/raid1/www/Hosts/bankrupt/TCREUR_Public/110405.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, April 5, 2011, Vol. 12, No. 67
Headlines
G E R M A N Y
BELUGA GROUP: 10th Subsidiary Files for Insolvency Protection
PFLEIDERER AG: Creditors Extend Standstill Agreement Until May 9
G R E E C E
NATIONAL BANK: S&P Cuts LT Counterparty Credit Rating to 'B+'
H U N G A R Y
HARKANYI GYOGYFURDO: On Verge of Bankruptcy; Owes HUF350 Million
I C E L A N D
SKIPTI HF: Inks Debt Repayment Deal with Creditors
I R E L A N D
ALLIED IRISH: Needs EUR13.3 Billion in Extra Capital
CELTIC RESIDENTIAL: S&P Cuts Rating on Class B Notes to 'BB- (sf)'
EIRCOM GROUP: Workers Back EUR92-Mil. Labor Savings Plan
ELVA FUNDING: S&P Raises Rating on Various Notes to 'BBB-'
* UK: Administrators Required to Give Notice of Insolvency Sales
N E T H E R L A N D S
NEPTUNO CLO: S&P Affirms Rating on Class E Notes at 'CCC- (sf)'
P O R T U G A L
COMBOIS DE PORTUGAL: S&P Cuts LT Corporate Credit Rating to 'B+'
METROPOLITANO DE LISBOA: S&P Cuts LT Corp. Credit Rating to 'B+'
REDE FERROVIARIA: S&P Lowers Long-Term Corporate Rating to 'B+'
S E R B I A & M O N T E N E G R O
ATLAS BANK: Moody's Changes Outlook on 'B1' Rating to Stable
S P A I N
BANCO SANTANDER: S&P Downgrades Subordinated Debt Rating to 'BB+'
FONDO DE TITULIZATION: S&P Lowers Ratings on Class C Notes to 'BB'
MADRID RMBS: S&P Affirms Rating on Class E Notes at 'D (sf)'
TDA 23 FTA: Moody's Lowers Rating on Class C Notes to 'Ba1 (sf)'
SAAB AUTOMOBILE: Survival Hinges on Additional Financing
U N I T E D K I N G D O M
ASHTEAD GROUP: Moody's Changes 'B1' Rating Outlook to Positive
DIXONS RETAIL: Fitch Affirms Issuer Default Ratings at 'B'
FISH HOUSE: In Administration; FRP Seeks Potential Buyers
PERSEUS PLC: S&P Downgrades Rating on Class C Notes to 'B (sf)'
PLYMOUTH ARGYLE: Creditors Likely to Get 1 Pence in the Pound
SOFAS UK: In Administration; Mulls Alternative Options
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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BELUGA GROUP: 10th Subsidiary Files for Insolvency Protection
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Katerina Kerr at IFW reports that The Elsflether Maritime Research
Centre, a subsidiary of troubled shipping company Beluga Group,
began insolvency proceedings at a court in Bremen, Germany, on
March 25, 2011.
IFW says the Centre is the 10th Beluga subsidiary to file for
insolvency protection following the discovery of "material
irregularities" relating to revenues and liquidity.
The Elsflether facility was launched through a public-private
partnership between Beluga and the University of Applied Sciences
in Wilhelmshaven, IFW relates.
Beluga holds a 51% share in the Centre, set up to research
maritime logistics, communication technology, ship technology and
maritime environmental protection.
Beluga Chartering GmbH filed for insolvency in the Bremen District
Court on March 16, 2011, while Beluga Shipping GmbH followed suit
on March 18. Insolvency attorney Edgar Gronda of the law firm
Schultze & Braun has been appointed Insolvency Administrator in
both cases. Both Beluga entities filed for insolvency protection
because of financial irregularities in their published figures,
according to IFW. Following the discovery of irregularities,
Beluga's main shareholder, Oaktree Capital, which has a 49.5%
stake, filed fraud charges against Beluga CEO Niels Stolberg, who
has a 48% share in the company. Mr. Stolberg has denied the
charges.
Beluga Group is Bremen, Germany-based shipping company.
PFLEIDERER AG: Creditors Extend Standstill Agreement Until May 9
----------------------------------------------------------------
Pfleiderer AG disclosed that the boards of all its creditors have
approved the extension of the standstill agreement until May 9,
2011. This allows for the contractual implementation in binding
form of the key points of the Group's financial restructuring that
were at first agreed upon with its creditors' negotiating
committee on March 18, 2011. Among other things, the new
standstill agreement provides for the suspension of interest
payments and capital repayments.
The restructuring concept aims to achieve a significant reduction
in the Pfleiderer Group's debt and a return to an appropriate and
sound equity base. It stipulates that Pfleiderer AG will receive
further loans of EUR100 million from the banks and funds involved,
which will secure the Group's financing while it implements its
financial restructuring.
The concept's key points include a contribution from the banks and
other creditors in the form of the waiver of a significant
proportion of their credit receivables. The hybrid bond of
Pfleiderer AG, which is classified as equity, is to be exchanged
after being cut for a minority equity interest in the company.
The package also calls for a massive reduction in share capital
followed by a capital increase in which the creditors can
participate and acquire a majority stake. In this way, the
company is to receive a cash injection of EUR100 million. The
existing shareholders of Pfleiderer AG are to receive subscription
rights for a small part of the targeted capital increase. In
addition, the issue of an option bond is also planned. The exact
details of the capital measures that the company will recommend
have not yet been decided upon.
The implementation of the concept is subject to the legal
conclusion of the relevant agreements, the approval of the
company's Annual Shareholders' Meeting for the planned capital
measures, and the approval of the holders of the hybrid bond.
Following the successful completion of negotiations with the
creditors on the restructuring concept and the key points of the
financing, Ernst Pelzer has decided to take on a new position
outside the Pfleiderer Group. He has therefore resigned from the
Executive Board of Pfleiderer AG as of March 31, 2011.
Hanno C. Fiedler, Chairman of the Supervisory Board stated:
"Through his activities, Mr. Pelzer has made a significant
contribution to the operational and financial restructuring of the
Pfleiderer Group. We thank Mr. Pelzer for his great commitment
and his successful efforts for our company."
Headquartered in Neumarkt, Germany, Pfleiderer AG --
http://www.pfleiderer.com/-- is a producer and supplier of
engineered wood products. It acts as a partner for wood trade
outlets, interior designers, the building and do-it-yourself
trade, and the furniture industry in more than 80 countries
worldwide. The Company offers a range of base products, such as
raw chipboard and particleboard, tongue and groove board, medium-
density fiberboard and high- density fiberboard, and surfaced
products, such as melamine-faced chipboard, high-pressure
laminates and post-forming elements, laminate flooring and a range
of films and surfacings. The Company operates through three
geographical segments: Western Europe, including Germany and
Sweden; Eastern Europe, consisting of Poland and Russia, and North
America, comprised of Canada and the United States.
* * *
As reported by the Troubled Company Reporter-Europe on Dec. 27,
2010, Fitch Ratings downgraded Pfleiderer AG's Long-term Issuer
Default Rating to 'CC' from 'B-' and removed it from Rating Watch
Negative. It also downgraded the Short-term IDR to 'C' from
'B'. The subordinated hybrid bond was affirmed at 'C' with a
Recovery Rating of 'RR6'. The rating action followed Pfleiderer
signaling during its analyst conference on November 11, 2010, that
there might be a potential breach of a covenant at the end of
Q410.
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G R E E C E
===========
NATIONAL BANK: S&P Cuts LT Counterparty Credit Rating to 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its long-
term counterparty credit rating on National Bank of Greece S.A.
(NBG) to 'B+' from 'BB+' and its long-term counterparty credit
rating on NBG's strategically important Bulgarian subsidiary,
United Bulgarian Bank A.D. (UBB), to 'B+' from 'BB'.
In addition, Standard & Poor's has lowered its long-term
counterparty credit ratings to 'B+' from 'BB' on the other three
Greek banks it rates -- EFG Eurobank Ergasias S.A. (EFG), Alpha
Bank A.E. (Alpha), and Piraeus Bank S.A. (Piraeus).
"All of the 'B+' long-term and 'B' short-term counterparty credit
ratings on the Greek banks and UBB remain on CreditWatch with
negative implications, where they were placed on Dec. 3, 2010,
with the exception of our 'CCC-' ratings on the banks' hybrids,"
S&P said.
According to S&P, "These rating actions follow our recent two-
notch downgrade of Greece (Hellenic Republic, BB-/Watch Neg/B) and
the revision of our Banking Industry Country Risk Assessment
(BICRA) for Greece to Group 7 from Group 5. In this context, our
rating actions on the individual banks primarily reflect our view
of:
* The ongoing deterioration of the economic and operating
environment in Greece, which we believe is likely to weaken
the business and financial profiles of the four Greek banks
we rate;
* Further asset quality deterioration in the banks' domestic
loan books, on the back of a more adverse economic
environment in Greece than we had previously incorporated
into our ratings;
* The overall declining profitability we anticipate, mainly
due to pressured revenue generation and growing impairment
charges;
* The banks' high exposure to the Greek government's
weakening creditworthiness, through their large portfolios
of Greek government debt, which we estimate represent 90%-
220% of total adjusted capital (TAC) for the four Greek
banks (with Alpha having the lowest exposure). In our
opinion, these large government debt portfolios expose the
banks to the increasing likelihood of a government debt
restructuring; and
* The sensitivity of the Greek banks' deposit bases to
perceived or real pressures in Greece's sovereign
creditworthiness, which may trigger renewed pressures on
the banks' domestic retail funding due to potentially
sizable outflows of deposits."
"Our ratings on the Greek banks incorporate our view that the
Greek authorities -- in the EU framework -- are "supportive" of
the country's financial system. Consequently, our assessment of
the stand-alone credit profiles (SACPs) of Greek institutions
takes into account what we consider to be the benefits of being a
bank in a regulated and supervised environment, with access to
extraordinary liquidity, such as that provided under the Greek
government's support package and by the European Central Bank,"
S&P said.
NBG
"The lowering of our long-term rating on NBG primarily reflects
our view of the heightened economic and industry risks in NBG's
home banking market, posed by developments in Greece's sovereign
creditworthiness. Our ratings on NBG reflect our opinion of NBG's
funding imbalances, which increased rapidly in 2010; higher credit
risk with respect to Western European standards; and
weakening financial and asset quality performance. The ratings are
supported by our view of NBG's dominant position in the Greek
market and its increased geographic diversification," S&P said.
"We lowered our long-term rating on NBG in line with that on the
other Greek banks we rate given that the deterioration we have
observed in NBG's financial profile has, in our view, been broadly
in line with that of its peers, whereas we previously incorporated
into our rating greater resilience than that of peers.
Specifically, we have seen NBG's asset quality deteriorate quickly
and funding imbalances accumulate on its balance sheet. We
anticipate continued growth in NBG's problem assets in 2011,
mainly driven by faster deterioration in the bank's domestic loan
book. In our opinion, by year-end 2011, problem assets (which
include problem loans past due by more than 90 days, before
write-offs) could reach about 15% of the bank's consolidated loan
book. We have factored into our ratings on NBG our belief that
the bank will likely maintain positive, though very moderate,
consolidated operating profitability in 2011, mainly benefitting
from positive results at its foreign subsidiaries--particularly at
Turkish subsidiary Finansbank (not rated)--offsetting negative
performance in Greece. We regard positively NBG's successful
rights issue a few months ago, which boosted capitalization
materially. We estimate a total risk-adjusted capital (RAC) ratio
before diversification of 8.2% at year-end 2010. This ratio is
below the regulatory measures, however, owing to the higher
weighting that we assign under our RAC framework to some of NBG's
loan portfolios, and because we exclude from our calculation of
adjusted total equity (ATE) all hybrid instruments with a
12-month look-back period issued by banks in the speculative-grade
rating category. For NBG, this means that about EUR910 million in
hybrids are not eligible to be included in our ATE calculation.
Despite the enhancement in 2010, we still believe that NBG's
solvency does not immunize the bank from what we see as heightened
risks related to Greece's economic and operating environment," S&P
stated.
UBB
"In our downgrade of UBB today, we have removed the one-notch
uplift over our SACP assessment that we had previously
incorporated into our rating on UBB to account for potential
additional parent support. We have also lowered our SACP
assessment by one notch, to 'b+' from 'bb-', to reflect UBB's
reliance on funding support from NBG," S&P related.
"Consequently, our rating on UBB now reflects our assessment of
its SACP and does not incorporate any uplift for potential
additional parental support, even though there are no indications
that NBG's stance toward support for UBB has diminished. We are
concerned, however, that if NGB faces significantly increased
pressure on its own financial profile, it could withdraw existing
support for its Bulgarian subsidiary," S&P noted.
EFG
"The lowering of our long-term rating on EFG primarily reflects
our view of the heightened economic and industry risks in EFG's
home banking market, posed by developments in Greece's sovereign
creditworthiness. At their current level, the ratings factor in
our opinion of EFG's high credit risk profile compared with that
of its Western European peers; significant exposure to
Southeastern European markets; imbalances in its funding profile,
which increased rapidly in 2010; deteriorating financial and asset
quality performance; and moderate capitalization. The ratings are
supported by our view of EFG's strong management team and sound
franchise in its domestic market," S&P stated.
"We believe that competition among Greek banks to attract retail
funding will remain harsh in 2011 in a difficult operating
environment, thus maintaining the cost of funding at persistently
high levels. Coupled with declining business volumes in EFG's
domestic market, this will, in our view, reduce the bank's loss
absorption capacity at a time when we believe that the cost of
risk is set to increase further owing to deteriorating asset
quality. Our current ratings on EFG incorporate the possibility
that the bank may report operating losses in 2011, though we
anticipate that any such losses would remain at fairly manageable
levels of about 35 basis points (bp) of adjusted total assets. In
our opinion, EFG's problem assets (which include problem
loans past due by more than 90 days, before write-offs) will
likely continue growing in 2011; we factor into the ratings the
possibility of problem assets accounting for about 17% of EFG's
credit portfolio at year-end 2011. We estimate that EFG's year-
end 2010 RAC ratio before diversification will likely be about
5.5%, a level that we view as weak. We also estimate that the
expected capital gains from the completion of EFG's transaction in
Poland, which we believe the bank will realize by year-end 2011,
could represent about 70 bp of EFG's risk-weighted assets
according to our RAC framework. Given their relatively moderate
impact, these gains would not materially change our view of EFG's
solvency position," S&P stated.
