/raid1/www/Hosts/bankrupt/TCREUR_Public/100713.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, July 13, 2010, Vol. 11, No. 136
Headlines
C Z E C H R E P U B L I C
KAREL DVORAK: Creditors Lodge More Than CZK1.2BB in Claims
F R A N C E
CARRERE GROUP: Placed in Liquidation by French Trade Court
EUROPCAR INTERNATIONAL: S&P Assigns 'B+' Corporate Credit Rating
G E R M A N Y
BOWE SYSTEC: Five Investors Eye Takeover of New Company
LEHMAN BROTHERS: Bankhaus Administrator Sells US$2.4 Bil. Claims
I R E L A N D
ANGLO IRISH: Agrees to Partly Waive Privilege Claim
CITYWEST HOTEL: Goes Into Full Receivership
DEKANIA EUROPE: S&P Cuts Ratings on Four Classes of Notes to CCC
EIRCOM GROUP: S&P Gives Negative Outlook; Affirms 'B-' Rating
KHEOPS CDO: S&P Puts BB+-Rated Class C-1E7 Notes on Watch Neg.
I T A L Y
FIAT SPA: Agrees With Two Unions to Implement Pomigliano Plan
SNAI SPA: S&P Affirms 'CCC+' Long-Term Corporate Credit Rating
R U S S I A
BTA-KAZAN: Fitch Upgrades Long-Term Foreign Currency IDR to 'B-'
CHELINDBANK: Fitch Upgrades Long-Term Foreign Currency IDR to 'B+'
PRIMSOTSBANK: Fitch Lifts Long-Term Foreign Currency IDR to 'B'
SKB-BANK: Fitch Upgrades Long-Term Foreign Currency IDR to 'B'
SPURT BANK: Fitch Upgrades Long-Term Foreign Currency IDR to 'B'
* Moody's Assigns 'Ba2' Rating on City of Krasnodar's Bonds
S E R B I A & M O N T E N E G R O
AGROZIV: NLB May Face Up to EUR60 Million in Losses
S P A I N
HIPOCAT 10: S&P Junks Rating on Class C Notes From 'BBB'
HIPOCAT 11: S&P Downgrades Rating on Class C Notes to 'D'
* SPAIN: Political Influence Reduced Under New Savings-Bank Law
U K R A I N E
METINVEST BV: Moody's Changes Outlook on 'B2' Rating to Stable
U N I T E D K I N G D O M
3G FOODSERVICE: Tough Market Conditions Prompt Administration
ALEXANDRA PLC: On the Verge of Administration; Shares Suspended
CARE UK: Moody's Assigns 'B1' Corporate Family Rating
CARE UK: S&P Assigns 'B+' Long-Term Corporate Credit Rating
EURODERM RESEARCH: Directors Sign Disqualification Undertakings
HWR TRANSPORT: Enters Voluntary Liquidation; 16 Jobs Affected
INTEREAD: Put Into Liquidation
KETECH GROUP: Mulls Company Voluntary Arrangement
PETER SCOTT: Sold to Gloverall by Administrators
QUAY RADIO: In Administration; Potential Buyer Being Sought
SOLAR TECHNIK: Director Disqualified After GBP1 Million Loss
TAYLOR WIMPEY: In Talks With Lenders Over Refinancing Package
* UK: Deloitte Says Administrations Down 43% in First Half 2010
* UK: R3 Says Bad Management Caused 60% of Corporate Insolvencies
* UK: Company Profit Warnings Exceptionally Low in Q2, E&Y Says
X X X X X X X X
* Large Companies with Insolvent Balance Sheet
*********
===========================
C Z E C H R E P U B L I C
===========================
KAREL DVORAK: Creditors Lodge More Than CZK1.2BB in Claims
----------------------------------------------------------
Creditors of Karel Dvorak, which is in bankruptcy, have lodged
claims for more than CZK1.2 billion, CTK reports, citing
insolvency administrator Frantisek Penz.
According to the report, the claims have been lodged by 300
entities. Most of the claims are so-called "conditional claims,"
the report notes. The report says real claims total CZK489
million.
Karel Dvorak is a construction company based in Czech Republic.
===========
F R A N C E
===========
CARRERE GROUP: Placed in Liquidation by French Trade Court
----------------------------------------------------------
John Hopewell and Elsa Keslassy at Variety report that a French
trade court has placed Carrere Group in liquidation Friday.
The report relates the ruling comes after a bid for Carrere by
Luxembourg-based Omega Entertainment was rejected. According to
the report, Omega was reportedly willing to pay around EUR50
million (US$63 million) for Carrere, but wasn't able to guarantee
that sum in cash.
The liquidation runs to Sept. 30, the report says.
Carrere Group is TV producer based in France. The company's
assets include Didier Brunner's film-TV animation production
powerhouse Les Armateurs and Ego Prods, producer of broadcaster
TF1's "Une famille formidable" and the French redo of U.K. ITV's
"Doc Martin," also for TF1, according to Variety.
EUROPCAR INTERNATIONAL: S&P Assigns 'B+' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
preliminary 'B+' long-term corporate credit rating to Europcar
International S.A.S.U., a subsidiary of France-based car rental
firm Europcar Groupe S.A. The outlook is negative. The rating
and outlook on Europcar International are the same as those on
Europcar Groupe.
"The ratings on Europcar International and Europcar Groupe reflect
S&P's view of the group's highly leveraged financial risk profile
given its short-dated maturity profile and highly indebted
financial structure," said Standard & Poor's credit analyst
Abigail Klimovich. "Furthermore, Europcar operates in an industry
that S&P considers to be price competitive, cyclical, and asset
intensive, and in S&P's view it lacks earnings diversity beyond
its main Western European markets."
Nevertheless, S&P notes that Europcar holds a leading position in
the European car rental market, has substantial operational
flexibility and efficiency, and holds a good competitive position
in relation to its major peers. The current ratings on Europcar
assume that in the coming weeks, the group will successfully
refinance its EUR1.8 billion asset-backed loan (asset-backed
loan), which was drawn by about EUR835 million as of March 31,
2010.
S&P has assigned a preliminary 'B+' rating to Europcar
International in its capacity as a guarantor of the group's
EUR250 million senior secured notes due 2017 (senior secured
notes), issued on June 25, 2010. The proceeds from the notes are
held in escrow, subject, among other things, to the successful
raising of a new senior asset revolving facility. The
documentation indicates that once the combined proceeds of both
the senior secured notes and the SARF are sufficient to refinance
existing senior secured fleet debt, and once the other escrow
conditions are met, the escrow proceeds will be released.
According to the documentation, failure to complete the
refinancing of the asset-backed loan will result in the senior
secured notes being repaid at par plus accrued interest.
The ratings on the senior secured notes and on their guarantor,
Europcar International, are preliminary because the terms of the
new SARF are not yet finalized. S&P's analysis is based on
preliminary information and documentation and incorporates certain
assumptions that S&P made based on the draft documentation and on
the proposed structure at closing. The ratings are therefore
subject to S&P's satisfactory review of the final documentation.
In S&P's view, Europcar faces risks in relation to its significant
refinancing needs, given the sizable maturity of its asset-backed
loan at the end of May 2011. To remain commensurate with the
current rating, S&P assumes that Europcar will be able to manage
its maturity profile.
S&P could lower the rating, potentially by more than one notch,
should Europcar fail to preserve an adequate liquidity profile,
according to S&P's classification (which includes the absence of
any significant short-term obligations not covered by available
liquidity sources) in the coming months.
Similarly, S&P believes that the ratings could come under pressure
should Europcar fail to improve its operating performance to
balance potentially higher funding costs, or should the group face
a fundamental change in its fleet-sourcing conditions, such as a
significantly lower percentage of fleet sourced under buyback
agreements.
The stability of the current 'B+' rating is dependent on Europcar
achieving funds from operations to adjusted debt consistently
above 10% throughout the year and EBITDA interest coverage of
about 2.5x. Rating stability would also depend on Europcar
restoring an adequate liquidity position.
A positive rating change could result from the successful
completion of the planned refinancing of the asset-backed loan, so
long as S&P has more visibility on a potential recovery of demand
in the car rental industry.
=============
G E R M A N Y
=============
BOWE SYSTEC: Five Investors Eye Takeover of New Company
-------------------------------------------------------
Five financial investors have submitted concrete purchase offers
for the new company of BOWE SYSTEC AG to the preliminary
insolvency administrator Werner Schneider. The NewCo essentially
comprises the company's European and Japanese business. "This
means we are still on course to finalize a takeover of these
activities by July 31," said Werner Schneider. "The number of
offers shows that there is great interest in BOWE SYSTEC's
products and services, and is also clear evidence of the belief
that BOWE SYSTEC is now on its way back to successful times."
BOWE SYSTEC AG initiated insolvency proceedings on May 20, 2010,
but continued business operations without interruption under
Schneider. At the end of June the Augsburg-based mailroom systems
manufacturer established a new company, BOWE SYSTEC GmbH, in order
to secure its long-term viability. The new company combines all
German, European and Japanese activities as well as the company
Lasermax Roll Systems. The shares of BOWE SYSTEC GmbH are the
object of the current sale process.
The preliminary insolvency administrator Werner Schneider expects
the purchase contract to be concluded by the end of July. All the
offers submitted so far envisage the existing production plants
remaining at the headquarters in Augsburg, which means that a
considerable number of jobs will be secured.
About BOWE SYSTEC
BOWE SYSTEC claims to be the European market leader in mailroom
systems. While the public corporation (AG) affected by the
insolvency employs around 600 people, the group has around 3,300
employees worldwide. In 2009 the Group generated consolidated
revenues of EUR367.1 million, which was 13.5% down on the previous
year as a result of the recession. Although the new top management
of BOWE SYSTEC AG has introduced dramatic restructuring measures
since early 2009, the company had to file for insolvency by mid-
May because it lacked a sound financing concept.
LEHMAN BROTHERS: Bankhaus Administrator Sells US$2.4 Bil. Claims
----------------------------------------------------------------
Anousha Sakoui at The Financial Times reports that the
administrator of Lehman Brothers' German business has sold US$2.4
billion of claims against the bank to a group of distressed debt
funds, in a move that may help expedite the unwinding of the
bank's assets.
According to the FT, the claims sold by the administrator of
Lehman Brothers Bankhaus, a deposit-taking institution based in
Frankfurt, were against two Lehman units including its US business
Lehman Brothers Holding Inc. The other unit, Lehman Commercial
Paper Inc., is backed mainly by real estate assets the FT notes.
The claims, which were sold to a group of distressed debt funds,
are estimated to have generated just under US$500,000 for the
administrator, the FT says, citing people familiar with the
transaction.
The trade of claims from Bankhaus, which is set to close this
week, is the biggest since the bank collapsed in 2008 and the
first trade of a claim between the different Lehman companies, the
FT discloses.
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI
The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
=============
I R E L A N D
=============
ANGLO IRISH: Agrees to Partly Waive Privilege Claim
---------------------------------------------------
The Irish Times reports that an arrangement between Anglo Irish
Bank and the Director of Corporate Enforcement means certain
materials seized for the director's investigation into the bank,
including e-mails related to directors' loans, may be used by the
Director of Public Prosecutions when preparing any prosecutions
arising from the investigation.
The Irish Times relates Mr. Justice Peter Kelly on Friday made the
arrangement as part of a High Court order, which also provides
that public disclosure of the material by any person to whom it is
shown in the context of actual or contemplated prosecutions will
be contempt of court.
According to The Irish Times, the agreement by Anglo to partly
waive its privilege claim over a certain amount of electronic
material seized, including internal e-mails related to directors'
loans, is likely to result in a speedier investigation as it will
make available considerably more material to the ODCE and
consequently the DPP. The material may now be provided to the
ODCE, his officials, expert witnesses, the DPP and any relevant
persons in the context of actual or contemplated prosecutions
arising from the investigation, The Irish Times says.
The court has been told it could take up to two years to complete
any criminal prosecution arising out of the ODCE investigation,
one of several into the bank, The Irish Times notes.
As reported by the Troubled Company Reporter-Europe on May 31,
2010, the Irish Times disclosed the Anglo inquiry is the most
complex conducted to date by the Director of Corporate
Enforcement, and involves a number of matters including:
* the provision by Anglo in 2008 of financial assistance for
the purchase of its shares;
* matters associated with the loans made by Anglo to its
directors over a number of years, and
* matters relating to the declared level of customer deposits
at Anglo in 2008.
Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking. The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions. The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions. In addition, at September
30, 2008, its non-retail deposits included deposits from Irish
Life Assurance plc. The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.
* * *
As reported by the Troubled Company Reporter-Europe on April 7,
2010, Fitch Ratings affirmed Anglo Irish Bank Corporation's lower
Tier 2 subordinated debt downgraded to 'CCC' from 'BBB+'. Fitch
affirmed the rating on the bank's Upper Tier 2 subordinated notes
at 'CC'. It also affirmed the rating on the bank's Tier 1 notes
at 'C'.
CITYWEST HOTEL: Goes Into Full Receivership
-------------------------------------------
Dearbhail McDonald at Irish Independent reports that Jim
Mansfield's Citywest Hotel and golf complex went into full
receivership Friday.
Mr. Mansfield is now powerless to prevent a receiver selling off
his assets in the next few weeks in order to repay some of the
EUR180 million loans owed to Bank of Scotland (Ireland), Irish
Independent says.
According to Irish Independent, despite early indication, a
private investor has not come forward to throw Mr. Mansfield a
lifeline. Mr. Mansfield will now try to make sure the remaining
parts of his empire remain intact, even though Irish Nationwide
has now taken a large number of charges over these assets, Irish
Independent discloses.
Under Ireland's company law, Citywest had three days from the
appointment of a receiver to petition the courts for the
appointment of an examiner which, if granted, would afford
protection from creditors for up to 100 days, Irish Independent
notes. But the deadline passed Friday night and the hotel and
leisure complex is now being run by Dalata Ltd., a hotel-operating
company headed by former Jurys Doyle chief executive Pat McCann,
Irish Independent relates.
As reported by the Troubled Company Reporter-Europe on July 8,
2010, Irish Examiner.com said that Martin Ferris of Ferris &
Associates was appointed as receiver to the company
HSS, trading as Citywest hotel, golf and leisure, by Bank of
Scotland (Ireland). Irish Examiner.com disclosed the appointment
also includes the assets of Jeffel, a land holding company.
HSS consists of a Citywest hotel, a conference center and a
leisure and golf resort. About 400 people are employed by HSS,
according to Irish Examiner.com.
DEKANIA EUROPE: S&P Cuts Ratings on Four Classes of Notes to CCC
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Dekania Europe CDO II PLC's class C, D-1, and D-2 notes. S&P also
lowered its credit ratings on the class Q and R combination notes.
At the same time, S&P affirmed its ratings on all other classes of
notes.
The rating actions on the class C and D notes follow the failure
of these classes of notes to satisfy the "largest obligor default
test", a supplemental stress test S&P introduced in its corporate
CDO criteria. The results of the "largest obligor default test"
highlight that the ratings on the class D notes have been further
constrained by the test since S&P's last review of the transaction
in November 2009. Both classes of notes have been affected
largely due to a default in the underlying portfolio.
The 'AAA' rating on the class A1 notes reflects S&P's assessment
of Assured Guaranty (UK) Ltd.'s (AAA/Negative/--) financial
guarantee for the class A1 notes. The affirmations of the ratings
on the class A2 and B notes reflect S&P's view that these tranches
have adequate credit support to maintain their current ratings.
The class Q and R combination notes include components of the
class D1 and D2 notes respectively, and as a result, have been
affected following the downgrades of the class D notes. Both
combination notes also include components of the unrated class F
note.
Ratings List
Dekania Europe CDO II PLC
EUR315 Million Fixed-And Floating-Rate Notes
Ratings Lowered
Rating
------
Class To From
----- -- ----
C B+ BB-
D-1 CCC CCC+
D-2 CCC CCC+
Q combo CCC CCC+
R combo CCC CCC+
Ratings Affirmed
Class Rating
----- ------
A1 AAA
A-2A BBB+
A-2B BBB+
B BBB-
E CCC-
P combo CCC-
EIRCOM GROUP: S&P Gives Negative Outlook; Affirms 'B-' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised to
negative from stable its outlook on ERC Ireland Preferred Equity
Ltd., ERC Ireland Finance Ltd., and ERC Ireland Holdings Ltd.,
together the ERCIPE group. These entities are the parent
companies of leading Ireland-based telecommunications provider
eircom Group Ltd. (not rated). At the same time, S&P has affirmed
the 'B-' long-term corporate credit ratings on these companies.
"The rating action reflects the absence, to S&P's knowledge, of
any specific measures taken to date to remove likely future
covenant pressure," said Standard & Poor's credit analyst Xavier
Buffon.
S&P believes that headroom under one specific covenant will
considerably shrink in June 2011 and entail the risk of a breach
in September 2011 or December 2011.
"In S&P's opinion, the ratings may be negatively affected by the
costs or other credit implications ultimately involved in avoiding
or repairing a covenant breach," said Mr. Buffon.
For the quarter ended March 31, 2010, revenue was down 6.8% year
on year, amidst a tough domestic macroeconomic environment. S&P
thinks revenues will continue to fall in the coming quarters, as
difficult economic conditions are likely to continue and this will
compound structural declines in fixed telephony revenues.
S&P thinks that eircom will continue its cost optimization, which
should help to cushion weaker revenues, as was the case in the
third quarter ended March 31, 2010, when reported EBITDA margin
strengthened by more than one point year on year to 38%. S&P
expects absolute EBITDA to continue to decline in the next few
quarters though, although to a much smaller extent than revenues.
The negative outlook reflects risks of a downgrade should measures
needed to remove covenant pressure, which S&P thinks will become
inevitable, have negative credit implications.
Alternatively, a lack of action leading to a covenant breach --
even if temporarily waived by the banks -- could lead to a
downgrade to the 'CCC' category.
Conversely, success in removing covenant pressure in a credit
neutral manner could help to stabilize the rating.
At this stage, however, S&P deems the chances of a higher rating
in the future to be remote, as this would likely require the
removing of covenant pressure on a sustained basis as well as a
return to revenue and EBITDA growth.
KHEOPS CDO: S&P Puts BB+-Rated Class C-1E7 Notes on Watch Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services revised to CreditWatch negative
from CreditWatch positive its credit ratings on Kheops CDO I
(Ireland) PLC's series 4 and 5 CDO notes. At the same time, S&P
placed its rating on the series 6 notes on CreditWatch negative.
Due to an error in the portfolio inputs, where S&P used a maturity
date of June 20, 2010, instead of June 20, 2012, S&P incorrectly
placed the ratings on series 4 and 5 on CreditWatch positive on
June 9). Additionally, there has been a delay in the CreditWatch
negative placement on the series 6 notes. The CreditWatch
negative actions follow the discovery of the error.
S&P has placed the notes on CreditWatch negative because the
synthetic rated overcollateralizationfell below 100% during the
June month-end run.
These three transactions are synthetic corporate investment-grade
collateralized debt obligations.
