/raid1/www/Hosts/bankrupt/TCREUR_Public/101102.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, November 2, 2010, Vol. 11, No. 216
Headlines
G E R M A N Y
IKB DEUTSCHE: Fitch Downgrades Individual Rating to 'E'
VITA CAPITAL: S&P Assigns 'BB+' Rating to Class E Notes
* GERMANY: Corporate Bankruptcies to Reach 35,000 This Year
I R E L A N D
BENTON PROPERTY: Irish Nationwide Appoints Receiver
BERGANZA LTD: Liquidator Gets Several Bids for Pulse Chain
CHARTBUSTERS LTD: Shuts DVD Stores; 87 Jobs Lost
MCINERNEY HOLDINGS: Interim Examiner Draws Up Survival Plan
I T A L Y
ALITALIA SPA: Expects Full-Year 2010 Loss, CEO Says
LOCAT SERIES: Moody's Cuts Rating on Class C Notes to 'Caa1 (sf)'
L U X E M B O U R G
BREEZE FINANCE: S&P Gives Negative Outlook; Affirms 'C' Rating
TELENET FINANCE: Moody's Assigns 'Ba3' Rating to EUR350 Mil. Notes
N E T H E R L A N D S
BRIT INSURANCE: Fitch Affirms 'BB+' Rating on Subordinated Notes
DALRADIAN EUROPEAN: S&P Lifts Rating on Class E Notes to 'B- (sf)'
EUROCREDIT CDO: Moody's Raises Rating on EUR15MM Notes to B2 (sf)
MONTE 2008-I: S&P Affirms Rating on Class C Notes at 'BB (sf)'
R U S S I A
COMMERCIAL BANK: Moody's Gives Stable Outlook on 'B3' Rating
SVIAZ-BANK: Fitch Assigns 'D/E' Individual Rating
TRANSCONTAINER OJSC: Fitch Affirms 'BB+' Issuer Default Rating
* Fitch Says Russian Corporate Outlook Is Improving
S P A I N
TDA CAM 11: Fitch Assigns 'BB-sf' Rating to Class C Notes
TDA CAM 12: Fitch Assigns 'BBsf' Rating to Class C Notes
U N I T E D K I N G D O M
DUNDEE FOOTBALL CLUB: Axed Stars Given Transfer Lifeline
EMI GROUP: Judge Questions Terra Firma's Theory in Case v. Citi
HONOURS PLC: Fitch Affirms 'BBsf' Rating on Class D Notes
INEOS GROUP: Moody's Raises Rating on Senior Notes to 'Caa2'
NORTHUMBERLAND FOODS: Longbenton Foods Acquires Amble Site
PARAMOUNT PRINT: Character DPM Acquires Firm
REAL ESTATE: Shareholders' Deficit Reaches More Than GBP750 Mln
TARGETFOLLOW: Subsidiary Goes Into Administration
WINDSOR & ETON: Considers Administration
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
*********
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G E R M A N Y
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IKB DEUTSCHE: Fitch Downgrades Individual Rating to 'E'
-------------------------------------------------------
Fitch Ratings has maintained Germany-based IKB Deutsche
Industriebank AG's 'BBB-' Long-term Issuer Default Rating and 'F3'
Short-term IDR on Rating Watch Negative. At the same time, the
Individual Rating has been downgraded to 'E' from 'D/E'. A full
list of rating actions is provided at the end of this comment.
The RWN continues to reflect Fitch's expectation that the
authorities' propensity of support will recede in line with the
scheduled expiration of the guarantees from the German
government's Financial Market Stabilization Fund by 2015. This is
compounded by the impending enactment of the proposed German bank
resolution regime, which might lower the likelihood of full
support. Fitch expects to resolve the RWN when it gets more
clarity about the level of support that might be made available to
the bank under the proposed resolution regime. IKB's Long-term
IDR reflects the still high level of sovereign support arising
from the funding guarantee provided by SoFFin.
Fitch views 2012 as a critical year because of the expiration of
the majority of the SoFFin guarantees. The reduction of SoFFin's
coverage might encourage other critical funding providers to
reduce their exposure to IKB. At the same time, the agency notes
that IKB's owner, Lone Star, is currently looking for potential
buyers for the bank, and that a sale to a highly rated institution
cannot be ruled out at this stage.
The downgrade of the Individual Rating is due to Fitch's view that
IKB's recovery prospects look uncertain. Notwithstanding the
restructuring progress achieved, Fitch believes it will be
challenging to restore a viable standalone business model before
external support is withdrawn. While the bank's restructuring is
almost complete, the agency expects core operations to remain
loss-making until at least 2012.
In Fitch's view, this increasingly raises doubts about IKB's
ability to adapt to its new, more challenging operating
environment. "Low new business and structurally increased funding
costs are squeezing IKB's interest income. In addition, fee
income from the fledgling advisory franchise cannot yet offset the
high SoFFin fees. In light of the inevitable return of margin
pressure in the German SME loan market, this complicates the
restoration of adequate performance," says Patrick Rioual,
Director in Fitch's Financial Institutions team.
As a result, based on the bank's current financial strength, the
Long-term IDR could be downgraded by several notches, ie
substantially below investment grade. Fitch views IKB's core
capitalization as weak. It remains under heavy pressure from
recurring losses, structurally high risk costs and P&L volatility.
The trust preferred securities issued by IKB Funding Trust I and
II have been affirmed at 'C' and their Recovery Rating has been
revised down to 'RR6' from 'RR5'. These instruments are perpetual
and not loss-absorbing in a going concern. However, before coupon
payments can resume, IKB will have to wait for all SoFFin
guarantees to expire (2015) and to then achieve cumulated net
profits of at least the EUR1.15bn on which Lone Star has a
contractual priority claim. This is likely to take a considerable
number of years. Based on its view of the bank's uncertain long-
term future, Fitch considers that recovery prospects on these
instruments have become extremely low.
The perpetual silent participations issued by Hybrid Raising GmbH
and Capital Raising GmbH as well as the profit participation
certificates due 2015 issued by Propart Funding Ltd have been
affirmed at 'C' and their Recovery Ratings have been revised to
'RR6' from 'RR5'.
Already written down to 4% of their nominal value, they are likely
to absorb further losses in the near term. Fitch considers that,
for similar reasons as those for IKB Funding Trust I and II, their
subsequent recovery prospects are now extremely low. Propart
Funding Ltd's issue is likely to be fully written down when it
matures in 2015.
The silent participations issued by IKB International SA have been
upgraded to 'CC' from 'C' and their Recovery Ratings revised to
'RR5' from 'RR6'. Thus far, these securities have been written
down to 19% of their nominal value. As they will mature during
the current financial year, final recovery is expected to be close
to that level.
Fitch will shortly publish an updated credit analysis on IKB.
The rating actions taken are:
IKB AG:
-- Long-term Issuer Default Rating: 'BBB-', maintained on
RWN
-- Short-term IDR: 'F3', maintained on RWN
-- Individual rating: downgraded to 'E' from 'D/E'
-- Support Rating: '2', maintained on RWN
-- Support Rating Floor: 'BBB-', maintained on RWN
-- Senior subordinated debt: 'BB+', maintained on RWN
-- SoFFin-guaranteed notes: affirmed at 'AAA'
-- IKB Funding Trust I's EUR75m perpetual trust preferred
securities (ISIN: DE0008592759): affirmed at 'C'; Recovery
Rating revised to 'RR6' from 'RR5'
-- IKB Funding Trust II's EUR400m perpetual trust preferred
securities (ISIN: XS0194701487): affirmed at 'C'; Recovery
Rating revised to 'RR6' from 'RR5'
-- Hybrid Raising GmbH's EUR200m perpetual silent participations
(ISIN: DE000A0AMCG6): affirmed at 'C'; Recovery Rating
revised to 'RR6' from 'RR5'
-- Capital Raising GmbH's EUR200m perpetual silent
participations (ISIN: DE0007490724): affirmed at 'C';
Recovery Rating revised to 'RR6' from 'RR5'
-- Propart Funding Ltd's EUR150m profit participation
certificates due 2015 (ISIN: DE000A0GF758): affirmed at 'C';
Recovery Rating revised to 'RR6' from 'RR5'
-- IKB International SA's EUR70m silent participations due
November 2010 (ISIN: XS0119317740, XS0119317823,
XS0119814456): upgraded to 'CC' from 'C'; Recovery Rating
revised to 'RR5' from 'RR6'
In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings. Collectively these
ratings drive Fitch's Long- and Short-term IDRs.
VITA CAPITAL: S&P Assigns 'BB+' Rating to Class E Notes
-------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB+
(sf)' long-term debt rating to the US$100 million series III class
E and US$75 million series IV class E principal-at-risk variable-
rate notes due Jan. 15, 2015 issued by Vita Capital IV Ltd.
The notes provide Swiss Reinsurance Company Ltd. (Swiss Re;
A+/Positive/A-1) with a degree of protection against extreme
mortality events occurring to specified age and gender
distributions in the U.S., Canada, Germany, and Japan.
Swiss Re has previously securitized mortality risk through the
Vita Capital II Ltd., Vita Capital III Ltd., and an earlier
takedown of the Vita Capital IV Ltd. transaction.
Vita Capital IV was created for the sole purpose of issuing one or
more series of notes out of a mortality catastrophe shelf program.
Standard & Poor's has not assigned ratings to the shelf program.
The series III noteholders are at risk from an increase in age and
gender-weighted mortality rates that exceeds a specified
percentage of a predefined index (the mortality index value; MIV)
in the U.S. and Japan. The series IV noteholders are at risk from
an increase in age and gender-weighted mortality rates that
exceeds a specified percentage of the MIV in Germany and Canada.
The MIV self-adjusts for changes in general mortality trends over
the risk period.
The risk periods are:
* From Jan. 1, 2010, to Dec. 31, 2014, in respect of mortality in
U.S., Canada, and Germany; and From Oct. 1, 2010, to Sept. 30,
2014, for Japan.
The MIV is defined on a rolling two-year period, and the
probability of a loss attaching and the magnitude of the loss in
principal depends on the extent to which the MIV for any country
and measurement period (that is, two consecutive years) exceeds
the attachment point for the notes. Index values corresponding to
future measurement periods are measured against the index value
for 2009 for U.S., Germany, and Canada. For Japan, index values
are based on mortality between Oct. 1, 2009, and Sept. 30, 2010.
Adjustments are applied for changes in mortality over the risk
period.
The rating on the notes reflects:
* Standard & Poor's qualitative assessments of the potential event
risk;
* S&P's view of the modeled probability of default;
* The strong diversification of the underlying mortality risk
exposure in terms of geographic location, age, and gender; and
* The application of Standard & Poor's catastrophe bond criteria.
Ratings List
New Rating
Vita Capital IV Ltd.
Series/Class Rating Amount (mil. $)
------------ ------ ---------------
Series III class E BB+ (sf) 100
Series IV class E BB+ (sf) 75
* GERMANY: Corporate Bankruptcies to Reach 35,000 This Year
-----------------------------------------------------------
Klaus Lauer at Reuters reports that the VID trade association, an
insolvency administrators' group, said on Thursday that Germany's
stronger-than-expected recovery will not be enough to prevent some
35,000 bankruptcies this year.
According to Reuters, the trade association said automotive
suppliers, engineering, shipping, and retailers would be
especially hard hit.
Siegfried Beck, head of the association, told Reuters many firms
have left the economic crisis with drastically reduced core
capital levels, leaving them weakened and needy for cash.
"Growth requires financing, and quite a few will go bust, all the
more so given that banks are still careful with allocating loans,"
he said, adding that the trend should continue as new Basel III
rules tighten banks' financing requirements, according to Reuters.
Reuters notes Mr. Beck said the wave of insolvencies during the
recession and afterwards has sparked a consolidation rally in some
key industries and accelerated it in others.
"Fundamentally sound firms had to accept sales losses of up to
50%, then registered for insolvency and became takeover candidates
-- if they didn't disappear from the market altogether," Mr. Beck,
as cited by Reuters, said.
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I R E L A N D
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BENTON PROPERTY: Irish Nationwide Appoints Receiver
---------------------------------------------------
InsolvencyJournal.ie, citing The Sunday Times' Aine Coffey,
reports Irish Nationwide has appointed Jim Hamilton of accountants
BDO as receiver to Benton Property Holdings.
According to InsolvencyJournal.ie, Mr. Hamilton will take control
of 25 unsold apartments in a development in Dublin's Adelaide
Square.
InsolvencyJournal.ie relates industry sources suggest that the
properties of which Irish Nationwide has taken control could make
less than EUR30 million when sold.
Benton Property Holding Limited is a Dublin-based property
development and investment company.
BERGANZA LTD: Liquidator Gets Several Bids for Pulse Chain
----------------------------------------------------------
Donal O'Donovan at the Irish Independent reports that the
liquidator of Berganza Ltd, trading as Pulse Accessories, has
received a number of approaches since the business was put up for
sale last month.
Liquidator Ken Fennell of Kavanagh Fennell told the Irish
Independent that expressions of interest had come from a number of
parties, ranging from rival chains looking to buy up the company's
stock to potential bids for the company as a going concern.