ALPHA
"The lowering of our long-term rating on Alpha primarily reflects
our view of the heightened economic and industry risks in Alpha's
home banking market, posed by developments in Greece's sovereign
creditworthiness. The ratings now reflect our view of Alpha's
higher credit risk profile compared with that of its Western
European peers; greater vulnerability to a weaker economic
environment than previously, which is likely to negatively affect
the bank's profitability and asset quality; funding imbalances,
which increased rapidly in 2010; and risks arising from exposure
to Southeastern European markets. The ratings on Alpha are
supported by our view of the bank's valuable franchise in
its domestic market and increasingly diversified business
profile," S&P said.
"We anticipate that Alpha's asset quality is likely to deteriorate
further in 2011, on the back of what we see as ongoing
deterioration of the bank's operating environment in Greece.
According to our estimates, Alpha's total problem assets (which
include problem loans past due by more than 90 days, before write-
offs) could represent about 13% of its consolidated credit
portfolio at year-end 2011. Growth in problem assets is also, in
our view, likely to lead to higher credit provisions this year,
which could end up exceeding the bank's loss absorption capacity.
We have incorporated into our ratings on Alpha the possibility
that the bank may report operating losses in 2011, though we
anticipate that any such losses would be manageable, representing
about 20 bp of adjusted total assets. We estimate the bank's RAC
ratio before diversification at 6.7% as of year-end 2010. We
believe that, at this level, Alpha's solvency does not immunize
the bank from what we see as heightened risks related to Greece's
economic and operating environment. Although we view Alpha as
being less exposed than its domestic peers to Greek government
bonds, its portfolio of government debt accounts for a still
meaningful 0.9x the bank's TAC as of year-end 2010, according to
our estimates," S&P noted.
PIRAEUS
"The lowering of our long-term rating on Piraeus primarily
reflects our view of the heightened economic and industry risks in
Piraeus' home banking market, posed by developments in Greece's
sovereign creditworthiness. The ratings also factor in our view
of Piraeus' higher credit risk profile compared with that
of its Western European peers; exposure to Southeastern European
markets; funding imbalances, which increased rapidly in 2010; and
vulnerability to a weaker economic environment in Greece than in
the past few years, which we believe will likely weigh on its
performance and asset quality. The ratings on Piraeus remain
supported by our view of the bank's good domestic market
position, successful strategy, and focused management," S&P noted.
"In our view, further deterioration in Piraeus' credit portfolio
is likely to push up credit losses in 2011 to levels exceeding the
bank's loss absorption capacity. At the same time, we believe
that declining business volumes and a still high cost of funding
will likely constrain Piraeus' revenue stream. Given the negative
operating environment we anticipate in Greece, we are factoring
into our ratings on Piraeus the possibility that the bank may
report operating losses in 2011. We believe, however, that their
impact on solvency will remain manageable; our current ratings on
Piraeus incorporate our estimate that, in such a scenario, net
operating losses would not exceed about 35 bp of average adjusted
assets in 2011. We estimate that Piraeus' RAC ratio
before diversification was 5.9% at year-end 2010. In the first few
months of 2011, the bank successfully completed a capital
increase; the total equity raised should, in our opinion, enable
Piraeus to increase its RAC ratios by about 150 bp. Nevertheless,
we still believe that Piraeus' solvency does not immunize the bank
from the heightened risks related to Greece's economic and
operating environment," S&P added.
CREDITWATCH
"The negative CreditWatch implications on all of our ratings on
the four Greek banks mirror those on our sovereign ratings on
Greece, indicating the likelihood of a further downgrade of the
banks in the event of another sovereign downgrade," according to
S&P.
"We could also lower the ratings on the Greek banks if we believe
that the vulnerabilities in their financial profiles to a negative
operating environment and frail market confidence translate into a
weakening of their financials beyond what we currently anticipate.
Specifically, we could lower our ratings on the Greek banks if we
believe that deposit outflows could occur of such a magnitude that
measures beyond ECB support might need to be considered to contain
the impact on these banks' liquidity position," S&P said.
"We could also lower our ratings on the Greek banks if, in
contrast to our current belief, meaningful operating losses
materially impair the banks' capital bases, or if asset quality
deteriorates more than we currently anticipate. We believe that
public perception of an increased likelihood of government debt
restructuring could have a negative effect on private sector
borrowers' willingness to pay their debts, particularly in the
context of the Greek private sector's comparatively weak payment
culture with respect to Western European standards," S&P noted.
The negative CreditWatch listing of UBB primarily reflects that of
its parent, NBG. "Our CreditWatch resolution of UBB will
therefore depend on that of NBG, but also on our analysis of UBB's
contingency plans to replace funding from its parent if such
support were withdrawn," S&P said.
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H U N G A R Y
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HARKANYI GYOGYFURDO: On Verge of Bankruptcy; Owes HUF350 Million
----------------------------------------------------------------
Budapest Business Journal, citing regional daily Uj Dunantuli
Naplo, reports that Harkanyi Gyogyfurdo Zrt is on the verge of
bankruptcy after it piled up unpaid debts of HUF350 million.
According to BBJ, the paper said that the company got into a
liquidity crunch after it made a substantial loan to the town of
Harkany, which it has been unable to recover. Harkanyi Gyogyfurdo
is valued at about HUF6 billion, BBJ discloses.
BBJ relates that Tibor Schwarz, the company's recently appointed
chief executive, said Harkanyi Gyogyfurdo is currently undergoing
a major restructuring in a bid to put the company back on a solid
financial footing.
Harkanyi Gyogyfurdo Zrt is majority owned by the local council.
It is the largest spa in Baranya county.
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I C E L A N D
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SKIPTI HF: Inks Debt Repayment Deal with Creditors
--------------------------------------------------
Skipti hf. has signed an agreement with its creditors. One part
of the agreement is a payment of ISK16.7 billion in total on the
company's loans. In 2010, Skipti paid ISK5.1 billion on its
loans, so in the past months Skipti has paid a total of ISK21.8
billion on its loans. From the collapse of the Icelandic economy,
Skipti has paid a total of ISK27 billion on its loans. The
payment of ISK16.7 billion on the company's loans at this time
will reduce Skipti's syndicated loan agreement from ISK41.4
billion to ISK24.7 billion. No debts are being written off, and
payments on all of Skipti's loans remain current.
Negotiations have been in progress for some time on Skipti's
paying down its loans faster than provided for in the original
loan agreements. Skipti's liquidity position has been very
strong; at the end of 2010, the company held approximately
ISK20 billion in cash.
Following the economic collapse in Iceland, Skipti's debts
increased significantly, as in the case of most other Icelandic
companies. The cash that Skipti is paying now was mostly obtained
through the sale of the company's foreign assets.
Skipti -- http://www.skipti.com/-- owns and operates companies in
the telecommunications industry and information technology. The
main function of Skipti is to provide professional and cost-
effective services to its subsidiaries.
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I R E L A N D
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ALLIED IRISH: Needs EUR13.3 Billion in Extra Capital
----------------------------------------------------
Allied Irish Banks, p.l.c. notes the announcements made on
March 31, 2011, by the Central Bank of Ireland and the Minister
for Finance.
Following completion of the Prudential Capital Assessment Review
(PCAR) and the Prudential Liquidity Assessment Review (PLAR), the
CBI requires AIB to raise equity capital of EUR9.1 billion in
addition to the requirement of around EUR4.2 billion deferred from
February 2011. Of the total increased capital requirement of
EUR13.3 billion, an amount of EUR1.4 billion may be in the form of
contingent capital.
The Board of AIB fully appreciates the continued strong support of
the Irish Government to the bank and its commitment to ensure that
all of the capital required by AIB will be raised. This support
reaffirms AIB's central position in the Irish banking landscape.
AIB will continue to work with the State to determine the optimum
sequence to generate the committed capital in line with the
proposals in the Minister's speech.
The significant amount of capital to be raised by the bank is
designed to definitively assure all stakeholders, including
depositors, other customers, staff and investors, that AIB will
continue to be a systemic part of the Irish banking sector.
"The very strong capital base that results will enable AIB to
provide long term support to its customers and play an active role
in the recovery of the Irish economy. We are developing
initiatives that ensure customers' needs are facilitated and help
businesses and home owners under stress."
"The increased capital base will accelerate the bank's own
recovery and return to profitability so that we can reward
taxpayers for their investment in AIB."
In addition to the commitments announced on Thursday, the
Government has reconfirmed that all deposits remain fully
guaranteed by the State under the deposit guarantee scheme and the
ELG scheme.
The capital requirement for AIB has been determined by PCAR base
and stress case scenarios. These scenarios test the bank's
capability to absorb future losses in adverse and extreme
conditions but are not forecasts of future performance. The
assumptions and methodology driving the scenarios have been
outlined today by the CBI in its announcement. These industry
wide assumptions and methodology drive capital requirements that
are set at levels intended to restore confidence in the resilience
of AIB and the other banks tested, even in extremely adverse and
unlikely future conditions. The minimum core tier one capital
ratio required for banks will be 10.5% in the base case and 6% in
the stress case.
AIB's specific and incurred but not reported (IBNR) balance sheet
provisions were around EUR5.2 billion and around EUR2.1 billion
respectively at Dec. 31, 2010. These provisions include a bad
debt charge of around EUR4.5 billion in 2010. (These figures
exclude both provisions and charges related to NAMA loans, which
have been separately provided for in line with previously
announced discounts).
The PCAR stress testing was carried out by BlackRock Solutions on
behalf of the CBI. The approach to determine the bank's capital
requirement included (in both base and stress scenarios) the
combined effect of these:
* An assessment of operating performance and losses that
may emerge over the 2011 - 2013 three year period
* An overlay from bringing forward an element of losses in
the years after 2013 back in to the 2011 - 2013 period
* A further overlay buffer for other future losses, events
or shocks over the entire lifetime of loans.
In addition, BlackRock also used these modelling assumptions:
* Irish residential mortgages
- AIB's arrears profile has been averaged with the
overall industry
- negative equity, not unemployment, as the main driver
of default.
- assumed widescale repossessions and forced sales, which
are not the practices in Ireland or many other countries,
resulting in highly elevated model loss rate.
* Commercial real estate
- minimal recovery in real estate prices
- modelled rental income declines do not recognize
sustainable income / cashflow from actual lease
agreements.
Accounting rules prohibit AIB and other banks making provisions
for future expected losses. However, as required by the CBI and
using the same macro economic data as used by BlackRock, AIB
submitted its own expectation of 2011 - 2013 loan losses.
Naturally, this expectation was materially less than the outcome
of the PCAR exercise (copy available at http://www.centralbank.ie/
), given the key differences between the methodology and
assumptions used by AIB and the above described approach adopted
by BlackRock.
Combined provisions and pro-forma core tier one capital at Dec. 31
2010, following required recapitalization would be c. EUR26
billion. The core tier one ratio at the same date would be
c. 21%.
The Board of AIB considers these provisions and reserves will
represent a highly prudent and resilient base from which the bank
will support its customers and economic revival.
The CBI also announced that following completion of its PCAR, AIB
is required to reduce its loan to deposit ratio to 122.5% by the
end of 2013.
Proposed combination with Educational Building Society
As announced by the Minister on March 31, it is intended that AIB
will be combined with EBS, subject to State aid and any regulatory
approvals required. AIB welcomes this proposal and will update
the market in due course as details are finalized and developed
further.
AIB plans to make presentations to analysts and media on April 12,
2011, which will incorporate commentary on the bank's 2010
preliminary results to be announced that day. These presentations
will also provide an update on AIB's strategic review of its
business and restructuring plans.
About Allied Irish Banks
Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland. It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre. The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations. The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division. In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia. In September
2008, the Group also acquired a 49.99% shareholding in BACB.
* * *
As reported by the Troubled Company Reporter-Europe on Jan. 20,
2011, Standard & Poor's Ratings Services raised its ratings on the
lower Tier 2 subordinated debt issued by Allied Irish Banks PLC
(AIB; BBB/Watch Neg/A-2), which had been subject to the exchange
offer, to 'CCC' from 'D'. The 'BBB/A-2' counterparty credit
ratings on AIB remain on CreditWatch with negative implications,
where they were placed on Nov. 26, 2010.
"This 'CCC' rating reflects the fact that AIB will need to raise
further equity capital before end-February, that it may require
further capital as a result of the PCAR stress test, and our view
that there is a clear and present risk that these instruments
could be subject to further restructuring-like action in order to
achieve it," said Standard & Poor's credit analyst Nigel
Greenwood.
The ratings on AIB were placed on CreditWatch with negative
implications on Nov. 26, 2010, pending the outcome of a sovereign
rating review. S&P views the fortunes of the Irish sovereign as
intertwined with those of the banking system, and a downgrade of
the sovereign may impact its ratings on AIB.
CELTIC RESIDENTIAL: S&P Cuts Rating on Class B Notes to 'BB- (sf)'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Celtic Residential Irish Mortgage Securitisation No. 9 PLC and
Celtic Residential Irish Mortgage Securitisation No. 10 PLC's
class A2 and B notes. "At the same time, we have removed the
ratings on Celtic 9's class B notes and Celtic 10's class A2 and B
notes from CreditWatch negative," S&P noted. The rating on Celtic
9's class A2 notes remain on CreditWatch negative for counterparty
reasons.
