/raid1/www/Hosts/bankrupt/TCREUR_Public/150721.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, July 21, 2015, Vol. 16, No. 142
Headlines
C R O A T I A
CROATIA: S&P Revises Outlook to Negative & Affirms 'BB' Ratings
F R A N C E
FINANCIERE LULLY: Moody's Assigns 'B2' CFR, Outlook Stable
TITAN EUROPE 2007-2: Fitch Affirms 'D' Ratings on 2 Note Classes
WFS GLOBAL: S&P Assigns 'B' LT Corp Credit Rating, Outlook Stable
G E R M A N Y
BILFINGER SE: S&P Affirms 'BB+/B' CCRs, Outlook Remains Negative
DEUTSCHE PFANDBRIEFBANK: S&P Affirms 'BB' Sr. Sub. Debt Rating
HETA ASSET: Closes Sale of Balkan Network to Advent & EBRD
KINGSWOOD MORTGAGES 2015-1: Moody's Rates Class E Notes 'Ba1'
TELE COLUMBUS: S&P Puts 'B+' CCR on CreditWatch Negative
G R E E C E
GREECE: Banks Reopen Following Cash-Reforms-Deal with Creditors
H U N G A R Y
MOL HUNGARIAN: S&P Revises Outlook to Pos. & Affirms 'BB' CCR
I R E L A N D
HARVEST CLO VII: Fitch Affirms 'BBsf' Rating on Class E Notes
I T A L Y
MODA 2014: Fitch Affirms 'Bsf' Rating on Class E Notes
* ITALY: Tourism Sector Bankruptcies Down 7% in First Half 2015
M A L T A
ENEMALTA PLC: S&P Revises Outlook to Positive & Affirms 'B+' CCR
N E T H E R L A N D S
MYRIAD INT'L: Fitch Assigns 'BB+' Final Rating to Unsecured Notes
SRLEV NV: Moody's Raises Rating on Sub. & Jr. Sub. Debt to Ba3
STAHL HOLDINGS: S&P Assigns 'B+' CCR, Outlook Stable
P O R T U G A L
LUSITANO MORTGAGES: S&P Cuts Rating on Class C Notes to 'B(sf)'
R O M A N I A
FONDUL PROPRIETATEA: Franklin Templeton to Liquidate Fund
* ROMANIA: Large Subsidies May Bankrupt Classic Operators
R U S S I A
ALTAI REGION: Fitch Affirms 'BB+/B' Issuer Default Ratings
CHUVASH REPUBLIC: Fitch Affirms 'BB+/B' Issuer Default Ratings
DELOPORTS LLC: Fitch Assigns 'BB-' IDR, Then Withdraws Rating
KAZAN CITY: Fitch Affirms 'BB-/B' Issuer Default Ratings
RUSSIAN STANDARD: Fitch Affirms Then Withdraws 'B-' LT IDRs
VENTRELT HOLDINGS: Fitch Affirms 'BB-' LT Foreign Currency IDR
S E R B I A
SERBIA: S&P Affirms 'BB-/B' Sovereign Credit Ratings
S W E D E N
STENA AB: S&P Affirms 'BB' CCR, Outlook Remains Stable
U K R A I N E
UKRAINE: Debt of Insolvent Banks to NBU Reaches UAH37 Billion
UKRAINE: Extends Debt Restructuring Talks as Default Looms
U N I T E D K I N G D O M
GREENSANDS UK: Moody's Raises Issuer Default Rating to 'B+'
HULBERT HOMES: Director Gets 5-Year Disqualification
MANHATTAN SHOWERS: Confirms Liquidation
RARE EARTH: Director Gets 10-Year Disqualification
SILVER CROSS: Saved From Receivership, Sells for GBP50 Million
VOUVRAY MIDCO: Moody's Raises CFR to 'B1', Outlook Stable
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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C R O A T I A
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CROATIA: S&P Revises Outlook to Negative & Affirms 'BB' Ratings
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Standard & Poor's Ratings Services revised its outlook on Croatia
to negative from stable. At the same time, S&P affirmed its 'BB'
long-term and 'B' short-term foreign and local currency sovereign
credit ratings.
RATIONALE
The outlook revision reflects S&P's view that Croatia's general
government indebtedness, as a share of GDP, will continue to
increase to over 90% of GDP in 2016, after doubling since 2008.
Following the upcoming parliamentary elections that must be held
by February 2016, S&P foresees a marked risk that the policy
response to increasing debt and momentum for reform could be
insufficient to reverse the mounting indebtedness without robust
measures. This would, in turn, cast further doubts on the
ability of Croatia's political institutions to implement
effective policies that would deliver sustainable public finances
and promote balanced economic growth.
The ratings are constrained by Croatia's weak growth prospects
and the public sector's overbearing and inefficient role in the
economy, due to a backlog of unimplemented structural and fiscal
reforms. In addition, high and increasing public-sector
indebtedness, partially owing to lossmaking state-owned
enterprises, jeopardizes the long-term sustainability of
Croatia's public finances.
The ratings are supported by slightly decreasing external
indebtedness because of deleveraging in the financial sector,
which somewhat offsets the public sector's increasing external
leverage. S&P's assessment of Croatia's institutional framework
benefits from the country's EU membership, including in
particular the EU's deficit monitoring function through its
Excessive Deficit Procedure (EDP). However, S&P has seen little
progress in terms of fiscal consolidation in Croatia since the
beginning of the EDP in 2013, and S&P thinks there's a high
likelihood that Croatia will not meet its EDP deficit correction
deadline in 2016.
After contracting a further 0.4% in 2014, Croatia's economy now
seems to have pulled out of recession. S&P estimates real GDP
will grow by 0.2% in 2015, primarily supported by net exports.
In the next few years, S&P expects GDP growth will average 1.2%
annually, which is still significantly lower than peers with
similar income levels.
Moreover, S&P sees pronounced downside risk to its GDP forecast,
mainly owing to a potentially slower rebound than S&P currently
expects in eurozone economies, Croatia's main trading partners.
At the same time, high private-sector indebtedness and banks'
continued need to deleverage may pose a further drag on
investments.
Croatia's institutions have so far not been able to effectively
respond to the mounting economic challenges, and the upcoming
parliamentary elections make any near-term reforms unlikely.
That said, S&P anticipates that the new government will aim to
address some of the structural issues to improve Croatia's
competitiveness.
Although the EDP should provide Croatia with an important fiscal
policy anchor by imposing the goal of a budget deficit of less
than 3% of GDP by 2016, S&P expects the government's fiscal
stance will remain loose in 2015. S&P anticipates a still-high
general government deficit of 5.6% of GDP in 2015 and an only a
gradual decline toward the 3% target beyond 2018. Pre-election
measures in the first half of 2015 -- such as changes to the
personal income tax and debt relief for the very poor, as well as
very slow reforms of state-owned enterprises -- will disrupt
consolidation plans this year and are likely to have a negative
effect on the budget in coming years. S&P thinks meeting the EDP
target largely depends on the still-uncertain policy measures
that the government may implement following the upcoming
elections.
Consistent with S&P's budgetary forecast and absent any large
onetime factors, it expects net general government debt will
increase to over 87% by 2017. The peak could even be higher due
to the vulnerable financial situation of state-owned enterprises.
Although much of Croatia's quasi-government debt is included
under general government debt under the European System of
Accounts (ESA) 2010 framework, failed privatizations or further
arrears by or guarantees to local and regional government or
state-owned enterprises may further increase general government
debt. In addition, foreign currency debt currently represents
73% of general government debt, making Croatia vulnerable to
changes in global monetary conditions and sentiment, which could
push up interest rates on a sustainable basis and result in
higher debt servicing costs.
In contrast with its fiscal position, Croatia has improved its
external balances. S&P estimates a current account surplus of
0.9% of GDP in 2015, aided by lower oil prices and a slight pick-
up in exports, particularly tourism, which will receive an
additional boost owing to the uncertain conditions at other
tourist destinations (Greece and Tunisia, for instance). In
S&P's view, the current account surplus will peak in 2016 at 1%
of GDP, and decline to 0.3% of GDP in 2018 as domestic
consumption and imports accelerate.
Owing to increased export receipts (to 46% of 2014 GDP from 38%
of 2008 GDP), alongside a slight surplus on the capital account
(due to being a net recipient of EU funds; earmarked at EUR8.6
billion, or 20% of 2014 GDP in the 2014-2020 programming period),
and only slightly-improved equity and portfolio investments,
external metrics should see a continued improvement in the next
several years. Gross external financing needs could decline from
100% of current account receipts plus usable reserves in 2015 to
96% in 2018. That said, although financial sector external debt
remains at around 20% of GDP, general government external debt
will likely increase to an estimated 31% of GDP in 2015, up from
14% in 2008.
The Croatian National Bank (the central bank) is committed to the
kuna-euro peg, which limits monetary policy flexibility, as does
the highly euro-ized economy. More than 70% of loans and 60% of
deposits are denominated in or linked to a foreign currency,
usually the euro. Several years of deleveraging continue to
hamper the predominantly foreign-owned Croatian banking system.
In addition, a temporary, one-year, peg of the kuna-Swiss franc
exchange rate at historic rates for outstanding Swiss franc-
denominated loans, as well as the unknown final resolution of
this issue, weighs on banks' profitability and lending activity.
Nonperforming loans, particularly in the Swiss franc-denominated
household mortgage book, remain high and have increased to about
18% of total loans due to the Swiss franc's recent appreciation
against the kuna.
OUTLOOK
The negative outlook reflects S&P's view that there is at least a
one-in-three possibility that it could lower its ratings on
Croatia in the next 12 months.
S&P could lower the ratings if government policies do not
robustly counter Croatia's entrenched fiscal and economic
challenges after the upcoming election. In addition, S&P could
lower the ratings if it considered that the effectiveness or
credibility of the Croatian National Bank was undermined by
further increased euro-ization or political influence.
On the other hand, Croatia's accelerated efforts toward, and
meaningful progress in, addressing key structural economic and
budgetary challenges, could lead S&P to revise the outlook to
stable, as would an increasingly substantial and sustained return
to economic growth.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision. After the primary analyst gave opening remarks and
explained the recommendation, the Committee discussed key rating
factors and critical issues in accordance with the relevant
criteria. Qualitative and quantitative risk factors were
considered and discussed, looking at track-record and forecasts.
The committee agreed that the external assessment had improved
and the debt assessment had deteriorated. All other key rating
factors were unchanged.
The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook. The weighting of
all rating factors is described in the methodology used in this
rating action.
RATINGS LIST
Rating Rating
To From
Croatia (Republic of)
Sovereign credit rating
Foreign and Local Currency BB/Neg/B BB/Stable/B
Transfer & Convertibility Assessment
T&C Assessment BBB BBB
Senior Unsecured
Foreign Currency BB BB
Short-Term Debt
Local Currency B B
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F R A N C E
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FINANCIERE LULLY: Moody's Assigns 'B2' CFR, Outlook Stable
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Moody's Investors Service has assigned a B2 corporate family
rating and B2-PD probability of default rating to Financiere
Lully C (Linxens or the company). Concurrently, Moody's has
assigned a provisional (P)B1 instrument rating to the USD500
million equivalent Term B-1 Loan, EUR230 million equivalent Term
B-2 Loan (together the First Lien Term Loans), and EUR100 million
Revolving Credit Facility (RCF) raised by Lux Finco and US SPV
(together the borrowers), and a (P)Caa1 instrument rating to the
USD256 million equivalent second lien Term Loan raised by the
borrowers. The outlook on the ratings is stable.
Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, Moody's will endeavour to
assign a definitive rating to the facilities. A definitive
rating may differ from a provisional rating.
On June 26, 2015, funds advised and managed by CVC Capital
Partners (CVC) signed a put agreement to acquire Linxens Holding
S.A.S. from its previous private equity shareholder, Astorg
Partners, through Financiere Lully C. The acquisition
consideration and transaction fees will be funded by First Lien
Term Loans of EUR680 million equivalent (based on a EUR/USD
exchange rate of 1.12) and a Second Lien term Loan of EUR230
million (equivalent). In addition, a new Revolving Credit
Facility will be put in place to fund general corporate purposes.
RATINGS RATIONALE
"The B2 CFR reflects (1) Linxens' dominant position in the global
niche market of flexible connectors for smartcards with a
resilient market share, (2) the favourable underlying growth
prospects for the banking segment driven, in particular, by the
ongoing roll-out of payment smartcards in the US and China, and
(3) the significant free cash flow (FCF) generation based on
relatively limited working capital and capex needs", says
Sebastien Cieniewski, Moody's lead analyst for Linxens. However,
Moody's notes that the rating is weakly positioned in the rating
category and is constrained by (1) Linxens' very high debt-to-
EBITDA ratio at the closing of the transaction, (2) the company's
modest size which reflects its product and manufacturing
concentration, (3) the limited growth prospects of the SIM card
segment due to the relatively higher maturity of the market, and
(4) technology risk exposure over the medium- to longer-term.
Linxens's rating is constrained by the company's modest size with
revenues of EUR253 million in 2014 reflecting high product
concentration with roughly 91% of 2014 revenues generated from
the sale of flexible connectors for smartcards. While Moody's
positively notes management's efforts over the last couple of
years to diversify its end-markets to the LED and antenna
segments, the ancillary products will account for a marginal
proportion of revenues over the rating horizon. Linxens operates
a limited number of plants -- 5 plants with the 2 largest ones
located in Singapore and France. While manufacturing
concentration exposes the company to a higher degree of event
risk, it leads to higher efficiency and proximity to the global
smart card manufacturers.
The company's modest size is partly mitigated by its dominant
position within the niche market where it operates. Linxens held
a leading volume share of the market of flexible connectors for
smartcards in 2014, even higher in value due to the company's
over-exposure to the higher-end of the banking/payment market.
While we positively recognize that market share has remained
relatively stable over the last 10 years, we note that barriers
to entry are lower in the lower-end SIM segment leading to
increasing competition. The success of Linxens is attributable
to its products' quality and reliability of shipments with the
company being the preferred or sole supplier for some of the
largest card manufacturers, its cost competitiveness thanks to
economies of scale generated from its large shipments of around 7
billion units per annum, and its innovation capacity to implement
new standards alongside its clients. The long-term relationship
with customers partly mitigates Linxens' highly concentrated
client base reflecting the high level of concentration of
smartcard manufacturers - Linxens' top 5 clients accounted for
58% of revenues in 2014.
The rating is also supported by Linxens' good track record in
terms of revenue growth over the last 3 years and expectation of
continued strong top line growth over the period 2015-2018. The
company experienced revenue growth at a 13% compound annual
growth rate (CAGR) during the period 2012-2014 with the latest
trading showing an acceleration of the growth with revenues
higher by 28% in year-to-date (YTD) May 2015 compared to the same
period last year. Moody's expects revenue growth to continue at
high-single or low double-digit rates over the next 3 years
driven by volumes in the Banking segment projected to grow at a
mid-double-digit CAGR over the period. This growth will be
driven by (1) the increasing bancarization in emerging economies,
(2) the migration from magnetic stripe to chip payment cards in
large economies, including the US, India, and China, and (3) the
technology upgrade from single sided to dual interface cards.
On the other hand, growth in the Telecom segment will be limited
or slightly negative. While Moody's positively notes that there
is continued penetration of mobile phones and transition to more
advanced mobile networks in emerging markets, the market is
relatively more mature than banking and expected to grow at lower
single-digit level over the next three years. In addition, the
Telecom segment is subject to higher competition than banking due
to (1) the more significant presence of challengers to Linxens in
the lower-end SIM market vs. higher-end banking increasing
pricing pressure, and (2) the fierce competition among SIM card
manufacturers looking for cheaper connectors solutions. The
Telecom segment is also exposed to technological risk in the
medium-term due to ongoing discussions between mobile phone
operators and manufacturers for the implementation of embedded
SIM cards. Moody's believes that the implementation of embedded
SIM cards would have a negative impact on revenue, as the
technology would not require flexible connectors provided by
suppliers such as Linxens. However, the potential impact is
expected to be moderate and affect mainly volumes in the high-end
smartphones in developed countries, which represent a relatively
small portion of global SIM shipments dominated by volumes
generated in emerging countries where markets are mostly prepaid.
Moody's positively notes that Linxens enjoys healthy margins
which have been growing over the last three years largely driven
by improvement at the gross profit margin level reflecting
increased automation, reduction in precious metal consumption,
and purchase price improvements. Most of Linxens' costs of goods
sold are composed of raw materials of which more than half is
gold. The company's exposure to the volatility of gold prices is
limited due to the pass through mechanism of price changes to its
customers and the company's hedging policy.
The rating is mainly constrained by Linxens' adjusted gross
leverage, which is very high at the closing of the company's buy-
out by CVC at 6.7x pro-forma as of June 30, 2015. However, based
on strong revenue growth projections and resilient margins,
Moody's expects de-leveraging to below 6.0x by the end of 2017 to
better position the company within the B2 rating category, or
closer to 5.0x based on Moody's assumption that deleveraging
through EBITDA growth will be complemented by debt pre-payments.
Indeed, based on limited capex needs, FCF-to-debt is projected at
above 5% in 2015 and growing to high single-digits by 2017.
Linxens benefits from a good liquidity position at the closing of
the transaction despite a pro-forma nil cash balance. Liquidity
is supported by the large EUR100 million RCF, which is undrawn at
closing. The RCF has only a springing covenant with significant
headroom tested only when at least 40% of the facility is drawn.
In addition, liquidity is supported by the large free cash flow
generation with limited seasonality.
The B2-PD PDR, at the same level as the CFR, reflects Moody's
assumption of a 50% family recovery rate based on the mix of
first lien and second lien facilities in the debt structure. The
(P)B1 instrument rating assigned to the First Lien Term Loans,
one notch above the CFR, reflects the cushion provided by the
sizeable Second Lien Term Loan ranking behind and rated (P)Caa1.
