/raid1/www/Hosts/bankrupt/TCREUR_Public/151013.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, October 13, 2015, Vol. 16, No. 202
Headlines
A L B A N I A
ALBANIA: S&P Affirms 'B/B' Sovereign Ratings, Outlook Positive
A U S T R I A
* AUSTRIA: Finance Ministry Mulls Tweaks to Bank-Resolution Law
B E L A R U S
BELARUS: S&P Affirms 'B-' Sovereign Ratings, Outlook Stable
C Y P R U S
BANK OF CYPRUS: Fitch Hikes Viability Rating to 'ccc'
G E R M A N Y
DECO 15 - PAN EUROPE: Moody's Affirms 'CCsf' Rating on Cl. E Debt
SCHAEFFLER AG: Moody's Raises CFR to Ba2, Outlook Stable
WITTUR HOLDCO: S&P Affirms 'B' Long-Term Corporate Credit Rating
H U N G A R Y
KERESKEDELMI ES HITELBANK: Fitch Raises Viability Rating to 'b-'
I R E L A N D
ADAGIO II: S&P Affirms 'B+' Rating on Class E Notes
ANGLO IRISH: Set to Appear in Court Today for Extradition Hearing
CELTIC RESIDENTIAL 9: S&P Raises Rating on Class B Notes to B+
CELTIC RESIDENTIAL 10: S&P Raises Rating on Class A2 Notes to BB
CELTIC RESIDENTIAL 12: S&P Affirms B- Rating on Class C Notes
KILDARE SECURITIES: S&P Affirms B- Ratings on 2 Note Classes
PRECISION TIMING: Creditors Meeting Set For October 16
I T A L Y
WASTE ITALIA: Moody's Cuts LT Issuer Default Rating to 'CCC'
N E T H E R L A N D S
ABN AMRO BANK: Moody's Rates High-Trigger AT1 Secs. 'Ba2'
CAIRN CLO III: Moody's Assigns (P)B2(sf) Rating to Cl. F Debt
DUCHESS VI CLO: S&P Raises Rating on Class E Notes to BB+
GARFUNKELUX HOLDCO 2: S&P Assigns 'B+' ICR, Outlook Stable
GROSVENOR PLACE CLO: Moody's Affirms Ba1 Rating on Cl. D Notes
MARFRIG HOLDINGS: Fitch Affirms 'B+' Foreign Currency IDR
R U S S I A
EURASIA DRILLING: Fitch Puts 'BB' Long-Term IDR on Watch Negative
EXIMBANK OF RUSSIA: Moody's Assigns Ba2 LT FC Deposit Ratings
GRAND INSURANCE: Bank of Russia Suspends Insurance License
TAURUS BANK: Liabilities Exceed Assets, Investigation Shows
TRANSAERO AIRLINES: Creditor Banks Impose Moratorium on Suits
URALKALI PJSC: Moody's Lowers CFR to Ba2, Outlook Stable
S P A I N
CATALONIA: S&P Lowers Issuer Credit Rating to 'BB-', Outlook Neg.
LICO LEASING: Moody's Raises Ratings to Caa2; Outlook Positive
OBRASCON HUARTE: Moody's Confirms B1 CFR, Outlook Stable
SEKERBANK: Moody's Says Ba2 Rating Unaffected by Servicer Removal
U N I T E D K I N G D O M
COGNITA BONDCO: S&P Assigns 'B' Corporate Credit Rating
EPHIOS HOLDCO: Moody's Assigns Definitive B2 CFR, Outlook Stable
GTEC: Expert Print Buys Firm Assets Following Liquidation
INTERSTAR MILLENNIUM: Fitch Assigns 'Bsf' Rating on Class B Notes
PINNACLES (UK): Director Gets 10-Yr Ban for Filing False VAT Doc
USC: Sports Direct Chief Exec To Face Charges Over Administration
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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A L B A N I A
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ALBANIA: S&P Affirms 'B/B' Sovereign Ratings, Outlook Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B/B' long- and
short-term foreign and local currency sovereign credit ratings on
the Republic of Albania. The outlook is positive.
RATIONALE
The affirmation indicates that S&P believes Albania's sovereign
credit factors are broadly intact. The positive outlook reflects
the upside potential S&P sees in Albania's fiscal performance.
Since the government led by Edi Rama took office in late 2013, S&P
considers that revenue performance has been lackluster,
particularly on indirect taxes in 2015. In response -- and to
remain compliant with its International Monetary Fund Extended
Fund Facility (IMF EFF) -- the government has taken measures to
bring a greater share of output into the official (taxed) economy
and to reduce tax evasion. In addition, the government is
strengthening fiscal institutions and public-sector financial
management. So far, the reforms have targeted the pension system,
local government, tax administration, and the energy sector.
Efforts in the energy sector have been particularly successful in
raising revenues and thus easing pressure on the central
government's budget.
Assuming that Albania's economic growth continues to pick up
(albeit from a weak base) as it has in the first half of 2015, S&P
expects the annual change in Albania's general government debt as
a percentage of GDP to improve to 2% on average in 2015-2018
compared with almost 5% on average in 2012-2014. Similarly, S&P
assumes that net general government debt will decrease to about
62% of GDP by 2018 from just over 70% in 2015, including
guaranteed debt and commercial arrears. S&P still regards
Albania's net debt as high, but believe near-term refinancing
pressures have abated. S&P expects that the government will
successfully refinance its Eurobond maturing in November 2015.
Even if the government decides to stay out of the market, it has
obtained significant amounts of external official financing to
boost reserves. General government interest payments will likely
average just over 10% of revenues in 2015-2018.
General government debt increased noticeably after the recognition
of arrears, representing 5.3% of GDP in 2013. The government is
taking action to reduce the arrears in accordance with the IMF
arrangement, and S&P anticipates that they will all be cleared in
2016 at the latest.
Fiscal improvements hinge on higher economic growth rates from
2015. At the same time, slowing reform momentum could hinder
growth, and vice versa. After real GDP growth of 2.1% in 2014,
S&P expects growth to accelerate to an average of 3.7% in 2015-
2017. S&P forecasts that exports -- mainly of textiles, minerals,
and fuels -- will remain a primary growth engine over the next
several years, increasingly supported by investment and
consumption as domestic demand picks up. In addition, S&P expects
investment, fueled by high foreign direct investment (FDI) in
2015-2017, to further strengthen Albania's export potential.
S&P projects significant net FDI, especially in the hydropower
sector and the Trans-Adriatic Pipeline project in 2016-2018. FDI
inflows, in S&P's view, will likely fund most of Albania's large
current account deficit, which S&P projects will widen until 2016
and then close slightly thereafter on improved export potential
and further decreasing energy import needs. Given Albania's links
with Greece, home to a substantial Albanian population,
developments there could further depress remittances, which have
declined materially in recent years. S&P currently projects
remittances to remain subdued at less than 7% of GDP in the next
few years, as Albanian workers are leaving Greece. Their onward
migration will, however, contribute to further diversifying
remittance sources.
Although Albania's gross external financing needs are significant,
its external debt is comparably low, which is a strong point in
the country's credit profile. While narrow net external debt, by
S&P's measures, increased in 2014-2015, we project that it will
decrease relative to current account receipts from 2016, due to an
increase in exports.
The government has extended its debt maturities considerably over
the past three years. However, the average maturity of the debt
remains short (673 days as of mid-year 2015) for the domestic
portion of debt, which currently accounts for about 60% of total
debt. Although Albania markedly reduced its financing in the
domestic market in 2015 in favor of external borrowing, S&P still
views the links between the government, banks, and investment
funds as a potential refinancing risk. Albania's banking system
still holds the largest share of domestic debt, and about 30% of
the banking system's assets are government securities.
A sustained track record of tackling structural reforms,
particularly to strengthen property rights and the rule of law,
could eventually lead S&P to revise its assessment of
institutional and governance effectiveness upward. In that
regard, S&P believes that implementation of the judiciary reform,
currently under preparation, and a successful track record in that
area would also improve the business climate and could help
Albania progress toward opening EU accession negotiations
following the granting of candidate status in 2014.
Improvements in the legal system are also important in order to
reduce nonperforming loans (NPLs). The high level of NPLs in the
financial sector (slightly above 20% of system loans) hampers
lending and constrains economic recovery. The government is
planning a new strategy, in coordination with the IMF, to write
off NPLs and improve the realization of collateral. Cleaner loan
books combined with renewed loan demand could accentuate the
recently improving credit growth trend.
S&P projects that the financial sector will remain in a net
external creditor position over the next few years. The estimated
loan-to-deposit ratio is about 55%, and capital buffers in the
banking system are well above minimum capital requirements. While
these factors indicate sizable liquidity in the system, the
increase of the financial sector's net foreign assets mirrors the
weak growth performance in recent years. Subsidiaries of Greek
banks maintain a sizable presence in Albania. Although the
authorities have taken preemptive measures when necessary, should
conditions deteriorate further in Greece, depositor confidence
could suffer and the stability of these subsidiaries with it.
That said, Albanian subsidiaries of Greek banks upstream
comparatively little funds to their parents.
The central bank's policy of monetary easing will likely continue
in 2015. However, the high share of foreign currency loans and
deposits is hindering the effectiveness of Albania's monetary
policy, as it does in most Balkan countries.
S&P notes that Albania's central bank intervened only marginally
in the foreign exchange market in 2014-2015 to increase its
foreign currency reserves in line with its targets and otherwise
maintains a free-floating exchange rate regime.
Although Albania's monetary flexibility benefits from this regime,
S&P notes the comparably low turnover of the Albanian lek in the
spot market. In S&P's opinion, Albania's monetary flexibility
will improve as its foreign exchange and capital markets deepen.
Conversely, governance at the Bank of Albania has improved in
recent months. A new central bank governor was appointed this
year, after the former governor and other officials were removed
in 2014 due to inadequate internal controls.
OUTLOOK
The positive outlook reflects the possibility that S&P could raise
its ratings on Albania over the next six months if it continues to
comply with its IMF EFF program, incoming data confirm Albania's
fiscal consolidation, and S&P concludes that general government
debt to GDP is on a downward trend.
If the abovementioned conditions for an upgrade do not
materialize, or if there is deterioration in external financing
conditions or of the structural reform agenda, S&P could revise
the outlook to stable.
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
Ratings
To From
Albania (Republic of)
Sovereign credit rating
Foreign and Local Currency B/Pos./B B/Pos./B
Transfer & Convertibility Assessment BB- BB-
Senior Unsecured
Foreign Currency B B
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A U S T R I A
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* AUSTRIA: Finance Ministry Mulls Tweaks to Bank-Resolution Law
---------------------------------------------------------------
Boris Groendahl at Bloomberg News reports that Austria plans to
close a potential loophole that could allow authorities to renege
on legacy bank debt guarantees in cases where creditors of failing
banks are forced to share losses.
The Finance Ministry in Vienna, struggling with EUR11 billion
(US$12.4 billion) of guaranteed debt at "bad bank" Heta Asset
Resolution AG, is proposing tweaks to Austria's bank-resolution
law to clarify that holders of bonds with a deficiency guarantee
can demand compensation if losses are imposed on them during a
wind-down, Bloomberg relates.
The current law on bank resolution leaves too much room for
interpretation, according to a draft reform published on the
website of Austria's parliament as part of a public consultation,
Bloomberg notes.
"Voiding the guarantee promise by a third party would constitute
an inappropriate infringement on property because it wouldn't be
directly linked to the resolution," Bloomberg quotes the
explanatory notes to the bill as saying. "The legal relationship
between creditor and guarantor shall not be infringed by the
application of the bail-in instrument, and isn't intended."
Austrian state-owned banks relied on guarantees to raise cheap
funding until 2007, when the European Union outlawed the practice
as unfair state aid, Bloomberg discloses. Most of the legacy
guaranteed debt expires in 2017, Bloomberg states. The issue has
become relevant because of Heta, which is managing the remnants of
Hypo Alpe-Adria-Bank International AG, one of the most damaging
Austrian bank failures after the 2008 financial crisis, according
to Bloomberg.
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B E L A R U S
=============
BELARUS: S&P Affirms 'B-' Sovereign Ratings, Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term and
'B' short-term sovereign credit ratings on the Republic of
Belarus. The outlook is stable.
RATIONALE
The ratings on Belarus are constrained by S&P's view of its low
institutional predictability and effectiveness, weak external
position, and its only modestly flexible monetary policies. The
ratings are supported by the relatively wealthy Belarusian
economy, the general government's relatively low debt burden, as
well as a strong track-record of financial support from the
Russian Federation.
Given depressed economic conditions in Ukraine and Russia, which
together receive 60% of Belarus' exports, the government and the
National Bank of the Republic of Belarus (NBRB, the central bank)
have embarked on compensating adjustment measures since early
2015. Among other policies, the authorities have contained public
salary growth, curtailed directed lending, tightened monetary
policies, allowed for a more flexible exchange rate (with the
Belarusian ruble losing more than 30% of its value against the
U.S. dollar since January), and imposed nontariff barriers on
imports. Given this and taking into account Russia's waiver of
duties on refined oil products, representing about 2% of GDP
(which Belarus had previously paid to Russia), S&P forecasts that
this will allow Belarus to reduce its current account deficit to
on average 4% of GDP in 2015-2019, down from about 9% of GDP in
the past five years.
Despite this duty waiver, the country's external position will
remain weak. Because of the lower value of current account
receipts (CARs) in U.S. dollar terms due to the Belarusian ruble
depreciation, S&P now anticipates that Belarus' external debt, net
of financial and public sector external assets ("narrow net
external debt," S&P's preferred measure of external indebtedness)
will consistently exceed the sum of its CARs and usable reserves
in 2015-2019.
At the same time, gross external financing needs will likely stay
at a material 140% of CARs plus usable reserves, on average, for
the same period. In addition to current account payments, over
one-third of external refinancing needs are accounted for by
external debt service, including that of the government.
S&P still believes that Belarus' external funding gap is likely to
be covered by official loans and other credit, principally from
Russia. In the first nine months of 2015, loans from the Russian
Federation (US$870 million) and a Russian state-owned bank (EUR550
million) allowed Belarus to meet over a half of its external
government debt repayment needs scheduled for 2015, including a
US$1 billion eurobond, which was repaid in July. S&P regards this
as evidence of Russia's continued willingness to provide timely
support to Belarus, and S&P assumes such support will continue.
S&P understands Belarus has also applied for the new $3 billion
credit facility from the Russia-backed Eurasian Stabilization
Fund, portions of which it might receive in late 2015 and early
2016. (This fund, formerly the EurAsEC Anti-Crisis Fund, has been
sourced through direct charges to its members' budgets,
principally Russia's.) Lastly, if the country's leaders viewed it
as in their interest, Belarus could turn to the International
Monetary Fund for support. In addition to official external
funding, S&P expects the government will continue its foreign
currency borrowing from the domestic market to meet its remaining
2015 and 2016 borrowing requirements. However, S&P notes that the
local financial markets are shallow and their appetite for dollar-
denominated assets depends on the stability of their own dollar
sources of funds.
In S&P's view, a combination of funding from the above sources
will enable Belarus to make timely government foreign currency
debt service over the coming year. S&P also expects Belarus to
maintain its usable reserves near current levels of about $4
billion, of which approximately one-third is held in gold. S&P
excludes from reserves about $730 million in foreign currency
swaps that the NBRB has undertaken with commercial banks.
On the fiscal side, the reported general government balance has
been relatively strong. General government accounts have posted
moderate surpluses since 2011. S&P expects the government will
continue to report surpluses, thanks to new export taxes, mainly
on potash and crude oil, as well as displayed cost containment
measures, despite the run-up to the presidential elections. In
the first seven months of 2015, the general government reported a
fiscal surplus of 3.3% of GDP. S&P also notes that the government
has more clearly formulated its debt management policy,
implementing a framework that sets internal limits on government
debt to GDP at 45% and annual foreign currency debt service to
international reserves at 45%.
Still, due to the depreciation of the Belarusian ruble and off-
budget support for state-owned enterprises and state banks, S&P
expects government debt will increase annually by 5% of GDP on
average through 2019, including a hike of close to 14% in 2015
owing to the sharp exchange-rate adjustment. Although S&P expects
general government debt, net of liquid assets, will remain
relatively low at slightly above 30% of GDP over the same period,
S&P incorporates into its assessment the fiscal vulnerabilities
linked to the 85% of government debt denominated in foreign
currency, the relatively short-term maturity profile, and the
contingent liabilities posed by the state-dominated banking system
and its directed lending activity.
The upcoming presidential elections are unlikely to challenge
President Alexander Lukashenko's control of all branches of power,
in our view. The president's administration controls all
strategic decisions and sets the policy agenda, whereas the
government is a technocratic body that implements decisions.
Thus, S&P detects few checks and balances in Belarus'
institutional arrangements. Belarus also depends heavily on
Russia for financial, economic, and political support, which S&P
find carries attendant risks. That said, Belarus' past policies
have delivered some results, as shown by Belarus' relatively high
ranking in the U.N.'s Human Development index (53 out of 187 in
2014).
Although S&P forecasts a decline in GDP per capita to about $6,200
in 2015 from over $8,100 in 2014 due to a weaker exchange rate,
wealth levels in Belarus are relatively high compared with
similarly rated peers'. This is partly due to productivity,
relatively high human capital, and rapid growth reported over the
2000s.
However, Belarus' economic prospects will likely be depressed in
the next few years. S&P thinks that the weak external environment
(chiefly the recessions in Russia and Ukraine) and the so-far
modest progress on structural reforms will suppress GDP growth
rates, which are unlikely to exceed 1% on average by 2017.
Belarus' 10-year trailing average annual per capita growth fell
below 1% this year.
S&P thinks that the announced and so far implemented changes to
monetary policy, such as the shift to a more flexible exchange
rate, could increase the NBRB's room to maneuver to respond to
domestic financial conditions. However, annual inflation averaged
over 30% in 2010-2014, which weighs on S&P's assessment of the
NBRB's credibility and effectiveness. In the context of currency
depreciation and administrative price liberalization, inflation is
likely to stay in the double digits in the next few years. In
addition, high dollarization of loans and deposits in the banking
system weakens S&P's assessment of Belarus' monetary policy
transmission mechanisms. The share of dollar-denominated loans
and deposits exceeded 60% of the total as of end-September 2015.
Lending in foreign currency heightens the banking system's
exposure to exchange-rate risk and could increase the country's
contingent liabilities, particularly if combined with
deteriorating asset quality.
OUTLOOK
The stable outlook reflects S&P's expectation that Belarus'
external vulnerability will be counterbalanced by continued
financial support from Russia.
S&P could lower its ratings on Belarus if S&P believed that it
depended upon favorable business, financial, and economic
conditions to meet its financial commitments. S&P could lower the
ratings if the government's adjustment program was derailed or S&P
perceived Russia less willing to provide financial support to
Belarus. Negative rating actions could also follow if the
government loosened its fiscal stance, leading in turn to
materially weaker public finances.
S&P could consider a positive rating action if it observed an
improvement in external balances, as indicated by improved current
account balances, lower external financing needs, and a sustained
increase in foreign currency reserves. In this regard, policies
that result in improved economic competitiveness and higher
monetary policy flexibility could support higher ratings.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee agreed that the economic and the external factors
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
Ratings
To From
Belarus (Republic of)
Sovereign credit rating
Foreign and Local Currency B-/Stable/B B-/Stable/B
Transfer & Convertibility Assessment B- B-
Senior Unsecured
Foreign and Local Currency B- B-
===========
C Y P R U S
===========
BANK OF CYPRUS: Fitch Hikes Viability Rating to 'ccc'
-----------------------------------------------------
Fitch Ratings has upgraded Bank of Cyprus Public Company Ltd's
(BoC, CCC/C, Viability Rating: ccc) mortgage covered bonds to 'B'
from 'B-'. The rating action follows the restructuring to a
conditional pass-through (CPT) from a soft bullet liability
structure on September 29, 2015. The Outlook is Stable.
KEY RATING DRIVERS
The 'B' rating is based on BoC's Long-term Issuer Default Rating
(IDR) of 'CCC', an unchanged IDR uplift of 1, a revised
Discontinuity Cap (D-Cap) of 8 notches (Minimal Discontinuity)
from 0 (Full Discontinuity) and the 47% committed
overcollateralization (OC). The Outlook on the covered bond rating
remains Stable and reflects the slower pace of underlying asset
quality deterioration, compared with 2013 trends, despite
continued economic pressure.
The 47% OC that the issuer will publicly commit to in its investor
report allows for at least 71% stressed recoveries on the covered
bonds assumed to be in default in a 'B' rating scenario. However,
it does not sustain timely payments above the 'CCC+' tested rating
on a probability of default basis, which is also the floor for the
covered bonds rating.
Fitch has revised the D-Cap to 8 from 0 notches to reflect Fitch's
minimal discontinuity (from full discontinuity) risk assessment
related to the liquidity gap and systemic risk component following
the restructuring. Fitch recognizes that the CPT structure removes
refinancing needs via a forced sale of assets, should the recourse
switch from the issuer to the cover pool. It also factors in the
mandatory principal coverage and six-month interest provisions; in
Fitch's view this further contributes to reducing liquidity risk
in the aftermath of a cover pool enforcement event.