On July 9, 2010, S&P placed its ratings on Celtic 9 and Celtic
10's class A2 and B notes on CreditWatch negative due to
deteriorating performance and house price declines in Ireland.
On Oct. 21, 2010, S&P lowered and kept on CreditWatch negative our
ratings on Celtic 9 and Celtic 10's class A2 and B notes due to
continuing performance deterioration.
On Jan. 18, 2011, S&P again updated the CreditWatch status on
Celtic 9 and Celtic 10's class A2 notes when its updated
counterparty criteria became effective.
"We have conducted further credit and cash flow analyses since our
most recent rating action. Later stage arrears appear to be
building up. This, in our view, indicates that few loans come out
of arrears once they become delinquent and few loans leave the
pool through foreclosure. Conditional Prepayment Rates (CPR)
levels are at an historical low, given credit conditions and the
lack of activity in the housing market. We will continue to
monitor the CPR level in both transactions," S&P said.
"It is our understanding that the servicer -- Ulster Bank Ireland
Ltd. -- is working with borrowers to reduce the monthly payment
burden through forbearance arrangements. Despite this, we
continue to see sharp increases in arrears, notably in the later
stage buckets. In Celtic 9, 90+ day delinquencies increased to
11.71% from 9.72% since our last review and in Celtic 10, 90+ day
delinquencies increased to 10.91% from 8.61%," S&P noted.
Using indexed valuations, approximately 33% of the Celtic 9 pool
and over 50% of the Celtic 10 pool has a loan-to-value ratio above
90%. National house prices are now 38% below their peak at the
end of 2006. "We expect house prices to decline further between
2011 and 2012," S&P stated.
Total arrears in Celtic 10 are now greater than in Celtic 9,
despite being a younger pool. In S&P's opinion, this is due to a
greater proportion of loans in Celtic 10 being originated when
house prices were at their peak, leading to a higher concentration
of loans in negative equity.
"Following our analysis, we have lowered our ratings on these
notes to levels that, in our opinion, are commensurate with their
levels of credit enhancement. Additionally, these ratings are no
longer on CreditWatch negative for credit reasons," S&P said
The rating on Celtic 10's class A2 note were on CreditWatch
negative for credit and counterparty reasons. As the rating on
this class is now at a level that can be supported by the current
rating on the supporting counterparties, the rating is no longer
on CreditWatch negative for counterparty reasons.
Celtic 9's class A2 notes remain on CreditWatch negative solely
for counterparty reasons. S&P intends to resolve this CreditWatch
negative placement before the transition date of July 18, 2011.
Celtic 9 and 10 are Irish residential mortgage-backed securities
(RMBS) transactions with loans originated by Ulster Bank Ireland.
Celtic 9 closed in November 2005 and Celtic 10 in August 2006.
Ratings list:
Class Rating
To From
Ratings Lowered and Removed From CreditWatch Negative
Celtic Residential Mortgage Securitisation No. 9 Ltd.
EUR1,750 Million Residential Mortgage-Backed Floating-Rate Notes
B BB (sf) BBB (sf)/Watch Neg
Celtic Residential Mortgage Securitisation No. 10 Ltd.
EUR1,790 Million Residential Mortgage-Backed Floating-Rate Notes
A2 BBB+ (sf) A (sf)/Watch Neg
B BB- (sf) BB+ (sf)/Watch Neg
Ratings Lowered and Remaining On CreditWatch Negative
Celtic Residential Mortgage Securitisation No. 9 Ltd.
EUR1,750 Million Residential Mortgage-Backed Floating-Rate Notes
A2 A (sf)/Watch Neg AA- (sf)/Watch Neg
EIRCOM GROUP: Workers Back EUR92-Mil. Labor Savings Plan
--------------------------------------------------------
Ciaran Hancock at The Irish Times reports that Eirom staff have
voted in favor of a recovery package that is designed to achieve
labor savings of EUR92 million.
According to The Irish Times, the plan will involve pay cuts of
10%, reduced working hours, and more than 1,000 job cuts.
The Irish Times relates that members of the Communications Workers
Union voted in favor of the package by 1,908 votes to 1,388.
There were two spoilt votes, according to the report.
"Workers at Eircom have yet again demonstrated their commitment to
securing a sustainable future for the company by agreeing a very
difficult package of measures," The Irish Times quotes general
secretary of the Communications Workers Union Steve Fitzpatrick as
saying.
Mr. Fitzpatrick told The Irish Times that Eircom, which has a net
debt of EUR3.8 billion, would now have to resolve issues
surrounding its financial position.
"We expect management and shareholders to honor their side of the
bargain and come up with the badly needed investment for the
business," Mr. Fitzpatrick, as cited by The Irish Times, said.
Eircom has cut its workforce by 1,791 since March 2009. It had
7,170 workers at the end of December 2010, The Irish Times
discloses.
The Irish Times notes that Mr. Fitzpatrick said the Communications
Workers Union and its sister unions would begin talks with Eircom
management within next week on the implementation of the plan.
On March 11, 2011, the Troubled Company Reporter-Europe, citing
The Irish Times, reported that Eircom workers were told by their
union leaders that the group could be taken over by its lenders if
they do not agree to implement the EUR92 million in labor savings
outlined in its rescue plan. The Irish Times related that the CWU
leadership said it had been made clear to the union that Eircom's
shareholders -- Singapore STT and the employee Esot -- would only
invest in the business if they were confident of making a return
on their money. It has been suggested that STT and the Esot might
invest up to EUR300 million in Eircom as part of the restructuring
of the business, according to The Irish Times. Eircom wants the
restructuring measures fully implemented by July 1, The Irish
Times stated.
The Troubled Company Reporter-Europe also noted that The Irish
Times said Eircom signaled, in November 2010, that it could breach
its banking covenants within 12 months. Ratings agency Moody's
suggested a breach could come by the end of June, The Irish Times
noted.
Headquartered in Dublin, Ireland, Eircom Group --
http://www.eircom.ie/-- is an Irish telecommunications company,
and former state-owned incumbent. It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.
ELVA FUNDING: S&P Raises Rating on Various Notes to 'BBB-'
----------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BBB- (sf)' from 'BB+
(sf)' its credit rating on Elva Funding PLC's EUR34.8 million
secured credit-linked variable-rate notes series 2007-14.
"The rating action follows an upward revision to the credit
enhancement for these notes, which is now sufficient, in our
opinion, to support a 'BBB- (sf)' rating. The synthetic rated
overcollateralization (SROC) achieved at the 'BBB-' rating level
is 101.0615%, which meets the required cushion of 75 basis
points for a investment-grade single tranche synthetic
collateralized debt obligation, in accordance with our
surveillance criteria," S&P said.
"Additionally, the obligor concentration test is satisfied and the
tranche exhibits a good rating stability when we submit the
portfolio to our sensitivity analysis," S&P noted.
* UK: Administrators Required to Give Notice of Insolvency Sales
----------------------------------------------------------------
Robert Hutton at Bloomberg News reports that administrators of
insolvent U.K. companies will be required to give notice to
creditors if they're planning to sell assets at less than full
value. The move is aimed at stopping owners from going bust to
avoid debts, the report notes.
Bloomberg relates that Business Minister Ed Davey announced the
change on Thursday, saying he wanted to stop "phoenix" companies,
where creditors find that a person who owes them money has
declared insolvency, then bought back assets and gone back into
business.
"Where such sales are at undervalue, creditors get less than they
should," Bloomberg quotes Mr. Davey as saying in an e-mailed
statement released by his department in London. "Competitors who
pay their debts in full also suffer. I want to make sure that
creditors have a fair chance to have their voice heard. I also
want to enable others to scrutinize such transactions after the
event to ensure that deals being struck are fair in the
circumstances."
According to Bloomberg, Mr. Davey said that the notice period
would give creditors time to object to the administrators, or go
to court if necessary.
=====================
N E T H E R L A N D S
=====================
NEPTUNO CLO: S&P Affirms Rating on Class E Notes at 'CCC- (sf)'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Neptuno CLO II B.V.'s class A, B, C, and D notes. At the same
time, S&P affirmed its rating on the class E notes.
"Since our last rating action in December 2009, we have noticed an
improvement in the credit quality of the underlying portfolio,"
S&P said.
"Our analysis shows that assets we consider to be rated in the
'CCC' category have decreased. Currently, 6.58% of the
portfolio's performing balance is rated in this category under our
analysis. In addition, the proportion of investment-grade assets
has increased. Currently, 11.82% of the portfolio's
performing balance consists of assets with investment-grade
ratings," S&P noted.
"These factors combined have led to an improvement in our scenario
default rates at each rating level, thereby lowering our expected
default probabilities," S&P said.
"At the same time, we have observed an increase in the balance of
performing assets plus principal cash, which, in our view, has
helped improve the credit enhancement available to all classes of
notes," S&P continued.
"We note, however, that the weighted-average spread reported under
the latest trustee report is lower than the value at our last
review, and we have factored this into our ratings analysis," S&P
noted.
According to S&P, "Based on our analysis, we consider that the
level of credit enhancement available to the class A, B, C, and D
notes is now consistent with higher ratings than previously
assigned. We have therefore raised our ratings on
these classes."
"We have affirmed our 'CCC- (sf)' rating on the class E notes as
we still believe that noteholders are vulnerable to non-payment,"
S&P added.
Neptuno CLO II is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily speculative-grade
corporate borrowers. The transaction closed in December 2007 and
is managed by Caja de Ahorros y Monte de Piedad de Madrid.
Ratings list
Class Rating
To From
Neptuno CLO II B.V.
EUR450 Million Senior
Secured Floating-Rate
Notes
Ratings Raised
A A+ (sf) A (sf)
B A- (sf) BBB (sf)
C BB+ (sf) B+ (sf)
D B+ (sf) CCC- (sf)
Rating Affirmed
E CCC- (sf)
===============
P O R T U G A L
===============
COMBOIS DE PORTUGAL: S&P Cuts LT Corporate Credit Rating to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Portuguese state-owned railway operator
Comboios de Portugal, E.P.E (CP) to 'B+' from 'BB'. At the same
time, the issue ratings on CP's unguaranteed debt were lowered to
'B+' from 'BB'.
The issue ratings on the debt that is guaranteed by the Republic
of Portugal are unchanged at 'BBB-'. All the ratings, except
those on the guaranteed debt, remain on CreditWatch, where they
were placed with negative implications on April 28, 2010.
"The rating actions follow our revision of CP's stand-alone credit
profile (SACP) to 'ccc' from 'b-', owing to the further
deterioration of CP's liquidity," according to S&P.
"We believe CP could face a funding gap in the third quarter of
2011, when about EUR260 million of bank loans fall due," said
Standard & Poor's credit analyst Juliana Gallo. "CP's mounting
refinancing challenges for 2011 and a lack of visibility regarding
funding and contingency plans heighten near-term pressures on the
ratings."
"We assess CP's financial risk profile as highly leveraged. We
consider that the deteriorating funding conditions in Portugal
have reduced CP's ability to tap the markets and to renew its
credit facilities, thereby creating potential dependence on the
government's financial support to meet its debt maturities," S&P
said.
Nevertheless, S&P continues to assess the likelihood of
extraordinary support for CP as "very high". "This assessment is
predicated on our assumption that necessary support will be
provided on a timely basis and ahead of the point at which the
funding is needed. Our assessment of a 'very high' likelihood of
government support is based on our assessment on CP's 'very
important' role for the Portuguese government as virtually the
only passenger rail transport provider in Portugal; and "very
strong" link with the government, given CP's 100% state
ownership," S&P related.
"The CreditWatch negative status reflects that we could lower the
ratings again if CP and the government do not present a viable
plan to meet CP's refinancing needs. We will reassess the
company's SACP and the likelihood of support within 30-60 days,"
according to S&P.
The extent that the government proactively makes necessary
arrangements ahead of CP's near-term financing needs may cause S&P
to reconsider the SACP and the likelihood of extraordinary
support.
"The resolution of the CreditWatch will incorporate an assessment
of the actions CP and its owner take, together with the funding
and contingency plans for CP in light of ongoing political and
capital market developments," said Ms. Gallo. "During the review,
we will also examine the mechanisms and timeline of the funding
plan and reevaluate the execution risks. If we consider the
execution risk to have risen to a level that is no longer
consistent with a "very high" likelihood of support, we would
likely lower our assessment of the likelihood of government
support for CP, resulting in downward revision of the ratings."
Furthermore, additional weakening of the financial and economic
conditions in Portugal could further reduce the government's
ability to provide extraordinary support to distressed GREs. "If
we believed this to be the case, we could lower our assessment of
the likelihood of extraordinary government support to CP," S&P
said.
"We aim to resolve the CreditWatch within the next two months and
ahead of the debt maturities. As a result of our review, we could
lower the rating on CP further. Conversely, we could affirm the
ratings on CP if our assessment of the likelihood of extraordinary
government support remains unchanged and if the government were to
find a viable solution to the company's refinancing risks," S&P
added.
METROPOLITANO DE LISBOA: S&P Cuts LT Corp. Credit Rating to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit and nonguaranteed issue ratings on Portuguese
state-owned subway company Metropolitano de Lisboa, E.P.E. to 'B+'
from 'BB'. The issue rating on the debt that is guaranteed by the
Republic of Portugal (BBB-/Negative/A-3) is unchanged at
'BBB-'. All ratings on Metro, except that on the guaranteed debt,
remain on CreditWatch, where they were originally placed with
negative implications on Dec. 3, 2010.
"The rating actions follow our downward revision of Metro's stand-
alone credit profile (SACP) to 'ccc' from 'b-'," S&P said.
"Our downgrade of Metro reflects a further deterioration in debt
service coverage ratios as it approaches a large debt repayment
due in July 2011," said Standard & Poor's credit analyst
Lorenzo Pareja. "We believe sizable refinancing needs for next
three quarters, the lack of visibility regarding funding, and
unspecific contingency plans continue to jeopardize Metro's credit
fundamentals."
