/raid1/www/Hosts/bankrupt/TCREUR_Public/150224.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, February 24, 2015, Vol. 16, No. 39
Headlines
A L B A N I A
CREDINS BANK: Moody's Reviews 'B1' Deposit Rating for Downgrade
D E N M A R K
SAXO BANK: Investors Examine Lawsuit After SNB Franc Move
F I N L A N D
SANITEC OYJ: Moody's Withdraws 'Ba3' Corporate Family Rating
F R A N C E
HOLDELIS SAS: Moody's Raises CFR to 'Ba2', Outlook Stable
NUMERICABLE-SFR S.A.: Moody's Reviews 'Ba3' CFR for Downgrade
I C E L A N D
KAUPTHING BANK: Judge Rejects Tchenguiz's GBP2BB Suit as Too Long
I R E L A N D
DEPFA BANK: Fitch Affirms 'B+' Rating on Subordinated Notes
STARTS PLC 2007-31: Moody's Withdraws Ba2 Rating on A2-D2 Notes
I T A L Y
PARMA FOOTBALL CLUB: Investors Saw 'Irregularities'
K A Z A K H S T A N
KAZAKHSTAN ELECTRICITY: S&P Affirms 'BB+' CCR; Outlook Negative
KHANTY-MANSIYSK: S&P Affirms 'BB+' ICR; Outlook Negative
SAMRUK-ENERGY JSC: S&P Lowers CCR to 'BB'; Outlook Stable
L I T H U A N I A
UAB BITE: Fitch Affirms B- Issuer Default Rating, Outlook Stable
L U X E M B O U R G
LEHMAN BROTHERS: March 15 Second Dividend Distribution Set
PICARD BONDCO: Fitch Lowers Issuer Default Rating to 'B'
SUNRISE COMMUNICATIONS: Fitch Raises IDR to 'BB+'; Outlook Stable
N E T H E R L A N D S
MESDAG BV: S&P Lowers Rating on Class C Notes to 'CCC'
NIELSEN FINANCE: $650MM Add-on Debt No Impact on Moody's Ratings
NIELSEN NV: S&P Raises Corp. Credit Rating to 'BB+'
P O R T U G A L
BANCO BPI: S&P Puts 'BB-' Counterparty Rating on CreditWatch Pos.
COMBOIOS DE PORTUGAL: Moody's Raise CFR to Ba2; Outlook Stable
PORTUGAL: Plans to Make Early Repayment of EUR14-Bil. IMF Loans
R O M A N I A
* ROMANIA: Value-Added Tax Cut to Reduce Company Bankruptcies
R U S S I A
DELOPORTS LTD: Fitch Assigns 'BB-' IDR; Outlook Stable
DELOPORTS LTD: S&P Assigns 'B+' Corporate Credit Rating
KEDR BANK: Moody's Affirms B3.ry National Scale Rating
KEDR BANK: Moody's Affirms Caa2 Long-Term Deposit Ratings
RUSSIA: Moody's Downgrades Sovereign Debt Rating to 'Ba1'
RUSSNEFT: Moody's Cuts Corporate Family Rating to B2
SMOLENSK REGION: Fitch Affirms 'B+' IDR; Outlook Stable
SURGUT CITY: S&P Affirms 'BB+' ICR on Exceptional Liquidity
YAMAL-NENETS AUTONOMOUS: S&P Affirms 'BB+' ICR; Outlook Negative
S L O V E N I A
LIPICA TOURISM: Facing Insolvency; 35 Jobs at Risk
S W E D E N
SBAB BANK: S&P Assigns 'BB+' Rating to Additional Tier 1 Notes
U K R A I N E
AVANGARDCO INVESTMENTS: Fitch Cuts LT Issuer Default Rating to CC
KHARKOV CITY: Fitch Lowers Issuer Default Rating to 'CC'
UKRZALIZNYTSIA: Fitch Lowers Issuer Default Rating to 'CC'
U N I T E D K I N G D O M
ALTOBRIDGE: Shareholders Raises Questions Over Receivership
BIRMINGHAM INTERNATIONAL: Football League Demands Crisis Talks
INDIVIOR PLC: Moody's 'B3' CFR Unaffected by New Euro Tranche
MANOR MOTORSPORT: Creditors Approve Exit From Administration
MAX PETROLEUM: Says Financing and Investment Talks Continue
OYSTER HOTELS: Marsh Farm to Stay Open Despite Administration
PETROPAVLOVSK: To Open Talks With Rebel Shareholders
STORM FUNDING: March 6 Proofs of Debt Submission Deadline Set
USC: Administrators Facing Probe Over Pre-Pack Deal
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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A L B A N I A
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CREDINS BANK: Moody's Reviews 'B1' Deposit Rating for Downgrade
---------------------------------------------------------------
Moody's Investors Service placed on review for downgrade the B1
long-term local-currency deposit rating of Albania's Credins Bank
Sh.a.
The rating action was triggered by a significant increase in the
volume of non-performing loans during the second-half of 2014
which led to reduced provisioning coverage. The review will
focus on a forward-looking assessment of the evolution of asset
quality metrics and Credins Bank's ability to restore its
provisioning coverage back to adequate levels and boost its
capital adequacy.
The primary trigger for the review for downgrade is a
deterioration in Credins Bank's asset quality metrics. According
to unaudited information provided by the bank, the ratio of NPLs
to gross loans increased to 22% at year-end 2014 from 18% as of
June 2014. The rapid increase in the volume of NPLs was mainly
driven by two large exposures that became non-performing during
the third-quarter of 2014. The increased stock of problem loans
led to a reduction in NPL provisioning coverage (under IFRS) to
54% at year-end 2014, from 70% as of June 2014.
At the same time, capital buffers remained modest given elevated
risks faced by Credins Bank, with a shareholders' equity-to-
assets ratio of 7.8% at year-end 2014, and a reported capital
adequacy ratio (CAR) of 15.1%, according to unaudited results
announced by the bank, against a minimum CAR of 14% as set by
Bank of Albania (the central bank). Moody's estimates that
uncovered NPLs as a percentage of shareholders' equity rose to
89% at year-end 2014, from 39% at year-end 2013.
The review will mainly focus on an assessment of the risks
related to Credins Bank's increased stock of NPLs, and its
ability to restore its provisioning coverage to adequate levels.
In order to assess the bank's ability to improve its provisioning
coverage, the rating agency will focus on (1) the likelihood that
asset quality will improve, taking into account the probability
that the two large exposures that became problematic in Q3 2014
are restructured; and (2) the bank's ability to contain the rate
of formation of new NPLs while booking additional provisions.
Moody's expects some improvement in credit conditions in Albania
that will support the bank's efforts to contain NPLs. This
includes improving economic activity -- Moody's forecasts real
GDP growth of 3% for 2015 --, accommodative monetary policy and
payment of government arrears that will strengthen corporates'
cash positions.
The review will also include an assessment of Credins Bank's
ability to strengthen capitalization metrics through an expected
common equity rights issue and the capitalization of profits that
will further support its loss-absorption buffers. Moody's notes
that the bank's revenue-generating capacity remains strong, with
a pre-provision income as a percentage of average assets at 2.8%
in 2014.
Downward pressure on Credins Bank's b2 baseline credit assessment
and B1 local-currency deposit rating would develop if the bank
continues to experience asset quality pressure and fails to
restore its loss absorption buffers. As indicated by the review
for downgrade, there is limited likelihood of any upwards rating
momentum over the near term. However, the B1 rating may be
confirmed if asset quality pressures abate, thus enabling the
bank to boost its provisioning and capital levels.
List of Affected Ratings:
-- Long-term local-currency deposit rating of B1, placed on
review for downgrade.
-- Long-term foreign-currency deposit rating of B2, affirmed.
The foreign-currency deposit rating carries a stable outlook
as it is capped at B2 by Albania's foreign-currency deposit
ceiling.
-- Short-term local and foreign-currency deposit ratings of Not
Prime, affirmed
-- Standalone bank financial strength rating of E+, equivalent
to a b2 baseline credit assessment, affirmed with a stable
outlook
The principal methodology used in these ratings was Global Banks
published in July 2014.
Domiciled in Tirana, Albania, Credins Bank reported total
consolidated assets of ALL132 billion (US$1.1 billion) at year-
end 2014. In the same reporting period, the bank posted a net
IFRS profit of ALL519 million (US$4.4 million)
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D E N M A R K
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SAXO BANK: Investors Examine Lawsuit After SNB Franc Move
---------------------------------------------------------
Reuters reports that more than 20 investors have asked Danish law
firm Andersen Partners to represent them in a potential class
action lawsuit against online forex brokerage Saxo Bank.
The initiative follows the Swiss National Bank's (SNB) decision
to abandon its 1.20-per-euro cap on the Swiss franc on January
15, a move which the group of investors said lost them
approximately $12 million, according to Reuters.
A number of Copenhagen-based Saxo Bank customers ended up with
insufficient margin collateral to cover their losses on positions
in the Swiss franc, the report notes.
"It is the opinion of Andersen Partners, that the investors have
suffered extraordinary losses as a result of Saxo Bank's handling
of their investments," the law firm wrote in a news release
obtained by the news agency.
A Saxo spokesman declined to comment.
The report relays that the group of investors comprises Danish as
well as foreign investors.
Saxo Bank said in a statement on Jan. 26 that it faced potential
losses of up to $107 million as a result of the SNB decision, the
report notes.
The surprise move by the SNB hurt banks and brokerages including
online forex broker Alpari UK, which went into administration
after suffering heavy losses on the Swiss franc, the report adds.
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F I N L A N D
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SANITEC OYJ: Moody's Withdraws 'Ba3' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba3 corporate family
rating and B1-PD probability of default rating of Sanitec Oyj
following the repayment of all outstanding facilities.
Moody's has withdrawn the ratings following the acquisition of
Sanitec by Geberit AG, and subsequent voluntary prepayment and
cancellation of all outstanding facilities under the EUR275
million Multicurrency Term Loan and Revolving Credit Facility.
The prepayment was funded with EUR175 million credit facility
provided to the company by Geberit group.
Sanitec is a leading European producer of ceramics sanitaryware
and bathroom fixtures, with its main operations in the Nordic
countries, Germany, the Benelux countries, France, Italy, Poland
and the United Kingdom.
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F R A N C E
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HOLDELIS SAS: Moody's Raises CFR to 'Ba2', Outlook Stable
---------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating of
Holdelis S.A.S to Ba2 from B1. Concurrently, Moody's has also
upgraded the probability of default rating to Ba2-PD from B1-PD
and the rating of the EUR450 million senior secured notes issued
by Novalis S.A.S. to Ba2 from Ba3. All ratings have stable
outlook.
The rating actions follows the completion of Elis's Initial
Public Offering and concludes the review which was initiated on
Jan. 30, 2015.
On February 10, Elis announced it had successfully completed its
IPO. The offering -- which priced at EUR13 per share -- gave the
company a market capitalization of around EUR1.5 billion at the
time of listing.
Upon the receipts of EUR700 million of gross proceeds raised
through issuance of new shares, Elis reimbursed approximately
EUR620 million of debt and thereby significantly decreased its
leverage to below 3x reported net debt/ EBITDA, down from an
estimated level of 4.7x as of end 2014. The company's reduced
debt levels will lead to reduced interest expenses and Moody's
expects Elis to produce a free cash flow of around EUR60 million
in 2015.
Elis will seek to pay around 40% of net income in dividends,
however, other financial policies post the IPO have yet to be
clearly defined. The company has not communicated a particular
leverage target under which it is comfortable operating and
Moody's also notes that Eurazeo will continue to have a
significant ownership stake in the business post the listing.
Nonetheless, the rating assumes that a conservative financial
structure will be maintained over time.
The Ba2 CFR of Elis primarily reflects (1) Elis' high exposure to
its home market, France, which represents more than 70% of the
company's revenues (2) a yet still high leverage estimated to be
around 3.5x Moody's adjusted debt/EBITDA pro-forma for the IPO
(3) the capital-intensity of the business.
These factors are balanced to an extent by (1) a business model
which in the past has demonstrated a high degree of resiliency
(2) good visibility on future revenue streams thanks to company's
use of longer term contracts (3) a widely diversified customer
base with limited customer concentration (4) the company's high
profitability with EBITDA-margins above 30%.
The rating of the senior secured notes is now aligned with the
CFR owing to the amount of junior-debt that was repaid during the
transaction.
Moody's expects Elis' liquidity profile to be good over the next
12 months. In addition to our expectations of positive free cash
flows, the company will have access to a EUR200 million revolving
credit facility (RCF) that was undrawn at the time of closing of
the IPO. The bank facilities contain a financial maintenance
covenant under which we would expect Elis to have ample headroom.
The stable outlook reflects Moody's expectations that Elis will
improve on its free cash flow generation allowing for a further
reduction in net debt. Whilst the current rating and outlook
provides the company with some flexibility as regards to its
pursuit of external growth through smaller bolt-on acquisitions,
it does not incorporate flexibility for transformational debt-
funded acquisitions.
Positive pressure on the Ba2-rating could develop if Elis's
operating performance continues to improve, allowing for the
company's leverage, measured by Moody's adjusted debt/EBITDA, to
move towards 3x with a retained cash flow (RCF)/ Net Debt ratio
remaining above 20%.
Negative pressure could develop if Elis's leverage moves above
3.75x for a sustained period of time or if Moody's becomes
concerned about the company's liquidity.
The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.
Holdelis S.A.S is a France-based multiservice provider of flat
linen, garment and HWB services. It has around 240,000 customers
in the private and public sector and operates throughout 10
countries. For the financial year ended 31 December 2013 it
reported total revenues of EUR1.225 billion and adjusted EBITDA
of EUR401 million.
NUMERICABLE-SFR S.A.: Moody's Reviews 'Ba3' CFR for Downgrade
-------------------------------------------------------------
Moody's Investors Service placed Numericable-SFR S.A.'s Ba3
Corporate Family Rating, its Ba3-PD Probability of Default Rating
and the Ba3 ratings of the company's rated senior secured notes
and senior secured bank credit facilities under review for
downgrade.
The rating action follows the announcement that Numericable-SFR
and Altice S.A. ("Altice"; B1, negative outlook) through its
Altice France S.A. subsidiary ("Altice France"; unrated) have
delivered an offer to Vivendi S.A. ("Vivendi"; Baa2, stable
outlook) to purchase the 20% stake Vivendi owns in Numericable-
SFR for a price of EUR 40 per share or EUR 3.9 billion for the
entire stake. Altice is Numericable-SFR's controlling
shareholder (60.3% current ownership).
Numericable-SFR intends to acquire half of Vivendi's stake
through a share buyback program which is to be submitted to
Numericable-SFR's general assembly for approval by April 30,
2015. The other half is to be acquired by Altice France at the
same time with a payment to be made no later than April 7, 2016
(subject to interest of 3.8% p.a.). Altice France's payment is
backed up by a bank guarantee. The offer will be evaluated by
Vivendi's management board in the coming days and the transaction
is subject to approval by Vivendi's supervisory board, which is
expected to convene on February 27. Should the transaction
close, all existing contractual arrangements made in conjunction
with the SFR acquisition (shareholder agreement, financial
arrangements) between Numericable-SFR, Altice and Vivendi are
expected to fall away.
The rating action is prompted by significant uncertainties about
the funding of the envisaged EUR1.95 billion share repurchase
program and its impact on Numericable-SFR's liquidity, leverage
and operational flexibility. Moody's views the potential
transaction as aggressive given that the company closed the large
acquisition of SFR only recently and is still in the early stage
of integrating the acquired asset. Moody's review will focus on
(i) a detailed evaluation of the funding structure for the share
buyback program to be initiated in connection with the potential
transaction; (ii) Numericable-SFR's post transaction liquidity
provision; (iii) reviewing evidence of progress made in
integrating SFR and reaping related benefits and (iv) the impact
of Altice's potentially increased ownership on the risk profile
of the company. The review will also revisit the potential for
additional large scale M&A activity for the company.
Numericable-SFR's ratings could be downgraded as a result of (i)
deteriorating liquidity, (ii) material setbacks in achieving
targeted synergies; (iii) sustained negative free cash flow
(after dividends and capex) and (iv) any additional material
acquisition. Ratings could also be downgraded if Numericable-
SFR's leverage (as measured by Moody's Debt/EBITDA ratio) were to
exceed 4.5x for a sustained period of time. Current ratings do
not factor in any business combination with Bouygues Telecom
(unrated) in the context of a consolidation of the French mobile
market, which Moody's believes could occur over time and any
change in Numericable-SFR's financial policy (including a 3.5-
4.0x Net Debt/EBITDA target) .
While Moody's sees no near-term upward pressure on the ratings,
such pressure could develop over time should Numericable-SFR's
leverage fall well below 3.75x on an ongoing basis combined with
material free cash flow generation translating into a Free Cash
Flow/Debt ratio (Moody's definition) of greater than 10%.
Demonstrable and sustained success in broadly achieving synergy
and cost saving targets would also be a pre-condition for upward
ratings movement.
The principal methodology used in these ratings was Global
Telecommunications Industry published in December 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.
Numericable-SFR, headquartered in Paris, France is the second
largest provider of telecommunications services in France. For
the twelve-months-period to September 30 it had pro forma revenue
of EUR11.3 billion and EBITDA (before pro forma synergies) of
EUR3.2 billion. Numericable-SFR's controlling shareholder
(60.3%) is Luxembourg-based Altice S.A.
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I C E L A N D
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KAUPTHING BANK: Judge Rejects Tchenguiz's GBP2BB Suit as Too Long
-----------------------------------------------------------------
Andrew Trotman at The Telegraph reports that Vincent Tchenguiz
has suffered a setback in his multi-billion pound legal battle
against Grant Thornton and Kaupthing relating to a botched
investigation by the Serious Fraud Office (SFO) into his affairs.
Mr. Justice Leggatt ruled in London's Commercial Court ruled on
Feb. 20, 2015 that Mr. Tchenguiz's filing against Grant Thornton,
et al., was too long and failed to make clear the facts of the
case.
The London court stated that a filing's maximum length should be
25 pages unless a judge agrees to accept a longer document, The
Telegraph discloses. Mr. Tchenguiz's barristers failed to ask a
judge for permission to hand in a longer filing and submitted a
94-page document, The Telegraph relays.
The Telegraph further relates that the judge rejects Vincent
Tchenguiz's filing because it is "interspersed with assertions of
fraud, falsity, dishonesty and improper motive."
Justice Leggatt has given Mr. Tchenguiz 21 days to refile a
shorter claim, The Telegraph relays.
Mr. Tchenguiz's GBP2.2 billion legal action is filed against
Grant Thornton and Kaupthing, as well as Stephen Akers and
Hossein Hamedani, two Grant Thornton partners, and Johannes Runar
Johannsson, a lawyer who is involved in the winding up of
Kaupthing, The Telegraph relates. In the complaint, Mr.
Tchenguiz alleged that there was a conspiracy to have the SFO
investigate him in order to have his original GBP1.6 billionn
claim against Kaupthing, filed after the bank collapsed in 2008,
quashed, the news source relays. That claim argued the bank's
winding-up committee had refused to recognize Mr. Tchenguiz's
trust as a priority creditor, which Kaupthing denied, The
Telegraph notes.
In March 2011, Mr. Tchenguiz was arrested along with his brother
Robert as part of the SFO probe, which also saw their homes and
offices raided, The Telegraph relates. By July 2014, the
investigation subsequently collapsed, and the SFO apologized and
paid Mr. Tchenguiz GBP3 million plus costs in July 2014, The
Telegraph relates.
About Kaupthing Bank
Headquartered in Reykjavik, Iceland Kaupthing Bank --
http://www.kaupthing.com/-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups. With operations
in more than a dozen countries, the bank offers a range of
services including retail banking, corporate finance, asset
management, brokerage, private banking, treasury, and private
wealth management. Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank. In October 2008, the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.
As reported by the Troubled Company Reporter-Europe, on Nov. 30,
2008, Olafur Gardasson, assistant for Kaupthing Bank hf, filed a
petition under Chapter 15 of title 11 of the United States Code
in the United States Bankruptcy Court for the Southern District
of New York commencing the Debtor's Chapter 15 case ancillary to
the Icelandic Proceeding and seeking recognition for the
Icelandic Proceeding as a "foreign main proceeding" under the
Bankruptcy Code and relief in aid of the Icelandic Proceeding.
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I R E L A N D
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DEPFA BANK: Fitch Affirms 'B+' Rating on Subordinated Notes
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Fitch Ratings has affirmed the Long-term Issuer Default Ratings
(IDRs) of Germany-based Erste Abwicklungsanstalt (EAA) and FMS
Wertmanagement Anstalt des oeffentlichen Rechts (FMS WM) at
'AAA', and Portigon AG at 'A+', all with Stable Outlooks. Fitch
has also affirmed the Long-term IDRs of Ireland-based Depfa Bank
plc and its subsidiaries at 'BBB+' with a Negative Outlook.
These rating actions are part of a review of EU wind-down banks,
on which Fitch will issue a peer report shortly.
KEY RATING DRIVERS -- IDRS, SUPPORT RATINGS (SR) and SUPPORT
RATING FLOORS (SRF) AND SENIOR DEBT: FMS WM, EAA AND PORTIGON
The issuer and senior debt ratings of FMS WM, EAA and Portigon
reflect Fitch's view that there is an extremely high likelihood
of support ultimately from Germany (AAA/Stable) through the
Financial Market Stabilisation Fund (SoFFin) and, in the case of
EAA and Portigon from the State of North-Rhine Westphalia (NRW;
AAA/Stable).
Fitch's view of support for FMS WM is based on SoFFin's statutory
loss-absorption obligation as stipulated in Germany's Financial
Market Stabilisation Fund Act and FMS WM's statutes. Since
Jan. 1, 2014, SoFFin has also guaranteed all the liabilities of
FMS WM. Germany is in turn directly liable for all of SoFFin's
obligations; FMS WM's ratings are therefore aligned with those of
Germany.
