/raid1/www/Hosts/bankrupt/TCREUR_Public/110726.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, July 26, 2011, Vol. 12, No. 146
Headlines
B E L A R U S
* BELARUS: Moody's Downgrades Government Bond Ratings to 'B3'
F R A N C E
PAGESJAUNES GROUPE: Fitch Says Profit Warning No Impact on Ratings
G E R M A N Y
WALTER BAU: Administrator Can't Impound 2nd Jet, Thailand PM Says
G R E E C E
ANTENNA GROUP: S&P Affirms 'B' Long-term Corporate Credit Rating
* GREECE: EU Leaders Unveil New Aid; Banks Back Bond Exchange
I R E L A N D
ALLIED IRISH: Reports Tentative Results of Notes Tender Offer
ANGLO IRISH: AIB Begins Probe Into Potential Fraud
BANK OF IRELAND: In Talks with Potential Equity Investors
BANK OF IRELAND: DBRS Downgrades Subordinated Debt Ratings to 'D'
KILDARE SECURITIES: Moody's Downgrades Rating on RMBS Deals
MCINERNEY GROUP: Faces Receivership; Court Rejects Rescue Plan
QUINN GROUP: Bankruptcy Hearing for Russian Unit Set for August
I T A L Y
ARES FINANCE: S&P Lowers Ratings on Two Classes of Notes to 'D'
ATLANTE FINANCE: Moody's Lowers Rating on C Certificate to 'B3'
L U X E M B O U R G
HARVEST CLO: Moody's Upgrades Rating on Class E Notes to 'Caa1'
N E T H E R L A N D S
NORTH WESTERLY: Moody's Upgrades Rating on Class D Notes to 'Ba3'
S W E D E N
SAAB AUTOMOBILE: Unit's Bankruptcy Averted Following Debt Deal
U N I T E D K I N G D O M
BUSINESS MORTGAGE: Moody's Junks Ratings on Four Classes of Notes
CLINTON CARDS: Restructuring of 800-Store UK Portfolio Likely
KEYDATA GROUP: ICG to Pay GBP326-Mil. in Compensation Claims
LICK GROUP: Liquidation Confirmed; Machinery Up for Sale
MAX TWO: S&P Keeps 'B-' Foreign Currency Rating on EUR100MM Notes
NEWS OF THE WORLD: Demise to Impact Newspaper Wholesalers
SUREFRAME WINDOWS: Closes Doors After 50 Years in Business
* UK: Number of Firms in Critical Condition Up Slightly in 2Q2011
X X X X X X X X
* Large Companies with Insolvent Balance Sheet
*********
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B E L A R U S
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* BELARUS: Moody's Downgrades Government Bond Ratings to 'B3'
-------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
foreign- and local-currency government bond ratings of Belarus.
The country's foreign-currency bond ceiling has been downgraded to
B3 from B1 and the foreign-currency bank deposit ceiling to Caa1
from B3. All these ratings remain on review for further possible
downgrade, pending an assessment of the likelihood of the
government securing additional external financing and implementing
policies to repair macro-economic distortions. In addition,
Moody's has downgraded the local-currency bond and bank deposit
ceilings to Ba3 from Ba1.
The rating action was prompted by:
1) The limited external assistance received thus far to bridge the
country's balance-of-payments gap.
2) The impact of foreign exchange shortages, the significant
devaluation of the Belarusian ruble and a likely growth
downturn on the health of the banking system.
3) Continued concerns over the political and economic fallout of
external liquidity constraints.
RATIONALE FOR DOWNGRADE
The main and most immediate driver of the one-notch downgrade of
Belarus is Moody's assessment that reduced support from Russia
will jeopardize Belarus's external accounts. The country's growth
model rests on high credit growth fuelling domestic investment and
generating near-full employment, with government transfers
elevating household incomes. This model can only be sustained as
long as external assistance is inexpensive and plentiful. In the
past, Russian external financial assistance and subsidized oil
imports have helped fund Belarus's high GDP growth (7% per annum
on average over the past decade), while supporting the country's
balance of payments. However, disagreements over energy prices and
privatization in Belarus have led to a fraying of relations
between the countries and lowered the dependability of Russia as a
source of external financial assistance. The funding of
approximately US$3 billion promised to Belarus by the Eurasian
Economic Community over the next three years will not be
sufficient to bridge the country's balance-of-payments gap.
The second factor underlying Moody's rating action is the impact
that foreign exchange shortages, currency devaluation and lower
future growth will have on the liquidity and solvency profile of
the country's banks. Asset quality is expected to come under
significant pressure in the next two years, and this will in turn
erode the banks' capital buffers. Of greater concern in the
immediate future is the recent trend of foreign currency deposit
outflow. Since the beginning of the year, retail depositors have
withdrawn approximately US$650 million from foreign currency
deposits, which is equivalent to around 16% of the total foreign
currency deposits in the banking system. As of July 1, 2011,
Belarus's official foreign exchange reserves stood at US$1.7
billion. The inclusion of gold and Special Drawing Rights (SDRs)
raise the country's total official international reserves to US$4
billion. Moody's believes that continued foreign exchange
shortages raise the risk of restrictions on withdrawals of
foreign-currency deposits from Belarusian banks, hence the
downgrade of the foreign currency bank deposit ceiling to Caa1.
The third concern behind Moody's decision to downgrade Belarus is
the likely political and economic fallout of the external
liquidity constraint. Although past credit expansion has allowed
Belarus's industrial output and GDP to grow in double digits in
the first half of 2011, Moody's expects growth to decelerate as
monetary tightening, foreign exchange constraints and devaluation
take their toll on domestic demand. In the absence of consistent,
affordable external financial support, Belarus's state-directed,
domestic demand-led growth will likely slow over the medium term.
Even if external financing were to be obtained, it is likely to be
conditional upon a reduction in social programs (if from the IMF)
or, at the least, a broad privatization program (if from Russia).
Either could disrupt the country's record of socio-political
stability, which is preserved by high growth and government
control over key sectors of the economy.
Structural reforms would require Belarus's authorities to allow
real incomes to adjust downwards, probably very severely, in order
to allow the country to transition from credit-fuelled growth to
growth based on increases in productivity and competitiveness.
With currency devaluation and consequent inflation already denting
purchasing power, a reduction in real incomes and social spending
may test the political quiescence of the Belarusian population.
On the other hand, if the prospect of political upheaval were to
keep authorities from reducing social spending, then macro-
economic distortions will persist and medium-term economic and
financial risks would be heightened.
These problems were foreshadowed in Moody's previous one-notch
downgrade of Belarus's ratings to B2 in March 2011. At the time,
Moody's assigned a negative outlook to the rating to reflect its
concern that Belarus would find it hard to (a) bridge its external
financing gap and (b) implement policies to improve long-term
macroeconomic prospects Moody's more pessimistic forecast
scenarios now look more likely and are incorporated into the
further downgrade to B3.
RATIONALE FOR CONTINUED REVIEW FOR DOWNGRADE
Looking ahead, Moody's estimates that Belarus's 2011 current
account deficit will fall to around US$5 billion, and the 2012
deficit may be even lower, reflecting the impact of devaluation.
However, official reserve assets of around US$4 billion, including
gold and SDRs, are still not sufficient to meet the country's
external financing requirements. In the absence of significant
foreign exchange inflows in the near term -- either via IMF
assistance or rapid privatization -- Belarus's balance-of-payments
problems will persist and materially worsen credit metrics.
Moody's ratings review will therefore assess the likelihood of
Belarus obtaining international funding to bridge the balance-of-
payments gap in 2011 and 2012. It will also evaluate the capacity
of the country to introduce the structural reforms that are needed
to transform its growth model and reduce its dependence on
external financing.
WHAT COULD CHANGE THE RATING UP/DOWN
A downgrade could be triggered by Belarus's failure to obtain
additional external funding this year or by a worsening political
situation that would imperil policy actions to address macro-
economic stress.
However, if Belarus were to successfully obtain funding this year,
avoid a deep and prolonged downturn while authorities take steps
to correct the structural distortions in the economy, then the
country's credit metrics could improve to levels that would
warrant an upgrade in the future. Domestic politics and relations
with external creditors would also shape Moody's assessment when
considering a rating change.
PREVIOUS RATING ACTION & METHODOLOGY USED
The previous rating action on Belarus was implemented on 29 March
2011 when Moody's downgraded the government's bond rating to B2
from B1, and the foreign currency bond and ceilings to B1 and B3
(from Ba3 and B2), respectively. At the time, the local currency
bond and bank deposit ceilings were also downgraded to Ba1 from
Baa3.
The principal methodology used in determining the rating of
Belarus was "Moody's Sovereign Bond Methodology", which was
published in September 2008 and can be found on www.moodys.com.
Moody's adopts all necessary measures so that the information it
uses in assigning a rating is of sufficient quality and from
sources Moody's considers to be reliable including, when
appropriate, independent third-party sources. However, Moody's is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.
The date on which some ratings were first released goes back to a
time before Moody's ratings were fully digitized and accurate data
may not be available. Consequently, Moody's provides a date that
it believes is the most reliable and accurate based on the
information that is available to it.
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F R A N C E
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PAGESJAUNES GROUPE: Fitch Says Profit Warning No Impact on Ratings
------------------------------------------------------------------
Fitch Ratings says that PagesJaunes Groupe S.A.'s (PagesJaunes,
rated 'B+'/Negative) profit warning for the financial year 2011
will not have a near-term impact on the company's ratings or
Outlook.
PagesJaunes has announced that it has lowered its sales' guidance
for 2011 by EUR20 million. While the revision to the profit
outlook departs from the stabilization in performance announced by
management at the start of 2011, Fitch notes that the issues
surrounding the trading profit guidance change are due to the
sales force strikes in June. This will impact PagesJaunes' results
for the second half of the year but is considered a one-off event.
Despite these events, free cash flow generation for 2011 is still
expected to remain positive although margin for maneuver is
reducing. Fitch expects the group's gross debt to EBITDA leverage
to be slightly higher at around 4.4x in FY11 compared with 4.1x,
but is still within the present rating parameters.
Ratings pressure could occur should the group's cash generation
capacity be impaired in a more definitive manner and credit
metrics deteriorate outside of Fitch's expectations. This includes
gross debt to EBITDA above 5.0x, negative post-dividend free cash
flow and eroding sales and EBITDA excluding the strikes' impact
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G E R M A N Y
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WALTER BAU: Administrator Can't Impound 2nd Jet, Thailand PM Says
-----------------------------------------------------------------
Bangkok Post reports that Thailand's outgoing Prime Minister
Abhisit Vejjajiva said Monday that a reported comment by a German
insolvency administrator that he was considering impounding a
second jet used by His Royal Highness Crown Prince Maha
Vajiralongkorn is totally out of line.
The German tabloid Bild am Sonntag reported that the Crown Prince
had the second plane flown over to Munich to replace the first one
after it was impounded by the court, according to Bangkok Post.
The news agency relates that Mr. Abhisit said there were no
grounds to impound the second aircraft.
Attorney General Chullasingh Vasantasingh had already explained
that the second jet is the Crown Prince's personal property and
has nothing to do with the government, Bangkok Post says.
Bangkok Post notes that the Office of the Attorney General is
preparing to appeal against the German court's ruling that the
impounded Boeing 737 belonging to the Crown Prince could be
released only upon the deposit of a EUR20 million (THB846 million)
bank guarantee.
As reported in the Troubled Company Reporter-Europe on July 15,
2011, BBC News said German administrators of Walter Bau AG have
impounded a jet used by Thailand's Crown Prince Vajiralongkorn, in
a dispute over an unpaid debt from 20 years ago. The
administrators said Thailand's government has refused to pay a
bill of more than EUR30 million (US$43 million) to a now-defunct
German construction firm. BBC News related that a spokesman for
Munich airport said the Boeing 737 was seized by court order, and
will remain grounded.