Fitch has also revised its assessment of the cover-pool specific
alternative management to moderate from moderate high; in Fitch's
view the pass-through nature of the structure combined with the
pool composition are expected to contribute to a smoother
transition to an alternative manager. In its D-Cap assessment
Fitch also considered the strong oversight and commitment by the
Central Bank of Cyprus in the supervision of covered bonds'
issuers and its involvement in protecting covered bonds holders
once the cover pool is enforced as a source of payments, as
reflected in the low assessment of the systemic alternative
management component.
The other D-Cap components, namely asset segregation (very low),
and privileged derivatives (very low), remain unchanged.
In its cash flow analysis, Fitch has calculated a 'B' breakeven OC
of 31%. The greatest contributor to the breakeven OC is the asset
disposal loss of 58.9%. This component, driven by the refinancing
spreads that Fitch applies to Cypriot residential assets (1500bps
at 'B'), represents a stressed evaluation of the entire cover pool
should the covered bonds default in a 'B' rating scenario.
The cover pool credit loss of 22.2% reflects Fitch's 'B' weighted
average (WA) foreclosure frequency of 57.2% and the 'B' WA
recovery rate of 68.3%. The cash flow valuation component of 3.0%
is driven by limited open interest rate positions (87.6% floating-
rate assets vs 100% floating-rate covered bonds) between assets
and liabilities.
RATING SENSITIVITIES
All else being equal, the 'B' covered bonds rating would be
vulnerable to downgrade if any of the following occurs: (i) the
Issuer Default Rating (IDR) of Bank of Cyprus Public Company Ltd
is downgraded by one notch or more to 'CC' or below; or (ii) the
number of notches of IDR uplift and Discontinuity Cap is reduced
to zero; or (iii) the overcollateralization (OC) that Fitch
considers in its analysis decreases below the Fitch's 'B'
breakeven level of 31%.
The Fitch breakeven AP for the covered bond rating will be
affected, among others, by the profile of the cover assets
relative to outstanding covered bonds, which can change over time,
even in the absence of new issuance. Therefore the breakeven AP to
maintain the covered bond rating cannot be assumed to remain
stable over time.
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G E R M A N Y
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DECO 15 - PAN EUROPE: Moody's Affirms 'CCsf' Rating on Cl. E Debt
-----------------------------------------------------------------
Fitch Ratings has downgraded Deco 15 - Pan Europe 6 Ltd. (DECO
15)'s class A3 notes and affirmed the other tranches as follows:
EUR18.0 million class A3 (XS0307400506) downgraded to 'Asf' from
'AAsf'; Outlook Negative
EUR52.0 million class B (XS0307401140) affirmed at 'BBBsf';
Outlook Stable
EUR53.5 million class C (XS0307405133) affirmed at 'BBsf'; Outlook
Stable
EUR41.3 million class D (XS0307405729) affirmed at 'CCCsf';
Recovery Estimate (RE) 75%
EUR15.7 million class E (XS0307406453) affirmed at 'CCsf'; RE0%
The transaction was originally the securitization of 10 commercial
mortgage loans secured on assets located in Germany, Austria and
Switzerland. In July 2015, three loans remained, all in special
servicing after defaulting at their maturities. All surplus income
is being trapped and used for repayment, capital expenditure and
marketing for sale of the underlying collateral (predominantly
retail warehouses in Germany).
KEY RATING DRIVERS
Following the repayment of the last performing loan (EUR75.5
million Freiburg), all remaining loans are in special servicing.
Fitch expects the three senior tranches to be repaid. However,
while still remote, the growing risk that either of the larger
loans remains unresolved at bond maturity in April 2018 means note
repayment is more exposed to the recovery rate on the other loans.
This risk is no longer commensurate with a rating above 'Asf',
reflected in the downgrade of the class A3 notes.
The Negative Outlook signals that this risk will grow over time
unless the larger loans are resolved. In Fitch's view the class B
and C notes' ratings adequately reflect this risk. The class D and
E notes' ratings reflect Fitch's expectations of ultimate losses.
Since the last rating action in October 2014, the EUR75.5 million
Freiburg loan repaid in full in line with Fitch's expectations.
The principal proceeds, combined with payments from the EUR134.8
million Mansford OBI Large loan, were allocated to the notes
sequentially, repaying the entire class A2 notes and the majority
of the class A3 notes as of the July 2015 interest payment date
(IPD). The improved credit enhancement/advance rates contributed
to the affirmations.
There has also been an attempt by the controlling class to replace
the special servicer (Hatfield Philips International). This has
been unsuccessful so far, although a recent court ruling has been
appealed by the controlling class representative.
Mansford OBI Large defaulted at its scheduled maturity in July
2014 and entered special servicing. A standstill agreement was
signed and following commencement of marketing, initial bids for
the collateral have been received. The special servicer stated
that final bids and subsequent sale are expected in late 2015.
Meanwhile, a EUR1.1 million reserve covers property expenses and
regular principal payments (EUR7.1 million over the past year).
The underlying 10 retail warehouses located in Berlin and various
mid-sized German towns are fully let, with German DIY chain OBI
accounting for 98% of the rent. A collateral revaluation in
September 2014 confirmed that no equity remains. Fitch estimated
the effective loan-to-value (LTV) in excess of 100% in its 2014
review and continues to expect a significant loss.
EUR68.6 million Main has been in special servicing since its
scheduled maturity in 2011. A hold strategy is in place, aimed at
extending existing leases and reletting of vacant space prior to
sales. The disposal strategy envisages creating a more homogeneous
portfolio by selling off individual assets with development
opportunities. The collateral comprises 31 retail warehouses and
one office property. The sales process is scheduled to commence
this year, with one asset sale reportedly finalised by the October
IPD.
Since entering special servicing, EUR13.3 million of surplus
income was used to amortize the loan. However, over the last three
collection periods, the reserve has been built up instead (to
EUR2.2 million in July 2015), leaving the loan balance unchanged
since October 2014. Given the high LTV (138.4% at the July IPD),
Fitch expects a significant loss.
The smallest loan, EUR11.8 million Plus Retail, has been in
special servicing since 2012. After negotiations regarding a
consensual sale failed, the special servicer filed for insolvency
in relation to the borrowers estates. Preliminary insolvency
proceedings commenced and an administrator has been appointed. The
loan missed its interest payment in July 2015 as no funds were
released (not uncommon for insolvent loans). A EUR0.04m liquidity
drawing was made and is expected to be repaid prior to principal
once the loan workout is completed.
Surplus income continues to be trapped, with EUR1.2 million
standing by for reletting expenses. The collateral comprises five
retail warehouses, anchored by German retailer PLUS (accounting
for some 60% of the rent). The assets are fully let to 16 tenants
on leases expiring on average in 4.9 years. With an LTV of 137.8%,
Fitch expects a significant loss.
RATING SENSITIVITIES
Should the class A3 notes remain outstanding for more than 12
months (e.g. in the event of the Mansford OBI Large sale falling
through), a downgrade to 'BBBsf' would likely occur, as reflected
by the Negative Outlook on this tranche.
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.
SCHAEFFLER AG: Moody's Raises CFR to Ba2, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has upgraded Schaeffler AG's corporate
family rating to Ba2 from Ba3 and probability of default rating
(PDR) to Ba2-PD from Ba3-PD. Concurrently, Moody's confirmed
Schaeffler's and Schaeffler Finance B.V.'s senior secured debt
ratings of Ba2 and senior unsecured debt ratings of B1 and
upgraded the junior (secured PIK notes) debt ratings of Schaeffler
Holding Finance B.V. to Ba3 from B1. The outlook on ratings is
now stable. The rating action concludes the review process
initiated on Sept. 21, 2015.
RATINGS RATIONALE
"The upgrade of CFR and PDR reflects improved leverage enabled by
the IPO as well as potential and management's commitment for
further deleveraging", says Martin Fujerik, lead analyst for
Schaeffler. As a part of the IPO Schaeffler has placed 66 million
new shares issued by Schaeffler AG and 9 million secondary shares
held by Schaeffler Verwaltungs GmbH, a holding entity that
currently owns a stake of about 14% in Schaeffler AG, at a price
of EUR12.5 a share. This leads to a free float of approximately
11%, with gross cash proceeds of EUR938 million, most of which
will be used to reduce debt at operating level after deducting
transaction costs. As a result, Moody's adjusted pro forma
debt/EBITDA for the Schaeffler group (which would include debt at
both the operating and holding level) improves to around 4.4x from
around 4.6x for the 12 months to June 2015.
Even though 4.4x leverage is still somewhat high for the rating
category, Moody's recognizes further potential for deleveraging
from this level. Upon the expiration of a six-month lockup period
following the initial transaction, Schaeffler can sell further
secondary shares held by Schaeffler Verwaltungs GmbH up to
targeted free float of 25%. Under such a scenario, the company
would also use the proceeds to reduce debt, most likely at holding
level in the rating agency's view. In addition to the placement,
Schaeffler AG remains committed to repaying EUR1 billion of debt
from operating cash flow until 2018. A moderate dividend policy,
which is now set at 25%-35% of net income, supports further debt
reduction from internal sources.
The upgrade also reflects Schaeffler's solid business profile and
increased flexibility driven by healthy share price development at
Continental AG (Baa1, stable) over the last two years. Based on
current share prices, the value of Schaeffler's 46% stake is
almost EUR20 billion, which is well above the reported debt level
at around EUR10 billion prior the IPO.
Moody's continues to base the rating approach on one corporate
family for the Schaeffler group (at Schaeffler AG level), that
comprises senior debt at the operating level as well as junior
debt at holding level. That is because the cross default language
in Schaeffler's holding credit facilities agreement, which does
not completely ring-fence Schaeffler AG and its subsidiaries from
the holding level, remain in place for the time being. Moody's
will continue monitoring this interrelationship and splitting of
CFRs (one for operating Schaeffler at Schaeffler AG level looking
only at senior debt and one for Schaeffler holding level looking
only at junior debt) cannot be excluded in future as the structure
further evolves.
RATIONALE FOR INSTRUMENT RATINGS
Confirmation of the instruments ratings at operating level (i.e
Ba2 senior secured debt rating and B1 senior unsecured debt
rating) balances lower debt amount at operating level following
the IPO with the instruments losing access to Continental shares,
as the guarantee by Schaeffler Verwaltung Zwei GmbH in favor of
the debt at operating level now falls away.
Even though initial deleveraging at holding level is limited, the
upgrade of junior debt to Ba3 from B1 reflects its improved
relative positioning in the loss given default waterfall as debt
holders at holding level now become sole beneficiaries of the
Schaeffler's stake in Continental, which is supported by further
improvement in market value leverage. Further debt reduction at
holding level, for instance through a sale of secondary shares
held by Schaeffler Verwaltungs GmbH, may put further upward
pressure on the junior debt rating.
RATIONALE FOR STABLE OUTLOOK
The stable outlook reflects Moody's expectation that Schaeffler
will maintain conservative financial policies aimed at further
deleveraging, which would move Moody's adjusted debt/EBITDA
towards below 4.0x in the next 12-18 months, while maintaining
positive free cash flow and Moody's adjusted EBITA margins broadly
around 12% even if positive market dynamics slows down somewhat.
WHAT COULD CHANGE THE RATING -- UP/DOWN
Schaeffler's CFR could be upgraded should Schaeffler be able to
(1) generate sustainably positive free cash flows; and (2) improve
Moody's-adjusted debt/EBITDA to 3.5x, either from internally
generated cash flows or from proceeds received from assets sales
or equity increases.
The Ba2 CFR could come under pressure following a significant
weakening of Schaeffler's operating performance, as indicated by
Moody's-adjusted EBITA margins below 10%, or Moody's-adjusted
debt/EBITDA sustainably above 4.5x, assuming no material
deterioration in the economic environment. Material negative free
cash flow and weakening liquidity, for instance owing to
tightening headroom under its financial covenants, could also lead
to a downgrade.
The principal methodology used in these ratings was Global
Automotive Supplier Industry published in May 2013.
List of Affected Ratings
Upgrades:
Issuer: Schaeffler AG
Corporate Family Rating, Upgraded to Ba2 from Ba3
Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD
Issuer: Schaeffler Holding Finance B.V.
Backed Senior Secured Regular Bond/Debenture, Upgraded to Ba3
from B1
Confirmations:
Issuer: Schaeffler AG
Backed Senior Secured Bank Credit Facility, Confirmed at Ba2
Issuer: Schaeffler Finance B.V.
Backed Senior Secured Regular Bond/Debenture, Confirmed at Ba2
Backed Senior Unsecured Regular Bond/Debenture, Confirmed at B1
Outlook Actions:
Issuer: Schaeffler AG
Outlook, Changed To Stable From Rating Under Review
Issuer: Schaeffler Finance B.V.
Outlook, Changed To Stable From Rating Under Review
Issuer: Schaeffler Holding Finance B.V.
Outlook, Changed To Stable From Rating Under Review
Headquartered in Herzogenaurach, Germany, Schaeffler AG is among
leading manufacturers of rolling bearings and linear products
worldwide, primarily to automotive industry. It operates under
three main brands -- INA, FAG and LuK. In 2014 Schaeffler
generated revenues of EUR12.1 billion, with workforce of more than
80 thousands employees. As of Oct. 9, 2015, the founding
Schaeffler family members owned around 89% of share capital and
100% of voting rights through holding entities.
WITTUR HOLDCO: S&P Affirms 'B' Long-Term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B' long-
term corporate credit rating on Paternoster Holding III GmbH
(Pater III), the parent holding company of Germany-based elevator
component manufacturer Wittur. S&P removed the rating from
CreditWatch negative, where it had initially placed it on Aug. 13,
2015. The outlook is stable.
Following S&P's review of Wittur's proposed transaction structure
for financing the Sematic SpA acquisition, S&P believes that the
proposed capital structure and earnings profile of the combined
entity will remain comparable to 'B' rated capital goods peers
with similar business risk profiles. Although credit metrics will
initially be slightly weaker than in S&P's previous base case, it
still considers these metrics to be in line with the current
rating level, and importantly, S&P expects credit metrics to
improve over the near term. S&P's base case does not factor in
any further material debt-financed acquisitions.
S&P expects the group to finance the total consideration of
EUR210 million through a EUR180 million upsizing of its senior
secured first-lien bank loan, EUR20 million of drawings under its
revolving credit facility (RCF), and EUR10 million of on-balance-
sheet cash. S&P also expects the RCF to be increased to EUR80
million to support the larger business and anticipated sales
growth. The proposed capital structure will increase total
adjusted debt, on our measures, to around EUR700 million from
around EUR480 million pre-acquisition, resulting in adjusted FFO
to debt of around 6.5%-7.5%, adjusted debt to EBITDA of around
5.5x-6.5x, and adjusted EBITDA interest coverage above 2x.
S&P expects Wittur to support the increased debt burden with
continued solid operating performance, additional earnings from
Sematic, the achievement of planned synergies through
restructuring over the next three years, and ongoing operational
efficiency initiatives. S&P's credit metrics are based on average
ratios over 2016 and 2017 to fully reflect the post-acquisition
capital structure and combined operations.
"Our base case assumes that the group's 2016 reported revenues
will be around EUR760 million-EUR780 million, reflecting Wittur's
strong current trading trends of around 15% sales growth year-on-
year, and additional revenues from Sematic of around EUR150
million, based on International Financial Reporting Standards
accounting estimates. Thereafter, we expect revenue growth of at
least 3%-5% per year based on solid long-term fundamentals,
including emerging market urbanization. While medium-term growth
could be constrained by the slowdown in China, we believe that
Wittur's business should continue to benefit from Chinese domestic
housing needs. Our base case assumes that synergies and
restructuring should lead to adjusted EBITDA margins of around 14%
over 2016 and 2017," S&P said.
While the acquisition will improve Wittur's scale and business
diversity, S&P has not reassessed its view of the group's "weak"
business risk profile because S&P still considers its business to
be concentrated in terms of scope, end-markets, and customers
relative to peers. The group's sales exposure to its top four
customers will remain around 65%-70% after the acquisition.
Moderating some of these weaknesses is the group's leadership
position in its addressable markets, well-established
relationships with its key customers, and good geographic
diversity.
The stable outlook reflects S&P's expectation that, after the
close of the transaction, the group's adjusted FFO to debt will be
around 6.5%-7.5%, adjusted debt to EBITDA will be around 5.5x-
6.5x, adjusted EBITDA interest coverage will remain above 2x, and
credit metrics will improve over the near term.
S&P could lower the ratings if adjusted EBITDA interest coverage
falls below 2x and leverage ratios deteriorate outside of S&P's
base case. S&P could also take a negative rating action if
liquidity is not maintained in line with its "adequate"
assessment. These scenarios could materialize if operating
performance weakens, if synergies are not successfully realized,
or if the group makes another material debt-financed acquisition.
Based on the proposed capital structure, S&P considers the
potential for an upgrade to be limited.
=============
H U N G A R Y
=============
KERESKEDELMI ES HITELBANK: Fitch Raises Viability Rating to 'b-'
----------------------------------------------------------------
Fitch Ratings has affirmed Kereskedelmi es Hitelbank Zrt's (K&H),
Erste Bank Hungary Zrt's (EBH) and CIB Bank Zrt's (CIB) Long-term
Issuer Default Ratings (IDRs) at 'BBB-'. The Outlook is Positive
on K&H, Stable on CIB and has been revised to Positive from Stable
on EBH. Fitch has also upgraded the Viability Ratings (VR) of CIB,
EBH and K&H by one notch to 'b-', 'b' and 'bb', respectively. All
other ratings have been affirmed.
The affirmation of the support-driven IDRs and Support Ratings of
K&H, CIB and EBH reflects Fitch's opinion that there is a high
probability that they would be supported, if required, by their
respective sole shareholders: KBC Bank (A-/Stable/a-), Intesa
Sanpaolo (BBB+/Stable/bbb+) and Erste Group Bank AG (Erste,
BBB+/Stable/bbb+).
The upgrade of the VRs mainly reflects the improved operating
environment for banks in Hungary, and as a result, Fitch's
reassessment of the balance of risks at the three institutions.
KEY RATING DRIVERS
IDRS AND SUPPORT RATINGS
In Fitch's view, KBC, Intesa and Erste will continue to have a
high propensity to support their Hungarian subsidiaries because
the Central and Eastern European region remains strategically
important for each of them. However, Fitch has capped Hungarian
banks' foreign currency ratings at one notch above the sovereign
(BB+/Positive) to reflect the amplified country risks due to the
numerous state interventions in the banking sector. In case of a
sovereign default these risks could limit the banks' ability to
service their debt or their parents' propensity to continue
providing support, or both.
Fitch maintains a two-notch difference between the ratings of
Intesa and CIB, as in our view there is some uncertainty with
respect to the long-term strategic importance of the Hungarian
market for Intesa, given CIB's weak performance and prospects. The
Outlook on CIB's Long-term IDRs is therefore Stable.
K&H and EBH could be rated within one notch of their respective
parents, if country risks allow, and therefore have Positive
Outlooks, in line with the Hungarian sovereign. This reflects
better long-term prospects for K&H (due to its notably stronger
financial position) and the recent tangible evidence of Erste's
commitment to the Hungarian market. The latter includes the
attraction of the EBRD and the Hungarian state as minority
shareholders of EBH, with planned 15% stakes each, and the
acquisition of Citibank's local consumer business. In assessing
support, Fitch also considers the high strategic importance of the
broader Central and Eastern European region for Erste.
Erste, Intesa and KBC have sufficient resources to support their
(relatively small) Hungarian subsidiaries (if needed), either
through liquidity or capital injections. Between end-2009 and end-
1H15, EBH received HUF314bn (about EUR1bn) and CIB HUF367bn (about
EUR1.2bn) of new equity from their owners. K&H was one of the few
foreign-owned banks in Hungary that did not require extraordinary
support from its parent over the same period.
VIABILITY RATINGS
The VRs of CIB (b-) and EBH (b) reflect their weak credit risk
profiles, which are constrained by poor asset quality and
profitability. Both banks have reported large annual losses since
2010 and CIB remains unprofitable on an operating basis. The VRs
of EBH and CIB also reflect their moderate capital buffers,
comfortable funding and liquidity. K&H's much stronger standalone
creditworthiness (bb) mainly reflects its relatively resilient
asset quality and more moderate risk appetite through the cycle,
ample liquidity and stable funding. However, K&H's VR also
reflects a fairly high impaired loans ratio and only adequate
capitalization.
Fitch believes that the operating environment in Hungary has
improved due to positive developments in the economy and the
government's intention to achieve a gradual normalization of the
banking business environment. The latter particularly reflects the
government's commitment to the EBRD (in February 2015) to refrain
from implementing new onerous banking legislation and its decision
to reduce the bank levy in 2016 (and then further in 2017).
The inflows of impaired loans at all three banks materially
subsided in 1H15 due to the relatively supportive operating
environment and already seasoned legacy loan portfolios. However,
a material improvement in loan portfolio quality will be a lengthy
process due to muted demand for new credit and the very slow
workout of defaulted loans. In 1H15, credit risks in the retail
portfolios were significantly reduced by the conversion of foreign
currency (FC) residential mortgages into forint and lowered
monthly loan installments. The latter was driven by the Act on
Settlements coupled with the new rules on loan pricing.