EAA's ratings are based on Fitch's view of an extremely high
likelihood of support from the entity's owners, particularly NRW,
due to their statutory loss-absorption obligation. These
statutory loss-absorption obligations are stipulated by the Law
on the Further Development of Financial Market Stability (Gesetz
zur Fortentwicklung der Finanzmarktstabilisierung, FMStG) and in
EAA's statutes.
EAA's largest single owner is NRW (48.2%), with the remaining
owners being the two regional savings banks associations in NRW
(25% each) and two local regional associations (0.9% each). All
owners are liable to provide support to EAA to varying degrees
but the ultimate liability lies with NRW, and through NRW,
Germany. EAA's statutes include a deficiency guarantee from NRW
should the other owners have insufficient resources to support
EAA, as the other owners' potential liabilities under the scheme
are capped according to the FMStG law and EAA's statutes. The
Federal Agency for Financial Market Stabilisation (FMSA) and NRW
share the burden of any losses above the cap, according to EAA's
statutes. As a result, EAA's ratings are equalized with those
of NRW.
Portigon's 'A+' Long-term IDR is driven by the support structure
in place outlined in its binding framework agreement. The
contractually binding framework agreement commits NRW, Portigon's
sole ultimate owner, to be responsible for all of Portigon's
losses exceeding the amount that is shared by the other
stakeholders of the former WestLB AG (Portigon's previous name).
The framework agreement was established in June 2011 between
Portigon and its owners as well as the FMSA and EAA.
Portigon's 'A+' Long-term IDR is four notches below NRW's 'AAA'
IDR. The notching is driven by Fitch's view that there remains
some risk, albeit highly remote, of payment disruption on
Portigon's remaining obligations as the entity's wind-down is
completed. Portigon is not of strategic importance for NRW, and
while its support structure is very strong, it is not tantamount
to a guarantee. Fitch expects Portigon to continue to produce
operating losses and consume its capital through its wind-down
process. With a CET1 ratio of 91.9% at end-June 2014 and a
shrinking balance sheet with only around EUR2bn in risk-weighted
assets, the risk of a scenario in which Portigon would need
further capital support from NRW is very small, but Portigon as a
bank is at least theoretically subject to the implementation of
the Bank Recovery and Resolution Directive in Germany (BRRD
Umsetzungsgesetz).
In Fitch's view, the formalized support for FMS WM, EAA and
Portigon is underpinned by the agency's assessment of political
and economic motivation rather than precise wording in
legislation or contractual agreements. Fitch expects that
Germany will provide timely support for EAA and FMS WM and NRW to
Portigon because of the potentially huge reputational and
financial risks involved.
Fitch does not assign Viability Ratings to EAA or FMS WM or
Portigon because they are wind-down institutions whose business
models would not be viable without external support.
RATING SENSITIVITIES -- IDRS, SUPPORT RATINGS (SR) AND SUPPORT
RATING FLOORS (SRF) AND SENIOR DEBT: FMS WM, EAA AND PORTIGON
FMS WM, EAA, and Portigon's IDRs are primarily sensitive to
Germany's ability and propensity to provide support. The Stable
Outlooks on FMS WM and EAA reflect Fitch's expectation that the
likelihood of state support for these institutions will not be
affected by changes to resolution legislation. FMS WM and EAA
are not banks and so are not subject to the implementation of the
BRRD Umsetzungsgesetz.
The Stable Outlook for Portigon, which could at least
theoretically be subject to resolution legislation, reflects its
minimal remaining obligations, which are largely linked to its
owners by derivative contracts. This makes it difficult to
envisage a scenario where losses could be imposed on senior
creditors.
Negative rating action on FMS WM, EAA, and Portigon could be
triggered by any changes in Germany's ratings, and for EAA and
Portigon, NRW's ratings. The ratings are also sensitive to a
change in the nature or structure of the support available to
these institutions, which Fitch views as unlikely.
KEY RATING DRIVERS and SENSITIVITIES -- GUARANTEED DEBT:
PORTIGON; AND EAA
EAA's and Portigon's guaranteed obligations are rated 'AAA'
driven by the grandfathered statutory guarantor liability
(Gewaehrtraegerhaftung) from each of the former WestLB AG's (now
Portigon) owners, especially from NRW.
KEY RATING DRIVERS AND SENSITIVITIES -- IDRS, SR, SRF AND SENIOR
DEBT: DEPFA, DEPFA ACS AND HPFB
Depfa's ratings are driven by the high likelihood that support
would be forthcoming from Germany via FMS WM, if ever needed.
Depfa's transfer from its former parent (HRE Holding AG) to FMS
WM, effective in December 2014, follows the German government's
decision in May 2014 to continue Depfa's orderly wind-down and
abandon its reprivatization plans.
Fitch's assessment of the high likelihood of state support for
Depfa is driven by qualitative factors -- primarily its ultimate
ownership by Germany, as well as the state aid agreement with the
European Commission (EC) that agreed on a sale or, failing that,
a wind-down of Depfa. Depfa's ratings take into account Fitch's
view that Germany's propensity to support it in all circumstances
is marginally weakened by its location in Ireland rather than
Germany.
The Negative Outlook reflects the uncertainty around the terms of
the transfer of Depfa to FMS WM and the details of its wind-down
plan, which have yet to be communicated, in the context of the
implementation of bank resolution legislation in the European
Union that will present obstacles to state recapitalization of a
bank.
Fitch's 'BBB+' Long-term IDR is driven by our expectation that
there will be no major impact from the transfer on Depfa's
operations, as the bank has been effectively in wind-down without
any new business originated since 2008. However, the rating is
sensitive to clarity around how Germany will ensure that capital
and funding needs are met in the course of run down and Fitch
expects to downgrade by at least one notch by end-June 2015 to
indicate the obstacles that the resolution legislation will
impose on any state capital supplied that could be considered new
state aid since January 2015. The downgrade could be limited to
one notch if details of Depfa's run-down plan provide clarity
around FMS WM's expectations for meeting regulatory capital
requirements despite operating losses as the bank is run down.
The timing and details of Depfa's liquidation at the end of its
wind-down process are also unclear. While Fitch do not expect
losses for senior unsecured creditors, Fitch do not fully exclude
the possibility that such liquidation could include the transfer
of assets and liabilities to external third parties, most likely
other banks.
Fitch understands that FMS WM does not intend to modify Depfa's
group structure, ie that DEPFA ACS Bank (DEPFA ACS) and Hypo
Public Finance Bank (HPFB) will remain fully owned by Depfa and
continue to be wound down in a similar way to Depfa.
Consequently, the alignment of DEPFA ACS and HPFB's ratings with
those of their parent reflects their integration into Depfa and
our expectation that state support would flow through Depfa. It
also reflects the reputational risk to the German government of
allowing a DEPFA subsidiary to fail. DEPFA ACS benefits from a
declaration of backing from its parent, expressing Depfa's
commitment to fulfil DEPFA ACS's contractual obligations in case
of need.
HPFB has not conducted any new business since 2008, most of its
remaining assets have been transferred to FMS WM and it has no
outstanding debt. Fitch believes that Depfa intends to
voluntarily liquidate HPFB at some point. Fitch has therefore
withdrawn its ratings because it no longer considers these to be
meaningful to its coverage.
Depfa's ratings are sensitive to any change in Fitch's view of
Germany's propensity to support banks and to the support dynamics
between Germany, FMS WM and Depfa, in particular to significant
changes in the relationship between Germany and FMS WM, although
Fitch considers the latter scenario to be highly unlikely for the
foreseeable future.
Depfa's ratings are also sensitive to Fitch's view of Germany's
ability to support its banks, as signalled by Germany's sovereign
rating. Given Depfa's domicile in Ireland, the bank's ratings
also reflect the broad sovereign and associated banking sector
risks in Ireland, not all of which are within the German owner's
power to neutralize. Therefore Depfa's IDRs are also sensitive
to the Irish sovereign rating.
DEPFA ACS's ratings are sensitive to changes to Depfa's IDRs or
to any move that could affect the strength of its integration
into Depfa.
Fitch does not assign Viability Ratings to Depfa or its
subsidiaries because they are wind-down institutions whose
business models would not be viable without external support.
KEY RATING DRIVERS AND SENSITIVITIES -- SUBORDINATED DEBT AND
OTHER HYBRID SECURITIES
The ratings of performing subordinated lower Tier 2 debt
securities issued by Depfa reflect its still material credit risk
if state support is excluded and lack of financial flexibility
for subordinated instruments. The limited margin of safety for
full performance of the debt is situated in the 'B' category on
Fitch's rating scale.
The material credit risk is driven by potential bail-in of the
bank's' subordinated debt holders that would be triggered by any
additional state support to accompany its orderly wind-down,
facilitated by the BRRD legislation. This risk is only partly
compensated by the relatively short remaining period until
maturity of Depfa's only dated subordinated debt instrument that
is rated by Fitch (December 2015).
In line with its "Assessing and Rating Bank Subordinated and
Hybrid Securities Criteria", in the absence of a VR or
alternative rating that could act as an anchor, Fitch has adopted
a bespoke analysis of the risks of non-performance and loss
severity risks for Depfa's lower-Tier 2 subordinated debt.
Fitch differentiates between Depfa's subordinated lower Tier 2
debt ratings and those of its wind-down bank peers within the 'B'
category by comparing these banks' respective operating income
forecasts, credit exposures and related potential losses and
available capital buffers to determine the potential need for
further extraordinary state support. The notching differences
reflect Fitch's view of the somewhat different probability of
further state support for each bank.
The instrument's rating is sensitive to the risk of burden-
sharing. Given the high degree of concentration in Depfa's asset
portfolio, this scenario could be driven by large single credit
losses that would mean the bank requiring further state support.
Should this instrument be bailed in, loss severity would likely
be high, which could result in a downgrade to 'CC' or 'C'.
Depfa's non-performing hybrid securities (Depfa Funding II, III
and IV LP) are rated 'C' to reflect the deferral of coupon
payments and Fitch's view that payments are unlikely to be
resumed given that Depfa is in wind-down. The state-aid
agreement with the EC does not permit distribution on Depfa's
profit-related capital instruments -- unless they are issued by
SoFFin or payment is mandatory -- prior to Dec. 31, 2015. In
light of Depfa's weak performance prospects, Fitch does not
expect that any of these instruments will become performing and
therefore sees no upside for the instruments' ratings.
In January 2015 Depfa announced that FMS WM proposed to launch a
tender offer (subject to regulatory approval) to repurchase these
hybrid securities and that FMS WM had entered into a commitment
agreement with a qualifying majority of holders of these
securities to purchase the securities at prices between about 58%
and 60% of their nominal values. Consequently, according to the
notification of the proposed tender offer, investors who do not
tender their securities could become subject to redemption of the
securities at the option of the issuer or Depfa at a price
between about 57% and 59% of nominal value.
The rating actions are:
Erste Abwicklungsanstalt
Long-term IDR affirmed at 'AAA', Outlook Stable
Short-term IDR affirmed at 'F1+'
Support Rating affirmed at '1'
Support Rating Floor affirmed at 'AAA'
Senior Debt affirmed at 'AAA'/'F1+'
State-guaranteed/grandfathered debt affirmed at 'AAA'/'F1+'
State-guaranteed/grandfathered market-linked securities affirmed
at 'AAA emr'
FMS WM
Long-term IDR affirmed at 'AAA'; Outlook Stable
Short-term IDR affirmed at 'F1+'
Support Rating affirmed at '1'
Support Rating Floor affirmed at 'AAA'
Commercial paper affirmed at 'F1+'
Senior unsecured affirmed at 'AAA'/'F1+'
Portigon AG
Long-term IDR affirmed at 'A+'; Outlook Stable
Short-term IDR affirmed at 'F1+'
Support Rating affirmed at '1'
Support Rating Floor affirmed at 'A+'
State-guaranteed/grandfathered debt: affirmed at 'AAA'
State-guaranteed/grandfathered subordinated debt: affirmed
at 'AAA'
Depfa Bank plc
Long-term IDR affirmed at 'BBB+'; Outlook Negative
Short-term IDR affirmed at 'F2'
Support Rating affirmed at '2'
Support Rating Floor affirmed at 'BBB+'
Debt Issuance Programme affirmed at 'BBB+'/'F2'
Senior unsecured affirmed at 'BBB+'
Market-linked securities affirmed at 'BBB+emr'
Subordinated notes (lower Tier 2, ISIN: XS0229524128): 'B+'
DEPFA ACS Bank
Long-term IDR affirmed at 'BBB+'; Outlook Negative
Short-term IDR affirmed at 'F2'
Support Rating affirmed at '2'
Debt Issuance Programme affirmed at 'BBB+'/'F2'
Hypo Public Finance Bank
Long-term IDR affirmed at 'BBB+'; Outlook Negative and withdrawn
Short-term IDR affirmed at 'F2', withdrawn
Support Rating affirmed at '2', withdrawn
Depfa Funding II LP hybrid capital instruments (XS0178243332)
affirmed at 'C'
Depfa Funding III LP hybrid capital instruments (DE000A0E5U85)
affirmed at 'C'
Depfa Funding IV LP hybrid capital instruments (XS0291655727)
affirmed at 'C'
STARTS PLC 2007-31: Moody's Withdraws Ba2 Rating on A2-D2 Notes
---------------------------------------------------------------
Moody's Investors Service has withdrawn the rating on the
following CSO:
Issuer: Starts (Ireland) PLC Series 2007-31
-- Series 2007-31 US$50,000,000 Class A2-D2 AAA/Aaa Rated
Floating-Rate Credit-Linked Notes due 2017, Withdrawn (sf);
previously on Feb. 4, 2014 Confirmed at Ba2 (sf)
This transaction is a corporate synthetic collateralized debt
obligation (CSO) referencing a portfolio of corporate senior
unsecured bonds, originally rated in 2007.
Moody's has withdrawn the rating for its own business reasons.
=========
I T A L Y
=========
PARMA FOOTBALL CLUB: Investors Saw 'Irregularities'
---------------------------------------------------
football-italia.net reports that Energy T.I. Group, who own 10
per cent of the Parma Football Club, claim there were "serious
irregularities" and confusion over debts.
The players decided to wait a few more days before putting the
club into administration, even though outstanding wages
stretching back to July 2014 have still not been paid, according
to football-italia.net.
Energy T.I. Group however are not prepared to wait and confirmed
they are trying to get Parma put into administration, the report
notes.
"They repeatedly called board meetings with resignations and the
nomination of new directors without taking us into account,"
President Roberto Giuli told TV Parma, the report relates.
Mr. Giuli revealed suspicious figures around the period between
Tommaso Ghirardi's Presidency of the club, the brief Rezart Taci
era and new patron Giampietro Manenti, the report says.
"I don't know Manenti. With Ghirardi, we abstained from
approving the balance sheet in December. When we came into the
club, there were EUR50 million of debts. We cannot understand
how that figure can be EUR97 million," football-italia.net quoted
Mr. Giuli as saying.
The situation is deteriorating quickly at Parma, as Equitalia --
who gather taxes and contributions for the Italian Government --
seized assets at the club's training ground, including several
vehicles, according to football-italia.net.
"Those issues were so far gone that it wasn't even worth the
bother trying to stop them," explained President Manenti,
football-italia.net cites.
Parma Football Club, commonly referred to as just Parma, is an
Italian professional football club based in Parma, Emilia-Romagna
that will compete in Serie A in the 2014-15 season, having
finished in sixth position last season.
===================
K A Z A K H S T A N
===================
KAZAKHSTAN ELECTRICITY: S&P Affirms 'BB+' CCR; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Kazakhstan-based state-owned electricity transmission
monopoly Kazakhstan Electricity Grid Operating Co. (JSC) (KEGOC)
to negative from positive. At the same time, S&P affirmed its
'BB+' long-term corporate credit rating on KEGOC and S&P's 'BB+'
issue rating on KEGOC's senior unsecured bank loan from the
European Bank for Reconstruction and Development. S&P withdrew
the '4' recovery rating on the loan.
The outlook revision on KEGOC follows S&P's downgrade of the
Republic of Kazakhstan. In line with S&P's methodology, the
outlook on KEGOC mirrors the outlook on the sovereign rating. If
S&P was to lower the sovereign rating further by one notch, it
would likely lower the rating on KEGOC, all else being equal.
S&P regards KEGOC as a government-related entity (GRE). In
accordance with S&P's GRE criteria, the lowering of the sovereign
rating on Kazakhstan to 'BBB' did not result in a similar rating
action on KEGOC because S&P assess the likelihood of
extraordinary state support for the company as "very high" and
its stand-alone credit profile (SACP) as 'b'.
"We still believe that KEGOC's credit ratios might strengthen
over the next 12 months on the back of a tariff uplift that the
government approved in November 2014. We think the tariff uplift
is beneficial for KEGOC's services, including a 50% rise for
transmission services. We think that this will boost cash flow
generation and strengthen leverage ratios, which could lead us to
positively reassess the company's financial risk profile as
"significant." We also note that there is a possibility of a
parallel rise in capital expenditures or a requirement to pay a
large dividend to its parent, 100% state-owned national welfare
fund Samruk-Kazyna, which would cancel the benefits of improved
cash flow generation and hinder positive development of the
financial profile. At the same time, if we revise the SACP for
KEGOC upward by one notch to 'b+', it would not result in an
upgrade of KEGOC, in accordance with our criteria, if the
sovereign rating remains at 'BBB' and we continue to assess the
likelihood of sufficient and timely extraordinary government
support to the company as "very high"," S&P said.
The ratings on KEGOC are constrained by its short-term (one year)
cost plus-based tariff system, which lacks predictability and
transparency and does not guarantee either full or timely cost
recovery, as well as high country risk and high financial
leverage, with 100% of debt denominated in euros or U.S. dollars,
and large investment program.
Supportive factors include strong ongoing support from the state,
a monopoly position in the stable electricity transmission
business, which S&P considers to have fairly low operating risk
because of its regulated earnings profile, as well as minimal
dividend pressure and a long-term maturity profile.
S&P's rating on KEGOC incorporates S&P's assessment of a "very
high" likelihood of timely and sufficient extraordinary
government support for the company, based on its assessment of
KEGOC's:
-- "Very important" role for Kazakhstan's government, given
the company's strategic importance as a monopoly provider
of essential electricity infrastructure; and
-- "Very strong" link with the government, which fully owns
KEGOC, currently guarantees about 42% of KEGOC's debt (and
possibly any new debt), and has a history of injecting
equity to cover the company's liquidity shortfalls.
S&P currently don't expect any deterioration in the likelihood of
extraordinary government support for KEGOC following the partial
"People's IPO" that took place in December 2014. S&P notes that
only a minor stake (10% less one share) was placed, and the
government is likely to retain incentives and instruments to
financially support KEGOC if needed.
The negative outlook on KEGOC reflects that on the sovereign. In
accordance with S&P's criteria for rating GREs, if S&P lowers the
sovereign rating on Kazakhstan by one more notch, it most likely
will result in a similar rating action on KEGOC, all else being
equal.
"We might also lower the ratings on KEGOC if we revise the
likelihood of extraordinary state support to "high" from our
current assessment of "very high," for instance, as a result of
negative interventions by the government, if the government
demonstrates lower motivation to support the company, or if the
government requires excessive dividends. Likewise, pressure on
the ratings might stem from the SACP deteriorating to 'b-', even
if our assessment of the likelihood of state support remains
"very high" and the sovereign rating remains at 'BBB'. The SACP
might deteriorate as a result of weakened liquidity or unexpected
growth in leverage stemming, for instance, from higher capital
expenditures or dividends," S&P said.
Upside potential for the ratings is currently limited, in S&P's
view. In line with S&P's methodology for GREs, it would have to
revise up its assessment of the SACP by at least two notches to
'bb-' for an upgrade to result.
S&P thinks that the generous tariff increase of November 2014
will boost the company's cash flows and earnings in 2015 and lead
to improved credit metrics (if not balanced by an investment or
dividend level higher than S&P currently anticipates). Such an
improvement might lead S&P to reassess KEGOC's financial risk
profile up to "significant" and the SACP to 'b+'. However, all
else beingequal, this would not result in a rating action on
KEGOC.
KHANTY-MANSIYSK: S&P Affirms 'BB+' ICR; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
issuer credit rating on Russia's Khanty-Mansiysk Autonomous Okrug
(KMAO). The outlook is negative.
At the same time, S&P affirmed its 'ruAA+' Russia national scale
rating on KMAO.
RATIONALE
S&P caps the long-term rating on KMAO at the level of the 'BB+'
long-term foreign currency sovereign credit rating on Russia. In
S&P's view, KMAO does not meet the criteria under which S&P would
rate a local or regional government (LRG) higher than its
sovereign.
Based on KMAO's intrinsic credit strengths and in accordance with
S&P's criteria, it assess its stand-alone credit profile (SACP)
at 'bbb-'. The SACP is not a rating but a means of assessing the
intrinsic creditworthiness of an LRG under the assumption that
there is no sovereign rating cap.
The SACP assessment on KMAO reflects the okrug's very low debt
and contingent liabilities, average budgetary performance, and
adequate liquidity. S&P assess KMAO's economy as average overall
and neutral for its creditworthiness because its very high wealth
levels are mitigated by high concentration and only limited
growth prospects, in our opinion.
The SACP is constrained by S&P's view of Russia's volatile and
unbalanced institutional framework and weak budgetary
flexibility, and by S&P's assessment of the okrug's weak
financial management in an international context.
KMAO is very wealthy by international standards, with the gross
regional product (GRP) per capita at about US$47,000 in 2014.
But its economy is highly concentrated on the cyclical oil
production industry, which makes the budget-revenue base
volatile. The okrug accounts for more than 50% of Russia's oil
production, and the oil sector contributes 60% of the region's
GRP and 70% of its tax revenues. Economic growth in KMAO has
slowed since the mid-2000s, owing to the depletion of mature oil
basins and low private and state investment in developing new
fields. In S&P's view, the okrug's long-term growth prospects
are severely constrained.
