/raid1/www/Hosts/bankrupt/TCREUR_Public/091124.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, November 24, 2009, Vol. 10, No. 232
Headlines
A U S T R I A
ARTIFICIUM GMBH: Claims Filing Deadline is December 1
BAUMEISTER ING: Claims Filing Deadline is December 1
MAIR REINHARD: Claims Filing Deadline is December 1
SMILJANIC GMBH: Claims Filing Deadline is December 1
VIENNA INTERNATIONAL: Claims Filing Deadline is December 1
B E L G I U M
KBC GROUP: S&P Raises Rating on Hybrid Instruments to 'B+'
F R A N C E
PEUGEOT CITROEN: Offers Bank 1.75 Percentage-Point Margin for Loan
G E R M A N Y
ARCANDOR AG: Franken Buys Kuechen-QUELLE; 15 Jobs Secured
LANDESBANK BERLIN: Moody's Assigns Long-Term Ratings on Bonds
WILHELM KARMANN: VW to Buy Assets to Launch New Vehicle Project
* GERMANY: Companies Seek Changes to Insolvency Law
G R E E C E
WIND HELLAS: Subordinated Note Holders Sweeten Takeover Bid
I C E L A N D
GLITNIR BANKI: Moody's Withdraws 'C' Long-Term Deposit Ratings
RMF EURO: Moody's Downgrades Rating on Class V Notes to 'B3'
I T A L Y
CIRENE FINANCE: S&P Affirms 'BB' Rating on Class E Notes
FIAT SPA: Unions Mull Protests Over Possible Plant Shutdown
K A Z A K H S T A N
ACB STROY: Creditors Must File Claims by December 2
BTA BANK: Demands Borrowers to Repay Loans Ahead of Schedule
EKIBASTUZSKAYA TEPLOTSENTRAL: Creditors Must File Claims by Dec. 2
KORGALJYN STROY: Creditors Must File Claims by December 2
KZ GAMES: Creditors Must File Claims by December 2
MEDEO CONSTRUCTION: Creditors Must File Claims by December 2
ORAZ 2000: Creditors Must File Claims by December 2
REM STROY-2006: Creditors Must File Claims by December 2
STAR STROY: Creditors Must File Claims by December 2
TECH PROM: Creditors Must File Claims by December 2
TRANS INFO: Creditors Must File Claims by December 2
K Y R G Y Z S T A N
SHAMSHAR: Creditors Must File Claims by December 16
L U X E M B O U R G
GELDILUX-TS-2009 SA: Moody's Withdraws Ba2 Rating on Class D Notes
KEYDATA INVESTMENT: Lifemark Calls In Provisional Administrator
N E T H E R L A N D S
ALCENTRA LIMITED: Fitch Takes Various Rating Actions on Four CLOs
BDR THERMEA: S&P Assigns 'BB-' Long-Term Corporate Credit Rating
HIGHLANDER EURO: Moody's Junks Ratings on Five Classes of Notes
LYONDELL CHEMICAL: Reliance Offers to Acquire Controlling Stake
R U S S I A
CFC BANK: Fitch Corrects Press Release; Withdraws All Ratings
RAIL LEASING: Fitch Affirms Issuer Default Rating at 'RD'
S P A I N
BBVA-HIPOTECARIO 3: Fitch Affirms 'BB' Rating on Class C Notes
FONDO DE TITULIZACION: Moody's Junks Rating on Class C Notes
PYME VALENCIA: Fitch Junks Ratings on Two Classes of Notes
S W I T Z E R L A N D
B.E.C.K. ERBEN: Claims Filing Deadline is November 30
CAPREA GMBH: Claims Filing Deadline is November 30
DELAGRO AG: Claims Filing Deadline is November 30
FRISCHMARKT ALTSTADT: Claims Filing Deadline is November 30
GLATREFI AG: Claims Filing Deadline is November 30
H.R. SCHAER: Claims Filing Deadline is November 27
STEINHALDEN AG: Claims Filing Deadline is November 30
STUDER FEUERUNGSTECHNIK: Claims Filing Deadline is November 30
TOMBAK GMBH: Claims Filing Deadline is November 30
TRAVELART AG: Claims Filing Deadline is November 30
U N I T E D K I N G D O M
AVEBURY FINANCE: S&P Downgrades Ratings on Various Notes to 'D'
BORDERS UK: On the Verge of Administration
FIRST QUENCH: KPMG to Close 381 Stores; 1,908 Jobs Affected
TUBE LINES: S&P Gives Negative Outlook; Affirms 'BB' Rating
X X X X X X X X
* Large Companies with Insolvent Balance Sheet
*********
=============
A U S T R I A
=============
ARTIFICIUM GMBH: Claims Filing Deadline is December 1
-----------------------------------------------------
Creditors of Artificium GmbH have until December 1, 2009, to file
their proofs of claim.
A court hearing for examination of the claims has been scheduled
for December 15, 2009 at 10:00 a.m.
For further information, contact the company's administrator:
Dr. Felix Stortecky
Schulerstrasse 18/II/8
1010 Vienna
Austria
Tel: 513 88 37
Fax: 513 88 37-37
E-mail: office@stortecky.at
BAUMEISTER ING: Claims Filing Deadline is December 1
----------------------------------------------------
Creditors of Baumeister Ing. Rudolf Glanzer GmbH have until
December 1, 2009, to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for December 15, 2009 at 9:30 a.m.
For further information, contact the company's administrator:
Mag. Norbert Abel
Franz Josefs-Kai 49/19
1010 Vienna
Austria
Tel: 533 52 72
Fax: 533 52 72 15
E-mail: office@abel-abel.at
MAIR REINHARD: Claims Filing Deadline is December 1
---------------------------------------------------
Creditors of Mair Reinhard Bau KG have until December 1, 2009, to
file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for December 15, 2009 at 13:45 p.m.
For further information, contact the company's administrator:
Dr. Hans Rant
Seilerstaette 5
1010 Vienna
Austria
Tel: 513 31 65
Fax: 512 20 01
E-mail: ra-kanzlei@rant-freyler.at
SMILJANIC GMBH: Claims Filing Deadline is December 1
----------------------------------------------------
Creditors of Smiljanic GmbH have until December 1, 2009, to file
their proofs of claim.
A court hearing for examination of the claims has been scheduled
for December 15, 2009 at 13:15 p.m.
For further information, contact the company's administrator:
Dr. Stefan Langer
Oelzeltgasse 4
1030 Vienna
Austria
Tel: 713 61 92
Fax: 713 61 92 22
E-mail: kanzlei@kosesnik-langer.at
VIENNA INTERNATIONAL: Claims Filing Deadline is December 1
----------------------------------------------------------
Creditors of Vienna International Exchange GmbH have until
December 1, 2009, to file their proofs of claim.
A court hearing for examination of the claims has been scheduled
for December 15, 2009 at 10:55 a.m.
For further information, contact the company's administrator:
Dr. Johannes Jaksch
Landstrasser Hauptstrasse 1/2
1030 Vienna
Tel: 713 44 33, 713 34 05
Fax: 713 10 33
E-mail: kanzlei@jsr.at
=============
B E L G I U M
=============
KBC GROUP: S&P Raises Rating on Hybrid Instruments to 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'A-/A-2' counterparty credit ratings on KBC Group N.V., its 'A/A-
1' counterparty credit ratings on KBC Bank N.V. and its 'A'
insurer financial strength rating on KBC Insurance N.V. S&P also
raised its debt ratings on the group's hybrid capital instruments
to 'B+' from 'CCC', or from 'C' for the remaining securities that
were subject to a distressed debt exchange in October 2009. The
outlook on all ratings remains stable.
"The rating affirmation follows the European Commission's approval
of the state aid packages and accompanying restructuring plan for
KBC and is based on S&P's view that the restructuring plan leaves
intact the core KBC Bank and KBC Insurance operations in Belgian
retail, Belgian corporate banking, Czech Republic, Slovakia,
Poland, Hungary, and Bulgaria, which contributed over 80% of group
underlying net profit in the first nine months of 2009," said
Standard & Poor's credit analyst Taos Fudji.
"The upgrade on the hybrid ratings reflects S&P's opinion of a
reduced risk of coupon deferral, based on exceptions to deferral
allowed by the EC and an improvement in earnings generation
capacity," said Mr. Fudji.
The stable outlook reflects S&P's belief that capital and
guarantee support measures from the Belgian authorities are likely
to mitigate further pressure on the KBC group's credit profile.
The current ratings factor in the potential for new loan loss
provisions to exceed 1% of average outstanding loans in 2009 and
for the KBC group to be marginally profitable, excluding the
losses related to CDOs.
Negative pressure on the ratings would arise in the unlikely case
that the KBC group's stand-alone financial profile were to
deteriorate to the point that support from Belgian authorities
would not be sufficient to maintain regulatory banking capital
ratios and an insurance solvency ratio in line with current pro
forma levels.
S&P currently considers an upgrade as remote in coming quarters,
due to the asset quality pressure from the negative economic
outlook in Central Europe and Russia and the challenges facing the
KBC group's profitability in this environment.
===========
F R A N C E
===========
PEUGEOT CITROEN: Offers Bank 1.75 Percentage-Point Margin for Loan
------------------------------------------------------------------
PSA Peugeot Citroen is offering banks interest of 1.75 percentage
points more than benchmark rates to contribute to its
EUR1.3-billion (US$1.9 billion) credit line, Abigail Moses and
Patricia Kuo at Bloomberg News report, citing two people familiar
with the deal.
According to Bloomberg, Peugeot is raising the money through
Banque PSA Finance, its sales-financing unit.
Bloomberg reltes the people said the company hired seven banks to
arrange the 3 1/2-year revolving-credit facility.
PSA Peugeot Citroen S.A. -- http://www.psa-peugeot-citroen.com/--
is a France-based manufacturer of passenger cars and light
commercial vehicles. It produces vehicles under the Peugeot and
Citroen brands. In addition to its automobile division, the
Company includes Banque PSA Finance, which supports the sale of
Peugeot and Citroen vehicles by financing new vehicle and
replacement parts inventory for dealers and offering financing and
related services to car buyers; Faurecia, an automotive equipment
manufacturer focused on four component families: seats, vehicle
interior, front end and exhaust systems; Gefco, which offers
logistics services covering the entire supply chain, including
overland, sea and air transport, industrial logistics, container
management, vehicle preparation and distribution, and customs and
value added tax (VAT) representation, and Peugeot Motocycles,
which manufactures scooters and motorcycles. In 2008, PSA Peugeot
Citroen S.A. sold over 3.2 million vehicles in 150 countries
worldwide.
* * *
As reported in the Troubled Company Reporter-Europe on Aug. 10,
2009, Standard & Poor's Ratings Services lowered its long- and
short-term corporate credit ratings on Peugeot to 'BB+/B' from
'BBB-/A-3'. S&P said the outlook is negative. The ratings were
removed from CreditWatch, where they had been placed with negative
implications on June 25, 2009. "The downgrade reflects S&P's
expectations that Peugeot's profitability and financial profile
will deteriorate significantly owing to the prolonged weakness in
European auto demand, which S&P now anticipate will persist in
2010 in contrast to S&P's previous assumption of a market recovery
that was a factor in S&P's previous ratings," said Standard &
Poor's credit analyst Barbara Castellano.
=============
G E R M A N Y
=============
ARCANDOR AG: Franken Buys Kuechen-QUELLE; 15 Jobs Secured
---------------------------------------------------------
Mike Gavin at Bloomberg News reports that Arcandor AG's insolvency
administrator said the investor group "Franken," involving
businessmen Alexander Fackelmann and Hannes Streng, is acquiring
Kuechen-QUELLE.
According to Bloomberg, the administrator said in an e-mailed
statement Friday the deal will secure 15 jobs.
About Arcandor AG
Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group. Its
three core business areas are tourism, mail order services and
department store retail. The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt. Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG. It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle. Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.
On Sept. 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that a local court in Essen formally
opened insolvency proceedings for the Arcandor on Sept. 1.
Bloomberg disclosed the proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.
As reported in the Troubled Company Reporter-Europe, on June 9,
2009, Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees. On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people. The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program. It also sought a further EUR437 million
from a state-owned bank.
LANDESBANK BERLIN: Moody's Assigns Long-Term Ratings on Bonds
-------------------------------------------------------------
Moody's Investors Service has assigned this definitive long-term
rating to the third series of mortgage covered bonds issued by
Landesbank Berlin AG (A1/Prime-1/D+) under its Daheim Nr. 1
covered bond program:
-- EUR40 million Series 3 due November 2016 assigned Aaa
This covered bond programme was established in Germany under
general German law, unlike other German covered bonds which rely
on specific legislation (the Pfandbrief Act).
Series 3 is backed by a secured loan granted to a German savings
bank (the borrower; undisclosed by the issuer) --following the
"Funding Alternative"under the programme. This loan is in turn
backed by a residential mortgage loan portfolio that was
originated by the borrower.
The covered bond investors benefit from both the credit strength
of LBB and the rights of security in respect of the cover pool.
The cover pool is supported by:
i) Direct recourse to the borrower through the pledge of a
secured loan for the benefit of the noteholders; and
ii) If the borrower fails to meet its obligations under the
secured loan agreement, a pool of residential loans
originated by the borrower.
The programme has been structured using techniques designed to
ensure that the cover pool is ring-fenced in the event of issuer
insolvency. The programme has been established under general
German law. However, the issuer has incorporated a number of
credit enhancement techniques in this programme, which has enabled
it to create a covered bond that has similar characteristics to
covered bonds backed by a specific legal framework.
The structural features included in Series 3, which mitigate
credit risks found in many covered bonds that rely on specific
covered bond legislation include a built-in extension to the
maturity of the notes (thus mitigating refinancing risk) and the
matched maturities of the pledged secured loan and the notes (thus
mitigating market and refinancing risks).
Moody's has assigned a Timely Payment Indicator of "Probable" to
the covered bonds.
As is the case with other covered bonds, Moody's considers the
transaction to be linked to the credit strength of the Issuer,
particularly from a default probability perspective. If the
issuer's credit strength deteriorates, all other things being
equal the rating of the covered bonds could be expected to come
under pressure.
If the issuer's rating or the pool quality deteriorates, the
issuer has the ability, but not the obligation, to increase the
over-collateralization in the cover pool. Failure to increase the
level of over-collateralization under these circumstances could
lead to negative rating actions.
The rating assigned by Moody's addresses the expected loss posed
to investors. Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.
WILHELM KARMANN: VW to Buy Assets to Launch New Vehicle Project
---------------------------------------------------------------
Daniel Schafer at The Financial Times reports that Volkswagen AG
on Friday said it would buy land, machinery and equipment from
Wilhelm Karmann GmbH.