At end-1H15, the reported asset quality ratios equalled 16% (K&H),
13% (EBH) and 19% (CIB). The ratios for EBH and CIB comprised only
loans overdue by 90 days, while the ratio for K&H was based on a
broader and more conservative definition. In 1H15, the ratios at
EBH and CIB were somewhat reduced as a result of converted
impaired mortgages being booked on a net basis in IFRS accounts.
Since 2014, CIB and EBH have also accelerated loan book cleaning.
All three banks' moderate reserve coverage of impaired loans
reflects their largely collateralized lending, which should be
viewed against the low liquidity of local real estate market and
largely ineffective foreclosure of residential mortgages.
All three banks' performance is likely to continue to suffer from
thin margins (driven by a low interest rate environment) and muted
credit growth. The stabilization in risk costs, coupled with the
reduced bank levy, should more than offset the potential increase
in contributions to the deposit and investor protection funds in
2016. K&H's through-the-cycle resilient revenue generation
capacity, reasonable cost efficiency and low risk costs bode well
for its future performance. EBH plans to return to profitability
in 2016 (after five years of losses), which is realistic in
Fitch's opinion. CIB is likely to remain unprofitable (even net of
the bank levy) in 2015 and 2016 due to the high share of assets
not generating income, costly workout activities and only limited
new lending.
Comfortable liquidity and improved funding structures are a rating
strength for all three banks. In 1H15, the conversion of FC
mortgages substantially reduced FC refinancing needs and improved
self-financing capacity. The ratio of gross loans to deposits
shrank to 76% (K&H), 109% (CIB) and 99% (EBH) at end-1H15. The
largely stable deposit bases, coupled with loan deleveraging,
mitigate risks related to growing maturity mismatches due to
accelerated repayment of (medium- and long-term) parental funding
at CIB and EBH.
CIB's and EBH's capitalization is relatively weak, while it is
only adequate at K&H, due to high legacy impaired loans, moderate
reserve coverage and subdued pre-impairment operating
profitability. K&H's capitalization is sounder than peers due to
its lower net impaired loans, relatively stronger pre-impairment
profitability and lower exposure to risky sectors. However, K&H's
capital ratios could be moderately constrained by the bank's
policy to upstream all distributable profit to KBC. CIB's
inability to generate capital internally weighs on Fitch's
assessment of the bank's capital position.
At end-1H15, CET1 ratios equalled 11.7% (K&H, standalone ratio),
13.7% (CIB) and 12.1% (EBH). EBH's capitalization could
significantly strengthen as a result of the planned equity
injections by the EBRD and the Hungarian state. All three banks'
capital ratios should be viewed in light of quite high regulatory
capital requirements under Pillar 2 and the central bank's plan to
introduce three new capital buffers in 2016 (no final details
available yet) in line with CRD IV and recent EBA guidelines.
Fitch's base case expectation is that owners will continue to
recapitalize their subsidiaries to ensure compliance with
regulatory capital requirements (if ever required).
RATING SENSITIVITIES
IDRS, SUPPORT RATINGS
The Positive Outlooks on K&H and EBH reflect that on the Hungarian
sovereign, while the Stable Outlook on CIB mirrors that on its
parent. An upgrade of the banks' IDRs would require an upgrade of
the sovereign rating (all three banks) and (for CIB) an upgrade of
Intesa.
The IDRs of all three banks could be downgraded if i) there was a
downgrade of the Hungarian sovereign rating; ii) parental support
is delayed when needed, or iii) new onerous domestic bank
regulation and weak market prospects make shareholders' commitment
to their subsidiaries less certain. CIB's IDRs and Support Rating
would also likely be downgraded if Intesa is downgraded.
VIABILITY RATINGS
All three banks' VRs could be upgraded following an extended track
record of problem loan recoveries coupled with improved
profitability. A positive rating action for K&H's VR would likely
also require a further improvement in the operating environment in
Hungary.
Conversely, the banks' VRs could come under pressure in case of a
worsening of the operating environment and capital pressure from
additional credit losses on legacy problem exposures or new
impaired loans generation.
The rating actions are as follows:
K&H
Long-term IDR: affirmed at 'BBB-', Outlook Positive
Short-term IDR: affirmed at 'F3'
Viability Rating: upgraded to 'bb' from 'bb-'
Support Rating: affirmed at '2',
EBH
Long-term IDR: affirmed at 'BBB-', Outlook revised to Positive
from Stable
Short-term IDR: affirmed at 'F3'
Viability Rating: upgraded to 'b' from 'b-'
Support Rating: affirmed at '2',
CIB
Long-term IDR: affirmed at 'BBB-', Outlook Stable
Short-term IDR: affirmed at 'F3'
Viability Rating: upgraded to 'b-' from 'ccc'
Support Rating: affirmed at '2'
=============
I R E L A N D
=============
ADAGIO II: S&P Affirms 'B+' Rating on Class E Notes
---------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Adagio II CLO PLC's class P and Q combination notes. At the same
time, S&P has affirmed its ratings on all other classes of notes.
The rating actions follow S&P's analysis of the transaction, using
data from the trustee report dated Aug. 28, 2015, and the
application of S&P's relevant criteria.
Since S&P's June 13, 2014 review, the transaction's credit quality
has benefited from the further deleveraging of the class A-1 and
A-2A notes. Defaulted assets have also decreased to EUR52,500
from EUR7.79 million. At the same time, the portfolio's weighted-
average spread has decreased to 3.78% from 4.27% and
overcollateralization has fallen moderately for all of the rated
classes of notes (except for the class A and B notes, where
overcollateralization has remained unchanged since S&P's previous
review).
As a result of these developments and the application of S&P's
relevant criteria, it considers the available credit enhancement
for the class A-1, A-2A, A-2B, B, C-1, C-2, D-1, and D-2 notes to
be commensurate with their currently assigned ratings. S&P has
therefore affirmed its ratings on these classes of notes.
S&P has affirmed its 'B+ (sf)' rating on the class E notes because
the application of the largest obligor default test has
constrained S&P's rating at this level. This test measures the
effect of several of the largest obligors defaulting
simultaneously. S&P introduced this supplemental stress test in
its revised criteria for corporate collateralized debt
obligations.
The transaction also has four rated classes of combination notes:
-- Class P Comb notes: Current rated balance is EUR3.97
million, down from EUR5.25 million as of S&P's previous
review.
-- Class Q Comb notes: Current rated balance is EUR3.36
million, down from EUR5.17 million as of S&P's previous
review.
-- Class R Comb notes: Current rated balance is EUR2.52
million, down from EUR2.68 million as of S&P's previous
review.
-- Class S Comb notes: Current rated balance is EUR0.70
million, down from EUR0.72 million as of S&P's previous
review.
S&P defines a combination note's rated balance as its initial
principal amount minus all the distributions that its components
have made. S&P's ratings on the class P, Q, R, and S combination
notes address the ultimate repayment of the rated balance.
S&P's credit and cash flow analysis suggests that the ratings on
the class P and Q combination notes can support higher ratings
than those previously assigned.
S&P has therefore raised its ratings on these classes of notes to
'AAp (sf)' and 'BBB+p (sf)' from 'A-p (sf)' and 'BBB-p (sf)',
respectively. S&P considers the available credit enhancement for
the class R and S combination notes to be commensurate with their
currently assigned ratings. S&P has therefore affirmed its
ratings on these classes of notes.
Adagio II CLO is a cash flow collateralized loan obligation (CLO)
transaction that AXA Investment Managers Paris S.A. manages. It
is backed by a portfolio of loans to speculative-grade corporate
firms. The transaction closed in December 2005 and entered its
post-reinvestment period in January 2013.
RATINGS LIST
Adagio II CLO PLC
EUR413.99 mil senior and subordinated deferrable fixed- and
floating-rate notes
Ratings
Class Identifier To From
A-1 00534MAC0 AAA (sf) AAA (sf)
A-2A 00534MAB2 AAA (sf) AAA (sf)
A-2B 00534MAG1 AAA (sf) AAA (sf)
B 00534MAJ5 AA+ (sf) AA+ (sf)
C-1 00534MAA4 BBB+ (sf) BBB+ (sf)
C-2 00534MAH9 BBB+ (sf) BBB+ (sf)
D-1 00534MAD8 BB+ (sf) BB+ (sf)
D-2 00534MAE6 BB+ (sf) BB+ (sf)
E 00534MAF3 B+ (sf) B+ (sf)
P Comb XS0237525497 AAp (sf) A-p (sf)
Q Comb XS0237525737 BBB+p (sf) BBB-p (sf)
R Comb XS0237526115 AAAp (sf) AAAp (sf)
S Comb XS0237526388 AA+p (sf) AA+p (sf)
ANGLO IRISH: Set to Appear in Court Today for Extradition Hearing
-----------------------------------------------------------------
Vincent Boland at The Financial Times reports that David Drumm,
the former chief executive of the bank at the center of Ireland's
financial crisis, is to appear in court in the US today, Oct. 13,
for an extradition hearing on charges linked to the biggest-ever
Irish corporate collapse.
Mr. Drumm was chief executive of Anglo Irish Bank between 2005 and
2008, when the bank collapsed during the global financial crisis
with losses of EUR34 billion after its biggest customers among
Ireland's property developers got into financial difficulties, the
FT discloses.
The collapse of Anglo -- known as "the bank that broke
Ireland" -- triggered the fall of other Irish financial
institutions and tore a EUR64 billion hole in the national
finances, the FT notes. The country was eventually forced to seek
a EUR67 billion bailout from a troika of global creditors led by
the International Monetary Fund, the FT recounts.
According to the FT, Mr. Drumm was arrested in Massachusetts on
Oct. 10 by US marshalls acting on an extradition warrant issued by
the Irish government. The US attorney's office for the District
of Massachusetts, as cited by the FT, said he would remain in
custody until he appeared in federal court in Boston on Oct. 13.
Mr. Drumm could face up to 30 charges in Ireland related to
Anglo's collapse following a joint criminal investigation by the
Irish police and the office of the director of corporate
enforcement, the FT says.
He moved with his family to the US in 2009 and sought to be
declared bankrupt there to avoid having to repay EUR10.5 million
to Irish creditors, the FT recounts. That application was opposed
by the liquidators of Anglo, which argued that he had put assets
fraudulently beyond their reach, the FT relays.
A US court rejected Mr. Drumm's bankruptcy request in January, the
FT relates. According to the FT, in his judgment, Judge Frank
Bailey of the United States Bankruptcy Court for the District of
Massachusetts said Mr. Drumm was "not remotely credible".
About Anglo Irish
Anglo Irish Bank was an Irish bank headquartered in Dublin from
1964 to 2011. It went into wind-down mode after nationalization
in 2009. In July 2011, Anglo Irish merged with the Irish
Nationwide Building Society, with the new company being named the
Irish Bank Resolution Corporation (IBRC).
The former Irish bank sought protection from creditors under
Chapter 15 of the U.S. Bankruptcy Code on Aug. 26, 2013 (Bankr. D.
Del. Case No. 13-12159). The former bank's Foreign
Representatives are Kieran Wallace and Eamonn Richardson. Its
U.S. bankruptcy counsel are Mark D. Collins, Esq., and Jason M.
Madron, Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware.
CELTIC RESIDENTIAL 9: S&P Raises Rating on Class B Notes to B+
--------------------------------------------------------------
Upon publishing S&P's updated criteria for Irish 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 upgrades follow S&P's credit and cash flow analysis of the
transaction information that S&P has received as of August 2015.
S&P's analysis reflects the application of its RMBS criteria.
"In our opinion, although the current outlook for the Irish market
is relatively positive, our outlook for the Irish residential
mortgage market calls for starting conditions that are not benign.
We have therefore increased our expected 'B' foreclosure frequency
assumption to 3.33% from 2.00%, when we apply our RMBS criteria,
to reflect this view. We base these assumptions on the fact that
although the Irish economy has significantly improved in terms of
house price appreciation and a fall in unemployment, we do not
think the revival will remain as strong in 2016 and 2017," S&P
said.
Credit enhancement for the class A2 notes, excluding loans with
arrears greater than nine monthly payments, has increased to
3.73%, from being undercollateralized in S&P's previous review.
Class Available credit
enhancement (%)
A2 3.73
B (6.17)
This transaction features a nonamortizing reserve fund, which
currently represents 7.33% of the outstanding performing balance
of the mortgage assets.
In S&P's analysis, it has assumed that all loans that are
delinquent for more than nine monthly payments have defaulted.
Recoveries on such defaulted loans -- which vary according to the
rating level -- are only realized at the end of the 42-month
foreclosure period.
Severe delinquencies of more than 90 days, at 19.09%, are on
average higher for this transaction than for other Irish RMBS
transactions that S&P rates. Generally, severe delinquencies have
been decreasing over the past two years as the macroeconomic
environment in Ireland improves.
After applying S&P's RMBS criteria to this transaction, its credit
analysis results show a decrease in both the weighted-average
foreclosure frequency (WAFF) and in the weighted-average loss
severity (WALS) for each rating level.
Rating level WAFF (%) WALS (%)
AAA 27.85 29.82
AA 22.16 26.97
A 17.70 21.46
BBB 13.97 18.65
BB 9.88 16.75
B 8.09 15.00
The decrease in the WAFF is mainly due to the use of the original
loan-to-value (OLTV) ratio in the WAFF calculation (as opposed to
the current loan-to-value ratio), seasoning credit for performing
loans greater than six years being higher than previously applied,
and lower arrears levels. The decrease in the WALS is mainly due
to the application of S&P's updated indexation methodology,
coupled with the recent appreciation in house prices in Ireland.
The overall effect is a decrease 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.
"Under our current counterparty criteria, our ratings in this
transaction are constrained by the long-term issuer credit rating
(ICR) on the guaranteed investment contract account provider, The
Royal Bank of Scotland PLC (RBS; BBB+/Stable/A-2). The
transaction documents outline remedies of a replacement of the
account provider when the short-term rating on the counterparty is
lower than 'A-1'. As the issuer has not implemented a remedy
within the specified timeframe, we cannot rely on this replacement
framework. Our current counterparty criteria therefore cap the
maximum potential rating that we can assign to the notes in this
transaction at our long-term 'BBB+' ICR on RBS," S&P said.
S&P's ratings in this transaction are not constrained by its long-
term rating on the Republic of Ireland (A+/Stable/A-1).
Taking into account the results of S&P's updated credit and cash
flow analysis and the transaction's recent positive performance,
S&P considers the available credit enhancement for the class A2
and B notes to be commensurate with higher ratings than those
currently assigned. S&P has therefore raised to 'BBB+ (sf)' from
'B+ (sf)' its rating on the class A2 notes and to 'B+ (sf)' from
B- (sf)' its rating on the class B 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 16% for one-year and three-year
horizons. This did not result in S&P's rating deteriorating below
the maximum projected deterioration that it would associate with
each relevant rating level, as outlined in S&P's credit stability
criteria.
S&P expects severe arrears in the portfolio to decline slowly
alongside economic growth, high but diminishing unemployment, and
uncertainty surrounding repossessions. On the positive side, S&P
expects interest rates to remain low and house prices to continue
increasing (albeit at a reduced rate).
Celtic 9 is an Irish RMBS transaction, which closed in November
2005 and securitizes first-ranking mortgage loans originated by
First Active PLC.
RATINGS LIST
Class Rating
To From
Celtic Residential Irish Mortgage Securitisation No. 9 PLC
EUR1.75 Billion Residential Mortgage-Backed Floating-Rate Notes
Ratings Raised
A2 BBB+ (sf) B+ (sf)
B B+ (sf) B- (sf)
CELTIC RESIDENTIAL 10: S&P Raises Rating on Class A2 Notes to BB
----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB (sf)' from
'B (sf)' its credit rating on Celtic Residential Irish Mortgage
Securitisation No. 10 PLC's class A2 notes. At the same time, S&P
has affirmed its 'B- (sf)' rating on the class B notes.
Upon publishing S&P's updated criteria for Irish 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 June 2015. S&P's analysis reflects the application of its RMBS
criteria.
In S&P's opinion, although the current outlook for the Irish
market is relatively positive, its outlook for the Irish
residential mortgage market calls for starting conditions that are
not benign. S&P has therefore increased its expected 'B'
foreclosure frequency assumption to 3.33% from 2.00%, when S&P
applies its RMBS criteria, to reflect this view. S&P bases these
assumptions on the fact that although the Irish economy has
significantly improved in terms of house price appreciation and a
fall in unemployment, the stock of nonperforming loans remains
high, restructuring arrangements are increasing, and unemployment
levels, though expected to fall further, remain high.
Credit enhancement for the class A2 notes, excluding loans with
arrears greater than nine monthly payments, has increased to
0.90%. The transaction had negative credit enhancement at S&P's
Oct. 3, 2012 review as it was undercollateralized.
The reserve fund is dynamically sized, based on the balance of
nonperforming loans. It was topped up to its target amount in
2013. The reserve fund is currently providing 6.00% of credit
enhancement to the rated notes outstanding.
In S&P's analysis, it has assumed that all loans that are
delinquent for more than nine monthly payments have defaulted.
Recoveries on such defaulted loans--which vary according to the
rating level--are only realized at the end of the 42-month
foreclosure period.
Severe delinquencies of more than 90 days, at 15.89%, are on
average in line with other Irish RMBS transactions that S&P rates.
Generally, severe delinquencies have been decreasing over the past
two years as the macroeconomic environment in Ireland improves.
After applying S&P's RMBS criteria to this transaction, its credit
analysis results show a decrease in both the weighted-average
foreclosure frequency (WAFF) and in the weighted-average loss
severity (WALS) for each rating level.
Rating level WAFF (%) WALS (%)
AAA 27.73 41.83
AA 21.79 39.09
A 17.12 33.62
BBB 13.69 30.70
BB 9.73 28.65
B 7.92 26.72
The decrease in the WAFF is mainly due to the use of original
loan-to-value (LTV) ratio in the WAFF calculation (as opposed to
current LTV ratio), increased benefit for performing loans with
greater than six years' seasoning (100% of loan pool), and lower
arrears levels. The decrease in the WALS is mainly due to the
application of S&P's updated indexation methodology, coupled with
a marked appreciation in house prices in Ireland since S&P's
October 2012 review (almost 23% across the country). The overall
effect is a decrease in the required credit coverage for each
rating level.
In March 2011, the transaction's collection account moved to
Ulster Bank Ireland Ltd. from Bank of Ireland. In S&P's view, the
related transaction documents are not in line with its current
counterparty criteria. S&P therefore stress commingling risk as a
loss in this transaction at all rating levels.
The Royal Bank of Scotland PLC (RBS; BBB+/Stable/A-2) acts as the
guaranteed investment contract (GIC) account provider and swap
counterparty. The documented rating trigger on the GIC account
has been breached, and none of the documented remedies have yet
been taken. Consequently, S&P's current counterparty criteria cap
the ratings in this transaction at its long-term issuer credit
rating (ICR) on RBS. Additionally, given that the swap documents
are in line with a previous version of S&P's counterparty
criteria, the maximum potential rating based on this counterparty
obligation is the long-term ICR on RBS plus one notch, or 'A-
(sf)'. RBS is currently posting collateral under the swap.
Under S&P's current counterparty criteria the maximum potential
rating in this transaction is 'BBB+' (sf)'. However, following
S&P's credit and cash flow analysis and the application of its
Irish RMBS criteria, S&P's updated analysis shows that the class
A2 notes only have sufficient available credit enhancement to
support a 'BB (sf)' rating. S&P has therefore raised to
'BB (sf)' from 'B (sf)' its rating on the class A2 notes.
Taking into account the results of S&P's credit and cash flow
analysis, it considers the available credit enhancement for the
class B notes to be commensurate with S&P's currently assigned
rating. S&P has therefore affirmed its 'B- (sf)' rating on the
class B 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 16% for one- and three-year
horizons. This did not result in S&P's rating deteriorating below
the maximum projected deterioration that it would associate with
each relevant rating level, as outlined in its credit stability
criteria.
S&P expects severe arrears in the portfolio to decline slowly
alongside economic growth, high but diminishing unemployment, and
uncertainty surrounding repossessions. On the positive side, S&P
expects interest rates to remain low and house prices to continue
increasing (albeit at a reduced rate).
Celtic 10 is an Irish RMBS transaction, which closed in August
2006. Celtic 10 securitizes a pool of first-ranking mortgage
loans originated by First Active. The mortgage loans are mainly
located outside Dublin and the transaction comprises primarily
owner-occupied loans.
RATINGS LIST
Class Rating
To From
Celtic Residential Irish Mortgage Securitisation No. 10 PLC
EUR1.79 Billion Residential Mortgage-Backed Floating-Rate Notes
Rating Raised
A2 BB (sf) B (sf)
Rating Affirmed
B B- (sf)
CELTIC RESIDENTIAL 12: S&P Affirms B- Rating on Class C Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit rating on
Celtic Residential Irish Mortgage Securitisation No. 12 Ltd.'s
(Celtic 12) class A3 notes. At the same time, S&P has affirmed
its ratings on the class B and C notes.
Upon publishing S&P's updated criteria for Irish 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 it has received as of
May 2015. S&P's analysis reflects the application of its RMBS
criteria.