Like that of Russian peers, KMAO's financial position is highly
dependent on the federal government's decisions under Russia's
institutional framework. Decisions regarding regional revenues
and expenditures are centralized at the federal level, leaving
little budgetary flexibility to the okrug's authorities. More
than 90% of KMAO's tax revenues are controlled by federal
legislation, which makes it especially difficult for the okrug to
address potential revenue volatility.
In 2013, changes to the national tax legislation led to weak
payments from major oil companies and a 28% drop in KMAO's
corporate profit tax compared with 2012. In 2014, tax revenues
recovered owing to a very strong rebound of corporate profit tax.
But S&P expects that in 2015-2017, revenue growth will be only
modest, due to stagnating oil production and decreasing oil
prices. Revenue growth will likely be supported by ongoing
inflation, the ruble's depreciation (which might be positive for
oil exporters), and a continued increase in salaries, which
translates into higher personal income tax receipts.
At the same time, expenditure growth will likely be fueled by
federal initiatives to raise public-sector salaries and replace
dilapidated housing stock. KMAO's management is taking measures
to control spending growth, but S&P thinks there is leeway only
within its capital program.
In S&P's base-case scenario, it anticipates that KMAO's budgetary
performance will be only average in 2015-2017, and weaker than in
2010-2012, although better than the very weak one-time results in
2013. S&P forecasts the operating balance will be about 3% of
operating revenues on average in 2015-2017, down from more than
10% over 2010-2012. The deficit after capital accounts might
improve to an average of 4%-5% in 2015-2017, from 20% of total
revenues in 2013, if the okrug's management follows its plans to
control deficits.
Tax-supported debt, which mainly includes direct debt, will
likely increase gradually but remain very low, at less than 15%
of consolidated operating revenues at year-end 2017. In S&P's
view, KMAO's contingent liabilities are also very low because S&P
estimates that the extraordinary financial support that its
government-related entities might need over the next two years is
unlikely to exceed 2% of its operating revenues.
S&P views KMAO's financial management as weak in an international
comparison, as S&P do that of most Russian LRGs. This is mainly
because the region lacks reliable long-term financial and capital
planning. Nevertheless, S&P notes some improvement in debt and
liquidity management since the okrug replaced its short-term
loans with medium-term bonds last year. This has helped smooth
and extend its debt maturity profile. Also, the region has a
good track record of cutting expenditures when faced with revenue
stress, and in S&P's base-case scenario for 2015-2017, it assumes
it will implement some austerity measures.
S&P could revise its SACP assessment downward if, in line with
S&P's downside scenario, KMAO's deficits after capital accounts
exceeded 5% of total revenues in 2015-2017, leading to lower free
cash reserves, or if KMAO is unable to organize sufficient bank
lines due to high interest rates. If either were to happen, the
debt-service coverage ratio would likely decrease to less than
120%, leading us to revise our assessment of liquidity to less
than adequate.
Liquidity
S&P continues to view KMAO's liquidity as adequate according to
S&P's criteria. In S&P's base-case scenario, it forecasts that,
throughout 2015, KMAO's average free cash, net of the deficit
after capital accounts, will be about Russian ruble (RUB) 8
billion (about US$127 million). This amount will exceed the
okrug's very low debt service over the next 12 months, which S&P
estimates at RUB1.6 billion. Debt service consists only of
interest payments that represent less than 1% of operating
revenues.
At the same time, S&P anticipates some volatility in the debt-
service coverage ratio beyond this time frame. In 2015-2016, S&P
expects the okrug to spend its accumulated cash, thereby reducing
the amount of average free cash. S&P also views the okrug's
access to external liquidity as limited, as it is for most
Russian LRGs, given the weaknesses of the domestic capital
market.
S&P notes that KMAO's debt service peaked at 6.5% of operating
revenues in 2014, and forecast that it might reduce to less than
4% in 2015-2017 because of the bonds KMAO issued in October 2014,
which smoothed and extended its debt maturity profile.
OUTLOOK
The negative outlook reflects that on Russia. Any rating action
S&P takes on the sovereign would likely be followed by a similar
action on KMAO as long as the okrug's intrinsic credit
characteristics remain aligned with those in S&P's base-case
scenario. S&P views an intrinsic downside scenario as highly
unlikely because the SACP assessment on KMAO is higher than the
long-term rating.
S&P would likely revise the outlook on KMAO to stable, all else
being equal, if S&P revised the outlook on Russia to stable, and
if the okrug's performance remained within our base-case
scenario.
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's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.
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
Khanty-Mansiysk Autonomous Okrug
Issuer Credit Rating BB+/Negative/--
Russia National Scale ruAA+/--/--
SAMRUK-ENERGY JSC: S&P Lowers CCR to 'BB'; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Kazakhstan-based energy
group Samruk-Energy JSC to 'BB' from 'BB+' and the Kazakhstan
national scale rating to 'kzA+' from 'kzAA-'. The outlook is
stable. At the same time, the 'B' short-term corporate credit
rating was affirmed.
S&P also lowered the issue rating on the group's US$500 million
senior unsecured notes due 2017 to 'BB' from 'BB+'. The recovery
rating on the notes remains unchanged at '4'.
That rating action is in line with S&P's methodology for
government-related entities (GREs) and follows S&P's lowering of
the sovereign rating on Kazakhstan by one notch. It also
reflects S&P's view that there is a high likelihood that
Kazakhstan's government would provide timely and sufficient
extraordinary financial support to Samruk-Energy in the event of
financial distress. This is underpinned by the group's market
position, which consolidates 47% of installed power generation
capacity in the country. The rating also reflects S&P's
assessment of the group's stand-alone credit profile (SACP) at
'b+', based on S&P's view of its business risk profile as "weak"
and its financial risk profile as "aggressive."
Samruk-Energy is a vertically integrated group of companies with
business segments including coal mining and electricity
generation, distribution, and supply.
S&P's assessment of Samruk-Energy's business risk profile as
"weak" reflects its view of its evolving corporate structure,
with a limited track record of operations in their current form,
an aged asset base, limited visibility at this stage over the
regulatory framework after 2015, and the transitional features of
the domestic power market. Supporting factors include the
group's solid domestic market position, average profitability
(which is higher than peers in the Commonwealth of Independent
States), and high vertical integration through its long position
in coal, electricity generation, distribution, and supply
operations.
S&P's assessment of Samruk-Energy's financial risk profile as
"aggressive" incorporates S&P's view of the group's ambitious
investment program (over which it has limited flexibility as it
has been approved by the regulator) and its fairly high debt-to-
EBITDA ratio.
S&P's view that there is a "high" likelihood of extraordinary
financial support from the government reflects Samruk-Energy's:
-- "Important" role for the government, given its strategic
position as a leading provider of electricity in
Kazakhstan; and
-- "Very strong" link with the government, given the 100%
ownership of the group through government investment
vehicle Samruk-Kazyna, S&P's expectation that the
government will maintain majority ownership for at least
the next two years, the government's involvement in
strategic decision-making, and the risk to the sovereign's
reputation if Samruk-Energy were to default. This is
supported by historically strong financial support from the
government in the form of equity injections, asset
transfers, low-interest-rate loans, debt guarantees, and
the provision of financial aid and tax benefits.
The stable outlook reflects S&P's view that the risks associated
with Samruk-Energy's ambitious investment program, pressure on
the group's credit metrics, and high debt leverage are balanced
by S&P's view of the high likelihood that the group would receive
timely and sufficient extraordinary support from the government
of Kazakhstan if needed. This is underpinned by Samruk-Energy's
strategic importance for and strong track record of receiving
financial aid from the government of Kazakhstan, as well as its
solid market position and benefits of vertical integration.
According to S&P's methodology for rating GREs, if the sovereign
rating is further lowered to 'BBB-', it would not automatically
result in a similar rating action on Samruk-Energy, provided that
Samruk-Energy's SACP and likelihood of extraordinary state
support remain unchanged.
Downward pressure on the ratings might arise if the group adopts
more aggressive financial policies that aren't commensurate with
S&P's current expectations, for example, if increased investments
led to leverage exceeding 5x debt to EBITDA or FFO to debt below
12%, or if the liquidity and maturity profiles weakened. Credit
metrics could also deteriorate from Samruk-Energy not receiving
sufficient ongoing government aid via such supportive measures as
conversion of shareholder debt to equity, favorable price caps,
and equity injections. S&P could then change its comparable
ratings modifier to neutral from positive, which would trigger a
downward revision of the group's SACP to 'b'.
However, according to S&P's methodology for rating GREs, Samruk-
Energy's SACP would have to fall to 'b-' to result in a one-notch
downgrade, all else being equal.
If S&P revised the likelihood of extraordinary state support to
"moderately high," it would also lead S&P to lower its rating on
Samruk-Energy, if the SACP and sovereign ratings remain
unchanged. Such a revision might stem from a demonstrated weaker
willingness of the government to provide financial support to the
group, a revision of government strategies regarding development
of the private sector, or enhanced privatization above S&P's
expectations during the "People's IPO."
If S&P revised up its assessment of Samruk-Energy's SACP to 'bb-
', and the group's credit metrics sustainably improved to a level
commensurate with a "significant" financial risk profile,
including debt to EBITDA of 3x-4x and FFO to debt in the 20%-30%
range, it could trigger an upgrade of Samruk-Energy. S&P thinks
that these factors could occur in case of further conversion of
loans to equity, further equity contributions, or lower
investments implemented by the group, with Samruk-Energy's
liquidity and maturity profiles also remaining adequate.
=================
L I T H U A N I A
=================
UAB BITE: Fitch Affirms B- Issuer Default Rating, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed UAB Bite Lietuva's (Bite) Issuer
Default Rating (IDR) at 'B-' with a Stable Outlook and Bite
Finance International BV's (BFI) bonds at 'B-'/RR4. BFI's senior
secured revolving credit facility (RCF) has also been affirmed at
'B'/RR3.
Bite's ratings are supported by the continued cash flow
generation improvements in its Latvian operations, the relatively
stable performance in a challenging Lithuanian mobile market and
better covenant headroom following the amendment of the company's
RCF in 2014. Following the utilization of the RCF to buy back
bonds, the company's liquidity is more of a credit risk now.
KEY RATING DRIVERS
Challenging Operating Conditions
Bite operates in two mature, relatively small markets where
economic conditions are somewhat challenging and competition is
high. In both markets, Bite competes against larger and more
financially secure operators with experience and the benefit of
operations in multiple countries. Tough competition combined
with mobile termination rates declines has put pressure on
companies' revenues over the past few years. However, both
markets appear to be gradually becoming more rational while
mobile operators are realizing that intense price wars harm
everyone, including the winners. Mobile tariffs are among the
lowest in Europe and further price reductions are likely to make
investments in infrastructure unjustified. The focus is shifting
from price competition towards services differentiation on
quality and monetization of existing subscriber base.
Selective 4G Coverage
Bite aims to rollout 4G networks in the five largest cities in
Lithuania and capital city Riga and its suburbs in Latvia in
1Q15. The company is currently lagging its peers in both markets
as they have already covered the major part of the population.
Traditionally the demand for mobile broadband services is higher
in large cities. Bite's cherry-picking tactics with
concentration on the most lucrative subscribers might prove to be
efficient as the company will be able to provide superior quality
services in selected areas without compromising the quality in
less attractive regions. Mobile broadband demand in Lithuania is
growing more slowly compared with Latvia and the rest of Europe
and therefore the impact of 4G rollout on financials may be
limited in the next one to two years.
Covenants Relaxed, More Comfortable Headroom
The company's secured bank RCF includes a leverage covenant that
steps down over time. In April 2014, Bite amended the RCF,
notably loosening leverage covenants and expanding the available
amount to EUR30 million from EUR20 million. Potential pressure
on covenant headroom was previously one of the key risks Fitch
identified for the ratings. With the new covenant, Fitch expects
that headroom will be around 20% at YE15 and remain comfortably
above 15% in the forecasting period. Although Fitch will
continue to monitor covenant headroom closely, management's
ability to renegotiate the test and its improvement gives the
agency additional assurance for the rating level.
RCF Utilization, Liquidity Pressures
Bite faces limited liquidity after drawing down its RCF. It
opportunistically bought back a part of its senior secured notes
issue of total notional amount of EUR27.7 million in 4Q14. The
decision was driven by favorable market conditions with high
yield bond prices under pressure, which allowed the company to
spend only EUR25 million on the purchase. This was financed by
cash and by drawing EUR15 million out of its EUR30 million RCF.
The move implies interest expense savings of around EUR2 million
per year. The company aims to repay the RCF in 2015 with
generated operating cash flow. The failure to repay the RCF as
planned may lead to downward pressure on the rating.
Stable Metrics, Slow Deleveraging
The existing tough operating environment combined with mild
margins pressures, suggest that EBITDA is unlikely to improve
materially in the forecasting period. The non-aggressive
investment program combined with no growth in working capital
would allow the company to continue generating positive free cash
flow over the next three years and thus improve the overall net
debt profile. Unadjusted leverage (net debt/EBITDA) will likely
remain below 4.0x. The company's size and operating environment
are constraints on the rating, especially a heightened
competitive environment and if performance is weaker than
planned.
KEY ASSUMPTIONS
-- ARPU decline rates to slow down both in Lithuania and
Latvia as a result of more rational competition
-- Flat revenue yoy in 2015 and low single digits decline in
2016-2017
-- EBITDA margin at slightly below 30% throughout forecasting
period
-- Repayment of drawn RCF by YE15 with generated free cash
flow and existing cash on the balance
-- 2015-2017 capex around 10% of revenue
-- Unadjusted net debt/EBITDA ratio of 3.6x at YE15
-- No investment in spectrum acquisition/renewal
RATING SENSITIVITIES:
Negative: Future developments that could lead to negative rating
action include:
-- A failure to generate a positive free cash flow margin -
Fitch's rating case assumes this to be in the low to mid-
single digit range.
-- Significant deterioration of operating and financial
performance in the Lithuanian and Latvian markets.
-- Persistently weakening leverage trend. A material
compression of covenants headroom and no sign of the
negative trend being addressed would be a risk.
-- The decline in available liquidity to below EUR15m,
including RCF, without a clear path for improvement may put
pressure on ratings.
Positive: Future developments that could lead to positive rating
actions include:
-- A difficult operating environment and the constraining
factors suggest an improvement in the rating is unlikely in
the near to medium term.
-- Solid improvement in operating performance in Lithuania,
ongoing traction in Latvia and an FFO net adjusted leverage
of 3.75x or below could potentially support a higher
rating.
===================
L U X E M B O U R G
===================
LEHMAN BROTHERS: March 15 Second Dividend Distribution Set
----------------------------------------------------------
The Luxembourg District Court has established March 15, 2015, as
the date of the distribution of a second dividend by Lehman
Brothers (Luxembourg) S.A., in judicial liquidation.
Creditors are requested to file their claims before March 15 with
the Clerk's office of the Luxembourg District Court, 2nd Chamber,
Cite Judiciare, L-2080 Luxembourg-City.
Creditors should file any supporting documents with their
claim(s) and indicate, for each claim, its nature, date and
amount. Creditors should also indicate if their claim is
privileged by a pledge, mortgage, property reserve or otherwise,
the nature of their privilege and the assets over which their
privilege applies.
Creditors who fail to file claim(s) before March 15 will not be
taken into account for the distribution of the second dividend in
conformity with the rules contained in article 508 of the
Luxembourg Commercial Code.
The Company's registered office is at:
29, Avenue Monterey
L-2163 Luxembourg-City
The Company's court-appointed liquidators are:
Jacques Delvaux
E-mail: notaire.delvaux@pt.lu
-- and --
Laurent Fisch
E-mail: laurent.fisch@molitorlegal.lu
PICARD BONDCO: Fitch Lowers Issuer Default Rating to 'B'
--------------------------------------------------------
Fitch Ratings has downgraded Picard BondCo S.A.'s Long-term
Issuer Default Rating (IDR) to 'B' from 'B+' and Picard Groupe
S.A.S.'s senior secured floating-rate notes (FRNs) and revolving
credit facility (RCF) ratings to 'BB-'/'RR2' from 'BB'/'RR2'.
Fitch has removed the ratings from Rating Watch Negative (RWN)
where they were placed on Feb. 5, 2015. Fitch has simultaneously
assigned a final instrument rating of 'CCC+'/'RR6' to Picard
BondCo S.A.'s EUR428 million 2020 senior notes. The Outlook on
the IDR is Stable.
The rating actions follow the completion of a EUR601 million
dividend upstream from Picard to its sponsor, Lion Capital. A
further EUR18 million dividend has been up-streamed from Picard
PIKco, but this does not affect Picard's IDR, in Fitch's view.
The dividend recapitalization has been financed with EUR20
million additional PIK notes issued at the Picard PIKco S.A.'s
level, a tap issue of the existing EUR480 million senior secured
FRNs due 2019 to a total of EUR822 million at Picard Groupe
S.A.S.'s level, and an issue of EUR428 million new senior notes
due 2020 at Picard's level. The existing EUR185 million senior
notes due 2018 have been redeemed as part of the transaction.
The rating actions reflect the sponsor's aggressive financial
policy leading to higher leverage and refinancing risk, which
results in a financial profile more in line with 'B-' rated
peers. The IDR remains underpinned by Picard's strong business
profile and ability to generate sustained positive free cash flow
(FCF) in the low to mid-single digits as a percentage of sales.
However, due to the group's high leverage and refinancing risk,
any underperformance to Fitch's rating case would lead to
negative rating action.
KEY RATING DRIVERS
Aggressive Sponsor, Refinancing Risk
Fitch views the sponsor's financial policy, which demonstrates
low equity involvement, as aggressive. Fitch expects Picard's
lease-adjusted FFO net leverage to increase to 7.9x at FYE15
(financial year ending March 2015). This compares to 5.3x under
previous capital structure. Fitch expects leverage to remain
above 6.5x at FYE18 (versus 4.2x under the previous capital
structure). As Fitch considers that the group's deleveraging
pace should not be significantly affected by the new capital
structure thanks to the group's strong business model and cash
flow generation capacity, the higher refinancing risk is a direct
consequence of the group's debt re-leveraging. This acts as a
key constraint on the rating.
Resilient Business Model
Picard BondCo's like-for-like sales started to recover in 4Q FY14
and grew 0.8% in 1H FY15. Fitch expects some acceleration over
the next three years albeit with annual growth remaining lower
than pre-2008. This is due to growing competition among food
retailers to increase customer traffic through more attractive
store formats and selling prices.
Low Execution Risk in Strategy
Fitch believes management's expansion strategy, which now
includes development through franchises, has a low execution
risk. Picard's franchises would contribute less to revenues and
EBITDA than owned stores. However, they do not represent
significant risk as the establishment cost will be low for
Picard, and if the franchises are not successful, the related
loss will not be significant either. However, Fitch notes that
the growing inclusion of franchises in the group's business model
slightly increases the exposure to potential food scares as the
group has less control on franchises' operations than on own
stores.
Operating Margin Pressure
Fitch expects Picard's EBITDA margin to stabilize at around 13.5%
in the next four years following the FY11 peak of 14.6%
(FY14:13.4%). The limited profitability recovery from FY14
reflects expansion-related costs and our expectation of
consistently high marketing costs due to continued competitive
pressure. A growing cost base, although under control, should be
only partially offset by subdued like-for-like sales growth.
Slow Geographic Diversification
Picard's unproven ability at diversifying its activities
geographically is a rating constraint. While Fitch acknowledges
Picard's expansion opportunities in the long term, Fitch factors
in limited contribution to the overall group sales and profits
within the next five years. However, Fitch expects moderate
execution risks in entering new markets initially via either
concessions-in-shops (Japan) or franchises (Switzerland).
Furthermore Fitch views positively management's cautious approach
to foreign expansion as we believe a slowdown in owned-store
openings would not significantly affect the group's cash flow
prospects under the new debt structure.
Lower but Still Strong FCF
Under the new capital structure Fitch expects FCF generation
capacity to be slightly lower than under the previous one,
primarily due to higher interest costs. Fitch forecasts higher
interest costs will be only partially compensated by the EBITDA
uplift from new franchises requiring no capex. Low cash flow
volatility continues to reflect the group's resilient gross
profit margin and its flexibility to scale back expansion capex
without eroding EBITDA and FFO generation. The solid cash flow
generation capacity provides adequate financial flexibility and
liquidity to the group's operations.
Weak Expected Recoveries for Senior Notes
The senior secured FRNs and RCF ratings of 'BB-'/'RR2' indicate
above-average recovery prospects, in the range of 71%-90%.
Picard's senior notes' rating of 'CCC+'/'RR6' reflects weak
recovery prospects in case of default in view of the payment
waterfall. The recovery expectations are driven by a post-
restructuring EBITDA around 30% below the group's adjusted LTM
September 2014 EBITDA of EUR182m, combined with an estimated
going concern enterprise value/EBITDA multiple of 6.0x in
distress.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch'srating case include:
-- Acceleration of annual revenue growth towards the mid-
single digits from FY17, supported by mild strengthening of
French like-for-like sales and network expansion
-- EBITDA margin stabilization at about 13.6% of sales
-- Annual capex at 2.6% of sales on average, reflecting owned
stores openings and store remodelling in France
-- No dividends
-- Annual FCF at 4.4% of sales on average
RATING SENSITIVITIES
Positive: Fitch said "We believe an upgrade of the IDR is
unlikely over the rating horizon as Picard's financial ratios are
reliant on a significant improvement in the group's operating
performance, which Fitch do not foresee. If Picard's business
model remains resilient, future developments that would lead to
positive rating actions include:
-- FFO adjusted gross leverage sustainably below 6.0x (5.5x
net of readily available cash).
-- FFO fixed charge cover sustainably above 2.5x (FY14: 1.9x).
Negative: Future developments that could lead to negative rating
action include:
-- Refinancing of Picard PIKCo S.A.'s PIK notes through a debt
instrument with terms and conditions that may place the
FRNs and senior note holders in a less favorable position.
-- FFO adjusted gross leverage sustainably above 7.5x (7.0x
net of readily available cash), combined with:
-- Deterioration in like-for-like sales and EBITDA margin.
-- FCF generation below 4.0% of sales
-- FFO fixed charge cover below 1.5x.