Ratings List
Creditwatch Revised To Negative From Positive
Kheops CDO I (Ireland) PLC
EUR15 Million Floating-Rate Secured Portfolio Credit-Linked Notes
Series 4 Class A-1E7
Rating
------
To From
-- ----
A+/Watch Neg A+/Watch Pos
Kheops CDO I (Ireland) PLC
EUR2 Million Floating-Rate Secured Portfolio Credit-Linked Notes
Series 5 Class B-1E7
Rating
------
To From
-- ----
BBB+/Watch Neg BBB+/Watch Pos
Rating Placed On Creditwatch Negative
Kheops CDO I (Ireland) PLC
EUR5 Million Floating-Rate Secured Portfolio Credit-Linked
Series 6 Class C-1E7
Rating
------
To From
-- ----
BB+/Watch Neg BB+
=========
I T A L Y
=========
FIAT SPA: Agrees With Two Unions to Implement Pomigliano Plan
-------------------------------------------------------------
Tommaso Ebhardt at Bloomberg News reports that Fiat SpA said in an
e-mailed statement that the company agreed Friday in Turin with
CISL and UIL unions to implement the accord regarding the
"production continuity" at Pomigliano plant.
Separately, Bloomberg News' Flavia Krause-Jackson reports that
Fiat SpA will proceed with a EUR700-million (US$875 million)
investment to produce its Panda model at its Pomigliano factory
near Naples, even though it drew opposition from a large union.
Bloomberg relates Chief Executive Office Sergio Marchionne
clarified Fiat's plan for the factory, taking the unusual step of
writing a four-page letter to all of the Turin-based company's
employees.
"I write to you as a man who has and still believes firmly in the
possibility of building together, in Italy, something great,
something better and long-lasting," Bloomberg quoted Mr.
Marchionne in his letter distributed by Fiat via e-mail following
a meeting with labor unions Friday.
Bloomberg recalls in a referendum last month about 60% of workers
at Pomigliano, Fiat's least productive factory, supported the
company's proposals to add shifts, shorten sick leave and reduce
strikes as part of a plan to transfer Panda production from
Poland. Four out of five unions representing the 5,000 workers at
the site backed Fiat's plan, Bloomberg discloses. Mr. Marchionne
wanted support from all five of the labor groups, Bloomberg notes.
On June 25, 2010, the Troubled Company Reporter-Europe, citing the
FT, reported that Fiat said it would be impossible to find an
agreement with Fiom, the main leftwing metal workers' union
opposed to the proposals. The FT disclosed Fiat said it would
hold talks with the other unions that had accepted management's
demands as a condition for transferring production from Poland of
the Panda model. Fiom made clear ahead of the vote that
regardless of the result it would not accept the accord reached by
Fiat and the other unions, the FT said. On June 18, 2010, the
Troubled Company Reporter-Europe, citing the FT, reported that
Fiom leaders said Fiat's demands, including possible sanctions
against absenteeism and strikers, broke existing labor contracts
and were unconstitutional.
About Fiat SpA
Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA. With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.
* * *
As reported by the Troubled Company Reporter-Europe on April 27,
2010, Standard & Poor's Ratings Services said that it placed its
'BB+' long-term corporate credit rating on Italian industrial
group Fiat SpA on CreditWatch with negative implications. At the
same time, the 'B' short-term credit rating on Fiat was affirmed.
In addition, S&P placed the 'BB+' long-term rating on Fiat's
subsidiary CNH Global N.V. on CreditWatch with developing
implications. "The CreditWatch placement reflects S&P's view that
Fiat's credit quality could weaken due to increased business risk
as a consequence of the proposed demerger of CNH, Iveco SpA (not
rated), and the industrial and marine divisions of Fiat Powertrain
Technologies into the newly created entity Fiat Industrial SpA,"
said Standard & Poor's credit analyst Barbara Castellano.
SNAI SPA: S&P Affirms 'CCC+' Long-Term Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'CCC+' long-term corporate credit rating, on Italian gaming
operator SNAI SpA. S&P then withdrew the rating at the company's
request.
At the time of the withdrawal, the outlook was negative. The
company has no rated outstanding debt.
===========
R U S S I A
===========
BTA-KAZAN: Fitch Upgrades Long-Term Foreign Currency IDR to 'B-'
----------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings of
five Russian regional banks, namely Chelindbank, JSC Spurt Bank,
Primsotsbank and SKB-Bank, and JSC BTA-Kazan. At the same time,
Fitch has affirmed the Long-term IDRs of Uraltransbank, Petersburg
Social Commercial Bank and Bank Snezhinskiy PJSC.
The rating actions resolve the rating watches Fitch had placed on
the banks' ratings on 5 March 2010, and Stable Outlooks have been
assigned to all of the banks' Long-term IDRs. A full rating
breakdown is provided at the end of this comment.
The upgrades of the five banks' Long-term IDRs reflect the
strengthening of certain aspects of Russia's banking system
infrastructure during the global financial crisis, most notably in
respect of banks' ability to access liquidity. The upgrades
further reflect each bank's manageable asset quality through the
crisis, generally satisfactory loss absorption capacity and
currently adequate liquidity positions, supported by large inflows
of retail deposits. However, these ratings still remain
constrained to varying degrees by limited franchises, the banks'
focus on quite high-risk small business and retail lending, and
uncertainty as to whether most of the banks' shareholders would be
able to provide support, in case of need.
The affirmations of UTB's, BS's and PSCB's 'B-' ratings also take
into account the improvements in market infrastructure mentioned
above. However, UTB's ratings have been affirmed in light of the
bank's currently weak asset quality, and BS's and PSCB's ratings
are constrained by their particularly narrow franchises, loan
concentrations and potentially significant operational and
regulatory risks.
The two-notch upgrade of CB to 'B+' reflects the deeper and
apparently more sustainable regional franchise of the bank,
relative to other Russian regional banks rated by Fitch; CB's
conservative management and moderate risk appetite; and the
absence of any notable weaknesses in the bank's financial profile.
CB reported 13.6% of non-performing loans (overdue more than 90
days) and 6.6% of rolled-over loans at end-May 2010. However,
reserves provided 112% coverage of NPLs, and the bank had a solid
capital cushion (regulatory capital adequacy ratio of 22.7% at
end-May 2010; albeit with tier 2 capital accounting for half of
the total). Balance sheet concentrations are moderate and
liquidity is currently comfortable.
SKB's reported NPLs were 8.7% of the loan book at end-2M10, while
the restructured/rolled-over exposures comprised only 2%. Loan
concentrations were substantial (with the top 20 borrowers
accounting for 1.9x the bank's equity at end-2M10) and the
majority of the corporate portfolio (70%) was represented by
exposures with bullet repayments, whose quality is yet to be
tested. At the same time, Fitch is concerned with SKB's
aggressive expansion strategy (the bank targets almost 50% loan
growth at end-2010 compared to end-Q110), which may result in
elevated credit and operational risks and decrease its capital
adequacy ratios. Fitch views capitalization as no more than
adequate, with a regulatory ratio of 16.4% at end-Q110 and a
sizable tier 2 component; however, SKB's shareholders provided
RUB1.7bn of fresh capital in 2008, and an additional equity
injection is being considered in 2011. Liquidity has been
supported by rapid retail deposit growth and is comfortable at
present.
PB's loan portfolio is split almost equally between retail and SME
loans, resulting in high credit risk exposure. NPLs reached 13.6%
of gross loans at end-2009, but arrears appear to have stabilized
in Q110; about 5% of gross loans were reported as restructured at
end-Q110. Positively, PB's capital ratios have strengthened
considerably since 2008 due to robust internal capital generation
and reduced risk-weighted assets. The tier I Basel I ratio rose
to 18% at end-2009 from just 13% at end-2008 and 11% at end-2007,
while reserve coverage remained just over 100%.
Spurt's loan portfolio is highly concentrated with exposures to
the largest 20 borrowers equal to about 2.5x the bank's equity,
and some of the largest loans made to industries experiencing
significant pressures in the current operating environment
(including construction/real estate, petrochemicals, and auto
dealerships). The bank's reported NPLs stood at 5.7% of the total
portfolio at end-February 2010, although largely as a result of
loan restructuring (19.8% of the total portfolio). At the same
time, with only moderate NPL coverage by reserves (22% at end-
February 2010) and the capital ratio (19.5% at end-February 2010)
supported by a substantial tier 2 component, Spurt had a smaller
loan loss absorption capacity compared to peers: Fitch estimated
that the bank was able to reserve only up to 12.1% of its loan
book at end- February 2010. The quite supportive stance of the
authorities of the Republic of Tatarstan in respect to the
region's banks is, however, a positive credit factor for both
Spurt and BTAK.
BTAK reported NPLs of 12% (net of exposures collateralized by
deposits) at end-Q110; however, rolled-over and restructured
exposures comprised a large 39%; at the same time, the regulatory
capital ratio of 22.4% at end-Q110 meant that the bank had
capacity to increase its reserves/loans ratio to 30% from the
actual 6.7% (excluding loans collateralized by deposits). The
ratings of BTAK also take into account uncertainty as to how the
strategy, balance sheet and operations of BTAK may evolve
following the recent change in the bank's ownership. Fitch
understands that lending to related parties (entities controlled
by the new majority shareholders) may be currently substantial; in
addition, the agency cannot fully exclude the possibility that the
bank may face some contingent risks relating to its former
majority ownership by the previous shareholder, Mukhtar Ablyazov.
UTB reported NPLs at 20.8% of the gross loan book at end-Q110,
while an additional 21% of the portfolio has been restructured,
and the bank continues to renegotiate loan terms with troubled
borrowers. At the same time, the shrinking loan portfolio (which
contracted 20% in 2009 and a further 3% in Q110) is putting
greater pressure on UTB's margins. These negative factors were
somewhat offset by UTB's quite strong loss absorption capacity:
Fitch estimates that at end-Q110 the bank was able to reserve up
to 31% of its loan book before its statutory capital adequacy
ratio would have breached the minimum regulatory limit. The
ratings may be upgraded if UTB successfully resolves its asset
quality problems and ensures recovery in its revenue streams.
However, further substantial impairment of UTB's loan book could
exert downward pressure on the ratings.
PSCB's ratings reflect the bank's narrow, and potentially
difficult to sustain, franchise limited primarily to SMEs from the
trade sector, and the bank's significant cash and settlement
business, which carries potentially significant operational and
regulatory risks. Concentrated funding sourced almost exclusively
from customer accounts also weigh on the bank's ratings. At the
same time, Fitch notes the good asset quality of the bank (2.2% of
NPLs at end-May 2010), which benefited from the short-term nature
of PSCB's lending; its currently liquid balance sheet (liquid
assets stood at 25% of total assets at the same date) and solid
capitalization (tier 1: 28.3% and total ratio: 31.2% at end-2009).
BS reported NPLs of 6.1% and rolled-over loans of 9.1% at end-May
2010. Loan impairment reserves stood at 8.2% of the gross loans
at the same date. Loan concentrations remained significant, with
exposures to the largest 20 borrowers equal to 2.9x the bank's
equity, and exposure to the troubled construction/real estate
industry was also significant with 28% of the portfolio (equal to
143% of equity) related to these sectors. Capitalization is
moderate with the regulatory capital adequacy ratio at 14.7% at
end-May 2010; however, liquidity is comfortable after strong
retail deposit inflow over the last year and a half.
The rating actions represent the fourth part of a broader Fitch
review of privately-owned Russian banks' ratings which were placed
on rating watch in March 2010. Fitch expects to complete the
broader review in the next week.
The rating actions are:
Uraltransbank
-- Long-term foreign currency IDR: affirmed at 'B-'; removed
from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: affirmed at 'BB-(rus)'; removed
from Rating Watch Evolving; assigned Stable Outlook
Petersburg Social Commercial Bank
-- Long-term IDR: affirmed at 'B-'; removed from Rating Watch
Positive; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: upgraded to 'BB (rus)' from 'BB-
(rus)'; removed from Rating Watch Positive; assigned Stable
Outlook
Bank Snezhinskiy PJSC
-- Long-term foreign currency IDR: affirmed at 'B-'; removed
from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
JSC Spurt Bank
-- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'BBB-(rus)' from 'BB-
(rus)'; removed from Rating Watch Evolving; assigned Stable
Outlook
JSC BTA-Kazan (OJSC)
-- Long-term foreign currency IDR: upgraded to 'B-' from 'CCC';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: upgraded to 'B' from 'C'; removed from Rating
Watch Positive
-- Individual Rating: upgraded to 'D/E' from 'E'; removed from
Rating Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'BB-(rus)' from
'B(rus)'; removed from Rating Watch Evolving; assigned Stable
Outlook
Primsotsbank
-- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: upgraded to 'D' from 'D/E'; removed from
Rating Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'BBB(rus)' from
'BB(rus)'; removed from Rating Watch Evolving; assigned
Stable Outlook
SKB-Bank
-- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: upgraded to 'D' from 'D/E'; removed from
Rating Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
Chelindbank
-- Long-term foreign currency IDR: upgraded to 'B+' from 'B-';
removed from Rating Watch Positive; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: upgraded to 'D' from 'D/E'; removed from
Rating Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'A-(rus)' from
'BB(rus)'; removed from Rating Watch Positive; assigned
Stable Outlook
CHELINDBANK: Fitch Upgrades Long-Term Foreign Currency IDR to 'B+'
------------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings of
five Russian regional banks, namely Chelindbank, JSC Spurt Bank,
Primsotsbank and SKB-Bank, and JSC BTA-Kazan. At the same time,
Fitch has affirmed the Long-term IDRs of Uraltransbank, Petersburg
Social Commercial Bank and Bank Snezhinskiy PJSC.
The rating actions resolve the rating watches Fitch had placed on
the banks' ratings on 5 March 2010, and Stable Outlooks have been
assigned to all of the banks' Long-term IDRs. A full rating
breakdown is provided at the end of this comment.
The upgrades of the five banks' Long-term IDRs reflect the
strengthening of certain aspects of Russia's banking system
infrastructure during the global financial crisis, most notably in
respect of banks' ability to access liquidity. The upgrades
further reflect each bank's manageable asset quality through the
crisis, generally satisfactory loss absorption capacity and
currently adequate liquidity positions, supported by large inflows
of retail deposits. However, these ratings still remain
constrained to varying degrees by limited franchises, the banks'
focus on quite high-risk small business and retail lending, and
uncertainty as to whether most of the banks' shareholders would be
able to provide support, in case of need.
The affirmations of UTB's, BS's and PSCB's 'B-' ratings also take
into account the improvements in market infrastructure mentioned
above. However, UTB's ratings have been affirmed in light of the
bank's currently weak asset quality, and BS's and PSCB's ratings
are constrained by their particularly narrow franchises, loan
concentrations and potentially significant operational and
regulatory risks.
The two-notch upgrade of CB to 'B+' reflects the deeper and
apparently more sustainable regional franchise of the bank,
relative to other Russian regional banks rated by Fitch; CB's
conservative management and moderate risk appetite; and the
absence of any notable weaknesses in the bank's financial profile.
CB reported 13.6% of non-performing loans (overdue more than 90
days) and 6.6% of rolled-over loans at end-May 2010. However,
reserves provided 112% coverage of NPLs, and the bank had a solid
capital cushion (regulatory capital adequacy ratio of 22.7% at
end-May 2010; albeit with tier 2 capital accounting for half of
the total). Balance sheet concentrations are moderate and
liquidity is currently comfortable.
SKB's reported NPLs were 8.7% of the loan book at end-2M10, while
the restructured/rolled-over exposures comprised only 2%. Loan
concentrations were substantial (with the top 20 borrowers
accounting for 1.9x the bank's equity at end-2M10) and the
majority of the corporate portfolio (70%) was represented by
exposures with bullet repayments, whose quality is yet to be
tested. At the same time, Fitch is concerned with SKB's
aggressive expansion strategy (the bank targets almost 50% loan
growth at end-2010 compared to end-Q110), which may result in
elevated credit and operational risks and decrease its capital
adequacy ratios. Fitch views capitalization as no more than
adequate, with a regulatory ratio of 16.4% at end-Q110 and a
sizable tier 2 component; however, SKB's shareholders provided
RUB1.7bn of fresh capital in 2008, and an additional equity
injection is being considered in 2011. Liquidity has been
supported by rapid retail deposit growth and is comfortable at
present.
PB's loan portfolio is split almost equally between retail and SME
loans, resulting in high credit risk exposure. NPLs reached 13.6%
of gross loans at end-2009, but arrears appear to have stabilized
in Q110; about 5% of gross loans were reported as restructured at
end-Q110. Positively, PB's capital ratios have strengthened
considerably since 2008 due to robust internal capital generation
and reduced risk-weighted assets. The tier I Basel I ratio rose
to 18% at end-2009 from just 13% at end-2008 and 11% at end-2007,
while reserve coverage remained just over 100%.
Spurt's loan portfolio is highly concentrated with exposures to
the largest 20 borrowers equal to about 2.5x the bank's equity,
and some of the largest loans made to industries experiencing
significant pressures in the current operating environment
(including construction/real estate, petrochemicals, and auto
dealerships). The bank's reported NPLs stood at 5.7% of the total
portfolio at end-February 2010, although largely as a result of
loan restructuring (19.8% of the total portfolio). At the same
time, with only moderate NPL coverage by reserves (22% at end-
February 2010) and the capital ratio (19.5% at end-February 2010)
supported by a substantial tier 2 component, Spurt had a smaller
loan loss absorption capacity compared to peers: Fitch estimated
that the bank was able to reserve only up to 12.1% of its loan
book at end- February 2010. The quite supportive stance of the
authorities of the Republic of Tatarstan in respect to the
region's banks is, however, a positive credit factor for both
Spurt and BTAK.
BTAK reported NPLs of 12% (net of exposures collateralized by
deposits) at end-Q110; however, rolled-over and restructured
exposures comprised a large 39%; at the same time, the regulatory
capital ratio of 22.4% at end-Q110 meant that the bank had
capacity to increase its reserves/loans ratio to 30% from the
actual 6.7% (excluding loans collateralized by deposits). The
ratings of BTAK also take into account uncertainty as to how the
strategy, balance sheet and operations of BTAK may evolve
following the recent change in the bank's ownership. Fitch
understands that lending to related parties (entities controlled
by the new majority shareholders) may be currently substantial; in
addition, the agency cannot fully exclude the possibility that the
bank may face some contingent risks relating to its former
majority ownership by the previous shareholder, Mukhtar Ablyazov.
UTB reported NPLs at 20.8% of the gross loan book at end-Q110,
while an additional 21% of the portfolio has been restructured,
and the bank continues to renegotiate loan terms with troubled
borrowers. At the same time, the shrinking loan portfolio (which
contracted 20% in 2009 and a further 3% in Q110) is putting
greater pressure on UTB's margins. These negative factors were
somewhat offset by UTB's quite strong loss absorption capacity:
Fitch estimates that at end-Q110 the bank was able to reserve up
to 31% of its loan book before its statutory capital adequacy
ratio would have breached the minimum regulatory limit. The
ratings may be upgraded if UTB successfully resolves its asset
quality problems and ensures recovery in its revenue streams.
