/raid1/www/Hosts/bankrupt/TCREUR_Public/110510.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, May 10, 2011, Vol. 12, No. 91
Headlines
C Z E C H R E P U B L I C
ODEVNI PODNIK: Losses Rise to CZK408.4 Million in 2010
G E R M A N Y
ALBA GROUP: Moody's Assigns 'B3' Rating to EUR203MM Senior Notes
I R E L A N D
CORK MEDICAL: KPMG Appointed as Liquidator Following Closure
SEAGATE TECHNOLOGY: Fitch Affirms Issuer Default Rating at 'BB+'
TOYTOWN FILMS: Late Founder's Husband Gets Windfall After Wind-Up
N E T H E R L A N D S
EUROCREDIT CDO: S&P Lifts Ratings on 3 Classes of Notes to 'B+'
SENSATA TECHNOLOGIES: To Refinance All Existing Indebtedness
SENSATA TECHNOLOGIES: Moody's Raises Corp. Family Rating to 'B1'
SKYLINE 2007: Moody's Comments on Skyline 2007 B.V., Dutch CMBS
N O R W A Y
NORSKE SKOGINDUSTRIER: Moody's Keeps 'B2' Corporate Family Rating
R U S S I A
KHAKASSIA: Fitch Affirms Long-Term Currency Ratings at 'BB-'
* KIROV REGION: Fitch Affirms Long-Term Currency Ratings at 'B'
S W E D E N
SAAB AUTOMOBILE: Hawtai Dismisses Doubts Over Rescue Deal
T U R K E Y
MERINOS HALI: Fitch Affirms 'B' Long-Term Issuer Default Ratings
U K R A I N E
ACORN STONE: Goes Into Voluntary Liquidation
AGROTON PUBLIC: Fitch Assigns 'B-' LT Issuer Default Ratings
RAIFFEISEN BANK: Moody's Changes Outlook on 'D-' BFSR to Stable
SIMCLAR GROUP: Founder Likely to be Called as a Witness
UKRSIBBANK: Moody's Cuts Bank Financial Strength Rating to 'E+'
U N I T E D K I N G D O M
FOCUS DIY: B&Q Acquires 31 Stores for GBP23 Million
GEKO DIRECT: In Liquidation; 85 Workers Lose Jobs
GENERAL MOTORS: Expects European Unit to Break Even This Year
MANCHESTER HOSIERY: Goes Into Administration, Assets for Sale
MG ROVER: Phoenix Four Agree Not to Serve as Directors
X X X X X X X X
* S&P's Global Corporate Defaults Tally Has Five in 1st Quarter
* Large Companies with Insolvent Balance Sheets
*********
===========================
C Z E C H R E P U B L I C
===========================
ODEVNI PODNIK: Losses Rise to CZK408.4 Million in 2010
------------------------------------------------------
Odevni podnik's losses grew to CZK408.4 million last year from
CZK362.8 million in 2009, and its net turnover reached CZK471.1
million in 2010, CTK reports, citing a report of OP's receiver
made public in the insolvency register.
According to CTK, a total of 555 creditors have registered claims
on OP, demanding CZK2.15 billion in total from the company.
OP ended serial production at end-April last year, CTK relates.
The last functioning part of the company is production of tailor-
made clothing, CTK notes.
CTK relates that in the first quarter of 2011, OP posted a loss of
more than CZK52 million. Turnover reached CZK48.4 million in the
period.
OP, which used to be the largest textile company in the Czech
Republic, was declared insolvent in January last year, CTK
recounts. The company was originally declared bankrupt in
May 2010, as nobody submitted a reorganization plan, but the
bankruptcy was cancelled in December following a complaint of OP's
largest creditor Ceska sporitelna, CTK states.
Many of OP's creditors believe the company's insolvency can only
be resolved by bankruptcy and not by reorganization, CTK notes.
According to CTK, they said no OP creditor will want to submit a
reorganization plan and the company will end up in bankruptcy.
Odevni podnik is a Czech textile company.
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G E R M A N Y
=============
ALBA GROUP: Moody's Assigns 'B3' Rating to EUR203MM Senior Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a B3 definitive rating to
the EUR203 million 8% senior notes due in 2018 issued by ALBA
Group plc & Co. KG. ALBA Group's B1 corporate family rating (CFR)
and probability of default rating (PDR) remain unchanged. The
outlook on the ratings is stable.
RATINGS RATIONALE
The B1 CFR recognizes ALBA Group's long track record of operations
and well-established position as a leading regional waste and
recycling operator in Germany. The rating also reflects the
group's diverse operations across the whole value chain of waste
management and recycling activities, which limits its reliance on
any particular market or business line. At the same time, the
rating reflects the competitive nature of the markets in which
ALBA Group operates, its limited scale and the group's high
financial leverage (initially calculated by Moody's at around 4.6x
on a debt/EBITDA basis, although expected to decrease as required
by bank covenants). The group's credit quality is further
constrained by the ALBA Group's structurally low margin, in
particular in the case of the low value added steel and metals
trading business, as well as the cyclicality of its key markets.
Moody's expects that ALBA Group's operating cash flows will
continue to be underpinned by long-term contracts with
municipalities and a good track record of co-operation with
industrial customers on a short-term contract basis. While ALBA
Group benefits from a well-developed infrastructure network and
long-standing relationships with its suppliers and customers,
Moody's believes that the waste and raw materials trading markets
do not have any significant barriers to entry and thus the group
has limited pricing power. The rating agency notes that these
markets have improved since the onset of the financial crisis,
although the current prospects for the waste market in Germany,
and Europe overall, remain somewhat subdued given the
macroeconomic slowdown.
ALBA Group is currently in the process of a reorganization and
aims to conclude a Domination and Profit and Loss Transfer
Agreement ("DPLTA") with Interseroh SE ("Interseroh"), a company
currently 75.003% owned by ALBA Group (with the remainder in free
float). Moody's understands that given that it has more than 75%
of the voting rights, ALBA Group will be able to approve the
agreement at the general meeting scheduled for May 17, 2011,
although the completion of the reorganization may be delayed. As
long as this process is pending finalization and subject to a
number of steps -- including a possible court decision in the
event that the minority shareholders contest the agreement --
Interseroh and its subsidiaries will not be a part of the
restricted group and the company will not be required to
distribute all its profits to ALBA Group. Moody's believes that
the probability that the DPLTA may not be executed is fairly
small. In any case, the rating agency has considered that the
assigned ratings could be maintained in the event this process is
not executed as currently envisaged by management.
In Moody's view, ALBA Group's current liquidity is sufficient to
support its business operations. However, the rating agency notes
that the group remains exposed to working capital fluctuations,
particularly associated with its trading activities. The group's
liquidity is supported by a EUR100 million revolving credit
facility (RCF) maturing in 2013. Moody's notes that this amount
is available in equal parts to ALBA Group and Interseroh and that
ALBA Group intends to take the necessary corporate measures to
roll in the Interseroh's facility into ALBA Group's facilities
upon completion of the reorganisation process. Amortization of
the term loans is limited, although the rating agency notes that
covenant headroom may tighten over time.
The current stable outlook reflects Moody's view that (i) ALBA
Group's capital structure is reasonably resilient to downside
sensitivities; (ii) the group should generate sufficient free cash
flows to support its debt service, and (iii) the group will
maintain an adequate liquidity profile. Upward pressure on the
rating would require ALBA Group to (i) achieve a solid cash flow
generation on a sustainable basis, so that leverage were to trend
consistently below 3.0x (Moody's adjusted); and (ii) demonstrate a
record of managing working capital needs of the consolidated
group. Conversely, downward rating pressure could develop if (i)
the group were unable to demonstrate a trajectory of de-leveraging
below 4.5x on a debt/EBITDA basis (Moody's adjusted) in the short
term; and (ii) liquidity concerns were to arise.
The B3 rating assigned to the Notes reflects that they will rank
pari passu with the senior secured facilities (term loans and RCF)
but they will not benefit from the same security package. The
Notes will initially have the benefit of guarantees from parent
companies as well as from certain subsidiaries of ALBA Group,
excluding Interseroh and its subsidiaries. For the fiscal year
ended (FYE) December 31, 2010, these represented 87% of total
assets (80% of total revenue or 130% of total EBITDA). Upon
completion of the reorganization, as Interseroh becomes part of
the restricted group, the Notes will also benefit from guarantees
from Interseroh and certain subsidiaries of the company.
Consequently, and based on the 2010 year-end financial
information, the company and the guarantors will represent 87% of
total assets (74% of total revenue or 99% of total EBITDA).
Proceeds of the Notes issuance will be used to refinance a portion
of the existing debt within the ALBA Group.
ALBA Group's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside ALBA Group's core industry
and believes ALBA Group's ratings are comparable to those of other
issuers with similar credit risk. Other methodologies used
include Loss Given Default for Speculative Grade Issuers in the
US, Canada, and EMEA, published June 2009.
ALBA Group plc & Co. KG, headquartered in Berlin, is a holding
company for a group focused on waste management, recycling and
environmental services. ALBA Group currently owns a 75.003% share
in the capital stock of Interseroh SE, a Cologne-based recycling
and raw materials trading company, with the remaining 24.997%
being publicly held. Axel and Eric Schweitzer, the sons of ALBA
Group's founder, each indirectly own 50% of the capital of ALBA
Group. The group reported consolidated revenues of EUR2.7 billion
for FYE Dec. 31, 2010.
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I R E L A N D
=============
CORK MEDICAL: KPMG Appointed as Liquidator Following Closure
------------------------------------------------------------
Barry Roche at The Irish Times reports that KPMG has been
appointed as liquidator to Cork Medical Centre, which closed in
March with the loss of 73 jobs, just five months after opening
with the promise of creating up to 500 staff positions.
According to The Irish Times, more than 60 people attended a
creditors meeting for the Cork Medical Centre on Thursday, where
they learned that the hospital had closed with unsecured
liabilities of over EUR5 million, including EUR3.5 million owed to
the company behind the project, Sheehan Medical Ltd.
Among those who attended Thursday's meeting at the Rochestown Park
Hotel in Cork were former staff who are owed over EUR150,000 in
unpaid wages, while it also emerged Thursday that the Revenue
Commissioners are owed EUR242,000 in unpaid levies and duties, The
Irish Times discloses.
The Irish Times relates that former staff welcomed the appointment
and said they hoped the liquidator would be able to investigate
what had happened that had led to the closure of the Mahon
facility so soon after it opened.
Cork Medical Centre was a EUR90 million private hospital in Cork.
