by
the ruling coalition's majority: it controls 65% of the seats in
parliament.
S&P considers checks and balances between Macedonia's
institutions to be limited. In its 2014 progress report on
Macedonia, the EU highlighted deteriorating media freedom and
problems related to the independence of the judiciary. In S&P's
opinion, fiscal slippages and the weakening quality of public
finances since the global financial crisis also point to a loose
framework for vetting the cost of public procurement, as well as
public current expenditure.
Macedonia has been an EU candidate since 2005, but a dispute with
Greece over its constitutional name continues to hamper progress
in its accession talks. While negotiations are underway to reach
a resolution, S&P's medium-term forecast does not incorporate the
benefits of accession.
The Macedonian denar is pegged to the euro. At an estimated $3
billion, Macedonia's foreign reserves cover the monetary base
2.5x, implying strong backing for the pegged currency regime. At
the same time, net reserves (which exclude the foreign exchange
needed to convert the monetary base into euros) cover external
short-term debt by remaining maturity 0.7x, which is lower than
many peers and suggests that external vulnerabilities inherent to
a fixed exchange rate regime remain. The exchange rate regime,
along with the high, albeit declining, proportion of loans and
deposits denominated in euros, restrict monetary policy
flexibility. In June 2014, 53% of total deposits and 46% of
loans were denominated in or indexed to foreign currency.
Since 2012, the central bank has eased policy with three cuts to
its key interest rate as well as to reserve requirements to
incentivize lending. It has also stipulated lower reserve
requirements for denar-denominated liabilities compared to those
denominated in foreign currency to engineer more lending and
deposit-taking activity in the domestic currency. Bank lending
has increased by 9% in 2014, though we note the share of new
lending to households is higher than to corporates.
While the banking system seems well-capitalized and profitable,
S&P notes that National Bank of Greece S.A. and Nova Ljubljanska
Banka (NLB), the Greek and Slovenian parents of two of the
largest subsidiaries operating in Macedonia, failed stress tests
(in the case of NLB, only under the adverse scenario) conducted
by the European Central Bank. If either or both of these banks
come under pressure to cut exposure to or sell their subsidiaries
in non-core markets, S&P could potentially see some liquidity
pressure for their Macedonian subsidiaries and associated
external outflows.
OUTLOOK
The stable outlook balances the risks from rising public and
external indebtedness against strong investment inflows,
particularly into the manufacturing sector.
S&P could raise the ratings if reforms directed toward higher and
broader-based growth were matched with the improved effectiveness
and accountability of public institutions.
S&P could lower the ratings if large fiscal slippages were to
challenge public debt sustainability and substantially increase
external obligations given the constraints of the exchange-rate
regime. S&P could also lower the ratings if it saw that off-
budget activities were to increase significantly and the
probability of contingent liabilities crystallizing on the
government's balance sheet were to rise. Further, if parents of
systemically important banks operating in Macedonia were to cut
exposure to their subsidiaries, causing pressure on both banking
sector liquidity and external finances, this could also put
downward pressure on the ratings.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee agreed that all key rating factors were unchanged.
The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook. The weighting of
all rating factors is described in the methodology used in this
rating action.
RATINGS LIST
Ratings Affirmed
Macedonia (Republic of)
Sovereign Credit Rating BB-/Stable/B
Transfer & Convertibility Assessment BB
Senior Unsecured BB
===================
M O N T E N E G R O
===================
MONTENEGRO: Moody's Revises Ba3 Bond Rating, Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has changed the outlook on Montenegro's
government bond rating to negative from stable and affirmed the
rating at Ba3.
The key drivers of the outlook change are:
(1) The adverse impact on the government's debt metrics of the
mostly loan-funded, EUR809 million (about 23.8% of GDP) Bar-
Boljare highway's priority section construction over the next
four years;
(2) The expected erosion in the country's fiscal and external
shock absorption capacity, due to high fiscal deficits in
excess of 6% of GDP over the next four years, higher gross
borrowing requirements and increased external imbalances.
The Ba3 rating affirmation reflects the country's high revenue
generation capacity with a revenue-to-GDP ratio above 40%, and
favorable average funding costs which support debt affordability
indicators.
Moody's has also affirmed the issuer rating at Ba3/Not Prime (NP)
as well as maintained the country's foreign currency bond ceiling
at Baa1/P-2 and the foreign currency deposit ceiling at B1.
Rationale for Outlook Change to Negative
FIRST DRIVER: LOAN FUNDING OF BAR-BOLJARE HIGHWAY'S PRIORITY
SECTION TO LEAD TO DETERIORATING DEBT METRICS
The first driver of Moody's decision to change the outlook on
Montenegro's Ba3 government bond rating to negative is the impact
of the EUR809 million (about 23.8% of GDP) Bar-Boljare highway's
priority section project on the country's debt metrics over the
next four years. The Export-Import Bank of China's approved a
loan to the government covering 85% of the project value (EUR687
million), assumed to be in US dollar with a 20-year maturity, 2%
annual interest rate and a 5-year grace period before principal
repayments begin.
The remaining 15% of the project value (EUR121 million, or 3.7%
of GDP) will be funded via the government's capital expenditures.
In line with the latest IMF forecasts, Moody's expects the fiscal
deficit to exceed 6% of GDP during the project implementation
period, thus increasing the debt/GDP ratio to 70.2% in 2017 from
58% in 2013, putting pressure on the current rating.
SECOND DRIVER: GOVERNMENT'S FISCAL AND EXTERNAL SHOCK ABSORPTION
CAPACITY EXPECTED TO DECREASE
The second driver of the negative outlook takes into account the
government's reduced fiscal and external shock-absorption
capacity to address potential cost overruns in the highway
project, or the crystallization of contingent liabilities, which
represent 9.3% of GDP at end-2013.
The planned increase in the highway-related investment activity
in the face of a continuously subdued national savings rate also
implies a widening of external imbalances over the next four
years, thus exposing the country to potential shifts in the
external funding environment. Under its base case scenario,
Moody's expects the current account deficit to widen to 17% of
GDP in 2014, followed by 22.5% of GDP in 2015.
Rationale for Ba3 Rating Affirmation
Moody's decision to affirm Montenegro's government bond rating at
Ba3 reflects the country's high revenue-generation capacity with
a revenue-to-GDP ratio above 40%, which supports debt
affordability indicators that are likely to remain in line with
Ba3 rated peers. Specifically, Montenegro's favorable funding
costs further contain the interest-to-revenue ratio in support of
the rating affirmation. The weighted average interest rate on the
government's debt is now at 4.6%. The low 2% fixed rate on the
20-year loan from the Export-Import Bank of China will help
sustain debt affordability.
What Could Change the Rating UP
A lower-than-expected deterioration in fiscal and external
imbalances, or positive economic spillovers in the form of
significantly higher growth rates following a boost in capital
deepening, could stabilize the rating outlook. Improvements in
external competitiveness, following the implementation of mostly
FDI-funded projects in the tourism and renewable energy sectors,
could also be positive for the sovereign bond rating.
What Could Change the Rating DOWN
Evidence that the fiscal or external metrics perform worse than
expected, due to cost overruns or to the crystallization of
contingent liabilities, could put downward pressure on the
rating, as could signs of reduced access to international capital
markets to roll over maturing liabilities. Negative FDI or weaker
tourism activity from a prolonged Russia/Ukraine conflict or a
growth slowdown among trading partners in the EU and in the
region would also be credit negative.
GDP per capita (PPP basis, US$): 14,666 (2013 Actual) (also known
as Per Capita Income)
Real GDP growth (% change): 3.3% (2013 Actual) (also known as GDP
Growth)
Inflation Rate (CPI, % change Dec/Dec): 0.3% (2013 Actual)
Gen. Gov. Financial Balance/GDP: -3.2% (2013 Actual) (also known
as Fiscal Balance)
Current Account Balance/GDP: -14.6% (2013 Actual) (also known as
External Balance)
Level of economic development: Medium level of economic
resilience
Default history: No default events (on bonds or loans) have been
recorded since 1983.
On October 28, 2014, a rating committee was called to discuss the
rating of the Montenegro, Government of. The main points raised
during the discussion were: The issuer's fiscal or financial
strength, including its debt profile, has decreased. The issuer
is expected to become increasingly susceptible to event risks.
The principal methodology used in these ratings was Sovereign
Bond Ratings published in September 2013.
The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.
=====================
N E T H E R L A N D S
=====================
BRUCKNER CDO I: Moody's Affirms 'Ca' Ratings on 4 Note Classes
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Bruckner CDO I B.V.:
EUR28.75 million (Current Balance: EUR25,052,963.71) Class A2-1
Secured Floating Rate Notes, Upgraded to A2 (sf); previously on
Oct 10, 2013 Upgraded to Baa2 (sf)
EUR8.5 million (Current Balance: EUR7,406,963.19) Class A2-2
Secured Fixed Rate Notes, Upgraded to A2 (sf); previously on
Oct 10, 2013 Upgraded to Baa2 (sf)
EUR10.25 million Class B Secured Floating Rate Notes, Upgraded
to Ba3 (sf); previously on Oct 10, 2013 Affirmed B3 (sf)
Moody's also affirmed the ratings of the following notes issued
by Bruckner CDO I B.V.:
EUR4.6 million Class C-1 Deferrable Interest Secured Floating
Rate Notes, Affirmed Caa3 (sf); previously on Oct 10, 2013
Affirmed Caa3 (sf)
EUR1.15 million Class C-2 Deferrable Interest Secured Fixed Rate
Notes, Affirmed Caa3 (sf); previously on Oct 10, 2013 Affirmed
Caa3 (sf)
EUR2.6 million (Current Balance: EUR3,042,114.24) Class D-1
Deferrable Interest Secured Floating Rate Notes, Affirmed Ca
(sf); previously on Oct 10, 2013 Affirmed Ca (sf)
EUR8.4 million (Current Balance: EUR11,138,142.36) Class D-2
Deferrable Interest Secured Fixed Rate Notes, Affirmed Ca (sf);
previously on Oct 10, 2013 Affirmed Ca (sf)
EUR6.3 million Class Q Combination Notes, Affirmed Ca (sf);
previously on Oct 10, 2013 Affirmed Ca (sf)
EUR7 million Class R Combination Notes, Affirmed Ca (sf);
previously on Oct 10, 2013 Affirmed Ca (sf)
This transaction is a managed-cash CDO of European Structured
Finance ("SF") assets, with exposure to Prime RMBS (39.5%), CLO
(28.5%), SME (16.7%) and CMBS (8%). The portfolio is managed by
Deutsche Asset & Wealth Management International GmbH. The
transaction's reinvestment period ended on 29 December 2009.