As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 26, 2010, The Irish Times said Berganza Ltd went into
liquidation, with the loss of 130 jobs. Ken Fennell of corporate
recovery specialists Kavanagh Fennell was appointed liquidator of
Berganza Limited by order of the High Court on October 20. The
company had debts falling due in 2010 of close to EUR2.5 million.
Berganza Ltd, trades as the fashion jewellery retailer Pulse
Accessories at 27 stores across Ireland and as the wholesale
jewellery supplier Impulse Products. The business had stores in
16 counties.
CHARTBUSTERS LTD: Shuts DVD Stores; 87 Jobs Lost
------------------------------------------------
Chartbusters Ltd. on Friday closed all of its stores after the
company went into voluntary liquidation with the loss of 87 jobs,
movies.ie reports.
movies.ie relates the chain blamed the closure on the "severe and
unprecedented nature of the current economic downturn".
As reported in the Troubled Company Reporter-Europe on Nov. 1,
2010, The Irish Times said Chartbusters is understood to be
preparing to appoint a liquidator to wind up the business just 18
months after the High Court approved a rescue plan for the
company. The Irish Times, citing sources, said the company's
DVD operation has continued to decline this year, while
controversy over health risks has hit demand for tanning booths.
According to The Irish Times, sources also said that the directors
are likely to propose the appointment of Tom Keane, a partner with
Dublin accountants, BKRM, as liquidator to Chartbusters.
Chartbusters Ltd is a DVD rental chain. The company operates
about 20 stores and employs an estimated 170 full- and part-time
staff in Ireland.
MCINERNEY HOLDINGS: Interim Examiner Draws Up Survival Plan
-----------------------------------------------------------
InsolvencyJournal.ie, citing The Sunday Times, reports that the
survival plan for McInerney Holdings is due before the High Court
today, Nov. 2.
InsolvencyJournal.ie relates the company's interim examiner,
Billy O'Riordan of PriceWaterhouseCoopers, lodged his report,
which outlines an investment offer from US private equity firm
Oaktree Capital, with Mr. Justice Frank Clarke on Friday, Oct. 29.
As reported by the Troubled Company Reporter-Europe on Oct. 6,
2010, Irish Examiner said that the High Court extended protection
to the McInerney building group until Nov. 2. Irish Examiner
disclosed Mr. Justice Frank Clarke said gave Mr. O'Riordan, until
Oct. 29 to come up with a full scheme for survival of the group
comprising McInerney Holdings, McInerney Homes, McInerney
Construction Holdings, McInerney Contracting and McInerney
Contracting Dublin, which have combined debts of EUR200 million.
The court heard the examiner believed the group had a reasonable
prospect of survival based on investment proposals from Oaktree,
according to Irish Examiner. Mr. Justice Clarke, as cited by
Irish Examiner, said the examiner's latest report found there was
a realistic possibility at this stage that Oaktree is willing to
put up sufficient sums which is said to be greater than what would
be realized in a situation of insolvency.
McInerney Holdings plc -- http://www.mcinerneyholdings.eu/-- is a
home builder and regional home builder in the North and Midlands
of England. It also undertakes commercial and leisure projects in
Ireland, United Kingdom and Spain. It operates in Ireland, the
United Kingdom and Spain. The main trading activities of the
Company's Irish home building business during the year ended
December 31, 2008 consisted of construction of private houses,
trading in developed sites and land, development of residential
land for third-parties and in joint-ventures, and contracting for
third-parties. The Company's commercial property development
division, Hillview Developments Ltd (Hillview), develops
industrial units in the Greater Dublin area. Hillview completed
1,223 square meters of industrial units as of December 31, 2008.
Its Spanish division, Alanda Group, is developing freehold
apartment schemes. As of December 31, 2008, the Company completed
1,359 private and contracting residential units in Ireland, the
United Kingdom and Spain.
=========
I T A L Y
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ALITALIA SPA: Expects Full-Year 2010 Loss, CEO Says
---------------------------------------------------
Dan Liefgreen at Bloomberg News reports that Alitalia SpA Chief
Executive Officer Rocco Sabelli told Il Sole 24 Ore in an
interview that the airline expects to report a full-year 2010 loss
and break even at the operating level in 2011.
According to Bloomberg, the CEO told the financial newspaper that
the airline forecasts a loss of about EUR30 million (US$42
million) in the fourth quarter.
About Alitalia
Based in Rome, Alitalia S.p.A. -- http://www.alitalia.it/--
provides air travel services for passengers and air transport of
cargo on national, international and inter-continental routes,
including United States, Canada, Japan and Argentina. The Italian
government owns 49.9% of Alitalia.
On August 29, 2008, Alitalia declared insolvency and commenced
extraordinary administration procedure at the Tribunal of Rome.
Italian Prime Minister Silvio Berlusconi appointed Mr. Fantozzi as
extraordinary commissioner. Under the Bankruptcy Bill, the
Administrator has supplanted the directors and other management of
Alitalia.
As reported in the Troubled Company Reporter-Europe on November 7,
2008, Alitalia filed for Chapter 15 protection with the U.S.
Bankruptcy Court in the Southern District of New York. Italy's
national airline experienced financial difficulties for a number
of years caused, in large measure, by a combination of competition
from low-cost air carriers, poor management and onerous union
obligations, according to papers filed with the court.
In the petition filed October 29, 2008, Prof. Augusto Fantozzi,
the appointed administrator, said the airline's financial
difficulties had been and exacerbated by spiraling fuel prices.
Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million in
2000 and 2001 respectively. Alitalia posted EUR93 million in net
profits in 2002 after a EUR1.4 billion capital injection. The
carrier booked annual net losses of EUR520 million in 2003, EUR813
million in 2004, EUR168 million in 2005, EUR625.6 million in 2006,
and EUR494.64 million in 2007.
LOCAT SERIES: Moody's Cuts Rating on Class C Notes to 'Caa1 (sf)'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the long-term credit
ratings of seven classes of notes and confirmed the rating of one
class of notes, issued by Locat Series 2006, Locat Series 2008,
and Locat Securitization Vehicle 3 S.r.l. These rating actions
conclude the review for possible downgrade (initiated in May 2010)
of some of the notes in all three transactions.
The rating actions in each transaction are:
Issuer: Locat SV - Series 2005 (formerly named "Locat
Securitisation Vehicle 3 S.r.l.")
-- EUR160 million class B notes, downgraded to Baa1 (sf);
previously on May 10, 2010 A2 (sf) placed under review for
possible downgrade
-- EUR33 million class C notes, downgraded to B2 (sf);
previously on May 10, 2010 Baa3 (sf) placed under review for
possible downgrade
Issuer: Locat SV - Series 2006
-- EUR1348 million class A2 certificate, confirmed at Aa2 (sf);
previously on May 10, 2010 Aa2 (sf) Placed Under Review for
Possible Downgrade
-- EUR152 million class B certificate, downgraded to Baa3 (sf);
previously on May 10, 2010 A3 (sf) placed under review for
possible downgrade
-- EUR64 million class C certificate, downgraded to Caa1 (sf);
previously on May 10, 2010 Ba2 (sf) placed under review for
possible downgrade
Issuer: Locat SV - Series 2008
-- EUR1591 million class A2 notes, downgraded to Aa3 (sf);
previously on May 10, 2010 Aaa (sf) placed under review for
possible downgrade
-- EUR141 million class B notes, downgraded to Baa3 (sf);
previously on May 10, 2010 Aa3 (sf) placed under review for
possible downgrade
-- EUR61 million class C notes, downgraded to B3 (sf);
previously on May 10, 2010 A3 (sf) placed under review for
possible downgrade
Ratings Rationale
The rating actions are prompted by each transaction's worse-than-
expected performance. In particular, cumulative default levels
across each transaction are worse than expected at closing (or at
previous reviews) compared with the pool factors and amortization
rates of the portfolios. In its analysis, Moody's considered the
negative outlook on the Italian leasing ABS sector. Specifically,
Moody's considered the forecasts for the main macro-economic
drivers of the collateral deterioration, in particular, corporate
insolvencies and GDP contraction.
Corporate insolvencies rose 20% in 2008 compared with 2007, and
increased 35%-40% in 2009 compared with 2008. According to credit
management solutions company Euler-Hermes, business insolvencies
are likely to increase by 15% in 2010. Italian GDP contracted
unexpectedly in Q4 2009, following 0.6% quarter-on-quarter growth
in Q3 2009, when Italy's economy emerged from five consecutive
quarters of recession. Moody's outlook for Italy's economic
growth is weak for 2010, but is forecast to accelerate in 2011,
with exports as the key growth driver.
Moody's has reassessed its lifetime default expectation for each
transaction, taking into account the collateral performance to
date and the current macroeconomic environment in Italy All
transactions have under-performed Moody's performance expectations
that it assumed at closing, or in its last transaction reviews.
The portfolios of all three transactions comprise three pools of
Italian financial leases originated by Locat S.p.A. for equipment,
auto and real-estate leases. Due to the shorter amortization
profile of the equipment and auto portion, the pools are now
mainly exposed to real estate.
Locat Series 2005
Cumulative defaults (as of the last reporting date in July) were
6.5% of the total securitized balance, compared with expected
cumulative defaults of 2.8% over the lifetime of the transaction
at closing in November 2008, which thereafter increased to 5.1% in
May 2009. The mean default assumption was increased to 7.25% of
the current portfolio outstanding balance, which translates into
8.4% of the total securitized balance. The volatility was
increased to 48% compared with 44.5% at closing in November 2005.
The split between the three sub-pools as of the last reporting
date in September was: 10.6% equipment, 2.9% auto and 86.5% real
estate.
Locat Series 2006
Cumulative defaults (as of the last reporting date in September)
were 6.3% of the total securitized balance, which equals the June
2009 revised assumptions, when the initial mean default rate was
increased to 6.3% from 2.9%. As a result of the approach
described above, the mean default assumption was then revised at
8.8% of current pool balance, which translates into 9.2% of the
total securitized balance. The volatility was adjusted to 50%,
compared with 54% at closing in December 2006 and 47% in June
2009. The relatively high volatility in this transaction is
because 20% of the outstanding amount relates to large real-estate
exposures to only a small number of borrowers. The split between
the three sub-pools as of the last reporting date in September
was: 15.8% equipment, 8.3% auto and 75.9% real estate (including
the large loan exposure).
Locat Series 2008
Cumulative defaults (as of the last reporting date in September)
were 5.7% of the total securitized balance, compared with expected
cumulative defaults of 3.1% over the lifetime of the transaction
at closing in May 2008. The mean default assumption was reviewed
at 11.2% of the current pool balance, which translates into 12.9%
of the total securitized balance. The volatility was reduced to
42.5% compared with 49% at closing in May 2008. The split between
the three sub-pools as of the last reporting date in September
was: 29.3% equipment, 11.5% auto and 59.2% real estate.
Due to the nature of the underlying borrowers, Moody's aimed to
complement its historical data analysis with a top-down approach
(similar to a standard SME deal) to determine the expected mean
default rate. However, due to limited information provided in the
specific transaction poolcuts, this analysis could not be
performed in details. Moody's notes that the revised default
assumptions on the current balance (and over the transactions'
remaining life) are commensurate with an average rating in the "B"
range.
The recovery rate for all transactions has been adjusted to 35%,
representing a decrease from the assumptions at closing (or at the
last review) to reflect the lower recoveries experienced since
closing. Additionally, Moody's considered the potential effect of
originator insolvency on the recoveries in the transaction. If
the originator were to become insolvent, the rating agency expects
recoveries on defaulted lease contracts to be in the 10% range.
Moody's performed a stress test taking into account a possible
deterioration in the credit quality of Unicredit Leasing to a
level commensurate with a Baa1 rating. Moody's found that this
degree of rating migration would have no effect on the rated
notes.
Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past 6 months.
===================
L U X E M B O U R G
===================
BREEZE FINANCE: S&P Gives Negative Outlook; Affirms 'C' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
the EUR84 million Class B subordinated bonds, due 2027, issued by
Luxembourg-based special-purpose vehicle Breeze Finance S.A.
(Breeze Three), to negative from stable. The 'C' issue ratings on
the Class B bonds were affirmed. At the same time, the 'BB-'
underlying ratings on the EUR287 million Class A secured bonds,
due in 2027, were affirmed. The outlook on the Class A bonds
remains negative.
The 'BB+' long-term ratings on the Class A bonds are unaffected
and reflect what S&P seeS as an unconditional and irrevocable
guarantee of payment of scheduled interest and principal provided
by MBIA U.K. Insurance Ltd. (BB+/Negative/--). The recovery
rating on the Class A bonds is unchanged at '2', indicating S&P's
expectation of substantial (70%-90%) recovery of principal (in the
absence of an insurance guarantee) in the event of a payment
default.
"The outlook revision reflects S&P's view of the potential for the
Class B bonds to be swapped with equity over the next two years,"
said Standard & Poor's credit analyst Timon Binder.
Breeze Three is a special-purpose entity that raised funds for a
wind-power partnership comprising 43 wind farms in Germany and
France with a total installed capacity of 347.4 megawatts, the
majority of which are in Germany. Breeze Three has deferred all
payments on the Class B bonds since Oct. 19, 2010, owing to
continually weak wind conditions in Germany. The full resumption
of payments on the Class B bonds will likely only follow a
significant restoration of wind performance.
