/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/091215.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, December 15, 2009, Vol. 10, No. 247 Headlines A U S T R I A AGENTUR 2000: Claims Filing Deadline is January 4 BUBLOVA MIRIAM: Claims Filing Deadline is December 28 BAUMSCHULEN SCHICK: Claims Filing Deadline is December 28 HYPO ALPE-ALDRIA: Austrian Banks to Grant Liquidity, APA Says METALLHANDEL & KABELRECYCLING: Claims Filing Deadline is Dec. 28 TELE-ELECTRONIC: Claims Filing Deadline is December 28 TTN LACKFABRIK: Claims Filing Deadline is December 28 B U L G A R I A CIBANK AD: Fitch Downgrades Individual Rating to 'D/E' D E N M A R K TDC A/S: Fitch Assigns 'BB' Rating on New EUR273.5 Mil. Notes G E R M A N Y ARCANDOR AG: Metro's Karstadt Takeover May Lead to 25,000 Job Cuts GENERAL MOTORS: CFO Young Named VP of International Operations LYONDELL CHEMICAL: Parent to Close Germany Plant G R E E C E * GREECE: Gov't Promises to Cut Budget Deficit Over Next 4 Years I C E L A N D KAUPTHING BANK: SFO to Launch Formal Investigation Into Collapse I R E L A N D LANSDOWNE MORTGAGE: Moody's Junks Ratings on Four Classes of Notes OAK HILL: Moody's Downgrades Rating on Class E Notes to 'Caa2' PENTA CLO: Moody's Junks Ratings on Two Classes of Notes STANTON MBS: S&P Downgrades Rating on Class D Notes to 'BB' STARTS PLC: S&P Withdraws 'CCC-' Rating on Series 2007-22 Notes I T A L Y FEDERCONSORZI: Creditor Suit Is Valid, UnicCredit Letter Shows PIAGGIO & C: S&P Assigns 'BB' Rating on EUR150 Mil. Senior Notes L U X E M B O U R G ARCELORMITTAL: To Slash 3.5% of Global Workforce BEVERAGE PACKAGING: S&P Cuts Rating on EUR480 Mil. Notes to 'B-' GSC EUROPEAN: Moody's Cuts Rating on Class E Notes to 'Caa3' HARVEST CLO: Moody's Cuts Ratings on Two Classes of Notes to Caa2 PENTA CLO: Moody's Junks Ratings on Three Classes of Notes N E T H E R L A N D S ELEPHANT TALK: Posts US$5.6 Million Net Loss in Q3 2009 EURO-GALAXY CLO: Moody's Junks Ratings on Two Classes of Notes HUDSON CLO: Moody's Confirms Rating on Class B-2 Notes at 'Caa3' ING GROEP: To Repay Half of Dutch State Aid JUBILEE CDO: Moody's Cuts Ratings on Two Classes of Notes to Caa2 MORGAN STANLEY: Moody's Cuts Rating on Class S Notes to 'Caa3' SSMO CJSC: S&P Assigns Global Scale Issue Rating at 'B' R U S S I A * TVER OBLAST: S&P Assigns 'B+' Long-Term Debt Rating on Bonds S W E D E N GENERAL MOTORS: Saab Closes Sale of Tooling to BAIC S W I T Z E R L A N D ALPINA NAHRUNGSMITTEL: Claims Filing Deadline is December 28 AXEMO SOFTWARE: Claims Filing Deadline is December 28 DATASPIRIT GMBH: Claims Filing Deadline is December 28 HEGGIDORN IMMOBILIEN: Claims Filing Deadline is December 28 HORAND AUTOMATEN: Claims Filing Deadline is December 28 KREAVIS GMBH: Claims Filing Deadline is December 28 ORBIT 1 REISEN: Claims Filing Deadline is December 28 PC PHARMACOSMETICS: Claims Filing Deadline is December 23 RENDITENBERATUNG AG: Claims Filing Deadline is December 28 VAN DER MOOLEN: Asks Court to Investigate Management WIDI GMBH: Claims Filing Deadline is December 28 T U R K E Y * TURKEY: Fitch Affirms Individual Ratings on Five Banks at 'D' U N I T E D K I N G D O M AMEY LAGAN: S&P Downgrades Long-Term Debt Rating to 'BB+' ASHTEAD GROUP: S&P Raises Rating on US$550 Mil. Notes to 'B+' CLARIS LIMITED: Moody's Cuts Rating on EUR21MM Notes to 'B3' CONSUMER UNSECURED: Moody's Junks Rating on GBP20MM Certificate DUBAI WORLD: Abu Dhabi to Provide US$10 Billion Funding ROADCHEF FINANCE: S&P Downgrades Ratings on Two Classes of Notes SOLUTIA INC: Discontinues Operations at Cologne, Germany SOUTHERN PACIFIC: Moody's Junks Ratings on Ten Classes of Notes TITAN EUROPE: Moody's Affirms Rating on Class D Notes at 'C' URSUS EPC: Fitch Junks Ratings on Three Classes of Notes X X X X X X X X * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= AGENTUR 2000: Claims Filing Deadline is January 4 ------------------------------------------------- Creditors of Agentur 2000 Incentive + Reisen GmbH have until January 4, 2010, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for January 18, 2010 at 9:30 a.m. For further information, contact the company's administrator: Mag. Johanna Abel-Winkler Franz-Josefs-Kai 49/19 1010 Vienna Austria Tel: 533 52 72 Fax: 533 52 72-15 E-mail: office@abel-abel.at BUBLOVA MIRIAM: Claims Filing Deadline is December 28 ----------------------------------------------------- Creditors of Bublova Miriam have until December 28, 2009, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for January 8, 2010 at 11:05 a.m. For further information, contact the company's administrator: Mag. Wolfgang Herzer Schuettelstrasse 55, Carre Rotunde 1020 Vienna Austria Tel: 72 577 Fax: 72 577 577 E-mail: wolfgang.herzer@blw-legal.com BAUMSCHULEN SCHICK: Claims Filing Deadline is December 28 --------------------------------------------------------- Creditors of Baumschulen Schick GmbH have until December 28, 2009, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for January 11, 2010 at 9:00 a.m. For further information, contact the company's administrator: Dr. Johannes Jaksch Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33, 713 34 05 Fax: 713 10 33 E-mail: kanzlei@jsr.at HYPO ALPE-ALDRIA: Austrian Banks to Grant Liquidity, APA Says ------------------------------------------------------------- Zoe Schneeweiss at Bloomberg News, citing the Austrian Press Agency, reports that Austria's biggest banks will grant liquidity to Hypo Alpe-Adria Bank International AG should the Austrian government take over the majority of the bank. According to Bloomberg, Vienna-based APA said Austria will also have to guarantee the liquidity provided. Bayerische Landesbank currently holds a 67% stake in the bank, Bloomberg discloses. BayernLB's Exposure Separately, Bloomberg News, citing Sueddeutsche Zeitung, reports that the Bavarian government is expecting Bayerische Landesbank to lose at least EUR3 billion (US$4.4 billion) on Hypo Alpe-Adria Bank. Bloomberg relates the newspaper said in the worst case BayernLB would lose EUR6 billion. Hypo Alpe-Adria International AG is a subsidiary of BayernLB. It is active in banking and leasing with a balance sheet of EUR43 billion. In banking, HGAA serves both corporate and retail customers and offers services ranging from traditional lending through savings and deposits to complex investment products and asset management services. * * * As reported by the Troubled Company Reporter-Europe on June 11, 2009, Moody's Investors Service downgraded the bank financial strength rating of Hypo Alpe-Adria-Bank International AG to E+ from D-. Moody's said the downgrade of the BFSR reflects Moody's expectation that Hypo Alpe-Adria will not be able to operate profitably until 2011. The historically low profitability of the bank does not provide a sufficient buffer to absorb the effects of the continuing downturn in the global economy and the persistent economic turmoil in international capital markets that is likely to have a worsening negative impact on the economies of Hypo Alpe Adria's core markets in South-Eastern Europe. Hence, Moody's expects pressure on earnings, asset quality and capital ratios to increase further and the likelihood that the bank would need outside support to rise. METALLHANDEL & KABELRECYCLING: Claims Filing Deadline is Dec. 28 ---------------------------------------------------------------- Creditors of Metallhandel & Kabelrecycling Gerhard Klim GmbH have until December 28, 2009, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for January 11, 2010 at 10:45 a.m. For further information, contact the company's administrator: Dr. Helmut Platzgummer Kohlmarkt 14 1010 Vienna Austria Tel: 533 19 39 Serie Fax: 533 19 39 39 E-mail: helmut.platzgummer@lp-law.at TELE-ELECTRONIC: Claims Filing Deadline is December 28 ------------------------------------------------------ Creditors of Tele-Electronic GmbH have until December 28, 2009, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for January 8, 2010 at 11:05 a.m. For further information, contact the company's administrator: Mag. Dr. Guenther Hoedl Schulerstrasse 18 1010 Vienna Austria Tel: 513 16 55 Fax: 513 16 55 33 E-mail: Hoedl@anwaltsteam.at TTN LACKFABRIK: Claims Filing Deadline is December 28 ----------------------------------------------------- Creditors of TTN Lackfabrik GmbH have until December 28, 2009, to file their proofs of claim. A court hearing for examination of the claims has been scheduled for January 11, 2010 at 10:00 a.m. For further information, contact the company's administrator: Mag. Christian Atzwanger Luefteneggerstrasse 12 4020 Linz Austria Tel: 0732/77 88 67-0 Fax: 0732/7832644 E-mail: office@schuh-atzwanger.at =============== B U L G A R I A =============== CIBANK AD: Fitch Downgrades Individual Rating to 'D/E' ------------------------------------------------------ Fitch Ratings has affirmed Cibank AD Bulgaria's Long-term Issuer Default rating at 'BBB+' with Negative Outlook, Short-term IDR at 'F2' and Support rating at '2'. The agency also downgraded Cibank's Individual rating to 'D/E' from 'D'. The downgrade of the Individual rating reflects Cibank's rapidly deteriorating asset quality, combined with higher credit costs and lower business volumes, as the Bulgarian economy continues to contract. These factors are expected to significantly affect internal capital generation and could result in the bank needing a capital injection. The IDRs and Support rating of Cibank reflect Fitch's view of the high probability of potential support Cibank can expect to receive from its 81.7% shareholder, Belgian KBC Bank (rated 'A'/Stable), in case of need. The Negative Outlook reflects that on Bulgaria's sovereign long-term foreign currency IDR of 'BBB-'. Cibank's IDRs are at Bulgaria's Country Ceiling level of 'BBB+'. Should Fitch downgrade Bulgaria's ratings, Cibank's IDRs would also be downgraded. Cibank's NPLs, loans overdue by 90 days including restructured loans, increased significantly in 9M09, mainly due to its legacy commercial real estate portfolio and the seasoning of the loan portfolio after years of faster growth. Fitch expects the downward trend in asset quality to continue as the Bulgarian economy continues to contract. While revenues improved in 9M09, this may not be sustainable as business volumes are not expected to materially increase in 2010. Cibank benefits from integrated risk management systems with KBC group. It largely funds itself from term retail deposits and KBCB is committed to supporting Cibank's future funding needs. Cibank was the 10th largest bank in the country by end-Q309 assets, with a 2.6% market share. Originally a corporate bank, its focus on retail and SME lending is now increasing. Its parent plans to pursue its overall bancassurance strategy in Bulgaria through a partnership between Cibank and DZI, which is also owned by the KBC group. In Fitch's rating criteria, a bank's standalone risk is reflected in Fitch's Individual ratings and the prospect of external support is reflected in Fitch's Support ratings. Collectively these ratings drive Fitch's Long- and Short-term IDRs. ============= D E N M A R K ============= TDC A/S: Fitch Assigns 'BB' Rating on New EUR273.5 Mil. Notes ------------------------------------------------------------- Fitch Ratings has assigned Danish telecom operator TDC A/S's new EUR273.5 million senior unsecured notes, due 2015, a final rating of 'BB'. The new bond issue has a coupon of 5.875% and was issued at a price discount of 99.429%, corresponding to a yield to maturity of 5.991%. The terms and conditions of the new 2015 bonds substantially mirror those of the existing EUR750 million 6.5% 2012 senior unsecured TDC bonds rated 'BB'. The new notes are being exchanged for approximately EUR256 million of the 2012 bonds, which will partially extend TDC's upcoming debt amortization profile. TDC's current ratings are: -- Long-term Issuer Default Rating: 'BB'; Outlook Positive -- Short-term IDR: 'B' -- Senior secured facilities: 'BB+' -- Senior unsecured: 'BB' -- NTC Holding ApS senior notes: 'BB-' ============= G E R M A N Y ============= ARCANDOR AG: Metro's Karstadt Takeover May Lead to 25,000 Job Cuts ------------------------------------------------------------------ Patrick Donahue at Bloomberg News reports that WirtschaftsWoche magazine, citing Arcandor AG insolvency manager Rolf Weidmann, said a Metro AG acquisition of Arcandor's Karstadt department stores may lead to 25,000 job losses. According to Bloomberg, Mr. Weidmann told the magazine Metro would probably close stores in cities that have both Karstadt and its own Kaufhof outlets. Bloomberg relates Mr. Weidmann, as cited by WirtschaftsWoche, said he aims to sell the remaining Karstadt properties, including sports outlets, by the middle of next year. 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. GENERAL MOTORS: CFO Young Named VP of International Operations -------------------------------------------------------------- General Motors said Monday that Ray G. Young has been named vice president, International Operations, reporting to Tim Lee, president of GM International Operations, effective February 1, 2010. In this newly created role, Young, 47, will lead the International Operations Finance organization, in addition to other international operating responsibilities that will be further clarified in the near term. "Ray has been instrumental in leading the company through an extraordinarily complex bankruptcy and subsequent actions taken to reshape GM's business. Looking ahead at the needs of our business, it has become clear that Ray's vast global experience and financial expertise will be essential in managing the challenges and dynamics of growing our international business, " said Chairman and CEO, Edward E. Whitacre, Jr. In addition, Ray will continue to be the Chief Financial Officer of General Motors until a replacement is named. Dow Jones Newswires' Nathan Becker says the move comes after GM earlier this month announced a string of management changes, including the ouster of former Chief Executive Fritz Henderson, who was replaced on an interim basis by Mr. Whitacre. Then other management changes fell in place, reflecting Mr. Whitacre's desire that younger and stronger leaders take on more prominent roles at the 101-year-old auto maker, according to Mr. Becker. About General Motors General Motors Company -- http://www.gm.com/-- is one of the world's largest automakers, tracing its roots back to 1908. With its global headquarters in Detroit, GM employs 209,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall and Wuling. GM's largest national market is the United States, followed by China, Brazil, the United Kingdom, Canada, Russia and Germany. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. GM acquired its operations from General Motors Company, n/k/a Motors Liquidation Company, on July 10, 2009, pursuant to a sale under Section 363 of the Bankruptcy Code. Motors Liquidation or Old GM is the subject of a pending Chapter 11 reorganization case before the U.S. Bankruptcy Court for the Southern District of New York. At September 30, 2009, GM had US$107.45 billion in total assets against US$135.60 billion in total liabilities. About Motors Liquidation General Motors Corporation and three of its affiliates filed for Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-50026). General Motors changed its name to Motors Liquidation Co. following the sale of its key assets to a company 60.8% owned by the U.S. Government. The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as the Chief Executive Officer for Motors Liquidation Company. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. Bankruptcy Creditors' Service, Inc., publishes General Motors Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by General Motors Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) LYONDELL CHEMICAL: Parent to Close Germany Plant ------------------------------------------------ LyondellBasell announced that it will shut down one polypropylene (PP) line in Wesseling, Germany, by the end of 2009. As a result, PP capacity at the site will be reduced by 110KT. "We have concluded that our current polypropylene operating rate at Wesseling is no longer economically viable," said Anton de Vries, LyondellBasell's president of Europe, Asia & International. "The affected line in Wesseling is one of the smallest and oldest PP units we have in LyondellBasell. We continue to invest in state-of-the-art facilities." He added, "We will continue to meet the needs of our customers even as we rationalize certain assets." 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) =========== G R E E C E =========== * GREECE: Gov't Promises to Cut Budget Deficit Over Next 4 Years ---------------------------------------------------------------- The Wall Street Journal's Marcus Walker and Dow Jones Newswires' Alkman Granitsas report Greece's government promised to cut its budget deficit radically over the next four years, reacting to pressure from financial markets as well as concerns about unsustainable public debts among the euro zone's weaker economies. According to the report, Prime Minister George Papandreou said late Monday that his country would bring its ballooning deficit down from nearly 13% of gross domestic product this year to 3% in 2013, the maximum allowed under European Union rules, in a much- awaited speech to business and labor leaders. In his remarks, Mr. Papandreou reaffirmed that his government aims to reduce the budget deficit to 9.1% of GDP in 2010, through a combination of EUR8 billion (US$11.69 billion) in spending cuts and new taxes, the report says. "Greece faces the risk of sinking under its debt," Mr. Papandreou said, according to the report. The report notes credit markets have become increasingly nervous about Greece's public finances following the revelation in November that the country's budget deficit is heading toward 13% of GDP this year -- twice the official projection just weeks earlier. The report notes Fitch last week downgraded Greece's debt to BBB- plus, the lowest level of any euro-zone government, while Standard & Poor's warned it might downgrade Greece over the next few weeks. ============= I C E L A N D ============= KAUPTHING BANK: SFO to Launch Formal Investigation Into Collapse ---------------------------------------------------------------- Telegraph reports that the Serious Fraud Office is preparing to launch a formal investigation into Kaupthing Bank hf amid suspicions that it may have been involved in criminal activity. Telegraph, citing sources, says the SFO is expected to announce this week that following four months of intelligence gathering it is to launch an official inquiry. The prosecutor is expected to appoint one of its most experienced investigators to take charge, Telegraph discloses. Telegraph recalls Kaupthing collapsed last October, along with two other Icelandic banks, Glitnir and Landsbanki, leaving 300,000 British savers unable to access their money and institutions nursing. About Kaupthing Bank Headquartered in Reykjavik, Kaupthing Bank -- http://www.kaupthing.com/-- is Iceland's largest bank and among the Nordic region's 10 largest banking groups. With operations in more than a dozen countries, the bank offers a range of services including retail banking, corporate finance, asset management, brokerage, private banking, treasury, and private wealth management. Kaupthing was created by the 2003 merger of Bunadarbanki and Kaupthing Bank. In October 2008 the Icelandic government assumed control of Kaupthing Bank after taking similar measures with rivals Landsbanki and Glitnir. As reported by the Troubled Company Reporter on Nov. 30, 2008, Olafur Gardasson, assistant for Kaupthing Bank hf., in a proceeding under Act No. 21/1991, pending before the Reykjavik District Court, and foreign representative of the Debtor, filed a petition under chapter 15 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York commencing the Debtor's chapter 15 case ancillary to the Icelandic Proceeding and seeking recognition for the Icelandic Proceeding as a "foreign main proceeding" under the Bankruptcy Code and relief in aid of the Icelandic Proceeding. ============= I R E L A N D ============= LANSDOWNE MORTGAGE: Moody's Junks Ratings on Four Classes of Notes ------------------------------------------------------------------ Moody's Investors Service has downgraded the ratings of nine classes of notes issued by Lansdowne Mortgage Securities No.1 plc and Lansdowne Mortgage Securities No.2 plc. The nine affected tranches, listed below, had been placed on review for possible downgrade on 22 July 2009 due to worse-than-expected collateral performance and considerations on the macro-economic