Ratings Rationale
The rating actions on the notes are primarily a result of
deleveraging and the subsequent improvement in over-
collateralization (OC) ratios since the payment in June 2014. The
Class A1 notes have redeemed in full. As a result of the
deleveraging, the OC ratios of Classes A/B, and C have increased.
According to the September 2014 trustee report the OC ratios of
Classes A/B and C are 128.90% and 113.60% compared to 113.79% and
103.79% respectively in May 2014. The OC ratio of Class D remains
below 90%.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's
Approach to Rating SF CDOs" published in March 2014.
Factors that would lead to an upgrade or downgrade of the rating:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes:
(1) Pace of Asset Amortization - Moody's considered a model run
where assets expected to amortize within a year were assumed to
redeem in a year. The model output for this run differs from the
base run by up to three notches lower.
(2) Portfolio Concentration - Moody's considered a model run
where the input ratings of 8.33% assets on review for downgrade
were stressed. The model output for this run differs from the
base run by up to three notches.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of 1) uncertainty about credit conditions in the
general economy 2) divergence in the legal interpretation of CDO
documentation by different transactional parties due to or
because of embedded ambiguities.
* Portfolio amortization: The main source of uncertainty in
this transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high prepayment
levels or collateral sales by the collateral manager. Fast
amortization would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
* Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Recoveries
higher than Moody's expectations would have a positive impact on
the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
HIGHLANDER EURO: Moody's Raises Rating on Class D Notes to 'B1'
---------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by Highlander Euro CDO
B.V.:
EUR45 million Class B Primary Senior Secured Floating Rate Notes
due 2022, Upgraded to Aaa (sf); previously on Feb 17, 2014
Upgraded to Aa3 (sf)
EUR41.25 million Class C Primary Senior Secured Deferrable
Floating Rate Notes due 2022, Upgraded to Baa2 (sf); previously
on Feb 17, 2014 Upgraded to Ba1 (sf)
EUR25 million Class D Primary Senior Secured Deferrable Floating
Rate Notes due 2022, Upgraded to B1 (sf); previously on Feb 17,
2014 Affirmed B2 (sf)
Moody's also affirmed the ratings of the following notes:
EUR276.25 million (current outstanding balance EUR9.7M) Class
A-1 Primary Senior Secured Floating Rate Notes due 2022,
Affirmed Aaa (sf); previously on Feb 17, 2014 Affirmed Aaa (sf)
EUR48.75 million Class A-2 Primary Senior Secured Floating Rate
Notes due 2022, Affirmed Aaa (sf); previously on Feb 17, 2014
Upgraded to Aaa (sf)
EUR13.75 million (current outstanding balance EUR17.8M) Class E
Secondary Senior Secured Deferrable Floating Rate Notes due
2022, Affirmed Ca (sf); previously on Feb 17, 2014 Affirmed Ca
(sf)
Highlander Euro CDO B.V., issued in August 2006, is a
collateralized loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by CELF Advisors LLP. The transaction's reinvestment
period ended in August 2012.
Ratings Rationale
The upgrades of the notes is primarily a result of substantial
deleveraging since the last rating action in February 2014 which
was based on the January 2014 trustee report. Since January 2014,
class A has paid down EUR104.9 million (38% of initial balance)
resulting in significant increases in over-collateralization
levels. As of the September 2014 trustee report, class B, class
C, class D and class E observed over-collateralization levels of
174.37%, 124.67%, 106.31% and 96.21% respectively compared with
133.14%, 111.14%, 100.19% and 94.26% in January 2014.
The average credit quality as reflected by the weighted average
rating factor ("WARF") has remained stable at 2860 compared to
2905 in January 2014 whilst the diversity score has decreased
from 25 to 20 as a result of amortization.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
EUR pool with performing par and principal proceeds balance of
EUR182.5 million, a defaulted par of EUR26.2 million, a weighted
average default probability of 24.4% (consistent with a WARF of
3370 over a weighted average life of 4.45 years), a weighted
average recovery rate upon default of 41.53% for a Aaa liability
target rating, a diversity score of 17 and a weighted average
spread of 4.29%.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 77% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, while
the non first-lien loan corporate assets would recover 15%. In
each case, historical and market performance and a collateral
manager's latitude to trade collateral are also relevant factors.
Moody's incorporates these default and recovery characteristics
of the collateral pool into its cash flow model analysis,
subjecting them to stresses as a function of the target rating of
each CLO liability it is analyzing.
Methodology Underlying the Rating Action:
The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.
Factors that would lead to an upgrade or downgrade of the rating:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate in
the portfolio. Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
that were within one notch of the base-case results.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to because of embedded ambiguities.
Additional uncertainty about performance is due to the following:
1) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales the collateral manager or
be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.
2) Around 33% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates.
3) Recoveries on defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
SILVER BIRCH I: S&P Raises Rating on Class E Notes to 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Silver Birch CLO I B.V.'s class C, D, and E notes.
The upgrades follow S&P's analysis of the transaction using data
from the Sept. 30, 2014 trustee report and the application of
S&P's relevant criteria.
"We conducted our cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes. The BDR
represents our estimate of the maximum level of gross defaults,
based on our stress assumptions, that a tranche can withstand and
still fully repay interest and principal the noteholders. We
used the portfolio balance that we consider to be performing, the
reported weighted-average spread, and the weighted-average
recovery rates that we considered to be appropriate. We applied
various cash flow stresses using our standard default patterns,
and timings for each rating category assumed for each class of
notes, combined with different interest stresses as outlined in
our criteria," S&P said.
"Since our previous review on July 18, 2013, the portfolio's
aggregate collateral balance has significantly reduced. This
resulted in the full amortization of the class B notes on the
last interest payment date in August 2014. As a result, the
available credit enhancement for the class C, D, and E notes has
increased," S&P added.
The class C, D, and E notes are now passing their coverage tests
at higher levels than in S&P's previous review. However, S&P
also notice an increase in the obligor concentration of the pool.
In addition, the weighted-average recovery rates have decreased
and the weighted-average spread has slightly decreased.
The largest obligor test measures the risk of several of the
largest obligors within the portfolio defaulting simultaneously.
S&P introduced this supplemental stress test in its 2009 criteria
update for corporate collateralized debt obligations, which S&P
updated recently.
The results of S&P's analysis indicate that all classes of notes
can sustain defaults at higher rating levels than those currently
assigned. S&P has therefore raised its ratings on the class C,
D, and E notes. S&P's ratings on the class D and E notes are
still constrained by its largest obligor test, albeit at higher
levels than before.
Silver Birch CLO I is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. Alcentra manages the
transaction, which started amortizing in August 2010.
RATINGS LIST
Silver Birch CLO I B.V.
EUR300 mil floating-rate notes
Rating Rating
Class Identifier To From
C 827397AC4 AA+ (sf) BBB+ (sf)
D 827397AD2 BBB+ (sf) B+ (sf)
E 827397AE0 B+ (sf) CCC+ (sf)
===============
P O R T U G A L
===============
BANCO COMERCIAL: Moody's Reviews 'Ba1' Rating for Downgrade
-----------------------------------------------------------
Moody's Investors Service has placed the following ratings on
review for downgrade:
-- Baa1 ratings on mortgage covered bonds issued by Banco de
Investimento Imobiliario S.A. (BII covered bonds)
-- Ba1 ratings on mortgage covered bonds issued by Banco
Comercial Portugues, S.A. (BCP mortgage covered bonds)
These review placements follow Moody's decision to place on
review for downgrade the issuer rating of Banco Comercial
Portugues S.A. (deposits B1 review for downgrade, bank financial
strength rating E/baseline credit assessment (BCA) caa2).
Ratings Rationale
The rating actions follow the review for downgrade of Banco
Comercial Portugues, S.A.'s issuer ratings initiated on 30
October 2014.
Key Rating Assumptions/Factors
Moody's determines covered bond ratings using a two-step process:
an expected loss analysis and a timely payment indicator (TPI)
framework analysis.
EXPECTED LOSS: Moody's uses its Covered Bond Model (COBOL) to
determine a rating based on the expected loss on the bond. COBOL
determines expected loss as (1) a function of the probability
that the issuer will cease making payments under the covered
bonds (a CB anchor event), and (2) the stressed losses on the
cover pool assets following a CB anchor event.
The cover pool losses are an estimate of the losses Moody's
currently models following a CB anchor event. Moody's splits
cover pool losses between market risk and collateral risk. Market
risk measures losses stemming from refinancing risk and risks
related to interest-rate and currency mismatches (these losses
may also include certain legal risks). Collateral risk measures
losses resulting directly from the cover pool assets' credit
quality. Moody's derives collateral risk from the collateral
score.
The CB anchor for the BII covered bonds and BCP mortgage covered
bonds is the senior unsecured rating plus zero notches given the
debt ratio is between 5% and 10% and the uplift of the issuer's
senior unsecured rating over the adjusted BCA is four notches.
The cover pool losses of the BII covered bonds are 19.7%, with
market risk of 13.0% and collateral risk of 6.7%. The collateral
score for this program is currently 10%. The over-
collateralization (OC) in this cover pool is 22.5%, of which the
issuer provides 7.0% on a "committed" basis. The minimum OC level
that is consistent with the Baa1 rating target is 12.5%. These
numbers show that Moody's is relying on "uncommitted" OC in its
expected loss analysis.
The cover pool losses of BCP mortgage covered bonds are 27.7%,
with market risk of 21.0% and collateral risk of 6.7%. The
collateral score for this program is currently 10%. The OC in
this cover pool is 34.1%, of which the issuer provides 5.3% on a
"committed" basis. The minimum OC level that is consistent with
the Ba1 rating target is 0.5%. These numbers show that Moody's is
not relying on "uncommitted" OC in its expected loss analysis.