The rating affirmations on the Class A bonds reflect S&P's view
that the structure will continue to support full payments on the
Class A bonds for a significant period of time. Should wind
turbine availability remain in line with its expectations of
between 97% and 98%, S&P does not anticipate drawings on the fully
funded debt-service reserve of about EUR14 million to be
substantial over the medium term. This is even if wind conditions
do not significantly increase from those seen over the past 18
months.
The negative outlook on the Class B bonds indicates S&P's view
that these bonds could potentially be swapped for equity if
currently suspended legally imposed accounting tests on the
continuation of businesses resumed, as currently planned, after
Dec. 31, 2013. A restoration of the accounting tests could force
the company to substitute part of its liabilities with equity to
reduce the level of its debt. In this event, S&P would consider
the debt-to-equity swap to be tantamount to a default on the Class
B bonds and S&P would lower the rating to 'D'.
"The negative outlook on the Class A bonds reflects S&P's view
that continuing financial underperformance could dent the
project's already weak liquidity," said Mr. Binder. "This and the
ongoing payment deferral on the Class B bonds indicate to us that
Breeze Three could find it difficult to replenish the debt-service
reserve on the Class A bonds should it need to use the DSRA to
service principal and interest obligations."
S&P might lower the rating on the Class A bonds if the project's
operational performance continues to weaken, necessitating the
usage of the DSRA to make payments on the Class A bonds. S&P
might also lower the rating if S&P see that, by the beginning of
2012, the project company has no clear strategy to satisfy the
continuation tests, which could resume in 2013. On the other
hand, S&P might revise the outlook to stable if, in S&P's view,
the project's cash flow generation has recovered and the deferred
payments on the Class B bonds have been paid.
TELENET FINANCE: Moody's Assigns 'Ba3' Rating to EUR350 Mil. Notes
------------------------------------------------------------------
Moody's Investors Service assigned a (P) Ba3 rating to the EUR350
million senior secured notes due 2020 to be issued by Telenet
Finance Luxembourg SCA. The rating outlook is stable.
Telenet intends to use proceeds to refinance up to EUR200 million
of existing bank debt (with the shortest maturities under the
Senior Credit Facility) and the remainder to on-lend to Telenet NV
for general corporate purposes which may include shareholder
disbursements in 2011, in the absence of material debt-financed
acquisitions. The (P)Ba3 rating on the notes reflects the fact
that the debt issuance does not change Telenet's Ba3 CFR; and that
the notes are effectively pari-passu with Telenet's senior secured
bank facility (also rated at Ba3).
Ratings Rationale
Telenet Finance is incorporated in Luxembourg as a special purpose
vehicle created to issue the proposed senior secured notes to
finance a EUR350 million term loan facility ('Finco Loan') to
Telenet International Finance SA. The terms of the Finco loan
will be recorded in an additional facility accession agreement
between Telenet Finance and Telenet International and the facility
agent under the Telenet Senior Credit Facility.
Moody's understands that the notes indenture does not contain any
incurrence covenants. Noteholders indirectly benefit from the
terms (including maintenance financial covenants) of the Senior
Credit Facility and have security over the Issuer's shares and
over its assets, including its rights to and benefit in the Finco
loan. However, Moody's notes that the holders of the notes will
have only indirect recourse to Telenet International so that in an
enforcement scenario they would have to enforce the security
interest in the Finco loan, and subsequently enforce the
collateral granted in favour of the Finco loan.
The Ba3 corporate family rating reflects Telenet's continued solid
operational performance supported by the company's multi-play
strategy. However, the rating also takes into account (i) the
intensive competition that Telenet faces particularly from
incumbent operator, Belgacom, and also from mobile operators such
as Mobistar; (ii) the company's limited size of operations
compared with global peers; and (iii) the expectation that Telenet
in future will continue to pay out (at least) all of the
internally generated free cash flow (as defined by Telenet) in
shareholder disbursements (in the absence of suitable acquisition
opportunities); implying that the company will be relying largely
on EBITDA growth for operating within its own leverage target
parameters (see below).
Moody's notes that Telenet intends to increase its net senior
leverage ratio (calculated as per its Senior Credit Facility
definition - excluding the capitalized elements of indebtedness
under the clientele and annuity fees and any other finance leases)
to 3.5x (which implies a reported net total debt leverage of
around 4.0x) by the end of 2011. This is likely to be executed
entirely via shareholder disbursements should acquisitions not
materialize during the year. The agency notes that Telenet
remains committed towards maintaining its net reported total
leverage between 3x-4x prior to any debt-financed acquisitions
which could take leverage outside this range.
At 30 June 2010, the company's reported last twelve months net
total debt leverage was 3.6x pro-forma the shareholder
distribution of approximately EUR250 million on 2 August 2010.
This was equivalent to Moody's adjusted Gross Debt-to-EBITDA of
4.0x. Moody's notes that at 30 September 2010, the company's
reported last twelve months net total debt leverage has further
reduced to 3.3x. Despite relatively modest leverage for the
rating category, Telenet's CFR at Ba3 currently remains
constrained by the expected increase in leverage from current
levels in 2011 combined with the uncertainty regarding debt-
financed acquisitions. In this regard, Moody's also incorporates
the fact that Telenet is majority-owned by Liberty Global (rated
Ba3, negative outlook).
Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only. Upon a conclusive review
of the final documentation, Moody's will endeavor to assign a
definitive rating to the Notes. A definitive rating may differ
from a provisional rating.
What Could Change the Rating - Up
Upward rating pressure would develop if, inter alia, the company
demonstrates clear commitment to maintain its gross debt to EBITDA
solidly below 4.5x (as calculated by Moody's) on a sustained
basis. A move to positive free cash flow generation (as defined
by Moody's -- post capex and dividends) would also be a positive
factor.
What Could Change the Rating - Down
An increase in leverage at or above 5.5x Gross Debt/ EBITDA (as
adjusted by Moody's) resulting from significant debt-financed M&A
activity and/ or aggressive shareholder remuneration together with
sustained negative free cash flow (as calculated by Moody's) would
exert downward pressure on the rating.
Headquartered in Mechelen, Belgium, Telenet Group Holding NV is
the largest provider of cable services in Belgium. Currently, US-
based Liberty Global Consortium (rated Ba3/Negative) owns
approximately 50.3% of Telenet. For the financial year ending 31
December 2009, Telenet reported revenues of EUR 1.2 billion with
50.7% Adjusted EBITDA margin (as calculated by the company).
=====================
N E T H E R L A N D S
=====================
BRIT INSURANCE: Fitch Affirms 'BB+' Rating on Subordinated Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Brit Insurance Limited's Insurer
Financial Strength rating at 'A', and Brit Insurance Holdings
N.V.'s Long-term Issuer Default Rating at 'BBB+' and its
subordinated notes at 'BB+. The ratings have been removed from
Rating Watch Negative. The Outlook is Stable.
The action follows the announcement made on 26 October confirming
that a recommended cash offer had been made to purchase BIHNV by
Achilles Netherlands Holdings B.V., a majority owned company of
funds managed by the private equity firms, Apollo Management VII,
L.P. and funds advised by CVC Capital Partners Limited.
Since placing the ratings of Brit Insurance on RWN on 21 September
2010, Fitch has met with representatives from both Apollo and CVC,
who have provided information including details on post-
acquisition leverage, length of Apollo's and CVC's investment
horizon and future strategic direction of Brit Insurance.
Based on information provided to Fitch, the agency anticipates
that the financial profile of Brit Insurance, post-acquisition,
will be maintained within the insurer's existing target range of
mid to high 'A'. Fitch will monitor the post-acquisition profile
of Brit Insurance, and the agency expects that leverage and
capitalization will be maintained at levels at least commensurate
with the current ratings. Fitch notes that the level of risk
assumed within the investment portfolio will be raised modestly to
increase returns and the agency will watch this closely. Fitch
will also monitor whether the change in ownership will result in
higher required regulatory capital.
Regarding strategy, Fitch anticipates that Brit Insurance's
existing management team will retain the day-to-day running of the
business and maintain underwriting discipline, with future premium
growth being reflective of market conditions. The agency will
also continue to assess the effects of the transaction on Brit
Insurance's ability to retain both good insurance business and
talented staff.
The offer is subject to shareholder and regulatory approvals and
the agency will again review Brit Insurance's ratings should the
transaction not be completed due to a failure to gain the
necessary approvals.
DALRADIAN EUROPEAN: S&P Lifts Rating on Class E Notes to 'B- (sf)'
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Dalradian European CLO I B.V.'s class A2 to E notes. At the same
time, S&P affirmed its ratings on the class A1 and variable
funding notes.
The rating actions follow S&P's assessment of trends that S&P has
observed in the transaction over several months, which include a
general improvement in the credit quality of the underlying
portfolio. In its view, S&P has observed an overall improvement
in the ratings distribution of the loans in the underlying
portfolio, in particular, a reduction in the level of 'CCC' rated
assets. In addition, S&P has also witnessed a rise in the
transaction's overcollateralization test ratio results and an
increase in credit enhancement levels at all rating levels.
S&P has also observed a general rise in the portfolio's weighted-
average spread. However, for reasons of credit stability, S&P's
analysis also assessed scenarios where the WAS returned to its
covenanted level of 2.65%.
In S&P's opinion, these improvements support its decision to
upgrade the class A2, B, C, D, and E notes. However, the improved
credit quality of the transaction is not sufficient, in S&P's
view, to justify raising the ratings on the class A1 and VFN
notes. S&P has therefore affirmed its ratings on these classes at
'AA+ (sf)'.
Dalradian European CLO I is a cash flow collateralized loan
obligation collateralized by a pool of primarily European
leveraged loans. The transaction closed in May 2006 and is
managed by Elgin Capital.
Ratings List
Dalradian European CLO I B.V.
EUR350 Million Floating-Rate Notes
Ratings Raised
Rating
------
Class To From
----- -- ----
A2 AA (sf) A+ (sf)
B A+ (sf) BBB (sf)
C BBB+ (sf) BB+ (sf)
D BB- (sf) CCC+ (sf)
E B- (sf) CCC- (sf)
Ratings Affirmed
Class Rating
----- ------
A1 AA+ (sf)
VFN AA+ (sf)
EUROCREDIT CDO: Moody's Raises Rating on EUR15MM Notes to B2 (sf)
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of the Class II
notes, the Second Priority notes and the Third Priority notes
issued by Eurocredit CDO I B.V.
Issuer: Eurocredit CDO I, B.V.
-- EUR100M Class II Senior Secured Floating Rate Notes due 2012,
Upgraded to Aaa (sf); previously on Nov 24, 2009 Confirmed at
Aa2 (sf)
-- EUR41.5M Second Priority Secured Fixed Rate Notes due 2012,
Upgraded to Ba1 (sf); previously on Nov 24, 2009 Upgraded to
Ba2 (sf)
-- EUR15M Third Priority Secured Fixed Rate Notes due 2012,
Upgraded to B2 (sf); previously on Nov 24, 2009 Confirmed at
Caa1 (sf)
Ratings Rationale
Eurocredit CDO I B.V., issued in September 1999, is a single
currency collateralized loan obligation backed by a portfolio of
European high yield bonds and senior secured loans. The
transaction is managed by Intermediate Capital Managers Limited
but the reinvestment period ended in September 2004 and the
underlying portfolio is currently in amortization phase. As a
result the senior Class I tranche has been repaid by 83.67% as at
last payment date on 1 September 2010.
According to Moody's, the upgrade rating actions taken on the
notes reflect the positive impact of the amortization of the
underlying portfolio and the improvement in the credit quality of
the remaining underlying assets. This improvement is observed
through a decrease in the portfolio weighted average rating factor
"WARF" (3023 in September 2010, compared to 3465 in October 2009)
and a significant decrease in the proportion of securities from
issuers rated Caa1 and below in the portfolio (2.73% in September
2010, compared to 15.54% in October 2009). In addition, the
transaction collateralization levels have improved for all rated
notes, with a 17.81% absolute increase for the Class II notes
(145.65% in September 2010, compared to 127.84% in October 2009)
as well as a 3% absolute increase for the Second and Third
Priority notes (110.95% and 107.45% in September 2010 compared to
107.38% and 104.39% in October 2009, respectively). These figures
were taken from the trustee reports dated 30 September 2010 and 30
October 2009.
As a base case, Moody's analyzed the underlying collateral pool
with an adjusted weighted average rating factor of 2975 and a
weighted-average recovery rate of 37.00%. Standard correlation
assumptions applicable to corporate assets in the CDOROM model
have been used. Moody's also tested the sensitivity of model
results to key parameters for the rated notes. Among these, the
agency considered the impact of a two notch rating downgrade for
the largest exposure (10% of the pool) on the model outputs.
Moody's current ratings do not deviate by more than one notches
from the model results of these sensitivity runs.
Under this methodology, due to the deal's lack of granularity of
the portfolio, Moody's relies on a simulation based framework.
Moody's therefore used CDOROM to generate default and recovery
scenarios for each asset in the portfolio and then, Moody's EMEA
Cash-Flow model in order to compute the associated loss to each
tranche in the structure. The description of this model can be
found in the methodology listed above.
Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" (August 2009) and "Annual Sector Review (2009):
Global CLOs", key model inputs used by Moody's in its analysis,
such as par, weighted average rating factor, diversity score, and
weighted average recovery rate, may be different from the
trustee's reported numbers.