According to the FT, VW plans to establish a new Volkswagen car
manufacturing subsidiary in Osnabrueck, Karmann's hometown, to
launch a new niche vehicle project there in 2011.
As reported by the Troubled Company Reporter-Europe on Nov. 3,
2009, Bloomberg News said VW was considering buying assets of
Karmann instead of a complete takeover. Bloomberg disclosed
Karmann filed for bankruptcy protection in April as the worst
slump in automotive markets for decades left the manufacturer
unable to pay workers.
Headquartered in Osnabrueck, Wilhelm Karmann GmbH --
http://www.karmann.com/-- is the largest independent motor
vehicle manufacturing company in Germany.
* GERMANY: Companies Seek Changes to Insolvency Law
---------------------------------------------------
Andreas Cremer at Bloomberg News reports that Handelsblatt, citing
the DIHK chambers of industry and commerce, said German companies
are proposing changes to the country's insolvency law as current
rules provide insufficient aid to bankrupt businesses and
creditors.
According to Bloomberg, the newspaper said new bankruptcy laws
should give creditors more influence on choosing liquidators and
ensure that restructuring efforts help preserve insolvent
companies.
===========
G R E E C E
===========
WIND HELLAS: Subordinated Note Holders Sweeten Takeover Bid
-----------------------------------------------------------
Martin Arnold at The Financial Times reports that holders of
EUR1.2 billion of Wind Hellas's subordinated notes have sweetened
their offer to write off much of their debt in exchange for taking
over the company, which has EUR3.2 billion of debt.
According to the FT, their revised offer would make EUR200 million
of fully committed equity funding available for the company via an
escrow account, with EUR100 million to be drawn immediately and
the rest available as needed by the company.
The subordinated note holders are also offering to acquire Wind
Hellas's EUR250 million fully drawn revolving credit facility
and to increase the fees and margins paid to senior lenders above
the level offered by Weather Investments, whose restructuring
offer, which secured the support of more than half of Wind
Hellas's senior lenders, would wipe out about EUR1.5 billion of
the company's subordinated debt.
"Our new and binding bid is worth EUR450 million for Hellas and
shows our strong commitment to the company," the FT quoted a
spokesman for the bondholders, as saying. "This bid cannot be
dismissed; it is patently in the best interests of all creditors
and of the company."
The fate of Wind Hellas will be determined by the High Court on
Thursday, the FT notes.
Headquartered in Athens, WIND Hellas Telecommunications S.A. --
http://www.wind.com.gr/-- is part of Weather Investments, a
global telecommunication group controlled by the Sawiris family
and Naguib Sawiris. Weather also owns Wind Telecommunicazioni
spa, the third largest mobile operator and second largest fixed
line operator in Italy as well as a 50% plus one share of Orascom
Telecom Holding S.A.E.
* * *
As reported in the Troubled Company Reporter-Europe on Nov. 19,
2009, Standard & Poor's Ratings Services said it lowered its long-
term corporate credit rating on Greek mobile telecommunications
operator WIND Hellas Telecommunications S.A. and related entities
to 'SD' from 'CC'.
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I C E L A N D
=============
GLITNIR BANKI: Moody's Withdraws 'C' Long-Term Deposit Ratings
--------------------------------------------------------------
Moody's Investors Service has withdrawn all the ratings of Glitnir
banki hf, for business reasons. This rating action does not
reflect a change in the bank's creditworthiness.
These ratings of Glitnir have been withdrawn:
-- Long-term deposit rating of C
-- Senior unsecured debt rating of C
-- Subordinated debt rating of C
-- Hybrid debt rating of C
-- Short-term deposit and debt ratings of Not Prime
-- Bank financial strength rating of E
Further, Glitnir cancelled its Covered Bond Programme on 2
November 2009.
Moody's last rating action on Glitnir was on 11 February 2009 when
it downgraded the bank's long-term deposit rating to C from Caa1
and senior debt ratings to C from Caa2, while affirming its E BFSR
and Not Prime short-term local and foreign currency deposit
ratings. All the ratings carried a stable outlook.
Headquartered in Reykjavik, Iceland, Glitnir banki hf had total
assets recorded on its balance sheet of EUR11.527 billion at the
end of June 2009 (according to the 5 November 2009 update of the
Statement of Assets and Liabilities, prepared by Glitnir's
Moratorium Appointee).
RMF EURO: Moody's Downgrades Rating on Class V Notes to 'B3'
------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by RMF Euro CDO III PLC.
-- EUR252,000,000 Class I Senior Secured Floating Rate Notes
due 2021 (current balance of EUR 244,119,229.82), Downgraded
to Aa2; previously on August 11, 2005 Assigned Aaa;
-- EUR20,100,000 Class II Senior Secured Deferrable Rate Notes
due 2021, Downgraded to A3; previously on March 4, 2009 Aa3
Placed Under Review for Possible Downgrade;
-- EUR14,700,000 Class III Deferrable Mezzanine Floating Rate
Notes due 2021, Confirmed at Baa3; previously on March 19,
2009 Downgraded to Baa3 and Remained On Review for Possible
Downgrade;
-- EUR23,300,000 Class IV Deferrable Mezzanine Floating Rate
Notes due 2021, Downgraded to B1; previously on March 19,
2009 Downgraded to Ba3 and Remained On Review for Possible
Downgrade;
-- EUR10,500,000 Class V Deferrable Mezzanine Floating Rate
Notes due 2021 (current balance of EUR 11,354,321.21),
Downgraded to B3; previously on March 19, 2009 Downgraded to
B2 and Remained On Review for Possible Downgrade.
This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as approximately 18.6% mezzanine loan
exposure.
The rating actions reflect Moody's revised assumptions with
respect to default probability and the calculation of the
diversity score as described in the press release dated
February 4, 2009, titled "Moody's updates key assumptions for
rating CLOs." These revised assumptions have been applied to all
corporate credits in the underlying portfolio, the revised
assumptions for the treatment of ratings on "Review for Possible
Downgrade", "Review for Possible Upgrade", or with a "Negative
Outlook" being applied to those corporate credits that are
publicly rated.
Moody's also notes that a material proportion of the collateral
pool consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. As credit estimates do
not carry credit indicators such as ratings reviews and outlooks,
a stress of a quarter notch-equivalent assumed downgrade was
applied to each of these estimates.
According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2973), and an increase in the proportion of
securities from issuers rated Caa1/CCC+ and below (currently 18.4%
of the portfolio). These measures were taken from the recent
trustee report dated 30, October 2009. Moody's also performed a
number of sensitivity analyses, including consideration of a
further decline in portfolio WARF quality. Due to the impact of
all the aforementioned stresses, key model inputs used by Moody's
in its analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.
In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current 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, may influence the
final rating decision.
=========
I T A L Y
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CIRENE FINANCE: S&P Affirms 'BB' Rating on Class E Notes
--------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the class
B notes that Cirene Finance S.r.l. issued. At the same time, S&P
affirmed and removed from CreditWatch negative its ratings on the
class D and E notes. The ratings on class A and C remain
unaffected.
The rating actions follow S&P's review of the nonperforming loan
portfolio's performance, the residual portfolio composition and
connected collection prospects, and the structural deleveraging
recorded since closing.
The structural deleveraging of the transaction was the main factor
in the upgrade of the class B notes. S&P also concluded that S&P
can affirm and remove from CreditWatch negative the outstanding
ratings on the junior tranches.
The rating actions also take into account S&P's assessment of the
current economic environment and the lower available liquidity for
residential and commercial real estate acquisitions, which could
lengthen the timing of collections and reduce recovery rates.
Cirene features a pass-through structure where the issuer uses all
cash remaining in the waterfall after the payment of the interest
on the rated notes to redeem the most senior outstanding tranches.
As of the latest interest payment date, the issuer has redeemed
around 47% of the original rated debt.
The open gross book value -- the original gross value of the
claims -- as of the latest IPD was about EUR155 million. Since
closing, the servicer has recovered EUR43 million on the fully
closed positions (representing 55% of the total collections from
the transfer date). The remaining recoveries are related to
partial collections on previously open positions. By using the
average recovery rate recorded on fully closed positions (74.83%)
to extrapolate the GBV connected to partial collections, S&P
estimate that the adjusted open GBV would be about EUR110 million.
Advance rates (defined as rated debt over adjusted open GBV) have
improved significantly for classes A, B, and C since closing.
Over the past two semiannual collection periods gross collections
have been around EUR15.8 million, down from EUR22.8 million
recorded in the previous two collection periods. Although part of
this drop may be due to the ongoing reduction of the active GBV,
S&P believes that the current economic environment may also have
contributed.
The underlying portfolio's composition has not changed
significantly since closing. As it matures, the portfolio
continues to be skewed toward relatively recent defaults. The
distribution by borrower type and the geographical concentration
of the outstanding GBV compared with the open GBV do not differ
significantly from the closing portfolio.
The collateral backing the transaction comprises a portfolio of
secured and unsecured NPLs that Banca Monte dei Paschi di Siena
SpA originated. The outstanding portfolio largely comprises
positions secured by first-ranking mortgages on residential and
commercial/industrial properties. About 20% of the open GBV
represents unsecured claims connected to secured positions
included in the portfolio. The servicer is MPS Gestione Crediti
Banca SpA.
Ratings List
Cirene Finance S.r.l.
EUR79.50 Million Mortgage-Backed Floating-Rate Notes and EUR21.93
Million Deferrable-Interest Notes
Rating Raised
Rating
------
Class To From
----- -- ----
B AA+ AA
Ratings Affirmed and Removed From CreditWatch Negative
Rating
------
Class To From
----- -- ----
D BBB BBB/Watch Neg
E BB BB/Watch Neg
FIAT SPA: Unions Mull Protests Over Possible Plant Shutdown
-----------------------------------------------------------
Chiara Remondini at Bloomberg News, citing daily la Reppublica,
reports that Fiat SpA's labor unions plan to stage protests
against the possible shutdown of factories in Italy.
Bloomberg relates Enzo Masini, leader of the Fiom-Cgil union, as
cited by the newspaper, said "The closure of plants in Italy would
be a disaster."
Bloomberg, citing the daily, discloses Fiat Chief Executive
Officer Sergio Marchionne aid Nov. 20 that in Italy there are six
factories whose output is equivalent to that of a single plant in
Brazil.
About Fiat SpA
Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA. With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.
* * *
As reported in the Troubled Company Reporter-Europe on
June 16, 2009, Standard & Poor's Ratings Services said that its
'BB+' long-term corporate credit rating on Italian industrial
group Fiat SpA remains on CreditWatch with negative implications,
where it was placed on Jan. 22, 2009. At the same time, the 'B'
short-term corporate credit rating was affirmed.
===================
K A Z A K H S T A N
===================
ACB STROY: Creditors Must File Claims by December 2
---------------------------------------------------
Creditors of LLP Acb Stroy Energo Montage have until December 2,
2009, to submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of Aktobe
Satpaev Str. 16
Aktobe
Kazakhstan
The court commenced bankruptcy proceedings against the company on
July 31, 2009.
BTA BANK: Demands Borrowers to Repay Loans Ahead of Schedule
------------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that BTA Bank has
asked borrowers to repay billions of dollars ahead of schedule as
it struggles to collect on loans made by previous management.
According to Bloomberg, First Deputy Chief Executive Officer
Nikolai Varenko said BTA called in more than US$4 billion of
loans, including the requests for early payment, as of Oct. 1.
"We demanded borrowers pay multibillions of loans ahead of
schedule," Bloomberg quoted Mr. Varenko as saying in an interview
in Almaty, Kazakhstan. "We demand early repayment in cases where
the bank management views on-time repayment as problematic."
Bloomberg recalls Kazakh prosecutors issued arrest warrants for
former BTA Chairman Mukhtar Ablyazov and former CEO Roman
Solodchenko in March on suspicion that they embezzled money and
laundered it through loans to fictitious companies.
As reported by the Troubled Company Reporter-Europe on Oct. 27,
2009, Bloomberg News said a court in Kazakhstan accepted a BTA's
"lenders debt-restructuring application." Bloomberg disclosed
Kazakhstan's financial regulator set a Dec. 7 deadline for the
bank to reach an agreement with creditors.
BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients. The Bank has in its
offer personal banking services, comprised of current accounts,
savings accounts, term deposits, safety deposit boxes, money
transfer services, credit facilities, and corporate banking
services, including business accounts, credit facilities, treasury
services, letters of guarantee, letters of credit, foreign
exchange services, remittances and other solutions, as well as
debt and credit cards, card services and electronic banking
services. The Bank has 14 subsidiaries and six affiliated
companies. It offers its services through a network of numerous
regional branches, cash settlement centers throughout Kazakhstan
and international representative offices located in Ukraine,
Russia, China and the United Arab Emirates.
EKIBASTUZSKAYA TEPLOTSENTRAL: Creditors Must File Claims by Dec. 2
------------------------------------------------------------------
Creditors of LLP Ekibastuzskaya Teplotsentral have until December
2, 2009, to submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of Pavlodar
Djambulskaya Str. 6
Pavlodar
Kazakhstan
The court commenced bankruptcy proceedings against the company on
September 11, 2009.
KORGALJYN STROY: Creditors Must File Claims by December 2
---------------------------------------------------------
Creditors of LLP Korgaljyn Stroy Service have until December 2,
2009, to submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of South Kazakhstan
Tynybaev Str. 42
Shymkent
Kazakhstan
The court commenced bankruptcy proceedings against the company on
September 18, 2009.
KZ GAMES: Creditors Must File Claims by December 2
--------------------------------------------------
Creditors of Kz Games have until December 2, 2009, to submit
proofs of claim to:
Kurmanagazy Str. 67-16
Almaty
Kazakhstan
The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on June 10, 2009, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Almaty
Baizakov Str. 273b
Almaty
Kazakhstan
MEDEO CONSTRUCTION: Creditors Must File Claims by December 2
------------------------------------------------------------
LLP Medeo Construction Ltd. is currently undergoing liquidation.
Creditors have until December 2, 2009, to submit proofs of claim
to:
Dostyk Ave. 87v
Almaty
Kazakhstan
ORAZ 2000: Creditors Must File Claims by December 2
---------------------------------------------------
Creditors of Oraz 2000 have until December 2, 2009, to submit
proofs of claim to:
Kurmanagazy Str. 67-16
Almaty
Kazakhstan
The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on June 10, 2009, after
finding it insolvent.