The action, according to Bangkok Post, was based on a decision in
2009 of the United Nations Commission on International Trade Law
for Thailand to pay Walter Bau more than EUR30 million for
breaching a bilateral investment treaty between Germany and
Thailand. Bangkok Post noted that the UN court found that the
Thai government breached the terms of a toll road concession
operated by a venture partly owned by Walter Bau. Mr. Schneider,
as cited by Bangkok Post, said the seizure followed repeated
refusals by the Thai government to pay money it owes the company.
Mr. Abhisit said the Office of the Attorney-General is in the
process of appealing to the Southern District Court of New York,
which last year ruled in favor of Walter Bau and ordered Thailand
to pay compensation to the firm, Bangkok Post relates.
Mr. Abhisit said the government will submit the appeal on July 29.
About Walter Bau
Headquartered in Augsburg, Germany, Walter Bau AG --
http://www.walter-bau.de/-- is a construction management and
construction technology group in Europe. It principal
activities include turnkey construction, building planning and
construction, civil engineering, utility constructions, traffic
infrastructure construction, and real estate. Walter Bau once
ranked number fourth in the local construction market behind
Hochtief, Bilfinger Berger and Strabag.
Walter Bau declared insolvency in February 2005 after creditor
banks refused to approve its restructuring plan. This denied
the company access to a EUR1.5 billion credit line. In his
report to the creditors, Mr. Schneider blamed the group's demise
to management errors and the downturn in the construction
industry.
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G R E E C E
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ANTENNA GROUP: S&P Affirms 'B' Long-term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to negative
from stable on Greece-based TV broadcaster Antenna Group S.A. "At
the same time, we affirmed our 'B' long-term corporate credit
rating on the group. Simultaneously, we withdrew all our ratings
on Antenna, at the group's request," S&P related.
"The outlook revision mainly reflects our view that the
uncertainties linked to the sovereign debt of Antenna's home
country Greece could ultimately lead to worse than expected
domestic economic and advertising markets over the next 12
to 18 months. Greece's economy is currently contracting at a
significant pace, and we believe the situation could deteriorate,
depending on the outcome of current negotiations on Greece's
sovereign debt maturities with other countries in the eurozone and
international financial institutions. Such a deterioration could
hamper the group's effort to restore meaningful profitability and
stem cash burn, despite the combined effects of a reported
increase in audience and TV advertising market share and of a cut
of about one-third of its cost base in 2010. We therefore believe
that if such a scenario materialized, it could result in a
progressive weakening of Antenna's liquidity position, which,
while remaining adequate in our view, is the main rating support,"
S&P stated.
"The withdrawal of all our ratings has been made at the group's
request. At the time of the withdrawal, it is our understanding
that the group had no rated debt outstanding," S&P said.
"We believe Antenna's cash balances and short-term investments
remain the main support for its liquidity position and ratings,
despite Standard & Poor's view that a Greek sovereign default is
possible in the short to medium term. While the group's liquidity
sources currently significantly exceed its gross debt, we believe
that any deterioration of the country's economic prospects
compared with our current expectations could hinder the group's
ability to restore profitability and could materially reduce
negative free cash flow generation. We currently anticipate that
the Greek advertising market will continue to fall about 20% in
2011," S&P added.
* GREECE: EU Leaders Unveil New Aid; Banks Back Bond Exchange
-------------------------------------------------------------
Simon Kennedy and Jonathan Stearns at Bloomberg News report that
after eight hours of talks in Brussels, leaders announced EUR159
billion (US$229 billion) of new aid for Greece on Thursday and
cajoled bondholders into footing part of the bill.
According to Bloomberg, the EU leaders also empowered their
EUR440 billion rescue fund to buy debt across stressed euro
nations after a market rout sparked concern the crisis was
spreading. The fund can also aid troubled banks and offer credit-
lines to repel speculators, Bloomberg notes.
The Greek financing package will consist of EUR109 billion from
the euro region and the International Monetary Fund, Bloomberg
discloses. Bloomberg relates that the leaders' communique said
financial institutions will contribute EUR50 billion after
agreeing to a series of bond exchanges and buybacks that will also
cut Greece's debt load.
Separately, Bloomberg News' Rebecca Christie reports that banks
pledged to participate in a bond exchange and debt buyback program
as part of a new rescue package for Greece as European leaders
sought to halt the spread of the region's sovereign debt crisis.
According to Bloomberg, the Institute of International Finance
said in a statement on Thursday that the role of banks, insurers
and other private investors will provide financing of EUR54
billion (US$77.6 billion) to Greece from mid-2011 to mid-2014,
building to a total of EUR135 billion through 2020.
The plan followed weeks of discussions among banking officials in
Rome, Paris and Berlin as well as meetings with European Union
leaders during an emergency summit in Brussels on Thursday,
Bloomberg relates. It is part of a broader effort to draw a line
under the escalating debt crisis that began with Greece and
threatens to engulf Spain and Italy, Bloomberg notes.
The agreement to swap privately held bonds into 15- and 30- year
debt where the principal is "almost completely collateralized"
will remove the risk of the euro region collapsing, Bloomberg
quotes analysts at Sanford C. Bernstein & Co. led by Dirk
Hoffmann-Becking as saying in a note to clients on Friday.
Bloomberg notes that the IIF said the target participation rate by
private investors is 90%. As a result of the program, the average
maturity of privately held Greek debt will extend from six years
to 11 years, Bloomberg states. The IIF, as cited by Bloomberg,
said that the stock of debt will be reduced by EUR13.5 billion
through the bond exchange program, "and potentially much more
through a debt buyback program that is to be defined by the
official sector."
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I R E L A N D
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ALLIED IRISH: Reports Tentative Results of Notes Tender Offer
-------------------------------------------------------------
Allied Irish Banks, p.l.c., previously announced that it was
inviting all holders of the Bank's Notes to (i) tender any and all
of the Notes for purchase by the Bank for cash, and (ii) consent
to certain modifications of the terms of the Notes.
The AIB Offer was made upon the terms and subject to the
conditions contained in the tender and consent memorandum.
In conjunction with the invitation to tender any and all of the
Notes, the Bank invited holders of each Series of Notes to
consider, and, if thought fit, pass, the relevant Extraordinary
Resolution in relation to certain modifications of the terms of
each Series of the Notes as further described in the Tender and
Consent Memorandum.
The Bank announced the provisional aggregate nominal amount of
each Series of Notes validly tendered pursuant to the relevant AIB
Offer:
Provisional Aggregate
Nominal Amount of
Notes Description Notes Validly Tendered
----------------- ----------------------
EUR400,000,000 Subordinated Callable
Step-Up Floating Rate Notes due 2015 EUR47,936,000
GBP700,000,000 Callable Dated Subordinated
Fixed to Floating Rate Notes due July 2023 GBP35,350,000
EUR419,070,000 10.75 per cent.
Subordinated Notes due 2017 EUR208,705,000
If the Bank accepts the Notes validly tendered for purchase, the
Bank expects that the tender offer and related consent invitation
launched on May 13, 2011, in respect of eighteen series of
securities issued by the Bank, AIB UK 1 LP, AIB UK 2 LP and AIB UK
3 LP will generate approximately EUR2.0bn of Core Tier 1 capital
following completion of the AIB Offer.
As soon as reasonably practicable after conclusion of the Meetings
on Friday, July 22, 2011, the Bank expects to announce whether (i)
it accepts for purchase Notes validly tendered in the relevant AIB
Offer and the aggregate nominal amount (if any) of Notes of each
Series accepted for purchase, and (ii) the Extraordinary
Resolutions in relation to the Notes have been passed.
Payment of the Purchase Price in respect of Notes validly tendered
in the relevant AIB Offer and accepted for purchase is expected to
be made on July 25, 2011.
About Allied Irish Banks, p.l.c.
Allied Irish Banks, p.l.c. -- http://www.aibgroup.com/-- is a
major commercial bank based in Ireland. It has an extensive
branch network across the country, a head office in Dublin and a
capital markets operation based in the International Financial
Services Centre in Dublin. AIB also has retail and corporate
businesses in the UK, offices in Europe and a subsidiary company
in the Isle of Man and Jersey (Channel Islands).
Since the onset of the global and Irish financial crisis, AIB's
relationship with the Irish Government has changed significantly.
As at Dec. 31, 2010, the Government, through the National Pension
Reserve Fund Commission ("NPRFC"), held 49.9% of the ordinary
shares of the Company (the share of the voting rights at
shareholders' general meetings), 10,489,899,564 convertible non-
voting ("CNV") shares and 3.5 billion 2009 Preference Shares. On
April 8, 2011, the NPRFC converted the total outstanding amount of
CNV shares into 10,489,899,564 ordinary shares of AIB, thereby
increasing its holding to 92.8% of the ordinary share capital.
In addition to its shareholders' interests, the Government's
relationship with AIB is reflected through formal and informal
oversight by the Minister and the Department of Finance and the
Central Bank of Ireland, representation on the Board of Directors
(three non-executive directors are Government nominees),
participation in NAMA, and otherwise.
As reported by the TCR on May 31, 2011, KPMG, in Dublin, Ireland,
noted that there are a number of material economic, political and
market risks and uncertainties that impact the Irish banking
system, including the Company's continued ability to access
funding from the Eurosystem and the Irish Central Bank to meet its
liquidity requirements, that raise substantial doubt about the
Company's ability to continue as a going concern.
The Company reported a net loss of EUR10.16 billion on
EUR1.84 billion of interest income for 2010, compared with a net
loss of EUR2.33 billion on $2.87 billion of interest income for
2009.
The Company's balance sheet at Dec. 31, 2010, showed
EUR145.2 billion in total assets, EUR140.9 billion in total
liabilities, and stockholders' equity of EUR4.3 billion.
ANGLO IRISH: AIB Begins Probe Into Potential Fraud
--------------------------------------------------
Geoff Percival at Irish Examiner reports that AIB has begun an
investigation into potential instances of fraud relating to the
deposit book of Anglo Irish Bank, which it acquired earlier this
year.
Irish Examiner relates that in a short statement issued on Sunday,
the bank said that it started the investigation following a recent
customer inquiry and was quick to add that whether or not it finds
any proof of fraudulent activity having occurred, that none of its
customers will suffer any financial loss.
According to Irish Examiner, it added that the bank is currently
collaborating closely with Anglo Irish Bank on the investigation
and that the Garda Bureau of Fraud Investigation and the Central
Bank have been informed.
It is thought, however, that the probe is focusing on a relatively
small number of funds and that the amount of money involved is
relatively minor, Irish Examiner notes.
AIB acquired EUR8.6 billion worth of Anglo Irish Bank deposits
back in February as part of the wind-down process of Anglo and
Irish Nationwide (the latter's deposit book transferring to Irish
Life & Permanent), Irish Examiner recounts.
As reported by the Troubled Company Reporter-Europe on July 1,
2011, BreakingNews.ie related that The European Commission cleared
a bailout plan for Anglo Irish Bank and the Irish Nationwide
Building Society. BreakingNews.ie disclosed that the proposal,
which was submitted for approval in January, provides for the
merger of the two troubled institutions and their winding down
over the next 10 years. Anglo Irish and Irish Nationwide jointly
received EUR34.7 billion in capital injections from the State to
cover losses on property loans, BreakingNews.ie noted.
Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking. The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions. The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions. In addition, at Sept. 30,
2008, its non-retail deposits included deposits from Irish
Life Assurance plc. The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.
BANK OF IRELAND: In Talks with Potential Equity Investors
---------------------------------------------------------
Conor Keane at Irish Examiner reports that Bank of Ireland Plc
could remain the only major Irish bank not under state control, if
talks with international investors interested in taking a multi-
million euro stake in the lender come to fruition.
According to Irish Examiner, a successful deal could save the
Exchequer up to EUR1.5 billion as the state has underwritten a
EUR1.91 billion share sale through which the bank is endeavoring
to persuade mostly retail investors to buy new shares in the
troubled lender.
In an unusual move on Saturday afternoon the Department of Finance
disclosed that it was involved in negotiations with potential
investors, Irish Examiner relates. The negotiations continued
into Sunday, Irish Examiner recounts.