Moody's also notes that a material proportion of the collateral
pool consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates. As credit estimates do
not carry credit indicators such as ratings reviews and outlooks,
a stress of a quarter notch-equivalent assumed downgrade was
applied to each of these estimates. In addition, large single
exposure to obligors bearing a Credit Estimates have been
considered for the analysis and applied a stress applicable to
concentrated pools with non publicly rated issuers as per the
report titled "Updated Approach to the Usage of Credit Estimates
in Rated Transactions" published in October 2009.
Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past 6 months.
MONTE 2008-I: S&P Affirms Rating on Class C Notes at 'BB (sf)'
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
MONTE 2008-I B.V.'s class A, B, and C notes. At the same time,
S&P removed from CreditWatch negative its ratings on classes B and
C.
The rating actions follow S&P's assessment of developments S&P has
observed in the transaction since it closed in February 2009.
These developments include credit deterioration in the
transaction's underlying portfolio and a reduction in the
outstanding balance of the class A notes.
Based on the collateral administrator's report dated Aug. 31,
2010, S&P noteS that the issuer has partly repaid the class A
notes since closing. This reduced the outstanding balance to
?328.63 million from ?370.20 million, as principal receipts are
used to repay the issued notes in order of priority.
S&P also note that the credit quality of the pool has deteriorated
since closing. Using the ratings that S&P considers appropriate
in its analysis, the table below compares the ratings breakdown at
closing with the current ratings breakdown. S&P's analysis uses
the pool details published in the Aug. 31, 2010 report together
with ratings on the underlying assets as of Oct. 6, 2010.
Principal cash held by the transaction has been excluded from
S&P's analysis.
Current Closing
Current cumulative Closing cumulative
Rating (% of pool) percentage (% of pool) percentage
------ ----------- ---------- ----------- ----------
AAA 5.45 5.45 8.39 8.39
AA+ 4.52 9.97 1.11 9.50
AA 17.69 27.66 23.10 32.60
AA- 7.41 35.07 5.08 37.68
A+ 6.47 41.53 10.33 48.01
A 21.68 63.21 26.06 74.07
A- 6.06 69.27 2.65 76.72
BBB+ 1.08 70.35 1.51 78.23
BBB 7.92 78.27 13.09 91.32
BBB- 3.38 81.65 2.24 93.56
BB+ 2.87 84.52 3.52 97.08
BB 5.22 89.74 1.43 98.51
BB- 3.92 93.66 0.00 98.51
B+ 0.94 94.60 0.00 98.51
B 0.47 95.07 0.43 98.94
B- 0.59 95.65 0.00 98.94
CCC+ 0.00 95.65 0.00 98.94
CCC 2.00 97.65 1.07 100.00
CCC- 0.47 98.12 0.00 100.00
CC 1.88 100.00 0.00 100.00
D 0.00 100.00 0.00 100.00
In addition to S&P's standard cash flow analysis, S&P reviewed
stressed scenarios to test the stability of the ratings on MONTE
2008-I's class A, B, and C notes, as S&P did in its initial rating
analysis. Such scenarios included those where defaults are high
and recoveries are low in residential and commercial mortgage-
backed securities assets rated 'A-' and lower ("stressed assets").
According to S&P's analysis, the proportion of stressed assets in
the pool has increased slightly since closing, rising to 18.8%
from 16.4%.
For class A, the current higher proportion of stressed assets is,
in its opinion, mitigated by the increase S&P has observed in
credit enhancement available to the class. S&P's analysis
indicates that class A's available credit enhancement has
increased because the notes have been paid down. Taking
everything into account, S&P has affirmed the 'A (sf)' rating on
class A.
In contrast to class A, the credit enhancement of classes B and C
has fallen since closing. This is due, in S&P's view, to the
default of certain assets in the pool. Defaulted assets appear in
the table above with ratings of 'CC' or 'D'. Despite the decrease
in credit enhancement, S&P's cash flow analysis indicates
continued strong support for classes B and C at their current
rating levels. S&P has therefore affirmed and removed their
ratings from CreditWatch negative.
MONTE 2008-I is a static cash flow collateralized debt obligation
of European structured finance securities. S&P placed classes B
and C on CreditWatch negative in October 2009, when the ratings on
approximately 9.7% of the pool were also on CreditWatch negative.
Currently, 2.8% of the pool is on CreditWatch negative and 0.2% is
on CreditWatch positive.
Ratings List
Monte 2008-I B.V.
EUR440.4 Million Floating-Rate Notes And EUR28.3 Million
Subordinated Notes
Ratings Affirmed and Removed From Credit Watch Negative
Rating
------
Class To From
----- -- ----
B BBB (sf) BBB (sf)/Watch Neg
C BB (sf) BB (sf)/Watch Neg
Rating Affirmed
Class Rating
----- ------
A A (sf)
===========
R U S S I A
===========
COMMERCIAL BANK: Moody's Gives Stable Outlook on 'B3' Rating
------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on the B3 long-term foreign and local currency deposit
ratings and foreign currency senior unsecured debt ratings as well
as the E+ Bank Financial Strength Rating of Commercial Bank
"Renaissance Capital" LLC. All global scale ratings are affirmed
at current levels.
Rating Rationale
The change in outlook reflects the stabilization and improvements
of CBRC's funding base, profitability, asset quality and
franchise, and hence the reduced likelihood of default of CBRC.
Whilst the bank recorded a significant level of non-performing
loans that accounted for ca. 20% of the loan book at end-2009,
its significant capital buffer -- with the Tier 1 ratio exceeding
21% -- is more than adequate to absorb credit losses. Moody's
also observes that the bank has managed to differentiate its
funding sources as it repaid a major portion of its wholesale
funding in 2009 and increased its retail customer deposit base
threefold in 2009-1H 2010.
At the same time, Moody's notes CBRC's narrow franchise, and
highlights that refinancing risks remain, as the majority of
funding is still derived from concentrated corporate deposits and
wholesale funding. Although profitability has started to improve
it still remains poor, and new underwriting standards will need to
prove their effectiveness in order to contain risks.
Moody's previous rating action on CBRC was on 20 April 2009 when
the rating agency downgraded the bank's long-term global local
currency ratings to B3 from B1 and changed the outlook on CBRC's
ratings to negative from stable.
Based in Moscow, CBRC is a member of Renaissance Capital Consumer
Finance Group, the consumer finance segment of the larger
Renaissance group, which also includes an investment banking
segment, asset management and merchant banking. CBRC reported
total consolidated assets of US$1.1 billion and total equity of
US$310 million under IFRS (reviewed) at year-end H1 2010.
SVIAZ-BANK: Fitch Assigns 'D/E' Individual Rating
-------------------------------------------------
Fitch Ratings has assigned Russia's Sviaz-Bank ratings of Long-
term foreign and local Issuer Default 'BB', Short-term IDR 'B',
Individual 'D/E', Support '3' and National Long-term 'AA-(rus)'.
The Outlooks for the Long-term IDRs and National Long-term rating
are Stable.
SB's IDRs and Support Rating are underpinned by potential support,
in case of need, from its majority shareholder, Russia's state-
owned Vnesheconombank ('BBB'/Stable). The three- notch difference
between the Long-term IDRs of VEB and SB reflects Fitch's view
that SB is a non-core investment for VEB whose acquisition in 2008
was driven by the need to rescue the bank. The difference in the
ratings also considers VEB's long-term plans to sell the bank and
the near-term possibility that VEB's stake may fall to a minority
one.
However, Fitch notes the intention of the bank's shareholder to
develop SB into a post bank with the help of the state-owned Post
of Russia, which has more than 40,000 branches in all regions in
Russia. Fitch believes that the realization of this project, if
implemented, would take considerable time. To support this
development and fulfil its mandate to recapitalize the bank, VEB
injected a total of RUB90bn of fresh equity and provided RUB26bn
of subordinated debt to SB in 2009. In addition, to finalize the
cleaning up of the bank's balance sheet, VEB plans to buy a large
portfolio of non-performing legacy loans from SB. The post bank
project currently envisages that the Post of Russia will take a
25% stake in SB, with a private bank partner taking 25% plus one
share.
SB's Individual rating reflects risk associated with the bank's
recent and planned rapid growth, high concentration on the both
sides of the balance sheet, poorly diversified funding, the
currently limited franchise and considerable uncertainty about the
bank's future business and financial profile. The rating also
considers the bank's now solid capitalization and limited
impairment to date of loans issued under new management.
At end-H110, the IFRS loan portfolio included approximately
RUB36bn of legacy corporate loans issued prior to the bank's
bailout in Q408; these loans accounted for 38% of total loans and
had 69% reserve coverage. The sale of these legacy loans to VEB
is not expected to result in large gains or losses relative to
SB's equity.
The non-legacy loan book increased by a rapid 50% in H110, driven
by large loans to a few corporate clients of relatively good
credit quality. Therefore, the concentration of the loan book was
high, with the top 20 borrowers accounting for 72% of the adjusted
loan book at end-H110.
The bank's funding is undiversified and mostly sourced from or
through VEB in the form of subordinated loans from the parent and
deposits from state-controlled corporates. The two largest
clients represented 59% of customer accounts or 40% of liabilities
at end-H110.
Highly liquid assets were a solid 41% of total assets at end-H110,
which in part reflects the concentrated funding base. The capital
position of the bank was solid, with Basel I tier 1 and total
capital ratios standing at 22% and 43.5% at end-H110.
SB was established in 1991 and reported extremely rapid growth in
2004-2008. It later transpired that the size of the bank's assets
and equity were overstated as a result of risky and allegedly
fraudulent loan and securities transactions. In October 2008,
following a major liquidity shortfall triggered by the stock
market collapse, VEB bought SB for a token sum, as a measure aimed
at stabilizing the banking sector. At end-Q310 VEB owned 99.5% of
SB.
TRANSCONTAINER OJSC: Fitch Affirms 'BB+' Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed OJSC TransContainer's ratings at Long-
term foreign and local currency Issuer Default 'BB+', senior
unsecured 'BB+', Short-term foreign and local currency IDR 'B',
and National Long-term 'AA(rus)'. The Outlooks for the Long-term
IDRs and the National Long-term rating are Stable.
TransContainer's ratings reflect its position as the leading rail-
based container transportation company in Russia with an overall
market share of about 53%. In addition to its core business of
providing rail-based container transportation (among other assets
it owned over 25,000 flatcars that accounted for 61% of the total
fleet in Russia and over 58,000 ISO containers at 30 June 2010)
and rail-side terminal services, the company is engaged in freight
forwarding and logistics, as well as truck deliveries.
TransContainer benefits from a large network of container
terminals in key strategic locations in Russia and one in
Slovakia.
TransContainer's ratings also reflect the strategic and
operational ties between the company and its parent, JSC Russian
Railways (RZD 'BBB'/Stable/'F3'), the state-owned Russian railway
monopoly and the second-largest railway transportation system in
the world after the US.
Currently, TransContainer's debt is almost entirely long-term and
consists mostly of two rouble-denominated bond issues of RUB6bn in
aggregate maturing in 2013 and 2015 and finance lease obligations
of RUB1.5bn. At 30 September 2010 the company had cash balances
of RUB396m and short-term investments of RUB390m, plus available
credit lines of up to RUB12.2bn in aggregate from several major
domestic and foreign banks.
TransContainer has an ambitious capital investment program to
purchase new 80 ft flatcars and 40 ft containers and to increase
its container terminals throughput capacity in 2010-14.
Nonetheless, Fitch expects the company to be FCF-positive starting
in 2011.
The agency expects that TransContainer will maintain its leverage
at moderate levels and forecasts that the net adjusted debt/EBITDA
will gradually improve to just above 1x in 2014 from 2.3x in 2010.
Net adjusted debt includes operating leases that Fitch capitalizes
applying a 5x multiple, which is conservative taking into account
the fact that most operating leases are renewed annually. Fitch
expects TransContainer's FFO interest cover to improve to just
under 10x in 2014 from 4.6x in 2010. Maintaining adjusted
leverage below 2x on a sustained basis is commensurate with a
standalone rating for TransContainer of 'BB', a level within which
the company is currently weakly placed.
Currently, TransContainer is 85%-owned by RZD, and Fitch expects
that RZD will maintain a majority stake of 50% plus one share in
TransContainer following its IPO scheduled for November this year.
In line with Fitch's Parent-Subsidiary Rating linkage methodology,
TransContainer's IDRs have been notched up one level from its
standalone rating of 'BB' to incorporate explicit support from
RZD, resulting in an overall rating of 'BB+'.
TransContainer transported 1.1 million TEU (twenty foot equivalent
units) in 2009 and 552,000 TEU in H110, a 1.4% increase on H109.
Its terminal container handling volumes reached 1.46 million TEU
in 2009 and 727,000 TEU in H110, a 7% increase on H109. This
compares with a H110 rail container transportation volume for
Russia of 1.1 million TEU, which increased 16% yoy. Fitch expects
that the growth in rail container transportation volumes in 2010-
12 will moderately outpace that of Russia's GDP, which the agency
forecasts at 4.3% for 2010 and 4% for 2011-12 respectively.
Furthermore, Fitch anticipates that TransContainer will remain the
market leader in container transportation in Russia over the next
three-to-five years.