"We continue to view Metro's financial strategy, which has led to
large refinancing requirements and an overwhelming reliance on
financial markets, insufficient in times of financial turbulence.
Since our last rating action on March 4, the central government
has not, in our view, substantially reduced Metro's exposure to
shaky financial markets. Metro continues to rely on nonguaranteed
credit lines or guaranteed long-term bonds to cover its 2011
refinancing needs. Still, given current market pressure on both
the guarantor--the Republic of Portugal--and the Portuguese
banking system, the probability that Metro encounters difficulties
to place all guaranteed bonds or maintain its credit lines is, in
our opinion, not negligible. With the July due date of its debt
repayments approaching, we see an increasing probability that
Metro will need extraordinary support from the government this
year," S&P stated.
"We consider Metro to be a government-related entity (GRE). In
accordance with our criteria for GREs, we currently believe there
is a very high likelihood that the Portuguese government would
provide timely and sufficient extraordinary support to Metro, in
the event of financial distress," S&P noted.
"The downgrade does not affect our issue ratings on Metro's long-
term financial obligations that are either government guaranteed
or insured by monoline insurer Assured Guaranty Municipal Corp.
(AA+/Stable/--)," S&P related.
"The CreditWatch negative status reflects our likely reassessment
and possible revision, within one month, of Metro's SACP and our
view of the 'very high' likelihood of government support to Metro
if needed," said Mr. Pareja.
If the company and the government do not present a solution to the
company's refinancing needs, S&P could lower Metro's ratings
further.
"The degree to which the Portuguese government pro-actively makes
necessary arrangements ahead of the July 2011 financing due date
may make us reconsider the SACP and the likelihood of support. We
will continue to monitor the steps being taken by Metro and the
government and will adjust our assessment as appropriate to
reflect those actions. The resolution of the CreditWatch
listing will follow our assessment of the government and Metro's
actions taken to cover its refinancing needs, together with the
funding and contingency plans for Metro in light of ongoing
political and capital market developments. In our review, we will
also examine the mechanisms and timeline by which this
funding would be provided and will gauge execution risk on these
plans. If we deem at any point that this execution risk has risen
to a level that would no longer be consistent with a 'very high'
likelihood of government support, we could lower our view of this
likelihood of support. This would then lead to a downgrade of
Metro," S&P related.
In S&P's view, additional weakening in the financial and economic
conditions in Portugal could further reduce the government's
ability to provide extraordinary support to distressed GREs, and
as a result, S&P could lower our assessment of the likelihood of
extraordinary government support for Metro.
"Conversely, we could affirm the ratings on Metro if our
assessment of the likelihood of extraordinary government support
were to remain unchanged and if the government finds a durable
solution to the company's refinancing risks," S&P added.
REDE FERROVIARIA: S&P Lowers Long-Term Corporate Rating to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit and non-guaranteed issue ratings on Portuguese
state-owned railway infrastructure manager Rede Ferroviaria
Nacional REFER, E.P.E. to 'B+' from 'BB'. The issue rating
on the debt that is guaranteed by the Republic of Portugal is
unchanged at 'BBB-'.
All ratings on REFER, except that on the guaranteed debt, remain
on CreditWatch, where they were originally placed with negative
implications on Dec. 3, 2010.
The rating actions follow S&P's revision of REFER's stand-alone
credit profile to 'ccc' from 'b-'. This revision reflects further
deterioration in REFER's liquidity and a funding gap in
April 2011, when REFER needs to repay a EUR300 million guaranteed
loan (on April 11).
"We believe that the mounting refinancing challenges for 2011,
especially in April, and the lack of visibility regarding funding
and contingency plans, heighten near-term pressure on the
ratings," said Standard & Poor's credit analyst Juliana Gallo.
S&P assesses REFER's financial risk profile as highly leveraged.
S&P considers that the deteriorating funding conditions in the
Republic of Portugal (BBB-/Negative/A-3) have reduced REFER's
ability to tap the markets and to renew its credit facilities.
"This has created a significant potential dependence on the
Portuguese government's financial support to meet REFER's April
2011 debt maturity and thereby avoid a default," added Ms. Gallo.
"We continue to assess the likelihood of extraordinary government
support to REFER as 'very high'. This assessment is predicated on
our assumption that necessary support will be provided on a timely
basis and ahead of the point at which the funding is needed," S&P
said. S&P's assessment of a "very high" likelihood of government
support is based on our assessment on REFER's:
* "Very important" role for the Portuguese government, given
REFER's natural-monopoly position as the manager of
Portugal's national rail infrastructure.
* "Very strong" link with the Portuguese government, given
REFER's 100% state ownership and its strong legal status as
a public entity, which prevents bankruptcy and
privatization.
"There is a possibility of us lowering the ratings further if
REFER and the government do not find a solution to REFER's
imminent refinancing needs. We aim to review the CreditWatch
placement, and to reassess REFER's SACP and the likelihood of
government support, within the next week. As a result of our
review, we could lower the rating on REFER further," S&P said.
"The degree to which the government proactively makes necessary
arrangements in anticipation of the April 11 loan maturity could
cause us to reassess the SACP and the likelihood of support. We
will continue to monitor the actions taken by REFER and the
government and we will adjust our assessments of government
support to reflect those actions," according to S&P.
S&P's review of the CreditWatch placement will incorporate an
assessment of the aforementioned actions, together with REFER's
and government's funding and contingency plans for REFER in light
of ongoing political and capital market developments. The review
will also examine the mechanisms and timeline by which potential
funding will be provided and will gauge the execution risk in
these plans. "If we deem execution risk to have risen to a level
that we consider to be no longer commensurate with the current
likelihood of support, we could lower the likelihood of support.
This would result in a downgrade," S&P noted.
Furthermore, additional weakening in the financial and economic
conditions in Portugal could further reduce the government's
ability to provide extraordinary support to distressed GREs. "If
we believed this to be the case, we could lower our assessment of
the likelihood of extraordinary government support to REFER," S&P
pointed out.
Conversely, S&P could affirm the ratings on REFER if its
assessment of the likelihood of extraordinary government support
were to remain unchanged and if the government were to find a
durable solution to the company's refinancing risks.
=====================================
S E R B I A & M O N T E N E G R O
=====================================
ATLAS BANK: Moody's Changes Outlook on 'B1' Rating to Stable
------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on the B1 long-term foreign-currency deposit rating of
Atlas Bank AD Podgorica (previously "Atlasmont Banka a.d.
Podgorica"). Moody's notes that Atlas Bank's E+ standalone bank
financial strength rating (BFSR) -- mapping to B2 on Moody's long-
term scale -- has not been affected by today's action. The
outlook on all ratings is now stable.
The outlook change on the B1 rating follows the announcement on
March 30, 2011, by Moody's Sovereign Risk Group that it changed
the outlook on Montenegro's B1 foreign-currency deposit ceiling to
stable from negative.
Rating Rationale
Atlas Bank's B1 foreign-currency deposit rating is derived from
its B2 baseline credit assessment (BCA) and the moderate
probability of support imputed from Montenegro's Ba3 foreign-
currency bond rating, resulting in a one-notch uplift from the B2
BCA, and placing it at the same level as the country's foreign-
currency deposit ceiling. Whereas previously constrained by the
negative outlook of the country ceiling, Atlas Bank's foreign-
currency deposit rating now carries a stable outlook, in line with
the changed outlook for the ceiling.
Previous Rating Actions & Methodology Used
The most recent rating action on Atlas Bank was implemented on 30
April 2009, when Moody's changed the outlook on Atlas Bank's B1
foreign-currency deposit rating to negative from stable.
The principal methodologies used in rating this issuer are Moody's
"Bank Financial Strength Ratings: Global Methodology", published
in February 2007; and "Incorporation of Joint-Default Analysis
into Moody's Bank Ratings: A Refined Methodology", published in
March 2007.
Headquartered in Podgorica, Montenegro, Atlas Bank had total
assets of EUR182.3 million as of December 2010.
=========
S P A I N
=========
BANCO SANTANDER: S&P Downgrades Subordinated Debt Rating to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it had lowered its long-
term counterparty ratings to 'BBB-' from 'BBB' on Banco Santander
Totta, S.A. (Santander Totta), Caixa Geral de Depositos S.A.
(CGD), Banco Espirito Santo, S.A. (BES) and its core subsidiary
Banco Espirito Santo de Investimento, S.A. (BESI), Banco BPI S.A.
(BPI) and its core subsidiary Banco Portugues de Investimento S.A.
"At the same time, we removed the long-term ratings from
CreditWatch and affirmed the 'A-3' short-term ratings," S&P said.
The outlook is negative.
"We are maintaining the 'BBB-/A-3' long- and short-term ratings on
Banco Comercial Portugues, S.A. (Millennium bcp) on CreditWatch
with negative implications, according to S&P.
"As a result of these actions, all our ratings on Portuguese
financial institutions are now at the same level as that on the
Republic of Portugal (BBB-/Negative/A-3). None of our ratings on
these banks incorporates any uplift from parent or government
support over our assessments of their stand-alone credit
profiles," S&P said.
S&P stated that "The downgrades of the four banks and their core
subsidiaries follow the weakening we see in the creditworthiness
of the sovereign, as reflected in our one-notch downgrade of the
Republic of Portugal, and reflect our view that financial
institutions should only in rare circumstances be rated above the
sovereign of their country of domicile. This is because:
* Given financial institutions' highly leveraged balance
sheets and high exposure to liquidity risks, we believe that
it is unlikely that any of the Portuguese financial
institutions that we rate will overcome the financial
difficulties associated with a sovereign under stress, in
particular the likely intense liquidity pressures that
normally occur.
* Like any other sovereign, Portugal has regulatory and
supervisory powers through which it can influence the
behavior of banks under its jurisdiction.
* Portuguese financial institutions benefit, in our view, from
the Portuguese authorities'--in the EU framework--supportive
stance toward their financial system, which, among others,
facilitates banks' access to extraordinary liquidity, such
as that provided by the European Central Bank. It would
therefore generally be difficult to justify de-linking the
benefits of such a supportive framework for banks from the
creditworthiness of the sovereign backing that framework.
* Portuguese banks have a level of direct exposure to the
sovereign and other public sector entities that we consider
to be material when compared with their capital bases.
"The impact of the tougher economic and financial environment on
the banks' creditworthiness was already incorporated in our rating
actions on these banks earlier this week," S&P noted.
S&P continued, "Our affirmation of the short-term ratings on the
banks at 'A-3' follows the typical correlation of our short-term
and long-term ratings scales."
The negative outlooks on the ratings on Santander Totta, CGD, BES
and its core subsidiary BESI, and BPI and its core subsidiary
Banco Portugues de Investimento reflect the possibility of a
further downgrade to investment grade should the sovereign be
downgraded again. "A negative outlook implies a greater than one
in three possibility of a downgrade over the next two years.
Specifically, this could happen if, in our view, the economy
weakens beyond our current expectations and/or a political impasse
undermines the effective implementation of Portugal's adjustment
program, leading to significant policy slippages," S&P said.
Standard & Poor's believes that the outlook for Portugal's GDP
performance is highly uncertain and will depend as much on the
resilience of the export sector as on domestic policy decisions.
"Conversely, all things being equal, an outlook revision to stable
on Portugal would likely lead to a similar action on the banks, as
it would reflect our view of an overall healthier economic and
financial outlook for the country and therefore for its financial
system," S&P added.
"Our ratings on Millennium bcp were not directly affected by the
one notch downgrade of Portugal as this bank was already rated
below the sovereign at 'BBB-/A-3'," S&P related.
"The ratings on Millennium bcp remain on CreditWatch with negative
implications based on the possibility of a downgrade in the short
term if we see that the bank is unable to design and implement a
plan to strengthen its financial profile, narrowing the gap with
its domestic peers. In our view, Millennium bcp's financial
profile is weaker than that of its peers (notably its funding,
asset quality, risk exposure, and capitalization), which makes it
more vulnerable to the currently difficult operating environment,"
S&P added.
Ratings list:
Downgraded; CreditWatch/Outlook Action
To From
Banco Santander Totta, S.A.
Long-Term Counterparty Credit BBB-/Negative BBB/Watch Neg
Rating
Short-Term Counterparty Credit A-3 A-3
Rating
Long-Term Certificate Of Deposit BBB- BBB/Watch Neg
Short-Term Certificate Of Deposit A-3 A-3
Senior Unsecured BBB- BBB/Watch Neg
Subordinated BB+ BBB-/Watch Neg
Commercial Paper A-3 A-3
BST International Bank, Inc./Totta & Acores Financing Ltd.
Preference Stock(1) BB- BB/Watch Neg
Totta Ireland PLC
Commercial Paper(1) A-3 A-3
Caixa Geral de Depositos S.A.
Long-Term Counterparty Credit BBB-/Negative BBB/Watch Neg
Rating
Short-Term Counterparty Credit A-3 A-3
Rating
Long-Term Certificate Of Deposit BBB- BBB/Watch Neg
Short-Term Certificate Of Deposit A-3 A-3
Senior Unsecured BBB- BBB/Watch Neg
Subordinated BB+ BBB-/Watch Neg
Junior Subordinated BB- BB/Watch Neg
Caixa Geral Finance Ltd.
Preference Stock(2) BB- BB/Watch Neg
Caixa Geral de Depositos Finance
Subordinated(2) BB+ BBB-/Watch Neg
Junior Subordinated(2) BB- BB/Watch Neg
CGD North America Finance LLC
Commercial Paper(2) A-3 A-3
Banco Espirito Santo, S.A.
Long-Term Counterparty Credit BBB-/Negative BBB/Watch Neg
Rating
Short-Term Counterparty Credit A-3 A-3
Rating
Long-Term Certificate Of Deposit BBB- BBB/Watch Neg
Short-Term Certificate Of Deposit A-3 A-3
Senior Unsecured BBB- BBB/Watch Neg
Subordinated BB+ BBB-/Watch Neg
Commercial Paper A-3 A-3
Banco Espirito Santo de Investimento, S.A.