SUNRISE COMMUNICATIONS: Fitch Raises IDR to 'BB+'; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has upgraded Luxembourg-based Sunrise
Communications Holdings S.A.'s Long-term Issuer Default Rating
(IDR) to 'BB+' from 'BB-' and removed it from Rating Watch
Positive (RWP). The Outlook is Stable. The two-notch upgrade
reflects the company's reduced leverage following its IPO and
successful refinancing.
Fitch has also assigned Sunrise's 2022 senior secured Swiss
franc-denominated notes and Switzerland-based Sunrise
Communications AG's, Term Loan B, bank debt final ratings of
'BBB-'. These ratings represent a one-notch uplift to Sunrise's
IDR of 'BB+'. The increased notching is due to the senior secured
nature of the obligations. The new notes, bank debt and proceeds
from the IPO were used to reduce and refinance Sunrise's previous
debt of CHF2.21 billion (CHF2.84 billion including PIK notes) to
CHF1.86 billion.
Fitch has also withdrawn Mobile Challenger Intermediate Group
S.A.'s IDR as the entity's PIK notes have been repaid along with
the remainder of Sunrise's refinanced senior and senior secured
debt.
KEY RATING DRIVERS
Reduced Leverage Following IPO
Sunrise completed a listing on the Swiss SIX Exchange through a
newly formed entity, Sunrise Communication Group AG. The IPO
raised primary gross proceeds of CHF1.36 billion, which reduce
net debt-to-EBITDA to 2.7x from 3.6x in 3Q14 (4.7x including
Mobile Challenger's PIK toggle notes), corresponding to funds
from operations (FFO) adjusted net leverage of 3.3x. Fitch
considers FFO-adjusted leverage of less than 3.5x to be
consistent with a 'BB+' rating, given Sunrise's operating
profile, proposed shareholder remuneration policy and no material
change in the competitive and regulatory environment in
Switzerland.
The newly listed entity is committed to a CHF135 million dividend
in 2016, followed by a pay-out ratio of at least 65% of equity-
free cash flow thereafter and will return any excess cash flow
above its target capital structure, based on leverage level of
2.5x net debt to EBITDA, to shareholders.
Refinancing of Existing Debt
Sunrise refinanced all of its existing debt of CHF2.94 billion in
conjunction with the IPO. The debt was reduced and replaced by
new bank facilities and senior secured notes. The bank
facilities comprise a six-year term loan of CHF1.36 billion and a
five-year revolving credit facility of CHF200 million. The
senior secured notes total CHF500 million with a tenure of seven
years.
Notching of Instruments
The new bank facilities and senior secured notes are secured
against the collateral of shares and intra-group receivables of
each obligor or material subsidiary. Based on Fitch's rating
methodology, the quality of the security allows both debt forms
to be rated one notch above Sunrise's 'BB+' IDR. As a result,
Fitch has rated the bank facilities and senior secured notes at
'BBB-' to reflect the superior recovery prospects of the share
collateral relative to the total amount of debt that secures the
obligations.
The collateral of the senior secured notes could be released upon
achieving investment grade status but remains in place until it
is released by the senior facilities agreement which governs the
bank debt. If the collateral is released, Fitch would view these
notes as senior unsecured instruments and their rating will be
equalized with Sunrise's IDR.
Stable Market Position Likely
Sunrise has a stable, number two position in the Swiss telecoms
market, which is dominated by the incumbent Swisscom. Sunrise's
predominant strengths are within the mobile segment, where it has
increased its mobile revenue share to 20.5% from 19.0% over the
past five years. Sunrise expects 2014 revenue and adjusted
EBITDA to have grown 2%-3% yoy.
Competitive Market Environment
Competition in the Swiss telecoms market remains strong,
particularly in the fixed-line segment where Cablecom and
Swisscom have become more aggressive -- and successful - in
marketing their multi-play bundles with ultra-fast broadband
speeds. This has placed pressure on Sunrise's fixed-line
business, which Fitch views as vulnerable to competition, given
its role as an unbundled local loop service provider. Fitch
expects fierce competition to continue in this segment over the
short to medium term due to high broadband and pay-TV penetration
rates as well as customer migration towards higher broadband
speeds.
Competition in the mobile segment could also increase with the
launch of Cablecom's mobile product and recent change in
ownership of Switzerland's third mobile operator, Orange
Communications S.A., following its acquisition by NJJ Capital, a
vehicle funded by Xavier Niel, the founder of Iliad in France.
Expected Increase in Leverage
Fitch expects leverage over 2016 and 2017 to increase modestly as
a result of remaining spectrum payments, increased cash taxes and
dividend payments. This will be partly offset by a reduction in
capex, following a period of increased investment for network and
set-top boxes for its IPTV service.
KEY ASSUMPTIONS
-- Annual revenue growth of 1.0% through 2018 reflecting
moderate subscriber and ARPU growth in mobile and
stabilizing trends in fixed line
-- EBITDA margins stable at 2014 levels
-- Cash capex, excluding spectrum, normalizing at around 13%
of revenues from 2015
-- Dividends of CHF135 million in 2016 as announced,
thereafter targeting roughly 65% of equity-free cash flow
-- Stable operating and regulatory environment
RATING SENSITIVITIES
Positive: Future developments that could, individually or
collectively, lead to positive rating action include:
-- FFO adjusted net leverage sustainably below 3.0x.
-- FFO fixed charge cover sustainably above 3.75x.
Negative: Future developments that could, individually or
collectively, lead to negative rating action include:
-- FFO adjusted net leverage sustainably above 3.5x.
-- FFO fixed charge cover sustainably below 3.25x.
-- Loss of service revenue market share and/or expectations of
negative FCF, excluding spectrum payments in the next two
years.
The rating actions are:
Sunrise Communications Holdings SA
Long-term IDR: upgraded to 'BB+' from 'BB-'; off RWP; Outlook
Stable
Senior secured notes due 2022: assigned 'BBB-'
Sunrise Communications AG
Term loan B facility due 2021: assigned 'BBB-'
Fitch has withdrawn the following ratings:
Sunrise Communications Holdings SA
Senior secured RCF due 2016: 'BB'
Senior secured notes due 2017: 'BB'
Senior notes due 2018: 'B'
Mobile Challenger Intermediate Group SA
Long-term IDR: 'B+'
Senior PIK toggle notes due 2019: 'B-'
=====================
N E T H E R L A N D S
=====================
MESDAG BV: S&P Lowers Rating on Class C Notes to 'CCC'
------------------------------------------------------
Standard & Poor's ratings Services took various credit rating
actions in MESDAG (Charlie) B.V.
Specifically, S&P has:
-- Raised its ratings on the class A and B notes;
-- Lowered its rating on the class C notes; and
-- Affirmed its 'D (sf)' ratings on the class D and E notes.
The rating actions follow S&P's review of the transaction's
portfolio performance under its European commercial mortgage-
backed securities (CMBS) criteria.
THE BERLIN LOAN (55% OF THE POOL)
The loan (EUR112.0 million) is secured on a portfolio of four
multifamily properties in the district of Marzahn to the east of
Berlin. The loan has scheduled amortization and matures in July
2016.
In January 2015, the issuer reported a loan-to-value (LTV) ratio
of 55%, based on a December 2013 valuation.
The property comprises approximately 3,860 residential units and
ancillary commercial accommodation, with a total floor area of
239,034 sqm. The vacancy rate is currently 2.35%.
In S&P's analysis, it has assumed a full loan repayment in its
'B' case rating stress scenario.
THE DUTCH OFFICES I LOAN (15% OF THE POOL)
The loan (EUR30.0 million) is secured on four office properties
in the Netherlands. The properties comprise an aggregate floor
area of about 20,650 sqm.
The borrower failed to repay the loan by the Dec. 30, 2011 loan
maturity date and the loan entered special servicing. The
borrower has subsequently been declared insolvent.
The loan has been accelerated and workout discussions between the
special servicer and bankruptcy trustee for the loan are ongoing.
The properties are leased to five tenants (the current top five
tenants account for 77% of the total floor area) with a vacancy
level of 23.08% and a weighted-average unexpired lease term
(WAULT) of 2.35 years.
Based on the reported February 2013 valuation, the LTV ratio is
164%.
In S&P's analysis, it has assumed principal losses on this loan
in its 'B' case rating stress scenario.
THE TOMMY LOAN (14% OF THE POOL)
The loan (EUR29.1 million) is secured on a portfolio of 12 (down
from 18 at closing) predominantly multifamily properties
throughout Germany. Six properties are located in the North
Rhine - Westphalia region, two properties are in Hamburg, and the
remaining properties are in Munich, Berlin, Hannover, and
Frankfurt.
The loan is interest only and matures in April 2016.
In January 2015, the issuer reported an LTV ratio of 35%, based
on a December 2013 valuation.
The 12 properties have a current vacancy level 4.52%.
In S&P's analysis, it has assumed a full loan repayment in its
'B' case rating stress scenario.
THE DUTCH OFFICES II LOAN (11% OF THE POOL)
The loan (EUR22.8 million) is secured on two office properties in
the Netherlands.
The borrower failed to fully repay all amounts outstanding by the
loan maturity date on Jan. 15, 2013. The loan previously entered
special servicing in April 2012 due to a breach of its LTV ratio
covenant (set at 70% under the transaction documents).
The loan has been accelerated and workout discussions between the
special servicer and bankruptcy trustee for the loan are ongoing.
The property located in Ede sold for EUR1.4 million in February
2015. The bankruptcy trustee kept a retention amount of EUR0.5
million to be used for capital expenditure for the last remaining
property located in Amersfoort.
The Amersfoort property (13,893 sqm) is 41.34% vacant. Based on
the reported September 2013 valuation, the LTV ratio is 147%.
In S&P's analysis, it has assumed principal losses on this loan
in its 'B' case rating stress scenario.
SPARKASSE LOAN (4% OF THE POOL)
The loan (EUR8.4 million) was secured on a mixed-use portfolio of
20 properties (commercial and residential units) spread across
Germany.
The loan entered special servicing following the borrower's
failure to repay the outstanding balance at loan maturity in
March 2014.
Following enforcement on the loan and sale of the underlying
properties through a sale of the shares, the loan fully repaid
(along with the accrued interest and default interest) on Feb. 5,
2015. The redemption proceeds are expected to be distributed to
noteholders on the April 2015 interest payment date.
DERRICK LOAN (1% OF THE POOL)
The loan (EUR2.8 million) is secured on a single office property
located in Hildesheim, Germany.
The loan entered special servicing following the borrower's
failure to repay the outstanding balance at loan maturity in
September 2013.
In January 2015, the issuer reported a LTV ratio of 67%, based on
a December 2012 valuation.
The property is fully let to a single tenant with a WAULT of 5.60
years.
In S&P's analysis, it has assumed principal losses on this loan
in its 'B' case rating stress scenario. This is because S&P
believes the property is over-rented. S&P took this into account
into its 'B' case amount of recovery.
RATING ACTIONS
S&P's ratings on MESDAG (Charlie)'s notes address the timely
payment of interest and repayment of principal not later than the
October 2019 legal maturity date.
In S&P's opinion, the available credit enhancement for the class
C notes is insufficient to absorb the calculated losses at their
currently assigned rating levels. S&P has therefore lowered to
'CCC (sf)' from 'B- (sf)' its rating on the class C notes. S&P
believes that, in accordance with its criteria, the repayment of
principal of that class has become dependent upon favorable
business, financial, or economic conditions.
Losses from two loans were previously applied to the class D and
E notes' principal deficiency ledger. Consequently, this
resulted in interest shortfalls for these classes of notes. S&P
has therefore affirmed its 'D (sf)' ratings on the class D and E
notes.
Although S&P considers the available credit enhancement for the
class A and B notes to be adequate to mitigate the risk of losses
from the remaining underlying pool of loans in higher stress
scenarios, S&P has limited the ratings uplift on the class A and
B notes to 'AA (sf)' and 'A (sf)', respectively. This reflects
S&P's opinion of the quality of the credit enhancement available
to these two classes of notes, given its overall view of
principal losses in the transaction. MESDAG (Charlie) is a
European CMBS transaction that closed in April 2007. It is
currently backed by six loans, down from nine at closing, secured
against 22 residential and mixed-use commercial properties in
Germany and the Netherlands.
RATINGS LIST
MESDAG (Charlie) B.V.
EUR493.65 Million Commercial Mortgage-Backed Variable- And
Floating-Rate Notes
Class Rating
To From
Ratings Raised
A AA (sf) AA- (sf)
B A (sf) A- (sf)
Rating Lowered
C CCC (sf) B- (sf)
Ratings Affirmed
D D (sf)
E D (sf)
NIELSEN FINANCE: $650MM Add-on Debt No Impact on Moody's Ratings
----------------------------------------------------------------
Moody's Investors Service said that the US$650 million add on to
the B1 rated 5.0% Senior Notes due 2022 issued by Nielsen Finance
LLC and Nielsen Finance Co., indirect subsidiaries of Nielsen
N.V. ("Nielsen"), has no immediate impact on debt ratings.
Proceeds from the new notes will be used for general corporate
purposes including share repurchases and repayment of revolver
advances. All ratings including the Ba3 Corporate Family Rating
and Ba3-PD Probability of Default Rating as well as the positive
outlook are unchanged.
Nielsen's Ba3 Corporate Family Rating reflects Moody's view that
the company will maintain its leading international positions in
the measurement and analysis of consumer purchasing behavior as
well as in providing media and marketing information given
protection from high entry barriers. Revenue is supported by
long-standing contractual relationships with consumer product
companies, media and advertisers, and benefits from the company's
status as a source of independent benchmark information. Moody's
expects the company will build on its track record to deliver
low-to-mid single digit percentage revenue and EBITDA growth.
Ratings incorporate the challenging operating environment in
Nielsen's 'Buy' division due to cyclical spending shifts by
clients as well as exposure, particularly in the 'Watch'
division, to a more competitive landscape in rapidly growing
online markets. Risks include the potential for new technologies
to change consumer buying habits and advertising/marketing
delivery channels; however, the rating agency believes Nielsen is
positioned to respond to new media channels by broadening its
product and service offerings. Ratings reflect the company's
moderately high leverage and likely increases in dividend payouts
or share repurchases as earnings grow. Furthermore, Nielsen's
increase in quarterly dividends in 2014 (more than US$370 million
annual payout) and share repurchase programs consumes cash that
could otherwise be used to reduce debt or fund acquisitions. The
proposed increase in debt balances (net of revolver paydowns)
plus the increase in estimated unfunded pension liabilities at
year end 2014, due to lower discount rates primarily in Europe,
will elevate debt-to-EBITDA to roughly 4.5x pro forma for the new
notes (including Moody's standard adjustments) compared to 4.7x
in 2013, despite mid-single digit percentage revenue growth and
some EBITDA margin expansion. Liquidity is strong with US$273
million of balance sheet cash, low to mid-single digit percentage
free cash flow-to-debt ratios, effectively full availability
under its US$575 million revolver facility pro forma for
repayment with bond proceeds, and no significant debt maturities
until 2017.
The positive rating outlook reflects Moody's expectation that
Nielsen will deliver operating results in line with its recent
guidance for 2015 (4%-6% revenue growth and 29%-31% adjusted
EBITDA margins) and that shareholder distributions and
acquisitions are managed such that the company reduces leverage.
Moody's assumes in the rating outlook that the U.S. and global
economies continue to expand modestly. An upgrade would require
steady and growing earnings performance paired with de-leveraging
such that debt-to-EBITDA moves towards 4.0x and free cash flow
generation is meaningful on a sustained basis. Moody's would
need to be comfortable that Nielsen has the willingness and
capacity to manage to consistently improving credit metrics after
incorporating potential acquisitions or share repurchases.
Nielsen would also need to maintain at least good liquidity.
Ratings could be downgraded if debt-to-EBITDA were to exceed 5.0x
(including Moody's standard adjustments) or if free cash flow
generation weakens through deterioration in operating
performance, acquisitions, or shareholder distributions. The
outlook could be changed to stable if Nielsen adopts more
aggressive financial policies including a move away from its
intention to reduce leverage. Additional debt financed
distributions or acquisitions could result in a change in the
outlook to stable given the extended time needed to restore
credit metrics, including leverage and free cash flow ratios, to
levels achieved as of Sep. 30, 2014 (4.2x debt-to-EBITDA
including Moody's standard adjustments). Deterioration in
liquidity could also create downward rating pressure.
Nielsen N.V., headquartered in Diemen, the Netherlands and New
York, NY, is a global provider of consumer information and
measurement that operates in approximately 100 countries.
Nielsen's Buy segment (roughly 56% of FY 2014 reported revenue)
consists of two operating units: (i) Information, which includes
retail measurement and consumer panel measurement services; and
(ii) Insights, which provides consumer intelligence and
analytical services for clients. The Watch segment (44% of
reported revenue) provides viewership and listenership data and
analytics across television, radio, online and mobile devices for
the media and advertising industries. A consortium of private
equity firms owns less than 15% of economic interest and voting
control in Nielsen with remaining shares being widely-held.
Reported revenue for the 12 months ended Dec. 31, 2014 was $6.3
billion.
NIELSEN NV: S&P Raises Corp. Credit Rating to 'BB+'
---------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
corporate credit rating on New York City-based global information
and measurement company Nielsen N.V. to 'BB+' from 'BB'. The
rating outlook is stable.
At the same time, S&P raised its issue-level rating on the
company's senior secured debt to 'BBB' from 'BBB-'. The '1'
recovery rating remains unchanged, indicating S&P's expectations
for very high recovery (90%-100%; high end of the range) of
principal in the event of a payment default.
S&P also raised its issue-level rating on Nielsen's senior
unsecured debt to 'BB+' from 'BB'. The '3' recovery rating
remains unchanged, indicating S&P's expectations for meaningful
recovery (50%-70%; high end of the range) of principal in the
event of a payment default.
"The upgrades reflect Nielsen's lower leverage and our
expectation that the company will remain committed to maintaining
adjusted leverage below 4x on a sustained basis, which translates
to about 3.6x, as the company reported," said Standard & Poor's
credit analyst Naveen Sarma. "We estimate that adjusted
leverage, which includes adjustments for pensions, other
postemployment benefits (OPEBs), operating leases, and surplus
cash, declined to 4x as of Dec. 31, 2014."
S&P's stable rating outlook reflects its expectation that average
adjusted leverage will remain below 4x on a sustained basis. S&P
expects that dividends, share repurchases, and acquisitions could
exceed free cash flow generation, with the deficit financed by
modest annual incremental debt issuance. S&P views a downgrade
as more likely than an upgrade.
S&P could lower its rating if Nielsen's adjusted leverage rises
above 4x on a sustained basis, which could occur with a change in
financial policy (including more aggressive share repurchases and
a higher dividend payout), debt-financed acquisitions, or
indications that competition is intensifying and leading to
revenue, EBITDA, or margin deterioration.
S&P views an upgrade as unlikely, given the company's publicly
stated goal of maintaining leverage (based on its definition,
which does not include S&P's adjustments) in the 3x area, which
results in an adjusted leverage, based on S&P's methodology, in
the mid- to high-3x area. At a minimum, given S&P's
"satisfactory" business risk assessment, the company would likely
need to commitment to a more conservative leverage threshold for
us to consider raising the rating to an investment-grade
('BBB-' or higher) level.
===============
P O R T U G A L
===============
BANCO BPI: S&P Puts 'BB-' Counterparty Rating on CreditWatch Pos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its 'BBB/A-2' long- and short-term
counterparty credit ratings on Spain-based Caixabank S.A. and on
its core subsidiary Barclays Bank S.A.U.
In a related action, S&P placed on CreditWatch with positive
implications the 'BB-' long-term counterparty credit rating on
Portugal-based Banco BPI S.A. (BPI) and its core subsidiary Banco
Portugues de Investimento S.A. S&P affirmed its 'B' short-term
rating on both Banco BPI and Banco Portugues de Investimento.
The CreditWatch placements follow the Feb. 17 launch by Caixabank
of a tender offer to acquire the 55.9% stake in Portugal-based
BPI that it does not already own.
Caixabank is seeking management control of BPI and completion of
the deal is therefore conditional on the removal of an existing
limit on voting rights (currently at 20%) in BPI. At this point,
S&P is uncertain as to whether the deal will go through given
that the removal of limits on voting rights from BPI's by-laws
would have to be approved by a significant majority of
shareholders (who collectively control at least 75% of voting
rights).
Caixabank has also disclosed its intention to partly neutralize
the impact that the acquisition would have on its capital
metrics, with the bank targeting a fully-loaded common equity
Tier 1 post transaction of over 11%. However, no specific
details on the capital plan have been provided so far. This
means S&P is unable to positively assure that -- once and if the
deal closes -- Caixabank would maintain a capital position
consistent with S&P's current "moderate" assessment.
Other than the possible negative impact on capital, S&P do not
see the potential acquisition of BPI as leading to material
changes in other factors currently supporting the ratings on
Caixabank. BPI's assets account for just 12% of Caixabank and
therefore its acquisition would not be transformational for
Caixabank's business profile, although the bank's aim of reaching
control of BPI suggests that the bank may be willing to run
international operations differently than in the past. Up to
now, the bank's strategy has been to hold minority stakes in
foreign financial institutions.
Benefits of increased geographic diversification would be minor.
This is not only because of BPI's limited size in the group
context, but also because of the strong interconnectedness
between the Portuguese and Spanish economies and Portugal's
comparatively higher risks, despite its ongoing economic
recovery. S&P do not believe the acquisition would represent a
significant managerial challenge for Caixabank, which has gained
deep expertise in recent years in integrating other entities into
the group. BPI's relatively sound credit quality and funding
profile also provides us comfort.
S&P understands that BPI will likely hold an extraordinary
general meeting in April to discuss the removal of the existing
voting rights cap, the outcome of which will be decisive for the
tender offer to continue. If the offer goes ahead, S&P would
expect at that time that Caixabank would also provide more
details about its capital plans. This would allow S&P to assess
the impact of the acquisition on its capital position.