environment in Ireland. The rating actions conclude the review and take into account the increased loss expectations for the two mortgage portfolios backing Lansdowne 1 and Lansdowne 2. Lansdowne 1 closed in April 2006 and its current pool factor is approximately 32.5%. The assets supporting the notes are first- ranking mortgage non-conforming loans secured on residential properties located in Ireland. The asset pool has a weighted average seasoning exceeding 46 months and an indexed weighted average loan-to-value of 65.4%. The weighted average loan-to- value for the asset pool at closing was 60.2%. The increase on the indexed weighted average LTV is a result of the house price depreciation that has been observed in Ireland since closing. The house price depreciation is also the reason for 4.3% of the outstanding portfolio to have an indexed LTV that currently exceeds 100%. The cumulative losses realized since closing for Lansdowne 1 are equal to 0.09% of the original portfolio balance. The outstanding repossessions until the last payment date accounted for 0.67% of the original portfolio balance. However, as enforcement procedures in Ireland are usually lengthy, Moody's considers loans with delinquencies exceeding 270 days as a proxy for defaults. In the September 2009 payment date, the 270+ delinquencies for this transaction accounted for 16.72% of the outstanding pool balance. Compared to the June 2009 investor report the total delinquency loans have increased from 41.4% to 46.0% of the outstanding balance of the portfolio and the 90+ days delinquencies have increased from 27.4% to 32.0% of the outstanding balance of the portfolio. The EUR3.7 million reserve fund for Lansdowne 1 is fully funded and cannot amortize as the delinquency trigger has been breached. The further advances released since closing are equal to EUR8.82 million, but no more further advances are allowed in the deal due to the breach of the delinquency trigger. Lansdowne 2 closed in November 2006 and the current pool factor is approximately 45.6%. The assets supporting the notes are first- ranking mortgage non-conforming loans secured on residential properties located in Ireland. The asset pool has a weighted average seasoning exceeding 36 months and an indexed weighted average loan-to-value of 76.3%. The weighted average loan-to- value for the asset pool at closing was 60.7%. The increase on the indexed weighted average LTV is a result of the house price depreciation that has been observed in Ireland since closing. The house price depreciation is also the reason for 27.1% of the outstanding portfolio to have an indexed LTV that currently exceeds 100%. The cumulative losses realized since closing for Lansdowne 2 are equal to 0.07% of the original portfolio balance. The outstanding repossessions until the last payment date accounted for 1.22% of the original portfolio balance. However, as enforcement procedures in Ireland are usually lengthy, Moody's considers loans with delinquencies exceeding 270 days as a proxy for defaults. In the September 2009 payment date, the 270+ delinquencies for this transaction accounted for 19.9% of the outstanding pool balance. Compared to the June 2009 investor report the total delinquency loans have increased from 41.6% to 44.9% of the outstanding balance of the portfolio and the 90+ days delinquencies have increased from 30.9% to 34.0% of the outstanding balance of the portfolio. The EUR5.25 million reserve fund for Lansdowne 2 is fully funded and cannot amortize as the delinquency trigger has been breached. The further advances released since closing are equal to EUR13.35 million, but no more further advances are allowed in the deal due to the breach of the delinquency trigger Taking into account the current amount of realized losses, and completing a roll-rate and severity analysis for the non-defaulted portion of the portfolios of both transactions, Moody's has increased its total loss expectations to 4.5% and 7% of the original portfolio balance for Lansdowne 1 and Lansdowne 2 respectively. Moody's has also assessed updated loan-by-loan information of the outstanding portfolio to determine the volatility of future losses and has used a coefficient of variation of about 30% in both deals to calibrate the loss distribution curve, which is one of the inputs into Moody's RMBS cash-flow model. The current credit enhancement available below the class A notes (excluding excess spread) equals approximately 33.9% for Lansdowne 1 and 21.9% in Lansdowne 2. For Lansdowne 2 the class X notes bear interest at a fixed rate of 1.7% per annum on the amount of the outstanding balance of all notes until the payment date in June 2010. The interest on class X is paid pro-rata with interest on the class A notes and the interest rate swap payments. Moody's has confirmed the rating of the class X notes in Lansdowne 2 in consideration of the short remaining period of interest payment due in this class and the expected available funds in the structure in the next quarters. In Lansdowne 1 the class X notes have ceased to receive interest in September 2009 and their principal balance, which is deposited in a dedicated ledger in the issuer account, will be repaid by final redemption of the notes. Therefore Moody's has taken no rating action on this class. Moody's has also factored into its analysis the negative sector outlook for Irish RMBS. The sector outlook reflects these expectations of key macro-economic indicators: GDP to contract by 1.6% in 2010, followed by growth of 2.1% in 2011, unemployment to increase to 13.8% by 2010 from 12.8%, house prices to decrease by around 30% from their peak in 2007 to a trough in 2010 and further increases in personal insolvencies. The classes of notes affected by the rating actions are: Lansdowne 1: -- Class A2, downgraded to Aa1; previously on 18 April 2006 assigned Aaa; -- Class M1, downgraded to A1; previously on 22 July 2009 Aa2 and placed under review for possible downgrade; -- Class M2, downgraded to Ba1; previously on 22 July 2009 A1 and placed under review for possible downgrade; -- Class B1, downgraded to Caa2; previously on 22 July 2009 Baa2 and placed under review for possible downgrade; -- Class B2, downgraded to C; previously on 22 July 2009 Ba1 and placed under review for possible downgrade; Lansdowne 2: -- Class A2, downgraded to A2; previously on 22 July 2009 Aaa and placed under review for possible downgrade; -- Class X, confirmed to Aaa; previously on 22 July 2009 Aaa and placed under review for possible downgrade; -- Class M1, downgraded to Ba2; previously on 22 July 2009 Aa3 and placed under review for possible downgrade; -- Class M2, downgraded to Caa2; previously on 22 July 2009 A2 and placed under review for possible downgrade; -- Class B, downgraded to C; previously on 22 July 2009 Baa2 and placed under review for possible downgrade; Moody's ratings address the expected loss posed to investors by the legal final maturity of the notes. Moody's ratings address only the credit risks associated with the transactions. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. OAK HILL: Moody's Downgrades Rating on Class E Notes to 'Caa2' -------------------------------------------------------------- Moody's Investors Service took these rating actions on notes issued by Oak Hill European Credit Partners I P.L.C -- EUR300,000,000 Class A Senior Secured Floating Rate Notes due 2022, Downgraded to Aa1; previously on Jul 14, 2006 Assigned Aaa -- EUR28,500,000 Class B Senior Secured Deferrable Floating Rate Notes due 2022, Downgraded to A3; previously on Mar 4, 2009 Aa2 Placed Under Review for Possible Downgrade -- EUR11,750,000 Class C-1 Senior Secured Deferrable Floating Rate Notes due 2022, Downgraded to Ba1; previously on Mar 19, 2009 Downgraded to Baa3 and Remained On Review for Possible Downgrade -- EUR13,250,000 Class C-2 Senior Secured Deferrable Fixed Rate Notes due 2022, Downgraded to Ba1; previously on Mar 19, 2009 Downgraded to Baa3 and Remained On Review for Possible Downgrade -- EUR25,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2022, Confirmed at B1; previously on Mar 19, 2009 Downgraded to B1 and Remained On Review for Possible Downgrade -- EUR23,000,000 Class E Senior Secured Deferrable Floating Rate Notes due 2022, Downgraded to Caa2; previously on Mar 19, 2009 Downgraded to Caa1 and Remained On Review for Possible Downgrade -- EUR6,000,000 Class R Combination Notes due 2022, Downgraded to Baa3; previously on Mar 4, 2009 Baa1 Placed Under 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 and second lien loan exposure representing 16.6% of the collateral assets. 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 moderate credit deterioration of the underlying portfolio. This is observed through an increase in the proportion of securities from issuers rated Caa1 and below (currently 11.86% of the portfolio), an increase in the amount of defaulted securities (currently 1.5% of the portfolio) and a decline in the average credit rating as measured through the portfolio weighted average rating factor 'WARF' (currently 2,729 compared to 2,465 in January 2009). All coverage tests are passing despite some deterioration since January 2009. These measures were taken from the recent trustee report dated 01 November 2009. Moody's also performed a number of sensitivity analyses, including consideration of a further decline in portfolio WARF quality combined with a decrease in the expected recovery rates. 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 of this transaction, the recent deal performance in the current market environment, specific documentation features and the collateral manager's track record. 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. PENTA CLO: Moody's Junks Ratings on Two Classes of Notes -------------------------------------------------------- Moody's Investors Service took these rating actions on notes issued by Penta CLO 1 S.A. The Class A-1 Notes remain Aaa mainly due to the current over collateralization. These notes are also protected by some structural features of the principal waterfall. -- EUR26,000,000 Class A-2 Senior Floating Rate Notes due 2024, Downgraded to A1; previously on Mar 4, 2009 Aaa Placed Under Review for Possible Downgrade -- EUR48,000,000 Class B Senior Deferrable Floating Rate Notes due 2024, Downgraded to Ba1; previously on Mar 4, 2009 Aa2 Placed Under Review for Possible Downgrade -- EUR21,000,000 Class C Senior Subordinated Deferrable Floating Rate Notes due 2024, Downgraded to B1; previously on Mar 17, 2009 Downgraded to Baa3 and Remained On Review for Possible Downgrade -- EUR15,000,000 Class D Senior Subordinated Deferrable Floating Rate Notes due 2024, Downgraded to Caa2; previously on Mar 17, 2009 Downgraded to Ba3 and Remained On Review for Possible Downgrade -- EUR13,000,000 Class E Senior Subordinated Deferrable Floating Rate Notes due 2024, Downgraded to Caa3; previously on Mar 17, 2009 Downgraded to B2 and Remained On Review for Possible Downgrade -- EUR5,500,000 Class Q Combination Notes due 2024, Downgraded to B2; previously on Mar 4, 2009 A2 Placed Under Review for Possible Downgrade -- EUR 5,000,000 Class R Combination Notes due 2024, Downgraded to B2; previously on Mar 4, 2009 A2 Placed Under Review for Possible Downgrade -- EUR 8,000,000 Class S Combination Notes due 2024, Downgraded to Caa2; previously on Mar 4, 2009 Baa1 Placed Under Review for Possible Downgrade This transaction is a managed high yield collateralized loan obligation with exposure to predominantly European senior secured loans, as well as well as approximately 20% mezzanine and second lien 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 2574), an increase in the amount of defaulted securities (currently approximately 6% of the portfolio), an increase in the proportion of securities from issuers rated Caa1 and below (currently 4.3% of the portfolio), and a failure of the Class E Par Value test. 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 combined with a decrease in the expected recovery rates. 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. STANTON MBS: S&P Downgrades Rating on Class D Notes to 'BB' ----------------------------------------------------------- Standard & Poor's Ratings Services lowered its credit ratings on the class A1, A2, B, C, and D notes issued by Stanton MBS I PLC, a cash flow collateralized debt obligation of asset-backed securities transaction. At the same time, S&P removed the class A2, B, C, and D notes from CreditWatch negative. These rating actions follow S&P's assessment of the decline of the event-of-default overcollateralization ratio to 112%, as reported by the trustee in November 2009, from a level of 120% reported in August 2009. A drop of the OC ratio to below 100% will constitute an event of default. As outlined in the transaction documents, following an event of default, the most senior class of noteholders (currently the class A1 noteholders) can direct the trustee to accelerate the repayment of the notes. As outlined in the transaction documents, the manager calculates the event-of-default OC ratio by using an adjusted collateral balance and dividing it by the outstanding notional amount of the class A1 and A2 notes. When calculating the collateral balance, adjustments are made to, among others, the principal balance of assets rated 'B+' and lower, assets purchased at a price of less than 90% of par, and defaulted assets. S&P understands that the decline in the event-of-default OC test result is largely due to an increase of assets in the portfolio rated 'B+' and lower. S&P has also observed an increase in the reported balance of defaulted assets to 4.5% of the collateral balance in November 2009, from 1.4% in August 2009. S&P is lowering the ratings on the class A1, A2, B, C, and D notes as a result of these developments and the surrounding uncertainty S&P see regarding the development of the event-of-default OC test results. Stanton MBS I's portfolio comprises primarily European prime and subprime residential mortgage-backed securities, commercial mortgage-backed securities, and to a lesser extent CDOs of corporate loans and other ABS. Ratings List Stanton MBS I PLC EUR302.32 Million Secured Floating-Rate Notes Ratings Lowered Rating ------ Class To From ----- -- ---- A1Rev FRN AA AAA A1 FRN AA AAA Ratings Lowered and Removed From Creditwatch Negative Rating ------ Class To From ----- -- ---- A2 AA- AAA/Watch Neg B A- A+/Watch Neg C BBB+ A/Watch Neg D BB BBB-/Watch Neg FRN -- Floating-rate notes. STARTS PLC: S&P Withdraws 'CCC-' Rating on Series 2007-22 Notes --------------------------------------------------------------- Standard & Poor's Ratings Services withdrew its 'CCC-' rating on the notes issued by STARTS (Ireland) PLC's series 2007-22, a synthetic collateralized debt obligation of investment-grade corporate bonds transaction. The withdrawal follows the complete redemption of the notes following their repurchase on Oct. 19, 2009, according to the repurchase notice. Rating Withdrawn STARTS (Ireland) PLC Series 2007-22 Rating Balance (mil.) ------ -------------- Class To From Current Previous ----- -- ---- ------- -------- Notes NR CCC- 0.00 25.0 NR � Not rated. ========= I T A L Y ========= FEDERCONSORZI: Creditor Suit Is Valid, UnicCredit Letter Shows -------------------------------------------------------------- Elisa Martinuzzi at Bloomberg News reports that hedge funds suing UniCredit SpA over Federconsorzi, a bankrupt farm-services company, contend that a letter from the Italian lender last year shows their EUR80-million (US$115 million) suit doesn't breach the statute of limitations. Elliott Management Corp.'s Kensington International and Springfield Associates funds allege that assets of Federconsorzi, which went bankrupt in 1991, were sold for half their value to banks including UniCredit, Bloomberg discloses, citing the hedge funds' lawyer, Giovanni Nervi. A firm now owned by UniCredit was involved in arranging the disposals, Bloomberg says. Bloomberg, citing the creditors' lawyer, notes the hedge funds will use the documents filed in a Rome court Dec. 10, which include the UniCredit letter, to demonstrate their case is still valid. PIAGGIO & C: S&P Assigns 'BB' Rating on EUR150 Mil. Senior Notes ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it assigned its 'BB' debt rating to the EUR150 million 7% senior unsecured notes due 2016 issued by Piaggio & C. SpA (BB/Negative/--). At the same time, S&P assigned a recovery rating of '3' to this debt, indicating its expectation of meaningful (50%-70%) recovery for creditors in the event of a payment default. The new notes are unsecured and rank pari passu with the existing unsecured debt issued by Piaggio. The 'BB' rating on the new notes is in line with S&P's corporate credit rating on Piaggio. S&P understands that the proceeds from the bond issuance will be used to partially repay the outstanding EUR61 million notes due 2012 and that the remainder will be used to repay other short-term indebtedness. Recovery Analysis The recovery rating on the proposed notes is '3' indicating S&P's expectation of meaningful (50%-70%) recovery for creditors in the event of a payment default. For S&P's hypothetical default scenario, S&P has valued the business as a going concern given Piaggio's well-recognized brands and strong market position. S&P assume an erosion in the group's profitability, mainly due to intense competition in the sector, reduced demand, and lower prices. At the point of default, S&P has assumed that the revolving credit facility, working-capital facility, and other senior debt will be fully drawn. S&P has also estimated that, at S&P's hypothetical point of default in 2012, the company's EBITDA will be about EUR130 million. S&P's estimate of the stressed enterprise value at default is about EUR570 million. After deducting priority liabilities, comprising enforcement costs and priority debt facilities, S&P estimate recovery prospects for noteholders of 50%-70%, hence its recovery rating of '3'. This reflects S&P's view of the weak security package: The lack of tangible security and negative pledge provisions highlights the risk that, at default, the company's capital structure and priority ranking could be materially different. The recovery rating also reflects S&P's view of the uncertainties of the Italian jurisdiction for the recovery prospects of noteholders. S&P expects to publish a detailed recovery report shortly. Ratings List New Rating Piaggio & C. SpA Senior Unsecured EUR150 million 7% notes due 12/01/2016 BB Recovery Rating 3 =================== L U X E M B O U R G =================== ARCELORMITTAL: To Slash 3.5% of Global Workforce ------------------------------------------------ The Wall Street Journal's Robert Guy Matthews and Dow Jones Newswires' Alex MacDonald report ArcelorMittal is looking to eliminate about 10,000 jobs, with most of the cuts likely in Europe and the U.S., where the growth potential is more limited. According to the report, ArcelorMittal declined to specify layoff numbers, but people familiar with the matter said the target is about 3.5% of the 287,000 employees the company had as of September 30. The report says many of the cuts are expected to affect workers who were furloughed after a round of plant idling earlier this year; the work force also is expected to be reduced through attrition. According to the report, ArcelorMittal also said it would increase steel production so that its capacity utilization rate would rise to about 70% at the end of this year from 61% in the third quarter, but that the rate would stay at that level until 2013. The report says ArcelorMittal added it doesn't expect steel prices to recover to the heights of 2007 for a decade. "Company representatives discussed the possibility that the business could expect some global work-force reductions next year due mainly to natural attrition and optimization of production," Giles Read, spokesman for the steelmaker, said according to the report. "We don't wish to comment on any figures discussed since they are not final." The report also notes ArcelorMittal is still investing and expanding in the emerging markets. In the past few months, the steelmaker said that it has invested in a mill in India and bid to take over steel operations in Zimbabwe; and is also searching for more expansion in Brazil, where it can be close to its nearby iron-ore supply. About ArcelorMittal ArcelorMittal -- Http://www.arcelormittal.com/ -- is the world's leading steel company, with operations in more than 60 countries. ArcelorMittal is the leader in all major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the Company covers all of the key steel markets, from emerging to mature. In 2008, ArcelorMittal had revenues of $124.9 billion and crude steel production of 103.3 million tonnes, representing approximately 10% of world steel output. ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Brussels (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). BEVERAGE PACKAGING: S&P Cuts Rating on EUR480 Mil. Notes to 'B-' ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it had lowered its issue rating on the EUR480 million 8% senior notes due 2016 issued by Beverage Packaging Holdings (Luxembourg) II S.A. (B+/Negative/--), a financial subsidiary of Reynolds Group Holding Ltd. (B+/Negative/--) to 'B-' from 'B+'. S&P has also revised the recovery rating on the notes to '6' from '3', indicating S&P's expectation of negligible (0%-10%) recovery in an event of payment default. At the same time S&P removed the ratings from CreditWatch, where they were placed with negative implications on Oct. 27, 2009. The rating action follows completion of the acquisition of two U.S.-based packaging interests, the Closure Systems International group of companies and the Reynolds Consumer Products group of companies, by BPII-related entity Beverage Packaging Holdings (Luxembourg) III S.a r.l. The 'B-' issue-level rating and the recovery rating of '6' on BPII's EUR420 million 9.5% subordinated notes due 2017 remain unchanged. In addition, S&P affirmed the 'BB-' issue-level ratings on the US$1,155 million and EUR330 million senior secured credit facilities borrowed by Reynolds Consumer Products Holdings Inc. The recovery ratings on these facilities remain unchanged at '2', indicating substantial (70%-90%) recovery for creditors in an event of payment default. At the same time S&P affirmed the 'BB-' issue-level ratings on the pari passu-ranking $1,125 million and EUR450 million senior secured notes issued by Reynolds Group Issuer (Lux) S.A. The recovery ratings of '2' on these senior secured debt instruments remains unchanged, indicating substantial (70%-90%) recovery for creditors in an event of payment default. The 'BB-' ratings on the senior secured debt issues are one notch above the 'B+' corporate credit rating on the group. Recovery Analysis Post-default recovery prospects for the senior secured bank facilities and senior secured notes are, in S&P's view, at the high end of the 70%-90% range. S&P note that senior secured leverage in the new capital structure is higher than in the previous structure of Beverage Packaging Holdings (Luxembourg) I S.A. This results in weaker cover for first-lien debt holders and additional subordination for senior and subordinated BPII note holders than was the case prior to completion of the acquisition. The recovery ratings reflect S&P's expectations of a fairly comprehensive, but shared, security package, with guarantees and specific asset security and share pledges from Reynolds Group Holding Ltd. They also reflect the satisfactory business profile of the group's three distinct operating businesses, which S&P believes would underpin valuations in a stressed scenario. S&P estimate the stressed enterprise value at about EUR2.2 billion on a going-concern basis after a hypothetical payment default, taking into account stressed asset valuations. In S&P's view, the multijurisdictional nature of the group and security-sharing arrangements between loans and bonds could complicate any insolvency and enforcement proceedings. S&P believe, however, that cross-guarantees, shared first-lien security, and intercreditor deeds could mitigate these complications. Ratings List CreditWatch/Outlook Action Beverage Packaging Holdings (Luxembourg) II S.A. To From -- ---- Senior Secured EUR480 mil. 8% nts ser due 12/15/2016 B- B+/Watch Neg Recovery Rating 6 3 Ratings Unchanged To From -- ---- Subordinated EUR420 mil. 9.5% sr sub nts ser due 06/15/2017 B- B- Recovery Rating 6 6 Ratings Affirmed Reynolds Consumer Products Holdings Inc* EUR80 mil. revolver BB- Recovery rating 2 US$120 mil. revolver BB- Recovery rating 2 US$1,035 mil. snr secd Term Loan B BB- Recovery rating 2 EUR250 mil. snr secd Term Loan B BB- Recovery rating 2 Reynolds Group Issuer (Lux) S.A.** US$1,125 mil. snr secd notes BB- Recovery rating 2 EUR450 mil. snr secd notes BB- Recovery rating 2 * Guaranteed by Reynolds Group Holding Ltd. ** Guaranteed by Reynolds Group Holding Ltd. and Beverage Packaging Holdings (Luxembourg) I S.A. GSC EUROPEAN: Moody's Cuts Rating on Class E Notes to 'Caa3' ------------------------------------------------------------ Moody's Investors Service took these rating actions on notes issued by GSC European CDO III S.A. -- EUR219M Class A1 Floating Rate Notes due 2022, Downgraded to Aa3; previously on April 29, 2006 Assigned Aaa; -- EUR25M Class A1-D Delayed Draw Floating Floating Rate Notes due 2022, Downgraded to Aa3; previously on April 29, 2006 Assigned Aaa; -- EUR15M Class A2 Zero Coupon Accreting Notes due 2022, Downgraded to Aa3; previously on April 29, 2006 Assigned Aaa; -- EUR25M Class A3 Revolving Floating Notes due 2022, Downgraded to Aa3; previously on April 29, 2006 Assigned Aaa; -- EUR25M Class B Floating Rate Notes due 2022, Downgraded to Baa2; previously on March 4, 2009 Aa2 Placed Under Review for Possible Downgrade; -- EUR31M Class C Floating Rate Notes due 2022, Downgraded to Ba3; previously on March 19, 2009 Downgraded to Ba1 and Placed Under Review for Possible Downgrade; -- EUR23.5M Class D1 Floating Rate Notes due 2022, Downgraded to Caa1; previously on March 19, 2009 Downgraded to B1 and Remained On Review for Possible Downgrade; -- EUR1M Class D2 Floating Rate Notes due 2022, Downgraded to Caa1; previously on March 19, 2009 Downgraded to B1 and Placed Under Review for Possible Downgrade; -- EUR13.5M Class E Floating Rate Notes due 2022, Downgraded to Caa3; previously on March 19, 2009 Downgraded to Caa1 and Placed Under Review for Possible Downgrade; -- EUR15M Class V combination Notes due 2022, Downgraded to Aa1; previously on April 29, 2006 Assigned Aaa; -- EUR10M Class W combination Notes due 2022, Downgraded to B1; previously on March 4, 2009 Baa2 Placed Under Review for Possible Downgrade; -- EUR6M Class X combination Notes due 2022, Downgraded to B2; previously on March 4, 2009 Baa1 Placed Under Review for Possible Downgrade. In addition, this rating is withdrawn. These notes were split back into their original components and thus are no longer outstanding under Combination notes format. -- US$20M Class T combination Notes due 2022 Notes, Withdrawn; previously on April 29, 2006 Assigned Aaa. 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 all but the A/B overcollateralisation ratio tests. As a result of such OC tests failures, interest is currently deferring on classes D and E. 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. HARVEST CLO: Moody's Cuts Ratings on Two Classes of Notes to Caa2 ----------------------------------------------------------------- Moody's Investors Service took these rating actions on notes issued by Harvest CLO II SA. The Class A-1A Notes remain Aaa mainly due to the current over collateralization. -- EUR249,450,000 Class A2 Senior Floating Rate Notes due 2020 (current balance of EUR 245,914,233.95), Downgraded to Aa1; previously on May 2, 2005 Assigned Aaa; -- EUR66,150,000 Class B Senior Floating Rate Notes due 2020, Downgraded to Baa1; previously on March 4, 2009 Aa2 Placed Under Review for Possible Downgrade; -- EUR32,100,000 Class C-1 Senior Subordinated Deferrable Floating Rate Notes due 2020, Downgraded to Ba2; previously on March 19, 2009 Downgraded to Baa3 and Remained On Review for Possible Downgrade; -- EUR3,000,000 Class C-2 Senior Subordinated Deferrable Fixed Rate Notes due 2020, Downgraded to Ba2; previously on March 19, 2009 Downgraded to Baa3 and Remained On Review for Possible Downgrade; -- EUR17,250,000 Class D-1 Senior Subordinated Deferrable Floating Rate Notes due 2020, Downgraded to B2; previously on March 19, 2009 Downgraded to Ba3 and Remained On Review for Possible Downgrade; -- EUR3,000,000 Class D-2 Senior Subordinated Deferrable Fixed Rate Notes due 2020, Downgraded to B2; previously on March 19, 2009 Downgraded to Ba3 Placed Under Review for Possible Downgrade; -- EUR11,500,000 Class E-1 Senior Subordinated Deferrable Floating Rate Notes due 2020, Downgraded to Caa2; previously on March 19, 2009 B2 Placed Under Review for Possible Downgrade; -- EUR2,000,000 Class E-2 Senior Subordinated Deferrable Fixed Rate Notes due 2020, Downgraded to Caa2; previously on March 4, 2009 B2 Placed Under Review for Possible Downgrade; -- EUR2,600,000 Class R Combination Rate Notes due 2020, Downgraded to Caa1; previously on March 4, 2009 Ba1 Placed Under Review for Possible Downgrade; -- EUR6,000,000 Class S Combination Notes due 2020, Downgraded to B3; previously on March 4, 2009 Baa3 Placed Under Review for Possible Downgrade; -- EUR5,000,000 Class V Combination Notes due 2020, Downgraded to Ba3; previously on March 4, 2009 A3 Placed Under Review for Possible Downgrade; In addition, these ratings are withdrawn. These notes were split back into their original components and thus are no longer outstanding under Combination notes format. -- EUR6,400,000 Class Q Combination Notes due 2020, Withdrawn; previously on March 4, 2009 Ba1 Placed Under Review for Possible Downgrade; -- EUR2,500,000 Class T Combination Notes due 2020, Withdrawn; previously on March 4, 2009 Aa2 Placed Under Review for Possible Downgrade. This transaction is a managed high yield collateralized loan obligation with exposure to predominantly European senior secured loans. 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 2737), and an increase in the proportion of securities from issuers rated Caa1 and below (currently 12% of the portfolio). These measures were taken from the recent trustee report dated 13 November 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. PENTA CLO: Moody's Junks Ratings on Three Classes of Notes ---------------------------------------------------------- Moody's Investors Service took these rating actions on notes issued by Penta CLO 1 S.A. The Class A-1 Notes remain Aaa mainly due to the current over collateralization. These notes are also protected by some structural features of the principal waterfall. -- EUR26,000,000 Class A-2 Senior Floating Rate Notes due 2024, Downgraded to A1; previously on Mar 4, 2009 Aaa Placed Under Review for Possible Downgrade -- EUR48,000,000 Class B Senior Deferrable Floating Rate Notes due 2024, Downgraded to Ba1; previously on Mar 4, 2009 Aa2 Placed Under Review for Possible Downgrade -- EUR21,000,000 Class C Senior Subordinated Deferrable Floating Rate Notes due 2024, Downgraded to B1; previously on Mar 17, 2009 Downgraded to Baa3 and Remained On Review for Possible Downgrade -- EUR15,000,000 Class D Senior Subordinated Deferrable Floating Rate Notes due 2024, Downgraded to Caa2; previously on Mar 17, 2009 Downgraded to Ba3 and Remained On Review for Possible Downgrade -- EUR13,000,000 Class E Senior Subordinated Deferrable Floating Rate Notes due 2024, Downgraded to Caa3; previously on Mar 17, 2009 Downgraded to B2 and Remained On Review for Possible Downgrade -- EUR5,500,000 Class Q Combination Notes due 2024, Downgraded to B2; previously on Mar 4, 2009 A2 Placed Under Review for Possible Downgrade -- EUR 5,000,000 Class R Combination Notes due 2024, Downgraded to B2; previously on Mar 4, 2009 A2 Placed Under Review for Possible Downgrade -- EUR 8,000,000 Class S Combination Notes due 2024, Downgraded to Caa2; previously on Mar 4, 2009 Baa1 Placed Under Review for Possible Downgrade This transaction is a managed high yield collateralized loan obligation with exposure to predominantly European senior secured loans, as well as well as approximately 20% mezzanine and second lien 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 2574), an increase in the amount of defaulted securities (currently approximately 6% of the portfolio), an increase in the proportion of securities from issuers rated Caa1 and below (currently 4.3% of the portfolio), and a failure of the Class E Par Value test. 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 combined with a decrease in the expected recovery rates. 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. ===================== N E T H E R L A N D S ===================== ELEPHANT TALK: Posts US$5.6 Million Net Loss in Q3 2009 ----------------------------------------------------- Elephant Talk Communications, Inc. reported a net loss of US$5.6 million for the three months ended Sept. 30, 2009, compared with a net loss of US$3.9 million for the same period of the previous year. Revenue for the three months ended Sept. 30, 2009, was US$11.5 million, compared to US$11.3 million for the same period in 2008. For the nine months ended September 30, 2009, the Company reported a net loss of US$10.5 million, compared with a net loss of US$9.1 million for the same period in 2008. Revenue for the nine months ended Sept. 30, 2009, was US$32.2 million, a drop of US$2.8 million or 8.1%, compared with US$35.0 million for the same period in 2008. At September 30, 2009, the Company's consolidated balance sheets showed US$24.2 million in total assets, US$23.6 million in total liabilities, and US$660,205 in total shareholders' equity. The Company's consolidated balance sheets at September 30, 2009, also showed strained liquidity with US$10.5 million in total current assets available to pay US$12.5 million in total current liabilities. A full-text copy of the Company's Form 10-Q is available at no charge at http://researcharchives.com/t/s?4ba4 Financial Condition and Going Concern The Company has an accumulated deficit of roughly US$55.5 million as of September 30, 2009. Historically, the Company has relied on a combination of debt and equity financings to fund ongoing cash requirements. As of November 11, 2009, the Company received a total of US$5.4 million in loans (including accrued interest) from QAT II Investments SA, a related party, which were subsequently converted into the Company's private placement of convertible notes and warrants, and the Company received an additional US$6.9 million in gross proceeds from the sale of securities to other accredited investors. Management believes that the cash balance at September 30, 2009, in combination with the net proceeds received from the sale of the securities in October of 2009, will provide the Company with sufficient funds through the fourth quarter of 2009. Although the Company has previously been able to raise capital as needed, such capital may not continue to be available at all, or if available, that the terms of such financing may be dilutive to existing shareholders or otherwise on terms not favorable to the Company or existing shareholders. Further, the current global financial situation may offer additional challenges to raising the required capital. If the Company is unable to secure additional capital, as circumstances require, it may not be able to continue operations. As of September 30, 2009, these conditions raise substantial doubt about the Company's ability to continue as a going concern. About Elephant Talk Based in Schiphol, The Netherlands, Elephant Talk Communications Inc. (OTC BB: ETAK) -- http://www.elephanttalk.com/-- currently provides traditional telecom services, media streaming, and distribution services primarily to the business-to-business community as well as Mobile Virtual Network Enabler and Mobile Virtual Network Operator services within the telecommunications market where it has a presence. Historically, the Company has primarily derived its revenues from traditional fixed-line services, but since 2006, significant investments have been made in mobile enabling services and platforms. The first revenues from these mobile services started during the fourth quarter of 2008. The Company was incorporated on February 5, 1962, under the laws of the state of California as Altius Corporation and involved in the manufacturing of freeway signs. In March 1997, Altius acquired Starnet Universe Internet, Inc., a web developer and Internet Service Provider and the Company changed its name to Staruni Corporation. On January 4, 2002, Staruni Corporation merged with Elephant Talk, Limited, a company incorporated in Hong Kong, and filed a Certificate of Amendment of Articles of Incorporation to amend the corporate name to Elephant Talk Communications, Inc. EURO-GALAXY CLO: Moody's Junks Ratings on Two Classes of Notes -------------------------------------------------------------- Moody's Investors Service took these rating actions on notes issued by Euro-Galaxy CLO B.V.: -- EUR88,000,000 Class A 1 Senior Floating Rate Notes due 2021, Downgraded to Aa2; previously on 26 September 2006, Assigned Aaa; -- EUR178,500,000 Class A 2 Senior Floating Rate Delayed Draw Notes due 2021, Downgraded to Aa2; previously on 26 September 2006, Assigned Aaa; -- EUR16,000,000 Class B-1 Senior Floating Rate Notes due 2021, Downgraded to Baa2; previously on 4 March 2009, Aa2 Placed Under Review for Possible Downgrade; -- EUR12,000,000 Class B-2 Senior Fixed Rate Notes due 2021, Downgraded to Baa2; previously on 4 March 2009, Aa2 Placed Under Review for Possible Downgrade; -- EUR24,500,000 Class C Deferrable Interest Floating Rate Notes due 2021, Downgraded to Ba3; previously on 19 March 2009, Downgraded to Baa3 and Placed Under Review for Possible Further Downgrade; -- EUR14,000,000 Class D Deferrable Interest Floating Rate Notes due 2021, Downgraded to Caa1; previously on 19 March 2009, Downgraded to Ba3 and Placed Under Review for Possible Further Downgrade; -- EUR13,500,000 Class E Deferrable Interest Floating Rate Notes due 2021, Downgraded to Caa3; previously on 19 March 2009, Downgraded to B3 and Placed Under Review for Possible Further Downgrade; -- EUR14,000,000 Class P Combination Notes due 2021 (current Rated Balance of EUR11,971,823.14), Downgraded to Baa2; previously on 4 March 2009, Aa2 Placed Under Review for Possible Downgrade; -- EUR4,000,000 Class Q Combination Notes due 2021 (current Rated Balance of EUR2,811,549.64), Downgraded to Caa3; previously on 4 March 2009, Ba1 Placed Under Review for Possible Downgrade; -- EUR3,500,000 Class R Combination Notes due 2021 (current Rated Balance of EUR2,829,723.54), Downgraded to Caa2; previously on 4 March 2009, Baa2 Placed Under Review for Possible Downgrade. This transaction is a managed cash leveraged loan collateralized loan obligation with exposure to predominantly European senior secured loans, non-Euro senior secured loans, and 14.4% of second- lien loans, high-yield bonds, and mezzanine loans. The downgrade 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 2821), an increase in the amount of defaulted securities (currently 4% of the portfolio), an increase in the proportion of securities from issuers rated Caa1 and below, and a failure of Class E par value test. Per Euro-Galaxy CLO documents, even though the Class E par value test is breached, no diversion of cash flows occurs during the reinvestment period. Class E par value test is only cured during the amortization period with interest proceeds. These measures were taken from the recent trustee report dated 13 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 aforementioned stresses, key inputs used by Moody's in its analysis, such as par, weighted average rating factor, and the weighted average recovery rate may be different from trustee's reported numbers. In addition to the quantitative factors that are explicitly modeled, 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. HUDSON CLO: Moody's Confirms Rating on Class B-2 Notes at 'Caa3' ---------------------------------------------------------------- Moody's Investors Service took these rating actions on notes issued by Hudson CLO 1 B.V. -- Up to EUR80,000,000 Class A-1R Senior Secured Variable Funding Notes due 2023 (currently EUR76,639,223 outstanding), Downgraded to Aa1; previously on April 19, 2007 Assigned Aaa; -- EUR190,000,000 Class A-1E Senior Secured Floating Rate Notes due 2023 (current EUR182,207,214 outstanding), Downgraded to Aa1; previously on April 19, 2007 Assigned Aaa; -- EUR35,500,000 Class A-2 Senior Secured Floating Rate Notes due 2023 (current EUR35,500,000 outstanding), Downgraded to Baa1; previously on March 4, 2009 Aa2 Placed under Review for Possible Downgrade; -- EUR27,500,000 Class A-3 Deferrable Senior Secured Floating Rate Notes due 2023(current EUR27,500,000 outstanding), Downgraded to Ba2; previously on March 18, 2009 Downgraded to Ba1 and Remained On Review for Possible Downgrade; -- EUR24,000,000 Class B-1 Deferrable Senior Secured Floating Rate Notes due 2023(current EUR24,333,536 outstanding), Confirmed at Caa1; previously on March 18, 2009 Downgraded to Caa1 and Remained On Review for Possible Downgrade; -- EUR20,000,000 Class B-2 Deferrable Senior Secured Floating Rate Notes due 2023(current EUR20,834,772 outstanding), Confirmed at Caa3; previously on March 18, 2009 Downgraded to Caa3 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 and second liens loan exposure (7.7%). 