* Fitch Says Russian Corporate Outlook Is Improving
---------------------------------------------------
Fitch Ratings believes that the increasingly positive operating
environment in Russia may translate into rating upgrades in 2011.
This reflects the operational and financial prospects for Russian
corporates which are now generally more favorable than in 2009.
The background of continued uncertainty about the global economy,
and possible fall-out from currency and commodity price movements,
will continue to act as a drag on positive rating momentum,
however.
Currently 61% of Fitch's 46 corporate issuer ratings in Russia
have Stable Outlooks and 28% Positive. The remaining 11% are on
Negative Outlook, including the 7% with Negative Outlooks
reflecting company-specific factors.
There has been a significant shift in the profile of Fitch's
Russian corporate ratings in 2010 to a Positive Outlook bias and
away from the Negative bias seen at the start of this year. The
two key drivers of this shift have been changes to the Russian
sovereign rating outlook and an improved view of Russia's
incumbent telecom operators. The corporate ratings environment
has also been supported by improved funding options and liquidity,
as well as improved funds from operations due to higher commodity
prices.
Following the Outlook revision on Russian Federation's 'BBB'
rating to Positive, Fitch has changed the Outlooks to Positive on
OAO AK Yakutskenergo (BB), JSC RusHydro ('BB+') and Sukhoi Civil
Aircraft JSC ('BB'), as well as OJSC Moscow Integrated Power
Company ('BB+'), which is indirectly owned and controlled through
the City Of Moscow ('BBB'/Positive).
In part this positive stance on Russian corporates also reflects
the positive prospects Fitch sees for the Russian incumbent
telecom operators ahead of their expected consolidation under the
Rostelecom umbrella. Fitch's rating coverage includes OAO North
West Telecom, OAO Centertelecom, OAO Sibirtelecom, OAO
Uralsvyazinform, OAO Volgatelecom and OAO Far East Telecom (all
rated 'BB').
The post financial crisis and recession operating environment is
also considered positive for Russia's steel and chemicals
industries and JSC Sibur Holding (BB) and Magnitogorsk Iron &
Steel Works (BB) have seen their rating Outlooks revised to
Positive.
=========
S P A I N
=========
TDA CAM 11: Fitch Assigns 'BB-sf' Rating to Class C Notes
---------------------------------------------------------
Fitch Ratings has assigned final ratings to TDA CAM 11, Fondo de
Titulizacion de Activos mortgage-backed floating-rate notes due in
September 2061:
-- EUR92,900,840 Class A1 notes (ISIN ES0377845005) 'A+sf';
Outlook Stable; Loss Severity rating of 'LS-3'
-- EUR517,900,000 Class A2 notes (ISIN ES0377845013) 'A+sf';
Outlook Stable; Loss Severity rating of 'LS-2'
-- EUR403,200,000 Class A3 notes (ISIN ES0377845021) 'A+sf';
Outlook Stable; Loss Severity rating of 'LS-2'
-- EUR229,100,000 Class A4 notes (ISIN ES0377845039) 'A+sf';
Outlook Stable; Loss Severity rating of 'LS-3'
-- EUR33,000,000 Class B notes (ISIN ES0377845047) 'A-sf';
Outlook Stable; Loss Severity rating of 'LS-4'
-- EUR132,000,000 Class C notes (ISIN ES0377845054) 'BB-sf';
Outlook Stable; Loss Severity rating of 'LS-3'
This transaction is a cash flow securitization of a static pool of
first-ranking Spanish mortgage loans originated and serviced by
Caja de Ahorros del Mediterraneo (rated 'BBB+'/Rating Watch
Evolving/'F2') that originally closed in November 2008. Upon the
assignment of final ratings by Fitch the reserve fund has been
increased to 5.39% from 4.39% of the notes' outstanding balance
and the transaction documents have been amended to reflect Fitch's
applicable criteria.
The ratings take into account the specific risk attributes of the
underlying pool including a significant concentration of broker-
originated loans and loans granted to foreigners. The remaining
term to maturities also exceeds the market average. According to
Fitch's analysis loans with such features typically show a weaker
performance and as such the agency has tightened its base case
loss assumptions.
The portfolio's average original loan-to-value was 72.2%, and the
current loan-to-value is 66.7%. The difference between current
and original loan to value is due to the pool seasoning, which is
above two years. Loans are geographically concentrated in CAM's
home region, the Comunidad Valenciana.
Also as of end-September 2010, total credit enhancement for the
class A notes (A1, A2, A3 and A4), equivalent to 17.1% of the
outstanding collateral balance, is provided by the subordination
of classes B and C (2.3%) and (9.4%), respectively, plus a reserve
fund of 5.4%. Similarly, CE for the class B notes is provided by
subordination of class C plus the reserve fund. Finally, CE for
the class C notes is provided only by the reserve fund.
Fitch has also incorporated in its analysis the transaction's
latest performance which has improved over the last 12 months. As
of end-September 2010 the deal reported 90 days or over
delinquencies of 1.1% of the portfolio balance.
The fund is regulated by Spanish Securitization Law 19/1992 and
Royal Decree 926/1998. Its sole purpose is to transform into
fixed-income securities a portfolio of mortgage participations
("participaciones hipotecarias") and mortgage certificates
("certificados de transmission de hipoteca") acquired from CAM.
The PHs and CTHs were subscribed by Titulizacion de Activos S.A.,
S.G.F.T. whose sole function is to manage asset-backed notes on
behalf of the fund.
The ratings address the timely payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger for the Class B to C notes, as well
as the repayment of principal by the legal maturity date for each
note.
The final ratings are based on the quality of the collateral, the
underwriting and servicing of the mortgage loans, available credit
enhancement, the integrity of the transaction's legal and
financial structure and Titulizacion de Activos S.A., S.G.F.T.'s
administrative capabilities.
TDA CAM 12: Fitch Assigns 'BBsf' Rating to Class C Notes
--------------------------------------------------------
Fitch Ratings has assigned final ratings to TDA CAM 12, Fondo de
Titulizacion de Activos mortgage-backed floating-rate notes due in
December 2061:
-- EUR133,572,166 Class A1 notes (ISIN ES0377104007) 'A+sf';
Outlook Stable; Loss Severity rating of 'LS-3'
-- EUR665,000,000 Class A2 notes (ISIN ES0377104015) 'A+sf';
Outlook Stable; Loss Severity rating of 'LS-1'
-- EUR418,000,000 Class A3 notes (ISIN ES0377104023) 'A+sf';
Outlook Stable; Loss Severity rating of 'LS-2'
-- EUR228,000,000 Class A4 notes (ISIN ES0377104031) 'A+sf';
Outlook Stable; Loss Severity rating of 'LS-2'
-- EUR57,000,000 Class B notes (ISIN ES0377104049) 'A+sf';
Outlook Stable; Loss Severity rating of 'LS-3'
-- EUR152,000,000 Class C notes (ISIN ES0377104056) 'BBsf';
Outlook Stable; Loss Severity rating of 'LS-3'
This transaction is a cash flow securitization of a static pool of
first-ranking Spanish mortgage loans originated and serviced by
Caja de Ahorros del Mediterraneo (CAM, rated 'BBB+'/Rating Watch
Evolving/'F2') that originally closed in February 2009. Upon
assignment of final ratings, the transaction documents have been
amended to reflect Fitch's applicable criteria.
Fitch considers the underlying portfolio to share similar risk
attributes with previous TDA CAM transactions such as significant
portions of broker-originated loans and loans granted to
foreigners. The remaining term to maturities also exceeds the
market average. According to Fitch's analysis loans with such
features typically show a weaker performance and as such the
agency has tightened its base case loss assumptions.
The portfolio's average original loan-to-value was 70.9%, and the
current loan-to-value is 62.5%. The difference between current
and original loan to value is due to the pool seasoning, which is
above three years. Similar to previous TDA CAM deals, loans are
geographically concentrated in CAM's home region, the Comunidad
Valenciana.
The transaction's counterparty risk had a significant impact in
Fitch's analysis of TDA CAM 12, Fondo de Titulizacion de Activos.
As of September 2010 Caja de Ahorros y Monte de Piedad de Madrid
(Caja Madrid, rated 'A'/ Rating Watch Negative/'F1'), as
reinvestment account provider, did not comply with Fitch's
eligibility criteria for counterparties in structured finance
transactions with ratings above 'A+'. The agency considers that
this uncovered counterparty exposure is material to the rating and
has therefore capped the rating on the notes at 'A+', in line with
its criteria for transactions whereby counterparties are rated
below 'A'/'F1+' and above 'BBB+'/'F2'. Without such a cap, and
given the available credit enhancement Fitch considers the class A
notes to be in line with the 'AAsf' rating category.
As of September 2010 total credit enhancement for the class A
notes (A1, A2, A3 and A4), equivalent to 17.2% of the outstanding
collateral balance, is provided by the subordination of classes B
and C (3.4%) and (9.2%), respectively, plus a reserve fund of
4.6%. Similarly, CE for the class B notes is provided by
subordination of class C plus the reserve fund. Finally, CE for
the class C notes is provided only by the reserve fund.
Fitch has also incorporated in its analysis the transaction's
latest performance which has improved since Q110. As of end-
September 2010 the deal reported 90 days or over delinquencies of
0.7% of the portfolio balance.
The fund is regulated by Spanish Securitization Law 19/1992 and
Royal Decree 926/1998. Its sole purpose is to transform into
fixed-income securities a portfolio of mortgage participations
("participaciones hipotecarias") and mortgage certificates
("certificados de transmission de hipoteca") acquired from CAM.
The PHs and CTHs were subscribed by Titulizacion de Activos S.A.,
S.G.F.T. whose sole function is to manage asset-backed notes on
behalf of the fund.
The ratings address the timely payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger for the Class B to C notes, as well
as the repayment of principal by the legal maturity date for each
note.
The final ratings are based on the quality of the collateral, the
underwriting and servicing of the mortgage loans, available credit
enhancement, the integrity of the transaction's legal and
financial structure and Titulizacion de Activos S.A., S.G.F.T.'s
administrative capabilities.
===========================
U N I T E D K I N G D O M
===========================
DUNDEE FOOTBALL CLUB: Axed Stars Given Transfer Lifeline
--------------------------------------------------------
Dundee Football Club's sacked stars have been handed a boost after
being told they won't need to wait until the transfer window
reopens in January to sign for a new club, Daily Record reports.
According to the report, the cash-strapped outfit tore up the
contracts of nine first-team squad members after going into
administration. The report relates that the players feared they'd
be forced on to the dole for the rest of the year -- but PFA chief
Fraser Wishart said FIFA will grant the players permission to move
elsewhere once they agree contracts.
Mr. Wishart, the report notes, said: "The SFA -- or the local
association -- must register the player and send various letters.
At that point FIFA will look at the documents and rubber-stamp
transfers on an individual basis."
Dundee Football Club -- http://www.thedees.co.uk/-- is a Scottish
football club.
EMI GROUP: Judge Questions Terra Firma's Theory in Case v. Citi
---------------------------------------------------------------
Andrew Edgecliffe-Johnson at The Financial Times reports that
Judge Jed Rakoff has ruled that Guy Hands would get no more than a
quarter of the US$8 billion (GBP5 billion) damages he sought were
he to win his landmark case against Citigroup over the Terra Firma
boss's 2007 acquisition of EMI Group.
The FT relates Judge Rakoff, who has presided over the case in the
southern district court of New York for the past two weeks, has
ruled out one of the three theories on which Mr. Hands' legal team
had based their damages claim, and Mr. Hands' lawyers have
withdrawn another.
According to the FT, in an evening conference with the two sides'
lawyers after dismissing the jury on Wednesday, Judge Rakoff said
he would not allow a witness for Mr. Hands' Terra Firma private
equity group to testify about "lost profits", questioning the
methodology behind a theory under which it had sought damages of
EUR4.4 billion (GBP3.8 billion).
David Boies, Mr. Hands' lead lawyer, then withdrew an alternative
theory that Mr. Hands, should he win, should be compensated for
having been "locked in" to the EMI investment while its value
fell, the FT discloses. A Terra Firma witness had said such
damages could be EUR2 billion, the FT notes.
The FT says the remaining claim for "fair market" or "make whole"
damages could still expose Citigroup to a sum as high as US$2
billion should the nine-person jury agree with Mr. Boies'
calculation of the difference between EMI's true worth and the
GBP4.2 billion Mr. Hands paid for it.
Marianne DeMario, an analyst who has often testified for clients
of Mr. Boies' law firm, told the court on Friday that EMI's fair
market value was as little as 123p when he paid 265p-per-share for
it, the FT recounts. She argued for damages of GBP1.48 billion
(US$2.37 billion), including GBP80 million Terra Firma invested in
EMI to avoid breaching loan covenants, according to the FT.
The case continues, with Mr. Boies expected to begin summing up as
early as today, Nov. 2, the FT states.