In S&P's opinion, although the current outlook for the Irish
market is relatively positive, its outlook for the Irish
residential mortgage market calls for starting conditions that are
not benign. S&P has therefore increased its expected 'B'
foreclosure frequency assumption to 3.33% from 2.00%, when it
applies its RMBS criteria, to reflect this view. S&P bases these
assumptions on the fact that although the Irish economy has
significantly improved in terms of house price appreciation and a
fall in unemployment, the stock of nonperforming loans remains
high, restructuring arrangements are increasing, and unemployment
levels, though expected to fall further, remain high.
Credit enhancement for the class A3 notes, excluding loans with
arrears greater than nine monthly payments, has increased to 4.88%
since S&P's Oct. 23, 2012 review. The transaction was
undercollateralized in our previous review.
The reserve fund is dynamically sized, based on the balance of
nonperforming loans. It has been topped up to its target amount
since the second quarter of 2014. The reserve fund is currently
providing 4.90% of credit enhancement to the outstanding classes
of rated notes.
In S&P's analysis, it has assumed that all loans that are
delinquent for more than nine monthly payments have defaulted.
Recoveries on such defaulted loans -- which vary according to the
rating level -- are only realized at the end of the 42-month
foreclosure period.
Severe delinquencies of more than 90 days, at 16.28%, are on
average in line with other Irish RMBS transactions that S&P rates.
Generally, severe delinquencies have been decreasing over the past
two years as the macroeconomic environment in Ireland improves.
After applying S&P's RMBS criteria to this transaction, its credit
analysis results show a decrease in both the weighted-average
foreclosure frequency (WAFF) and in the weighted-average loss
severity (WALS) for each rating level.
Rating level WAFF (%) WALS (%)
AAA 30.76 44.30
AA 24.26 41.73
A 19.49 36.52
BBB 15.22 33.70
BB 10.59 31.70
B 8.68 29.84
The decrease in the WAFF is mainly due to the use of the original
loan-to-value (OLTV) ratio in the WAFF calculation (as opposed to
the current loan-to-value ratio), increased benefit for performing
loans with greater than six years' seasoning (100% of the loan
pool), and lower arrears levels. The decrease in the WALS is
mainly due to the application of S&P's updated indexation
methodology, coupled with a marked appreciation in house prices in
Ireland since S&P's October 2012 review (almost 23% across the
country). The overall effect is a decrease in the required credit
coverage for each rating level.
In this transaction the collection account is in the name of
Ulster Bank Ltd. and held with Ulster Bank Ireland Ltd. The Royal
Bank of Scotland PLC (RBS) is the guaranteed investment contract
(GIC) and swap counterparty. The replacement triggers for both
the collection account and the GIC account have been breached,
with none of the documented remedy actions being taken.
Therefore, S&P's current counterparty criteria cap the maximum
potential rating for the notes at the lower of the issuer credit
ratings (ICRs) on Ulster Bank Ireland and RBS. Additionally,
given that the swap documents reflect a previous version of S&P's
counterparty criteria, the maximum potential rating based on this
counterparty obligation is the long-term ICR on RBS plus one
notch.
Following S&P's credit and cash flow analysis and the application
of its Irish RMBS criteria, S&P's updated analysis shows that the
available credit enhancement for the class A3 notes is
commensurate with a 'BBB (sf)' rating. S&P has therefore raised
to 'BBB (sf)' from 'B+ (sf)' its rating on this class of notes.
S&P considers the available credit enhancement for the class B and
C notes to be commensurate with our currently assigned ratings.
S&P has therefore affirmed its 'B (sf)' and 'B- (sf)' ratings on
the class B and C notes, respectively.
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 16% for one- and three-year
horizons. This did not result in S&P's rating deteriorating below
the maximum projected deterioration that it would associate with
each relevant rating level, as outlined in S&P's credit stability
criteria.
S&P expects severe arrears in the portfolio to decline slowly
alongside economic growth, high but diminishing unemployment, and
uncertainty surrounding repossessions. On the positive side, S&P
expects interest rates to remain low and house prices to continue
increasing (albeit at a reduced rate).
Celtic 12 is an Irish RMBS transaction, which closed in June 2007.
The transaction securitizes a pool of first-ranking mortgage loans
originated by First Active. The mortgage loans (owner-occupied)
are mainly located outside Dublin.
RATINGS LIST
Class Rating
To From
Celtic Residential Irish Mortgage Securitisation No. 12 Ltd.
EUR1.95 Billion Residential Mortgage-Backed Floating-Rate Notes
Rating Raised
A3 BBB (sf) B+ (sf)
Ratings Affirmed
B B (sf)
C B- (sf)
KILDARE SECURITIES: S&P Affirms B- Ratings on 2 Note Classes
------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Kildare Securities Ltd.'s class A3 and B notes. At the same time,
S&P has affirmed its ratings on the class C and D notes.
Upon publishing S&P's updated criteria for Irish residential
mortgage-backed securities (RMBS criteria), S&P placed those
ratings that could potentially be affected "under criteria
observation".
Following S&P's review of this transaction, its ratings that could
potentially be affected by the criteria are no longer under
criteria observation.
The rating actions follow S&P's credit and cash flow analysis of
the transaction information that it has received as of August
2015. S&P's analysis reflects the application of its RMBS
criteria.
In S&P's opinion, although the current outlook for the Irish
market is relatively positive, its outlook for the Irish
residential mortgage market calls for starting conditions that are
not benign. S&P has therefore increased its expected 'B'
foreclosure frequency assumption to 3.33% from 2.00%, when it
applies its RMBS criteria, to reflect this view. S&P bases these
assumptions on the fact that although the Irish economy has
significantly improved in terms of house price appreciation and a
fall in unemployment, the stock of nonperforming loans remains
high, restructuring arrangements are increasing, and unemployment
levels, though expected to fall further, remain high.
Credit enhancement for the class A3 notes, excluding loans with
arrears greater than nine monthly payments, has increased to
16.26%, from 12.07% in S&P's Oct. 23, 2012 review. The class D
notes are still undercollateralized.
Class Available credit
enhancement (%)
A3 16.2
B 8.2
C 0.8
This transaction features a nonamortizing reserve fund, which
currently represents 3.25% of the outstanding notes' balance.
In S&P's analysis, it has assumed that all loans that are
delinquent for more than nine monthly payments have defaulted.
Recoveries on such defaulted loans -- which vary according to the
rating level -- are only realized at the end of the 42-month
foreclosure period.
Severe delinquencies of more than 90 days, at 6.5%, are on average
lower for this transaction than for other Irish RMBS transactions
that S&P rates. Generally, severe delinquencies have been
decreasing over the past two years as the macroeconomic
environment in Ireland improves.
After applying S&P's RMBS criteria to this transaction, its credit
analysis results show a decrease in both the weighted-average
foreclosure frequency (WAFF) and in the weighted-average loss
severity (WALS) for each rating level.
Rating level WAFF (%) WALS (%)
AAA 21.47 32.66
AA 16.76 29.81
A 14.10 24.26
BBB 10.52 21.38
BB 7.39 19.39
B 6.41 17.56
The decrease in the WAFF is mainly due to the use of the original
loan-to-value (OLTV) ratio in the WAFF calculation (as opposed to
the current LTV ratio), seasoning credit for performing loans
greater than six years being higher than previously applied, and
lower arrears levels. The decrease in the WALS is mainly due to
the application of S&P's updated indexation methodology, coupled
with the recent appreciation in house prices in Ireland. The
overall effect is a decrease 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 its RMBS criteria.
In this transaction, none of S&P's ratings are constrained by its
long-term rating on the Republic of Ireland (A+/Stable/A-1).
Taking into account the results of S&P's updated credit and cash
flow analysis and the recent positive performance, it considers
the available credit enhancement for the class A3 and B notes to
be commensurate with higher ratings than those currently assigned.
S&P has therefore raised to 'A- (sf)' from 'BB (sf)' its rating on
the class A3 notes and to 'BBB- (sf)' from 'B (sf)' its rating on
the class B notes.
Taking into account the results of S&P's credit and cash flow
analysis, it considers the available credit enhancement for the
class C and D notes to be commensurate with S&P's currently
assigned ratings. S&P has therefore affirmed its 'B- (sf)'
ratings on the class C and D notes. The presence of a fully
funded reserve fund and current levels of excess spread should be
sufficient to mitigate any interest shortfalls in the next 12
months, in S&P's view.
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 16% for one- and three-year
horizons. This did not result in S&P's rating deteriorating below
the maximum projected deterioration that it would associate with
each relevant rating level, as outlined in S&P's credit stability
criteria.
S&P expects severe arrears in the portfolio to decline slowly
alongside economic growth, high but diminishing unemployment, and
uncertainty surrounding repossessions. On the positive side, S&P'
expects interest rates to remain low and house prices to continue
increasing (albeit at a reduced rate).
Kildare Securities is an Irish RMBS transaction backed by loans
originated and serviced by ICS Building Society, a wholly owned
subsidiary of Bank of Ireland. The transaction closed in March
2007.
RATINGS LIST
Class Rating
To From
Kildare Securities Ltd.
EUR1.276 Billion, US$2.176 Billion Mortgage-Backed Floating-Rate
Notes Series 1
Ratings Raised
A3 A- (sf) BB (sf)
B BBB- (sf) B (sf)
Ratings Affirmed
C B- (sf)
D B- (sf)
PRECISION TIMING: Creditors Meeting Set For October 16
------------------------------------------------------
Ryan Bailey at The42 reports that Athletics clubs and race
organisers around Ireland are facing the prospect of losing
thousands of euro after one of Ireland's leading race management
companies confirmed it's going into liquidation.
Precision Timing Limited provides an online registration, payment
processing and electronic timing solution for marathons,
triathlons and cycling events, the report discloses. The company,
formed in 2007 and based in Clare, times more than 160 events
every year, including national races such as the Cork city
marathon.
The42 relates that as well as providing timing systems on the day
of a race, Precision also supplies clubs with an online
registration portal for athletes to pay their entry fee. That
money is held by Precision and is then paid back to the club after
their fees are deducted.
A creditors' meeting has been scheduled for October 16 and
Richard Maguire of Maguire Caulfield Brown will be nominated as a
liquidator, according to the report.
The42 says some clubs have been waiting for payments as far back
as June.
In a statement released to The42, Athletics Ireland acknowledged
they are aware of the situation but because of the nature of the
proceedings are reluctant to comment further.
"Athletics Ireland has regrettably learned that Precision Timing
has ceased trading," it read.
"Precision Timing has supplied services to Athletics Ireland for
events for electronic timing systems and results. Athletics clubs,
and other sports clubs, have also used Precision Timing's services
for their own individual events.
"We have been made aware that a creditors' meeting has been
scheduled for 16 October. We will await the outcome of that
meeting before commenting further."
At least 30 clubs are believed to be affected with some owed up to
EUR5,000, adds The42.
=========
I T A L Y
=========
WASTE ITALIA: Moody's Cuts LT Issuer Default Rating to 'CCC'
------------------------------------------------------------
Fitch Ratings has downgraded Waste Italia SpA's (WI) Long- term
Issuer Default Rating (IDR) and senior secured notes' rating of to
'CCC' from 'B-'. The Recovery Rating of the notes is 'RR4'.
The downgrade reflects the company's tight liquidity, particularly
into 2016, lower EBITDA estimates based on operating issues in
landfill in 2015 and a combination of resumed price pressure for
2016 and delay of capacity entering service longer term. Changes
in senior management have also affected execution of the company's
business plan.
KEY RATING DRIVERS
Strained Liquidity
Based on information given by management relating to the cash
position as at September 30, 2015, undrawn factoring facilities
and bank overdraft lines, collection of receivables and our
estimate of WI's cash generation, Fitch believes that WI has
sufficient liquidity to cover the EUR10.5 million coupon payment
due on November 15, 2015. Parent company Kinexia S.p.A has
indicated that it will provide WI with bridge financing to cover
its needs if necessary, although there are no written commitments
to this effect.
However, liquidity into 2016 is likely to remain strained with
additional coupon payment and mandatory cash repayment of EUR10.5
million and EUR5 million respectively, both due in May 2016. Fitch
also notes that the fully drawn EUR15 million revolving credit
facility (RCF) is subject to a 5.1x net debt /EBITDA covenant test
at the end of each quarter. Breaches do not constitute an event of
default but lead to a draw-stop and reimbursement at the end of
the drawing period of six months for each line. The last
compliance certificate sent to the lending bank shows net debt /
EBITDA of 4.48x at end-June 2015.
Weak Operating Performance
WI reported a 13% fall in its 1H15 headline EBITDA to EUR21.2
million, reflecting weaker volumes and pricing, particularly in
landfill. While this was partly caused by one-off factors, WI has
had environmental and operational issues at Cavenago and Albonese,
respectively and some one-offs will recur in 2H15. Prices have
stabilized in collection and landfill, based on a law in late 2014
allowing waste to be transported from one region to the other,
absorbing excess capacity.
"However, Fitch believes that in a low-growth, low-inflation
macroeconomic environment, stable pricing may not persist in
future. We have lowered our 2015-18 annual EBITDA estimates by an
average of 15% compared with last year. This also reflects delay
of capacity coming into service in sorting and treatment at
Wastend to 2017, previously expected in 2016 and landfill at Verde
Imagna to 2018, previously expected in 2017. We estimate average
2015-17 funds from operations (FFO) interest coverage of around
1.8x and FFO adjusted net leverage of around 5.1x, weaker than our
guidelines for the previous rating," Fitch said.
Corporate Governance, Management Change
Kinexia announced plans to merge with Biancamano, aimed at
creating a leading group in Italian waste management, in August
2015. The merger will not trigger the change of control covenant
in WI's senior secured notes. Although there is no immediate
effect on WI, the scope for commercial synergies raises the
possibility of a closer relationship in future. Biancamano's debt,
currently being restructured, of EUR115 million in 2014 was more
than 16x EBITDA. Kinexia, which reported net debt of EUR275
million in 1H15 and EBITDA of EUR22.3m, is undergoing a complex
reorganization of its own to focus mainly on waste management.
The CEO position at WI vacated by Chirico in February 2015 was
filled by Enrico Friz (ex- A2A), leading to some strategic changes
and impact on 1H15 results. A new CFO, Alessandro Gregotti, was
appointed in September 2015. However, new management has yet to
engage with investors.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for WI include:
-- Stronger volume growth, of 8.2% total over the next three
years versus 6.4% previously, based on higher Fitch GDP
forecasts for Italy in 2017-18 (1.5% vs 1% previously)
-- Weaker pricing, notably in collection and landfill, from 2016
and lower Fitch inflation forecasts for Italy in 2017-18
(1.4% vs 2% previously)
-- Adjusted EBITDA margins to fall 2% in 2015 (1H15 headline -
3%) and to fall further, as high- margin landfill capacity
falls, until 2018 when Verde Imagna comes onstream, restoring
margins to 2014 levels of 36-37%.
RATING SENSITIVITIES
Positive: Future developments that may individually or
collectively, lead to positive rating action include:
-- Improved liquidity and recurring earnings leading to a more
sustainable capital structure.
-- FFO adjusted net leverage sustainably below 5.0x and FFO
interest coverage above 2.5x on a sustained basis.
-- Sustained operational improvement, including receipt of
landfill permits as planned.
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- Further weakening of the liquidity position, expectation of
failure to service debt.
-- Significantly weaker-than-expected operating performance.
-- Substantial delay to grants of landfill permits, resulting in
remaining useful life of 3.5 years or less.
=====================
N E T H E R L A N D S
=====================
ABN AMRO BANK: Moody's Rates High-Trigger AT1 Secs. 'Ba2'
---------------------------------------------------------
Moody's Investors Service has assigned a Ba2(hyb) rating to 'high
trigger' additional tier 1 securities (AT1) issued by ABN AMRO
Bank N.V. (A2/A2 stable; BCA/Adj BCA baa2).
The perpetual non-cumulative AT1 securities rank junior to Tier 2
capital, pari passu with other deeply subordinated debt
securities. Coupons may be cancelled in full or in part on a non-
cumulative basis at the issuer's discretion or mandatorily in case
the distributable items or maximum distributable amount were not
sufficient. The principal of the securities is partially or fully
written down if ABN AMRO Group N.V.'s Common Equity Tier 1 (CET 1)
ratio falls below 7% or if ABN AMRO Bank's CET 1 ratio falls below
5.125%.
The rating of these AT1 securities was initiated by Moody's and
was not requested by the entity. While ABN AMRO Bank is a
participating issuer, subject to Moody's definition of
participation as referring to the relationship that Moody's
maintains with the rated entity, Moody's and ABN AMRO Bank did not
exchange information regarding this specific rating action on
these securities.
RATINGS RATIONALE
The Ba2(hyb) rating is assigned on the basis of the likelihood of
ABN AMRO Group's capital ratio reaching the 7% write-down trigger,
the probability of a bank-wide failure and loss severity, if
either or both of these events occur. Moody's based its rating
assessment on the highest trigger, namely 7% CET1 at the level of
the group rather than the 5.125% CET1 trigger applied at the bank
level. This is because Moody's believes that the 7% trigger is
likely to be reached before the 5.125% trigger since the group's
activities are currently limited to the bank's and are unlikely to
diverge in the foreseeable future. Moody's assess this
probability based on a model incorporating the group and the
bank's creditworthiness -- as reflected by the bank's baseline
credit assessment (BCA), the group's most recent CET1 ratio, and
qualitative considerations, particularly with regard to how the
firm may manage its CET1 ratio, on a forward-looking basis.
The model is based on ABN AMRO Bank's BCA of baa2. Moody's do not
assign a baseline credit assessment (BCA) to ABN AMRO Group
because it is not an operating entity. However, ABN AMRO Bank
being currently the sole operating entity and asset of ABN AMRO
Group, the group's intrinsic financial strength is reflected in
the baa2 BCA of ABN AMRO Bank. The other input to our model is
ABN AMRO Group's last reported phased-in CET1 ratio of 14.2%, the
same as ABN AMRO Bank's, as at end-June 2015. Using these inputs,
the model-based outcome is Ba1(hyb).
Moody's rates these securities to the lower of the model output
and the bank's non-viability AT1 rating, which if such a security
were to be issued, would be positioned based on Moody's Advanced
Loss Given Failure (LGF) analysis and would also capture the risk
of coupon suspension on a non-cumulative basis as well as the
probability of a bank failure. Since the model outcome is
Ba1(hyb), the high trigger security rating is constrained by the
rating on a hypothetical non-viability security, leading to the
assignment of a Ba2(hyb) rating to ABN AMRO Bank's AT1 'high
trigger' securities.
The outcome of Moody's model sensitivity analysis, which considers
changes to the group-level CET1 ratio, confirms that the Ba2(hyb)
rating is resilient under the most plausible scenarios.
WHAT COULD CHANGE THE RATING UP/DOWN
The rating of this instrument could be upgraded if ABN AMRO Bank's
BCA is upgraded while ABN AMRO Group's CET1 ratio remains stable.
Conversely, downward pressure on the rating of this instrument
could materialize if ABN AMRO Bank's baa2 BCA were adjusted
downwards, or if ABN AMRO Group's CET1 ratio fell substantially.
In addition, Moody's would also reconsider the rating if the
probability of a coupon suspension increased.
CAIRN CLO III: Moody's Assigns (P)B2(sf) Rating to Cl. F Debt
-------------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to two new classes of notes to be issued by Cairn CLO III
B.V. (the "Issuer" or "Cairn III CLO") and has downgraded the
rating of three classes of existing notes, following a
restructuring of the transaction which closed on March 20, 2013:
EUR28,000,000 Class B Senior Secured Floating Rate Notes due
2028, Downgraded to Aa2 (sf); previously on Jun 26, 2015
Upgraded to Aa1 (sf)
EUR20,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2028, Downgraded to A2 (sf); previously on Jun 26,
2015 Upgraded to A1 (sf)
EUR16,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2028, Downgraded to Baa2 (sf); previously on Jun 26,
2015 Upgraded to Baa1 (sf)
EUR22,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2028, Assigned (P)Ba2 (sf)
EUR8,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2028, Assigned (P)B2 (sf)
Moody's has also affirmed the ratings on the following notes:
EUR181,500,000 Class A Senior Secured Floating Rate Notes due
2028, Affirmed Aaa (sf); previously on Jun 26, 2015 Affirmed Aaa
(sf)
Moody's issues provisional ratings in advance of the final sale of
financial instruments, but these ratings only represent Moody's
preliminary credit opinions. Upon a conclusive review of a
transaction and associated documentation, Moody's will endeavor to
assign definitive ratings. A definitive rating (if any) may differ
from a provisional rating.
RATINGS RATIONALE
The transaction restructuring includes extensive amendments to the
original deal. Some of the main changes are 1) modification of the
maturity date and spreads on existing Classes A, B, C and D, 2)
Class D size increased by EUR5.5 million, 3) two new junior
Classes E and F added, 4) collateral manager substitution, 5)
extension of the reinvestment period and 6) bonds excluded in the
eligibility criteria.
Moody's ratings addresses the expected loss posed to noteholders
by the legal final maturity of the notes in 2028. The ratings
reflect the risks due to defaults on the underlying portfolio of
loans given the characteristics and eligibility criteria of the
constituent assets, the relevant portfolio tests and covenants as
well as the transaction's capital and legal structure.
Furthermore, Moody's is of the opinion that the collateral
manager, Cairn Loan Investments LLP ("CLI"), has sufficient
experience and operational capacity and is capable of managing
this CLO.