SEAGATE TECHNOLOGY: Fitch Affirms Issuer Default Rating at 'BB+'
----------------------------------------------------------------
Fitch Ratings has affirmed these ratings on Seagate Technology plc
and its subsidiaries:
Seagate
-- Issuer Default Rating (IDR) at 'BB+';
-- Secured first lien credit facility at 'BBB-'.
Seagate HDD Cayman (Seagate HDD)
-- IDR at 'BB+';
-- Secured first lien credit facility at 'BBB-';
-- Senior unsecured debt at 'BB+'.
Seagate Technology International (STI)
-- IDR at 'BB+';
-- Secured second lien notes at 'BBB-'.
Furthermore, Fitch has assigned a 'BB+' rating to Seagate's
proposed issuance of US$600 million of senior unsecured notes due
2021. The net proceeds will be used for general corporate
purposes, which may include capital expenditures and/or the
repayment of outstanding debt.
The Rating Outlook is Stable.
Approximately US$3.3 billion of total debt is affected by Fitch's
action, including the company's undrawn US$350 million secured
revolving credit facility but excluding the proposed debt
issuance.
The ratings and Stable Outlook reflect:
-- Fitch's expectations that Seagate's operating margin and
cash flow will strengthen in the second half of calendar
2010 due to new cost-effective hard disk drives (HDD) and
stable to slightly positive industry supply and demand.
-- Seagate's solid liquidity supported by nearly US$2.5 billion
of cash, generally positive annual free cash flow (FCF), an
undrawn US$350 million senior secured revolving credit
facility due 2015 and staggered debt maturities.
-- Broad product portfolio with leading revenue market share in
the enterprise and overall HDD industry.
-- The company's scale and vertically integrated model, which
reduces per-unit manufacturing costs.
-- Continued growth of digital rich media by consumers and
enterprise storage requirements, which bode favorably for
longer term HDD unit demand.
Fitch's rating concerns consist of:
-- Substantial volatility in earnings and FCF due to cyclical
demand and significant fixed costs;
-- Consistent declines in average selling prices for HDDs due
to intense competition and low switching costs;
-- Deteriorating credit metrics due to Seagate's pre-funding of
US$559 million of notes due October 2011 via a US$750
million debt offering in December 2010 and challenging
industry conditions, including comparable HDD products
across the industry and declining consumer PC demand, both
of which have adversely affected profitability.
-- Risk of technology substitution from NAND flash and solid
state drives (SSD) led by increasing consumer interest in
flash-based tablets at the expense of notebooks with HDDs;
-- Event risk associated with the adoption of aggressive
shareholder friendly activities, primarily debt-financed
share repurchases.
-- Seagate's ability to sustain a time to market advantage
critical to achieving market share gains and maintaining
overall profitability, given formidable competition from
Western Digital Corp. (WDC).
The ratings may be upgraded in the event of:
-- If the volatility of Seagate's profit margins and FCF
materially decline as a result of proposed industry
consolidation.
-- If Seagate gains meaningful market share without adversely
affecting profitability following WDC's pending acquisition
of Hitachi Global Storage Technologies (HGST).
-- If Seagate develops a highly differentiated SSD product that
provides a sustainable competitive advantage, thereby
strengthening long-term revenue growth and profitability.
The ratings may be downgraded in the event of:
-- If Seagate's SSD products are uncompetitive and the cost per
gigabyte differential between HDD and SSD narrows
significantly, resulting in greater than expected
cannibalization of HDD shipments.
-- If Seagate's enterprise market share materially erodes due
to more formidable competition from WDC following its
acquisition of HGST.
-- If the company pursue more aggressive financial policies,
such as sizable debt-financed share repurchases.
Total liquidity as of April 1, 2011 was nearly US$2.9 billion,
consisting of US$2.5 billion of cash, the vast majority of which
is readily accessible without adverse tax considerations, and an
undrawn US$350 million senior secured first lien credit facility
due in 2015. Lastly, positive, but pressured, FCF of US$319
million in the latest 12 months (LTM) ended April 1, 2011 also
sustains liquidity. Fitch forecasts FCF of US$200 million-US$225
million in fiscal 2011 ending June 30, 2011.
Obligations under the credit agreement are secured by first-
priority liens granted by Seagate, Seagate HDD and other direct
and indirect material subsidiaries of Seagate located in the U.S.,
the Cayman Islands, Northern Ireland, Singapore and The
Netherlands on substantially all tangible and intangible assets,
subject to certain exceptions.
Financial covenants in the credit agreement consist of a minimum
fixed charge coverage of 1.5 times (x) and a maximum net leverage
ratio of 1.5x. In addition, the facility requires minimum
liquidity of US$500 million.
As a result of debt pre-funding and challenging industry
conditions, leverage (total debt/operating EBITDA) increased to
1.6x as of April 1, 2011 from 0.8x in the year-ago period.
Interest coverage (operating EBITDA/gross interest expense)
declined to nearly 10x in the LTM ended April 1, 2011 compared
with 15x last year. Fitch anticipates modest deterioration in
credit metrics in the next three months given industry challenges
until new more cost efficient products are introduced in the
second half of calendar 2011.
Fitch estimates total debt is approximately US$2.9 billon,
consisting of:
-- US$559 million of 6.375% senior notes due October 2011
(Seagate HDD);
-- US$416 million of 10% senior secured second-priority notes
due April 2014 (STI);
-- US$600 million of 6.8% senior notes due October 2016
(Seagate HDD);
-- US$750 million of 7.75% senior notes due December 2018
(Seagate HDD);
-- US$600 million of 6.875% senior notes due May 2020 (Seagate
HDD)
TOYTOWN FILMS: Late Founder's Husband Gets Windfall After Wind-Up
-----------------------------------------------------------------
Ailish O'Hora at Irish Independent reports that convicted killer
Eamonn Lillis has bagged EUR353,508 following the liquidation of
the TV production firm founded by his late wife, Celine Cawley.
According to Irish Independent, documents filed at the Companies
Office show that after creditors were paid off, Toytown Films had
a balance of EUR707,016, with more than EUR350,000 going to Mr.
Lillis, who was a joint shareholder in the firm, and the remainder
going to Ms. Cawley's estate.
Toytown Films was placed in voluntary liquidation three months
after Mr. Lillis killed his wife with a brick on the patio of
their home in Howth, Co Dublin, in 2008, Irish Independent
recounts.
The windfall comes as the Cawley family prepares for a legal
battle to stop Mr. Lillis from benefitting from the properties he
jointly owned with his wife, Irish Independent relates.
Details of the windfall were set to be heard in the High Court
yesterday, if an expected hearing proceeds, Irish Independent
discloses.
Mr. Lillis is legally prevented from inheriting any of his wife's
assets because he was convicted of killing her, Irish Independent
discloses. However, he claims he is entitled to half of the
properties they held in joint ownership, Irish Independent states.
Ms. Cawley's sister Susanna and brother Christopher, who are joint
administrators of the estate, were expected to argue that the
properties should go to the couple's only child, Georgia, who
recently turned 18, Irish Independent says.
The properties include the family home in Howth worth an estimated
EUR1.5 million, an apartment in Sutton, Dublin, and a holiday home
in France, according to Irish Independent.
=====================
N E T H E R L A N D S
=====================
EUROCREDIT CDO: S&P Lifts Ratings on 3 Classes of Notes to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Eurocredit CDO IV B.V.'s class A-1, A-2, B-1, B-2, C-1, and C-2
notes. "At the same time, we raised and then withdrew
our rating on the class R combination notes, and raised our
ratings on the class Q and S combination notes," S&P stated.
"Since our last review of the class A-1 to C-2 notes in December
2009, we have noticed a general improvement in the credit quality
of the underlying portfolio. For instance, based on notional
amounts, our analysis shows that assets we consider as defaulted
in our analysis have decreased since our last review. From the
information available to us, we note that this reduction is
due to a combination of factors such as a number of obligors in
the portfolio emerging with a higher rating following debt
restructuring, the repayment of some portions of the loans
provided to these obligors and the sale of certain assets. In
addition, we have observed a reduction in the notional amount of
assets rated within the 'CCC' category. In our view, these
developments have resulted in a reduction in calculated portfolio
default rates," S&P stated.
"At the same time, the class A-1 notes have continued to amortize
as the transaction entered its second year of amortization. From
the latest available trustee report of March 2011, we note that
class A-1 has amortized by an additional 19% since our last
review," S&P related.
S&P continued, "At the time of our December 2009 review, we noted
from the trustee report that the class C par value test was
failing. Since then, we have noticed an improvement in the
results of this test. According to the latest available trustee
report, all of the overcollateralization tests are passing, and no
deferred payments on junior classes were outstanding on the last
payment date of February 2011."
"Our review of the transaction also included the application of
our updated counterparty criteria that became effective in January
2011," S&P noted.
"Based on our analysis, we consider that the level of credit
enhancement available to the class A-1 to C-2 notes, and
consequently the class Q, R, and S combination notes, is now
consistent with higher ratings than previously assigned. We have
therefore raised our ratings on these classes," S&P stated.
"At the same time, we have withdrawn our rating on the class R
combination notes following receipt of information from the
trustee in April 2011 that the class R combination notes split
back into their original components in January 2011," S&P added.
Eurocredit CDO IV is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans and bonds to speculative-
grade corporate borrowers. The transaction closed in November
2004 and is managed by Intermediate Capital Managers Ltd.
Ratings List
Class Rating[1]
To From
Eurocredit CDO IV B.V.
EUR355.5 Million Fixed- and Floating-Rate Notes
Ratings Raised
A-1 AA (sf) A (sf)
A-2 A+ (sf) BBB (sf)
B-1 BBB- (sf) BB- (sf)
B-2 BBB- (sf) BB- (sf)
C-1 B+ (sf) CCC+ (sf)
C-2 B+ (sf) CCC+ (sf)
Combination notes
Q B+ (sf) CCC+ (sf)
R B+ (sf) CCC+ (sf)
S B+ (sf) CCC+ (sf)
Rating Withdrawn
Combination notes
R NR B+ (sf)
[1]The ratings on the class A-1 and A-2 notes address the timely
payment of interest and ultimate repayment of principal.
The ratings on the class B and C notes address the ultimate
payment of interest and ultimate repayment of principal.
The rating on the Q combination notes addresses the ultimate
payment of interest (1.5%) and ultimate payment of principal.
The ratings on the class S and R combination notes address the
ultimate repayment of principal only.