For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across covered bond
programs rated by Moody's, please refer to "Moody's Global
Covered Bonds Monitoring Overview", published quarterly. All
numbers in this section are based on the most recent Performance
Overview, which used data of 30 June 2014.
TPI FRAMEWORK: Moody's assigns a TPI, which measures the
likelihood of timely payments to covered bondholders following a
CB anchor event. The TPI framework limits the covered bond rating
to a certain number of notches above the CB anchor.
For the BII covered bonds, Moody's has assigned a TPI of
Probable-High. For the BCP mortgage covered bonds, Moody's has
assigned a TPI of Improbable.
Factors That Would Lead To An Upgrade Or Downgrade Of The
Ratings:
The CB anchor is the main determinant of a covered bond program's
rating robustness. A change in the level of the CB anchor could
lead to an upgrade or downgrade of the covered bonds. The TPI
Leeway measures the number of notches by which Moody's might
lower the CB anchor before downgrading the covered bonds because
of TPI framework constraints.
The TPI assigned to the BII covered bond program is Probable-
High. The TPI Leeway for the BII covered bond program is limited,
and thus any reduction of the CB anchor may lead to a downgrade
of the covered bonds.
The TPI assigned to the BCP mortgage covered bonds is Improbable.
The TPI Leeway for the BCP mortgage covered bonds is limited, and
thus any reduction of the CB anchor may lead to a downgrade of
the covered bonds.
A multiple-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (1) a sovereign downgrade
negatively affecting both the CB anchor and the TPI, (2) a
multiple-notch downgrade of the CB anchor, or (3) a material
reduction of the value of the cover pool.
Rating Methodology
The principal methodology used in these ratings was "Moody's
Approach to Rating Covered Bonds", published in March 2014.
LUSITANO MORTGAGES NO. 6: Moody's Cuts Rating on C Notes to Caa1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of three
notes, confirmed the rating of two notes, affirmed the ratings of
four notes and downgraded the ratings of two notes in three
Portuguese residential mortgage-backed securities (RMBS)
transactions: Lusitano Mortgages No. 4 plc, Lusitano Mortgages
No. 5 plc and Lusitano Mortgages No. 6 Limited.
The rating action concludes the review of six notes placed on
review on May 29, 2014, following the upgrade of the Portuguese
sovereign rating to Ba2 on review for upgrade from Ba3. The
Portuguese sovereign rating was further upgraded to Ba1 from Ba2
on July 25, 2014 and the local-currency ceiling was increased to
A3 from Baa1, however no action was taken on the notes in these
deals which were already on review. The sovereign rating upgrade
reflected improvements in institutional strength and reduced
susceptibility to event risk associated with lower government
liquidity and banking sector risks.
Ratings Rationale
The upgrades reflect (1) the increase in the Portuguese local-
currency country ceiling to A3 and (2) sufficiency of credit
enhancement. The downgrade of the ratings of tranches C and D in
Lusitano Mortgages No. 6 Limited reflects worse than expected
collateral performance and reduction in credit enhancement under
the tranches following reserve fund draw and build-up in
Principal Deficiency.
The rating action also reflects the correction of a model input
error for Lusitano Mortgages No. 5 plc and Lusitano Mortgages No.
6 Limited. In prior rating actions, the recovery rate input in
the model was inconsistent with the MILAN input, therefore the
tail of the asset loss distribution was generated incorrectly.
The model has now been adjusted, and the rating action reflects
this change.
-- Reduced Sovereign Risk
The Portuguese sovereign rating was upgraded to Ba1 in July 2014,
which resulted in an increase in the local-currency country
ceiling to A3. The Portuguese country ceiling, and therefore the
maximum rating that Moody's will assign to a domestic Portuguese
issuer including structured finance transactions backed by
Portuguese receivables, is A3 (sf).
The sufficiency of credit enhancement combined with the reduction
in sovereign risk has prompted the upgrade of the notes.
-- Key collateral assumptions
Moody's has reassessed its lifetime loss expectation for the
three transactions taking into account their collateral
performance to date. The portfolios are showing worse than
expected performance. The 90 days delinquencies (excluding
written-off loans) as a percentage of the current pool balance
remained stable in recent periods, at 0.93%, 1.29% and 1.44% for
Lusitano Mortgages No. 4 plc, Lusitano Mortgages No. 5 plc and
Lusitano Mortgages No. 6 Limited respectively. But, cumulative
write-off figures continued to increase and reached 6.08%, 7.25%
and 9.10% respectively as of the last reporting date. As a
result, Moody's increased its expected loss assumption to 4.10%
in Lusitano Mortgages No. 4 plc, 5.30% in Lusitano Mortgages No.
5 plc and 7.50% in Lusitano Mortgages No. 6 Limited up from
3.80%, 5.00% and 6.30% of the original pool balance respectively.
Moody's has not revised MILAN CE assumptions for the deals, which
remain at 20% for Lusitano Mortgages No. 4 plc and Lusitano
Mortgages No. 5 plc and 25% for Lusitano Mortgages No. 6 Limited.
-- Exposure to Counterparties
Moody's rating analysis also took into consideration the exposure
to key transaction counterparties including the roles of
servicer, account bank, and swap provider.
Upon the resolution measure to Banco Espirito Santo, S.A., the
servicing of these transactions was transferred to Novo Banco,
S.A. (B2 on review DNG). The rating action takes into account
commingling and set-off exposure to Novo Banco, S.A. Moody's
concludes that this exposure to Novo Banco S.A. constrains the
ratings of the notes in all three transactions.
Moody's also assessed the exposure to swap counterparties,
Citibank, N.A. (London Branch) (A2/(P)P-1) in the case of
Lusitano Mortgages No. 4 plc and Credit Agricole Corporate and
Investment Bank (A2/P-1) in the case of Lusitano Mortgages No. 5
plc and Lusitano Mortgages No. 6 Limited, when revising ratings.
Principal Methodology
The principal methodology used in these ratings 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
ratings:
Factors or circumstances that could lead to an upgrade of the
ratings include (1) further reduction in sovereign risk, (2)
performance of the underlying collateral that is better than
Moody's expected, (3) deleveraging of the capital structure and
(4) improvements in the credit quality of the transaction
counterparties.
Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2)
performance of the underlying collateral that is worse than
Moody's expects, (3) deterioration in the notes' available credit
enhancement and (4) deterioration in the credit quality of the
transaction counterparties.
List of Affected Ratings
Issuer: Lusitano Mortgages No. 4 plc
EUR1134 million A Notes, Upgraded to Baa3 (sf); previously on
May 29, 2014 Ba1 (sf) Placed Under Review for Possible Upgrade
EUR22.8 million B Notes, Confirmed at B3 (sf); previously on
May 29, 2014 B3 (sf) Placed Under Review for Possible Upgrade
EUR19.2 million C Notes, Affirmed Caa1 (sf); previously on
Jul 9, 2013 Downgraded to Caa1 (sf)
EUR24 million D Notes, Affirmed Caa3 (sf); previously on Jul 9,
2013 Confirmed at Caa3 (sf)
Issuer: Lusitano Mortgages No. 5 plc
EUR1323 million A Notes, Upgraded to Ba1 (sf); previously on May
29, 2014 Ba2 (sf) Placed Under Review for Possible Upgrade
EUR26.6 million B Notes, Affirmed Caa1 (sf); previously on
Jul 9, 2013 Downgraded to Caa1 (sf)
EUR22.4 million C Notes, Affirmed Caa3 (sf); previously on
Jul 9, 2013 Downgraded to Caa3 (sf)
Issuer: Lusitano Mortgages No. 6 Limited
EUR943.25 million A Notes, Upgraded to Baa3 (sf); previously on
May 29, 2014 Ba1 (sf) Placed Under Review for Possible Upgrade
EUR65.45 million B Notes, Confirmed at Ba3 (sf); previously on
May 29, 2014 Ba3 (sf) Placed Under Review for Possible Upgrade
EUR41.8 million C Notes, Downgraded to Caa1 (sf); previously on
May 29, 2014 B3 (sf) Placed Under Review Directio
===========
R U S S I A
===========
RUSSIAN REGIONAL: Moody's Changes 'Ba2' Rating Outlook to Neg.
--------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the Ba2 long-term deposit rating of Russian Regional
Development Bank and that of its Ba3-rated subsidiary Far Eastern
Bank. Concurrently, Moody's has affirmed these ratings.
The standalone ratings -- i.e., bank financial strength ratings
(BFSRs) and the corresponding baseline credit assessments (BCAs)
-- of these banks were not affected by the rating action.
This action follows the downgrade of the issuer rating of OJSC
Oil Company Rosneft -- i.e., the ultimate parent of both Russian
Regional Development Bank and Far Eastern Bank -- to Baa2 from
Baa1 with negative outlook on 21 October 2014.
Ratings Rationale
The change of outlook on the supported ratings of Russian
Regional Development Bank and Far Eastern Bank is prompted by the
recent downgrade of Rosneft's issuer rating with negative
outlook. The rating agency notes that the aforementioned one-
notch downgrade of Rosneft did not have an immediate impact on
the ratings of the subsidiaries. At the same time, the negative
rating outlook reflects the fact that any further downgrade of
the support provider's ratings would exert downward pressure on
the two banks' ratings.
Thus far, the Ba2 ratings of Russian Regional Development Bank
and the Ba3 ratings of Far Eastern Bank continue to incorporate
Moody's assessment of a high probability of parental support in
case of need, which results in a three-notch uplift from these
banks' standalone BCAs of b2 and b3, respectively. The rating
agency says that the likelihood of parental support for Russian
Regional Development Bank and Far Eastern Bank stems from their
strong links with Rosneft, through the latter's operational and
funding support.
At the same time, Moody's notes that the parent's financial
capacity to provide such support to its subsidiaries on a
standalone basis has weakened, as indicated by the downgrade of
its rating. Deterioration in the parent's standalone credit
profile may also cause a shift in its willingness to provide
support, although the rating agency notes no immediate weakening
in the commitment of the parent to support its subsidiaries.