Before this restructuring, in June 2015, Class D, B and C initial
ratings were upgraded by one notch respectively due to the short
period of time remaining before the end of the initial
reinvestment period and relatively good credit quality of the
collateral pool. The downgrade rating actions on these classes are
exclusively a result of the extensive amendments to the original
deal structure.
Cairn III CLO is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans and senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, mezzanine obligations and high
yield bonds. The portfolio is expected to be around 89% ramped up
as of the restructuring date as the bonds sub-pool, currently
representing around 11%, will be sold prior such date due to bonds
not being eligible any longer according to the updated eligibility
criteria.
CLI will manage the CLO. It will direct the selection, acquisition
and disposition of collateral on behalf of the Issuer and may
engage in trading activity, including discretionary trading,
during the reinstated transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk and credit improved obligations, and are subject to certain
restrictions.
In addition to the six classes of notes rated by Moody's, the
Issuer will issue EUR 30.0m of subordinated notes which will not
be rated.
The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to pay
down the notes in order of seniority.
Loss and Cash Flow Analysis:
Moody's modelled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in Section
2.3.2.1 of the "Moody's Global Approach to Rating Collateralized
Loan Obligations" rating methodology published in September 2015.
The cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the binomial
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders. Therefore,
the expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario and (ii)
the loss derived from the cash flow model in each default scenario
for each tranche. As such, Moody's encompasses the assessment of
stressed scenarios.
Moody's used the following base-case modeling assumptions:
Par amount: EUR300,000,000
Diversity Score: 36
Weighted Average Rating Factor (WARF): 2800
Weighted Average Spread (WAS): 3.95%
Weighted Average Coupon (WAC): 5.50%
Weighted Average Recovery Rate (WARR): 43.00%
Weighted Average Life (WAL): 8 years.
Stress Scenarios:
Together with the set of modelling assumptions above, Moody's
conducted additional sensitivity analysis, which was an important
component in determining the rating assigned to the rated notes.
This sensitivity analysis includes increased default probability
relative to the base case. Below is a summary of the impact of an
increase in default probability (expressed in terms of WARF level)
on each of the rated notes (shown in terms of the number of notch
difference versus the current model output, whereby a negative
difference corresponds to higher expected losses), holding all
other factors equal:
Percentage Change in WARF: WARF + 15% (to 3220 from 2800)
Ratings Impact in Rating Notches:
Class A Senior Secured Floating Rate Notes: 0
Class B Senior Secured Floating Rate Notes: -1
Class C Senior Secured Deferrable Floating Rate Notes: -2
Class D Senior Secured Deferrable Floating Rate Notes: -2
Class E Senior Secured Deferrable Floating Rate Notes: -1
Class F Senior Secured Deferrable Floating Rate Notes: -1
Percentage Change in WARF: WARF +30% (to 3640 from 2800)
Ratings Impact in Rating Notches:
Class A Senior Secured Floating Rate Notes: -1
Class B Senior Secured Floating Rate Notes: -3
Class C Senior Secured Deferrable Floating Rate Notes: -3
Class D Senior Secured Deferrable Floating Rate Notes: -2
Class E Senior Secured Deferrable Floating Rate Notes: -2
Class F Senior Secured Deferrable Floating Rate Notes: -2
Further details regarding Moody's analysis of this transaction may
be found in the upcoming New Issue report, available soon on
Moodys.com.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. CLI 's investment decisions and management of the
transaction will also affect the notes' performance.
Classes B, C and D ratings would be upgraded to their levels prior
today's rating action if the proposed restructuring was not
finally completed.
DUCHESS VI CLO: S&P Raises Rating on Class E Notes to BB+
---------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
all of Duchess VI CLO B.V.'s classes of notes.
The upgrades follow S&P's credit and cash flow analysis of the
transaction using data from the latest trustee report and the
application of its relevant criteria.
Duchess VI CLO is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily speculative-grade
corporate firms. The transaction closed in August 2006. Since
the end of the reinvestment period in July 2013, the issuer has
used all scheduled principal proceeds to redeem the notes in the
transaction's documented order of priority.
According to S&P's analysis, since our July 11, 2012 review, the
rated liabilities have significantly deleveraged, which has raised
the available credit enhancement for all classes of notes. The
class A1 and revolving loan facility (Rev ln fac) notes have
reduced by approximately EUR199.41 million, in aggregate,
representing a more than 64% aggregate reduction in the principal
amount outstanding of these classes of notes.
S&P has analyzed the derivative counterparties' exposure to the
transaction under its current counterparty criteria, and S&P has
concluded that the counterparty exposure is currently sufficiently
limited so as not to affect S&P's ratings in this transaction.
S&P factored in the above observations and subjected the capital
structure to its cash flow analysis, based on the methodology and
assumptions outlined in S&P's criteria, to determine the break-
even default rate (BDR). S&P used the reported portfolio balance
that it considered to be performing, the principal cash balance,
the current weighted-average spread, and the weighted-average
recovery rates that we considered to be appropriate. S&P
incorporated various cash flow stress scenarios using various
default patterns, levels, and timings for each liability rating
category, in conjunction with different interest rate stress
scenarios.
In S&P's view, the available credit enhancement for the class A1,
Rev ln fac, and B notes is now commensurate with higher ratings
than those previously assigned. S&P has therefore raised to
'AAA (sf)' from 'A+ (sf)' its ratings on these classes of notes.
In S&P's opinion, the deleveraging of the senior classes of notes
has resulted in improvements in credit enhancement levels for the
class C, D, and E notes, where S&P's credit and cash flow analysis
indicates that all notes are now able to achieve higher ratings
that those currently assigned. S&P has therefore raised its
ratings on these classes of notes.
RATINGS LIST
Class Rating
To From
Duchess VI CLO B.V.
EUR500 Million Senior Secured And Deferrable Floating-Rate Notes
Ratings Raised
A AAA (sf) A+ (sf)
Rev ln fac AAA (sf) A+ (sf)
B AAA (sf) A+ (sf)
C AA+ (sf) BBB+ (sf)
D BBB+ (sf) BB+ (sf)
E BB+ (sf) BB- (sf)
GARFUNKELUX HOLDCO 2: S&P Assigns 'B+' ICR, Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
long-term and 'B' short-term issuer credit ratings to Luxembourg-
based Garfunkelux Holdco 2 S.A., the parent of U.K.-based debt
collection agency Lowell Group Ltd. Garfunkelux Holdco 2 S.A. is
an intermediate holding company owned by Permira funds,
consolidating Garfunkelux Holdco 3 S.A., special-purpose entities
Garfunkel Holding GmbH and Simon Bidco Ltd., and primary operating
companies GFKL Financial Services AG (GFKL) and Lowell. S&P
lowered its long-term rating on Lowell to 'B+' from 'BB-', and
removed it from CreditWatch, where S&P had placed it with negative
implications on Aug. 13, 2015. The outlook on the above entities
is stable.
S&P also affirmed its long- and short-term ratings on wholly owned
subsidiary Garfunkelux Holdco 3 at 'B+/B', and removed the long-
term rating from CreditWatch negative.
S&P assigned a 'BB' issue rating to the proposed EUR200 million
revolving credit facility (RCF; upsizing the outstanding EUR60
million RCF) issued by Garfunkel Holding GmbH and Simon Bidco
Ltd., with a recovery rating of '1', indicating S&P's expectation
of very high (90%-100%) recovery in the event of a default.
S&P also assigned a 'B+' issue rating to the proposed GBP555
million senior secured notes to be issued by Garfunkelux Holdco 3
S.A., with a recovery rating of '3', indicating S&P's expectation
of meaningful recovery in the lower half of the 50%-70% range.
S&P affirmed the existing 'B+' issue rating on the EUR365 million
senior secured notes issued by Garfunkelux Holdco 3 S.A. In
addition, S&P assigned a 'B-' issue rating to the proposed GBP240
million senior unsecured note to be issued by Garfunkelux Holdco 2
S.A., with a recovery rating of '6', indicating S&P's expectation
of negligible (0%-10%) recovery prospects in the event of a
default.
S&P also lowered its issue ratings on the existing senior secured
notes issued by Lowell Group Financing PLC to 'BB-' from 'BB' and
removed them from CreditWatch negative.
On Aug. 7, 2015, private equity firm Permira announced that a
company backed by the Permira funds has agreed to acquire Lowell
from majority shareholder TDR Capital, and subsequently merge
Lowell with another company in Permira's portfolio, Germany-based
debt collection agency GFKL Financial Services AG (GFKL). Permira
has a broad range of international holdings across industries and
S&P considers it to be a financial sponsor to the combined entity
under Standard & Poor's group ratings methodology. On completion
of the acquisition, the group will issue three debt instruments: a
GBP240 million senior unsecured note, a GBP555 million senior
secured note (alongside the existing EUR365 million senior secured
note), and a EUR200 million RCF. These issues will replace the
existing debt instruments issued by Lowell Group Financing PLC (a
special-purpose entity operating under Lowell Group Ltd.) and the
existing RCF issued by Garfunkel Holding GmbH, and significantly
increase the combined entity's leverage at the time of closing.
S&P expects that there will be no material additional debt in the
capital structure by the end of 2015.
Garfunkelux Holdco 2 S.A. is an intermediate holding company owned
by Permira funds, consolidating Garfunkelux Holdco 3 S.A.,
special-purpose entities Garfunkel Holding GmbH and Simon Bidco
Ltd., primary operating companies GFKL and Lowell, and all of the
operating subsidiaries and companies that form the group.
The ratings reflect S&P's view of the combined entity,
consolidated under Garfunkelux Holdco 2, which combines the
consolidated subsidiaries and debt-issuing holding companies upon
completion of the merger. S&P do not perceive any material
barriers to cash flows within the group or any significant issues
regarding fungibility of capital between the parent company, the
debt-issuing holding companies, or the key subsidiaries under the
new structure.
Lowell's existing business profile is concentrated on the U.K.,
purchasing portfolios of distressed debt across various asset
classes and maximizing recovery on these portfolios. The company
also has a relatively small third-party collections business,
which historically makes up around 5%-10% of revenues. GFKL
currently derives around 60% of revenues from its core focus on
third-party collections, risk management services for retailers,
and collection outsourcing for German corporates and financial
services companies. In addition, GFKL manages its own debt-
purchase portfolio, which it acquires on a future flow basis from
existing clients, as well as on a one-off basis from a number of
counterparties.
"We assess the combined entity's business risk profile as "fair,"
reflecting our view that completion of the transaction would
create an enlarged credit management business operating across two
large European markets. We acknowledge that the combination of
Lowell's existing monoline focus on purchasing portfolios of
distressed debt in the U.K., and GFKL's top-tier position in
credit services and debt purchasing in Germany, will benefit the
combined entity's future revenue diversification. In our view,
this has the potential to partially reduce the group's future
earnings volatility, which can arise through price competition or
aggressive actions by competitors. We also note that the primary
operating companies' limited client overlap creates opportunities
to expand the business profile and further strengthen
relationships with vendors in the European market," S&P said.
"However, the combined entity will still be relatively
concentrated in the debt recovery industry and susceptible to
aggressive actions by competitors in the U.K. and German markets.
We also consider regulatory and operational risk to be
significant, although we note that each operating company has
implemented a robust framework to manage these risks and we expect
it will maintain continuity of management despite the ownership
change. The risks arise from the regulatory system, the
importance that vendors attach to the reputation of potential debt
purchasers and collectors, the reliance on the continuation of key
client relationships, and heavy reliance on IT platforms and data
analysis. GFKL is supervised by the Higher Regional Court
("Oberlandesgericht") and governed by the German Legal Services
Act, the Introductory Act to the German Legal Services Act, and
the Implementing Regulations to the German Legal Services Act.
Lowell is regulated by the U.K.'s financial services regulatory
body, the Financial Conduct Authority (FCA), which in our view,
has the power to apply a more stringent, conduct-focused risk
agenda and enforce closer regulations and tougher sanctions, if
deemed necessary," S&P noted.
In S&P's view, over the next 12-24 months, the merger faces
increased transition risks related to operational integration, the
realization of synergies, and making the local businesses across
the two companies work as a cohesive enterprise.
In S&P's base-case operating scenario, it assumes:
-- A strengthening regulatory framework and rising barriers to
entry, which, although presenting some risks, will likely
reinforce the combined entity's position in the top tier of
credit service providers in Europe.
-- Around 80% of adjusted revenues to be generated from the
combined entity's debt purchase portfolio, reflecting its
relative strength in its information technology and data
analytics.
-- A continued focus on domestic receivables in the U.K. and
German markets.
-- Continued steady growth in portfolio purchases and
collections.
In S&P's financial risk profile assessment for the combined
entity, it considers the merger as a transformational event, and
therefore S&P applies a weighting of 50% to the current financial
year (ending December) and 50% to its projections for the next
financial year. S&P's calculations assume that the proceeds from
the issued debt instruments will be used to redeem the outstanding
debt instruments issued by Lowell Group Financing PLC.
S&P's "aggressive" financial risk profile assessment reflects its
expectation of the combined entity's following core ratios:
-- Gross debt to Standard & Poor's-adjusted EBITDA between 4x-
5x.
-- Adjusted EBITDA to interest expense between 3x-6x (EBITDA
for both credit measures is gross of portfolio amortization
[a noncash item]).
Within S&P's financial risk profile, it acknowledges the potential
risks arising from further consolidation of the industry, for
example through raising additional debt to fund a large
acquisition. S&P also recognizes the potential for future
issuance to expand the combined entity's debt purchase portfolio,
which may increase leverage in the short term.
S&P's 'b+' group credit profile (GCP) for the combined entity
incorporates a downward adjustment of one notch under S&P's
negative comparable rating analysis modifier. This reflects some
of the risks associated with the combined entity, particularly the
risk that, as a financial sponsor, Permira may dictate an increase
in risk appetite for the combined entity. S&P also highlights
Permira's short track record for corporate governance and policies
regarding risk-taking and financial management in relation to debt
recovery businesses (it only acquired GFKL in May 2015).
Moreover, S&P believes that regulatory and operational risks
remain, somewhat mitigated by the increased business and
geographical diversification.
S&P lowered its long-term issuer credit rating on Lowell to align
it with the one S&P has assigned to Garfunkelux Holdco 2 S.A.
This reflects S&P's assessment of Lowell's status as a core entity
within the wider Garfunkelux Holdco 2 S.A. group, as per S&P's
group rating methodology. The lowering of S&P's issue ratings on
the existing senior secured notes issued by Lowell Group Financing
PLC reflects the lower rating on Lowell Group Ltd. S&P's recovery
rating on these bonds remains '2', with recovery expectations at
the lower end of the 70%-90% range. Upon completion of the
transaction and the redemption of these notes, S&P expects to
withdraw its issuer credit rating on Lowell and the issue rating
on Lowell's senior secured notes.
S&P views the combined entity's liquidity as "adequate" under its
criteria. In S&P's base-case scenario, it anticipates liquidity
sources will cover uses by at least 1.3x over the next 12 months.
Principal liquidity sources for these 12 months are:
-- The undrawn portion of a committed senior revolving credit
facility (RCF) of EUR200 million;
-- Cash generated by the group's activities; and
-- Approximately GBP90 million of cash on the balance sheet at
closing.
The principal liquidity uses will be portfolio acquisitions, which
are the main cash outflow. There are no near-term debt
maturities.
In S&P's view, the combined entity also has the flexibility to
reduce cash outflows by postponing future debt portfolio
acquisitions.
The stable outlook reflects S&P's expectation that Garfunkelux
Holdco 2's leverage and debt-servicing metrics will remain in line
with S&P's current assessment of the financial risk profile.
S&P's base case is also predicated on the creation of an enlarged
credit management business, which in its view will strengthen its
position in both debt-purchasing and collection outsourcing,
improving the post-transaction leverage profile over the next two
years.
S&P could raise the rating if the combined entity demonstrates
sustainable deleveraging beyond its existing expectations,
combined with:
-- A longer track record of management and governance under
the new structure;
-- Diminishing integration risks associated with the merger;
and
-- Evidence that Permira's strategy as a financial sponsor for
the combined entity will not hinder its debt-servicing
capabilities.
S&P could consider lowering the ratings if it witness a material
increase in the combined entity's leverage that weakens the
group's credit and debt-servicing metrics, such that:
-- The ratio of gross debt to Standard & Poor's-adjusted
EBITDA plus portfolio amortization (a noncash item) rises
above 5x; or
-- Adjusted EBITDA coverage of gross cash interest expenses
falls below 3x.
Such a scenario could unfold if S&P saw signs of an aggressive
financial policy, for example the raising of additional debt to
fund a large acquisition. A material unanticipated rise in costs
or decline in total collections could also lead S&P to lower the
ratings.
GROSVENOR PLACE CLO: Moody's Affirms Ba1 Rating on Cl. D Notes
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Grosvenor Place CLO III B.V.:
EUR36,500,000 Class B Deferrable Interest Floating Rate Notes
due 2023, Upgraded to Aaa (sf); previously on Mar 18, 2015
Upgraded to Aa1 (sf)
EUR20,000,000 Class C Deferrable Interest Floating Rate Notes
due 2023, Upgraded to Aa3 (sf); previously on Mar 18, 2015
Upgraded to A2 (sf)
Moody's also affirmed the ratings on the following notes:
EUR128,500,000 (outstanding balance of EUR12.3M) Class A-1
Senior Floating Rate Notes due 2023, Affirmed Aaa (sf);
previously on Mar 18, 2015 Affirmed Aaa (sf)
Up to EUR120,000,000 (outstanding balance of EUR13.9M) Class A-2
Senior Revolving Floating Rate Notes due 2023, Affirmed Aaa
(sf); previously on Mar 18, 2015 Affirmed Aaa (sf)
EUR62,000,000 Class A-3 Senior Floating Rate Notes due 2023,
Affirmed Aaa (sf); previously on Mar 18, 2015 Upgraded to Aaa
(sf)
EUR28,500,000 Class D Deferrable Interest Floating Rate Notes
due 2023, Affirmed Ba1 (sf); previously on Mar 18, 2015 Affirmed
Ba1 (sf)
EUR14,000,000 Class E Deferrable Interest Floating Rate Notes
due 2023, Affirmed Ba3 (sf); previously on Mar 18, 2015 Affirmed
Ba3 (sf)
Grosvenor Place CLO III B.V., issued in August 2007, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by CQS Cayman Limited Partnership. The transaction's
reinvestment period ended in October 2013.
RATINGS RATIONALE
The rating actions on the notes are primarily the result of the
deleveraging that has occurred since last rating action in March
2015.
The Class A notes have amortized by approximately EUR49.2 million
over the last two payment dates. As a result of deleveraging,
over-collateralization (OC) ratios have increased. According to
the August 2015 trustee report the OC ratios of Classes A, B, C, D
and E are 234.0%, 165.7%, 142.8%, 119.4%, 110.5% compared to
188.7%, 148.9%, 133.4%, 116.3%,109.4 % respectively in January
2015.
The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR163.6 million,
GBP 6.6 million and USD39.0 million, a weighted average default
probability of 22.2% (consistent with a WARF of 2980), a weighted
average recovery rate upon default of 47.9% for a Aaa liability
target rating, a diversity score of 15 and a weighted average
spread of 4.2% and weighted average coupon of 5.1%. The GBP and
USD-denominated liabilities are naturally hedged by the GBP and
USD assets.
The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analyzing.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in September 2015.
Factors that would lead to an upgrade or downgrade of the ratings:
In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate for
the portfolio. Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
were unchanged for the Class A and Class B and within one notch of
the base-case results for rest of the classes.
This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.
Additional uncertainty about performance is due to the following:
Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales the collateral manager or be
delayed by an increase in loan amend-and-extend restructurings.
Fast amortization would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
Around 9.86% of the collateral pool consists of debt obligations
whose credit quality Moody's has assessed by using credit
estimates. As part of its base case, Moody's has stressed large
concentrations of single obligors bearing a credit estimate as
described in "Updated Approach to the Usage of Credit Estimates in
Rated Transactions," published in October 2009 and available at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461.
Foreign currency exposure: The deal has a significant exposures to
non-EUR denominated assets. Volatility in foreign exchange rates
will have a direct impact on interest and principal proceeds
available to the transaction, which can affect the expected loss
of rated tranches.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
MARFRIG HOLDINGS: Fitch Affirms 'B+' Foreign Currency IDR
---------------------------------------------------------
Fitch Ratings has affirmed Marfrig Global Foods S.A.'s (Marfrig)
Issuer Default Rating (IDR) and senior unsecured notes at 'B+'.
The Outlook is revised to Positive from Stable.
The Positive Outlook revision reflects the acceleration of
Marfrig's deleveraging process following the divestment of Moy
Park Holding Europe Ltd. (Moy Park) in September 2015 and the
expectation that the company will improve free cash flow (FCF)
over the next 24 months.