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. 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. ING GROEP: To Repay Half of Dutch State Aid ------------------------------------------- Michael Steen at The Financial Times reports that ING Groep N.V. will repay half of the EUR10 billion (US$14.8 billion) it received as a capital injection from the Dutch state on December 21 following a EUR7.5 billion rights issue to raise funds. According to the FT, the group said it would repay a total of EUR5.606 billion, consisting of the EUR5 billion it received from the state in October 2008, a coupon of EUR259 million and a repayment premium of EUR347 million. The FT says group is preparing for a fundamental restructuring that will see it sell or spin off its insurance arm to focus on banking as part of a series of measures that it agreed with EU competition regulators to compensate for the state aid that it received during the financial crisis. The FT recalls the group launched its EUR7.5 billion rights issue on November 27, pricing the new shares at a nearly 40% discount to the theoretical ex-rights price on that day. Aside from repaying half of the capital injection, the proceeds of the issue are earmarked for new payments ordered by the EU to the Dutch state for state guarantees that ING won on a portfolio of risky US mortgage-backed assets, which was the source for investor concern at the height of the crisis, the FT notes. Headquartered in Amsterdam, the Netherlands, ING Groep N.V. -- http://www.ing.com/-- is a global financial institution offering banking, investments, life insurance and retirement services. The Company serves more than 85 million private, corporate and institutional customers in Europe, North and Latin America, Asia and Australia. ING has six business lines: Insurance Europe, Insurance Americas, Insurance Asia/Pacific, Wholesale Banking, Retail Banking and ING Direct. In July 2008, the Company completed the acquisition of CitiStreet LLC, a retirement plan and benefit service and administration company in United States. In November 2008, ING Groep N.V. increased its stake in joint venture Billington Holdings PLC from 50% to 100%. In February 2009, the Company announced that it closed the sale of its Taiwanese life insurance business to Fubon Financial Holding Co. Ltd. In April 2009, the Company sold its non-state pension fund business and its holding company in Russia to Aviva plc. JUBILEE CDO: Moody's Cuts Ratings on Two Classes of Notes to Caa2 ----------------------------------------------------------------- Moody's Investors Service took these rating actions on notes issued by Jubilee CDO IV B.V. The Class S, U, W and Z Combination Notes' ratings are withdrawn given that these notes were previously split back into their original components. Although the ratings on the Class D-1, Class D-2, Class E-1 and the Restricted Class E Notes were assigned on August 5, 2004, they inadvertently were not published on Moodys.com at that time. Moody's is now correcting the rating histories for those classes. -- EUR258.3M Class A Floating rate Notes due 2019 Notes (current balance of EUR 255,011,133), Downgraded to Aa1; previously on Aug 5, 2004 Definitive Rating Assigned Aaa -- EUR36.2M Class B-1 Floating Rate Notes due 2019 Notes, Downgraded to Baa1; previously on Mar 4, 2009 Aa1 Placed Under Review for Possible Downgrade -- EUR13M Class B-2 Fixed Rate Notes due 2019 Notes, Downgraded to Baa1; previously on Mar 4, 2009 Aa1 Placed Under Review for Possible Downgrade -- EUR36.9M Class C Deferrable Floating Rate Notes due 2019 Notes, Downgraded to Ba3; previously on Mar 20, 2009 Downgraded to Ba1 and Remained On Review for Possible Downgrade -- EUR9.4M Class D-1 Deferrable Floating Rate Notes due 2019 Notes, Downgraded to Caa2; previously on Mar 20, 2009 Downgraded to B2 and Remained On Review for Possible Downgrade -- EUR7M Class D-2 Deferrable Floating Rate Notes due 2019, Downgraded to Caa2; previously on Mar 20, 2009 Downgraded to B2 and Remained On Review for Possible -- EUR8.1M Class E-1 Deferrable Floating Rate Notes (current balance of EUR 1,192,738), Downgraded to Caa3; previously on Mar 20, 2009 Downgraded to Caa2 and Remained On Review for Possible Downgrade -- EUR0.1M Restricted Class E Deferrable Floating Rate Notes (current balance of EUR 14,159), Downgraded to Caa3; previously on Mar 20, 2009 Downgraded to Caa2 and Remained On Review for Possible Downgrade -- EUR20M Class T Combination Notes, Downgraded to A2; previously on Aug 5, 2004 Assigned Aa1 -- EUR5M Class V Combination Notes, Downgraded to Caa1; previously on Aug 5, 2004 Assigned Baa3 -- EUR11.25M Class X Combination Notes, Downgraded to B3; previously on Aug 5, 2004 Assigned Baa3 -- EUR3M Class Y Combination Notes, Downgraded to Caa2; previously on Aug 5, 2004 Assigned B2 -- EUR5M Class S Combination Notes, Withdrawn; previously on Aug 5, 2004 Assigned Aaa -- EUR6M Class U Combination Notes, Withdrawn; previously on Aug 5, 2004 Assigned A3 -- EUR15M Class W Combination Notes, Withdrawn; previously on Aug 5, 2004 Assigned Aa1 -- EUR10M Class Z Combination Notes, Withdrawn; previously on Aug 5, 2004 Assigned Baa3 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 (currently 19.8%). 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 2849), an increase in the amount of defaulted securities (currently 4.2% of the portfolio), an increase in the proportion of securities from issuers rated Caa1 and below (currently 10.2% of the portfolio), and the failure of Class D par value test and Class E par value tests. The Class A/B par value test deteriorated from 128% in March 2009 to 121% in November 2009. These measures were taken from the recent trustee report dated 20 November 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 modeled, 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. MORGAN STANLEY: Moody's Cuts Rating on Class S Notes to 'Caa3' -------------------------------------------------------------- Moody's Investors Service tool these rating actions on notes issued by Morgan Stanley Investment Management Garda B.V.: -- EUR254,000,000 Class A Senior Floating Rate Notes due 2022, Downgraded to Aa2; previously on February 1, 2007 Assigned Aaa; -- EUR22,000,000 Class B Senior Floating Rate Notes due 2022, Downgraded to Baa2; previously on March 4, 2009 Aa2 Placed Under Review for Possible Downgrade; -- EUR21,000,000 Class C Deferrable Interest Floating Rate Notes due 2022, Downgraded to Ba2; previously on March 18, 2009 Downgraded to Baa3 and Placed Under Review for Possible Downgrade; -- EUR14,000,000 Class D Deferrable Interest Floating Rate Notes due 2022, Downgraded to B2; previously on March 18, 2009 Downgraded to Ba3 and Placed Under Review for Possible Downgrade; -- EUR13,000,000 Class E Deferrable Interest Floating Rate Notes due 2022, Downgraded to Caa2; previously on March 18, 2009 Downgraded to B3 and Placed Under Review for Possible Downgrade; -- EUR6,000,000 Class P Combination Notes due 2022 (current balance of EUR5,816,938), Downgraded to Caa1; previously on March 4, 2009 A1 Placed Under Review for Possible Downgrade; -- EUR4,000,000 Class S Combination Notes due 2022 (current balance of EUR3,532,050), Downgraded to Caa3; previously on March 4, 2009 Ba1 Placed Under Review for Possible Downgrade; -- EUR6,000,000 Class F Deferrable Interest Floating Rate Notes due 2022, Confirmed at Caa3; previously on March 18, 2009 Downgraded to Caa3 and Placed Under 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 second lien and 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 2957), and an increase in the proportion of securities from issuers rated CCC and below (currently 14.58% of the portfolio). These measures were taken from the recent trustee report dated 30 October 2009. Based on the same report, defaulted securities currently held in the portfolio total about EUR10 million, accounting for roughly 3% of the collateral balance. The Class E Par Value Test was reported at 104.89% versus a test level of 105.60%, however this test comes into effect after the reinvestment period. Hence, there are no principal reductions to the Class A notes or deferred interest payments to the Class F notes. 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. SSMO CJSC: S&P Assigns Global Scale Issue Rating at 'B' ------------------------------------------------------- Standard & Poor's Rating Services said that it assigned its 'B' global scale issue rating and 'ruA' Russia national scale rating to the proposed Russian ruble 2 billion (US$65 million) senior unsecured notes to be issued by Russia-based construction and development group CJSC SSMO LenSpecSMU (B/Stable/B, Russia national scale 'ruA'). S&P also assigned a recovery rating of '4', indicating Standard & Poor's expectation of average (30%-50%) recovery in the event of a payment default. The corporate credit ratings on LSS are unchanged. The issue rating on the US$100 million (US$24.4 million currently outstanding) credit-linked notes issued by Golden Ring Finance S.A. and guaranteed by LSS, is unchanged at 'B', the same level as the corporate credit rating on the guarantor company. The recovery rating is also unchanged at '4', indicating S&P's expectation of average (30%-50%) recovery. The rating on the new notes issue is based on preliminary information and is subject to S&P's satisfactory review of final documentation. In the event of any changes to the amount or terms of the bond, the recovery and issue ratings will be subject to further review. Recovery Analysis The proposed RUR2.0 billion notes are an unsecured obligation of LSS. S&P assumes that these notes rank pari passu with the CLNs and other unsecured debt issued or guaranteed by LSS. The cover of the unsecured debt is at the low end of the rating range. Downward pressure on the unsecured debt ratings is possible should the share of secured debt in the capital structure increase. Material ruble depreciation versus the U.S. dollar could depress estimated recoveries to below the rating range. The recovery prospects are based on a discrete-asset based valuation of about RUR13.5 billion (US$385 million). Recovery and issue ratings take into account the unsecured nature of the rated issues and the Russian jurisdiction, which S&P see as relatively creditor unfriendly. In addition, the LenSpecSMU group has RUR580 million outstanding under the RUR1.5 billion unsecured bonds issue with a Russia national scale rating of 'ruA', and about $100 million equivalent in unrated bank debt. Ratings List (New rating) CJSC SSMO LenSpecSMU RUR2 bil. (proposed) notes Senior Unsecured B Russia National Scale ruA Recovery Rating 4 =========== R U S S I A =========== * TVER OBLAST: S&P Assigns 'B+' Long-Term Debt Rating on Bonds -------------------------------------------------------------- Standard & Poor's Ratings Services said that it had assigned its 'B+' long-term debt rating and 'ruA+' Russia national scale rating to the Russian ruble (RUR) 3 billion (almost US$100 million) senior unsecured fixed-coupon amortizing bond to be issued by the Tver Oblast (B+/Negative/--; Russia national scale 'ruA+'). The oblast is issuing the bond to cover its expected budget deficit in 2009 and 2010. This issue, to be placed on Dec. 17, 2009, will have 18 fixed coupon payments (to be defined at placement) and will mature in 2014. On Dec. 13, 2012, 40% of the principal will be redeemed, followed by 40% on Dec. 12, 2013; the remaining 20% will be redeemed on June 12, 2014. "The ratings on the bond mirror those on the oblast," said Standard & Poor's credit analyst Boris Kopeykin. The ratings on Tver Oblast, located in the Russian Federation (foreign currency BBB/Negative/A-3; local currency BBB+/Negative/A-2; Russia national scale 'ruAAA') reflect the oblast's low revenue and expenditure flexibility and predictability, on account of its dependence on central government decisions; its relatively high debt service; modest wealth levels; and its continued, albeit decreasing dependence on its largest taxpayers. The ratings are supported by the oblast's favorable location between Moscow (BBB/Negative/--) and St. Petersburg (BBB/ Negative/--), which is beneficial for economic development in the region, and its low contingent liabilities. =========== S W E D E N =========== GENERAL MOTORS: Saab Closes Sale of Tooling to BAIC ---------------------------------------------------- Saab Automobile AB said Monday it had closed on the sale to Beijing Automotive Industry Holdings Co. Ltd. of certain Saab 9-3, current 9-5 and powertrain technology and tooling. Saab will assist BAIC to integrate this technology into future BAIC vehicles. Jan Ake Jonsson, Managing Director of Saab Automobile said:"This arrangement is excellent for both parties, now and for the future. We have developed a good relationship with BAIC and look forward to working with them to integrate this Saab technology into their future vehicles." As reported by the Troubled Company Reporter-Europe on Dec. 7, 2009, GM said its Board of Directors has received expressions of interest in Saab since the conclusion of negotiations with Koenigsegg Group AB. The Financial Times' John Reed reported GM would sell or wind down Saab in February as part of a restructuring plan mandated by the U.S. government, which became its majority owner July, under which it is scaling back its sprawling operations to focus on four core brands. GM, Times Online says, is thought to have ruled out selling BAIC the whole company, worried about transfer of technology. About General Motors General Motors Company -- http://www.gm.com/-- is one of the world's largest automakers, tracing its roots back to 1908. With its global headquarters in Detroit, GM employs 209,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall and Wuling. GM's largest national market is the United States, followed by China, Brazil, the United Kingdom, Canada, Russia and Germany. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. GM acquired its operations from General Motors Company, n/k/a Motors Liquidation Company, on July 10, 2009, pursuant to a sale under Section 363 of the Bankruptcy Code. Motors Liquidation or Old GM is the subject of a pending Chapter 11 reorganization case before the U.S. Bankruptcy Court for the Southern District of New York. At September 30, 2009, GM had US$107.45 billion in total assets against US$135.60 billion in total liabilities. About Motors Liquidation General Motors Corporation and three of its affiliates filed for Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-50026). General Motors changed its name to Motors Liquidation Co. following the sale of its key assets to a company 60.8% owned by the U.S. Government. The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as the Chief Executive Officer for Motors Liquidation Company. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. Bankruptcy Creditors' Service, Inc., publishes General Motors Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by General Motors Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) ===================== S W I T Z E R L A N D ===================== ALPINA NAHRUNGSMITTEL: Claims Filing Deadline is December 28 ------------------------------------------------------------ Creditors of Alpina Nahrungsmittel AG are requested to file their proofs of claim by December 28, 2009, to: MRM Michael Rueegg Seestrasse 510 8038 Zurich Switzerland The company is currently undergoing liquidation in Zurich. The decision about liquidation was accepted at a general meeting held on August 20, 2009. AXEMO SOFTWARE: Claims Filing Deadline is December 28 ----------------------------------------------------- Creditors of Axemo Software AG are requested to file their proofs of claim by December 28, 2009, to: B&P tax and legal AG Talstrasse 82 8022 Zurich Switzerland The company is currently undergoing liquidation in Zurich. The decision about liquidation was accepted at an extraordinary general meeting held on November 5, 2009. DATASPIRIT GMBH: Claims Filing Deadline is December 28 ------------------------------------------------------ Creditors of dataspirit GmbH are requested to file their proofs of claim by December 28, 2009, to: dataspirit GmbH Haldenwiesli 19a 8207 Schaffhausen Switzerland The company is currently undergoing liquidation in Schaffhausen. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on October 28, 2009. HEGGIDORN IMMOBILIEN: Claims Filing Deadline is December 28 ----------------------------------------------------------- Creditors of Heggidorn Immobilien AG are requested to file their proofs of claim by December 28, 2009, to: Dieter Aegerter Molerweg 74 2540 Grenchen Switzerland The company is currently undergoing liquidation in Muehleberg. The decision about liquidation was accepted at an extraordinary general meeting held on October 30, 2009. HORAND AUTOMATEN: Claims Filing Deadline is December 28 ------------------------------------------------------- Creditors of Horand Automaten AG are requested to file their proofs of claim by December 28, 2009, to: Marianne Horand Liquidator Oberrenggstrasse 6 Mail Box: 150 8135 Langnau a/A Switzerland The company is currently undergoing liquidation in Zurich. The decision about liquidation was accepted at an extraordinary general meeting held on October 26, 2009. KREAVIS GMBH: Claims Filing Deadline is December 28 --------------------------------------------------- Creditors of kreavis GmbH are requested to file their proofs of claim by December 28, 2009, to: Thomas Herzog Liquidator Grieshaldenweg 43 4414 Zeiningen Switzerland The company is currently undergoing liquidation in Zeiningen. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on November 6, 2009. ORBIT 1 REISEN: Claims Filing Deadline is December 28 ----------------------------------------------------- Creditors of Orbit 1 Reisen GmbH are requested to file their proofs of claim by December 28, 2009, to: Marc Ambuehl Limmatstr. 123 8005 Zurich Switzerland The company is currently undergoing liquidation in Chur. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on August 26, 2005. PC PHARMACOSMETICS: Claims Filing Deadline is December 23 --------------------------------------------------------- Creditors of PC Pharmacosmetics AG are requested to file their proofs of claim by December 23, 2009, to: PC Pharmacosmetics AG Oltnerstr. 81 4663 Aarburg Switzerland The company is currently undergoing liquidation in Aarburg. The decision about liquidation was accepted at an extraordinary general meeting held on October 27, 2009. RENDITENBERATUNG AG: Claims Filing Deadline is December 28 ---------------------------------------------------------- Creditors of Renditenberatung AG are requested to file their proofs of claim by December 28, 2009, to: Renditenberatung AG Monbijoustrasse 30 3001 Bern Switzerland The company is currently undergoing liquidation in Bern. The decision about liquidation was accepted at an extraordinary general meeting held on November 5, 2009. VAN DER MOOLEN: Asks Court to Investigate Management ---------------------------------------------------- Jurjen van de Pol at Bloomberg News reports that ASR Nederland NV asked the Enterprise Chamber of the Amsterdam Appeals Court to investigate the management of Van der Moolen Holding NV. Bloomberg relates the investor group said in a statement on its Web site Friday "VEB, ASR and several shareholders are of the opinion there is sufficient reason to doubt the rightness of management at Van der Moolen." "We support this because we find it useful," Bloomberg quoted Van der Moolen's administrator Paul Schaink as saying. "It will be investigated and it partly lightens our work, therefore the administrators are willing to contribute EUR50,000 (US$74,000) to the costs of an investigation." Bloomberg recalls Van der Moolen was declared bankrupt on Sept. 10 after posting three straight years of losses. About Van der Moolen Headquartered in Amsterdam, Netherlands, Van der Moolen Holding N.V. -- http://www.vandermoolen.com/-- is an international securities trading and brokerage firm that specializes in providing low-cost liquidity in markets worldwide. Its business is to make money on financial markets, as a broker and proprietary trader in securities, futures, derivatives indexes and exchange traded funds. WIDI GMBH: Claims Filing Deadline is December 28 ------------------------------------------------ Creditors of Widi GmbH are requested to file their proofs of claim by December 28, 2009, to: Elisabeth Wiedmer Liquidator Bahnhofstrasse 52 8957 Spreitenbach Switzerland The company is currently undergoing liquidation in Spreitenbach. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on October 19, 2009. =========== T U R K E Y =========== * TURKEY: Fitch Affirms Individual Ratings on Five Banks at 'D' --------------------------------------------------------------- Fitch Ratings has upgraded 19 Turkish banks' and financial institutions' Long- and Short-term foreign and local currency Issuer Default Ratings and Support Ratings and revised their Support Rating Floors. A full rating breakdown is provided below. The rating actions reflect Fitch's upgrade of the Republic of Turkey's Long-term foreign currency IDR to 'BB+' from 'BB-' and the Long-term local currency IDR to 'BB+' from 'BB' on 3 December 2009. The sovereign's Long-term IDRs were removed from Rating Watch Positive and assigned a Stable Outlook. Turkey's Short-term IDR was affirmed at 'B' and its Country Ceiling was upgraded to 'BBB-' from 'BB'. The IDRs of the Turkish banks referenced in the group below move in tandem with the sovereign's IDRs. These banks are state-owned or state-controlled and their IDRs are thus equalized with those of the Turkish sovereign. The upgrade of the Support Ratings and the revision of Support Rating Floors of these banks reflect the improved capacity of the sovereign to provide such support. T. C. Ziraat Bankasi A.S.: -- Long-term foreign currency IDR: upgraded to 'BB+' from 'BB-'; removed from Rating Watch Positive; assigned Stable Outlook -- Long-term local currency IDR: upgraded to 'BB+' from 'BB'; removed from RWP; assigned Stable Outlook -- Short-term foreign currency IDR: affirmed at 'B' -- Short-term local currency IDR: affirmed at 'B' -- National Long-term Rating: affirmed at 'AA+(tur)'; Stable Outlook -- Individual Rating: affirmed at 'C/D' -- Support Rating: affirmed at '3' -- Support Rating Floor: revised to 'BB+' from 'BB-'; removed from RWP Turkiye Halk Bankasi A.S: -- LTFC IDR: upgraded to 'BB+' from 'BB-'; removed from RWP; assigned Stable Outlook -- LTLC IDR: upgraded to 'BB+' from 'BB'; removed from RWP; assigned Stable Outlook -- STFC IDR: affirmed at 'B' -- STLC IDR: affirmed at 'B' -- National Long-term Rating: affirmed at 'AA+(tur)'; Stable Outlook -- Individual Rating: affirmed at 'C/D' -- Support Rating: affirmed at '3' -- Support Rating Floor: revised to 'BB+' from 'BB-'; removed from RWP Turkiye Vakiflar Bankasi T.A.O. -- LTFC IDR: upgraded to 'BB+' from 'BB-'; removed from RWP; assigned Stable Outlook -- LTLC IDR: upgraded to 'BB+' from 'BB'; removed from RWP; assigned Stable Outlook -- STFC IDR: affirmed at 'B' -- STLC IDR: affirmed at 'B' -- National Long-term Rating: affirmed at 'AA+(tur)'; Stable Outlook -- Individual Rating: affirmed at 'C/D' -- Support Rating: affirmed at '3' -- Support Rating Floor: revised to 'BB+' from 'BB-'; removed from RWP Turkiye Kalkinma Bankasi A.S: -- LTFC IDR: upgraded to 'BB+' from 'BB-'; removed from RWP; assigned Stable Outlook -- LTLC IDR: upgraded to 'BB+' from 'BB'; removed from RWP; assigned Stable Outlook -- STFC IDR: affirmed at 'B' -- STLC IDR: affirmed at 'B' -- National Long-term Rating: affirmed at 'AA+(tur)'; Stable Outlook -- Individual Rating: affirmed at 'D' -- Support Rating: affirmed at '3' -- Support Rating Floor: revised to 'BB+' from 'BB-'; removed RWP The Long- and Short-term IDRs, National Long-term and Support ratings of these group of banks are driven by potential support from highly-rated foreign shareholders. The banks' LTLC IDRs are capped two notches above the sovereign's LTLC IDR. The LTFC IDRs of these banks are constrained by Turkey's Country Ceiling of 'BBB-'. The upgrade of the banks' Support ratings, as referenced in the group below, to '2' reflects the upgrade of their LTFC IDRs to the Country Ceiling of 'BBB-'. Yapi Ve Kredi Bankasi A.S: -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP; assigned Stable Outlook -- LTLC IDR: upgraded to 'BBB' from 'BBB-'; removed from RWP; assigned Stable Outlook -- STFC IDR: upgraded to'F3' from 'B' -- STLC IDR: affirmed at 'F3' -- National Long-term rating: affirmed at 'AAA(tur)'; Stable Outlook -- Individual Rating: affirmed at 'C/D' -- Support Rating: upgraded to '2' from '3' Denizbank A.S: -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP; assigned Stable Outlook -- LTLC IDR: upgraded to 'BBB' from 'BBB-'; removed from RWP; assigned Stable Outlook -- STFC IDR: upgraded to 'F3' from 'B' -- STLC IDR: affirmed at 'F3' -- National Long-term rating: affirmed at 'AAA(tur)'; Stable Outlook -- Individual Rating: affirmed at 'C' -- Support Rating: upgraded to '2' from '3' Turk Ekonomi Bankasi A.S: -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP; assigned Stable Outlook -- LTLC IDR: upgraded to 'BBB' from 'BBB-'; removed from RWP; assigned Stable Outlook -- STFC IDR: upgraded to'F3' from 'B' -- STLC IDR: affirmed at 'F3' -- National Long-term rating: affirmed at 'AAA(tur)'; Stable Outlook -- Individual Rating: affirmed at 'C/D' -- Support Rating: upgraded to '2' from '3' -- Subordinated debt: upgraded to 'BBB-' from 'BB'; removed from RWP The Long- and Short-term IDRs, National Long-term and Support ratings of Finansbank A.S. are driven by potential support from its foreign shareholder, National Bank of Greece (rated 'BBB+'/Stable). While potential support from NBG is considered strong, NBG's ability to provide such support, in case of need, is considered by the agency to be not as strong as for the banks referenced in the group above whose foreign shareholders are more highly rated than NBG. As such, Finansbank's LTLC IDR is rated one notch above the sovereign's LTLC IDR. The banks' LTFC IDR is not constrained by Turkey's Country Ceiling. The upgrade of the bank's Support rating to '2' reflects the upgrade of the LTFC IDR to the Country Ceiling of 'BBB-'. Finansbank A.S: -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP; assigned Stable Outlook -- LTLC IDR: affirmed at 'BBB-'; Stable Outlook -- STFC IDR: upgraded to 'F3' from 'B' -- STLC IDR: affirmed at 'F3' -- National Long-term rating: affirmed at 'AAA(tur)'; Stable Outlook -- Individual Rating: affirmed at 'C' -- Support Rating: upgraded to '2' from '3' The Long- and Short-term IDRs, National Long-term and Support ratings of this bank, Kuveyt Turk Katilim Bankasi A.S, reflects Fitch's view of the probability of support from its 62.2% owner, Kuwait Finance House (KFH, rated 'A+'/Stable/Individual Rating 'C/ D'/Rating Watch Negative/'F1'). KFH's Long-term IDR is in turn driven by support from the Kuwaiti sovereign (rated 'AA'/Stable), and Fitch believes this support would, to an extent, also flow to the strategically important Turkish subsidiary, if required. Kuveyt Turk Katilim Bankasi A.S's LTLC IDR has been affirmed at one notch above Turkey's sovereign LTLC IDR. The bank's LTFC IDR has been upgraded to the Country Ceiling level and is not constrained. The upgrade of the bank's Support rating reflects the upgrade of its LTFC IDR to the Country Ceiling of 'BBB-'. Kuveyt Turk Katilim Bankasi A.S: -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP; assigned Stable Outlook -- LTLC IDR: affirmed at 'BBB-'; Stable Outlook -- STFC IDR: upgraded to 'F3' from 'B' -- STLC IDR: affirmed at 'F3' -- National Long-term rating: affirmed at 'AAA(tur)'; Stable Outlook -- Individual Rating: affirmed at 'D' -- Support Rating: upgraded to '2' from '3' The Long-term IDRs, Support rating and National Long-term rating of this bank, Alternatifbank A.S., are driven by potential support from ABank's majority shareholder, Anadolu Group, in case of need. Fitch does not rate Anadolu Group. However, the agency rates the group's main operating subsidiary, Anadolu Efes Biracilik ve Malt Sanayi A.S. (Anadolu Efes, rated 'BB+'/Negative) and bases its opinion on potential support for ABank on this rating. As Anadolu Efes's LTFC IDR has been upgraded to 'BB+' following the sovereign upgrade, ABank's LTFC IDR has been upgraded to 'BB'. The Negative Outlook for the LTFC IDR of ABank reflects a similar Outlook for Anadolu Efes' LT IDRs. Alternatifbank A.S. -- LTFC IDR: upgraded to 'BB' from 'BB-'; Outlook Negative -- LTLC IDR: affirmed at 'BB'; Outlook changed to Negative from Stable -- STFC IDR: affirmed at 'B' -- STLC IDR: affirmed at 'B' -- National Long-term rating: affirmed at 'AA(tur)'; Stable Outlook -- Individual Rating: affirmed at 'D' -- Support Rating: affirmed at '3' The Long-term IDRs of this bank, Bankpozitif Kredi Ve Kalkinma Bankasi A.S., are driven by potential support from its highly- rated foreign shareholder, Bank Hapoalim B.M. (rated 'A-'/Stable) which controls 69.83% of the bank. Bank Hapoalim's LTFC IDR is driven by support from the Israeli sovereign (rated 'A'/Stable). Bankpozitif's LTLC IDR has been affirmed one notch above the Turkish sovereign's LTLC IDR. Bankpozitif's LTFC IDR has been upgraded to the Country Ceiling and is not constrained. The upgrade of the bank's Support rating reflects the upgrade of bank's LTFC IDR to the Country Ceiling of 'BBB-'. Bankpozitif Kredi Ve Kalkinma Bankasi A.S: -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP; assigned Stable Outlook -- LTLC IDR: affirmed at 'BBB-'; Stable Outlook -- STFC IDR: upgraded to 'F3' from 'B' -- STLC IDR: affirmed at 'F3' -- National Long-term rating: affirmed at 'AAA(tur)'; Stable Outlook -- Individual Rating: affirmed at 'D' -- Support Rating: upgraded to '2' from '3' -- Senior unsecured debt: upgraded to 'BBB-' from 'BB'; removed from RWP -- Subordinated debt: upgraded to 'BB+' from 'BB-'; removed from RWP The LT IDRs of this bank, Turkland Bank A.S., are also driven by potential support from its highly-rated foreign shareholder, Arab Bank plc which is ultimately owned by Arab Bank group (rated 'A-'/Stable) which controls 50% of the bank. Lebanon-based Bank Med Sal holds a 41% stake in Turkland. While Arab Bank group and Bank Med Sal are partners in several joint ventures, Bank Med Sal is not rated by Fitch and thus the agency is not able to form a clear opinion of its ability to support Turkland, alongside Arab Bank group, in case of need. Turkland's LTLC IDR has been affirmed one notch above the sovereign's LTLC IDR. The bank's LTFC IDR is not constrained by Turkey's Country Ceiling. The upgrade of the Support rating reflects the upgrade of the bank's LTFC IDR to the Country Ceiling of 'BBB-'. Turkland Bank A.S. -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP; assigned Stable Outlook -- LTLC IDR: affirmed at 'BBB-'; removed from RWP; assigned Stable Outlook -- STFC IDR: upgraded to 'F3' from 'B' -- STLC IDR: affirmed at 'F3' -- National Long-term rating: affirmed at 'AAA(tur)'; Stable Outlook -- Individual Rating: affirmed at 'D' -- Support Rating: upgraded to '2' from '3' The Long-term IDRs of these systemically important banks are driven by their intrinsic financial strength which is reflected in their Individual ratings of 'C'. Their LTLC IDRs are rated one notch above the sovereign's LTLC IDR, and the LTFC IDRs are rated at the Country Ceiling level and are not constrained. Fitch considers that, in case of need, they would receive support from the Turkish state and the Turkish sovereign's improving capacity to provide such support has resulted in an upgrade of their Support ratings and a revision of their Support Rating Floors. Turkiye Is Bankasi A.S: -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP; assigned Stable Outlook -- LTLC IDR: affirmed at 'BBB-'; removed from RWP; assigned Stable Outlook -- STFC IDR: upgraded to 'F3' from 'B' -- STLC IDR: affirmed at 'F3' -- National Long-term rating: affirmed at 'AAA(tur)'; Stable Outlook -- Individual Rating: affirmed at 'C' -- Support Rating: upgraded to '3' from '4'; removed from RWP -- Support Rating Floor: revised to 'BB' from 'B+'; removed from RWP Turkiye Garanti Bankasi A.S.: -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP; assigned Stable Outlook -- LTLC IDR: affirmed at 'BBB-'; removed from RWP; assigned Stable Outlook -- STFC IDR: upgraded to 'F3' from 'B' -- STLC IDR: affirmed at 'F3' -- National Long-term rating: affirmed at 'AAA(tur)'; Stable Outlook -- Individual Rating: affirmed at 'C' -- Support Rating: upgraded to '3' from '4'; removed from RWP -- Support Rating Floor: revised to 'BB' from 'B+'; removed from RWP Akbank T.A.S.: -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP; assigned Stable Outlook -- LTLC IDR: affirmed at 'BBB-'; removed from RWP; assigned Stable Outlook -- STFC IDR: upgraded to 'F3' from 'B' -- STLC IDR: affirmed at 'F3' -- National Long-term rating: affirmed at 'AAA(tur)'; Stable Outlook -- Individual Rating: affirmed at 'C' -- Support Rating: upgraded to '3' from '4'; removed from RWP -- Support Rating Floor: revised to 'BB' from 'B+'; removed from RWP The upgrade of this bank's LTFC IDR reflects the similar rating action taken on its parent's (Turkiye Is Bankasi A.S.) rating. The parent's improved ability to support its subsidiary has resulted in the upgrade of the bank's LTFC IDR. Turkiye Sinai Kalkinma Bankasi A.S: -- LTFC IDR: upgraded to 'BB+' from 'BB'; removed from RWP; assigned Stable Outlook -- LTLC IDR affirmed at 'BB+'; removed from RWP; assigned Stable Outlook -- STFC IDR: affirmed at 'B' -- STLC IDR: affirmed at 'B'; removed from RWP -- National Long-term rating: affirmed at 'AA+(tur)'; Stable Outlook -- Individual Rating: affirmed at 'C/D' -- Support Rating: affirmed at '3' The IDRs of the entities below are equalized with those of their parents, reflecting integration and committed support, and therefore move in tandem with the rating action taken on their parents' ratings. Garanti Finansal Kiralama A.S.: -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP; assigned Stable Outlook -- LTLC IDR affirmed at 'BBB-'; removed from RWP; assigned Stable Outlook -- STFC IDR: upgraded to 'F3' from 'B' -- STLC IDR: affirmed at 'F3' -- National Long-term Rating: affirmed at 'AAA(tur)'; Stable Outlook -- Support rating: affirmed at '3' Is Finansal Kiralama A.S.: -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP; assigned Stable Outlook -- LTLC IDR affirmed at 'BBB-'; removed from RWP; assigned Stable Outlook -- STFC IDR: upgraded to'F3' from 'B' -- STLC IDR: affirmed at 'F3' -- National Long-term Rating: affirmed at 'AAA(tur)'; Stable Outlook -- Support rating: affirmed at '3' Garanti Faktoring Hizmetleri A.S.: -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP; assigned Stable Outlook -- LTLC IDR affirmed at 'BBB-'; removed from RWP; assigned Stable Outlook -- STFC IDR: upgraded to 'F3' from 'B' -- STLC IDR: affirmed at 'F3' -- National Long-term Rating: affirmed at 'AAA(tur)'; Stable Outlook -- Support rating: affirmed at '3' In Fitch's rating criteria, a bank's standalone risk is reflected in Fitch's Individual ratings and the prospect of external support is reflected in Fitch's Support ratings. Collectively these ratings drive Fitch's Long- and Short-term IDRs. =========================== U N I T E D K I N G D O M =========================== AMEY LAGAN: S&P Downgrades Long-Term Debt Rating to 'BB+' --------------------------------------------------------- Standard & Poor's Ratings Services said that it had lowered its long-term debt rating on an index-linked senior secured bond issued by U.K.-based special-purpose vehicle Amey Lagan Roads Financial PLC (ProjectCo) to 'BB+' from 'BBB-'. At the same time it lowered its long-term debt rating on a European Investment Bank (EIB, AAA/Stable/A-1+) loan issued to ProjectCo to 'BB+' from 'BBB-'. The outlook on both ratings is stable. "The rating action reflects a projected weakening of the project's financial profile compared with S&P's original expectations," said Standard & Poor's credit analyst Timon Binder. This is a result of higher interest payments due to a margin step up in the EIB loan agreement. The EIB fully exercised its right to increase the margin on its loan due to successive downgrades of Ambac Assurance U.K. Ltd. (CC/Developing/--), which provides payment guarantees. Accordingly, the projected minimum Debt Service Cover Ratio decreased to 1.10x from 1.18x at financial close while the average DSCR, until 2025, decreased to 1.17x from the 1.20x originally expected. The minimum DSCR is expected to improve to 1.13x from 2014 onward, but will remain below 1.20x until 2025. Furthermore the Construction Joint Venture, comprising Lagan Construction Ltd. and Ferrovial Agroman (Ireland) Ltd., is currently about two months behind its originally projected construction timetable due to archaeological work and bad weather in the summers of 2008 and 2009. However, the weather risk is held at CJV level, while the liabilty for the archaeological findings, is dependent on whether they were "foreseeable". According to ProjectCo management, this risk should be borne by the CJV or the Northern Ireland Department for Regional Development. ProjectCo expects that construction will be completed no later than March 23 2011 compared with January 18 2011 as stipulated in the original contract. S&P understands that the currently projected liquidated damages are well within the defined cap (12 month delay), so S&P is not presently concerned about the completion delay. The debt comprises GBP144.963 million in index-linked guaranteed secured bonds, including GBP24 million in variation bonds, due 2037, and GBP120.963 in index-linked guaranteed loan facilities from the EIB, due 2035. The proceeds of both the bonds and the loan were onlent to ProjectCo and used to design, build, finance, and operate three contiguous upgrading, widening, and new construction highway schemes to the south and west of Belfast in Northern Ireland. By employing an availability-based payment mechanism, ProjectCo is insulated from traffic risk. The project includes a high proportion of existing roads and structures which may increase lifecycle risk above that of a pure new-build road. The stable outlook reflects S&P's view that management is adequately managing the liquidity position of the project through the construction phase given the additional cost of approximately GBP2 million due to the EIB margin step-up. ASHTEAD GROUP: S&P Raises Rating on US$550 Mil. Notes to 'B+' ------------------------------------------------------------- Standard & Poor's Ratings Services said that it raised its issue rating on Ashtead Group PLC's US$550.0 million 9.0% second-lien notes due 2016, and US$250.0 million 8.6% second-lien notes due 2015, to 'B+' from 'B'. At the same time, S&P raised the recovery ratings on these notes to '5' from '6', reflecting S&P's expectation of modest (10%-30%) recovery in the event of payment default. The issue rating on the group's asset backed loan facilities, which comprise three separate tranches totaling US$1.86 billion, is 'BB+', with a recovery rating of '1'. This rating applies to the US$225.0 million term loan B, the US$303.0 million revolving tranche, and the US$1.3 billion extended revolving tranche, which mature in 2011, 2011, and 2013 respectively. The ABL facility, which was originally set up in 2006 and totaled US$1.75 billion, was amended to US$1.86 billion in November 2009. At the same time, the term of the US$1.3 billion tranche was extended to 2013 from 2011. The second-lien notes are issued by Ashtead Capital Inc. and Ashtead Holdings PLC, respectively. They benefit from substantially the same security package as the existing ABL, but on a second-ranking basis. The upgrade reflects S&P's understanding that the two nonextendable tranches within the ABL, that is, US$303.0 million revolving facility due August 2011, and a US$225.0 million term loan B due 2011, will be repaid at their points of maturity, and therefore S&P has assumed reduced debt levels at the point of S&P's hypothetical default in 2013. The upgrade also reflects S&P's view that the borrowing base facility might not be fully drawn at the point of hypothetical default. For the purpose of its analysis, S&P anticipate that 80% of the facility would be available and drawn. This results in its expectation of modest (10%-30%) recovery prospects for second-lien holders. Recovery Analysis The group's US$1.75 billion revolving credit facility due August 2011 was amended in November 2009 and increased to US$1.86 billion. The facility is split into three tranches: * US$1.3 billion extendable revolving credit facility due Nov. 22, 2013; * US$303.0 million due August 2011; and * US$225.0 million term loan B with an original maturity of August 2011. The rating on all tranches of the ABL facilities, issued by Ashtead Group, is 'BB+', two notches higher than the 'BB-' corporate credit