However, further substantial impairment of UTB's loan book could
exert downward pressure on the ratings.
PSCB's ratings reflect the bank's narrow, and potentially
difficult to sustain, franchise limited primarily to SMEs from the
trade sector, and the bank's significant cash and settlement
business, which carries potentially significant operational and
regulatory risks. Concentrated funding sourced almost exclusively
from customer accounts also weigh on the bank's ratings. At the
same time, Fitch notes the good asset quality of the bank (2.2% of
NPLs at end-May 2010), which benefited from the short-term nature
of PSCB's lending; its currently liquid balance sheet (liquid
assets stood at 25% of total assets at the same date) and solid
capitalization (tier 1: 28.3% and total ratio: 31.2% at end-2009).
BS reported NPLs of 6.1% and rolled-over loans of 9.1% at end-May
2010. Loan impairment reserves stood at 8.2% of the gross loans
at the same date. Loan concentrations remained significant, with
exposures to the largest 20 borrowers equal to 2.9x the bank's
equity, and exposure to the troubled construction/real estate
industry was also significant with 28% of the portfolio (equal to
143% of equity) related to these sectors. Capitalization is
moderate with the regulatory capital adequacy ratio at 14.7% at
end-May 2010; however, liquidity is comfortable after strong
retail deposit inflow over the last year and a half.
The rating actions represent the fourth part of a broader Fitch
review of privately-owned Russian banks' ratings which were placed
on rating watch in March 2010. Fitch expects to complete the
broader review in the next week.
The rating actions are:
Uraltransbank
-- Long-term foreign currency IDR: affirmed at 'B-'; removed
from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: affirmed at 'BB-(rus)'; removed
from Rating Watch Evolving; assigned Stable Outlook
Petersburg Social Commercial Bank
-- Long-term IDR: affirmed at 'B-'; removed from Rating Watch
Positive; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: upgraded to 'BB (rus)' from 'BB-
(rus)'; removed from Rating Watch Positive; assigned Stable
Outlook
Bank Snezhinskiy PJSC
-- Long-term foreign currency IDR: affirmed at 'B-'; removed
from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
JSC Spurt Bank
-- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'BBB-(rus)' from 'BB-
(rus)'; removed from Rating Watch Evolving; assigned Stable
Outlook
JSC BTA-Kazan (OJSC)
-- Long-term foreign currency IDR: upgraded to 'B-' from 'CCC';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: upgraded to 'B' from 'C'; removed from Rating
Watch Positive
-- Individual Rating: upgraded to 'D/E' from 'E'; removed from
Rating Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'BB-(rus)' from
'B(rus)'; removed from Rating Watch Evolving; assigned Stable
Outlook
Primsotsbank
-- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: upgraded to 'D' from 'D/E'; removed from
Rating Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'BBB(rus)' from
'BB(rus)'; removed from Rating Watch Evolving; assigned
Stable Outlook
SKB-Bank
-- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: upgraded to 'D' from 'D/E'; removed from
Rating Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
Chelindbank
-- Long-term foreign currency IDR: upgraded to 'B+' from 'B-';
removed from Rating Watch Positive; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: upgraded to 'D' from 'D/E'; removed from
Rating Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'A-(rus)' from
'BB(rus)'; removed from Rating Watch Positive; assigned
Stable Outlook
PRIMSOTSBANK: Fitch Lifts Long-Term Foreign Currency IDR to 'B'
---------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings of
five Russian regional banks, namely Chelindbank, JSC Spurt Bank,
Primsotsbank and SKB-Bank, and JSC BTA-Kazan. At the same time,
Fitch has affirmed the Long-term IDRs of Uraltransbank, Petersburg
Social Commercial Bank and Bank Snezhinskiy PJSC.
The rating actions resolve the rating watches Fitch had placed on
the banks' ratings on 5 March 2010, and Stable Outlooks have been
assigned to all of the banks' Long-term IDRs. A full rating
breakdown is provided at the end of this comment.
The upgrades of the five banks' Long-term IDRs reflect the
strengthening of certain aspects of Russia's banking system
infrastructure during the global financial crisis, most notably in
respect of banks' ability to access liquidity. The upgrades
further reflect each bank's manageable asset quality through the
crisis, generally satisfactory loss absorption capacity and
currently adequate liquidity positions, supported by large inflows
of retail deposits. However, these ratings still remain
constrained to varying degrees by limited franchises, the banks'
focus on quite high-risk small business and retail lending, and
uncertainty as to whether most of the banks' shareholders would be
able to provide support, in case of need.
The affirmations of UTB's, BS's and PSCB's 'B-' ratings also take
into account the improvements in market infrastructure mentioned
above. However, UTB's ratings have been affirmed in light of the
bank's currently weak asset quality, and BS's and PSCB's ratings
are constrained by their particularly narrow franchises, loan
concentrations and potentially significant operational and
regulatory risks.
The two-notch upgrade of CB to 'B+' reflects the deeper and
apparently more sustainable regional franchise of the bank,
relative to other Russian regional banks rated by Fitch; CB's
conservative management and moderate risk appetite; and the
absence of any notable weaknesses in the bank's financial profile.
CB reported 13.6% of non-performing loans (overdue more than 90
days) and 6.6% of rolled-over loans at end-May 2010. However,
reserves provided 112% coverage of NPLs, and the bank had a solid
capital cushion (regulatory capital adequacy ratio of 22.7% at
end-May 2010; albeit with tier 2 capital accounting for half of
the total). Balance sheet concentrations are moderate and
liquidity is currently comfortable.
SKB's reported NPLs were 8.7% of the loan book at end-2M10, while
the restructured/rolled-over exposures comprised only 2%. Loan
concentrations were substantial (with the top 20 borrowers
accounting for 1.9x the bank's equity at end-2M10) and the
majority of the corporate portfolio (70%) was represented by
exposures with bullet repayments, whose quality is yet to be
tested. At the same time, Fitch is concerned with SKB's
aggressive expansion strategy (the bank targets almost 50% loan
growth at end-2010 compared to end-Q110), which may result in
elevated credit and operational risks and decrease its capital
adequacy ratios. Fitch views capitalization as no more than
adequate, with a regulatory ratio of 16.4% at end-Q110 and a
sizable tier 2 component; however, SKB's shareholders provided
RUB1.7bn of fresh capital in 2008, and an additional equity
injection is being considered in 2011. Liquidity has been
supported by rapid retail deposit growth and is comfortable at
present.
PB's loan portfolio is split almost equally between retail and SME
loans, resulting in high credit risk exposure. NPLs reached 13.6%
of gross loans at end-2009, but arrears appear to have stabilized
in Q110; about 5% of gross loans were reported as restructured at
end-Q110. Positively, PB's capital ratios have strengthened
considerably since 2008 due to robust internal capital generation
and reduced risk-weighted assets. The tier I Basel I ratio rose
to 18% at end-2009 from just 13% at end-2008 and 11% at end-2007,
while reserve coverage remained just over 100%.
Spurt's loan portfolio is highly concentrated with exposures to
the largest 20 borrowers equal to about 2.5x the bank's equity,
and some of the largest loans made to industries experiencing
significant pressures in the current operating environment
(including construction/real estate, petrochemicals, and auto
dealerships). The bank's reported NPLs stood at 5.7% of the total
portfolio at end-February 2010, although largely as a result of
loan restructuring (19.8% of the total portfolio). At the same
time, with only moderate NPL coverage by reserves (22% at end-
February 2010) and the capital ratio (19.5% at end-February 2010)
supported by a substantial tier 2 component, Spurt had a smaller
loan loss absorption capacity compared to peers: Fitch estimated
that the bank was able to reserve only up to 12.1% of its loan
book at end- February 2010. The quite supportive stance of the
authorities of the Republic of Tatarstan in respect to the
region's banks is, however, a positive credit factor for both
Spurt and BTAK.
BTAK reported NPLs of 12% (net of exposures collateralized by
deposits) at end-Q110; however, rolled-over and restructured
exposures comprised a large 39%; at the same time, the regulatory
capital ratio of 22.4% at end-Q110 meant that the bank had
capacity to increase its reserves/loans ratio to 30% from the
actual 6.7% (excluding loans collateralized by deposits). The
ratings of BTAK also take into account uncertainty as to how the
strategy, balance sheet and operations of BTAK may evolve
following the recent change in the bank's ownership. Fitch
understands that lending to related parties (entities controlled
by the new majority shareholders) may be currently substantial; in
addition, the agency cannot fully exclude the possibility that the
bank may face some contingent risks relating to its former
majority ownership by the previous shareholder, Mukhtar Ablyazov.
UTB reported NPLs at 20.8% of the gross loan book at end-Q110,
while an additional 21% of the portfolio has been restructured,
and the bank continues to renegotiate loan terms with troubled
borrowers. At the same time, the shrinking loan portfolio (which
contracted 20% in 2009 and a further 3% in Q110) is putting
greater pressure on UTB's margins. These negative factors were
somewhat offset by UTB's quite strong loss absorption capacity:
Fitch estimates that at end-Q110 the bank was able to reserve up
to 31% of its loan book before its statutory capital adequacy
ratio would have breached the minimum regulatory limit. The
ratings may be upgraded if UTB successfully resolves its asset
quality problems and ensures recovery in its revenue streams.
However, further substantial impairment of UTB's loan book could
exert downward pressure on the ratings.
PSCB's ratings reflect the bank's narrow, and potentially
difficult to sustain, franchise limited primarily to SMEs from the
trade sector, and the bank's significant cash and settlement
business, which carries potentially significant operational and
regulatory risks. Concentrated funding sourced almost exclusively
from customer accounts also weigh on the bank's ratings. At the
same time, Fitch notes the good asset quality of the bank (2.2% of
NPLs at end-May 2010), which benefited from the short-term nature
of PSCB's lending; its currently liquid balance sheet (liquid
assets stood at 25% of total assets at the same date) and solid
capitalization (tier 1: 28.3% and total ratio: 31.2% at end-2009).
BS reported NPLs of 6.1% and rolled-over loans of 9.1% at end-May
2010. Loan impairment reserves stood at 8.2% of the gross loans
at the same date. Loan concentrations remained significant, with
exposures to the largest 20 borrowers equal to 2.9x the bank's
equity, and exposure to the troubled construction/real estate
industry was also significant with 28% of the portfolio (equal to
143% of equity) related to these sectors. Capitalization is
moderate with the regulatory capital adequacy ratio at 14.7% at
end-May 2010; however, liquidity is comfortable after strong
retail deposit inflow over the last year and a half.
The rating actions represent the fourth part of a broader Fitch
review of privately-owned Russian banks' ratings which were placed
on rating watch in March 2010. Fitch expects to complete the
broader review in the next week.
The rating actions are:
Uraltransbank
-- Long-term foreign currency IDR: affirmed at 'B-'; removed
from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: affirmed at 'BB-(rus)'; removed
from Rating Watch Evolving; assigned Stable Outlook
Petersburg Social Commercial Bank
-- Long-term IDR: affirmed at 'B-'; removed from Rating Watch
Positive; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: upgraded to 'BB (rus)' from 'BB-
(rus)'; removed from Rating Watch Positive; assigned Stable
Outlook
Bank Snezhinskiy PJSC
-- Long-term foreign currency IDR: affirmed at 'B-'; removed
from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
JSC Spurt Bank
-- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'BBB-(rus)' from 'BB-
(rus)'; removed from Rating Watch Evolving; assigned Stable
Outlook
JSC BTA-Kazan (OJSC)
-- Long-term foreign currency IDR: upgraded to 'B-' from 'CCC';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: upgraded to 'B' from 'C'; removed from Rating
Watch Positive
-- Individual Rating: upgraded to 'D/E' from 'E'; removed from
Rating Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'BB-(rus)' from
'B(rus)'; removed from Rating Watch Evolving; assigned Stable
Outlook
Primsotsbank
-- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: upgraded to 'D' from 'D/E'; removed from
Rating Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'BBB(rus)' from
'BB(rus)'; removed from Rating Watch Evolving; assigned
Stable Outlook
SKB-Bank
-- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: upgraded to 'D' from 'D/E'; removed from
Rating Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
Chelindbank
-- Long-term foreign currency IDR: upgraded to 'B+' from 'B-';
removed from Rating Watch Positive; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: upgraded to 'D' from 'D/E'; removed from
Rating Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'A-(rus)' from
'BB(rus)'; removed from Rating Watch Positive; assigned
Stable Outlook
SKB-BANK: Fitch Upgrades Long-Term Foreign Currency IDR to 'B'
--------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings of
five Russian regional banks, namely Chelindbank, JSC Spurt Bank,
Primsotsbank and SKB-Bank, and JSC BTA-Kazan. At the same time,
Fitch has affirmed the Long-term IDRs of Uraltransbank, Petersburg
Social Commercial Bank and Bank Snezhinskiy PJSC.
The rating actions resolve the rating watches Fitch had placed on
the banks' ratings on 5 March 2010, and Stable Outlooks have been
assigned to all of the banks' Long-term IDRs. A full rating
breakdown is provided at the end of this comment.
The upgrades of the five banks' Long-term IDRs reflect the
strengthening of certain aspects of Russia's banking system
infrastructure during the global financial crisis, most notably in
respect of banks' ability to access liquidity. The upgrades
further reflect each bank's manageable asset quality through the
crisis, generally satisfactory loss absorption capacity and
currently adequate liquidity positions, supported by large inflows
of retail deposits. However, these ratings still remain
constrained to varying degrees by limited franchises, the banks'
focus on quite high-risk small business and retail lending, and
uncertainty as to whether most of the banks' shareholders would be
able to provide support, in case of need.
The affirmations of UTB's, BS's and PSCB's 'B-' ratings also take
into account the improvements in market infrastructure mentioned
above. However, UTB's ratings have been affirmed in light of the
bank's currently weak asset quality, and BS's and PSCB's ratings
are constrained by their particularly narrow franchises, loan
concentrations and potentially significant operational and
regulatory risks.
The two-notch upgrade of CB to 'B+' reflects the deeper and
apparently more sustainable regional franchise of the bank,
relative to other Russian regional banks rated by Fitch; CB's
conservative management and moderate risk appetite; and the
absence of any notable weaknesses in the bank's financial profile.
CB reported 13.6% of non-performing loans (overdue more than 90
days) and 6.6% of rolled-over loans at end-May 2010. However,
reserves provided 112% coverage of NPLs, and the bank had a solid
capital cushion (regulatory capital adequacy ratio of 22.7% at
end-May 2010; albeit with tier 2 capital accounting for half of
the total). Balance sheet concentrations are moderate and
liquidity is currently comfortable.
SKB's reported NPLs were 8.7% of the loan book at end-2M10, while
the restructured/rolled-over exposures comprised only 2%. Loan
concentrations were substantial (with the top 20 borrowers
accounting for 1.9x the bank's equity at end-2M10) and the
majority of the corporate portfolio (70%) was represented by
exposures with bullet repayments, whose quality is yet to be
tested. At the same time, Fitch is concerned with SKB's
aggressive expansion strategy (the bank targets almost 50% loan
growth at end-2010 compared to end-Q110), which may result in
elevated credit and operational risks and decrease its capital
adequacy ratios. Fitch views capitalization as no more than
adequate, with a regulatory ratio of 16.4% at end-Q110 and a
sizable tier 2 component; however, SKB's shareholders provided
RUB1.7bn of fresh capital in 2008, and an additional equity
injection is being considered in 2011. Liquidity has been
supported by rapid retail deposit growth and is comfortable at
present.
PB's loan portfolio is split almost equally between retail and SME
loans, resulting in high credit risk exposure. NPLs reached 13.6%
of gross loans at end-2009, but arrears appear to have stabilized
in Q110; about 5% of gross loans were reported as restructured at
end-Q110. Positively, PB's capital ratios have strengthened
considerably since 2008 due to robust internal capital generation
and reduced risk-weighted assets. The tier I Basel I ratio rose
to 18% at end-2009 from just 13% at end-2008 and 11% at end-2007,
while reserve coverage remained just over 100%.
Spurt's loan portfolio is highly concentrated with exposures to
the largest 20 borrowers equal to about 2.5x the bank's equity,
and some of the largest loans made to industries experiencing
significant pressures in the current operating environment
(including construction/real estate, petrochemicals, and auto
dealerships). The bank's reported NPLs stood at 5.7% of the total
portfolio at end-February 2010, although largely as a result of
loan restructuring (19.8% of the total portfolio). At the same
time, with only moderate NPL coverage by reserves (22% at end-
February 2010) and the capital ratio (19.5% at end-February 2010)
supported by a substantial tier 2 component, Spurt had a smaller
loan loss absorption capacity compared to peers: Fitch estimated
that the bank was able to reserve only up to 12.1% of its loan
book at end- February 2010. The quite supportive stance of the
authorities of the Republic of Tatarstan in respect to the
region's banks is, however, a positive credit factor for both
Spurt and BTAK.
BTAK reported NPLs of 12% (net of exposures collateralized by
deposits) at end-Q110; however, rolled-over and restructured
exposures comprised a large 39%; at the same time, the regulatory
capital ratio of 22.4% at end-Q110 meant that the bank had
capacity to increase its reserves/loans ratio to 30% from the
actual 6.7% (excluding loans collateralized by deposits). The
ratings of BTAK also take into account uncertainty as to how the
strategy, balance sheet and operations of BTAK may evolve
following the recent change in the bank's ownership. Fitch
understands that lending to related parties (entities controlled
by the new majority shareholders) may be currently substantial; in
addition, the agency cannot fully exclude the possibility that the
bank may face some contingent risks relating to its former
majority ownership by the previous shareholder, Mukhtar Ablyazov.
UTB reported NPLs at 20.8% of the gross loan book at end-Q110,
while an additional 21% of the portfolio has been restructured,
and the bank continues to renegotiate loan terms with troubled
borrowers. At the same time, the shrinking loan portfolio (which
contracted 20% in 2009 and a further 3% in Q110) is putting
greater pressure on UTB's margins. These negative factors were
somewhat offset by UTB's quite strong loss absorption capacity:
Fitch estimates that at end-Q110 the bank was able to reserve up
to 31% of its loan book before its statutory capital adequacy
ratio would have breached the minimum regulatory limit. The
ratings may be upgraded if UTB successfully resolves its asset
quality problems and ensures recovery in its revenue streams.
However, further substantial impairment of UTB's loan book could
exert downward pressure on the ratings.
PSCB's ratings reflect the bank's narrow, and potentially
difficult to sustain, franchise limited primarily to SMEs from the
trade sector, and the bank's significant cash and settlement
business, which carries potentially significant operational and
regulatory risks. Concentrated funding sourced almost exclusively
from customer accounts also weigh on the bank's ratings. At the
same time, Fitch notes the good asset quality of the bank (2.2% of
NPLs at end-May 2010), which benefited from the short-term nature
of PSCB's lending; its currently liquid balance sheet (liquid
assets stood at 25% of total assets at the same date) and solid
capitalization (tier 1: 28.3% and total ratio: 31.2% at end-2009).