As reported by the Troubled Company Reporter-Europe on Oct. 21,
2010, The FT said Mr. Hands told a New York court on Oct. 19 that
it would not have bid for EMI Group in a 2007 auction had it not
been for the alleged advice of a Citigroup banker. The FT
disclosed Mr. Hands, taking the stand on the second day of his
fraud lawsuit against the bank that financed the GBP4.2 billion
(US$6.6 billion) deal, alleged that David Wormsley, Mr. Hands'
closest adviser at Citigroup, encouraged Terra Firma to enter the
race for the music company even though the private equity group
preferred to avoid auctions. Mr. Hands, as cited by the FT, said
suing his closest external adviser had been "a very, very last
resort", arrived at reluctantly only after negotiations with
Citigroup on restructuring EMI failed. He reiterated his
allegation that Mr. Wormsley told him over the weekend before the
Monday morning bid deadline that Terra Firma should offer 265p per
EMI share because Cerberus, a rival private equity firm, planned a
262p offer, the FT disclosed. Citigroup, the FT said, vehemently
disputes the claim, arguing that Mr. Hands decided to sue only
after losing most of his investment in the deal.
Banking Covenants
As reported by the Troubled Company Reporter-Europe on Aug. 19,
2010, the FT said that an assessment by Maltby Capital, EMI's
private equity owner, shows that EMI will fall short of its
banking covenants until 2015 and will need a far larger injection
of fresh equity next year than the GBP87.5 million (US$136
million) it received in 2010. The FT disclosed that while Maltby
outlines strong operational improvements in the business in its
annual report, the gains remain insufficient to satisfy tightening
banking covenants, raising the pressure for a renegotiation with
Citigroup to avoid breaching the terms of the GBP3.04 billion debt
due between 2014 and 2017. The FT noted that although it has a
provisional commitment from Terra Firma funds to provide the
GBP26.9 million it expects to need for the periods ending June 30,
September 30 and December 31 this year, it expects "a further
significant shortfall" when the covenant is tested at the end of
March 2011. The FT said EMI could require "substantially in
excess" of the GBP87.5 million in equity cures injected in 2010.
Further smaller sums may also be required for the remaining three
covenant tests in 2011, the FT stated.
EMI Group Ltd. -- http://www.emigroup.com/-- is the fourth
largest record company in terms of market share (behind Universal
Music Group, Sony Music Entertainment, and Warner Music Group).
It houses recorded music segment EMI Music and EMI Music
Publishing. EMI Music distributes CDs, videos, and other formats
primarily through imprints and divisions such as Capitol Records
and Virgin, and sports a roster of artists such as The Beastie
Boys, Norah Jones, and Lenny Kravitz. EMI Music Publishing, the
world's largest music publisher, handles the rights to more than a
million songs. EMI Music operates through regional divisions (EMI
Music North America, International, and UK & Ireland). Private
equity firm Terra Firma owns EMI.
HONOURS PLC: Fitch Affirms 'BBsf' Rating on Class D Notes
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of all classes of notes
issued by Honours Plc. The Outlooks are Stable. The agency has
assigned Loss Severity ratings to the notes:
-- GBP126.4m Class A1 notes: affirmed at 'AAAsf' Outlook Stable;
assigned 'LS-1'
-- GBP54.2m Class A2 notes: affirmed at 'AAAsf', Outlook Stable;
assigned 'LS-2'
-- GBP33.4m Class B notes: affirmed at 'Asf', Outlook Stable;
assigned 'LS-3'
-- GBP18.0m Class C notes: affirmed at 'BBBsf', Outlook Stable;
assigned 'LS-3'
-- GBP12.0m Class D notes: affirmed at 'BBsf', Outlook Stable;
assigned LS-3'
The transaction is a securitization of UK student loan receivables
originated by the UK government. The loans were originated to
individuals who commenced higher education courses prior to
September 1998. The notes were issued in November 2006 to
refinance notes issued against the same collateral pool in 1999.
The affirmation reflects the increase in credit enhancement since
closing to 28.2% for class A, 15.2% for class B, 8.1% for class C,
and 3.4% for class D. The notes have been sequentially amortizing
since closing. The class A1 note has amortized to GBP126.4
million from GBP292 million while the other note balances remain
unchanged.
The transaction has not breached any of the performance-related
triggers designed to protect the senior notes. Fitch does not
anticipate any breach in the immediate future, given the zero
balance of the principal deficiency ledger and current performance
trends.
Loans are classified as defaulted upon reaching the 24th month of
delinquency. The cumulative default amount since November 2006 is
GBP22.5 million. To date, all defaults have been cured from
excess spread and the transaction consequently has a zero
principal deficiency ledger balance. Excess spread levels have
had limited benefit from recoveries over the past 12 months.
The total eligible receivables' balance (less than 24 months
delinquent) was GBP253 million as at end-September 2010. Of this
amount, 78.8% has been deferred without arrears while loans in
repayment make up 14.6%. Loans overdue by up to 23 months
constitute 5.4% of the balance and the remaining 1.2% constitutes
loans deferred with arrears. Fitch does not expect all of the
non-performing loans to roll into default. The agency will
continue to monitor the evolution of the arrears balance relative
to available credit enhancement.
The transaction documentation provides for pro-rata amortization
of the notes if certain conditions are met. All conditions are
currently met, apart from one which requires the class A notes
subordination ratio to double from its value at closing. Due to
slower amortization than previously anticipated, Fitch expects the
notes to enter pro-rata amortization during H211.
The transaction benefits from a liquidity facility provided by
Danske Bank ('A+'/ Stable/'F1'). The facility can be used to
cover interest shortfalls for the class A1, A2 and B notes. At
the same time, Deutsche Bank ('AA-'/Negative/'F1+') is acting as
the guaranteed investment contract provider for Honours Plc.
Series 2 notes. The current ratings of both parties are
consistent with Fitch's counterparty criteria.
INEOS GROUP: Moody's Raises Rating on Senior Notes to 'Caa2'
------------------------------------------------------------
Moody's Investors Service has undertaken a series of rating
actions related to Ineos Group Holdings plc and its various debt
instruments in conjunction with upgrading the corporate family
rating by one notch to B3 and assigning a stable outlook:
(i) The ratings on the first lien senior secured bank facilities
and notes were upgraded by one notch to B1,
(ii) The ratings on 2015 second lien senior secured loans were
upgraded by one notch to Caa1, and
(iii) The ratings on 2016 senior guaranteed notes were upgraded by
one notch to Caa2.
Ratings Rationale
The upgrade of the corporate family rating to B3 follows strong
operating performance in 2010 as the O&P and Intermediate
chemicals operations benefited from the recovery in volumes and
high margins, supported, in part, by capacity constraints and
restricted availability of several key co-products. The refining
business remains affected by the overcapacity in Europe and
Moody's foresee only a modest recovery in margins from the current
levels in the near term. Pending such recovery, Moody's expect
that Ineos improved position (with leverage expected at 5x on debt
adjusted basis at the end of the year) will be supported by the
sustained strength in the Intermediate chemicals and the US O&P
business.
The rating and the stable outlook are further supported by
expectation that Ineos will continue to deliver on its
deleveraging focus. In the next 12 months, the rating will be
largely driven by the pace and scope of debt reduction. The
recovery in the refining business, as well as ability to sustain
current margins in the European O&P business in a less supportive
environment, would contribute to accelerating deleveraging.
Further upward pressure would develop if leverage falls below 4.5x
times on a sustainable basis. An upgrade of the rating would also
require Ineos to maintain a strong liquidity profile. A
deterioration in operating performance leading to a sustained
weakness in cash flow generation and weaker debt coverage metrics
with (FFO + Interest)/ Interest below 2.5x and/or a sustained
negative FCF generation would put a negative pressure on the
ratings.
Ineos liquidity position remains satisfactory and is supported by
the improved cash and working capital management, while the strong
performance in 2010 required a substantial WC funding. At the end
of September 2010, the company reported EUR 547m in cash balances
and further EUR 125 m were available under its RCF facility and
EUR 236 under its securitization facility. Moody's note that
after the successful refinancing in April 2010, Ineos faces only
limited debt maturities in the next 12 months.
Ineos Group Holdings plc:
* Corporate Family Rating: B3 / PD - B3;
* 2016 senior g-teed notes - Caa2 / LGD 5 (88);
Ineos Holding Limited
* First-lien senior g-teed bank facilities and notes - B1 / LGD 3
(30);
* Second lien senior loans -- Caa1 / LGD 5 (73).
NORTHUMBERLAND FOODS: Longbenton Foods Acquires Amble Site
----------------------------------------------------------
Northumberland Foods Limited's Amble site has been acquired by
rival firm, Newcastle-based Longbenton Foods, BBC News reports.
The report relates that Longbenton Foods has already restarted
production.
According to the report, Longbenton Foods Limited went into
administration in August with the loss of 250 jobs earlier this
year.
The report notes that seventy former staff has been taken on by
the company and with more jobs promised. Vidar Engen, managing
director of Longbenton Foods, said that agreements have been made
with local producers and the firm hoped all production lines would
be up and running in time for Christmas, the report discloses.
Headquartered in Amble, near Morpeth, Northumberland Foods Limited
made frozen vegetable products for clients including Tesco,
Sainsbury's and Iceland.
PARAMOUNT PRINT: Character DPM Acquires Firm
--------------------------------------------
Liverpool-based mailing house and direct marketing company
Character DPM Group has bought Paramount Print Group out of
administration in a deal negotiated by administrators from
accountancy firm Grant Thornton, Insider Media reports.
As reported in the Troubled Company Reporter-Europe on October 29,
2010, PrintWeek said that Paramount Print Group has fallen into
administration with half of the GBP7.5 million-turnover company's
staff made redundant. Matthew Dunham and Les Ross of Grant
Thornton were appointed to the company on October 25, 2010.
According to Insider Media, Grant Thornton said that 36 of the 68
jobs have now been saved and they will remain working at the
company's Manchester site.
Paramount Print Group in Manchester is unconnected to Paramount
Printers in Edinburgh.
REAL ESTATE: Shareholders' Deficit Reaches More Than GBP750 Mln
---------------------------------------------------------------
Sunday Independent reports that Real Estate Opportunities on
Friday published its half-year results.
According to Sunday Independent, the latest set of results, which
cover the half-year to the end of August, show that REO's
liabilities exceed its assets by more than GBP750 million. Sunday
Independent notes these show bank loans of GBP1.29 billion, of
which three-quarters (GBP974 million) fall due for repayment
within the next 12 months.
Sunday Independent relates the company also has bonds with a face
value of GBP247 million, which must be repaid by end of May 2011.
It has preference shares with a face value of GBP127 million and
an exposure to financial derivatives of a further GBP74 million,
Sunday Independent states.
Emmet Oliver at Irish Independent reports REO is hoping that some
of its short-term liabilities, due within a year, can be converted
into more long-term debts after talking to lenders, including the
National Asset Management Agency.
Irish Independent relates the company has published the "key
assumptions" of its NAMA business plan, which includes NAMA
rolling over EUR780 million of debts, deferring interest payments
and getting additional working capital. Getting planning
permission for its Battersea Power Station project is also one,
Irish Independent notes.
Debt Talks
According to Irish Independent, the company is pressing to have
its loans extended and interest payments postponed as talks enter
a crucial stage with NAMA.
The company, Irish Independent says, is trying to bring in a fresh
investor to fund its Battersea Power Station project and it is
understood 15 parties have expressed preliminary interest.
The company got a business plan into NAMA in May and is now
awaiting what it calls "broad approval" from the NAMA board, Irish
Independent discloses.
The Irish Independent understands there have been substantial
revisions to the original REO/Treasury plan and an asset-disposal
program has also been discussed.
Real Estate Opportunities is a UK-listed property company
controlled by Johnny Ronan and Richard Barrett's Treasury
Holdings.
TARGETFOLLOW: Subsidiary Goes Into Administration
-------------------------------------------------
David Bale at Evening News 24 reports that a subsidiary of the
Norwich-based Targetfollow Group has gone into administration --
but the 90 jobs in the city and 200 nationwide are not believed to
be under threat.
However, the report notes, the planned Harford Place development
off Hall Road in the south of the city, which includes homes,
commercial and retail space, could be affected.
According to the report, the High Court in London allowed Lloyds
Banking Group to appoint administrators to Targetfollow Property
Holdings Ltd, a holding company within the Targetfollow group.
The report says an unnamed spokesman said that Targetfollow
Estates Ltd, the management company which employs the group's
staff, is unaffected by the administration. However, another
subsidiary of the group, Targetfollow Property Investment and
Development, was expected to go into administration, which would
place the future of the Harford Place development in the hands of
administrators, he added.
Together, these subsidiaries represent about half of Targetfollow
Group.
Targetfollow Chairman and founder Ardeshir Naghshineh said they
would be happy to offer assistance to the administrators,
Deloitte, to maximize value for the benefit of all stakeholders,
the report adds.
Targetfollow is a property developer based in the United Kingdom.
WINDSOR & ETON: Considers Administration
----------------------------------------
Windsor & Eton Football Club Chairman Peter Simpson said that he
is "considering" putting it into administration as he battles to
save the cash-strapped club, Maidenhead Adviser reports. The
report relates that the clock has been ticking since Mr. Simpson
confirmed on that HM Revenue & Customs had issued the club with a
winding-up petition over an unpaid GBP50,000 tax bill.
According to the report, Mr. Simpson revealed that the Revenue
would delay the petition by 12 weeks if GBP10,000 was paid off by
November 10 -- but this week said the goalposts have been moved.