SENSATA TECHNOLOGIES: To Refinance All Existing Indebtedness
------------------------------------------------------------
Sensata Technologies Holding N.V. announced a series of financing
transactions by its wholly-owned subsidiary, Sensata Technologies
B.V., designed to refinance substantially all of its existing
indebtedness. These transactions include:
* A proposed private offering of up to US$600 million in
aggregate principal amount of new senior notes;
* A proposed new senior secured credit facility that will
provide Sensata with an up to US$1,200 million term loan
facility and an up to US$250 million revolving credit
facility; and
* The commencement of cash tender offers and consent
solicitations by the Company with respect to all of its
outstanding debt securities.
The proceeds from the New Credit Facility, the New Senior Notes
and cash on hand will be used to (i) repay all of the amounts
currently outstanding under the Company's existing term loans, 8%
Senior Notes due 2014 and its 9% Senior Subordinated Notes due
2016, (ii) pay all accrued interest on such indebtedness and
related redemption premiums, as applicable, up to but not
including the Applicable Payment Date; and (iii) pay all fees and
expenses in connection with these refinancing transactions. The
exact terms, amounts and timing of the New Senior Notes and the
New Credit Facility will depend upon market conditions and other
factors.
In connection with the tender offers, the Company is soliciting
the consents of the holders of the Notes to proposed amendments to
each indenture governing the Notes. The principal purpose of the
Consent Solicitations and the Proposed Amendments is (i) to
eliminate substantially all of the restrictive covenants; (ii) to
eliminate or modify certain events of default; and (iii) to
eliminate or modify related provisions contained in the indentures
governing the Notes. In order for the Proposed Amendments to be
effective with respect to an applicable series of Notes, holders
of at least a majority of the outstanding aggregate principal
amount of such series of Notes must consent to the Proposed
Amendments. Holders who tender Notes are obligated to consent to
the Proposed Amendments and holders may not deliver consents
without tendering the related Notes.
Each holder who validly tenders and does not subsequently validly
withdraw its Notes and delivers and does not subsequently validly
revoke its consent to the Proposed Amendments with respect to such
Notes prior to 5:00 p.m., New York City time, on May 11, 2011,
unless extended, will receive (i) with respect to the Dollar Notes
accepted for purchase by the Company, Total Consideration of
US$1,022.50 per US$1,000 principal amount of such Notes, which
includes US$992.50 as the Tender Offer Consideration and US$30.00
as a Consent Payment, and (ii) with respect to the Euro Notes
accepted for purchase by the Company, Total Consideration of
EUR1,048.75 per EUR1,000 principal amount of such Notes, which
includes EUR1,018.75 as the Tender Offer Consideration and
EUR30.00 as a Consent Payment. In addition, accrued interest up
to, but not including, the Applicable Payment Date of the Notes
will be paid in cash on all validly tendered and accepted Notes.
Each of the tender offers is scheduled to expire at 11:59 p.m.,
New York City time, on May 25, 2011, unless extended. Tendered
Notes may be withdrawn and consents may be revoked at any time
prior to 5:00 p.m., New York City time, on May 11, 2011, unless
extended, but not thereafter. Holders who validly tender their
Notes and deliver their consents after the Consent Date will
receive only the Tender Offer Consideration applicable to those
Notes and will not be entitled to receive a Consent Payment if
such Notes are accepted for purchase pursuant to the tender
offers.
The Company reserves the right, at any time or times following the
Consent Date but prior to the Expiration Date, to accept for
purchase all of the Dollar or the Euro Notes validly tendered
prior to the Early Acceptance Time. If the Company exercises this
option, it will pay the Total Consideration for the Dollar Notes
or the Euro Notes, as applicable, accepted for purchase at the
Early Acceptance Time on a date promptly following the Early
Acceptance Time. The Company will also pay on the Early Payment
Date accrued and unpaid interest up to, but not including, the
Early Payment Date on the Notes accepted for purchase at the Early
Acceptance Time. The Company currently expects that the Early
Payment Date will be May 12, 2011.
Subject to the terms and conditions of the tender offers and
consent solicitations, the Company will, following the Expiration
Date, accept for purchase all the Dollar Notes or the Euro Notes
validly tendered prior to the Expiration Date. The Company will
pay the applicable Total Consideration or Tender Offer
Consideration, as the case may be, for the Dollar Notes and the
Euro Notes accepted for purchase at the Final Acceptance Time on a
date promptly following the Final Acceptance Time. The Company
will also pay on the Final Payment Date accrued and unpaid
interest up to, but not including, the Final Payment Date on the
Notes accepted for purchase at the Final Acceptance Time. The
Company currently expects that the Final Payment Date will be
May 26, 2011.
The consummation of each tender offer and consent solicitation is
conditioned upon, among other things, (i) the Company's receipt of
the proceeds from its offering of New Senior Notes and the
completion of its New Credit Facility, (ii) the receipt of the
consents of holders of at least a majority of the outstanding
aggregate principal amount of the Dollar Notes and the Euro Notes,
as applicable, to the Proposed Amendments and (iii) the execution
of the respective supplemental indenture giving effect to the
Proposed Amendments.
If any of the conditions are not satisfied, the Company may
terminate the tender offers and consent solicitations and return
the tendered Notes. The Company has the right to waive any of the
foregoing conditions with respect to any series of Notes and to
consummate any or both of the tender offers and consent
solicitations. The Company also has the right, in its sole
discretion, to terminate the tender offers or the consent
solicitations at any time, subject to applicable law. Neither
tender offer is conditioned upon or subject to the completion of
the other tender offer.
None of Sensata's or the Company's board of directors, the dealer
managers and solicitation agents or any other person makes any
recommendation as to whether holders of Notes should tender their
Notes or deliver the related consents, and no one has been
authorized to make such a recommendation.
Barclays Capital Inc. and Morgan Stanley & Co. Incorporated will
act as dealer managers and solicitation agents for the tender
offers and consent solicitations. With respect to the Dollar
Notes, Global Bondholder Services Corporation is the information
agent and depositary for the tender offers and consent
solicitations. With respect to the Euro Notes, Lucid Issuer
Services Limited is the information agent and tender agent for the
tender offers and consent solicitations. Questions regarding the
tender offers or consent solicitations may be directed to Barclays
Capital Inc. at +1 (800) 438-3242 (U.S. toll-free) or +1 (212)
528-7581 (collect) or Morgan Stanley & Co. Incorporated at +1
(800) 624-1808 (U.S. toll-free) or +1 (212) 761-1057 (collect).
Requests for the Offer Documents with respect to the Dollar Notes
may be directed to Global Bondholder Services Corporation at +1
(866) 952-2200 (U.S. toll-free) or +1 (212) 430-3774 (banks and
brokers only). Requests for the Offer Documents with respect to
the Euro Notes should be directed to Lucid Issuer Services Limited
at +44 (20) 7704-0880.
About Sensata
Almelo, Netherlands-based Sensata Technologies B.V. --
http://www.sensata.com/-- Sensata Technologies B.V. is a global
designer, manufacturer, and marketer of customized and highly-
engineered sensors and control products. Sensata is a wholly-
owned subsidiary of Sensata Technologies Holding, N.V. Its
sensors segment accounts for approximately 60% of the company's
2009 revenues, and supplies sensors and transducers to the
commercial, industrial and automotive markets. Revenue for the
LTM period ended 9/30/10 approximated US$1.5 billion.
The Company's balance sheet at March 31, 2011 showed US$3.39
billion in total assets, US$2.49 billion in total liabilities, and
US$895.09 million in total shareholders' equity.
* * *
In October 2010, Moody's Investors Service said that Sensata
Technologies' 'B2' Corporate Family Rating and positive outlook
remain unchanged following the announcement of its public holding
company, Sensata Technologies Holding N.V., that it has reached a
definitive agreement to acquire the "Automotive on Board" sensors
business of Honeywell International for US$140 million in cash.
Moody's last rating action on Sensata was Aug. 26, 2010, when
the company's Corporate Family and Probability of Default ratings
were upgraded to B2 from B3 and the ratings outlook was changed to
positive.
As reported by the TCR on March 1, 2011, Standard & Poor's Ratings
Services raised the ratings on sensors and controls manufacturer
Sensata Technologies B.V., including the corporate credit rating,
to 'BB-' from 'B+'. The outlook is stable. "The rating actions
reflect further improvements in Sensata's credit measures and the
continuing ownership reduction of its majority owner, private
equity firm Bain Capital, which S&P believes provides further
indication that the company is likely to maintain a less-
aggressive financial policy," said Standard & Poor's credit
analyst Dan Picciotto. "S&P believes operating trends for 2011
remain favorable and that the company has demonstrated good
profitability through the economic downturn and into the upturn."
SENSATA TECHNOLOGIES: Moody's Raises Corp. Family Rating to 'B1'
----------------------------------------------------------------
Moody's Investors Service raised its ratings for Sensata
Technologies B.V., Corporate Family and Probability of Default
ratings to B1 from B2. At the same time, Moody's has assigned a
Ba3 rating to Sensata's proposed new US$250 million senior secured
revolving credit facility due 2016, a Ba3 rating to the company's
planned US$1.2 billion senior secured term loan B due 2018, and a
B3 rating to the company's proposed US$600 million senior
unsecured notes due 2019. The B1 rating on the company's existing
senior secured term loan B due 2013, the B1 rating assigned to the
senior secured revolving credit facility due 2012, and the Caa1
ratings on the company's senior unsecured notes due 2014 and 2016
will be withdrawn at the close of the refinancing. Moody's also
upgraded the company's Speculative Grade Liquidity ("SGL") rating
to SGL-1 from SGL-2. The rating outlook is positive.
These ratings have been assigned:
-- $250 million senior secured revolving credit facility due
2016, Ba3 (LGD3, 34%);
-- $1.2 billion senior secured term loan B due 2018, Ba3 (LGD3,
34%);
-- $600 million senior unsecured notes due 2019, B3 (LGD5,
88%).
These ratings/assessments have been upgraded:
-- Corporate family rating to B1 from B2;
-- Probability of default rating to B1 from B2;
-- Speculative grade liquidity rating to SGL-1 from SGL-2.
These ratings will be withdrawn at the close of the transaction:
-- Senior secured revolving credit facility due April 27, 2012,
B1 (LGD3, 37%);
-- Senior secured term loan B due April 27, 2013, B1 (LGD3,
37%);
-- Senior unsecured notes due April 1, 2014, Caa1 (LGD5, 85%).
-- Senior subordinated unsecured notes due May 1, 2016, Caa1
(LGD6, 93%).
The ratings outlook is positive.