"The State is in discussions with potential equity investors in
Bank of Ireland in relation to a possible material investment in
the bank. As at the time of this announcement, these discussions
continue and may or may not lead to a transaction. It is not
possible to say anything further at this time in relation to the
ongoing discussions," Irish Examiner quotes a departmental
spokesman as saying in an emailed statement.
Separately, Dara Doyle at Bloomberg News reports that Finance
Minister Michael Noonan said the state agreed to sell a
EUR1.12 billion stake in Bank of Ireland to a group of unnamed
investors. According to Bloomberg, Mr. Noonan said in a statement
on Sunday that the private sector's stake in the bank will be a
minimum of 68% following a share sale this week.
Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services. These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre. It has operations throughout Ireland,
the United Kingdom, Europe and the United States.
* * *
As reported by the Troubled Company Reporter-Europe on July 25,
2011, DBRS Inc. downgraded the ratings of certain subordinated
debt issued by The Governor and Company of the Bank of Ireland to
"D" from "C". The downgrade follows the execution of the Group's
note exchange offer.
BANK OF IRELAND: DBRS Downgrades Subordinated Debt Ratings to 'D'
-----------------------------------------------------------------
DBRS Inc. has downgraded the ratings of certain subordinated debt
issued by The Governor and Company of the Bank of Ireland to "D"
from "C". The downgrade follows the execution of the Group's note
exchange offer.
Almost all of these instruments have been extinguished. The
default status for the exchanged or purchased and now-extinguished
notes reflect DBRS's view that bondholders were offered limited
options, which is considered a default under DBRS policy, as
discussed in DBRS's press release dated June 13, 2011.
However, the holders of the Dated Subordinated Notes due Sept 2015
(ISIN CA062786AA67) issued by Bank of Ireland have until August 8,
2011 to tender their notes and vote on the extraordinary
resolutions as put forth by the Bank of Ireland. As such, the
rating of this security remains at "C", Under Review with Negative
Implications, where they were placed on October 1, 2010, pending
the finalization of the exchange results. Previously, DBRS
maintained one rating on its website for all Dated Subordinated
Debt issued by the Bank of Ireland. To reflect that this security
remains outstanding, DBRS has individually listed this security on
its Web site.
Moreover, holders of certain subordinated instruments of the Bank
of Ireland rejected the proposed extraordinary resolutions
included in the exchange offer; as such, the ratings of these
instruments will remain at "C", Under Review with Negative
Implications, where they were placed on October 1, 2010. Similar
to the aforementioned notes, to reflect the results of the
exchange offer, DBRS has individually listed each subordinate bond
that remains outstanding on its website.
KILDARE SECURITIES: Moody's Downgrades Rating on RMBS Deals
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 30
tranches of 14 Irish residential mortgage-backed securities (RMBS)
transactions.
RATINGS RATIONALE
The rating action reflects: 1) the decline in the credit quality
of the Irish government's sovereign debt as indicated in Moody's
downgrade of the rating of its debt to Ba1 from Baa3 of on
July 12, 2011; 2) the failure by relevant counterparties to either
comply with trigger breaches or to implement in a timely fashion
proposed structural changes to mitigate the risk of disruption in
the performance of major transaction parties and 3) the increased
likelihood of severe events, which means that Moody's expects that
Irish RMBS transactions will no longer retain or achieve a rating
higher than A1(sf), which is six notches above the government's
rating.
- HIGHEST RATING FOR MOST IRISH RMBS TRANSACTIONS IS A1(sf)
Moody's revision to A1(sf) of the maximum achievable rating for
Irish RMBS transactions from its prior level of Aa2(sf), reflects
the continued weakness in the Irish economy and the challenges the
government is facing in implementing its fiscal consolidation
plan. In particular, there is a growing possibility that Ireland
will need further official financing before being able to access
the market. The maximum rating achievable for Irish structured
finance transactions reflects the rating level beyond which
structural features or credit enhancement cannot fully mitigate
the impact of highly severe events and the level of uncertainty
around them in the context of the extreme weakening of sovereign
financial strength. The consequences of these events, include
possible changes in the terms or enforcement of certain debt
contracts that could overwhelm the benefits of credit enhancement
and structural mitigants. Moody's explained the relationship
between sovereign ratings and structured finance ratings in a
special report, "Assessing the Impact of the Eurozone Sovereign
Debt Crisis on Structured Finance Transactions", published in
April 2011.
Moody's has therefore downgraded to A1(sf) 20 tranches in 9
transactions that it had rated above this maximum achievable
rating. These tranches include senior notes in 6 Celtic
transactions (Celtic 11,12,13,14, 15 and 16) and senior notes in 3
Phoenix transactions (Phoenix 2,3 and 4).
- INCREASED COLLATERAL RISK
The risk of Irish mortgages has been steadily increasing and will
continue to do so. Delinquency rates have increased systematically
over the past year and 90-plus arrears in Irish Prime RMBS rose to
7.6% in April 2011 from 4.6% in April 2010. Redemption rates
declined to 3.6% in April 2011 from 4.7% in April 2010 while
realized losses are still very low because of legal and regulatory
disincentives to foreclosure on properties. Last March 2011,
Moody's increased lifetime loss assumptions for all Irish RMBS
transactions in consideration of rapidly deteriorating asset
performance. The extent of ongoing deterioration will determine if
further increases in lifetime loss assumptions are appropriate.
As a result of the increasing risk of Irish mortgages in light of
the weakening Irish economy and the declining credit quality of
the Irish sovereign debt, the credit enhancement for some
transactions is not sufficient to withstand the higher risk of
severe events.
Moody's has concluded that the credit enhancement of class A notes
in Celtic 9 (11.6%) is not commensurate with the current rating of
this note in consideration of the greater sovereign risk and the
performance of this transaction to date. Therefore, Moody's has
downgraded to Baa1(sf) from A3(sf) the senior notes issued by
Celtic 9.
RMBS senior tranches may retain A1(sf) only if they benefit from
high credit enhancement, ranging from 20% to 25%, and have low
performance disruption risk, as described below.
- INCREASING RISK OF PERFORMANCE DISRUPTION AND COMMINGLING RISK
In line with rating guidance entitled "Global Structured Finance
Operational Risk Guidelines: Moody's Approach to Analyzing
Performance Disruption Risk", published in March 2011, Moody's has
taken rating actions to reflect the adverse impact of the
potential deterioration of credit quality of transaction parties
in Irish RMBS.
The deterioration of the credit quality of Irish banks led to many
of the rating actions on Irish RMBS. Servicers of most Irish RMBS
are Irish banks, the rating of many of which had fallen to non-
investment grade in March. The transactions' calculation agents
and cash managers are either Irish banks or other European or
American banks. In assessing the impact of the potential
deterioration of transaction parties, Moody's addresses the credit
quality of the parties together with mitigants of their risk,
including the amount of liquidity and back-up servicing
arrangements.
The finalization of many of the rating actions on RMBS depends on
proposals to strengthen the mitigants. In March 2011 Moody's had
downgraded 50 tranches in 17 prime Irish RMBS and maintained on
review for downgrade the ratings of 16 tranches in nine
transactions pending the implementation of a variety of proposals
put forward by transaction sponsors to address performance
disruption risk. Thus far, Moody' has received final drafts and
definitive timelines for implementation for the following
transactions: Emerald 5, Fastnet 3, Fastnet 5, Fastnet 6 and
Fastnet 7. Moody's maintains on review the senior ratings in these
transactions and expects to conclude the review within the next
month. Moody's has downgraded the senior notes in the remaining 4
transactions because Moody's has not received any short term
implementation plan so far as discussed in detail further below.
The adequacy of the mitigants depends on the amount of liquidity
as well as back-up arrangements. For transactions that have
adequate liquidity and have servicers rated Baa3 or above, the
senior notes can retain A1(sf) ratings, subject to minimum credit
enhancement tests described above. Transactions serviced by Irish
banks that have non-investment grade ratings but benefit from
certain features can retain ratings of A1(sf), again subject to
credit enhancement tests. These features include having a back up
servicer in place, independent cash managers, sufficient
liquidity, and so-called "estimates" language in the transaction
documents, which would allow continuity of note payment if the
servicer fails to produce a servicing report. In the case of
transactions without sufficient mitigants to payment disruption
risk and with a servicer rated below investment grade, the highest
senior debt ratings would be Baa1(sf) and below because of Moody's
conclusion that the risk of performance disruption is not
consistent with single-A ratings. The rating action also takes
into account increased commingling risk in transactions with a
non-prime issuer account bank.
Emerald Mortgages No. 5 Limited
Moody's maintains the senior notes of this transaction on review
because an appointment of a backup servicer is in process. In
February 2011, EBS Ltd. ("EBS", Ba2/NP) restructured Emerald to
mitigate the performance disruption risk in the transaction. The
Issuer had appointed Deutsche Bank AG, London Branch(Aa3/(P)P-1),
as back-up cash manager and Ulster Bank Ireland Limited (A2 / P-1,
both on review for downgrade) as issuer account bank. Moody's
placed on review for downgrade the senior notes, pending the
appointment of a back-up servicer at that time. EBS has notified
Moody's that the appointment process is due to be completed in
August.
Fastnet Transactions (2, 3, 4, 5, 6, 7 and 8)
The progress in addressing performance disruption risk varies
across these transactions. Irish Life & Permanent plc ("IL&P",
Ba2/NP) acts in various roles in these transactions and is the key
transaction party that presents performance disruption risk.
Moody's has received proposals to restructure some of the
transactions.
In Fastnet 3 and Fastnet 6, progress is happening quickly, and
Moody's maintains on review the ratings of the senior notes
pending finalization of a back-up servicing arrangement. The
issuer account bank is BNP Paribas Securities Service, London
Branch ("BNPSL", Aa2 on review for downgrade/P-1), guaranteed by
BNP Paribas ("BNP", Aa2 on review for downgrade/P-1). BNPSL is
also the back-up cash manager and BNP is the back-up servicer
facilitator. There is enough liquidity in the transactions, and
cash manager is able to make payments independently from the
receipt of servicer reports during a servicing disruption. In
February 2011, Moody's assigned A1(sf) ratings, under review for
possible downgrade to Fastnet 3 and Fastnet 6, pending the
appointment of a back-up servicer. Moody's has been notified that
a back-up servicer has been found and that the parties will sign
final documents within the next few weeks.
In Fastnet 5 and Fastnet 7, mitigants will soon be in place, and
Moody's therefore maintains on review the rating of the senior
notes pending finalization of the mitigation plans. IL&P still
acts as the issuer account bank and mortgage administrator.
Moody's has received draft documents with regards to the
introduction of servicer report estimation language, the
appointment of a third-party issuer account bank, back-up
servicer, bank-up servicer facilitator and back-up cash manager.
The Issuers' agent has notified Moody's that the parties will sign
final documents within the next month.
Fastnet 2 and Fastnet 4 have not yet succeeded in putting
mitigants into place, and Moody's has downgraded to Baa2(sf) the
senior notes of both transactions. There is no back-up servicer,
back-up servicer facilitator or back-up cash manager in these
transactions. The restructure proposals do not include the
introduction of servicer report estimation language and the
appointment of a back-up servicer facilitator. In addition,
Moody's has not received a definitive timeline for the
implementation of the amendments. The high linkage in these
transactions to IL&P has therefore prompted Moody's downgrade.
In Fastnet 8, Moody's is concerned about payment continuity in
case of servicer disruption and has therefore downgraded to
Baa1(sf) the notes issued by Fastnet 8. The issuer account bank is
BNP Paribas ("BNP", Aa2 on review for downgrade/P-1). The trustee
will appoint a back-up servicer, but there will be no back-up cash
manager or back-up servicer facilitator. The cash management
agreement does not contemplate estimation language.
Kildare Securities Limited
Moody's is concerned about the linkage with ICS in this
transaction increasing both operational risk and credit
commingling exposure. Moody's has therefore downgraded the notes
issued by Kildare Securities Limited to Baa1(sf). ICS Building
Society ("ICS", Ba1/NP) acts as the issuer account bank, GIC
account bank and servicer. There is no back-up servicer, back-up
servicer facilitator or back-up cash manager in the transaction.