BS reported NPLs of 6.1% and rolled-over loans of 9.1% at end-May
2010. Loan impairment reserves stood at 8.2% of the gross loans
at the same date. Loan concentrations remained significant, with
exposures to the largest 20 borrowers equal to 2.9x the bank's
equity, and exposure to the troubled construction/real estate
industry was also significant with 28% of the portfolio (equal to
143% of equity) related to these sectors. Capitalization is
moderate with the regulatory capital adequacy ratio at 14.7% at
end-May 2010; however, liquidity is comfortable after strong
retail deposit inflow over the last year and a half.
The rating actions represent the fourth part of a broader Fitch
review of privately-owned Russian banks' ratings which were placed
on rating watch in March 2010. Fitch expects to complete the
broader review in the next week.
The rating actions are:
Uraltransbank
-- Long-term foreign currency IDR: affirmed at 'B-'; removed
from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: affirmed at 'BB-(rus)'; removed
from Rating Watch Evolving; assigned Stable Outlook
Petersburg Social Commercial Bank
-- Long-term IDR: affirmed at 'B-'; removed from Rating Watch
Positive; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: upgraded to 'BB (rus)' from 'BB-
(rus)'; removed from Rating Watch Positive; assigned Stable
Outlook
Bank Snezhinskiy PJSC
-- Long-term foreign currency IDR: affirmed at 'B-'; removed
from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
JSC Spurt Bank
-- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'BBB-(rus)' from 'BB-
(rus)'; removed from Rating Watch Evolving; assigned Stable
Outlook
JSC BTA-Kazan (OJSC)
-- Long-term foreign currency IDR: upgraded to 'B-' from 'CCC';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: upgraded to 'B' from 'C'; removed from Rating
Watch Positive
-- Individual Rating: upgraded to 'D/E' from 'E'; removed from
Rating Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'BB-(rus)' from
'B(rus)'; removed from Rating Watch Evolving; assigned Stable
Outlook
Primsotsbank
-- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: upgraded to 'D' from 'D/E'; removed from
Rating Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'BBB(rus)' from
'BB(rus)'; removed from Rating Watch Evolving; assigned
Stable Outlook
SKB-Bank
-- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: upgraded to 'D' from 'D/E'; removed from
Rating Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
Chelindbank
-- Long-term foreign currency IDR: upgraded to 'B+' from 'B-';
removed from Rating Watch Positive; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: upgraded to 'D' from 'D/E'; removed from
Rating Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'A-(rus)' from
'BB(rus)'; removed from Rating Watch Positive; assigned
Stable Outlook
SPURT BANK: Fitch Upgrades Long-Term Foreign Currency IDR to 'B'
----------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings of
five Russian regional banks, namely Chelindbank, JSC Spurt Bank,
Primsotsbank and SKB-Bank, and JSC BTA-Kazan. At the same time,
Fitch has affirmed the Long-term IDRs of Uraltransbank, Petersburg
Social Commercial Bank and Bank Snezhinskiy PJSC.
The rating actions resolve the rating watches Fitch had placed on
the banks' ratings on 5 March 2010, and Stable Outlooks have been
assigned to all of the banks' Long-term IDRs. A full rating
breakdown is provided at the end of this comment.
The upgrades of the five banks' Long-term IDRs reflect the
strengthening of certain aspects of Russia's banking system
infrastructure during the global financial crisis, most notably in
respect of banks' ability to access liquidity. The upgrades
further reflect each bank's manageable asset quality through the
crisis, generally satisfactory loss absorption capacity and
currently adequate liquidity positions, supported by large inflows
of retail deposits. However, these ratings still remain
constrained to varying degrees by limited franchises, the banks'
focus on quite high-risk small business and retail lending, and
uncertainty as to whether most of the banks' shareholders would be
able to provide support, in case of need.
The affirmations of UTB's, BS's and PSCB's 'B-' ratings also take
into account the improvements in market infrastructure mentioned
above. However, UTB's ratings have been affirmed in light of the
bank's currently weak asset quality, and BS's and PSCB's ratings
are constrained by their particularly narrow franchises, loan
concentrations and potentially significant operational and
regulatory risks.
The two-notch upgrade of CB to 'B+' reflects the deeper and
apparently more sustainable regional franchise of the bank,
relative to other Russian regional banks rated by Fitch; CB's
conservative management and moderate risk appetite; and the
absence of any notable weaknesses in the bank's financial profile.
CB reported 13.6% of non-performing loans (overdue more than 90
days) and 6.6% of rolled-over loans at end-May 2010. However,
reserves provided 112% coverage of NPLs, and the bank had a solid
capital cushion (regulatory capital adequacy ratio of 22.7% at
end-May 2010; albeit with tier 2 capital accounting for half of
the total). Balance sheet concentrations are moderate and
liquidity is currently comfortable.
SKB's reported NPLs were 8.7% of the loan book at end-2M10, while
the restructured/rolled-over exposures comprised only 2%. Loan
concentrations were substantial (with the top 20 borrowers
accounting for 1.9x the bank's equity at end-2M10) and the
majority of the corporate portfolio (70%) was represented by
exposures with bullet repayments, whose quality is yet to be
tested. At the same time, Fitch is concerned with SKB's
aggressive expansion strategy (the bank targets almost 50% loan
growth at end-2010 compared to end-Q110), which may result in
elevated credit and operational risks and decrease its capital
adequacy ratios. Fitch views capitalization as no more than
adequate, with a regulatory ratio of 16.4% at end-Q110 and a
sizable tier 2 component; however, SKB's shareholders provided
RUB1.7bn of fresh capital in 2008, and an additional equity
injection is being considered in 2011. Liquidity has been
supported by rapid retail deposit growth and is comfortable at
present.
PB's loan portfolio is split almost equally between retail and SME
loans, resulting in high credit risk exposure. NPLs reached 13.6%
of gross loans at end-2009, but arrears appear to have stabilized
in Q110; about 5% of gross loans were reported as restructured at
end-Q110. Positively, PB's capital ratios have strengthened
considerably since 2008 due to robust internal capital generation
and reduced risk-weighted assets. The tier I Basel I ratio rose
to 18% at end-2009 from just 13% at end-2008 and 11% at end-2007,
while reserve coverage remained just over 100%.
Spurt's loan portfolio is highly concentrated with exposures to
the largest 20 borrowers equal to about 2.5x the bank's equity,
and some of the largest loans made to industries experiencing
significant pressures in the current operating environment
(including construction/real estate, petrochemicals, and auto
dealerships). The bank's reported NPLs stood at 5.7% of the total
portfolio at end-February 2010, although largely as a result of
loan restructuring (19.8% of the total portfolio). At the same
time, with only moderate NPL coverage by reserves (22% at end-
February 2010) and the capital ratio (19.5% at end-February 2010)
supported by a substantial tier 2 component, Spurt had a smaller
loan loss absorption capacity compared to peers: Fitch estimated
that the bank was able to reserve only up to 12.1% of its loan
book at end- February 2010. The quite supportive stance of the
authorities of the Republic of Tatarstan in respect to the
region's banks is, however, a positive credit factor for both
Spurt and BTAK.
BTAK reported NPLs of 12% (net of exposures collateralized by
deposits) at end-Q110; however, rolled-over and restructured
exposures comprised a large 39%; at the same time, the regulatory
capital ratio of 22.4% at end-Q110 meant that the bank had
capacity to increase its reserves/loans ratio to 30% from the
actual 6.7% (excluding loans collateralized by deposits). The
ratings of BTAK also take into account uncertainty as to how the
strategy, balance sheet and operations of BTAK may evolve
following the recent change in the bank's ownership. Fitch
understands that lending to related parties (entities controlled
by the new majority shareholders) may be currently substantial; in
addition, the agency cannot fully exclude the possibility that the
bank may face some contingent risks relating to its former
majority ownership by the previous shareholder, Mukhtar Ablyazov.
UTB reported NPLs at 20.8% of the gross loan book at end-Q110,
while an additional 21% of the portfolio has been restructured,
and the bank continues to renegotiate loan terms with troubled
borrowers. At the same time, the shrinking loan portfolio (which
contracted 20% in 2009 and a further 3% in Q110) is putting
greater pressure on UTB's margins. These negative factors were
somewhat offset by UTB's quite strong loss absorption capacity:
Fitch estimates that at end-Q110 the bank was able to reserve up
to 31% of its loan book before its statutory capital adequacy
ratio would have breached the minimum regulatory limit. The
ratings may be upgraded if UTB successfully resolves its asset
quality problems and ensures recovery in its revenue streams.
However, further substantial impairment of UTB's loan book could
exert downward pressure on the ratings.
PSCB's ratings reflect the bank's narrow, and potentially
difficult to sustain, franchise limited primarily to SMEs from the
trade sector, and the bank's significant cash and settlement
business, which carries potentially significant operational and
regulatory risks. Concentrated funding sourced almost exclusively
from customer accounts also weigh on the bank's ratings. At the
same time, Fitch notes the good asset quality of the bank (2.2% of
NPLs at end-May 2010), which benefited from the short-term nature
of PSCB's lending; its currently liquid balance sheet (liquid
assets stood at 25% of total assets at the same date) and solid
capitalization (tier 1: 28.3% and total ratio: 31.2% at end-2009).
BS reported NPLs of 6.1% and rolled-over loans of 9.1% at end-May
2010. Loan impairment reserves stood at 8.2% of the gross loans
at the same date. Loan concentrations remained significant, with
exposures to the largest 20 borrowers equal to 2.9x the bank's
equity, and exposure to the troubled construction/real estate
industry was also significant with 28% of the portfolio (equal to
143% of equity) related to these sectors. Capitalization is
moderate with the regulatory capital adequacy ratio at 14.7% at
end-May 2010; however, liquidity is comfortable after strong
retail deposit inflow over the last year and a half.
The rating actions represent the fourth part of a broader Fitch
review of privately-owned Russian banks' ratings which were placed
on rating watch in March 2010. Fitch expects to complete the
broader review in the next week.
The rating actions are:
Uraltransbank
-- Long-term foreign currency IDR: affirmed at 'B-'; removed
from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: affirmed at 'BB-(rus)'; removed
from Rating Watch Evolving; assigned Stable Outlook
Petersburg Social Commercial Bank
-- Long-term IDR: affirmed at 'B-'; removed from Rating Watch
Positive; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term Rating: upgraded to 'BB (rus)' from 'BB-
(rus)'; removed from Rating Watch Positive; assigned Stable
Outlook
Bank Snezhinskiy PJSC
-- Long-term foreign currency IDR: affirmed at 'B-'; removed
from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
JSC Spurt Bank
-- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: affirmed at 'D/E'; removed from Rating
Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'BBB-(rus)' from 'BB-
(rus)'; removed from Rating Watch Evolving; assigned Stable
Outlook
JSC BTA-Kazan (OJSC)
-- Long-term foreign currency IDR: upgraded to 'B-' from 'CCC';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: upgraded to 'B' from 'C'; removed from Rating
Watch Positive
-- Individual Rating: upgraded to 'D/E' from 'E'; removed from
Rating Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'BB-(rus)' from
'B(rus)'; removed from Rating Watch Evolving; assigned Stable
Outlook
Primsotsbank
-- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: upgraded to 'D' from 'D/E'; removed from
Rating Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'BBB(rus)' from
'BB(rus)'; removed from Rating Watch Evolving; assigned
Stable Outlook
SKB-Bank
-- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
removed from Rating Watch Evolving; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: upgraded to 'D' from 'D/E'; removed from
Rating Watch Evolving
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
Chelindbank
-- Long-term foreign currency IDR: upgraded to 'B+' from 'B-';
removed from Rating Watch Positive; assigned Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Individual Rating: upgraded to 'D' from 'D/E'; removed from
Rating Watch Positive
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: upgraded to 'A-(rus)' from
'BB(rus)'; removed from Rating Watch Positive; assigned
Stable Outlook
* Moody's Assigns 'Ba2' Rating on City of Krasnodar's Bonds
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba2 global scale local
currency rating to the city of Krasnodar's first-time rouble-
denominated bond issue (RU34001KRA1) totaling RUB1.1 billion.
This amortized senior unsecured bond has fixed coupon rates and is
due in 2013. The proceeds of the bond issue will be used to fund
Krasnodar's budget deficit and strengthen its liquidity position.
At the same time, Moody's Interfax Rating Agency has assigned
Aa2.ru national scale rating to the bond. Moscow-based Moody's
Interfax is majority owned by Moody's Investors Service, a leading
global rating agency.
Krasnodar's ratings are supported by the city's moderate direct
debt exposure, as well as its service-oriented and diversified
economic base. Another positive factor is still high, albeit
decreasing, level of support from federal and regional governments
in some large infrastructure projects within the city's
jurisdiction. At the same time, the ratings are constrained by a
significant deterioration in the city's operating performance in
2009, coupled with its relatively weak liquidity profile and
substantial capital requirements.
The last rating action was implemented on March 24, 2010, when
Moody's assigned Ba2 global scale foreign and local currency
issuer ratings and a Aa2.ru national scale issuer rating to
Krasnodar.
Krasnodar is situated in southern Russia and has a population of
around 800,000 people or around 0.6% of Russia's total population.
The city is the capital and the largest city of Krasnodar Krai,
and its share of the gross regional product is around 43-45%. The
local economy is well diversified with a high proportion of trade,
transport and construction that exceeds three-quarters of the
city's economy.
=====================================
S E R B I A & M O N T E N E G R O
=====================================
AGROZIV: NLB May Face Up to EUR60 Million in Losses
---------------------------------------------------
Slovenska Tiskovna Agencija, citing unofficial sources, reports
that NLB, Slovenia's largest bank, could lose between EUR55
million and EUR60 million as a result of the bankruptcy faced by
Serbian food company Agroziv.
According to the report, NLB is hoping for a capital increase of
up to EUR600 million.
=========
S P A I N
=========
HIPOCAT 10: S&P Junks Rating on Class C Notes From 'BBB'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class C notes in two Caixa d'Estalvis de Catalunya-originated
Spanish residential mortgage-backed securities transactions:
Hipocat 10, Fondo de Titulizacion de Activos and Hipocat 11, Fondo
de Titulizacion de Activos.
Specifically, S&P has:
* Downgraded to 'CCC' from 'BBB' class C notes in Hipocat 10 and
removed them from CreditWatch negative; and
* Downgraded to 'D' from 'CCC' the class C notes in Hipocat 11.
The two transactions include a deferral of interest trigger based
on cumulative defaults as a percentage of the initial collateral
balance. The current cumulative default level and trigger levels
(both as a percentage of the initial collateral balance) for each
transaction, are:Hipocat 10's current cumulative default level:
6.30% in April 2010. Hipocat 10's trigger levels: Class B
(11.00%) and class C (7.00%).
Hipocat 11's current cumulative default level: 10.15% in April
2010 Hipocat 11's trigger levels: Class B (13.20%) and class C
(8.90%).
The trustee uses these levels to calculate the triggers and are
different from the ones reported in the reports. S&P expects the
trustee to give us further feedback on this information and to
correct the information previously presented in the coming weeks.
With this corrected information, S&P will review the transaction
to investigate its impact on the other notes in both transactions.
HIPOCAT 11: S&P Downgrades Rating on Class C Notes to 'D'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class C notes in two Caixa d'Estalvis de Catalunya-originated
Spanish residential mortgage-backed securities transactions:
Hipocat 10, Fondo de Titulizacion de Activos and Hipocat 11, Fondo
de Titulizacion de Activos.
Specifically, S&P has:
* Downgraded to 'CCC' from 'BBB' class C notes in Hipocat 10 and
removed them from CreditWatch negative; and
* Downgraded to 'D' from 'CCC' the class C notes in Hipocat 11.
The two transactions include a deferral of interest trigger based
on cumulative defaults as a percentage of the initial collateral
balance. The current cumulative default level and trigger levels
(both as a percentage of the initial collateral balance) for each
transaction, are:Hipocat 10's current cumulative default level:
6.30% in April 2010. Hipocat 10's trigger levels: Class B
(11.00%) and class C (7.00%).
Hipocat 11's current cumulative default level: 10.15% in April
2010 Hipocat 11's trigger levels: Class B (13.20%) and class C
(8.90%).
The trustee uses these levels to calculate the triggers and are
different from the ones reported in the reports. S&P expects the
trustee to give us further feedback on this information and to
correct the information previously presented in the coming weeks.
With this corrected information, S&P will review the transaction
to investigate its impact on the other notes in both transactions.
* SPAIN: Political Influence Reduced Under New Savings-Bank Law
---------------------------------------------------------------
Emma Ross-Thomas and Charles Penty at Bloomberg News report that
Spain's Cabinet approved changes to rules governing savings banks
in a bid to reduce the influence of regional politicians on their
management.
Bloomberg relates the Finance Ministry said Friday in a statement
that the new decree law limits the voting rights that regional
administrations and public entities can exercise in the lenders'
management bodies to 40% from a previous 50%.
According to Bloomberg, Finance Minister Elena Salgado told a news
conference after a weekly Cabinet meeting that elected politicians
won't be able to serve in the lenders' management, even as
regional parliaments will choose officials to represent them in
the savings banks.
Spain's government has encouraged almost 40 savings banks to
merge after a surge in loan defaults at the institutions that
are linked to regional administrations and account for about
half the country's lending, Bloomberg discloses. As Spain
prepares to publish stress tests on lenders, the new legislation
aims to make cajas more professional while allowing them to raise
capital by selling shares, Bloomberg notes.
As part of the overhaul, the cajas will be able to sell shares
known as "cuotas participativas" with voting rights that give
an investor as much as 50% control, Bloomberg states.
=============
U K R A I N E
=============
METINVEST BV: Moody's Changes Outlook on 'B2' Rating to Stable
--------------------------------------------------------------
Moody's Investors Service has changed the outlook on the B2
corporate family rating of Ukrainian steel producer Metinvest B.V.
to stable from positive. At the same time the national scale
rating was downgraded to A2.ua from A1.ua.
The rating action was prompted by a recent announcement made by
Metinvest that it was in negotiations to acquire the majority of
Ilyich Steel Works (Ukrainian steel producer), a transaction which
indicates a more opportunistic approach to development initiatives
that current built into the positive outlook. At the same time
the stable outlook continues to reflect the resilience of the
operations of Metinvest and its good cost position as well as its
moderate leverage.
Moody's commented that there are still a number of uncertainties
related to expected cash outflows to complete the transaction,
including the payments at the deal's signing and any future
contingent payments. At present Moody's expect that the cash
outflow for this acquisition over the next two years might lead to
a material increase in total debt. This elevated debt level in
turn might lead to credit metrics, particularly the (CFO-
Dividends)/ Debt ratio, to move outside Moody's guidance of 35%
per year-end 2010 though the debt to ebitdta measure would remain
commensurate with the current rating. However, the liquidity
profile of Metinvest remains modest with debt maturities of around
US$930 million by the end of 2011.