The stable outlook reflects Moody's expectation that Linxens will
generate significant revenue growth and FCF over the next three
years which will enable the company to reduce its leverage from
the high level at the closing.
WHAT COULD CHANGE THE RATING -- UP/DOWN
Whilst not expected in the near term, upward rating pressure
could develop over time if adjusted leverage decreases below
5.0x, FCF-to-Debt increases towards 10% on a sustainable basis,
and the company maintains a good liquidity profile.
On the other hand, negative pressure could arise if the company
fails to reduce its adjusted leverage towards 6.0x over the next
18 months, FCF-to-Debt is below 5% on a sustained basis, or the
liquidity position weakens.
The principal methodology used in these ratings was Global
Manufacturing Companies published in July 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.
Linxens is the world's leading manufacturer of connectors for
smart cards. The company produces flexible etched connectors
used in several end-applications, including banking cards (55% of
2014 revenues), SIM cards for mobile phones (29%), and e-
government, including e-ID, e-passport, health cards and driving
licenses (7%). The company employs c.1,200 employees across 5
production facilities.
TITAN EUROPE 2007-2: Fitch Affirms 'D' Ratings on 2 Note Classes
----------------------------------------------------------------
Fitch Ratings has affirmed Titan Europe 2007-2 Limited's floating
rate notes due 2017 as follows:
EUR99.3 million Class A2 (XS0302916381) affirmed at 'Bsf';
Outlook Stable
EUR154.3 million Class B (XS0302917272) affirmed at 'CCsf';
Recovery Estimate (RE) RE25%
EUR115.2 million Class C (XS0302917512) affirmed at 'Csf'; RE0%
EUR86.1 million Class D (XS0302917868) affirmed at 'Csf'; RE0%
EUR37.9 million Class E (XS0302919138) affirmed at 'Csf'; RE0%
EUR15.0 million Class F (XS0302919641) affirmed at 'Dsf'; RE0%
EUR0 million Class G (XS0302920730) affirmed at 'Dsf'; RE0%
KEY RATING DRIVERS
The affirmation reflects the servicers' progress selling down the
collateral portfolio as whole or executing discounted pay-offs
(DPOs), which is generally in line with Fitch's recovery
expectations as at the last rating action. However, with less
than two years remaining until legal final maturity of the notes,
there is still a significant volume of property to dispose of in
order to repay the class A2 notes. Any setback in timing could
weaken the prospects of these noteholders being repaid by legal
maturity.
As at the April interest payment date (IPD), there were five
loans outstanding with an aggregate securitized balance of
EUR508.3 million. Two loans repaid over the past 12 months, one
(Six Hotels Loan) at a EUR1.5 million loss, as expected.
The EUR371 million MPC portfolio loan portfolio had reduced to 71
properties at the April IPD this year from 77 properties in April
2014. The EUR16.1 million cumulative proceeds from these six
property disposals is well below their aggregate allocated loan
amounts and short of their EUR19 million total reported market
value. This trend is likely to continue in Fitch's view,
consistent with the weakness in the Dutch office market,
particularly for secondary quality stock as in this portfolio.
The EUR74.9 million Cobalt loan has amortized from EUR78.5
million one year ago, including the proceeds of the sale of three
properties. Progress with disposals has been below the rate
required to liquidate the portfolio by April 2016. While the
workout remains consensual, to avoid the impact insolvency could
have on the lease, the current asset manager is reportedly
incentivized to liquidate by this date. Most of the remaining 13
properties should still be sold by legal maturity, in Fitch's
opinion, but likely at a significant loss given some of the space
has been vacated and on other assets rent reduced (in 2013).
Pending any appeal by the sole tenant in the single office
property securing the EUR52.9 million Skudov Palace loan, the
dispute between the City of Prague and the borrower has been
resolved to the satisfaction of the latter. This ought to remove
uncertainty about the marketability of the property, which
occupies a prime location in the city and is let on a relatively
long remaining lease term of 11 years. Nevertheless, Fitch does
not expect full repayment.
The Nantes and Caprice loans should both be in the final stages
of resolution following DPOs proposed by the servicer. Subject to
the DPO for Nantes, EUR4.97 million is due on the Nantes loan by
January 2016, leaving the balance of the EUR6.95 million written
off. Fitch expects this should lead to a resolution in the
impasse between lender and borrower, with the loan currently in
safeguard proceedings.
For Caprice, following a EUR0.8 million write-down already
applied to the notes, a further EUR0.6 million loss is expected.
This is because the DPO it accepted (obliging a return of EUR2.7
million still outstanding) appears to be out of the borrower's
reach following a EUR2.1 million debt refinancing of its
remaining real estate.
RATING SENSITIVITIES
Failure to maintain a sufficient rate of property disposals could
result in downgrades given the limited time until legal maturity
(which also acts as a constraint on the rating of the class A2
notes). The Recovery Estimate on the class B notes is sensitive
to the realisation of value from the remaining pool of properties
as well as the rate of interest over the next few years (Fitch
assumes Euribor remains close to current levels for the purposes
of this estimate).
Fitch estimates principal recoveries in its 'Bsf' scenario to be
EUR130 million to EUR150 million.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
Fitch did not undertake a review of the information provided
about the underlying asset pool ahead of the transaction's
initial closing. The subsequent performance of the transaction
over the years is consistent with the agency's expectations given
the operating environment and Fitch is therefore satisfied that
the asset pool information relied upon for its initial rating
analysis was adequately reliable.
Overall, Fitch's assessment of the information relied upon for
the agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.
WFS GLOBAL: S&P Assigns 'B' LT Corp Credit Rating, Outlook Stable
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Standard & Poor's Rating Services assigned its 'B' long-term
corporate credit rating to French airport ground handler WFS
Global Holding SAS (WFS). The outlook is stable.
S&P also assigned its 'B' issue rating to WFS' EUR225 million
senior secured bond. The issue rating on the bond is '4'. S&P's
recovery expectations are in the higher half of the 30%-50%
range.
These ratings are in line with the preliminary ratings S&P
assigned on June 15, 2015.
The 'B' corporate credit rating on WFS reflects S&P's view of the
company's business risk profile as "weak" and its financial risk
profile as "highly leveraged," as S&P's criteria define these
terms.
WFS' "weak" business risk profile is constrained by S&P's view of
the company's large exposure to the air cargo handling market,
which S&P generally views as more volatile than ramp and
passenger handling activities. S&P considers cargo to be
sensitive to the general economic environment and therefore to
depend on the recovery and future growth of the global economy.
Cargo handling activities accounted for 63% of WFS' revenues in
2014, and for 67% of EBITDA. Also, S&P views WFS' geographical
exposure as somewhat weaker than peers', with around 46% and 70%
of revenues generated in France and Europe, respectively.
These weaknesses are partly offset by S&P's view of WFS' position
as a leading niche player in the global air cargo handling
market, its ownership of warehouses, and its road feeder
system -- which S&P believes enhances the company's competitive
position and operating efficiency. The ground and cargo handling
market is very fragmented and the scale of established players
such as WFS provides a competitive edge in terms of reputation
and the ability to afford the capital outlay and offer
complimentary services at any given airport. The company's fair
profitability assessment is supported by industry-average
profitability measures under S&P's base case, such as return on
capital of about 6%. Additionally, WFS has entered the Brazilian
market, which benefits from a higher margin than the more mature
markets of Europe and S&P thinks this will drive some margin
improvement over time.
S&P's financial risk profile assessment of "highly leveraged"
reflects its view that WFS will have weighted average funds from
operations (FFO)-to-debt and debt-to-EBITDA ratios of about 7%-8%
and 6x, respectively, for the next two years. The scale of WFS'
operations is smaller than market leaders that have global reach.
As a result, S&P believes that WFS' financial strength is
constrained by its fairly low absolute EBITDA and cash flow,
which renders its financial measures susceptible to
underperformance relative to S&P's base case.
S&P's base-case assumptions for WFS have not changed materially
since S&P assigned the preliminary ratings on June 15, 2015. S&P
continues to expect improving cargo volumes at WFS' key airports
in Europe and Asia, offset by weaker performance in North
America. A stable to slightly improving pricing environment is
likely to lead to about 2%-3% revenue growth in the cargo
business unit and a good performance in the company's ramp and
passenger unit should lead to revenue growth of about 6%-7% in
this business unit.
The new EUR225 million senior secured bond was issued at 9.5%,
compared with S&P's assumption of 8.25% at the time of assigning
the preliminary rating. However, despite the somewhat higher
interest cost, the higher rate does not materially affect S&P's
forecast ratios and expectations for the 'B' rating. S&P
forecasts a weighted average FFO to debt of about 7%-8% over the
next two years, about 100 basis point lower than S&P previously
anticipated. S&P continues to expect weighted EBITDA interest
coverage of about 2x over the next two years.
The stable outlook reflects S&P's expectation that WFS will be
able to maintain an adjusted FFO-to-debt ratio in excess of 6% in
the next 12 months. S&P expects the company to deliver fairly
stable operating performance as global markets continue to pick
up in 2015 and 2016. S&P views significant deleveraging as
unlikely over the short-to-medium term, due to the lack of
amortizing debt in the pro forma capital structure. Furthermore,
given the relatively small scale of WFS' operations, S&P
considers the company's consistently "adequate" liquidity -- with
sources covering uses by at least 1.2x for the next 12 months --
to be an important and stabilizing rating factor.
S&P might consider a negative rating action if WFS' debt
increases materially as a result of a sizable debt-financed
acquisition or aggressive shareholder distributions, to the
extent that FFO to debt falls below 6%. S&P could also consider
a negative rating action if the company's liquidity position
deteriorates significantly as a result of weaker-than-anticipated
operating performance and/or cash flow generation.
S&P could consider a positive rating action if WFS reduces debt
through improved operating performance, leading to stronger
credit metrics such as adjusted FFO to debt of more than 12% and
debt to EBITDA of less than 5x, on a sustainable basis. This
would also require S&P to believe that the company's private
equity shareholders were unlikely to recapitalize the business to
further increase leverage.
=============
G E R M A N Y
=============
BILFINGER SE: S&P Affirms 'BB+/B' CCRs, Outlook Remains Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' long- and
short-term corporate credit ratings on Germany-based engineering
and services company Bilfinger SE. The outlook remains negative.
At the same time, S&P affirmed its 'BB+' issue rating on the
group's senior unsecured bonds. The recovery rating of '4' on
the bonds remains unchanged, indicating S&P's expectation of
average (30%-50%; higher half of the range) recovery for
bondholders in the event of a payment default.
S&P also assigned a recovery rating of '4' to Bilfinger's
recently renewed EUR500 million revolving credit facility (RCF),
indicating S&P's expectation of average (30%-50%; higher half of
the range) recovery for creditors in the event of a payment
default.
The affirmation follows S&P's upward revision of its assessment
of Bilfinger's liquidity to "strong" from "adequate." S&P
regards the group's liquidity as strengthened after its recent
renewal of the EUR500 million RCF that now matures at the end of
June 2018, based on the group's now more robust ratio of
liquidity sources to uses including the RCF.
S&P views Bilfinger's liquidity profile as "strong" based on
these main assumptions:
-- Liquidity sources (including availability under the EUR500
million RCF) should exceed uses by at least 1.5x over the
next 12 months and at least 1x over the subsequent 12
months.
-- Liquidity sources should exceed uses, even if forecast
EBITDA declines by an unanticipated 30%.
-- Consequently, S&P sees a likely ability to absorb high-
impact, low-probability events without refinancing. S&P
notes that the group will need to refinance only low-
double-digit euro amounts over the coming 24 months.
-- Bilfinger has well-established, solid relationships with
banks, as the recent RCF renewal well ahead of its 12-month
maturity illustrates, combined with relaxed covenant
headroom.
-- S&P regards the group's risk management as generally
prudent.
At the same time, S&P sees adequate (more than 15%) headroom
under the newly agreed financial covenant under the RCF over our
2015-2017 forecast period. The covenant stipulates a net debt-
to-EBITDA ratio.
The ratings on Bilfinger reflect S&P's assessments of its
business risk profile as "satisfactory" and its financial risk
profile as "significant."
Bilfinger operates in three segments: Industrial Services, Power
Services, and Building & Facilities Services. Following its weak
performance and a string of profit warnings over the past 12
months, the group is currently performing a strategic review
across all business units. It has also recently announced its
intention to sell its Power Services business by the end of
second-quarter 2016. Given the group's weak earnings outlook S&P
anticipates Standard & Poor's adjusted leverage (debt to EBITDA)
at about 4.5x in 2015, which is weak for the rating, but
decreasing to about 3x in 2016, assuming no further losses in
Power Services beyond 2015.
The negative outlook reflects S&P's uncertainty about the
magnitude of Bilfinger's earnings decline and its implications
for the group's financial risk profile. It also incorporates the
uncertainties around the time and final terms of the planned sale
of Power Services and the outcome of the group's ongoing
strategic review of its remaining business operations. S&P
currently assumes that Bilfinger's FFO to debt will return to
above 20% in 2016 and 2017, which would be commensurate with
S&P's 'BB+' rating.
S&P could downgrade Bilfinger if S&P reassess its business risk
profile, absent any marked improvement in its financial risk
profile. S&P could, for instance, reassess the business risk
profile if Bilfinger's significant restructuring and cost-saving
initiatives failed to translate into significant improvements in
the adjusted EBITDA margin and if S&P observed a large deviation
between the group's 2015-2016 operating cash flow guidance and
S&P's projections in its current base case. Failure to manage an
exit from the Power Services business within the next 12 months,
along with further losses and cash drain from these operations,
could also put pressure on the rating.
S&P could revise the outlook on Bilfinger to stable if S&P gained
confidence that management's communication around its strategic
review and clarification on the operating and financial outlook
show a clear trajectory of reducing negative free operating cash
flow to moderate or neutral levels, combined with evidence of an
improving operating trend in the coming years. S&P would also
seek greater clarity on the exit from the Power Service business.
Significant disposal proceeds from noncore businesses that
increase headroom under the current rating and a supportive
financial policy could also lead S&P to change the outlook to
stable.
DEUTSCHE PFANDBRIEFBANK: S&P Affirms 'BB' Sr. Sub. Debt Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Deutsche Pfandbriefbank AG (PBB) to negative from developing. At
the same time, S&P affirmed its 'BBB/A-2' long- and short-term
counterparty credit ratings.
S&P also affirmed its 'BB' issue ratings on the bank's
nondeferrable senior subordinated debt.
In addition, S&P raised its issue rating on PBB's junior
subordinated instruments to 'B+' from 'D'.
The negative outlook on PBB reflects S&P's view that the bank
could fail to accumulate a sufficient volume of additional loss-
absorbing capacity (ALAC) eligible instruments to qualify for
ALAC uplift to the rating over the next four years. As of today,
S&P includes no notches of support for ALAC in the long-term
rating on PBB. However, S&P includes one notch of uplift because
it considers PBB to be in a positive transition that might allow
it to increase ALAC above our 5% threshold over a four-year
projection period. S&P views the German resolution regime as
"effective" under its ALAC criteria because, among other factors,
S&P believes it contains a well-defined bail-in process under
which authorities would permit nonviable systemically important
banks to continue critical functions as going concerns following
a bail-in of eligible liabilities.
The affirmation follows the reprivatization of PBB via an IPO on
July 16, 2015. The rating action also reflects S&P's expectation
that PBB will maintain a stand-alone credit profile (SACP) of
'bbb-', benefiting from ongoing government support from the
Federal Republic of Germany. For a two-year period, the Federal
Republic of Germany will continue to maintain an indirect
shareholding of at least 20% via the German Financial Markets
Stabilisation Fund (Finanzstabilisierunsfonds) and Hypo Real
Estate AG. Due to the government's commitment to retain its
minority stake over the next two years, S&P continues to
incorporate implicit benefits from the state ownership into its
stand-alone analysis, especially for funding and liquidity. In
S&P's view, the temporary government ownership should support
investor confidence in PBB as well as provide time to establish a
track record of performance, risk indicators to uphold investor
confidence, and comfortable access to capital markets also
without government ownership.
The starting point for S&P's analysis of PBB is the 'a-' anchor,
reflecting a weighted average economic risk score of '2' and
industry risk score of '3' for the German banking system, as per
S&P's banking industry country risk assessment criteria. S&P
expects the bank to preserve its geographical lending split.
S&P considers PBB's business profile to be "weak" and
significantly more vulnerable than our German industry risk score
of '3' indicates. S&P do not anticipate that the change in the
ownership structure following the IPO will have a material impact
on the business position.
S&P views PBB's capital and earnings as "adequate." Full
redemption of the Finanzmarktstabilisierungsfonds EUR1 billion
silent participation does not affect S&P's assessment of the
capitalization, as S&P had already factored this development into
its forecast.
S&P's risk position assessment for PBB is "moderate," mainly
reflecting high concentrations in its credit exposures, which S&P
anticipates will persist.
S&P assesses positively the minority government ownership during
the bank's transitory period, which leads to S&P to maintain its
current view of PBB's "average" funding and "adequate" liquidity
as neutral rating factors. S&P incorporates ongoing government
support into its assessment of PBB's SACP because S&P cannot
segregate benefits deriving from state ownership and commitment
from our stand-alone analysis.
S&P does not incorporate extraordinary government support,
however, into the ratings on PBB. S&P believes that the prospect
of extraordinary government support for the German banking sector
is uncertain following the full implementation of the EU Bank
Recovery and Resolution Directive, including bail-in powers, in
January 2015.
The upgrade to 'B+' from 'D' (default) on PBB's junior
subordinated instruments, Hypo Real Estate International Trust I,
reflects the anticipated resumption of coupon payments. PBB
missed coupon payments on these instruments in the past.