Long-Term Counterparty Credit BBB-/Negative BBB/Watch Neg
Rating
Short-Term Counterparty Credit A-3 A-3
Rating
Long-Term Certificate Of Deposit BBB- BBB/Watch Neg
Short-Term Certificate Of Deposit A-3 A-3
Junior Subordinated BB- BB/Watch Neg
BES Finance Ltd.
Senior Unsecured(3) BBB- BBB/Watch Neg
Subordinated(3) BB+ BBB-/Watch Neg
Junior Subordinated(3) BB- BB/Watch Neg
Preference Stock(3) BB- BB/Watch Neg
Espirito Santo Investment PLC
Senior Unsecured(4) BBB- BBB/Watch Neg
Banco Espirito Santo North America Capital Corp.
Commercial Paper(3) A-3 A-3
Espirito Santo PLC
Commercial Paper(3) A-3 A-3
Banco BPI S.A.
Long-Term Counterparty Credit BBB-/Negative BBB/Watch Neg
Rating
Short-Term Counterparty Credit A-3 A-3
Rating
Long-Term Certificate Of Deposit BBB- BBB/Watch Neg
Short-Term Certificate Of Deposit A-3 A-3
Senior Unsecured BBB- BBB/Watch Neg
Subordinated BB+ BBB-/Watch Neg
Banco Portugues de Investimento S.A.
Long-Term Counterparty Credit BBB-/Negative BBB/Watch Neg
Rating
Short-Term Counterparty Credit A-3 A-3
Rating
Long-Term Certificate Of Deposit BBB- BBB/Watch Neg
Short-Term Certificate Of Deposit A-3 A-3
BPI Capital Finance Ltd.
Preference Stock(5) BB- BB/Watch Neg
Banco BPI Cayman Ltd.
Commercial Paper(5) A-3 A-3
CreditWatch/Outlook Action (Ratings still on CreditWatch Negative)
Banco Comercial Portugues, S.A.
Counterparty Credit Rating BBB-/Watch Neg/A-3
Certificates Of Deposit BBB-/Watch Neg/A-3
Senior Unsecured BBB-/Watch Neg
Commercial Paper A-3/Watch Neg
BCP Finance Bank Ltd.
Senior Unsecured(6) BBB-/Watch Neg
Subordinated(6) BB+/Watch Neg
Commercial Paper(6) A-3/Watch Neg
BCP Finance Co.
Preference Stock(6) B+/Watch Neg
(1) Guaranteed by Banco Santander Totta, S.A.
(2) Guaranteed by Caixa Geral de Depositos S.A.
(3) Guaranteed by Banco Espirito Santo, S.A.
(4) Guaranteed by Banco Espirito Santo de Investimento, S.A.
(5) Guaranteed by Banco BPI S.A.
(6) Guaranteed by Banco Comercial Portugues, S.A.
FONDO DE TITULIZATION: S&P Lowers Ratings on Class C Notes to 'BB'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on all classes of notes in
BBVA RMBS 4 Fondo de Titulizacion de Activos and BBVA RMBS
5 Fondo de Titulizacion de Activos.
"The downgrades have resulted from our assessment of the likely
impact on the BBVA RMBS 4 and 5 transactions of a combination of
collateral credit quality deterioration and falling house prices,"
S&P said.
"The fast growth we have observed in cumulative defaults in both
transactions has not subsided since our last credit review in
September 2010 when we placed all notes in these transactions on
CreditWatch negative. Since then, we have seen cumulative
defaults increase to 2.53% in BBVA RMBS 4 and to 1.92% in BBVA
RMBS 5. This, coupled with the house price correction seen in
Spain since 2008 that has led to elevated weighted-average loan-
to-value (LTV) ratios in the pools, has increased our loss
expectations for the pools," S&P said.
For the class C notes, the current levels of cumulative defaults
are still below the interest-deferral triggers of 5.0% (in BBVA
RMBS 4) and 10.3% (in BBVA RMBS 5) of the initial mortgages'
balance, as set by the transaction documents. "In our opinion
neither BBVA RMBS 4 nor BBVA RMBS 5 will postpone interest on the
junior classes of notes in the next 12 months," S&P noted.
However, both transactions aim to fully provision for defaulted
loans but available excess spread has been insufficient to cover
such amounts. As a consequence, the cash reserve is fully
depleted for BBVA RMBS 4 and at 42% of its target value for
BBVA RMBS 5.
Both portfolios contain loans that offer the borrowers the option
to move forward or postpone the maturity date, defer a specific
number of installments, have a balloon payment, or change from a
fixed-rate to a floating-rate index. "We stressed all of these
potential flexibilities in our analysis," S&P said.
The collateral pool backing BBVA RMBS 4 is more seasoned than in
BBVA RMBS 5. "On average, loans in BBVA RMBS 4 were originated
longer before the peak in Spanish house prices and, in our
opinion, this transaction will likely suffer lower loss severities
than BBVA RMBS 5. In addition, BBVA RMBS 4 has seen greater
deleveraging since closing compared with BBVA RMBS 5," S&P
related.
By contrast, in S&P's opinion BBVA RMBS 5 will likely experience
greater loss severity because most of the underlying loans were
originated near the peak of Spanish house prices. In addition,
the BBVA RMBS 5 pool has a larger percentage of loans with higher
weighted-average LTV ratios. "Our rating actions on the notes in
this transaction reflect our assessment of this additional risk,"
S&P explained.
"To reflect this deteriorating portfolio credit quality, we have
lowered our ratings on all the notes in BBVA RMBS 4 and 5 to
rating levels which, in our view, are commensurate with the
current credit enhancement. Our ratings on all the classes of
notes are consequently no longer on CreditWatch negative for
credit reasons," S&P continued.
The class A1, A2, and A3 notes in BBVA RMBS 4 and the class A
notes in BBVA RMBS 5, which were on CreditWatch negative for
counterparty reasons in addition to credit reasons, are no longer
on CreditWatch for counterparty reasons because the ratings on
these notes are now at a level that can be supported by the
current rating on the supporting counterparties under S&P's
counterparty criteria.
BBVA RMBS 4 closed in November 2007 and BBVA RMBS 5 closed in May
2008. They securitize portfolios of residential mortgages
originated and serviced by Banco Bilbao Vizcaya S.A.
Ratings list:
Class Rating
To From
Ratings Lowered and Removed From CreditWatch Negative
BBVA RMBS 4 Fondo de Titulizacion de Activos
EUR4.9 Billion Residential Mortgage-Backed Floating-Rate Notes
A1 AA (sf) AAA (sf)/Watch Neg
A2 AA (sf) AAA (sf)/Watch Neg
A3 AA (sf) AAA (sf)/Watch Neg
B A- (sf) A (sf)/Watch Neg
C BB (sf) BBB (sf)/Watch Neg
BBVA RMBS 5 Fondo de Titulizacion de Activos
EUR5 Billion Residential Mortgage-Backed Floating-Rate Notes
A A (sf) AAA (sf)/Watch Neg
B BBB- (sf) A (sf)/Watch Neg
C BB (sf) BBB- (sf)/Watch Neg
MADRID RMBS: S&P Affirms Rating on Class E Notes at 'D (sf)'
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
MADRID RMBS II, Fondo de Titulizacion de Activos' class B, C, D,
and E notes. "At the same time, we removed from CreditWatch
negative our ratings on classes B and C. The ratings on the class
A2 and A3 notes are unchanged following our credit review, but
these notes remain on CreditWatch negative for counterparty
reasons," S&P said.
"Collateral performance of the underlying portfolio backing MADRID
RMBS II has stabilized since our last review," S&P said. The
percentage of loans in arrears for more than 90 days, but not yet
considered as defaulted, has grown more slowly in the past seven
months. The level of defaulted loans in the portfolio has
reduced, to 8.75% in January 2011 from 10.23% in February 2010.
However, the level of defaults in the transaction is still higher
than many similar rated transactions in the market.
"This transaction defines defaults as arrears greater than six
months, which is more conservative than in most other Spanish
residential mortgage-backed securities (RMBS) transactions that we
rate. The level of defaulted loans has decreased significantly
since a year and a half ago, due to several factors. One factor
to highlight is a plan implemented by Caja de Ahorros y Monte de
Piedad de Madrid (Caja Madrid; A-/Stable/A-2)) in January 2009, to
prevent and reduce arrears not only in securitized loans, but in
the bank's whole book," S&P said.
The transaction structure has an interest-deferral trigger system,
which is based on the current level of defaults (net of
recoveries). Interest on the notes is deferred if loans in
default (net of recoveries) exceed 18.3% of the initial balance of
the mortgages for class B, 13.2% for class C, 9.4% for class D,
and 8% for class E. "Given that the outstanding level of defaults
over the original balance is 4.90%, we consider that interest on
the class B, C, and D notes will not be deferred in the near
future," S&P added.
MADRID RMBS II fully drew on its reserve fund on the February 2009
interest payment date. "Since May 2010, MADRID RMBS II has
partially replenished the fund, and, as a consequence, credit
enhancement for the notes has increased since our last review,"
S&P noted.
The level of the cash reserve has grown due to several reasons,
including the plan that Caja Madrid implemented in 2009. The
deficit of amortization -- the note principal that is not
amortizing as scheduled -- peaked in May 2009, and the deficit
reduced from quarter to quarter (about EUR18 million quarterly),
until the deficit was eliminated and the reserve fund started to
replenish.
"We had placed the ratings on classes B and C on CreditWatch
negative on Sept. 16, 2010. However, as a result of the
stabilization we have observed in the collateral performance and
the partial replenishment of the cash reserve, and after applying
our cash flow stresses to the outstanding capital structure, we
have affirmed and removed from CreditWatch negative our ratings
on the class B and C notes," S&P said.
"Additionally, we have affirmed our 'CCC (sf)' rating on the class
D notes, as we expect that interest on the class D notes will not
be deferred and therefore will not default in the near future.
Our rating on the class E notes is also affirmed at 'D (sf)', due
to our view that these notes may miss further payments in our
stressed scenarios," S&P stated.
"Following our credit analysis, our ratings on MADRID RMBS II's
class A2 and A3 notes are unchanged. They are therefore no longer
on CreditWatch negative for credit reasons but remain on
CreditWatch negative for counterparty reasons," S&P explained.
"Specifically, some of the existing transaction documents may no
longer adequately mitigate counterparty risk in line with our
updated counterparty criteria. Therefore, on Jan. 18, 2011, we
updated the CreditWatch negative status of our ratings on the
class A2 and A3 notes for additional counterparty reasons when our
updated counterparty criteria became effective. We will review
this documentation and we intend to resolve the CreditWatch
placements before the transition date of July 18, 2011," S&P
added.
MADRID RMBS II, which was issued in December 2006, is backed by a
portfolio of residential mortgage loans secured over properties in
Spain. Caja Madrid originated and services the loans.
RATINGS LIST
Class Rating
To From
MADRID RMBS II, Fondo de Titulizacion de Activos
EUR1.8 Billion Mortgage-Backed Floating-Rate Notes
Ratings Remaining on Creditwatch Negative
A2 AA (sf)/Watch Neg
A3 AA (sf)/Watch Neg
Ratings Affirmed and Removed From Creditwatch Negative
B BB (sf) BB (sf)/Watch Neg
C B (sf) B (sf)/Watch Neg
Ratings Affirmed
D CCC (sf)
E D (sf)
TDA 23 FTA: Moody's Lowers Rating on Class C Notes to 'Ba1 (sf)'
----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of Class A and
C notes and has confirmed the rating of the B notes issued by TdA
23 FTA. A detailed list of the rating actions is provided at the
end of this press release.
The ratings of all rated notes were placed on review for possible
downgrade in November 2009 due to the worse than expected
performance of the collateral.
RATINGS RATIONALE
The rating action concludes the review and takes into
consideration the worse-than-expected performance of the
collateral. It also reflects Moody's negative sector outlook for
Spanish RMBS and the weakening of the macro-economic environment
in Spain, including high unemployment rates. The rating action
also considers the credit quality of Banco Guipuzcoano (Not Rated)
Caixa d'Estalvis de Catalunya, Tarragona i Manresa
("CatalunyaCaixa") (Ba1/NP) and Banca March (Baa1/P-2) acting as
servicers in the transaction.
The ratings of the notes take into account the credit quality of
the underlying mortgage loan pools, from which Moody's determined
the MILAN Aaa Credit Enhancement (MILAN Aaa CE) and the lifetime
losses (expected loss), as well as the transaction structure and
any legal considerations as assessed in Moody's cash flow
analysis. The expected loss and the Milan Aaa CE are the two key
parameters used by Moody's to calibrate its loss distribution
curve, used in the cash flow model to rate European RMBS
transactions.
Portfolio Expected Loss:
Moody's has reassessed its lifetime loss expectation taking into
account the collateral performance to date, as well as the current
macroeconomic environment in Spain. In January 2011, cumulative
write-offs rose to 1.99% of the original pool balance. The share
of 90+ day arrears stood at 1.43% of current pool balance. The
reserve funds has been drawn and currently stands at 90% of the
target level. Moody's expects the portfolio credit performance to
be under stress, as Spanish unemployment remains elevated. The
rating agency believes that the anticipated tightening of Spanish
fiscal policies is likely to weigh on the recovery in the Spanish
labor market and constrain future Spanish households finances.
Moody's also has concerns over the timing and degree of future
recoveries in a weaker Spanish housing market. On the basis of
Moody's negative sector outlook for Spanish RMBS, the rating
agency has updated the portfolio expected loss assumption to 1.10%
of original pool balance up from 0.45%.
MILAN Aaa CE:
Moody's has assessed the loan-by-loan information to determine the
MILAN Aaa CE. Moody's has increased its MILAN Aaa CE assumptions
for 7.50%, up from 4.00% at closing. The increase in the MILAN
Aaa CE reflects the exposure to broker origination, non Spanish
nationals and the concentration in coastal areas. In addition 13%
of the portfolio correspond to second homes. Moody's believes
that loans backed by vacation homes or not owner occupied are
riskier than loans taken for the acquisition of primary residence.