rating. The recovery rating on these ABL facilities is '1', indicating S&P's expectation of very high (90%- 100%) recovery for senior secured lenders in the event of a payment default. This reflects that the facility benefits from a comprehensive security package and is structured around the value of the underlying collateral. S&P considers that Ashtead Group would be reorganized rather than liquidated in the event of default. However, S&P has used a discreet asset valuation method because S&P believes that the enterprise value would be closely correlated to asset values. S&P's default scenario assumes the continuation of the current downward trend in the construction industry, and reduced demand through to 2011 and beyond. S&P assume that based on its expectations of market pickup, Ashtead could resort to extensive borrowing under the revolving credit facility. In S&P's hypothetical default scenario, S&P also assume that a subsequent lack of demand for rental equipment could lead the company to a position of accumulated trading losses, resulting in default in 2013 when the US$1.3 billion ABL is due. S&P's recovery ratings assume 80% availability and drawdowns under the revolving credit facility as this would be permitted by the current borrowing base calculations due to Ashtead Group's extensive asset base. S&P anticipate that the stressed book value would be about US$1.4 billion, resulting in very high (90%-100%) recovery for the US$1.3 billion ABL. S&P believes that some value would flow through to the second-lien notes, resulting in recovery prospects in the 10%-30% range, which corresponds to a recovery rating of '5'. Ratings List New Rating Ashtead Group PLC Senior Secured US$303 mil. revolving fac bank ln due 8/31/2011 BB+ Recovery Rating 1 Senior Secured US$225 mil. term loan B due 8/31/2011 BB+ Recovery Rating 1 Ratings Upgraded Ashtead Capital Inc. To From -- ---- Senior Secured US$550 mil. second-lien nts due 8/15/2016* B+ B Recovery Rating 5 6 Ashtead Holdings PLC To From -- ---- Senior Secured US$250 mil. callable Second-lien nts due 8/1/2015* B+ B Recovery Rating 5 6 * Guaranteed by Ashtead Group PLC. CLARIS LIMITED: Moody's Cuts Rating on EUR21MM Notes to 'B3' ------------------------------------------------------------ Moody's Investors Service announced that it has downgraded the ratings of two classes of Notes issued by Claris Limited for the Millesime 2007-2 transaction and one related CDS entered into by Societe Generale. The securities affected by the rating actions are: Issuer: Claris Limited Series 88 & 89 (Millesime 2007-2 Portfolio) -- EUR21M Series 88/2007-1, Downgraded to B3; previously on Jul 7, 2009 Downgraded to Ba2 -- EUR43M Series 89/2007-1, Downgraded to Baa1; previously on Jul 7, 2009 Downgraded to A2 Issuer: Societe Generale - Credit Default Swap (Millesime 2007-2 portfolio) -- EUR5M Credit default swap ref EXO-1224830, Downgraded to B3; previously on Jul 7, 2009 Downgraded to Ba2 Millesime 2007-2 is a synthetic collateralized debt obligation transaction backed by a portfolio of European Asset Backed Securities. The rating downgrade actions reflect a general deterioration in the credit quality of the underlying portfolio. This credit deterioration can be observed through a decline in the average credit rating (as measured by an increase in the weighted average rating factor). The current portfolio WARF is 27.8 versus a WARF of 5.6 at the time of the previous rating action, equivalent to a Aa2 pool. Over 25% of the referenced portfolio have been downgraded or placed under review for possible downgrade since Moody's last review of the transaction in July 2009. A significant portion of the portfolio consists of Prime RMBS at almost 41% followed by Subprime RMBS and Retail CMBS at 13.8% and 13.3%, respectively. The UK represents the largest exposure at 36% of the portfolio, followed by Spain at 18.7% and Germany at 16.7%. There is no subordination for the CDS and Series 88 and given these relatively thin tranches, any one default in any of the top 10 lowest rated reference assets in the pool will virtually wipe away such tranches. Currently, no assets are rated below Baa3 in the portfolio. CONSUMER UNSECURED: Moody's Junks Rating on GBP20MM Certificate --------------------------------------------------------------- Moody's Investors Service downgraded all outstanding classes of certificates issued by Consumer Unsecured Reperforming Loans PLC: Issuer: Consumer Unsecured Reperforming Loans PLC -- GBP27.141M C Certificate, Downgraded to A1; previously on 17 September 2008 Aa3 Placed Under Review for Possible Downgrade -- GBP46.707M D Certificate, Downgraded to Ba2; previously on 17 September 2008 Baa2 Placed Under Review for Possible Downgrade -- GBP20.04M E Certificate, Downgraded to Caa1; previously on 17 September 2008 Ba3 Placed Under Review for Possible Downgrade. Ratings of the Class A and B Certificates were withdrawn following their full repayment. All the affected tranches had been placed on review for possible downgrade on 17 September 2008 because of their exposure to Lehman Brothers Holding Inc. The rating actions conclude the review and take into account the worse-than-expected performance and the increased loss expectations for the loan portfolio backing the issued notes as well as the hedging exposure to LBHI and to Capstone, an entity ultimately owned by LBHI performing certain loan administration functions. Moody's notes that the weak performance of the transaction is the main driver for the rating action. Performance Moody's has taken into account the current amount of cumulative defaults, and completed a roll-rate analysis for the non-defaulted portion of the portfolio, finally adjusting its default expectations for this portfolio to 35% of the original balance. The original expected gross rate was 30%, ultimately translating into 25% seasoning-adjusted default rate which was used as modelling assumption. The coefficient of variation, which was assumed to be 31% at closing, has been updated to 20% during the review to reflect the transaction seasoning. The mean default rate and the coefficient of variation are the two key parameters used by Moody's to generate the default distribution curve. Another crucial input of the cash flow model Moody's used to analyse the transaction is the recovery rate, set to 0% on this review as opposed to 7.5% assumed at deal inception. No recovery flows have been reported on the investor report since closing. Hedging Following the bankruptcy filing of LBHI, as guarantor of Lehman Brothers Special Financing's obligations under the Swaps, an event of default has occurred in the hedging agreements in place for the transaction. As of December 11, the hedging agreements have not been terminated, and no replacement swaps have been entered into by the issuer. In the current rating review, Moody's has assumed that the issuer will not enter into replacement swaps and will be exposed to interest rate and basis risk until transaction maturity due to the interest rate mismatch between the fixed-rate loans and the note Libor; Moody's has run some stressed interest rate scenario and concluded the current ratings are commensurate with the above risks. Servicing Finally, the rating actions incorporate the potential operational risks associated with Capstone Mortgage Services Ltd ("Capstone"), performing the master and special loan administration functions in the transaction, in conjunction with Lloyds TSB acting as loan administrator. Following a recent review of Capstone's servicing operations, Moody's is satisfied with the ability of Capstone to perform its duties considering its current resources, systems and procedures. Uncertainties remain with regard to the ownership structure and funding strategy of Capstone in the future. Moody's was informed recently by the Issuer that Capstone had sent notice for resignation earlier in 2009, but as no replacement has been appointed, Capstone remains master and special loan administrator of the securitized pool. This consideration of the residual operational risk has affected the ratings of the senior notes in the reviewed transactions by approximately one notch. Moody's will continue to monitor the situation. CURL represented the first securitization of re-performing unsecured consumer loans in the UK. The re-performing loans were originated by Lloyds TSB Bank Plc (Aa3/P-1) to refinance unsecured personal loans, overdrafts and/or credit card balances of existing Lloyds TSB customers. The transaction is static and the noteholders are repaid on a pass-through basis. Moody's ratings address the expected loss posed to investors by the legal final maturity of the notes. 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. Moody's will continue to monitor the performance of this ABS transaction closely. DUBAI WORLD: Abu Dhabi to Provide US$10 Billion Funding ------------------------------------------------------- Margaret Coker at The Wall Street Journal reports that Dubai on Monday said the government of Abu Dhabi would provide US$10 billion to meet the debt obligations of Dubai World. Ms. Coker says the timing of the bailout coincided with a deadline for a US$4.1-billion payment related to an Islamic bond, or sukuk, issued by Dubai World's real-estate subsidiary Nakheel, which matured Monday. "But it also raised fresh questions about the opaque and complicated relationship between Abu Dhabi, the capital of the U.A.E., and Dubai, its financial and trade hub," Ms. Coker says. Ms. Coker says the funding brings Abu Dhabi's direct and indirect support for Dubai to US$25 billion so far. That sent stock markets in both emirates soaring, she says. By underwriting Dubai World, Ms. Coker says, Abu Dhabi triggered an immediate bout of investor optimism that promises to ease its own borrowing costs. The move also appeared aimed at protecting the United Arab Emirate's reputation as a global transportation hub, according to one person familiar with the situation. According to Ms. Coker, in the wake of Dubai's announcement for a six-month standstill of its debts, worry over the implied support Abu Dhabi would give its own companies hit hard. After the Dubai announcement in late November, Ms. Coker relates the cost of insuring Abu Dhabi debt against default soared from just under US$100,000 per US$10 million to over US$177,000 earlier this month, according to market tracker CMA. Late Monday in London, that had eased back to about US$151,500, she says. Last week, according to Ms. Coker, Moody's Investors Service placed the credit rating of several Abu Dhabi companies, including Mubadala Development Co., a vehicle that has financed much of the capital's infrastructure projects, on review for a possible downgrade, citing the uncertainty over government support. Mubadala said last week that it was confident that its strategic importance and "sound business model" put it in a strong position with credit agencies. The rising cost of its own borrowing appears to have outweighed any hesitancy in Abu Dhabi about providing more cash to Dubai, analysts said, according to Ms. Coker. 6-Month Standstill The Troubled Company Reporter, citing The Wall Street Journal and Bloomberg News, ran a story about Dubai World seeking a six-month standstill on its debt obligations. In a statement obtained by the Journal and Bloomberg, the government of Dubai said it would restructure Dubai World and has appointed Deloitte LLP to lead the restructuring effort, naming an executive at the consultancy as the group's "chief restructuring officer." The standstill will immediately affect US$3.52 billion of Islamic bonds due December 14 from the Company's property unit Nakheel. Bloomberg News' Arif Sharif and Laura Cochrane said Dubai World has US$59 billion in liabilities. Bloomberg said Dubai accumulated US$80 billion of debt by expanding in banking, real estate and transportation before credit markets seized up last year. The Journal said Standard & Poor's in an October report estimated Dubai World could be responsible for as much as 50% of Dubai's total government and corporate debt load of some US$80 billion to US$90 billion. Large Exposure As reported by the Troubled Company Reporter-Europe on Dec. 1, 2009, The Wall Street Journal's Chip Cummins, Dana Cimilluca and Sara Schaefer Munoz, citing a person familiar with the matter, said that U.K.'s Royal Bank of Scotland Group PLC, HSBC Holdings PLC, Barclays PLC, Lloyds Banking Group PLC, Standard Chartered PLC and ING Groep NV of the Netherlands, are among the international banks that have large exposure in Dubai World. RBS has lent roughly US$1 billion to Dubai World, another person said, according to the Journal. Sources also told the Journal Barclays's exposure to Dubai World is roughly US$200 million, and that exposure is effectively hedged. David Robertson at The (U.K) Times reported Credit Suisse has estimated that European banks could have EUR40 billion (GBP36 billion) in loans to Dubai and much of this could be at risk if the Gulf emirate defaults. The Journal, citing people familiar with the matter, said the banks with the greatest exposure to Dubai World are Abu Dhabi Commercial Bank and Emirate NBD PJSC, people familiar with the matter said. Dow Jones Newswires' Margot Patrick related that a report by the Emirates Banks Association said the top eight foreign banks in the United Arab Emirates by lending volume -- HSBC, Standard Chartered, Barclays, HSBC, Royal Bank of Scotland's ABN Amro, Citigroup Inc., BNP Paribas SA, Lloyds and Credit Agricole SA's Calyon, -- extended about US$36 billion in loans in 2008 throughout the federation, without breaking down the loans by emirate or type of borrower. About Dubai World Dubai World -- http://www.dubaiworld.ae/-- is Dubai's flag bearer in global investments. As a holding company it operates a highly diversified spectrum of industrial segments and plays a major role in the emirate's rapid economic growth. Dubai World's investment spans four strategic growth areas of 21st Century commerce namely, Transport & Logistics, Drydocks & Maritime, Urban Development and Investment & Financial Services. Dubai World's portfolio includes DP World, one of the largest marine terminal operators in the world; Drydocks World & Dubai Maritime City designed to turn Dubai into a major ship-building and maritime hub; Economic Zones World which operates several free zones around the world including Jafza and TechnoPark in Dubai; Nakheel the property developer behind iconic projects such as The Palm Islands and The World among others; Limitless the international real estate master planner with current development projects in various parts of the world; Leisurecorp a global sports and leisure investment group, reshaping the industry by unlocking value across investment, development and brand opportunities; Dubai World Africa which oversees the regional development and portfolio of investments in the African continent; and Istithmar World, the group's investment arm that has a global footprint in finance, capital, leisure, aviation and various other business ventures. The Sun Never Sets on Dubai World, its Web site says. ROADCHEF FINANCE: S&P Downgrades Ratings on Two Classes of Notes ---------------------------------------------------------------- Standard & Poor's Ratings Services lowered its credit ratings on Roadchef Finance Ltd.'s class A2 and B notes. The rating actions follow S&P's assessment of the estate's performance to date, along with S&P's assessment of the willingness and ability of the parent Delek Real Estate to continue to support the transaction. Roadchef recently cured a breach of its debt-service coverage ratio covenant after an equity injection cure from the development group following the sale of a motorway service station held outside the securitized estate. This cure comprised an injection of GBP5.0 million in Q4 2008, and a further injection of GBP0.9 million on Nov. 4, 2009. Even though technically it remains in compliance with this covenant, in S&P's analysis Roadchef does not generate sufficient cash flow to meet its debt service obligations. The next debt service payment is due in October 2010. Despite a reported improvement in Q3, EBITDA continues to be down year-on-year, and EBITDA to DSCR and free cash flow to DSCR were 0.89x and 0.88x, respectively in the 12 months to October 2009, if S&P excludes the benefits of the equity cure. In S&P's view, this means that Roadchef would have been unlikely to be able to meet its scheduled debt service without the aforementioned injections, and without continued support from its parent. S&P highlighted Roadchef's reliance on its parent (Delek) in its last transaction update in September 2008. In S&P's view, however, Delek's ability to support the Roadchef transaction has subsequently reduced. Under its base case, S&P continues to expect Roadchef to grow its EBITDA modestly over the next 12 months, based on its expectations that the U.K. economy will start to grow again 2010. This may increase people's willingness to spend at motorway service areas during their travels. Downside risks, however, persist in S&P's view, with unemployment expected to continue to increase in the U.K. Marked increases in short-term interest rates or taxes could affect customer ability and willingness to spend. Further pressures could come from increasing fuel prices if this affected people's willingness to take trips within the U.K. S&P note the ratings could come under pressure if S&P sees a further deterioration in EBITDA or FCF, or if Delek Real Estate's level of support were to diminish. Roadchef Finance is a corporate securitization of most of Roadchef Ltd.'s operating business. The transaction closed in December 1998. S&P continues to view the business risk profile of Roadchef as weak. The ratings address the full and timely payment of interest and principal due on the notes (based primarily on S&P's ongoing assessment of the underlying business risk of the borrowers), the integrity of the transaction's legal and tax structure, and the robustness of the cash flow analysis, and structural enhancements. The collateral for the notes comprises loans made to three Roadchef-owned entities: Roadchef Motorways Ltd., Takeabreak Motorway Services Ltd., and Blue Boar Motorways Ltd. Each loan is secured on interests in 16 motorway service areas across the U.K. Roadchef currently has approximately a 17% market share and attracts about 60 million visitors per year. Rating List Roadchef Finance Ltd. GBP210 Million Fixed- and Floating Rate Notes Ratings Lowered Rating ------ Class To From ----- -- ---- A2 B BB B B- B SOLUTIA INC: Discontinues Operations at Cologne, Germany -------------------------------------------------------- Solutia Inc. (NYSE: SOA) announced it will discontinue manufacturing at its plant in Cologne, Germany, effective as soon as practical. Taminco N.V. will acquire certain assets and assume certain contracts and commercial obligations relating to the tetramethylthiuram disulfide (TMTD) and tetraethylthiuram disulfide (TETD) products. As a part of that transaction, Solutia will continue to produce TMTD and TETD at Cologne for Taminco during a transition period, which is expected to conclude by the end of the first quarter 2010. Solutia will continue to manufacture and provide Perkacit DPTT to customers. "Due to the emergence of lower cost competition, the TMTD and TETD products manufactured by Solutia at Cologne are no longer competitive on a global scale," said Mike Donnelly, president and general manager, for Solutia's Technical Specialties business. "This decision is consistent with Solutia's strategy to strengthen core businesses that are market leaders with attractive margins and a presence that spans the globe. We will work to ensure the employees impacted by this change are treated fairly, and will help customers transition to a new supply arrangement with Taminco." Solutia's Technical Specialties segment offers advanced products that meet or exceed rigorous specifications and are distributed through a reliable, global manufacturing and supply system. Its products include specialty fluids and rubber chemicals that improve durability, increase safety and enhance energy efficiency. The service team works closely with customers to constantly improve key performance and quality levels and to anticipate and develop solutions to market challenges. About Solutia Inc. Based in St. Louis, Missouri, Solutia Inc. (NYSE: SOA) -- http://www.solutia.com/-- and its subsidiaries, manufactures and sells chemical-based materials, which are used in consumer and industrial applications worldwide. The company and 15 debtor-affiliates filed for chapter 11 protection on December 