The report notes that supporters have dug deep in their pockets
and so far pledged GBP8,000, while a further GBP5,000 has been
given by former Windsor vice-chairman Kevin Stott, bringing the
total to GBP13,000.
Mr. Simpson, the report notes, said he had told the Revenue about
the money but will not commit to handing it over until they
confirm the petition date has been postponed.
Mr. Simpson, the report discloses, said that an insolvency
specialist has been called in and a meeting is to take place at
the club to discuss administration as an option.
===============
X X X X X X X X
===============
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT AV -5754287.761 165995618.1
CHRIST WATER TEC CWT EO -5754287.761 165995618.1
CHRIST WATER TEC CWT PZ -5754287.761 165995618.1
CHRIST WATER TEC CWTE IX -5754287.761 165995618.1
CHRIST WATER TEC CWT EU -5754287.761 165995618.1
CHRIST WATER TEC CRSWF US -5754287.761 165995618.1
CHRIST WATER TEC C7W GR -5754287.761 165995618.1
CHRIST WATER-ADR CRSWY US -5754287.761 165995618.1
KA FINANZ AG 3730Z AV -359597327 30679270533
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
SKYEUROPE SKYP PW -89480486.93 159076577.5
SKYEUROPE SKY PW -89480486.93 159076577.5
SKYEUROPE HLDG SKY EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5
SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
SKYEUROPE HLDG S8E GR -89480486.93 159076577.5
SKYEUROPE HLDG SKY LI -89480486.93 159076577.5
SKYEUROPE HLDG SKY EU -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5
SKYEUROPE HLDG SKURF US -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480486.93 159076577.5
STYROL HOLDING 1 3321155Z AV -69327699.53 1925984640
BELGIUM
-------
SABENA SA SABA BB -85494497.66 2215341060
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGCYP EO -39648682.41 209021322.6
LIBRA HOLIDAYS LHGCYP EU -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EO -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EU -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
SETUZA AS 2994767Q EO -61453764.17 138582273.6
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SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
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SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
DENMARK
-------
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
OBTEC OBT DC -14919946.34 138400232.8
OBTEC OBTEC DC -14919946.34 138400232.8
OBTEC-NEW SHARES OBTECN DC -14919946.34 138400232.8
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ROSKILDE BANK ROSK EO -532868894.9 7876687324
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ROSKILDE BANK-RT 916603Q DC -532868894.9 7876687324
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SCANDINAVIAN BRA SBSC IX -14919946.34 138400232.8
SCANDINAVIAN BRA SBSD PZ -14919946.34 138400232.8
FRANCE
------
BELVEDERE - RTS 554451Q FP -240506200.5 1000204586
BELVEDERE - RTS 702036Q FP -240506200.5 1000204586
BELVEDERE SA BELV FP -240506200.5 1000204586
BELVEDERE SA BED GR -240506200.5 1000204586
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BELVEDERE SA BEVD IX -240506200.5 1000204586
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CARRERE GROUP CAR2 EU -9829592.638 279906700
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CHAINE ET TRAME CHTR FP -58947458.16 116889783.9
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COMPAGNIE IMMOBI CIMB EO -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB FP -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB PZ -18851260.64 237751743.8
COMPAGNIE IMMOBI CIMB EU -18851260.64 237751743.8
EMPAIN GRAHAM DV EMGD FP -18851260.64 237751743.8
GRANDE PAROISSE GDPXF US -927267926.9 629287290
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MATUSSIERE & FOR 1007765Q FP -77896683.67 293868350.8
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OROSDI OROS FP -35006822.54 151870593.9
OROSDI-BACK BACK IX -35006822.54 151870593.9
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PAGESJAUNES GRP PAJ EB -2806466942 928971577.5
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RHODIA SA RHA VX -726840112.3 5945870566
RHODIA SA RHD GR -726840112.3 5945870566
RHODIA SA 2324011Q EU -726840112.3 5945870566
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RODIGUEZ GROUP RGX GR -71997955.94 457127473.1
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RODRIGUEZ GROUP ROD EU -71997955.94 457127473.1
SDR CENTREST 117241Q FP -132420119.6 252176017.2
SOBIESKI BVD PW -240506200.5 1000204586
TROUVAY CAUVIN ETEC FP -396977.9956 133986439.7
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GEORGIA
-------
DEVELICA DEUTSCH DDE PG -86990929.38 1142447974
DEVELICA DEUTSCH D4B GR -86990929.38 1142447974
DEVELICA DEUTSCH DDE PZ -86990929.38 1142447974
DEVELICA DEUTSCH DDE IX -86990929.38 1142447974
DEVELICA DEUTSCH DDE LN -86990929.38 1142447974
PEARL HOLDING 3622Z LN -133833007.2 968234065.8
GERMANY
-------
AGOR AG DOO GR -482446.6262 144432986.2
AGOR AG DOO EO -482446.6262 144432986.2
AGOR AG DOOG IX -482446.6262 144432986.2
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ESCADA AG ESCG IX -22323463.23 425598807.8
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MANIA TECHNOLOGI 2260970Z GR -35060806.5 107465713.6
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MANIA TECHNOLOGI MNI1 EU -35060806.5 107465713.6
MANIA TECHNOLOGI MNI GR -35060806.5 107465713.6
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MANIA TECHNOLOGI MNIG IX -35060806.5 107465713.6
MATERNUS KLINI-N MAK1 GR -14400749.54 155241036.1
MATERNUS-KLINIKE MAKG IX -14400749.54 155241036.1
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RAG ABWICKL-REG RSTHF US -1744121.914 217776125.8
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RAG ABWICKL-REG ROS1 EU -1744121.914 217776125.8
RINOL AG RIL GR -2.7111 168095049.1
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SANDER (JIL)-PRF 2916157Q EU -6153256.917 127546738.8
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STROER OUT-OF-HO SAX EO -62153916.21 1072778885
STROER OUT-OF-HO SAX EU -62153916.21 1072778885
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TA TRIUMPH-ACQ TWNA EU -124531122.1 313411495.3
TA TRIUMPH-ACQ TWNA GR -124531122.1 313411495.3
TA TRIUMPH-ADLER TWNG IX -124531122.1 313411495.3
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TA TRIUMPH-ADLER TTZAF US -124531122.1 313411495.3
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TA TRIUMPH-A-RTS 1018916Z GR -124531122.1 313411495.3
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TOM TAILOR HOLD TTI EU -97711555.56 358434780
GREECE
------
AG PETZETAKIS SA PETZK EO -58119017.89 197258023
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IRELAND
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ITALY
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BINDA SPA BNDAF US -11146475.29 128859802.9
BIOERA BIE1 IX -6731364.698 131141946.1
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LUXEMBOURG
----------
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NETHERLANDS
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BAAN CO NV-ASSEN BAANA NA -7854741.409 609871188.9
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SPYKER CARS NV SPYKR EO -154336469.5 1337361332
SPYKER CARS NV SPYKR BQ -154336469.5 1337361332
SPYKER CARS NV SPYKR NA -154336469.5 1337361332
SPYKER CARS NV L9I GR -154336469.5 1337361332
SPYKER CARS NV SPYK IX -154336469.5 1337361332
SPYKER CARS NV SPYKR TQ -154336469.5 1337361332
SPYKER CARS NV SPYKR PZ -154336469.5 1337361332
SPYKER CARS NV SPYKR EB -154336469.5 1337361332
SPYKER CARS NV SPYKR EU -154336469.5 1337361332
UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPE GR -5505478850 5112616630
ZESKO HOLDING BV 2938133Z NA -958614022.1 8358218597
POLAND
------
DRKENDY DRK PW -91135239.68 521942177.4
INTEROIL EXPLORA IOX PZ -46843000 189680992
INTEROIL EXPLORA IOX BY -46843000 189680992
INTEROIL EXPLORA IROIF US -46843000 189680992
INTEROIL EXPLORA IOX IX -46843000 189680992
INTEROIL EXPLORA IOXUSD EO -46843000 189680992
INTEROIL EXPLORA IOX EU -46843000 189680992
INTEROIL EXPLORA IOX EO -46843000 189680992
INTEROIL EXPLORA IOXEUR EO -46843000 189680992
INTEROIL EXPLORA IOXUSD EU -46843000 189680992
INTEROIL EXPLORA IOX NO -46843000 189680992
INTEROIL EXPLORA INOX NO -46843000 189680992
INTEROIL EXPLORA IOXEUR EU -46843000 189680992
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
RESERVOIR EXPL RXT NO -34076000 185510000
RESERVOIR EXPL RXT BY -34076000 185510000
RESERVOIR EXPL RXT EU -34076000 185510000
RESERVOIR EXPL RXTEUR EU -34076000 185510000
RESERVOIR EXPL RXTB NO -34076000 185510000
RESERVOIR EXPL RXTEUR EO -34076000 185510000
RESERVOIR EXPL RXAEF US -34076000 185510000
RESERVOIR EXPL RXT IX -34076000 185510000
RESERVOIR EXPL 5RS GR -34076000 185510000
RESERVOIR EXPL RXT EO -34076000 185510000
RESERVOIR EXPL RXT PZ -34076000 185510000
RESERVOIR EXPL-A RXTA NO -34076000 185510000
RESERVOIR-RTS RXTS NO -34076000 185510000
RESERVOIR-RTS RXTUR NO -34076000 185510000
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
CARRIS FERRO DE 3482366Z PL -854280773.4 252500907.6
COFINA COFSI IX -4067307.986 329785890.1
COFINA COFI PL -4067307.986 329785890.1
COFINA CFASF US -4067307.986 329785890.1
COFINA SGPS SA CFN1 PZ -4067307.986 329785890.1
COFINA SGPS SA CFN PL -4067307.986 329785890.1
COFINA SGPS SA CFNX PX -4067307.986 329785890.1
COFINA SGPS SA COFI TQ -4067307.986 329785890.1
COFINA SGPS SA COFI EU -4067307.986 329785890.1
COFINA SGPS SA COFI EB -4067307.986 329785890.1
COFINA SGPS SA COFI EO -4067307.986 329785890.1
CP - COMBOIOS DE 1005Z PL -2809601115 1890209624
PARQUE EXPO 98 S 3482350Z PL -135582031.5 432824747.2
PORCELANA VISTA PVAL PL -61651485.35 126605006.5
REFER-REDE FERRO 1250Z PL -1611845937 2225160725
SOCIEDADE DE TRA 1253Z PL -382109074.2 119848180.8
SPORTING-SOC DES SCPL IX -52021160.28 159963648.5
SPORTING-SOC DES SCPX PX -52021160.28 159963648.5
SPORTING-SOC DES SCDF EU -52021160.28 159963648.5
SPORTING-SOC DES SCG GR -52021160.28 159963648.5
SPORTING-SOC DES SCP PL -52021160.28 159963648.5
SPORTING-SOC DES SCP1 PZ -52021160.28 159963648.5
SPORTING-SOC DES SCDF PL -52021160.28 159963648.5
SPORTING-SOC DES SCDF EO -52021160.28 159963648.5
TAP SGPS TAP PL -293253615.6 2901200999
VAA VISTA ALEGRE VAF EU -61651485.35 126605006.5
VAA VISTA ALEGRE VAF PL -61651485.35 126605006.5
VAA VISTA ALEGRE VAF PZ -61651485.35 126605006.5
VAA VISTA ALEGRE VAF EO -61651485.35 126605006.5
VAA VISTA ALEGRE VAFX PX -61651485.35 126605006.5
VAA VISTA AL-RTS VAA9S PL -61651485.35 126605006.5
VAA VISTA AL-RTS VAAS PL -61651485.35 126605006.5
VAA VISTA ALTAN VAFK EU -61651485.35 126605006.5
VAA VISTA ALTAN VAFK PZ -61651485.35 126605006.5
VAA VISTA ALTAN VAFKX PX -61651485.35 126605006.5
VAA VISTA ALTAN VAFK EO -61651485.35 126605006.5
VAA VISTA ALTAN VAFK PL -61651485.35 126605006.5
ROMANIA
-------