In addition, 13% of the portfolio correspond to self employed.
Credit enhancement under the Class A (including subordination and
reserve fund) is 8.85%.
Operational Risk:
Caixa Tarragona is now part of Caixa d'Estalvis de Catalunya,
Tarragona i Manresa ("CatalunyaCaixa") (Ba1/NP). The new entity,
CatalunyaCaixa, has been operative since July 1, 2010. Moody's
was informed that the servicing of Caixa Tarragona's mortgage
portfolio is to be transferred to Caixa Catalunya's servicing
platform. Banco Guipuzcoano (Not Rated) was acquired by Banco
Sabadell (A3/P-2). Banca March is Baa1/P-2. Moody's takes into
consideration the credit quality of the entities in today's rating
action. Moody's notes that this transaction is exposed to
operational risk as a portion of the portfolio is serviced by a
lowly rated servicer and there is no back-up servicer in place. As
a result, the operational risk is the driver of the rating action
on Class A notes. Moody's notes that this is a multi-servicer
transaction, which partly mitigates servicer disruption risk. If a
servicer were to default, the fondo could use the principal
received from any of the other two servicers to make timely
payment of interest under the notes (single waterfall). For this
reason, today's rating action on the senior notes is limited to
one notch.
The rating addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and principal with
respect of the notes by the legal final maturity. Moody's ratings
only address the credit risk associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors
TRANSACTION FEATURES
TdA 23 closed in March 2005. The transactions is backed by
portfolios of first-ranking mortgage loans originated by Banca
March, Banco Guipuzcoano and Caixa Tarragona and secured on
residential properties located in Spain, for an overall balance at
closing of EUR860 million. The securitized mortgage portfolio
benefit from a relatively low weighted average LTV, currently
about 55%. The pool is fairly exposed to the Mediterranean coast.
13% of the portfolio correspond to second homes and 14% are non
owner occupied.
Reserve fund: The rapidly increasing levels of defaulted loans
ultimately resulted in draws to the reserve fund. The reserve
fund is currently at 90% of its target. The reserve fund is
currently equal to 2.57 % of the note balance.
Swap: Another source of liquidity in the transaction is the
interest rate swap. According to the swap agreement entered into
between the Fondo and HSBC Bank Plc and Credit Agricole ("swap
counterparties"), on each payment date:
* The fondo will pay the interest actually received from the
loans;
* Swap counterparties will pay 3 months Euribor plus the
weighted average coupon plus 55 bps over a notional of equal
to the outstanding amount of the notes
Commingling: All of the payments under the loans in Banco
Guipuzcoano (N.R) pool are collected by the servicer under a
direct debit scheme and transferred to the reinvestments account
held at Banco Guipuzcoano (Guaranteed by Banco Sabadell A3/P-2) on
a weekly basis. Collections are then transferred to the treasury
account held at Banco Santander (Aa2/P-1) every three months. All
of the payments under the loans in Banca March (Baa1/P-2) pool are
collected by the servicer under a direct debit scheme and
transferred to the reinvestments accounts held at Banca March on a
weekly basis. Collections are then transferred to the treasury
account held at Banco Santander (Aa2/P-1) every three months. The
trigger to find a suitable rated guarantor or substitute on the
reinvestment accounts has been hit in both servicers. Moody's
have been informed that both entities are currently looking for a
suitable rated guarantor or substitute. The commingling risk has
been taken into account in the review of the transaction.
For details on the deal structure, please refer to the TdA 23 FTA
new issue reports. Reports is available on www.moodys.com
The principal methodologies used in this rating were Moody's
Updated Methodology for Rating Spanish RMBS published in July
2008, Cash Flow Analysis in EMEA RMBS: Testing Features with the
MARCO Model (Moody's Analyser of Residential Cash Flows) published
in January 2006, Moody's Approach to Automated Valuation Models in
Rating UK RMBS published in August 2008, A Framework for Stressing
House Prices in RMBS Transactions in EMEA published in July 2008
and Global Structured Finance Operational Risk Guidelines: Moody's
Approach to Analyzing Performance Disruption Risk published in
March 2011.
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 six months.
List of Ratings Actions
Issuer: TdA 23 Fondo de Titulizacion de Activos
* EUR837.2M A Notes, Downgraded to Aa1 (sf); previously on Nov
30, 2009 Aaa (sf) Placed Under Review for Possible Downgrade;
* EUR16.3 M B Notes, Confirmed A2 (sf); previously on Nov 30,
2009 A2 (sf) Placed Under Review for Possible Downgrade; and
* EUR6.5M C Notes, Downgraded to Ba1 (sf); previously on Nov.
30, 2009 Baa3 (sf) Placed Under Review for Possible
Downgrade.
SAAB AUTOMOBILE: Survival Hinges on Additional Financing
--------------------------------------------------------
Global Insolvency, citing Dow Jones Daily Bankruptcy Review,
reports that Spyker Cars NV Friday said its funding situation was
tight as its Saab Automobile unit continued to burn cash faster
than expected, and it warned that the Swedish auto maker's future
was in doubt if it couldn't secure additional financing.
Global Insolvency relates that in its annual report published
Friday, Spyker reiterated it was in talks to improve its financing
and said it was confident it would happen. But how and from whom
Spyker intends to get the required cash remains unclear, Global
Insolvency notes.
According to Global Insolvency, Chief Executive Victor Muller may
get Russian investor and former Spyker shareholder Vladimir
Antonov back on board to provide fresh funds. Mr. Antonov's
involvement with the Dutch car maker was terminated last year at
the insistence of General Motors Co. as a condition of its sale of
Saab to Spyker, Global Insolvency recounts.
Spyker, as cited by Global Insolvency, said that it was in need of
additional cash because the problems at Saab were bigger than
expected. It cautioned that the issues would lead to a negative
cash flow in 2011 and that "the continuity of the group will
become uncertain" if the financial situation didn't improve,
Global Insolvency relates.
Saab last year didn't meet its sales targets because restructuring
took longer than expected, Global Insolvency recounts. Many of
Saab's facilities were shut down when Spyker bought the company,
complicating efforts to restart production, sales and
distribution, Global Insolvency discloses.
Global Insolvency notes that Spyker said it was closely monitoring
its cash position and that "to strengthen working capital in the
short term, management is raising liquidity from current
shareholders and other available sources."
The Dutch car maker, which recently announced a EUR13.6 million
capital hike, added that it was in advanced talks on possible
financing deals, according to Global Insolvency.
CEO Muller said Thursday that he was in talks with a number of
banks on a EUR500 million loan, Global Insolvency relates.
However, he said this money would be used mainly to repay the debt
Spyker owes the European Investment Bank, which provided the cash
to fund Saab's business plan, Global Insolvency notes.
According to Global Insolvency, Mr. Antonov has voiced interest in
providing financial support and said last week that he applied to
become an owner of Saab. The Swedish government still has to
decide whether it will allow Antonov's Converse Group to become a
shareholder, Global Insolvency says. A decision is expected
within a few weeks, Global Insolvency states.
With an annual production of up to 126,000 cars, Saab's current
models include the 9-3 (available as a convertible or sport
sedan), the luxury 9-5 sedan (also available in a sport wagon),
and the seven-passenger 9-7X SUV. As it prepared to separate from
General Motors, Saab filed for bankruptcy protection in February
2009. A year later, in February 2010, GM sold Saab to Dutch
sports car maker Spyker Cars for about US$400 million in cash and
stock.
===========================
U N I T E D K I N G D O M
===========================
ASHTEAD GROUP: Moody's Changes 'B1' Rating Outlook to Positive
--------------------------------------------------------------
Moody's Investors Service has changed the outlook on the ratings
of Ashtead Group Plc, including its 'B1' corporate family rating
to positive from negative.
The change in rating outlook was prompted by Moody's expectation
that the company should show improved operating performance and
credit metrics as a result of increasing demand, particularly in
its core US market. It also reflects the improvement in the
company's debt maturity profile through the extension of its bank
facility.
"The change in outlook to positive from negative incorporates
Moody's expectation that improved market conditions are likely to
result in key credit metrics, particularly EBIT to interest
expense, increasing over the medium term," says Douglas Crawford,
Moody's lead analyst for Ashtead.
The positive outlook is supported by Ashtead's improved adjusted
leverage (3.1x at January 31, 2011, down from a maximum of 3.7x at
April 30, 2010). Reported net leverage of 2.8x is now back within
the company's 2-3x target range through the cycle.
Moody's acknowledges the company's performance through the
downturn, with capital expenditure reduced and free cash flow
(after equipment disposals) used to pay down debt. However,
Moody's remains concerned that the average age of its equipment
fleet is now close to previous cyclical peaks at 50 months; and
the rating agency expects negative free cash flow next year as the
company significantly reinvests in rental fleet to reduce the
average age and add capacity to meet anticipated higher rental
demand.
Ashtead's liquidity is primarily through its new US$1.4 billion
ABL facility maturing in 2016, that has refinanced its ABL due
2013. Reliance on an asset-based loan for liquidity introduces
specific liquidity concerns, although the company's liquidity
profile is currently solid. Ashtead has indicated that, following
the full redemption on 28 April 2011 of the US$250 million 2015
senior secured Notes (issued by Ashtead Holdings Plc), excess
availability on the ABL will be around US$475 million -- in line
with the availability at January 2010. ABL availability is
largely dependent on asset valuations. Used equipment values fell
by about 30% during the downturn, and have since partially
recovered. Further recovery should improve availability, which
Moody's anticipates should reach over US$500 million during 2011.
Moody's also notes that the renewed ABL has reduced margins
compared to its previous 2013 facility, with leverage and fixed
charge covenants applicable if excess availability falls to 12% of
the facility size (i.e. US$168 million vs US$150 million for the
2013 facility).
The rating on the outstanding US$550 million 2016 senior secured
Notes (issued by Ashtead Capital Inc) has been maintained at B2,
despite the planned redemption of the 2015 Notes. The B2 rating
is one notch higher than that derived through Moody's LGD model,
reflecting the positive trends shown by the change in rating
outlook from negative to positive. If the outlook were
subsequently to revert to stable, then the 2016 Notes could be
downgraded to B3. Commensurately, an upgrade of the CFR by one
notch may not lead to an upgrade of the 2016 Notes.
Ashtead's ratings could potentially be upgraded if adjusted
leverage falls below 3x, with EBIT/Interest above 2x, while
maintaining availability under the ABL above US$500 million.
Ratings could be downgraded if availability under the ABL falls
towards US$400 million; if adjusted leverage rises towards 4x; if
free cash flow is significantly below the company's guidance; or
if a recovery in the US construction markets is delayed such that
the company is not soon able to reverse the progressive aging of
its fleet. Rating action may also be taken if the company embarks
on a material debt-funded acquisition.
The principal methodologies used in this rating were Global
Equipment and Automobile Rental Industry published in December
2010, and Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.
Moody's previous rating action on Ashtead was implemented on
May 21, 2009, when the rating agency downgraded the corporate
family rating to B1 from Ba3 and kept the outlook on negative.
Ashtead is a UK-listed equipment rental company, with operations
in the US and UK. Total revenue as at January 31, 2011, on a last-
12-months (LTM) basis was GBP915 million. The company is listed
on the London Stock Exchange, with a market capitalization of
around GBP1 billion.
DIXONS RETAIL: Fitch Affirms Issuer Default Ratings at 'B'
----------------------------------------------------------
Fitch Ratings has revised UK-based electrical retailer Dixons
Retail plc's (Dixons) Outlook to Negative from Positive. The
agency has affirmed Dixons' Long-term and Short-term Issuer
Default Ratings (IDR) at 'B' and its senior unsecured rating at
'B+' with a Recovery Rating of 'RR3'.
The Outlook revision reflects Dixons' trading update on
March 30, 2011. The company expects that underlying profits
before tax (excluding the operations in Spain) for the financial
year to 30 April 2011 (FYE11) will be around GBP85 million (FYE10:
GBP90.5 million), down from a range of GBP100 million to GBP110
million previously guided in its Christmas trading statement in
January 2011. The reduction in profit is due to the difficult
European consumer environment, particularly in the UK & Ireland
(42% of Dixons' FY10 underlying profits), which has deteriorated
since its Christmas update.
Fitch will continue to monitor Dixons' liquidity, debt and
interest coverage covenant compliance. Dixons' liquidity is
currently adequate, with access to a GBP360 million revolving
credit facility (RCF) maturing in August 2013, which is sufficient
to cover the company's peak working capital usage throughout the
year. Fitch is assuming that credit insurers and suppliers will
continue to support the company.
Net debt is expected to be around GBP250 million at FYE11, up from
previous guidance of GBP215 million in January 2011. Liquidity is
adequate, with the main maturity being the GBP160 million 6.125%
2012 bonds due to mature on Nov. 15, 2012. The company expects to
redeem the bonds with proceeds from the disposal of the Jonkoping
warehouse in Sweden and from the group's cash resources.
Dixons' credit metrics have deteriorated more than Fitch's
expectations. The European retail climate, particularly in the UK
is not expected to improve before 2012. Conversely, the company's
Nordic operations remain robust. Dixons' lease-adjusted net
debt/EBITDAR is expected to deteriorate to 5.4x in FYE11 compared
to 5.3x in FYE10. Group EBIT margin is expected to marginally
decrease to 1.4% in FYE11 from 1.5% in FYE10.
Fitch notes that the company is responding to the challenging
consumer environment with a four-step action plan. This includes
exiting its stores in Spain, reducing capital expenditure to
GBP160 million in FYE12 and GBP150 million per year thereafter,
focusing on cash generation and managing cost reduction
initiatives more aggressively.