The CreditWatch placement on Barclays Bank SAU follows the action
on its parent. S&P's ratings on Barclays Bank SAU, which
Caixabank acquired in January 2015, are equalized with those of
its parent, given its core status, and therefore move in tandem
with them.
The CreditWatch positive on BPI reflects the likelihood of BPI
benefiting from parent support if Caixabank becomes its
controlling shareholder. S&P sees the potential ratings uplift
limited to one notch, however. This is because it is unlikely
that S&P would consider BPI to be a core subsidiary of Caixabank,
which would in turn cap the ratings on BPI at the level of the
sovereign credit ratings on Portugal, based on group support.
The affirmation of S&P's 'B' short-term rating on BPI reflects
that it only sees potential for one notch of uplift above its
current level for the long-term rating on BPI.
The CreditWatch on Banco Portugues de Investimento S.A. follows a
similar action on its parent given its core status.
CAIXABANK
The CreditWatch with negative implications reflects the
possibility that S&P could either affirm or lower its ratings on
Caixabank if the acquisition is completed. The ratings would
likely be affirmed if post-transaction Caixabank remains
moderately capitalized, with a Standard & Poor's risk-adjusted
capital (RAC) ratio of 5%-7%. Before the planned BPI transaction
was announced, S&P was expecting Caixabank's RAC ratio to stand
between 5.3%-5.7% by year-end 2016. If the transaction does not
go through, S&P would likely affirm the ratings.
Conversely, S&P could lower its ratings on Caixabank by one notch
if the acquisition of BPI results in such a weakening of
Caixabank's capital position that would prevent the bank from
restoring it to moderate levels over the next 12-18 months.
BANCO BPI
The CreditWatch with positive implications on S&P's long-term
rating on BPI reflects the possibility of a one-notch upgrade if
the acquisition by Caixabank goes ahead, and S&P considers BPI to
be at least moderately strategic to its parent (S&P sees this
last condition as likely).
If Caixabank's plans to take control of BPI were to fail, S&P
would likely affirm the ratings on BPI.
COMBOIOS DE PORTUGAL: Moody's Raise CFR to Ba2; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service upgraded to Ba2 from B2 the corporate
family rating and to Ba2-PD from B2-PD the probability of default
rating of Comboios de Portugal, a Portuguese government-related
issuer. The outlook on the rating is stable. The baseline
credit assessment of CP has been also upgraded to caa1 from ca.
Moody's has upgraded the underlying rating of the instruments of
Polo III -- CP Finance Limited (Polo III) to Ba2 from B2, in line
with CP's CFR. However, the Ba2 rating of this instrument
remains unaffected, as it already bears the rating of its
financial guarantor, MBIA UK Insurance Limited (MBIA UK, Ba2
stable), which is a monoline insurer.
"CP's rating upgrade reflects the increasing direct government
support received by CP and our expectation that this support will
further increase in the future, with the government covering all
the company's financial needs via capital increases and/or
additional direct lending. The upgrade in the BCA reflects
improvements in both the company's liquidity profile and
operating performance. However, CP's financial structure remains
unsustainable, capping the baseline credit assessment to the caa
category. The stable outlook primarily reflects the stable
outlook on the Portuguese sovereign rating", says Lorenzo Re, a
Moody's Vice President -- Senior Analyst and lead analyst for CP.
The financial support from the state increased materially,
starting from 2014, when CP refinanced most of its short-term
bank debt with a EUR2.1 billion 7-year amortizing loan lent by
the government. In addition, CP's is now consolidated in the
Portuguese State budget and according to Portuguese law is not
allowed to access external lending. Therefore, CP's future
financial requirements will be covered directly by the Government
of Portugal by injecting new capital or providing additional
lending, namely for debt service and capex. In light of this
increased support, Moody's reviewed its assessment of the
probability of support from "high" to "very high", according to
its GRI rating methodology.
Following the refinancing of most of the bank's short-term debt,
CP is no longer reliant on the continuous rolling over of bank
lines, that in Moody's view was a major credit issue constraining
the BCA to the ca level. Operating performance has now
stabilized and Moody's expects that CP's EBITDA and operating
cash flow generation will remain slightly positive in the next
few years, also supported by a moderate recovery in passenger
service revenue. This and the improved liquidity profile support
the upgrading of the BCA to caa1 from ca. However, CP's
financial structure remains unsustainable and the company will
remain reliant on state support to meet its financial
obligations, which caps the BCA to the caa category.
In accordance with Moody's GRI rating methodology, CP's Ba2
rating reflects the combination of the following inputs: (1) a
BCA, which is a measure of the company's standalone financial
strength without the assumed benefit of government support, of
caa1; (2) the Ba1 local currency rating of Portugal; (3) a very
high probability of government support; and (4) very high
dependence.
As regards the Polo III instrument, its credit profile is
correlated with CP, because the proceeds of the notes were on-
lent by the issuers to CP. However, as per Moody's current
practice, the rating agency assigns to Polo III, which is a
wrapped rating, the higher of (1) the guarantor's financial
strength rating; or (2) any published underlying rating. The Ba2
rating of Polo III is currently aligned with both the CFR of CP
and the rating of its financial guarantor, MBIA UK.
An upgrade of the Portuguese sovereign rating would likely result
in an upgrade of CP's ratings, with the one-notch differential in
respect of the company's CFR expected to be maintained. An
upgrade in the BCA is unlikely given CP's current financial
structure.
Downward pressure on the rating could result from a deterioration
in sovereign creditworthiness. Furthermore, any evidence that
the provision of financial support from Portugal would not be
forthcoming if required would result in a downgrade of CP's
rating.
The principal methodology used in these ratings was Global
Passenger Railway Companies published in March 2013. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009 and the Government-Related Issuers
published in October 2014.
Other factors used in these ratings are described in Assignment
of Wrapped Ratings When Financial Guarantor Falls Below
Investment Grade, published in May 2008; as well as Moody's
Modifies Approach to Rating Structured Finance Securities Wrapped
by Financial Guarantors, published in November 2008.
Comboios de Portugal is the main railway operator in Portugal,
controlling 90% of the passenger market. The company is 100%
owned by the Portuguese government though the Ministry of Finance
and the Ministry of Economy and in 2013 reported revenues of
EUR264 million. Polo III, which is incorporated in Jersey, is a
finance conduit that raises finance and on-lends the proceeds to
CP, pursuant to loan agreements.
PORTUGAL: Plans to Make Early Repayment of EUR14-Bil. IMF Loans
---------------------------------------------------------------
Bloomberg News reports that Portugal Prime Minister Pedro Passos
Coelho said the country plans to make an early payment of about
EUR14 billion of its bailout loans from the International
Monetary Fund after borrowing costs dropped.
"The market conditions that Portugal has access to now are more
favorable that those agreed on with the IMF and therefore we will
save in the future by paying part of the IMF loan early,"
Bloomberg quotes Mr. Coelho as saying.
The Portuguese government received its bailout from the European
Union and IMF in 2011 and followed Ireland in May when it exited
the aid plan without the safety net of a precautionary credit
line, Bloomberg recounts.
Portugal has EUR78.1 billion in loans from the EU and the IMF
with an average interest rate of 2.9%, Bloomberg says, citing
debt agency IGCP. IMF loans of EUR26.5 billion have an estimated
rate of 3.6 per cent and an average maturity of 7.25 years,
Bloomberg discloses.
=============
R O M A N I A
=============
* ROMANIA: Value-Added Tax Cut to Reduce Company Bankruptcies
-------------------------------------------------------------
Gabriela Stan at Ziarul Financiar reports that representatives of
the Romanian Meat Association said the lowering of the value
added tax on meat, included in the new Tax Code draft, will boost
consumption, reduce bankruptcy of companies in the sector and
bring EUR300 million to the state budget from decreasing tax
evasion.
===========
R U S S I A
===========
DELOPORTS LTD: Fitch Assigns 'BB-' IDR; Outlook Stable
------------------------------------------------------
Fitch Ratings has assigned DeloPorts Limited a Long-term Issuer
Default Rating (IDR) of 'BB-' with a Stable Outlook. DeloPorts is
a privately-held holding company registered in Cyprus that owns
and operates several stevedoring assets in the largest Russian
port of Novorossiysk. Its two main subsidiaries are LLC NUTEP
(NUTEP, the container terminal, where DeloPorts holds 100%) and
CJSC KSK (KSK, the grain terminal, where DeloPorts holds
75%-1share).
KEY RATING DRIVERS
Fitch considers the consolidated profile of DeloPorts to be
commensurate with a 'BB' rating. This is supported by relatively
low leverage (debt/EBITDA of 1.21x at YE 2014) in a business that
is exposed to market risks, has significant reliance on one
commodity (exports of grain) and is expected to be under stress
in the next few years. DeloPorts' rating is notched down from
the consolidated profile by one notch in accordance with Fitch's
'Parent and Subsidiary Rating Linkage' criteria (part of its
Corporate Rating Methodology) as the rating agency does not
regard the legal ties between DeloPorts and its subsidiaries as
sufficiently strong to equalize the ratings. In particular,
there are currently neither upstream guarantees nor cross-default
provisions between the parent and subsidiaries and, additionally,
some ring-fencing mechanisms at KSK level.
Volume Risk - Weaker
DeloPorts' concentrated exposure to one commodity, short-term
contracting strategy and competitive environment underpin the
weaker assessment. DeloPorts' two main business segments (the
container segment and the grain segment) are characterized by
different volume drivers, which balance each other out to some
extent. The container segment is mostly import-oriented and
throughput is diversified, while the grain segment is fully
export-oriented and relies on one commodity type.
Container throughput is mainly driven by consumption of imported
goods (primarily general consumer goods and food items). The
majority of container imports are shipped from Asia and the
Middle East (via hub ports like Istanbul, Piraeus and Constanta)
and are ultimately delivered to Moscow and Central Russia.
Economic growth and purchasing power are expected to be under
stress in the next few years as a result of economic recession
and the substantially reduced purchasing power of Russian
consumers. Lower imports may be partially offset by increasing
exports of Russian containerized goods as they have become more
competitive due to the weakening of the rouble. Fitch assumes a
decline in container throughput in 2015 (-11% in Fitch's current
base case, -16% in Fitch's rating case) in excess of GDP
contraction currently expected by Fitch (-4%). NUTEP operates on
the basis of short-term agreements with the shipping lines, with
Maersk currently accounting for about 40% of throughput.
The majority of Russian grain is harvested in the south of
Russia. Production of grain depends on weather conditions and
exports are subject to Russia's policy decisions. Fitch
considers these drivers to be less predictable and more volatile
compared to the diversified cargo trade in the container segment.
However, Fitch views positively Russia's stable grain consumption
and solid domestic reserve levels. Furthermore, exports of grain
are currently beneficial to Russian producers compared with
domestic sales following severe rouble devaluation in 2014.
KSK operates on the basis of short-term agreements with Russian
and international grain producers and traders. Over 40% of grain
transshipments are currently handled by Cargill -- a large US
agribusiness company that became a 25%+1 shareholder in the grain
terminal in 2013. Grain export destinations are diversified,
with no single market representing more than 15%. In Fitch's
projections, Fitch assumes Russia's grain production is constant
at 86 million tonnes (the historical average over the past 10
years) adjusted by an assumed constant share of exports (20%) and
assumed market share of KSK (13% increasing to 15%). Fitch's
rating case conservatively assumes grain volumes that are 20%
lower than in the base case.
Volume risk assessment is further weakened by a dynamic
competitive environment in both container and grain segments.
OJSC Novorossiysk Commercial Sea Port (NCSP) operates similar
competing container and grain terminals in the port of
Novorossiysk. In the container segment, DeloPorts also competes
indirectly with other container terminals in the Baltic Sea
region as well as in the Far East. In the grain segment,
DeloPorts competes with other deep water ports on the Black-Azov
Sea.
DeloPorts has not been affected by the economic sanctions against
Russia or extended by Russia so far. The ban on food imports
from the EU, US and other developed countries did not affect
DeloPorts due to its location and low containerization levels of
banned cargoes.
Price risk - Midrange
In 2013 price regulation was eliminated in most Russian ports,
giving DeloPorts the ability to manage tariffs independently.
However, NUTEP has not been formally excluded from the register
of natural monopolies in transport. Tariffs have been stable
post de-regulation. All tariffs are currently set in US dollars.
A stronger assessment for Price risk was precluded due to the
limited history of tariff and revenue stability and lack of
minimum price guarantees.
Infrastructure Development and Renewal - Stronger
DeloPorts' assets are greenfield and the current capacities of
both container terminal and grain terminal are sufficient to
accommodate increased volumes. No significant maintenance capex
is expected over the medium term. Expansion initiative is
continuing, but the planned investments are discretionary and can
be postponed.
Debt Structure - Midrange
The holding company currently has no debt. The risk factor
assessment reflects the consolidated debt of the group. Existing
debt consists of secured bank loan facilities raised by NUTEP and
KSK. The two main facilities are amortizing, maturing in 2016
(KSK) and 2018 (NUTEP) with a small balloon payment of USD25
million. The subsidiaries should be in a position to repay the
debt from operating cash flows, so there is no refinancing risk.
There is full exposure to floating interest rate (US dollar
LIBOR). Terms and conditions differ somewhat across the two
loans. Debt/EBITDA covenant is 4.5x for NUTEP and 5x for KSK.
In addition, the NUTEP loan maturing in 2018 imposes a covenant
on consolidated DeloPorts group level at 4x debt/EBITDA.
Foreign currency risk on the debt is mitigated through natural
hedge as all tariffs are set in US dollars while the majority of
operating costs are in roubles. However, there is a short-term
currency conversion risk as the revenues are collected in roubles
(based on current exchange rates) and then converted to US
dollars within a short time frame. In 2014 DeloPorts benefited
from rouble devaluation.
Debt Service
DeloPorts demonstrated strong growth, healthy profitability and
significant de-leveraging in the past few years. 2014 EBITDA is
USD99 million with EBITDA margin of 51% and total debt/EBITDA is
1.21x at YE 2014 based on preliminary management estimates.
Leverage is projected to stay fairly low (maximum debt/EBITDA at
1.45x in 2018) under Fitch's rating case even with potential
additional debt for the expansion program.
The results of Fitch's sensitivity analysis show robustness of
the consolidated credit profile to volume shocks. In particular,
the combined downside scenario assumes container and grain
volumes 30% lower than in Fitch's base case, resulting in total
debt/EBITDA peaking at 1.8x in 2018. Debt metrics remain in line
with implied consolidated 'BB' rating in case of a container
shock scenario (50% lower than in base case) or grain shock
scenario (50% lower than in base case). Fitch's sensitivity
analysis also tested for a hypothetical appreciation of the
rouble close to pre-crisis levels (RUB/USD at 38) as this would
have a negative impact on DeloPorts, all else being equal. The
results indicate high sensitivity, but within the boundaries of
the rating.
Peers
Turkish ports Global Liman Isletmeleri A.S. (GPH, BB-/Stable) and
Mersin (BBB-/Stable) are close peers that also operate in an
emerging market. Mersin is a bigger port that has more
diversified revenue streams and a Midrange assessment for Volume
risk. Fitch considered GPH a closer peer as it also has a Weaker
volume risk assessment. DeloPorts' credit profile is stronger
than Far Eastern Shipping Company's (FESCO, B/RWN). FESCO's port
operations in the port of Vladivostok in Russia represent about
half of the overall business. FESCO is more leveraged and we
recently placed its rating on Rating Watch Negative due to
continuing underperformance (particularly in the rail division)
and the negative impact of rouble devaluation on the credit
metrics as foreign currency risk is not fully mitigated.
RATING SENSITIVITIES
New debt issued by DeloPorts that would be subordinated to the
existing debt of the subsidiaries and/or would result in weaker
debt structure assessment could be negative for the rating.
Likewise, consolidated debt/EBITDA of DeloPorts group close to or
exceeding 2.5x would result in negative rating action. Adverse
policy decisions on grain exports or economic environment in
Russia deteriorating significantly beyond Fitch's current
expectations would also be negative for the rating.
Rating upside potential is currently limited. As the Outlook on
Russia's sovereign rating is Negative, Fitch currently do not
anticipate improvements in the economic environment. Fitch also
currently do not anticipate changes in the corporate structure
that would suggest a rating approach that would justify
equalizing the rating of the consolidated profile with that of
DeloPorts.
DELOPORTS LTD: S&P Assigns 'B+' Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
long-term corporate credit rating to DeloPorts Ltd., a holding
company for a container, grain terminals, and bunkering services
business in the port of Novorossiysk. The outlook is stable.
The rating on DeloPorts reflects S&P's assessment of the
company's business risk profile as "weak" and its financial risk
as "significant," as S&P's criteria define these terms.
S&P's business risk profile assessment is constrained by the fact
that more than one-third of the group's revenues come from the
bunkering services business, which has a low EBITDA margin that
negatively affects the group's consolidated profitability. The
group is relatively small, which makes it more vulnerable to
macroeconomic stress. Our assessment is also constrained by the
high country risks, fierce competition, and lower diversification
in terms of cargo mix (mostly grain and containers) and customers
compared with its major peer operating in the same harbor.
Having said that, DeloPorts operates in one of the most important
maritime gateways in Russia, the Black Sea Basin, and has an
improving competitive position in a market with high barriers to
entry. As of September 2014, DeloPorts represented 18% of the
total dry cargo throughput in Novorossiysk. This share has
increased from under 10% only two years ago. DeloPorts' fairly
new asset base supports its cost-efficient business model, and
the group has the flexibility to adjust tariffs if needed over
the long term, as the Russian stevedoring industry is in a
gradual transition to deregulation. Despite the revenues derived
from bunkering services, about 90%-95% of total EBITDA comes from
higher-margin businesses such as the container and dry bulk
segments, which have EBITDA margins well above 55%.
S&P's assessment of DeloPorts' "significant" financial risk
profile mainly reflects external factors that could make its
credit metrics more volatile. These include foreign currency
risk -- as DeloPorts' revenues are denominated in U.S. dollars --
possible further deterioration in domestic economic conditions,
and the risk of political actions affecting its operations. The
Russian government has intervened twice in the grain exports
market in the last five years: introducing a ban on exports in
2010 as a measure against bad harvest, and introducing an export
duty earlier this year as a countermeasure against the
devaluation of the ruble (RUB), in order to equalize domestic and
export prices for grain and ensure replenishment of domestic
grain stocks.
In S&P's base case for 2015, it anticipates that revenues and
EBITDA will benefit from the depreciation of the ruble. S&P
anticipates relatively flat volume throughput for containers and
we note potential challenges in grain volumes. S&P expects funds
from operations (FFO) to debt to remain in the range of 30%-40%
and debt to EBITDA to be about 1.5x-2.5x.
S&P's rating on DeloPorts also incorporates a negative adjustment
under S&P's comparable rating analysis, which reflects the
group's ambitious expansion plans over the next three years,
including the construction of an additional berth with capacity
to accommodate a 10,000 TEU (20-foot equivalent unit) ship, which
no other port in Russia has at present. S&P understands that the
company will raise debt to finance this capital expenditure
(capex), though it has the option to defer these plans if needed.
In addition, if DeloPorts were to make an aggressive dividend
distribution to its shareholders outside its current policy of
25%, as it did in 2014, this could lead to financial ratios
weakening and a deterioration of the liquidity profile beyond
S&P's base case.
S&P assess DeloPorts' liquidity as "adequate," meaning that S&P
expects sources of liquidity to exceed uses by at least 1.2x for
the 12 months ending Dec. 31, 2015.
S&P expects sources of liquidity over 2015 to include:
-- Cash and cash equivalents of about RUB1,126 million.
-- Cash flow generation of about RUB3,400 million.
S&P anticipates these principal liquidity uses over the same
period:
-- Debt maturities of about RUB2,100 million.
-- Capex of about RUB800 million, not including the
investments for construction of berth 38 and the tugs
purchase.
-- Dividend payments of about RUB600 million.
The stable outlook reflects S&P's view that DeloPorts will
sustain its fairly resilient operating performance, underpinned
by relatively stable demand and cost-control capabilities.
Combined with adequate liquidity, this should enable the group to
maintain a credit profile commensurate with the rating. S&P
considers adjusted FFO to debt of at least 30% to be consistent
with the 'B+' rating on DeloPorts. Furthermore, S&P assumes that
the company will implement a sufficiently cautious financial
policy to support credit measures consistent with the rating.
A downgrade would likely stem from an unexpected, aggressive
debt-funded acquisition or shareholder returns, or from an
unforeseen significant setback in operating performance,
materially weakening credit measures (driving FFO to debt to
below 30%, for example) or causing liquidity to become weak.
S&P could consider a positive rating action if the group
demonstrates a prudent financial policy and reduces financial
leverage, and if S&P believes that its ratio of FFO to debt is
likely to increase to above 45% on a sustainable basis.
KEDR BANK: Moody's Affirms B3.ry National Scale Rating
------------------------------------------------------
Moody's Interfax Rating Agency confirmed Kedr Bank's national
scale ratings (NSR) at B3.ru. The NSRs carry no specific
outlooks.
The confirmation of Kedr Bank's ratings reflects evidence of
material intervention by the state corporation Deposit Insurance
Agency (DIA), and financial support provided via Kedr Bank's new
controlling shareholder B&N Bank in order to stabilize the bank's
liquidity profile. Moody's Interfax observes that although
liquidity risks were addressed in a timely manner, B&N Bank is
still working out a wider financial resolution plan.
The rating action concludes the review initiated on Dec. 2, 2014,
when Kedr Bank's ratings were placed on review for downgrade.
Moody's Interfax notes that Kedr Bank's liquidity profile
stabilized at the end of 2014 after actions taken by the DIA and
subsequently by B&N Bank; this intervention had coincided with
turbulence across the Russian banking sector. According to Kedr
Bank's local GAAP report as of February 1, 2015, its liquidity-
to-assets ratio exceeded 30% compared to the 17%-18% level
reported in November 2014. Customer deposits have also
stabilized during January 2015, although still remaining
volatile.