The Court is located at:
The Specialized Inter-Regional
Economic Court of Almaty
Baizakov Str. 273b
Almaty
Kazakhstan
REM STROY-2006: Creditors Must File Claims by December 2
--------------------------------------------------------
Representation of LLP Rem Stroy-2006 is currently undergoing
liquidation. Creditors have until December 2, 2009, to submit
proofs of claim to:
Tokaev Str. 7/A
Talgarsky District
Talgar
Kazakhstan
STAR STROY: Creditors Must File Claims by December 2
----------------------------------------------------
Creditors of LLP Star Stroy Kz have until December 2, 2009, to
submit proofs of claim to:
The Specialized Inter-Regional
Economic Court of South Kazakhstan
Tynybaev Str. 42
Shymkent
Kazakhstan
The court commenced bankruptcy proceedings against the company on
September 18, 2009.
TECH PROM: Creditors Must File Claims by December 2
---------------------------------------------------
Representation of LLP Tech Prom Impex is currently undergoing
liquidation. Creditors have until December 2, 2009, to submit
proofs of claim to:
Satpaev Str. 90
Bostandyksky District
050046 Almaty
Kazakhstan
TRANS INFO: Creditors Must File Claims by December 2
----------------------------------------------------
Representation of LLP Trans Info Service is currently undergoing
liquidation. Creditors have until December 2, 2009, to submit
proofs of claim to:
Jeltoksan Str. 36-62
Almaty
Kazakhstan
===================
K Y R G Y Z S T A N
===================
SHAMSHAR: Creditors Must File Claims by December 16
---------------------------------------------------
Manufacturing-Commercial Firm Shamshar is currently undergoing
liquidation. Creditors have until December 16, 2009, to submit
proofs of claim:
Inquires can be addressed to (+996 312) 63-22-51
===================
L U X E M B O U R G
===================
GELDILUX-TS-2009 SA: Moody's Withdraws Ba2 Rating on Class D Notes
------------------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of the notes
issued by Geldilux-TS-2009 S.A.:
-- EUR12,000,000 (initial balance) Secured Floating Rate
Liquidity Notes due 2012, previously on 23 April 2009,
assigned Aaa
-- EUR952,000,000 (initial balance) Class A Secured Floating
Rate Notes due 2014, previously on 23 April 2009, assigned
Aaa
-- EUR10,000,000 (initial balance) Class B Secured Floating Rate
Notes due 2014, previously on 23 April 2009, assigned A2
-- EUR10,000,000 (initial balance) Class C Secured Floating Rate
Notes due 2014, previously on 23 April 2009, assigned Baa2
-- EUR10,000,000 (initial balance) Class D Secured Floating Rate
Notes due 2014, previously on 23 April 2009, assigned Ba2
The Class E secured floating rate notes, which are not rated by
Moody's, remain partially outstanding.
The withdrawal of the ratings follows the full redemption at par
at the payment date on 9 November 2009. This early redemption
followed an amortization notice sent to noteholders on 2 November
2009.
KEYDATA INVESTMENT: Lifemark Calls In Provisional Administrator
---------------------------------------------------------------
Caroline Binham and Stephanie Bodoni at Bloomberg News report that
Lifemark SA, a Luxembourg-based investment vehicle that issued
bonds sold by insolvent Keydata Investment Services Ltd., named
KPMG Advisory Sarl as a provisional administrator.
According to Bloomberg, the Commission de Surveillance du Secteur
Financier said in a statement the decision isn't part of a
bankruptcy procedure. Bloomberg relates Luxembourg's CSSF said
KPMG's Eric Collard will work with Lifemark's board to resolve the
company's "current problems."
Under Luxembourg law, a provisional administrator is an interim
measure the CSSF can take while investigating a company for
regulatory irregularities, Bloomberg discloses.
As reported by the Troubled Company Reporter-Europe, Dan
Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of Keydata on June 8, 2009. The
appointment was made based on an application to court by the
Financial Services Authority on insolvency grounds.
Keydata Investment Services Ltd. designs, distributes and
administers structured investment products. Keydata operates from
three locations, being London, Glasgow and Reading and administers
its own products as well as portfolios for third parties.
=====================
N E T H E R L A N D S
=====================
ALCENTRA LIMITED: Fitch Takes Various Rating Actions on Four CLOs
-----------------------------------------------------------------
Fitch Ratings has taken various rating actions on four
collateralized loan obligations of leveraged loans managed by
Alcentra Limited.
The rating actions resolve the Rating Watch Negative status
assigned in August 2009 following a recent clustering of defaults
which have been compounded by continued negative rating migration
in the European leveraged loan market. The rating actions are:
Jubilee CDO II
-- EUR296.5m Class A-1 (XS0150181278) affirmed at 'AAA'; Outlook
Stable; assigned Loss Severity Rating 'LS-1'
-- EUR2.96m Class A-2 (XS0150183647) affirmed at 'AAA'; Outlook
Stable; assigned 'LS-1'
-- EUR36m Class AX (XS0150194768) affirmed at 'AAA'; Outlook
Stable; assigned 'LS-3'
-- EUR45.8m Class B-1 (XS0150204740) affirmed at 'A'; removed
from RWN; assigned Outlook Negative; assigned 'LS-3'
-- EUR7.5m Class B-2 (XS0150210127) affirmed at 'A'; removed
from RWN; assigned Outlook Negative; assigned 'LS-3'
-- EUR15m Class C-1 (XS0150212503) downgraded to 'BB' from
'BBB'; removed from RWN; assigned Outlook Negative; assigned
'LS-4'
-- EUR5m Class C-2 (XS0150215860) downgraded to 'BB' from 'BBB';
removed from RWN; assigned Outlook Negative; assigned 'LS-4'
-- EUR11.25m Class C-3 (XS0150224003) downgraded to 'BB' from
'BBB'; removed from RWN; assigned Outlook Negative; assigned
'LS-4'
-- EUR6.55m Class D (XS0150227790) downgraded to 'B' from 'BB';
removed from RWN; assigned Outlook Negative; assigned 'LS-5'
-- EUR2.96m Class P combination notes (XS0150236437) affirmed at
'AAA'; Outlook Stable
-- EUR5m Class Q combination notes (XS0150237328) downgraded to
'BB' from 'BBB'; removed from RWN; assigned Outlook Negative
-- EUR6.8m Class R combination notes (XS0150238219) affirmed at
'A'; removed from RWN; assigned Outlook Negative
-- EUR11.25m Class S combination notes (XS0150238649) downgraded
to 'BB' from 'BBB'; removed from RWN; assigned Outlook
Negative
Jubilee CDO VIII(Jubilee VIII)
-- EUR238.7m Class A-1 (XS0331559640) affirmed at 'AAA'; Outlook
Stable; assigned 'LS-2'
-- EUR24m Class A-2 (XS0331560572) affirmed at 'AAA'; Outlook
Stable; assigned 'LS-4'
-- EUR42 Class B (XS0331560655) downgraded to 'A' from 'AA';
Outlook Negative; assigned 'LS-4'
-- EUR20m Class C (XS0331560903) downgraded to 'BBB' from 'A';
removed from RWN; assigned Outlook Negative; assigned 'LS-5'
-- EUR18m Class D (XS0331561208) downgraded to 'BB' from 'BBB';
removed from RWN; assigned Outlook Negative; assigned 'LS-5'
-- EUR16m Class E (XS0331561463) downgraded to 'B' from 'BB';
removed from RWN; assigned Outlook Negative; assigned 'LS-5'
Wood Street CLO V(Wood Street V)
-- EUR29.8m Class A-T (US978639AM42) affirmed at 'AAA'; Outlook
Stable; assigned 'LS-2'
-- EUR166.9m Class A-D (XS0305963588) affirmed at 'AAA'; Outlook
Stable; assigned 'LS-2'
-- EUR99.4m Class A-R affirmed at 'AAA'; Outlook Stable;
assigned 'LS-2'
-- EUR40m Class A-2 (XS0305963745) affirmed at 'AAA'; Outlook
Stable; assigned 'LS-4'
-- EUR40m Class B (XS0305963828) downgraded to 'A' from 'AA';
Outlook Negative; assigned 'LS-4'
-- EUR20m Class C-1 (XS0305964123) downgraded to 'BBB' from 'A';
removed from RWN; assigned Outlook Negative; assigned 'LS-4'
-- EUR10m Class C-2 (XS0305964396) downgraded to 'BBB' from 'A';
; removed from RWN; assigned Outlook Negative; assigned 'LS-
4'
-- EUR26m Class D (XS0305964800) downgraded to 'BB' from 'BBB';
removed from RWN; assigned Outlook Negative; assigned 'LS-4'
-- EUR15m Class E-1 (XS0305965286) downgraded to 'B' from 'BB';
removed from RWN; assigned Outlook Negative; assigned 'LS-5'
-- EUR5m Class E-2 (XS0305965799) downgraded to 'B' from 'BB';
removed from RWN; assigned Outlook Negative; assigned 'LS-5'
Wood Street CLO VI(Wood Street VI)
-- EUR 207.1m Class A-1 (XS0315358084) affirmed at 'AAA';
Outlook Stable; assigned 'LS-2'
-- EUR15m Class A-2 (XS0315362433) affirmed at 'AAA'; Outlook
Stable; assigned 'LS-4'
-- EUR23.7m Class B (XS0315364991) affirmed at 'AA'; Outlook
Stable; assigned 'LS-4'
-- EUR18.4m Class C (XS0315365451) affirmed at 'A'; removed from
RWN assigned Outlook Stable; assigned 'LS-4'
-- EUR15.5m Class D (XS0315365618) affirmed at 'BBB'; removed
from RWN assigned Outlook Negative; assigned 'LS-4'
-- EUR13.2m Class E (XS0315366186) downgraded to 'B' from 'BB';
removed from RWN assigned Outlook Negative; assigned 'LS-5'
The rating actions reflect the recent leveraged loan defaults and
increasing 'CCC'-rated asset exposure in the portfolios. Fitch
employed its global rating criteria for corporate CDOs to analyze
the quality of the underlying assets. In accordance with the
agency's cash flow analysis criteria, Fitch also modelled the
transactions' priority of payments including relevant structural
features such as the excess spread-trapping mechanism and coverage
tests. Although some credit protection remains for the downgraded
notes, Fitch's long term outlook remains negative. The
performance of the downgraded tranches is highly dependent on
portfolio recovery prospects. The Negative Outlooks reflect
Fitch's long-term view of the increased likelihood of downgrades
driven by lower-than-expected recoveries.
Jubilee II is the only one of these four Alcentra-managed CLOs
whose reinvestment period has ended. After the reinvestment
period, only proceeds from the sale of credit-improved obligations
and unscheduled principal proceeds may be reinvested. Class A-1
has started to delever, and the transaction is currently passing
all its overcollateralisation tests. Fitch notes that the manager
has purchased assets at a deep discount below 50 cents to the
euro. However, as per the deal documentation, these assets are
valued at par for the purpose of calculating the OC tests. In
Fitch's view, the combination of valuing discounted asset at par
and the lack of any 'CCC' haircut weakens the effectiveness of OC
tests in the transaction. The transaction has suffered four
defaults to date. The cumulative default rate is 3.5% of the
target par amount. Furthermore, 14% of the portfolio consists of
'CCC' or lower rated obligors. The affirmation of the class A and
B notes reflect their robust credit enhancement driven by OC
tests, excess spread and continued deleveraging. The downgrades
of the class C and D notes reflect their reduced protection
following the defaults and negative portfolio migration.
Jubilee VIII has suffered four defaults to date. The cumulative
default rate represents 6.2% of the target par amount of the
transaction. In addition, 17.1% of the portfolio now consists of
'CCC' or lower rated obligors. As a result of negative portfolio
migration, the CE of all tranches has been reduced and the class
C, class D and class E OC tests are now breached. The affirmation
of the class A-1 and class A-2 notes reflects the robust CE driven
by OC and excess spread. At the last payment date in July 2009,
EUR1.3m of interest proceeds were diverted to repay the class A-1
notes. The downgrades of the class B, class C, class D and class
E notes reflect their reduced protection following the defaults
and negative portfolio migration.
Wood Street V has suffered six defaults to date. The cumulative
default rate represents 5.9% of the target par amount of the
transaction. In addition, 8.3% of the portfolio now consists of
'CCC' or lower rated obligors. As a result of negative portfolio
migration, the CE of all tranches has been reduced and the class E
OC test is now breached. The affirmation of the class A-T, class
A-D, class A-R and class A-2 notes reflects the robust CE driven
by OC and excess spread. At the last payment date in September
2009, EUR1.9m of interest proceeds were diverted to repay the
class A-T, class A-D and Class A-R notes. The downgrades of the
class B, class C-1, class C-2, class D, class E-1 and class E-2
notes reflect their reduced protection following the defaults and
negative portfolio migration.
Wood Street VI has suffered four defaults to date. The cumulative
default rate represents 7.2% of the target par amount. In
addition, 19.2% of the portfolio consists of 'CCC' or lower rated
obligors. As a result of negative portfolio migration, the class
D and class E OC tests are now breached. Fitch notes that the
manager has purchased several assets at 85 cents to the euro, 85
cents being the price below which assets would be classified as
discounted assets and would be valued at the purchase price rather
than par for the purpose of calculating OC tests. At the last
payment date in October 2009, EUR2.8m of interest proceeds were
diverted to repay the class A-1 notes. The affirmations of the
class A, B, C, and D notes reflect sufficient CE levels and robust
performance in the scenario analysis of the level of defaults that
the rated notes can sustain. The downgrade of the class E notes
reflects the reduced credit protection for these notes due to the
defaults and negative portfolio migration.
BDR THERMEA: S&P Assigns 'BB-' Long-Term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB-'
long-term corporate credit rating to Netherlands-based heating
products manufacturer BDR Thermea Group B.V. The outlook is
stable.
At the same time, the 'CC' long-term corporate credit rating on
Baxi Holdings Ltd. was withdrawn.
In addition, the subordinated debt rating on the GBP100 million
second-lien mezzanine notes issued by Baxi's finance subsidiary
Heating Finance PLC, and guaranteed by BDR and its other
subsidiaries, was raised to 'B' from 'C'. The recovery rating on
the notes remains unchanged at '6', indicating S&P's expectation
of negligible recovery (0%-10%) in the event of a payment default.
BDR, the third-largest European heating product manufacturer, was
created from the merger of De Dietrich Remeha Group and Baxi
Group. "The rating on BDR reflects S&P's view of the group's weak
business risk profile, characterized by good profitability, and a
strong, well-diversified position in the European heating products
market, which S&P view as mature, seasonal, moderately cyclical,
and highly competitive," said Standard & Poor's credit analyst
Andres Albricci. "It also reflects BDR's significant financial
risk profile, with high absolute debt levels. This is balanced by
strong cash generating ability, adequate liquidity, and a credit
supportive financial policy."