What Could Move the Ratings Up/Down
Moody's considers that upward pressure on the long-term ratings
of Russian Regional Development Bank and Far Eastern Bank is
unlikely given the negative outlook on Rosneft's rating. The
supported ratings of these subsidiaries would be negatively
affected if the issuer rating of the parent were downgraded. The
upward potential of subsidiaries' standalone credit profiles --
as expressed by their BFSRs and BCAs -- is also limited, given
the challenging domestic operating environment.
Downward pressure could be exerted on Russian Regional
Development Bank's and Far Eastern Bank's ratings as a result of
an unexpected considerable deterioration in asset quality, as
well as any weakening of their capitalization or profitability.
Principal Methodology
The principal methodology used in this rating was "Global Banks",
published in July 2014.
Domiciled in Moscow, Russia, Russian Regional Development Bank
reported total consolidated assets of RUB116.6 billion (US$3.5
billion) and total equity of RUB8.1 billion under unaudited IFRS
at end-June 2014. In the same reporting period, the bank posted a
net IFRS income of RUB413.4 million (US$11.8 million).
Domiciled in Vladivostok, Russia, Far Eastern Bank reported total
consolidated assets of RUB26.0 billion (US$0.8 billion) and total
equity of RUB3.4 billion under audited IFRS at year-end 2013. In
the same reporting period, the bank posted a net IFRS income of
RUB496.2 million (US$15.6 million).
=========
S P A I N
=========
BANCO CEISS: Moody's Withdraws 'E' Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the following ratings of
Banco CEISS: (1) the standalone bank financial strength rating of
E (which is equivalent to a baseline credit assessment of caa1);
(2) the long-term and short-term deposit ratings of B2/Not-Prime;
(3) the (P)Baa2 rating assigned to the bank's government-
guaranteed debt Medium-Term Note program; and (4) the (P)B2
rating assigned to the bank's senior unsecured Medium-Term Note
program.
At the time of withdrawal, all the aforementioned ratings carried
a stable outlook.
Moody's notes that the Baa2 rating assigned to Banco CEISS's
government-guaranteed debt has not been withdrawn. This rating
carries a positive outlook.
Ratings Rationale
Moody's has withdrawn the ratings for its own business reasons.
BANCO POPULAR 2: S&P Lowers Rating on Class B Notes to 'B-(sf)'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'A+ (sf)' from 'A-
(sf)' its credit ratings on IM Banco Popular MBS 2, Fondo de
Titulizacion de Activos' class A notes. At the same time, S&P
has lowered to 'B- (sf)' from 'BB (sf)' its rating on the class B
notes.
Upon publishing S&P's updated criteria for Spanish residential
mortgage-backed securities (RMBS criteria) and its updated
criteria for rating single-jurisdiction securitizations above the
sovereign foreign currency rating (RAS criteria), S&P placed
those ratings that could potentially be affected "under criteria
observation".
Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.
The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that it has received and
reflect the transaction's structural features. S&P's analysis
reflects the application of its RMBS criteria and its RAS
criteria. S&P has also takes into consideration the
consolidation of all of the transaction bank accounts under one
provider, after which the transaction is only exposed to BNP
Paribas, Madrid branch.
Long-term delinquencies (defined in this transaction as loans in
arrears for more than 90 days, excluding defaults) have
stabilized during 2014, after peaking in Q2 2013. However, S&P
continues to observe a rapid roll-over rate of long-term
delinquencies into defaults since Q2 2012. Defaults in this
transaction are defined as assets being delinquent for more than
12 months or classified as such by the trustee (Intermoney
Titulizacion S.G.F.T.). S&P believes that long-term
delinquencies will remain quite stable and roll over into
defaults, while recoveries are likely to take longer to be passed
on to the noteholders in light of the underlying borrowers'
features and current difficult Spanish real estate market
conditions. Arrears in this transaction are considerably lower
than S&P's Spanish RMBS index.
As of the Sept. 2014 interest payment date, the level of
cumulative defaults was 4.69% of the closing portfolio balance.
In S&P's opinion, the outlook for the Spanish residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when it applies its RMBS
criteria, to reflect this view. S&P bases these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and further falls in house prices for the remainder
of 2014, which will then level off in 2015.
After applying S&P's RMBS criteria to this transaction, its
credit analysis results show an increase in the weighted-average
foreclosure frequency (WAFF) and weighted-average loss severity
(WALS) for each rating level.
Rating level WAFF (%) WALS (%)
A+ 26.79 49.96
B 10.01 35.49
The increase in the WAFF is mainly due to different adjustment
factors that S&P has applied to the borrower citizenship status
and the way it applies geographical province concentration
adjustments under our RMBS criteria. The increase in the WALS is
mainly due to the application of S&P's revised market value
decline assumptions and the indexing of its valuations under its
RMBS criteria. The overall effect is an increase in the required
credit coverage for each rating level.
Credit enhancement, if S&P accounts for the level of available
performing collateral and cash reserve in the transaction, has
increased to 24.71% from 20.99% at closing for the class A notes,
and to 8.59% from 8.00% for the class B notes.
The transaction features an interest deferral trigger for the
class B notes, set at 5% of cumulative defaults over the closing
portfolio balance. S&P expects the class B interest deferral
trigger to be breached in the near term, which will benefit the
senior class A notes by diverting class B related cash flows
toward the servicing of the class A notes.
The transaction benefits from a significant reserve fund. Equal
to 8% of the portfolio balance, at the time we rated the notes
(July 2010), it is currently at 85.60% of its required level and
could be depleted as the underlying collateral's credit quality
worsens. Given the current reserve fund, the class B notes'
expected interest deferral trigger breach will not represent an
immediate default.
Under the transaction documents, the swap calculations are based
on the outstanding amount of the notes. The swap counterparty
will guarantee the payment of the coupon due under the notes and
add 65 basis points of excess spread. This provides significant
credit support, which compensates for the lack of excess spread
generated by the underlying collateral, in S&P's view.
In July 2014, the trustee consolidated all transaction bank
accounts under one provider. The transaction is now only exposed
to BNP Paribas, Madrid branch (A+/Negative/A-1). Under S&P's
current counterparty criteria, it considers that the
transaction's documented replacement mechanisms adequately
mitigate its counterparty risk exposure to BNP Paribas as the
bank account provider. S&P's ratings in this transaction are
therefore no longer capped at 'A- (sf)' under its current
counterparty criteria.
In accordance with S&P's current counterparty criteria, the swap
provider -- Banco Popular Espanol (B+/Negative/B) -- is
ineligible at its current rating level, and there have been no
remedial actions to mitigate the counterparty risk of the swap
provider in the transaction. S&P has therefore performed its
cash flow analysis, taking into account the latest observed and
forecasted credit quality performance of the underlying assets,
without giving credit to the swap at rating levels higher than
S&P's long-term issuer credit rating on the swap provider. The
removal of the swap in S&P's analysis has a limited effect on its
rating on the class A notes because of the transaction's
structural features.
Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
maturity.
S&P's RAS criteria designate the country risk sensitivity for
RMBS as 'moderate'. Under S&P's RAS criteria, this transaction's
notes can therefore be rated four notches above the sovereign
rating, if they have sufficient credit enhancement to pass a
minimum of a "severe" stress. However, as not all of the
conditions in paragraph 48 of the RAS criteria are met, S&P
cannot assign any additional notches of uplift to the ratings in
this transaction.
As S&P's long-term rating on the Kingdom of Spain is 'BBB', its
RAS criteria cap at 'A+ (sf)' the maximum potential rating for
all classes of notes in this transaction.
Following the application of S&P's RAS criteria and its RMBS
criteria, it has determined that its assigned rating on each
class of notes in this transaction should be the lower of (i) the
rating as capped by S&P's RAS criteria and (ii) the rating that
the class of notes can attain under its RMBS criteria. In this
transaction, the rating on the class A notes is constrained by
the rating on the sovereign.
Taking into account the results of S&P's updated credit and cash
flow analysis and the application of its RAS criteria, it
considers that the available credit enhancement for the class A
notes is commensurate with a 'A+' rating level. S&P has
therefore raised to 'A+ (sf)' from 'A- (sf)' its rating on the
class A notes.
In S&P's opinion, due to the likelihood of class B notes
breaching the interest deferral trigger during the next payment
date and not paying timely interest once the reserve fund is
fully depleted, the class B notes cannot maintain their currently
assigned rating. S&P has therefore lowered to 'B- (sf)' from 'BB
(sf)' its rating on the class B notes.
IM Banco Popular MBS 2 is a Spanish RMBS transaction, which S&P
first rated in July 2010. It features high loan-to-value (LTV)
ratio residential and commercial loans originated and serviced by
Banco Popular Espanol and granted to Spanish borrowers, mainly
concentrated in the Spanish regions of Andalucia, Madrid, and
Galicia.
RATINGS LIST
IM Banco Popular MBS 2, Fondo de Titulizacion de Activos
EUR685 Million Residential Mortgage-Backed Floating-Rate Notes
Class Rating Rating
To From
Rating Raised
A A+ (sf) A- (sf)
Rating Lowered
B B- (sf) BB (sf)
EMPRESAS HIPOTECARIO: S&P Cuts Rating on Class B Notes to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Empresas Hipotecario TDA CAM 3, Fondo de Titulizacion de Activos'
class A2 and B notes. At the same time, S&P has affirmed its
'CCC- (sf)' rating on the class C notes.
Upon publishing S&P's updated criteria for rating single-
jurisdiction securitizations above the sovereign foreign currency
rating (RAS criteria), S&P placed those ratings that could
potentially be affected "under criteria observation".
Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.
S&P has used data from the June 2014 investor report to perform
its credit and cash flow analysis and has applied its European
small and midsize enterprise (SME) collateralized loan obligation
(CLO) criteria and S&P's current counterparty criteria. For
ratings in this transaction that are above S&P's rating on the
sovereign, S&P has also applied its RAS criteria.
CREDIT ANALYSIS
Empresas Hipotecario TDA CAM 3 is a single-jurisdiction cash flow
CLO transaction securitizing a portfolio of SME loans that was
originated by BANCO CAM S.A.U. in Spain. The transaction closed
in July 2006.