Although the trustee has notified Moody's that it will move the
GIC account to a third party, the issuer account will remain with
ICS.
RATING METHODOLOGIES
The determination of the highest achievable ratings and minimum
credit enhancement requirements described above complement the
applicable principal methodologies for each asset class.
The principal methodology used in this rating was Moody's Approach
to Rating RMBS in Europe, Middle East, and Africa, published in
October 2009.
MCINERNEY GROUP: Faces Receivership; Court Rejects Rescue Plan
--------------------------------------------------------------
Barry O'Halloran and Mary Carolan at The Irish Times report that
receivers to take control of McInerney on behalf of three banks
owed EUR113 million after the Supreme Court on Friday ruled
against a rescue plan for the business backed by US private equity
fund Oaktree Capital.
The ruling ends the process that began last August when the High
Court appointed Bill O'Riordan of PricewaterhouseCoopers as
examiner to five of the group's Irish firms, and lifts the
protection from creditors given to the business at that point, The
Irish Times notes.
As a result, three banks -- Anglo Irish, Bank of Ireland and KBC
-- are to appoint receivers, said to be accountancy firm KPMG, to
the firms, The Irish Times states. The banks had proposed to
regain their debt through a 10-year receivership, during which the
companies' sites would be developed and the houses sold, The Irish
Times recounts.
Meanwhile, the board of their parent, McInerney Holdings plc, will
go ahead with an extraordinary general meeting on Friday, where it
will ask shareholders to place that entity in liquidation, The
Irish Times discloses. Its British and Spanish operations have
been sold and the proceeds used to pay other bank debts, The Irish
Times says.
According to The Irish Times, the rescue plan involved an offer of
EUR25 million from Oaktree to the banks in final settlement of the
debt. The US fund was prepared to invest up to EUR54 million,
including the bank settlement, in the Irish business, which it
believed had a long-term future, The Irish Times states.
About McInerney
McInerney Holdings plc -- http://www.mcinerneyholdings.eu/-- is a
home builder and regional home builder in the North and Midlands
of England. It also undertakes commercial and leisure projects in
Ireland, United Kingdom and Spain. It operates in Ireland, the
United Kingdom and Spain. The main trading activities of the
Company's Irish home building business during the year ended
December 31, 2008, consisted of construction of private houses,
trading in developed sites and land, development of residential
land for third-parties and in joint-ventures, and contracting for
third-parties. The Company's commercial property development
division, Hillview Developments Ltd (Hillview), develops
industrial units in the Greater Dublin area. Hillview completed
1,223 square meters of industrial units as of December 31, 2008.
Its Spanish division, Alanda Group, is developing freehold
apartment schemes. As of December 31, 2008, the Company completed
1,359 private and contracting residential units in Ireland, the
United Kingdom and Spain.
QUINN GROUP: Bankruptcy Hearing for Russian Unit Set for August
---------------------------------------------------------------
Simon Carswell at The Irish Times reports that a Moscow court has
adjourned until next month a hearing to declare bankrupt a Russian
company within the international property group of the family of
businessman Sean Quinn.
According to The Irish Times, the Moscow court of arbitration will
hear the bankruptcy petition from the company, Finansstroy, on
August 24 after ruling on Friday that it had insufficient
documentation to proceed with the case at the scheduled hearing.
Anglo Irish Bank and the Quinns are battling for control of the
family's international group which has properties in Russia,
Ukraine, Turkey and India worth an estimated EUR500 million, The
Irish Times discloses.
Legal proceedings between the two sides have been taken in
Ireland, Sweden, Cyprus and Russia, The Irish Times recounts.
The Irish Times says the family is seeking to have Finansstroy
made bankrupt and to appoint their own insolvency practitioner to
the company, which has valuable properties in Russia, including
the Kutuzoff office block in an upmarket area of Moscow.
The bank is owed about EUR2.9 billion by the family and has
appointed a receiver to take control of companies in Ireland and
Sweden behind the properties, The Irish Times discloses.
Anglo secured the appointment of a bankruptcy receiver to the
group's main international company, Quinn Investments Sweden, in a
Stockholm court on July 5, The Irish Times recounts.
Quinn Group ROI Ltd. controls its cement, building materials,
glass and other manufacturing businesses in Ireland and Britain
through its ownership of Quinn Group, an operating entity
registered in Northern Ireland.
=========
I T A L Y
=========
ARES FINANCE: S&P Lowers Ratings on Two Classes of Notes to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
ARES FINANCE 2 S.A.'s class D and E notes to 'D (sf)'.
The maturity date of the notes is July 22, 2011. The rating
actions follow the receipt of notice from ARES FINANCE 2
confirming that it will not fully repay its class D and E notes.
"We have been informed too that the maturity date of the notes has
been extended to July 22, 2015," S&P said.
"Our ratings on the notes are our opinions of the issuer's ability
to meet interest payment obligations on a timely basis and
principal obligations on the original scheduled note maturity date
(July 22, 2011). Accordingly, we have lowered our ratings on these
notes to 'D (sf)'," S&P related.
ARES FINANCE 2 is a commercial mortgage-backed securities (CMBS)
transaction that securitizes a pool of secured and unsecured
nonperforming loans (NPLs) originated in Italy by Banca Nazionale
del Lavoro SpA (AA-/Negative/A-1+).
Ratings List
Rating
Class To From
ARES FINANCE II S.A.
EUR684.9 Million Asset-Backed Floating-Rate Notes
Ratings Lowered
D D (sf) CCC (sf)
E D (sf) CCC (sf)
ATLANTE FINANCE: Moody's Lowers Rating on C Certificate to 'B3'
---------------------------------------------------------------
Moody's Investors Service has downgraded the class A, B and C
notes issued by Atlante Finance Srl.
RATINGS RATIONALE
The rating action reflects: (i) deterioration in the performance
of the underlying collateral portfolio, in particular the
commercial portion of the portfolio; (ii) increased concentration
among top borrowers, most of which have exposure to commercial
real estate; and (iii) the reduction in credit enhancement due to
poor performance. The rating action also concludes the rating
review of the transaction, following the implementation on 2 March
2011 of Moody's rating guidance entitled "Global Structured
Finance Operational Risk Guidelines: Moody's Approach to Analyzing
Performance Disruption Risk."
-- OPERATIONAL RISK
Moody's placed the senior and mezzanine notes of the transaction
on downgrade review because of the lack of a back-up servicer
facilitator while the servicer Unipol Banca is rated Baa2/P-
2/D+/Negative. Moody's believes that the current structure is now
consistent with the ratings of the class A and B notes, following
their downgrade to Aa1(sf) and A1(sf), respectively.
-- COLLATERAL PERFORMANCE
Atlante Finance Srl is a repackaging of Grecale ABS Srl, a
securitization transaction closed in May 2006 which purchased a
mixed-pool portfolio of mortgage loans made to Italian commercial,
residential and public sector borrowers. Following a sharp rise in
defaults over the past 18 months, the cumulative default rate now
stands at 10.5% of the original portfolio balance, compared with
4.4% at year-end 2009. Commercial borrowers in particular have
contributed to the sharp increase in defaults, with the cumulative
default rate reaching approximately 13.7% over the original
commercial pool balance as at the end of March 2011. Residential
borrowers also showed weaker performance compared to the Italian
RMBS index. The residential borrower cumulative default rate in
March 2011 stood at 5.4%, while the Italian RMBS index rate was
2.0% in February 2011. The performance of the public sector loan
portfolio has been in line with expectations as no default has
occurred since closing.
Cumulative recoveries measured as a percentage of cumulative
defaults, stood at 23% as at March 2011. All defaulted loans are
backed by mortgages either commercial or residential properties.
Moody's believes that the low recovery rate can be attributed to
the extended period of time it takes to fully recover a defaulted
loan in the Italian market. This time to full recovery can
typically be anywhere up to six years.
-- BORROWER CONCENTRATION
The top borrower of the underlying collateral contributes 6.8% to
the outstanding portfolio. The top five borrowers reach 20.0% and
the top 10 borrowers reach 30.0% levels. This compares with 4.4%
for the top borrower, 17.6% for the top five borrowers and 26.0%
for the top 10 borrowers in the initial portfolio. In addition,
the majority of the top borrowers are active in the building and
construction sector. Moody's considers this sector to be riskier
relative to other industries. Moody's assumed a stressed default
probability equivalent to Caa2 rating on these large exposures.
-- CREDIT ENHANCEMENT
Credit enhancement in this transaction increased for the class A
and B notes to 33.0% and 28.0%, respectively, from the original
16.5% and 14.5%. For class C, credit enhancement dropped to 2.0%
from the original 5.0%. In the case of Atlante Finance, Moody's
calculated the current credit enhancement as being the available
subordination adjusted for the performing pool balance and the
under-collateralization caused by the unpaid principal deficiency
ledger (PDL). As of March 2011, the unpaid PDL stood at EUR82.8
million, or 13.8% of the outstanding note balance.
-- KEY REVISED ASSUMPTIONS: CUMULATIVE DEFAULT, VOLATILITY AND
RECOVERY RATE
Moody's has increased its lifetime default expectation for the
Atlante Finance collateral portfolio, factoring in: (i) the poor
collateral performance to date; and (ii) any likely performance
deterioration of the pool in the current cycle. In doing so,
Moody's took into account the transactions' exposure to the real
estate sector, either through security in the form of a mortgage
or debtors operating in real estate.
Given the three different types of borrower and the negative
outlook on these sectors, Moody's has maintained its default
probability assumption in the low-single-B range for commercial
debtors; the Ba-range for residential borrowers; and the Baa-range
for public sector borrowers. Moody's currently estimates the
remaining weighted average life of the portfolio to be six years.
These revised assumptions have translated into a rise in the
cumulative mean default assumption equal to 20.3% of the current
portfolio balance (equivalent to the mid B rating category). This
assumption on future defaults implies a revised cumulative mean
default calculation for the entire life of the transaction of
17.6% of the original portfolio balance (13.7% at closing in
2006).
The low granularity of the portfolio together with the
concentration in the building and real estate sector led Moody's
to use a Monte Carlo simulation to derive the gross default
distribution. Furthermore, Moody's could not allocate
approximately 44.6% of the borrowers (the majority being
residential borrowers) to a specific industry based on Moody's
Industry Allocation using NACE Rev 1.1. Moody's took this into
consideration by allocating these borrowers into one single
industry, therefore increasing the stress of the transaction's
volatility. The Monte Carlo simulation resulted in a coefficient
of variation of 52%.
Moody's reduced its recovery rate assumption to 60% from 81% at
closing. The standard deviation to model stochastic recoveries was
determined at 20%. Moody's further increased the correlation
between defaults and severity to better capture the fact that some
of the securities are commercial real estate properties with more
volatile market prices compared to residential property. Moody's
also assumed an additional recovery rate of 40% for loans already
defaulted which are part of the unpaid PDL.
Moody's assumes a constant prepayment rate (CPR) of 10%.
-- SENSITIVITIES TO CONCENTRATION RISK
Given the portfolio concentration in terms of borrower size,
Moody's also analyzed the impact of a sudden default of the
performing portfolios' top exposures. The defaults of the top
exposures would lead to: (ii) an significant increase in the
unpaid PDL; (ii) an increase of the average pool quality; and
(iii) a reduction of the credit enhancement. In the following
analysis Moody's tested the impact of different recovery rates
ranging between 40% to 60% on defaulted loans in the unpaid PDL.
For instance, the quantitative/model-indicated rating outcome of
the class A notes was between Aa2(sf) and Aaa(sf), of the class B
notes between Baa1(sf) and Aa2(sf) and of class C notes between
Ca(sf) and Caa2(sf).