Following the repayment of PBB's EUR1 billion hybrid to the
government, the bank may now pay out coupons on the
nongovernmental hybrid debt. As coupon payments are not
discretionary in case of dividend payments on equity shares, and
PBB announced dividends going forward, S&P expects that the bank
will resume the coupon payments on hybrid instruments starting
with the period from end-June 2015.
The 'B+' hybrid issue rating reflects S&P's analysis of the
instruments and its assessment of PBB's 'bbb-' SACP.
The Hypo Real Estate International Trust I hybrid instruments are
phased out, and they are currently included with 70% of the
nominal value in the bank's regulatory core capital. Fully
phased in, the instruments will be not compliant with the capital
requirements directive (CRD IV) or Basel III capital
requirements; and they will not be not eligible as regulatory
capital.
The 'B+' hybrid issue rating stands four notches below the bank's
SACP. S&P derives this four-notch difference as:
-- One notch for subordination;
-- Two notches for the current tier 1 regulatory capital
status; and
-- One notch due to the principal write-down; even though not
contractually documented, the relevant regulatory and legal
framework in Germany creates the equivalent of such a
clause.
The negative outlook reflects risks that the bank fails to
accumulate a sufficient volume of ALAC eligible instruments to
qualify for the ALAC uplift to the rating, as per S&P's criteria.
S&P would remove the transitional one-notch rating uplift,
leading S&P to lower the long-term counterparty credit rating, if
it concluded that forecast buffers of subordinated instruments to
mitigate bail-in risks to senior unsecured creditors would not
rise sufficiently to grant any future ALAC support.
S&P might also lower the long-term counterparty credit rating if
it concluded that the bank fails to establish a track record of
performance and risk indicators to uphold investor confidence and
comfortable access to capital markets for a time after the German
government exits its minority stake.
Additionally, S&P could take a negative rating action if it
observed deviations from PBB's current strategy of focusing on
assets in selected European markets that are eligible to back
covered bond issuance. In addition, if the bank expanded in
countries S&P views as having higher economic risks than Germany
or if economic risk in Germany increased would lead S&P to
believe that the shifting mix of exposure would increase credit
and operational risks. This could lead S&P to lower the ratings
on the bank.
S&P could revise the outlook to stable if it gains confidence
that PBB will be able to accumulate sufficient ALAC eligible
instruments over a four-year projection period. At the same
time, an outlook revision to stable would hinge on S&P's
understanding that PBB would be able to uphold its current
funding and liquidity profile also after the exit of the German
government as a minority shareholder. Outlook revision would
also require a stabilization of economic risks in Germany.
HETA ASSET: Closes Sale of Balkan Network to Advent & EBRD
----------------------------------------------------------
Kirsti Knolle at Reuters reports that Austrian "bad bank" Heta
Asset Resolution has closed the sale of its Balkan network to
U.S. private equity firm Advent and the European Bank for
Reconstruction and Development.
Heta said earlier this month that the deal was all but completed
and the final closing would conclude once the European Central
Bank and Austria's financial watchdog FMA approved a banking
license extension request for Advent, Reuters relates.
Heta Assset Resolution AG is a wind-down company owned by the
Republic of Austria. Its statutory task is to dispose of the
non-performing portion of Hypo Alpe Adria, nationalized in 2009,
as effectively as possible while preserving value.
KINGSWOOD MORTGAGES 2015-1: Moody's Rates Class E Notes 'Ba1'
-------------------------------------------------------------
Moody's Investors Service has assigned definitive credit ratings
to these classes of notes issued by Kingswood Mortgages 2015-1
PLC:
EUR 138.57 mil. Class A Mortgage Backed Floating Rate Notes due
2052, Definitive Rating Assigned Aaa (sf)
EUR 19.22 mil. Class B Mortgage Backed Floating Rate Notes due
2052,Definitive Rating Assigned Aa1 (sf)
EUR 7.39 mil. Class C Mortgage Backed Floating Rate Notes due
2052, Definitive Rating Assigned A2 (sf)
EUR 5.36 mil. Class D Mortgage Backed Floating Rate Notes due
2052, Definitive Rating Assigned Baa3 (sf)
EUR 6.1 mil. Class E Mortgage Backed Floating Rate Notes due
2052, Definitive Rating Assigned Ba1 (sf)
Moody's has not assigned any rating to the EUR8.13 million Class
F Mortgage Backed Floating Rate Notes due 2052 and to the
EUR1.77 million Subordinated Floating Rate Notes due 2052.
The transaction represents the securitization of German prime
mortgage loans backed by residential properties located in
Germany. The underlying portfolio was originated by Paratus AMC
GmbH (formerly GMAC-RFC Bank GmbH). The pool represents the
performing part of the pool initially securitized in E-MAC DE
2009-1 transaction. The portfolio is serviced by Servicing
Advisors Deutschland GmbH (not rated by Moody's).
RATINGS RATIONALE
The ratings take into account, among other factors, the
performance of the previous transactions launched by GMAC-RFC
Bank GmbH, the credit quality of the underlying mortgage loan
pool, from which Moody's determined the MILAN Credit Enhancement
and the portfolio expected loss, as well as legal considerations
and the initial credit enhancement provided to the rated notes by
the junior notes and overcollateralization of 6.55%.
The expected portfolio loss of 10.5% of the portfolio at closing
and the MILAN required Credit Enhancement of 27.0% served as
input parameters for Moody's cash flow model.
The key drivers for the MILAN Credit Enhancement number, which is
higher than in other prime German RMBS transactions, are: (i) the
worse than expected performance of the previous transactions of
this originator with similar pool characteristics; (ii) the
historical performance of the underlying pool; (iii) the
weighted-average loan-to-market-value (LTMV) of 93.0%, which is
slightly higher than observed in other German RMBS transactions
at their closing dates; and (iv) the weighted-average seasoning
of 8.0 years, which is higher than average.
The key drivers for the portfolio expected loss, which is also
higher than in other prime German RMBS transactions, are: (i) the
worse than expected performance of the previous transactions of
this originator with similar pool characteristics; (ii) the
historical performance of the underlying pool; (iii) the fact
that only the performing portion of the initial E-MAC DE 2009-I
pool has been securitized (however, there is a small portion of
delinquent loan parts in the pool, 1.13%, although none of these
loan parts were more than one month in arrears at the cut-off
date).
The transaction benefits from a non-amortizing reserve fund that
has been funded at 1.0% of the original rated notes balance for
EUR1.77 million at closing (0.96% of the mortgage-backed notes
balance, excluding the Subordinated Note). The reserve fund will
be built up using available excess spread to 3.6% of the original
rated notes balance (3.44% of the original mortgage-backed notes
balance). The total reserve fund is split into the liquidity
reserve fund and the non liquidity reserve fund. The non
liquidity reserve fund is equal to the difference between the
total reserve fund and the liquidity reserve fund, this will be
used to pay interest shortfall for Classes A to E upon the
compliance with some conditions.
At closing, the liquidity reserve fund was equal to 1.0% of the
original rated notes balance, thus, the non liquidity reserve
fund was zero at closing but is building up using available
excess spread. The reserve fund will be replenished before the
interest payment of the Class F Notes. The transaction also
benefits from principal to pay interest for the Class A Notes.
The notes pay 3 million Euribor plus margin and 100% of the pool
balance comprises fixed rate mortgage loans. This leads to an
interest rate mismatch in the transaction. Therefore, the issuer
has entered into a swap agreement with London Branch of Macquarie
Bank Limited (Macquarie Bank Limited rated A2, P-1), according to
which the Issuer receives 3 million Euribor and pays a fixed rate
of 0.50% on the swap notional. However, the swap agreement will
be valid only until July 2023. After this date, the issuer will
renegotiate the terms of the swap contract. Thus, there is a
risk that the structure remains unhedged after July 2023, if a
new swap agreement is not put in place. This is mitigated to a
certain extent by the credit enhancement, hedging structure
present in the transaction, as well as, a seller obligation to
ensure that loans reset to no lower than a certain interest
level, which should provide adequate support against adverse
interest risk mismatch exposure.
Operational Risk Analysis: L2 B.V. ("L2", not rated), subsidiary
of Macquarie Bank, is being acting as master servicer. L2 has
sub-delegated certain primary servicing obligations to Servicing
Advisors Deutschland GmbH (not rated). In order to mitigate the
operational risk, there is a back-up servicer facilitator,
Macquarie Bank Ltd, London Branch. The role of the cash manager
is performed by Citibank N.A. (London Branch) (A1, (P)P-1).
Structured Finance Management Ltd (not rated) acts as the
corporate servicer provider in this transaction.
Moody's Parameter Sensitivities: At the time the rating was
assigned, the model output indicated that Class A Notes would
have achieved Aaa rating even if the expected loss was as high as
18.4% assuming MILAN CE increased to 37.8% and all other factors
remained the same.
Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged and is not intended
to measure how the rating of the security might migrate over
time, but rather how the initial rating of the security might
have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.
The principal methodology used in this rating was "Moody's
Approach to Rating RMBS using the MILAN Framework" published in
January 2015.
The analysis undertaken by Moody's at the initial assignment of a
rating for an RMBS security may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.
Factors that would lead to an upgrade or downgrade of the rating:
Significantly different loss assumptions compared with our
expectations at close due to either a change in economic
conditions from our central scenario forecast or idiosyncratic
performance factors would lead to rating actions. For instance,
should economic conditions be worse than forecast, the higher
defaults and loss severities resulting from a greater
unemployment, worsening household affordability and a weaker
housing market would result in a downgrade of the rating. A
deterioration in the notes available credit enhancement could
also result in a downgrade of the rating. Additionally
counterparty risk could cause a downgrade of the rating due a
weakening of the credit profile of a transaction counterparty,
particularly Macquarie Bank, which performs numerous roles in the
transaction.
The rating addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the notes by the legal final
maturity. Moody's ratings only address the credit risk
associated with the transaction. Other non credit risks have not
been addressed, but may have a significant effect on yield to
investors.
TELE COLUMBUS: S&P Puts 'B+' CCR on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Germany-based cable operator Tele
Columbus AG on CreditWatch with negative implications. S&P also
placed the 'B+' issue ratings on Tele Columbus' senior secured
loans on CreditWatch negative. The recovery rating on this debt
is '4H', indicating S&P's expectation of average recoveries in
the higher half of the 30%-50% range.
The CreditWatch action follows Tele Columbus' announcement on
July 16, 2015, that it intends to acquire German cable operator
PrimaCom for EUR711 million. The transaction will be funded with
new senior and junior debt, balance-sheet cash, and an equity
bridge facility of EUR125 million. Tele Columbus plans to use a
rights issue later in 2015 to fund the equity bridge facility and
potentially also a share of the additional debt. Tele Columbus
estimates that the transaction will increase its pro forma
leverage, as per the company's definition, to about 5.0x from
2.9x as of March 31, 2015. The company then aims to return
leverage to its publicly stated medium-term range of 3.0x-4.0x
within 18-24 months.
At this stage, S&P thinks that the funding of the acquisition is
likely to weaken credit metrics materially, at least during the
first phase after the takeover. In S&P's view, Tele Columbus'
debt-to-EBITDA ratio, as fully adjusted by Standard & Poor's,
could rise to more than 5x by the end of 2015 on a pro forma
basis and taking into account the replacement of the equity
bridge facility with common equity. In S&P's current base case
for Tele Columbus, it had expected leverage to be meaningfully
below 4.0x in 2015 and 2016, and S&P had forecast that its free
operating cash flow (FOCF) would be negative in 2015 and 2016,
affected by the need for significant capital expenditures to
migrate and upgrade the company's network as well as for smaller
acquisitions.
From a business risk perspective, S&P thinks that the acquisition
could strengthen Tele Columbus' market position, partly through
increased scale and complementarity in the two companies' service
areas. A larger scale should strengthen Tele Columbus' ability
to compete with other fixed-line broadband operators such as
Deutsche Telekom and Vodafone, as well as other TV providers,
particularly in Eastern Germany where most of the activities of
both companies are concentrated.
S&P aims to resolve the CreditWatch with negative implications on
Tele Columbus when the transaction is successfully completed.
S&P will reassess Tele Columbus' capacity to deleverage, both
through EBITDA growth (taking into account not only operating
performance but also possible synergies) as well as through
further equity measures. S&P will also reassess Tele Columbus'
competitive position and operating prospects.
S&P will likely lower the long-term rating on Tele Columbus by
one notch, unless S&P concludes, after the transaction, that
credit measures will restrengthen to levels commensurate with the
current rating within 12-24 months. In particular, S&P would
lower the rating if it expected Tele Columbus' Standard & Poor's-
adjusted debt to EBITDA to remain above 4.5x in this timeframe.
===========
G R E E C E
===========
GREECE: Banks Reopen Following Cash-Reforms-Deal with Creditors
---------------------------------------------------------------
BBC News reports that Greek banks are reopening after being
closed for three weeks because of the deadlock over the country's
debt, as the government initiates repayment of its loans to the
European Central Bank and the International Monetary Fund.
Athens reached a cash-for-reforms deal aimed at avoiding a debt
default and an exit from the eurozone, BBC relates.
But many restrictions remain and Greeks also face price rises
with an increase in Value Added Tax (VAT), BBC notes.
According to BBC, Germany has said it may consider further debt
concessions to Greece.
Greece was making a EUR4.2 billion (GBP3 billion) payment due to
the ECB on July 20, as well as EUR2.05 billion in arrears to the
International Monetary Fund, BBC discloses. The IMF later
confirmed the money had been paid and that Greece was "therefore
no longer in arrears", BBC relates.
Queues at ATMs have been a feature of life in Greece for weeks,
with people waiting in line each day to withdraw a maximum of
EUR60 (GBP41) a day, a restriction imposed amid fears of a run on
banks, BBC notes.
From July 20, the daily limit becomes a weekly one, capped at
EUR420 (GBP291), meaning Greeks will not have to queue every day,
BBC says.
Some members of Prime Minister Alexis Tsipras's party rebelled
against the austerity measures demanded by creditors when it was
voted through parliament, BBC recounts.
But the vote paved the way for Greece to receive a bridging loan,
which enabled the reopening of the banks and for Athens to repay
debts to its creditors on July 20, BBC relates.
Both Greece and the IMF have been arguing for a restructuring of
its EUR320 billion debt, saying its current position is
"unsustainable", BBC notes.
German Chancellor Angela Merkel ruled out "a classic haircut" --
a markdown of Greece's debts, BBC relays.
But she told German television other forms of relief, such as
extending maturities or slashing interest rates, could be
considered once the details of the latest program are worked out,
BBC recounts.
Germany, which is the largest contributor to Greek rescue funds,
has taken a tough line on Greece, BBC notes.
Bank Overhaul
Meanwhile, Reuters' John O'Donnell and George Georgiopoulos
report that Greek banks face deep surgery including closures or
mergers after a bailout but they are seen getting a brief
reprieve with a capital injection before the painful overhaul
begins.
According to Reuters, as part of a deal to secure new funding,
Athens had to surrender much autonomy over its economy and this
will include handing over more power to European institutions to
decide the fate of its sick banks.
European officials have told Reuters that after an initial
recapitalization of lenders, which could happen when a bailout is
agreed in roughly four weeks, the banks face some closures,
mergers and the possible sale of healthy overseas subsidiaries.
"The banks would have a difficult time to survive even if the
sovereign is saved. They will have to write off a lot of their
loans," one European official told Reuters in the runup to the
deal. "There has to be a restructuring to put them back on a
sound footing."
Those preparations, other people familiar with the matter said,
are now under way, following a last-minute deal to keep Greece in
the currency bloc, albeit one that comes at a heavy price in
terms of reforms, tax hikes and spending cuts, Reuters relays.
=============
H U N G A R Y
=============
MOL HUNGARIAN: S&P Revises Outlook to Pos. & Affirms 'BB' CCR
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on MOL
Hungarian Oil and Gas PLC (MOL) to positive from stable. S&P
affirmed its 'BB' long-term corporate credit rating on MOL.
S&P also affirmed its 'BB' issue ratings on MOL's senior
unsecured debt instruments and our 'B' issue ratings on the
group's junior subordinated debt.
The positive outlook reflects S&P's view that MOL's financial
risk profile could strengthen over the next 18 months on the back
of stronger performance than S&P currently expects in its base-
case scenario.
MOL's financial performance in 2014, and so far in 2015, has been
supported by a strong downstream contribution that has largely
offset the impact of lower oil prices. Its plans for efficiency
improvements in its downstream division and increase retail sales
in its petrol stations will also support its financial
performance. If successfully implemented, MOL's plans should
result in stronger cash flow generation, leading it to improve
toward the stronger end of its current "significant" financial
risk profile.
In S&P's opinion, uncertainties around MOL's share of Croatia-
based oil company INA-Industrija nafte, d.d. (INA) pose a
potential risk because S&P regards MOL's ownership of INA as
supporting MOL's business risk profile. The sale of INA would
not lead S&P to revise its assessment of MOL's "fair" business
risk profile, although it would increase its reliance on Hungary.
INA constitutes roughly 36%-38% of MOL's combined reserves and
production and also owns two refineries. Due to an ongoing
disagreement between the Croatian government and MOL regarding
strategic issues, S&P understands that MOL could consider selling
its stake, although for MOL negotiation and agreement is the
preferred option. If it did sell its stake, the negative impact
on its business risk profile could be neutralized by what MOL
does with the proceeds.
S&P's assessment of MOL's business risk profile as "fair"
reflects the group's diversification across upstream activities,
refining, and retail operations in Central and Eastern Europe.
MOL's two main refineries are strategically located, highly
complex, integrated plants. However, MOL is particularly exposed
to Hungary and is smaller in terms of production than peers that
have a stronger business risk assessment.
S&P assesses MOL's financial risk profile as "significant" under
S&P's criteria. This reflects its "intermediate" core credit
ratios but weaker debt coverage ratios after capital expenditure
(capex) and dividend payments (specifically discretionary cash
flow to debt). This is line with S&P's assessment of most of
MOL's peers.