Recently Metinvest announced the possible acquisition of a
significant stake (at least 75%) in the assets of Ilyich Iron and
Steel Works. As purchase consideration Moody's expect Metinvest
to exchange assets, to make possible cash payments and to give a
commitment in the range of US$2.0 billion to modernize the Ilyich
assets over the next 5 to 10 years. Even though Moody's believe
that the transaction makes sense for Metinvest in the long-term,
given that it already supplies Ilyich to a large extent, the
immediate effect is taking away any significant upward pressure on
the rating particularly in the light of the modest short-term
liquidity of Metinvest.
Since Metinvest is a fully integrated steel manufacturer with
significant coal and iron ore resources its operating performance
within the next two years should improve considerably compared to
2009 driven particularly by an increase in steel, iron ore and
cooking coal prices in the first half 2010 which nonetheless have
come to a halt recently due to increasing uncertainty about the
pace of the economic recovery which might be slowed by the
sovereign debt crisis.
Despite the strong expected cash flow generation and high cash
balance helped by a bond issue of US$500 million in April 2010
Metinvest's liquidity profile remains just sufficient for the next
4 quarters. If the company were not to continue to refinance
progressively its short-term debt maturities, cash sources
particularly consisting of cash and funds from operations might
not be sufficient to fully cover cash outflows for working
capital, capex, debt repayments, dividends, possible purchase
consideration for Ilyich and cash for day-to-day needs. Moody's
notes that a significant part of the company's debt is based on
secured but short term trade credit lines, which in the past have
constantly been rolled over.
Moody's will monitor the final terms and conditions of the IIyich
transaction and the extent to which it reflects a material change
in the financial policy. Separately the rating could be
downgraded if Metinvest short term liquidity profile was to
tighten.
Downward pressure could also be exerted on the rating as a result
of significantly higher leverage caused by an increase in the
absolute level of debt, combined with lower cash flow generation
not moving towards a CFO-dividends/debt ratio closer to 35% in
2010 and debt/EBITDA sustainably above 2.5x, stemming either from
material negative free cash flows or debt-financed acquisitions or
shareholder friendly actions, such as significant dividend
payments to the parent. Failure to manage more headroom under
covenants -- contrary to Moody's current expectations -- would
also result in pressure on the rating.
The rating of the Metinvest bond at B3, a one notch down
difference with the CFR, reflects a significant amount of secured
debt which is ranking ahead of the unsecured bond. However, the
bond benefits from upstream guarantees from some of the major
profit generation operating entities, such as the company's iron
ore mines and with the possibility of additional upstream
guarantees to be implemented from the Metinvest's major steel
producing entity, Azovstal, as soon as the outstanding Azovstal
bond has been repaid in 2011. These upstream guarantees provide
the bondholders direct access to the company's cash generating
entities and therefore avoid structural subordination compared to
existing bank agreements. As a result of the envisaged
transaction with Ilyich, the coverage provided by guarantees for
the Metinvest bond might be eroded if substantial assets of the
guarantors belonging to Metinvest were to be merged with the
Ilyich assets into a new entity, though this would likely not
result in additional notching. Given the relatively high amount
for secured debt, Moody's has assumed in its waterfall analysis
that trade debtors would be treated similar to the treatment of
secured debt holders and therefore trade debtors also rank ahead
of the proposed bond issuance.
Moody's last rating action on Metinvest was when the outlook on
the B2 corporate family rating was changed to positive from stable
on 23 April 2010.
Metinvest B.V., a company set up under Dutch law, but with major
operations in the Ukraine is the largest steel and iron ore
producer in the Ukraine. In 2009 the company generated revenues
of US$6 billion and operating profit of US$604 million. Metinvest
is owned 75% by System Capital Management, an investment holding
company in the Ukraine. 25% of Metinvest's shares are owned by
Smart group, also based in the Ukraine.
===========================
U N I T E D K I N G D O M
===========================
3G FOODSERVICE: Tough Market Conditions Prompt Administration
-------------------------------------------------------------
3G Food Service Ltd. has been placed into administration, eatout
reports.
The report relates Adrian Allen and Russell Cash of Baker Tilly
Restructuring and Recovery LLP have been appointed joint
administrators as of Thursday.
"Our appointment as administrators is due to the business falling
victim of the current tough market conditions, narrow profit
margins and a decline in overall consumer demand in the leisure
and hospitality arena," the report quoted Mr. Allen as saying.
"We have been appointed to wind down the company's affairs and the
company has effectively ceased trading. As a result, the majority
of the workforce has been made redundant with immediate effect."
3G Food Service Ltd. is a frozen food distributor, supplying a
number of restaurant and hotel chains in the United Kingdom. The
company employs 125 staff mainly in its Hull operations, according
to eatout.
ALEXANDRA PLC: On the Verge of Administration; Shares Suspended
---------------------------------------------------------------
Evening Post reports that Alexandra plc is on the verge of going
into administration after attempts to find a buyer failed.
According to the report, in a statement to the Stock Exchange, the
company said: "The board of Alexandra announces that trading in
shares of the company has been suspended with immediate effect.
"As announced on June 30, following an unsolicited preliminary
approach, the board suspended attempts to raise new equity to
examine a possible sale of the company or its assets, in
conjunction with its bankers.
"However, the company continues to experience significant working
capital constraints and the board believes that the company no
longer has sufficient funding to enable it to continue to trade on
a going concern basis and so the company is taking steps to
appoint an administrator."
The company, the report says, has been struggling to keep up with
its repayments on its loans to its bank for more than a year. The
report recalls the firm's troubles first emerged in the summer of
2009 when it reported losses of GBP11 million for the first six
months of the year.
Alexandra plc is a UK uniforms supplier based in Thornbury.
The company has 500 staff the UK, including 290 at its Thornbury
HQ, according to Evening Post.
CARE UK: Moody's Assigns 'B1' Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating and B1 probability of default rating to Care UK Health &
Social Care Newco Limited, the indirect holding company of Care UK
Limited, and the direct holding company of Care UK Health & Social
Care plc. At the same time, Moody's has assigned a provisional
(P)B2 rating to the proposed GBP250 million senior secured notes
due in 2017, which will be issued by the subsidiary Care UK Health
& Social Care plc. The rating outlook is stable.
The ratings reflect (i) Care UK's solid market position as a
leading provider of various outsourced private healthcare and
social care services in the United Kingdom, (ii) stable and
recurring revenue and cash generation base of the healthcare and
social services provided by Care UK, (iii) strong profitability
levels considering EBITDA Margins in the high teens in percentage
terms, and growth potential due to favorable demographics and
further outsourcing potential in the UK healthcare market, (iv)
revenue protection as a significant proportion of revenues are
backed by multi-year contracts, reduced earnings volatility as
most contracts have cost indexation clauses and a minimum exposure
to bad debt expenses given the prevalence of government-related
institutions as primary contractor, (v) solid liquidity cushion,
with headroom under a GBP80 million revolving credit facility,
strong asset-to-debt coverage and an extended debt maturity
profile following the issuance of the notes.
The ratings are constrained by (i) high financial leverage
following the leveraged buyout of Care UK by Bridgepoint, which is
expected to moderately increase in 2011 due to contract
maturities, but anticipated to be gradually improved in 2012 and
beyond in line with the requirements for the B1 rating category,
(ii) challenge to renew maturing outsourcing contracts with
competitive tariffs in light of rising budgetary pressures of
government-related contractors, which could weigh in somewhat on
future profitability, (iii) pressure to realize constant
efficiency improvements and generate rising treatment numbers at
constant quality levels to mitigate changing specifications and
pressure on tariffs of new contracts but also to recover cost
inflation for existing non-inflation indexed contracts, (iv) high
capital intensity and funding needs of the healthcare business, as
upcoming outsourcing opportunities from governments require
advance investments which could constrain free cash flow
generation.
The stable outlook anticipates that the company will broadly
operate within the credit metrics and profitability requirements
for the B1 rating category going forward. Moody's expect that
Care UK will realize a sufficient contract renewal rate to support
its current revenue base and overhead cost structure. The stable
outlook is based both on the expectation that the company
preserves a sufficient liquidity cushion (supported by positive
free cash flow generation), including protection of a sufficient
headroom under financial covenants of the revolving credit
facility and on the absence of transforming acquisitions and
shareholder distributions.
An upgrade would require a sustained period of improved
profitability and cash flow generation allowing the company to
operate within leverage parameters commensurate with a higher
rating, as measured by Debt to EBITDA remaining below 5x, EBITA to
Interest Coverage improving above 2.0x, and RCF to Net debt moving
towards 15% while preserving solid profitability levels.
Negative pressure would be exerted on the rating if credit metrics
erode, such as Debt to EBITDA above 5.5x, EBITA to Interest
Coverage below 1.3x, RCF to net Debt falling below 10%, or as a
result of rising margin pressure from changes in the UK regulatory
healthcare framework.
The (P)B2 rating (LGD 4, 61%) assigned to the senior secured notes
is one notch below the B1 CFR. The rating of the notes reflects
its junior ranking behind the sizeable GBP80 million super senior
revolving credit facility which ranks ahead. The revolving credit
facility which will also be issued at the level of Care UK Health
& Social Care plc, is guaranteed on a senior secured basis by a
majority of operating companies, benefits from a downstream
guarantee provided by Care UK Health & Social Care Newco Limited,
and is secured by a first-lien pledge on a majority of the
company's assets. The senior secured notes are secured by the
same asset base on a second-lien basis as reflected in the
notching, and benefit from the same guarantees on a junior basis.
This provisional (P)B2 rating is based on draft documentation
received so far and subject to Moody's satisfactory review of
final documentation.
Care UK's ratings were assigned by evaluating factors Moody's
consider relevant to the credit profile of the issuer, such as (i)
the business risk and competitive position of the company versus
others within its industry, (ii) the capital structure and
financial risk of the company, (iii) the projected performance of
the company over the near-to-intermediate term, and (iv)
management's track record of tolerance for risk. These attributes
were compared against other issuers both within and outside of
Care UK's core industry, and Moody's believe that Care UK's
ratings are comparable to those other issuers of similar credit
risk.
Assignments:
Issuer: Care UK Health & Social Care plc
-- Senior Secured Regular Bond/Debenture, Assigned (P)B2, LGD
Assessment LGD 4, 61%
-- Outlook: Stable
Issuer: Care UK Health & Social Care Newco Limited
-- Corporate Family Rating, Assigned B1
-- Probability of Default Rating; Assigned B1
-- Outlook: Stable
Care UK, headquartered in London (United Kingdom), is the largest
independent provider of various outsourced health care services to
the National Health Service, the publicly-funded healthcare system
in the UK. Care UK is also a leading provider of social care
services, providing residential care, community care and
specialist care. In 2009, Care UK generated revenues of
GBP410 million.
CARE UK: S&P Assigns 'B+' Long-Term Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
long-term corporate credit rating to Care UK Health & Social Care
Newco Ltd., the parent company of Care UK Ltd. The outlook is
stable.
At the same time, S&P assigned a 'B+' issue rating to Care UK
Health & Social Care PLC's proposed GBP250 million senior secured
notes due 2017 (proposed notes). S&P assigned a recovery rating
of '3' to the proposed notes, indicating S&P's expectation of
meaningful (50%-70%) recovery in the event of a payment default.
"The rating reflects S&P's view of Care UK's relatively high
leverage under the proposed capital structure following a
leveraged buyout by private equity group Bridgepoint in April
2010," said Standard & Poor's credit analyst Marketa Horkova.
"S&P estimate that leverage will peak at about 4.5x Standard &
Poor's-adjusted debt to EBITDA in 2011. As such, S&P considers
Care UK's financial risk profile to be aggressive under S&P's
criteria."
S&P considers Care UK's business risk profile to be weak under its
criteria. This view is based on the company's relatively small
size, albeit in a highly fragmented market, and its revenue
exposure to changes in public funding polices, although this
exposure is partially mitigated by good revenue visibility due to
a high proportion of forward contracts.
In S&P's view, Care UK should be able to balance potential fee
pressure and upcoming contract expiries with cost savings and new
contract wins, thereby preserving its profitability. The outlook
also factors in S&P's opinion of Care UK's ability to generate
sufficient cash flow, including contracted buyback proceeds, to
service its debt obligations and capital investments without
increasing its debt burden, and to maintain adjusted debt to
EBITDA of less than 5x.
S&P would consider taking a positive rating action should Care
UK's debt protection metrics -- specifically adjusted debt to
EBITDA -- drop to less than 4x after 2011.
A weakening of the company's financial profile due to poor
operating performance, higher-than-projected capital investments,
or capital returns, could lead us to take a negative rating
action.
EURODERM RESEARCH: Directors Sign Disqualification Undertakings
---------------------------------------------------------------
Essex-based company directors Anthony Drewitt-Barlow and Barry
Drewitt-Barlow have signed undertakings disqualifying them from
being company directors for eight years each, with effect from
July 8, following an investigation by The Insolvency Service.
Anthony and Barry Drewitt-Barlow signed the undertakings for their
roles in Euroderm Research Ltd, which was wound-up in March 2008,
with debts of GBP542,540.
Euroderm Research was incorporated on March 18, 2003. The
company's original business was the clinical trial of cosmetic
products. Latterly, in the course of trading, Euroderm Research's
business expanded to include trial and testing of pharmaceutical
products. The license to undertake trail and testing of
pharmaceutical products was issued by the Medicine and Healthcare
Products Regulatory Agency.
In signing their disqualification undertakings the Drewitt-Barlows
accepted that they had allowed Euroderm Research Ltd, which they
managed, to make payments totaling GBP243,704 to an associated
company, H2O Haircare Ltd, which had done no work for Euroderm,
leading to Euroderm Research's creditors losing out. No loan
agreement existed between the two companies and the money was
never repaid.
Furthermore, despite the presentation of a winding up petition on
November 15, 2007, Euroderm Research continued to make payments on
behalf of H2O Haircare Ltd totaling GBP32,613, which included cash
transfers totalling GBP20,000.
Euroderm Research's company records of January 2007 show a co-
director as a creditor of the company for GBP64,622. Between
January 2007 and the presentation of the petition in November
2007, payments and purchases of GBP103,358 were made on behalf of
that director.
The disqualifications mean that Anthony Drewitt-Barlow and Barry
Drewitt-Barlow are banned from acting as company directors, or in
any way controlling a company for a period of eight years from
Thursday, July 8, 2010.
HWR TRANSPORT: Enters Voluntary Liquidation; 16 Jobs Affected
-------------------------------------------------------------
Joanna Bourke at RoadTransport.com reports that HWR Transport, the
pre-pack successor to Pendragon Haulage, has entered voluntary
liquidation with a total deficiency of GBP250,673.
The report relates HWR Transport appointed David Bottomley of
Bottomley & Co as its liquidator on June 28.
According to the report, the company had ceased trading on June 7
and all 16 employees were made redundant. The company owed
GBP71,234 in PAYE and NI contributions to HM Revenue & Customs, as
well as outstanding VAT payments of GBP59,841, the report
discloses.
"The company was still making a loss and could not afford or make
the deadline to pay the HMRC bills for which it was being pursued.
HWR Transport could see no other way out," the report quoted
Mr. Bottomley as saying.
"The company's accountants prepared a financial forecast which
showed the business would survive if time was given to pay the
arrears to the government departments, which were approached, but
payment in full was required within six months."
"On June 4, 2010, the company was unable to pay its fuel bill. On
June 7 the funds were still not available, and it was decided the
company had to close down."
The report recalls HWR Transport director Hefin Rees registered
the business in April 2009 to take over the business of Pendragon
Haulage, where he was also a director. Pendragon ceased trading
and went into voluntary liquidation in August 2009, the report
recounts.
Shropshire-based HWR Transport had been running about 20 trucks,
according to RoadTransport.com.
INTEREAD: Put Into Liquidation
------------------------------
Philip Jones at The Bookseller.com reports that Interead has been
put into liquidation.
The report relates a petition was made to Liverpool District Court
by PR Beam Agency in late March, with the motion granted by a
judge on June 8.
The company never filed accounts with Companies House and it is
not clear what plans, if any, the liquidator has for the company
or its remaining assets, the report notes.
Interead is the company behind the Cool-er e-reader. The company
was founded in 2009 by former banker Neil Jones.
KETECH GROUP: Mulls Company Voluntary Arrangement
-------------------------------------------------
Richard Tyler at The Daily Telegraph reports that KeTech Group, a
private company that received GBP2.75 million from a government-
funded scheme set up by Lord Mandelson less than a year ago, is to
file for protection from its creditors.
According to the report, KeTech is finalizing plans for a company
voluntary arrangement that will see creditors receive only a
percentage of what they are owed. It may also secure another
GBP500,000 from Lord Mandelson's GBP75 million Capital for
Enterprise Fund as part of its recovery plan, the report says.
"We are in the process of proposing to go into a CVA," the report
quoted Steve Berg, KeTech's chief executive, as saying.
The report relates Octopus Capital, one of the CfE fund's two
managers, said KeTech would continue to trade but hoped to receive
protection from its creditors.
Up to 20pc of KeTech's 80 staff face redundancy, the report notes.
KeTech Group Ltd. -- http://www.ketech.com/-- provides
communication systems consultancy, design, engineering, software
development and maintenance services to the transport sector.
KeTech has offices in London, Bedford, Nottingham, Preston,
Bristol and Aldermaston.
PETER SCOTT: Sold to Gloverall by Administrators
-------------------------------------------------
BBC News reports that Peter Scott & Company has been sold to
duffel-coat maker Gloverall Plc.
"This is a fantastic result for the company, staff, creditors and
the town of Hawick," BBC quoted Blair Nimmo, head of restructuring
for KPMG in Scotland, as saying. "Peter Scott & Company is
synonymous with quality clothing and the Borders region, so it is
particularly pleasing to finalize this sale."
As reported by the Troubled Company Reporter-Europe, Mr. Nimmo and
Gary Fraser of KPMG were appointed joint administrators of Peter
Scott on May 27, 2010, at the request of the company directors.
At the time of appointment, 119 of the company's 140 employees
were made redundant.
Based in Hawick, Peter Scott & Company manufactures high-quality
clothing including cashmere, lambswool and blended knitwear
garments for both high street retail and the golf industry.
QUAY RADIO: In Administration; Potential Buyer Being Sought
-----------------------------------------------------------
Radio Today reports that Quay Radio has been placed into
administration by its owner, Portsmouth Football Club.
According to the report, the radio station, which is a separate
limited company, is continuing to trade while the administrators,
Andrew Andronikou and Michael Kiely, seek a buyer.
Quay Radio is a United Kingdom radio station, broadcasting to an
area in and around the city of Portsmouth. The station is the
official radio station for Portsmouth Football Club and has
exclusive commercial radio commentary rights to all their games
home and away.
SOLAR TECHNIK: Director Disqualified After GBP1 Million Loss
------------------------------------------------------------
Starting from Monday, July 12, 2010, Floyd Lewis, the director of
Solar Technik Ltd., a company offering home solar energy systems,
agreed to abide by a company directors disqualification
undertaking for a period of nine years following an investigation
by The Insolvency Service.
Floyd Lewis of Bournemouth has signed a disqualification
undertaking banning him from managing, controlling or being a
director of a company until 2019.