Moody's Interfax says that Kedr Bank's capital profile and its
loss-absorption capacity have materially weakened and require
replenishment from the new controlling shareholder, B&N Bank.
Under the DIA temporary administration procedures, Kedr Bank
drastically increased provisioning of the loan portfolio in
November-December 2014, which caused financial losses of RUB1.3
billion in 2014 and materially eroded the bank's equity. Under
local GAAP, as of Jan. 1, 2015 the regulatory total capital
adequacy ratio (N1.0) and Tier 1 ratio (N1.2) dropped to 4.0% and
3.9%, respectively, which are below the regulatory thresholds of
10.0% and 5.5% (as of 1 November 2014, these ratios were 11.4%
and 7.4%, respectively).
Moody's says that Kedr Bank's ratings incorporate a high
probability of systemic support, which was provided by DIA at the
end of 2014. In addition, the bank currently enjoys regulatory
forbearance being under financial resolution regime. Moody's
also notes, that the financial resolution plan on Kedr Bank is
still being worked out by B&N Bank, and this plan is expected to
be submitted to the Central Bank of Russia (CBR) for approval by
the end of March 2015.
Moody's Interfax acknowledges that Kedr Bank's ratings could be
positively affected if B&N Bank injects additional equity in the
next months according to resolution plan. On the other hand,
Moody's Interfax acknowledges that recapitalization may not be
part of the financial resolution plan, given that Kedr Bank might
be merged either with ROST Bank or B&N Bank in 2016. Negative
pressure could be exerted on Kedr Bank's ratings if
recapitalization does not materialize and the bank requires
additional financial support to stabilize its operating activity
in the currently challenging environment.
The principal methodology used in this rating was Global Banks
published in July 2014.
Domiciled in Krasnoyarsk, Russia, Kedr Bank reported total assets
of RUB26.1 billion, shareholders' equity of RUB2.4 billion and
net loss of RUB372.2 million as at June 30, 2014 under unaudited
IFRS.
KEDR BANK: Moody's Affirms Caa2 Long-Term Deposit Ratings
---------------------------------------------------------
Moody's Investors Service confirmed Kedr Bank's long-term local-
and foreign-currency deposit ratings at Caa2, with a developing
outlook. At the same time, Moody's affirmed Kedr Bank's
standalone bank financial strength rating at E, with a stable
outlook, equivalent to a standalone baseline credit assessment
(BCA) of ca. The Not-Prime short-term global local- and foreign-
currency deposit ratings were affirmed.
The confirmation of Kedr Bank's ratings reflects evidence of
material intervention by the state corporation Deposit Insurance
Agency (DIA), and financial support provided via Kedr Bank's new
controlling shareholder B&N Bank in order to stabilize the bank's
liquidity profile. Moody's observes that although liquidity
risks were addressed in a timely manner, B&N Bank is still
working out a wider financial resolution plan.
Today's rating action concludes the review initiated on Dec. 2,
2014, when Kedr Bank's ratings were placed on review for
downgrade.
Moody's notes that Kedr Bank's liquidity profile stabilized at
the end of 2014 after actions taken by the DIA and subsequently
by B&N Bank; this intervention had coincided with turbulence
across the Russian banking sector. According to Kedr Bank's
local GAAP report as of Feb. 1, 2015, its liquidity-to-assets
ratio exceeded 30% compared to the 17%-18% level reported in
November 2014. Customer deposits have also stabilized during
January 2015, although still remaining volatile.
Moody's says that Kedr Bank's capital profile and its loss-
absorption capacity have materially weakened and require
replenishment from the new controlling shareholder, B&N Bank.
Under the DIA temporary administration procedures, Kedr Bank
drastically increased provisioning of the loan portfolio in
November-December 2014, which caused financial losses of RUB1.3
billion in 2014 and materially eroded the bank's equity. Under
local GAAP, as of January 1, 2015 the regulatory total capital
adequacy ratio (N1.0) and Tier 1 ratio (N1.2) dropped to 4.0% and
3.9%, respectively, which are below the regulatory thresholds of
10.0% and 5.5% (as of Nov. 1, 2014, these ratios were 11.4% and
7.4%, respectively).
Moody's says that Kedr Bank's Caa2 ratings incorporate two
notches uplift from its standalone baseline credit assessment of
ca, reflecting a high probability of systemic support, which was
provided by DIA at the end of 2014. In addition, the bank
currently enjoys regulatory forbearance being under financial
resolution regime. Moody's also notes, that the financial
resolution plan on Kedr Bank is still being worked out by B&N
Bank, and this plan is expected to be submitted to the Central
Bank of Russia (CBR) for approval by the end of March 2015.
The developing outlook on the Caa2 deposit ratings reflects the
uncertainty regarding recapitalization of the bank by the new
controlling shareholder. On the one hand, Moody's acknowledges
that Kedr Bank's ratings could be positively affected if B&N Bank
injects additional equity in the next months according to
resolution plan. On the other hand, Moody's acknowledges that
recapitalization may not be part of the financial resolution
plan, given that Kedr Bank might be merged either with ROST Bank
or B&N Bank in 2016. Negative pressure could be exerted on Kedr
Bank's ratings if recapitalization does not materialize and the
bank requires additional financial support to stabilize its
operating activity in the currently challenging environment.
The principal methodology used in these ratings was Global Banks
published in July 2014.
Domiciled in Krasnoyarsk, Russia, Kedr Bank reported total assets
of RUB26.1 billion, shareholders' equity of RUB2.4 billion and
net loss of RUB372.2 million as at June 30, 2014 under unaudited
IFRS.
RUSSIA: Moody's Downgrades Sovereign Debt Rating to 'Ba1'
---------------------------------------------------------
Moody's Investors Service downgraded the government of Russia's
sovereign debt rating to Ba1/Not Prime from Baa3/Prime-3 (P-3).
The rating outlook is negative. This rating action concludes the
review for downgrade that commenced on Jan. 16, 2015.
Moody's downgrade of Russia's government bond rating to Ba1 is
driven by the following factors:
(1) The continuing crisis in Ukraine and the recent oil price
and exchange rate shocks will further undermine Russia's
economic strength and medium-term growth prospects,
despite the fiscal and monetary policy responses;
(2) The government's financial strength will diminish
materially as a result of fiscal pressures and the
continued erosion of Russia's foreign exchange (FX)
reserves in light of ongoing capital outflows and
restricted access to international capital markets;
(3) The risk is rising, although still very low, that the
international response to the military conflict in Ukraine
triggers a decision by the Russian authorities that
directly or indirectly undermines timely payments on
external debt service.
The assignment of the negative outlook reflects the potential for
more severe political or economic shocks to emerge, related
either to the military conflict in Ukraine or a renewed decline
in oil prices, which would further impair Russia's public and
external finances.
In a related decision, Moody's has lowered Russia's country
ceilings for foreign currency debt to Ba1/NP from Baa3/P-3; its
country ceilings for local currency debt and deposits to Baa3
from Baa2; and its country ceiling for foreign currency bank
deposits to Ba2/NP from Ba1/NP. A country ceiling generally
indicates the highest rating level that any issuer domiciled in
that country can attain for instruments of that type and currency
denomination.
The first driver for the downgrade of Russia's government bond
rating to Ba1 relates to the effects of the ongoing crisis in
Ukraine, as well as the fall in oil prices and of the ruble
exchange rate on the country's economic strength and financial
stability.
In Moody's view, the existing and potential future international
sanctions, the erosion of the country's foreign exchange buffers
and persistently lower oil prices plus high and rising inflation
will take a negative toll on incomes as well as business and
consumer confidence. As a result, Russia is expected to
experience a deep recession in 2015 and a continued contraction
in 2016. The decline in confidence is likely to constrain
domestic demand and exacerbate the Russian economy's already
chronic underinvestment.
It is unlikely that the impact of recent events will be
transitory. The crisis in Ukraine continues. While the fall in
the oil price and the exchange rate have reversed somewhat since
the start of the year, the impact on inflation, confidence and
growth is likely to be sustained.
The authorities' policy response is gradually coalescing.
However, policymakers confront a multi-faceted dilemma
characterized by a falling exchange rate, sizeable capital
outflows, declining economic activity and rising inflation. In
Moody's view policymakers are unlikely to be able to resolve
these policy tensions in order to reverse the economic decline.
The monetary authorities face the conflicting objectives of
keeping interest rates high enough to restrain the exchange rate
and bring down inflation and keeping rates low enough to
reinvigorate economic growth and bank solvency. While the
interest rate cut in January coincided with a rise in oil prices
that cushioned the otherwise negative initial reaction of the
exchange rate, a too-rapid reduction in interest rates risks
further currency depreciation and higher inflation, which would
further compress domestic purchasing power and extend and deepen
the economic downturn.
Meanwhile, the authorities' revamped fiscal strategy will attempt
to consolidate the budget to achieve balanced budgets at the
lower oil prices and devalued exchange rates that now prevail.
Details of this strategy will be made public in coming months.
However, Moody's believes that financial conditions in Russia are
inherently vulnerable to renewed volatility, which would in turn
trigger fresh capital flight and further downward pressure on the
exchange rate and the balance of payments.
As a consequence, Moody's believes that the government will face
substantial difficulty in dealing with the wide range of
economic, fiscal and monetary challenges that the country is
facing.
The second driver for the downgrade of Russia's government bond
rating to Ba1 is the expected further erosion of Russia's fiscal
strength and foreign exchange buffers. As the rating agency noted
in January when initiating its review for downgrade, the
government's ability to sustain its fiscal and financial strength
was the main factor supporting Russia's investment grade rating.
Following the review, Moody's expects further deterioration in
the government's financial strength despite the authorities'
fiscal policy responses.
Taking at face value the government's plans to proceed with its
planned fiscal consolidation for 2015, Moody's expects a
consolidated government deficit of approximately RUB1.6 trillion
(2% of GDP) as well as a widening of the non-oil deficit. The
deficit would likely be financed by drawing on the Reserve Fund,
which is specifically designed for circumstances when oil prices
fall below budgeted levels. Moody's also expects that widespread
demands for fiscal easing are likely to emerge if, as the rating
agency projects, the recession persists into 2016. In a scenario
in which the government would turn to borrowing in the domestic
market to finance at least a share of these deficits, higher
spending could result in an increase of the debt-to-GDP ratio to
20% or more.
In the rating agency's view, therefore, the government's debt
metrics are likely to deteriorate over the coming years, albeit
from low levels. Low debt and robust external buffers have been
the key factors sustaining the rating in investment grade until
now, given the country's relatively lower economic and
institutional strength and higher exposure to event risk than
Baa-rated sovereigns.
Moreover, under the stress exerted by a shrinking economy, wider
budget deficits and continued capital flight -- in part
reflecting the impact of the Ukraine crisis on investor and
depositor confidence -- and restricted access to international
capital markets, Moody's expects that the central bank's and
government's FX assets will likely decrease significantly again
this year, cutting the sovereign's reserves by more than half
compared to their year-end 2014 level of approximately USD330
billion.
In a more adverse but not unimaginable scenario, which assumes
smaller current account surpluses and substantially larger
capital outflows than in Moody's baseline forecast, FX reserves
including both government savings funds would be further
depleted. While the government might choose to mobilize some form
of capital controls to impede the outflow of capital and
reserves, such tools are not without consequences. Capital
controls, which might include a rationing of retail deposit
withdrawals and/or prohibition upon repatriation of foreign
investment capital, would weaken the investment climate further
and undermine confidence in the banking system.
The third driver for the downgrade of Russia's government bond
rating to Ba1 relates to the very low but rising risk that the
international response to the conflict in Ukraine triggers a
decision by the Russian authorities that directly or indirectly
undermines timely payments on external debt service.
Moody's acknowledges the current and prospective efforts by the
country's policymakers to contain the economic and financial
consequences of the many challenges they face: the Ukraine crisis
as well as the collapse in global oil prices and the ruble
exchange rate. However, the sovereign faces predicaments that
few would have predicted six months to a year ago, and the
government's reaction to a possible escalation of these
challenges is difficult to foresee. In Moody's view, the risk of
policy decisions being taken that pose a threat to the repayment
of Russian debt obligations remains very low, but that risk is
rising.
The negative outlook on the Ba1 rating reflects Moody's view that
the balance of economic, financial and political risks in Russia
is slanted to the downside, with scenarios incorporating either
an escalation of the Ukraine crisis and damage caused by recent
shocks being greater than in Moody's baseline scenario.
Essentially, the probabilities associated with the downside
scenarios are higher than those associated with an upside
scenario in which the recession is shorter and shallower than
Moody's baseline.
For example, it seems more likely that Russia will face
additional sanctions than that current sanctions are lifted in
the coming months. The associated economic risks are also biased
to the downside. Similarly, the likelihood of a further shock to
confidence, with associated capital outflows and damage to
investment and consumption intentions, seems greater than that of
a return of confidence and a cessation of capital outflows or a
material resumption of inflows.
Moody's is unlikely to upgrade Russia's sovereign debt rating in
the near term given the negative outlook. However, Moody's would
consider stabilizing the outlook on the Russian government rating
if the macro-economic and financial market conditions were to
stabilize, if the risks of financial market volatility were to
subside, and/or if there was a serious prospect of the Ukraine
crisis being resolved in such a way that the risk of ongoing or
escalating military hostilities and further sanctions were to
dissipate.
Moody's would consider downgrading Russia's government bond
rating if the macroeconomic and financial market conditions were
to deteriorate substantially below the rating agency's base case,
or were the government to water down or abandon its fiscal and
structural reform plans. The rating agency might also downgrade
if the military conflict were to escalate and result in the
introduction of additional sanctions that further undermine the
country's economic strength. Finally, actions that create
greater uncertainty around the government's capacity or
willingness to continue to service its debt would also likely
result in a downgrade.
-- GDP per capita (PPP basis, US$): 24,298 (2013 Actual) (also
known as Per Capita Income)
-- Real GDP growth (% change): 1.3% (2013 Actual) (also known
as GDP Growth)
-- Inflation Rate (CPI, % change Dec/Dec): 6.5% (2013 Actual)
-- Gen. Gov. Financial Balance/GDP: -1.3% (2013 Actual) (also
known as Fiscal Balance)
-- Current Account Balance/GDP: 1.6% (2013 Actual) (also known
as External Balance)
-- External debt/GDP: 35.1% (2013 Actual)
-- Level of economic development: Moderate level of economic
resilience
-- Default history: At least one default event (on bonds
and/or loans) has been recorded since 1983.
On Feb. 17, 2015, a rating committee was called to discuss the
rating of the Russia, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially decreased. The
issuer's fiscal or financial strength, including its debt
profile, has materially decreased. The issuer has 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.
RUSSNEFT: Moody's Cuts Corporate Family Rating to B2
----------------------------------------------------
Moody's Investors Service downgraded RussNeft's corporate family
rating to B2 from Ba3 and probability of default rating to B2-PD
from Ba3-PD. The rating action reflects Moody's view that
RussNeft's financial and liquidity profile has materially
deteriorated compared with 2012, and that event risk associated
with opportunistic shareholder policies remains high.
The ratings remain on review for downgrade pending clarification
of the evolving ownership and debt structure.
Moody's notes that the transition to a single shareholder
structure (the founder and president of the company, Mr.
Gutseriev, has become the sole shareholder at the holding level
of RussNeft), paves the way for further restructuring, which is
likely to involve RussNeft merging into other holdings of the
owner (which are not within the rated perimeter), and engaging in
meaningful asset transfer transactions with related parties.
As a result of the disposal of Belkamneft, RussNeft's key
producing asset, to a related party Neftisa (not rated) the
company's production decreased by 30%, reserves by 34%, and
EBITDA by ca 30% in 2014, based on unaudited management accounts.
While positively acknowledging that the sale of Belkamneft has
helped RussNeft to reduce its bank debt, Moody's notes the poor
visibility on the company's future asset composition, long-term
capital structure, production profile and financial policies.
Both the company and the larger group's resilience to the low oil
price environment and changing sector regulations remain
untested.
A total of US$2.8 billion of RussNeft's debt is in the form of
shareholder loans. Of this debt, the leading diversified natural
resources group Glencore International AG (Glencore, Baa2
stable), which remains a shareholder at the level of RussNeft's
various operating subsidiaries and the company's largest
creditor, provides US$1.1 billion, US$900 million of which the
company expects to convert into equity at the RussNeft holding
level within the next 12 months' period. The remainder of these
loans RussNeft owes to its related parties associated with the
company's major beneficiary Mr. Gutseriev.
Third party debt in the company's capital structure is
represented by a US$1.6 billion loan from Bank VTB, JSC (VTB, Ba1
review for downgrade). Moody's understands that RussNeft is
currently negotiating restructuring terms with the bank in order
to allow for a more benign repayment schedule that would permit
RussNeft to continue the level of investment required to maintain
stable oil production. Moody's expects that leverage measured by
third party debt/EBITDA will not exceed 3.0x in 2015. RussNeft
has no outstanding rated debt.
In the course of the ratings review Moody's will focus on the
evolution of the company's capital structure, including the
status, amount and effective subordination of shareholder loans,
and concerns over transparency and governance, as well as the
timely provision of financial information.
Moody's could upgrade RussNeft if it demonstrated (1) material
improvement in its liquidity profile following restructuring of
the company's loan agreement with VTB; (2) an ability to maintain
stable oil production and profitability commensurate with
industry levels, (3) clarity on the group's assets composition
and organizational structure; and (4) improvements to the
company's capitalization profile via conversion of part of the
shareholder debt to equity.
Conversely, Moody's would consider a negative rating action if
RussNeft does not demonstrate (1) progress on third-party debt
restructuring; and (2) greater clarity on the status of
shareholder debt over the course of the next 3 months.
Deterioration in the company's financial and/or operating profile
and lack of operating transparency resulting from related-party
transactions would also exert pressure on the ratings.
The principal methodology used in these ratings was Global
Independent Exploration and Production Industry published in
December 2011.
Headquartered in Moscow, RussNeft operates a number of oilfields
on the territory of Russia. The company had more than 656
million barrels of oil equivalent (boe) of proven oil and gas
reserves in accordance with the Society of Petroleum Engineers'
Petroleum Resources Management System (PRMS-SPE) classification
(based on proportionate ownership) as at Dec. 31, 2013. In 2013,
RussNeft reported US$4.2 billion in revenue and US$1.0 billion in
EBITDA.
SMOLENSK REGION: Fitch Affirms 'B+' IDR; Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Russian Smolensk Region's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'B+',
National Long-term rating at 'A-(rus)' and Short-term foreign
currency IDR at 'B'. The Outlooks on the Long-term ratings are
Stable.
Smolensk's outstanding senior unsecured domestic bonds have also
been affirmed at 'B+' and 'A-(rus)'.
KEY RATING DRIVERS
The ratings factor Smolensk's weak operating performance and high
direct risk, with considerable refinancing needs concentrated in
2016. The Stable Outlook reflects Fitch's expectation that the
region's budgetary performance will be supported by continuing
federal government transfers and subsidized loans amid a negative
economic environment.
Smolensk region's direct risk reached RUB25 billion or 89% of
current revenue in 2014 (2013: RUB20 billion and 73%), which
exceeded Fitch's expectation. Fitch forecasts the region's
direct risk to grow towards 100% of current revenue by end-2017,
driven by persistent weak fiscal performance and low self-
financing capacity.
Fitch forecasts that the region's operating balance will
stabilize at a weak level close to zero and the current balance
will be negative during 2015-2017. Smolensk has recorded a
negative operating balance since 2007 with the exception of 2013,
when the region's operating balance reached a low 1% of operating
revenue. In 2014, Smolensk's operating balance returned to
negative territory due to lower than expected tax collection amid
a weakening socio-economic environment.
Smolensk's immediate refinancing risk is moderate as only 9% of
the region's direct risk matures in 2015. Considerable
refinancing needs are concentrated in 2016 when the region has to
repay 62% of its direct risk. In total, in 2015-2016 the region
faces RUB6.7 billion maturing bank loans, RUB1.2 billion bond
issues and RUB10 billion budget loans.
The refinancing risk is partly mitigated by the region's high
reliance on budget loans, which accounted for 54% of direct risk
at end-2014. Fitch expects that the maturing budget loans are
likely to be rolled over and the maturing bank loans and bonds
will be refinanced on the capital market unless the federal
government provides more grants. Fitch forecasts domestic
interest rates in 2015 will increase to twice their 2014 level,
which will make new debt more expensive and put additional
pressure on the budget. Positively, as of Jan. 1, 2015, Smolensk
had RUB2 billion unused credit lines that partly covers its
current borrowing needs.
Fitch expects the region's deficit before debt variation to reach
about RUB4 billion or 13% of total revenue in 2015 (2014: 10%)
and to reduce to about 8% in 2016-2017. In 2014 Smolensk
postponed about RUB2 billion of capex to 2015-2016, which will
contribute to the region's spending in the medium term. This
capex will be funded by RUB2.7 billion earmarked cash accumulated
at end-2014 and not by new debt.
The region's economic profile is weaker than the average Russian
region. Gross regional product per capita was 84% of the
national median in 2012. Fitch forecasts 4% contraction of
national gross domestic product in 2015, and believes the region
will also face a slowdown in economic activity, which will
pressurize its budgetary performance.
RATING SENSITIVITIES
The ratings could be upgraded if the region records an operating
balance sufficient to cover interest expenses on a sustained
basis, accompanied by stabilization of direct risk.
A negative operating balance coupled with growing refinancing
pressure due to an increasing proportion of short-term bank loans
would lead to a downgrade.
SURGUT CITY: S&P Affirms 'BB+' ICR on Exceptional Liquidity
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
issuer credit rating and its 'ruAA+' Russia national scale rating
on the Russian City of Surgut. The outlook is negative.
RATIONALE
S&P caps the long-term rating on Surgut at the level of its
foreign currency ratings on the Russian Federation
(BB+/Negative/B). In S&P's view, Surgut does not meet the
criteria under which S&P would rate a local or regional
government (LRG) higher than its sovereign.