S&P has applied its European SME CLO criteria to determine the
scenario default rate (SDR)--the minimum level of portfolio
defaults that S&P expects each tranche to be able to withstand at
a specific rating level using CDO Evaluator.
To determine the SDR, S&P adjusted the archetypical European SME
average 'b+' credit quality to reflect two factors (country and
originator and portfolio selection adjustments).
"We ranked the originator into the moderate category. Taking
into account Spain's Banking Industry Country Risk Assessment
(BICRA) score of 6 and the originator's average annual observed
default frequency, we have applied a downward adjustment of one
notch to the 'b+' archetypical average credit quality. To
address differences in the creditworthiness of the securitized
portfolio compared with the originator's entire loan book, we
further adjusted the average credit quality by three notches,"
S&P said.
As a result of these adjustments, S&P's average credit quality
assessment of the portfolio was 'ccc', which S&P used to generate
its 'AAA' SDR of 89.32%.
S&P has calculated the 'B' SDR, based primarily on its analysis
of historical SME performance data and its projections of the
transaction's future performance. S&P has reviewed the
originator's historical default data, and assessed market
developments, macroeconomic factors, changes in country risk, and
the way these factors are likely to affect the loan portfolio's
creditworthiness. As a result of this analysis, S&P's 'B' SDR is
17.52%.
S&P interpolated the SDRs for rating levels between 'B' and 'AAA'
in accordance with its European SME CLO criteria.
RECOVERY RATE ANALYSIS
At each liability rating level, S&P assumed a weighted-average
recovery rate (WARR) by taking into consideration the asset type
(secured/unsecured) and the country recovery grouping and
observed historical recoveries. S&P also factored in the actual
recoveries from the historical defaulted assets to derive S&P's
recovery rate assumptions to be applied in its cash flow
analysis.
As a result of this analysis, S&P's WARR assumption in a 'A'
rating scenario was 29.19%. The recovery rates at more junior
rating levels were higher.
COUNTRY RISK
S&P's long-term rating on the Kingdom of Spain is 'BBB'. S&P's
RAS criteria require the tranche to have sufficient credit
enhancement to pass a minimum of a "severe" stress to qualify to
be rated above the sovereign.
CASH FLOW ANALYSIS
S&P used the reported portfolio balance that it considered to be
performing, the principal cash balance, the current weighted-
average spread, and the weighted-average recovery rates that S&P
considered to be appropriate. S&P subjected the capital
structure to various cash flow stress scenarios, incorporating
different default patterns and timings and interest rate curves,
to determine the rating level, based on the available credit
enhancement for each class of notes under S&P's European SME CLO
criteria.
Under S&P's RAS criteria, it can rate a securitization up to four
notches above its foreign currency rating on the sovereign if the
tranche can withstand "severe" stresses. However, if all six of
the conditions in paragraph 48 of the RAS criteria are met
(including credit enhancement being sufficient to pass an extreme
stress), S&P can assign ratings in this transaction up to a
maximum of six notches (two additional notches of uplift) above
the sovereign rating. The available credit enhancement for the
class A2 notes cannot withstand "severe" stresses. S&P has
therefore lowered to 'BBB (sf)' from 'BBB+ (sf)' its rating on
this class of notes.
S&P's credit and cash flow analysis shows that the available
credit enhancement for the class B notes is not commensurate with
its current rating. S&P has therefore lowered to 'B- (sf)' from
'B+ (sf)' its rating on this class of notes.
S&P has affirmed its 'CCC- (sf)' rating on the class C notes as
the available credit enhancement for this class is commensurate
with S&P's currently assigned rating.
RATINGS LIST
Class Rating
To From
Empresas Hipotecario TDA CAM 3, Fondo de Titulizacion de Activos
EUR750 Million Mortgage-Backed Floating-Rate Notes
Ratings Lowered
A2 BBB (sf) BBB+ (sf)
B B- (sf) B+ (sf)
Rating Affirmed
C CCC- (sf)
GRANADA HIPOTECARIO I: S&P Lowers Cl. D Notes Rating to 'CCC'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
AyT Caja Granada Hipotecario I Fondo de Titulizacion de Activos'
class A, B, C, and D notes.
Upon publishing S&P's updated criteria for Spanish residential
mortgage-backed securities (RMBS criteria) and its updated
criteria for rating single-jurisdiction securitizations above the
sovereign foreign currency rating (RAS criteria), S&P placed
those ratings that could potentially be affected "under criteria
observation" (UCO).
Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.
The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that it has received as
of Sept. 2014. S&P's analysis reflects the application of its
RMBS criteria and its RAS criteria.
Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
maturity.
"Our RAS criteria designate the country risk sensitivity for RMBS
as 'moderate'. Under our RAS criteria, this transaction's notes
can therefore be rated four notches above the sovereign rating,
if they have sufficient credit enhancement to pass a minimum of a
"severe" stress. However, as not all of the conditions in
paragraph 48 of the RAS criteria are met, we cannot assign any
additional notches of uplift to the ratings in this transaction,"
S&P said.
As S&P's long-term rating on the Kingdom of Spain is 'BBB', its
RAS criteria cap at 'A+ (sf)' the maximum potential rating for
all classes of notes in this transaction.
The class B, C, and D notes feature interest deferral triggers,
which are based on the closing portfolio balance. The current
level of cumulative defaults is at 4.18%, compared with the
trigger levels of class B (11.0%), C (7.0%), and D (5.5%) notes.
S&P expects cumulative defaults to increase further, leading to
the class D trigger being breached within the next 12 months and
the class C trigger being breached within the next 24 months.
Under S&P's current counterparty criteria, Cecabank S.A. as the
swap provider, cannot support a rating on the notes that is
higher than 'BBB', which is S&P's long-term issuer credit rating
(ICR) on Cecabank plus one notch. S&P has therefore performed
its credit and cash flow analysis without giving benefit to the
swap provider at rating levels above 'BBB', to determine if the
class A notes could achieve a higher rating when giving no
benefit to the swap provider.
Credit enhancement, considering performing collateral only, for
the class A notes has increased to 22.3%, from 21.8% at S&P's
last review, due to the sequential amortization. Over the same
period, credit enhancement for the class B, C, and D notes has
decreased due to increasing defaults in the portfolio. The class
C and D notes are currently undercollateralized, as the
outstanding performing pool balance is lower than the outstanding
balance of the class A, B, and C notes.
This transaction features a reserve fund, which a subordinated
loan fully funded to 1.3% of the original balance of the notes at
closing. It was fixed for the first three years of the
transaction's life. Thereafter, subject to certain conditions,
the required amount is the lower of the original amount held in
the reserve fund (1.3% of the initial outstanding balance) and
2.6% of the outstanding principal balance of the notes. However,
the reserve fund is subject to a floor of 0.65% of the initial
outstanding balance. Due to high periodic defaults, the reserve
fund has been constantly drawn since early 2013 and is now fully
depleted.
Severe delinquencies of more than 90 days at 12.0% are on average
higher for this transaction than S&P's Spanish RMBS index.
Defaults are defined as mortgage loans in arrears for more than
18 months in this transaction. Cumulative defaults, at 4.18%,
are also higher than in other Spanish RMBS transactions that S&P
rates. S&P has observed a significant increase in delinquencies
and periodic defaults since 2012. Prepayment levels remain low
and the transaction is unlikely to pay down significantly in the
near term, in S&P's opinion.
After applying S&P's RMBS criteria to this transaction, its
credit analysis results show an increase in the weighted-average
foreclosure frequency (WAFF) and an increase in the weighted-
average loss severity (WALS) for each rating level.
Rating level WAFF (%) WALS (%)
AAA 40.7 39.8
AA 33.3 35.3
A 27.5 27.1
BBB 21.0 22.6
BB 16.4 19.5
B 14.2 16.7
The increase in the WAFF is mainly due to adjustment factors that
S&P has applied to the original loan-to-value (LTV) ratios, the
different adjustments that S&P applies to seasoned loans, and
geographical province concentration adjustments under S&P's RMBS
criteria. The increase in the WALS is mainly due to the
application of S&P's revised market value decline assumptions and
the indexing of its valuations under its RMBS criteria. The
overall effect is an increase in the required credit coverage for
each rating level.
Following the application of S&P's RAS criteria and its RMBS
criteria, S&P has determined that its assigned rating on each
class of notes in this transaction should be the lower of (i) the
rating as capped by its RAS criteria and (ii) the rating that the
class of notes can attain under S&P's RMBS criteria. In this
transaction, the ratings on all classes of notes are not
constrained by the rating on the sovereign.
In S&P's opinion, the available credit enhancement for the class
A notes is not sufficient to support a 'AA-' rating level. S&P
has therefore lowered to 'A- (sf)' from 'AA- (sf)' its rating on
the class A notes.
S&P's credit and cash flow results indicate that the class B
notes are not able to support a higher rating than 'BB (sf)'.
S&P has therefore lowered to 'BB (sf)' from 'BBB (sf)' its rating
on the class B notes.
S&P has lowered its ratings on the class C and D notes to 'B-
(sf)' from 'BB- (sf)' and to 'CCC (sf)' from 'B (sf)',
respectively, as they are not able to support S&P's credit and
cash flow stresses at higher rating levels.
S&P also considers credit stability in its analysis. To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions by
assuming additional arrears of 4.0% and 8.6% for one-year and
three-year horizons, respectively. This did not result in S&P's
rating deteriorating below the maximum projected deterioration
that it would associate with each relevant rating level, as
outlined in S&P's credit stability criteria.
In S&P's opinion, the outlook for the Spanish residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when S&P applies its RMBS
criteria, to reflect this view. S&P bases these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and further falls in house prices for the remainder
of 2014, which will then level off in 2015.
On the back of improving but still depressed macroeconomic
conditions, S&P don't expect the performance of the transactions
in its Spanish RMBS index to improve in 2014.
S&P expects severe arrears in the portfolio to remain at their
current levels, as there are a number of downside risks. These
include, weak economic growth, high unemployment, and fiscal
tightening. On the positive side, S&P expects interest rates to
remain low for the foreseeable future.