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03- 17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. On November 29, 2007, the Court confirmed a consensual reorganization plan for Solutia. Solutia emerged from Chapter 11 protection February 28, 2008. Solutia was represented by Kirkland & Ellis LLP, and Blackwell Sanders LLP in the Chapter 11 case. Akin Gump Strauss Hauer & Feld LLP represented the unsecured creditors. Solutia's US$2.05 billion exit financing facility was funded by Citigroup Global Markets Inc., Goldman Sachs Credit Partners L.P., and Deutsche Bank Securities Inc. The exit financing is being used to pay certain creditors, and for ongoing operations. Bankruptcy Creditors' Service, Inc., publishes Solutia Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Solutia Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) * * * In October 2009, Standard & Poor's Ratings Services said that it raised its ratings on reorganized Solutia Inc., including the corporate credit rating, to 'B+' from 'B'. The outlook is positive. Moody's also affirmed the 'B1' corporate family rating for Solutia. Moody's said the rating reflects the Company's high leverage and weak, but improving, credit metrics along with the uncertainty surrounding its environmental remediation activities. SOUTHERN PACIFIC: Moody's Junks Ratings on Ten Classes of Notes --------------------------------------------------------------- Moody's Investors Service has downgraded the ratings of: -- Classes D1c and E1c notes issued by Southern Pacific Securities 05-1 PLC; -- Classes D1a, E1c and E2c notes issued by Southern Pacific Securities 05-2 PLC; -- Classes A2a, A2c, C1a, C1c, D1a, D1c and E1c notes issued by Southern Pacific Securities 05-3 PLC; -- Classes A, D and E notes issued by Southern Pacific Financing 05-B PLC. In total, Moody's Investors Service has downgraded the ratings of 15 classes of notes and has confirmed the ratings of 11 classes of notes issued by Southern Pacific Securities 05-1, Southern Pacific Securities 05-2, Southern Pacific Securities 05-3 and Southern Pacific Financing 05-B (together the "Affected Transactions"). In addition, Class A2a and A2c notes of Southern Pacific Securities 05-1 and Class DTc notes of Southern Pacific Securities 05-3 have been fully repaid and their ratings have been withdrawn. The 26 affected tranches, listed at the end of this press release, had been placed on review for possible downgrade on 17 September 2008 because of their exposure to Lehman Brothers Holding Inc. These notes were also on review for possible downgrade due to worse-than-expected performance as detailed in a press release dated 26 June 2009 when Moody's placed on review 13 UK Non- Conforming RMBS transactions and commented on 14 other UK NC RMBS transactions. The rating actions conclude the review and take into account increased loss expectations for the four mortgage portfolios backing these transactions as well as the exposure to LBHI or to entities ultimately owned by LBHI performing servicing and cash management functions. Moody's notes that the weak performance of these transactions is the main driver for the rating action. Transaction Overview All the performance data mentioned in this paragraph refer to the investor reports published in September 2009. Updated data will be shortly available in the investor reports which will be published on 10 December 2009. Southern Pacific Securities 05-1 closed in February 2005 and the current pool factor is approximately 14%. The assets supporting the notes are first and second lien non-conforming mortgage loans secured by residential properties located in England, Wales, Scotland and Northern Ireland, with approximately 44% of the outstanding portfolio represented by interest-only loans. The second lien mortgages represent about 10% of the current pool balance. The original weighted average LTV at closing was approximately 76% while the current weighted average indexed LTV has slightly decreased to approximately 73% partially due to the house price appreciation after closing of the transaction. The cumulative losses realized since closing in Southern Pacific Securities 05-1 amount to 2.20% of the original portfolio balance, with an average loss severity since inception of 11% for first liens and 48% for second liens. The reserve fund is currently fully funded and represents 3.5% of the current pool balance. Southern Pacific Securities 05-2 closed in August 2005 and the current pool factor is approximately 18%. The assets supporting the notes are first and second lien non-conforming mortgage loans secured by residential properties located in England, Wales, Scotland and Northern Ireland, with approximately 42% of the outstanding portfolio represented by interest-only loans. The second lien mortgages represent about 13% of the current pool balance. The original weighted average LTV at closing was approximately 77% while the current weighted average indexed LTV has slightly decreased to approximately 74%. The cumulative losses realized since closing in Southern Pacific Securities 05-2 amount to 2.88% of the original portfolio balance, with an average loss severity since inception of 15% for first liens and 47% for second liens. The reserve fund is currently funded at 75% the target level and represents 2.0% of the current pool balance. Southern Pacific Securities 05-3 closed in November 2005 and the current pool factor is approximately 27%. The assets supporting the notes are first and second lien non-conforming mortgage loans secured by residential properties located in England, Wales, Scotland and Northern Ireland, with approximately 46% of the outstanding portfolio represented by interest-only loans. The second lien mortgages represent about 8% of the current pool balance. The original weighted average LTV at closing was approximately 76% while the current weighted average indexed LTV is 75%. The cumulative losses realized since closing in Southern Pacific Securities 05-3 amount to 2.79% of the original portfolio balance, with an average loss severity since inception of 17% for first liens and 40% for second liens. The reserve fund is currently fully funded and represents 1.8% of the current pool balance. In addition to the standard reserve fund, the structure is also supported by an Interest Rate Cap Proceeds Reserve Fund which also provides support to the notes. This additional reserve is currently funded at 0.5% of the current pool balance. Southern Pacific Financing 05-B closed in July 2005 and the current pool factor is approximately 27%. The assets supporting the notes are first lien non-conforming/near prime mortgage loans secured by residential properties located in England, Wales, Scotland and Northern Ireland, with approximately 50% of the outstanding portfolio represented by interest-only loans. The original weighted average LTV at closing was approximately 80% while the current weighted average indexed LTV is 76%. The cumulative losses realized since closing in Southern Pacific Financing 05-B amount to 1.34% of the original portfolio balance, with an average loss severity since inception of 17%. The reserve fund is currently funded at 91% of the target balance and represents 3.3% of the current pool balance. Revised Performance Expectations According to the latest investor reports, 90+ days delinquencies have recently stabilized while the amount of outstanding repossessions has decreased. As per the latest reporting date in September 2009, 90+ days delinquencies plus repossessions represented 36.2% of the outstanding balance of the portfolio in Southern Pacific Securities 05-1, 39.1% in Southern Pacific Securities 05-1, 40.8% in Southern Pacific Securities 05-3 and 25.2% in Southern Pacific Financing 05-B. . In the last two quarters the servicer has reported payment rates of far above 100% for all four transactions. The payment rate compares the actual interest collections with the scheduled interest in the period. Therefore a payment rate of above 100% indicates that borrowers were on average able to partially cure their arrears. This performance is supported by the current benign interest rate environment which is currently particularly beneficial for these pools as all borrowers pay floating rate interest. Even though this characteristic currently supports arrears performance, Moody's has taken into account in the analysis that such payment ability could be put at risk in case the interest rate environment became less favorable in the future. Moody's has assessed updated loan-by-loan information of the outstanding portfolio to determine the volatility of future losses. As a consequence, Moody's has revised its Milan Aaa CE for the Affected Transactions to 39% for Southern Pacific Securities 05-1, Southern Pacific Securities 05-2 and Southern Pacific Securities 05-3. As of closing, these numbers were 17.5% for Southern Pacific Securities 05-1, 19% for Southern Pacific Securities 05-2 and 17.3% for Southern Pacific Securities 05-3. For Southern Pacific Financing 05-B, the Milan Aaa CE was increased from 19.1% as of closing to 26%. The current credit enhancement of the Class A notes of the Affected Transactions (excluding excess spread) equals approximately 94.5% in Southern Pacific Securities 05-2, 66.2% in Southern Pacific Securities 05-3 and 41.9% in Southern Pacific Financing 05-B. Considering the current amount of realised losses, and completing a roll-rate and severity analysis for the non-defaulted portion of the portfolio, Moody's has also increased its total loss expectations to 4.5%, 6.0% and 6.5% of the original portfolio balance for Southern Pacific Securities 05-1, Southern Pacific Securities 05-2 and Southern Pacific Securities 05-3 respectively (vs. 2.1%, 1.85% and 2.3% assumed at closing). The total loss expectation for Southern Pacific Financing 05-B was increased to 3.5% of the original portfolio balance compared to the expectation at closing of 1.5%. The loss expectation and the Milan Aaa CE are the two key parameters used by Moody's to calibrate the loss distribution curve, which is one of the inputs into Moody's RMBS cash-flow model. Moody's has also factored into its analysis the negative sector outlook for UK non-conforming RMBS. The sector outlook reflects these expectations of key macro-economic indicators: GDP to contract by 4.1% in 2009, followed by growth of 0.9% in 2010, unemployment to increase to 9.6% by 2010 from 7.8%, house prices to decrease by over 30% from their peak in 2007 to a trough in 2010 and further increases in personal insolvencies. Swaps, Servicing, Liquidity Facilities And Cash Management Some of the notes in the four transactions are denominated in EUR. The Issuers have entered into currency swap agreements with Barclays Bank PLC to hedge the foreign exchange risk. The Affected Transactions are exposed to unhedged basis risk between the interest received on the mortgage loans and the interest due on the notes. While both payments are based on 3- Month-LIBOR, basis risk is introduced into the transactions as the loans in the pools reset 9 days earlier than the notes. These unhedged basis risks had been previously sized by Moody's and have not been the driver of the rating actions. In addition, the breach of a rating trigger by the liquidity facility provider has resulted in stand-by drawings of the liquidity facilities for all four transactions. These stand-by drawings have caused increased costs for the structures. The performance triggers are currently breached and the amounts of the liquidity facilities can no longer amortise so that their relative balances are increasing compared to the outstanding note amounts causing an increase in costs for the structure over time. Moody's has considered these increased costs and the resulting decrease in available excess spread over time in the cash flow analysis. Currently the drawn amounts of the liquidity facilities represent 47% of the current balance in Southern Pacific Securities 05-1, 36% of the current balance in Southern Pacific Securities 05-2, 20% of the current balance in Southern Pacific Securities 05-3 and 21% of the current balance in Southern Pacific Financing 05-B. Finally, the rating actions incorporate the potential operational risks associated with the timely performance of the servicing and cash management functions in transaction name. In this transaction, Capstone Mortgage Services Ltd. is the appointed servicer and cash bond administrator. Following a review of Capstone servicing operations, Moody's is satisfied with the ability of the servicer to perform its duties considering current resources, systems and procedures. However, Moody's considers the back-up servicing and cash management arrangements in place with HML to be not sufficiently hot to ensure in all circumstances, including a Aaa-scenario, the timely payment of principal and interest on the notes and payments to the cross-currency swap provider, due to the limited time available in the structure between the determination date and the payment date and taking into account the grace periods under the notes and the swaps. In Moody's view, the lack of a highly-rated entity performing the servicing and cash management functions make the most senior classes particularly vulnerable to the absence of sufficiently hot back-up agreements. In Southern Pacific Securities 05-3, the consideration of this residual operational risk has affected the ratings of the Classes A2a and A2c notes by two notches, whereas in Southern Pacific Financing 05-B, the consideration of this residual operational risk has affected the ratings of the Class A notes by one notch as in this transaction there is no cross- currency swap included in the structure. Despite the existing operational risk, Moody's confirms the Aaa ratings of Class A2c notes of Southern Pacific Securities 05-2 due to the very short remaining term of these notes as they are expected to be repaid within the next 6 months. List Of Affected Notes The classes of notes affected by the rating actions are: Southern Pacific Securities 05-1: -- Class B1c confirmed at Aa2; previously on 17 September 2008 Aa2 and placed under review for possible downgrade; -- Class C1c confirmed at A2; previously on 17 September 2008 A2 and placed under review for possible downgrade; -- Class D1c downgraded to Caa2; previously on 17 September 2008 Baa2 and placed under review for possible downgrade; -- Class E1c downgraded to C; previously on 17 September 2008 Ba1 and placed under review for possible downgrade. Southern Pacific Securities 05-2: -- Class A2c, confirmed at Aaa; previously on 17 September 2008 Aaa and placed under review for possible downgrade; -- Class B1a confirmed at Aa2; previously on 17 September 2008 Aa2 and placed under review for possible downgrade; -- Class B1c confirmed at Aa2; previously on 17 September 2008 Aa2 and placed under review for possible downgrade; -- Class C1a confirmed at A2; previously on 17 September 2008 A2 and placed under review for possible downgrade; -- Class C1c confirmed at A2; previously on 17 September 2008 A2 and placed under review for possible downgrade; -- Class D1a downgraded to Caa2; previously on 17 September 2008 Baa2 and placed under review for possible downgrade; -- Class E1c downgraded to C; previously on 17 September 2008 Ba2 and placed under review for possible downgrade; -- Class E2c downgraded to C; previously on 17 September 2008 Ba2 and placed under review for possible downgrade. Southern Pacific Securities 05-3: -- Class A2a, downgraded to Aa2; previously on 17 September 2008 Aaa and placed under review for possible downgrade; -- Class A2c, downgraded to Aa2; previously on 17 September 2008 Aaa and placed under review for possible downgrade; -- Class B1a confirmed at Aa3; previously on 17 September 2008 Aa3 and placed under review for possible downgrade; -- Class B1c confirmed at Aa3; previously on 17 September 2008 Aa3 and placed under review for possible downgrade; -- Class C1a downgraded to Ba2; previously on 17 September 2008 A3 and placed under review for possible downgrade; -- Class C1c downgraded to Ba2; previously on 17 September 2008 A3 and placed under review for possible downgrade; -- Class D1a downgraded to Ca; previously on 17 September 2008 Baa3 and placed under review for possible downgrade; -- Class D1c downgraded to Ca; previously on 17 September 2008 Baa3 and placed under review for possible downgrade; -- Class E1c downgraded to C; previously on 17 September 2008 Ba2 and placed under review for possible downgrade; Southern Pacific Financing 05-B: -- Class A downgraded to Aa1; previously on 17 September 2008 Aaa and placed under review for possible downgrade; -- Class B confirmed at Aa2; previously on 17 September 2008 Aa2 and placed under review for possible downgrade; -- Class C confirmed at A2; previously on 17 September 2008 A2 and placed under review for possible downgrade; -- Class D downgraded to Caa2; previously on 17 September 2008 Baa2 and placed under review for possible downgrade; -- Class E downgraded to C; previously on 17 September 2008 Ba2 and placed under review for possible downgrade. Moody's ratings address the expected loss posed to investors by the legal final maturity of the notes. Moody's ratings address only the credit risks associated with the transactions. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. TITAN EUROPE: Moody's Affirms Rating on Class D Notes at 'C' ------------------------------------------------------------ Moody's Investors Service has affirmed, confirmed and downgraded these classes of Notes issued by Titan Europe 2007-3 Limited (amounts reflect initial outstandings): -- GBP463.04M Class A1 Commercial Mortgage Backed Floating Rate Notes due 2016, Downgraded to Baa1; previously on Nov. 2, 2009 Aa2 Placed Under Review for Possible Downgrade -- GBP115.76M Class A2 Commercial Mortgage Backed Floating Rate Notes due 2016, Downgraded to Ba3; previously on Nov. 2, 2009 Ba1 Placed Under Review for Possible Downgrade -- GBP54.39M Class B Commercial Mortgage Backed Floating Rate Notes due 2016, Confirmed at B3; previously on Nov. 2, 2009 B3 Placed Under Review for Possible Downgrade -- GBP52.79M Class C Commercial Mortgage Backed Floating Rate Notes due 2016, Confirmed at Ca; previously on Nov. 2, 2009 Ca Placed Under Review for Possible Downgrade -- GBP53.19M Class D Commercial Mortgage Backed Floating Rate Notes due 2016, Affirmed at C; previously on June 16, 2009 Downgraded to C Moody's does not rate the Class E, Class F, Class G, Class V and Class X Notes issued by Titan Europe 2007-3 Limited. The rating action concludes the review for possible downgrade that was initiated for the Class A1, Class A2, Class B and the Class C Notes on 2 November 2009. Titan Europe 2007-3 Limited closed in August 2007 and represents the securitization of initially 20 mortgage loans originated by Credit Suisse and secured by first-ranking legal mortgages over initially 35 commercial properties located across the UK. The properties were predominantly office (53%) and mixed-use (37%). 