Based on Surgut's intrinsic credit strengths, and in accordance
with S&P's criteria, it assess the city's stand-alone credit
profile (SACP) at 'bbb-'. The SACP is not a rating but a means
of assessing the intrinsic creditworthiness of an LRG under the
assumption that there is no sovereign rating cap.
The SACP on Surgut is supported by the city's average budgetary
performance, very low debt burden, exceptional liquidity, and
very low contingent liabilities. S&P's view of the volatile and
unbalanced institutional framework for Russian cities, Surgut's
weak budgetary flexibility and predictability, and the city's
overall weak economy constrain the SACP. Despite being very
wealthy compared with peers, the economy suffers from limited
growth prospects and exposure of the tax base to the volatile oil
industry. S&P views the city's financial management as
satisfactory for the SACP, which compares management favorably to
most Russian peers.
S&P also thinks that Surgut's high dependence on transfers from
Khanty-Mansiysk Autonomous Okrug (KMAO) constrains the SACP.
In an international context, Surgut's economic wealth is higher
than average because of oil production in the surrounding region.
However, the city's economic and tax base is concentrated on the
oil industry, which exposes its budget revenues to volatility. A
single enterprise, Surgutneftegas -- one of Russia's largest oil
producers -- employs about 15% of the city's workforce and
accounts for more than 35% of its tax revenues, primarily via
personal income tax (PIT) paid by its employees. S&P expects
that the city's economic growth will stagnate over the long term
as mature oil fields gradually deplete.
In S&P's opinion, Surgut's budgetary flexibility is also
restricted by its dependence on decisions by the federal
government and KMAO regarding municipal revenues and spending
responsibilities. About 90% of total revenues are not regulated
by the city, and there is limited predictability of KMAO's and
the federal government's decisions. KMAO sets an additional
share of PIT that the city receives on top of what is outlined in
the federal budget code. This share, fixed in KMAO's three-year
budget, represented about 25% of the city's operating revenues in
2014. If KMAO were continuously under financial pressure, it
could reduce this share, cutting Surgut's budget revenues.
In S&P's base case, it expects that, over the next three years,
Surgut's continuing support from the okrug, alongside its own
cautious spending policies, will likely result in average
budgetary performance. However, due to only sluggish revenue
growth, S&P forecasts that the average operating margin will
decline somewhat to about 2.4% of operating revenues over 2015-
2017, compared with 5% posted over 2013-2014.
In addition, S&P thinks that co-financing and direct investment
in Surgut's infrastructure from higher-tier budgets should
support its balance after capital accounts and translate into
only moderate deficits of about 2%-3% of total revenues over
2015-2017, after an average 5% over 2012-2014. Given that
Surgut's infrastructure is already stronger than average in
Russia, S&P believes that the city, if needed, could downsize the
self-financed part of its capital spending program, which is
equal to about 7% of total expenditures.
Under S&P's base-case scenario, it therefore assumes that Surgut
will incur only modest new borrowing (if any) and that tax-
supported debt will remain very low over the medium term. S&P
forecasts that tax-supported debt will remain below 15% of
consolidated operating revenues until the end of 2017 and will
mostly consist of medium-term bank loans that the city incurs and
repays gradually. S&P includes in tax-supported debt guarantees
that Surgut has provided for local water, sewage, and housing
construction projects, and the minor debt of city-owned
companies. In S&P's view, the amount of outstanding contingent
liabilities is very low because Surgut has limited involvement in
the local economy.
S&P sees Surgut's financial management practices as satisfactory
for its creditworthiness in a global context. In S&P's opinion,
the city has a sound track record of implementing a cautious
financial policy and strict control over its revenue and
expenditure balance. S&P also recognizes the city's prudent
approach to debt and liquidity management, and S&P thinks these
compare favorably among most Russian peers.
Liquidity
S&P considers Surgut's liquidity to be exceptional, as S&P's
criteria define the term. S&P expects that the city's average
cash reserves net of the deficit after capital accounts will
exceed its very low debt service falling due in the next 12
months by more than 7x.
During the past 12 months, Surgut's cash stood at Russian ruble
(RUB) 1.8 billion (about US$29 million) on average. S&P expects
that in 2015 the city's average cash position, including the
coverage of the projected deficit, will amount to RUB1.6 billion,
which will materially exceed the city's debt service of some
RUB200 million.
S&P forecasts that debt service will continue to stay low at
about 1%-2% of operating revenues, thanks to limited new
borrowings and medium-term amortizing maturities of existing
debt.
OUTLOOK
The negative outlook reflects S&P's outlook on Russia. Any
rating action S&P takes on the sovereign would likely be followed
by a similar action on Surgut, as long as the city's intrinsic
credit characteristics remain aligned with S&P's base-case
scenario.
S&P views a downside scenario as highly unlikely because the SACP
on Surgut is higher than the issuer credit rating.
S&P would likely revise the outlook on Surgut to stable, all else
being equal, if S&P revised the outlook on Russia to stable, and
if Surgut's performance remained in line with S&P's base-case
scenario.
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's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.
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
Surgut (City of)
Issuer Credit Rating BB+/Negative/--
Russia National Scale ruAA+/--/--
YAMAL-NENETS AUTONOMOUS: S&P Affirms 'BB+' ICR; Outlook Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
issuer credit and 'ruAA+' Russia national scale ratings on Yamal-
Nenets Autonomous Okrug (YANAO). The outlook is negative.
RATIONALE
The long-term rating on YANAO reflects, and is capped by, the
'BB+' foreign currency long-term rating on the Russian
Federation, because S&P believes that Russian local and regional
governments (LRGs) cannot be rated above the sovereign. This
reflects S&P's view of Russia's volatile and unbalanced
institutional framework, in which Russian LRGs have very
restricted revenue autonomy and are unable to withstand a
possible negative intervention from the federal government.
In accordance with S&P's criteria, it assess the stand-alone
credit profile (SACP) for YANAO at 'bbb-'. The SACP is not a
rating but a means of assessing an LRG's intrinsic
creditworthiness under the assumption that there is no sovereign
rating cap.
The 'bbb-' SACP reflects S&P's views of YANAO's average economy,
which enjoys very high wealth levels, but is subject to
concentration and has limited growth prospects; the region's
strong liquidity; very low debt; and very low contingent
liabilities. Average budgetary performance, which is subject to
volatility, and average budgetary flexibility are neutral for
YANAO's creditworthiness. The SACP is constrained by S&P's view
of Russia's volatile and unbalanced institutional framework and
weak financial management in an international context.
YANAO's economy is dominated by gas production, which underpins
very high wealth levels, but also leads to high economic and tax
base concentration and volatility. YANAO holds about 70% of the
Russian total proven gas reserves, and the world's largest gas
producer, Gazprom, remains the main investor, employer, and
taxpayer in the region. S&P expects that gas production will
continue to make up about 60% of the okrug's gross regional
product (GRP) and about 40% of its budget revenues in 2015-2017.
At the same time, S&P forecasts that, over the medium term, the
region's economic growth prospects will be limited, especially
given that some large-scale investment projects might experience
delays.
Similar to other Russian regions, YANAO's financials depend
materially on the decisions of the federal government, which
controls the majority of the region's revenues and expenditures
under what S&P see as Russia's volatile and unbalanced public
finance system. S&P believes there is a risk that YANAO might
lose a portion of its revenues, because of its outstanding
position with high wealth and strong financial indicators
compared with most Russian regions.
S&P views YANAO's budgetary performance as average compared with
that of peers, because S&P expects that, although operating
margins will remain strong and deficits after capital accounts
will be relatively small over the next three years, financial
indicators will be subject to marked volatility. Large
fluctuations in YANAO's tax revenues stem from its dependence on
a single taxpayer and from frequent changes in federal tax
legislation. In 2014, corporate profit tax -- the region's key
revenue source -- strongly recovered after a one-off decline in
2013. However, already in the fourth quarter of 2014, tax
revenue growth slowed because of weaker profits reported by
Gazprom, and S&P expects that corporate profit tax will decrease
again in 2015.
S&P therefore expects operating margins will decrease to 14% of
operating revenues in 2015-2017, compared with 20% in 2014. At
the same time, deficits after capital accounts will likely be
relatively small on average and won't exceed 5% of total
revenues, compared with more than 10% in 2011-2013. In S&P's
view YANAO might limit the deficits by using its existing
spending flexibility. It plans to maintain the large capital
spending program at about 30% of total expenditures, and S&P
believes YANAO could cut back or postpone some projects because
the regional infrastructure is already in better shape than that
of most Russian peers.
YANAO's tax-supported debt will likely remain very low and won't
exceed 25% of consolidated operating revenues until the end of
2017, in S&P's view. In 2014, the okrug increased its cash
holdings by Russian ruble (RUB) 12 billion (US$190 million) after
borrowing bank loans. S&P expects that in 2015-2016 it will
gradually spend cash to finance the deficits, and new borrowing
needs will be minimal. It also doesn't plan to provide new
guarantees, and more than one-half of existing ones will mature
in 2015. S&P includes the debt of government-related entities in
tax supported debt, and S&P thinks that other contingent
liabilities are very low.
S&P views YANAO's financial management as weak, as it do for most
Russian LRGs. S&P believes the region's long-term planning and
budgeting are below the international averages. However,
recently YANAO's management has been more cautious in terms of
control over expenditures and debt management.
S&P might revise the SACP downward if consistently larger
deficits after capital accounts than we currently forecast put
pressure on the okrug's liquidity.
LIQUIDITY
S&P views YANAO's liquidity as strong. In S&P's view, during the
next 12 months, the debt service coverage will be exceptional,
with average free cash covering almost 400% of debt service.
Also, the operating margin also will likely exceed the debt
service by more than 4x. At the same time, the coverage ratio
will likely be volatile over the next two years, and S&P
forecasts it will decrease to less than 100% in 2016 due to large
one-off repayments of bank loans. S&P also thinks that YANAO
might start organizing refinancing for 2016 in the second half
2015. S&P views the region's access to external liquidity as
limited, as S&P do for other Russian LRGs, given the weaknesses
of the domestic capital market.
In 2014, YANAO accumulated cash, thanks to a positive balance
after capital accounts and by attracting bank loans. In 2015,
the okrug will likely spend part of this accumulated cash, and
the average free cash net of the deficit after capital accounts
will drop to about RUB13 billion. It will still exceed the
okrug's very low debt service (3% of operating revenues) that
consists only of interest payments by more than 4x.
In 2016 debt service will likely peak at about 14% of operating
revenues, because YANAO will have to repay RUB13.6 billion in
bank loans. This will make the debt service coverage ratio
volatile and will require refinancing from capital markets. S&P
expects that YANAO will organize a sufficient amount of committed
bank lines in excess of upcoming refinancing needs by mid-2016.
OUTLOOK
The negative outlook on YANAO mirrors that on Russia. Any rating
action S&P takes on the sovereign would likely be followed by a
similar action on YANAO, as long as the okrug's intrinsic credit
characteristics remain aligned with S&P's base-case scenario.
S&P views an intrinsic downside scenario as highly unlikely
because the SACP on YANAO is higher than the credit rating.
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's assessment of the key rating factors is reflected
in the Ratings Score Snapshot.
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
Rating Rating
To From
Yamal-Nenets Autonomous Okrug
Issuer credit rating
Foreign and Local Currency BB+/Negative/-- BB+/Negative/--
Russia National Scale ruAA+/--/-- ruAA+/--/--
===============
S L O V E N I A
===============
LIPICA TOURISM: Facing Insolvency; 35 Jobs at Risk
--------------------------------------------------
STA reports that the state-owned company managing tourist
facilities in the town which is home to the world-famous Lipica
Stud Farm is facing insolvency, leaving 35 workers with no pay
and an uncertain future.
Lipica Turizem was established in 2007 as part of measures to
split the public services related to the stud farm operated by
Kobilarna Lipica.
===========
S W E D E N
===========
SBAB BANK: S&P Assigns 'BB+' Rating to Additional Tier 1 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue rating to the proposed perpetual Additional Tier 1 (AT1)
capital notes to be issued by Sweden-based SBAB Bank AB (publ)
(A/Negative/A-1). The rating is subject to S&P's review of the
notes' final documentation.
S&P notes that the issue will include a fixed-to-floating rate
tranche (Series A) and a floating-to-floating rate tranche
(Series B). S&P understands that, like that of other Swedish
banks, the AT1 issuance will be compliant with the European
Commission's Capital Requirements Directive IV (CRD IV), which
implements Basel III in the EU. This is SBAB's first AT1
issuance since the introduction of CRD IV requirements. Also,
S&P understands that the notes will be senior to ordinary shares;
subordinate to more senior debt, including SBAB's Tier 2 debt;
and pari passu with existing capital contribution securities.
Despite SBAB's status as a government-related entity, S&P
determines the rating on the notes by notching downward from its
assessment of SBAB's stand-alone credit profile (SACP), which is
at 'a-'. This is because S&P do not expect the government to
support the notes. In accordance with S&P's criteria for hybrid
capital instruments, the 'BB+' rating therefore reflects its
analysis of the proposed notes and S&P's assessment of SBAB's
SACP.
The 'BB+' issue rating is four notches lower than the SACP
assessment, reflecting S&P's deduction of:
-- One notch for subordination;
-- Two notches for the notes' status as Tier 1 regulatory
capital; and
-- One notch because the instruments allow for the full or
partial temporary write-down of the principal amount.
S&P do not apply additional notching because it assumes that the
specified regulatory capital ratio for SBAB will remain at least
700 basis points (bps) higher than the 7% mandatory conversion
trigger at the group level and the 5.125% conversion at the
parent company level. As of December 2014, the group's common
equity tier 1 (CET1) ratio was 29.8%, and for the parent company
it was 28.4%. S&P believes that the ratio on each of the
reporting dates over the next 18-24 months is unlikely to drop
significantly below these levels, thereby providing a substantial
buffer over the trigger level.
In addition to the write-down trigger, there is a risk of coupon
nonpayment if SBAB's capital levels were to fall within the
regulatory capital conservation buffer. S&P understands that a
breach of the combined buffer requirement could trigger
nonpayment of coupons, as detailed in Article 141 of CRD IV. As
of the fourth quarter of 2014, the Swedish Financial Supervisory
Authority (FSA) estimates SBAB's minimum CET1 capital requirement
at 21.0%, including full Basel III implementation.
However, the FSA has indicated that, if a Swedish bank were to
experience financial difficulty, it would likely remove or reduce
its capital buffers for mortgage risk-weight floors and
countercyclical buffers. As such, excluding the Basel
transitional floors, we estimate that a mandatory nonpayment of
coupons would occur at the point when the CET1 ratio falls within
the capital conservation buffer, that is, to about 7% for the
group, including the minimum requirement (4.5%) and the capital
conservation buffer (2.5%). However, S&P notes that the FSA has
the ability to set a minimum requirement that includes Pillar II
buffers. In addition, a breach of the minimum CET1 requirement
would force the bank to adopt a mandatory action plan to
recapitalize, which may include a halt to coupon payments on the
AT1 notes and other deferrable hybrid capital instruments well
before the CET1 ratio falls to 7%.
S&P will assess the notes as having "intermediate" equity content
when the regulator formally approves them for inclusion in SBAB's
regulatory Tier 1 capital. The proposed instruments meet the
conditions for "intermediate" equity content under S&P's criteria
because they:
-- are perpetual, with a call date expected to be five or more
years from issuance;
-- do not contain a coupon step-up; and
-- have loss-absorption features on a going-concern basis,
since the bank has the flexibility to suspend the coupon at
any time.
=============
U K R A I N E
=============
AVANGARDCO INVESTMENTS: Fitch Cuts LT Issuer Default Rating to CC
-----------------------------------------------------------------
Fitch Ratings has downgraded five Ukrainian companies' ratings,
following the agency's rating action on the Ukrainian sovereign.
On Feb. 13, 2015, Fitch downgraded Ukraine's Long-term foreign
currency Issuer Default Rating (IDR) to 'CC' from 'CCC' and
affirmed its Long-term local currency IDR at 'CCC'. The issue
ratings on Ukraine's senior unsecured foreign currency bonds were
downgraded to 'CC' from 'CCC' while the senior unsecured local
currency bonds were affirmed at 'CCC'. The Country Ceiling was
affirmed at 'CCC' and the Short-term foreign currency IDR at 'C'.
The corporate rating actions reflect heightening concerns about
the on-going deterioration of the liquidity position of Ukrainian
corporates in the face of a weakening sovereign credit profile
and local economic problems, which may ultimately threaten
companies' ability to meet both their foreign and local currency
obligations. However, it also reflects the fact that Fitch
believes that corporates with a 'CCC' foreign currency IDR may be
able to survive the shock of any sovereign debt crisis and are
not expected to be prevented from servicing their foreign debt
obligations by the imposition of capital controls or a formal
moratorium.
This rating action commentary also corrects the one dated
September 5, 2014, which did not include an upgrade of DTEK
Holdings BV's long-term senior unsecured national rating.
The rating actions are:
Avangardco Investments Public Limited
Long-term local currency IDR downgraded to 'CC'; from 'CCC'
Long-term foreign currency IDR: downgraded to 'CC'; from 'CCC'
Foreign currency senior unsecured rating: downgraded to 'CC';
from 'CCC'; Recovery Rating of 'RR4'
National Long-term rating: downgraded to 'BB(ukr)' from
'A(ukr)' , Outlook Negative
The downgrade of Avangardco's ratings reflects heightened
uncertainty regarding repayment of the USD200 million Eurobond
due October 2015, given Fitch's worsened expectations on free
cash flow generation ability in 2015 following recent significant
hryvnia depreciation combined with an expected reduction in
production volumes.
Rating Sensitivities are:
Negative: Future developments that could lead to negative rating
action on the local currency IDR include:
-- Eurobond restructuring with a material reduction in the
contractual terms meeting the definition of a distressed
debt exchange under Fitch's criteria
Positive: Future developments that could lead to an upgrade of
the local currency and foreign currency IDRs to 'CCC', include:
-- Sufficient liquidity for repayment of Eurobond due October
2015 thanks to positive free cash flow generation in 2015
and/ or new bank financing.
Future positive rating action will remain subject to a sustained
improvement in the issuer's operating environment in Ukraine.
Kernel Holding SA
Long-term local currency IDR: affirmed at 'CCC'
Long-term foreign currency IDR: affirmed at 'CCC'
National Long-term rating: downgraded to 'BBB+(ukr)'
from 'A(ukr)'; Outlook Stable
The affirmation of the IDRs reflects Fitch's expectation that
Kernel's liquidity position will not deteriorate due to the
company's export orientation and high marketability of
inventories. However, Fitch notes refinancing risks related to
PXF facilities maturing in July-August 2015, which in its view
are captured in the rating.
Metinvest B.V.
Long-term local currency IDR: affirmed at 'CCC'
Short-term foreign currency IDR: affirmed at 'C'
Long-term foreign currency IDR: affirmed at 'CCC'
Foreign currency senior unsecured rating: affirmed at 'CCC';
Recovery Rating of 'RR4'
Short-term local currency IDR: affirmed at 'C'
National Long-term rating: affirmed at 'BBB(ukr)', Outlook
Stable
National Short-term rating: affirmed at 'F3(ukr)'
Metinvest has material export revenues received in hard
currencies. The company's Ilyich and Azovstal steel plants have
been operating at 50%-60% of their capacity while the Yenakiive
steel plant was halted in mid-February 2015.
MHP S.A.
Long-term local currency IDR: affirmed at 'CCC''
Long-term foreign currency IDR: affirmed at 'CCC'
Foreign currency senior unsecured rating: affirmed at 'CCC';
Recovery Rating of 'RR4'
The affirmation of the IDRs reflects the adequate liquidity
position of the company due to expected positive free cash flow
in 2015 and an available undrawn USD200 million loan aimed at
refinancing a USD235 million Eurobond due April 2015. Fitch
expects management to maintain a reasonable financial policy in
terms of capex and dividends so as not to jeopardize the
company's credit metrics and financial flexibility.
Negative: Future developments that could lead to negative rating
action on the local currency IDR include:
-- Liquidity shortage caused by limited available bank
financing of working capital investments or by refinancing
at more onerous terms than expected.
-- Further significant hryvnia depreciation, sustained
operational underperformance or larger than expected capex
and dividends resulting in material weakening of MHP's
credit metrics.
A downgrade of the local currency IDR would also result in a
downgrade of the foreign currency IDR.
Positive: An upgrade of the local currency IDR would only be
possible if Fitch considers there has been a sustained
improvement in the issuer's operating environment. An upgrade of
the foreign currency IDR would only be possible if Ukraine's
Country Ceiling was raised.
OJSC Myronivsky Hliboproduct (MHP S.A.'s 99.9% owned subsidiary)
Long-term local currency IDR: affirmed at 'CCC'
Long-term foreign currency IDR: affirmed at 'CCC'
National long term rating: downgraded to 'A+(ukr)' from
'AA-(ukr)'; Outlook Stable
OJSC Creative Group Public Limited
Long-term local currency IDR: 'CC' maintained on Rating Watch
Evolving (RWE)
Long-term foreign currency IDR: 'CC' maintained on Rating Watch
Evolving
National long term rating: 'B-(ukr)' maintained on Rating Watch
Evolving
The maintained RWE reflects the company's weak liquidity position
and uncertainty about the renewal of its PXF facility, which has
been in the process of being restructured since August 2014.
This is mitigated by Creative's export-oriented operations and
strong market position as a leading sunflower seed and soybean
processor in Ukraine.
Ukrlandfarming PLC
Long-term local currency IDR: downgraded to 'CC' from 'CCC'
Long-term foreign currency IDR: downgraded to 'CC' from 'CCC'
Foreign currency senior unsecured rating downgraded to 'CC' from
'CCC'; Recovery Rating of 'RR4'
National Long-term rating: downgraded to 'BB(ukr)' from
'A(ukr)'; Outlook Negative
The downgrade of ULF's ratings reflects the company's weak
liquidity position and increased refinancing risks both on
consolidated and standalone level (i.e. excluding Avangardco).
Rating Sensitivities are:
Negative: Future developments that could lead to negative rating
action on the IDR include:
-- Non-payment of a material financial obligation or the
formal announcement of a distressed debt exchange.