KEY RATING DRIVERS
Simplified Business Profile:
Marfrig's ratings incorporate its broad product and geographic
diversification, which help to reduce risks related to disease,
trade restrictions and currency fluctuation. Following recent
divestitures, the company is structured into two business units:
Marfrig Beef (61% of EBITDA), one of the world's largest beef
producers, and Keystone Foods (39% of EBITDA), which processes
food for major restaurant chains, notably McDonald's. These
divestitures have allowed Marfrig to simplify its organizational
structure and decrease execution risks associated with the
turnaround of Seara Brazil, which was sold in 2013 to JBS S.A
(JBS); Moy Park was also sold to JBS in September 2015. Marfrig
will remain a global company after the transaction as 58% of its
consolidated net revenue will come from international operations.
Marfrig is implementing a strategy called 'Focus to Win,' which
aims to increase revenue and improve profitability by focusing its
commercial strategy on the development of its food service and
retail channels.
Improved Credit Metrics:
Marfrig's pro forma net debt/EBITDA ratio is expected to fall
towards 4.0x by year end 2015 as a result of satisfactory
performance and the divestment of Moy Park to JBS in September
2015; net debt/EBITDA LTM was 4.8x at June 30, 2015. The
divestment of Moy Park for a total of USD1.5 billion (USD1.2
billion paid in cash) accelerates the deleveraging process. Given
the deleveraging process, Fitch expects Marfrig to report positive
free cash flow in 2015 and 2016, as it has since 2014 after
several years of negative FCF generation. The company is expected
to focus on reducing leverage via increased EBITDA, better asset
and logistics management, steady capex, and lower interest expense
associated with liability management.
Challenging Domestic Operating Environment:
The operating environment in 2015-16 is expected to be more
difficult for the Brazilian protein sector due to the weak
economic environment, high inflation, increased interest and
unemployment rates, and declining consumer confidence. The beef
industry is responding to these challenges by reducing processing
capacity in the country, and Brazilian exporters are benefitting
from the depreciation of the reais along with growing demand for
beef worldwide. Exports accounted for 48% of Marfrig Beef net
revenue and around one-third of consolidated revenues. Asia and
the Middle East remain the positive growth drivers for Marfrig. In
May 2015, mainland China approved Brazilian beef imports, and in
June 2015, the U.S. announced the opening of its market to
Brazilian beef.
No Major Acquisitions Anticipated:
Marfrig is not expected to execute any major acquisitions over the
next 18 months given management's focus on deleveraging its
balance sheet, improving cash flow generation and reducing
interest expense. Key initiatives will be the optimization of
plants and distribution by Marfrig Beef and the geographic
expansion of Keystone.
KEY ASSUMPTIONS
Fitch's expectations are based on the agency's internally
produced, base case rating forecasts. They do not represent the
forecasts of rated issuers individually or in aggregate. Key Fitch
forecast assumptions include:
-- Double-digit net revenue growth of continuing operations in
2015 due to price increases at Marfrig Beef and the
devaluation of real against the U.S. dollar
-- EBITDA margin of approximately 8 - 9%
-- Capex/sales of approximately 2.6% in 2015
-- Positive free cash flow
-- Pro forma net debt/EBITDA at about 4.0x in FY2015.
RATING SENSITIVITIES
Negative: A negative rating action could be precipitated by
Marfrig's inability to improve FCF over the next 24 months and
maintain net leverage above 4.5 - 5.0x on a sustainable basis.
An upgrade could result from a combination of the company building
a track record of generating positive FCF, demonstrating the
resilience of its group's operating margin in its beef business in
Brazil, while a sustained net leverage ratio near 3.5x also would
be viewed positively.
LIQUIDITY
Marfrig's liquidity is adequate. As of June 2015, the group held
BRL2.6 billion of cash and marketable securities, which includes
BRL731 million of credit-linked notes which Fitch consider as
restricted cash. This level of liquidity compares with short-term
debt of BRL1.9 billion. Marfrig's largest refinancing requirement
will be in 2018 (BRL3 billion), as the company has redeemed most
of its 2016 bond. The company continues to be actively engaged in
liability management to reduce debt and interest expense. Marfrig
is using part of cash proceeds of the divestment of Moy Park to
buy back outstanding bonds. Almost 92% of the company's debt is in
U.S. dollars and foreign currencies (excluding the real); 78% of
net revenue is pegged to currencies other than the BRL.
FULL LIST OF RATING ACTIONS
Fitch has affirmed the following ratings:
Marfrig:
-- Foreign & local currency IDR at 'B+';
-- National scale rating at 'BBB+ (bra)'.
Marfrig Holdings Europe B.V.:
-- Foreign currency IDR at 'B+';
-- Notes due 2017, 2018, 2019, 2021 at 'B+/RR4'.
Marfrig Overseas Ltd:
-- Notes due 2016, 2020 at 'B+/RR4'.
The Rating Outlook is Positive.
===========
R U S S I A
===========
EURASIA DRILLING: Fitch Puts 'BB' Long-Term IDR on Watch Negative
-----------------------------------------------------------------
Fitch Ratings has placed Russia-based Eurasia Drilling Company
Limited's (EDC) Long-term foreign and local currency Issuer
Default Ratings (IDR) of 'BB' on Rating Watch Negative (RWN). The
RWN follows EDC's announcement that it received an offer for a
potential merger with the intention of taking EDC private.
"We aim to resolve the RWN once the offer either fails, or, on the
assumption it does not, when we obtain clarity on EDC's post-deal
financial policies, specifically on dividend payouts and leverage.
We expect this to take place over the next four-to-six months.
Furthermore, we will assess the impact of the proposed de-listing
from the London Stock Exchange on EDC's creditworthiness, ie, on
its financial transparency and timeliness and completeness of
information disclosures."
"On October 8, 2015, EDC announced that its board received an
offer of USD10 per share, following the failure of the proposed
transaction with Schlumberger Limited announced at end-September
2015. We understand from the company that certain of EDC's
management and core shareholders plan to take the company private,
in order to undertake significant rationalization of its
business."
Should the proposed transaction be completed, higher-than-
anticipated dividends may be up-streamed from EDC by shareholders
to help service the shareholder debt raised for the buyout, or EDC
may potentially assume or guarantee the debt itself. As a result,
EDC's financial metrics may exceed our guidance for a negative
rating action. At present, there is significant uncertainty around
the deal structure and its effect on EDC's financial profile.
KEY RATING DRIVERS
Weaker 2015 Performance
In January to August 2015, EDC's horizontal meters drilled
increased 29% yoy, while the vertical footage declined 32% yoy, on
weaker orders from PJSC LUKOIL (BBB-/Negative), EDC's main
customer. EDC's total revenue from drilling and related services
was down 41% in 1H15 yoy to USD918 million, on weaker rouble and
lower total drilling meters.
LUKOIL accounted for 63% of EDC's total 1H15 revenues, down from
72% in 1H14, while JSC Gazprom Neft (BBB-/Negative) accounted for
nearly 14% of EDC's total 1H15 revenues, up from 7% in 1H14. We
have incorporated lower 2015 onshore drilling volumes into our
rating case for EDC and do not expect any pressure on EDC's
ratings from weaker 2015 operating results.
Leading Russian Onshore Driller
With a 21% market share in January-August 2015, EDC is one of
Russia's leading drilling companies by onshore metres drilled.
Despite competitive pressures, we expect EDC to remain the largest
onshore driller in the country over the medium term. Its ratings
are constrained in the 'BB' category due to high customer
concentration and limited geographical diversification. LUKOIL
contributed 75% to EDC's revenues in 2014, up from 66% in 2013,
while the share of OJSC OC Rosneft, EDC's second-largest customer
in 2013, fell to 6% in 2014, from 19%.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for EDC include:
-- USD480 million buyout transaction consideration.
-- EDC will either significantly increase dividends and
potentially provide substantial financial guarantees, or
assume the acquisition debt after the transaction.
-- Drop in onshore drilling volumes in 2015 and moderate
increase thereafter.
-- Increases in RUB-denominated onshore drilling tariffs in line
with changes in Russia's producer price index.
-- The share of offshore drilling volumes increasing to 11% in
2016 from 7% in 2014.
-- Stable EBITDA margin averaging 25% in 2015-2018.
-- Average annual USD/RUB exchange rate of RUB60/USD in 2015,
RUB60/USD in 2016 and RUB55/USD and RUB47.5/USD thereafter.
-- Capex for 2015-2018 in line with the management guidance
adjusted for RUB/USD exchange rate forecasts.
RATING SENSITIVITIES
Positive: Future developments that may, individually or
collectively, lead to a resolution of the RWN and stabilization of
the rating outlook:
-- Failure of the buyout offer.
-- Confirmation of the status quo for EDC's post-transaction
dividend and leverage policies.
-- FFO adjusted net leverage below 2.5x (2014: 1.0x) and FFO
interest cover above 8x (2014: 13.9x) on a sustained basis.
-- Positive free cash flows from 2015 onward.
-- Better diversified customer base.
Negative: Future developments that may, individually or
collectively, lead to a Negative rating outlook or a downgrade to
'BB-':
-- FFO adjusted net leverage above 2.5x on a sustained basis due
to high dividend payout, M&A or weak operating performance.
-- Material weakening of corporate governance or transparency to
a level worse than that of the average rated Russian company
LIQUIDITY
Strong Mid-Year Liquidity
At end-June 2015, EDC's cash balance of USD370 million covered its
total short-term debt of USD323 million. Rouble balances accounted
for 55% of EDC's cash at that date, with US dollars accounting for
the rest. For 2015, Fitch forecast EDC to generate free cash flow
of USD32 million and we estimate that it will be able to maintain
sufficient liquidity over the medium term.
Large Repayments Over 2015-2017
As of December 31, 2014, EDC needed to repay or refinance USD511
million in 2015-2017, including payments for long-term liabilities
for fixed assets and excluding interest, or 46% of its borrowings,
of which USD126 million falls due in 2015 and another USD248
million in 2016. It then has negligible repayments until 2020 when
its USD600 million eurobond is due.
While EDC's currently low leverage and strong track record mean it
should be able to refinance or repay its obligations when due, a
possible escalation of Western sanctions on Russia may hamper its
refinancing activities or make new borrowings significantly more
expensive, while Russian banks and capital markets provide only
limited liquidity options.
FULL LIST OF RATING ACTIONS
Eurasia Drilling Company Limited
Long-term foreign and local currency IDRs of 'BB': placed on RWN
Short-term foreign and local IDRs: affirmed at 'B'
National Long-term rating of 'AA-(rus)': placed on RWN
OOO Burovaya Kompaniya Eurasia
Senior unsecured rating of 'BB': placed on RWN
National senior unsecured rating of 'AA-(rus)': placed on RWN
EDC Finance Limited
Senior unsecured rating of 'BB': placed on RWN
EXIMBANK OF RUSSIA: Moody's Assigns Ba2 LT FC Deposit Ratings
-------------------------------------------------------------
Moody's Investors Service assigned the following first-time
ratings to Eximbank of Russia (Roseximbank): Ba2 long-term local-
and foreign-currency deposit ratings; Not Prime short-term local-
and foreign-currency deposit ratings, a baseline credit assessment
(BCA) of b2 and adjusted BCA of ba2. All the bank's long-term
ratings carry a negative outlook. Moody's has also assigned a
Counterparty Risk Assessment (CR Assessment) of Ba1(cr) / Not-
Prime(cr) to Roseximbank.
According to Moody's, Roseximbank's ratings benefit from (1) the
bank's status as a fully owned subsidiary of Vnesheconombank (VEB,
Ba1 negative); (2) its strategic importance for the Russian
government as an exports-focused lender; and (3) a track record of
support from the Russian government and VEB.
Roseximbank's b2 BCA takes into account (1) the bank's
substantial, albeit rapidly decreasing levels of problem loans;
(2) still high, albeit decreasing concentrations in the loan
portfolio; (3) significant capital support from the Russian
government provided in 2014-15; and (4) strengthening funding and
liquidity positions.
RATINGS RATIONALE
Roseximbank's status as the government's owned and specialised
lender is essential to the bank's credit profile. The Russian
government executes control over the bank through VEB and the
Export Insurance Agency of Russia (EXIAR), which combined own 100%
of Roseximbank's shares, and maintain a strong presence on the
bank's Board. Roseximbank's ratings also benefit from its
increasing importance to the Russian government as reflected in
its recently changed policy mandate. The bank has become an
important part of the government's Centre for Credit and Guarantee
Support of Exports, which was established on the basis of VEB
Group including VEB's subsidiary EXIAR, in 2014. In its new role
as a specialized lender, Roseximbank is responsible for lending
aimed to facilitate non-energy exports across a wide range of
Russian industries.
The bank's policy mandate as the conduit for the government's
export support ensures ample capital support from the Russian
authorities and VEB. As a result of recent capital injections in
2014-2015, the bank posted a 21.7% total capital adequacy ratio
(CAR, Basel I) as of year-end 2014, while its regulatory CAR was
74.2% (the regulatory minimum is 10%) as at end-August 2015.
Although the bank will substantially increase new lending in 2015-
2017, Moody's expects that the bank's capital will be maintained
at adequate levels in the medium term. This will be supported by
new government's capital injections, which will likely total RUB20
billion in 2016-2017.
The bank's credit profile reflects a still substantial, albeit
diluting, level of problem loans (defined in line with Moody's
standard definition as all corporate impaired loans and 90 days
overdue retail loans) largely inherited from the bank's lending
activities before the recent change in its status. The bank has
posted problem loans-to-gross loans ratio of 36% as of year-end
2014 (2013: 31%). The bank's loan book has been highly
concentrated with the 20 largest borrowers accounting for around
90% of Tier 1 capital as of H1 2015. Nevertheless, these problem
loans were adequately provisioned, because the bank's loan loss
reserves-to-problem loans ratio accounted for around 76% as of
year-end 2014, while around 44% of the problem loans were covered
by government guarantees.
The aforementioned pressures will be mitigated by the anticipated
substantial growth in the loan book in 2015-2017, which will help
to dilute the problem loans and decrease single-name
concentrations. Roseximbank's medium-term development strategy
envisages significant levels of new lending over the next three
years, largely to Russian non-energy exporting enterprises from
the secondary sector. However, the rapid growth in new lending
will likely lead to a growth in problem loans over the next 2-3
years, as soon as the new loan portfolio is seasoned. A
substantial part of new lending will be under EXIAR insurance
and/or guaranteed by the government, providing some reassurance
regarding the repayment of potential problem loans.
Moody's believes that the bank's recent loss-making performance
will be addressed by improving loan book quality and an increasing
net interest margin over the next 12-18 months.
In 2014, the bank's return on average assets stood at -17.4%
(2013: -2.9%), according to IFRS statements, which resulted from
recognition and provisioning of its abovementioned inherited
problem loans. The bank expects to return to marginal
profitability in 2015 and to maintain these levels in the years to
come, because the bank is largely considered to be the government
operative arm supporting export-oriented industries, rather than
an income-generating commercial bank.
As of September 1, 2015, the bank's liabilities were largely
represented by financing provided by other banks, which accounted
for 57% of non-equity funding. The bank is not considered a retail
deposit-taking institution and does not have a license to operate
in the foreign-currency exchange retail market. Going forward, the
bank will increasingly rely on the government's stable funding
provided directly and indirectly, via VEB and other sources.
Nevertheless, the bank is considering an increase in its public
debt in the medium term, which may pose interest risks as a result
of vulnerable Russian market conditions, while its access to
global markets is hampered owing to recent US and EU sanctions
imposed on VEB and its subsidiaries, including Roseximbank, in
connection with the crisis in Ukraine.
The bank's liquidity position is strong, with liquid assets-to-
total assets ratio accounting for around 46% as of end-August
2015. However, Moody's anticipates that the bank's liquidity
cushion will be utilized to increase the loan portfolio until
year-end 2015. As such, the bank's reliance on liquidity support
from parental VEB and the Central Bank will likely grow.
RATING OUTLOOK
The negative outlook on Roseximbank's deposit ratings takes into
account the negative outlook on its parental VEB issuer ratings
and the sovereign debt rating, reflecting also adverse operating
environment in which the bank currently operates.
WHAT COULD MOVE THE RATINGS UP / DOWN
Upward rating pressure is unlikely in the near term owing to the
deterioration in the Russian operating environment, which puts
pressure on VEB's affiliate support levels. The rating outlook
could stabilize in case of stabilization of VEB rating outlook and
the sovereign debt rating.
Downward pressure could arise from a downgrade of the government
debt rating and a consequent downgrade of VEB ratings, given the
strong linkages with Roseximbank. Downward pressure could also be
exerted on the ratings in the event of the bank's inability to
meet the targets under its new strategy aims to boost government-
supported exports, which could lead to further weakening of the
bank's asset quality and deteriorating capitalization metrics.
NOTE ON DATA
The rating action is based on Roseximbank's audited IFRS accounts
for 2014, 2013 and 2012, statutory accounts as at August 2015, and
information provided by the bank's management.
Headquartered in, Moscow, Russia, Eximbank of Russia reported
(audited IFRS) total assets of RUB14.7 billion (approximately
USD260 million) and shareholder equity of RUB3.9 billion (USD70
million) as at end-December 2014. The bank's net losses totalled
RUB2.3 billion (USD41 million) in 2014.
GRAND INSURANCE: Bank of Russia Suspends Insurance License
----------------------------------------------------------
The Bank of Russia, by its Order No. OD-2698, dated October 7,
2015, suspended the insurance license of Grand Insurance Company,
LLC.
The decision is taken due to the insurer's failure to execute a
Bank of Russia instruction, namely, due to its non-compliance with
financial sustainability and solvency requirements with respect to
securing insurance reserves, procedure and conditions to invest
capital and reserve funds. The decision becomes effective the day
it is published in the Bank of Russia Bulletin.
Suspended license shall mean a prohibition on entering into new
insurance contracts and also on amending respective contracts
resulting in increase in the existing obligations.
The insurance agent shall accept applications on the occurrence of
insured events and perform obligations.
TAURUS BANK: Liabilities Exceed Assets, Investigation Shows
-----------------------------------------------------------
The provisional administration of Taurus Bank (JSC) appointed by
Bank of Russia Order No. OD-887 dated April 24, 2015, due to the
revocation of its banking license encountered an obstruction of
its activity starting the first day of performing its functions.
The management of Taurus Bank avoided passing over to the
provisional administration right-establishing documents on the
loans on the bank balance sheet worth RUR1.9 billion that could
bear the evidence of the attempt to conceal documentary
confirmation of the facts of diverting assets from the bank.
Besides, the provisional administration has established facts of
moving out assets from the bank through acquiring known illiquid
shares worth RUR1.6 billion.
The examination launched by the provisional administration
revealed that the asset value of the bank did not exceed
RUR981 million, while its liabilities to creditors amounted to
RUR4,684.6 million. On June 30, 2015, the Court of Arbitration of
the city of Moscow took a decision to recognize Taurus Bank (JSC)
insolvent (bankrupt) and to initiate bankruptcy proceedings with
the state corporation Deposit Insurance Agency appointed as a
receiver.
The Bank of Russia has submitted the information on the financial
transactions bearing the evidence of criminal offences conducted
by the former management and owners of Taurus Bank to the
Prosecutor General's Office of the Russian Federation, the Russian
Ministry of Internal Affairs and the Investigation Committee of
the Russian Federation for consideration and procedural decision
making.
TRANSAERO AIRLINES: Creditor Banks Impose Moratorium on Suits
-------------------------------------------------------------
PRIME reports that several creditor banks of troubled Russian
airline Transaero have imposed a moratorium on filing suits
against the company and plan to work out an efficient model of its
bailout.
"There is a consolidated position of some creditor banks which
have agreed to establish a creditor committee to take joint
actions to prevent Transaero's bankruptcy," PRIME quotes a
representative for Absolut Bank, one of the creditors, as saying,
adding that the bankruptcy will lead to social tensions, a
decrease of competition and an increase of ticket fares.
The representative, as cited by PRIME, said the bulk of creditor
banks is interested in an independent financial audit of
Transaero, the results of which will allow the committee to work
out an efficient bailout model.
A representative for Credit Bank of Moscow confirmed that the
committee held a meeting and confirmed the bank's participation in
the committee without disclosing any further details,
PRIME relates.
Sberbank, Gazprombank and Alfa-Bank had notified Transaero of
their intent to file bankruptcy claims. But International
Financial Club Bank (IFC Bank) stood against bankruptcy and
offered to transfer the company under creditor banks' management,
PRIME discloses. The bank said then this position was supported
by Credit Bank of Moscow, Moscow Industrial Bank, Novikombank,
Globexbank, Otkritie Financial Corporation Bank, BFA Bank and
Absolut Bank,
PRIME notes.
A source familiar with the matter told PRIME that Alfa-Bank is not
in the creditor committee and did not participate in the meeting.
OJSC Transaero Airlines is a Russian airline with its head office
in Saint Petersburg. It operates scheduled and charter flights to
103 domestic and international destinations.
URALKALI PJSC: Moody's Lowers CFR to Ba2, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has downgraded Uralkali PJSC's corporate
family rating to Ba2 from Ba1, its probability of default rating
to Ba2-PD from Ba1-PD and the senior unsecured rating of its
subsidiary Uralkali Finance Limited to Ba2 from Ba1.
The downgrades reflect the increased risks in Uralkali's corporate
governance and financial policies, and Moody's assessment that the
company's financial profile is no longer commensurate with the Ba1
rating.
The ratings outlook is stable.