RATINGS RATIONALE
The upgrade of the company's CFR to B1 reflects the strong year
over year and sequential improvement in Sensata's operating and
financial performance resulting in a strengthening credit metrics
profile. In addition, the rating reflects the issuer's leading
market position and the expectation for further improvement in its
credit metrics. Moody's believes that Sensata's market share and
margins are somewhat insulated by the switching costs related to
their products which are typically contracted or designed into
long-term product platforms.
The positive rating outlook indicates Moody's anticipation for
continued improvement in Sensata's credit metrics as the company
benefits from increased demand from its end markets as well as a
leaner cost structure, particularly with its manufacturing base
increasingly in lower-cost locales. The global automotive
industry, which represents slightly over half of Sensata's total
revenues and is the main driver of the company's sensors business,
has seen solid increases in production since the trough of the
recession. North American production has continued to improve at
a faster pace than that of Europe, which could temper the pace of
Sensata's continued rapid growth, as European automotive remains
the company's largest end-market, although the company continues
to increase its presence in the growing Asian automotive market.
Sensata's controls business, which provides circuit breakers and
motor and compressor protectors, has also seen sequential
improvements (not as much as its sensors business due to its main
end markets being commercial and residential construction).
The upgrade to Sensata's SGL rating to SGL-1 from SGL-2
incorporates the company's robust cash positions and expectation
for strong positive free cash flow generation, full revolver
availability on the new upsized revolver, as well as increased
covenant cushion under the company's new credit facility.
Additionally, the proposed transaction will significantly lengthen
the company's debt maturity profile. Moody's believes that the
company will continue to maintain a very good liquidity profile
over the next twelve months.
The rating could be upgraded if year-over-year and sequential
operating results continue to improve, and the company continues
to reduce debt.
The positive ratings outlook could return to stable if the
company's deleveraging trends were to end and if leverage was
expected to be sustained above 4.5 times. Debt-funded
acquisitions that result in an increase in leverage could also
weigh on the credit profile and result in a stabilization of the
outlook or a ratings downgrade. A change in dividend policy that
resulted in a weakening of the company's balance sheet could also
create ratings pressure.
The principal methodology used in rating Sensata was the Global
Manufacturing Industry Methodology, published December 2010.
Other methodologies used include Loss Given Default for
Speculative Grade Issuers in the US, Canada, and EMEA, published
June 2009.
Sensata Technologies B.V., incorporated under the laws of The
Netherlands and with U.S. headquarters in Attleboro,
Massachusetts, is a global designer, manufacturer, and marketer of
customized and highly-engineered sensors and control products.
Revenues for the LTM period ended March 31, 2011 totaled
approximately US$1.6 billion.
SKYLINE 2007: Moody's Comments on Skyline 2007 B.V., Dutch CMBS
---------------------------------------------------------------
Moody's Investors Service has commented on the performance of the
transaction Skyline 2007 B.V. (amounts reflect initial
outstandings):
-- EUR2,539.5 million Senior Class A Notes, currently rated
Aaa (sf);
-- EUR162.0 million Mezzanine Class B Notes, currently rated
Aa1 (sf);
-- EUR133.5 million Mezzanine Class C Notes, currently rated
Aa2 (sf);
-- EUR121.5 million Junior Class D Notes, currently rated Baa2
(sf); and
-- EUR43.5 million Junior Class E Notes, currently rated Ba2
(sf).
Moody's does not rate the Class F of Notes.
The key parameters in Moody's analysis are the default probability
of the securitized loans, both during the term and at maturity,
and Moody's value assessment for the properties securing these
loans. Moody's derives from those parameters a loss expectation
for the securitized pool. Based on Moody's revised assessment of
the parameters, the loss expectation for the pool has remained
relatively stable compared to Moody's assessment at closing of the
transaction. As a consequence, the current credit enhancement for
the rated classes of Notes is sufficient to maintain the existing
ratings.
The Notes are backed by a pool of currently 1,163 commercial
mortgage loans granted to 571 borrowers totaling approximately
EUR2,460 million and secured by a well diversified pool of 4,425
properties. The properties are located throughout The
Netherlands. The loans have been originated and are serviced by
FGH Bank N.V ("FGH"), fully owned subsidiary of Rabobank (Aaa, P-
1). Since closing and to the January 2011 IPD, EUR1,232 million
of repayment and prepayment receipts have been reinvested in new
loans. Additionally, a total of EUR1,584 million of loans have
been repurchased and replaced with new ones. However, following a
breach of the substitution conditions in February 2011, no further
replenishment of the portfolio is possible. Consequently,
repayment and prepayment receipts (EUR46 million) and repurchases
without substitution (EUR494 million) over the quarter to the
April 2011 IPD have lead to a reduction of the principal balance
of the Class A of Notes by EUR540 million. Continuing loan
repayments and prepayments will further increase the credit
enhancement available to all rated classes of Notes.
The portfolio did not experience any losses or defaults since
closing. Levels of quarterly payment arrears have increased since
2009, but the balance of loans in arrears by more than 90 days has
never exceeded 0.30% of the total balance outstanding. This
relatively good performance may partially reflect the fact that
more than EUR 2 billion of loans have been repurchased by FGH
before these loans could reach refinancing stage. However, in
view of the current levels of arrears in the securitized pool and
the history of losses in FGH's loan books, the 0.60% excess margin
in the transaction provides substantial protection to the rated
classes of Notes against the risk of a deterioration of the
performance of the loans. The reserve account and subordination
provide further credit enhancement.
Moody's will continue to monitor the performance of the
transaction and will focus its surveillance on the future levels
of arrears, defaults and losses, and also the speed of redemption
of the Notes from repayments, prepayments and loan repurchasing.
The principal methodology used was "Moody's Approach to Real
Estate Analysis for CMBS in EMEA: Portfolio Analysis (MoRE
Portfolio)" published April 2006. Other methodology and factors
considered can be found in "Update on Moody's Real Estate Analysis
for CMBS Transactions in EMEA" published June 2005.
The updated assessment is a result of Moody's ongoing surveillance
of commercial mortgage backed securities (CMBS) transactions. The
last Performance Overview for this transaction was published on
Jan. 27, 2011.
===========
N O R W A Y
===========
NORSKE SKOGINDUSTRIER: Moody's Keeps 'B2' Corporate Family Rating
-----------------------------------------------------------------
Moody's noted the results announcement for Q1 2011 of Norske
Skogindustrier's, rated B2 CFR, B3 PDR, negative outlook, which is
largely in line with Moody's expectation. While EBITDA generation
is somewhat below Q4 2010 levels, driven by rising input costs,
Moody's acknowledges that significantly higher pricing levels for
newsprint products negotiated will only show their full impact
from Q2 2011 onwards.
However, despite improvements in operating performance and cash
flow generation expected for Q2 2011, Moody's cautions that the
rating remains under significant pressure and could be subject to
downgrade rating actions, should the company not be able to
resolve its refinancing needs within the next few weeks.
Norske Skog's mounting refinancing issues are a key constraint for
the current rating. Over the next 12 months, the group faces debt
maturities of approx. NOK5.9 billion, compared with available cash
resources of approx. NOK3.9 billion as of March 2011 and expected
low, though positive free cash flow generation. Norske Skog has
over the past few months disposed of further assets, with proceeds
of roughly NOK500 million earmarked for debt repayments. Moody's
calculates, however, the need for at least additional NOK1.5
billion of proceeds to be raised on the back of further asset
disposals or capital market activity, to safeguard the group's
liquidity position. Furthermore, the current rating also expects
Norske Skog to arrange for sufficient back-up facilities to
support the business through the cycle.
Should Norske Skog succeed in raising additional proceeds and
implementing sufficient liquidity headroom, this would reduce
pressure on the rating. Moody's notes, however, that Norske Skog
would need to further improve its operating profitability and cash
generation ability also after 2011. This might be challenging
given a continued difficult business environment characterized by
a secular demand decline trend for newsprint products as well as
pressure from high and still rising input costs, which require
Norske Skog and its peers to continuously adjust capacity to
preserve recently rebuilt pricing power.
The principal methodology used in rating Norske Skogindustrier ASA
was the Global Paper and Forest Products Industry Methodology,
published September 2009. Other methodologies used include Loss
Given Default for Speculative Grade Issuers in the US, Canada, and
EMEA, published June 2009.
Norske Skogindustrier ASA, with headquarters in Lysaker, Norway,
is among the world's leading newsprint producers with production
in Europe, Australasia, South America and Asia. The company also
produces magazine paper in Europe. In 2010, Norske Skog recorded
sales of around NOK19 billion (approximately EUR2.4 billion).
===========
R U S S I A
===========
KHAKASSIA: Fitch Affirms Long-Term Currency Ratings at 'BB-'
------------------------------------------------------------
Fitch Ratings has affirmed the Republic of Khakassia's Long-term
foreign and local currency ratings at 'BB-', with Stable Outlooks,
and its Short-term foreign currency rating at 'B'. The agency
also affirmed the region's National Long-term rating at 'A+(rus)'
with Stable Outlook.
The ratings reflect the modest scale of the republic's economy,
its high taxpayer concentration and contingent liabilities
stemming from public sector enterprises. The ratings also factor
in the republic's satisfactory budget performance and modest
direct risk. An increase in budget size accompanied by a
restoration of operating margin to above 10%, and maintenance of
manageable debt burden would be rating positive. Downward rating
pressure would arise from any inability to control its operating
expenditure for two years in row leading to close to zero margins
and a significant increase of direct risk.
The republic has a modest economy, with per capita gross regional
product (GRP) equal to 54% of the national average in 2009. The
region's economy grew 3% in 2010 after the minor decline of 2.5%
in 2009. The region's administration expects GRP growth to
average 3%-4% in 2011-2013, with growth being underpinned by the
increase in industrial output.
Despite the modest scale of the economy, the republic has a strong
tax base, which is highly concentrated. Taxes accounted for 69%
of operating revenue in 2010 and the ten largest taxpayers
contributed 49% to the republic's tax revenue. However, the
companies are spread across various industries, which mitigate the
risk of sudden tax revenue shocks. This was reflected by the
republic's strong resilience to the crisis in 2008-2009 compared
with most other Russian regions.
The region's budgetary performance, though satisfactory in 2010,
deteriorated from the previous year. The operating balance
accounted for 5.4% of operating revenue in 2010 due to a decline
of current transfers from the federal budget. Fitch believes the
operating margin will return to 8%-10% in 2011-2013 supported by
stricter control over operating expenditure in the medium-term.
The new administration decided to carry out a more proactive
investment policy in the region. As a result, its direct risk
increased in 2010, but remained modest at 17% of current revenue.