In S&P's view, BDR will be able to generate positive free
operating cash flow and reduce its debt levels gradually. At the
current rating level, S&P anticipates that BDR will achieve FFO to
debt of about 20% in 2009.
S&P could revise the outlook to negative if S&P considered that
BDR would not be able to achieve and maintain an FFO-to-debt ratio
of about 20% beyond 2009, if discretionary cash generation were
weaker than S&P anticipated, or if there were a shift to a more
aggressive financial policy. Other factors that could contribute
to a downward revision of the outlook include a sustained negative
trend in sales, an EBITDA margin lower than the 12% level, and
insufficient discretionary cash to cover debt maturities in 2009
and 2010.
S&P could revise the outlook to positive if the company were to
improve its key credit metrics more than S&P anticipates. S&P
would also need to be more certain that the integration and
corporate governance of the combined BDR group had been executed
effectively.
HIGHLANDER EURO: Moody's Junks Ratings on Five Classes of Notes
---------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Highlander Euro CDO III B.V.
-- EUR536M Class A Senior Secured Floating Rate Notes due 2023
(currently EUR523,637,892 outstanding), Downgraded to Aa3;
previously on May 21, 2007 Assigned Aaa
-- EUR76M Class B Senior Secured Floating Rate Notes due 2023,
Downgraded to Baa3; previously on Mar 4, 2009 Aa2 Placed
Under Review for Possible Downgrade
-- EUR34M Class D Senior Secured Deferrable Floating Rate Notes
due 2023, Downgraded to Caa2; previously on Mar 18, 2009
Downgraded to B3 and Remained On Review for Possible
Downgrade
-- EUR26M Class E Senior Secured Deferrable Floating Rate Notes
due 2023, Downgraded to Ca; previously on Mar 18, 2009
Downgraded to Caa3 and Remained On Review for Possible
Downgrade
-- EUR5M Class R Combination Notes due 2023, Downgraded to Caa2;
previously on Mar 4, 2009 A3 Placed Under Review for Possible
Downgrade
-- EUR15M Class S Combination Notes due 2023, Downgraded to Ca;
previously on Mar 4, 2009 Baa3 Placed Under Review for
Possible Downgrade
-- EUR6M Class T Combination Notes due 2023, Downgraded to Ca;
previously on Mar 4, 2009 Baa3 Placed Under Review for
Possible Downgrade
In addition, Moody's has confirmed the ratings of these notes:
-- EUR48M Class C Senior Secured Deferrable Floating Rate Notes
due 2023, Confirmed at Ba3; previously on Mar 18, 2009
Downgraded to Ba3 and Remained On Review for Possible
Downgrade
This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some mezzanine loan exposure.
The rating actions reflect Moody's revised assumptions with
respect to default probability and the calculation of the
diversity score as described in the press release dated
February 4, 2009, titled "Moody's updates key assumptions for
rating CLOs." These revised assumptions have been applied to all
corporate credits in the underlying portfolio, the revised
assumptions for the treatment of ratings on "Review for Possible
Downgrade", "Review for Possible Upgrade", or with a "Negative
Outlook" being applied to those corporate credits that are
publicly rated.
Moody's also notes that a material proportion of the collateral
pool consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. As credit estimates do
not carry credit indicators such as ratings reviews and outlooks,
a stress of a quarter notch-equivalent assumed downgrade was
applied to each of these estimates.
According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF', an increase in the amount of defaulted securities, an
increase in the proportion of securities from issuers rated Caa1
and below, and a failure of most of the par value tests. These
measures were taken from the recent trustee report dated 15
September, 2009. Moody's also performed a number of sensitivity
analyses, including consideration of a further decline in
portfolio WARF quality. Due to the impact of all the
aforementioned stresses, key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.
In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current 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, may influence the
final rating decision.
LYONDELL CHEMICAL: Reliance Offers to Acquire Controlling Stake
---------------------------------------------------------------
Reliance Industries Ltd., India's biggest company by market value,
has submitted a bid for LyondellBasell Industries AF.
LyondellBasell has confirmed the bid. "LyondellBasell has
received a preliminary non-binding offer from Reliance Industries
Limited to acquire for cash a controlling interest in the company
contemporaneously with the company's emergence from Chapter 11
reorganization," Lyondel said in a statement. "This offer is in
addition to the previous non-binding equity financing proposals
received by the company and represents a potential alternative to
the initial plan of reorganization previously filed by the
company."
Lyondell added that consistent with its fiduciary duties,
management will continue to work with all parties to design an
approach that maximizes value for the company's creditors through
the pursuit of a confirmable plan of reorganization and enhances
the financial strength of the reorganized company."
US$12 Billion Offer
The Wall Street Journal's Mike Spector and Eric Yep said Reliance
Industries Ltd. made an offer of around US$12 billion to take a
controlling interest in LyondellBasell Industries when it exits
bankruptcy, people familiar with the situation said. The Journal
notes that neither company disclosed the amount of the bid in
statements Saturday, but US$12 billion in cash was in the
neighborhood of what Reliance offered, the people said.
The Journal says the Reliance deal could upend a restructuring
plan that would hand LyondellBasell to senior lenders in exchange
for canceling much of their debt. That plan includes a
US$2.5 billion rights offering to take the company out of
bankruptcy, led by private-investment firms that include Apollo
Management, Ares Management and Kohlberg Kravis Roberts & Co., the
Journal relates.
Buying Assets at Cheap
Natalie Obiko Pearson at Bloomberg reports that Reliance seeks to
take advantage of the global financial crisis to expand overseas.
"It's not really the best time to be taking on refining assets,"
said Tony Regan, a consultant at Tri-Zen International Ltd. in
Singapore. "It's an opportunistic purchase if the company is
bankrupt, but there's a reason why those assets are cheap."
According to Bloomberg, Reliance joins India's Essar Group in
bidding for plants overseas as declining fuel demand and
processing margins prompt global rivals Royal Dutch Shell Plc and
Exxon Mobil Corp. to sell assets including refineries. Ambani,
armed with US$4.2 billion in cash, told shareholders last week
that "global growth by acquisitions" is the key to boosting
revenue.
If the Lyondell transaction were completed, it would be the
biggest by an Indian company since Tata Steel Ltd. bought Corus
Group Plc for $12 billion in 2007, Bloomberg said.
About Lyondell Chemical
LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies. It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels. Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.
Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company. LyondellBasell became saddled with
debt as part of the US$12.7 billion merger. On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts. The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11. In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.
The Hon. Robert E. Gerber presides over the case. Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel. Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors. AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities. Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.
Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations. The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.
Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors. On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code. All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes. The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.
Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
===========
R U S S I A
===========
CFC BANK: Fitch Corrects Press Release; Withdraws All Ratings
-------------------------------------------------------------
This announcement amends the version issued earlier to clarify
that all ratings of CFC Bank have been withdrawn.
Fitch Ratings has taken a number of rating actions on eight
Russian banks.
As part of this action, Fitch has downgraded CFC Bank's Long-term
foreign currency Issuer Default Rating to 'CCC' from 'B-' and
affirmed five other Moscow-based banks' Long-term foreign currency
IDRs at 'B-' The five banks are B&N Bank, Central Commercial Bank
Limited, CentroCredit Bank, Russian Universal Bank and SDM Bank.
The agency has simultaneously maintained Probusinessbank's Long-
term foreign and local currency IDRs of 'B-' on Rating Watch
Negative, whilst affirming Housing Finance Bank's Long-term
foreign currency IDR at 'CCC'.
Fitch has also withdrawn the ratings of CFC and B&N and will no
longer provide rating or analytical coverage on these issuers. A
full rating breakdown is provided at the end of this comment.
CFC's downgrade reflects the challenges facing the wider MC
Consumer Finance Company, of which CFC Bank is an integral part.
These include a low capital adequacy level, very high levels of
arrears in the loan portfolio and signs of permanent franchise
erosion.
The affirmation of CCB's ratings and revision of its Outlook to
Stable from Negative reflect the bank's considerable loan loss
absorption capacity, reflected in a regulatory capital adequacy
ratio of 37% and reserves/loans ratio of 32% at end-Q309, and
lower market risk due to a reduction in proprietary equity
trading. The rating action also captures the more manageable
quality of the bank's credit exposures amid some signs of
stabilization in the Russian operating environment. At the same
time, Fitch notes a significant deterioration in CCB's asset
quality, with reported NPLs (loans overdue by more than 90 days)
and loans restructured because of impairment rising to around 15%
of the portfolio, whilst exposures to higher-risk sectors such as
construction/real estate, automobiles and transport leasing are
significant.
The affirmation of SDM's ratings and the revision of its Outlook
to Stable from Negative reflect the bank's satisfactory asset
quality at end-Q309, with reported NPLs and rolled-over loans
accounting for 3.6% and 4.7% of gross loans, respectively. Loss
absorption capacity was reasonable relative to the level of loan
impairment and is further supported by still strong income
generation at the pre-provision level. Fitch estimates that at
end-October 2009, SDM could have increased its regulatory reserves
to 18% of gross loans from the current level of 6% without
breaching regulatory capital requirements. SDM's liquidity
position is comfortable with liquid assets up to 30 days covering
40% of customer funding at end-Q309 and insignificant wholesale
refinancing needs in the next 12 months. However, the bank's
ratings continue to be constrained by its small size, significant
concentrations on both sides of the balance sheet and its sizable
exposure to the real estate sector.
The change of CCBL's Outlook to Negative from Stable reflects
concerns about the bank's asset quality and liquidity position, as
well as potential contagion risks resulting from the default and
ongoing restructuring of the Estar Group, in which the bank's
owner, Sergei Veremeenko, has a 25% stake. Although CCBL's
reported NPLs were a low 2.6% at end-Q309, restructured loans with
extended maturities were a high 37.5% and related party lending
could be substantial, in Fitch's view. However, the high
regulatory capital ratio (38% at end-Q309) indicates significant
loss absorption capacity. The bank's balance sheet liquidity is
limited, and current dependence on Central Bank of Russia funding
high, although Fitch notes that part of the CBR limit remains
unutilized and the bank is making attempts to refinance existing
CBR borrowings with funding from another Russian bank.
PBB's NPLs rose to a reported 13.3% on a consolidated basis at
end-Q309 (end-2008: 6.6%), with restructured (corporate) loans
also significant. Impairment reserve coverage of reported NPLs
was around 100% in both end-Q309 regulatory accounts and end-H109
IFRS statements. However, loss absorption capacity is limited
given that PBB's stand-alone regulatory capital adequacy ratio was
10.7% at end-Q309, only marginally above the minimum 10% level.
Consolidated capital ratios of 15.6% (end-Q309 regulatory) and
14.1% (end-H109 Basel total ratio) suggest slightly more
flexibility on a group basis, as stand-alone ratios of group banks
are burdened by high regulatory risk weightings on intra-group
exposures. Nevertheless, given asset quality weakness and the
tight stand alone ratio, Fitch considers that PBB is likely to
require new capital injections, and expects to resolve the Rating
Watch Negative within the next few months depending on the results
of current capital raising efforts and developments in asset
quality metrics.
B&N's Negative Outlook reflects the potential for further asset
quality deterioration, given the increase in loan impairment to
date and high exposure to the real estate and construction
sectors.
Russian Universal Bank's Stable Outlook reflects the bank's
considerable loss absorption capacity, with the regulatory capital
ratio reaching 60% at end-Q309, good reported asset quality, which
is supported by management's expertise in the defence sector in
which the bank specializes, and manageable liquidity.
Nevertheless, its ratings remain constrained by the bank's limited
franchise, high concentrations on both sides of the balance sheet
and significant related party business.
The affirmation of HFB's ratings, and removal of the Rating Watch
Negative, reflects Fitch's view that the bank now faces limited
direct, near-term risks from the ongoing restructuring of the
affiliated PIK group. HFB's funding from PIK is now low, and loan
collateral in the form of properties being developed by PIK but
still at an early stage of development is moderate. The bank's
Long-term foreign currency IDR of 'CCC' reflects HFB's limited
franchise outside of lending related to PIK group projects,
considerable uncertainty in respect to the bank's future business
model and weak recent performance, with losses reported in 2008
and H109. However, recent reported asset quality is reasonable
(NPLs of 3% and loans overdue by one day of 11% at end-H109) and
the regulatory capital ratio rose to a high 41.5% at end-October
2009 following conversion of shareholder deposits into
subordinated debt.
The rating actions are:
B&N Bank
-- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
Negative; withdrawn
-- Senior unsecured debt: affirmed at 'B-'; Recovery Rating at
'RR4'; withdrawn
-- Short-term foreign currency IDR: affirmed at 'B' and
withdrawn
-- Individual Rating: affirmed at 'D/E' and withdrawn
-- Support Rating: affirmed at '5' and withdrawn
-- Support Rating Floor: affirmed at 'No Floor' and withdrawn
-- National Long-term Rating: affirmed at 'BB-(rus)'; Outlook
Negative; withdrawn
Central Commercial Bank Limited
-- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
revised to Negative from Stable
-- Short-term foreign currency IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: affirmed at 'BB-(rus)'; Outlook
revised to Negative from Stable
CentroCredit Bank
-- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
revised to Stable from Negative
-- Short-term foreign currency IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: affirmed at 'BB-(rus)'', Outlook
revised to Stable from Negative
Commercial Bank Consumer Finance Company
-- Long-term foreign currency IDR: downgraded to 'CCC' from 'B-
'; withdrawn
-- Short-term foreign currency IDR: downgraded to 'C' from 'B';
withdrawn
-- Individual Rating: downgraded to 'E' from 'D/E'; withdrawn
-- Support Rating: affirmed at '5'; withdrawn
-- Support Rating Floor: affirmed at 'No Floor'; withdrawn
Housing Finance Bank
-- Long-term foreign currency IDR: affirmed at 'CCC'; Rating
Watch Negative removed
-- Short-term foreign currency IDR: affirmed at 'C', Rating
Watch Negative removed
-- Individual Rating: affirmed at 'E'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: affirmed at 'B-(rus)'; Rating
Watch Negative removed; assigned Stable Outlook
JSC SDM-Bank
-- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
revised to Stable from Negative
-- Short-term foreign currency IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: affirmed at 'BB-(rus) '; Outlook
revised to Stable from Negative
Probusinessbank
-- Long-term foreign and local currency IDRs: 'B-'; remains on
Rating Watch Negative
-- Senior unsecured debt: 'B-'; remains on Rating Watch
Negative; Recovery Rating at 'RR4'
-- Short-term foreign currency IDR: 'B'; remains on Rating Watch
Negative
-- Individual Rating: 'D/E'; remains on Rating Watch Negative
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating 'BB-(rus)'; remains on Rating Watch
Negative
Russian Universal Bank
-- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
Stable
-- Short-term foreign currency IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: affirmed at 'BB(rus)'; Outlook
Stable
The assessment of the banks referenced in this comment forms the
latest part of a broader review of all Fitch-rated banks in
Russia, with the main focus on asset quality, loss absorption
capacity and contingency recapitalization plans.