RATINGS RATIONALE
The rating actions reflect Moody's assessment that Uralkali's
corporate governance risks have increased following two share
buybacks in June and September 2015 (both of which were not
anticipated by Moody's), and that the company has shifted towards
a more aggressive financial policy. Following the buybacks,
Moody's expects the company's deleveraging to slow down to around
3x adjusted debt/EBITDA over the next 1-2 years, which is no
longer in line with its previous Ba1 rating.
In addition, the two buybacks, totaling Us$3.13 billion,
transformed Uralkali's diversified shareholder structure into a
very concentrated one, dominated by only two major shareholders:
URALCHEM (unrated) and ONEXIM Group (unrated). Such a
shareholding structure is more common for a privately-held company
and is associated with higher corporate governance risks and lower
visibility into the company's financial policies in a longer term.
As a result of the buybacks, the company's free-float is now down
to around 14% from around 28% before the buybacks, while treasury
shares account for more than 40%. A major portfolio investor,
Chengdong Investment Corporation (unrated), also sold its 12.5%
stake during second buyback in September. Following these changes
to its shareholding structure, the company will likely delist from
the London Stock Exchange.
Moody's notes that the size and scale of the buybacks were also
not in line with Uralkali's previously stated conservative
financial policy.
Under its previously policy, Uralkali had targeted to lower its
leverage -- as measured by net debt/EBITDA -- to 2.0x, against the
backdrop of uncertain conditions in the global potash market and
accelerated capex to restore production capacity following the
Solikamsk-2 mine accident in November 2014. However, the buybacks
-- funded by a combination of debt and cash reserves -- have
increased Uralkali's leverage to above this target and reduced its
cash reserves, signaling the company's shift towards a more
aggressive financial policy and its tolerance for higher leverage.
Given these increased corporate governance risks and shift in
financial policy, Moody's believes the company's shareholder
structure and financial policies may be subject to alterations.
Further buybacks cannot be ruled out in the medium term, which may
cause the company to further revise its tolerance for leverage.
As a result, and subject to the RUB/USD exchange rate, Moody's
believes Uralkali's adjusted gross leverage (adjusted total
debt/EBITDA) could increase to around 3.7x by end-2015 from about
3.1x as of June 2015, before falling slightly to 3.0x by 2016-17.
These levels are above Moody's guidance for the Ba1 rating.
Moody's assumption also factors in Uralkali's accelerated capex, a
potential decline in potash prices, the economic slowdown in
China, and country risks in Russia.
Uralkali's Ba2 ratings continue to reflect its strong position as
a global major potash producer with sufficient financial
flexibility, underpinned by cost leadership (with adjusted EBITDA
margins for the 12 months to June 2015 at 58.5%) and strong cash
flow generation leveraged by the weak rouble.
Moody's particularly notes that following the buybacks, the
company's liquidity remains good. Uralkali has sufficient cash to
cover its debt obligations through the end of 2016. The company's
liquidity is supported by its strong cash generation capacity and
benefits from confirmed access to Russian and western banks'
committed facilities.
RATING OUTLOOK
The stable outlook reflects Moody's expectation that its strong
market and very competitive cost positions will help Uralkali
maintain sufficient headroom within the parameters of its Ba2
ratings and support its good liquidity.
WHAT COULD CHANGE THE RATING - DOWN
The ratings could be downgraded if (1) the company's liquidity
profile deteriorates; (2) adjusted debt/EBITDA exceeds 3.5x on a
sustained basis; and (3) its cash flow generation weakens, with
retained cash flow (RCF)/net debt falling below 25% on a sustained
basis.
WHAT COULD CHANGE THE RATING - UP
Upward ratings pressure could emerge if, in Moody's view, the
company is able to deleverage, with adjusted debt/EBITDA below
2.5x and RCF/net debt above 40% on a sustained basis, while
maintaining good liquidity.
The current guidance does not factor in the event risk, which will
be assessed separately.
The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.
Uralkali PJSC is one of the largest potash producers by capacity
globally. In the 12 months to June 2015, Uralkali generated
revenue of US$3.4 billion and adjusted EBITDA of around
US$2.0 billion.
=========
S P A I N
=========
CATALONIA: S&P Lowers Issuer Credit Rating to 'BB-', Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on the Autonomous Community of Catalonia to 'BB-'
from 'BB'. At the same time, S&P affirmed its 'B' short-term
issuer credit rating on Catalonia. The outlook is negative.
S&P also lowered its long-term issue ratings on Catalonia's debt
to 'BB-' from 'BB'.
RATIONALE
The downgrade of Catalonia reflects S&P's expectation of
increasing political tension between Catalonia and Spain's central
government following Sept. 27 regional elections in Catalonia, and
the risk that Catalonia's smooth coordination with the central
government to service the region's debt might be compromised. S&P
continues to view Catalonia's management as very weak, and, in
line with S&P's criteria, are placing greater weight on this
factor in its rating analysis.
Junts Pel Si (JPS) -- a secessionist platform made up of political
parties and civic organizations -- won the election, with 62 seats
in Catalonia's Parliament and 39.6% of votes. In S&P's view,
Candidatura d'Unitat Popular (CUP) (10 seats and 8.2% of votes) is
likely to support JPS to form the government. The majority is 68
seats out of 135.
Despite S&P's perception of increased risk, its rating on
Catalonia continues to reflect its base-case expectation that,
despite a pro-independence majority of seats in the Catalan
parliament, Catalonia will remain part of Spain over S&P's
forecast horizon to 2017. At this stage, S&P do not expect a
secession of Catalonia, considering that:
-- Spain's central government has expressed its intention to
use all legal means to prevent a declaration of
independence by Catalonia. S&P understands that the
central government could ultimately suspend Catalonia's
autonomy, according to the Spanish Constitution.
-- The lack of a majority of votes in the Sept. 27 election,
in S&P's view, weakens the claim of the pro-secession
parties to have won a mandate for independence.
-- Given these electoral results, S&P do not expect a
unilateral declaration of independence, which could have a
severe impact on Catalonia's economy, in S&P's view.
S&P expects the Spanish central government will remain willing to
provide financial aid to Catalonia, and that, despite the
possibility of increased political tensions, the Catalan
government will continue to accept it. However, S&P's downgrade
reflects its opinion of a higher risk of a disruption in the
communication and complete coordination between the two
governments, which are required to give the central government
full visibility on Catalonia's funding needs, allowing timely and
sufficient disbursement of financial support. S&P expects
Catalonia to continue with its fiscal consolidation path, albeit
with some deviations from official targets.
The ratings also reflect S&P's view of Catalonia's very weak
budgetary performance, very high debt burden, and S&P's assessment
of its financial management as very weak, as such qualitative
terms are used in S&P's criteria. S&P also assess Catalonia's
liquidity as less than adequate. S&P bases its opinion on
Catalonia's dependency on the central government's liquidity
support, given Catalonia's very low intrinsic capacity to generate
cash. S&P expects the central government will continue servicing
Catalonia's debt as it has been doing since 2012.
S&P assess Catalonia's budgetary flexibility as weak, given the
low leeway to cut expenditures, and S&P views its contingent
liabilities as moderate.
The ratings are underpinned by S&P's view of Catalonia's strong
economy and the evolving but balanced institutional framework for
Spanish normal-status regions. The framework is strongly
supportive of regions, and S&P believes the central government is
strongly committed to prevent financial stress at the regional
level.
The 'BB-' long-term rating is at the same level as S&P's
assessment of Catalonia's stand-alone credit profile.
Spanish regions reached a highly unbalanced financial position
following the Spanish economic crisis that started in 2008. This
prompted significant reforms in the Spanish local and regional
governments' institutional framework, which S&P believes were
aimed at promoting fiscal discipline and increasing transparency
and accountability. The 2012 Budgetary Stability Law gives the
central government the means to demand and enforce budgetary
discipline at the regional level, in marked contrast with more
indulgent rules prior to this point.
As a result of these reforms, since 2012 Spanish regions have
embarked on a path of budgetary consolidation, although their
relative ability to comply with deficit targets has been very
different. The central government has so far not applied some of
the toughest measures of the Budgetary Stability Law for
noncompliant regions. In S&P's opinion, this lenient approach is
recognition of the difficulties that regions face in their
budgetary consolidation path. In particular, the fact that some
regions are structurally underfunded and, at the same time, most
of their expenditures depend on the central government's basic
legislation. In S&P's view, the full range of measures of the
Budgetary Stability Law will likely only be applied after a
comprehensive reform in regional financing, which should help
regions to overcome such difficulties in adjusting their budgets.
Despite the improvements introduced by the Budgetary Stability
Law, the revenues and expenditures of normal-status regions remain
unbalanced. The overhaul of the regional financing system--a key
reform for regional financial sustainability--is still pending.
S&P understands the government has postponed this reform for
economic and political reasons with the intention to tackle it
after the December 2015 general elections.
While demanding budgetary adjustment, the central government has
sponsored a set of liquidity facilities to help regions fund their
financial needs and clear or reduce their arrears, requiring them
to adhere to a financial and fiscal conditionality program.
Liquidity support has proven to be reliable, timely, and
sufficient. S&P expects the central government's support will
cover virtually all funding needs of normal-status regions as of
2016. The central government's ability and willingness to provide
systemic extraordinary support to regions is strong, in S&P's
view, supporting its overall view of the institutional framework
for normal-status regions as evolving but balanced.
Catalonia's economy is wealthier than most other Spanish regions'.
In 2014, it represented 19% of Spain's GDP and 25% of national
export value. Catalonia's GDP per capita is 118.5% of the Spanish
average, or about 111% of the EU average, according to the
national statistics office. However, Catalonia cannot take full
advantage of its relatively wealthy economy and large tax bases
because it is a net contributor to equalization transfers under
Spain's public-finance system.
Catalonia's budgetary performance remains very weak, in S&P's
view. Catalonia posted an operating deficit of 17.9% of operating
revenues, and a deficit after capital accounts of 22.4% of total
revenues in 2014, compared with 11.6% and 17.7% in 2013. Despite
this setback in 2014, Catalonia has reduced its deficit
significantly in the past four years, from 4.48% of GDP in 2010 to
2.58% of GDP in 2014.
In S&P's base case, it has revised down its projections of
operating revenues and capital revenues in 2015, in light of
budget execution figures as of June 30, 2015. S&P believes that
both Catalonia's budget and its economic and financial plan
contain unrealistic assumptions on revenues from administrative
concessions, the sale of assets, and central government capital
transfers.
S&P anticipates that Catalonia's operating revenues will grow by
1.3% in 2015 compared with S&P's previous estimate of 2.2%.
Revenues from the regional financing system (including advances
and settlements corresponding to previous years) will increase by
3.3%, owing to Spain's improved economic environment. For 2016,
S&P expects operating revenues to increase by 10.1%, based on an
increase of 12.1% of revenues from the financing system, according
to preliminary data released by the central government.
Thereafter, S&P expects revenues (excluding settlements for the
regional financing system corresponding to previous years) to grow
in line with nominal GDP.
"In our base-case scenario, we anticipate that exceptional
financial conditions attached to the central government's
liquidity facilities should help Catalonia reduce its operating
expenditures in 2015. Thereafter, we expect Catalonia's operating
expenditures to grow at a lower rate than its operating revenues.
We also anticipate that Catalonia will stabilize its capital
expenditures at about EUR1.7 billion-EUR1.8 billion yearly over
2015-2017. However, given our lowered projection on capital
revenues, the net capital program will increase compared with our
previous base case," S&P said.
As a consequence, S&P currently expects a more gradual
consolidation path for Catalonia than under its last review. S&P
anticipates that Catalonia will post an operating deficit of 14.6%
of operating revenues in 2015 in contrast with S&P's previous
expectation of 13.6%. Still, for 2016 S&P expects a lower
operating deficit of 6.2% compared with its previous expectation
of 7.4%, due to higher revenues from the financing system. Also,
S&P's base case points toward a slower reduction of budgetary
deficit after capital accounts to 13.1% of total revenues in 2016,
compared with S&P's previous estimate of 11.7%.
S&P views Catalonia's budgetary flexibility as weak in an
international context, given its limited ability to cut
expenditures and the current political environment in the region.
Given that Catalonia's budgetary performance is substantially
worse than most of its Spanish peers', stabilizing its accounts
requires deeper cost cuts. Another round of cost-cutting could
weaken Catalonia's welfare services to below the minimum national
standards. Such a step may therefore be rejected by Catalonia's
government. S&P believes Catalonia's flexibility lies in
additional revenues from potential system reform rather than
political willingness to cut spending further. However, in the
absence of a clear plan for reform, S&P do not factor potential
benefits into the ratings.
Continued deficits will likely push up Catalonia's already
extremely high tax-supported debt in nominal terms, in S&P's
opinion, albeit at a slowing pace.
However, S&P expects lower tax-supported debt in relative terms
compared with its previous base case, based on its expectation of
higher operating revenues.
As a result, S&P anticipates Catalonia's tax-supported debt to
near 320% of consolidated operating revenues by year-end 2017.
This debt level surpasses S&P's highest debt benchmark--270% of
consolidated operating revenues--under S&P's criteria. S&P also
expects that the central government will finance the unfunded
deficit of previous years over our forecast horizon through 2017.
Catalonia has moderately high contingent liabilities under S&P's
criteria, related to its large and complex, fully and partly owned
public-sector companies. S&P also takes into account the current
litigation regarding the administrative concession of Aigues del
Ter-Llobregat. S&P understands that Catalonia's Hight Court ruled
that the award was invalid and that Catalonia has appealed to the
Supreme Court.
LIQUIDITY
The short-term rating is 'B'. S&P considers Catalonia's liquidity
as less than adequate, based on S&P's view of its weak debt
service coverage ratio, mitigated by what S&P views as strong
access to external liquidity.
In S&P's assessment of its debt service coverage ratio, it factors
in its estimate of Catalonia's internal cash generation capacity
and available credit lines. S&P's main liquidity ratio reflects
its base-case scenario of average cash over the next 12 months and
available credit lines. In S&P's base case, these sources will
cover about 25% of Catalonia's debt service for the next 12 months
(from October 2015 to September 2016). S&P estimates Catalonia's
debt service for the same period at EUR3.6 billion.
S&P's view of Catalonia's strong access to external liquidity
takes into account the central government's ability to continue
providing strong liquidity support to the Spanish regional tier
through the Fondo de Financiacion de las Comunidades Autonomas.
S&P expects this fund to be sufficiently financed in the central
government's 2016 budget to cover the regions' debt service. This
support by the fund underpins S&P's ratings on Spanish normal-
status regions, including Catalonia.
OUTLOOK
The negative outlook reflects S&P's view that, over the next 12
months, political tensions between the new Catalan government and
the Spanish government may interfere with the continuation of the
agreement with the central government that allows Catalonia to
service its debt. This scenario could possibly unfold should
Catalonia decide not to sign the needed agreements with the
central government to secure funding to cover the region's debt
service in 2016. In S&P's view, such a scenario would reflect a
prioritization of political agendas over debt service. S&P would
reflect this concern through its reassessment of the regional
government's credit culture, which S&P could view as weak. If
this scenario transpired, S&P would downgrade Catalonia to 'B+' or
lower.
S&P could affirm the rating and revise the outlook to stable in
the next 12 months if S&P was of the view that there was no
appreciable increase in political tensions between Catalonia and
the Spanish central government compared with the current
situation. In this case, S&P would not expect any increase in the
likelihood that Catalonia's actions could disrupt the timely
receipt of financial support from the central government, which
allows the region to honor its debt service obligations. An
affirmation and outlook revision to stable would also require
Catalonia's budgetary and economic performance to remain in line
with S&P's base case over 2015-2017.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
RATINGS LIST
Ratings
To From
Catalonia (Autonomous Community of)
Issuer credit rating
Foreign and Local Currency BB-/Neg./B BB/Stable/B
Senior Unsecured
Foreign and Local Currency BB- BB
Foreign and Local Currency B B
Commercial Paper
Local Currency B B
LICO LEASING: Moody's Raises Ratings to Caa2; Outlook Positive
--------------------------------------------------------------
Moody's Investors Service has upgraded the long-term local and
foreign currency deposit ratings of Lico Leasing, S.A. to Caa2
from Ca. The outlook on these ratings is positive. The short-
term Not-Prime local and foreign currency deposit ratings are
unaffected by the action.
The upgrade of the long-term deposit ratings follows Moody's
assessment of the recovery expectation on Lico's rated
liabilities, pointing to a recovery rate in the range of 80% to
90%. The institution has been in run-off since 2012.
This rating action concludes the review for the upgrade of Lico's
long-term deposit ratings, which Moody's initiated on May 29,
2015.
Subsequent to today's rating action, Moody's has withdrawn Lico's
long-term and short-term deposit ratings for its own business
reasons.
RATINGS RATIONALE
UPGRADE OF THE DEPOSIT RATINGS
The upgrade of Lico's deposit ratings to Caa2 from Ca is triggered
by the loss-given-default analysis carried out on the firm's rated
liabilities based on the 2014 audited, annual report. Moody's
assessment of the potential recovery on the firm's assets and the
application of the recovery proceeds to the firm's liabilities,
according to the rules whereby the resolution of the institution
will be carried out -- as agreed by the firm's shareholders and
creditors -- indicate that the expected recovery rate on rated
liabilities is most likely to be in the range of 80% to 90%, which
is commensurate with a Caa2 rating level.
RATIONALE FOR THE POSITIVE OUTLOOK
Moody's view is that there is a high degree of uncertainty over
the recovery rate, and the positive outlook on Lico's deposit
rating reflects the probability that the eventual recovery rate
over rated liabilities may be above 90% - which is consistent with
a deposit rating in the Caa1 level. Within the uncertainty
surrounding the recovery expectation, Moody's scenario analysis
assigns a very low probability to recovery rates below 80%.
RATINGS WITHDRAWAL
Moody's has withdrawn the ratings for its own business reasons.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Finance
Company Global Rating Methodology published in March 2012.
OBRASCON HUARTE: Moody's Confirms B1 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has confirmed the B1 corporate family
rating and B1-PD probability of default rating of Obrascon Huarte
Lain S.A. In addition, Moody's has confirmed the B1 ratings on
the group's senior unsecured debt instruments. Concurrently,
Moody's changed the outlook for OHL's ratings to stable. This
concludes the review of the rating that was initiated on May 12,
2015.
RATINGS RATIONALE
The rating confirmation takes into account the company's
announcement that it has launched its capital increase of
approximately EUR1.0 billion. Inmobiliaria Espacio, S.A., the
parent company of OHL's core shareholder, Grupo Villar Mir,
S.A.U., has irrevocably subscribed to participate in the capital
increase, targeting to hold more than 50% of OHL's shares
following the rights issue. The remaining volume of the capital
increase has been underwritten by a consortium of seven banks,
reducing execution risk. The rating action also reflects that in
July 2015 the company signed a new syndicated credit facility of
EUR250 million for a term of three years and announced a plan to
sell EUR250 million of assets to reduce the company's recourse
debt.
These actions help to bolster OHL's liquidity profile as the
company seeks to implement actions to stabilize operating
performance and restore cash flow generation in its core business,
such as by focusing on priority markets and sectors and
strengthening risk control mechanisms. Furthermore, the rating
action considers the recent conclusion of an investigation of the
Spanish stock market regulator CNMV on OHL's accounting treatment
of guaranteed returns on its Mexican concession assets. This
conclusion was closed without any legal claims against OHL Mexico.
Moody's also notes the publication of several external audits by
OHL Mexico which somewhat alleviate concerns about its business
practices.
Moody's continues to believe that there are risks related to the
outcome of the Mexican government investigations. In addition,
these investigations might have negative implications on OHL's
operations, especially in Mexico, and, hence on the company's
overall operating performance, and notably its ability to generate
positive free cash flows on both recourse and consolidated levels.
Over the past five years, OHL has recorded substantial negative
free cash flows (on a Moody's adjusted basis) and Moody's notes
that the optimization of cash flow generation is a key priority of
OHL's current strategic plan. Positive free cash flows are, in
our view, key to sustaining the positive deleveraging effect that
is expected to result from the proposed capital increase.
OHL's gross recourse debt/recourse EBITDA (recourse EBITDA defined
as consolidated EBITDA minus EBITDA from Concessions) as of year-
end 2014 stood at 7.0x (and at 8.5x as of 30 June 2015), well
above our guidance for the B1 rating of 4.5x - 5.5x. Taking the
positive impact of the capital increase into consideration,
however, we expect the leverage metric to decline to a level that
will be within our trigger range to maintain the current rating,
and thus becoming comfortably positioned as per year-end 2015.
The reduction of the company's own leverage target to below 2.0x
net recourse debt to recourse EBITDA (down from the previous
target of below 3.0x) evidences the company's commitment to
sustain the de-leveraging effect of the capital increase going
forward.
Moody's expects OHL's liquidity situation to improve from previous
weak levels going forward, mainly due to the newly signed credit
facility, as well as the planned asset disposals. Moreover,
Moody's now considers the risk of further cash margin calls
relating to the covenants of OHL Concesiones' margin loans on its
shares in Abertis and OHL Mexico to be better manageable for OHL
mainly owing to the new long-term credit facility.
Moody's do not see evidence of illegal practices at OHL Mexico.