The republic's debt portfolio is well-structured, while the
maturity profile is rather smooth. The republic claims it does
not plan any significant increase to its debt in the medium-term.
Fitch expects the direct risk will not exceed 25% of current
revenue in 2011-2013.
The republic's contingent liabilities are composed of guarantees
and the debt of public sector entities. As of beginning of 2011,
the region had no guarantees. The republic's broader public
sector is not extensive. The only significant risk stems from the
republic's mortgage agency, which is not able to service its
RUB400 million debt. The republic is participating in
negotiations concerning debt restructuring, but has never made any
payments towards the agency's obligations. The mortgage agency
possesses assets (apartments for sale), which mostly cover its
debt liabilities.
Khakassia is located in south-west Siberia. Its GRP accounts for
0.2% of national GDP, and the republic's population is 0.4% of the
national population.
* KIROV REGION: Fitch Affirms Long-Term Currency Ratings at 'B'
---------------------------------------------------------------
Fitch Ratings has revised the Russian region of Kirov's rating
Outlooks to Positive from Stable and affirmed its Long-term
foreign and local currency ratings at 'B', National Long-term
rating at 'BBB+(rus)' and Short-term foreign currency rating at
'B'.
The Positive Outlook reflects the rebound of Kirov's operating
performance after a temporary deterioration in 2009, as well as
Fitch's expectation of maintenance of the region's operating
performance in 2011, and a gradual decrease in the region's direct
risk in the medium term. However, the ratings also factor in the
high proportion of short-term debt that will roll over in 2011,
which creates refinancing risk for the region.
Fitch notes that maintenance of the budgetary performance with
operating margin close to 2010 level and a reduction in the high
refinancing risk due to decreasing exposure to short-term bank
loans would be positive for the ratings.
The region's operating balance was restored to 6.8% of operating
revenue in 2010 after deterioration in 2009. A large increase in
taxes accompanied by tight control of operating expenditure
underpinned the restoration of budgetary performance in 2010.
Fitch expects budgetary performance to further improve with the
operating margin reaching 7%-8% in 2011-2013.
The region's direct risk, which includes bank loans and budgetary
loans granted by the Federal government, remained low in 2010, at
18.5% of current revenue. The main concern is the short-term
nature of bank loans, which represent a significant proportion of
the direct risk. This exposes the region to high refinancing
risk. As of April 1, 2011, the region had to repay RUB3.97 billion
of bank loans in 2011, or 70% of its direct risk. The remaining
direct risk is made up of several loans from the federal budget,
which have a longer maturity profile and have to be repaid during
2012-2015.
Fitch does not expect any problems with refinancing bank loans
this year due to easy access to capital markets and low interest
rates. However, the short-term nature of the bank loans remains a
concern and could cause refinancing risk if the financial markets
become less favorable. Fitch expects a modest decline in the
region's direct risk and, particularly, reduction of the short-
term bank loans in the region's risk structure by 2013. The debt
coverage ratio is also likely to improve to below two years.
During 2008-2010, the region actively used guarantees to support
the local economy under adverse conditions. As of the beginning
of 2011, they had increased to RUB2.6 billion from RUB1.4 billion
in 2008, exposing the region to contingent risk. The improvement
of economic conditions meant the region decided not to provide new
guarantees to local companies in 2011, which means its indirect
liabilities have stabilized.
The region's economic profile is weaker than that of the average
Russian region. The per capita gross regional product accounted
for 67% of the national median in 2009. After a 9% decline in
2009, the region's economy demonstrated GRP growth of 4% in 2010,
(close to national average). The administration forecasts the
annual economic growth will average 3% in 2011-2013.
The Kirov region is located in the European part of Russia, 900
kilometers east of Moscow. The region accounted for 1% of
Russia's population and 0.5% of its GDP in 2009.
===========
S W E D E N
===========
SAAB AUTOMOBILE: Hawtai Dismisses Doubts Over Rescue Deal
---------------------------------------------------------
According to Agence France-Presse, Saab Automobile's new partner
Hawtai defended itself against claims reportedly made by a top
Swedish diplomat that raised doubts about the Chinese automaker's
ability to salvage the Swedish car brand.
In a deal unveiled on Tuesday, Hawtai is set to inject EUR150
million (US$223 million) into cash-strapped Saab through a
partnership including joint ventures in manufacturing, technology
and distribution, AFP discloses.
AFP relates that the Swedish daily Svenska Dagbladet on Thursday
said Stockholm's ambassador to China had warned the foreign
ministry that Hawtai may have inflated its output data and had
changed chief executives several times in recent years.
"We haven't received any (complaints) through official channels,"
Gao Hongjun, Hawtai's head of public relations and communications,
told AFP. He said it was "impossible" to exaggerate corporate
figures as they were made public by official auto industry groups,
AFP notes.
As for stability in the company's upper echelons, Mr. Gao, as
cited by AFP, said top executives had not left the firm, but had
simply been sent to lead newly established subsidiaries such as an
engine-making company as Hawtai expanded.
The report submitted by Swedish ambassador Lars Freden also
alleged that though Hawtai has existed for 10 years, it had
produced cars under its own brand name for only about a year --
suggesting it was unprepared to help Saab, according to AFP. Mr.
Gao said Hawtai, which used to make cars for South Korea's
Hyundai, had started offering sports utility vehicles under its
own brand in 2004, AFP notes.
As reported by the Troubled Company Reporter-Europe on April 21,
2011, Global Insolvency said that Saab urgently needs fresh funds
to pay its suppliers and resume production. Production came to a
halt in recent weeks because of parts shortages after some
suppliers stopped deliveries, Global Insolvency recounted. Global
Insolvency related that on April 15, the Swedish government
granted the car maker approval to sell its property and set
several conditions for the NDO to allow Saab to release its
collateral. The conditions were mainly related to the expected
price and the potential buyer, Global Insolvency stated.
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.
===========
T U R K E Y
===========
MERINOS HALI: Fitch Affirms 'B' Long-Term Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has revised Turkey-based Merinos Hali Sanayi ve
Ticaret A.S.'s Long-term foreign and local currency Issuer Default
Ratings (IDR) to Positive from Negative and affirmed them at 'B'.
Fitch has also upgraded Merinos' National Long-term rating to
'BBB+ (tur)' from 'BBB (tur)'; the outlook is positive.
The Positive Outlook reflects an improved sales environment and
improvement in operating margins in 2010, which Fitch believes is
sustainable. The revision also captures Merinos' growing foreign
exchange revenue from its geographically diversified exports and
its leading and slowly increasing to 40% share of the local
branded machine-made carpet market. Fitch views this diversified
revenue base, combined with Merinos' expansive sales and
distribution network through its own dealership network, as a
positive rating factor.
The Positive Outlook also reflects reduced medium-term refinancing
risk, following the repayment of a EUR60 million credit-linked
note (CLN). The group refinanced the CLN through higher free cash
flow (FCF) generation and a TRY50m bond issuance.
The company's FY10 EBITDAR margin increased to 19.5% from 14.7% in
FY09 due to higher economies of scale and cost saving efforts,
despite higher raw material prices. This may indicate another
solid operating performance in 2011, barring any significant raw
material price increase. In addition, Greenfield operations in
Russia have helped bolster exports and the company generated a 43%
revenue increase at FY10.
Positive FCF in the past three years, higher operating margins in
FY10 and significant working capital inflows, have eased Fitch's
liquidity concerns. Merinos' export revenue covers its interim
FX-denominated interest payments, reducing concerns about its
already reduced FX exposure. Merinos' operating profitability
track record is sound. Its ability to raise additional debt
funding or service higher levels of debt will remain a function of
its healthy cash generation.
Net debt to EBITDA improved to 1.9x at FYE10 from over 5x at FYE09
while FFO adjusted net leverage dipped below 1.5x at FYE10. FFO
interest coverage also doubled from a year ago, boosting the
company's financial flexibility.
A rating upgrade could occur if FFO adjusted net leverage was to
fall below 1x and FCF continued to be positive. Returning
leverage to FY09 levels, especially driven by working capital
needs, a material negative impact on cash flows and a contraction
of EBITDA margins below 17% would be considered negative for the
ratings.
Merinos is one of the world's top three machine-made carpet
manufacturers in terms of installed capacity, commanding around
40% of the fragmented Turkish market. The company also produces
polypropylene and acrylic yarn. Merinos is 60%-owned by Erdemoglu
Holding, with the rest held by Erdemoglu family members.
Erdemoglu Holding and the family also have interests in another
carpet manufacturer, Dinarsu, and a household furniture company
within the Erdemoglu group of companies.
=============
U K R A I N E
=============
ACORN STONE: Goes Into Voluntary Liquidation
--------------------------------------------
Chris Hopper at Lancashire Telegraph reports that Acorn Stone
Merchants has laid off all 10 staff after bosses put it into
voluntary liquidation.
According to the report, experts from Manchester-based chartered
accountancy firm CLB Coopers are picking through the company's
assets in the hope of raising about GBP400,000.
Among those up for grabs is a freehold site including a showroom
and a workshop on the Lomeshaye industrial estate, Lancashire
Telegraph notes.
Lancashire Telegraph says CLB Coopers is also marketing a
leasehold showroom nearby, cutting equipment, vehicles and stock
of stone.
Acorn Stone Merchants is a Nelson-based stone merchant.
AGROTON PUBLIC: Fitch Assigns 'B-' LT Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has assigned Agroton Public Limited Long-term
foreign and local currency Issuer Default Ratings (IDR) of 'B-'.
Fitch has also assigned a National Long-term rating of 'BBB(ukr)'.
The Outlook is Stable.
The Long-term IDRs reflect Agroton's above-average business risks,
due to the strong cyclicality and seasonality of agricultural
commodities, its weak free cash flow profile as a result of the
large amount of capital tied up in working capital, its reliance
on one geographical area in Ukraine and its small size, as
illustrated by reported net sales and EBITDA for fiscal year
ending December 2010 of US$97.1 million and US$38.5 million
(before exceptional items), respectively. These factors are
mitigated by the long-term growth prospects for the agricultural
sector in Ukraine and Agroton's high output yields relative to
peers and independent farmers.
The ratings also take into account the diversification provided by
the livestock division, which mitigates factors such as the
volatility in crop production volumes and yields derived from
factors which are outside management control, namely adverse
weather conditions, cost inflation and/or a sudden decline in
selling prices. Agroton's large storage capacity (almost 100% of
total grain production), also mitigates sudden changes in selling
prices, as it allows the company to sell grain at more convenient
prices throughout the year. However, if the company holds large
inventory positions, this translates into slim cash flow from
operations (CFO; after changes in working capital). Historically,
CFO has been negative, ranging from zero in 2009 to minus US$11
million in 2010.