Positive: Future developments that could lead to an upgrade of
the local currency and foreign currency IDRs to 'CCC', include:
-- Improvement in the liquidity position thanks to strong
positive free cash flow in 2015 and the ability to
refinance upcoming maturities at reasonable terms.
Future positive rating action will remain subject to a sustained
improvement in the issuer's operating environment in Ukraine.
NJSC Naftogaz of Ukraine
Long-term local currency IDR: affirmed at 'CCC'
Long-term foreign currency IDR: downgraded to 'CC' from 'CCC'
The rating action mirrors Fitch's rating action on Ukraine's
sovereign ratings as Naftogaz's ratings are fully aligned with
those of Ukraine. This approach reflects the company's strategic
importance to the state as a monopolistic gas distributor, as
well as state subsidies and other forms of tangible financial
support provided to Naftogaz. The state directly guarantees some
of Naftogaz's loans, which is another indication of its support.
In addition, Naftogaz's performance is closely monitored by the
IMF, Ukraine's major lender, which creates incentives for the
state to keep Naftogaz adequately funded.
DTEK Energy B.V. (formerly DTEK Holdings B.V.)
Long-term local currency IDR: affirmed at 'CCC'
Short-term foreign currency IDR: affirmed at 'C'
Long-term foreign currency IDR: affirmed at 'CCC'
Foreign currency senior unsecured rating: affirmed at 'CCC';
Recovery Rating of 'RR4'
Short-term local currency IDR: affirmed at 'C'
National long term rating: affirmed at 'BBB-(ukr)', Outlook
Stable
National long-term senior unsecured rating: affirmed at
'BBB-(ukr)'
On Sept. 5, 2014, Fitch upgraded DTEK Holdings BV's National
Long-term rating following a recalibration of the National Scale.
The rating action commentary should have included an upgrade of
the Long-term senior unsecured National rating as of that date
and this rating action commentary also serves as a correction
confirming that this rating was upgraded to 'BBB-(ukr)' from
'BB+(ukr)' and that this rating is now affirmed at BBB-(ukr).
DTEK Finance BV: Foreign currency senior unsecured rating:
affirmed at 'CCC'; Recovery Rating of 'RR4'
DTEK Finance plc: Foreign currency senior unsecured rating:
affirmed at 'CCC'; Recovery Rating of 'RR4'
DTEK's ratings reflect its standalone profile, constrained by the
company's exposure to conflict areas, weak operating environment
and high refinancing and FX risks. DTEK's operations continue
broadly as expected outside the conflict areas. DTEK's liquidity
at end-2014 was insufficient to cover the forthcoming short-term
debt maturities, including USD200 million notes due on April 28,
2015. Fitch expects the company to generate some free cash flow,
but a refinancing will be needed. Failure to secure refinancing
in the coming weeks is likely to result in a downgrade.
Rating Drivers and Rating Sensitivities.
Lemtrans LLC
Long-term local currency IDR: affirmed at 'CCC'
Long-term foreign currency IDR: affirmed at 'CCC'
The affirmation reflects that Lemtrans' operations are broadly in
line with our expectations and the fact that the company does not
have significant fixed assets in the conflict area, although its
two major customers have operations there. Lemtrans is exposed
to continued Hryvna devaluation and we view its liquidity as weak
with short-term debt maturities (UAH895 million mostly leases)
exceeding its cash position at YE14 of UAH732 million. Fitch
believes that Lemtrans' flexible capex will allow it to generate
free cash flow to meet some of its upcoming lease repayments.
However, a weakened liquidity position may lead a downgrade.
Ferrexpo plc
Long-term foreign currency IDR: affirmed at 'CCC'
Short-term foreign currency IDR: affirmed at 'C'
Ferrexpo Finance Plc
Foreign currency senior unsecured rating: affirmed at 'CCC';
Recovery Rating of 'RR4'
Foreign currency senior unsecured rating: affirmed at 'CCC
(EXP)'; Recovery Rating of 'RR4'
Ferrexpo is an exporter generating hard currency revenues. None
of the company's operations are located in the conflict zone.
Ferrexpo has an adequate liquidity position and is currently
seeking to extend the maturity of 2016 notes via an Exchange
Offer.
KHARKOV CITY: Fitch Lowers Issuer Default Rating to 'CC'
--------------------------------------------------------
Fitch Ratings has downgraded the City of Kharkov's Long-term
foreign currency Issuer Default Rating (IDR) to 'CC' from 'CCC'.
The agency has also affirmed the city's Long-term local currency
IDR at 'CCC' and Short-term foreign currency IDR at 'C'.
Under EU credit rating agency (CRA) regulation, the publication
of International Public Finance reviews is subject to
restrictions and must take place according to a published
schedule, except where it is necessary for CRAs to deviate from
this in order to comply with their legal obligations.
Fitch interprets this provision as allowing us to publish a
rating review in situations where there is a material change in
the creditworthiness of the issuer that we believe makes it
inappropriate for us to wait until the next scheduled review date
to update the rating or Outlook/Watch status.
The next scheduled review date for Fitch's rating on the City of
Kharkov was 24 April 2015. However, following the downgrade of
Ukraine's Long-term foreign currency IDR on Feb. 13, 2015, we
have taken a similar rating action on the city as it is rated at
the same level as the sovereign.
KEY RATING DRIVERS
The City of Kharkov's ratings are constrained by the sovereign,
in line with Fitch's criteria of 'International Local and
Regional Governments Rating Criteria outside United States'.
Under Fitch's criteria, a local or regional government can only
be rated above the sovereign in exceptional circumstances.
The rating drivers of the Long-term local currency IDR are
unaffected, leading to its affirmation.
RATING SENSITIVITIES
Any rating change to Ukraine would lead to similar changes to the
city's ratings. A downgrade could also result from a delay in
the repayment of the city's maturing debt.
UKRZALIZNYTSIA: Fitch Lowers Issuer Default Rating to 'CC'
----------------------------------------------------------
Fitch Ratings has downgraded the State Administration of Railways
Transport of Ukraine's (Ukrzaliznytsia) Long-term foreign
currency Issuer Default Rating (IDR) to 'CC' from 'CCC', and
affirmed its Long-term local currency IDR at 'CCC' and Short-term
foreign currency IDR at 'C'.
Fitch has also downgraded the Long-term foreign currency rating
on Shortline Plc's USD500m loan participation notes (LPNs) - for
which Ukrzaliznytsia is a guarantor - to 'CC' from 'CCC'.
The rating actions follow Fitch's recent downgrade of Ukraine's
Long-term foreign currency IDR to 'CC' from 'CCC' and the
affirmation of the sovereign's Long-term local currency IDR at
'CCC'. The Country Ceiling was affirmed at 'CCC'.
KEY RATING DRIVERS
Ukrzaliznytsia's IDRs are equalized with those of its sponsor,
Ukraine. In line with Fitch's public-sector entities (PSE)
rating criteria, the agency views Ukrzaliznytsia as a dependent
PSE.
The rating on Shortline Plc's LPNs is equalized with
Ukrzaliznytsia's Long-term foreign currency IDR.
RATING SENSITIVITIES
Any rating action on Ukraine would lead to a similar rating
action on Ukrzaliznytsia.
Shortline Plc's notes' rating will move in tandem with
Ukrzaliznytsia's Long-term foreign currency IDR.
The rating actions are as follows:
State Administration of Railways Transport of Ukraine
Long-term foreign currency IDR downgraded to 'CC' from 'CCC'
Long-term local currency IDR affirmed at 'CCC'
Short-term foreign currency IDR affirmed at 'C'
===========================
U N I T E D K I N G D O M
===========================
ALTOBRIDGE: Shareholders Raises Questions Over Receivership
-----------------------------------------------------------
Barry O'Halloran at The Irish Times reports that shareholders in
Altobridge say that questions remain to be answered over the
decision to place the firm in receivership last year.
Intel Capital and the World Bank appointed a receiver to
Altobridge last year on foot of a secured debt in a move that
resulted in the loss of 45 jobs at its base in Tralee, Co Kerry
and a further 85 in its offices outside Ireland, The Irish Times
recounts.
The exchequer footed the bill for the Irish workers' statutory
redundancy payments, which came to more than EUR270,000, through
the Department of Social Protection, The Irish Times notes.
The appointment angered a number of shareholders who had backed
the company from its foundation in 2002, The Irish Times relays.
They believed that its key asset -- the intellectual property
linked to the technology it was developing -- remained valuable
and that the secured creditors' decision may not have been
warranted in the first place, The Irish Times states.
Its assets were subsequently sold to iDirect, a subsidiary of
Asian giant ST Engineering for $4 million, which was returned to
Intel Capital and the World Bank, the secured creditors, The
Irish Times relates.
According The Irish Times, co-founder and shareholder Bart Kane
said a number of its backers feel there was not enough
transparency around the decision to place the company in
receivership in the first place.
He said the only way to establish what happened would be to
appoint a liquidator, who would have the right to look at the
security that formed the basis for the receivership, The Irish
Times notes. The backers want to see accounts for 2012 filed
with the Companies' Registration Office (CRO) which are now
overdue, The Irish Times discloses. The last returns made were
for 2011, The Irish Times says.
This means that the company runs the risk of being struck off the
register for failure to file accounts, which Mr. Kane says could
put a further barrier in the way of appointing a liquidator,
according to The Irish Times.
Altobridge is a technology developer based in Ireland.
BIRMINGHAM INTERNATIONAL: Football League Demands Crisis Talks
--------------------------------------------------------------
Jon Griffin at Birmingham Mail reports that Football League
chiefs are to seek an urgent meeting with Birmingham City
Football Club, also known as Blues, to discuss the appointment of
receivers Ernst and Young to run parent group Birmingham
International Holdings Limited, in Hong Kong.
The report says the League moved swiftly to issue a statement
confirming that officials had asked to meet Blues to discuss the
developments in the Far East.
According to the report, fears are growing among Blues fans that
the receivership could yet land the football club with a points
deduction, with many taking to social media sites to express
their concerns.
Several league clubs have suffered points deductions in recent
years, including Coventry City in August 2013, docked 10 points
after a collapse into administration following a row with Arena
Coventry Limited over rent, the report notes.
"The League received notification earlier on Feb. 17 regarding
the appointment of receivers by Birmingham City's holding
company," the report quotes a Football League spokesman as
saying. "We have requested a meeting with the club and the
appointed receivers at the earliest opportunity to discuss the
matter."
As reported in the Troubled Company Reporter-Europe on Feb. 18,
2015, BBC News said Birmingham International Holdings Limited,
the parent company of Birmingham City Football Club, has gone
into receivership. BIHL blamed "fractious and inharmonious
relations within the management" for the decision, BBC related.
According to BBC, BIHL said it had appointed three receivers from
Ernst and Young. The club, as cited by BBC, said it was not in
liquidation and could continue to fulfill its fixtures in the
league.
"The receivers are keen to stress their appointment does not
extend to Birmingham City which continues to trade as normal and
outside of any insolvency process," BBC quoted Ernst and Young as
saying in a statement. "The appointment allows the receivers to
be able to manage the day-to-day activities of BIHL, take control
of its finances, carry on the business of the company and take
such steps as may be necessary for the purpose of preserving the
future of . . . Birmingham City."
Birmingham City Football Club is a professional association
football club based in the city of Birmingham, England.
INDIVIOR PLC: Moody's 'B3' CFR Unaffected by New Euro Tranche
-------------------------------------------------------------
Moody's Investors Service commented that the new euro-denominated
tranche of the secured credit agreement of RBP Global Holdings,
Indivior Finance S.a r.l. and Indivior Finance LLC (subsidiaries
of Indivior plc) has no impact on the company's ratings. The
ratings include a B3 Corporate Family Rating, a Caa1-PD
Probability of Default Rating and a B3 rating on the senior
secured term loans and revolving credit agreement. The rating
outlook is stable.
Indivior PLC is a global specialty pharmaceutical company
domiciled in the UK that is focused on the treatment of opioid
addiction and closely related mental health disorders. Indivior
reported net revenues of approximately $1.1 billion in 2014.
This publication does not announce a credit rating action.
MANOR MOTORSPORT: Creditors Approve Exit From Administration
------------------------------------------------------------
Alan Baldwin at Reuters reports that Manor Motorsport, the former
Marussia Formula One team, moved a step closer to returning to
the grand prix grid after creditors approved a move allowing them
to come out of administration.
Administrators FRP Advisory LLP said in a statement that a
Company Voluntary Arrangement had been agreed to allow control of
Manor Grand Prix Racing, which traded as Marussia F1, to be
passed back to directors, according to Reuters.
"The financial restructuring creates a platform for the company
to continue with its plans to participate once again within
Formula One," they added, the report notes.
No details of the restructuring, or investors, were provided
although former team boss John Booth and sporting director Graeme
Lowdon are known to be involved, the report relates.
Media reports have indicated former Sainsbury's chief executive
Justin King, whose son Jordan is competing in the GP2 feeder
series this season, is also part of a consortium to revive the
team's fortunes, the report discloses
The report says that Marussia, who were ninth in the 2014
championship, sunk into administration in October and missed the
last three races of the campaign. They still have big hurdles to
overcome, with a car to be built and the season starting in
Australia on March 15, the report relays.
Rivals have also blocked a proposal for them to be allowed to use
an interim 2014 car, the report discloses.
They can however miss three races, which would allow them to
start the season in Bahrain in mid-April, the report says.
Administrator Geoff Rowley said the team had taken a step
forward.
"With new investment and a continuity of the respected
management, the business has the ideal platform from which it can
accelerate the operational rebuilding already underway to get a
team back racing," the report quoted Mr. Rowley as saying. "We
shall complete our statutory duties as administrators with the
necessary filings needed in order to formally exit the company
from administration over the next few days," Mr. Rowley added.
Manor Motorsport is a British motor racing team that was formed
in 1990 by former single-seater champion John Booth. Manor,
formerly Marussia, plunged into administration in October 2014
and missed the final three races of the 2014 season.
MAX PETROLEUM: Says Financing and Investment Talks Continue
-----------------------------------------------------------
Alliance News reports that Max Petroleum PLC said it has noted
that the company's share price has risen since it said it was
negotiating with Sberbank to save the company from being
"unviable".
"The board notes the recent price movement in the company's
ordinary shares and confirms that there are currently no updates
to the company's announcement of February 9, 2015," said Max
Petroleum, according to Alliance News.
The report notes that the company said it is negotiating with
Sberbank regarding restructuring its USD82.8 million loan owed to
the bank.
"Max Petroleum's business has been rendered unviable unless
further material investment is made into the company in addition
to there being a comprehensive debt restructuring agreed with
Sberbank," Max Petroleum said, the report relates.
The company said negotiations with Sberbank are continuing and
that it is also talking to AGR Energy regarding an equity
investment, the report notes.
In August, Max Petroleum struck a deal with AGR Energy, under
which AGR would obtain a 51% stake in the company in exchange for
a GBP37.1 million cash subscription, the report discloses.
The report relays that the company said the deal with AGR won't
proceed, but said talks will continue about an equity investment
that, together with the debt restructuring, will render the
company viable at current oil prices.
"The directors of Max Petroleum currently believe that there is a
reasonable prospect that ongoing discussions could result in a
sufficient refinancing of the company and, on that basis, have
not put the company into administration," the report quoted Max
Petroleum as saying.
"However, in light of upcoming creditor payments, including a
material amount that becomes due on February 25, 2015 to the
Kazakh tax authorities and payable by early March 2015, there is
only a short period remaining to achieve such a refinancing and
if current efforts are unsuccessful then the consequences will be
negative for all stakeholders in the company," Max Petroleum
added.
OYSTER HOTELS: Marsh Farm to Stay Open Despite Administration
-------------------------------------------------------------
Elizabeth Mackley at Swindon Advertiser reports that
administrators have reassured customers that a popular Royal
Wootton Bassett hotel will remain operational, despite the parent
company going into administration.
Arron Kendall and Simon Thomas, of restructuring and insolvency
firm Moorfields Corporate Recovery, were appointed joint
administrators for Oyster Hotels Ltd, which operates the Marsh
Farm Hotel, on February 9, the report discloses.
They are continuing to trade the hotel with the assistance of
Convivial Group, which specialises in the hospitality and leisure
industries, according to Swindon Advertiser.
Swindon Advertiser relates that a spokesman has confirmed that no
weddings have been cancelled and the hotel will continue to
operate as normal.
"We are currently continuing to trade the hotel whilst we explore
the options, but are hopeful to find a buyer . . . the hotel
sector is continuing to show strong signs of growth and Marsh
Farm Hotel has a good range of facilities and benefits from a
desirable location," the report Arron Kendall, joint
administrator, as saying. "We believe it provides a good
opportunity for potential purchasers."
The report says the news has come as a shock to many in the town,
with several expressing concern over the future of the hotel.
Marsh Farm is a 50-room hotel that also features corporate
conference facilities, a beauty salon and on-site restaurant.
PETROPAVLOVSK: To Open Talks With Rebel Shareholders
----------------------------------------------------
This is Money reports that embattled mining group Petropavlovsk
has opened talks with rebel shareholders in a last ditch attempt
to save the company from administration.
The gold mining group headed by industry veteran Peter Hambro has
tabled a rescue plan for the company to reduce its debt through
an issue of new shares and a deal with bondholders, according to
This is Money.
The report notes that shareholders will vote on the plan this
week with the board warning that failure to approve the deal will
lead to the company going bust.
But it emerged Russian investment group Sapinda had built a 10.2%
stake in Petropavlovsk and was pushing for the rescue to be
replaced with a new deal and offering to invest up to $100
million into the company, the report discloses.
It has warned it will vote against the existing plan and with 75
per cent of shares voted needed to secure the scheme its stake
could be big enough to scupper the proposal, the report notes.
But Artem Volynets, head of Sapinda's Russian office, said: 'In
what is a very real breakthrough the company has agreed to sit
down with its largest shareholder this weekend to discuss a
better deal for all shareholders,' the report relays.
Sources close to Petropavlovsk said talks with Sapinda were aimed
at convincing the company to support its proposal, the report
notes.
"Shareholders need to vote in favor of this. There is no plan
B," the report quoted a spokesman for the company as saying.
Petropavlovsk, which operates gold mines is Eastern Russia, but
which is listed on the London Stock Exchange, ran up large debts
to bondholders expanding the business, but has since been hit by
a slump in the gold price, the report notes.
Its shares have fallen by 98 per cent in the last five years, the
report discloses. A popular share among retail investors,
Petropavlovsk has several thousand small shareholders on its
register, the report adds.
STORM FUNDING: March 6 Proofs of Debt Submission Deadline Set
-------------------------------------------------------------
The Joint Administrators of Storm Funding Limited intend to make
a distribution (by way of paying an interim dividend) to the
preferential creditors (if any) and to the unsecured, non-
preferential creditors of Storm.
Proofs of debt may be lodged at any point up to (and including)
March 6, 2015. Creditors however are requested to lodge their
proofs of debt at the earliest possible opportunity.
Creditors may be required to provide further details or produce
documents or other evidence to their claims as the Joint
Administrators deem necessary.
The Joint Administrators will not be obliged to deal with proofs
lodged after the last date for proving but they may do so if they
think fit.
The Joint Administrators intend to make the announced
distribution within the period of two months from the last date
of proving claims.
For further information, contact details, and proof of debt
forms, please visit http://is.gd/EMIfcF
Creditors must complete and return a proof of debt form together
with relevant supporting documents, to PricewaterhouseCoopers
LLP, 7 More London Riverside, London SE1 2RT marked for the
attention of Sean Dedross. Alternatively, creditors can email a
completed proof of debt form to storm.claims@uk.pwc.com
USC: Administrators Facing Probe Over Pre-Pack Deal
---------------------------------------------------
Kevin Reed at AccountancyAge reports that administrators for West
Coast Capital (also known as USC) are to come under the gaze of
the Insolvency Service, which is investigating the pre-pack deal
for the collapsed fashion chain.
AccountancyAge relates that the joint administrators from Duff &
Phelps and the Gallagher Partnership are to be scrutinised on
whether a pre-pack administration, where a company is sold
immediately after the appointment of administrators, was
appropriate for USC.
Some 200 workers at its Ayrshire-based warehouse lost their jobs,
of which its 80 permanent staff were told of the programme 15
minutes after entering consultation, the report says.
According to the report, lawyers are advising 60 of them, where
an employment tribunal could entitle them to eight weeks pay in
compensation, if the process is found to have been handled
incorrectly. More than 600 jobs were saved due to the sale.
The administrators were called into West Coast Capital (also
known as USC), a controlled entity of Sports Direct. The USC
stores were immediately taken on by Sports Direct division
Republic, which owned another tranche of USC-branded stores.
"It was investigating the circumstances surrounding the failure
of USC including whether the use of pre-pack was appropriate, as
it would any other insolvency," the report quotes an Insolvency
Service spokeswoman as saying in a statement. "Administrators of
an insolvent company have a duty to submit a report on the cause
of the failure to the Insolvency Service within six months. Their
report is confidential," she added.
AccountancyAge relates that a spokeswoman for Duff & Phelps said
in a statement that a pre-pack was the best option for USC after
careful consideration, citing a lack of insurance to continue
selling branded products as a going concern. ". . . The credit
insurance industry had put the company and the proposed
administrators on notice that none of the branded product
supplied by its insureds could be sold, making trading impossible
and it was understood that a trade-on would be unlikely to
increase the sale value of the business and assets due to it
making a trading loss.
"Additionally, due to the business being fragmented, it was
believed that open marketing efforts would not achieve an
increased sale value; and it was deemed that a sale to another
interested party would not achieve a better return to creditors
in this instance as January is a difficult time for retail and
therefore any offer received from an interested party would
likely reflect this seasonality. In taking this action, all
stores and staff working within them have been retained and are
continuing to trade, saving approximately 616 jobs."
West Coast Capital (USC) Limited, trading as USC and part of the
Sports Direct group, operated 28 leasehold retail units in major
cities across the UK. It employed 700 staff.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
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*********
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 2015. 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.