RAIL LEASING: Fitch Affirms Issuer Default Rating at 'RD'
---------------------------------------------------------
Fitch Ratings has affirmed Russia-based Rail Leasing's Long-term
Issuer Default Rating at 'RD' and simultaneously withdrawn the
company's ratings.
The rating actions are:
-- Long-term foreign currency IDR: affirmed at 'RD' and
withdrawn
-- Short-term foreign currency IDR: affirmed at 'D' and
withdrawn
=========
S P A I N
=========
BBVA-HIPOTECARIO 3: Fitch Affirms 'BB' Rating on Class C Notes
--------------------------------------------------------------
Fitch Ratings has taken rating action on BBVA-Hipotecario 3, Fondo
de Titulizacion de Activos, a Spanish small- and medium-sized
enterprise collateralized debt obligation and removed them from
the Rating Watch Negative.
The notes were placed on RWN in August 2009 pending full analysis
after the revision of Fitch rating criteria for European granular
corporate balance-sheet securitizations.
-- Class A2 (ISIN ES0314227010) affirmed at 'AAA'; off RWN;
assigned Stable Outlook and Loss Severity Rating of 'LS-1'
-- Class B (ISIN ES0314227028) affirmed at 'A'; off RWN;
assigned Negative Outlook and 'LS-1'
-- Class C (ISIN ES0314227036) affirmed at 'BB'; off RWN;
assigned Negative Outlook and 'LS-3'
Using its updated Rating Criteria for European SME CLOS, Fitch
deems the available credit enhancement to be commensurate with the
existing ratings for each respective class of notes. The Negative
Outlooks on the class B and class C reflect the increasing amount
of loan arrears and defaults, the shortfall of the subordinated
credit below its required amount, the high concentration in the
real estate sector and dependence on future recoveries.
The transaction has experienced a high degree of de-leveraging to
date. The current outstanding portfolio balance represents 33.8%
of the initial portfolio balance. This lead to a doubling in the
level of credit enhancement for classes A2, B and C compared to
closing in June 2005. Following a period of pro-rata
amortization, the transaction is paying its notes down
sequentially again, thereby further increasing credit enhancement
for all notes.
As of 31 October 2009, 90+ day delinquencies including defaults
stood at 3.3% of the outstanding balance compared to 1.3% in
October 2008. Additionally in September 2009, defaulted loans
(loans in arrears for 12 months) peaked at 1.9% of the outstanding
balance. As a result of the increasing amount of defaults, the
subordinated credit, which provides the first loss threshold fell
below its minimum required amount at the last payment date in
August 2009, although the shortfall is limited at EUR1.1m and the
available subordinated credit of approximately EUR20.6m continues
to provide an appropriate level of credit enhancement to the class
C notes.
Furthermore, all remaining portfolio loans are secured by first-
lien real estate collateral with a weighted average loan-to-value
ratio of 35.7%, which is expected to support material recoveries
over time. Given the high percentage of mortgage collateral in
this transaction, recoveries on defaulted loans is a key factor
that will drive performance over time. While acknowledging the
mortgage collateral in place, Fitch also considered several
recovery rate sensitivity analysis as well as recoveries reported
to date on existing funds. Due to the ongoing correction in the
Spanish real estate market and growing illiquidity in the market,
Fitch expects that recoveries on defaulted loans will remain under
pressure and take longer to realize in the current environment.
In the analysis undertaken, assumptions on probability of default
and loss severity were made with regards to current delinquencies
as well as the performing portfolio. Fitch has assumed the
probability of default of the unrated SME loans to be commensurate
with the 'B' rating category. Delinquent loans are notched down
depending on the length of time the loans have been in arrears.
Recoveries for loans secured by first lien real estate were
adjusted for property indexation and market value stress based on
the updated SME CLO criteria.
FONDO DE TITULIZACION: Moody's Junks Rating on Class C Notes
------------------------------------------------------------
Moody's Investors Service has downgraded these classes of notes
issued by Fondo de Titulizacion de Activos, Financiacion Banesto
1:
-- EUR306.3 million Class A notes: Downgraded to Aa1 from Aaa;
previously on 2 July 2009 placed on review for possible
downgrade
-- EUR24.0 million Class B notes Downgraded to Baa3 from A3;
previously on 2 July, 2009 placed on review for possible
downgrade
-- EUR16.0 million Class C notes Downgraded to Caa3 from Ba3;
previously on 2 July 2009 placed on review for possible
downgrade
Moody's says that the downgrades were prompted by the rapidly
deteriorated collateral performance and the stronger than expected
weakening of macro-economic conditions in Spain since the last
downgrade in October 2008. The rating action takes into account
revised assumptions for the mean default rate, standard deviation
and recovery rate to reflect the worse than expected performance
as well as current credit enhancement levels, which, combined with
the revised assumptions, lead to a higher expected loss on the
rated notes.
The deterioration in performance is evidenced by the swift
reduction of the reserve fund from the required level of
EUR9.60 million to EUR0.96 million between January 2009 and
October 2009. Cumulative artificial write-offs increased to 2.3%
from 1.2% of total securitized pool balance during the same period
while outstanding 90+ delinquencies (excluding cumulative write-
offs) remained slightly over 4% of outstanding pool balance. A
loan is included in the write-off category once it has been more
than 12 months in arrears while contentious loans are defined by
the servicer as loans in which the originator will take legal
actions. The amount of contentious loans is included in the 180+
delinquencies category.
During its analysis, Moody's has assessed macro-economic
indicators as well as information made available from the
management company Santander de Titulizacion. Given the limited
transparency on contentious loans and recovery data, Moody's has
reviewed its assumptions with a conservative bias. As part of its
collateral analysis, Moody's performed a three-step approach.
Firstly, forecasts for the main macro-economic drivers behind a
collateral deterioration, namely, unemployment and GDP
contraction, were analyzed. For instance, the unemployment rate
in Spain, which could potentially surpass 20% in 2010, was
assessed. Precisely, contrary to the unemployment forecast for
2009 of 13.3% at the time of the last rating action in October
2008, unemployment is now expected to reach 18.4% in 2009 and
20.7% in 2010. As of Q3 2009, the unemployment rate in Spain
reached 17.9%. Secondly, Moody's compared and benchmarked the
current performance of the transaction to its peers in Moody's
rated Spanish auto and consumer loan universe. Thirdly, the
current amount of cumulative 90 days plus delinquencies was taken
into account and a roll rate analysis was conducted for the non-
delinquent pool portion. As a result of this analysis, Moody's
adjusted its previously revised cumulative mean default rate of
5.0% to 7.2% of the total securitized pool balance. This compares
to a cumulative mean default rate of 2.5% for the initial pool and
a 3.2% mean default rate on the additional pool assumed at
closing. The previously revised volatility of 30% (ratio between
the standard deviation and the cumulative mean default rate)
remained unchanged from October 2008 when it was adjusted to 30%
from 25% for the lifetime of the remaining pool.
Moody's assumption for the expected recovery rate on defaulted
loans was adjusted to 30% from a range of 30% to 40% as of October
2008. Moody's believes that there is uncertainty around the
recovery rate assumption due to various factors, such as the time
lag and consequently the mismatch between actually observed and
historical recovery information, the servicing strategy and the
future evolution of the economic situation in Spain. Moody's ran
several recovery rate scenarios in its cash flow model, ranging
from 25% to 40%, to test sensitivities and rating stability on the
outstanding classes of notes. The final conclusion showed limited
sensitivity in the tested range. The constant prepayment rate
assumed in the cash flow model remained unchanged at 15%.
The rating action concludes Moody's review process on this
specific transaction that was initiated in July 2009 when Moody's
placed several Spanish auto and consumer loan transactions on
review for possible downgrade.
Financiacion Banesto 1 closed in June 2007. As of October 2009,
the pool factor was 43%. The pool comprises unsecured consumer
loans that were originated by Banesto and granted to residents in
Spain for the purpose of, among others, vehicle acquisition, home
refurbishment and home equipment. In July 2008, the revolving
period was terminated due to the breach of the 90+ delinquency
trigger. The regular amortization period was expected to commence
in October 2009.
The ratings address the expected loss posed to investors by the
legal final maturity date in October 2019. In Moody's opinion,
the structure allows for timely payment of interest and ultimate
payment of principal at par on or before the final maturity date.
Moody's sector outlook for Spanish consumer ABS is negative.
PYME VALENCIA: Fitch Junks Ratings on Two Classes of Notes
----------------------------------------------------------
Fitch Ratings has downgraded PYME Valencia 1, FTA and removed them
from Rating Watch Negative.
-- EUR299,488,274 class A2 notes due March 2040 (ISIN
ES0372241010): downgraded to 'A' from 'AAA', removed from
RWN; assigned Negative Outlook and 'LS-1'
-- EUR47,600,000 class B notes due March 2040 (ISIN
ES0372241028): downgraded to 'BB' from 'A', removed from RWN;
assigned Negative Outlook and 'LS-3'
-- EUR34,000,000 class C notes due March 2040 (ISIN
ES0372241036): downgraded to 'CCC' from 'BB', removed from
RWN
-- EUR13,600,000 class D notes due March 2040 (ISIN
ES0372241044): downgraded to 'CC' from 'B', removed from RWN
-- EUR15,300,000 class E notes due March 2040 (ISIN
ES0372241051): downgraded to 'C' from 'CC', removed from RWN
Fitch has completed its review of PYME Valencia 1 FTA and has
downgraded all outstanding notes as indicated above. The
transaction was placed on RWN in August 2009, subsequent to the
release of the agency's 'Rating Criteria for European Granular
Corporate Balance-Sheet Securitizations'. The material rating
actions applied to this transaction reflect the application of the
updated SME CLO criteria as well as the ongoing deterioration in
credit performance in recent quarters, including the full
depletion of the reserve fund and weak prospects for any
replenishment over the near/medium term.
Although the transaction has benefited from portfolio seasoning
and structural de leveraging, the application of Fitch's updates
SME CLO criteria resulted in significantly higher PD assumptions
and expected losses on the remaining portfolio - which are not
supported by existing credit enhancement in the transaction. In
addition, the steady deterioration in credit metrics and full
depletion of the reserve fund over the past 12-months has clearly
elevated the default risk in the transaction - particularly for
subordinate notes. These factors resulted in the downgrade noted
above as well as the application of Negative Outlooks to the class
A2 and B notes despite an increase in their credit enhancement
(CE) levels to 24.1% and 12.1% from 13.0% and 7.4%, respectively,
at closing. The increase in class B CE is clearly a positive
development and although current CE level could withstand the loss
rates produced in the lowest investment grade stresses with
extremely thin margins, the uncertainty regarding future reserve
fund levels and future portfolio performance resulted in a
downgrade to 'BB'.
Unlike the class A2 and B notes, the class C note CE has not
changed materially from 3.4% at closing while the portfolio has
deteriorated as evidenced by the increase in the 3-month
delinquency rate to 11.24% as of 31 October 2009 and the increase
in defaulted assets (which are greater than 12 months delinquent)
to 5.1% of the total outstanding portfolio balance as of 30
September 2009. The class D and E notes, being the most junior
notes in the structure, are the most susceptible to a loss
especially as the reserve fund balance is now depleted. The class
D and E notes currently have no CE available, leaving them
particularly vulnerable to any further portfolio defaults and
highly exposed to recovery rates on defaulted loans.
As of 31 October 2009, the portfolio benefits from 80.20% of the
assets being secured by mortgages. The portfolio exhibits single
obligor concentrations with the top 20 obligors accounting for
24.8% of the portfolio and the top five obligors at 10.6%. The
portfolio as of 31 October 2009 exhibited high exposure to the
real estate (39.6%) and construction (16%) industries and the
Valencia region (60.3%).
=====================
S W I T Z E R L A N D
=====================
B.E.C.K. ERBEN: Claims Filing Deadline is November 30
-----------------------------------------------------
Creditors of B.E.C.K. Erben AG are requested to file their proofs
of claim by November 30, 2009, to:
Dr. Karljoerg Landolt
Oberdorf 39
8752 Naefels
Switzerland
The company is currently undergoing liquidation in Glarus. The
decision about liquidation was accepted at an extraordinary
general meeting held on October 9, 2009.
CAPREA GMBH: Claims Filing Deadline is November 30
--------------------------------------------------
Creditors of caprea GmbH are requested to file their proofs of
claim by November 30, 2009, to:
caprea GmbH
Minderweg 18
3400 Burgdorf
Switzerland
The company is currently undergoing liquidation in Burgdorf. The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 23, 2009.
DELAGRO AG: Claims Filing Deadline is November 30
-------------------------------------------------
Creditors of Delagro AG are requested to file their proofs of
claim by November 30, 2009, to:
Peter Ritter
Grabenstr. 15
Mail box: 132
7002 Chur
Switzerland
The company is currently undergoing liquidation in Chur. The
decision about liquidation was accepted at a general meeting held
on September 28, 2009.
FRISCHMARKT ALTSTADT: Claims Filing Deadline is November 30
-----------------------------------------------------------
Creditors of Frischmarkt Altstadt GmbH are requested to file their
proofs of claim by November 30, 2009, to:
Zanoni + Aegerter AG
Zurcherstrasse 82
8640 Rapperswil
Switzerland
The company is currently undergoing liquidation in Arbon. The
decision about liquidation was accepted at a shareholders' meeting
held on September 24, 2009.
GLATREFI AG: Claims Filing Deadline is November 30
--------------------------------------------------
Creditors of Glatrefi AG are requested to file their proofs of
claim by November 30, 2009, to:
Dr. Karljoerg Landolt
Oberdorf 39
8752 Naefels
Switzerland
The company is currently undergoing liquidation in Glarus. The
decision about liquidation was accepted at an extraordinary
general meeting held on October 9, 2009.
H.R. SCHAER: Claims Filing Deadline is November 27
--------------------------------------------------
Creditors of H.R. Schaer GmbH are requested to file their proofs
of claim by November 27, 2009, to:
Heidi Schaer-Hunziker
Tafelenfeldweg 18a
3312 Fraubrunnen
Switzerland
The company is currently undergoing liquidation in Fraubrunnen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 20, 2009.
STEINHALDEN AG: Claims Filing Deadline is November 30
-----------------------------------------------------
Creditors of Steinhalden AG are requested to file their proofs of
claim by November 30, 2009, to:
Urs Buergi
Grossmuensterplatz 9
8001 Zurich
Switzerland
The company is currently undergoing liquidation in Geroldswil.