Solar Technik, which traded from Hinton Road in Bournemouth,
Dorset, went into voluntary liquidation on March 26, 2007 with an
estimated deficiency to creditors of GBP1,381,456. Mr. Lewis was
also a director of Ultimate Energy Plc which went into
administration on December 2, 2008. On June 2, 2009, Ms. June
Lewis, Mr. Lewis' mother and co-director of Solar Technik,
accepted a disqualification undertaking for nine years.
The investigation by The Insolvency Service found that Mr. Lewis
caused Solar Technik to trade in a manner which was detrimental to
both its customers and creditors.
Disqualification undertakings were introduced in April 2001, they
are an administrative equivalent of a disqualification order but
do not involve court proceedings. Without specific permission of
a court a person with a Company Directors Disqualification,
including Undertakings, cannot:
* act as a director of a company;
* take part, directly or indirectly, in the promotion,
formation or management of a company;
* be a liquidator or administrator of a company; or
* be a receiver or manager of a company's property.
TAYLOR WIMPEY: In Talks With Lenders Over Refinancing Package
-------------------------------------------------------------
Ed Hammond, Neil Hume and Anousha Sakoui at The Financial Times
report that Taylor Wimpey is negotiating with lenders over a
refinancing package that would increase the ability of the company
to buy land.
According to the FT, the company is seeking to refinance its bonds
and bank loans after last year completing a GBP1.55 billion debt
restructuring that extended the repayments due on its debts to
July 2012.
The FT relates a person close to Taylor Wimpey said there was no
danger of the group breaching its borrowing covenants, but the
restrictions on spending would "limit its ability to meet
returning buyer demand."
The company is in early stage discussions to extend the duration
of its debts over four years and secure less constrictive cash
flow covenants, the FT says citing people close to the process.
The talks were initiated early to give the group the option of
turning down a refinancing package that would not give it the
operational headroom it sought to expand the business, the FT
notes. The alternative is to reduce dependence on bank finance in
favor of bonds, the FT states.
About Taylor Wimpey
Taylor Wimpey plc -- http://www.taylorwimpey.com-- is a
homebuilding company with operations in the United Kingdom, North
America, Spain and Gibraltar. The Company has 34 regional
businesses and five smaller satellite operations. It operates two
core brands: Bryant Homes and George Wimpey. The George Wimpey
brand incorporates modern design and contemporary living into each
home and offers customers a range of options to personalize their
home. Its Gibraltar business operates in the luxury apartment
market. The Company operates in five divisions: Housing United
Kingdom, Housing North America, Housing Spain and Gibraltar,
Construction and Corporate. On July 3, 2007, George Wimpey PLC
merged with Taylor Woodrow plc to create Taylor Wimpey plc. In
September 2008, the Company announced the sale of the United
Kingdom business of Taylor Woodrow Construction to VINCI PLC.
* * *
As reported by the Troubled Company Reporter-Europe on July 12,
2010, Fitch Ratings affirmed UK house-builder Taylor Wimpey Plc's
Long-term Issuer Default Rating at 'B' with a Stable Outlook.
Fitch has also affirmed TW's Short-term IDR at 'B' and senior
unsecured rating at 'B-'.
Fitch said TW currently has over GBP1.9bn of debenture loans and
revolving credit facilities that need to be refinanced before
maturity in July 2012. According to the FT, the company expects
net debt to be less than GBP650 million at H1 2010, but TW's
ratings remain constrained by concerns that it may not be
sufficiently cash generative over the coming two years to
refinance what Fitch estimates to be a funding requirement of
between GBP1 billion and GBP1.3 billion.
* UK: Deloitte Says Administrations Down 43% in First Half 2010
---------------------------------------------------------------
Despite fears of a double dip recession, corporate administrations
have dropped to a pre-credit crunch low according to analysis by
Deloitte, the business advisory firm. Research shows that the
first six months of 2010 saw 1,065 administrations, down 43% on
the same period last year and even 25% less than H1 2006, the last
full year before the financial downturn began, which saw 1,419
administrations. In addition, administrations dropped 18% in the
second quarter of 2010 compared with the first three months of the
year.
Lee Manning, reorganization services partner at Deloitte,
commented: "While Deloitte's latest CFO Survey revealed increasing
fears of a double dip recession, these figures paint a more
positive picture and may provide a corporate confidence boost.
The proactive approach adopted by companies and lenders alike has
had, and continues to have a positive effect in most distressed
situations. By acting sooner, companies have, been able to remedy
problems more effectively. Equally, lenders have been supportive,
preferring to make debt for equity swaps or even advance suitably
priced risk capital, rather than crystallize their debt through an
insolvency process."
The pronounced decrease in administrations is being seen across a
broad spectrum of industries; retail administrations fell a
staggering 57% in the first six months of this year, compared with
the same period in 2009; similarly, property and construction
failures are down 43% year on year, and manufacturing
administrations are down 46%. Quarter on quarter this trend has
continued, with retail administrations down 20%, property and
construction down 25% and manufacturing down 27% compared to the
first three months of the year.
Mr. Manning: "We are seeing a steady decline in administrations
and this is certainly a positive sign that the climate is
stabilizing. I would be very surprised if administration levels
increased dramatically this year; rather I would expect the second
half to mirror the levels of activity we've seen in H1.
"The summer months traditionally see lower levels of
administration activity, particularly given the periodic absence
of key decision makers taking summers holidays. We expect this
decline to continue into Q3. Confidence has been on the rise,
with consumer spending holding up better than expected, and
corporate confidence being felt more widely. For example
manufacturing, one sub-sector impacted, has experienced improved
output.
"Retailers have also experienced a more buoyant six months,
following the high number of retail administrations we saw in 2008
and 2009, with many retailers now picking up the market share left
by those businesses that failed. Clearly the economic situation
will remain challenging and while increased VAT in the New Year
won't have a material impact on the prices of most products, this
won't help consumer confidence either. To date retailers have
been positive, responding well to the changing environment,
managing their cash flows and stock levels appropriately, as well
as having successful discussions with landlords over spreading the
burden of rent and service charges. I expect this level of
engagement to continue, with CVAs and informal arrangements with
creditors being used as a constructive alternative to
administration."
* Total administrations:
* H110 down 43% from 1856 in H109 to 1065;
* H108 saw 1440 administrations;
* H107 saw 1205 administrations;
* H106 saw 1419 administrations.
* Retail administrations:
* H110 - 81 administrations;
* H109 - 187 retail administrations;
* H108 - 126 retail administrations.
* Property and construction administrations:
* H110 - 229 administrations;
* H109 - 399 administrations;
* H108 - 295 administrations.
* Manufacturing administrations:
* H110 - 167 administrations;
* H109 - 311 administrations;
* H108 - 210 administrations
About Deloitte
Deloitte LLP is a professional services firms. It is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein,
whose member firms are legally separate and independent entities.
* UK: R3 Says Bad Management Caused 60% of Corporate Insolvencies
-----------------------------------------------------------------
Incompetence or bad management of company directors causes 56% of
corporate failures, while nearly 40% of businesses could have been
saved if professional advice had been sought earlier, according to
a poll of insolvency experts carried out by insolvency trade body
R3.
R3's President Steven Law commented: "Regardless of the economic
circumstance, no business will survive with poor management in
place. I have seen a good workforce let down and sometimes laid
off due to management which do not admit and correct their
mistakes."
R3's research also reveals that a further 60% of insolvency
practitioners think the UK's insolvency regime is overly forgiving
towards directors who fail and over half think all directors
should receive mandatory financial education before they even open
a business.
However, R3 members believe there are some lessons that can be
learnt from the experience as 74% of insolvency practitioners
believe corporate failure can drive directors to be more
successful. A staggering 84% of IPs also believe it can heighten
business acumen.
Mr. Law concluded: "For some directors, the experience of failure
can clearly drive them onto greater successes, but I would share
concerns that the current regime is, if anything, too forgiving to
directors who have failed. Clearly it would not be practical to
educate every director before they are appointed, but there must
be enough checks and balances to ensure that directors of failed
companies should not put creditors and jobs at risk if they are
allowed to repeat their mistakes."
* UK: Company Profit Warnings Exceptionally Low in Q2, E&Y Says
---------------------------------------------------------------
UK quoted companies issued 45 profit warnings in Q2 2010, compared
to 54 in the first quarter of the year, according to Ernst &
Young. The sectors with the highest number of warnings were:
Travel & Leisure (6), Support Services (6), Construction &
Materials (4), General Retailers (4) and Software & Computer
Services (4).
Because the UK economy is still in recovery mode, far fewer
companies are blaming macro-economic conditions for their profit
warning. Just 22% of companies warning this quarter cited
difficult trading conditions, compared with 46% in the same period
of 2009. Instead, contract amendments or cancellations were the
main reason for warning, with nearly a third of companies blaming
contract issues, up from 17% in the same period in 2009. This
figure includes six profit warnings from companies whose contracts
were subject to cancellation or hiatus in the early stages of
government spending cuts; a theme that looks set to figure
prominently in the year ahead.
Keith McGregor, restructuring partner at Ernst & Young, said: "UK
plc could be in for another rough ride. Profit warnings reached a
near seven-year low in the second quarter, falling below 50 for
the first time since 2003. However, this will be the last period
in which an expansionary fiscal policy helps to keep profit
warnings low, and a number of companies have already cautioned
that they expect much tougher times ahead, when further fiscal
tightening reins in public sector and consumer spending."
The emergency Budget in June signaled how severe this retrenchment
will be. By common assent, widespread fiscal adjustment is
necessary to ensure the UK's credit reputation, avoid disorderly
market conditions and help create the right environment for strong
private sector growth. But, while potential rewards for such
accelerated austerity are high, the risks are too.
Alan Hudson, restructuring partner at Ernst & Young commented: "It
looks like 2011 will be a crunch year. It is then that the first
significant wave of fiscal tightening, including the rise in VAT,
will likely coincide with interest rate rises and the upslope of a
refinancing peak. A firmly entrenched private sector recovery
would soften these blows, but with growth still fragile and the
economy still battling headwinds from the eurozone and stuttering
credit markets, this support is by no means certain."
Mr. McGregor said: "A question mark still hangs over the ability
of both investment and exports to build momentum in the year
ahead. Access to credit is also a vital prerequisite for a strong
private sector recovery, but the lingering fallout from the credit
crunch, combined with fears over the viability of the eurozone and
the solvency of some members, is limiting bank credit and
periodically slamming the bond market door shut.
Mr. McGregor continued: "This will be immediately concerning to
those companies looking to refinance, because the bond markets had
been ready to provide funding when no one else would."
Profit warning outlook
High levels of public sector spending and fiscal stimulus have
provided a buffer for many companies against the worst of the
credit crunch and recession. Although, there is an element of
weaning the patient off the life support by delaying the main wave
of fiscal tightening until 2011; from that date, the level of
public sector support drops dramatically.
Mr. Hudson concluded: "Cutting back the public sector to allow
space for the private sector to grow should, in the long term,
help promote higher levels of growth that will benefit UK plc.
But, given the size of the adjustment required, the transition
will inevitably be painful.
"This leaves UK plc with a very difficult hand to play. Many
companies are now enjoying a trading uplift, which explains the
exceptionally low levels of warnings in some sectors. However,
given the potential challenges to growth in the year ahead,
companies will need to manage costs and expectations carefully to
mitigate a potential stall or stutter in 2011, when government
spending really starts to retrench. Uncertainty and demand
volatility is usually associated with a rise in profit warnings
and we continue to expect the number of warnings to increase in
the year ahead.'
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
(US$)
AUSTRIA
-------
CHRIST WATER TEC CWT PZ -5754287.761 165995618.1
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STYROL HOLDING 1 3321155Z AV -69327699.53 1925984640
BELGIUM
-------
SABENA SA SABA BB -84766501.61 2196477161
CYPRUS
------
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CZECH REPUBLIC
--------------
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DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
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FRANCE
------
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TECHNICOLOR-ADR TCH US -649203365.6 6191078453
THOMSON - NEW 2336061Q FP -649203365.6 6191078453
THOMSON - NEW TMSNV FP -649203365.6 6191078453
THOMSON (EX-TMM) TNMA GR -649203365.6 6191078453
THOMSON (EX-TMM) TMS FP -649203365.6 6191078453
THOMSON (EX-TMM) TMM VX -649203365.6 6191078453
THOMSON (EX-TMM) TMM ES -649203365.6 6191078453
THOMSON (EX-TMM) TMS TQ -649203365.6 6191078453
THOMSON (EX-TMM) TMM LN -649203365.6 6191078453
THOMSON (EX-TMM) TMS QM -649203365.6 6191078453
THOMSON (EX-TMM) TMS VX -649203365.6 6191078453
THOMSON (EX-TMM) TMMN FP -649203365.6 6191078453
THOMSON MULT-ADR TMS-P US -649203365.6 6191078453
THOMSON MULTIMED TMM FP -649203365.6 6191078453
THOMSON MULTI-NE ZTM FP -649203365.6 6191078453
TROUVAY CAUVIN TVYCF US -396977.9956 133986439.7
TROUVAY CAUVIN ETEC FP -396977.9956 133986439.7
GEORGIA
-------
DEVELICA DEUTSCH DDE LN -107879893.8 1235370057
DEVELICA DEUTSCH D4B GR -107879893.8 1235370057
DEVELICA DEUTSCH DDE IX -107879893.8 1235370057
DEVELICA DEUTSCH DDE PZ -107879893.8 1235370057
DEVELICA DEUTSCH DDE PG -107879893.8 1235370057
O TWELVE ESTATES OTE EU -7152968.898 297722697.4
O TWELVE ESTATES OTE EO -7152968.898 297722697.4
O TWELVE ESTATES OTE LN -7152968.898 297722697.4
O TWELVE ESTATES OTE PG -7152968.898 297722697.4
O TWELVE ESTATES OTEEUR EO -7152968.898 297722697.4
O TWELVE ESTATES O2T TH -7152968.898 297722697.4
O TWELVE ESTATES OTE PZ -7152968.898 297722697.4