TRANSACTION DETAILS
Atlante Finance Srl is a repackaging of Grecale ABS Srl, which
purchased a portfolio of loans to commercial, residential and
public sector borrowers in May 2006 with the majority of the loans
being originated by Unipol Banca (Baa2/P-2/D+/Negative). In March
2011, the performing portfolio consisted of 4,228 loans to 4,069
borrowers. The weight of the sub-portfolios has changed to 55%
from 63% for commercial borrowers, to 41% from 34% for residential
borrowers and to 4% from 3% for public sector borrowers. Most of
the loans were originated between 1986 and 2006. The weighted
average remaining term of the portfolio is 12.1 years. The
concentration of the loans in the building and real estate sector
according to Moody's industry classification was 32.9% as of March
2011.
Moody's initially used its CMBS methodology to analyze the
collateral portfolio of Atlante Finance Srl. Given the
heterogeneity of the underlying sub-portfolios and with the
majority of the borrowers being small and medium-sized Italian
companies, Moody's used Moody's approach to Rating CDOs of SMEs in
Europe, published in February 2007 as principal methodology in
this rating action.
Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes. The rating agency's ratings
address only the credit risks associated with the transaction.
Moody's has not addressed non-credit risks, which may have a
significant effect on yield to investors.
List of ratings affected:
Issuer: Atlante Finance Srl
-- EUR1202.5M A Certificate, Downgraded to Aa1 (sf); previously
on Mar 2, 2011 Aaa (sf) Placed Under Review for Possible
Downgrade
-- EUR28.8M B Certificate, Downgraded to A1 (sf); previously on
Mar 2, 2011 Aa3 (sf) Placed Under Review for Possible
Downgrade
-- EUR136.8M C Certificate, Downgraded to B3 (sf); previously
on May 30, 2006 Definitive Rating Assigned Baa3 (sf)
===================
L U X E M B O U R G
===================
HARVEST CLO: Moody's Upgrades Rating on Class E Notes to 'Caa1'
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Harvest CLO I S.A.:
Issuer: Harvest CLO I S.A.
-- EUR13.6M Class B-1 Senior Fixed Rate Notes due 2017,
Upgraded to Aa3 (sf); previously on Jun 22, 2011 A1 (sf)
Placed Under Review for Possible Upgrade
-- EUR31.4M Class B-2 Senior Floating Rate Notes due 2017,
Upgraded to Aa3 (sf); previously on Jun 22, 2011 A1 (sf)
Placed Under Review for Possible Upgrade
-- EUR32.5M Class C Senior Subordinated Deferrable Floating
Rate Notes due 2017, Upgraded to Baa3 (sf); previously on
Jun 22, 2011 Ba1 (sf) Placed Under Review for Possible
Upgrade
-- EUR22.5M Class D Senior Subordinated Deferrable Floating
Rate Notes due 2017, Upgraded to Ba3 (sf); previously on Jun
22, 2011 B3 (sf) Placed Under Review for Possible Upgrade
-- EUR11.5M Class E Senior Subordinated Deferrable Floating
Rate Notes due 2017, Upgraded to Caa1 (sf); previously on
Jun 22, 2011 Caa3 (sf) Placed Under Review for Possible
Upgrade
-- EUR6M Class Q Combination Notes due 2017, Upgraded to Ba3
(sf); previously on Jun 22, 2011 B3 (sf) Placed Under Review
for Possible Upgrade
-- EUR4M Class U Combination Notes due 2017, Upgraded to B2
(sf); previously on Jun 22, 2011 B3 (sf) Placed Under Review
for Possible Upgrade
The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For Classes
Q, the 'Rated Balance' is equal at any time to the principal
amount of the Combination Note on the Issue Date increased by the
Rated Coupon of six-month EURIBOR per annum respectively, accrued
on the Rated Balance on the preceding payment date minus the
aggregate of all payments made from the Issue Date to such date,
either through interest or principal payments. For Classes U,
which do not accrue interest, the 'Rated Balance' is equal at any
time to the principal amount of the Combination Note on the Issue
Date minus the aggregate of all payments made from the Issue Date
to such date, either through interest or principal payments. The
Rated Balance may not necessarily correspond to the outstanding
notional amount reported by the trustee.
RATINGS RATIONALE
Harvest CLO I S.A., issued in April 2004, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European and US loans. The portfolio is managed
by 3i Debt Management Investments Ltd. This transaction has passed
its reinvestment period and is now amortizing. It is predominantly
composed of senior secured loans.
According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011.
The actions reflect key changes to the modeling assumptions, which
incorporate (1) a removal of the temporary 30% default probability
macro stress implemented in February 2009, (2) increased BET
liability stress factors as well as (3) change to a fixed recovery
rate modeling framework. Additional changes to the modeling
assumptions include (1) standardizing the modeling of collateral
amortization profile, (2) changing certain credit estimate
stresses aimed at addressing time lags in receiving information
required for credit estimate updates, and (3) adjustments to the
equity cash-flows haircuts applicable to combination notes.
Portfolio metrics have been largely stable since the last rating
action in May 2011. Moody's notes that EUR34.3 million of assets
have repaid since then.
Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR348.8 million,
a weighted average default probability of 36.78% (consistent with
a WARF of 3678), a weighted average recovery rate upon default of
41.4%, and a diversity score of 31. The default probability is
derived from the credit quality of the collateral pool and Moody's
expectation of the remaining life of the collateral pool. The
average recovery rate to be realized on future defaults is based
primarily on the seniority of the assets in the collateral pool.
For a Aaa liability target rating, Moody's assumed that 85% of the
portfolio exposed to senior secured corporate assets would recover
50% upon default, while the remainder non first-lien loan
corporate assets would recover 10%. In each case, historical and
market performance trends and collateral manager latitude for
trading the collateral are also relevant factors. These default
and recovery properties of the collateral pool are incorporated in
cash flow model analysis where they are subject to stresses as a
function of the target rating of each CLO liability being
reviewed.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2014 which may create challenges for issuers to refinance. CDO
notes' performance may also be impacted by 1) the manager's
investment strategy and behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.
Sources of additional performance uncertainties are:
1) Deleveraging: The main source of uncertainty in this
transaction is whether delevering from unscheduled principal
proceeds will continue and at what pace. Delevering may
accelerate due to high prepayment levels in the loan market
and/or collateral sales by the manager, which may have
significant impact on the notes' ratings.
2) Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation
risk on those assets. Moody's assumes an asset's terminal value
upon liquidation at maturity to be equal to the lower of an
assumed liquidation value (depending on the extent to which the
asset's maturity lags that of the liabilities) and the asset's
current market value.
The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.
Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.
The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's EMEA
Cash-Flow model.
In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio. All information
available to rating committees, including macroeconomic forecasts,
input from other Moody's analytical groups, market factors, and
judgments regarding the nature and severity of credit stress on
the transactions, may influence the final rating decision.
Moody's also notes that around 73% of the collateral pool consists
of debt obligations whose credit quality has been assessed through
Moody's credit estimates. Large single exposures to obligors
bearing a credit estimate have been subject to a stress applicable
to concentrated pools as per the report titled "Updated Approach
to the Usage of Credit Estimates in Rated Transactions" published
in October 2009.
=====================
N E T H E R L A N D S
=====================
NORTH WESTERLY: Moody's Upgrades Rating on Class D Notes to 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by North Westerly CLO III B.V.:
Issuer: North Westerly CLO III B.V.
-- EUR290M Class A Senior Floating Rate Notes due 2022
(currently EUR279,760,628.09 outstanding), Upgraded to Aa1
(sf); previously on Jun 22, 2011 Aa2 (sf) Placed Under
Review for Possible Upgrade
-- EUR32M Class B Deferrable Interest Floating Rate Notes due
2022, Upgraded to Baa1 (sf); previously on Jun 22, 2011 Baa2
1(sf) Placed Under Review for Possible Upgrade
-- EUR17M Class C Deferrable Interest Floating Rate Notes due
2022, Upgraded to Ba1 (sf); previously on Jun 22, 2011 Ba2
(sf) Placed Under Review for Possible Upgrade
-- EUR15.5M Class D Deferrable Interest Floating Rate Notes due
2022, Upgraded to Ba3 (sf); previously on Jun 22, 2011 B1
(sf) Placed Under Review for Possible Upgrade
-- EUR14.5M Class E Deferrable Interest Floating Rate Notes due
2022, Upgraded to B1 (sf); previously on Jun 22, 2011 Caa2
(sf) Placed Under Review for Possible Upgrade
-- EUR6M Class R Combination Notes due 2022, Upgraded to Ba1
(sf); previously on Jun 22, 2011 B1 (sf) Placed Under Review
for Possible Upgrade
-- EUR10M Class P Combination Notes due 2022, Upgraded to Ba2
(sf); previously on Jun 22, 2011 B2 (sf) Placed Under Review
for Possible Upgrade
The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For Classes
R, the 'Rated Balance' is equal at any time to the principal
amount of the Combination Note on the Issue Date increased by the
Rated Coupon of 0.25% per annum respectively, accrued on the Rated
Balance on the preceding payment date minus the aggregate of all
payments made from the Issue Date to such date, either through
interest or principal payments. For Class P, which does not have
Rated Coupon, the 'Rated Balance' is equal at any time to the
principal amount of the Combination Note on the Issue Date minus
the aggregate of all payments made from the Issue Date to such
date, either through interest or principal payments. The Rated
Balance may not necessarily correspond to the outstanding notional
amount reported by the trustee.
RATINGS RATIONALE
North Westerly CLO III B.V., issued in August 2006, is a single
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield European loans. The portfolio is
managed by NIBC Bank N.V. This transaction will be in reinvestment
period until October 2012. It is predominantly composed of senior
secured loans.
According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011.
The actions reflect key changes to the modeling assumptions, which
incorporate (1) a removal of the temporary 30% default probability
macro stress implemented in February 2009, (2) increased BET
liability stress factors as well as (3) change to a fixed recovery
rate modeling framework. Additional changes to the modeling
assumptions include (1) standardizing the modeling of collateral
amortization profile, and (2) changing certain credit estimate
stresses aimed at addressing time lags in receiving information
required for credit estimate updates
Moody's also notes that this action also reflects improvements of
the transaction performance since the last rating action.
Improvement in the credit quality is observed through a decrease
in the proportion of securities from issuers rated Caa1 and below.
In particular, as of the latest trustee report dated May 2011,
securities rated Caa or lower make up approximately 8.54% of the
underlying portfolio versus 13.48% in October 2009. Additionally,
there is no defaulted security currently in the underlying
portfolio. The overcollateralization ratios of the rated notes
have also improved since the rating action in December 2009. The
Class A, Class B, Class C, Class D and Class E
overcollateralization ratios are reported at 136.53%, 122.52%,
116.18%, 110.95% and 106.47%, respectively, versus October 2009
levels of 129.22%, 116.10%, 110.16%, 105.25%, and 100.73%,
respectively, and all related overcollateralization tests are
currently in compliance. Moody's also notes that the Class E Notes
are no longer deferring interest and that all previously deferred
interest has been paid in full.
Trustee reported WARF has increased from 2845 to 2932 from October
2009 to May 2011. The change in reported WARF understates the
actual credit quality improvement because of the technical
transition related to rating factors of European corporate credit
estimates, as announced in the press release published by Moody's
on 1 September 2010.
Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR387 million,
defaulted par of zero, a weighted average default probability of
24.65% (consistent with a WARF of 3135), a weighted average
recovery rate upon default of 45.41%, and a diversity score of 35.
The default probability is derived from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The average recovery rate to be realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating, Moody's
assumed that 89% of the portfolio exposed to senior secured
corporate assets would recover 50% upon default, while the
remainder non first-lien loan corporate assets would recover 10%.
In each case, historical and market performance trends and
collateral manager latitude for trading the collateral are also
relevant factors. These default and recovery properties of the
collateral pool are incorporated in cash flow model analysis where
they are subject to stresses as a function of the target rating of
each CLO liability being reviewed.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2014 which may create challenges for issuers to refinance. CDO
notes' performance may also be impacted by 1) the manager's
investment strategy and behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.