OLTCHIM RM VALCE OLTEUR EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EU -89344235.29 511515508.8
OLTCHIM RM VALCE OLT PZ -89344235.29 511515508.8
OLTCHIM RM VALCE OLT RO -89344235.29 511515508.8
OLTCHIM RM VALCE OLT EO -89344235.29 511515508.8
OLTCHIM RM VALCE OLTCF US -89344235.29 511515508.8
OLTCHIM RM VALCE OLTEUR EU -89344235.29 511515508.8
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -85860271.6 137059051.4
ALLIANCE RUSSIAN ALRT RU -13189413.03 138268688.3
AMO ZIL ZILL RM -76809638.66 360473673
AMO ZIL-CLS ZILL* RU -76809638.66 360473673
AMO ZIL-CLS ZILL RU -76809638.66 360473673
AMUR SHIP-BRD AMZS* RU -137530791.8 945775662.6
AMUR SHIP-BRD AMZS RU -137530791.8 945775662.6
BUMMASH OJSC-BRD BUMM RU -5137634.738 179599559.3
BUMMASH OJSC-BRD BUMM* RU -5137634.738 179599559.3
DAGESTAN ENERGY DASB RU -31976921.34 172137243.4
DAGESTAN ENERGY DASB RM -31976921.34 172137243.4
DAGESTAN ENERGY DASB* RU -31976921.34 172137243.4
EAST-SIBERIA-BRD VSNK* RU -17335212.17 224008514.4
EAST-SIBERIA-BRD VSNK RU -17335212.17 224008514.4
EAST-SIBERIAN-BD VSNK$ RU -17335212.17 224008514.4
FINANCIAL LEASIN FLKO RM -80794530.71 373269665.9
FINANCIAL LEASIN 137282Z RU -80794530.71 373269665.9
FINANCIAL LE-BRD FLKO* RU -80794530.71 373269665.9
FINANCIAL LE-BRD FLKO RU -80794530.71 373269665.9
GAZ-FINANS GAZF RU -56134.51262 232319905.4
IZHAVTO OAO IZAV RU -19693758.83 474754687.9
KARUSEL FINANS KAFI RU -3988742.669 101528630.9
KOMPANIYA GL-BRD GMST* RU -22053203.7 1135310362
KOMPANIYA GL-BRD GMST RU -22053203.7 1135310362
MIAN-DEVELOPMENT MAEQY RU -695445.1747 424399991
M-INDUSTRIYA SOMI RU -1091260.252 261721440.8
MZ ARSENAL-$BRD ARSE RU -14527137.73 208754934.6
MZ ARSENAL-BRD ARSE$ RU -14527137.73 208754934.6
MZ ARSENAL-BRD ARSE* RU -14527137.73 208754934.6
PARNAS-M PRSM RU -138592.4742 127637318.8
PENOPLEX-FINANS PNPF RU -754086.9373 140176163.3
PROMTRACTOR-FINA PTRF RU -18554700.19 275723244.2
RK-GAZSETSERVIS RKGS RU -54665229.61 153223493.4
RUSSIAN TEXT-CLS ALRT* RU -13189413.03 138268688.3
RUSSIAN TEXT-CLS ALRTG RU -13189413.03 138268688.3
SEVKABEL-FINANS SVKF RU -83036.46173 102680373.6
SISTEMA HALS HALS RM -343701984 1217284096
SISTEMA HALS-BRD HALS* RU -343701984 1217284096
SISTEMA HALS-BRD HALS RU -343701984 1217284096
SISTEMA HALS-GDR HALS LI -343701984 1217284096
SISTEMA HALS-GDR HALS TQ -343701984 1217284096
SISTEMA HALS-GDR HALS IX -343701984 1217284096
SISTEMA HALS-GDR SYR GR -343701984 1217284096
SISTEMA HALS-MSE HALSM RU -343701984 1217284096
SISTEMA HALS-T+0 HALSG RU -343701984 1217284096
SISTEMA-GDR 144A 86PN LI -343701984 1217284096
SISTEMA-GDR 144A SEMAL US -343701984 1217284096
URGALUGOL-BRD YRGL* RU -23085070.94 101919650.9
URGALUGOL-BRD YRGL RU -23085070.94 101919650.9
URGALUGOL-BRD-PF YRGLP RU -23085070.94 101919650.9
VIMPEL SHIP-BRD SOVP* RU -85860271.6 137059051.4
VIMPEL SHIP-BRD SOVP RU -85860271.6 137059051.4
VOLGOGRAD KHIM VHIM RU -27435278.35 139073353.6
VOLGOGRAD KHIM VHIM* RU -27435278.35 139073353.6
WILD ORCHID ZAO DOAAN RU -11716088.49 106082784.6
ZAPSIBGASP-Q PFD ZSGPP$ RU -1082254.288 127026139.3
ZAPSIBGASPRO-BRD ZSGP RU -1082254.288 127026139.3
ZAPSIBGASPRO-BRD ZSGP* RU -1082254.288 127026139.3
ZAPSIBGASPROM-B ZSGP$ RU -1082254.288 127026139.3
ZAPSIBGASPRO-PFD ZSGPP* RU -1082254.288 127026139.3
ZAPSIBGASPRO-PFD ZSGPP RU -1082254.288 127026139.3
ZIL AUTO PLANT ZILL$ RU -76809638.66 360473673
ZIL AUTO PLANT-P ZILLP RU -76809638.66 360473673
ZIL AUTO PLANT-P ZILLP RM -76809638.66 360473673
ZIL AUTO PLANT-P ZILLP* RU -76809638.66 360473673
SERBIA
------
RAFO SA RAF RO -457922636.3 356796459.3
DUVANSKA DIVR SG -32792314.86 122255596.4
PINKI AD PNKI SG -36537862.34 120707518
SWEDEN
------
ALLOKTON AB ALOKB SS -65101427.97 472693765.1
NOBINA 1099Z SS -13023225.28 483974246.5
PHADIA AB 842347Z SS -140406774.4 2127579095
SLOVENIA
--------
ISTRABENZ ITBG PZ -2656618.996 1087540134
ISTRABENZ ITBG SV -2656618.996 1087540134
ISTRABENZ ITBG EO -2656618.996 1087540134
ISTRABENZ ITBG EU -2656618.996 1087540134
SPAIN
-----
ACTUACIONES ACTI AGR SM -231062375.2 529525187.2
AGRUPACIO - RT AGR/D SM -231062375.2 529525187.2
AMADEUS IT HOLDI AMS3 EU -397888596.9 7970850431
AMADEUS IT HOLDI AI3A GR -397888596.9 7970850431
AMADEUS IT HOLDI AMS IX -397888596.9 7970850431
AMADEUS IT HOLDI AI3A TH -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EB -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EO -397888596.9 7970850431
AMADEUS IT HOLDI AMS SM -397888596.9 7970850431
AMADEUS IT HOLDI AMADF US -397888596.9 7970850431
AMADEUS IT-ADR AMADY US -397888596.9 7970850431
AMCI HABITAT SA AMC1 EU -24580874.45 194758143.4
AMCI HABITAT SA AMC3 EO -24580874.45 194758143.4
AMCI HABITAT SA AMC SM -24580874.45 194758143.4
CAJA DE AHORROS 929362Z SM -361326816.2 37311046644
FERGO AISA -RTS AISA/D SM -231062375.2 529525187.2
FERGO AISA SA AISA EU -231062375.2 529525187.2
FERGO AISA SA AISA EO -231062375.2 529525187.2
FERGO AISA SA AISA SM -231062375.2 529525187.2
FERGO AISA SA AISA PZ -231062375.2 529525187.2
INDO INTER-RTS IDO/D SM -3523887.56 101210953.5
INDO INTL SA IDOS PZ -3523887.56 101210953.5
INDO INTL SA IDO SM -3523887.56 101210953.5
INDO INTL SA IDO EU -3523887.56 101210953.5
INDO INTL SA IDO EO -3523887.56 101210953.5
INDO INTL SA-OLD IND SM -3523887.56 101210953.5
MARTINSA FADESA 4PU GR -1841778505 6778902268
MARTINSA FADESA MFAD PZ -1841778505 6778902268
MARTINSA FADESA MTF1 LI -1841778505 6778902268
MARTINSA FADESA MTF EO -1841778505 6778902268
MARTINSA FADESA MTF SM -1841778505 6778902268
MARTINSA FADESA MTF EU -1841778505 6778902268
MARTINSA-FADESA MTF NR -1841778505 6778902268
REYAL URBIS SA REY1 EU -175599903.7 5742241668
REYAL URBIS SA REY1 EO -175599903.7 5742241668
REYAL URBIS SA REY SM -175599903.7 5742241668
REYAL URBIS SA REYU PZ -175599903.7 5742241668
TURKEY
------
BESIKTAS FUTBOL BJKASM TI -12825040.91 182756610.7
BESIKTAS FUTBOL BKTFF US -12825040.91 182756610.7
BESIKTAS FUTBOL BJKAS TI -12825040.91 182756610.7
BESIKTAS FUTBOL BWX GR -12825040.91 182756610.7
BESIKTAS FUTBOL BJKASY TI -12825040.91 182756610.7
EGS EGE GIYIM VE EGDIS TI -7732138.551 147075066.7
EGS EGE GIYIM-RT EGDISR TI -7732138.551 147075066.7
IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.6
IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.6
MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
SIFAS SIFAS TI -15439198.6 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -42249434.54 336677635.6
DONETSKOBLENERGO DOON UZ -215735271.8 391924242.8
IVANO-FRANKIVSKG FGAZ UZ -358461.9249 108886163.6
LUGANSKGAS LYGZ UZ -16910611.07 109918477.6
LUGANSKOBLENERGO LOEN UZ -28172021.03 200011380.2
NAFTOKHIMIK PRIC NAFP UZ -23616113.15 520766522.6
NAFTOKHIMIK-GDR N3ZA GR -23616113.15 520766522.6
ODESSA OIL REFIN ONPZ UZ -111365037.3 482408362.5
ZALK - PFTS ZALK UZ -43917601.26 146530718.8
UNITED KINGDOM
--------------
ADVANCE DISPLAY ADTP PZ -3015578835 2590007904
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OCADO GROUP PLC OCDO EB -53016960.71 225261865.5
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PATIENTLINE PLC PTL LN -54677284.64 124948245.8
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STV GROUP PLC SMG PZ -61797602.82 173123066.5
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STV GROUP PLC STVG LN -61797602.82 173123066.5
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STV GROUP PLC STVG EU -61797602.82 173123066.5
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TELEWEST COM-ADR TWSTD US -3702234581 7581020925
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TI AUTOMOTIVE-A 6525Z LN -298787496.1 1730489867
TOPPS TILES PLC TPT PO -49423537.13 155303750.4
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TOPPS TILES PLC TPTJY US -49423537.13 155303750.4
TOPPS TILES PLC TPT EU -49423537.13 155303750.4
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TOPPS TILES PLC TPT LN -49423537.13 155303750.4
TOPPS TILES PLC TPT IX -49423537.13 155303750.4
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TOPPS TILES PLC TPT PZ -49423537.13 155303750.4
TOPPS TILES PLC TPT TQ -49423537.13 155303750.4
TOPPS TILES PLC TPTGBP EO -49423537.13 155303750.4
TOPPS TILES PLC TPTEUR EU -49423537.13 155303750.4
TOPPS TILES PLC TPTJF US -49423537.13 155303750.4
TOPPS TILES PLC TPTEUR EO -49423537.13 155303750.4
TOPPS TILES-NEW TPTN LN -49423537.13 155303750.4
UNIGATE PLC UNGPF US -21397232.94 474779161.6
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UNIGATE PLC 1577Q GR -21397232.94 474779161.6
UNIGATE PLC UNIG LN -21397232.94 474779161.6
UNIGATE PLC-ADR UNGAY US -21397232.94 474779161.6
UNIQ PLC UNIQ LN -21397232.94 474779161.6
UNIQ PLC UNIQ VX -21397232.94 474779161.6
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UNIQ PLC UNIQEUR EU -21397232.94 474779161.6
UNIQ PLC UNIQF US -21397232.94 474779161.6
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UNIQ PLC UNIQGBP EO -21397232.94 474779161.6
UNIQ PLC UNIQ EU -21397232.94 474779161.6
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UNIQ PLC UNIQ EO -21397232.94 474779161.6
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UNIQ PLC UNIQ PO -21397232.94 474779161.6
UTC GROUP UGR LN -11904426.45 203548565
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VIRGIN MOBILE VMOB VX -392165437.6 166070003.7
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VIRGIN MOBILE VMOB PO -392165437.6 166070003.7
WARNER ESTATE WNER PO -6076459.885 426871306.9
WARNER ESTATE WNER LN -6076459.885 426871306.9
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WARNER ESTATE WNER EU -6076459.885 426871306.9
WARNER ESTATE WNER EO -6076459.885 426871306.9
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WARNER ESTATE WNEHF US -6076459.885 426871306.9
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WARNER ESTATE WRL GR -6076459.885 426871306.9
WATSON & PHILIP WTSN LN -120493900 252232072.9
WINCANTON PL-ADR WNCNY US -151911497.1 1420828184
WINCANTON PLC WIN PZ -151911497.1 1420828184
WINCANTON PLC WIN1 TQ -151911497.1 1420828184
WINCANTON PLC WIN VX -151911497.1 1420828184
WINCANTON PLC WIN1 BQ -151911497.1 1420828184
WINCANTON PLC WIN IX -151911497.1 1420828184
WINCANTON PLC WIN1 EU -151911497.1 1420828184
WINCANTON PLC WIN PO -151911497.1 1420828184
WINCANTON PLC WIN1 NQ -151911497.1 1420828184
WINCANTON PLC WIN1EUR EO -151911497.1 1420828184
WINCANTON PLC WIN1USD EU -151911497.1 1420828184
WINCANTON PLC WNCNF US -151911497.1 1420828184
WINCANTON PLC WIN1USD EO -151911497.1 1420828184
WINCANTON PLC WIN1EUR EU -151911497.1 1420828184
WINCANTON PLC WIN1 QM -151911497.1 1420828184
WINCANTON PLC WIN1 EO -151911497.1 1420828184
WINCANTON PLC WIN1 EB -151911497.1 1420828184
WINCANTON PLC WIN1GBP EO -151911497.1 1420828184
WINCANTON PLC WIN LN -151911497.1 1420828184
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Valerie U. Pascual, Marites O. Claro, Rousel Elaine
T. Fernandez, Joy A. Agravante, 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 * * *