Under S&P's criteria, it regards MOL as a government-related
entity (GRE) but this does not affect the rating. S&P assess
MOL's role for the Hungarian government as "important" and its
link as "limited," which leads to S&P's assessment of a
"moderate" likelihood of extraordinary government support. MOL
is about 25% owned by the Hungarian state.
S&P's base case assumes:
-- A slow recovery of upstream contributions from 2015 on a
recovery in global oil prices and an increase in
production.
-- Continuous strong contribution of downstream operations
amid supportive macroeconomic conditions and a cost-cutting
program and retail-growth strategy.
-- Ongoing dividend payments in line with historical levels.
-- No material credit-dilutive acquisitions.
Based on these assumptions, S&P arrives at these credit measures:
-- FFO to debt sustainably above 30%, trending toward 40% by
2017.
-- Sustained capex and dividend payments leading to low or
negative free operating cash flow (FOCF) and discretionary
cash flows.
The positive outlook reflects S&P's view that strong downstream
margins, increased oil production, and the absence of credit-
dilutive acquisitions could support operating performance such
that adjusted funds from operations (FFO) to debt moves toward
40% in 2016 and 2017.
If MOL were to sell its share in INA, any rating action would
depend on how MOL uses the proceeds of such a potential sale.
S&P could raise the rating if MOL's financial performance
improved such that FFO to debt trended toward 40% on good
downstream performance and a recovery in its upstream
contribution, showing some resilience to industry conditions.
S&P could revise the outlook to stable if the financial profile
does not improve -- for example, if FFO to debt remains around
30%.
Rating pressure could arise if discretionary cash flow (FOCF
minus dividends) turned sharply negative, leading to FFO to debt
of less than 25% for a prolonged period.
=============
I R E L A N D
=============
HARVEST CLO VII: Fitch Affirms 'BBsf' Rating on Class E Notes
-------------------------------------------------------------
Fitch Ratings has affirmed Harvest CLO VII Limited as follows:
EUR177 million class A affirmed at 'AAAsf'; Outlook Stable
EUR34 million class B affirmed at 'AA+sf'; Outlook Stable
EUR20 million class C affirmed at 'Asf'; Outlook Stable
EUR13.6 million class D affirmed at 'BBB+sf'; Outlook Stable
EUR23.0 million class E affirmed at 'BBsf'; Outlook Stable
EUR42 million subordinated notes: not rated
Harvest CLO VII is an arbitrage cash flow collateralized loan
obligation. Net proceeds from the issuance of the notes were used
to purchase a EUR300.7m portfolio of European leveraged loans and
bonds. The portfolio is managed by 3i Debt Management Investments
Limited.
KEY RATING DRIVERS
The affirmation reflects the transaction's stable performance
since the last review on August 5, 2014. The transaction is
currently passing all portfolio profile and collateral quality
tests, there have been no reported defaults and credit
enhancement has increased marginally for all rated notes. Since
the last review the transaction has increased par by EUR0.6
million and is currently EUR1.9 million above target par. By
January 2015 the transaction had built par of EUR3m but made a
considerable loss in February through sales below par.
Since our last review, the transaction has reduced the minimum
weighted average recovery rate covenant to 66.2% from 67.5% while
increasing the minimum weighted average spread covenant to 4.40%
from 4.35%. The transaction covenants represent a compliant
matrix point and the current levels are within the thresholds.
Most notably, the weighted average recovery rate is 67.8%, 1.6%
above the minimum covenant. Similarly the weighted average rating
factor is 32.71, 0.79 below the maximum covenant of 33.5.
The portfolio is of lower rating quality than at last review
which is reflected in the increased weighted average rating
factor to 32.71 from 31.81. Based on Fitch's classification, the
portfolio is of similar concentration with loans from the US, UK
and Germany representing 59% of the portfolio compared with 56%
at last review. Similarly the top five industries represent 50%
of the portfolio compared with 46% at last review. Peripheral
exposure, defined as exposure to countries with a Country Ceiling
below 'AAA', accounts for 6.45% of the portfolio and is to Italy
and Spain. Peripheral exposure has increased by 2.68% since last
review but remains 3.55% below the maximum covenant of 10%
RATING SENSITIVITIES
A 25% increase in the expected obligor default probability would
lead to a downgrade of up to three notches for the rated notes. A
25% reduction in the expected recovery rates would lead to a
downgrade of up to four notches for the rated notes.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.
The majority of the underlying assets have ratings or credit
opinions from Fitch and/or other Nationally Recognized
Statistical Rating Organizations and/or European Securities and
Markets Authority registered rating agencies. Fitch has relied on
the practices of the relevant Fitch groups and/or other rating
agencies to assess the asset portfolio information.
Overall, Fitch's assessment of the information relied upon for
the agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.
=========
I T A L Y
=========
MODA 2014: Fitch Affirms 'Bsf' Rating on Class E Notes
------------------------------------------------------
Fitch Ratings has affirmed Moda 2014 S.r.l., as follows
EUR143.7 million Class A due August 2026 (ISIN: ISIN:
IT0005039075): affirmed at 'A+sf'; Outlook Stable
EUR14.5 million Class B due August 2026 (ISIN: IT0005039083):
affirmed at 'Asf'; Outlook Stable
EUR17.5 million Class C due August 2026 (ISIN: IT0005039182):
affirmed at 'BBB-sf'; Outlook Stable
EUR3.8 million Class D due August 2026 (ISIN: IT0005039257):
affirmed at 'BB+sf'; Outlook Stable
EUR16.9 million Class E due August 2026 (ISIN: IT0005039265):
affirmed at 'Bsf'; Outlook Stable
The transaction is a securitization of two commercial mortgage
loans totaling EUR198.2 million. The loans were granted by
Goldman Sachs International Bank to six Italian limited liability
companies to finance the acquisition of/refinance certain Italian
retail assets: a fashion outlet village (Franc loan); another
fashion outlet village; a shopping centre; and two retail
galleries (Vanguard loan). All the real estate is located in
Italy and owned by borrowers sponsored by Blackstone.
KEY RATING DRIVERS
The affirmation is driven by the transaction's stable
performance.
The Franc loan is secured by the Franciacorta Outlet Village, a
32,657 sq. m retail outlet centre, located in the outskirts of
Brescia, northern Italy. Since closing, the passing rent has been
stable at EUR11.8 million. The interest coverage ratio (ICR) has
increased to 3.22x from 2.98x at closing due to a lower cost of
funding. In September 2014, the property was revalued at EUR141.3
million from EUR133.1 million at closing (July 2013 MV). As a
result of the recent revaluation and scheduled amortization
payment of EUR785,000, the Franc loan LTV ratio has decreased to
54.7% from 58.7% at closing. The performance of the loan is in
line with Fitch's expectation at closing.
The Vanguard loan is secured against four properties located
across Italy: a fashion outlet village, Valdichiana Outlet
Village (57% by market value); two retail galleries, Le Colonne
and Il Borgogioioso (19% and 15% by market value respectively);
and a shopping centre, La Scaglia (10% by market value). Since
closing, the passing rent of the portfolio has decreased by 5.2%
to EUR16.5m from EUR17.4m. As a result, the ICR has decreased to
2.76x from 3.36x.The loan benefited from EUR901,000 of scheduled
amortisation, which resulted in a decrease in the LTV ratio to
63.8% from 64.3%. The performance of the loan is in line with the
Fitch's expectation at closing.
Fitch's estimated 'Bsf' recovery amount is EUR278.4m.
RATING SENSITIVITIES
Any significant deterioration of the passing rent or the
occupancy rate of the portfolio could trigger a performance
review.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action.
* ITALY: Tourism Sector Bankruptcies Down 7% in First Half 2015
---------------------------------------------------------------
According to ANSA, a report released on July 20 by Confesercenti
retailers' association showed that the first slight improvement
since 2011 in bankruptcies among tourism operators occurred in
the first half of 2015, as the number of failures fell 7%
compared with 2014 figures.
Despite the slight improvement, business closings in tourism
still topped openings by nearly 16,000, ANSA notes.
Between January and April 2015, over 26,000 businesses shut their
doors, while 15,908 opened in the same period, ANSA discloses.
The current number of business bankruptcies -- 1,334 in the first
half of 2015 -- is still high overall, however: 36% higher than
the same period in 2011 and more than double the 647 bankruptcies
registered in the first half of 2009, ANSA states.
=========
M A L T A
=========
ENEMALTA PLC: S&P Revises Outlook to Positive & Affirms 'B+' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Malta-based electricity utility Enemalta PLC to
positive from stable. The 'B+' long-term corporate credit rating
was affirmed.
The outlook revision stems from a similar action on S&P's long-
term rating on Malta on July 10, 2015.
S&P's rating on Enemalta incorporates three notches of uplift for
government support, reflecting S&P's view that there is a "very
high" likelihood of timely and sufficient extraordinary support
for Enemalta from the government if needed. This is based on
S&P's view of the company's:
-- "Very important" role as the sole owner and operator of
Malta's power distribution grid, which was connected to
Europe in spring 2014 through a cable linking the island to
Sicily. S&P could revise this assessment after the
construction of a new third-party gas-fueled generation
facility in Malta is completed; and
-- "Very strong" link with the Maltese government. The
government's recent sale of a minority stake in Enemalta
doesn't affect S&P's assessment. Although S&P observes
that the government continues to provide full and timely
support to Enemalta if needed, S&P thinks it aims to
gradually reduce its guarantees on most of Enemalta's debt,
which would reduce the sovereign's exposure to contingent
liabilities.
S&P assess Enemalta's stand-alone credit profile (SACP) at
'ccc+'. Therefore, the Maltese government's improving credit
quality has an impact on S&P's long-term rating on the company.
S&P's view of Enemalta's SACP is unchanged. S&P sees some
momentum in the roll out of the government's energy reform, which
S&P believes will be positive for Enemalta's future development.
However, S&P continues to assess the company's business risk
profile as "vulnerable" and its financial risk profile as "highly
leveraged," pending the return to positive cash flow generation.
The positive outlook on Enemalta reflects the outlook on Malta.
S&P would raise the rating on Enemalta by one notch if Malta is
upgraded by one notch, barring no change to the "very high"
likelihood of extraordinary government support, or if S&P
believed the company's ongoing restructuring would enable it to
achieve financial stability in the long term. This could occur
if Enemalta generated positive operating cash flow on a
sustainable basis and posted at least neutral free cash flow,
which is not imminent, in S&P's view.
S&P could lower the rating on Enemalta if S&P perceived a delay
to the full conversion of Malta's power generation system to gas,
forcing Enemalta to continue its current oil-fired generation
operations. S&P considers that such a delay would jeopardize the
stabilization of Enemalta's cost base.
S&P could also downgrade the company if the government decided to
further trim power tariffs to a level that would make it
challenging for the utility to recover costs, or if Enemalta's
shareholders adopted a very aggressive policy that would
undermine the likelihood of sustainable deleveraging.
=====================
N E T H E R L A N D S
=====================
MYRIAD INT'L: Fitch Assigns 'BB+' Final Rating to Unsecured Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Myriad International Holdings B.V's
(MIH B.V.) USD1.2 billion senior unsecured notes a final rating
of 'BB+'. The notes are due July 2025 with a coupon of 5.5% and
are fully and unconditionally guaranteed by parent company,
Naspers Limited (Naspers).
The final rating assignment follows the receipt of documents
conforming to the information already received. The net proceeds
are being used for general corporate purposes, including future
acquisitions and part repayment of revolving credit facilities
(RCF).
The notes rank equally with existing unsecured term credit
facilities and the note rating of 'BB+' is in line with Naspers'
Long-term Issuer Default Rating. The notes are subject to
standard change of control, cross-default and negative pledge
clauses.
Naspers' profitability continues to be impacted by high
development spend, particularly in global e-commerce and the
rollout of the company's digital terrestrial TV (DTT) service in
sub-Saharan Africa, but visibility of future cash flow generation
is improving. The sale and acquisition agreement between Naspers
and Schibsted has significantly reduced competitive pressures and
execution risk in ecommerce. We expect Naspers' joint venture to
result in lower development spend (marketing spend), and greater
focus on product development will likely result in earlier
monetization. Fitch expects Naspers' operational and financial
profile to become more compatible with that of an investment
grade rating if development spend falls and if cash flow
generation from e-commerce significantly improves over the next
two to three years.
KEY RATING DRIVERS
E-commerce Risk Reduced
Naspers is in a multi-year development phase to expand the scale
of its e-commerce platforms in approximately 40 countries. Early
this year, Naspers concluded a number of agreements with
Schibsted, Telenor and Singapore Press Holdings covering online
classified operations in Latin America, eastern Europe and
southeast Asia, which improved its overall market position and
reduced competitive intensity. In certain countries, operations
were combined to achieve greater scale, which should shorten the
time to when these businesses start producing significant
positive cash flow.
Fitch views these transactions, as well as other disposals and a
merger of online retailing operations in South Africa, as a
demonstration of management's focus on improving cash flow
generation from the e-commerce business, while reducing execution
risk.
Pay TV growth
Naspers' South African pay-TV business (80%-owned) continues to
grow profitably, generating cash that is being used to fund
investment in other areas, including the expansion of pay-TV
services in sub-Saharan Africa. The DTT network deployment is
mainly complete as are new broadcasting facilities in
Johannesburg and in west and east Africa. Naspers should be able
to capture growing demand for digital TV services as analogue
signals in various African countries are turned off over the next
few years. DTT subscribers increased by 170% to 2.2m in the
financial year to March 2015 with strong growth set to continue
in the medium term. The DTT network is mostly complete in 11
countries across Africa, and increased cash generation should
follow as operational leverage improves.
Associates Underpin Investment Risks
Naspers' 33.6% equity stake in Tencent (valued at USD61 billion
at current market price) and its 29% stake in Mail.ru (valued at
USD1.3 billion) are significant assets. However, in line with
Fitch's rating methodology, the value of these two unencumbered
minority stakes is not explicitly reflected in Fitch's credit
metrics -- only the dividends received.
Naspers' share of Tencent's dividends in FY15 was ZAR1bn and
Fitch expects this should grow at 15%-20% per annum over the next
few years. Partial stakes in these listed companies can be sold
down fairly swiftly, allowing Naspers to repay all of its gross
debt. Because of this potential liquidity source, the 'BB+'
rating can tolerate two years of weaker credit metrics due to
high development spend. However, the dependence on the value of
equity stakes to reduce leverage is not commensurate with Fitch's
view of an investment grade profile.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for Naspers
include the following:
-- Strong revenue growth over the medium-term driven mainly by
global ecommerce and pay-TV in sub-Sahara
-- Improving EBITDA margin to mid-teens in FY18 from 8.1% in
FY15 as development spend falls and revenue increases
-- Capex to decline in FY16 and FY17 as the DTT roll out is
completed
-- Growing dividends to shareholders
-- Net debt (excluding satellite leases)-to-EBITDA to fall below
2x by end-FY18 from 4.5x at end-FY15
RATING SENSITIVITIES
Positive: Future developments that could lead to positive rating
actions include:
-- FFO-adjusted net leverage (excluding satellite finance
leases) remaining below 2.0x on a sustained basis
-- Strong and sustainable free cash flow (FCF) generation within
12-18 months, including improved cash flow contribution from
the e-commerce division
-- Solid operating performance from Naspers' core operations, as
well as from the new pay-TV and ecommerce businesses that
Naspers is currently developing
-- A tangible commitment to balance the long-term interests of
bondholders with those of shareholders
Negative: Future developments that could lead to negative rating
actions include:
-- FFO-adjusted net leverage above 3.0x (excluding satellite
finance leases) and with no clear deleveraging path
-- Further deterioration in FCF generation or expectations that
FCF generation would not significantly improve over the next
three years
-- Unexpected regulatory pressures relating to competition in
the domestic pay TV market or changes in government
regulations affecting the ability to service foreign debt
-- Significant reduction in ecommerce revenue growth from fully
consolidated operations, given the amount of development
spent to scale up these businesses. Revenue weakness would be
viewed in conjunction with margin developments and effects on
overall group EBITDA
LIQUIDITY
Naspers has ample liquidity. The company ended FY15 with ZAR13.9
billion of readily available cash and cash equivalents. The
company has various RCFs of ZAR27.3 billion, of which ZAR17.6
billion has been drawn. The bulk of Naspers' long-term debt is
denominated in USD. The ZAR1.36 billion RCF is due in 2015 and
the USD bond of ZAR8.5 billion is due in 2017. Naspers' shares in
the listed companies, Tencent and Mail.ru are also a significant
source of liquidity.
SRLEV NV: Moody's Raises Rating on Sub. & Jr. Sub. Debt to Ba3
--------------------------------------------------------------
Moody's Investors Service has upgraded the backed subordinated
and junior subordinate debt ratings of SRLEV NV to Ba3(hyb) from
B3(hyb). Moody's has also confirmed the Baa3 insurance financial
strength ratings (IFSRs) of SRLEV NV ("REAAL") and REAAL
Schadeverzekeringen NV. All the ratings carry a positive
outlook.
This rating action concludes the review with direction uncertain
initiated on Feb. 19, 2015.
RATINGS RATIONALE
The rating action reflects Moody's expectation that the sale of
REAAL to Anbang Insurance Group Co. Ltd. (Anbang, unrated) is
more likely to complete following the approval from the Dutch
Insurance Regulator (DNB) and the completion of the sales
agreement with Anbang. The only pending hurdle is the approval
from the Chinese regulator following which Anbang will inject
EUR1.35 billion in REAAL to strengthen REAAL's solvency II
position.
The rating action follows the letter by the Dutch Ministry of
Finance sent to the Parliament on 10 July 2015, which provides an
update on the progress of the sale of REAAL to Anbang, a Chinese
insurance company. Under the previous agreement, Anbang had the
right not purchase REAAL if the insurers' shareholders' equity on
an IFRS basis declined by more than 25% between December 2014 and
June 2015. This right, which in Moody's opinion was a
considerable uncertainty regarding the completion of the
transaction, has been cancelled in the new agreement.