O TWELVE ESTATES OTE IX -7152968.898 297722697.4
O TWELVE ESTATES O2T GR -7152968.898 297722697.4
GERMANY
-------
AGOR AG DOO GR -482446.6262 144432986.2
AGOR AG DOOD PZ -482446.6262 144432986.2
AGOR AG NDAGF US -482446.6262 144432986.2
AGOR AG DOOG IX -482446.6262 144432986.2
AGOR AG DOO EU -482446.6262 144432986.2
AGOR AG DOO EO -482446.6262 144432986.2
AGOR AG-RTS 2301918Z GR -482446.6262 144432986.2
ALNO AG ANO EO -101940692.7 236502063.1
ALNO AG ANO EU -101940692.7 236502063.1
ALNO AG ANO GR -101940692.7 236502063.1
ALNO AG ANO PZ -101940692.7 236502063.1
ALNO AG ALNO IX -101940692.7 236502063.1
ALNO AG-NEW ANO1 GR -101940692.7 236502063.1
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BROKAT AG BROFQ US -27139391.98 143536859.7
BROKAT AG BROAF US -27139391.98 143536859.7
BROKAT AG BKISF US -27139391.98 143536859.7
BROKAT AG BRKAF US -27139391.98 143536859.7
BROKAT AG -NEW BRJ1 NM -27139391.98 143536859.7
BROKAT AG -NEW BRJ1 GR -27139391.98 143536859.7
BROKAT AG-ADR BROA US -27139391.98 143536859.7
BROKAT TECH -ADR BROAQ US -27139391.98 143536859.7
BROKAT TECH AG BRJ NM -27139391.98 143536859.7
BROKAT TECH AG BSA LN -27139391.98 143536859.7
BROKAT TECH AG BRJ GR -27139391.98 143536859.7
BROKAT TECH-ADR BRJA GR -27139391.98 143536859.7
CBB HOLDING AG COB2 EO -42994732.85 904723627.8
CBB HOLDING AG CUBDF US -42994732.85 904723627.8
CBB HOLDING AG COB2 EU -42994732.85 904723627.8
CBB HOLDING AG COBG IX -42994732.85 904723627.8
CBB HOLDING AG COB GR -42994732.85 904723627.8
CBB HOLDING AG COBG PZ -42994732.85 904723627.8
CBB HOLDING-NEW COB3 GR -42994732.85 904723627.8
CBB HOLDING-NEW COB1 GR -42994732.85 904723627.8
CBB HOLD-NEW 97 COB2 GR -42994732.85 904723627.8
CINEMAXX AG MXCUSD EU -14445849.72 194465786.9
CINEMAXX AG MXCG IX -14445849.72 194465786.9
CINEMAXX AG MXC EU -14445849.72 194465786.9
CINEMAXX AG MXC EO -14445849.72 194465786.9
CINEMAXX AG MXC PZ -14445849.72 194465786.9
CINEMAXX AG MXC TH -14445849.72 194465786.9
CINEMAXX AG MXCUSD EO -14445849.72 194465786.9
CINEMAXX AG CNEMF US -14445849.72 194465786.9
CINEMAXX AG MXC GR -14445849.72 194465786.9
CINEMAXX AG-RTS MXC8 GR -14445849.72 194465786.9
COGNIS GMBH 575202Z GR -1092037449 3081208210
COGNIS HOLDING G 635952Z GR -1587896974 2850475613
DORT ACTIEN-BRAU 944167Q GR -12689156.29 117537053.7
DORT ACTIEN-RTS DAB8 GR -12689156.29 117537053.7
EDOB ABWICKLUNGS ESC EU -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC BQ -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC TQ -22323463.23 425598807.8
EDOB ABWICKLUNGS ESCDF US -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC GR -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC PZ -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC TH -22323463.23 425598807.8
EDOB ABWICKLUNGS ESC EO -22323463.23 425598807.8
EM.TV & MERCHAND ETV LN -22067409.41 849175624.7
EM.TV & MERCHAND 985403Q GR -22067409.41 849175624.7
EM.TV & MERCHAND ETV VX -22067409.41 849175624.7
EM.TV & MERCHAND ETV NM -22067409.41 849175624.7
EM.TV & MERCHAND ETVMF US -22067409.41 849175624.7
EM.TV & MERCHAND EMTVF US -22067409.41 849175624.7
EM.TV & MERC-NEW ETV1 GR -22067409.41 849175624.7
EM.TV & MERC-NEW ETV1 NM -22067409.41 849175624.7
EM.TV & MERC-RTS ETV8 NM -22067409.41 849175624.7
EM.TV & MERC-RTS ETV8 GR -22067409.41 849175624.7
ESCADA AG ESCG IX -22323463.23 425598807.8
ESCADA AG -PFD ESC3 GR -22323463.23 425598807.8
ESCADA AG-NEW ESCN GR -22323463.23 425598807.8
ESCADA AG-NEW ESCC GR -22323463.23 425598807.8
ESCADA AG-NEW 835345Q GR -22323463.23 425598807.8
ESCADA AG-NEW ESCD GR -22323463.23 425598807.8
ESCADA AG-NEW ESCN EU -22323463.23 425598807.8
ESCADA AG-NEW 3069367Q GR -22323463.23 425598807.8
ESCADA AG-NEW ESCN EO -22323463.23 425598807.8
ESCADA AG-RTS ESCE GR -22323463.23 425598807.8
ESCADA AG-SP ADR ESCDY US -22323463.23 425598807.8
KABEL DEUTSCHLAN KD8 GR -1408286725 3144138917
KABEL DEUTSCHLAN KD8USD EO -1408286725 3144138917
KABEL DEUTSCHLAN KD8USD EU -1408286725 3144138917
KABEL DEUTSCHLAN KD8 EU -1408286725 3144138917
KABEL DEUTSCHLAN KD8 IX -1408286725 3144138917
KABEL DEUTSCHLAN KD8 TH -1408286725 3144138917
KABEL DEUTSCHLAN KD8 EB -1408286725 3144138917
KABEL DEUTSCHLAN KD8 EO -1408286725 3144138917
KAUFRING AG KFR PZ -19296489.56 150995473.8
KAUFRING AG KFR EU -19296489.56 150995473.8
KAUFRING AG KFR EO -19296489.56 150995473.8
KAUFRING AG KAUG IX -19296489.56 150995473.8
KAUFRING AG KFR GR -19296489.56 150995473.8
LLOYD FONDS AG LLOG IX -1314098.03 141766952.6
LLOYD FONDS AG L1O GR -1314098.03 141766952.6
LLOYD FONDS AG L1O EO -1314098.03 141766952.6
LLOYD FONDS AG L1O PZ -1314098.03 141766952.6
LLOYD FONDS AG L10 BQ -1314098.03 141766952.6
LLOYD FONDS AG L1O EU -1314098.03 141766952.6
LLOYD FONDS AG L1O TQ -1314098.03 141766952.6
LLOYD FONDS AG L1O TH -1314098.03 141766952.6
MANIA TECHNOLOGI MNI GR -35060806.5 107465713.6
MANIA TECHNOLOGI MIAVF US -35060806.5 107465713.6
MANIA TECHNOLOGI 2260970Z GR -35060806.5 107465713.6
MANIA TECHNOLOGI MNI1 EU -35060806.5 107465713.6
MANIA TECHNOLOGI MNI1 EO -35060806.5 107465713.6
MANIA TECHNOLOGI MNIG IX -35060806.5 107465713.6
MANIA TECHNOLOGI MNI PZ -35060806.5 107465713.6
MANIA TECHNOLOGI MNI NM -35060806.5 107465713.6
MATERNUS KLINI-N MAK1 GR -16232020.37 171958727
MATERNUS-KLINIKE MAK EU -16232020.37 171958727
MATERNUS-KLINIKE MAK GR -16232020.37 171958727
MATERNUS-KLINIKE MAK EO -16232020.37 171958727
MATERNUS-KLINIKE MAK PZ -16232020.37 171958727
MATERNUS-KLINIKE MAKG IX -16232020.37 171958727
MATERNUS-KLINIKE MNUKF US -16232020.37 171958727
NORDAG AG DOO1 GR -482446.6262 144432986.2
NORDAG AG-PFD DOO3 GR -482446.6262 144432986.2
NORDAG AG-RTS DOO8 GR -482446.6262 144432986.2
NORDSEE AG 533061Q GR -8200552.046 194616922.6
PRIMACOM AG PRC NM -18656728.68 610380925.7
PRIMACOM AG PRC2 GR -18656728.68 610380925.7
PRIMACOM AG PRCG PZ -18656728.68 610380925.7
PRIMACOM AG PRC GR -18656728.68 610380925.7
PRIMACOM AG PRC TH -18656728.68 610380925.7
PRIMACOM AG PRC EO -18656728.68 610380925.7
PRIMACOM AG PCAGF US -18656728.68 610380925.7
PRIMACOM AG PRC EU -18656728.68 610380925.7
PRIMACOM AG PRCG IX -18656728.68 610380925.7
PRIMACOM AG-ADR PCAG US -18656728.68 610380925.7
PRIMACOM AG-ADR PCAGY US -18656728.68 610380925.7
PRIMACOM AG-ADR+ PCAG ES -18656728.68 610380925.7
RAG ABWICKL-REG RSTHF US -1744121.914 217776125.8
RAG ABWICKL-REG ROS GR -1744121.914 217776125.8
RAG ABWICKL-REG ROS1 EO -1744121.914 217776125.8
RAG ABWICKL-REG ROS1 EU -1744121.914 217776125.8
RAG ABWICKL-REG ROSG PZ -1744121.914 217776125.8
RINOL AG RILB EO -2.7111 168095049.1
RINOL AG RIL GR -2.7111 168095049.1
RINOL AG RILB EU -2.7111 168095049.1
RINOL AG RNLAF US -2.7111 168095049.1
RINOL AG RILB PZ -2.7111 168095049.1
RINOL AG RILB GR -2.7111 168095049.1
RINOL AG RILB IX -2.7111 168095049.1
ROSENTHAL AG 2644179Q GR -1744121.914 217776125.8
ROSENTHAL AG-ACC ROS4 GR -1744121.914 217776125.8
ROSENTHAL AG-ADR RSTHY US -1744121.914 217776125.8
ROSENTHAL AG-REG ROSG IX -1744121.914 217776125.8
SANDER (JIL) AG SAD GR -6153256.917 127546738.8
SANDER (JIL) AG JLSDF US -6153256.917 127546738.8
SANDER (JIL)-PRF SAD3 PZ -6153256.917 127546738.8
SANDER (JIL)-PRF SAD3 GR -6153256.917 127546738.8
SANDER (JIL)-PRF 2916157Q EU -6153256.917 127546738.8
SANDER (JIL)-PRF 2916161Q EO -6153256.917 127546738.8
SINNLEFFERS AG WHG GR -4491629.961 453887060.1
SPAR HANDELS-AG SPHFF US -442426199.5 1433020961
SPAR HANDELS-AG 773844Q GR -442426199.5 1433020961
SPAR HAND-PFD NV SPA3 GR -442426199.5 1433020961
SPRINGER SCIENCE 648808Z GR -610692611.7 3462165070
TA TRIUMPH-ACQ TWNA GR -124667889.5 375247226.8
TA TRIUMPH-ACQ TWNA EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EO -124667889.5 375247226.8
TA TRIUMPH-ADLER TTZAF US -124667889.5 375247226.8
TA TRIUMPH-ADLER TWNG IX -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN GR -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN EU -124667889.5 375247226.8
TA TRIUMPH-ADLER TWN PZ -124667889.5 375247226.8
TA TRIUMPH-A-RTS 1018916Z GR -124667889.5 375247226.8
TA TRIUMPH-NEW TWN1 GR -124667889.5 375247226.8
TA TRIUMPH-RT TWN8 GR -124667889.5 375247226.8
TA TRIUMPH-RTS 3158577Q GR -124667889.5 375247226.8
TOM TAILOR HOLD TTI GR -97711555.56 358434780
TOM TAILOR HOLD TTI EU -97711555.56 358434780
TOM TAILOR HOLD TTI EO -97711555.56 358434780
TOM TAILOR HOLD TTI TH -97711555.56 358434780
VIVANCO GRUPPE VVA GR -22198683.12 111990951.4
VIVANCO GRUPPE VIVGF US -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 PZ -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EU -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 GR -22198683.12 111990951.4
VIVANCO GRUPPE VVA1 EO -22198683.12 111990951.4
VIVANCO GRUPPE VVAG IX -22198683.12 111990951.4
GREECE
------
AG PETZETAKIS SA PTZ1 GR -53415175.25 227965558
AG PETZETAKIS SA PETZK GA -53415175.25 227965558
AG PETZETAKIS SA PETZK EO -53415175.25 227965558
AG PETZETAKIS SA PTZ GR -53415175.25 227965558
AG PETZETAKIS SA PETZK EU -53415175.25 227965558
AG PETZETAKIS SA PETZK PZ -53415175.25 227965558
AG PETZETAKIS SA PZETF US -53415175.25 227965558
ALTEC SA -AUCT ALTECE GA -48733007.42 131910486.6
ALTEC SA INFO ALTEC EO -48733007.42 131910486.6
ALTEC SA INFO ALTEC GA -48733007.42 131910486.6
ALTEC SA INFO ATCQF US -48733007.42 131910486.6
ALTEC SA INFO ALTEC PZ -48733007.42 131910486.6
ALTEC SA INFO ALTEC EU -48733007.42 131910486.6
ALTEC SA INFO AXY GR -48733007.42 131910486.6
ALTEC SA INFO-RT ALTECR GA -48733007.42 131910486.6
ALTEC SA INFO-RT ALTED GA -48733007.42 131910486.6
ASPIS PRONIA GE ASASK GA -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EO -189908329.1 896537349.7
ASPIS PRONIA GE ASASK PZ -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EU -189908329.1 896537349.7
ASPIS PRONIA GE AISQF US -189908329.1 896537349.7
ASPIS PRONIA -PF ASAPR GA -189908329.1 896537349.7
ASPIS PRONIA-PF ASASP GA -189908329.1 896537349.7
ASPIS PRONIA-PF APGV GR -189908329.1 896537349.7
ASPIS PRONIA-RT ASASKR GA -189908329.1 896537349.7
ASPIS PRONOIA GE APG GR -189908329.1 896537349.7
ASPIS PRONOIA GE APGG IX -189908329.1 896537349.7
ASPIS PRON-PF RT ASASPR GA -189908329.1 896537349.7
EMPEDOS SA EMPED GA -33637669.62 174742646.9
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
KOUMBAS INSUR-RT KOUMD GA -62534014.1 194685439.4
KOUMBAS RTS KOUMR GA -62534014.1 194685439.4
KOUMBAS SYNERGY KOUMF US -62534014.1 194685439.4
KOUMBAS SYNERGY KOUM PZ -62534014.1 194685439.4
KOUMBAS SYNERGY KOUM GA -62534014.1 194685439.4
KOUMBAS SYNERGY KOUM EO -62534014.1 194685439.4
KOUMBAS SYNERGY KOUM EU -62534014.1 194685439.4
NAOUSSA SPIN -RT NAOYD GA -130380438 326934399.4
NAOUSSA SPIN-AUC NAOYKE GA -130380438 326934399.4
NAOUSSA SPINNING NML1 GR -130380438 326934399.4
NAOUSSA SPINNING NML GR -130380438 326934399.4
NAOUSSA SPIN-RTS NAOYKR GA -130380438 326934399.4
OASA ATHENS URBA 3485398Z GA -1170161374 2292452052
PETZET - PFD-RTS PETZPD GA -53415175.25 227965558
PETZETAKIS - RTS PETZKD GA -53415175.25 227965558
PETZETAKIS-AUC PETZKE GA -53415175.25 227965558
PETZETAKIS-PFD PETZP GA -53415175.25 227965558
PETZETAKIS-PFD PTZ3 GR -53415175.25 227965558
RADIO KORASSIDIS RKC GR -100972173.9 244951680.3
RADIO KORASSIDIS RAKOF US -100972173.9 244951680.3
RADIO KORASSIDIS KORA GA -100972173.9 244951680.3
RADIO KORASSI-RT KORAD GA -100972173.9 244951680.3
RADIO KORASS-RTS KORAR GA -100972173.9 244951680.3
THEMELIODOMI THEME GA -55751178.85 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMED GA -55751178.85 232036822.6
THEMELIODOMI-RTS THEMER GA -55751178.85 232036822.6
UNITED TEXTILES NAOSF US -130380438 326934399.4
UNITED TEXTILES NAOYK GA -130380438 326934399.4
UNITED TEXTILES UTEX GA -130380438 326934399.4
UNITED TEXTILES UTEX EO -130380438 326934399.4
UNITED TEXTILES UTEX EU -130380438 326934399.4
UNITED TEXTILES UTEX PZ -130380438 326934399.4
HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73724000 827192000
HUNGARIAN TELEPH HUC EX -73724000 827192000
HUNGARIAN TELEPH HUC GR -73724000 827192000
INVITEL HOLD-ADR 0IN GR -73724000 827192000
INVITEL HOLD-ADR INVHY US -73724000 827192000
INVITEL HOLD-ADR IHO US -73724000 827192000
INVITEL HOLDINGS 3212873Z HB -73724000 827192000
IPK OSIJEK DD OS IPKORA CZ -32978857.72 151587609.9
MAGMA DD MGMARA CZ -764475.9867 141322122.7
MALEV LTD MALEV HB -75737819.4 251668964.4
OT OPTIMA TELEKO 2299892Z CZ -48565065 119632635.5
OT-OPTIMA TELEKO OPTERA CZ -48565065 119632635.5
VUPIK DD VPIKRA CZ -8496797.693 124051827
ICELAND
-------
AVION GROUP B1Q GR -223780352 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780352 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780352 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780352 2277882368
EIMSKIPAFELAG HF AVION IR -223780352 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780352 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780352 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780352 2277882368
IRELAND
-------
BOUNDARY CAPITAL BCP LN -10192301.85 119787800.5
BOUNDARY CAPITAL BCP IX -10192301.85 119787800.5
BOUNDARY CAPITAL BCP ID -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EU -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PG -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 EO -10192301.85 119787800.5
BOUNDARY CAPITAL BCPI IX -10192301.85 119787800.5
BOUNDARY CAPITAL BCM GR -10192301.85 119787800.5
BOUNDARY CAPITAL BCP1 PZ -10192301.85 119787800.5
IBERBOND 2004 PL 3485334Z ID -774220.0848 539890478.9
JAMES HARDIE IND HAH NZ -117900000 2178800128
JAMES HARDIE IND HAH AU -117900000 2178800128
JAMES HARDIE IND 600241Q GR -117900000 2178800128
JAMES HARDIE IND 726824Z NA -117900000 2178800128
JAMES HARDIE NV JHXCC AU -117900000 2178800128
JAMES HARDIE-ADR JHINY US -117900000 2178800128
JAMES HARDIE-ADR JHX US -117900000 2178800128
JAMES HARDIE-CDI JHX AU -117900000 2178800128
JAMES HARDIE-CDI JHIUF US -117900000 2178800128
JAMES HARDIE-CDI JHA GR -117900000 2178800128
JAMES HARDIE-CDI JHA TH -117900000 2178800128
MCINERNEY HLDGS MCI VX -132691148.8 374303706.5
MCINERNEY HLDGS MCI ID -132691148.8 374303706.5
MCINERNEY HLDGS MCI LN -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBX EO -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBP EO -132691148.8 374303706.5
MCINERNEY HLDGS MCI PO -132691148.8 374303706.5
MCINERNEY HLDGS MCII IX -132691148.8 374303706.5
MCINERNEY HLDGS MK9 GR -132691148.8 374303706.5
MCINERNEY HLDGS MCIGBX EU -132691148.8 374303706.5
MCINERNEY HLDGS MK9C PZ -132691148.8 374303706.5
MCINERNEY HLDGS MCI EO -132691148.8 374303706.5
MCINERNEY HLDGS MCI IX -132691148.8 374303706.5
MCINERNEY HLDGS MK9 PO -132691148.8 374303706.5
MCINERNEY HLDGS MNEYF US -132691148.8 374303706.5
MCINERNEY HLDGS MCI EU -132691148.8 374303706.5
MCINERNEY PROP-A MYP LN -132691148.8 374303706.5
MCINERNEY PROP-A MYP ID -132691148.8 374303706.5
MCINERNEY PROP-A MCIYF US -132691148.8 374303706.5
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ROMANIA
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RUSSIA
------
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SERBIA
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SPAIN
-----
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------
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TURKEY
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UKRAINE
-------
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UNITED KINGDOM
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DANKA BUS SYSTEM DNK PZ -497127008 121439000
DANKA BUS SYSTEM DANKF US -497127008 121439000
DANKA BUS SYSTEM 3205287Q EU -497127008 121439000
DANKA BUS SYSTEM 3205283Q EO -497127008 121439000
DANKA BUS SYSTEM DNK IX -497127008 121439000
DANKA BUS SYSTEM 3205291Q EO -497127008 121439000
DANKA BUS SYSTEM DNK VX -497127008 121439000
DANKA BUS SYSTEM DNK LN -497127008 121439000
DANKA BUS-$US CE DANKD AR -497127008 121439000
DANKA BUS-ADR DB6 GR -497127008 121439000
DANKA BUS-ADR AP39 LI -497127008 121439000
DANKA BUS-ADR DANKE US -497127008 121439000
DANKA BUS-ADR DANKY US -497127008 121439000
DANKA BUS-BLK CE DANKB AR -497127008 121439000
DANKA BUS-C/E CE DANKC AR -497127008 121439000
DANKA BUS-CEDEAR DANK AR -497127008 121439000
EASYNET GROUP EZNGF US -60380609.34 334049332.2
EASYNET GROUP ESY PO -60380609.34 334049332.2
EASYNET GROUP ESY VX -60380609.34 334049332.2
EASYNET GROUP ESY LN -60380609.34 334049332.2