CNMV has concluded an investigation on the accounting treatment of
guaranteed returns for OHL's Mexican concession assets and Moody's
also note OHL's publication of several external audits on OHL
Mexico's operations that confirm the company's compliance with
applicable legislation in Mexico. Furthermore, Moody's
understands that OHL Mexico is evaluating specific measures to
improve the company's corporate governance practices. At this
stage, Mexican authorities are conducting two internal
investigations, one at the level of the Secretaria de
Comunicaciones y Transportes (SCT) of the State Government of
Mexico, the other one at the level of the Secretaria de la Funcion
Publica (SFP) of the Federal Mexican Government. Moody's
understands that these investigations are focused on internal
governmental procedures but can, at this stage, not rule out
potential negative implications on OHL.
RATIONALE FOR THE STABLE OUTLOOK
The stable outlook assumes the successful execution of the already
underwritten capital increase and the asset disposal plan, which
will position the company's gross recourse leverage comfortably
within our guidance range for OHL's B1 rating. Furthermore, the
improvement of OHL's liquidity profile to adequate levels supports
our stable outlook. The outlook also assumes that the company
will manage to achieve positive free cash flows on a recourse and
also consolidated level, as per its current strategy.
WHAT COULD CHANGE THE RATING UP/DOWN
Positive pressure could develop if OHL's credit metrics improve on
a sustainable basis such that gross recourse debt/recourse EBITDA
remains below 4.5x, with the maintenance of a solid liquidity
profile, including positive free cash flow generation.
Conversely, there could be negative rating pressure if the company
fails to de-lever as expected, with gross recourse debt/recourse
EBITDA remaining above 5.5x, although this is not our current
expectation. Negative rating pressure could also emerge if
performance does not enable a return to positive free cash flow
generation on a recourse and consolidated basis and if recourse
EBITDA deteriorated further from currently already low levels.
Finally, the rating could come under downward pressure if OHL had
to pay substantial cash margin calls on the loans, which are
backed by its equity stakes in Abertis and OHL Mexico.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Construction
Industry published in November 2014.
Headquartered in Madrid, OHL is one of Spain's leading
construction/concessions groups. The company owns a 56.14% equity
stake in OHL Mexico, a large concessions operator in Mexico, and a
13.93% equity stake in Spanish infrastructure operator Abertis.
In 2014, OHL reported sales of EUR3.7 billion and EBITDA of EUR1.1
billion.
SEKERBANK: Moody's Says Ba2 Rating Unaffected by Servicer Removal
-----------------------------------------------------------------
Moody's announced that the proposed removal of the replacement
servicer from the documentation of Sekerbank SME - Covered Bonds
would not, in and of itself and as of this time, result in the
downgrade or withdrawal of the ratings on the covered bonds issued
by Sekerbank T.A.S. (the issuer, long-term deposit rating Ba2
negative, adjusted baseline credit assessment (BCA) ba3,
Counterparty Risk (CR) Assessment Ba1(cr).
In Moody's view, the removal of the replacement servicer does not
have an impact on the rating, given that (i) a replacement
servicer facilitator is appointed, which will commence its work
upon a servicer transfer event; and (ii) following the amendment
of Turkish Covered Bonds Law in September 2014 (the CommuniquÇ No.
III-59.1a on covered bonds) and in the event that (a) the
management or supervision of the issuer is transferred to the
public institutions, (b) the operation license of the issuer is
cancelled, or (c) the issuer goes bankrupt, the Capital Market
Board may appoint another entity in order to manage the cover
assets.
Moody's has determined that the removal of the replacement
servicer from the documentation, in and of itself and at this
time, will not result in the downgrade or withdrawal of the rating
currently assigned to the SME covered bonds issued by the Issuer.
However, Moody's opinion addresses only the credit impact
associated with the proposed amendment, and Moody's is not
expressing any opinion as to whether the amendment has, or could
have, other non-credit related effects that may have a detrimental
impact on the interests of note holders and/or counterparties.
===========================
U N I T E D K I N G D O M
===========================
COGNITA BONDCO: S&P Assigns 'B' Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' long-term corporate credit rating to U.K.-based independent
school operator Cognita Bondco Parent Ltd. The outlook is stable.
At the same time, S&P assigned its 'BB-' issue rating to Cognita's
GBP60 million RCF and a 'B' issue rating to the company's GBP280
million senior secured notes. The recovery rating on the RCF is
'1', indicating S&P's expectation of very high (90%-100%) recovery
prospects. The recovery rating on the senior secured notes is
'4', reflecting S&P's expectation of average recovery for
creditors in the event of a payment default, in the lower half of
the 30%-50% range.
These ratings are in line with the preliminary ratings S&P
assigned on July 28, 2015.
The ratings reflect S&P's view of Cognita's scale of operations
across seven countries in Europe, Asia, and Latin America; its
fast expansion in Asia; and good visibility on revenues. S&P also
incorporates the group's high leverage and its private-equity
ownership since 2004.
S&P's "fair" business risk assessment for Cognita takes into
consideration the group's strong retention rate of pupils (about
85%) and high visibility on revenues, with almost 90% of
enrollments for fiscal 2016 (year ending Aug. 31) already secured
as of June 2015.
S&P's assessment also reflects favorable dynamics for markets
where Cognita operates, and the group's solid capacity utilization
and broad diversification. Cognita is a private junior and senior
schools operator of 66 schools, with more than 30,000 full-time-
equivalent pupils in the U.K., Spain, Singapore, Vietnam,
Thailand, Chile, and Brazil. It offers diversified curricula,
including British, American, and Australian curricula, as well as
a national curriculum combined with English in Chile and Brazil,
and the International Baccalaureate. S&P views positively the
group's lack of exposure to government funding, since parents pay
the tuition fees.
Although Cognita is a leading private school operator, its
business risk profile is constrained, in S&P's view, by its
relatively small share in a highly fragmented private education
market. S&P regards the group's profitability as average and view
favorably Cognita's track record of raising tuition fees. For
instance, the group increased fees by at least 4% over fiscals
2012-2015. However, S&P still views Cognita's profitability as
somewhat lower than that of rated peers. S&P notes that, despite
price increases, average revenue per pupil decreased in 2014 after
the group acquired schools in Latin America in 2013.
S&P's assessment of Cognita's financial risk profile as "highly
leveraged" is constrained by the group's high debt, financial
sponsor ownership, and acquisitive strategy owing to the highly
fragmented market. Cognita is jointly owned by two private-equity
sponsors, Bregal Capital since 2004 and KKR since 2013. After the
proposed refinancing and anticipated transformation of deep
discount loans and loan notes of shareholders into equity, S&P
calculates credit ratios (both weighted averages over fiscals
2016-2017) of adjusted debt to EBITDA of 6.4x and funds from
operations to debt below 7%, which are commensurate with a "highly
leveraged" financial risk profile. S&P expects Cognita's ratio of
EBITDA interest coverage will be about 2.1x over the same period.
"We expect that Cognita's credit metrics will remain in the
"highly leveraged" category over the next few years, with the
debt-to-EBITDA ratio slightly improving. Owing to capacity
expansion projects in Singapore, we anticipate that the group's
free operating cash flow (FOCF) will remain negative over 2015-
2017, which further constrains our assessment of the financial
risk profile. However, we understand that Cognita has some
flexibility relating to development capital expenditures (capex)
that are not fully committed over 2016-2017. Additionally, we
think execution risks with regard to capacity expansion projects
are partly offset by management's track record with similar
projects," S&P said.
The stable outlook reflects S&P's expectation that Cognita will
achieve high-single-digit percentage growth in revenues in 2015-
2017, owing to increases in tuition fees and improving utilization
of current capacity. S&P also anticipates some EBITDA margin
improvement to 18% on average, thanks to revenue growth outpacing
operating cost growth.
The stable outlook also takes into account management's track
record, which to some extent mitigates execution risks related to
capacity extension projects in Singapore. Additionally, S&P
understands that management has some flexibility on an uncommitted
portion of development capex related to the capacity extension
projects. S&P forecasts an adjusted leverage ratio of about 6.5x
and EBITDA interest coverage remaining higher than 2.0x. In
addition, S&P anticipates that the group's post-refinancing
liquidity will remain "adequate," with sufficient headroom under
its covenants.
S&P could consider lowering the ratings if Cognita's management's
growth and investment plan does not translate into profit growth,
resulting in EBITDA interest coverage weakening to below 2x.
Moreover, a negative rating action could follow if execution risks
related to capacity extension projects in Singapore were to
increase, and persistently high capex--and therefore negative
FOCF--caused the liquidity position to weaken. A more aggressive
financial policy could also lead S&P to downgrade Cognita, for
example, as a result of shareholder remuneration or a large
acquisition.
At this stage, an upgrade is remote, since S&P already factors in
satisfactory execution of management's growth plan and EBITDA
growth in its base-case scenario. However, S&P could consider an
upgrade if Cognita's leverage ratio improved to below 5x and FOCF
turned positive on a sustainable basis.
EPHIOS HOLDCO: Moody's Assigns Definitive B2 CFR, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 corporate
family rating to Ephios Holdco II PLC, which has become the
leading European clinical laboratory services group after the
acquisitions of Labco S.A. and synlab Holding GmbH. Concurrently,
Moody's has assigned a definitive Caa1 rating to the EUR375
million senior unsecured notes issued by Ephios Holdco II PLC and
a definitive B2 rating to the EUR1,485 million senior secured
notes issued by Ephios Bondco PLC. Moody's has also assigned a
B2-PD probability of default rating (PDR) to Ephios Holdco II PLC.
The rating outlook is stable.
The rating action follows the announcement on Oct. 1, 2015, that
Ephios completed the acquisition of Synlab and repaid Synlab's
banking facilities after it had obtained regulatory approval from
the European Commission on Sept. 10, 2015. Ephios also completed
the acquisition of Labco on Aug. 7, 2015, and repaid Labco's
senior secured notes on Aug. 12, 2015, after it had obtained
regulatory approval from the European Commission on 28 July 2015.
The acquisitions have been completed in line with Moody's
expectations at the time of the assignment of provisional ratings
to Ephios.
RATINGS RATIONALE
The B2 corporate family rating (CFR) assigned to Ephios primarily
reflects (1) its high expected leverage in 2015 as measured by
Moody's Adjusted Gross Debt-to-EBITDA of 6.6x; (2) its acquisition
driven strategy within the backdrop of a consolidating market for
clinical laboratory services; (3) continued pricing pressures from
government cuts to tariffs and health care spend.
However, the B2 CFR also positively reflects (1) Ephios leading
market position in the European clinical laboratory services
market with some barriers to entry resulting from complex
logistics and Ephios' already dense networks of laboratories,
particularly, in Germany, (2) Ephios' presence in a variety of
European markets, which provides greater geographical diversity
compared to its European peers; (3) its high Moody's Adjusted
EBITDA margins of around 22% with favorable demographic and
industry trends supporting volumes.
The rating also reflects an adequate liquidity profile supported
by 7 and 8-year maturities of the senior secured and unsecured
notes, expected positive free cash flows and a sizable largely
undrawn EUR250 million super senior revolving credit facility
(RCF) with good covenant headroom. The RCF leverage covenant of
7.5x acts only as a draw-stop and only when the RCF is more than
35% drawn.
Ephios Bondco PLC, the issuer of the senior secured notes, is
directly 100% owned by Ephios Holdco II PLC, the issuer of senior
unsecured notes. The probability of default rating B2-PD is based
on the mixture of notes and bank debt in the capital structure.
The B2 rating with a loss given default assessment of LGD3 on
Ephios Bondco PLC's EUR1,485 million senior secured notes is in
line with the B2 CFR. The Caa1 rating with a loss given default
assessment of LGD6 on Ephios Holdco II PLC's EUR375 million senior
unsecured notes reflects their structural subordination to sizable
senior secured notes and RCF. Senior secured and senior unsecured
notes benefit from the same guarantees -- from subsidiaries
representing not less than 50% of consolidated EBITDA -- and
security package, the latter consisting of pledges over shares of
certain group entities and certain intercompany loans subject to
certain limitations as customary under local laws. Based on the
terms of the intercreditor agreement the RCF ranks ahead of the
notes upon enforcement.
RATING OUTLOOK
The stable outlook reflects Moody's expectation that Ephios will
generate positive free cash flows and achieve Moody's Adjusted
Gross Debt-to-EBITDA below 6.0x within the next 12-18 months.
WHAT COULD CHANGE THE RATING UP/DOWN
Positive pressure could be exerted on Ephios' ratings if (1)
Moody's Adjusted Gross Debt-to-EBITDA were to improve sustainably
below 5.5x; and (2) Ephios were able to continue to demonstrate
sustained free cash flow generation and improved profitability.
Negative pressure on Ephios' ratings could arise if (1) Moody's
Adjusted Gross Debt-to-EBITDA were to exceed 6.5x; (2) its
liquidity profile were to weaken; or (3) its profitability were to
significantly deteriorate due to competitive or pricing pressures.
Headquartered in London, UK, Ephios Holdco II PLC is the largest
clinical laboratory services group in Europe. Ephios operates a
pan-European network of 465 clinical laboratories in 28 countries
after the acquisitions of Labco SA and synlab Holding GmbH in
2015. Based on the 2014's pro forma of Labco and Synlab combined,
Ephios' revenue of c.EUR1.4 billion could be broken down by
geography as follows: Germany, 29%; France, 24%; Italy, 12%;
Spain, 8%; Switzerland, 8%; and the rest of the world for 19%.
Ephios' main shareholders are the funds advised and managed by the
European private equity company Cinven (c.80%) and previous
shareholders and management of Labco and Synlab (c.20%). Cinven
acquired Labco on 7 August 2015 and Synlab on 1 October 2015. The
combined enterprise value of c.EUR3,094 million represented c.10.1
times the combined management pro forma EBITDA of EUR305.6
million. The indirect cash contribution from Cinven for the
acquisitions of Labco and Synlab was c.EUR1,182 million in the
form of common equity.
GTEC: Expert Print Buys Firm Assets Following Liquidation
---------------------------------------------------------
PrintWeek News reports that commercial printer Expert Print has
continued its rapid expansion after taking on a range of assets
and 10 staff from GTEC, which fell into liquidation.
Oldham-based GTEC had a turnover of GBP2.5 million and primarily
served print management companies, according to PrintWeek News.
"I was offered a range of machinery from the liquidator, which I
purchased, and I offered some of the staff some jobs," said Barry
Pearson, managing director of Doncaster-based Expert Print, the
report notes.
The report relates that expert Print purchased a range of GTEC's
finishing kit including a large Screen CTP device, an MBO B30
folder, a Stahlfolder, a Polar 115 guillotine and a Heidelberg
Cylinder.
The business also took on 10 of GTEC's 25 staff, including sales
staff and press minders, along with its ledger, the report notes.
Mr. Pearson said he has retained 90% of the firm's customers.
The press operators from GTEC will move across to work in
Doncaster while the office staff will operate in a new Expert
Print office based in Oldham, the report relays. Expert Print did
not buy GTEC's premises, which have now closed, the report notes.
Expert Print has also opened a new additional 557sqm leased unit
in Doncaster in the past few weeks, the report relays. The
business now has more than 1,858sqm space between its units in
total and Pearson said the firm is next planning to build a new
3,716sqm factory in Doncaster after Christmas, the report
discloses.
Pearson said the latest round of investment over the course of the
past few weeks, which has topped GBP1 million in total, has opened
the company up to new opportunities, the report notes.
Expert Print, which was established five years ago, now has 40
staff and is anticipating a turnover of GBP7 million for the
current financial year, the report adds.
INTERSTAR MILLENNIUM: Fitch Assigns 'Bsf' Rating on Class B Notes
-----------------------------------------------------------------
Fitch Ratings placed three notes issued under Interstar Millennium
Series 2005-3E Trust on Rating Watch Negative (RWN) on June 19,
2015 due to the downgrade of The Royal Bank of Scotland plc (RBS,
BBB+/Stable/F2) on May 19, 2015. RBS is a currency swap provider
for the transaction.
Fitch's rating action commentary on June 19, 2015 stated that RBS
had not complied with its obligations to take remedial action
within 30 days of the downgrade, which was based on the
information Fitch had at the time. Fitch has subsequently become
aware that RBS did take remedial action within 30 days and
therefore complied with its obligations under the transaction's
swap documentation. RBS is collateralizing in accordance with the
transaction documents, which reflect Fitch's counterparty criteria
at the time of the transaction's closing.
As Fitch always applies its current criteria in assessing
transactions, the notes remain on RWN. Discussions between RBS and
the trust manager are continuing in relation to collateralizing in
accordance with Fitch's current counterparty criteria. Fitch
expects to resolve the RWN in upcoming weeks.
The ratings are as follows:
GBP46.8 million Class A2 notes (ISIN XS0232803709) 'AAAsf'; RWN
AUD37.0 million Class AB notes (ISIN AU300INTD010) 'AAAsf'; RWN
AUD44.5 million Class B notes (ISIN AU300INTD028) 'Bsf'; RWN
PINNACLES (UK): Director Gets 10-Yr Ban for Filing False VAT Doc
----------------------------------------------------------------
Gurvinder Luthra, director of a restaurant in London's Covent
Garden, has been disqualified from acting as a director for 10
years for submitting false VAT returns, failing to keep records
and filing incorrect accounts.
Mr. Luthra's disqualification follows an investigation by the
Insolvency Service.
Pinnacles (UK) Limited began trading as a restaurant in Covent
Garden in 2006. In 2010, the company opened a second restaurant in
London. Sales were lower than anticipated and the company
struggled to pay high overheads. In November 2013, the company
ceased to trade, and on Feb. 18, 2014, it entered into
Liquidation.
The investigation found:
* following an inspection of the Company's records in 2012,
HMRC discovered the company had deliberately under-declared
the amount of VAT due on returns between September 2010 and
May 2012
* Pinnacles failed to file any further returns and did not
make any payments to HMRC
* From Sept. 1, 2010, to liquidation Pinnacles received at
least GBP334,456 (including VAT refunds totalling GBP97,687)
and expended GBP334,461 of which no payments were made to
HMRC
* Mr. Luthra filed dormant accounts from 2007 to which he knew
were inaccurate given that the Company started trading in
November 2006.
Mr. Luthra also failed to ensure that Pinnacles maintained
adequate accounting records, and failed to deliver them up to the
Liquidator despite requests that he should do so. As a
consequence, amongst other things, it has not been possible to
establish the recipients of, and reasons for, payments totalling
GBP23,900 from the Company's bank account and the reasons for
payments made to a former company director totalling GBP28,183. At
the date of Liquidation HMRC were owed at least GBP155,980.
Commenting on the disqualification, Cheryl Lambert, Chief
Investigator at the Insolvency Service, said:
"Directors who submit false information to HMRC and don't pay
their tax bills can expect to be investigated by the Insolvency
Service and enforcement action taken to remove them from the
market place.
"Mr. Luthra caused HMRC to lose nearly GBP156,000, by filing false
returns and not making payments. He also filed false accounts and
did not maintain records.
"Taking action against Mr. Luthra is a warning to directors that
they need to consider and take seriously, their duties and
obligations."
USC: Sports Direct Chief Exec To Face Charges Over Administration
-----------------------------------------------------------------
North East News reports that the chief executive of retailer
Sports Direct, which is controlled by Newcastle United owner Mike
Ashley, has been charged with a criminal offence relating to the
administration of fashion retailer USC.
David Forsey has been charged with an offence contrary to section
194 of the Trade Union and Labor Relations (Consolidation) Act
1992, according to North East News. Mr. Forsey is accused of
failing to notify authorities of plans to lay off warehouse staff
in Scotland, the report relays.
West Coast Capital (USC) Ltd, which traded as USC, called in
administrators from Duff & Phelps in January 2015 after one of its
creditors issued a statutory demand for outstanding invoices, the
report notes.
A pre-pack deal was struck whereby retailer Republic, also owned
by Sports Direct, bought certain assets of USC for GBP1.65
million, the report discloses.
The deal saved more than 600 jobs, although 84 permanent staff
lost their jobs following the closure of a Scottish warehouse, the
report relays. About 200 employees worked at the facility,
although most were agency staff, the report notes.
A statement from the Insolvency Service confirmed that criminal
proceedings have now commenced against Sports Direct chief
executive David Forsey, the report discloses.
"He is charged with an offence contrary to section 194 of the
Trade Union and Labor Relations (Consolidation) Act 1992," it
said, the report relays.
"The investigation into the conduct of the directors is ongoing.
The enquiries are at an early stage and given the criminal
proceedings it is not possible nor would it be appropriate to
comment any further," the statement added, the report notes.
A hearing was initially scheduled for Chesterfield Magistrates
Courton August 15, 2015, but was adjourned. A hearing will now be
held on October 14, the report adds.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM
------- ------ ------ ------
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AA PLC AA/GBX EU -3387310342 2941216446
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AA PLC AAL L3 -3387310342 2941216446
AA PLC-SUB SHS 1253131D LN -3387310342 2941216446
AARDVARK TMC LTD 1768297Z LN -1779177.627 149732584.7
ABBOTT MEAD VICK 648824Q LN -1685905.65 168264096.2
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ACEROS PARA LA 1656Z SM -263940.0005 119468482.1
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ADRIA CABLE BV 4044453Z NA -62348693.94 188829025.3
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AEA TECHNOLO-FPR AATF LN -251538429 142000079.4
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*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman, Editors.
Copyright 2015. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-362-8552.
* * * End of Transmission * * *