The group's financial risk is considered high for the rating
level, as the capital tied up in inventories and the expansion
plan are likely to translate into negative free cash flows over
the next two to three years. Fitch acknowledges the high degree
of flexibility in the capital spending program, which provides a
cushion against unfavorable market trends. Furthermore,
management's commitment to maintain a maximum total debt/EBITDA
ratio of 2.0x (throughout the year) and inventories that can be
liquidated with relative ease should the need arise, underpins the
group's financial flexibility.
The ratings also reflect Fitch's expectation of a conservative
financial policy, maintaining adequate liquidity reserves while
minimizing refinancing risk in the longer term. Moreover, the
group has accessed equity capital, by way of two equity issues in
November 2009 and November 2010, raising US$90 million in
aggregate, which was used to repay existing debt and fund working
capital in the business. Fitch also acknowledges that the company
demonstrates better corporate governance procedures relative to
other Ukrainian peers, including two independent directors on the
board and no related-party transactions.
A negative rating action could result if Agroton was unable to
maintain cash on balance sheet plus inventories (as a percentage
of total debt) above 80%, or if funds from operations (FFO)
adjusted leverage remains above 3.5x (lease-adjusted gross
leverage above 3.0x), both over a two-year rolling period.
Although Fitch does not anticipate a positive rating action in the
near term, broad guidelines for a 'B' local-currency IDR include
the combination of achieving larger scale, the ability to fund
future capex by internally-generated cash flows, and FFO adjusted
leverage between 1.5-2.0x (on a rolling two-year basis), equating
to 1.2x-1.6x lease-adjusted gross leverage. Further rating uplift
on the 'B-' foreign-currency IDR is constrained by lack of
sizeable export revenues. Fitch notes that Agroton plans to start
exporting directly in H211.
RAIFFEISEN BANK: Moody's Changes Outlook on 'D-' BFSR to Stable
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the
standalone D- bank financial strength rating (BFSR) of Raiffeisen
Bank Aval (RBA)from negative to stable. Concurrently, Moody's has
affirmed all other ratings of the bank: Ba1 long-term local
currency bank deposit rating, B3 long-term foreign currency bank
deposit rating, Not Prime short-term local and foreign currency
deposit rating, Ba1 domestic currency debt rating and Aa1.ua
National Scale Rating (NSR). All global scale ratings and the
BFSR carry a stable outlook, whilst the NSR carries no specific
outlook.
The rating actions follow Moody's assessment of RBA's audited
financial statements for 2010, prepared under IFRS.
Ratings Rationale
Moody's says the change of the outlook on RBA's ratings is driven
by stabilization of the bank's asset quality indicators and
improvements in its profitability in 2010, which, combined with
healthy revenue generation, adequate provisioning and regulatory
capitalization, should ensure that RBA remains well capitalized in
the medium term.
"Non-performing loans, which showed deterioration during 2009-2010
and reached 33% at year-end 2010, although weighed down by
significant loan book contraction, are close to their peak.
Therefore, Moody's expects RBA's asset quality to improve
gradually in 2011. Any upward trend will be aided by a gradually
reviving regional economy and resumed loan growth," says Yaroslav
Sovgyra, a Moody's Vice-President -- Senior Credit Officer and
lead analyst for the bank.
Moody's also notes that RBA's capitalization ratio and reserve
coverage appear sufficient to absorb potential losses, even under
stress scenarios. The bank reported a Tier 1 ratio and total
capital adequacy ratio of 13.4% and 20.8%, respectively, as of
year-end 2010.
Notwithstanding the stable rating outlook, Moody's notes risks
constraining RBA's rating. The main challenge to RBA's asset
quality is its foreign-currency-denominated loan portfolio. Many
borrowers, particularly in the retail sector, are unhedged with
regard to the currency risk on these loans. Although the
Ukrainian hryvnia has been rather stable since its devaluation in
late 2008/early 2009, Moody's cautions that the event risks that
stem from the foreign-currency exposures will remain for several
years, given the long-dated maturity of the existing mortgage
portfolio. The rating agency also notes risks stemming from
relatively high single-name and industry concentration, and -- in
particular -- material exposure to construction and real estate
loans. This asset class quickly deteriorated against the
background of a weakening Ukrainian property market, and continues
to face downward pressure despite the upward trend in the national
economy.
RBA's deposit rating of Ba1 receives a two-notch rating uplift
from the bank's Ba3 base line credit assessment due to parental
support considerations. "Moody's judges the probability of
parental support from the bank's owner -- Raiffeisen Bank
International AG (RBI, rated A1/Prime-1/D+, positive outlook on
the D+ BFSR) -- as 'very high' in the event of a stress situation,
based on RBI's 96.2% ownership of RBA, and a track record of
liquidity and capital support during the global financial crisis,"
Mr. Sovgyra explains.
RBA's D- BFSR has limited upside potential in the near term.
However, in the longer term, improvements in the bank's asset
quality and profitability indicators, as well as steady build-up
of new high-quality loans could exert upward pressure on the
bank's ratings. The bank's local currency deposit rating is
likely to move in line with its BFSR, while the foreign currency
deposit rating is constrained by the country ceiling for Ukraine,
and can be upgraded only if Moody's upgrades this country ceiling.
Moody's also notes that negative pressure could be exerted on
RBA's BFSR and local currency deposit rating following a
substantial deterioration of asset quality beyond current levels
and a significant increase in provisioning volumes.
Previous Rating Actions and Principal Methodologies:
The previous rating action on RBA was implemented on Oct. 12,
2010, when Moody's changed to stable from negative the outlook on
the bank's foreign currency debt rating following the change in
outlook on Ukraine's sovereign ceilings.
The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in
March 2007.
Headquartered in Kiev, Ukraine, RBA reported audited IFRS total
assets, equity and net income of UAH56.8 billion (US$7.13
billion), UAH7.2 billion and UAH84.3 million, respectively at
year-end 2010.
SIMCLAR GROUP: Founder Likely to be Called as a Witness
-------------------------------------------------------
Mark Williamson at The Herald Scotland reports that Simclar Group
Founder Sam Russell faces a courtroom confrontation with
liquidators seeking the recovery of GBP3 million worth of
dividends paid by an electronics firm he closed amid controversy
in 2007.
According to The Herald Scotland, a judge has ruled that the facts
surrounding the payments by Simclar Ayrshire should be considered
in an open court hearing scheduled for next April.
The Herald Scotland says the decision by Lord Hodge will result in
the actions of Mr. Russell and other key players coming under
intense scrutiny in proceedings that are scheduled to last eight
days. Mr. Russell, the report notes, is likely to be called as a
witness.
Depending on the outcome of the civil case, says The Herald
Scotland, Mr. Russell and his Dunfermline-based Simclar Group may
be required to pay at least part of the GBP3 million sought by the
liquidators.
The Herald Scotland discloses that Mr. Russell is one of the
defenders in an action which experts from PricewaterhouseCoopers
have brought against the businessman and his Dunfermline-based
Simclar contract manufacturing business.
According to The Herald Scotland, two other former directors of
Simclar Ayrshire, Ian Durie and Stephen Donnelly, are also
defenders in the action. This concerns events leading up to the
decision to put the Simclar group's Ayrshire subsidiary into
administration in 2007, which was followed by the company going
into liquidation.
About Simclar Group
Headquartered in Dunfermline, Scotland, The Simclar Group --
http://www.simclar.com/-- is a global solutions provider,
offering complete manufacturing and fulfillment services to
customers.
UKRSIBBANK: Moody's Cuts Bank Financial Strength Rating to 'E+'
---------------------------------------------------------------
Moody's Investors Service has downgraded UkrSibbank's long-term
local currency bank deposit rating to Ba2 from Ba1 and standalone
bank financial strength rating (BFSR) to E+ from D-. The bank's
BFSR now maps to B2 on the long-term scale.
Concurrently, Moody's has affirmed UkrSibbank's other ratings as
follows: B3 long-term foreign currency bank deposit rating, Not
Prime short-term local and foreign currency deposit rating, B1
foreign currency debt rating and Aa1.ua National Scale Rating
(NSR). The BFSR and all global-scale ratings carry a stable
outlook, while the NSR carries no specific outlook.
The rating actions follow Moody's assessment of UkrSibbank's
audited financial statements for 2010, prepared under IFRS.
Ratings Rationale
The rating action is driven by Moody's continued concerns over the
bank's profitability, asset quality and capital adequacy.
UkrSibbank has been loss making for three consecutive years, and
reported a net loss under IFRS of UAH3.1 billion (US$396 million)
for 2010. Moody's expects UkrSibbank's return to profitability to
take time, as the bank's revenue generation capacity has been
significantly eroded by the rapidly growing cost of risk and
shrinking business volumes. The bank is expected to return to
profitability on a pre-provision basis in 2011, and to break-even
on a post-provision basis in 2012. Gradual improvement in overall
operating conditions in Ukraine and resumption of lending are also
expected to support the bank's recovery.
"The deterioration of UkrSibbank's financial profile stems
primarily from the ongoing impairment of the loan book," says
Yaroslav Sovgyra, a Moody's Vice-President -- Senior Credit
Officer and lead analyst for the bank. At YE2010, UkrSibbank's
problem loans amounted to 43.8% of its gross loan book while loan
loss reserves amounted to 29.6%. In addition, 14.7% of the bank's
loans were restructured (in accordance with the bank's IFRS
report). In Moody's opinion, many of these restructured loans
would be past due or impaired as at YE2010, if not restructured.
UkrSibbank's high level of foreign currency lending represents
another critical challenge to the rating -- 80% of total loans
were foreign-currency-denominated as at YE2010. Many borrowers,
particularly in the retail sector, are unhedged with regard to the
currency risk on their loans. Although the Ukrainian hryvnia has
been rather stable since its devaluation in late 2008/early 2009,
Moody's notes that the event risks stemming from the foreign
currency exposures will remain for several years, given the long-
dated maturity of the existing mortgage portfolio.
Moody's decision to downgrade UkrSibbank's local currency deposit
rating and BFSR is also linked to concerns regarding current
capitalization levels. Based on the IFRS report for YE2010, the
bank's Tier 1 and total capital adequacy (CAR) ratios stood at
6.91% and 10.34%, respectively.