Sources of additional performance uncertainties are:
1) Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which may be
extended due to the manager's decision to reinvest into new
issue loans or other loans with longer maturities and/or
participate in amend-to-extend offerings. Moody's tested for a
possible extension of the actual weighted average life in its
analysis.
2) Other collateral quality metrics: The deal is allowed to
reinvest and the manager has the ability to deteriorate the
collateral quality metrics' existing cushions against the
covenant levels. Moody's analyzed the impact of assuming lower
of reported and covenanted values for weighted average rating
factor, weighted average spread, weighted average coupon, and
diversity score. However, as part of the base case, Moody's
considered spread level higher than the covenant level due to
the large difference between the reported and covenant levels.
The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.
Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.
The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's CDOEdge
model.
In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio. All information
available to rating committees, including macroeconomic forecasts,
input from other Moody's analytical groups, market factors, and
judgments regarding the nature and severity of credit stress on
the transactions, may influence the final rating decision.
Moody's also notes that around 83% of the collateral pool consists
of debt obligations whose credit quality has been assessed through
Moody's credit estimates. Large single exposures to obligors
bearing a credit estimate have been subject to a stress applicable
to concentrated pools as per the report titled "Updated Approach
to the Usage of Credit Estimates in Rated Transactions" published
in October 2009.
===========
S W E D E N
===========
SAAB AUTOMOBILE: Unit's Bankruptcy Averted Following Debt Deal
--------------------------------------------------------------
Anna Ringstrom and Greg Roumeliotis at Reuters report that
Saab Automobile on Friday appeared to have fended off a demand for
one of its units to be declared bankrupt when it reached a
settlement with a supplier.
Car production at Saab, rescued from bankruptcy in early 2010 by
Netherlands-based Swedish Automobile, ground to a standstill in
April because suppliers who had not been paid refused to deliver
the necessary components, Reuters recounts.
"We got fed up when they never got back to us. This is a great
deal of money for us," Lars Thunberg, chairman of the SwePart
Verktyg AB company which filed the application for bankruptcy,
told Reuters.
SwePart is owed about SEK5.9 million Swedish (US$934,000) for
tools, Reuters says, citing the bankruptcy filing released by the
Vanersborg district court in west Sweden. Saab's production plant
is in Trollhatten, in the same region, Reuters discloses. The
bankruptcy filing was against Saab Automobile Tools AB, Reuters
notes.
According to Reuters, SwePart said in the document that "More than
one week has passed from the summons and payment has not yet been
made. Saab Automobile should therefore be considered insolvent."
Swedish Automobile said later on Friday it had reached an
agreement on payment terms with the supplier, Reuters relates.
With an annual production of up to 126,000 cars, Saab's current
models include the 9-3 (available as a convertible or sport
sedan), the luxury 9-5 sedan (also available in a sport wagon),
and the seven-passenger 9-7X SUV. As it prepared to separate from
General Motors, Saab filed for bankruptcy protection in February
2009. A year later, in February 2010, GM sold Saab to Dutch
sports car maker Spyker Cars for about US$400 million in cash and
stock.
===========================
U N I T E D K I N G D O M
===========================
BUSINESS MORTGAGE: Moody's Junks Ratings on Four Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on Notes
issued by Business Mortgage Finance No. 4, 5, 6 and 7 plc (amounts
reflecting original Note amounts):
Issuer: Business Mortgage Finance 4 PLC (BMF 4)
-- GBP41.25M M Notes, Downgraded to Baa2 (sf); previously on
Nov 18, 2009 Downgraded to A3 (sf)
-- GBP15M B Notes, Downgraded to B3 (sf); previously on Nov 18,
2009 Downgraded to B1 (sf)
Issuer: Business Mortgage Finance 5 PLC
-- GBP27M Class M1 Notes, Downgraded to Ba3 (sf); previously on
Sep 16, 2009 Downgraded to A3 (sf)
-- EUR36.5M Class M2 Notes, Downgraded to Ba3 (sf); previously
on Sep 16, 2009 Downgraded to A3 (sf)
-- GBP12M Class B1 Notes, Downgraded to Caa1 (sf); previously
on Sep 16, 2009 Downgraded to B1 (sf)
-- EUR11.5M Class B2 Notes, Downgraded to Caa1 (sf); previously
on Sep 16, 2009 Downgraded to B1 (sf)
Issuer: Business Mortgage Finance 6 PLC (BMF 6)
-- GBP106M Class A1 Notes, Downgraded to Aa2 (sf); previously
on Sep 30, 2009 Downgraded to Aa1 (sf)
-- EUR400.7M Class A2 Notes, Downgraded to Aa2 (sf); previously
on Sep 30, 2009 Downgraded to Aa1 (sf)
-- GBP38M Class M1 Notes, Downgraded to B1 (sf); previously on
Sep 30, 2009 Downgraded to Ba1 (sf)
-- EUR55.6M Class M2 Notes, Downgraded to B1 (sf); previously
on Sep 30, 2009 Downgraded to Ba1 (sf)
-- EUR39.1M Class B2 Notes, Downgraded to Caa3 (sf); previously
on Sep 30, 2009 Downgraded to B3 (sf)
-- Detachable A1 Coupons Notes, Downgraded to Aa2 (sf);
previously on Sep 30, 2009 Downgraded to Aa1 (sf)
-- Detachable A2 Coupons Notes, Downgraded to Aa2 (sf);
previously on Sep 30, 2009 Downgraded to Aa1 (sf)
Issuer: Business Mortgage Finance 7 PLC (BMF 7)
-- GBP187.5M Class A1 Notes, Downgraded to Aa2 (sf); previously
on Sep 30, 2009 Downgraded to Aa1 (sf)
-- GBP38.65M Class M1 Notes, Downgraded to Ba3 (sf); previously
on Sep 30, 2009 Downgraded to Baa3 (sf)
-- EUR5M Class M2 Notes, Downgraded to Ba3 (sf); previously on
Sep 30, 2009 Downgraded to Baa3 (sf)
-- GBP12.375M Class B1 Notes, Downgraded to Caa2 (sf);
previously on Sep 30, 2009 Downgraded to B2 (sf)
-- Detachable A1 Coupons Notes, Downgraded to Aa2 (sf);
previously on Sep 30, 2009 Downgraded to Aa1 (sf)
In total, approximately GBP853M of CMBS bonds were affected by the
downgrade actions. Moody's does not rate the Classes C of Notes
issued by BMF 4, 5, 6 and 7. The actions taken are due to Moody's
revising its expected loss assessments for the four transactions,
and take into account Moody's updated central scenarios as
described in Moody's Special Report "EMEA CMBS: 2011 Central
Scenarios".
RATINGS RATIONALE
The key parameters in Moody's analysis are the default probability
of the securitized loans (both during the term and at maturity) as
well as Moody's value assessment for the properties securing these
loans. Moody's derives from those parameters a loss expectation
for the securitized pools. Based on Moody's revised assessment of
the parameters, the loss expectations for the pools have increased
since the last review.
The analysis that led to the rating actions was based on an
updated poolcut for each transaction and the recent performance
history of each loan. The rating actions were prompted by the
following factors: (i) the higher than expected arrears,
litigation and repossession levels; (ii) the diminution in all
four transactions of the credit enhancement provided by the
reserve funds; and (iii) Moody's concerns regarding the current
situation of the real estate market in a continuing challenging
economic backdrop for small businesses across the country.
Moody's rating action on the Class A Detachable Coupons of BMF 6
and 7 is due to the expectation that scenarios in which the
ratings of the Class A Notes would be impacted would also impact
on the payment promise towards the Class A Detachable Coupons.
MOODY'S PORTFOLIO ANALYSIS
BMF 4, 5, 6 and 7 represent true-sale securitizations by UK lender
Commercial First of four pools of loans mainly granted to
individuals and secured by first-ranking mortgages over mixed-use
commercial properties.
The most common property type in each of the pools is a mixed-use
commercial property, with a commercial use unit on the ground
floor, and a flat or maisonette for residential use situated
directly above it. However, the types of properties in the pools
are diverse and comprise various sorts of commercial uses,
including retail units, offices, hotels, light industrial property
and farmland. The properties securing the loans in the pools are
also well diversified in terms of location across the UK.
Except for the Notes in BMF 4 that are all denominated in GBP, the
floating rate Notes have been issued in both EUR and GBP, while
the underlying loans are 100% GBP denominated. The transactions
have (i) hedging to mitigate basis risk, interest rate risk, and
for the transactions with EUR tranches, cross-currency risk; (ii)
liquidity facilities; and (iii) cash reserve funds. The
transactions are now amortizing principal sequentially. However
pro-rata amortization of the Notes is permitted when certain
performance-related tests are met.
Since closing of the transactions, Moody's has observed increases
in the rates of arrears in the pools, as well as in the proportion
of loans that are reported as being in litigation and the number
of property repossession cases. Cumulative losses have partially
been absorbed by excess spread, however over the last two years
excess cash flows were generally insufficient to cover losses
fully in any of the transactions. The un-absorbed losses were met
by deductions to the reserve funds ensuring that no principal
deficiency balances have been recorded on any class of Notes so
far. As of May 2011 the reserve fund of BMF 6 represented only
0.5% of the current balance of the Notes. A proportion of the
loans that are in arrears are still paying at least part of their
installment, which explains why excess spread has been able to
absorb losses while delinquency rates have been significant.
For more information about the pools and recent performance,
please refer to the last Performance Overviews published on
July 5, 2011.
RATING METHODOLOGY
The principal methodology used in this rating 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 on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. The last Performance Overviews for these
transactions were published on July 5, 2011.
CLINTON CARDS: Restructuring of 800-Store UK Portfolio Likely
-------------------------------------------------------------
Claer Barrett at The Financial Times reports that property
landlords are becoming increasingly worried that Clinton Cards is
preparing to restructure its 800-store UK portfolio as the
timetable to refinance its GBP55 million revolving credit facility
is extended.
According to the FT, the company had expected to refinance the
facility with lenders Barclays and RBS by the end of its financial
year on July 31, but now does not expect to do so until September,
adding to concerns about the sustainability of its business model
following a collapse in profitability.
Clinton Cards has more stores in shopping malls than any other
retailer, the FT discloses. This means that any restructuring,
which landlords expect to include calls for rent reductions and
store closures, would affect the listed property sector far more
than recent collapses of high street retail chains such as
Habitat, Jane Norman and Oddbins, the FT notes.
"Clinton is one of the most difficult situations on the high
street generally, its business model is challenged and it has an
awful lot of units," the FT quotes one major shopping center
landlord as saying. "Historically, card shops paid the highest
rents in the business, but with e-cards and Facebook, people have
found other ways of saying happy birthday."
Property advisers to listed landlords including Land Securities,
British Land, Hammerson and Capital Shopping Centres confirm that
tension is mounting, the FT notes. "Of all the retailers, Clinton
is causing landlords the most worry," a landlord, as cited by the
FT. Another said he was expecting a "cap in hand exercise" to
reduce the firm's GBP80 million annual rent bill, the FT notes.
Clinton Cards is a greetings card retailer.
KEYDATA GROUP: ICG to Pay GBP326-Mil. in Compensation Claims
------------------------------------------------------------
Philip Stafford at The Financial Times reports that IG Group, the
spreadbetting company, has hit out at an unexpected levy it was
forced to pay as part of a cost of compensating investors who lost
money in the collapse of Keydata, the structured product provider.
According to the FT, the London-based group was given a bill for
GBP4 million in January as its share of a GBP326 million levy
required of financial services groups by the Financial Services
Compensation Scheme to fund compensation claims from customers of
defaulting investment firms.
The issue was brought to the fore by Keydata, which left nearly
30,000 investors out of pocket after the investment group was put
into administration in 2009, the FT recounts. However the GBP326
million levy on the investment industry was so large the FSCS had
to pass most of the costs on to fund managers, leaving many fund
managers angry, the FT says.
The FT relates that IG called on the FSCS to be more transparent
and said it had asked the Financial Services Authority, which runs
the scheme, whether it was appropriate for companies such as IG,
who act as a broker, to be included in the same compensation
category as investment firms who deal as agent and give advice.