-- INSURANCE FINANCIAL STRENGTH RATINGS
The confirmation of the Baa3 IFSR reflects the likely
stabilization in REAAL's credit fundamentals as a result of the
strengthening in the insurer's solvency position. In Moody's
view, the capital injection will likely provide REAAL with more
flexibility to implement management actions to reduce the
pressures and the sharp volatility of its solvency position. The
large duration mismatch and the meaningful spread deficiency,
exacerbated by the sharp decline in interest rates (driven by
high guaranteed liabilities and high quality but low-yielding
investments), have been the main reasons of the deterioration in
capital. Nevertheless, Moody's believes that execution risks to
strengthen REAAL's credit fundamentals will likely remain given
the headwinds the group faces in a context of a persistently low
interest rate environment and the challenging outlook for the
Dutch insurance market.
Following the completion of the sale, Anbang will have to inject
EUR1.35 billion to strengthen the Dutch insurer's Solvency II
capital cover to 140%-150%. The capital injection represents an
increase of EUR580 million-EUR350 million from the initial
injection estimated on the announcement of the proposed sale in
February. As a result of this higher amount, the sales agreement
was revised, inter alia, to reflect the following : (1) price on
sale was revised down to EUR85 million or EUR1 net after the
deduction of tax claims, from an initial price of EUR150 million;
(2) original price adjustment mechanism and Anbang's right to not
acquire the insurer has been cancelled; (3) Anbang has to repay
the intra-group loans by SNS REAAL (EUR302 million) and SNS Bank
(EUR250 million) to REAAL and SRLEV. In addition, the loan by
SNS Bank to REAAL has to be repaid by Dec. 31 2015.
-- HYBRID INSTRUMENTS RATINGS
The upgrade on the hybrid debt ratings reflects the (1) reduced
risk of not payment of principal based on our expectation that
the deal will be completed and thereby REAAL's solvency position
will be significantly strengthened after Anbang's EUR1.35 billion
capital injection (2) Moody's expectation that REAAL will likely
resume the payment of coupons on the subordinated debt following
Anbang's capital injection, which will have to made within 90
days of the completion of the deal.
REAAL's Ba3(hyb) subordinated and junior subordinated debt
ratings are three notches below the Baa3 IFSR, which is one notch
wider than the standard debt notching for insurance operating
companies. The wider debt notching reflects the still remaining
risk of not resumption of the coupon payments. Once REAAL's will
resume coupon payments, Moody's is likely to upgrade the hybrid
debt ratings by one notch to revert back to standard debt
notching, absent any deterioration in REAAL's credit
fundamentals.
OUTLOOK
The positive outlook reflects the potential improvement in
REAAL's financial profile following the future capital injection
once the deal completes. Moody's will also assess the strategy
that Anbang intends to pursue in REAAL as part of the positive
outlook.
The positive outlook on the debt ratings reflects our expectation
of a likely upgrade in the debt ratings once REAAL resume the
coupon payments on the hybrid debt.
WHAT COULD MOVE THE RATING UP/DOWN
The following factors could exert upward pressure on the IFSR:
(1) substantial improvement in REAAL's financial profile by
reducing the volatility in economic capitalization to interest
rate movements and remediating the large duration mismatch and
spread deficiency problems (2) meaningful improvement in REAAL's
operating profitability; and (3) improvement in market position
in life and non-life, both of which have been under pressure as a
result of the problems faced by the insurer.
The rating is on positive outlook and it is unlikely the ratings
will be downgraded in the next 12-18 months. However, the rating
could be stabilized if: (1) substantial deterioration in REAAL's
long-term economic capitalization either from a sustained
material reduction in Solvency II position, increased volatility
or material reduction in the quality of capital, (2) financial or
total leverage exceeding 50% ; and (3) continuing pressures on
market position in the Dutch market insurance market.
LIST OF AFFECTED RATINGS
These ratings have been upgraded with positive outlook:
-- SRLEV NV's subordinated debt rating upgraded to Ba3(hyb)
from B3(hyb);
-- SRLEV NV's junior subordinated debt rating upgraded to
Ba3(hyb) from B3(hyb);
These ratings have been confirmed with positive outlook
-- SRLEV NV's insurance financial strength rating Baa3;
-- REAAL Schadeverzekeringen NV's insurance financial strength
rating Baa3;
PRINCIPAL METHODOLOGIES
The methodologies used in these ratings were Global Life Insurers
published in August 2014, and Global Property and Casualty
Insurers published in August 2014.
STAHL HOLDINGS: S&P Assigns 'B+' CCR, Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Netherlands-based specialty chemicals
producer Stahl Holdings B.V. The outlook is stable.
At the same time, S&P assigned its 'B+' issue rating to Stahl's
proposed EUR540 million equivalent term loan B due 2022 to be
issued in U.S. dollars. S&P's recovery rating on the loan is
'3', indicating its expectation of meaningful recovery, in the
lower half of the 50%-70% range.
The corporate credit rating reflects S&P's assessment of Stahl's
business risk profile as "fair" and its financial risk profile as
"aggressive," as S&P's criteria define these terms.
Stahl is a specialty chemicals producer for the leather and
textile industry with sales of about EUR600 million and EBITDA of
about EUR100 million for 2015. S&P sees Stahl's business risk
profile as constrained at the lower end of S&P's "fair" category
due to the limited scale and scope of its operations and about
75% of its sales stemming from the supply-constrained, low-growth
leather industry. At the same time, the company has material
exposure to cyclical end-markets, such as the automotive
industry, where the company could also face pricing pressure from
clients with strong bargaining power, such as automotive original
equipment manufacturers.
On the positive side, S&P recognizes that the company has a
strong automotive and leather segment (representing 47% of
revenues) in a higher margin niche market, which S&P expects will
benefit from modest growth potential over the coming years. In
addition, the acquisition of Clariant Leather Services (CLS) from
Clariant AG in 2014 has strengthened its competitive advantage by
widening the company's product offering and customer base while
generating add-on synergies. The company also benefits from
strong client relationships as the only provider in special
leather chemicals with on-site technical support, co-product
development, and strong research and development with a proven
track record for innovation and market penetration for new
products.
Stahl's credit measures are commensurate with S&P's "aggressive"
financial risk category. S&P forecasts Standard & Poor's-
adjusted debt to EBITDA of 5.1x at year-end 2015. S&P includes
limited debt adjustments of EUR14 million, mainly pensions and
operating leases, to arrive at its adjusted debt amount of EUR576
million. The interest coverage is strong for the rating, with
EBITDA covering interest by 4.0x in 2015. S&P expects adjusted
debt to EBITDA will improve to 4.8x in 2016 and 4.6x in 2017,
mainly due to gradually improving profitability thanks to the
realization of synergies from the CLS acquisition. S&P expects
free operating cash flow of EUR50 million-EUR65 million per year
over 2015 to 2017.
The stable outlook reflects S&P's expectation that Stahl will
post resilient performance in 2015-2016, with positive, albeit
somewhat limited, growth momentum and a gradual reduction in its
adjusted debt-to-EBITDA ratio to about 4.8x by year-end 2016,
which S&P views as commensurate with the current rating.
S&P could consider raising the rating if Stahl adopted a
supportive financial policy and achieved sustainable adjusted
debt to EBITDA of less than 4x.
Rating downside could materialize if sales growth or EBITDA
margins turn out to be materially lower than S&P currently
anticipates. This could be the case, for example, if the growth
prospects the company sees in the leather-finishing or
performance-coatings segments cannot be achieved as planned.
Additionally, should Stahl adopt a more aggressive financial
policy or post weaker-than-expected operational performance,
resulting in the expected reduction of adjusted debt to EBITDA to
less than 5x not materializing, this could put pressure on the
rating.
===============
P O R T U G A L
===============
LUSITANO MORTGAGES: S&P Cuts Rating on Class C Notes to 'B(sf)'
---------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Lusitano Mortgages No. 3 PLC.
Specifically, S&P has:
-- Affirmed and removed from CreditWatch negative its
'A- (sf)' rating on the class A notes;
-- Lowered to 'BB- (sf)' from 'BBB (sf)' and to 'B (sf)' from
'BB- (sf)' its ratings on the class B and C notes,
respectively; and
-- Affirmed its 'B- (sf)' rating on the class D notes.
Upon publishing S&P's updated criteria for Portuguese residential
mortgage-backed securities (RMBS criteria), it placed those
ratings that could potentially be affected "under criteria
observation".
Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.
The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received as
of the April 2015 payment date. S&P's analysis reflects the
application of its RMBS criteria.
Credit enhancement has increased since S&P's previous review.
Class Available credit
enhancement (%)
A 9.82
B 6.21
C 3.72
D 1.80
This transaction features an amortizing reserve fund, which
currently represents 1.80% of the outstanding balance of the
notes and is at its required level.
Severe delinquencies of more than 90 days at 1.05% are on average
in line with S&P's Portuguese RMBS index. The transaction's
performance has been improving since Q2 2012. Prepayment levels
remain low and the transaction is unlikely to pay down
significantly in the near term, in S&P's opinion.
After applying S&P's RMBS criteria to this transaction, its
credit analysis results show an increase in the weighted-average
foreclosure frequency (WAFF) and an increase in the weighted-
average loss severity (WALS) for each rating level.
Rating level WAFF (%) WALS (%)
AAA 32.70 23.93
AA 24.59 19.56
A 20.18 11.99
BBB 14.75 8.46
BB 9.41 6.28
B 7.86 4.51
The increase in the WAFF is mainly due to the consideration of
the original loan-to-value ratios in the default calculations.
The increase in the WALS is mainly due to the application of
S&P's revised market value decline assumptions. The overall
effect is an increase in the required credit coverage for each
rating level.
Following the application of S&P's RMBS criteria and considering
its criteria for rating single-jurisdiction securitizations above
the sovereign foreign currency rating (RAS criteria), S&P has
determined that its assigned rating on each class of notes in
this transaction should be the lower of (i) the rating as capped
by S&P's RAS criteria and (ii) the rating that the class of notes
can attain under S&P's RMBS criteria.
In this transaction, S&P's unsolicited long-term rating on the
Republic of Portugal (BB/Positive/B) constrains its rating on the
class A notes.
Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
maturity.
S&P's RAS criteria designate the country risk sensitivity for
RMBS as "moderate". Under S&P's RAS criteria, this transaction's
notes can therefore be rated four notches above the sovereign
rating, if they have sufficient credit enhancement to pass a
minimum of a "severe" stress. However, as all six of the
conditions in paragraph 44 of the RAS criteria are met, we can
assign ratings in this transaction up to a maximum of six notches
(two additional notches of uplift) above the sovereign rating,
subject to credit enhancement being sufficient to pass an
"extreme" stress.
Lusitano Mortgages No. 3's class A notes can support the stresses
that S&P applies at a 'AA+' rating level under its RMBS criteria.
Additionally, S&P considers that the available credit enhancement
for the class A notes is sufficient to pass an "extreme" stress.
Consequently, S&P can assign ratings on the class A notes up to a
maximum of six notches above the sovereign rating. However, the
remedy language outlined in the swap documents, which complies
with S&P's current counterparty criteria, limits the maximum
potential rating on the class A notes at 'A- (sf)'. S&P has
therefore affirmed and removed from CreditWatch negative its
'A- (sf)' rating on the class A notes.
S&P's analysis indicates that the available credit enhancement
for the class B and C notes is no longer sufficient to support
their currently assigned ratings. S&P has therefore lowered to
'BB- (sf)' from 'BBB (sf)' and to 'B (sf)' from 'BB- (sf)' its
ratings on the class B and C notes, respectively.
The available credit enhancement for the class D notes is
commensurate with S&P's currently assigned rating and it do not
expect this class of notes to experience interest shortfalls in
the next 12 months. S&P has therefore affirmed its 'B- (sf)'
rating on the class D notes.
S&P also considers credit stability in its analysis. To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions by
assuming additional arrears of 8% for one- and three-year
horizons. This did not result in S&P's rating deteriorating
below the maximum projected deterioration that S&P would
associate with each relevant rating level, as outlined in its
credit stability criteria.
In S&P's opinion, the outlook for the Portuguese residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when S&P applies its RMBS
criteria, to reflect this view. S&P's base these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and sluggish house price appreciation for the
remainder of 2015 and 2016.
On the back of the weak macroeconomic conditions, S&P don't
expect the performance of the transactions in its Portuguese RMBS
index to significantly improve in 2015.
S&P expects severe arrears in the portfolio to remain at their
current levels, as there are a number of downside risks. These
include weak economic growth and high unemployment. On the
positive side, S&P expects interest rates to remain low.
Lusitano Mortgages No. 3 is a Portuguese RMBS transaction, which
closed in November 2004. It securitizes a pool of first-ranking
mortgage loans that Novo Banco originated. The mortgage loans
are mainly located in the Lisbon region and the transaction
comprises loans granted to prime borrowers.
RATINGS LIST
Class Rating Rating
To From
Lusitano Mortgages No. 3 PLC
EUR1.2 Billion Mortgage-Backed Floating-Rate Notes
Rating Affirmed and Removed From CreditWatch Negative
A A- (sf) A- (sf)/Watch Neg
Ratings Lowered
B BB- (sf) BBB (sf)
C B (sf) BB- (sf)
Rating Affirmed
D B- (sf)
=============
R O M A N I A
=============
FONDUL PROPRIETATEA: Franklin Templeton to Liquidate Fund
---------------------------------------------------------
Gabriela Stan at Ziarul Financiar reports that Franklin Templeton
Investments, manager of Romanian investment fund Fondul
Proprietatea, wants to liquidate a fund focusing on Eastern
Europe and Russia.
The fund has assets worth US$9.3 million in Romania, of which
US$4.5 million in Romgaz shares.
* ROMANIA: Large Subsidies May Bankrupt Classic Operators
---------------------------------------------------------
Oana Gavrila at Ziarul Financiar reports that officials of
Romanian energy holding CE Oltenia say Romania has the largest
subsidies in the world for renewable energy producers.
According to Ziarul Financiar, this approach could bankrupt
classic operators and endanger national energy security.
===========
R U S S I A
===========
ALTAI REGION: Fitch Affirms 'BB+/B' Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings has affirmed Russia's Altai Region's Long-term
foreign and local currency Issuer Default Ratings (IDR) at 'BB+',
National Long-term rating at 'AA(rus)' and its Short-term foreign
currency IDR at 'B'. The Outlooks on the Long-term IDRs and
National Rating are Stable.
KEY RATING DRIVERS
The 'BB+' rating reflects the region's net cash positive status,
its satisfactory budgetary performance and low indebtedness. The
ratings also take into account the modest size of the region's
economy and the worsening economic outlook for Russia in 2015-
2017, which could negatively influence the region's financials in
the medium term.
Fitch expects Altai to continue its prudent fiscal management,
leading to maintenance of a stable budgetary performance, with
operating surpluses around 6%-8% in 2015-2017 (2014: 7.6%). The
region posted a minor deficit before debt variation of 1% of
total revenue in 2014 (2013: deficit 0.3%), driven by capex
financing.
Fitch expects the region to maintain its low debt position in the
medium term. Subsidized federal budget loans remain the sole debt
instruments since 2007, with final maturities in 2034. Despite an
expected twofold increase to RUB4 billion in 2015, Altai's debt
is likely to remain low by both national and international
standards, representing less than 6% of expected 2015 current
revenue.
Altai region has been net cash positive since 2009, with interim
cash reserves increasing to RUB6 billion at June 2015 (2014: RUB4
billion). The cash position fully offsets the region's budgeted
deficit in 2015 and provides a buffer against diminishing
liquidity in the Russian capital markets.
Fitch expects Altai to record close to balanced budgets in the
medium term with a negligible deficit before debt variation of
about 1% of total revenue in 2015, and minor surpluses in 2016-
2017.
The region's contingent liabilities are limited to a single
outstanding guarantee and the low indebtedness of its public-
sector companies. In Fitch's view, the administration's oversight
of its public sector companies is adequate, limiting the region's
exposure to contingent risk.
The region's administration expects economic growth of 2%-4% per
year in 2015-2017, which in Fitch's view may be optimistic, given
the expected recession in Russia for the referenced period.
According to the administration's preliminary estimates, Altai's
GRP expanded 0.9% in 2014.
RATING SENSITIVITIES
A downgrade could result from significant deterioration in the
operating performance, coupled with a radical increase in the
region's total risk.
Positive rating action is unlikely in our base line scenario,
considering the worsened economic environment and low prospects
for a swift recovery in Russia.
CHUVASH REPUBLIC: Fitch Affirms 'BB+/B' Issuer Default Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed the Russian Chuvash Republic's
(Chuvashia) Long-term foreign and local currency Issuer Default
Ratings (IDRs) at 'BB+', with Negative Outlooks, and its Short-
term foreign currency IDR at 'B'. The agency has also affirmed
the republic's National Long-term rating at 'AA(rus)' with a
Negative Outlook.
The republic's outstanding senior unsecured domestic bond ratings
have been affirmed at 'BB+' and 'AA(rus)'.
The affirmations reflect the republic's stable key credit metrics
over the last six months, although the Negative Outlook reflects
Fitch's expectations that debt metrics will weaken due to growing
direct risk amid continuing budget deficit.
KEY RATING DRIVERS
The 'BB+' rating reflects Chuvashia's moderate but growing direct
risk as well as satisfactory though deteriorated budgetary
performance. The ratings also take into account the nationwide
economic downturn, which could negatively influence the
republic's financials.
Fitch expects the republic's debt metrics to deteriorate in 2015-
2017. The agency expects the debt coverage ratio (direct risk-to-
current balance) will worsen to around 10 years from an average
of five years in 2012-2014. This will be driven by growing direct
risk and our expectation of a weakening current balance.