AyT Caja Granada Hipotecario I is a Spanish RMBS transaction,
which closed in June 2007. The transaction securitizes a pool of
first-ranking mortgage loans Caja de Ahorros de Granada
originated. The mortgage loans are mainly located in the region
of Andalucia and the transaction comprises loans granted to
Spanish residents.
RATINGS LIST
Ayt Caja Granada Hipotecario I Fondo de Titulizacion de Activos
EUR400 Million Floating-Rate Notes
Class Rating
To From
Ratings Lowered
A A- (sf) AA- (sf)
B BB (sf) BBB (sf)
C B- (sf) BB- (sf)
D CCC (sf) B (sf)
TDA IBERCAJA 1: S&P Lowers Rating on Class D Notes to 'B(sf)'
-------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in TDA Ibercaja 1 Fondo de Titulizacion de Activos and
TDA Ibercaja 2 Fondo de Titulizacion de Activos.
Specifically S&P has:
-- Lowered its ratings on TDA Ibercaja 1's class A and D
notes;
-- Lowered its rating on TDA Ibercaja 2's class A notes;
-- Affirmed its ratings on TDA Ibercaja 1's class B and C
notes; and
-- Affirmed its ratings on TDA Ibercaja 2's class B, C, and D
notes.
Upon publishing S&P's updated criteria for Spanish residential
mortgage-backed securities (RMBS criteria) and its updated
criteria for rating single-jurisdiction securitizations above the
sovereign foreign currency rating (RAS criteria), S&P placed
those ratings that could potentially be affected "under criteria
observation".
Following S&P's review of these transactions, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.
The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that it has received
dated June 2014. S&P's analysis reflects the application of its
RMBS criteria and its RAS criteria.
Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so pay timely interest and principal by legal final maturity.
"Our RAS criteria designate the country risk sensitivity for RMBS
as 'moderate'. Under our RAS criteria, these transactions' notes
could therefore be rated four notches above the sovereign rating,
if they have sufficient credit enhancement to pass a minimum of a
"severe" stress. As not all of the conditions in paragraph 48 of
the RAS criteria are met in TDA Ibercaja 1, we cannot assign up
to two notches of uplift to the most senior class of notes in
this transaction," S&P said.
As "long-term rating on the Kingdom of Spain is 'BBB', its RAS
criteria cap at 'A+ (sf)' the maximum potential rating on the
class A notes in TDA Ibercaja 1.
TDA Ibercaja 1's class A notes' credit enhancement has increased
to 10.78%, from 4.60% at closing in Nov. 2003. It has increased
for TDA Ibercaja 2's class A notes to 7.96%, from 3.80% at
closing in Oct. 2005.
These transactions feature reserve funds, which currently
represent 3.13% of TDA Ibercaja 1's outstanding balance and 1.34%
of TDA Ibercaja 2's outstanding balance. The cash reserves are
at their target amounts for both transactions. TDA Ibercaja 1's
reserve fund started to amortize three years after closing. It
has now reached its target level and will not amortize further.
TDA Ibercaja 2's reserve fund has not amortized.
Severe delinquencies of more than 90 days are at 0.35% and 0.44%
for TDA Ibercaja 1 and TDA Ibercaja 2, respectively, and are
lower than S&P's Spanish RMBS index. Cumulative defaults for TDA
Ibercaja 1 and TDA Ibercaja 2 are at 0.27% and 0.14%%,
respectively, and are also lower than in other Spanish RMBS
transactions that S&P rates. Prepayment levels remain low and
the transactions are unlikely to pay down significantly in the
near term, in S&P's opinion.
After applying S&P's RMBS criteria to these transactions, its
credit analysis results show a decrease in the weighted-average
foreclosure frequency (WAFF) for TDA Ibercaja 1. For TDA
Ibercaja 2, its credit analysis results show a decrease in the
WAFF for rating levels above 'A' and an increase for lower rating
levels. The weighted-average loss severity (WALS) has increased
at each rating level for both transactions.
TDA Ibercaja 1
Rating level WAFF (%) WALS (%) CC
AAA 17.69 14.00 2.48
AA 13.19 12.53 1.65
A 10.74 8.74 0.94
BBB 7.80 9.02 0.70
BB 4.96 7.67 0.38
B 4.13 6.46 0.27
TDA Ibercaja 2
Rating level WAFF (%) WALS (%) CC
AAA 18.02 13.72 2.47
AA 13.54 10.72 1.45
A 11.01 6.37 0.70
BBB 8.02 4.47 0.36
BB 5.14 3.36 0.17
B 4.29 2.51 0.11
CC--Credit coverage.
The decreases in the WAFFs are mainly due to adjustment factors
that S&P has applied to the original loan-to-value (LTV) ratios,
the different adjustments that S&P applies to seasoned loans,
geographical province concentration adjustments, and adjustment
factors that S&P applies for jumbo loans under its RMBS criteria.
The increases in the WALS is mainly due to the application of
S&P's revised market value decline assumptions and the indexing
of its valuations under its RMBS criteria. Under S&P's criteria,
its expected credit losses are subject to a floor of 4.00% for a
'AAA' rating level and a floor of 0.35% for a 'B' rating level--
the same levels of projected losses as those in S&P's global RMBS
criteria. S&P has therefore increased the WALS for TDA Ibercaja 1
to meet the minimum levels under S&P's RMBS criteria. The
overall effect is an increase in the required credit coverage for
each rating level for both transactions.
Following the application of S&P's RAS criteria and its RMBS
criteria, it has determined that its assigned rating on each
class of notes in these transactions should be the lower of (i)
the rating as capped by S&P's RAS criteria and (ii) the rating
that the class of notes can attain under its RMBS criteria.
S&P's rating on TDA Ibercaja 1's class A notes is constrained by
the rating on the sovereign.
TDA Ibercaja 1's class A notes do not pass all of the conditions
under S&P's RAS criteria to permit a six-notch uplift from its
long-term sovereign rating on Spain. Specifically, the tranche
does not pass S&P's RAS extreme stress. Consequently, the
maximum notches of uplift for this class of notes is four notches
above the sovereign rating. S&P has therefore lowered to 'A+
(sf)' from 'AA- (sf)' its rating on this class of notes.
Following the application of S&P's RMBS criteria, and after it
applied its delayed recession timing, TDA Ibercaja 1's class D
notes' cash flow results indicate that this class can only
withstand S&P's stresses at a 'B' rating level. Consequently,
S&P has lowered to 'B (sf)' from 'BB (sf)' its rating on this
class of notes.
TDA Ibercaja 1's class B notes do not pass S&P's cash flow
stresses under its RAS criteria, and therefore do not achieve any
notches of uplift above the sovereign rating. S&P has therefore
affirmed its 'BBB (sf)' rating on this class of notes. S&P has
also affirmed its 'BB+ (sf)' rating on the class C notes because
the available credit enhancement is commensurate with its
currently assigned rating.
TDA Ibercaja 2's class A notes do not pass S&P's cash flow
stresses under its RAS criteria, and therefore do not achieve any
notches of uplift above the sovereign rating. Specifically, the
tranche does not pass S&P's benign 'A' sovereign run. Following
the application of S&P's RMBS criteria, and after it applied its
delayed recession timing, the class A notes' cash flow results
indicate that they can only withstand our stress at a 'BBB'
rating level. Consequently, S&P has lowered to 'BBB (sf)' from
'BBB+ (sf)' its rating on this class of notes.
S&P has affirmed its ratings on TDA Ibercaja 2's class B, C, and
D notes at 'BB+ (sf)', 'BB (sf)', and 'B+ (sf)', respectively,
because the available credit enhancement is commensurate with
S&P's currently assigned ratings for these classes of notes.
In S&P's opinion, the outlook for the Spanish residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when S&P applies its RMBS
criteria, to reflect this view. S&P bases these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and further falls in house prices for the remainder
of 2014, which will then level off in 2015.
On the back of the weak macroeconomic conditions, S&P don't
expect the performance of the transactions in its Spanish RMBS
index to significantly improve in 2014.
S&P expects severe arrears in the two transactions to remain at
their current levels, as there are a number of downside risks.
These include weak economic growth, high unemployment, and fiscal
tightening. On the positive side, S&P expects interest rates to
remain low for the foreseeable future.
TDA Ibercaja 1 and TDA Ibercaja 2 are Spanish RMBS transactions,
which securitize portfolios of first-ranking mortgage loans
granted to Spanish residents. The transactions closed in Nov.
2003 and Oct. 2005, respectively.
RATINGS LIST
Class Rating Rating
To From
TDA Ibercaja 1 Fondo de Titulizacion de Activos
EUR600 Million Mortgage-Backed Floating-Rate Notes
Ratings Lowered
A A+ (sf) AA- (sf)
D B (sf) BB (sf)
Ratings Affirmed
B BBB (sf)
C BB+ (sf)
TDA Ibercaja 2 Fondo de Titulizacion de Activos
EUR904.5 Million Mortgage-Backed Floating-Rate Notes:
Rating Lowered
A BBB (sf) BBB+ (sf)
Ratings Affirmed
B BB+ (sf)
C BB (sf)
D B+ (sf)
===========
T U R K E Y
===========
VESTEL ELEKTRONIK: S&P Revises Outlook to Pos. & Affirms 'B-' CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Turkey-
based brown and white goods manufacturer Vestel Elektronik Sanayi
Ve Ticaret A.S. (Vestel) to positive from stable. At the same
time, S&P affirmed the 'B-' long-term corporate credit rating.
The outlook revision reflects S&P's view that Vestel's operating
performance could exceed S&P's base-case expectations in 2015
thanks to lower volatility in earnings, improving profitability,
and lower working capital outflows.
In the first half of 2014, Vestel posted a gross margin of 22%
and an EBITDA margin of 11% -- both nearing all-time highs for
the company. Although S&P expects profitability to weaken in the
second half of 2014 due to seasonal effects, S&P thinks the
company's EBITDA for the full year 2014 could materially exceed
its base-case assumptions and lead to lower leverage and stronger
free operating cash flow than S&P previously anticipated.