As reported by the Troubled Company Reporter-Europe, Dan
Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of Keydata on June 8, 2009. The
appointment was made based on an application to court by the FSA
on insolvency grounds.
Keydata Investment Services Ltd. designs, distributes and
administers structured investment products. Keydata operates from
three locations, being London, Glasgow and Reading and administers
its own products as well as portfolios for third parties.
LICK GROUP: Liquidation Confirmed; Machinery Up for Sale
--------------------------------------------------------
Adam Hooker at PrintWeek reports that the liquidation of Lick
Group has been confirmed, with the company's machinery auctioned
Monday, July 25.
As reported in the Troubled Company Reporter-Europe on June 30,
2011, PrintWeek said Lick Group will be placed in liquidation with
The P&A Partnership, the Sheffield-based insolvency practitioner
which handled the liquidation of Lick Group subsidiaries Lick
Digital and Top Copy. The P&A Partnership confirmed that a
meeting of creditors had been set for July 13, at which the
company would be liquidated.
Earlier in June, PrintWeek recalled, Lick Group's staff were
reportedly sent home, while former managing director Linden Kitson
resigned as a director on Companies House.
PrintWeek says it has been forwarded an e-mail from asset
consultants Charterfields offering the company's kit for sale as
"a single parcel".
According to the report, the e-mail stated that the sale has been
instructed by the liquidator of Lick Digital and Top Copy, which
went into liquidation in March, as well as Lick Group.
Viewings can be made by appointment for Monday (25 July) and bids
for the equipment must be returned by July 29, PrintWeek adds.
Lick UK, which traded as Lick Group, went into administration on
April 7, 2010. Insolvency practitioner BWC Business Solutions was
appointed as administrator.
Lick UK is a direct mail company. The group also includes Lick
Online, Lick Direct and Lick Agency. According to PrintWeek's
2009 top 500, Lick UK had a turnover of GBP3.7 million and
employed 72 staff.
MAX TWO: S&P Keeps 'B-' Foreign Currency Rating on EUR100MM Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services is keeping its 'B-' long-term
foreign-currency issue rating on the EUR100 million senior secured
notes (the notes) due 2024 issued by the Jersey-based wind power
special purpose vehicle Max Two Ltd. on CreditWatch with negative
implications, where it was placed on March 21, 2011.
"The notes remain on CreditWatch because we have not yet received
an updated auditor's opinion on MTL's financial situation, given
that the 2010 audited financial statements are not yet available.
Our review of the audited statements is a necessary condition for
the resolution of the CreditWatch status (see 'Wind Project Max
Two Rating Reinstated Then Lowered To 'B-' On Underperformance;
Placed On Watch Neg,' published March 21, 2011)," S&P related.
"We expect to receive the audited statements by the end of this
month, together with information on the operational performance of
the wind farm projects during the first half of the year," S&P
said.
"The CreditWatch placement reflects the fact that we have not yet
received audited financial statements for 2010 confirming the
project's status as a going concern, although we understand that
this is the case," S&P related.
"We aim to resolve the CreditWatch placement on receipt of both
the audited financial statements and the independent auditor's
opinion, which we expect to receive by the end of this month. If
the auditor's opinion raises concerns about the going-concern
status of the project, then this may lead to us lower the issue
rating on the project. If, however, positive or neutral opinions
are received, then we are likely to revise the outlook to stable,"
S&P added.
NEWS OF THE WORLD: Demise to Impact Newspaper Wholesalers
---------------------------------------------------------
Alistair Gray at The Financial Times reports that the sudden
demise of the News of the World has prompted fresh questions about
the prospects for Britain's newspaper wholesalers, the
distributors who act as middlemen between publishers and
retailers.
Shares in Smiths News, which dominates the market along with John
Menzies, have dropped by a 10th since News International announced
the closure of the tabloid, the FT relates. The sell-off brings
losses for the year to 31.5%, the FT says.
It comes in spite of assurances from Smiths News that "significant
buyer substitution" and the group's "flexible cost base" would
mean the closure would have only a "minimal financial impact" on
its business, the FT notes.
The overall effect may well have been positive for the
distributors, whose contracts with publishers protect them from
promotional price cuts, the FT discloses. But given that
distributors are paid on the basis of cover prices as well as the
volume of sales, the specific titles to which former News of the
World readers switch will be important, according to the FT.
The closure comes at a tough time for what is a relatively high-
volume but low-margin business, the FT states.
News of the World was a national newspaper published in the United
Kingdom from 1843 to 2011. It was the biggest selling English
language newspaper in the world.
SUREFRAME WINDOWS: Closes Doors After 50 Years in Business
----------------------------------------------------------
Blackburn Citizen reports that Sureframe Windows Ltd has closed
down after nearly 50 years in business. The company has closed
its doors and eight members of staff have lost their jobs.
The report relates that administrators have been appointed to
liquidate the firm's assets, as the Oxford Street UPVC and
conservatory showroom was closed up.
Suppliers and customers have been sent letters to inform them that
outstanding bills, and customer deposits, will be handled as part
of the process, the report notes.
According to Blackburn Citizen, Manchester-based Insolvency firm
Lines Henry said they were in the process of placing the company
in liquidation. Administrator Neil Henry said the firm was sad to
bring their proud history to a close, but that they had been
finding there was not enough business to stay afloat, the report
notes.
Sureframe Windows Ltd -- http://www.sureframewindows.co.uk/-- is
a manufacturer and installer of windows, doors, garage Doors, GRP
flat roofs, conservatories, porches and canopies.
* UK: Number of Firms in Critical Condition Up Slightly in 2Q2011
-----------------------------------------------------------------
Kristy Dorsey at The Scotsman reports that business distress
levels in Scotland eased during the second quarter, but the number
of firms in critical condition rose slightly, indicating that
problems still remain across large parts of the economy.
According to The Scotsman, figures out on Monday from rescue and
recovery specialist Begbies Traynor show that the total number of
Scottish businesses in some degree of financial stress fell to
6,039, down 4% on the same period a year earlier. UK-wide,
distressed numbers reached 99,194, up 1.4%, The Scotsman
discloses.
The Scotsman relates that Ken Pattullo, Scottish managing partner
for Begbies, said: "We welcome any statistics that show Scotland's
businesses are faring better than other parts of the UK. That
said. . . there were 336 instances of critical business distress,
up by 1%, and it remains a really tough climate for most
businesses."
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheet
----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
KA FINANZ AG 3730Z AV -359597349.9 30679270533
BELGIUM
-------
ANTWERP GATEWAY 496769Z BB -32782691.86 277992457.9
BALTA SARL 3679528Z BB -213655263.9 956320938.3
BNP PARIBAS PERS 3746820Z BB -772235.6749 1849392464
CARGILL OIL PACK 3726474Z BB -7488366.268 169328054
COMPAGIMMOBDU BR 3727538Z BB -5867835.156 164809982.4
EON BELGIUM NV 3730258Z BB -8101077.851 251156828.9
ESKO-GRAPHICS NV 4787937Z BB -6715619.333 185307390
EXPLORER NV 4289181Z BB -11594573.86 281605390.1
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CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
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CZECH REPUBLIC
--------------
CKD PRAHA HLDG CDP EX -89435858.16 192305153
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DENMARK
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FRANCE
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GEORGIA
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PEARL HOLDING 3622Z LN -133833007.2 968234065.8
GERMANY
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KABEL DEUTSCHLAN KD8USD EU -2162144517 2994909053
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MAERKLIN 730904Z GR -8321071.921 115821977.5
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GREECE
------
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ASPIS PRONIA GE ASASK EO -189908329.1 896537349.7
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HUNGARY
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ICELAND
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IRELAND
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----------
ARCELORMITTAL FL 3912244Z LX -1024313669 3328008487
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NETHERLANDS
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NORWAY
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TDC AS 4287413Z NO -95917885.43 128911202.9
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TTS SENSE AS 4393841Z NO -30849484.35 107503145.6
UTKILEN SHIPPING 4446161Z NO -2435448.778 205148159.9
VNG NORGE AS 4513147Z NO -44725176.15 280935536.1
POLAND
------
TOORA TOR PW -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
AGUAS DO ZEZERE 3646223Z PL -9497007.861 387261027.5
ALBERTO MARTINS 4488947Z PL -26137998.21 126979395.5
CENTRO HOSPITALA 3778196Z PL -45060064.62 149709016.7
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
COFINA COFI PL -13400332.44 274876811
COFINA COFSI IX -13400332.44 274876811
COFINA CFASF US -13400332.44 274876811
COFINA SGPS SA COFI EO -13400332.44 274876811
COFINA SGPS SA COFI TQ -13400332.44 274876811
COFINA SGPS SA COFI QM -13400332.44 274876811
COFINA SGPS SA CFNX PX -13400332.44 274876811
COFINA SGPS SA CFN PL -13400332.44 274876811
COFINA SGPS SA COFI EB -13400332.44 274876811
COFINA SGPS SA CFN1 PZ -13400332.44 274876811
COFINA SGPS SA COFI EU -13400332.44 274876811
CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
EMPRESA PUBLICA 3646447Z PL -18489638.67 302885151.7
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FERREIRAS & MAGA 4281437Z PL -14115717.84 103226790.2
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HOSPITAL GARCIA 3773160Z PL -27714243.05 131330191
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
LYCATELCOM LDA 4281821Z PL -8577510.562 109410577.8
METRO DO PORTO 4473963Z PL -227787277.2 3216337049
PARQUE DA PAMPIL 4770625Z PL -1932626.439 135631078.1
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PORTUGALIA 1008Z PL -4086512.545 263103585.3
RADIO E TELEVISA 1227Z PL -874020727.2 739530129.4
REFER-REDE FERRO 1250Z PL -1817222591 941624235.3
SERVICO DE SAUDE 3790200Z PL -171447869.9 656234458.2
SOCIEDADE DE REN 3776676Z PL -16609193.89 127876798.7
SOCIEDADE DE TRA 1253Z PL -382109051.3 119848180.8
SPORTING CLUBE D SCP1 PZ -65884328.13 251276323.4
SPORTING CLUBE D SCDF EO -65884328.13 251276323.4
SPORTING CLUBE D SCG GR -65884328.13 251276323.4
SPORTING CLUBE D SCP PL -65884328.13 251276323.4