While UkrSibbank would remain adequately capitalized under Moody's
anticipated scenario, the bank would need to raise capital in
order to face a worse-than-anticipated scenario. Furthermore, the
bank currently does not generate sufficient earnings to cover
potential capital needs and so would require fresh capital from
its shareholder. Nonetheless, Moody's notes that the bank remains
adequately capitalized under Ukrainian regulatory norms, with a
capital adequacy ratio (N2) close to 21% as at YE2010.
Moody's adds that, notwithstanding the downgrade, UkrSibbank
retains a robust franchise as the fifth-largest bank in Ukraine
with an extensive territorial coverage and a good customer reach.
Moody's also recognizes improvements made in the bank's risk
profile as reflected in reduced loan book concentrations.
UkrSibbank's Ba2 deposit rating now receives a three-notch rating
uplift from the bank's revised standalone B2 on the long-term
scale, due to parental support considerations. "Moody's assesses
the probability of parental support from the bank's owner, BNP
Paribas (BNPP, rated Aa2/Prime-1/B-, stable outlook), in the event
of a stress situation as "very high", based on BNPP's 99.99%
ownership of UkrSibbank, and the shareholder's track record of
liquidity and capital support during the global financial crisis,"
Mr. Sovgyra explains. In 2010, BNP Paribas increased its stake in
the bank from 81.42% to 99.99%, and injected around UAH 3 billion
of Tier 1 capital.
Headquartered in Kiev, Ukraine, UkrSibbank reported total
consolidated assets and total capital of UAH42.5 billion (US$5.3
billion) and UAH2 billion (US$256 million) respectively, in
accordance with IFRS, at YE2010. The bank reported a net loss of
UAH3.1 billion or US$396 million.
Previous Rating Actions:
The previous rating action on UkrSibbank was implemented on
Oct. 12, 2010, when Moody's changed to stable from negative the
outlook on the bank's long-term foreign currency deposit and debt
ratings following the change in outlook on Ukraine's sovereign
ceilings.
===========================
U N I T E D K I N G D O M
===========================
FOCUS DIY: B&Q Acquires 31 Stores for GBP23 Million
---------------------------------------------------
H&V News reports that owner of B&Q has bought 31 stores from
stricken chain Focus DIY for GBP23 million after the company fell
into administration. The report relates that Kingfisher, which
also owns the Screw Fix brand, said it plans to refit the vacant
properties and open them as new B&Q stores later in the year.
Ernst & Young, which has been appointed as administrator to Focus
DIY, said the remaining 144 stores will continue to trade as
normal, according to H&V News.
H&V News discloses that the stores will continue to run as Focus
DIY until July, when they will be shut down and conversions will
begin. The report notes that administrators are still looking for
a buyer for the remaining stores.
Kingfisher said the purchased stores have 700 staff in total who
will not be transferred to the new B&Q stores but are welcome to
apply for positions, H&V News says.
Focus DIY was founded by Bill Archer in 1987, with six stores in
the Midlands and the north of England. The company now has 178
stores in England, Scotland and Wales, and employs more than 3,900
staff.
GEKO DIRECT: In Liquidation; 85 Workers Lose Jobs
-------------------------------------------------
Mobile News reports that Geko Direct has gone into liquidation
after experiencing cash-flow issues that meant it was unable to
pay wages to its 85 staff last month.
In a statement issued to Mobile News, Geko managing director Dave
Carter confirmed the closure of the Telford-based dealer.
"The current economic situation is making business incredibly
tough to win and the banks are simply not helping as they used
to," Mobile News quotes Mr. Carter as saying.
"I would like to pay tribute to everyone who has worked at Geko
and to thank them for their support during this difficult time.
It is a very sad day."
Geko Direct is an independent business to business mobile
specialist. The company had 85 employees across locations in
Birmingham, Stoke-on-Trent and Telford.
GENERAL MOTORS: Expects European Unit to Break Even This Year
-------------------------------------------------------------
Neil Hodgson at Daily Post reports that General Motors expects its
European arm to break even this year.
The US auto group went into administration in 2009 but opted to
retain GM Europe (GME), including its Ellesmere Port Vauxhall
Astra plant, rather than dispose of it in a cost cutting drive,
Daily Post recounts.
Daily Post relates that first quarter results released Thursday by
GM showed a more than tripling of profits for the group, and a
continuing trend of falling losses in Europe, which should lead to
break even by the year end.
GME's results improved by GBP363 million on an earnings before
interest and tax-adjusted (EBIT) basis, compared with the same
quarter last year, and the group said it achieved a "significant
milestone" by delivering break-even results on that basis, Daily
Post discloses.
"Based on current plans, GME is targeting to achieve break-even
results on an EBIT-adjusted basis before restructuring for the
entire year," Daily Post quotes the group as saying.
According to Daily Post, Ellesmere Port employs 2,000 staff
producing the Astra and Astra Sports Tourer models, and GME
president Nick Reilly told LDP Business in a conference call from
Germany Thursday: "Ellesmere Port is doing very well and working
flat out to meet demand for the Sports Tourer, which is going
extremely well." Mr. Reilly added that a new three-door hatchback
Astra will be produced later this year in Europe and said,
depending on its success, it could drive up demand for Ellesmere
Port's five-door version, Daily Post notes.
Group net first-quarter income rose to approximately GBP1.94
billion, against GBP545 million the year earlier, making it GM's
fifth consecutive profitable quarter, Daily Post relates.
Total revenues rose to approximately GBP22 billion from GBP19
billion last year, Daily Post states.
About General Motors
With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers. GM employs 205,000 people in every major region of
the world and does business in some 157 countries. GM and its
strategic partners produce cars and trucks in 31 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang,
Opel, Vauxhall and Wuling. GM's largest national market is China,
followed by the United States, Brazil, Germany, the United
Kingdom, Canada, and Italy. GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.
General Motors Co. is 60.8% owned by the U.S. Government. It was
formed to acquire the operations of General Motors Corporation
through a sale under 11 U.S.C. Sec. 363 following Old GM's
bankruptcy filing. The deal was closed on July 10, 2009, and Old
GM changed its name to Motors Liquidation Co. Old GM remains
subject to a pending Chapter 11 reorganization case before the
U.S. Bankruptcy Court for the Southern District of New York.
New GM has a 'BB-' corporate credit rating from Standard & Poor's
and a 'BB-' issuer default rating from Fitch.
About Motors Liquidation
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). The Honorable Robert E. Gerber presides over the
Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts. Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company. GM is
also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is
providing legal advice to the GM Board of Directors. GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP. Garden City Group is the claims and notice
agent of the Debtors.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis
& Frankel LLP serve as bankruptcy counsel to the Creditors
Committee. Attorneys at Butzel Long serve as counsel regarding
supplier contract matters. FTI Consulting, Inc., serves as
financial advisors to the Creditors Committee. Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Committee. Legal Analysis Systems, Inc., serves as asbestos
valuation analyst.
MANCHESTER HOSIERY: Goes Into Administration, Assets for Sale
-------------------------------------------------------------
thisisleicestershire.co.uk reports that Manchester Hosiery Ltd of
Queens Road has gone into administration, putting 54 jobs at risk.
Efforts are now being made to sell the company, according to
thisisleicestershire.co.uk.
thisisleicestershire.co.uk notes that Martin Smith and Nicki
Hawksley, of Midlands business advisers Dains LLP, have been
appointed as joint administrators to manage the affairs of the
company. The administrators team is assessing ongoing and future
work orders to determine whether it is viable to carry on trading
while a buyer is sought for the business and its assets.
"The company sells its products to a range of customers both in
the UK and abroad. It employs 54 people and had an annual
turnover of GBP1.8 million. The appointment followed a review of
the company's financial position, which Dains had been instructed
to carry out by the board. The company has suffered cash flow
problems and made a loss during 2010, despite reducing the
workforce and cutting overheads during the year. The board
expressed regret at making such a decision, conceded there were no
other viable options and are hopeful a purchaser will be found,"
the administrators said in a statement obtained by the news
agency.
Manchester Hosiery Ltd of Queens Road, Hinckley, is a hosiery
company.
MG ROVER: Phoenix Four Agree Not to Serve as Directors
------------------------------------------------------
BBC News reports that the directors who ran the MG Rover group
when it collapsed have been disqualified as directors.
Peter Beale, Nick Stephenson, John Edwards and John Towers --
known as the Phoenix Four -- have voluntarily agreed a ban for
between three and six years, according to BBC News.
BBC News notes that the disqualifications by the Department of
Business, Innovation and Skills, follow a "lengthy and complex
investigation" into MG's collapse. The report relates that the
men said they do not accept any allegations of wrong-doing.
The directors of Phoenix Venture Holdings Ltd bought MG Rover, in
Birmingham, for GBP10 in 2000 and paid themselves GBP40 million in
pay and pensions, BBC News recalls. The report notes that MG
Rover collapsed in 2005 with debts of GBP1.3 billion and with the
loss of 6,000 jobs.
BBC News discloses that its then directors were widely accused of
enriching themselves whilst mismanaging the company. This view
was supported in an independent report in 2009.
BBC News notes that the former directors of Phoenix Venture
Holdings (PVH) and MG Rover Group have now agreed not to hold any
company directorships for up to six years. The report relates
that in March this year, the four resigned as directors of PVH and
its associated companies.
===============
X X X X X X X X
===============
* S&P's Global Corporate Defaults Tally Has Five in 1st Quarter
---------------------------------------------------------------
Globally, five companies (four public and one confidentially
rated) defaulted in the first quarter of 2011, said an article
published May 6 by Standard & Poor's Global Fixed Income Research,
titled "Quarterly Default Update And Rating Transitions
(Premium)."
The volume of rated debt affected by defaulters in the first
quarter was US$3.62 billion, and the U.S. accounted for US$3.41
billion (94%) of the total. Of the five defaults in first-quarter
2011, four were domiciled in the U.S., and one was based in the
Czech Republic. For details about the defaults in the first
quarter, see "First-Quarter 2011 Default Synopses (Premium)," also
published May 6.
Globally, credit market conditions continue to improve. The
quarterly default rate for speculative-grade-rated corporate
entities fell to 0.16% at the end of first-quarter 2011, compared
with 0.59% in the fourth quarter of 2010 and 0.98% in first-
quarter 2010.
"On a trailing-12-month basis, the global speculative-grade
default rate as of March 2011 was 2.1%, down from 8.4% at the same
time this past year and a high of 10% in November 2009," said
Diane Vazza, head of Standard & Poor's Global Fixed Income
Research. "The default rate is now at its lowest point since
August 2008, the last reading prior to the collapse of Lehman
Brothers and the ensuing recession in the U.S."