Although Vestel's liquidity remains "less than adequate," in
S&P's view, it will not be a constraining factor for a higher
rating, assuming that the company's operating performance stays
in line with or stronger than S&P's base-case scenario. This is
because S&P do not see meaningful risk that banks will not roll
over their working capital facilities for Vestel. Furthermore,
the company has recently raised some longer-term financing and is
taking steps to increase the long-term portion of debt further.
S&P's assessment of Vestel's business risk profile as "weak"
reflects its volatile profitability and cash flow generation,
largely driven by the very high competition in the consumer
electronics sector. That said, Vestel's market share in LCD TV
sales in Europe has increased substantially over the past several
years, and Vestel has become the largest B-brands producer of LCD
(liquid crystal display) TVs in Europe. Yet, the company is
still largely dependent on its key suppliers, which S&P sees as
another key weakness in Vestel's business risk profile.
S&P's assessment of Vestel's financial risk profile as "highly
leveraged" reflects its historically high debt in relation to its
EBITDA and reliance on various forms of short-term financing.
Although S&P expects that Vestel will start generating slightly
positive free operating cash flow in 2015, this increment will
not help Vestel meaningfully reduce its debt.
Under S&P's criteria, the combination of our assessments of a
"weak" business risk profile and a "highly leveraged" financial
risk profile presents two possible anchor outcomes: 'b' or 'b-'.
S&P assess Vestel's anchor at 'b-', based on its view that the
company's financial risk profile is at the lower end of S&P's
"highly leveraged" category.
Under S&P's base case, it assumes:
-- Mid-single-digit revenue growth in 2014, followed by a low-
single-digit decline in 2015, which is driven primarily by
the absence of major sports events. Revenues in 2014 were
boosted by increasing sales before the FIFA World Cup in
Brazil.
-- A gross profit margin of about 18% in 2014-2015 as the
company's strategy to exit from lower margin products
starts to pay off.
-- Capital expenditures of Turkish lira (TRY) 300 million
(about $135 million) in 2014-2015.
-- No dividend distribution, as in the previous years.
-- Rollover of short-term credit facilities.
Based on these assumptions, S&P arrives at these credit measures:
-- A Standard & Poor's-adjusted debt-to-EBITDA ratio of about
4x-5x in 2015-2016 (compared with 10x in 2013).
-- Slightly positive Standard & Poor's-adjusted free operating
cash flow in 2015 and 2016.
The positive outlook on Vestel reflects S&P's view that it could
raise the rating if it sees continued improvement in Vestel's
operating performance, notably in terms of profitability,
reduction of working capital outflows and positive free cash flow
generation.
A positive rating action would hinge on an EBITDA margin of
consistently higher than 7%, an adjusted debt leverage ratio of
5x maximum, and positive free operating cash flow of more than
TRY50 million per year. S&P do not see "adequate" liquidity as
an absolute requirement for a one-notch upgrade, but S&P assumes
Vestel will continue improving its capital structure by replacing
part of its short-term facilities with medium-term debt.
S&P could revise the outlook to stable if Vestel's operating
performance continues to be volatile, such as shown by an annual
decline in revenues of more than 10% in 2015 or a decrease in the
EBITDA margin to below 5%.
===========================
U N I T E D K I N G D O M
===========================
ACUMAN FACILITIES: Staff Left Without Pay After Liquidation
-----------------------------------------------------------
Clare Weir at Belfast Telegraph reports that some staff at Acuman
Facilities Management, a Belfast-owned company which went into
liquidation and employs almost 400 people, have been asking when
they will be paid.
According to Belfast Telegraph, it is understood that a new
company, H&J Integrated Services, has been set up in nearby
Santry, retaining some previous senior staff and clients.
However, the Belfast Telegraph has been contacted by three Acuman
staff who claim that they have been left without pay for work
carried out during the month of October, Belfast Telegraph
relates. They say that the company was liquidated on pay day,
Belfast Telegraph discloses.
As reported by the Troubled Company Reporter-Europe on Oct. 30,
2014, Belfast Telegraph related that Acuman's directors had
decided to appoint a liquidator because the company was
"unsustainable and unable to continue trading". Tom Kavanagh of
Deloitte is the liquidator, Belfast Telegraph disclosed. Derek
Martin, joint managing director of H&J Martin, as cited by
Belfast Telegraph, said: "Despite significant investment of over
EUR2 million (GBP1.6 million) in the business by its parent
company and a recent restructuring of its senior management, the
business is simply not economically viable.
Acuman Facilities Management, based in Swords, Co Dublin, was
established in 1997 before being acquired in 2009 by the H&J
Martin Group.
CORNERSTONE TITAN 2005-2: S&P Cuts Ratings on 2 Note Classes to D
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D(sf)' from
'CC(sf)' its credit ratings on Cornerstone Titan 2005-2 PLC's
class F and G notes.
On Sept. 2, 2014, S&P lowered its ratings on the class F and G
notes to 'CC (sf)' in anticipation of principal losses on their
final Oct. 2014 payment date.
The class F and G notes failed to repay on the Oct. 2014 interest
payment date. In addition, these classes of notes did not
receive full interest payments. This is because a non-accruing
interest amount (NAI) amount was applied on the previous interest
payment date following the repayment at a loss of the sole
remaining loan in the pool.
Taking these factors into account, S&P has lowered to 'D (sf)'
from 'CC (sf)' its ratings on the class F and G notes. S&P's
ratings on these classes of notes will remain at 'D (sf)' for a
period of 30 days, after which S&P will withdraw them.
Cornerstone Titan 2005-2 is a true-sale 2005-vintage
securitization of an initial pool of seven loans secured on nine
U.K. commercial properties.
RATINGS LIST
Cornerstone Titan 2005-2 PLC
GBP398.781 mil commercial mortgage-backed floating-rate notes
Rating Rating
Class Identifier To From
F 21924SAC1 D (sf) CC (sf)
G 21924SAD9 D (sf) CC (sf)
DUNFERMLINE FC: Former Owner Goes Bankrupt, Owes GBP1.1 Million
---------------------------------------------------------------
Dean Herbert at Express reports that former Dunfermline Athletic
Football Club owner Gavin Masterton has been declared bankrupt
with debts of GBP1.1 million.
Mr. Masterton, the ex-managing director of the Bank of Scotland,
applied for the move after failing to settle bills linked to his
involvement with the Dunfermline Athletic Football Club,
according to Express.
The report notes that Mr. Masterton was the sole shareholder in
Charlestown Holdings Ltd (CHL), which owned the Scottish League
One club until it went into administration last year.
Mr. Masterton was forced into bankruptcy after current
Dunfermline Director Kip McBay took legal action to have CHL
liquidated earlier this month over its failure to repay a loan
back to him, the report relates.
The report discloses that Mr. Masterton applied for bankruptcy
after running up debts of GBP1,133,850 and it was approved by the
Accountant in Bankruptcy.
In 2008, Mr. Masterton controversially arranged a GBP12.2 million
loan to Dunfermline Athletic Football Club secured against the
club's stadium, the report recalls. The majority of the balance
was written off after the club went into administration last
year, the report relates.
Mr. Masterton later defended securing the loan and blamed the
economic downturn for most being cleared by the bank, the report
notes.
Dunfermline Athletic Football Club, known as the Pars, was saved
when fans group Pars United took control in October last year.
The loan from Kip McBay was originally made to CHL in 2010 and
Masterton said some of the money was immediately invested in the
club with the loan due to be repaid by August 2014, the report
relates.
The report notes that it was not repaid and an offer to spread
the payments over a longer period was refused.
The report discloses that Mr. McBay petitioned the Court of
Session requesting CHL be "wound up by the court and an interim
liquidator appointed."
"Administration of DAFC resulted in CHL, and my family, having to
write off around GBP9 million of its combined investment in the
football club. The action by Mr McBay has therefore made what
was already a very difficult overall trading situation wholly
untenable and has resulted in an irretrievable financial position
for CHL. This will also inevitably lead to my personal
bankruptcy," the report quoted Mr. Masterton as saying.
Mr. Masterton is believed to no longer have formal links to
Dunfermline FC.
A separate legal dispute is also ongoing over the club's training
ground at Pitreavie, the report notes. The club wants to evict
the Pars Trust, a charity set up by Masterton, from the site, the
report discloses.
The case will be heard in December at Dunfermline Sheriff Court,
the report adds.
Dunfermline Athletic Football Club is a Scottish football team
based in Dunfermline, Fife, commonly known as just Dunfermline.
GHERKIN TOWER: Safra Named Preferred Bidder to Buy Building
-----------------------------------------------------------
EuroProperty reports that a company controlled by the Safra
banking family is preferred bidder to buy London's Gherkin office
building for more than GBP700 million in a sensational deal that
smashes the price paid for the building at the peak of the last
boom.
Safra Group is understood to have beaten of competition from
bidders including Pontegadea, the property company of Inditex
founder Amancio Ortega, to become preferred bidder on Oct. 30,
EuroProperty discloses. Underbidders could still submit higher
bids, EuroProperty notes.
The price of GBP710 million represents a yield of below 4%, and
is more than GBP100 million more than the GBP600 million for
which the building was bought in February 2007, EuroProperty
states.
The 46,914 sqm. 40-storey building is multi-let and has irregular
floor plates because of its distinctive shape, and the rent is
paid in both sterling and Swiss francs, because of the lease
agreement with insurer Swiss Re, the largest tenant, EuroProperty
discloses.
The building was put into receivership in April this year after
50/50 owners IVG Immobilien and Evans Randall were unable to
restructure debt which had grown from GBP396 million when the
building was bought to more than GBP500 million as a result of a
complex currency hedging, EuroProperty recounts.
IVG's portion of the debt was a loan in Swiss francs, with no
currency hedging in place, while the building was valued in
sterling, EuroProperty says. As the Swiss franc appreciated
against the pound, the amount of debt grew, while during the
financial crisis the value of the building dropped, EuroProperty
relays.
The liabilities on the building are understood to be around
GBP650 million, meaning IVG and Evans Randall will be repaid some
of their original equity, EuroProperty discloses.
Partners from Deloitte were appointed receivers, and Deloitte
Real Estate and Savills were appointed to sell the building,
EuroProperty relates.