61% of the properties were located in the Greater London area. The remaining collateral pool consisted of retail (5%), warehouse (3%) and industrial (3%) properties located throughout England. Moody's review for possible downgrade of the Class A1, Class A2, Class B and Class C Notes on 2 November 2009 was prompted by the deferral of interest on all Classes of Notes except for the Class A1 and Class X Notes on the October 2009 Note IPD. The Backup Advance Provider had deemed certain advances provided under the defaulted Project Metro Loan (5.5% of the current pool) to be non- recoverable. Therefore, the Backup Advance Provider (i) did not provide any advances to cover interest shortfalls on the Project Metro Loan as of the 23 October 2009 IPD and (ii) requested the cancellation of the advances made on the July 2009 IPD. Consequently, there were insufficient funds to fully cover the interest due on the Notes on the October 2009 Note IPD and all interest due on the Class G, Class F, Class E, Class D, Class C and Class B was deferred. Interest due on the Class A2 Notes was partially deferred. The downgrades of the Class A1and A2 Notes and the confirmation/affirmation on the other Moody's rated Notes follow an assessment of the risk of potential further interest deferrals on these Notes and the expected timing and likelihood of the repayment of deferred interest in relation to the Class A2 Notes over time. The rating actions also take into consideration the further deterioration of the underlying collateral portfolio since Moody's latest downgrade action in June 2009. Given the increased uncertainty resulting from a) the uncertainty about Advances being available for the non-performing loans in the future, b) a potential reimbursement of previously provided Advances and c) the significant and highly volatile level of expenses and costs that are senior to the interest payments due on the Notes, the risk in relation to timely interest payments of the Class A1 and the Class A2 Notes has significantly increased. The June 2009 rating action already incorporated the significant risk of interest deferrals on the Class B, Class C and Class D Notes. In Moody's view, the transaction faces an increased risk of a potential interest shortfall on the Class A1 Notes and a subsequent Note Event of Default. However, the rating agency expects that due to the senior position in the waterfall, accrual of interest on the Class A1 Notes would be temporary in nature. Therefore, Moody's assesses at this point in time the Class A1 Notes to be of investment grade quality, but highlights the significant rating sensitivity of this class to further deterioration of the collateral pool, potential reimbursements of other Advances and/or an increase in senior costs, which could lead to a downgrade of this class to a sub-investment grade level if interest were accrued as a result. Likewise, the timing and likelihood of a full repayment of deferred interest on the Class A2 Notes is highly sensitive to the development of senior ranking expenses, potential reimbursements of other advances and to the performance of the collateral portfolio. In adverse scenarios, it might take several Note IPDs to repay the deferred interest on this class. Moody's analysis includes scenarios assuming reimbursements of Advances advanced by the Backup Advance Provider and/or the Advance Provider with respect to the other two defaulted loans (Bacchus Loan (7.6% of the current pool) and Holmewood Chesterfield Loan (2.6% of the current pool)) and further interest shortfalls on the Notes if the servicer, Advance Provider or Backup Advance Provider decides that Advances would be non- recoverable. The further deterioration of the collateral pool mentioned above includes the default of the Bacchus Loan as of the July 2009 Note. Given the request by the servicer to revalue the industrial properties securing this loan, there is an imminent risk of a further appraisal reduction beside the appraisal reduction already in place in relation to the other two defaulted loans. URSUS EPC: Fitch Junks Ratings on Three Classes of Notes -------------------------------------------------------- Fitch Ratings has downgraded the class A to E CMBS notes of Ursus EPC plc. The class A and B notes have Negative Outlooks. Fitch has also assigned Recovery Ratings to the class C, D and E notes. A full rating breakdown follows: -- GBP28.9m class A due July 2012 (XS0225923274) downgraded to 'A' from 'AAA'; Outlook Negative -- GBP0.01m class X1 (XS0225925139) affirmed at 'AAA'; Outlook Stable -- GBP0.005m class X2 (XS0225928828) affirmed at 'AAA'; Outlook Stable -- GBP0.005m class X3 (XS0225930212) affirmed at 'AAA'; Outlook Stable -- GBP0.005m class X4 (XS0225931020) affirmed at 'AAA'; Outlook Stable -- GBP5.2m class B due July 2012 (XS0225931889) downgraded to 'BBB' from 'AA'; Outlook Negative -- GBP5.2m class C due July 2012 (XS0225932697) downgraded to 'CCC' from 'A'; assigned 'RR4' -- GBP5.1m class D due July 2012 (XS0225933406) downgraded to 'CC' from 'BBB'; assigned 'RR6' -- GBP2.9m class E due July 2012 (XS0225934719) downgraded to 'CC' from 'BB-'; assigned 'RR6' The rating action reflects the failure to repay, and subsequent transfer to special servicing, of the Lamorna and Shazr loans at maturity on 15 October 2009, and also the uncertainty surrounding the impending maturities of the two remaining loans -- the Castlegate Shopping Centre and the TK Maxx Distribution Centre loans -- which are both scheduled for April 2010. Fitch's criteria for European CMBS surveillance was used to analyze the quality of the remaining underlying commercial loan. Net income derived from the underlying property collateral remains robust, with the interest coverage ratios of each loan exceeding 1.32x. However, the overwhelming risk in the transaction lies with the refinancing prospects of these borrowers, particularly given the beleaguered condition of non-prime UK commercial property and bank lending markets. Fitch estimates the current weighted average loan-to-value ratio of the remaining loans to be approximately 130%, implying a high likelihood of loss for junior classes. The Lamorna and Shazr loans are two cross-collateralized and cross-defaulted facilities with a current combined outstanding balance of GBP3.5 million. Neither loan was repaid on the scheduled maturity date of 15 October 2009. The loans are secured by a portfolio of tertiary high street retail and adjoining residential properties located in east London. Fitch believes that the exit debt yield based on in-place rent stands at 10.7%, lower than the prevailing yield on assets of this quality. The agency estimates a combined LTV of 112%. The Castlegate Shopping Centre loan has a current outstanding balance of GBP36.1 million and is secured by a single secondary shopping centre located in Stockton-on-Tees. The property has an EDY based on passing rent of 7.7%, which is unlikely to be sufficient to avoid some loss. Fitch's estimated LTV of 136% bears out this expectation, given the imminent maturity date. The TK Maxx Distribution Centre loan has amortized to GBP7.7 million, from GBP8.4 million at closing. It is secured by a single distribution centre situated near Wakefield, Yorkshire, and fully let to TK Maxx Ltd on a lease expiring in March 2015. Based on the current lease in place, the loan EDY is quite healthy at 10.3%. However, uncertainty as to the sustainability of projected income after the TK Maxx lease expires, as well as a significantly weakened investment market for light industrial properties in the current market, leads Fitch to estimate that the current LTV is in the region of 107%. The transaction's ratings may be affected by the actions of the servicer and special servicer in maximizing recoveries under the remaining loans prior to the legal final maturity of the transaction in July 2012. Fitch will monitor developments in this regard closely. =============== X X X X X X X X =============== * Large Companies with Insolvent Balance Sheet ---------------------------------------------- Total Shareholders Total Company Ticker Equity (U$) Assets (US$) ------- ------ ------ ------ AUSTRIA ------- LIBRO AG LIB AV -109013328.02 171684389.13 LIBRO AG LIBR AV -109013328.02 171684389.13 LIBRO AG LB6 GR -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 S8E GR -89480486.93 159076577.5 SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5 SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5 SKYEUROPE HLDG SKY LI -89480486.93 159076577.5 SKYEUROPE HLDG SKY EU -89480486.93 159076577.5 SKYEUROPE HLDG SKURF US -89480486.93 159076577.5 SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5 SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5 SKYEUROPE HLDG SKY EO -89480486.93 159076577.5 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134255668.53 ELIOS SPA EHM IM -178432.46 134255668.53 I VIAGGI DEL VEN IV7 GR -92020221.43 318192568.61 I VIAGGI DEL VEN VVE PZ -92020221.43 318192568.61 I VIAGGI DEL VEN VVE IX -92020221.43 318192568.61 I VIAGGI DEL VEN VVE EO -92020221.43 318192568.61 I VIAGGI DEL VEN IVGIF US -92020221.43 318192568.61 I VIAGGI DEL VEN VVE EU -92020221.43 318192568.61 I VIAGGI DEL VEN VVE IM -92020221.43 318192568.61 I VIAGGI DEL VEN VVE TQ -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 ONTI IX -47468652.4 322390901.7 OMNIA NETWORK SP ONT IM -47468652.4 322390901.7 OMNIA NETWORK SP ONT PZ -47468652.4 322390901.7 OMNIA NETWORK SP ONT EO -47468652.4 322390901.7 OMNIA NETWORK SP ONT TQ -47468652.4 322390901.7 OMNIA NETWORK SP ONT EU -47468652.4 322390901.7 PARMALAT FINA-RT PRFR AV -18419390028.95 4120687886.18 PARMALAT FINANZI PRFI VX -18419390028.95 4120687886.18 PARMALAT FINANZI FICN AV -18419390028.95 4120687886.18 PARMALAT FINANZI PMLFF US -18419390028.95 4120687886.18 PARMALAT FINANZI PAF GR -18419390028.95 4120687886.18 PARMALAT FINANZI PARAF US -18419390028.95 4120687886.18 PARMALAT FINANZI PMT LI -18419390028.95 4120687886.18 PARMALAT FINANZI PRF IM -18419390028.95 4120687886.18 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 RN 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 RNGBP EO -84106314.4 4618461222.59 RISANAMENTO SPA RNGBX EO -84106314.4 4618461222.59 RISANAMENTO SPA RSMNF US -84106314.4 4618461222.59 RISANAMENTO SPA RNGBX EU -84106314.4 4618461222.59 RISANAMENTO SPA RN IX -84106314.4 4618461222.59 RISANAMENTO SPA RN PZ -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 SNIXF US -141933883.93 150445252.43 SNIA SPA SN EU -141933883.93 150445252.43 SNIA SPA SBPDF US -141933883.93 150445252.43 SNIA SPA SN EO -141933883.93 150445252.43 SNIA SPA SN TQ -141933883.93 150445252.43 SNIA SPA SSMLF US -141933883.93 150445252.43 SNIA SPA SIAI PZ -141933883.93 150445252.43 SNIA SPA SIAI IX -141933883.93 150445252.43 SNIA SPA SNIB GR -141933883.93 150445252.43 SNIA SPA SNIA GR -141933883.93 150445252.43 SNIA SPA SN IM -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 SNR IM -141933883.93 150445252.43 SNIA SPA-RCV SNIVF US -141933883.93 150445252.43 SNIA SPA-RIGHTS SNAW IM -141933883.93 150445252.43 SNIA SPA-RNC SNRNC IM -141933883.93 150445252.43 SNIA SPA-RNC SNIWF US -141933883.93 150445252.43 SNIA SPA-RTS SNSO IM -141933883.93 150445252.43 SNIA SPA-RTS SNAA IM -141933883.93 150445252.43 SOCOTHERM SPA SOCEF US -161739278.54 398222827.1 SOCOTHERM SPA SCTM IX -161739278.54 398222827.1 SOCOTHERM SPA SCTI PZ -161739278.54 398222827.1 SOCOTHERM SPA SCT IM -161739278.54 398222827.1 SOCOTHERM SPA SCT EO -161739278.54 398222827.1 SOCOTHERM SPA SCT TQ -161739278.54 398222827.1 SOCOTHERM SPA SCT EU -161739278.54 398222827.1 TECNODIFF ITALIA TDIFF US -89894162.82 152045757.48 TECNODIFF ITALIA TDI IM -89894162.82 152045757.48 TECNODIFF ITALIA TEF GR -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 -421259823.53 632152613.61 TISCALI - RTS TISAAW IM -421259823.53 632152613.61 TISCALI SPA TISN NA -421259823.53 632152613.61 TISCALI SPA TISN IX -421259823.53 632152613.61 TISCALI SPA TIQ GR -421259823.53 632152613.61 TISCALI SPA TISGBX EU -421259823.53 632152613.61 TISCALI SPA TIS EO -421259823.53 632152613.61 TISCALI SPA TIS NR -421259823.53 632152613.61 TISCALI SPA TIS IM -421259823.53 632152613.61 TISCALI SPA TIS VX -421259823.53 632152613.61 TISCALI SPA TISN VX -421259823.53 632152613.61 TISCALI SPA TIQG IX -421259823.53 632152613.61 TISCALI SPA TIQ1 GR -421259823.53 632152613.61 TISCALI SPA TISGBP EO -421259823.53 632152613.61 TISCALI SPA TISN IM -421259823.53 632152613.61 TISCALI SPA TIS EU -421259823.53 632152613.61 TISCALI SPA TISGBX EO -421259823.53 632152613.61 TISCALI SPA TSCXF US -421259823.53 632152613.61 TISCALI SPA TIS TQ -421259823.53 632152613.61 TISCALI SPA TIS NA -421259823.53 632152613.61 TISCALI SPA TISN FP -421259823.53 632152613.61 TISCALI SPA TIS PZ -421259823.53 632152613.61 TISCALI SPA TIS IX -421259823.53 632152613.61 TISCALI SPA TIS FP -421259823.53 632152613.61 TISCALI SPA- RTS TISAXA IM -421259823.53 632152613.61 TISCALI SPA- RTS 3391621Q GR -421259823.53 632152613.61 YORKVILLE BHN CBXI PZ -178432.46 134255668.53 YORKVILLE BHN BY IM -178432.46 134255668.53 YORKVILLE BHN BY TQ -178432.46 134255668.53 LUXEMBOURG ---------- CARRIER1 INT-AD+ CONE ES -94729000 472360992 CARRIER1 INT-ADR CONEE US -94729000 472360992 CARRIER1 INT-ADR CONEQ US -94729000 472360992 CARRIER1 INT-ADR CONE US -94729000 472360992 CARRIER1 INTL CJNA GR -94729000 472360992 CARRIER1 INTL CJN GR -94729000 472360992 CARRIER1 INTL CJN NM -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 EO -7854741.41 609871188.88 BAAN COMPANY NV BAAVF US -7854741.41 609871188.88 BAAN COMPANY NV BAAN EU -7854741.41 609871188.88 BAAN COMPANY NV BAAN PZ -7854741.41 609871188.88 BAAN COMPANY NV BNCG IX -7854741.41 609871188.88 BAAN COMPANY NV BAAN IX -7854741.41 609871188.88 BAAN COMPANY NV BAAN NA -7854741.41 609871188.88 BAAN COMPANY NV BAAN GR -7854741.41 609871188.88 BAAN COMPANY-NY BAANF US -7854741.41 609871188.88 BUSINESSWAY INTL BITLE US -2543870 139709648 BUSINESSWAY INTL BITL US -2543870 139709648 CNW ORLANDO INC CNWD US -2543870 139709648 GLOBALNETCARE GBCRE US -2543870 139709648 GLOBALNETCARE GBCR US -2543870 139709648 ICBS INTERNATION ICBOE US -2543870 139709648 ICBS INTERNATION ICBO US -2543870 139709648 JAMES HARDIE IND 726824Z NA -153000000 2120699904 JAMES HARDIE IND 600241Q GR -153000000 2120699904 JAMES HARDIE IND HAH AU -153000000 2120699904 JAMES HARDIE IND HAH NZ -153000000 2120699904 JAMES HARDIE NV JHXCC AU -153000000 2120699904 JAMES HARDIE-ADR JHINY US -153000000 2120699904 JAMES HARDIE-ADR JHX US -153000000 2120699904 JAMES HARDIE-CDI JHIUF US -153000000 2120699904 JAMES HARDIE-CDI JHX AU -153000000 2120699904 JAMES HARDIE-CDI JHA GR -153000000 2120699904 LIBERTY GL EU-A UPC NA -5505478849.55 5112616630.06 ROYAL INVEST INT RIIC US -2543870 139709648 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 UPCEF US -5505478849.55 5112616630.06 UNITED PAN-EUROP UPCOF US -5505478849.55 5112616630.06 UNITED PAN-EUROP UPC VX -5505478849.55 5112616630.06 UNITED PAN-EUROP UPE1 GR -5505478849.55 5112616630.06 UNITED PAN-EUROP UPE GR -5505478849.55 5112616630.06 WAH KING INVEST WAHK US -2543870 139709648 WAH KING INVEST WAHKE US -2543870 139709648 RIICE US -2543870 139709648 NORWAY ------ NEXUS FLOATING P NEXU NO -158054000 353053024 NEXUS FLOATING P NEXUS EO -158054000 353053024 NEXUS FLOATING P NEXUSEUR EU -158054000 353053024 NEXUS FLOATING P NEXUS EU -158054000 353053024 NEXUS FLOATING P NEXUS BY -158054000 353053024 NEXUS FLOATING P NEXUS NO -158054000 353053024 NEXUS FLOATING P NEXUSEUR EO -158054000 353053024 NEXUS FLOATING P NEXUS PZ -158054000 353053024 NEXUS FLOATING P NEXUSGBX EU -158054000 353053024 PETRO GEO-SERV 265143Q NO -18066142.21 399710323.59 PETRO GEO-SERV PGS GR -18066142.21 399710323.59 PETRO GEO-SERV PGS VX -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 PETROLIA DRI-NEW PDRN NO -25943000 499350016 PETROLIA DRI-RTS PDRT NO -25943000 499350016 PETROLIA DRILLIN PDR NO -25943000 499350016 PETROLIA DRILLIN PDR TQ -25943000 499350016 PETROLIA DRILLIN PDR1 IX -25943000 499350016 PETROLIA DRILLIN PDREUR EO -25943000 499350016 PETROLIA DRILLIN PDR BY -25943000 499350016 PETROLIA DRILLIN P8D GR -25943000 499350016 PETROLIA DRILLIN PDR PZ -25943000 499350016 PETROLIA DRILLIN PDREUR EU -25943000 499350016 PETROLIA DRILLIN PDR EO -25943000 499350016 PETROLIA DRILLIN PDR EU -25943000 499350016 POLAND ------ KROSNO KROS IX -2241614.77 111838141.19 KROSNO KRS LI -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 SA KRS1 EO -2241614.77 111838141.19 KROSNO SA KRS1 EU -2241614.77 111838141.19 KROSNO SA KRNFF US -2241614.77 111838141.19 KROSNO SA KROSNO PW -2241614.77 111838141.19 KROSNO SA KRS PZ -2241614.77 111838141.19 KROSNO SA-RTS KRSP PW -2241614.77 111838141.19 KROSNO-PDA-ALLT KRSA PW -2241614.77 111838141.19 TOORA TOR PW -288818.39 147004954.18 TOORA 2916661Q EO -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 BENFICA SLBENX PX -16614056.44 234366255.59 BENFICA SLBEN PZ -16614056.44 234366255.59 BENFICA SLBEN EU -16614056.44 234366255.59 BENFICA SLBE IX -16614056.44 234366255.59 BENFICA SLBEN EO -16614056.44 234366255.59 BENFICA SLBEN PL -16614056.44 234366255.59 LISGRAFICA IMPRE LIAG PL -11584933.86 107940470.59 LISGRAFICA IMPRE LIG PL -11584933.86 107940470.59 LISGRAFICA IMPRE LIG PZ -11584933.86 107940470.59 LISGRAFICA IMPRE LIAG EO -11584933.86 107940470.59 LISGRAFICA IMPRE LIG EO -11584933.86 107940470.59 LISGRAFICA IMPRE LIAG EU -11584933.86 107940470.59 LISGRAFICA IMPRE LIG EU -11584933.86 107940470.59 LISGRAFICA-RTS LIGDS PL -11584933.86 107940470.59 PORCELANA VISTA PVAL PL -75871846.95 148731546.57 SPORT LISBOA E B 1249Z PL -16614056.44 234366255.59 SPORTING-SOC DES SCPL IX -4083492.14 225687305.9 SPORTING-SOC DES SCP1 PZ -4083492.14 225687305.9 SPORTING-SOC DES SCP PL -4083492.14 225687305.9 SPORTING-SOC DES SCDF EO -4083492.14 225687305.9 SPORTING-SOC DES SCPX PX -4083492.14 225687305.9 SPORTING-SOC DES SCDF PL -4083492.14 225687305.9 SPORTING-SOC DES SCG GR -4083492.14 225687305.9 SPORTING-SOC DES SCDF EU -4083492.14 225687305.9 VAA VISTA ALEGRE VAF EU -75871846.95 148731546.57 VAA VISTA ALEGRE VAF PL -75871846.95 148731546.57 VAA VISTA ALEGRE VAF EO -75871846.95 148731546.57 VAA VISTA ALEGRE VAF PZ -75871846.95 148731546.57 VAA VISTA ALEGRE VAFX PX -75871846.95 148731546.57 VAA VISTA ALTAN VAFK PL -75871846.95 148731546.57 VAA VISTA ALTAN VAFK EU -75871846.95 148731546.57 VAA VISTA ALTAN VAFKX PX -75871846.95 148731546.57 VAA VISTA ALTAN VAFK PZ -75871846.95 148731546.57 VAA VISTA ALTAN VAFK EO -75871846.95 148731546.57 ROMANIA ------- ARDAF ARDF RO -57541345.69 142988411.25 OLTCHIM RM VALCE OLT EU -89344235.29 511515508.85 OLTCHIM RM VALCE OLT RO -89344235.29 511515508.85 OLTCHIM RM VALCE OLT PZ -89344235.29 511515508.85 OLTCHIM RM VALCE OLT EO -89344235.29 511515508.85 OLTCHIM RM VALCE OLTEUR EU -89344235.29 511515508.85 OLTCHIM RM VALCE OLTEUR EO -89344235.29 511515508.85 OLTCHIM RM VALCE OLTCF US -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 DAGESTAN ENERGY DASB* RU -33465586.31 128437866.54 DAGESTAN ENERGY DASB RM -33465586.31 128437866.54 DAGESTAN ENERGY DASB RU -33465586.31 128437866.54 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 FINANCIAL LE-BRD FLKO RU -28157479.23 503349976.11 FINANCIAL LE-BRD FLKO* RU -28157479.23 503349976.11 FINANCIAL LEASIN 137282Z RU -28157479.23 503349976.11 FINANCIAL LEASIN FLKO RM -28157479.23 503349976.11 GUKOVUGOL 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TOPPS TILES PLC TPT EO -85010363.51 146193829.21 TOPPS TILES PLC TPT PO -85010363.51 146193829.21 TOPPS TILES PLC TPTGBP EO -85010363.51 146193829.21 TOPPS TILES PLC TPTJY US -85010363.51 146193829.21 TOPPS TILES PLC TPT IX -85010363.51 146193829.21 TOPPS TILES PLC TPT BQ -85010363.51 146193829.21 TOPPS TILES PLC TPT TQ -85010363.51 146193829.21 TOPPS TILES PLC TPTJF US -85010363.51 146193829.21 TOPPS TILES PLC TPT VX -85010363.51 146193829.21 TOPPS TILES PLC TPTEUR EU -85010363.51 146193829.21 TOPPS TILES PLC TPT PZ -85010363.51 146193829.21 TOPPS TILES PLC TPTEUR EO -85010363.51 146193829.21 TOPPS TILES PLC TPT EU -85010363.51 146193829.21 TOPPS TILES PLC TPT LN -85010363.51 146193829.21 TOPPS TILES-NEW TPTN LN -85010363.51 146193829.21 UTC GROUP UGR LN -11904426.45 203548565.03 VIRGIN MOB-ASSD VMOC LN -392165437.58 166070003.71 VIRGIN MOB-ASSD VMOA LN -392165437.58 166070003.71 VIRGIN MOBILE VMOB LN -392165437.58 166070003.71 VIRGIN MOBILE VMOB PO -392165437.58 166070003.71 VIRGIN MOBILE VMOB VX -392165437.58 166070003.71 VIRGIN MOBILE VGMHF US -392165437.58 166070003.71 VIRGIN MOBILE UEM GR -392165437.58 166070003.71 WARNER ESTATE WNERGBP EO -37798939.99 432125169.9 WARNER ESTATE WRL GR -37798939.99 432125169.9 WARNER ESTATE WNER VX -37798939.99 432125169.9 WARNER ESTATE WNER IX -37798939.99 432125169.9 WARNER ESTATE WNEHF US -37798939.99 432125169.9 WARNER ESTATE WNER EU -37798939.99 432125169.9 WARNER ESTATE WNER EO -37798939.99 432125169.9 WARNER ESTATE WNER PO -37798939.99 432125169.9 WARNER ESTATE WNER PZ -37798939.99 432125169.9 WARNER ESTATE WNER LN -37798939.99 432125169.9 WATSON & PHILIP WTSN LN -120493900.04 252232072.87 WHITE YOUNG GREE WHY 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 WHYEUR EU -27530263.14 313453511 WHITE YOUNG GREE WHY LN -27530263.14 313453511 WHITE YOUNG GREE WHY EO -27530263.14 313453511 WHITE YOUNG GREE WHYGBP EO -27530263.14 313453511 WHITE YOUNG GREE WHYEUR EO -27530263.14 313453511 WHITE YOUNG GREE WHY PO -27530263.14 313453511 WHITE YOUNG-NEW WHYN LN -27530263.14 313453511 WINCANTON PL-ADR WNCNY US -63105009.98 1416979805.92 WINCANTON PLC WIN LN -63105009.98 1416979805.92 WINCANTON PLC WNCNF US -63105009.98 1416979805.92 WINCANTON PLC WIN1USD EU -63105009.98 1416979805.92 WINCANTON PLC WIN1EUR EU -63105009.98 1416979805.92 WINCANTON PLC WIN1EUR EO -63105009.98 1416979805.92 WINCANTON PLC WIN1 NQ -63105009.98 1416979805.92 WINCANTON PLC WIN1 TQ -63105009.98 1416979805.92 WINCANTON PLC WIN1USD EO -63105009.98 1416979805.92 WINCANTON PLC WIN1 EU -63105009.98 1416979805.92 WINCANTON PLC WIN1GBP EO -63105009.98 1416979805.92 WINCANTON PLC WIN VX -63105009.98 1416979805.92 WINCANTON PLC WIN1 QM -63105009.98 1416979805.92 WINCANTON PLC WIN IX -63105009.98 1416979805.92 WINCANTON PLC WIN PO -63105009.98 1416979805.92 WINCANTON PLC WIN1 EO -63105009.98 1416979805.92 WINCANTON PLC WIN1 BQ -63105009.98 1416979805.92 WINCANTON PLC WIN1 EB -63105009.98 1416979805.92 WINCANTON PLC WIN PZ -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 * * *