Overall, credit quality has, in our view, continued to stabilize
over the past 18 months, though the number of downgrades has
increased slightly across all regions. The downgrade-to-upgrade
ratio rose to 1.1% in first-quarter 2011 from 0.64% in the fourth
quarter of 2010, but it's still close to the parity level of 1%.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (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
SKYEUROPE SKYP PW -89480486.93 159076577.5
SKYEUROPE HLDG S8E GR -89480486.93 159076577.5
SKYEUROPE HLDG SKY EO -89480486.93 159076577.5
SKYEUROPE HLDG SKURF US -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480486.93 159076577.5
SKYEUROPE HLDG SKYV IX -89480486.93 159076577.5
SKYEUROPE HLDG SKY AV -89480486.93 159076577.5
SKYEUROPE HLDG SKY EU -89480486.93 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480486.93 159076577.5
SKYEUROPE HLDG SKY LI -89480486.93 159076577.5
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
-------
BRIGHTPOINT EURO 4506883Z DC -18616347.98 189113937.7
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
NATURGAS FYN DIS 3984844Z DC -2862743.662 194651514.3
NESTLE DANMARK A 3896690Z DC -31272771.75 160779160.7
OBTEC OBTEC DC -14919946.34 138400232.8
OBTEC OBT DC -14919946.34 138400232.8
OBTEC-NEW SHARES OBTECN DC -14919946.34 138400232.8
OBTEC-OLD OBTN DC -14919946.34 138400232.8
ORESUNDSBRO KONS 1015Z SS -583944155.3 3614975702
OSTERFALLEDPARKE 3985676Z DC -26063679.19 302533679.4
OW SUPPLY & TRAD 3986892Z DC -4299263.6 165798961.3
REITAN SERVICEHA 3984284Z DC -1371178.576 127192706
ROSKILDE BANK ROSK PZ -532868894.9 7876687324
ROSKILDE BANK RKI GR -532868894.9 7876687324
ROSKILDE BANK ROSK EU -532868894.9 7876687324
ROSKILDE BANK ROSBF US -532868894.9 7876687324
ROSKILDE BANK ROSKF US -532868894.9 7876687324
ROSKILDE BANK RSKC IX -532868894.9 7876687324
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FRANCE
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ITALY
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LUXEMBOURG
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NETHERLANDS
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NORWAY
------
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POLAND
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PORTUGAL
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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
MARTINSA FADESA MTF EU -2074326070 7383402199
MARTINSA FADESA MFAD PZ -2074326070 7383402199
MARTINSA FADESA MTF SM -2074326070 7383402199
MARTINSA FADESA 4PU GR -2074326070 7383402199
MARTINSA FADESA MTF EO -2074326070 7383402199
MARTINSA-FADESA MTF NR -2074326070 7383402199
NYESA VALORES CO BES TQ -68174952.1 813033334.5
NYESA VALORES CO NYE TQ -68174952.1 813033334.5
NYESA VALORES CO NYE SM -68174952.1 813033334.5
NYESA VALORES CO BES EU -68174952.1 813033334.5
NYESA VALORES CO NYE EU -68174952.1 813033334.5
NYESA VALORES CO BES EO -68174952.1 813033334.5
NYESA VALORES CO BES SM -68174952.1 813033334.5
NYESA VALORES CO NYE EO -68174952.1 813033334.5
NYESA VALORES CO BESS PZ -68174952.1 813033334.5
ORANGE CATALUNYA 4365565Z SM -25422547.72 113962331.9
PANRICO SL 1087Z SM -132677120.8 1306407522
PULLMANTUR SA 301590Z SM -77746125.07 127835603
RANDSTAD EMPLEO 4285885Z SM -58878158.21 370434722.2
REAL ZARAGOZA SA 4285533Z SM -26642901.63 155342765.2
REYAL URBIS SA REY1 EU -265713950.7 6301924871
REYAL URBIS SA REYU PZ -265713950.7 6301924871
REYAL URBIS SA REY SM -265713950.7 6301924871
REYAL URBIS SA REY1 EO -265713950.7 6301924871
SIDERURGICA SEVI 3755616Z SM -6175297.757 255962721.9
SOGECABLE MEDIA 3638359Z SM -3018000.191 182987292.3
SPANAIR 1174Z SM -592075778.7 449250970.6
SUPERMERCADOS CH 3635999Z SM -49108086.45 430829438.2
SUPERMERCADOS CO 4285781Z SM -6271873.083 110251382.6
TELEVISION AUTON 3772924Z SM -148813562.1 119454851.8
TIP TRAILERS ESP 3804444Z SM -11109283.92 130713925.8
TROPICAL TURISTI 3639071Z SM -25374272.58 535701945
TWINS ALIMENTACI 4381793Z SM -49677879.17 298164942.5
UNITEC UNION TIE 3801344Z SM -23207417.85 131213302.5
UNIVERSAL MUSIC 3748312Z SM -113641266.3 100627411.6
VIA OPERADOR PET 4510507Z SM -22002322.05 129961207.4
SWEDEN
------
ALLOKTON AB ALOKB SS -69000994.47 464707844.7
ALLOKTON AB-NEW ALOKBTAB SS -69000994.47 464707844.7
ALLOKTON AB-RTS ALOKTRB SS -69000994.47 464707844.7
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
NOBINA 1099Z SS -13023225.28 483974246.5
PHADIA AB 842347Z SS -140406774.4 2127579095
STENA RECYCLING 4011316Z SS -10675550.11 346046797.4
SWEDISH MA-RE RT SWMASR SS -104464794 2073589174
SWEDISH MAT-ADR SWMA GR -104464794 2073589174
SWEDISH MAT-ADR 3053566Q US -104464794 2073589174
SWEDISH MATCH SWD LI -104464794 2073589174
SWEDISH MATCH AB SWM GR -104464794 2073589174
SWEDISH MATCH AB SWMAEUR EO -104464794 2073589174
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SWEDISH MATCH AB SWMDF US -104464794 2073589174
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SWEDISH MATCH AB SWMA SS -104464794 2073589174
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SWEDISH MATCH AB SWMA TQ -104464794 2073589174
SWEDISH MATCH AB SWMA EB -104464794 2073589174
SWEDISH MATCH AB SWMAUSD EU -104464794 2073589174
SWEDISH MATCH AB SWMA GK -104464794 2073589174
SWEDISH MATCH AB SWMA NR -104464794 2073589174
SWEDISH MATCH- B SWMWF US -104464794 2073589174
SWEDISH MATCH-B 3033P US -104464794 2073589174
SWEDISH MAT-RTS SWMYR US -104464794 2073589174
SWEDISH M-UN ADR SWMAY US -104464794 2073589174
TURKEY
------
BESIKTAS FUTBOL BJKASM TI -43252296.37 170044537.5
BESIKTAS FUTBOL BJKAS TI -43252296.37 170044537.5
BESIKTAS FUTBOL BKTFF US -43252296.37 170044537.5
BESIKTAS FUTBOL BJKASY TI -43252296.37 170044537.5
BESIKTAS FUTBOL BWX GR -43252296.37 170044537.5
EGS EGE GIYIM VE EGDIS TI -7732138.551 147075066.7
EGS EGE GIYIM-RT EGDISR TI -7732138.551 147075066.7
IKTISAT FINAN-RT IKTFNR TI -46900661.12 108228233.6
IKTISAT FINANSAL IKTFN TI -46900661.12 108228233.6
MUDURNU TAVUKC-N MDRNUN TI -64930189.62 160408172.1
MUDURNU TAVUKCUL MDRNU TI -64930189.62 160408172.1
SIFAS SIFAS TI -15439198.6 130608104
TUTUNBANK TUT TI -4024959602 2643810457
YASARBANK YABNK TI -4024959602 2643810457
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -42249434.54 336677635.6
DONETSKOBLENERGO DOON UZ -215402204.1 392933868.2
IVANO-FRANKIVSKG FGAZ UZ -3383044.374 105529023.2
LUGANSKGAS LYGZ UZ -16910611.07 109918477.6
LUGANSKOBLENERGO LOEN UZ -28215316.21 199132674.2
NAFTOKHIMIK PRIC NAFP UZ -22522406.39 344629436.5
NAFTOKHIMIK-GDR N3ZA GR -22522406.39 344629436.5
ODESSA OIL REFIN ONPZ UZ -111365037.3 482408362.5
ZALK - PFTS ZALK UZ -43917601.26 146530718.8
UNITED KINGDOM
--------------
ABBOTT MEAD VICK 648824Q LN -1685852.904 168258996.3
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AEA TECHNOLO-NPR AATN LN -254011230.2 116074481.7
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ANKER PLC - ASSD ANKC LN -21861359.81 115463159
ANKER PLC - ASSD ANKB LN -21861359.81 115463159
ANKER PLC-ASSD ANKA LN -21861359.81 115463159
AT KEARNEY HOLDI 4168565Z LN -712649.2612 420870276.2
ATKINS (WS) PLC ATK VX -167977705.2 1532560636
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UNITED BISCUITS 3193858Z LN -326896245.3 3316769620
UTC GROUP UGR LN -11904426.45 203548565
VALE OF AYLESBUR 4006932Z LN -73416860.01 100856530.6
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995639.2
VIRGIN MOB-ASSD VMOA LN -392165437.6 166070003.7
VIRGIN MOB-ASSD VMOC LN -392165437.6 166070003.7
VIRGIN MOBILE VMOB LN -392165437.6 166070003.7
VIRGIN MOBILE UEM GR -392165437.6 166070003.7
VIRGIN MOBILE VMOB VX -392165437.6 166070003.7
VIRGIN MOBILE VMOB PO -392165437.6 166070003.7
VIRGIN MOBILE VGMHF US -392165437.6 166070003.7
VIRGIN WINGS LTD 4500155Z LN -347033067.8 5365071310
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WNER PZ -8021407.27 430482190.2
WARNER ESTATE WNER IX -8021407.27 430482190.2
WARNER ESTATE WNER VX -8021407.27 430482190.2
WARNER ESTATE WRL GR -8021407.27 430482190.2
WARNER ESTATE WNER EO -8021407.27 430482190.2
WARNER ESTATE WNER LN -8021407.27 430482190.2
WARNER ESTATE WNERGBP EO -8021407.27 430482190.2
WARNER ESTATE WNER PO -8021407.27 430482190.2
WARNER ESTATE WNEHF US -8021407.27 430482190.2
WARNER ESTATE WNER EU -8021407.27 430482190.2
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
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 * * *