Fitch expects the republic's direct risk will grow towards 50% of
current revenue in 2017 due to continuing budget deficit. In
2014, direct risk increased to 34% from 27% in 2013. However, the
adverse effect of this increase will be partly mitigated by
structural improvement to the region's debt profile. The
proportion of market debt decreased to 23% at end-June 2015, from
73% at end-2014, following a RUB3.3 billion loan from the federal
budget in April, which the region used to refinance short-term
bank loans. The new budget loan has three-year maturity and bears
0.1% interest rate, which will help the republic to save on
interest payments over the medium-term.
Fitch expects operating performance in 2015-2017 to be close to
2014 levels. The operating balance declined to 7.6% of operating
revenue in 2014 from sound 13.9% in 2013. This was caused by both
continued pressure on opex and lower-than-expected tax collection
amid a negative economic environment.
Refinancing pressure on the budget will persist over the medium
term as the region will have to repay about 50% of its direct
risk during 2015-2017. In the near term refinancing needs for
2015 are limited to the repayment of RUB0.7 billion amortizing
bonds and RUB2.3 billion of loans from the federal budget (of
which RUB2 billion are short-term treasury loans to cover
temporary cash mismatches). Unused credit lines with banks cover
the region's 2015 refinancing needs by almost 3x.
The republic's socio-economic profile is historically weaker than
that of the average Russian region. Its per capita gross regional
product was 32% lower than the national median in 2013. However,
Chuvashia has a diversified industry-oriented economy. According
to the administration's estimates, the republic's economy grew
1.7% in 2014, which exceeds the national growth of 0.6%. Fitch
expects the Russian economy will contract 3.5% in 2015, which
could negatively influence the republic's economic prospects.
RATING SENSITIVITIES
Sharp growth of direct risk to above 50% of current revenue,
coupled with an inability to ease refinancing pressure and
further deterioration of operating performance, could lead to a
downgrade.
DELOPORTS LLC: Fitch Assigns 'BB-' IDR, Then Withdraws Rating
-------------------------------------------------------------
Fitch Ratings has assigned Russia-based LLC DeloPorts a Long-term
Issuer Default Rating (IDR) of 'BB-'. The Rating Outlook is
Stable. Additionally, Fitch has affirmed and withdrawn DeloPorts
Limited's IDR at 'BB-'/Stable Outlook.
KEY RATING DRIVERS
The rating action follows the company's announcement to
reorganize the corporate structure of the DeloPorts group.
Notably, a new holding company LLC DeloPorts (HoldCo) has been
registered in Russia and respective holdings of DeloPorts
Limited, domiciled in Cyprus, have been transferred to the new
entity. The transferred assets include shares in LLC NUTEP (the
container terminal), JSC KSK (the grain terminal, where DeloPorts
holds 75%-1 share) and LLC TOS (the bunkering company).
In Fitch's view the overall credit profile of the group has not
been affected by these changes, but rather more clarity to the
structure has been added, given that now HoldCo is domiciled in
the same jurisdiction as the operating subsidiaries.
The rating affirmation of DeloPorts Limited reflects the
company's financial performance being broadly in line with
Fitch's rating case during 1H15. Fitch is withdrawing the rating
of DeloPorts Limited as the company is undergoing a
reorganization and will be dissolved in line with Cypriot
legislation in due course. Accordingly, Fitch will no longer
provide ratings or analytical coverage for DeloPorts Limited.
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.
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 the economic environment in Russia
deteriorating significantly beyond Fitch's expectations would
also be negative for the rating.
Rating upside potential is currently limited. As the Outlook on
Russia's sovereign rating is Negative, we currently do not expect
improvements in the economic environment.
SUMMARY OF CREDIT
LLC DeloPorts is a privately-held holding company registered in
Russia that owns and operates several stevedoring assets in the
largest Russian port of Novorossiysk. Two main subsidiaries are
the container terminal NUTEP and the grain terminal KSK.
KAZAN CITY: Fitch Affirms 'BB-/B' Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has affirmed the Russian City of Kazan's Long-term
foreign and local currency Issuer Default Ratings (IDRs) at
'BB-', with Stable Outlooks, and its Short-term foreign currency
IDR at 'B'. The agency has also affirmed the city's National
Long-term rating at 'A+(rus)' with Stable Outlook.
The city's outstanding senior unsecured domestic bond ratings
have been affirmed at 'BB-' and 'A+(rus)'.
The ratings reflect Kazan's high direct risk, which includes
subsidized loans from the Republic of Tatarstan. The ratings also
factor in the city's satisfactory operating performance and a
strong diversified local economy.
KEY RATING DRIVERS
Direct risk accounted for 157% of current revenue in 2014 (2013:
160%). The bulk of direct risk relates to RUB25.4 billion
subsidized loans from Tatarstan, which were earmarked for
infrastructure development in preparation for Universiade 2013.
The remainder is represented by RUB4.8 billion market debt
comprising mostly bank loans.
In February 2013, the terms of Kazan's budget loan repayment were
significantly relaxed, with the introduction of a grace period
until 2023 and principal amortization in 10 annual installments
from 2023 to 2032. The extension of the budget loans implies a
moratorium on market debt increase, which means the city can now
only incur new market debt for refinancing needs, not for deficit
financing.
Fitch expects the city's direct debt (bank loans and issued debt)
will remain stable in the absolute amount but will continue to
gradually decrease as a share of current revenue to 22% by end-
2017 (2014: 25%). As of January 1, 2015 the city's direct debt
stood at RUB4.8 billion, unchanged from the year before. The city
improved its debt maturity profile during 2014, replacing almost
all short-term bank loans with new revolving credit lines with a
final maturity in 2017. This helped ease refinancing pressure and
lowered interest costs. During 2015-2016 the city needs to repay
only 1% of its direct debt.
Fitch expects Kazan's operating balance to reach 6%-7% of
operating revenue in 2015-2017, supported by operating spending
restraint and tax-driven revenue growth. Operating margin in 2014
was 4.3%, little changed from 2013.
In 2014 Kazan's tax revenue was negatively affected by lower
personal income tax (PIT), the largest tax contributor to the
city's budget. This was due to a redistribution of revenue
sources and spending responsibilities between the Republic of
Tatarstan and the City of Kazan. Since 2014 general healthcare
was transferred to the republic from the city. In return the
republic reduced the proportion of PIT to be transferred to
Kazan's budget to 15% in 2014 from 23.4% in 2013.
Kazan is the capital of Tatarstan (BBB-/Negative/F3), one of the
most developed Russian regions. The city has received large
capital transfers from the republic over the past nine years to
finance its capex. Fitch expects the republic to remain
supportive, if necessary.
The city's economy is well-diversified and has a developed
industrial sector. The latter is dominated by petrochemicals,
machine-building and food processing. In 2012-2014 the city's
economy grew at a more rapid pace than the national economy. For
2014, the city's GDP grew 2.5% and the administration expects
average growth of 2%-3% annually in 2015-2017.
RATING SENSITIVITIES
A gradual decline of direct risk in relative terms accompanied by
stable operating balance at around 7% of operating revenue, could
lead to an upgrade.
An increase of direct debt to above 50% of current revenue,
and/or further deterioration of operating balance close to zero
could lead to a downgrade.
RUSSIAN STANDARD: Fitch Affirms Then Withdraws 'B-' LT IDRs
-----------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the ratings for Russian
Standard Bank (RSB). The Rating Outlook for RSB's Long-term IDR
was Negative at the time of the withdrawal.
Fitch has chosen to withdraw RSB's ratings for commercial
reasons. Accordingly, Fitch will no longer provide ratings or
analytical coverage for RSB.
KEY RATING DRIVERS
On July 7, 2015 Fitch downgraded the Long-term IDRs of RSB to 'B-
' from 'B' and its subordinated debt Long-term rating to 'CC'
from 'B-', reflecting the agency's view of RSB's weakened core
capital position.
RATING SENSITIVITIES
Not applicable
The following ratings have been affirmed and withdrawn:
Long-term foreign and local currency IDRs: 'B-'; Outlook Negative
National Long-term Rating: 'BB-(rus)'; Outlook Negative
Short-term foreign currency IDR: 'B'
Viability Rating: 'ccc'
Support Rating: '5'
Support Rating Floor: 'No Floor'
Senior unsecured debt (including that issued by Russian Standard
Finance SA): 'B-', Recovery Rating 'RR4'
Subordinated debt (issued by Russian Standard Finance SA) Long-
term rating: 'CC', Recovery Rating 'RR5'
VENTRELT HOLDINGS: Fitch Affirms 'BB-' LT Foreign Currency IDR
--------------------------------------------------------------
Fitch Ratings has affirmed Russia-based Ventrelt Holdings Ltd's
Long-term foreign currency Issuer Default Rating (IDR) at 'BB-'
with Stable Outlook.
Ventrelt is a leading private water and waste water operator in
Russia. Its ratings reflect the company's long-term leasing and
concession agreements with municipalities to provide essential
infrastructure services, forecast leverage increase over 2015-
2018, refinancing needs and complex existing funding structure.
The ratings are constrained by Ventrelt's limited size and
diversification relative to larger peers and 'BB' rated Russian
companies, as well as an evolving regulatory framework for
concession agreements and tariff-setting. In addition, its capex
relative to cash flow is sizeable and results in negative free
cash flow (FCF) while fairly moderate cash collection rates
result in working capital outflow.
KEY RATING DRIVERS
Refinancing Needs
At May 25, 2015, Ventrelt had short-term debt of around RUB3.7
billion against cash and cash equivalents of RUB1.8 billion.
Fitch notes that a major part of outstanding debt is represented
by RUB3 billion 9% bonds maturing in November 2015. The company
plans to issue new domestic bonds, which may prove difficult in
current market conditions. Ventrelt has procured bridge credit
facilities for RUB3 billion due in December 2016 from multiple
banks, including Alfa-Bank (BB+/Negative). These committed credit
facilities can be used to refinance short-term debt if the
company fails to place the local bonds. Failure by the company to
finalize refinancing by end-3Q15 would result in negative rating
action.
Improved 2014 Financials
Ventrelt reported better than expected 2014 financial results,
mainly driven by cost cutting, which related mostly to materials.
At the same time the company has made the necessary capex as per
the concession agreements. Staff costs have been increased at a
rate lower than inflation. The EBITDA margin increased to around
20% in 2014 from 15.4% in 2013 accompanied by only a marginal
improvement in the top line (1.2% yoy revenue growth in 2014).
Improvement in profitability helped to decrease leverage. To
better capture operational performance, Fitch calculates net
debt/connection fee adjusted EBITDA (deducting connection fees -
the capital element included in EBITDA) that decreased to 1.6x at
end-2014 from 3.4x in 2013.
Weaker Credit Metrics Expected
"We expect Ventrelt's financial profile to deteriorate over the
medium term but to remain comparable with that of similarly rated
regulated utilities. This is due to high capex resulting in
negative FCF throughout the forecast period and our assumptions
of tariffs growth largely below approved level and high interest
rates for new debt. We expect net debt/connection fee adjusted
EBITDA to increase to slightly below 4x by 2018, approaching
Fitch's negative rating guideline. Funds from operations interest
coverage adjusted for connection fees was 3.3x at end-2014. Fitch
expects that interest cover will remain in the low single-digit
territory."
Long-term Tariffs Approved
The regulators have approved long-term tariffs for all Ventrelt's
water channels for 2015-2019. The indexation is based on the
inflation level and also takes into account the volume reductions
in each of the water channels. There have also been some changes
in the legislation regarding tariff policy in the water channels
in July 2014. The regulator is currently expected to include a
minimum 5% operating margin into the tariff, which the company
can keep. Coupled with the long-term tariff approval, this allows
Ventrelt to generate profit in each of the water channels as well
as improve the predictability of earnings and cash flows. Fitch
conservatively forecast that the long-term tariffs might be
revised downwards and therefore subtract 2% from approved annual
tariff growth for both water supply and water drainage for each
of the water channels.
Limited Impact from Adverse Economic Conditions
Russia's economy slowdown has so far largely not affected the
company's performance and favorable tariff-setting. Ventrelt
provides services mainly to households, which are heavily
affected by the downturn. However, the company's cash collection
rates remain at historical levels of around 98% and do not
materially impact working capital.
Bond Benefits From Sureties
The existing RUB3 billion bonds issued by RVK-Finance LLC benefit
from sureties provided on a joint and several basis by several
subsidiaries, including Kaluzhsky Oblastnoy Vodokanal LLC that
Ventrelt sold in May 2012. However, the company agreed with the
new owner that its surety will remain in place until 2015. In
turn, Barnaulskiy Vodokanal LLC, a fully-owned subsidiary, issued
a surety to Kaluzhsky Oblastnoy Vodokanal LLC covering all
potential obligations. If the new financing sources are not
guaranteed by the operating companies, this could lead to the
unsecured rating being notched down.
Expansion Strategy
Ventrelt remains Russia's leading private water and wastewater
operator operating under the name of Rosvodokanal, serving about
6 million customers in Russia, operating about 23,000km of water
and sewerage pipelines and supplying over 450 million cubic
meters of water annually. In 2014, Ventrelt reported revenues of
RUB15 billion, a 1.2% increase year on year. Its strategy
envisages further expansion into Russian cities with at least
350,000 residents. It plans to participate in most of the
available tender for concession agreements, although the company
plans to remain focused on profitability according to the
management. Fitch views this as an aggressive target given
potential investment needs and considering that most Russian
water utilities continue to be owned by municipalities.
KEY ASSUMPTIONS
Fitch's key assumptions within our rating case for the issuer
include:
-- Domestic GDP decline of 3.5% and inflation of 11.7% in 2015
-- Tariffs to increase 2% below approved annual tariff growth
-- Capital expenditure in line with management's forecasts
-- Absence of dividend payments over rating horizon
RATING SENSITIVITIES
Positive: Future developments that may, individually or
collectively, lead to positive rating action, include:
-- Increased revenue and earnings visibility following the
implementation of long-term tariffs;
-- Sustainable positive free cash flow generation.
Negative: Future developments that may, individually or
collectively, lead to negative rating action, include:
-- An increase in leverage above 4x net debt/connection-fee
adjusted EBITDA to fund additional capital expenditure or
acquisitions;
-- A sustained reduction in cash generation through a worsening
operating performance or deteriorating cash collection.
FULL LIST OF RATING ACTIONS
Ventrelt Holdings Ltd
Long-term foreign and local currency IDRs affirmed at 'BB-';
Stable Outlook
National Long-term rating affirmed at 'A+(rus)'; Stable Outlook
RVK-Finance LLC (wholly-owned indirect subsidiary of Ventrelt
Holdings Ltd)
Local currency senior unsecured rating affirmed at 'BB-'
National senior unsecured rating affirmed at 'A+(rus)'
===========
S E R B I A
===========
SERBIA: S&P Affirms 'BB-/B' Sovereign Credit Ratings
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its long- and short-
term foreign and local currency sovereign credit ratings on the
Republicof Serbia at 'BB-/B'. The outlook remains negative.
RATIONALE
The ratings on Serbia remain constrained by weak general
government debt metrics, which are exacerbated by its high share
of foreign currency borrowing. Similarly, despite narrowing
substantially in recent years, the current account deficit
remains wide, translating into still-high external financing
requirements. The ratings are also constrained by Serbia's
moderate GDP per capita and limited monetary policy flexibility,
owing to the high euro-ization of the economy. The country's
long-term economic growth potential remains supportive of the
ratings.
Serbia's government, led by Prime Minister Aleksandar Vucic of
the Serbian Progressive Party, has embarked on a path of fiscal
consolidation that is well anchored by a three-year EUR1.2
billion standby agreement (SBA) from the International Monetary
Fund (IMF), which the authorities want to treat as precautionary.
The government has cut public sector wages and pensions,
increased electricity tariffs by 12.2%, and removed protection
from creditor claims for several state-owned enterprises (SOEs).
In addition, the government decided to restructure, sell, or
liquidate more than 500 SOEs. In the medium term, S&P believes
these steps will put public finances on a more sustainable path
and reduce the state's role in the economy. At the same time,
S&P believes no fiscal reform will bring lasting success without
some reform of the largest SOEs, such as the electricity provider
Elektroprivreda Srbije, Srbijagas, and Serbian Railways.
In S&P's view, the IMF SBA will help anchor policy, even though
the government does not intend to draw on it. Successful
completion of the individual reviews will help maintain
confidence, particularly of international investors. Public
support for the government and its fiscal measures remains broad,
and S&P's rating affirmation is based on its expectation that the
government will not deviate significantly from its consolidation
path prior to the upcoming local elections in spring 2016.
S&P believes the government's reform efforts will narrow the
general government deficit over time. In 2014, the deficit
widened to6.6% of GDP, given that this is when the government
started servicing a number of guarantees for SOEs. In 2015, S&P
forecasts the deficit will start declining toward 3.9% of GDP in
2018 as revenues improve due to higher tax collection and reduced
expenditures on the back of the government's consolidation
measures. At the same time, S&P believes general government debt
will peak at 75% of GDP in 2016, since S&P expects that the
government will continue to have more activated guarantees to
service.
After contracting 1.8% in 2014 mainly due to floods, the economy
will experience flat growth in 2015, according to S&P's
projections. While investment activity and industrial production
are likely to accelerate, S&P believes fiscal consolidation will
depress private and public consumption. There is, however,
upside potential to S&P's forecast this year if, for instance,
the Zelezara Smederevo steel mill increases production
significantly.
That said, structural reforms (namely to labor, pension,
corporate bankruptcy, and privatization laws), if implemented,
have the potential to revive growth further. This underpins
S&P's expectation of average medium-term economic growth of 1.9%
between 2016-2018. While Serbia's average per-capita growth over
this period is slightly higher at 2.4% due to the population
shrinking at an estimated 0.5% per year, GDP per capita remains
less than US$6,000 in 2015, lower than any EU neighbors.