The decision about liquidation was accepted according to the
regulation of the Federal Banking Commission on September 22,
2009.
STUDER FEUERUNGSTECHNIK: Claims Filing Deadline is November 30
--------------------------------------------------------------
Creditors of Studer Feuerungstechnik AG are requested to file
their proofs of claim by November 30, 2009, to:
Studer Kurt
Lehenstrasse 11
4622 Egerkingen
Switzerland
The company is currently undergoing liquidation in Egerkingen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on September 18, 2009.
TOMBAK GMBH: Claims Filing Deadline is November 30
--------------------------------------------------
Creditors of Tombak GmbH are requested to file their proofs of
claim by November 30, 2009, to:
Sonja Tombak
Rosenfeldweg 6
6048 Horw
Switzerland
The company is currently undergoing liquidation in Horw. The
decision about liquidation was accepted at Trade Register office
of canton Luzern on September 23, 2009.
TRAVELART AG: Claims Filing Deadline is November 30
---------------------------------------------------
Creditors of TravelArt AG are requested to file their proofs of
claim by November 30, 2009, to:
TravelArt AG
Im Junker 5
8143 Stallikon
Switzerland
The company is currently undergoing liquidation in Stallikon. The
decision about liquidation was accepted at a general meeting held
on June 30, 2009.
===========================
U N I T E D K I N G D O M
===========================
AVEBURY FINANCE: S&P Downgrades Ratings on Various Notes to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' its credit
ratings on Avebury Finance CDO PLC's class X, A-1A, A-2, and B
notes. At the same time, S&P affirmed its 'CC' ratings on the
class C, D, and E notes.
On the Oct. 8 payment date, after the issuer made protection
payments to the synthetic counterparties on defaulted assets, the
remaining distribution proceeds were insufficient to meet interest
payments on any of the rated notes. The terms of the notes state
that the issuer's failure to pay interest on the class X, A, or B
notes when it becomes due and payable constitutes an event of
default. For this reason, S&P lowered to 'D' its ratings on
classes X, A-1A, A-2, and B.
Under the terms and conditions of the class C, D, and E notes,
payments of interest to noteholders can be deferred until final
maturity. For this reason, S&P affirmed the 'CC' credit ratings
on the class C, D, and E notes.
Avebury is a cash flow collateralized debt obligation that
securitizes a portfolio of primarily U.S. residential mortgage-
backed securities and CDO assets. KBC Financial Products UK Ltd.
manages the transaction, which closed in June 2006.
Ratings List
Avebury Finance CDO PLC
US$1.01 Billion Secured Floating-Rate Notes
Ratings Lowered
Rating
-------
Class To From
----- -- ----
X D AAA
A-1A D CC
A-2 D CC
B D CC
Ratings Affirmed
Class Rating
----- ------
C CC
D CC
E CC
BORDERS UK: On the Verge of Administration
------------------------------------------
Ben Marlow at The Sunday Times reports that Borders UK could be
put into administration this week after WHSmith walked away from a
rescue deal on Friday.
According to the report, in an attempt to stave off
administration, the high street retailer is holding talks with
groups including HMV, which owns rival Waterstone's and Edinburgh
Woollen Mill.
As reported by the Troubled Company Reporter-Europe on Aug. 10,
2009, the Financial Times said Ernst & Young, auditors of Borders
UK, raised doubts about the ability of the book retailer to
continue as a going concern. The FT disclosed Ernst & Young said
the company faced a number of uncertainties, including that it
operated in a highly competitive sector, and the sales performance
was difficult to forecast. Borders UK's pre-tax loss rose from
GBP10.3 million in 2007 to GBP13.6 million in 2008, while turnover
rose slightly from GBP215 million to GBP218.2 million, the FT
said.
Borders UK Ltd. -- http://www.borders.co.uk/-- offers books,
magazines, music, and DVDs through some 40 Borders stores
throughout the UK.
FIRST QUENCH: KPMG to Close 381 Stores; 1,908 Jobs Affected
-----------------------------------------------------------
Louisa Fahy at Bloomberg News report that KPMG, administrators to
First Quench Retailing Ltd. will cut almost 2,000 jobs after
failing to find buyers to take on 381 outlets as going concerns.
According to Bloomberg, the stores scheduled for closure will hold
stock liquidation sales starting on Nov. 24, and will shut by
Dec. 16. The closures will lead to 1,908 redundancies, Bloomberg
says.
First Quench Retailing operates around 1,200 Threshers, The Local,
Wine Rack, Bottoms Up, Victoria Wine and Haddows branded stores
across Scotland, England and Wales and employs approximately 6,300
people. Richard Fleming, Mick McLoughlin and Ian Corfield of KPMG
were appointed joint administrators to First Quench on Thursday,
October 29, 2009. A total of 81 staff at head office were made
redundant on Friday, October 30, 2009. A further 1,738
redundancies are being made as part of the closure of 373 stores,
announced on Thursday, November 5, 2009. There were originally
208 employees at head office, which has now reduced to 92 as part
of the administration.
TUBE LINES: S&P Gives Negative Outlook; Affirms 'BB' Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it revised the
outlook on the issue ratings of the B, C, and D debt tranches
issued by the U.K.-based underground rail infrastructure funding
company Tube Lines (Finance) PLC to negative from stable. At the
same time, S&P affirmed the ratings on these debt tranches at
'BBB' on the B senior secured notes, 'BBB-' on the C subordinated
notes, and 'BB' on the D subordinated notes.
In addition, the 'AA-' rating on TLF's A-1 notes remains on
CreditWatch, where it was placed with negative implications on
Nov. 21, 2008.
The B, C, and D debt tranches were issued by TLF to finance the
responsibilities of the operating project company Tube Lines Ltd.
under a 30-year service contract with London Underground Ltd.
(LUL; not rated), entered into on Dec. 31, 2002.
"The outlook revision on the B, C, and D notes reflects S&P's view
of the weakening financial performance of Tube Lines Ltd (TLL), in
the reminder of 2009 and the first half of 2010," said Standard &
Poor's credit analyst Beata Sperling-Tyler.
This stems from cost overruns and potential abetments resulting
from a likely delay in completion of the upgrade of the Jubilee
Line beyond the latest implementation date of Dec. 31, 2009. A
delay of up to six months would lower TLL's revenues and increase
its costs, leading to a weaker free cash position than originally
envisaged by the end of the first review period (RP1) on June 30,
2010.
The outlook revision reflects uncertainty in relation to the scope
of work, and the timing and funding of obligations during the
second Review Period (RP2), starting on July 1, 2010.
The placement of the A-1 notes on CreditWatch reflects uncertainty
over the provision of liquidity to support the timeliness of
interest payments on the notes in the event of a Mandatory Sales
Process. At financial close, liquidity support for this period
was provided by Ambac Assurance U.K. Ltd. (CC/Negative) for a
period of 36 months. Following the downgrade of Ambac, TLL has
not replaced Ambac as the liquidity support provider or provided
any alternative source of liquidity.
The negative outlook on the $76.75 million B notes, the
$134.2 million subordinated C notes, and the $21.59 million D
notes reflects S&P's view of the weakening of the project's
financial performance in the reminder of RP1 and uncertainties in
relation to the operating project company's obligations for RP2.
The ratings could be lowered if the likely delay in executing the
JUP, and/or the unfavorable outcome of the first periodic review
and the settlement for RP2, were to result in a weakening of the
protection offered to debtholders. In particular, the ratings
could come under pressure if there were a weakening of the DSCRs
for the various debt tranches below the levels commensurate with
the current ratings.
S&P aims to review the CreditWatch placement on the A-1 notes by
June 30, 2010, the date of the end of RP1. S&P's review will
assess management's plans for the potential replacement of Ambac
as the debt guarantor or the provision of alternative liquidity to
support the timeliness of interest payments. The rating on the A-
1 notes could be subject to a multinotch downgrade if there
remains insufficient liquidity to support the interest service on
the notes.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Company Ticker Equity (US$) Assets (US$)
------- ------ ------ ------
AUSTRIA
-------
KOMMUNALKREDIT 3730Z AV -1645807339.25 53076075461.92
LIBRO AG LB6 GR -109013328.02 171684389.13
LIBRO AG LIB AV -109013328.02 171684389.13
LIBRO AG LIBR AV -109013328.02 171684389.13
LIBRO AG LBROF US -109013328.02 171684389.13
SKYEUROPE SKY PW -89480486.93 159076577.5
SKYEUROPE SKYP PW -89480486.93 159076577.5
SKYEUROPE HLDG SKY EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5
SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5
SKYEUROPE HLDG SKY EU -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5
SKYEUROPE HLDG SKURF US -89480486.93 159076577.5
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SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480486.93 159076577.5
BELGIUM
-------
SABENA SA SABA BB -84766501.61 2196477160.83
BULGARIA
--------
IMK 14 OKTOBAR A IMKO SG -5175836.42 110102264.18
PINKI AD PNKI SG -36537862.34 120707517.98
ZASTAVA AUTOMOBI ZAKG SG -396504649.08 174692011.08
CROATIA
-------
HUNGARIAN TELEPH HUC GR -75973000 835658048
HUNGARIAN TELEPH HUGC IX -75973000 835658048
HUNGARIAN TELEPH HUC EX -75973000 835658048
INVITEL HOLD-ADR IHO US -75973000 835658048
INVITEL HOLD-ADR 0IN GR -75973000 835658048
INVITEL HOLDINGS 3212873Z HB -75973000 835658048
OT OPTIMA TELEKO 2299892Z CZ -48565065 119632635.47
OT-OPTIMA TELEKO OPTERA CZ -48565065 119632635.47
CYPRUS
------
LIBRA HOLIDA-RTS LGWR CY -27821889.5 240947718.02
LIBRA HOLIDA-RTS LBR CY -27821889.5 240947718.02
LIBRA HOLIDAY-RT 3167808Z CY -27821889.5 240947718.02
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LIBRA HOLIDAYS G LHG EU -27821889.5 240947718.02
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LIBRA HOLIDAYS-P LBHG PZ -27821889.5 240947718.02
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDH CP -89435858.16 192305153.03
CKD PRAHA HLDG CDP EX -89435858.16 192305153.03
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SETUZA AS SETUZA PZ -61453764.17 138582273.56
SETUZA AS 2994763Q EU -61453764.17 138582273.56
DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.29
ROSKILDE BAN-NEW ROSKN DC -532868894.9 7876687324.02
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ROSKILDE BANK ROSK EU -532868894.9 7876687324.02
ROSKILDE BANK-RT 916603Q DC -532868894.9 7876687324.02
FRANCE
------
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GERMANY
-------
AGOR AG DOO EU -482446.63 144432986.17
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CINEMAXX AG-RTS MXC8 GR -42008900.33 144431938.27
DORT ACTIEN-BRAU 944167Q GR -12689156.29 117537053.71
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ESCADA AG ESC EU -22323463.23 425598807.76
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GREECE
------
AG PETZETAKIS SA PETZK EU -30790135.48 234437763.45
AG PETZETAKIS SA PZETF US -30790135.48 234437763.45
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AG PETZETAKIS SA PETZK EO -30790135.48 234437763.45
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AG PETZETAKIS SA PETZK PZ -30790135.48 234437763.45
ALTEC SA -AUCT ALTECE GA -103590250.31 177563163.73
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ALTEC SA INFO ALTEC GA -103590250.31 177563163.73
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ARIES MARITIME T A1M GR -57875000 197992000
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EMPEDOS SA EMPED GA -33637669.62 174742646.9