SPORTING CLUBE D SCPX PX -65884328.13 251276323.4
SPORTING CLUBE D SCDF EU -65884328.13 251276323.4
SPORTING-SOC DES SCPL IX -65884328.13 251276323.4
SPORTING-SOC DES SCDF PL -65884328.13 251276323.4
SPORTING-SOC-RTS SCPVS PL -65884328.13 251276323.4
SPORTING-SOC-RTS SCPDS PL -65884328.13 251276323.4
TAP SGPS TAP PL -293253615.6 2901200999
VALE DO LOBO - R 4764257Z PL -19458755.77 553819869.1
VISTA ALEGRE ATL 4281717Z PL -11415079.06 119980938.8
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -89344240.83 511515508.8
OLTCHIM SA RM VA OLT PZ -89344240.83 511515508.8
OLTCHIM SA RM VA OLT RO -89344240.83 511515508.8
OLTCHIM SA RM VA OLT EO -89344240.83 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344240.83 511515508.8
OLTCHIM SA RM VA OLT EU -89344240.83 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344240.83 511515508.8
RAFO SA RAF RO -457922310.7 356796459.3
ROMPETROL RAFINA RRC RO -4103436 1885975424
ROMPETROL RAFINA RRC EO -4103436 1885975424
ROMPETROL RAFINA RRC EU -4103436 1885975424
ROMPETROL RAFINA RRCEUR EO -4103436 1885975424
ROMPETROL RAFINA RRCEUR EU -4103436 1885975424
ROMPETROL RAFINA RRC PZ -4103436 1885975424
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -79749277.74 135830690.8
ALLIANCE RUSSIAN ALRT RU -13189410.9 138268688.3
AMO ZIL ZILL RM -115900565.7 368611137
AMO ZIL-CLS ZILL* RU -115900565.7 368611137
AMO ZIL-CLS ZILLG RU -115900565.7 368611137
AMO ZIL-CLS ZILL RU -115900565.7 368611137
BUMMASH OJSC-BRD BUMM* RU -8393701.106 181897611.9
BUMMASH OJSC-BRD BUMM RU -8393701.106 181897611.9
DAGESTAN ENERGY DASB RU -41669399.94 184251142.2
DAGESTAN ENERGY DASB RM -41669399.94 184251142.2
DAGESTAN ENERGY DASBG RU -41669399.94 184251142.2
DAGESTAN ENERGY DASB* RU -41669399.94 184251142.2
EAST-SIBERIA-BRD VSNK RU -27891692.64 256817419.9
EAST-SIBERIA-BRD VSNK* RU -27891692.64 256817419.9
EAST-SIBERIAN-BD VSNK$ RU -27891692.64 256817419.9
FINANCIAL LEASIN 137282Z RU -97179352.98 323537045.5
FINANCIAL LEASIN FLKO RM -97179352.98 323537045.5
FINANCIAL LE-BRD FLKO RU -97179352.98 323537045.5
FINANCIAL LE-BRD FLKO* RU -97179352.98 323537045.5
GAZ-FINANS GAZF RU -56134.51262 232319905.4
IZHAVTO OAO IZAV RU -19693756.7 474754687.9
KAMSKAYA GORNAYA 2806239Z RU -527803788.8 1311868884
KOMPANIYA GL-BRD GMST* RU -12705935.35 1168280317
KOMPANIYA GL-BRD GMST RU -12705935.35 1168280317
M-INDUSTRIYA SOMI RU -1091260.252 261721440.8
MZ ARSENAL-$BRD ARSE* RU -17937177.88 215191909
MZ ARSENAL-$BRD ARSE RU -17937177.88 215191909
MZ ARSENAL-BRD ARSE$ RU -17937177.88 215191909
OAO SIBNEFTEGAZ SIGA RU -8733178.141 757597617.2
PENOPLEX-FINANS PNPF RU -754086.9373 140176163.3
PIK GROUP PIKK RM -65334860.95 4000687446
PIK GROUP PIKK* RU -65334860.95 4000687446
PIK GROUP PIKKG RU -65334860.95 4000687446
PIK GROUP PIKK RU -65334860.95 4000687446
PIK GROUP-GDR PIK IX -65334860.95 4000687446
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PIK GROUP-GDR PIK LI -65334860.95 4000687446
PIK GROUP-GDR PIK1 QM -65334860.95 4000687446
PIK GROUP-GDR PKGPL US -65334860.95 4000687446
PIK GROUP-GDR PIK EU -65334860.95 4000687446
PIK GROUP-GDR PIK TQ -65334860.95 4000687446
PROMTRACTOR-FINA PTRF RU -22844527.96 271197988.2
RUSSIAN TEXT-CLS ALRTG RU -13189410.9 138268688.3
RUSSIAN TEXT-CLS ALRT* RU -13189410.9 138268688.3
RYBINSKKABEL RBKZD RU -8532245.618 108539181.3
SEVKABEL-FINANS SVKF RU -83036.46173 102680373.6
SISTEMA HALS HALS RU -568359936 1210651008
SISTEMA HALS HALS* RU -568359936 1210651008
SISTEMA HALS HALS RM -568359936 1210651008
SISTEMA HALS HALSM RU -568359936 1210651008
SISTEMA HALS HALSG RU -568359936 1210651008
SISTEMA HALS-GDR HALS IX -568359936 1210651008
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SISTEMA-GDR 144A 86PN LI -568359936 1210651008
URGALUGOL-BRD YRGL RU -20765964.53 115490879.4
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VACO-BRD VASO* RU -27108676.04 934073954.9
VACO-BRD VASO RU -27108676.04 934073954.9
VACO-PFD VASOP RU -27108676.04 934073954.9
VACO-PFD VASOP* RU -27108676.04 934073954.9
VASO 1001Q RU -27108676.04 934073954.9
VASO-$ 1002Q RU -27108676.04 934073954.9
VASO-$PFD BRD VASOP$ RU -27108676.04 934073954.9
VASO-Q LIST VASO$ RU -27108676.04 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
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ZAPSIBGASPRO-BRD ZSGP RU -72947.51526 122459176.2
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ZAPSIBGASPROM-B ZSGP$ RU -72947.51526 122459176.2
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ZAPSIBGASPRO-PFD ZSGPP RU -72947.51526 122459176.2
ZIL AUTO PLANT ZILL$ RU -115900565.7 368611137
ZIL AUTO PLANT-P ZILLP* RU -115900565.7 368611137
ZIL AUTO PLANT-P ZILLP RM -115900565.7 368611137
ZIL AUTO PLANT-P ZILLP RU -115900565.7 368611137
SERBIA
-------
DUVANSKA DIVR SG -32792314.86 122255596.4
SLOVENIA
--------
ISTRABENZ ITBG EO -3710053.919 1192276746
ISTRABENZ ITBG SV -3710053.919 1192276746
ISTRABENZ ITBG PZ -3710053.919 1192276746
ISTRABENZ ITBG EU -3710053.919 1192276746
SPAIN
-----
AMCI HABITAT SA AMC3 EO -24580874.45 194758143.4
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CAIXARENTING SA 4500211Z SM -13655312.55 1651010629
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FIAT GROUP AUTOM 4511067Z SM -30064519.13 367730368.2
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GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
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HIDROCANTABRICO 4456745Z SM -213762090.5 376644969.1
INITEC ENERGIA S 3637759Z SM -1230006.429 256846609.3
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LA SIRENA ALIMEN 4375737Z SM -45848483.56 200881094.4
LEVANTINA Y ASOC 993382Z SM -47134829.4 798577836.1
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MARTINSA FADESA MTF EU -3316202978 7060944147
MARTINSA FADESA MTF SM -3316202978 7060944147
MARTINSA-FADESA MTF NR -3316202978 7060944147
NYESA VALORES CO NYE EU -99766729.91 812943907.9
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SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
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SUPERMERCADOS CO 4285781Z SM -6271873.083 110251382.6
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UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
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VIA OPERADOR PET 4510507Z SM -22002322.05 129961207.4
SWEDEN
------
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
PHADIA AB 842347Z SS -140406774.4 2127579095
STENA RECYCLING 4011316Z SS -10675550.11 346046832.8
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TURKEY
------
BESIKTAS FUTBOL BJKAS TI -94748145.95 140991569.3
BESIKTAS FUTBOL BWX GR -94748145.95 140991569.3
BESIKTAS FUTBOL BJKASY TI -94748145.95 140991569.3
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EGS EGE GIYIM VE EGDIS TI -7732135.103 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.103 147075077.7
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GALATASARAY SPOR GATSF US -4380459.912 184132637.7
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GALATASARAY SPOR GSRAY TI -4380459.912 184132637.7
GALATASARAY-NEW GSRAYY TI -4380459.912 184132637.7
IKTISAT FINAN-RT IKTFNR TI -46900666.64 108228233.6
IKTISAT FINANSAL IKTFN TI -46900666.64 108228233.6
KEREVITAS GIDA KVTGF US -4054982.47 114054263.4
KEREVITAS GIDA KERVT TI -4054982.47 114054263.4
MUDURNU TAVUKC-N MDRNUN TI -64935052.1 160420187.4
MUDURNU TAVUKCUL MDRNU TI -64935052.1 160420187.4
SIFAS SIFAS TI -15439194.7 130608104
UKRAINE
-------
AZOVZAGALMASH MA AZGM UZ -42249438.53 336677635.6
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ODESSA OIL REFIN ONPZ UZ -111365037.3 482408330.5
ZALK - PFTS ZALK UZ -43917605.26 146530718.8
UNITED KINGDOM
--------------
3I PLC 2346795Z LN -40072013.14 518266360.4
600 UK LTD 1282018Z LN -731250.5356 123671540.8
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RENTOKIL INITIAL RTO1 GR -195196189.7 2808673659
RENTOKIL INITIAL RTO EO -195196189.7 2808673659
RENTOKIL INITIAL RTO TQ -195196189.7 2808673659
RENTOKIL INITIAL RTOEUR EO -195196189.7 2808673659
RENTOKIL INITIAL RKLIF US -195196189.7 2808673659
RENTOKIL-SP ADR AP76 LI -195196189.7 2808673659
RENTOKIL-SP ADR RTOKY US -195196189.7 2808673659
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TRAVELEX HOLDING 2917958Z LN -1298945101 2546701094
TRAVELODGE LTD 3471462Z LN -391596042.3 1326034289
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TRINITY MIRROR M 1871370Z LN -140843056.8 448783505.1
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TRINITY MIRROR S 1512242Z LN -3205761.051 531281737.1
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TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -371582799.9 4848194651
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VANCO UK LTD 2784982Z LN -19948188.55 101300528.2
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VODAFONE UK CONT 1909662Z LN -52004914.2 193624994
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WARNER ESTATE WNER VX -8021407.27 430482190.2
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WARNER MUSIC UK 1075906Z LN -32488758.53 106000497.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WEETABIX LTD-A WEEBF US -397652099.9 909970808.9
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WESCOT TOPCO LTD 4007020Z LN -18742009.49 116071906.1
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WESTBURY HOTEL L 1214607Z LN -4252380.749 239855108.5
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WHITE YOUNG GREE WHY LN -32392901.23 196106689.5
WHITE YOUNG GREE WHY VX -32392901.23 196106689.5
WHITE YOUNG GREE WHY EU -32392901.23 196106689.5
WHITE YOUNG GREE WHYGBP EO -32392901.23 196106689.5
WHITE YOUNG GREE WHYEUR EO -32392901.23 196106689.5
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WHITE YOUNG-NEW WHYN LN -32392901.23 196106689.5
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
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WINCANTON PLC WIN1 EU -162158252.9 1389119000
WINCANTON PLC WIN PO -162158252.9 1389119000
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WINCANTON PLC WIN1 TQ -162158252.9 1389119000
WINCANTON PLC WIN VX -162158252.9 1389119000
WINCANTON PLC WNCNF US -162158252.9 1389119000
WINCANTON PLC WIN1 NQ -162158252.9 1389119000
WINCANTON PLC WIN1 BQ -162158252.9 1389119000
WINCANTON PLC WIN1 S1 -162158252.9 1389119000
WINCANTON PLC WIN PZ -162158252.9 1389119000
WINCANTON PLC WIN1GBP EO -162158252.9 1389119000
WINCANTON PLC WIN1USD EU -162158252.9 1389119000
WINCANTON PLC WIN1EUR EO -162158252.9 1389119000
WINCANTON PLC WIN1 QM -162158252.9 1389119000
WINCANTON PLC WIN1EUR EU -162158252.9 1389119000
WINCANTON PLC WIN1USD EO -162158252.9 1389119000
WINCANTON PLC WIN LN -162158252.9 1389119000
WINCANTON PLC WIN IX -162158252.9 1389119000
WINCANTON PLC WIN1 EB -162158252.9 1389119000
WINDSOR TELEVISI 1475394Z LN -232297665.7 340517582.8
WYG PLC WHY IX -32392901.23 196106689.5
WYG PLC WYGEUR EO -32392901.23 196106689.5
WYG PLC WYG EU -32392901.23 196106689.5
WYG PLC WYGGBP EO -32392901.23 196106689.5
WYG PLC WYG PZ -32392901.23 196106689.5
WYG PLC WYG EO -32392901.23 196106689.5
WYG PLC WYGEUR EU -32392901.23 196106689.5
WYG PLC WYG LN -32392901.23 196106689.5
XAFINITY HOLDING 4168309Z LN -18683833 243588520.5
XCHANGING UK LTD 1814130Z LN -27188853.3 285255216.3
XSTRATA SERVICES 1975918Z LN -88056666.54 169405671
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -46554226.38 279057376.4
ZURICH EMPLOYMEN 1292298Z LN -128495966.5 133351472.5
*********
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 * * *