Low wealth levels also indicate Serbia's untapped growth
potential, particularly in the development of new export
facilities. The growth in automotive production shows that
foreign investment can be channeled into transforming industrial
assets formerly belonging to the state and leveraging Serbia's
lower cost structures to build competitive industries. With a
chance of opening the first EU accession later this year,
Serbia's expected public and private investment inflows could be
channeled into its export sector, in particular. S&P believes
export growth will mitigate the modest acceleration in import
demand and that the current account deficit will gradually
decline to about 4.9% of GDP in 2018 from about 5.4% of GDP in
2015.
S&P assumes that foreign direct investment (FDI) inflows will
continue to finance more than half of Serbia's annual current
account deficit. This should limit the need to raise large new
external debts. However, given the already high gross external
debt stock (82% of GDP in 2014), external financing remains a key
vulnerability to Serbia's creditworthiness. Gross external
financing needs should remain roughly equal to current account
receipts (CARs) plus usable reserves. S&P expects narrow net
external debt (gross external debt net of financial sector assets
and reserves) will decline gradually to 71% of CARs in 2018 from
81% in 2015.
In U.S. dollar terms, S&P estimates Serbia's 2015 gross external
financing requirement (current account deficit plus long-term
debt amortization plus short-term debt maturing) at US$9.9
billion. S&P projects that 78% (US$5 billion) of the current
portion of long-term external debt will be refinanced at similar
maturities, all short-term external debt (US$1.5 billion) will be
rolled over, and FDI will remain at 2013-2014 levels ($1.4
billion). S&P forecasts that the public sector will raise the
remaining requirement (US$2 billion) through Eurobond issuance,
portfolio flows to the domestic government bond market, and, if
needed, a drawdown of external fiscal assets.
Another external vulnerability is that 79% of general government
debt is denominated in foreign currency while more than 60% of
commercial debt is held by nonresidents. This makes Serbia much
more vulnerable to changes in foreign investor sentiment and the
debt-to-GDP ratio more sensitive to exchange-rate fluctuations.
Such fluctuations have prompted the National Bank of Serbia (NBS,
the central bank) to pursue a more interventionist monetary
policy than its inflation targeting would suggest. Inflation has
exceeded the NBS's target range (currently at 2.5%-5.5%) several
times over the past 10 years. Recent undershooting of the
inflation target is a result of lower imported inflation,
particularly in oil and food, and the absence of regulated price
increases.
The presence of Greek subsidiaries in Serbia (accounting for 15%
of banking sector assets in 2015) may pose some risk for
financial sector stability. While these subsidiaries report
strong capital buffers and are tightly supervised by the NBS,
weakening confidence from the situation in Greece may increase
pressure on their deposits. S&P expects systemwide deposits,
however, to remain stable, with other domestic banks gaining
market share from the Greek subsidiaries.
OUTLOOK
The negative outlook reflects S&P's view of risks to the ratings
over the next 6-12 monthsfrom Serbia's still-large external
financing requirements and the country's dependence on foreign
savings. In addition, there is still a risk of a slowdown in
reform momentum and fiscal consolidation with local elections
scheduled for spring 2016.
S&P could lower the ratings if the government waivers in
implementing its policies by, for example, postponing the
restructuring of the SOE sector or by running higher fiscal
deficits. S&P could also consider lowering the ratings if it saw
conditions deteriorating for Serbia meeting its external
financing requirements.
At the same time, S&P could revise the outlook to stable if
fiscal consolidation leads to faster-than-anticipated reductions
in fiscal deficits and thus the government debt burden or if the
government improves the savings-to-investment balance more than
S&P expects.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision. After the primary analyst gave opening remarks and
explained the recommendation, the Committee discussed key rating
factors and critical issues in accordance with the relevant
criteria. Qualitative and quantitative risk factors were
considered and discussed, looking at track-record and forecasts.
The committee agreed that the monetary assessment had
deteriorated. All other key rating factors were unchanged.
The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook. The weighting of
all rating factors is described in the methodology used in this
rating action.
RATINGS LIST
Rating Rating
To From
Serbia (Republic of)
Sovereign credit rating
Foreign and Local Currency BB-/Neg./B BB-/Neg./B
Transfer & Convertibility Assessment
T&C Assessment BB BB
Senior Unsecured
Foreign Currency BB- BB-
===========
S W E D E N
===========
STENA AB: S&P Affirms 'BB' CCR, Outlook Remains Stable
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on Sweden-based conglomerate Stena AB. The outlook
remains stable.
S&P has revised its assessment of Stena's liquidity to "strong"
from "adequate" and S&P's comparative rating analysis to neutral.
The ratings on Stena's entities or debt instruments have not been
affected by the assessment changes.
Stena has exposure to the stable Swedish residential real estate
sector. It also has a modern drilling fleet and good contract
coverage in drilling, as well as LNG operations with solid
counterparties. These factors support S&P's assessment of the
group's business risk profile as "fair" under S&P's criteria.
Stena has shown it can produce fairly stable operating results
and generate adequate cash flow through the cycle. S&P captures
this primarily in its portfolio diversification modifier. For
2015, S&P's base-case credit scenario assumes underlying adjusted
EBITDA of about Swedish krona (SEK) 9.5 billion-SEK10.0 billion,
lower than the adjusted SEK10.5 billion in 2014. This is mainly
due to the slightly weakening contract rates and high number of
special periodic survey days during which the vessels cannot
operate in the drilling segment. This is partly offset by
Stena's strengthening shipping operations, stable property
investments, and its Adactum operations.
A material share of the group's portfolio comprises residential
real estate in Sweden, where there are low vacancy levels and
regulated rents. This is low risk because of very stable and
predictable cash flows.
Stena also has exposure to high-risk industries such as shipping,
drilling, and ferry transport. Earnings in these sectors can be
volatile and unpredictable. S&P views these operations' industry
risk as "intermediate" or "moderate" as defined in its criteria.
The current downturn in the offshore drilling market is partly
offset by Stena's contracts maturing mostly from 2017 onward, as
well as its stronger current performance in shipping. S&P views
Stena's growth and investment strategies as well-resolved but
aggressive. Furthermore, Stena's return on capital is quite low.
This partly reflects its low-yielding real estate assets, high
depreciation levels, and the capital intensiveness of the
industries in which it operates.
In S&P's 2015 base case it assumes Stena's FFO will be about SEK6
billion on an adjusted basis. The group has a significant debt
burden and aggressive financial policy -- as seen in its
opportunistic investments and high risk tolerance. S&P reflects
this in its assessment of its financial profile as "highly
leveraged." S&P notes, however, that management has a strong
track record of successfully completing large investments. Stena
has regularly balanced large investment programs with timely
disposals and termed-out debt and has maintained at least
adequate liquidity. S&P expects debt to EBITDA to remain high
over the cycle, owing to the capital-intensive nature of its
businesses and the group's sometimes opportunistic and aggressive
investment strategy.
The stable outlook reflects S&P's view that the group's Standard
& Poor's-adjusted FFO-to-debt ratio at a consolidated level will
remain 10%-12%. In 2015, S&P anticipates positive free operating
cash flow (FOCF) because of a moderate improvement in cash flow
combined with lower capital spending. This should at least
maintain the credit ratios. S&P factors into the rating
continued predictability in revenues in 2015 and 2016, in
particular, stemming from the contract structure of the major
businesses, primarily from real estate and drilling.
To remain in line with S&P's assumptions for the current rating,
it would need to see Stena maintain a significant proportion of
its more stable activities -- its real estate operations in
particular typically provide about 15%-20% of EBITDA. The
stability from its large share of long-term contracts in its
drilling fleet is also an important rating factor. A substantial
dilution of the contribution from the group's real estate
activities could lead S&P to revise upward its financial targets
for the 'BB' rating. This is because S&P considers the industry
risk profile for Stena's stable real estate operations to be much
stronger than for its other operations.
S&P could lower the rating if consolidated adjusted FFO-to-debt
ratios remain clearly less than about 10% for several quarters.
The rating has limited headroom if Stena launches a new wave of
substantial investments, especially if not backed by firm
contracts. A less robust assessment of liquidity (that is if S&P
was to no longer assess it as "strong" under its criteria) could
also result in a downgrade. On its own, however, this would
likely not be sufficient.
S&P could raise the rating to the 'BB+' level if FFO to debt
improves toward 20% and Stena demonstrates stronger FOCF
potential and a commitment to debt reduction.
=============
U K R A I N E
=============
UKRAINE: Debt of Insolvent Banks to NBU Reaches UAH37 Billion
-------------------------------------------------------------
According to Interfax-Ukraine, the Individuals' Deposit Guarantee
Fund said in an analytical report that the debt of insolvent
banks to the National Bank of Ukraine as of June 1, 2015 totaled
UAH37.068 billion and has grown by UAH27.438 billion since early
2015.
The report said the growth of the debt was linked to the
introduction of temporary administration at the following banks:
Nadra (the debt to the NBU as of June 1 -- UAH12.687 billion),
Delta Bank (UAH9.325 billion), IMEXBANK (UAH3.471 billion),
Zlatobank (UAH879 million), bank Kyiv (UAH782 million), Kyivska
Rus (UAH456 million), Ukrprofbank (UAH198 million and
Ukrkommunbank (UAH47 million), Interfax-Ukraine relates.
A total of 24 insolvent banks with assets of UAH84.53 billion
(taking into account reserves) had debts to the NBU as of early
June, while in early 2015 there were 17 insolvent banks with
debts to the central bank and UAH38.668 billion in assets,
Interfax-Ukraine discloses.
The fund said that in April-May 2015, the debt grew by only
UAH155 million, and the share of credit rates of the total sum
was almost one tenth, Interfax-Ukraine notes.
The fund said that the total cost of collateral of insolvent
banks on credits issued by the NBU reached UAH102.142 billion as
of early July, including rights to credits (UAH75.404 billion),
property (UAH 13.389 billion, including own property of banks
worth UAH4.619 billion and property of bailsmen) and securities
(UAH6.476 billion), Interfax-Ukraine relays.
UKRAINE: Extends Debt Restructuring Talks as Default Looms
----------------------------------------------------------
Elaine Moore at The Financial Times reports that Ukraine has
extended hastily assembled talks with creditors amid predictions
that the country could default as early as Friday, July 24, if an
agreement is not reached.
Kiev's desire to avoid the fate of Greece has encouraged both
sides to tone down the combative rhetoric that has dogged
negotiations over the past three months, the FT says.
However a principal-to-principal meeting held recently in
Washington failed to elicit a deal to restructure Ukraine's US$70
billion debt burden, although a joint statement declared that
progress had been made, the FT notes.
Bridging the gap between Ukraine and the international creditors
who hold its sovereign debt will not be easy, the FT states.
Kiev, the FT says, hopes for a 40% debt writedown on bonds worth
a little more than US$15 billion in order to make the debt
sustainable.
But a group of four creditors holding around US$9 billion of
Ukrainian bonds, led by US asset manager Franklin Templeton,
disagree that a haircut is needed and have put forward an
alternative proposal for maturity extensions and coupon
reductions, the FT discloses.
The only concrete example of progress so far has been the
suggestion of swapping part of Ukraine's debt for GDP-linked
bonds, which both sides support, and which would offer equity-
like returns if the country's economy outperforms, the FT states.
According to the FT, so far, Ukraine has met all of its debt
obligations, including a US$75 million coupon payment to Russia,
and has successfully negotiated maturity extensions on a number
of other payments.
However, Goldman Sachs has warned that default looks "likely" in
July when a payment of US$120 million comes due on a Ukrainian
government bond, the FT relays.
Vadim Khramov, an analyst at Bank of America Merrill Lynch,
cautions that things are still likely to get worse in Ukraine
before they get better, the FT relates.
"A last-minute deal in September remains a likely possibility,"
Mr. Khramov, as cited by the FT, said. "However, the consensus
is that risks of a moratorium and hard default have been
increasing."
The International Monetary Fund has stated that it will stand by
its bailout of Ukraine even if the country fails to reach an
agreement on restructuring its private debt and Kiev is now
waiting for the outcome of a review before it receives the next
tranche of IMF funding, according to the FT.
===========================
U N I T E D K I N G D O M
===========================
GREENSANDS UK: Moody's Raises Issuer Default Rating to 'B+'
-----------------------------------------------------------
Fitch Ratings has upgraded Greensands UK Ltd's (Greensands) Long-
term Issuer Default Rating (IDR) to 'B+' from 'B' and its senior
secured rating to 'BB-' from 'B+'. The Outlook on the IDR is
Stable.
At the same time, the bonds issued by Southern Water (Greensands)
Financing plc (SWF), which are unconditionally and irrevocably
guaranteed by Greensands as well as its parent, Greensands
Holdings Limited, and its two subsidiaries, Greensands Junior
Finance Limited and Greensands Senior Finance Limited, have been
upgraded to 'BB-'/'RR3' from 'B+'/'RR3'.
Greensands is a holding company of Southern Water Services
Limited (Southern Water or opco), one of 10 appointed regulated
water and sewerage companies (WaSC) in England and Wales.
The rating actions reflect our expectations for improved cash
flow generation and subsequent increased dividend capacity of the
group's main operating company, Southern Water, which would
materially increase Greensands' dividend cover over the new five-
year price control period from April 2015 (AMP6). This is in
spite of the pressures that UK water companies face on their
credit metrics due to Ofwat's (the regulator for the UK water
sector) final determination of tariffs for AMP6 and a slowdown in
retail price inflation.
The rating also reflects Southern Water's position in the lower
half of the peer group in terms of regulatory and operational
performance, the main operating subsidiary of the group, as well
as the structurally and contractually subordinated nature of the
holding company financing at Greensands level.
KEY RATING DRIVERS
Adequate Dividend Cover
Fitch forecasts comfortable dividend cover at or above 3.0x and
post-maintenance and post-tax interest cover (PMICR) at around
1.3x for AMP6. Fitch also forecast Greensand's pension-adjusted
net debt/regulatory asset value (RAV) at around 89%-90% over
AMP6. For the year ended March 31, 2015 (FY15) Fitch estimates
Greensand's pension-adjusted net debt/RAV at 90.8%, dividend
cover at below 1.0x and PMICR at 1.0x.
Improved dividend cover is mainly a result of around GBP215
million of revenue under-recoveries at Southern Water related to
AMP5, which have been returned to the company through the revenue
correction mechanism. We calculate a normalized dividend cover of
around 2.0x once the effect of the under-recoveries has been
removed.
Expected Improvement in Regulatory Performance
Southern Water ranks in the lower half of the peer group in terms
of regulatory and operational performance. While the company has
improved its regulatory performance during AMP5, its position is
unchanged relative to other water companies, which have also
shown improved performance. The company has implemented a number
of initiatives and new processes to improve its regulatory
performance. For AMP6, it will continue to focus on improving the
company's customer services and reducing pollution incidents.
Our expectation is for Southern Water to continue improving its
performance during the current price control as a result of the
additional investment that it incurred in AMP5, a greater focus
on regulatory targets by management, and the innovative
efficiencies and new processes implemented so far and to be
implemented in the future.
Operational Outperformance Expected
Fitch expects Southern Water to achieve capex and operating
expenditure outperformance over AMP6 as a result of notable
changes to its procurement and delivery model including pain/gain
sharing mechanisms with contractors, which were not employed in
the last price control, and in-sourcing of a number of processes.
Our forecasts include combined total expenditure (totex)
outperformance of around GBP63 million, in nominal terms over the
five-year period.
KEY ASSUMPTIONS
Fitch's key assumptions within our rating case for opco include:
-- Regulated revenues in line with the final determination of
tariffs for AMP6, i.e. assuming no material over- or under-
recoveries
-- Combined totex outperformance of GBP63m in nominal terms over
the five-year period
-- Slight underperformance in retail costs
-- Non-appointed EBITDA of around GBP3.6m per annum
-- Retail price inflation of 1% for FY16, 2% for FY17 and 2.5%
thereafter
-- No impact on cash flow generation from outcome delivery
incentives, given that financial rewards and penalties will
all be taken into account as part of the next price review
In addition, for Greensands Fitch assume:
-- Incremental debt at holding company level based on pension
adjusted net/debt to RAV at or below 90% for the whole group
-- Average annual finance charge at holding company level of
around GBP31 million
RATING SENSITIVITIES
Positive: Future developments that could lead to a positive
rating action include:
-- Sustained improvement of cash flow generation at Southern
Water as a result of improved regulatory and operational
performance that would place the company on an average
position among peers.
Negative: Future developments that could lead to a negative
rating action include:
-- A sustained drop of expected dividend cover below 2.0x, for
example due to RPI remaining materially below 1.5% over an
extended period of time
-- Southern Water's covenanted and secured financing going into
lock-up
-- Weakening of operational and regulatory performance at
Southern Water
LIQUIDITY
Greensands relies on dividends for debt service. As of
March 31, 2015, the company held unrestricted cash and cash
equivalents of GBP27.2 million and GBP40 million of committed,
undrawn revolving credit facilities with a 2019 maturity with the
option to extend for two years. Compared with the company's
annual finance charge of around GBP31 million, Fitch deems
available liquidity as adequate. The next bond maturity of GBP250
million is in 2019.
HULBERT HOMES: Director Gets 5-Year Disqualification
----------------------------------------------------
The Insolvency Service on July 16 disclosed that Mark Hulbert,
the director of Hulbert Homes Limited, a company incorporated to
provide general construction services, has been disqualified from
acting as a director for 5 years for causing the company to make
payments to the detriment of specific creditors.
The disqualification follows an investigation by the Insolvency
Service's Investigations Team in London.
Mr. Hulbert has given an undertaking to the Secretary of State
for Business, Innovation and Skills that he will not act as a
director of a limited company for five years from July 9, 2015.
Mr. Hulbert went into administration in April 2012 owing
GBP1,098,091 to its unsecured creditors with no unsecured assets
available.