EASYNET GROUP EAY GR -60380609.34 334049332.2
EASYNET GROUP-CV 91009Z LN -60380609.34 334049332.2
EMI GROUP -ASSD EMIA LN -2265916257 2950021937
EMI GROUP LTD EMI LN -2265916257 2950021937
EMI GROUP PLC EMIPF US -2265916257 2950021937
EMI GROUP PLC EMI IX -2265916257 2950021937
EMI GROUP PLC EMI VX -2265916257 2950021937
EMI GROUP PLC 3020138Q GR -2265916257 2950021937
EMI GROUP PLC EMI PO -2265916257 2950021937
EMI GROUP PLC-B 1019425Q LN -2265916257 2950021937
EMI GROUP-ADR 38IS LN -2265916257 2950021937
EMI GROUP-ADR EMI$ LN -2265916257 2950021937
EMI GROUP-ADR EMIPY US -2265916257 2950021937
EUROPEAN HOME EHR PZ -14328735.16 110864081.4
EUROPEAN HOME FPAKF US -14328735.16 110864081.4
EUROPEAN HOME EHRGBP EO -14328735.16 110864081.4
EUROPEAN HOME EHREUR EU -14328735.16 110864081.4
EUROPEAN HOME KLZ PO -14328735.16 110864081.4
EUROPEAN HOME KLZ VX -14328735.16 110864081.4
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EUROPEAN HOME EHR EU -14328735.16 110864081.4
EUROPEAN HOME EHR VX -14328735.16 110864081.4
EUROPEAN HOME EHR PO -14328735.16 110864081.4
EUROPEAN HOME EHR EO -14328735.16 110864081.4
EUROPEAN HOME EHR LN -14328735.16 110864081.4
FAREPAK PLC FPK LN -14328735.16 110864081.4
GALA CORAL GROUP 19374Z LN -1328160550 7259667191
GALIFORM PLC GFRMEUR EU -117673114.1 573836054.4
GALIFORM PLC GFRMNOK EO -117673114.1 573836054.4
GALIFORM PLC GFRM EO -117673114.1 573836054.4
GALIFORM PLC GFRMGBP EO -117673114.1 573836054.4
GALIFORM PLC GFRM BQ -117673114.1 573836054.4
GALIFORM PLC GFRM PZ -117673114.1 573836054.4
GALIFORM PLC GFRM NR -117673114.1 573836054.4
GALIFORM PLC GFRM EU -117673114.1 573836054.4
GALIFORM PLC GFRM IX -117673114.1 573836054.4
GALIFORM PLC MFIFF US -117673114.1 573836054.4
GALIFORM PLC GFRM PO -117673114.1 573836054.4
GALIFORM PLC MFI VX -117673114.1 573836054.4
GALIFORM PLC GFRM QM -117673114.1 573836054.4
GALIFORM PLC GFRM VX -117673114.1 573836054.4
GALIFORM PLC GFRMEUR EO -117673114.1 573836054.4
GALIFORM PLC GLFMF US -117673114.1 573836054.4
GALIFORM PLC GFRMNOK EU -117673114.1 573836054.4
GALIFORM PLC GFRM LN -117673114.1 573836054.4
GALIFORM PLC GFRM NQ -117673114.1 573836054.4
GALIFORM PLC MFI PO -117673114.1 573836054.4
GALIFORM PLC GFRM EB -117673114.1 573836054.4
GALIFORM PLC GFRM TQ -117673114.1 573836054.4
GALIFORM PLC MFI IX -117673114.1 573836054.4
GARTLAND WHALLEY GWB LN -10986769.42 145352034.5
GO-AHEAD GRO-ADR GHGUY US -44415250.72 1780324810
GO-AHEAD GROUP GHGUF US -44415250.72 1780324810
GO-AHEAD GROUP GOG EB -44415250.72 1780324810
GO-AHEAD GROUP GOG NQ -44415250.72 1780324810
GO-AHEAD GROUP GOG LN -44415250.72 1780324810
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GO-AHEAD GROUP GOG IX -44415250.72 1780324810
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GO-AHEAD GROUP GOG PO -44415250.72 1780324810
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GO-AHEAD GROUP GOGEUR EU -44415250.72 1780324810
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GO-AHEAD GROUP GOG TQ -44415250.72 1780324810
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GO-AHEAD GROUP G9X GR -44415250.72 1780324810
GREEN (E) & PART GEP LN -35008863.49 305242409.9
HAWTIN PLC HTI EO -3873861.331 110875080.8
HAWTIN PLC HWN GR -3873861.331 110875080.8
HAWTIN PLC HWN TH -3873861.331 110875080.8
HAWTIN PLC HTI PG -3873861.331 110875080.8
HAWTIN PLC HTI VX -3873861.331 110875080.8
HAWTIN PLC HTI PZ -3873861.331 110875080.8
HAWTIN PLC HTI LN -3873861.331 110875080.8
HAWTIN PLC HTI IX -3873861.331 110875080.8
HAWTIN PLC HTI EU -3873861.331 110875080.8
HAWTIN PLC HTI PO -3873861.331 110875080.8
HILTON G-CRT OLD HIGT BB -97533918.57 1748505414
HILTON GROUP PLC HLTGF US -97533918.57 1748505414
HILTON GROUP PLC HG/ LN -97533918.57 1748505414
HILTON GROUP PLC HG PO -97533918.57 1748505414
HILTON GROUP-ADR HLTGY US -97533918.57 1748505414
HILTON GROUP-CER HG BB -97533918.57 1748505414
HILTON GROUP-CRT HIG BB -97533918.57 1748505414
IGLO BIRDS EYE 2332487Z LN -340594497.5 3096975127
INEOS GROUP HLDG 6623Z LN -798534470.8 15936006904
JARVIS PLC JRVS EO -64739862.73 130951086
JARVIS PLC JVR GR -64739862.73 130951086
JARVIS PLC JRVSEUR EO -64739862.73 130951086
JARVIS PLC JRVS IX -64739862.73 130951086
JARVIS PLC JRVS LN -64739862.73 130951086
JARVIS PLC JRVS PZ -64739862.73 130951086
JARVIS PLC JRVS EU -64739862.73 130951086
JARVIS PLC JRVS VX -64739862.73 130951086
JARVIS PLC JVSPF US -64739862.73 130951086
JARVIS PLC JRVSGBP EO -64739862.73 130951086
JARVIS PLC JRVS PO -64739862.73 130951086
JARVIS PLC JRVSEUR EU -64739862.73 130951086
JESSOPS PLC JS4 GR -42702021.2 112964060.4
JESSOPS PLC JSP LN -42702021.2 112964060.4
JESSOPS PLC JSPEUR EU -42702021.2 112964060.4
JESSOPS PLC JSPEUR EO -42702021.2 112964060.4
JESSOPS PLC JSP IX -42702021.2 112964060.4
JESSOPS PLC JSP VX -42702021.2 112964060.4
JESSOPS PLC JSPGBP EO -42702021.2 112964060.4
JESSOPS PLC JSP EO -42702021.2 112964060.4
JESSOPS PLC JSP EU -42702021.2 112964060.4
JESSOPS PLC JSP PO -42702021.2 112964060.4
JESSOPS PLC JSP PZ -42702021.2 112964060.4
KLEENEZE PLC KLZ LN -14328735.16 110864081.4
KOP FOOTBALL HOL 3315203Z LN -214487094.9 590218957.6
KOP FOOTBALL LTD 901297Z LN -105207451.9 474568063.7
LADBROKE GROUP LADB LN -97533918.57 1748505414
LADBROKE GRP-IDR 695767Q BB -97533918.57 1748505414
LADBROKE GRP-OLD LADB BB -97533918.57 1748505414
LADBROKES - FPR LADF LN -97533918.57 1748505414
LADBROKES - FPR LADF PZ -97533918.57 1748505414
LADBROKES PLC LAD IX -97533918.57 1748505414
LADBROKES PLC LADEUR EO -97533918.57 1748505414
LADBROKES PLC LAD PO -97533918.57 1748505414
LADBROKES PLC LADUSD EO -97533918.57 1748505414
LADBROKES PLC HG/ VX -97533918.57 1748505414
LADBROKES PLC LAD NR -97533918.57 1748505414
LADBROKES PLC LAD EO -97533918.57 1748505414
LADBROKES PLC LAD QM -97533918.57 1748505414
LADBROKES PLC LAD VX -97533918.57 1748505414
LADBROKES PLC LAD TQ -97533918.57 1748505414
LADBROKES PLC LAD NQ -97533918.57 1748505414
LADBROKES PLC LAD EU -97533918.57 1748505414
LADBROKES PLC LADEUR EU -97533918.57 1748505414
LADBROKES PLC LADNZD EU -97533918.57 1748505414
LADBROKES PLC LDBKF US -97533918.57 1748505414
LADBROKES PLC LADNZD EO -97533918.57 1748505414
LADBROKES PLC LAD EB -97533918.57 1748505414
LADBROKES PLC LADGBP EO -97533918.57 1748505414
LADBROKES PLC LAD GR -97533918.57 1748505414
LADBROKES PLC LAD LN -97533918.57 1748505414
LADBROKES PLC LAD BQ -97533918.57 1748505414
LADBROKES PLC LAD PZ -97533918.57 1748505414
LADBROKES PLC-AD LDBKY LN -97533918.57 1748505414
LADBROKES PLC-AD LDBKY US -97533918.57 1748505414
LADBROKES PLC-CE LAD BB -97533918.57 1748505414
LADBROKES PLC-NP LADN LN -97533918.57 1748505414
LADBROKES PLC-NP LADN PZ -97533918.57 1748505414
LAMBERT FENCHURC LMF LN -1453050.041 1826806853
LEEDS SPORTING LEDPF US -73166148.8 143762193.7
LEEDS SPORTING LES LN -73166148.8 143762193.7
LEEDS UNITED PLC 889687Q GR -73166148.8 143762193.7
LEEDS UNITED PLC LDSUF US -73166148.8 143762193.7
LEEDS UNITED PLC LUFC LN -73166148.8 143762193.7
LONDON TOWN PLC LTW EO -21897636.36 175672299.2
LONDON TOWN PLC LTW PG -21897636.36 175672299.2
LONDON TOWN PLC LTW EU -21897636.36 175672299.2
LONDON TOWN PLC LTWX LN -21897636.36 175672299.2
LONDON TOWN PLC LTW IX -21897636.36 175672299.2
LONDON TOWN PLC LTW LN -21897636.36 175672299.2
LONDON TOWN PLC LOU GR -21897636.36 175672299.2
LONDON TOWN PLC LTW PO -21897636.36 175672299.2
LONDON TOWN PLC LTWR LN -21897636.36 175672299.2
LONDON TOWN PLC LTW PZ -21897636.36 175672299.2
M 2003 PLC 203055Q LN -2203513803 7204891602
M 2003 PLC MTWOF US -2203513803 7204891602
M 2003 PLC-ADR MTWOE US -2203513803 7204891602
M 2003 PLC-ADR MTWOY US -2203513803 7204891602
MARCONI PLC 203083Q VX -2203513803 7204891602
MARCONI PLC MNI LN -2203513803 7204891602
MARCONI PLC MONI BB -2203513803 7204891602
MARCONI PLC MNI BB -2203513803 7204891602
MARCONI PLC MY2 GR -2203513803 7204891602
MARCONI PLC MRCQF US -2203513803 7204891602
MARCONI PLC-ADR QUQMON AU -2203513803 7204891602
MARCONI PLC-ADR MRCQY US -2203513803 7204891602
MARCONI PLC-ADR MONIY US -2203513803 7204891602
MARCONI PLC-ADR MONI US -2203513803 7204891602
MARCONI PLC-ADR MONIE US -2203513803 7204891602
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MARCONI PLC-ADR MCBA GR -2203513803 7204891602
MARCONI PLC-ADR MY2A GR -2203513803 7204891602
MFI FURNITURE GR MFI LN -117673114.1 573836054.4
MYTRAVEL GROUP MT/S PO -379721841.6 1817512774
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MYTRAVEL GROUP MT/S VX -379721841.6 1817512774
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MYTRAVEL GROUP 3544280Q IX -379721841.6 1817512774
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MYTRAVEL GROUP P 1018144Q GR -379721841.6 1817512774
MYTRAVEL GROUP P MT/ VX -379721841.6 1817512774
MYTRAVEL GROUP-A 2281919Q GR -379721841.6 1817512774
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NEW STAR ASSET NSAA LN -397718038 292972732.1
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NEW STAR ASSET NSAM TQ -397718038 292972732.1
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NEW STAR ASSET 3226439Q EU -397718038 292972732.1
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NORTHERN FOO-RFD 650060Q LN -30711069.58 891077074.3
ORANGE PLC 1460Q GR -593935051 2902299502
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ORBIS PLC OBS LN -4168498.479 127701679.5
ORBIS PLC OBS IX -4168498.479 127701679.5
ORBIS PLC OBG PO -4168498.479 127701679.5
ORBIS PLC ORBSF US -4168498.479 127701679.5
ORBIS PLC OBS PZ -4168498.479 127701679.5
ORBIS PLC RLP GR -4168498.479 127701679.5
PARK FOOD GROUP PKFD LN -52867263.19 185089877.3
PARK GROUP PLC PKG VX -52867263.19 185089877.3
PARK GROUP PLC PKGGBP EO -52867263.19 185089877.3
PARK GROUP PLC PKG EO -52867263.19 185089877.3
PARK GROUP PLC PKG EU -52867263.19 185089877.3
PARK GROUP PLC PKG LN -52867263.19 185089877.3
PARK GROUP PLC PKG PO -52867263.19 185089877.3
PARK GROUP PLC PKG PZ -52867263.19 185089877.3
PARK GROUP PLC PRKGF US -52867263.19 185089877.3
PARK GROUP PLC PRKG IX -52867263.19 185089877.3
PATIENTLINE PLC 2928903Q EU -54677284.64 124948245.8
PATIENTLINE PLC 2928907Q EO -54677284.64 124948245.8
PATIENTLINE PLC PTL VX -54677284.64 124948245.8
PATIENTLINE PLC PTL LN -54677284.64 124948245.8
PATIENTLINE PLC PTL PZ -54677284.64 124948245.8
PATIENTLINE PLC 2928899Q EO -54677284.64 124948245.8
PATIENTLINE PLC PTL PO -54677284.64 124948245.8
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PROSTRAKAN GROUP PSK VX -8881399.87 126115878.2
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PROSTRAKAN GROUP PKNGF US -8881399.87 126115878.2
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PROSTRAKAN GROUP PSK EU -8881399.87 126115878.2
PROSTRAKAN GROUP PSK LN -8881399.87 126115878.2
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REGUS LTD 273187Q LN -46111835.37 367181111
REGUS PLC 2296Z LN -46111835.37 367181111
REGUS PLC 273195Q VX -46111835.37 367181111
REGUS PLC REGSF US -46111835.37 367181111
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REGUS PLC-ADS REGSY US -46111835.37 367181111
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SAATCHI & SA-ADR SSI$ LN -119260804.2 705060824.5
SAATCHI & SA-ADR SSA US -119260804.2 705060824.5
SAATCHI & SAATCH 188190Q GR -119260804.2 705060824.5
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SAATCHI & SAATCH SSI LN -119260804.2 705060824.5
SCOTTISH MEDIA SSM LN -51512119.25 207340304
SCOTTISH MEDIA SSMR LN -51512119.25 207340304
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SFI GROUP PLC SUF LN -108067115.8 177647536.1
SFI GROUP PLC SUYFF US -108067115.8 177647536.1
SKYEPHARMA PLC SKP LN -128538078.1 135158758
SKYEPHARMA PLC SKPGBP EO -128538078.1 135158758
SKYEPHARMA PLC SKP1 VX -128538078.1 135158758
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SKYEPHARMA PLC SKPEUR EO -128538078.1 135158758
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SKYEPHARMA -SUB 2976665Z LN -128538078.1 135158758
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SMG PLC SMG PO -51512119.25 207340304
SMG PLC SMG LN -51512119.25 207340304
SMG PLC-FUL PAID SMGF LN -51512119.25 207340304
SMG PLC-NIL PAID SMGN LN -51512119.25 207340304
SMITHS NEWS PLC NWS IX -99944882.2 279114366.1
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STV GROUP PLC SMGPF US -51512119.25 207340304
STV GROUP PLC STVG EU -51512119.25 207340304
STV GROUP PLC STVG EO -51512119.25 207340304
STV GROUP PLC SMG IX -51512119.25 207340304
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STV GROUP PLC SMG VX -51512119.25 207340304
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STV GROUP PLC STVGGBP EO -51512119.25 207340304
STV GROUP PLC STVGEUR EU -51512119.25 207340304
TELEWEST COM-ADR 940767Q GR -3702234581 7581020925
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THORN EMI PLC THNE FP -2265916257 2950021937
THORN EMI-ADR TORNY US -2265916257 2950021937
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TI AUTOMOTIVE-A 6525Z LN -298787496.1 1730489867
TOPPS TILES PLC TPT EU -49423537.13 155303750.4
TOPPS TILES PLC TPTGBP EO -49423537.13 155303750.4
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TOPPS TILES PLC TPT LN -49423537.13 155303750.4
TOPPS TILES PLC TPT PO -49423537.13 155303750.4
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TOPPS TILES PLC TPTEUR EU -49423537.13 155303750.4
TOPPS TILES PLC TPT IX -49423537.13 155303750.4
TOPPS TILES PLC TPT VX -49423537.13 155303750.4
TOPPS TILES PLC TPT EO -49423537.13 155303750.4
TOPPS TILES-NEW TPTN LN -49423537.13 155303750.4
UNIGATE PLC UNIG LN -24544959.64 626057950.8
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UNIGATE PLC 1577Q GR -24544959.64 626057950.8
UNIGATE PLC UNGPF US -24544959.64 626057950.8
UNIGATE PLC-ADR UNGAY US -24544959.64 626057950.8
UNIQ PLC UNIQ VX -24544959.64 626057950.8
UNIQ PLC UNIQEUR EO -24544959.64 626057950.8
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UNIQ PLC UNIQ PZ -24544959.64 626057950.8
UNIQ PLC UNIQ IX -24544959.64 626057950.8
UNIQ PLC UNQPF US -24544959.64 626057950.8
UNIQ PLC UNIQGBP EO -24544959.64 626057950.8
UNIQ PLC UNIQF US -24544959.64 626057950.8
UNIQ PLC UNIQ EU -24544959.64 626057950.8
UNIQ PLC UNIQ PO -24544959.64 626057950.8
UNIQ PLC UNIQ EO -24544959.64 626057950.8
UNIQ PLC UNIQEUR EU -24544959.64 626057950.8
UTC GROUP UGR LN -11904426.45 203548565
VIRGIN MOB-ASSD VMOC LN -392165437.6 166070003.7
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WARNER ESTATE WNERGBP EO -37798939.99 432125169.9
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WATSON & PHILIP WTSN LN -120493900 252232072.9
WHITE YOUNG GREE WHY EU -35008863.49 305242409.9
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WHITE YOUNG-NEW WHYN LN -35008863.49 305242409.9
WINCANTON PL-ADR WNCNY US -151911497.1 1420828184
WINCANTON PLC WIN PZ -151911497.1 1420828184
WINCANTON PLC WIN1USD EU -151911497.1 1420828184
WINCANTON PLC WIN1GBP EO -151911497.1 1420828184
WINCANTON PLC WIN1EUR EO -151911497.1 1420828184
WINCANTON PLC WIN1 NQ -151911497.1 1420828184
WINCANTON PLC WIN PO -151911497.1 1420828184
WINCANTON PLC WIN1 QM -151911497.1 1420828184
WINCANTON PLC WNCNF US -151911497.1 1420828184
WINCANTON PLC WIN1 TQ -151911497.1 1420828184
WINCANTON PLC WIN VX -151911497.1 1420828184
WINCANTON PLC WIN1EUR EU -151911497.1 1420828184
WINCANTON PLC WIN1 BQ -151911497.1 1420828184
WINCANTON PLC WIN IX -151911497.1 1420828184
WINCANTON PLC WIN LN -151911497.1 1420828184
WINCANTON PLC WIN1 EO -151911497.1 1420828184
WINCANTON PLC WIN1 EB -151911497.1 1420828184
WINCANTON PLC WIN1USD EO -151911497.1 1420828184
WINCANTON PLC WIN1 EU -151911497.1 1420828184
WYG PLC WYG LN -35008863.49 305242409.9
WYG PLC WYGEUR EO -35008863.49 305242409.9
WYG PLC WYG EU -35008863.49 305242409.9
WYG PLC WYGGBP EO -35008863.49 305242409.9
WYG PLC WYGEUR EU -35008863.49 305242409.9
WYG PLC WHY IX -35008863.49 305242409.9
WYG PLC WYG PZ -35008863.49 305242409.9
WYG PLC WYG EO -35008863.49 305242409.9
*********
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. Joy A. Agravante, Valerie U. Pascual, Marites O.
Claro, Rousel Elaine T. Fernandez, Frauline S. Abangan and Peter
A. Chapman, Editors.
Copyright 2010. 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 * * *