HENDERSON TRAVEL: Rangers Directors Take Over 13 Contracts
----------------------------------------------------------
Lucinda Cameron at Daily Record reports that Rangers directors
James and Sandy Easdale stepped in on Oct. 30 to safeguard jobs
after Henderson Travel ceased trading.
According to Daily Record, the two executives had taken over 13
contracts covering 41 routes previously run by Henderson Travel.
McGill's are in talks with around 120 Henderson Travel drivers
and are offering them work, Daily Record discloses.
Strathclyde Passenger Transport said Henderson Travel had 20
contracts with them and had breached the terms of their contract
by not providing services on Oct. 30, Daily Record relates.
SPT used emergency powers to offer the contract to another
operator, Daily Record relays.
Henderson Travel ran services across the west of Scotland but it
is understood they have ceased trading and administrators will be
appointed, according to Daily Record.
The company ran SPT's school contracts in South Lanarkshire and
other services in areas including Hamilton, Glasgow and East
Kilbride, Daily Record states.
SPT said they had not been formally contacted by Henderson
Travel, Daily Record notes.
Henderson Travel is a bus firm based in Hamilton.
LGA LIMITED: In Administration, Cuts 32 Jobs
--------------------------------------------
BCC News reports that LGA Limited has gone into administration
with the loss of 32 jobs.
LGA Limited had done work for several south Wales councils
including Newport, Vale of Glamorgan and Bridgend, according to
BCC News.
The report notes that its previous projects included pavement and
road improvements in Maesteg, Barry, and Bridgend town centers.
The report notes that set up in 1994, its annual turnover was
GBP6 million and it employed 36 people.
"The Administrators are continuing to trade the business on a
limited basis to carry out certain work in progress.
Unfortunately, however, the majority of the company's employees
have been made redundant," confirmed the administrators, Mazars,
the report notes.
LGA Limited is an engineering and building firm which carried out
work on Cardiff bus station.
PCS BRANDS: Goes Into Administration, Future Uncertain
------------------------------------------------------
Dan Grimmer at EDP24 reports that Norfolk workers at PCS Brands,
which has gone into administration, have been spared instant
redundancy.
PCS Brands called in administrators KPMG, with 104 staff losing
their jobs, according to EDP24.
But, with a skeleton staff kept on while the administrators try
to find a buyer, the nine workers at Great Ryburgh have kept
their jobs for now, the report notes.
Paul Flint, partner at KPMG and joint administrator, said:
"Unfortunately the PCS Brands Ltd has experienced significant
trading difficulties for a while and has been unable to sustain
the business resulting in our appointment as administrators.
"The business has a number of retail and wholesale outlets across
the UK and we are very keen to hear from anyone who may be
interested in purchasing all or part of the business and its
stock," the report quoted Mr. Flint as saying.
"We have retained staff to help us fulfill current orders and
support customers during this time, but have unfortunately had to
make some redundancies across the business," Mr. Flint said, the
report notes.
PCS Brands is a cookware company. PCS Brands employs about 300
staff. Apart from its Norfolk factory, it has others in the West
Midlands, Lancashire and Yorkshire.
===============
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)
------- ------ ------ ------
AA LTD 2968492Z LN -1456621510 4737064769
AA PLC AA/GBX EO -1456621510 4737064769
AA PLC AA/ LN -1456621510 4737064769
AA PLC AA/GBX EU -1456621510 4737064769
AA PLC AA/ IX -1456621510 4737064769
AA PLC AA/ EB -1456621510 4737064769
AA PLC AAAAL S1 -1456621510 4737064769
AA PLC 1023859D SW -1456621510 4737064769
AA PLC 2XA GR -1456621510 4737064769
AA PLC AA/ TQ -1456621510 4737064769
AARDVARK TMC LTD 1768297Z LN -1779177.627 149732584.7
ABBOTT MEAD VICK 648824Q LN -1685905.65 168264096.2
ABF GRAIN PRODUC 1276922Z LN -48465868.55 670357516.4
ACCIONA INMOBILI 4029797Z SM -49405609 1695566442
ACEROS PARA LA 1656Z SM -263940.0005 119468482.1
ACIS GROUP LTD 4159557Z LN -21335866.02 133912152.4
ACS AIRCRAFT FIN 4491555Z ID -11819999.97 131524997.4
ACTUACIONES ACTI AGR SM -102379482.8 427577243.8
ADDASTA HOLDING 3814224Z NA -223750.1218 117273756.7
ADRIA AIRWAYS 54757Z SV -51862326.31 134757004
ADRIA CABLE BV 4044453Z NA -62348693.94 188829025.3
ADVANCE DISPLAY ADTP PZ -3015579018 2590008061
AEA TECHNOLO-FPR AATF LN -251538429 142000079.4
AEA TECHNOLO-FPR AATF PZ -251538429 142000079.4
AEA TECHNOLO-NPR AATN LN -251538429 142000079.4
AEA TECHNOLO-NPR AATN PZ -251538429 142000079.4
AEA TECHNOLOGY AAT PO -251538429 142000079.4
AEA TECHNOLOGY AAT VX -251538429 142000079.4
AEA TECHNOLOGY EAETF US -251538429 142000079.4
AEA TECHNOLOGY AAT IX -251538429 142000079.4
AEA TECHNOLOGY G AAT PZ -251538429 142000079.4
AEA TECHNOLOGY G 1005182D GR -251538429 142000079.4
AEA TECHNOLOGY G AEATF US -251538429 142000079.4
AEA TECHNOLOGY G AATGBP EO -251538429 142000079.4
AEA TECHNOLOGY G AAT LN -251538429 142000079.4
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AEA TECHNOLOGY G 0884036D EU -251538429 142000079.4
AEGEK AEGEK EU -107572284.1 366319845.1
AEGEK AEGEK EO -107572284.1 366319845.1
AEGEK AEGEK GA -107572284.1 366319845.1
AEGEK AGEKF US -107572284.1 366319845.1
AEGEK AEGEK PZ -107572284.1 366319845.1
AEGEK AGK GR -107572284.1 366319845.1
AEGEK S.A. AEGEKY L3 -107572284.1 366319845.1
AEGEK S.A. AEGEKY S2 -107572284.1 366319845.1
AEGEK S.A. AEGEKY B3 -107572284.1 366319845.1
AEGEK S.A. - RTS 989399Q GA -107572284.1 366319845.1
AEGEK S.A.-RTS AEGEPR GA -107572284.1 366319845.1
AEGEK S.A.-RTS AEGEKR GA -107572284.1 366319845.1
AEGEK SA-AUCTION AEGEKE GA -107572284.1 366319845.1
AEGEK-PFD 2733073Q EU -107572284.1 366319845.1
AEGEK-PFD 2733077Q EO -107572284.1 366319845.1
AEGEK-PFD AEGEP PZ -107572284.1 366319845.1
AEGEK-PFD AEGEP GA -107572284.1 366319845.1
AEGEK-PFD AUCTIO AEGEPE GA -107572284.1 366319845.1
AFFINITI INTEGRA 1651064Z LN -436307727.6 341755295.2
AFIRMA GRUPO INM AFR EO -33301815.13 950532329.1
AFIRMA GRUPO INM AFR TQ -33301815.13 950532329.1
AFIRMA GRUPO INM AFRGBX EO -33301815.13 950532329.1
AFIRMA GRUPO INM AFRGBX EU -33301815.13 950532329.1
AFIRMA GRUPO INM AFR EU -33301815.13 950532329.1
AFIRMA GRUPO INM AFR SM -33301815.13 950532329.1
AFIRMA GRUPO INM AGISF US -33301815.13 950532329.1
AFIRMA GRUPO INM AFRGBP EO -33301815.13 950532329.1
AFIRMA GRUPO-RTS AFR/D SM -33301815.13 950532329.1
AFRICA OFFSHORE AOSA NO -280249984 357512992
AG PETZETAKIS SA PETZK PZ -110809481.9 206423169.8
AG PETZETAKIS SA PTZ1 GR -110809481.9 206423169.8
AG PETZETAKIS SA PETZK EO -110809481.9 206423169.8
AG PETZETAKIS SA PZETF US -110809481.9 206423169.8
AG PETZETAKIS SA PTZ GR -110809481.9 206423169.8
AG PETZETAKIS SA PETZK GA -110809481.9 206423169.8
AG PETZETAKIS SA PETZK EU -110809481.9 206423169.8
AGOR AG DOOG IX -482467.0522 144438127.4
AGOR AG DOO GR -482467.0522 144438127.4
AGOR AG DOOD PZ -482467.0522 144438127.4
AGOR AG DOO S1 -482467.0522 144438127.4
AGOR AG DOO EU -482467.0522 144438127.4
AGOR AG NDAGF US -482467.0522 144438127.4
AGOR AG DOO EO -482467.0522 144438127.4
AGOR AG-RTS 2301918Z GR -482467.0522 144438127.4
AGORA SHOPPING C 214766Z LN -50701197.21 252336526.8
AGRUPACIO - RT AGR/D SM -102379482.8 427577243.8
AIMIA COALITION 2555794Z LN -94460222.81 621037214.8
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AIR BERLIN PLC AB1 TQ -549668067 2798718267
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AIR BERLIN PLC AB1GBX EU -549668067 2798718267
AIR BERLIN PLC AB1 NQ -549668067 2798718267
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AIR BERLIN PLC ABOG IX -549668067 2798718267
AIR BERLIN PLC AB1D S2 -549668067 2798718267
AIR COMMAND SYST 4470055Z FP -30657158.94 217998392.9
AIRBUS MILITARY 4456697Z SM -48974067.1 2049792335
AIRBUS OPERATION 4435153Z LN -622881599.4 5619187195
AIRTOURS PLC ATORF US -379731744 1817560463
AIRTOURS PLC AIR VX -379731744 1817560463
AIRTOURS PLC AIR LN -379731744 1817560463
AKER BRYGGE AS 4447369Z NO -48154701.45 699923492.2
AKER ELEKTRO AS 4389353Z NO -35849851.01 136482190.9
AKER FLOATING PR AKFP PZ -16100000 765200000
AKER FLOATING PR AKFP EO -16100000 765200000
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*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.
Copyright 2014. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-362-8552.
* * * End of Transmission * * *