The Insolvency Service investigation found that between
June 23, 2011 and April 2012 Mr. Hulbert made several payments
totaling GBP42,664 to his own benefit, including GBP20,000 in
respect of private school fees, GBP17,734 to an auction house and
GBP4,930 to a former girlfriend.
Prior to 23 June 2011, two trade creditors had obtained County
Court Judgments against the company and on 30 June 2011, the
company was advised by its accountants that it was insolvent.
Despite this, Mr. Hulbert made the aforementioned payments whilst
allowing a further nine judgment creditors, totaling GBP74,364,
to go unpaid.
Commenting on the disqualifications, Mark Bruce, a Chief
Investigator at The Insolvency Service said: "The director in
Hulbert failed to act in the best interests of the company and
its creditors. The Insolvency Service will always look to remove
from the business community those directors who act below the
standards that should be expected of them given the circumstances
of their company's trading."
Hulbert Homes Limited (CRO No. 06346736) was incorporated on
August 17, 2007 and went into administration on April 23, 2012.
Its registered office was at 12 Chestnut Avenue, Wokingham,
Berkshire, RG41 3HX.
MANHATTAN SHOWERS: Confirms Liquidation
---------------------------------------
kbbreview.com reports that Lancashire-based Manhattan Showers has
confirmed that it was placed into voluntary liquidation on
July 14.
In a statement, Manhattan said that the decision was taken by
shareholders in Hong Kong not to provide further funding to the
company, and instead focus on its core businesses in Hong Kong
and China, according to kbbreview.com.
In 2011, Hong Kong-based construction materials company BSC, a
substantial Hong Kong-based construction materials company,
purchased a 51% share in the business after it was destabilized
due to the sudden death of Manhattan's then managing director and
founder Robert Simpson, the report notes.
A message on Manhattan's customer service line states the company
has ceased trading and advises those with outstanding orders to
leave a message, and that someone will return their call, the
report adds.
RARE EARTH: Director Gets 10-Year Disqualification
--------------------------------------------------
Elisha Zinyama, the director of Rare Earth Metal Exchange Limited
(REME), a company incorporated to provide rare earth metals to
clients, has been disqualified from acting as a director for 10
years by the High Court, for the company failing to procure
metals, which it had agreed to purchase on behalf of its clients
between September and December 2012.
The disqualification follows an investigation by the Insolvency
Service's London Team.
The order, on June 10, prevents Mr. Zinyama from acting as a
director of a limited company for 10 years from July 1, 2015.
REME went into voluntary liquidation in December 2012 owing its
clients GBP2,888,878 for unfulfilled orders.
Total assets available at the date of liquidation were estimated
to realise approximately GBP110,000 and the total claims received
in the liquidation stood at GBP3,617,702, resulting in an
estimated overall shortfall of GBP3,507,702.
The Insolvency Service investigation found that by September 17,
2012 REME had received orders for at least GBP1,944,597 (1374Kg)
rare earth metals but had failed to allocate stock against
GBP783,703 (760Kg) of the orders. A total of GBP303,350 (310Kg)
of the orders were over 28 days from receipt and REME was in
breach of its terms and conditions to clients.
At September 17, 2012, REME held 760Kg of bonded stock and 250Kg
non bonded stock. The non-bonded stock was found by the
liquidator to be counterfeit. REME continued to take new client
orders and between September 18, 2012 and the date of liquidation
took a further GBP880,645 from clients in respect of rare earth
metal sales but failed to purchase any further stock to meet the
orders.
Commenting on the disqualifications, Mark Bruce, a Chief
Investigator at The Insolvency Service said: "The director in
REME failed to conduct business in a manner that would facilitate
the proper fulfillment of its client orders."
"The Insolvency Service will always look to remove from the
business community those directors who act below the standards
that should be expected of them, given the circumstances of their
company's trading."
Rare Earth Metal Exchange Limited (CRO No. 07951659) was
incorporated on February 16, 2012 and went into creditors'
voluntary liquidation on 18 December 2012. Its registered office
was at Finsgate, 5 - 7 Cranwood Street, London EC1V 9EE.
SILVER CROSS: Saved From Receivership, Sells for GBP50 Million
--------------------------------------------------------------
Business Matters reports that the entrepreneur who rescued pram
maker Silver Cross from receivership 13 years ago has landed a
windfall worth an estimated GBP50 million after selling off the
business.
Alan Halsall, the owner and chairman of the company -- which has
long been popular with Royals including the Duchess of
Cambridge -- sold the firm thirteen years after he plucked it
from receivership to the Chinese conglomerate Fosun in a deal
arranged by Cavendish Corporate Finance, according to Business
Matters.
The report notes that Fosun has already invested in Western
companies including Thomas Cook and the Cirque Du Soleil
entertainment group.
Silver Cross Chief Executive Nick Paxton said the new owners
would provide business connections in China, where the
manufacturer launched two years ago, the report relates.
The report says that Mr. Paxton said: "People think China is an
easy win for business, but it's not. Fosun will give us
significant assistance, not only with local knowledge and
connections in China, but with investment there and other
international markets."
Mr. Paxton said he and Halsall's sons, Ben and Jonathan, have
bought minority stakes in the newly acquired business, the report
relays.
The brand hopes to capitalize on the expected rise in the birth
rate in China where restrictions on the number of children per
family have been lifted and there is an appetite for iconic
Western brands, the report adds.
VOUVRAY MIDCO: Moody's Raises CFR to 'B1', Outlook Stable
---------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating (CFR) to B1 from B2 and the probability of default rating
(PDR) to B1-PD from B2-PD of Vouvray Midco Limited (the holding
and parent company to V.Group).
Concurrently, Moody's has assigned a (P)B1 rating to the new
USD90 million 6 year first lien senior secured incremental term
loan; affirmed both the senior secured B1 rating of the existing
USD275 million 7-year first lien term loan and the Caa1 rating
for the USD110 million 7.5 year second lien term loan issued by
Vouvray US Finance LLC; and affirmed the B1 rating of the USD35
million 5 year senior secured revolving credit facility issued by
Vouvray Acquisition Limited. The outlook on all ratings is
stable. Moody's plans to withdraw the Caa1 rating of the USD110
million 7.5 year second lien term loan once this facility is
repaid as part of the proposed refinancing transaction.
Moody's issues provisional ratings in advance of the completion
of the transaction and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, Moody's will endeavor to
assign a definitive rating to the incremental first lien term
loan. A definitive rating may differ from a provisional rating.
Together with a portion of cash on balance sheet, proceeds from
the incremental first lien term loan will be used to refinance
the existing second lien term loan debt facility and pay
transaction costs (including call protection fees due).
RATINGS RATIONALE
The B1 CFR reflects V.Group's (1) high financial leverage; (2)
relative scale and diversity; and (3) dependence on key
operational personnel, specifically fleet superintendents and
skilled crew.
This is partially offset by the company's (1) leading market
position in the marine operations segment; (2) diversified
customer portfolio with long-term relationships; and (3) strong
track record of growth and cash generation.
V.Group's credit rating is constrained by its modest size and
diversity. However, it is the leading independent marine
operations manager globally, managing 826 vessels with a pool of
over 28,700 seafarers. Moody's considers scale to be an
advantage for operators in the sector, as it enables a global
support service to be provided to clients and affords economies
of scale, in both vessel management and procurement. Likewise,
access to a large pool of trained and experienced crew is
important as resources are scarce.
The company has delevered since closing from an opening leverage
of 6.4x (2013 Moody's-adjusted, pro forma for discontinued
operations and the new capital structure) to 5.54x at 31st
December 2014. This reflects an increase in EBITDA. The
business is highly cash generative. Despite the working capital
outflows supporting business growth, near-term IT and facilities
investment programs creating increased capex, cash flows in 2015
are forecast to remain good. The business had a pro forma cash
balance of USD15 million at closing in June 2014 and this is
presently USD53 million. The USD14 million paid for the Core IRM
business in August 2014 was made from overfunding at closing.
Any reduction in leverage will likely result from EBITDA growth
given that negligible repayments are required under the term
loans and associated cash sweep mechanism. Whilst Moody's has
not forecast acquisition activity, it is considered likely that
the company will reinvest excess cash flow in a series of smaller
acquisitions to develop the Technical Services offering. Moody's
expects that adjusted leverage will be around 5.0x by the end of
2015 and 4.6x by the end of 2016.
V.Group's revenues are based upon an agreed fee per vessel rather
than underlying freight prices. Moody's considers the
addressable market to be reasonably stable given that the number
of vessels operating globally is the key determinant of potential
market size. On April 30, 2014, Moody's changed its outlook on
the Global Shipping Industry to stable from negative. While
overcapacity remains a concern for vessel owners and operators,
Moody's considers that the supply-demand gap will not worsen
materially.
Shipping owners are continually seeking to reduce fleet operating
costs given the weak and volatile freight rates and vessel
oversupply environment. Cost pressures have resulted in
increased outsourcing of operations and Moody's expects this
trend to continue, particularly for owners of smaller fleets.
Whilst this is positive for leading operators such as V.Group who
have a strong track record in delivering cost reductions to
vessel owners, Moody's considers the ability to raise prices to
be limited.
Efficient operation of the fleet is driven mainly by the quality
and competence of the crew and the shore-based fleet
superintendents. The fleet superintendents take responsibility
for up to 4 vessels each and ensure full delivery of the marine
operations. Meeting or outperforming the vessel budget (i.e.,
efficient operations) is the key driver for renewing contracts
and enhancing professional reputation. Moody's notes that the
loss of key personnel here, and in other areas, could be
detrimental to financial performance.
The size of client fleet ranges from less than 10 vessels to
those with over 100 vessels. Approximately half of the vessels
under management by type are tankers, a sector which requires a
higher level of crew skill to operate safely and efficiently.
Customer diversification is high, with no single customer
accounting for more than 3% of sales and the top 10 around 17%.
Moody's considers V.Group's near-term liquidity to be good, with
sufficient internal resources to service obligations. The
business model requires low levels of maintenance capex and
working capital is limited, even as the business grows, due to
up-front deposits paid by clients on contract signing. Free cash
flow is expected to be close to USD30 million in 2015 and USD35
million in 2016. Moody's considers that the company is unlikely
to retain significant cash on balance sheet, applying excess cash
flow to acquisitions or if these are not forthcoming to
distributions to shareholders, subject to the relevant restricted
payment tests. Pro forma for the transaction the company is
expected to have USD30 million cash on balance sheet and access
to the undrawn USD27.5 million cash revolving credit facility.
In addition, the company has access to a USD7.5 million revolving
guarantee facility, which is USD3.1 million drawn. Management
considers that a cash balance of USD15 million is sufficient to
run the business. The RCF has a springing maintenance leverage
covenant when drawn more than 30%.
Following expected repayment of the second lien from new first
lien issuance proceeds, the existing B1 rating on the first lien
term loan and the pari-passu USD35 million RCF will align with
the CFR reflecting the fact that the capital structure will
become all-senior secured. Previously, it has been rated one
notch higher than the CFR to reflect the subordination of the
second lien in the structure.
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook reflects our expectation that V.Group will be
able to maintain its leading position in the marine operations
market and benefit from increased outsourcing in the market. The
outlook also incorporates Moody's expectation that the company
will not embark on any transforming acquisitions or make debt-
funded shareholder distributions.
WHAT COULD CHANGE THE RATING UP/DOWN
Given the scale of the business, an upgrade is considered
unlikely in the next two years. Upward pressure on the rating
could materialize if the company continues to develop its fleet
under management and services offer and (1) adjusted debt/EBITDA
moves sustainably below 4.0x; and (2) V.Group sustains its
EBITA/interest ratio above 3.0x; and (3) it maintains RCF/Net
Debt above 15%.
Conversely, downward pressure on the rating could materialize if
the operating performance of the company weakens, such that (1)
adjusted debt/EBITDA exceeds 5.5x for a sustained period; (2) its
EBITA/interest ratio falls towards 2.0x; and/or 3) its liquidity
profile weakens materially.
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.
Headquartered in the United Kingdom, V. Group is a leading global
maritime service provider, specializing in the outsourced
technical management of high value maritime assets and the
provision of a wide-range of supporting technical, workforce and
commercial services. The company does not own ships. V. Group
operates in the commercial shipping, cruise, energy and defence
sectors. It currently has 826 vessels under management and a
crew pool of 28,700 seafarers, of which approximately 19,100 are
at sea at any one time. V. Group has a network of 75 offices
across 34 countries. V. Group, wholly owned by Vouvray Finance
Limited, was acquired by OMERS Private Equity in September 2011.
In 2014, V. Group reported revenues of USD500 million and EBITDA
of USD67 million.
===============
X X X X X X X X
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* Large Companies with Insolvent Balance Sheets
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Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
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WINCANTON PLC WIN VX -434506999.9 685414924.1
WINCANTON PLC WIN1 EO -434506999.9 685414924.1
WINDSOR TELEVISI 1475394Z LN -284777809.5 341907343.5
WOLSELEY FRANCE 4736457Z FP -7709175.401 626902917
XCHANGING UK LTD 1814130Z LN -63394768.74 447098103.7
XFERA MOVILE SA 1236Z SM -163864345.4 1641307422
XSTRATA SERVICES 1975918Z LN -2581782.821 151944610.4
YANG MING UK LTD 1756777Z LN -82951196.78 273789409.4
YASARBANK YABNK TI -948074542.1 622746433.4
YELL GROUP PLC YELL VX -2257521127 2120614224
YELL GROUP PLC YELL PO -2257521127 2120614224
YELL GROUP PLC YELL NQ -2257521127 2120614224
YELL GROUP PLC YELL LN -2257521127 2120614224
YELL GROUP PLC YELL PZ -2257521127 2120614224
YELL GROUP- SUB 3449192Z LN -2257521127 2120614224
YELL LTD 1941670Z LN -1194529772 559974497.4
YORK REFRIGERATI 1846666Z LN -33510192.51 1093012767
YPSO FRANCE SAS 711227Z FP -636950566.9 3718583352
YUASA BATTERY UK 1449090Z LN -7606058.565 109145700.5
ZAPORIZHFERO-GDR 621176Z LX -13433738.24 273876108.6
ZAPORIZHFERO-GDR 0697025D GR -13433738.24 273876108.6
ZAPORIZHFEROSPLA ZFER UZ -13433738.24 273876108.6
ZERNOVAYA KOMPAN ONAST RU -37454792.73 659984505.1
ZIL AUTO PLANT ZILL$ RU -237320797.3 371525868.1
ZIL AUTO PLANT-P ZILLP RM -237320797.3 371525868.1
ZIL AUTO PLANT-P ZILLP RU -237320797.3 371525868.1
ZIL AUTO PLANT-P ZILLP* RU -237320797.3 371525868.1
ZINVEST FASHION 3775412Z NA -296493.9562 180637333.9
ZKD-BRD ZKRD RU -21363755.99 173276357.4
ZKD-BRD ZKRD* RU -21363755.99 173276357.4
ZUCCHI - RTS ZUCAZEUR EU -1962546.592 214098163.1
ZUCCHI - RTS ZUCAZEUR EO -1962546.592 214098163.1
ZUCCHI - RTS ZUCAZA IM -1962546.592 214098163.1
ZUCCHI,VINC- RSP ZUCR TQ -1962546.592 214098163.1
ZUCCHI,VINC- RSP ZUCRM L3 -1962546.592 214098163.1
ZUCCHI,VINC- RSP ZUCRM B3 -1962546.592 214098163.1
ZUCCHI,VINC- RSP ZUCR IM -1962546.592 214098163.1
ZUCCHI,VINC- RSP ZUCN IX -1962546.592 214098163.1
ZUCCHI,VINC- RSP ZUCR EO -1962546.592 214098163.1
ZUCCHI,VINC- RSP ZUCRM S2 -1962546.592 214098163.1
ZUCCHI,VINC- RSP ZUCR EU -1962546.592 214098163.1
ZUCCHI,VINC- RSP ZUCR PZ -1962546.592 214098163.1
ZUCCHI,VINC- RSP ZUCS IM -1962546.592 214098163.1
ZUCCHI,VINCENZO ZUCM S2 -1962546.592 214098163.1
ZUCCHI,VINCENZO ZUC EU -1962546.592 214098163.1
ZUCCHI,VINCENZO ZUCI IX -1962546.592 214098163.1
ZUCCHI,VINCENZO ZUC EB -1962546.592 214098163.1
ZUCCHI,VINCENZO ZUC IX -1962546.592 214098163.1
ZUCCHI,VINCENZO ZUC EO -1962546.592 214098163.1
ZUCCHI,VINCENZO ZUC PZ -1962546.592 214098163.1
ZUCCHI,VINCENZO ZUCM L3 -1962546.592 214098163.1
ZUCCHI,VINCENZO ZUCM B3 -1962546.592 214098163.1
ZUCCHI,VINCENZO ZUC S1 -1962546.592 214098163.1
ZUCCHI,VINCENZO ZUC TQ -1962546.592 214098163.1
ZUCCHI,VINCENZO ZUC BQ -1962546.592 214098163.1
ZUCCHI,VINCENZO ZUC QM -1962546.592 214098163.1
ZUCCHI,VINCENZO ZUC IM -1962546.592 214098163.1
ZUCCHI,VINCENZO VIZUF US -1962546.592 214098163.1
ZURICH EMPLOYMEN 1292298Z LN -571647918 152143800.5
ZVON ENA HOLDING ZVHR PZ -304033160.5 774883403.9
ZVON ENA HOLDING ZVHR EU -304033160.5 774883403.9
ZVON ENA HOLDING ZVHR SV -304033160.5 774883403.9
ZVON ENA HOLDING ZVHR EO -304033160.5 774883403.9
ZWINGER OPCO 6 B 3821644Z NA -103722296.7 611138495.1
*********
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.
* * * End of Transmission * * *