FISH HOUSE: In Administration; FRP Seeks Potential Buyers
---------------------------------------------------------
Chris Stevens and Ian Vickers, partners at FRP Advisory LLP, the
specialist restructuring, recovery and insolvency firm, were
appointed on March 31, 2011 as Joint Administrators to boutique
hotel and restaurant The Fish House Chilgrove Limited, and Joint
Receivers of the freehold property, from which the business
operates.
The Fish House, based in Chilgrove, West Sussex, employs 30 full-
time staff. Facilities include a bar, a restaurant with 100
covers, and a hotel featuring 15 deluxe rooms and spa facilities.
Commenting on the administration, Chris Stevens said: "The Fish
House is a popular destination for visitors from both within and
beyond Sussex. We will continue to trade the business with a view
to selling it as a going concern. This will help to safeguard
employees' jobs and enable the business to seek to honor all
current bookings."
If patrons wish to contact the managing agents, they can do so by
calling The Fish House directly on Tel: 01243 519 444.
PERSEUS PLC: S&P Downgrades Rating on Class C Notes to 'B (sf)'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Perseus (European Loan Conduit No. 22) PLC's class B and C notes.
"The downgrades follow our review of the Major Belle loan after
receipt of the notice in March that the loan has been accelerated.
The special servicer has subsequently appointed receivers to sell
the property securing the loan," S&P said.
The Major Belle loan is the smallest loan in the Perseus
transaction. The loan defaulted on its maturity date in
October 2010 and has a current whole loan balance of GBP31.2
million, and a senior loan balance of GBP22.6 million. An office
tower built in the 1970s, situated in a secondary location on the
southern fringe of Birmingham, secures the loan. Reported
occupancy stands at 85% and consists of 17 tenants on 26 leases.
The leases have a weighted-average unexpired term of approximately
three years.
"We have revised downward our view of the recoverable proceeds
from this loan to take account of the potentially lower recovery
value associated with a forced sale at this time, and the
increased costs that will likely result from the loan's
acceleration. These costs include capital expenditure likely
to be required to refurbish the building. Added to these factors,
we have also considered the lack of available financing in the
real estate market together with the recent performance of the
micro-market," S&P said.
"We understand that properties for sale in a similar location and
with similar specification in Birmingham have not attracted
material interest due to negative rental growth, large incentive
packages needed to attract prospective tenants, and investor
preference for long-dated prime assets. As a result, we
believe that this loan may incur losses. We have thus lowered our
ratings on the class B and C junior notes accordingly," S&P noted.
Following the paydown of the Columbus Court loan, two other loans
remain in the pool in addition to the Major Belle loan: The
Mapeley and Yate loans.
These loans are performing in line with our rating expectations.
Perseus ELOC 22 is a true sale commercial mortgage-backed
securities (CMBS) transaction, which closed in December 2005.
Three loans secured on properties in the U.K. currently back the
transaction. The outstanding principal balance of the transaction
is now GBP128.2 million. Morgan Stanley Bank International
originated all of the underlying loans between December 2004 and
December 2005.
Ratings list
Rating
Class To From
Perseus (European Loan Conduit No. 22) PLC
GBP514.538 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered
B BBB (sf) A+ (sf)
C B (sf) BB (sf)
PLYMOUTH ARGYLE: Creditors Likely to Get 1 Pence in the Pound
-------------------------------------------------------------
The Herald's Edd Moore reports that businesses owed money by
Plymouth Argyle are set to be offered a settlement of just 1 pence
in the pound.
The club is searching for new owners after plunging into
administration last month with debts of GBP13 million, The Herald
relates.
According to The Herald, the vast majority of that is owed to 220
companies, large and small, who were hit by the financial
mismanagement of Argyle's former board. Other unsecured creditors
include Argyle's 5,241 season ticket holders and 989 shareholders,
The Herald discloses.
The Herald says administrators are hoping to announce details of a
creditors' meeting via a dedicated Web site at the end of this
week, where its Company Voluntary Arrangement will be presented.
Money owed to football-related creditors -- including staff and
player wages -- and cash secured against assets must be repaid in
full, The Herald states. But lead administrator Brendan Guilfoyle
on Friday night said only a nominal sum would be offered to other
creditors, The Herald recounts. That is likely to be just 1 pence
for every pound owed or potentially less, The Herald notes. If
fewer than 75% agree to the deal, the 125-year old club could be
forced out of business, according to The Herald.
Over GBP5 million of the GBP9 million-plus of unsecured debt is
owed to former directors and their associates, The Herald states.
That includes GBP2 million of mortgages controlled by former
executive chairman Keith Todd and ex-chairman Sir Roy Gardner,
though a dispute over the security of that cash is ongoing
according to The Herald.
South East-based property developer Paul Buttivant, backed
financially by a major European firm, is expected to make a firm
swoop this week, The Herald relates.
Plymouth Argyle Football Club, commonly known as Argyle, or by
their nickname, is an English professional Association football
club based in Central Park, Plymouth.
SOFAS UK: In Administration; Mulls Alternative Options
------------------------------------------------------
Stuart Maddison and Robert Lewis of PwC were appointed joint
administrators of Sofas UK Limited, trading as EasyLiving
Furniture, on March 30, 2011.
Stuart Maddison, joint administrator and partner at PwC, said:
"The company has suffered as a result of declining consumer
confidence and spending patterns due to the ongoing economic
challenges in the UK. Due to recent difficulties in meeting the
company's financial obligations, and having explored alternative
options, the company has been placed into administration in order
to protect the business.
"In the short term, the administrators will undertake a swift
review of trading across the stores while they assess the options
available. Once the review has been conducted, the administrators
will communicate the outcome to staff and customers as quickly and
as efficiently as possible."
Sofas UK Limited, based in Swindon, is a supplier of home
furniture with 20 stores across southern England employing around
150 people.
===============
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 EU -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 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 LB6 GR -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
SKYEUROPE SKY PW -89480486.93 159076577.5
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SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5
SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
SKYEUROPE HLDG SKY EU -89480486.93 159076577.5
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SKYEUROPE HLDG SKYA PZ -89480486.93 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480486.93 159076577.5
STYROL HOLDING 1 3321155Z AV -69327699.53 1925984640
BELGIUM
-------
ANTWERP GATEWAY 496769Z BB -32782697.75 277992457.9
BNP PARIBAS PERS 3746820Z BB -772235.7209 1849392275
CARGILL OIL PACK 3726474Z BB -7488364.856 169328065.3
COMPAGIMMOBDU BR 3727538Z BB -5867835.156 164809970.6
EON BELGIUM NV 3730258Z BB -8101077.851 251156828.9
ESKO-GRAPHICS NV 4787937Z BB -6715626.693 185307390
EXPLORER NV 4289181Z BB -11594573.86 281605390.1
FINANCIETOREN NV 3729210Z BB -51909123.58 888376929.7
IRUS ZWEIBRUCKEN 3738979Z BB -17020631.49 106188034.9
KIA MOTORS BELGI 3729658Z BB -84207037.59 162372194.6
KOREAN MOTOR CO 4161341Z BB -6368236.209 149093852.6
LE FOYER BRUXELL 3729226Z BB -2010007.275 146190935.1
PETROPLUS REFINI 3431339Z BB -4108704.537 123751460.5
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -134605574.3 160456926.7
SCARLET BELGIUM 4171157Z BB -28951981.88 137456526.6
SCARLETT BUSINES 3724850Z BB -71847152.77 130053838
SOCIETE NATIONAL 3726762Z BB -39045403.07 506987163.1
ST GOBAIN SEKURI 3737571Z BB -5584182.533 111065610.4
TI GROUP AUTOMOT 3903298Z BB -42078648.86 140322030.3
UNIVERSAL MUSIC 3738307Z BB -12191533.66 143700285.8
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -479687934.9 336695385.5
IPK OSIJEK DD OS IPKORA CZ -3959722.961 117585184.1
CYPRUS
------
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGCYP EO -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -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 EU -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EO -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 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
SETUZA AS SETUZA PZ -61453764.17 138582273.6
DENMARK
-------
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CARLSBERG IT A/S 4503891Z DC -47250912.74 105417004.1
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
ISS GLOBAL A/S 241863Z DC -117685581.4 8499171616
LAURITZEN TANKER 3979732Z DC -4428758.299 209128207.5
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OBTEC OBTEC DC -14919946.34 138400232.8
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REITAN SERVICEHA 3984284Z DC -1371178.576 127192706
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SCANDINAVIAN BRA SBSC IX -14919946.34 138400232.8
SCANDINAVIAN BRA SBS1 BY -14919946.34 138400232.8
SCANDINAVIAN BRA SBS1EUR EO -14919946.34 138400232.8
SCANDINAVIAN BRA SBS DC -14919946.34 138400232.8
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SCANDINAVIAN BRA SBS1EUR EU -14919946.34 138400232.8
SCANDINAVIAN BRA SBS1 EO -14919946.34 138400232.8
SUZLON WIND ENER 3985532Z DC -38280730.21 123255395.5
THOMAS COOK AIRL 3898802Z DC -7865159.883 245287881.9
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -151969270.6 262408720
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GREECE
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ITALY
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LUXEMBOURG
----------
ARCELORMITTAL FL 3912244Z LX -1024314140 3328008487
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NETHERLANDS
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ADAMAR AMSTERDAM 4049157Z NA -8231529.767 119709372
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BAAN COMPANY NV BAAN GR -7854741.409 609871188.9
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SPYKER CARS NV SPYKR BQ -154336469.5 1337361332
SPYKER CARS NV SPYKR TQ -154336469.5 1337361332
SPYKER CARS NV SPYKR EO -154336469.5 1337361332
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SPYKER CARS NV SPYKR NA -154336469.5 1337361332
SPYKER CARS NV SPYKR PZ -154336469.5 1337361332
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STICHTING PENSIO 4498027Z NA -19254451.13 566611058.3
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UNITED PAN-EUR-A UPC LN -5505478850 5112616630
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UNITED PAN-EUROP UPCEF US -5505478850 5112616630
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UPC HOLDING BV 3590264Z NA -10789223923 12904415822
VAN WEELDE BEHEE 4038885Z NA -119995.7037 173030811.6
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WILMAR EDIBLE OI 3817520Z NA -3976944.095 218912594.8
WIM BOSMAN HOLDI 3782032Z NA -45372.14014 224136076.2
WONINGSTICHTING 4039389Z NA -430291.2087 1714985995
ZWINGER OPCO 6 B 3821644Z NA -106543228.9 627759193.8
NORWAY
------
AKER BIOMARINE A 4508947Z NO -91258656.74 103294723.7
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER STORD A/S 4498875Z NO -150475117.7 783619889.1
BKK VARME AS 4445833Z NO -8164053.946 143462133.6
CIA LA GOMERA AS 4401057Z NO -14188999.46 111542577.2
GJENSIDIGE PENSJ 4447089Z NO -706038.6914 834496819.2
HEEGH AUTOLINERS 4389209Z NO -11654363.08 277390994.9
INTEROIL EXPLORA IROIF US -25647000 234229008
INTEROIL EXPLORA INOX NO -25647000 234229008
INTEROIL EXPLORA IOXUSD EU -25647000 234229008