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NAFTOKHIMIK-GDR N3ZA GR -18319042.42 308665797.86
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UNITED TEXTILES NAOYK GA -44175513.67 341686153.14
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UNITED TEXTILES UTEX EO -44175513.67 341686153.14
ICELAND
-------
AVION GROUP B1Q GR -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EU -223771648 2277793536
EIMSKIPAFELAG HF HFEIMEUR EO -223771648 2277793536
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EIMSKIPAFELAG HF HFEIM PZ -223771648 2277793536
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EIMSKIPAFELAG HF AVION IR -223771648 2277793536
EIMSKIPAFELAG HF HFEIM EO -223771648 2277793536
IRELAND
-------
BOUNDARY CAPITAL BCP1 EU -10192301.85 119787800.54
BOUNDARY CAPITAL BCM GR -10192301.85 119787800.54
BOUNDARY CAPITAL BCP ID -10192301.85 119787800.54
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ELAN CORP PLC ELA LN -370500000 1669500032
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ELAN CORP-CVR LCVRZ US -370500000 1669500032
ELAN CORP-CVR ELNZV US -370500000 1669500032
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MCINERNEY HLDGS MK9C PZ -113397336.28 441922391.66
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MCINERNEY PROP-A MYP LN -113397336.28 441922391.66
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PAYZONE PLC 4P6 GR -138030903.22 510010035.33
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PAYZONE PLC PAYZ EO -138030903.22 510010035.33
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WATERFORD WED-RT 586552Q LN -505729895.23 820803256.03
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WATERFORD WED-RT 586556Q LN -505729895.23 820803256.03
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WATERFORD WED-UT WTFUGBX EU -505729895.23 820803256.03
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WATERFORD-SUB 3001875Z ID -505729895.23 820803256.03
ITALY
-----
AEDES AXA+W AEAXAW IM -24405906.61 1350851664.42
AEDES SPA AE IM -24405906.61 1350851664.42
AEDES SPA AE EU -24405906.61 1350851664.42
AEDES SPA AEDI IX -24405906.61 1350851664.42
AEDES SPA AE EO -24405906.61 1350851664.42
AEDES SPA AEDSF US -24405906.61 1350851664.42
AEDES SPA AE TQ -24405906.61 1350851664.42
AEDES SPA AE PZ -24405906.61 1350851664.42
AEDES SPA LLB GR -24405906.61 1350851664.42
AEDES SPA RNC AEDE IM -24405906.61 1350851664.42
AEDES SPA-OPA AEDROP IM -24405906.61 1350851664.42
AEDES SPA-OPA AEOPA IM -24405906.61 1350851664.42
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AEDES SPA-SVGS R AEDRAA IM -24405906.61 1350851664.42
BINDA SPA BNDAF US -11146475.29 128859802.94
BINDA SPA BND IM -11146475.29 128859802.94
BRODOGRADE INDUS 3MAJRA CZ -388927692.38 624796011.81
BROGGI IZAR FABB BIF IM -178432.46 134255668.53
CART SOTTRI-BIND DEM IM -11146475.29 128859802.94
CIRIO FINANZIARI FIY GR -422095869.5 1583083044.16
CIRIO FINANZIARI CRO IM -422095869.5 1583083044.16
COIN SPA GC IX -151690764.75 791310848.67
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COIN SPA/OLD GC IM -151690764.75 791310848.67
COMPAGNIA ITALIA ICT IM -137726596.25 527372691.43
COMPAGNIA ITALIA CGLUF US -137726596.25 527372691.43
COMPAGNIA ITALIA CITU IX -137726596.25 527372691.43
CORNELL BHN INN IM -178432.46 134255668.53
CORNELL BHN BY EU -178432.46 134255668.53
CORNELL BHN CBX IM -178432.46 134255668.53
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ELIOS HOLDING EH IM -178432.46 134255668.53
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I VIAGGI DEL VEN IVGIF US -92020221.43 318192568.61
I VIAGGI DEL VEN VVE EU -92020221.43 318192568.61
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I VIAGGI DEL VEN VVE IM -92020221.43 318192568.61
I VIAGGI-RTS VVEAA IM -92020221.43 318192568.61
INNOTECH SPA ELIOF US -178432.46 134255668.53
OLCESE SPA O IM -12846689.89 179691572.79
OLCESE SPA-RTS OAA IM -12846689.89 179691572.79
OLCESE VENEZIANO OLVE IM -12846689.89 179691572.79
OMNIA NETWORK SP ONT EU -47468652.4 322390901.7
OMNIA NETWORK SP ONT TQ -47468652.4 322390901.7
OMNIA NETWORK SP ONT IM -47468652.4 322390901.7
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PARMALAT FINA-RT PRFR AV ### 4120687886.18
PARMALAT FINANZI PMT LI ### 4120687886.18
PARMALAT FINANZI FICN AV ### 4120687886.18
PARMALAT FINANZI PMLFF US ### 4120687886.18
PARMALAT FINANZI PRFI VX ### 4120687886.18
PARMALAT FINANZI PARAF US ### 4120687886.18
PARMALAT FINANZI PAF GR ### 4120687886.18
PARMALAT FINANZI PRF IM ### 4120687886.18
REAL ESTATE OP-O REO LN -145048365.85 2933767506.67
REAL ESTATE OP-O REO EO -145048365.85 2933767506.67
REAL ESTATE OP-O REO PZ -145048365.85 2933767506.67
REAL ESTATE OP-O REO EU -145048365.85 2933767506.67
REAL ESTATE OP-O REO VX -145048365.85 2933767506.67
REAL ESTATE OP-O REO IX -145048365.85 2933767506.67
REAL ESTATE OP-O REA GR -145048365.85 2933767506.67
REAL ESTATE OP-O REO ID -145048365.85 2933767506.67
REAL ESTATE OP-O REOGBP EO -145048365.85 2933767506.67
RISANAMEN-RNC OP RNROPA IM -84106314.4 4618461222.59
RISANAMENTO -OPA RNOPA IM -84106314.4 4618461222.59
RISANAMENTO -RNC RNR IM -84106314.4 4618461222.59
RISANAMENTO NAPO RN5 GR -84106314.4 4618461222.59
RISANAMENTO SPA RNGBP EO -84106314.4 4618461222.59
RISANAMENTO SPA RN EU -84106314.4 4618461222.59
RISANAMENTO SPA RSMNF US -84106314.4 4618461222.59
RISANAMENTO SPA RNGBX EO -84106314.4 4618461222.59
RISANAMENTO SPA RN PZ -84106314.4 4618461222.59
RISANAMENTO SPA RNGBX EU -84106314.4 4618461222.59
RISANAMENTO SPA RN EO -84106314.4 4618461222.59
RISANAMENTO SPA RN IM -84106314.4 4618461222.59
RISANAMENTO SPA RN TQ -84106314.4 4618461222.59
RISANAMENTO SPA RN IX -84106314.4 4618461222.59
RISANAMENTO-RTS RNAA IM -84106314.4 4618461222.59
SNIA BPD SN GR -141933883.93 150445252.43
SNIA BPD-ADR SBPDY US -141933883.93 150445252.43
SNIA SPA SN IM -141933883.93 150445252.43
SNIA SPA SN EO -141933883.93 150445252.43
SNIA SPA SNIXF US -141933883.93 150445252.43
SNIA SPA SBPDF US -141933883.93 150445252.43
SNIA SPA SSMLF US -141933883.93 150445252.43
SNIA SPA SIAI IX -141933883.93 150445252.43
SNIA SPA SN EU -141933883.93 150445252.43
SNIA SPA SNIA GR -141933883.93 150445252.43
SNIA SPA SNIB GR -141933883.93 150445252.43
SNIA SPA SIAI PZ -141933883.93 150445252.43
SNIA SPA SN TQ -141933883.93 150445252.43
SNIA SPA - RTS SNAAW IM -141933883.93 150445252.43
SNIA SPA- RTS SNAXW IM -141933883.93 150445252.43
SNIA SPA-2003 SH SN03 IM -141933883.93 150445252.43
SNIA SPA-CONV SA SPBDF US -141933883.93 150445252.43
SNIA SPA-DRC SNR00 IM -141933883.93 150445252.43
SNIA SPA-NEW SN00 IM -141933883.93 150445252.43
SNIA SPA-NON CON SPBNF US -141933883.93 150445252.43
SNIA SPA-RCV SNIVF US -141933883.93 150445252.43
SNIA SPA-RCV SNR IM -141933883.93 150445252.43
SNIA SPA-RIGHTS SNAW IM -141933883.93 150445252.43
SNIA SPA-RNC SNIWF US -141933883.93 150445252.43
SNIA SPA-RNC SNRNC IM -141933883.93 150445252.43
SNIA SPA-RTS SNSO IM -141933883.93 150445252.43
SNIA SPA-RTS SNAA IM -141933883.93 150445252.43
SOCOTHERM SPA SCT EO -120739761.47 431104046.09
SOCOTHERM SPA SOCEF US -120739761.47 431104046.09
SOCOTHERM SPA SCT IM -120739761.47 431104046.09
SOCOTHERM SPA SCT EU -120739761.47 431104046.09
SOCOTHERM SPA SCTM IX -120739761.47 431104046.09
SOCOTHERM SPA SCTI PZ -120739761.47 431104046.09
SOCOTHERM SPA SCT TQ -120739761.47 431104046.09
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.48
TECNODIFF ITALIA TEF GR -89894162.82 152045757.48
TECNODIFF ITALIA TDI IM -89894162.82 152045757.48
TECNODIFF ITALIA TDI NM -89894162.82 152045757.48
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.48
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.48
TISCALI - RTS TIQA GR -382501586.12 1284058962.83
TISCALI - RTS TISAAW IM -382501586.12 1284058962.83
TISCALI SPA TISN IX -382501586.12 1284058962.83
TISCALI SPA TIS EO -382501586.12 1284058962.83
TISCALI SPA TISGBX EO -382501586.12 1284058962.83
TISCALI SPA TISGBP EO -382501586.12 1284058962.83
TISCALI SPA TIS NR -382501586.12 1284058962.83
TISCALI SPA TIS IM -382501586.12 1284058962.83
TISCALI SPA TIS FP -382501586.12 1284058962.83
TISCALI SPA TIQ GR -382501586.12 1284058962.83
TISCALI SPA TISN VX -382501586.12 1284058962.83
TISCALI SPA TISN NA -382501586.12 1284058962.83
TISCALI SPA TISN FP -382501586.12 1284058962.83
TISCALI SPA TIS PZ -382501586.12 1284058962.83
TISCALI SPA TIQ1 GR -382501586.12 1284058962.83
TISCALI SPA TIS VX -382501586.12 1284058962.83
TISCALI SPA TIQG IX -382501586.12 1284058962.83
TISCALI SPA TISN IM -382501586.12 1284058962.83
TISCALI SPA TIS EU -382501586.12 1284058962.83
TISCALI SPA TIS NA -382501586.12 1284058962.83
TISCALI SPA TISGBX EU -382501586.12 1284058962.83
TISCALI SPA TIS TQ -382501586.12 1284058962.83
TISCALI SPA TSCXF US -382501586.12 1284058962.83
TISCALI SPA TIS IX -382501586.12 1284058962.83
TISCALI SPA- RTS TISAXA IM -382501586.12 1284058962.83
TISCALI SPA- RTS 3391621Q GR -382501586.12 1284058962.83
YORKVILLE BHN BY TQ -178432.46 134255668.53
YORKVILLE BHN BY IM -178432.46 134255668.53
YORKVILLE BHN CBXI PZ -178432.46 134255668.53
KAZAKHSTAN
----------
KAZAKHSTAN MNRLS KMCOF US -123563000 104843000
KAZAKHSTAN MNRLS KMCO/U CN -123563000 104843000
KAZAKHSTAN MNRLS KMC/U CN -123563000 104843000
KAZAKHSTAN MNRLS KMCO CN -123563000 104843000
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INT-ADR CONE US -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INTL CJN GR -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854741.41 609871188.88
BAAN COMPANY NV BAAN GR -7854741.41 609871188.88
BAAN COMPANY NV BAAN NA -7854741.41 609871188.88
BAAN COMPANY NV BAAVF US -7854741.41 609871188.88
BAAN COMPANY NV BAAN IX -7854741.41 609871188.88
BAAN COMPANY NV BAAN PZ -7854741.41 609871188.88
BAAN COMPANY NV BAAN EO -7854741.41 609871188.88
BAAN COMPANY NV BAAN EU -7854741.41 609871188.88
BAAN COMPANY NV BNCG IX -7854741.41 609871188.88
BAAN COMPANY-NY BAANF US -7854741.41 609871188.88
BUSINESSWAY INTL BITLE US -1244740 136149008
BUSINESSWAY INTL BITL US -1244740 136149008
CNW ORLANDO INC CNWD US -1244740 136149008
GLOBALNETCARE GBCR US -1244740 136149008
GLOBALNETCARE GBCRE US -1244740 136149008
ICBS INTERNATION ICBOE US -1244740 136149008
ICBS INTERNATION ICBO US -1244740 136149008
LIBERTY GL EU-A UPC NA -5505478849.55 5112616630.06
ROYAL INVEST INT RIIC US -1244740 136149008
UNITED PAN -ADR UPEA GR -5505478849.55 5112616630.06
UNITED PAN-A ADR UPCOY US -5505478849.55 5112616630.06
UNITED PAN-EUR-A UPC LI -5505478849.55 5112616630.06
UNITED PAN-EUR-A UPC LN -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE1 GR -5505478849.55 5112616630.06
UNITED PAN-EUROP UPC VX -5505478849.55 5112616630.06
UNITED PAN-EUROP UPCOF US -5505478849.55 5112616630.06
UNITED PAN-EUROP UPE GR -5505478849.55 5112616630.06
UNITED PAN-EUROP UPCEF US -5505478849.55 5112616630.06
WAH KING INVEST WAHKE US -1244740 136149008
WAH KING INVEST WAHK US -1244740 136149008
POLAND
------
KROSNO KROS IX -2241614.77 111838141.19
KROSNO KRS1EUR EU -2241614.77 111838141.19
KROSNO KRS PW -2241614.77 111838141.19
KROSNO KRS1EUR EO -2241614.77 111838141.19
KROSNO KRS LI -2241614.77 111838141.19
KROSNO SA KRS PZ -2241614.77 111838141.19
KROSNO SA KRNFF US -2241614.77 111838141.19
KROSNO SA KRS1 EU -2241614.77 111838141.19
KROSNO SA KROSNO PW -2241614.77 111838141.19
KROSNO SA KRS1 EO -2241614.77 111838141.19
KROSNO SA-RTS KRSP PW -2241614.77 111838141.19
KROSNO-PDA-ALLT KRSA PW -2241614.77 111838141.19
TOORA 2916661Q EO -288818.39 147004954.18
TOORA TOR PW -288818.39 147004954.18
TOORA TOR PZ -288818.39 147004954.18
TOORA 2916665Q EU -288818.39 147004954.18
TOORA-ALLOT CERT TORA PW -288818.39 147004954.18
PORTUGAL
--------
BENFICA SLBE IX -16614056.44 234366255.59
BENFICA SLBEN EO -16614056.44 234366255.59
BENFICA SLBEN EU -16614056.44 234366255.59
BENFICA SLBEN PL -16614056.44 234366255.59
BENFICA SLBEN PZ -16614056.44 234366255.59
BENFICA SLBENX PX -16614056.44 234366255.59
COFINA CFN1 PZ -9882836.46 319233214.35
COFINA COFI TQ -9882836.46 319233214.35
COFINA COFI EO -9882836.46 319233214.35