INTEROIL EXPLORA IOXEUR EO -25647000 234229008
INTEROIL EXPLORA IOX EU -25647000 234229008
INTEROIL EXPLORA IOX PZ -25647000 234229008
INTEROIL EXPLORA IOX EO -25647000 234229008
INTEROIL EXPLORA IOX NO -25647000 234229008
INTEROIL EXPLORA IOX BY -25647000 234229008
INTEROIL EXPLORA IOXEUR EU -25647000 234229008
INTEROIL EXPLORA IOXUSD EO -25647000 234229008
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LIVA BIL LIV NO -4061326.597 116023629.9
MAN LAST OG BUSS 4521719Z NO -7914946.127 134925818.8
MASTER & COMMAND 4443393Z NO -3848.57586 105559612
NCC CONSTRUCTION 4389745Z NO -17444019.96 371204059.2
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PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -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 PGOGY US -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
RESERVOIR EXPL RXT PZ -34076000 185510000
RESERVOIR EXPL 5RS GR -34076000 185510000
RESERVOIR EXPL RXT NO -34076000 185510000
RESERVOIR EXPL RXTEUR EO -34076000 185510000
RESERVOIR EXPL RXTB NO -34076000 185510000
RESERVOIR EXPL RXT IX -34076000 185510000
RESERVOIR EXPL RXT BY -34076000 185510000
RESERVOIR EXPL RXAEF US -34076000 185510000
RESERVOIR EXPL RXT EU -34076000 185510000
RESERVOIR EXPL RXT EO -34076000 185510000
RESERVOIR EXPL RXTEUR EU -34076000 185510000
RESERVOIR EXPL-A RXTA NO -34076000 185510000
RESERVOIR-RTS RXTUR NO -34076000 185510000
RESERVOIR-RTS RXTS NO -34076000 185510000
SECURITAS DIRECT 4394201Z NO -531628.2745 124746332.9
SKRETTING AS 4473771Z NO -3730844.426 499611269.4
STOREBRAND EIEND 4443409Z NO -69476769.79 1408585975
STOREBRAND EIEND 4288341Z NO -236066034.1 4427606061
TDC AS 4287413Z NO -95917885.43 128911202.9
TTS SENSE AS 4393841Z NO -30849484.35 107503145.6
UTKILEN SHIPPING 4446161Z NO -2435448.778 205148159.9
VNG NORGE AS 4513147Z NO -44725176.15 280935536.1
POLAND
------
AGUAS DO ZEZERE 3646223Z PL -9497003.444 387261027.5
ALBERTO MARTINS 4488947Z PL -26137995.27 126979395.5
CARRIS FERRO DE 3482366Z PL -854280773.4 252500907.6
CENTRO HOSPITALA 3778196Z PL -45060061.83 149709016.7
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
COFINA COFSI IX -13400344.7 274876811
COFINA CFASF US -13400344.7 274876811
COFINA COFI PL -13400344.7 274876811
COFINA SGPS SA COFI EU -13400344.7 274876811
COFINA SGPS SA CFN1 PZ -13400344.7 274876811
COFINA SGPS SA CFNX PX -13400344.7 274876811
COFINA SGPS SA COFI EB -13400344.7 274876811
COFINA SGPS SA COFI TQ -13400344.7 274876811
COFINA SGPS SA COFI EO -13400344.7 274876811
COFINA SGPS SA CFN PL -13400344.7 274876811
CP - COMBOIOS DE 1005Z PL -3201667335 2260472073
EMPRESA PUBLICA 3646447Z PL -18489644.56 302885128.1
ESTALEIROS NAVAI 4507307Z PL -23829407.78 315386385.8
FERREIRAS & MAGA 4281437Z PL -14115717.84 103226790.2
GALERIA PARQUE N 4772673Z PL -6221554.062 176869350.5
HOSPITAL DE FARO 3789880Z PL -59945072.08 249069905.8
HOSPITAL GARCIA 3773160Z PL -27714243.05 131330191
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
LYCATELCOM LDA 4281821Z PL -8577510.562 109410577.8
METRO DO PORTO 4473963Z PL -227787324.3 3216337049
PARQUE DA PAMPIL 4770625Z PL -1932626.439 135631078.1
PARQUE EOLICO DE 4772521Z PL -1450277.362 131706562.9
PARQUE EXPO 98 S 3482350Z PL -135582031.5 432824747.2
PORTUGALIA 1008Z PL -4086509.601 263103585.3
RADIO E TELEVISA 1227Z PL -874020727.2 739530176.7
REFER-REDE FERRO 1250Z PL -1817223508 941624235.3
SERVICO DE SAUDE 3790200Z PL -171447905.3 656234458.2
SOCIEDADE DE REN 3776676Z PL -16609186.53 127876798.7
SOCIEDADE DE TRA 1253Z PL -382109074.2 119848180.8
SPORTING-SOC DES SCDF EO -52021160.28 159963648.5
SPORTING-SOC DES SCG GR -52021160.28 159963648.5
SPORTING-SOC DES SCPX PX -52021160.28 159963648.5
SPORTING-SOC DES SCP1 PZ -52021160.28 159963648.5
SPORTING-SOC DES SCDF EU -52021160.28 159963648.5
SPORTING-SOC DES SCPL IX -52021160.28 159963648.5
SPORTING-SOC DES SCDF PL -52021160.28 159963648.5
SPORTING-SOC DES SCP PL -52021160.28 159963648.5
SPORTING-SOC-RTS SCPVS PL -52021160.28 159963648.5
SPORTING-SOC-RTS SCPDS PL -52021160.28 159963648.5
TAP SGPS TAP PL -293253615.6 2901200999
VALE DO LOBO - R 4764257Z PL -19458755.77 553819822
VISTA ALEGRE ATL 4281717Z PL -11415080.54 119980938.8
PORTUGAL
--------
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KROSNO PW -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 2916665Q EU -288818.3897 147004954.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
ROMANIA
-------
OLTCHIM RM VALCE OLTCF US -89344235.29 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344235.29 511515508.8
OLTCHIM SA RM VA OLT PZ -89344235.29 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344235.29 511515508.8
OLTCHIM SA RM VA OLT RO -89344235.29 511515508.8
OLTCHIM SA RM VA OLT EU -89344235.29 511515508.8
OLTCHIM SA RM VA OLT EO -89344235.29 511515508.8
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -79749277.74 135830690.8
ALLIANCE RUSSIAN ALRT RU -13189413.03 138268688.3
AMO ZIL ZILL RM -115900565.7 368611137
AMO ZIL-CLS ZILL RU -115900565.7 368611137
AMO ZIL-CLS ZILL* RU -115900565.7 368611137
AMUR SHIP-BRD AMZS RU -137530791.8 945775662.6
AMUR SHIP-BRD AMZS* RU -137530791.8 945775662.6
BUMMASH OJSC-BRD BUMM RU -8393701.106 181897628.6
BUMMASH OJSC-BRD BUMM* RU -8393701.106 181897628.6
DAGESTAN ENERGY DASB RM -41669395.76 184251158.9
DAGESTAN ENERGY DASB* RU -41669395.76 184251158.9
DAGESTAN ENERGY DASB RU -41669395.76 184251158.9
EAST-SIBERIA-BRD VSNK RU -27891692.64 256817436.6
EAST-SIBERIA-BRD VSNK* RU -27891692.64 256817436.6
EAST-SIBERIAN-BD VSNK$ RU -27891692.64 256817436.6
FINANCIAL LEASIN 137282Z RU -97179286.08 323537012
FINANCIAL LEASIN FLKO RM -97179286.08 323537012
FINANCIAL LE-BRD FLKO RU -97179286.08 323537012
FINANCIAL LE-BRD FLKO* RU -97179286.08 323537012
GAZ-FINANS GAZF RU -56134.51262 232319905.4
IZHAVTO OAO IZAV RU -19693758.83 474754687.9
KOMPANIYA GL-BRD GMST* RU -12705934.31 1168280317
KOMPANIYA GL-BRD GMST RU -12705934.31 1168280317
MIAN-DEVELOPMENT MAEQY RU -695445.1747 424399991
M-INDUSTRIYA SOMI RU -1091260.252 261721440.8
MZ ARSENAL-$BRD ARSE RU -17937175.79 215191909
MZ ARSENAL-BRD ARSE* RU -17937175.79 215191909
MZ ARSENAL-BRD ARSE$ RU -17937175.79 215191909
PENOPLEX-FINANS PNPF RU -754086.9373 140176163.3
PROMTRACTOR-FINA PTRF RU -22844527.96 271197988.2
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
RYBINSKKABEL RBKZD RU -8532245.618 108539181.3
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 TQ -343701984 1217284096
SISTEMA HALS-GDR HALS LI -343701984 1217284096
SISTEMA HALS-GDR SYR GR -343701984 1217284096
SISTEMA HALS-GDR HALS IX -343701984 1217284096
SISTEMA HALS-MSE HALSM RU -343701984 1217284096
SISTEMA HALS-T+0 HALSG RU -343701984 1217284096
SISTEMA-GDR 144A SEMAL US -343701984 1217284096
SISTEMA-GDR 144A 86PN LI -343701984 1217284096
URGALUGOL-BRD YRGL* RU -20765966.62 115490879.4
URGALUGOL-BRD YRGL RU -20765966.62 115490879.4
URGALUGOL-BRD-PF YRGLP RU -20765966.62 115490879.4
VACO-BRD VASO RU -27108669.77 934073954.9
VACO-BRD VASO* RU -27108669.77 934073954.9
VACO-PFD VASOP RU -27108669.77 934073954.9
VACO-PFD VASOP* RU -27108669.77 934073954.9
VASO 1001Q RU -27108669.77 934073954.9
VASO-$ 1002Q RU -27108669.77 934073954.9
VASO-$PFD BRD VASOP$ RU -27108669.77 934073954.9
VASO-Q LIST VASO$ RU -27108669.77 934073954.9
VIMPEL SHIP-BRD SOVP* RU -79749277.74 135830690.8
VIMPEL SHIP-BRD SOVP RU -79749277.74 135830690.8
VOLGOGRAD KHIM VHIM* RU -36728501.72 145195344.9
VOLGOGRAD KHIM VHIM RU -36728501.72 145195344.9
WILD ORCHID ZAO DOAAN RU -11716088.49 106082784.6
ZAPSIBGASP-Q PFD ZSGPP$ RU -72947.51526 122459176.2
ZAPSIBGASPRO-BRD ZSGP RU -72947.51526 122459176.2
ZAPSIBGASPRO-BRD ZSGP* RU -72947.51526 122459176.2
ZAPSIBGASPROM-B ZSGP$ RU -72947.51526 122459176.2
ZAPSIBGASPRO-PFD ZSGPP* RU -72947.51526 122459176.2
ZAPSIBGASPRO-PFD ZSGPP RU -72947.51526 122459176.2
ZIL AUTO PLANT ZILL$ RU -115900565.7 368611137
ZIL AUTO PLANT-P ZILLP RM -115900565.7 368611137
ZIL AUTO PLANT-P ZILLP RU -115900565.7 368611137
ZIL AUTO PLANT-P ZILLP* RU -115900565.7 368611137
SERBIA
------
RAFO SA RAF RO -457922636.3 356796459.3
DUVANSKA DIVR SG -32792314.86 122255596.4
PINKI AD PNKI SG -36537862.34 120707518
SLOVENIA
--------
ISTRABENZ ITBG EO -3710060.729 1192276659
ISTRABENZ ITBG PZ -3710060.729 1192276659
ISTRABENZ ITBG EU -3710060.729 1192276659
ISTRABENZ ITBG SV -3710060.729 1192276659
SPAIN
-----
ACTUACIONES ACTI AGR SM -103648870.9 514898183.4
AGRUPACIO - RT AGR/D SM -103648870.9 514898183.4
AMADEUS IT HOLDI AMS3 EO -397888596.9 7970850431
AMADEUS IT HOLDI AMS SM -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EB -397888596.9 7970850431
AMADEUS IT HOLDI AI3A TH -397888596.9 7970850431
AMADEUS IT HOLDI AMS IX -397888596.9 7970850431
AMADEUS IT HOLDI AI3A GR -397888596.9 7970850431
AMADEUS IT HOLDI AMS TQ -397888596.9 7970850431
AMADEUS IT HOLDI AMADF US -397888596.9 7970850431
AMADEUS IT HOLDI AMS3 EU -397888596.9 7970850431
AMADEUS IT-ADR AMADY US -397888596.9 7970850431
AMCI HABITAT SA AMC SM -24580874.45 194758143.4
AMCI HABITAT SA AMC3 EO -24580874.45 194758143.4
AMCI HABITAT SA AMC1 EU -24580874.45 194758143.4
AURIGACROWN CAR 3791672Z SM -9696323.931 319009688.5
BASF CONSTRUCTIO 4511259Z SM -175550365.3 296395765.4
BAXI CALEFACCION 4029741Z SM -16038399.69 313088537.4
BOSCH SISTEMAS D 4505475Z SM -295419977.8 205556877.2
BOUYGUES INMOBIL 3636247Z SM -13608696.28 203210929.5
CAIXARENTING SA 4500211Z SM -13655312.55 1651010629
CAJA DE AHORROS 929362Z SM -361326816.2 37311046644
CELAYA EMPARANZA 3642467Z SM -19428473.29 176340504.9
CONFORAMA ESPANA 3771496Z SM -7499886.371 125121785.8
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DTZ IBERICA ASES 1658Z SM -130770583.4 611187363
ELECTRODOMESTICO 1035184Z SM -89882980.98 104386627.5
ERICSSON NETWORK 4367417Z SM -30313203.28 358279303.5
FABRICAS AGRUPAD 3638319Z SM -32596694.58 286240670.7
FBEX PROMO INMOB 3745024Z SM -820002.4257 1142937522
FERGO AISA -RTS AISA/D SM -103648870.9 514898183.4
FERGO AISA SA AISA PZ -103648870.9 514898183.4
FERGO AISA SA AISA EO -103648870.9 514898183.4
FERGO AISA SA AISA EU -103648870.9 514898183.4
FERGO AISA SA AISA SM -103648870.9 514898183.4
FMC FORET SA 3642299Z SM -28605523.78 225458069.6
GALERIAS PRIMERO 3281527Z SM -2731006.701 124875864.6
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -24493074.5 140668008
HIDROCANTABRICO 4456745Z SM -213762090.5 376644969.1
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
INITEC ENERGIA S 3637759Z SM -1230006.429 256846609.3
ISOFOTON SA 1039291Z SM -401482382 218392745.6
JAZZ TELECOM SA 3646927Z SM -639496511.6 784724900.3
LA SIRENA ALIMEN 4375737Z SM -45848483.56 200881094.4
LEVANTINA Y ASOC 993382Z SM -47134823.82 798577925.4
MAGNETI MARELLI 3643903Z SM -6218714.533 169480205.1
MARTINSA FADESA MTF1 LI -2074326070 7383402199
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UNIQ PLC UNIQEUR EO -21397232.94 474779161.6
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WATSON & PHILIP WTSN LN -120493900 252232072.9
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WEETABIX LTD-A WEEBF US -397652099.9 909970808.9
WEETABIX LTD-A WTB OF -397652099.9 909970808.9
WESCOT TOPCO LTD 4007020Z LN -18742009.49 116071906.1
WINCANTON PL-ADR WNCNY US -162158252.9 1389119000
WINCANTON PLC WIN1USD EO -162158252.9 1389119000
WINCANTON PLC WIN LN -162158252.9 1389119000
WINCANTON PLC WIN1USD EU -162158252.9 1389119000
WINCANTON PLC WIN1 EO -162158252.9 1389119000
WINCANTON PLC WIN1EUR EU -162158252.9 1389119000
WINCANTON PLC WNCNF US -162158252.9 1389119000
WINCANTON PLC WIN1EUR EO -162158252.9 1389119000
WINCANTON PLC WIN1 EU -162158252.9 1389119000
WINCANTON PLC WIN1GBP EO -162158252.9 1389119000
WINCANTON PLC WIN1 EB -162158252.9 1389119000
WINCANTON PLC WIN VX -162158252.9 1389119000
WINCANTON PLC WIN1 TQ -162158252.9 1389119000
WINCANTON PLC WIN PO -162158252.9 1389119000
WINCANTON PLC WIN1 NQ -162158252.9 1389119000
WINCANTON PLC WIN PZ -162158252.9 1389119000
WINCANTON PLC WIN IX -162158252.9 1389119000
WINCANTON PLC WIN1 QM -162158252.9 1389119000
WINCANTON PLC WIN1 BQ -162158252.9 1389119000
XAFINITY HOLDING 4168309Z LN -18683833 243588520.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
*********
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, Psyche A. Castillon, Julie Anne G. Lopez,
Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman,
Editors.
Copyright 2011. 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 * * *