COFINA CFN PL -9882836.46 319233214.35
COFINA CFNX PX -9882836.46 319233214.35
COFINA CFASF US -9882836.46 319233214.35
COFINA COFI EU -9882836.46 319233214.35
COFINA COFI PL -9882836.46 319233214.35
COFINA COFSI IX -9882836.46 319233214.35
LISGRAFICA IMPRE LIG PL -8723139.72 107312975.09
LISGRAFICA IMPRE LIAG EO -8723139.72 107312975.09
LISGRAFICA IMPRE LIAG EU -8723139.72 107312975.09
LISGRAFICA IMPRE LIG EU -8723139.72 107312975.09
LISGRAFICA IMPRE LIG EO -8723139.72 107312975.09
LISGRAFICA IMPRE LIAG PL -8723139.72 107312975.09
LISGRAFICA IMPRE LIG PZ -8723139.72 107312975.09
LISGRAFICA-RTS LIGDS PL -8723139.72 107312975.09
PORCELANA VISTA PVAL PL -68504012.12 145654270.82
SPORT LISBOA E B 1249Z PL -16614056.44 234366255.59
SPORTING-SOC DES SCDF EU -4083492.14 225687305.9
SPORTING-SOC DES SCP PL -4083492.14 225687305.9
SPORTING-SOC DES SCPX PX -4083492.14 225687305.9
SPORTING-SOC DES SCDF EO -4083492.14 225687305.9
SPORTING-SOC DES SCG GR -4083492.14 225687305.9
SPORTING-SOC DES SCPL IX -4083492.14 225687305.9
SPORTING-SOC DES SCP1 PZ -4083492.14 225687305.9
SPORTING-SOC DES SCDF PL -4083492.14 225687305.9
VAA VISTA ALEGRE VAF PZ -68504012.12 145654270.82
VAA VISTA ALEGRE VAF EO -68504012.12 145654270.82
VAA VISTA ALEGRE VAF PL -68504012.12 145654270.82
VAA VISTA ALEGRE VAF EU -68504012.12 145654270.82
VAA VISTA ALEGRE VAFX PX -68504012.12 145654270.82
VAA VISTA ALTAN VAFKX PX -68504012.12 145654270.82
VAA VISTA ALTAN VAFK EO -68504012.12 145654270.82
VAA VISTA ALTAN VAFK EU -68504012.12 145654270.82
VAA VISTA ALTAN VAFK PZ -68504012.12 145654270.82
VAA VISTA ALTAN VAFK PL -68504012.12 145654270.82
NORWAY
------
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.59
PETRO GEO-SERV PGS VX -18066142.21 399710323.59
PETRO GEO-SERV PGS GR -18066142.21 399710323.59
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.59
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.59
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.59
ROMANIA
-------
ARDAF ARDF RO -57541345.69 142988411.25
OLTCHIM RM VALCE OLTCF US -89344235.29 511515508.85
OLTCHIM RM VALCE OLT RO -89344235.29 511515508.85
OLTCHIM RM VALCE OLTEUR EO -89344235.29 511515508.85
OLTCHIM RM VALCE OLT EU -89344235.29 511515508.85
OLTCHIM RM VALCE OLT EO -89344235.29 511515508.85
OLTCHIM RM VALCE OLT PZ -89344235.29 511515508.85
OLTCHIM RM VALCE OLTEUR EU -89344235.29 511515508.85
RAFO SA RAF RO -457922636.25 356796459.26
UZINELE SODICE G UZIM RO -35878364.71 104942905.83
RUSSIA
------
ALFA CEMENT-BRD ALCE RU -672832.37 105454563.92
ALFA CEMENT-BRD AFMTF US -672832.37 105454563.92
ALFA CEMENT-BRD ALCE* RU -672832.37 105454563.92
AMO ZIL ZILL RM -171193521.47 350870451.06
AMO ZIL-CLS ZILL RU -171193521.47 350870451.06
AMO ZIL-CLS ZILL* RU -171193521.47 350870451.06
AMUR SHIP-BRD AMZS* RU -99051792.6 1089408984.8
AMUR SHIP-BRD AMZS RU -99051792.6 1089408984.8
BANK FORUM -GDR B5F GR -5331676.8 2243068981.53
BANK FORUM -GDR 639540Z LX -5331676.8 2243068981.53
BANK FORUM -GDR FRMB038 RU -5331676.8 2243068981.53
BANK FORUM -GDR BFJG IX -5331676.8 2243068981.53
BANK FORUM JSC FORM UZ -5331676.8 2243068981.53
DAGESTAN ENERGY DASB RU -33465586.31 128437866.54
DAGESTAN ENERGY DASB* RU -33465586.31 128437866.54
DAGESTAN ENERGY DASB RM -33465586.31 128437866.54
DUVANSKA DIVR SG -7729350.78 109207260.53
EAST-SIBERIA-BRD VSNK* RU -116177580.51 140342466.16
EAST-SIBERIA-BRD VSNK RU -116177580.51 140342466.16
EAST-SIBERIAN-BD VSNK$ RU -116177580.51 140342466.16
GUKOVUGOL GUUG RU -57835245.31 143665227.24
GUKOVUGOL GUUG* RU -57835245.31 143665227.24
GUKOVUGOL-PFD GUUGP RU -57835245.31 143665227.24
GUKOVUGOL-PFD GUUGP* RU -57835245.31 143665227.24
KOMPANIYA GL-BRD GMST* RU -75483851.36 1248071411.99
KOMPANIYA GL-BRD GMST RU -75483851.36 1248071411.99
SAMARANEFTEGA-P$ SMNGP RU -331600428.45 891998590.74
SAMARANEFTEGAS SVYOF US -331600428.45 891998590.74
SAMARANEFTEGAS SMNG RM -331600428.45 891998590.74
SAMARANEFTEGAS SMNG$ RU -331600428.45 891998590.74
SAMARANEFTEGAS SMNG* RU -331600428.45 891998590.74
SAMARANEFTEGAS-$ SMNG RU -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP RM -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP$ RU -331600428.45 891998590.74
SAMARANEFTEGAS-P SMNGP* RU -331600428.45 891998590.74
TERNEYLES-BRD TERL RU -15178937.2 182115156.77
TERNEYLES-BRD TERL* RU -15178937.2 182115156.77
TRANSAERO AIRLIN TRNS RU -32834680.5 456883935.5
TRANSAERO AIRLIN TRNS* RU -32834680.5 456883935.5
URGALUGOL-BRD YRGL* RU -15706613.04 105440541.07
URGALUGOL-BRD YRGL RU -15706613.04 105440541.07
URGALUGOL-BRD-PF YRGLP RU -15706613.04 105440541.07
VOLGOGRAD KHIM VHIM RU -6661016.16 113935933.35
VOLGOGRAD KHIM VHIM* RU -6661016.16 113935933.35
ZIL AUTO PLANT ZILL$ RU -171193521.47 350870451.06
ZIL AUTO PLANT-P ZILLP RM -171193521.47 350870451.06
ZIL AUTO PLANT-P ZILLP* RU -171193521.47 350870451.06
ZIL AUTO PLANT-P ZILLP RU -171193521.47 350870451.06
SPAIN
-----
ACTUACIONES ACTI AGR SM -148097530.94 674738808.26
ACTUACIONES ACTI AISA SM -148097530.94 674738808.26
ACTUACIONES ACTI AISA PZ -148097530.94 674738808.26
ACTUACIONES ACTI AISA EO -148097530.94 674738808.26
ACTUACIONES ACTI AISA EU -148097530.94 674738808.26
AGRUPACIO - RT AGR/D SM -148097530.94 674738808.26
MARTINSA FADESA MFAD PZ -1847997044.09 8832898708.34
MARTINSA FADESA MTF EO -1847997044.09 8832898708.34
MARTINSA FADESA 4PU GR -1847997044.09 8832898708.34
MARTINSA FADESA MTF1 LI -1847997044.09 8832898708.34
MARTINSA FADESA MTF EU -1847997044.09 8832898708.34
MARTINSA FADESA MTF SM -1847997044.09 8832898708.34
MARTINSA-FADESA MTF NR -1847997044.09 8832898708.34
TURKEY
------
BESIKTAS FUTBOL BKTFF US -10396040.97 175760356.28
BESIKTAS FUTBOL BWX GR -10396040.97 175760356.28
BESIKTAS FUTBOL BJKAS TI -10396040.97 175760356.28
BESIKTAS FUTBOL BJKASM TI -10396040.97 175760356.28
BESIKTAS FUTBOL BJKASY TI -10396040.97 175760356.28
EGS EGE GIYIM VE EGDIS TI -7732138.55 147075066.65
EGS EGE GIYIM-RT EGDISR TI -7732138.55 147075066.65
IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.63
IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.63
MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
SIFAS SIFAS TI -15439198.6 130608103.96
TUTUNBANK TUT TI -4024959601.58 2643810456.86
YASARBANK YABNK TI -4024959601.58 2643810456.86
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -16212049.02 277693905.54
DNEPROPETROVSK DMZP UZ -15926384.43 424303604.81
DNIPROOBLENERGO DNON UZ -8466062.15 297261661.11
DONETSKOBLENERGO DOON UZ -222373172.26 391097664.92
LUGANSKOBLENERGO LOEN UZ -27999610.26 206103874.91
NAFTOKHIMIK PRIC NAFP UZ -18319042.42 308665797.86
ODESSA OIL REFIN ONPZ UZ -70727947.39 325964086.89
ZAPORIZHOBLENERG ZAON UZ -5929792.72 132397404.71
UNITED KINGDOM
--------------
ABBOTT MEAD VICK 648824Q LN -1685852.9 168258996.33
ADVANCE DISPLAY ADTP PZ -3015578834.69 2590007903.69
AEA TECHNOLO-FPR AATF PZ -149279984.66 121254240.42
AEA TECHNOLO-FPR AATF LN -149279984.66 121254240.42
AEA TECHNOLO-NPR AATN LN -149279984.66 121254240.42
AEA TECHNOLO-NPR AATN PZ -149279984.66 121254240.42
AEA TECHNOLOGY AATGBP EO -149279984.66 121254240.42
AEA TECHNOLOGY AAT PZ -149279984.66 121254240.42
AEA TECHNOLOGY AAT EO -149279984.66 121254240.42
AEA TECHNOLOGY AAT LN -149279984.66 121254240.42
AEA TECHNOLOGY AAT PO -149279984.66 121254240.42
AEA TECHNOLOGY AEY GR -149279984.66 121254240.42
AEA TECHNOLOGY AAT VX -149279984.66 121254240.42
AEA TECHNOLOGY AAT IX -149279984.66 121254240.42
AEA TECHNOLOGY EAETF US -149279984.66 121254240.42
AEA TECHNOLOGY AAT EU -149279984.66 121254240.42
AIRTOURS PLC ATORF US -379721841.57 1817512773.61
AIRTOURS PLC AIR VX -379721841.57 1817512773.61
AIRTOURS PLC AIR LN -379721841.57 1817512773.61
ALLDAYS PLC 317056Q LN -120493900.04 252232072.87
ALLDAYS PLC ALDYF US -120493900.04 252232072.87
AMER BUS SYS ARB LN -497127008 121439000
AMEY PLC AMY VX -48862569.33 931527720.46
AMEY PLC AMEYF US -48862569.33 931527720.46
AMEY PLC AMY LN -48862569.33 931527720.46
AMEY PLC-ASSENT AMYA LN -48862569.33 931527720.46
AMEY PLC-NEW AMYN LN -48862569.33 931527720.46
ANKER PLC ANK PO -21861359.81 115463159
ANKER PLC ANK LN -21861359.81 115463159
ANKER PLC DW14 GR -21861359.81 115463159
ANKER PLC - ASSD ANKB LN -21861359.81 115463159
ANKER PLC - ASSD ANKC LN -21861359.81 115463159
ANKER PLC-ASSD ANKA LN -21861359.81 115463159
ATKINS (WS) PLC ATK NQ -62199993.61 1184945671.16
ATKINS (WS) PLC ATK EU -62199993.61 1184945671.16
ATKINS (WS) PLC ATKEUR EU -62199993.61 1184945671.16
ATKINS (WS) PLC ATK PO -62199993.61 1184945671.16
ATKINS (WS) PLC WATKF US -62199993.61 1184945671.16
ATKINS (WS) PLC ATK LN -62199993.61 1184945671.16
ATKINS (WS) PLC ATK IX -62199993.61 1184945671.16
ATKINS (WS) PLC ATK EO -62199993.61 1184945671.16
ATKINS (WS) PLC ATKGBP EO -62199993.61 1184945671.16
ATKINS (WS) PLC ATK EB -62199993.61 1184945671.16
ATKINS (WS) PLC ATK BQ -62199993.61 1184945671.16
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TOPPS TILES PLC TPT PZ -78172467.48 131014414.4
TOPPS TILES PLC TPTJF US -78172467.48 131014414.4
TOPPS TILES PLC TPT PO -78172467.48 131014414.4
TOPPS TILES PLC TPTJY US -78172467.48 131014414.4
TOPPS TILES PLC TPTEUR EO -78172467.48 131014414.4
TOPPS TILES PLC TPT TQ -78172467.48 131014414.4
TOPPS TILES PLC TPT LN -78172467.48 131014414.4
TOPPS TILES PLC TPT VX -78172467.48 131014414.4
TOPPS TILES PLC TPT EO -78172467.48 131014414.4
TOPPS TILES PLC TPTEUR EU -78172467.48 131014414.4
TOPPS TILES PLC TPTGBP EO -78172467.48 131014414.4
TOPPS TILES PLC TPT BQ -78172467.48 131014414.4
TOPPS TILES PLC TPT IX -78172467.48 131014414.4
TOPPS TILES PLC TPT EU -78172467.48 131014414.4
UTC GROUP UGR LN -11904426.45 203548565.03
VIRGIN MOB-ASSD VMOA LN -392165437.58 166070003.71
VIRGIN MOB-ASSD VMOC LN -392165437.58 166070003.71
VIRGIN MOBILE VMOB PO -392165437.58 166070003.71
VIRGIN MOBILE VMOB LN -392165437.58 166070003.71
VIRGIN MOBILE VMOB VX -392165437.58 166070003.71
VIRGIN MOBILE UEM GR -392165437.58 166070003.71
VIRGIN MOBILE VGMHF US -392165437.58 166070003.71
WATSON & PHILIP WTSN LN -120493900.04 252232072.87
WHITE YOUNG GREE WHYGBP EO -27530263.14 313453511
WHITE YOUNG GREE WHY EU -27530263.14 313453511
WHITE YOUNG GREE WHY EO -27530263.14 313453511
WHITE YOUNG GREE WHY LN -27530263.14 313453511
WHITE YOUNG GREE WHYEUR EU -27530263.14 313453511
WHITE YOUNG GREE WHY PZ -27530263.14 313453511
WHITE YOUNG GREE WHY VX -27530263.14 313453511
WHITE YOUNG GREE WHY IX -27530263.14 313453511
WHITE YOUNG GREE WHY PO -27530263.14 313453511
WHITE YOUNG GREE WHYEUR EO -27530263.14 313453511
WHITE YOUNG-NEW WHYN LN -27530263.14 313453511
WINCANTON PL-ADR WNCNY US -63105009.98 1416979805.92
WINCANTON PLC WNCNF US -63105009.98 1416979805.92
WINCANTON PLC WIN1EUR EU -63105009.98 1416979805.92
WINCANTON PLC WIN1 QM -63105009.98 1416979805.92
WINCANTON PLC WIN IX -63105009.98 1416979805.92
WINCANTON PLC WIN1EUR EO -63105009.98 1416979805.92
WINCANTON PLC WIN1 NQ -63105009.98 1416979805.92
WINCANTON PLC WIN1USD EU -63105009.98 1416979805.92
WINCANTON PLC WIN1 EB -63105009.98 1416979805.92
WINCANTON PLC WIN1GBP EO -63105009.98 1416979805.92
WINCANTON PLC WIN VX -63105009.98 1416979805.92
WINCANTON PLC WIN1 EU -63105009.98 1416979805.92
WINCANTON PLC WIN LN -63105009.98 1416979805.92
WINCANTON PLC WIN1 BQ -63105009.98 1416979805.92
WINCANTON PLC WIN1 EO -63105009.98 1416979805.92
WINCANTON PLC WIN PO -63105009.98 1416979805.92
WINCANTON PLC WIN1 TQ -63105009.98 1416979805.92
WINCANTON PLC WIN PZ -63105009.98 1416979805.92
WINCANTON PLC WIN1USD EO -63105009.98 1416979805.92
XXPERT RENTAL XPRT CN -123563000 104843000
*********
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.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
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., Frederick,
Maryland USA. Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda, Joy A. Agravante and Peter A. Chapman, Editors.
Copyright 2009. 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$625 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 Christopher Beard at 240/629-3300.
* * * End of Transmission * * *